Document:

Exhibit
10.1

 

AMENDED and restated
LOAN AND SECURITY AGREEMENT

 

THIS AMENDED AND RESTATED
LOAN AND SECURITY AGREEMENT (this “Agreement”) is dated as of the Effective Date among (a) SILICON VALLEY BANK,
a California corporation (“SVB”), in its capacity as administrative agent and collateral agent (“Agent”),
(b) SILICON VALLEY BANK, a California corporation, as a lender, (c) SVB Innovation Credit
Fund VIII, L.P., a Delaware limited partnership (“Innovation”), as a lender (SVB and Innovation and each
of the other lenders from time to time a party hereto collectively the “Lenders” and each individually a “Lender”),
and (d) the Borrower listed on Schedule I hereto.

 

A.       SVB
and Borrower have previously entered into that certain Loan and Security Agreement dated as of February 26, 2021, as amended by that certain
First Loan Modification Agreement dated as of August 26, 2021 (as amended, the “Prior Loan Agreement”).

 

B.        Agent,
the Lenders and Borrower have agreed to amend and restate, and replace, the Prior Loan Agreement in its entirety. Agent, the Lenders and
Borrower hereby agree that the Prior Loan Agreement is amended and restated in its entirety as follows:

 

1                   LOAN AND TERMS OF PAYMENT

 

1.1               
Term Loan.

 

(a)               
Availability. Subject to the terms and conditions of this Agreement, during the Term
A Loan Draw Period, upon Borrower’s request, the Lenders, severally and not jointly, shall make term loan advances in an aggregate
original principal amount not exceeding the Term A Loan Availability Amount, according to each Lender’s Term A Loan Commitment
as set forth on Schedule II hereto (each such advance is referred to herein as a “Term A Loan Advance” and,
collectively, as the “Term A Loan Advances”); provided that Borrower shall request
on the Effective Date and the Lenders, severally and not jointly, shall make one (1) term loan advance, on or about the Effective
Date, in an original principal amount equal to at least $20,000,000.00 according to each Lender’s Term A Loan Commitment as set
forth on Schedule II hereto (such advance is referred to herein as the “Initial Term A Loan Advance”). Borrower shall
use the proceeds of the Initial Term A Loan Advance to pay in full all obligations and liabilities outstanding to SVB with respect to
the Term Loan Advances (as defined in the Prior Loan Agreement) (including, without limitation, all principal and interest thereon and
the accrued portion of the Final Payment (as defined in the Prior Loan Agreement) in the amount of $154,797.73 but excluding the unaccrued
portion of the Final Payment (as defined in the Loan Agreement) in the amount of $185,101.14 and excluding any Prepayment Fee (as defined
in the Prior Loan Agreement) that might otherwise apply), and Borrower hereby authorizes SVB to apply the proceeds of the Initial Term
A Loan Advance (internally, without providing such funds to Borrower) to pay in full such obligations and liabilities. Subject to the
terms and conditions of this Agreement, Borrower shall request on the date on which the Second Tranche Availability Event occurs and the
Lenders, severally and not jointly, shall make one (1) term loan advance on or about the date on which the Second Tranche Availability
Event occurs, in an original principal amount equal to the Term B Loan Availability Amount according to each Lender’s Term B Loan
Commitment as set forth on Schedule II hereto (such advance is referred to herein as the “Term B Loan Advance”).
Subject to the terms and conditions of this Agreement, during the Term C Loan Draw Period, upon Borrower’s request, the Lenders,
severally and not jointly, shall make one (1) term loan advance in an original principal amount equal to the Term C Loan Availability
Amount according to each Lender’s Term C Loan Commitment as set forth on Schedule II hereto (such advance is referred to
herein as the “Term C Loan Advance”). The Term A Loan Advances, the Term B Loan Advance, and the Term C Loan Advance
are referred to herein as a “Term Loan Advance” and, collectively, as the “Term Loan Advances”.
Borrower may request the Term Loan Advances as set forth on Schedule I hereto. The borrowing of the Term Loan Advances shall be made according
to the respective Term Loan Commitment Percentages of the Lenders.

 

(b)               
Repayment. Borrower shall repay each Term Loan Advance as set forth in Schedule I hereto. All outstanding principal and
accrued and unpaid interest under the Term Loan Advances, and all other outstanding Obligations with respect to the Term Loan Advances,
are due and payable in full on the Term Loan Maturity Date. All payments will be made to Agent, for the account of the Lenders in accordance
with their respective Pro Rata Shares.

 

     

     

    

 

(c)                
 Permitted Prepayment. Borrower shall have the option to prepay all, but not less than all, of the Term Loan Advances, provided
Borrower (i) delivers written notice to Agent of its election to prepay the Term Loan Advances at least ten (10) days prior to such prepayment,
and (ii) pays to Agent, on the date of such prepayment, for the account of the Lenders in accordance with their respective Pro Rata Shares,
an amount equal to the sum of (A) the outstanding principal plus accrued and unpaid interest with respect to the Term Loan Advances, (B)
the Final Payment, (C) the Prepayment Fee, and (D) all other sums, if any, that shall have become due and payable with respect to the
Term Loan Advances, including Lenders’ Expenses and interest at the Default Rate with respect to any past due amounts.

 

(d)               
Mandatory Prepayment Upon an Acceleration. If the Term Loan Advances are accelerated by Agent following the occurrence and
during the continuance of an Event of Default, Borrower shall immediately pay to Agent, for the account of the Lenders in accordance with
their respective Pro Rata Shares, an amount equal to the sum of (i) all outstanding principal plus accrued and unpaid interest with respect
to the Term Loan Advances, (ii) the Final Payment, (iii) the Prepayment Fee, and (iv) all other sums, if any, that shall have become due
and payable with respect to the Term Loan Advances, including Lenders’ Expenses and interest at the Default Rate with respect to
any past due amounts.

 

1.2               
Payment of Interest on the Credit Extensions.

 

(a)                
Interest Payments. Interest on the principal amount of each Term Loan Advance is payable as set forth on Schedule I hereto.

 

(b)               
Interest Rate.

 

(i)                 Term
Loan Advances. Subject to Section 1.2(c), the outstanding principal amount of the Term Loan Advances shall accrue interest as set
forth on Schedule I hereto.

 

(ii)               
All-In Rate. Notwithstanding any terms in this Agreement to the contrary, if at any time the interest rate applicable to
any Obligations is less than zero percent (0.0%), such interest rate shall be deemed to be zero percent (0.0%) for all purposes of this
Agreement.

 

(c)                
Default Rate. Immediately upon the occurrence and during the continuance of an Event of Default, the outstanding Obligations
shall bear interest at a rate per annum which is four percent (4.0%) above the rate that is otherwise applicable thereto (the “Default
Rate”). Fees and expenses which are required to be paid by Borrower pursuant to the Loan Documents (including, without limitation,
Lenders’ Expenses) but are not paid when due shall bear interest until paid at a rate equal to the highest rate applicable to the
Obligations. Payment or acceptance of the increased interest rate provided in this Section 1.2(c) is not a permitted alternative
to timely payment and shall not constitute a waiver of any Event of Default or otherwise prejudice or limit any rights or remedies of
Agent or any Lender.

 

(d)               
Adjustment to Interest Rate. Each change in the interest rate applicable to any amounts payable under the Loan Documents
based on changes to the Prime Rate shall be effective on the effective date of any change to the Prime Rate and to the extent of such
change.

 

(e)                
Interest Computation. Interest shall be computed as set forth on Schedule I hereto. In computing interest, the date of the
making of any Credit Extension shall be included and the date of payment shall be excluded; provided, however, that if any Credit Extension
is repaid on the same day on which it is made, such day shall be included in computing interest on such Credit Extension.

 

1.3               
Fees. Borrower shall pay:

 

(a)                
Final Payment. The Final Payment, when due hereunder, which shall be fully earned and non-refundable as of such date paid
to Agent for (except as set forth in the definition of Final Payment) the ratable benefit of the Lenders;

 

    -2- 

     

    

 

(b)                Prepayment Fee. The Prepayment Fee, when due hereunder, which shall be (i) fully earned and non-refundable as of such date
and (ii) payable to Agent, for the ratable benefit of each Lender with a Term Loan Commitment; and

 

(c)                
Lenders’ Expenses. All Lenders’ Expenses incurred through and after the Effective Date, when due (or, if no
stated due date, upon demand by Agent).

 

Unless otherwise provided
in this Agreement or in a separate writing by Agent, Borrower shall not be entitled to any credit, rebate, or repayment of any fees earned
by Agent or any Lender pursuant to this Agreement notwithstanding any termination of this Agreement or the suspension or termination of
any Lender’s obligation to make loans and advances hereunder. Agent may deduct amounts owing by Borrower under the clauses of this
Section 1.3 pursuant to the terms of Section 1.4(e). Agent shall provide Borrower written notice of deductions made pursuant to the terms
of the clauses of this Section 1.3.

 

1.4               
Payments; Pro Rata Treatment; Application of Payments; Debit of Accounts. 

 

(a)                
All payments (including prepayments) to be made by Borrower to Agent or to Lenders under any Loan Document shall be made to Agent
to Agent’s own account or for the account of Lenders, as applicable, in immediately available funds in Dollars, without setoff,
counterclaim, or deduction before 2:00 p.m. Eastern time on the date when due. Payments of principal and/or interest received after 2:00
p.m. Eastern time are considered received at the opening of business on the next Business Day. When a payment is due on a day that is
not a Business Day, the payment shall be due the next Business Day, and additional fees or interest, as applicable, shall continue to
accrue until paid.

 

(b)               
If Agent receives any payment for the account of Lenders on or prior to 2:00 p.m. Eastern time on any Business Day, Agent shall
pay to each applicable Lender such Lender’s Pro Rata Share of such payment on such Business Day. If Agent receives any payment for
the account of Lenders after 2:00 p.m. Eastern time on any Business Day, Agent shall pay to each applicable Lender such Lender’s
Pro Rata Share of such payment on the next Business Day.

 

(c)                
Except as otherwise provided herein, each payment (including each prepayment) by Borrower on account of principal or interest on
the Term Loan Advances shall be applied according to each Lender’s Pro Rata Share of the outstanding principal amount of the Term
Loan Advances.

 

(d)               
Except as otherwise set forth herein, Agent has the exclusive right to determine the order and manner in which all payments with
respect to the Obligations may be applied. Borrower shall have no right to specify the order or the accounts to which Agent shall allocate
or apply any payments required to be made by Borrower to Agent or otherwise received by Agent or any Lender under this Agreement when
any such allocation or application is not specified elsewhere in this Agreement.

 

(e)                
Agent may debit any of Borrower’s deposit accounts maintained with SVB, including the Designated Deposit Account, for principal
and interest payments or any other amounts Borrower owes Agent or any Lender when due under the Loan Documents. Agent shall promptly notify
Borrower when it debits Borrower’s accounts for any payments other than payments on account of principal or interest, provided that
any failure to provide such notice by Agent shall not be deemed a breach of this Agreement and shall not result in any liability to Agent.
These debits shall not constitute a set-off.

 

(f)                 
Unless Agent shall have been notified in writing by Borrower prior to the date of any payment due to be made by Borrower hereunder
that Borrower will not make such payment to Agent, Agent may assume that Borrower is making such payment, and Agent may, but shall not
be required to, in reliance upon such assumption, make available to Lenders their respective Pro Rata Share of a corresponding payment
amount. If such payment is not made to Agent by Borrower within three (3) Business Days after such due date, Agent shall be entitled to
recover, on demand, from each Lender to which any amount which was made available pursuant to the preceding sentence, such amount with
interest thereon at the rate per annum equal to the daily average Federal Funds Effective Rate. Nothing herein shall be deemed to limit
the rights of Agent or any Lender against Borrower.

 

    -3- 

     

    

 

(g)               
The obligations of Lenders hereunder to make the Term Loan Advances and to make payments pursuant to Section 9.9 are several and
not joint. The failure of any Lender to make the Term Loan Advances, fund such participation or make any such payment on any date required
hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible
for the failure of any other Lender to make the Term Loan Advances, fund such participation or make any such payment under Section 9.9.

 

(h)               
If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal
of or interest on any of its Term Loan Advances resulting in such Lender receiving payment of a greater proportion of the aggregate amount
of its Term Loan Advances, as the case may be, and accrued interest thereon than the proportion received by any other Lender, then the
Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Term Loan Advances, as the case
may be, of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably in accordance
with the aggregate amount of principal of and accrued interest on their respective Term Loan Advances; provided that (i) if
any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall
be rescinded and the purchase price restored to the extent of such recovery, without interest and (ii) the provisions of this paragraph shall
not be construed to apply to any payment made by Borrower pursuant to and in accordance with the express terms of this Agreement or any
payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Commitments to any assignee
or participant, other than to Borrower. Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable
law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against Borrower rights of setoff and
counterclaim with respect to such participation as fully as if such Lender were a direct creditor of Borrower in the amount of such participation.

 

1.5               
Change in Circumstances.

 

(a)                
Increased Costs. If any Change in Law shall: (i) impose, modify or deem applicable any reserve, special deposit, compulsory
loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or advances, loans or other credit
extended or participated in by, any Lender, (ii) subject any Lender or Agent to any Taxes (other than (A) Indemnified Taxes, (B) Taxes
described in clauses (b) through (d) of the definition of Excluded Taxes, and (C) Connection Income Taxes) on its loans, loan principal,
letters of credit, commitment, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto, or
(iii) impose on any Lender any other condition, cost or expense (other than Taxes) affecting this Agreement or Credit Extensions made
by such Lender, and the result of any of the foregoing shall be to increase the cost to such Lender or Agent, as applicable, of making,
converting to, continuing or maintaining any Credit Extension (or of maintaining its obligation to make any such Credit Extension), or
to reduce the amount of any sum received or receivable by such Lender or Agent, as applicable, hereunder (whether of principal, interest
or any other amount) then, upon written request of such Lender or Agent, as applicable, Borrower shall promptly pay to Agent or such Lender,
as applicable, such additional amount or amounts as will compensate such Lender or Agent, as applicable, for such additional costs incurred
or reduction suffered.

 

(b)               
Capital Requirements. If any Lender determines that any Change in Law affecting such Lender or any lending of such Lender
or such Lender’s holding company regarding capital or liquidity requirements, has or would have the effect of reducing the rate
of return on such ’Lender’s capital as a consequence of this Agreement, any term loan facility, or the Credit Extensions made
by such Lender to a level below that which such Lender could have achieved but for such Change in Law (taking into consideration such
 ’Lender’s or its holding company’s policies with respect to capital adequacy and liquidity), then from time to time
upon written request of such Lender, Borrower shall promptly pay to such Lender or such Lender’s holding company such additional
amount or amounts as will compensate such Lender or such Lender’s holding company for any such reduction suffered.

 

(c)                 Certificates
for Reimbursement. A certificate of a Lender or Agent setting forth the amount or amounts necessary to compensate such Lender or
Agent or its holding company, as applicable, as specified in paragraph (a) or (b) of this Section and delivered to Borrower, shall
be conclusive manifest error. Borrower shall pay such Lender or Agent, as applicable, the amount shown as due on any such
certificate within ten (10) days after receipt thereof.

 

    -4- 

     

    

 

(d)               
Delay in Requests. Failure or delay on the part of any Lender to demand compensation pursuant to this Section 1.5 shall
not constitute a waiver of such Lender’s right to demand such compensation; provided that Borrower shall not be required to compensate
such Lender pursuant to subsection (a) for any increased costs incurred or reductions suffered more than nine (9) months prior to the
date that such Lender notifies Borrower of the Change in Law giving rise to such increased costs or reductions (except that if the Change
in Law giving rise to such increased costs or reductions is retroactive, then the nine (9) month period shall be extended to include the
period of retroactive effect).

 

1.6               
Taxes.

 

(a)                
Payments Free of Taxes. Any and all payments by or on account of any obligation of Borrower under any Loan Document shall
be made without deduction or withholding for any Taxes, except as required by Applicable Law. If any Applicable Law (as determined in
the good faith discretion of Borrower) requires the deduction or withholding of any Tax from any such payment by Borrower, then (i) Borrower
shall be entitled to make such deduction or withholding, (ii) Borrower shall timely pay the full amount deducted or withheld to the
relevant Governmental Authority in accordance with Applicable Law, and (iii) if such Tax is an Indemnified Tax, the sum payable by Borrower
shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings
applicable to additional sums payable under this Section 1.6) each affected Lender or Agent, as applicable, receive an amount equal to
the sum it would have received had no such deduction or withholding been made.

 

(b)               
Payment of Other Taxes by Borrower. Without limiting the provisions of subsection (a) above, Borrower shall timely
pay any Other Taxes to the relevant Governmental Authority in accordance with Applicable Law.

 

(c)                
Tax Indemnification. Without limiting the provisions of subsections (a) and (b) above, Borrower shall, and does hereby,
indemnify Agent and Lenders, within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified
Taxes imposed or asserted on or attributable to amounts payable under this Section 1.6) payable or paid by the Lenders or Agent or
required to be withheld or deducted from a payment to Lenders or Agent and any reasonable expenses arising therefrom or with respect thereto,
whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate
as to the amount of such payment or liability delivered to Borrower by a Lender (with a copy to Agent) or by Agent on its own behalf or
on behalf of a Lender shall be conclusive absent manifest error.

 

(d)               
Evidence of Payments. As soon as practicable after any payment of Taxes by Borrower to a Governmental Authority pursuant
to this Section 1.6, Borrower shall deliver to Agent a certified copy of a receipt issued by such Governmental Authority evidencing
such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to Agent.

 

(e)                
Status of Lender. If any Lender (including any assignee or successor) is entitled to an exemption from or reduction of withholding
tax with respect to payments made under any Loan Document, it shall deliver to Borrower and Agent, at the time or times reasonably requested
by Borrower or Agent, such properly completed and executed documentation reasonably requested by Borrower as will permit such payments
to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by Borrower or Agent,
shall deliver such other documentation prescribed by Applicable Law or reasonably requested by Borrower or Agent as will enable Borrower
or Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Without limiting
the generality of the foregoing, each Lender shall deliver to Borrower and Agent whichever of IRS Form W-9, IRS Form W-8BEN-E, IRS Form
W-8ECI or W-8IMY is applicable, as well as any applicable supporting documentation or certifications.

 

1.7               
[Intentionally Omitted].

 

    -5- 

     

    

 

1.8               
Procedures for Borrowing.

 

(a)                
Subject to the prior satisfaction of all other applicable conditions to the making of a Term Loan Advance set forth in this Agreement
(which must be satisfied no later than 12:00 p.m. Eastern time on the applicable Funding Date), to obtain a Term Loan Advance, Borrower
shall notify Agent (which notice shall be irrevocable) by 12:00 p.m. Eastern time at least two (2) Business Days prior to the Funding
Date of the applicable Term Loan Advance. Such notice shall be made by electronic mail and, together with any such notification, Borrower
shall deliver to Agent by electronic mail a completed Disbursement Letter (and Loan Advance Request Form) executed by an Authorized Signer
and such other reports and information as Agent may reasonably request. Agent shall have received satisfactory evidence that the Board
has approved that such Authorized Signer may provide such notices and request the Term Loan Advances (which requirement may be deemed
satisfied by the prior delivery of Borrowing Resolutions or a secretary’s certificate that certifies as to such Board approval).

 

(b)               
In determining compliance with any condition hereunder to the making of a Credit Extension that, by its terms, must be fulfilled
to the satisfaction of a Lender, Agent may presume that such condition is satisfactory to such Lender unless Agent shall have received
notice to the contrary from such Lender prior to the making of such Credit Extension. Unless Agent shall have been notified in writing
by any Lender prior to the date of any Credit Extension, that such Lender will not make the amount that would constitute its share of
such borrowing available to Agent, Agent may assume that such Lender is making such amount available to Agent, and Agent may, in reliance
upon such assumption, make available to Borrower a corresponding amount. If such amount is not made available to Agent by the required
time on the Funding Date therefor, such Lender shall pay to Agent, on demand, such amount with interest thereon, at a rate equal to the
greater of (i) the Federal Funds Effective Rate or (ii) a rate determined by Agent in accordance with banking industry rules on interbank
compensation, for the period until such Lender makes such amount immediately available to Agent. If such Lender’s share of such
Credit Extension is not made available to Agent by such Lender within three (3) Business Days after such Funding Date, Agent shall also
be entitled to recover such amount with interest thereon at the rate per annum applicable to the Term Loan Advances, on demand, from Borrower.

 

(c)                
Agent shall credit proceeds of a Credit Extension to the Designated Deposit Account. Any Lender may make the Term Loan Advances
under this Agreement based on instructions from an Authorized Signer or without instructions if the Term Loan Advances are necessary to
meet Obligations which have become due.

 

2                   CONDITIONS OF CREDIT EXTENSIONS

 

2.1                Conditions
Precedent to Initial Credit Extension. Each Lender’s obligation to make the initial Credit Extension hereunder is subject to
the condition precedent that Agent shall have received, in form and substance reasonably satisfactory to Agent and the Lenders, such
documents, and completion of such other matters, as Agent or any Lender may reasonably request, including, without limitation:

 

(a)                
duly executed Loan Documents;

 

(b)               
duly executed Closing Warrant for each Lender and/or its designee;

 

(c)                
the Operating Documents of Borrower and (i) a long-form good standing certificate of each Borrower certified by the Secretary of
State of the State of Delaware and (ii) a good standing certificate of each Borrower certified by the Secretary of State of North Carolina,
in each case as of a date no earlier than 30 days prior to the Effective Date;

 

(d)               
certificate duly executed by a Responsible Officer or secretary of each Borrower with respect to such Borrower’s (i) Operating
Documents and (ii) Borrowing Resolutions;

 

(e)                 certified
copies, dated as of a recent date, of searches for financing statements filed in the central filing office of the State of Delaware,
accompanied by written evidence (including any UCC termination statements) that the Liens indicated in any such financing statements
either constitute Permitted Liens or have been or, in connection with the initial Credit Extension, will be terminated or
released;

 

    -6- 

     

    

 

(f)                 
duly executed Perfection Certificate of each Borrower;

 

(g)               
a legal opinion (authority and enforceability) of Borrower’s counsel dated as of the Effective Date;

 

(h)               
evidence satisfactory to Agent that the insurance policies and endorsements required by Section 5.6 hereof are in full force and
effect, together with appropriate evidence showing lender loss payable and/or additional insured clauses or endorsements in favor of Agent;
and

 

(i)                 
payment of the Lenders’ Expenses then due as specified in Section 1.3 hereof.

 

2.2               
Conditions Precedent to all Credit Extensions. Each Lender’s obligation to make each Credit Extension,
including the initial Credit Extension, is subject to the following conditions precedent:

 

(a)                
timely receipt by the Lenders of (i) an executed Disbursement Letter and (ii) an executed Loan Advance Request Form and any materials
and documents required by and in accordance with Section 1.8;

 

(b)               
the representations and warranties in this Agreement shall be true and correct in all material respects on the date of the Disbursement
Letter (and the Loan Advance Request Form) and on the Funding Date of each Credit Extension; provided, however, that such materiality
qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text
thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true and correct
in all material respects as of such date, and no Default or Event of Default shall have occurred and be continuing or result from the
Credit Extension. Each Credit Extension is Borrower’s representation and warranty on that date that the representations and warranties
in this Agreement remain true and correct in all material respects; provided, however, that such materiality qualifier shall not be applicable
to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further
that those representations and warranties expressly referring to a specific date shall be true and correct in all material respects as
of such date; and

 

(c)                
a Material Adverse Change shall not have occurred and be continuing.

 

2.3               
Covenant to Deliver. Borrower shall deliver to Agent each item required to be delivered to Agent and each Lender
under this Agreement as a condition precedent to any Credit Extension. A Credit Extension made prior to the receipt by Agent of any such
item shall not constitute a waiver by Agent or Lenders of Borrower’s obligation to deliver such item, and the making of any Credit
Extension in the absence of a required item shall be in each Lender’s sole discretion.

 

3                   CREATION
OF SECURITY INTEREST

 

3.1               
Grant of Security Interest.

 

(a)                
Borrower hereby grants Agent, for the ratable benefit of the Lenders, to secure the payment and performance in full of all of the
Obligations, a continuing security interest in, and pledges to Agent, for the ratable benefit of the Lenders, the Collateral, wherever
located, whether now owned or hereafter acquired or arising, and all proceeds and products thereof. For clarity, any reference to “Agent’s
Lien” or any granting of Collateral to Agent in this Agreement or any Loan Document means the Lien granted to Agent for the ratable
benefit of the Lenders.

 

(b)                Borrower
acknowledges that it previously has entered, or may in the future enter, into Bank Services Agreements with SVB. Regardless of the
terms of any Bank Services Agreement, Borrower agrees that any amounts Borrower owes SVB thereunder shall be deemed to be
Obligations hereunder and that it is the intent of Borrower, Lenders, Agent and SVB to have all such Obligations secured by the
first priority perfected security interest in the Collateral granted herein (subject only to Permitted Liens that are permitted
pursuant to the terms of this Agreement to have superior priority to Agent’s Lien granted in this Agreement).

 

    -7- 

     

    

 

3.2               
Authorization to File Financing Statements. Borrower hereby authorizes Agent, on behalf of the Lenders, to file
financing statements, without notice to Borrower, with all jurisdictions deemed necessary or appropriate by Agent to perfect or protect
Agent’s and Lenders’ interest or rights hereunder, including a notice that any disposition of the Collateral, by either Borrower
or any other Person, shall be deemed to violate the rights of Agent under the Code. Such financing statements may indicate the Collateral
as “all assets of the Debtor” or words of similar effect.

 

3.3               
Termination. If this Agreement is terminated, Agent’s Lien in the Collateral shall continue until the Obligations
(other than inchoate indemnity obligations) are repaid in full in cash. Upon payment in full in cash of the Obligations (other than inchoate
indemnity obligations) and at such time as the Lenders’ obligation to make Credit Extensions has terminated, Agent shall, at Borrower’s
sole cost and expense, terminate its security interest in the Collateral and all rights therein shall revert to Borrower. In the event
(a) all Obligations (other than inchoate indemnity obligations), except for Bank Services, are satisfied in full, and (b) this Agreement
is terminated, Agent shall terminate the security interest granted herein upon Borrower providing cash collateral acceptable to Agent
in its sole discretion for Bank Services, if any. In the event such Bank Services consist of outstanding Letters of Credit, Borrower shall
provide to Agent cash collateral in an amount equal to at least (x) 105.0% of the face amount of all such Letters of Credit denominated
in Dollars and (y) 110.0% of the Dollar Equivalent of the face amount of all such Letters of Credit denominated in a Foreign Currency,
plus, in each case, all interest, fees, and costs due or estimated by Agent in its commercially reasonable discretion to become due in
connection therewith, to secure all of the Obligations relating to such Letters of Credit.

 

4                   REPRESENTATIONS
AND WARRANTIES

 

Borrower represents and warrants
as follows:

 

4.1               
Due Organization, Authorization; Power and Authority.

 

(a)                
Borrower and each of its Subsidiaries are each duly existing and in good standing as a Registered Organization in their respective
jurisdiction of formation and are qualified and licensed to do business and are in good standing in any jurisdiction in which the conduct
of their respective business or their ownership of property requires that they be qualified except where the failure to do so could not
reasonably be expected to have a material adverse effect on Borrower’s business or operations.

 

(b)               
All information set forth on the Perfection Certificate pertaining to Borrower and each of its Subsidiaries is true and correct
in all material respects (it being understood and agreed that Borrower may from time to time update certain information in the Perfection
Certificate after the Effective Date, whether through the delivery of a new Perfection Certificate, delivery of a Compliance Statement,
or written notices permitted by one or more specific provisions in this Agreement to be delivered to Agent and the Lenders, and the Perfection
Certificate shall be deemed to be updated to the extent such new Perfection Certificate, Compliance Statement or notice is provided to
Agent and the Lenders).

 

(c)                 The
execution, delivery and performance by Borrower and each of its Subsidiaries of the Loan Documents to which it is a party have been
duly authorized, and do not (i) conflict with any of Borrower’s or any such Subsidiary’s organizational documents, (ii)
contravene, conflict with, constitute a default under or violate any material Applicable Law, (iii) contravene, conflict with or
violate any applicable order, writ, judgment, injunction, decree, determination or award of any Governmental Authority by which
Borrower or any of its Subsidiaries or any of their property or assets may be bound or affected, (iv) require any action by, filing,
registration, or qualification with, or Governmental Approval from, any Governmental Authority (except such Governmental Approvals
which have already been obtained and are in full force and effect), or (v) conflict with, contravene, constitute a default or breach
under, or result in or permit the termination or acceleration of, any material agreement by which Borrower or any of its
Subsidiaries is bound. Neither Borrower nor any of its Subsidiaries is in default under any agreement to which it is a party or by
which it is bound in which the default could reasonably be expected to have a material adverse effect on Borrower’s or any of
its Subsidiary’s business or operations.

 

    -8- 

     

    

 

4.2               
Collateral.

 

(a)                
The security interest granted herein is and shall at all times continue to be a first priority perfected security interest in the
Collateral (subject only to Permitted Liens that are permitted pursuant to the terms of this Agreement to have superior priority to Agent’s
Lien granted in this Agreement). Borrower has good title to, rights in, and the power to transfer each item of the Collateral upon which
it purports to grant a Lien under this Agreement and other Loan Documents, free and clear of any and all Liens except Permitted Liens.

 

(b)               
Borrower has no Collateral Accounts at or with any bank or financial institution other than SVB or SVB’s Affiliates except
for the Collateral Accounts described in the Perfection Certificate delivered to Agent in connection herewith and which Borrower has given
Agent notice and has taken such actions as are necessary to give Agent, for the ratable benefit of the Lenders, a perfected security interest
therein, to the extent required pursuant to the terms of Section 5.7(c). The Accounts are bona fide, existing obligations of the Account
Debtors.

 

(c)                
The Collateral is not in the possession of any third party bailee (such as a warehouse) except as otherwise provided in the Perfection
Certificate or as permitted pursuant to Section 6.2. None of the components of the Collateral shall be maintained at locations other than
as provided in the Perfection Certificate or as permitted pursuant to Section 6.2.

 

(d)               
All Inventory is in all material respects of good and marketable quality, free from material defects, subject to returns and allowances
consistent with Borrower’s customary practices as they exist at the Effective Date.

 

(e)                
Borrower is the sole owner of the Intellectual Property which it owns or purports to own except for (i) non-exclusive licenses
granted to its customers in the ordinary course of business, (i) over-the-counter software that is commercially available to the public,
and (iii) material Intellectual Property licensed to Borrower and noted on a Perfection Certificate. Each Patent which it owns or purports
to own and which is material to Borrower’s business is valid and enforceable, and no part of the Intellectual Property which Borrower
owns or purports to own and which is material to Borrower’s business has been judged invalid or unenforceable, in whole or in part.
To the best of Borrower’s knowledge, except as noted in a Perfection Certificate delivered prior to the Effective Date, no claim
has been made that any part of the Intellectual Property violates the rights of any third party except to the extent such claim would
not reasonably be expected to have a material adverse effect on Borrower’s business.

 

(f)                 
Except as noted on the Perfection Certificate or for which notice has been given to Agent pursuant to and in accordance with Section
5.8(b), Borrower is not a party to, nor is it bound by, any Restricted License.

 

4.3               
Litigation. Other than as set forth in the Perfection Certificate or as disclosed to Agent pursuant to Section
5.3(h), there are no actions, investigations or proceedings pending or, to the knowledge of any Responsible Officer, threatened in writing
by or against Borrower or any of its Subsidiaries involving more than, individually or in the aggregate, $500,000.00, not covered by independent
third party insurance as to which liability has been accepted by the carrier providing such insurance.

 

4.4                Financial
Statements; Financial Condition. All consolidated financial statements for Borrower and any of its Subsidiaries delivered to Agent
by submission to the Financial Statement Repository or otherwise submitted to Agent fairly present in all material respects Borrower’s
consolidated financial condition and Borrower’s consolidated results of operations as of the dates thereof and for the periods
covered thereby, subject, in the case of unaudited financial statements, to normal year-end adjustments and the absence of footnote disclosures.
There has not been any material deterioration in Borrower’s consolidated financial condition since the date of the most recent
financial statements submitted to the Financial Statement Repository or otherwise submitted to Agent.

 

    -9- 

     

    

 

4.5                Solvency.
The fair salable value of Borrower’s consolidated assets (including goodwill minus disposition costs) exceeds the fair value of
Borrower’s liabilities; Borrower is not left with unreasonably small capital after the transactions in this Agreement; and Borrower
and each of its Subsidiaries are able to pay their debts (including trade debts) as they mature.

 

4.6               
Regulatory Compliance. Borrower is not an “investment company” or a company “controlled”
by an “investment company” under the Investment Company Act of 1940, as amended. Borrower is not engaged as one of its important
activities in extending credit for margin stock (under Regulations X, T and U of the Federal Reserve Board of Governors). Borrower and
each of its Subsidiaries (a) have complied in all material respects with all Applicable Law, and (b) have not violated any Applicable
Law the violation of which would reasonably be expected to have a material adverse effect on Borrower’s business or operations.
Borrower and each of its Subsidiaries have duly complied with, and their respective facilities, business, assets, property, leaseholds,
real property and Equipment are in compliance with, Environmental Laws, except where the failure to do so would not reasonably be expected
to have a material adverse effect on Borrower’s business or operations; there have been no outstanding citations, notices or orders
of non-compliance issued to Borrower or any of its Subsidiaries or relating to their respective facilities, businesses, assets, property,
leaseholds, real property or Equipment under such Environmental Laws, except where the same would not reasonably be expected to have a
material adverse effect on Borrower’s business or operations. Borrower and each of its Subsidiaries have obtained all consents,
approvals and authorizations of, made all declarations or filings with, and given all notices to, all Governmental Authorities that are
necessary to continue their respective businesses as currently conducted, except where the failure to obtain or make or file the same
would not reasonably be expected to have a material adverse effect on Borrower’s business or operations.

 

4.7               
Subsidiaries; Investments. Borrower does not own any stock, partnership, or other ownership interest or other
equity securities except for Permitted Investments.

 

4.8               
Tax Returns and Payments; Pension Contributions.

 

(a)                
Borrower and each of its Subsidiaries have timely filed, or submitted extensions for, all required tax returns and reports, and
Borrower and each of its Subsidiaries have timely paid all foreign, federal, state and local taxes, assessments, deposits and contributions
owed by Borrower and each of its Subsidiaries except (a) to the extent such taxes are being contested in good faith by appropriate proceedings
promptly instituted and diligently conducted, so long as such reserve or other appropriate provision, if any, as shall be required in
conformity with GAAP shall have been made therefor, or (b) if such taxes, assessments, deposits and contributions do not, individually
or in the aggregate, exceed $125,000.00. Borrower is unaware of any claims or adjustments proposed for any of Borrower’s or any
of its Subsidiary’s prior tax years which could reasonably be expected to result in additional taxes becoming due and payable by
Borrower or any of its Subsidiaries in excess of $125,000.00 in the aggregate.

 

(b)               
Borrower and each of its Subsidiaries have paid all amounts necessary to fund all present pension, profit sharing and deferred
compensation plans in accordance with their terms, and neither Borrower nor any of its Subsidiaries has withdrawn from participation in,
and has not permitted partial or complete termination of, or permitted the occurrence of any other event with respect to, any such plan
which could reasonably be expected to result in any liability of Borrower or any of its Subsidiaries, including any liability to the Pension
Benefit Guaranty Corporation or its successors or any other Governmental Authority.

 

4.9                Full
Disclosure. No written representation, warranty or other statement of Borrower or any of its Subsidiaries in any written report,
certificate or statement submitted to the Financial Statement Repository or otherwise submitted to Agent or any Lender in connection
with the Loan Documents, or the transactions contemplated thereby, as of the date such representation, warranty, or other statement
was made, taken together with all such written reports, certificates and statements submitted to the Financial Statement Repository
or otherwise submitted to Agent or any Lender, contains any untrue statement of a material fact or omits to state a material fact
necessary to make the statements contained in the reports, certificates or written statements not misleading in light of the
circumstances under which they were made (it being recognized by Agent and each Lender that the projections and forecasts provided
by Borrower or any of its Subsidiaries in good faith and based upon reasonable assumptions are not viewed as facts and that actual
results during the period or periods covered by such projections and forecasts may differ from the projected or forecasted
results).

 

    -10- 

     

    

 

4.10            
Sanctions. Neither Borrower nor any of its Subsidiaries is: (a) in violation of any Sanctions; or (b) a Sanctioned
Person. Neither Borrower nor any of its Subsidiaries, directors, or officers, or, to the knowledge of Borrower, any of its employees,
agents or Affiliates: (i) conducts any business or engages in any transaction or dealing with any Sanctioned Person, including making
or receiving any contribution of funds, goods or services to or for the benefit of any Sanctioned Person; (ii) deals in, or otherwise
engages in any transaction relating to, any property or interests in property blocked pursuant to any Sanctions; (iii) engages in or conspires
to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions
set forth in any Sanctions; or (iv) otherwise engages in any transaction that could cause Agent or any Lender to violate any Sanctions.

 

4.11            
Healthcare Permits. (a) Borrower and each of its Subsidiaries have obtained all Healthcare Permits and other
rights from, and have made all declarations and filings with, all applicable Governmental Authorities, all self-regulatory authorities
and all courts and other tribunals necessary to engage in the management and/or operation of their respective businesses as presently
conducted; (b) each such Healthcare Permit is valid and in full force and effect, and Borrower and each of its Subsidiaries are in compliance
with the terms and conditions of all such Healthcare Permits; and (c) neither Borrower nor any of its Subsidiaries has received notice
from any Governmental Authority with respect to the revocation, suspension, restriction, limitation or termination of any Healthcare Permit
nor, to the knowledge of Borrower or any of its Subsidiaries, is any such action proposed or threatened in writing.

 

4.12            
Compliance with Healthcare Laws.

 

(a)                
Borrower is in compliance with all applicable Healthcare Laws. Without limiting the generality of the foregoing, Borrower has not
received written notice by a governmental authority of any violation (or of any investigation, audit, or other proceeding involving allegations
of any violation) of any Healthcare Laws, and no investigation, inspection, audit or other proceeding involving allegations of any violation
is, to the knowledge of Borrower, threatened in writing or contemplated.

 

(b)               
To the knowledge of Borrower, Borrower is not in default or violation of any law which is applicable to Borrower or its respective
assets or the conduct of its respective businesses and Borrower has not been debarred or excluded from participation under a state or
federal health care program, including any state or federal workers compensation program.

 

(c)                
Borrower is not a party to any corporate integrity agreements, deferred prosecution agreements, monitoring agreements, consent
decrees, settlement orders or similar agreements with or imposed by any governmental authority.

 

5                    
AFFIRMATIVE COVENANTS

 

Borrower shall do all of the
following:

 

5.1               
Use of Proceeds. Cause the proceeds of the Credit Extensions to be used solely (a) as working capital or (b)
to fund its general business purposes, and not for personal, family, household or agricultural purposes.

 

5.2               
Government Compliance.

 

(a)                
Maintain its and all of its Subsidiaries’ legal existence (except as permitted under Section 6.3 with respect to Subsidiaries
only) and good standing in their respective jurisdictions of formation and maintain qualification in each jurisdiction in which the failure
to so qualify would reasonably be expected to have a material adverse effect on Borrower’s business or operations. Borrower shall
comply, and have each Subsidiary comply, in all material respects, with all laws, ordinances and regulations to which it is subject.

 

    -11- 

     

    

 

(b)               
 Obtain all of the Governmental Approvals necessary for the performance by Borrower and each of its Subsidiaries of their obligations
under the Loan Documents to which it is a party, including any grant of a security interest to Agent, for the benefit of the Lenders.
Borrower shall promptly provide copies of any such obtained Governmental Approvals to Agent.

 

(c)                
Cause the operations and property of Borrower, each of its Subsidiaries to comply with all applicable Healthcare Laws. Without
limiting the foregoing, the operations and property of Borrower and each of its Subsidiaries shall comply with HIPAA in all material respects.
Borrower established and maintains a corporate compliance program that (i) addresses the material Requirements of Law, including all applicable
Healthcare Laws, of Governmental Authorities having jurisdiction over its business and operations, and (ii) has been structured to account
for the guidance issued by the U.S. Department of Health and Human Services regarding characteristics of effective corporate compliance
programs. As of the Effective Date, Borrower has delivered to Agent an accurate and complete copy of each material report, study, survey
or other document of which Borrower has knowledge that addresses or otherwise relates to the compliance by Borrower and each of its Subsidiaries,
with applicable Healthcare Laws.

 

5.3               
Financial Statements, Reports. Deliver to Agent by submitting to the Financial Statement Repository, for Agent’s
distribution to each Lender:

 

(a)                
Monthly Financial Statements. As soon as available, but no later than 30 days after the last day of each month, a company
prepared consolidated balance sheet and income statement covering Borrower’s consolidated operations for such month and in a form
reasonably acceptable to Agent;

 

(b)               
Compliance Statement. Within (i) 30 days after the last day of each calendar quarter ending prior to the Funding Date of
the Term B Loan Advance and (ii) 30 days after the last day of each month ending on or after the Funding Date of the Term B Loan Advance,
and together with the statements set forth in Section 5.3(a), a completed Compliance Statement, confirming that as of the end of such
quarter or month, as applicable, Borrower was in full compliance with all of the terms and conditions of this Agreement, and setting forth
calculations showing compliance with the financial covenants set forth in this Agreement and such other information as Agent or any Lender
may reasonably request;

 

(c)                
Annual Operating Budget and Financial Projections As soon as available, and no later than 60 days after the end of each
fiscal year of Borrower, and within ten (10) days of any updates or amendments thereto, (i) annual operating budgets (including income
statements, balance sheets and cash flow statements, by month) for the current fiscal year of Borrower, and (ii) annual financial projections
for the current fiscal year (on a quarterly basis), in each case as approved by the Board, together with any related business forecasts
used in the preparation of such annual financial projections;

 

(d)               
10-K/10-Q. As soon as available, and in any event no later than (i) 45 days after the end of the first three (3) fiscal
quarters in each fiscal year of Borrower, Borrower’s 10-Q report and (ii) 90 days after the last day of each fiscal year of Borrower,
Borrower’s 10-K report, together with an unqualified opinion on such 10-K from an independent certified public accounting firm reasonably
acceptable to Agent;

 

(e)                
SEC Filings. Within five (5) days of filing, notification of the filing and copies of all periodic and other reports, proxy
statements and other materials filed by Borrower and/or any of its Subsidiaries or any Guarantor with the SEC, any Governmental Authority
succeeding to any or all of the functions of the SEC or with any national securities exchange, or distributed to its shareholders, as
the case may be. Documents required to be delivered pursuant to the terms hereof (to the extent any such documents are included in materials
otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date
on which Borrower or any of its Subsidiaries posts such documents, or provides a link thereto, on Borrower’s or any of its Subsidiaries’
website on the internet at Borrower’s or any of its Subsidiaries’ website address; provided, however, Borrower
shall promptly notify Agent in writing (which may be by electronic mail) of the posting of any such documents;

 

    -12- 

     

    

 

(f)                 Security Holder and Subordinated Debt Holder Reports. Within 15 days of delivery, copies of all statements, reports and
notices made available to any holders of Subordinated Debt (solely in their capacities as holders of Subordinated Debt and not in any
other role);

 

(g)               
Beneficial Ownership Information. Prompt written notice of any changes to the beneficial ownership information set out in
Section 14 of the Perfection Certificate. Borrower understands and acknowledges that Agent and Lenders rely on such true, accurate and
up-to-date beneficial ownership information to meet Agent’s and Lenders’ regulatory obligations to obtain, verify and record
information about the beneficial owners of its legal entity customers;

 

(h)               
Legal Action Notice. Prompt written notice of any legal actions, investigations or proceedings pending or threatened in
writing against Borrower or any of its Subsidiaries that could reasonably be expected to result in damages or costs to Borrower or any
of its Subsidiaries of, individually or in the aggregate, $500,000.00 or more;

 

(i)                 
Tort Claim Notice. If Borrower shall acquire a commercial tort claim in excess of $50,000.00, Borrower shall promptly notify
Agent in a writing signed by Borrower of the general details thereof and grant to Agent, for the benefit of the Lenders, in such writing
a security interest therein and in the proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and substance
reasonably satisfactory to Agent;

 

(j)                  Government
Filings. Within 15 days after the same are sent or received, copies of all material correspondence, reports, documents and other
filings by Borrower or any of its Subsidiaries with any Governmental Authority regarding compliance with or maintenance of Governmental
Approvals or Applicable Law or that could reasonably be expected to have a material effect on any of the Governmental Approvals or otherwise
on the business of Borrower or any of its Subsidiaries;

 

(k)               
Registered Organization. If Borrower is not a Registered Organization as of the Effective Date but later becomes one, promptly
notify Agent of such occurrence and provide Agent with Borrower’s organizational identification number;

 

(l)                 
Default. Prompt written notice of the occurrence of a Default or Event of Default; and

 

(m)              
Other Information. Promptly, from time to time, such other information regarding Borrower or any of its Subsidiaries or
compliance with the terms of any Loan Documents as reasonably requested by Agent or any Lender.

 

Any submission by Borrower
of a Compliance Statement or any other financial statement submitted to the Financial Statement Repository pursuant to this Section 5.3
or otherwise submitted to Agent shall be deemed to be a representation by Borrower that (i) as of the date of such Compliance Statement
or other financial statement, the information and calculations set forth therein are true and correct in all material respects, (ii) as
of the end of the compliance period set forth in such submission, Borrower is in complete compliance with all required covenants except
as noted in such Compliance Statement or other financial statement, as applicable, (iii) as of the date of such submission, no Events
of Default have occurred or are continuing except as noted in such Compliance Statement or other financial statement, as applicable, (iv)
all representations and warranties other than any representations or warranties that are made as of a specific date in Section 4 remain
true and correct in all material respects as of the date of such submission except as noted in such Compliance Statement or other financial
statement, as applicable, (v) as of the date of such submission, Borrower and each of its Subsidiaries has timely filed all required tax
returns and reports (or obtained valid extensions therefor), and Borrower has timely paid all foreign, federal, state and local taxes,
assessments, deposits and contributions owed by Borrower except as otherwise permitted pursuant to the terms of Section 4.8 or as noted
in such Compliance Statement or other financial statement, as applicable, and (vi) as of the date of such submission, no Liens have been
levied or claims made against Borrower or any of its Subsidiaries relating to unpaid employee payroll or benefits except as noted in such
Compliance Statement or other financial statement, as applicable, of which Borrower has not previously provided written notification to
Agent.

 

    -13- 

     

    

 

Promptly upon any Lender’s
reasonable request, Agent shall deliver to such Lender any materials or information delivered by Borrower to it in its capacity as Agent
hereunder. In addition, Agent shall promptly deliver to the Lenders any notices or other materials received by it indicating the occurrence
or continuance of any Event of Default hereunder, in each case, to the extent such notices or materials are clearly marked as a “Notice
of Default/Event of Default” or Agent has actual knowledge that such notices or other materials contain such information.

 

Agent shall deliver to each
Lender any materials or information delivered by Borrower to it in its capacity as Agent hereunder. In addition, Agent shall promptly
deliver to each Lender any notices or other materials received by it indicating the occurrence or continuance of any Event of Default
hereunder, in each case, to the extent such notices or materials are clearly marked as a “Notice of Default/Event of Default”
or Agent has actual knowledge that such notices or other materials contain such information.

 

5.4               
Taxes; Pensions.

 

(a)                
Timely file, and require each of its Subsidiaries to timely file (in each case, unless subject to a valid extension), all required
tax returns and reports and timely pay, and require each of its Subsidiaries to timely pay, all foreign, federal, state and local taxes,
assessments, deposits and contributions owed by Borrower and each of its Subsidiaries, except for deferred payment of any taxes contested
or permitted pursuant to the terms of Section 4.8(a) hereof, and shall deliver to Agent, on demand, appropriate certificates attesting
to such payments, and pay, and require each of its Subsidiaries to pay, all amounts necessary to fund all present pension, profit sharing
and deferred compensation plans in accordance with their terms.

 

(b)               
To the extent Borrower or any of its Subsidiaries defers payment of any contested taxes, (i) notify Agent in writing of the commencement
of, and any material development in, the proceedings, and (ii) post bonds or take any other steps required to prevent the Governmental
Authority levying such contested taxes from obtaining a Lien upon any of the Collateral that is other than a “Permitted Lien.”

 

5.5               
Access to Collateral; Books and Records. At reasonable times, on five (5) Business Days’ notice (provided
no notice is required if an Event of Default has occurred and is continuing), Agent, or its agents, shall have the right to inspect the
Collateral and the right to audit and copy Borrower’s Books. Such inspections and audits shall be conducted no more often than once
every 12 months, unless an Event of Default has occurred and is continuing, in which case such inspections and audits shall occur as frequently
as Agent determines in its sole discretion that conditions warrant. The foregoing inspections and audits shall be conducted at Borrower’s
expense and the charge therefor shall be $1,000.00 per person per day (or such higher amount as shall represent Agent’s then-current
standard charge for the same), plus reasonable out-of-pocket expenses. In the event Borrower and Agent schedule an audit more than eight
(8) days in advance, and Borrower cancels or seeks to reschedule the audit with less than eight (8) days written notice to Agent, then
(without limiting any of Agent’s or any Lender’s rights or remedies) Borrower shall pay Agent a fee of $2,000.00 plus any
out-of-pocket expenses incurred by Agent to compensate Agent for the anticipated costs and expenses of the cancellation or rescheduling.

 

5.6               
Insurance. 

 

(a)                
Keep its business and the Collateral insured for risks and in amounts standard for companies in Borrower’s industry and location
and as Agent may reasonably request. Insurance policies shall be in a form, with financially sound and reputable insurance companies that
are not Affiliates of Borrower, and in amounts that are reasonably satisfactory to Agent.

 

(b)               
All property policies shall have a lender’s loss payable endorsement showing Agent as the sole lender loss payee. All commercial
general liability policies shall show, or have endorsements showing, Agent as an additional insured. Agent shall be named as lender loss
payee and/or additional insured with respect to any such insurance providing coverage in respect of any Collateral.

 

    -14- 

     

    

 

(c)                 Ensure
that proceeds payable under any property policy are, at Agent’s option, payable to Agent for the ratable benefit of the
Lenders on account of the Obligations. Notwithstanding the foregoing, (i) so long as no Event of Default has occurred and is
continuing, Borrower shall have the option of applying the proceeds of any casualty policy up to $500,000.00 in the aggregate for
all losses under all casualty policies in any one year, toward the replacement or repair of destroyed or damaged property; provided
that any such replaced or repaired property (A) shall be of equal or like value as the replaced or repaired Collateral and (B) shall
be deemed Collateral in which Agent, for the ratable benefit of the Lenders, has been granted a first priority security interest
(subject only to Permitted Liens that are permitted pursuant to the terms of this Agreement to have superior priority to
Agent’s Lien granted in this Agreement), and (ii) after the occurrence and during the continuance of an Event of Default, all
proceeds payable under such casualty policy shall, at the option of Agent, be payable to Agent, for the ratable benefit of the
Lenders, on account of the Obligations.

 

(d)               
At Agent’s request, Borrower shall deliver to Agent certified copies of insurance policies and evidence of all premium payments.
Each provider of any such insurance required under this Section 5.6 shall agree, by endorsement upon the policy or policies issued by
it or by independent instruments furnished to Agent, that it will give Agent 30 days’ prior written notice before any such policy
or policies shall be canceled or altered in any material respect. If Borrower fails to obtain insurance as required under this Section
5.6 or to pay any amount or furnish any required proof of payment to third persons and Agent, Agent may make all or part of such payment
or obtain such insurance policies required in this Section 5.6, and take any action under the policies Agent deems prudent.

 

5.7               
Accounts.

 

(a)                
Maintain all of Borrower’s, any of its Subsidiaries’, and any Guarantor’s operating accounts, depository accounts
and excess cash with SVB or SVB’s Affiliates. Immediately upon the occurrence of the commencement of a Cash Collateral Period, Borrower
shall deposit and maintain, until the termination of a Cash Collateral Period, cash collateral in Borrower’s cash collateral account
with SVB ending 856 (the “Pledged Account”) in the amount equal to 100.0% of the then-outstanding Obligations of Borrower
to Agent and the Lenders; provided, however, that if any Obligations consist of outstanding Letters of Credit, Borrower shall provide
and maintain cash collateral with respect to such Letters of Credit in an amount equal to (i) if such Letters of Credit are denominated
in Dollars, then at least 105.0%; and (ii) if such Letters of Credit are denominated in a Foreign Currency, then at least 110.0%, of the
Dollar Equivalent of the face amount of all such Letters of Credit, in each case plus all interest, fees, and costs due or to become due
in connection therewith (as estimated by Agent) (the “Required Cash Collateral”), to secure all of the Obligations.
Agent shall have the right to apply amounts in the Pledged Account to the Obligations in its sole discretion. Borrower shall not be permitted
to withdraw or remove (or in any manner have access to) any cash collateral maintained in the Pledged Account during the continuance of
a Cash Collateral Period.

 

(b)               
In addition to the foregoing, Borrower, any Subsidiary of Borrower and any Guarantor, shall obtain any business credit card and
letter of credit services exclusively from SVB.

 

(c)                
In addition to and without limiting the restrictions in subsection (a), Borrower shall provide Agent five (5) days prior written
notice before establishing any Collateral Account at or with any bank or financial institution other than SVB or SVB’s Affiliates.
For each Collateral Account that Agent in its sole discretion permits Borrower at any time to open or maintain (other than accounts at
SVB), Borrower shall cause the applicable bank or financial institution (other than SVB) at or with which any such Collateral Account
is opened or maintained to execute and deliver a Control Agreement or other appropriate instrument with respect to such Collateral Account
to perfect Agent’s Lien in such Collateral Account in accordance with the terms hereunder, which Control Agreement may not be terminated
without the prior written consent of Agent. The provisions of the previous sentence shall not apply to deposit accounts exclusively used
for payroll, payroll taxes and other employee wage and benefit payments to or for the benefit of Borrower’s employees and identified
to Agent by Borrower as such.

 

5.8               
Protection of Intellectual Property Rights.

 

(a)                 (i)
Use commercially reasonable efforts to protect, defend and maintain the validity and enforceability of Borrower’s and each
Subsidiary’s Intellectual Property, except to the extent that such failure to do so would not reasonably be expected to have a
material adverse effect on Borrower’s business or operations; (ii) promptly advise Agent in writing of infringements or any
other event that could reasonably be expected to materially and adversely affect the value Borrower’s and each
Subsidiary’s Intellectual Property; and (iii) not allow any Intellectual Property material to Borrower’s or any
Subsidiary’s business to be abandoned, forfeited or dedicated to the public without Agent’s written consent.

 

    -15- 

     

    

 

 

 

(b)               
Provide written notice to Agent within ten (10) days of entering or becoming bound by any Restricted License (other than over-the-counter
software that is commercially available to the public). Borrower shall take such steps as Agent reasonably requests to obtain the consent
of, or waiver by, any person whose consent or waiver is necessary for (i) any such Restricted License to be deemed “Collateral”
and for Agent to have a security interest in it that might otherwise be restricted or prohibited by law or by the terms of any such Restricted
License, whether now existing or entered into in the future, and (ii) Agent to have the ability in the event of a liquidation of any Collateral
to dispose of such Collateral in accordance with Agent’s and the Lenders’ rights and remedies under this Agreement and the
other Loan Documents.

 

5.9               
Financial Covenants.

 

(a)                
Minimum Cash. Maintain at all times, to be tested as of any date on or prior to the Funding Date of the Term B Loan Advance,
unrestricted and unencumbered cash of Borrower maintained in accounts of Borrower at (i) SVB or (ii) SVB’s Affiliates, so long as
such accounts are subject to a Control Agreement in favor of Agent for the ratable benefit of the Lenders, in an aggregate amount equal
to at least $27,500,000.00; provided, however, that, the foregoing amount shall be increased by an amount equal to 25.0% of the aggregate
net cash proceeds received by Borrower from the sale of Borrower’s equity securities on or after the Effective Date.

 

(b)               
Minimum Yutrepia Revenue. Have at all times, to be tested as of the last day of each month, commencing with the last month
of the calendar quarter ending immediately after the calendar quarter in which the Funding Date of the Term B Loan Advance occurs, Yutrepia
Revenue, for the six (6) month period ending on the last day of such month, in an amount equal to at least the amount set forth in the
table below corresponding to such period:

 

	Six (6) Month Period Ending On:	Yutrepia Revenue:
	The last day of the last month of the calendar quarter ending immediately after the calendar quarter in which the Funding Date of the Term B Loan Advance occurs, and for the six (6) month periods ending on the last day of each of the two (2) months ending immediately thereafter	
     

    $6,742,000.00

	The last day of the last month of the second (2nd) calendar quarter ending after the calendar quarter in which the Funding Date of the Term B Loan Advance occurs, and for the six (6) month periods ending on the last day of each of the two (2) months ending immediately thereafter	
     

    $23,737,000.00

	The last day of the last month of the third (3rd) calendar quarter ending after the calendar quarter in which the Funding Date of the Term B Loan Advance occurs, and for the six (6) month periods ending on the last day of each of the two (2) months ending immediately thereafter	
     

    $46,162,000.00

	The last day of the last month of the fourth (4th) calendar quarter ending after the calendar quarter in which the Funding Date of the Term B Loan Advance occurs, and for the six (6) month periods ending on the last day of each of the two (2) months ending immediately thereafter	
     

    $70,750,000.00

	The last day of the last month of the fifth (5th) calendar quarter ending after the calendar quarter in which the Funding Date of the Term B Loan Advance occurs, and for the six (6) month periods ending on the last day of each of the two (2) months ending immediately thereafter	
     

    $90,000,000.00

	The last day of the last month of the sixth (6th) calendar quarter ending after the calendar quarter in which the Funding Date of the Term B Loan Advance occurs, and for the six (6) month periods ending on the last day of each of the two (2) months ending immediately thereafter	
     

    $110,000,000.00

	The last day of the last month of the seventh (7th) calendar quarter ending after the calendar quarter in which the Funding Date of the Term B Loan Advance occurs, and for the six (6) month periods ending on the last day of each of the two (2) months ending immediately thereafter	
     

    $130,000,000.00

	The last day of the last month of the eighth (8th) calendar quarter ending after the calendar quarter in which the Funding Date of the Term B Loan Advance occurs, and for the six (6) month periods ending on the last day of each of the two (2) months ending immediately thereafter	
     

    $148,500,000.00

 

    -16- 

     

    

 

With respect to the any period
ending on or after the last day of the ninth (9th) calendar quarter ending after the calendar quarter in which the Funding
Date of the Term B Loan Advance occurs, Agent and the Lenders will set the Yutrepia Revenue levels for each such period in their sole
discretion based upon, among other factors, budgets, sales projections, operating plans and other financial information with respect to
Borrower that Agent and the Lenders deem relevant, including, without limitation Borrower’s annual financial projections approved
by the Board, and such levels shall be more than the amount of Borrower’s Yutrepia Revenue for the same period ending on the corresponding
month for the immediately preceding year. With respect thereto, Borrower’s failure to agree in writing (which agreement shall be
set forth in a written amendment to this Agreement) to any such covenant levels proposed by Agent and the Lenders with respect any period
not noted in the table above, on or before the last day of the calendar year immediately preceding such period, shall result in an immediate
Event of Default for which there shall be no grace or cure period.

 

Notwithstanding the foregoing,
the financial covenant set forth in this Section 5.9(b) shall not be tested for any calendar month (such month, a “Tested Month”)
with respect to which Borrower maintained either the Minimum Cash Balance or the Minimum Market Capitalization, in either case at all
times during the period commencing on the first day of such Tested Month through and including the date that is 30 days after the last
day of such Tested Month.

 

5.10            
Litigation Cooperation. From the date hereof and continuing through the termination of this Agreement, make available
to Agent, without expense to Agent, Borrower and its officers, employees and agents and Borrower’s books and records, to the extent
that Agent may deem them reasonably necessary to prosecute or defend any third-party suit or proceeding instituted by or against Agent
with respect to any Collateral or relating to Borrower.

 

5.11            
Inventory; Returns. Keep all Inventory in good and marketable condition, free from material defects. Returns
and allowances between Borrower and its Account Debtors shall follow Borrower’s customary practices as they exist at the Effective
Date. Borrower shall promptly notify Agent of all returns, recoveries, disputes and claims that involve more than $2,000,000.00.

 

5.12            
Further Assurances. Execute any further instruments and take such further action as Agent reasonably requests
to perfect, protect, ensure the priority of or continue Agent’s Lien on the Collateral or to effect the purposes of this Agreement.

 

5.13            
Sanctions. (a) Not, and not permit any of its Subsidiaries to, engage in any of the activities described in Section
4.10 in the future; (b) not, and not permit any of its Subsidiaries to, become a Sanctioned Person; (c) ensure that the proceeds of the
Obligations are not used to violate any Sanctions; and (d) deliver to Agent or any Lender any certification or other evidence requested
from time to time by Agent or any Lender in its sole discretion, confirming each such Person’s compliance with this Section 5.13.
In addition, have implemented, and will consistently apply while this Agreement is in effect, procedures to ensure that the representations
and warranties in Section 4.10 remain true and correct while this Agreement is in effect.

 

5.14            
Formation or Acquisition of Subsidiaries. Notwithstanding and without limiting the negative covenants contained
in Sections 6.3 and 6.7 hereof, at the time that Borrower or any Guarantor forms any Subsidiary or acquires any Subsidiary after the Effective
Date (including, without limitation, pursuant to a Division), Borrower and such Guarantor shall (a) cause such new Subsidiary to provide
to Agent and Lenders a joinder to this Agreement to become a co-borrower hereunder or a guaranty to become a Guarantor hereunder (as determined
by Agent and Lenders in their sole discretion), together with documentation, all in form and substance reasonably satisfactory to Agent
and Lenders (including being sufficient to grant Agent a first priority Lien (subject only to Permitted Liens that are permitted pursuant
to the terms of this Agreement to have superior priority to Agent’s Lien granted in this Agreement) in and to the assets of such
newly formed or acquired Subsidiary), (b) provide to Agent and Lenders appropriate certificates and powers and financing statements, pledging
all of the direct or beneficial ownership interest in such new Subsidiary, in form and substance satisfactory to Agent and Lenders; and
(c) provide to Agent and Lenders all other documentation in form and substance reasonably satisfactory to Agent and Lenders, including
one or more opinions of counsel satisfactory to Agent and Lenders, which in its opinion is appropriate with respect to the execution and
delivery of the applicable documentation referred to above. Any document, agreement, or instrument executed or issued pursuant to this
Section 5.14 shall be a Loan Document.

 

5.15            
Term B Warrants. Parent Borrower shall, not later than 30 days following the Funding Date (if any) of the Term
B Loan Advance, execute and deliver to the Lenders and/or their designees the Term B Warrants.

 

5.16            
Term C Warrants. Parent Borrower shall, not later than 30 days following the Funding Date (if any) of the Term
C Loan Advance, execute and deliver to the Lenders and/or their designees the Term C Warrants.

 

    -17- 

     

    

 

6                    
NEGATIVE COVENANTS

 

Borrower shall not do any
of the following without the prior written consent of Agent and each Lender in accordance with Section 12.6 hereof:

 

6.1               
 Dispositions. Convey, sell, lease, transfer, assign, or otherwise dispose of (including, without limitation,
pursuant to a Division) (collectively, “Transfer”), or permit any of its Subsidiaries to Transfer, all or any part
of its business or property, except for Transfers (a) of Inventory in the ordinary course of business; (b) of worn-out or obsolete Equipment
that is, in the reasonable judgment of Borrower, no longer economically practicable to maintain or useful in the ordinary course of business
of Borrower; (c) consisting of Permitted Liens and Permitted Investments; (d) consisting of the sale or issuance of any stock, partnership,
membership, or other ownership interest or other equity securities of Borrower permitted under Section 6.2 of this Agreement; (e) consisting
of Borrower’s or its Subsidiaries’ use or transfer of money or Cash Equivalents in a manner that is not prohibited by the
terms of this Agreement or the other Loan Documents; and (f) consisting of non-exclusive licenses for the use of the property of Borrower
or its Subsidiaries in the ordinary course of business.

 

6.2               
Changes in Business, Management, Control, or Business Locations. (a) Engage in or permit any of its Subsidiaries
to engage in any business other than the businesses currently engaged in by Borrower and such Subsidiary, as applicable, or reasonably
related thereto; (b) liquidate or dissolve or permit any of its Subsidiaries to liquidate or dissolve; (c) fail to provide notice to Agent
of any Key Person’s departure from or ceasing to be employed by Borrower within five (5) days after their departure from Borrower;
(d) permit, allow or suffer to occur any Change in Control; or (e) without at least 30 days prior written notice to Agent: (i) add any
new offices or business locations, including warehouses (unless such new offices or business locations contain less than $100,000.00 in
Borrower’s assets or property) or deliver any portion of the Collateral valued, individually or in the aggregate, in excess of $100,000.00
to a bailee at a location other than to a bailee and at a location already disclosed in the Perfection Certificate, (ii) change its jurisdiction
of organization, (iii) change its organizational structure or type, (iv) change its legal name, or (v) change any organizational number
(if any) assigned by its jurisdiction of organization. If Borrower intends to add any new offices or business locations, including warehouses,
containing in excess of $100,000.00 of Borrower’s assets or property, then Borrower will cause the landlord of any such new offices
or business locations, including warehouses, to execute and deliver a landlord consent in form and substance satisfactory to Agent in
its commercially reasonable discretion. If Borrower intends to deliver any portion of the Collateral valued, individually or in the aggregate,
in excess of $100,000.00 to a bailee, and Agent and such bailee are not already parties to a bailee agreement governing both the Collateral
and the location to which Borrower intends to deliver the Collateral, then Borrower will cause such bailee to execute and deliver a bailee
agreement in form and substance satisfactory to Agent in its commercially reasonable discretion.

 

6.3               
Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with
any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the stock, partnership, membership,
or other ownership interest or other equity securities or property of another Person (including, without limitation, by the formation
of any Subsidiary or pursuant to a Division) except for Permitted Acquisitions. A Borrower may merge or consolidate into another Borrower
and a Subsidiary (which is not a Borrower) may merge or consolidate into another Subsidiary or into Borrower.

 

6.4               
Indebtedness. Create, incur, assume, or be liable for any Indebtedness, or permit any Subsidiary to do so, other
than Permitted Indebtedness.

 

6.5               
Encumbrance. Create, incur, allow, or suffer to exist any Lien on any of its property, or assign or convey any
right to receive income, including the sale of any Accounts, or permit any of its Subsidiaries to do so, except for Permitted Liens that
are permitted pursuant to the terms of this Agreement to have superior priority to Agent’s Lien granted in this Agreement, permit
any Collateral not to be subject to the first priority security interest granted herein, or enter into any agreement, document, instrument
or other arrangement (except with or in favor of Agent, for the ratable benefit of the Lenders) with any Person which directly or indirectly
prohibits or has the effect of prohibiting Borrower or any Subsidiary from assigning, mortgaging, pledging, granting a security interest
in or upon, or encumbering any of Borrower’s or any Subsidiary’s Intellectual Property, in each case except as is otherwise
permitted in Section 6.1 hereof and the definition of “Permitted Liens” herein.

 

    -18- 

     

    

 

6.6               
Maintenance of Collateral Accounts. Maintain any Collateral Account except pursuant to the terms of Section 5.7(c).

 

6.7                Distributions;
Investments. (a) Pay any dividends or make any distribution or payment or redeem, retire or purchase any stock, partnership,
membership, or other ownership interest or other equity securities; provided that (i) any Subsidiary (that is not a Borrower) may
pay dividends or make distributions to Borrower or another Subsidiary, (ii) Borrower may convert any of its convertible securities
into other securities pursuant to the terms of such convertible securities or otherwise in exchange thereof, (iii) Borrower may make
payments of cash in lieu of the issuance of fractional shares in aggregate amount for all such payments not to exceed $100,000.00
per fiscal year, and (iv) Borrower may repurchase the stock of former directors, officers employees or consultants pursuant to stock
repurchase agreements so long as an Event of Default does not exist at the time of any such repurchase and would not exist after
giving effect to any such repurchase, provided that the aggregate amount of all such repurchases does not exceed $250,000.00 per
fiscal year; or (b) directly or indirectly make any Investment (including, without limitation, by the formation of any Subsidiary)
other than Permitted Investments, or permit any of its Subsidiaries to do so.

 

6.8               
Transactions with Affiliates. Directly or indirectly enter into or permit to exist any material transaction with
any Affiliate of Borrower, except for (a) transactions that are in the ordinary course of Borrower’s business, upon fair and reasonable
terms that are no less favorable to Borrower than would be obtained in an arm’s length transaction with a non-affiliated Person,
(b) transactions of the type described in and permitted by Sections 6.1, 6.3 and 6.7 hereof, and (c) unsecured debt financings with Borrower’s
existing investors, so long as all such Indebtedness is Subordinated Debt.

 

6.9               
Subordinated Debt. Except as expressly permitted under the terms of the subordination, intercreditor, or other
similar agreement to which any Subordinated Debt is subject: (a) make or permit any payment on such Subordinated Debt; or (b) except to
the extent permitted by the applicable subordination, intercreditor, or other similar agreement with respect to the Subordinated Debt,
amend any provision in any document relating to such Subordinated Debt which would increase the amount thereof, provide for earlier or
greater principal, interest, or other payments thereon, or adversely affect the subordination thereof to Obligations owed to Agent and
the Lenders.

 

6.10            
Compliance. (a) Become an “investment company” or a company controlled by an “investment company”,
under the Investment Company Act of 1940, as amended, or undertake as one of its important activities extending credit to purchase or
carry margin stock (as defined in Regulation U of the Board of Governors of the Federal Reserve System), or use the proceeds of any Credit
Extension for that purpose; (b)(i) fail to meet the minimum funding requirements of ERISA, (ii) permit a Reportable Event or Prohibited
Transaction, as defined in ERISA, to occur, (iii) fail to comply with the Federal Fair Labor Standards Act or (iv) violate any other law
or regulation, if the foregoing subclauses (i) through (iv), individually or in the aggregate, could reasonably be expected to have a
material adverse effect on Borrower’s business or operations, or permit any of its Subsidiaries to do so; or (c) withdraw or permit
any Subsidiary to withdraw from participation in, permit partial or complete termination of, or permit the occurrence of any other event
with respect to, any present pension, profit sharing and deferred compensation plan which could reasonably be expected to result in any
liability of Borrower, including any liability to the Pension Benefit Guaranty Corporation or its successors or any other Governmental
Authority.

 

7                    
EVENTS OF DEFAULT

 

Any one of the following shall
constitute an event of default (an “Event of Default”) under this Agreement:

 

7.1               
Payment Default. Borrower fails to (a) make any payment of principal or interest on any Credit Extension
on its due date, or (b) pay any other Obligations within three (3) Business Days after such Obligations are due and payable (which
three (3) Business Day cure period shall not apply to payments due on the Term Loan Maturity Date). During the cure period, the failure
to make or pay any payment specified under clause (b) hereunder is not an Event of Default (but no Credit Extension will be made during
the cure period);

 

7.2               
Covenant Default. 

 

(a) Borrower fails or neglects
to perform any obligation in Section 5 (other than Sections 5.2 (Government Compliance), 5.10 (Litigation Cooperation), 5.11 (Inventory;
Returns) and 5.12 (Further Assurances)) or violates any covenant in Section 6; or

 

    -19- 

     

    

 

(b) Borrower fails or neglects
to perform, keep, or observe any other term, provision, condition, covenant or agreement contained in this Agreement or any Loan Documents,
and as to any default (other than those specified in this Section 7) under such other term, provision, condition, covenant or agreement
that can be cured, has failed to cure the default within ten (10) days after the occurrence thereof; provided, however,
that if the default cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by Borrower be cured
within such ten (10) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional
period (which shall not in any case exceed 30 days) to attempt to cure such default, and within such reasonable time period the failure
to cure the default shall not be deemed an Event of Default (but no Credit Extensions shall be made during such cure period). Cure periods
provided under this section shall not apply, among other things, to financial covenants or any other covenants that are required to be
satisfied, completed or tested by a date certain or any covenants set forth in clause (a) above;

 

7.3               
Material Adverse Change. A Material Adverse Change occurs;

 

7.4               
Attachment; Levy; Restraint on Business. 

 

(a)                
(i) The service of process seeking to attach, by trustee or similar process, any funds of Borrower or any Subsidiary, or (ii) a
notice of lien or levy is filed against any of Borrower’s or any of its Subsidiaries’ assets by any Governmental Authority,
and the same under subclauses (i) and (ii) hereof are not, within ten (10) days after the occurrence thereof, discharged or stayed (whether
through the posting of a bond or otherwise); provided, however, no Credit Extensions shall be made during any ten (10) day cure period;
or

 

(b)               
(i) any material portion of Borrower’s assets is attached, seized, levied on, or comes into possession of a trustee or receiver,
or (ii) any court order enjoins, restrains, or prevents Borrower from conducting all or any material part of its business;

 

7.5               
Insolvency. (a) Borrower or any of its Subsidiaries is unable to pay its debts (including trade debts) as they
become due or otherwise becomes insolvent; (b) Borrower or any of its Subsidiaries begins an Insolvency Proceeding; or (c) an Insolvency
Proceeding is begun against Borrower or any of its Subsidiaries and is not dismissed or stayed within 30 days (but no Credit Extensions
shall be made while any of the conditions described in clause (a) exist or until any Insolvency Proceeding is dismissed);

 

7.6               
Other Agreements. There is, under any agreement to which Borrower, any of Borrower’s Subsidiaries, or any
Guarantor is a party with a third party or parties, (a) any default resulting in a right by such third party or parties, whether or not
exercised, to accelerate the maturity of any Indebtedness in an amount individually or in the aggregate in excess of $250,000.00; or (b)
any breach or default by Borrower, any of Borrower’s Subsidiaries, or Guarantor, the result of which could have a material adverse
effect on Borrower’s, any of Borrower’s Subsidiaries’, or any Guarantor’s business or operations;

 

7.7               
Judgments; Penalties. One or more fines, penalties or final judgments, orders or decrees for the payment of money
in an amount, individually or in the aggregate, of at least $250,000.00 (not covered by independent third-party insurance as to which
liability has been accepted by such insurance carrier) shall be rendered against Borrower or any of its Subsidiaries by any Governmental
Authority, and the same are not, within ten (10) days after the entry, assessment or issuance thereof, discharged, satisfied or paid after
execution thereof, or stayed or bonded pending appeal, or such judgments are not discharged, satisfied or paid prior to the expiration
of any such stay or bonding (provided that no Credit Extensions will be made prior to the discharge, satisfaction, payment, stay or bonding
of such fine, penalty, judgment, order or decree);

 

7.8               
Misrepresentations. Borrower or any of its Subsidiaries or any Person acting for Borrower or any of its Subsidiaries
makes any representation, warranty, or other statement now or later in this Agreement, any Loan Document or in any writing delivered to
Agent or any Lender or to induce Agent or any Lender to enter this Agreement or any Loan Document, and such representation, warranty,
or other statement is incorrect in any material respect when made (it being agreed and acknowledged by Agent and Lenders that the projections
and forecasts provided by Borrower or any of its Subsidiaries in good faith and based upon reasonable assumptions are not viewed as facts
and that actual results during the period or periods covered by such projections and forecasts may differ from the projected or forecasted
results);

 

    -20- 

     

    

 

7.9               
 Subordinated Debt. If: (a) any document, instrument, or agreement evidencing any Subordinated Debt shall for
any reason be revoked or invalidated or otherwise cease to be in full force and effect, or any Person (other than Agent or any Lender)
shall be in breach thereof or contest in any manner the validity or enforceability thereof or deny that it has any further liability or
obligation thereunder; (b) a default or event of default (however defined) has occurred under any document, instrument, or agreement evidencing
any Subordinated Debt, which default shall not have been cured or waived within any applicable grace period; or (c) the Obligations shall
for any reason be subordinated or shall not have the priority contemplated by this Agreement or any applicable subordination or intercreditor
agreement;

 

7.10            
Lien Priority. There is a material impairment in the perfection or priority of Agent’s security interest
in the Collateral;

 

7.11            
Guaranty. (a) Any guaranty of any Obligations terminates or ceases for any reason to be in full force and effect;
(b) any Guarantor does not perform any obligation or covenant under any guaranty of the Obligations; (c) any circumstance described in
Sections 7.3, 7.4, 7.5, 7.6, 7.7, 7.8 or 7.11 of this Agreement occurs with respect to any Guarantor, (d) the death, liquidation, winding
up, or termination of existence of any Guarantor; or (e)(i) a material impairment in the perfection or priority of Agent’s Lien
in the collateral provided by Guarantor or in the value of such collateral or (ii) a material adverse change in the general affairs, management,
results of operation, condition (financial or otherwise) or the prospect of repayment of the Obligations occurs with respect to any Guarantor;

 

7.12            
Governmental Approvals. Any Governmental Approval shall have been (a) revoked, rescinded, suspended, modified
in an adverse manner or not renewed in the ordinary course for a full term or (b) subject to any decision by a Governmental Authority
that designates a hearing with respect to any applications for renewal of any of such Governmental Approval or that could result in the
Governmental Authority taking any of the actions described in clause (a) above, and such decision or such revocation, rescission, suspension,
modification or non-renewal (i) causes, or could reasonably be expected to cause, a Material Adverse Change, or (ii)  adversely affects
the legal qualifications of Borrower or any of its Subsidiaries to hold such Governmental Approval in any applicable jurisdiction and
such revocation, rescission, suspension, modification or non-renewal could reasonably be expected to affect the status of or legal qualifications
of Borrower or any of its Subsidiaries to hold any Governmental Approval in any other jurisdiction; or

 

7.13            
Delisting. After an initial public offering of the Borrower’s common stock on an exchange or market, such
shares are delisted from such exchange or market because of Borrower’s failure to comply with continued listing standards thereof
or due to a voluntary delisting which results in such shares not being listed on such exchange or market.

 

8                    
RIGHTS AND REMEDIES

 

8.1               
Rights and Remedies. Upon the occurrence and during the continuance of an Event of Default, Agent, in accordance
with the Lender Intercreditor Agreement or, if such rights and remedies are not addressed in the Lender Intercreditor Agreement, as directed
by Lenders holding a majority of the Obligations, may, without notice or demand, do any or all of the following:

 

(a)                
declare all Obligations immediately due and payable (but if an Event of Default described in Section 7.5 occurs all Obligations
are immediately due and payable without any action by Agent or any Lender);

 

    -21- 

     

    

 

(b)               
stop advancing money or extending credit for Borrower’s benefit under this Agreement or under any other agreement among Borrower,
on the one hand, and any of Agent and any Lender, on the other hand;

 

(c)                 demand
that Borrower (i) deposit cash with Agent in an amount equal to at least (A) 105.0% of the Dollar Equivalent of the aggregate face
amount of any Letters of Credit denominated in Dollars remaining undrawn, and (B) 110.0% of the Dollar Equivalent of the aggregate
face amount of any Letters of Credit denominated in a Foreign Currency remaining undrawn (plus, in each case, all interest, fees,
and costs due or estimated by Agent in its commercially reasonable discretion to become due in connection therewith), to secure all
of the Obligations relating to such Letters of Credit, as collateral security for the repayment of any future drawings under such
Letters of Credit, and Borrower shall forthwith deposit and pay such amounts, and (ii) pay in advance all letter of credit fees
scheduled to be paid or payable over the remaining term of any Letters of Credit;

 

(d)               
terminate any FX Contracts (it being understood and agreed that (i) no Lender is obligated to deliver the currency which Borrower
has contracted to receive under any FX Contract, and any Lender may cover its exposure for any FX Contracts by purchasing or selling currency
in the interbank market as such Lender deems appropriate; (ii) Borrower shall be liable for all losses, damages, costs, margin obligations
and expenses incurred by any Lender arising from Borrower’s failure to satisfy its obligations under any FX Contract or the execution
of any FX Contract; and (iii) no Lender shall be liable to Borrower for any gain in value of a FX Contract that such Lender may obtain
in covering Borrower’s breach);

 

(e)                
verify the amount of, demand payment of and performance under, and collect any Accounts and General Intangibles, settle or adjust
disputes and claims directly with Account Debtors for amounts on terms and in any order that Agent and/or the Lenders consider advisable,
and notify any Person owing Borrower money of Agent’s security interest in such funds. Borrower shall collect all payments in trust
for Agent, for the ratable benefit of the Lenders, and, if requested by Agent, immediately deliver the payments to Agent, for the ratable
benefit of the Lenders, in the form received from the Account Debtor, with proper endorsements for deposit;

 

(f)                 
make any payments and do any acts it considers necessary or reasonable to protect the Collateral and/or its security interest in
the Collateral. Borrower shall assemble the Collateral if Agent requests and make it available as Agent designates. Agent may enter premises
where the Collateral is located, take and maintain possession of any part of the Collateral, and pay, purchase, contest, or compromise
any Lien which appears to be prior or superior to its security interest and pay all expenses incurred. Borrower grants Agent a license
to enter and occupy any of its premises, without charge, to exercise any of Agent’s rights or remedies;

 

(g)               
apply to the Obligations any (i) balances and deposits of Borrower it holds, or (ii) amount held by Agent owing to or for the credit
or the account of Borrower;

 

(h)               
ship, reclaim, recover, store, finish, maintain, repair, prepare for sale, advertise for sale, and sell the Collateral. For use
solely upon the occurrence and during the continuation of an Event of Default, Agent, for the benefit of the Lenders, is hereby granted
a non-exclusive, royalty-free license or other right to use, without charge, Borrower’s labels, Patents, Copyrights, mask works,
rights of use of any name, trade secrets, trade names, Trademarks, and advertising matter, or any similar property as it pertains to the
Collateral, in completing production of, advertising for sale, and selling any Collateral and, in connection with Agent’s exercise
of its rights under this Section 8.1, Borrower’s rights under all licenses and all franchise agreements inure to Agent, for the
ratable benefit of the Lenders;

 

(i)                 
place a “hold” on any account maintained with Agent or any Lender and/or deliver a notice of exclusive control, any
entitlement order, or other directions or instructions pursuant to any Control Agreement or similar agreements providing control of any
Collateral;

 

    -22- 

     

    

 

(j)                 
demand and receive possession of Borrower’s Books; and

 

(k)               
exercise all rights and remedies available to Agent and the Lenders under the Loan Documents or at law or equity, including all
remedies provided under the Code or any Applicable Law (including disposal of the Collateral pursuant to the terms thereof).

 

8.2                Power
of Attorney. Borrower hereby irrevocably appoints Agent, for the benefit of the Lenders, as its true and lawful
attorney-in-fact, (a) exercisable upon the occurrence and during the continuance of an Event of Default, to: (i) endorse
Borrower’s name on any checks, payment instruments, or other forms of payment or security; (ii) sign Borrower’s name on
any invoice or bill of lading for any Account or drafts against Account Debtors; (iii) demand, collect, sue, and give releases to
any Account Debtor for monies due, settle and adjust disputes and claims about the Accounts directly with Account Debtors, and
compromise, prosecute, or defend any action, claim, case, or proceeding about any Collateral (including filing a claim or voting a
claim in any bankruptcy case in Agent’s or Borrower’s name, as Agent chooses); (iv) make, settle, and adjust all claims
under Borrower’s insurance policies; (v) pay, contest or settle any Lien, charge, encumbrance, security interest, or other
claim in or to the Collateral, or any judgment based thereon, or otherwise take any action to terminate or discharge the same; and
(vi) transfer the Collateral into the name of Agent or a third party as the Code or other applicable law permits; and (b) regardless
of whether an Event of Default has occurred, to sign Borrower’s name on any documents necessary to perfect or continue the
perfection of Agent’s security interest in the Collateral. Agent’s foregoing appointment as Borrower’s attorney in
fact, and all of Agent’s rights and powers, coupled with an interest, are irrevocable until such time as all Obligations
(other than inchoate indemnity obligations) have been satisfied in full, Agent is under no further obligation to make Credit
Extensions and the Loan Documents have been terminated. Agent shall not incur any liability in connection with or arising from the
exercise of such power of attorney and shall have no obligation to exercise any of the foregoing rights and remedies.

 

8.3               
Protective Payments. If Borrower fails to obtain the insurance called for by Section 5.6 or fails to pay any
premium thereon or fails to pay any other amount which Borrower is obligated to pay under this Agreement or any other Loan Document or
which may be required to preserve the Collateral, Agent may obtain such insurance or make such payment, and all amounts so paid by Agent
are Lenders’ Expenses and immediately due and payable, bearing interest at the then highest rate applicable to the Obligations,
and secured by the Collateral. Agent will make reasonable efforts to provide Borrower with notice of Agent obtaining such insurance at
the time it is obtained or within a reasonable time thereafter. No payments by Agent are deemed an agreement to make similar payments
in the future or Agent’s or and Lenders’ waiver of any Event of Default.

 

8.4               
Application of Payments and Proceeds. Agent may apply any funds in its possession, whether from Borrower account
balances, payments, proceeds realized as the result of any collection of Accounts or other disposition of the Collateral, or otherwise,
to the Obligations in such order as Agent shall determine in its sole discretion. Any surplus shall be paid to Borrower or other Persons
legally entitled thereto; Borrower shall remain liable to Agent and the Lenders for any deficiency. If Agent, in its commercially reasonable
discretion, directly or indirectly, enters into a deferred payment or other credit transaction with any purchaser at any sale of Collateral,
Agent shall have the option, exercisable at any time, of either reducing the Obligations by the principal amount of the purchase price
or deferring the reduction of the Obligations until the actual receipt by Agent of cash therefor.

 

8.5               
Agent’s Liability for Collateral. Agent’s and Lenders’ sole duty with respect to the custody,
safekeeping and physical preservation of the Collateral in its possession or under its control, under Section 9-207 of the Code or otherwise,
shall be to deal with it in the same manner as Agent and Lenders deal with their own property consisting of similar instruments or interests.
Borrower bears all risk of loss, damage or destruction of the Collateral.

 

8.6               
No Waiver; Remedies Cumulative. Agent’s and any Lender’s failure, at any time or times, to require
strict performance by Borrower of any provision of this Agreement or any other Loan Document shall not waive, affect, or diminish any
right of Agent or any Lender thereafter to demand strict performance and compliance herewith or therewith. No waiver hereunder shall be
effective unless signed by the party granting the waiver and then is only effective for the specific instance and purpose for which it
is given. Agent’s and each Lender’s rights and remedies under this Agreement and the other Loan Documents are cumulative.
Agent and each Lender have all rights and remedies provided under the Code, by law, or in equity. Agent’s or any Lender’s
exercise of one right or remedy is not an election and shall not preclude Agent or any Lender from exercising any other remedy under this
Agreement or other remedy available at law or in equity, and Agent’s or any Lender’s waiver of any Event of Default is not
a continuing waiver. Agent’s or any Lender’s delay in exercising any remedy is not a waiver, election, or acquiescence.

 

    -23- 

     

    

 

8.7               
Demand Waiver. Borrower waives demand, notice of default or dishonor, notice of payment and nonpayment, notice
of any default, nonpayment at maturity, release, compromise, settlement, extension, or renewal of accounts, documents, instruments, chattel
paper, and guarantees held by Agent or any Lender on which Borrower is liable.

 

8.8                Borrower
Liability. Any Borrower may, acting singly, request Credit Extensions hereunder. Each Borrower hereby appoints each other as
agent for the other for all purposes hereunder, including with respect to requesting Credit Extensions hereunder. Each Borrower
hereunder shall be jointly and severally obligated to repay all Credit Extensions made hereunder, regardless of which Borrower
actually receives said Credit Extension, as if each Borrower hereunder directly received all Credit Extensions. Each Borrower waives
(a) any suretyship defenses available to it under the Code or any other applicable law, and (b) any right to require Agent or the
Lenders to: (i) proceed against any Borrower or any other person; (ii) proceed against or exhaust any security; or (iii) pursue any
other remedy. Agent and the Lenders may exercise or not exercise any right or remedy they have against any Borrower or any security
it holds (including the right to foreclose by judicial or non-judicial sale) without affecting any Borrower’s liability.
Notwithstanding any other provision of this Agreement or other related document, each Borrower irrevocably waives all rights that it
may have at law or in equity (including, without limitation, any law subrogating Borrower to the rights of Agent and the Lenders
under this Agreement) to seek contribution, indemnification or any other form of reimbursement from any other Borrower, or any other
Person now or hereafter primarily or secondarily liable for any of the Obligations, for any payment made by Borrower with respect to
the Obligations in connection with this Agreement or otherwise and all rights that it might have to benefit from, or to participate
in, any security for the Obligations as a result of any payment made by Borrower with respect to the Obligations in connection with
this Agreement or otherwise. Any agreement providing for indemnification, reimbursement or any other arrangement prohibited under
this Section 8.8 shall be null and void. If any payment is made to a Borrower in contravention of this Section 8.8, such Borrower
shall hold such payment in trust for the Lenders and such payment shall be promptly delivered to Agent for application to the
Obligations, whether matured or unmatured.

 

9                    
Agent 

 

9.1               
Appointment and Authority.

 

(a)                
Each Lender hereby irrevocably appoints SVB to act on its behalf as Agent hereunder and under the other Loan Documents and authorizes
Agent to take such actions on its behalf and to exercise such powers as are delegated to Agent by the terms hereof or thereof, together
with such actions and powers as are reasonably incidental thereto. In performing its functions and duties hereunder and under the other
Loan Documents, Agent is acting solely on behalf of the Lenders (except in limited circumstances expressly provided for herein relating
to the maintenance of the Register), and its duties are entirely mechanical and administrative in nature.

 

(b)               
The provisions of this Section 9 are solely for the benefit of Agent and Lenders, and Borrower shall not have rights as a third-party
beneficiary of any of such provisions (except in limited circumstances expressly provided for herein relating to the maintenance of the
Register). Notwithstanding any provision to the contrary elsewhere in this Agreement, Agent shall not have any duties or responsibilities
to any Lender or any other Person, except those expressly set forth herein, or any fiduciary relationship with any Lender, and no implied
covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document
or otherwise exist against Agent.

 

9.2               
Delegation of Duties. Agent may perform any and all of its duties and exercise its rights and powers hereunder
or under any other Loan Document by or through any one or more sub-agents appointed by Agent. Agent and any such sub-agent may perform
any and all of its duties and exercise its rights and powers by or through their respective Indemnified Persons. The exculpatory provisions
of this Section 9 shall apply to any such sub-agent and to the Indemnified Persons of Agent and any such sub-agent, and shall apply to
their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Agent.
Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the extent a final and nonappealable decision
of a court of competent jurisdiction determines that Agent acted with gross negligence or willful misconduct in the selection of such
sub-agents.

 

    -24- 

     

    

 

 

9.3               
 Exculpatory Provisions. Agent shall have no duties or obligations except those expressly set forth herein and
in the other Loan Documents. Without limiting the generality of the foregoing, Agent shall not:

 

(a)                
be subject to any fiduciary, trust, agency or other similar duties, regardless of whether any Event of Default has occurred and
is continuing;

 

(b)               
 have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly
contemplated hereby or by the other Loan Documents that Agent is required to exercise as directed in writing by the Lenders, as applicable;
provided that Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose Agent
to liability or that is contrary to any Loan Document or applicable law; and

 

(c)                
except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and Agent shall not be liable
for the failure to disclose, any information relating to Borrower or any of its Affiliates that is communicated to or obtained by any
Person serving as Agent or any of its Affiliates in any capacity.

 

Agent shall not be liable
for any action taken or not taken by it (i) with the consent or at the request of the Required Lenders, (ii) or as Agent shall believe
in good faith shall be necessary, under the circumstances as provided in Section 12.6 or (iii) in the absence of its own gross negligence
or willful misconduct.

 

Agent shall not be responsible
for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement
or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection
herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth
herein or therein or the occurrence of any Event of Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement,
any other Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Section 2
or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to Agent.

 

9.4               
 Reliance by Agent. Agent shall be entitled to rely upon, and shall not incur any liability for relying upon,
any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, internet
or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated
by the proper Person. Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by
the proper Person, and shall not incur any liability for relying thereon. Agent may consult with legal counsel (who may be counsel for
Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in
accordance with the advice of any such counsel, accountants or experts. In determining compliance with any condition hereunder to the
making of a Credit Extension that, by its terms, must be fulfilled to the satisfaction of a Lender, Agent may presume that such condition
is satisfactory to such Lender unless Agent shall have received notice to the contrary from such Lender prior to the making of such Credit
Extension. Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement and the other Loan
Documents in accordance with a request of the Lenders, and such request and any action taken or failure to act pursuant thereto shall
be binding upon Lenders and all future holders of the Credit Extensions.

 

9.5               
 Notice of Default. Agent shall not be deemed to have knowledge or notice of the occurrence of any Event of Default,
unless Agent has received notice from a Lender or Borrower referring to this Agreement, describing such Event of Default and stating that
such notice is a “notice of default”. In the event that Agent receives such a notice, Agent shall give notice thereof to Lenders.
Agent shall take such action with respect to such Event of Default as shall be reasonably directed by the Lenders.

 

    -25- 

     

    

 

9.6                
Non-Reliance on Agent and Other Lenders. Each Lender expressly acknowledges that neither Agent nor any of its officers,
directors, employees, agents, attorneys in fact or affiliates has made any representations or warranties to it and that no act by
Agent hereafter taken, including any review of the affairs of a Group Member or any Affiliate of a Group Member, shall be deemed to
constitute any representation or warranty by Agent to any Lender. Each Lender represents to Agent that it has, independently and
without reliance upon Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its
own appraisal of, and investigation into, the business, operations, property, financial and other condition and creditworthiness of
the Group Members and their Affiliates and made its own decision to make its Credit Extensions hereunder and enter into this
Agreement. Each Lender also represents that it will, independently and without reliance upon Agent or any other Lender, and based on
such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and
decisions in taking or not taking action under this Agreement and the other Loan Documents, and to make such investigation as it
deems necessary to inform itself as to the business, operations, property, financial and other condition and creditworthiness of the
Group Members and their Affiliates. Except for notices, reports and other documents expressly required to be furnished to Lenders by
Agent hereunder, Agent shall have no duty or responsibility to provide any Lender with any credit or other information concerning
the business, operations, property, condition (financial or otherwise), prospects or creditworthiness of any Group Member or any
Affiliate of a Group Member that may come into the possession of Agent or any of its officers, directors, employees, agents,
attorneys in fact or Affiliates.

 

9.7               
Indemnification. Each Lender agrees to indemnify Agent in its capacity as such (to the extent not reimbursed
by Borrower and without limiting the obligation of Borrower to do so in accordance with the terms hereof), according to its Term Loan
Commitment Percentage in effect on the date on which indemnification is sought under this Section 9.7 (or, if indemnification is sought
after the date upon which the Commitments shall have terminated and the Obligations shall have been paid in full, in accordance with its
Term Loan Commitment Percentage immediately prior to such date), from and against any and all liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, Lenders’ Expenses, costs, expenses or disbursements of any kind whatsoever that may at any
time (whether before or after the payment of the Credit Extensions) be imposed on, incurred by or asserted against Agent in any way relating
to or arising out of, the Commitments, this Agreement, any of the other Loan Documents or any documents contemplated by or referred to
herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by Agent under or in connection with
any of the foregoing; provided that no Lender shall be liable for the payment of any portion of such liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, Lenders’ Expenses, costs, expenses or disbursements that are found by a final
and nonappealable decision of a court of competent jurisdiction to have resulted primarily from Agent’s gross negligence or willful
misconduct. The agreements in this Section shall survive the payment of the Credit Extensions and all other amounts payable hereunder.

 

9.8               
Agent in Its Individual Capacity. The Person serving as Agent hereunder shall have the same rights and powers
in its capacity as a Lender as any other Lender and may exercise the same as though it were not Agent and the term “Lender”
or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include each such Person
serving as Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, act as
the financial advisor or in any other advisory capacity for and generally engage in any kind of business with Borrower, any Guarantor
or any Subsidiary or other Affiliate thereof as if such Person were not Agent hereunder and without any duty to account therefor to Lenders.

 

9.9                
Successor Agent. Agent may at any time give notice of its resignation to Lenders and Borrower, which resignation shall not be
effective until the time at which the majority of the Lenders have delivered to Agent their written consent to such resignation.
Upon receipt of any such notice of resignation, the Lenders shall have the right, in consultation with Borrower, to appoint a
successor. If no such successor shall have been so appointed by the Lenders and shall have accepted such appointment within 30 days
after the retiring Agent has received the written consent of the majority of the Lenders to such resignation, then the retiring
Agent may on behalf of Lenders, appoint a successor Agent meeting the qualifications set forth above; provided that in no event
shall any such successor Agent be a Defaulting Lender and provided further that if the retiring Agent shall notify Borrower and
Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in
accordance with such notice and (1) the retiring Agent shall be discharged from its duties and obligations hereunder and under the
other Loan Documents (except that in the case of any collateral security held by Agent on behalf of the Lenders under any of the
Loan Documents, the retiring Agent shall continue to hold such collateral security until such time as a successor Agent is appointed
and such collateral security is assigned to such successor Agent) and (2) all payments, communications and determinations provided
to be made by, to or through Agent shall instead be made by or to each Lender directly, until such time as the Lenders appoint a
successor Agent as provided for above in this Section 9.9. Upon the acceptance of a successor’s appointment as Agent
hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring
(or retired) Agent, and the retiring Agent shall be discharged from all of its duties and obligations hereunder or under the other
Loan Documents (if not already discharged therefrom as provided above in this Section 9.9). The fees payable by Borrower to a
successor Agent shall be the same as those payable to its predecessor unless otherwise agreed between Borrower and such successor.
After the retiring Agent’s resignation hereunder and under the other Loan Documents, the provisions of this Section 9 shall
continue in effect for the benefit of such retiring Agent, its sub-agents and their respective Indemnified Persons in respect of any
actions taken or omitted to be taken by any of them while the retiring Agent was acting as Agent.

 

    -26- 

     

    

 

9.10            
Actions by Agent. In case of the pendency of any proceeding with respect to the Borrower under any federal, state
or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, Agent (irrespective of whether the principal
of the Term Loan Advances shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether
Agent shall have made any demand on the Borrower) shall be entitled and empowered (but not obligated) by intervention in such proceeding
or otherwise:

 

(a)                
to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Term Loan Advances
and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have
the claims of the Lenders and Agent allowed in such judicial proceeding;

 

(b)               
to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same; and

 

(c)                
and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such proceeding is hereby
authorized by each Lender to make such payments to Agent and, in the event that Agent shall consent to the making of such payments directly
to the Lenders to pay to Agent any amount due to it, in its capacity as Agent, under the Loan Documents. Nothing contained herein shall
be deemed to authorize Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement,
adjustment or composition affecting the Obligations or the rights of any Lender or to authorize Agent to vote in respect of the claim
of any Lender in any such proceeding.

 

9.11            
Register. Agent, acting solely for this purpose as a non-fiduciary agent of Borrower, shall maintain a copy of
each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment(s)
of, and principal amount (and stated interest) of the Obligations owing to, each Lender pursuant to the terms hereof from time to time
(the “Register”). The entries in the Register shall be conclusive absent manifest error, and Borrower, Agent and the
Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes
of this Agreement. The Register shall be available for inspection by Borrower and any Lender, at any reasonable time and from time to
time upon reasonable prior notice.

 

9.12            
Defaulting Lender.

 

(a)                
Defaulting Lender Adjustments. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes
a Defaulting Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by applicable law:

 

(i)       Waivers
and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this
Agreement shall be restricted as long as said Lender is a Defaulting Lender.

 

(ii)       Defaulting
Lender Waterfall. Any payment of principal, interest, fees or other amounts received by Agent for the account of such Defaulting
Lender (whether voluntary or mandatory, at maturity, pursuant to Section 7 or otherwise, and including any amounts made
available to Agent by such Defaulting Lender pursuant to Section 12.10), shall be applied at such time or times as may be
determined by Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to Agent hereunder; second,
as Borrower may request (so long as no Event of Default exists), to the funding of any Term Loan Advance in respect of which such
Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by Agent; third, if so
determined by Agent and Borrower, to be held in a Deposit Account and released pro rata to satisfy such Defaulting Lender’s
potential future funding obligations with respect to the Term Loan Advances under this Agreement; fourth, so long as no Event
of Default has occurred and is continuing, to the payment of any amounts owing to Borrower as a result of any judgment of a court of
competent jurisdiction obtained by Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of
its obligations under this Agreement; and fifth, to such Defaulting Lender or as otherwise directed by a court of competent
jurisdiction; provided that if (A) such payment is a payment of the principal amount of any Term Loan Advance in respect
of which such Defaulting Lender has not fully funded its appropriate share and (B) such Term Loan Advance was made at a time
when the conditions set forth in Section 2.1 were satisfied or waived, such payment shall be applied solely to pay the Term
Loan Advances of all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Term Loan
Advances of such Defaulting Lender until such time as all Term Loan Advances are held by the Lenders pro rata in accordance with the
Term Loan Commitments under this Agreement. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that
are applied (or held) to pay amounts owed by a Defaulting Lender pursuant to this Section 9.12(a)(ii) shall be deemed paid to
and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

 

    -27- 

     

    

 

(iii)       Certain
Fees. No Defaulting Lender shall be entitled to receive any fee pursuant to Section 1.3(a) or Section 1.3(b) for any period during
which such Lender is a Defaulting Lender (and Borrower shall not be required to pay any such fee that otherwise would have been required
to have been paid to such Defaulting Lender).

 

(b)               
Defaulting Lender Cure. If Borrower and Agent agree in writing that a Lender is no longer a Defaulting Lender, Agent will
so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein,
such Lender will, to the extent applicable, purchase at par that portion of outstanding Term Loan Advances of the other Lenders or take
such other actions as Agent may determine to be necessary to cause the Term Loan Advances to be held on a pro rata basis by the
Lenders in accordance with their respective Term Loan Commitment Percentages, whereupon such Lender will cease to be a Defaulting Lender;
provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of Borrower
while such Lender was a Defaulting Lender; and provided further that, except to the extent otherwise expressly agreed by the affected
parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder
arising from such Lender having been a Defaulting Lender.

 

(c)                
Termination of Defaulting Lender. Borrower may terminate the unused amount of the Term Loan Commitment of any Lender that
is a Defaulting Lender upon not less than ten (10) Business Days’ prior notice to Agent (which shall promptly notify the Lenders
thereof), and in such event the provisions of Section 9.12(a)(ii) will apply to all amounts thereafter paid by Borrower for the account
of such Defaulting Lender under this Agreement (whether on account of principal, interest, fees, indemnity or other amounts); provided
that (i) no Event of Default shall have occurred and be continuing, and (ii) such termination shall not be deemed to be a waiver
or release of any claim Borrower, Agent or any Lender may have against such Defaulting Lender.

 

(d)               
If the Person serving as Agent is a Defaulting Lender pursuant to clause (d) of the definition thereof, the non-Defaulting Lenders
may, to the extent permitted by applicable law, by notice in writing to Borrower and such Person, remove such Person as Agent and, in
consultation with Borrower, appoint a successor. If no such successor shall have been so appointed by the non-Defaulting Lenders and shall
have accepted such appointment within 30 days (or such earlier day as shall be agreed by the non-Defaulting Lenders) (the “Removal
Effective Date”), then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective
Date.

 

    -28- 

     

    

 

9.13            
Erroneous Payments.

 

(a)                 If
Agent notifies a Lender, or any Person who has received funds on behalf of a Lender (any such Lender, or other recipient, a
 “Payment Recipient”) that Agent has determined in its sole discretion (whether or not after
receipt of any notice under immediately succeeding clause (b)) that any funds received by such Payment
Recipient from Agent or any of its Affiliates were erroneously transmitted to, or otherwise erroneously or mistakenly received
by, such Payment Recipient (whether or not known to such Lender,  or other Payment Recipient on its
behalf)  (any such funds, whether received as a payment, prepayment or repayment of principal, interest, fees,
distribution or otherwise, individually and collectively,
an “Erroneous Payment”) and demands the return of such Erroneous Payment (or a
portion thereof), such Erroneous Payment shall at all times remain the property of Agent and shall be segregated by the
Payment Recipient and held in trust for the benefit of Agent, and such Lender shall (or, with respect to any Payment Recipient
who received such funds on its behalf, shall cause such Payment Recipient to) promptly, but in no event later
than two Business Days thereafter, return to Agent the amount of any such Erroneous Payment (or portion
thereof) as to which such a demand was made, in same day funds (in the currency so received), together with interest
thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received
by such Payment Recipient to the date such amount is repaid to Agent in same day funds at a rate determined by Agent in
accordance with banking industry rules on interbank compensation from time to time in effect. A notice of Agent to
any Payment Recipient under this clause (a) shall be conclusive, absent manifest error.

 

(b)               
Without limiting immediately preceding clause (a), each Lender, or any Person who has received funds on behalf
of a Lender, hereby further agrees that if it receives a payment, prepayment or repayment (whether received as a
payment, prepayment or repayment of principal, interest, fees, distribution or otherwise) from Agent (or any of its Affiliates) (x)
that is in a different amount than, or on a different date from, that specified in a notice of payment, prepayment or repayment sent
by Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment, (y) that was not preceded or accompanied
by a notice of payment, prepayment or repayment sent by Agent (or any of its Affiliates), or (z) that such Lender, or other
such recipient, otherwise becomes aware was transmitted, or received, in error or by mistake (in whole
or in part) in each case:

 

(1)               
(A) in the case of immediately preceding clauses (x) or (y), an error shall be presumed
to have been made (absent written confirmation from Agent to the contrary) or (B) an error has been made (in
the case of immediately preceding clause (z)), in each case, with respect to such payment, prepayment or repayment; and

 

(2)               
such Lender shall (and shall cause any other recipient that receives funds on its respective behalf to) promptly
(and, in all events, within one Business Day of its knowledge of such error) notify Agent of its receipt of such payment,
prepayment or repayment, the details thereof (in reasonable detail) and that it is so notifying Agent pursuant to this Section
9.13(b).

 

(c)                
Each Lender hereby authorizes Agent to set off, net and apply any and all amounts at any time owing to such Lender
under any Loan Document, or otherwise payable or distributable by Agent to such Lender from any source, against any amount due to
Agent under clause (a) hereof or under the indemnification provisions of this Agreement.

 

    -29- 

     

    

 

 

(d)                In the
event that an Erroneous Payment (or portion thereof) is not recovered by Agent for any reason, after demand
therefor by Agent in accordance with clause (a) hereof, from any Lender that has received such Erroneous
Payment (or portion thereof) (and/or from any Payment Recipient who received such Erroneous Payment (or portion thereof)
on its respective behalf)  (such unrecovered amount, an “Erroneous Payment Return
Deficiency”), upon Agent’s notice to such Lender at any time, (i) such Lender shall be
deemed to have assigned its Term Loan Advances (but not its Commitments), depending on  whether such Erroneous
Payment was made with respect to the Term Loan Advances (the “Erroneous Payment Impacted Class”) in an
amount equal to the Erroneous Payment Return Deficiency (or such lesser amount as Agent may specify) (such
assignment of the Term Loan Advances (but not Commitments) of the Erroneous Payment  Impacted Class, the “Erroneous
Payment Deficiency Assignment”) at par plus any accrued and unpaid interest (with the assignment fee to be waived by Agent
in such instance), and is hereby (together with Borrower) deemed to execute and deliver an Assignment and
Assumption with respect to such Erroneous Payment Deficiency Assignment, (ii) Agent as the assignee Lender shall be deemed
to acquire the Erroneous Payment Deficiency Assignment, (iii) upon such deemed acquisition, Agent as the
assignee Lender shall become a Lender , as applicable, hereunder with respect to such Erroneous Payment
Deficiency Assignment and the assigning Lender shall cease to be a Lender , as applicable, hereunder with respect to such
Erroneous Payment Deficiency Assignment, excluding, for the avoidance of doubt, its obligations under the indemnification
provisions of this Agreement and its applicable Commitments which shall survive as to such assigning Lender and
(iv) Agent may reflect in the Register its ownership interest in the Term Loan Advances subject to the Erroneous Payment
Deficiency Assignment.  Agent may, in its discretion, sell the Term Loan Advances acquired pursuant to an Erroneous
Payment Deficiency Assignment and upon receipt of the proceeds of such sale, the Erroneous Payment Return Deficiency owing by
the applicable Lender shall be reduced by the net proceeds of the sale of such Advance or Term Loan Advances (or portion thereof),
and Agent shall retain all other rights, remedies and claims against such Lender  (and/or against any recipient that receives
funds on its respective behalf).  For the avoidance of doubt, no Erroneous Payment Deficiency Assignment will reduce the
Commitments of any Lender , and such Commitments shall remain available in accordance with the terms of this
Agreement.  In addition, each party hereto agrees that, except to the extent that Agent has sold the Term Loan
Advances (or portion thereof) acquired pursuant to an Erroneous Payment Deficiency Assignment, and irrespective of whether
Agent may be equitably subrogated, Agent shall be contractually subrogated to all the rights and interests of the
applicable Lender under the Loan Documents with respect to each Erroneous Payment Return Deficiency (the
 “Erroneous Payment Subrogation Rights”).

 

(e)                
The parties hereto agree that an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations
owed by Borrower or any other Loan Party, except, in each case, to the extent such Erroneous Payment is, and solely with respect to the
amount of such Erroneous Payment that is, comprised of funds received by Agent from Borrower for the purpose of making such
Erroneous Payment.

 

(f)                 
To the extent permitted by applicable law, no Payment Recipient shall assert any right or claim to  an Erroneous Payment,
and hereby waives, and is deemed to waive, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand,
claim or counterclaim by Agent for the return of any Erroneous Payment received, including without limitation any defense based
on “discharge for value” or any similar doctrine.

 

(g)               
Each party’s obligations, agreements and waivers under this Section 9.13 shall survive the resignation or replacement
of Agent, any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments and/or the
repayment, satisfaction or discharge of all Obligations (or any portion thereof) under any Loan Document.

 

10                 
NOTICES

 

All notices, consents, requests,
approvals, demands, or other communication by any party to this Agreement or any other Loan Document must be in writing and shall be deemed
to have been validly served, given, or delivered: (a) upon the earlier of actual receipt and three (3) Business Days after deposit in
the U.S. mail, first class, registered or certified mail return receipt requested, with proper postage prepaid; (b) upon transmission,
when sent by electronic mail; (c) one (1) Business Day after deposit with a reputable overnight courier with all charges prepaid; or (d)
when delivered, if hand-delivered by messenger, all of which shall be addressed to the party to be notified and sent to the address or
email address indicated below; provided that, for clause (b), if such notice, consent, request, approval, demand or other communication
is not sent during the normal business hours of the recipient, it shall be deemed to have been sent at the opening of business on the
next Business Day of the recipient. Agent, any Lender or Borrower may change its mailing or electronic mail address by giving the other
party written notice thereof in accordance with the terms of this Section 10.

 

    -30- 

     

    

 

	To Borrower:	LIQUIDIA CORPORATION
	 	LIQUIDIA TECHNOLOGIES, INC.
	 	 
	 	LIQUIDIA PAH, LLC
	 	419 Davis Drive, Suite
	 	Morrisville, North Carolina 27560
	 	Attn: General Counsel
	 	Email: legal@liquidia.com
	 	 
	If to Agent or SVB:	Silicon Valley Bank
	 	275 Grove Street, Suite 2-200
	 	Newton, Massachusetts 02466
	 	Attn: Michael McMahon
	 	Email: MMcMahon@svb.com
	 	 
	with a copy to:	Morrison & Foerster LLP
	 	200 Clarendon Street, Floor 20
	 	Boston, Massachusetts 02116
	 	Attn: David A. Ephraim, Esquire
	 	Email: DEphraim@mofo.com
	 	 
	If to SVB Innovation:	SVB Innovation Credit Fund VIII, L.P.
	 	 
	 	c/o SVB Capital
	 	2770 Sand Hill Road
	 	Menlo Park, California 94025
	 	Attn: SVB Capital Finance and Operations
	 	Email: svbcapitalcredit@svb.com
	 	SVBCapitalCreditFinance@svb.com

 

11                 
CHOICE OF LAW, VENUE, AND JURY TRIAL WAIVER

 

Except as otherwise expressly
provided in any of the Loan Documents, Massachusetts law governs the Loan Documents without regard to principles of conflicts of law that
would require the application of the laws of another jurisdiction. Borrower, Agent and Lenders each irrevocably and unconditionally submit
to the exclusive jurisdiction of the State and Federal courts in Boston, Massachusetts; provided, however, that nothing in this Agreement
shall be deemed to operate to preclude Agent or any Lender from bringing suit or taking other legal action in any other jurisdiction with
respect to the Loan Documents or to realize on the Collateral or any other security for the Obligations, or to enforce a judgment or other
court order in favor of Agent or any Lender. Borrower expressly, irrevocably and unconditionally submits and consents in advance to such
jurisdiction in any action or suit commenced in any such court, and Borrower hereby irrevocably and unconditionally waives, to the fullest
extent permitted by Applicable Law, any objection that it may have based upon lack of personal jurisdiction, improper venue, or forum
non conveniens and hereby irrevocably and unconditionally consents to the granting of such legal or equitable relief as is deemed appropriate
by such court. Borrower hereby waives personal service of the summons, complaints, and other process issued in such action or suit and
agrees that service of such summons, complaints, and other process may be made by registered or certified mail addressed to Borrower at
the address set forth in, or subsequently provided by Borrower in accordance with, Section 10 of this Agreement and that service so made
shall be deemed completed upon the earlier to occur of Borrower’s actual receipt thereof or three (3) days after deposit in the
U.S. mails, proper postage prepaid.

 

BORROWER, AGENT AND EACH
LENDER EACH WAIVE ITS RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE LOAN DOCUMENTS
OR ANY CONTEMPLATED TRANSACTION, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR
THE PARTIES HERETO TO ENTER INTO THIS AGREEMENT. EACH PARTY HERETO HAS REVIEWED THIS WAIVER WITH ITS COUNSEL.

 

This Section 11 shall survive
the termination of this Agreement and the repayment of all Obligations.

 

    -31- 

     

    

 

12                 
GENERAL PROVISIONS

 

12.1             Termination
Prior to Maturity Date; Survival. All covenants, representations and warranties made in this Agreement shall continue in full
force until this Agreement has terminated pursuant to its terms and all Obligations (other than inchoate indemnity obligations) have
been satisfied. So long as Borrower has satisfied the Obligations (other than inchoate indemnity obligations, and any other
obligations which, by their terms, are to survive the termination of this Agreement and the repayment of all Obligations, and any
Obligations under Bank Services Agreements that are cash collateralized in accordance with Section 3.3 of this Agreement), this
Agreement may be terminated prior to the Term Loan Maturity Date by Borrower, effective three (3) Business Days after written notice
of termination is given to Agent. Those obligations that are expressly specified in this Agreement as surviving this
Agreement’s termination and the repayment of all Obligations shall continue to survive notwithstanding this Agreement’s
termination and the repayment of all Obligations.

 

12.2            
Successors and Assigns.

 

(a)                
This Agreement binds and is for the benefit of the successors and permitted assigns of each party. Borrower may not assign or transfer
this Agreement or any rights or obligations under it without Agent’s and each Lender’s prior written consent (which may be
granted or withheld in Agent’s sole discretion subject to the Lender Intercreditor Agreement) and any other attempted assignment
or transfer by Borrower shall be null and void. Agent and each Lender has the right, without the consent of or notice to Borrower, to
sell, transfer, assign, negotiate, or grant participation in all or any part of, or any interest in, such Lender’s obligations,
rights, and benefits under this Agreement and the other Loan Documents (other than the Warrants, as to which assignment, transfer and
other such actions are governed by the terms thereof). Notwithstanding the foregoing, so long as no Event of Default shall have occurred
and is continuing, neither Agent nor any Lender shall assign its interest in the Loan Documents to any Person who in the reasonable estimation
of Agent or the applicable Lender is (a) a direct competitor of Borrower, or (b) a vulture fund or distressed debt fund.

 

(b)               
Upon its receipt of (x) a duly completed Assignment and Assumption executed by an assigning Lender and an assignee or (y) to the
extent applicable, an agreement incorporating an Assignment and Assumption as to which Agent and the parties to the Assignment and Assumption
are participants, the assignee’s completed administrative questionnaire (unless the assignee shall already be a Lender hereunder),
the processing and recordation fee referred to in paragraph (c) of this Section and any written consent to such assignment required
by paragraph (c) of this Section, Agent shall accept such Assignment and Assumption and record the information contained therein
in the Register; provided that if either the assigning Lender or the assignee is a Defaulting Lender, Agent shall have no obligation
to accept such Assignment and Assumption and record the information therein in the Register unless and until such payment shall have been
made in full, together with all accrued interest thereon. No assignment shall be effective for purposes of this Agreement unless it has
been recorded in the Register as provided in this paragraph.

 

(c)                
Any Lender may, without the consent of, or notice to, Borrower or Agent, sell participations to one or more banks or other entities
(a “Participant”), in all or a portion of such Lender’s rights and/or obligations under this Agreement (including
all or a portion of its Commitments made by it); provided that (A) such Lender’s obligations under this Agreement shall
remain unchanged; (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations;
and (C) Borrower, Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with such
Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation
shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver
of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the
consent of the Participant, agree to any amendment, modification or waiver described in clauses (i), (ii) or (iii) the first proviso to
Section 9.3(c) that affects such Participant. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary
agent of Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated
interest) of each Participant’s interest in the Advances or other obligations under the Loan Documents (the “Participant
Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including
the identity of any Participant or any information relating to a Participant’s interest in any Commitments, Term Loan Advances,
or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that
such Commitment, Advance, or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations.
The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name
is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice
to the contrary. For the avoidance of doubt, Agent (in its capacity as Agent) shall have no responsibility for maintaining a Participant
Register.

 

    -32- 

     

    

 

(d)                Any
Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure
obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank, and this
Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or
assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or
assignee for such Lender as a party hereto.

 

12.3            
Indemnification.

 

(a)                
General Indemnification. Borrower shall indemnify, defend and hold Agent, each Lender and its Affiliates and the partners,
directors, officers, employees, agents, trustees, administrators, managers, advisors and representatives of Agent, each Lender and its
Affiliates (each, an “Indemnified Person”) harmless against: all losses, claims, damages, liabilities and related expenses
(including Lenders’ Expenses and the reasonable fees, charges and disbursements of any counsel for any Indemnified Person) (collectively,
 “Claims”) arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any
other Loan Document (excluding the Lender Intercreditor Agreement) or any agreement or instrument contemplated hereby or thereby, the
performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated
hereby or thereby, (ii) any Credit Extension or the use or proposed use of the proceeds therefrom, (iii) any actual or alleged presence
or release of hazardous materials on or from any property owned or operated by Borrower or any of its Subsidiaries, or any environmental
liability related in any way to Borrower or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation
or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party
or by Borrower, and regardless of whether any Indemnified Person is a party thereto; provided that such indemnity shall not, as to any
Indemnified Person, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a
court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of
such Indemnified Person. All amounts due under this Section 12.3 shall be payable promptly after demand therefor.

 

(b)               
Waiver of Consequential Damages, Etc. To the fullest extent permitted by Applicable Law, Borrower shall not assert, and
hereby waives, any claim against any Indemnified Person, on any theory of liability, for special, indirect, consequential or punitive
damages (as opposed to direct or actual damages) or any loss of profits arising out of, in connection with, or as a result of, this Agreement,
any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Credit
Extension, or the use of the proceeds thereof. No Indemnified Person shall be liable for any damages arising from the use by unintended
recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission
systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby.

 

This Section 12.3 shall survive
the termination of this Agreement and the repayment of all Obligations until all statutes of limitation with respect to the Claims, losses,
and expenses for which indemnity is given shall have run.

 

12.4            
Time of Essence. Time is of the essence for the performance of all Obligations in this Agreement.

 

12.5            
Severability of Provisions. Each provision of this Agreement is severable from every other provision in determining
the enforceability of any provision.

 

    -33- 

     

    

 

12.6             Amendments
in Writing; Waiver; Integration. No purported amendment or modification of any Loan Document, or waiver, discharge or
termination of any obligation under any Loan Document, or release, or subordinate Lenders’ security interest in, or consent to
the transfer of, any Collateral shall be enforceable or admissible unless, and only to the extent, expressly set forth in a writing
signed by Agent, with the consent of the Lenders in accordance with the Lender Intercreditor Agreement or, if such item is not
addressed in the Lender Intercreditor Agreement, as consented to by a majority of the Lenders, and Borrower. Without limiting the
generality of the foregoing, no oral promise or statement, nor any action, inaction, delay, failure to require performance or course
of conduct shall operate as, or evidence, an amendment, supplement or waiver or have any other effect on any Loan Document. Any
waiver granted shall be limited to the specific circumstance expressly described in it and shall not apply to any subsequent or
other circumstance, whether similar or dissimilar, or give rise to, or evidence, any obligation or commitment to grant any further
waiver. 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 among the parties about the subject matter of
the Loan Documents merge into the Loan Documents.

 

12.7            
Counterparts. This Agreement may be executed in any number of counterparts and by different parties on separate
counterparts, each of which, when executed and delivered, is an original, and all taken together, constitute one Agreement. Delivery of
an executed signature page of this Agreement by electronic mail transmission shall be effective as delivery of a manually executed counterpart
hereof.

 

12.8            
Confidentiality. Agent and each Lender agrees to maintain the confidentiality of Information (as defined below),
not to use the Information for any purpose other than in connection with the transactions contemplated by this Agreement and to exercise
the same degree of care with respect to the Information that they exercise for their own proprietary information, except that Information
may be disclosed (a) to Agent, Lenders and/or Agent’s or Lenders’ subsidiaries or Affiliates, and their respective employees,
directors, investors, potential investors, officers, managers, agents, attorneys, accountants and other professional advisors (collectively,
 “Representatives” and, together with Agent and the Lenders, collectively, “Lender Entities”) provided
that such Lender Entities are bound by confidential obligations substantially similar to those set forth in this Section 12.8; (b) to
prospective permitted transferees, assignees, credit providers or purchasers of any of Agent’s or a Lender’s interests under
or in connection with this Agreement and their Representatives (provided, however, Agent and the Lenders shall use commercially reasonable
efforts to obtain any such prospective permitted transferee’s, assignee’s, credit provider’s, purchaser’s or their
Representatives’ agreement to the terms of this provision); (c) as and to the extent required by law, regulation, subpoena,
or other order; (d) to Agent’s or any Lender’s regulators or as otherwise required or requested in connection with Agent’s
or any Lender’s examination or audit; (e) in connection with the exercise of remedies under the Loan Documents or any action
or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder; and (f) to third-party
service providers of Agent and/or any Lender so long as such service providers have executed a confidentiality agreement with Agent or
the Lenders, as applicable, with terms no less restrictive than those contained herein. “Information” means all information
received from Borrower regarding Borrower or its business, in each case other than information that is either: (i) in the public
domain or in Agent’s or any Lender’s possession when disclosed to Agent or such Lender, or becomes part of the public domain
(other than as a result of its disclosure by Agent or a Lender in violation of this Agreement) after disclosure to Agent and/or the Lenders;
or (ii) disclosed to Agent and/or a Lender by a third party, if Agent or such Lender, as applicable, does not know that the third
party is prohibited from disclosing the information.

 

12.9            
Electronic Execution of Documents. The words “execution,” “signed,” “signature”
and words of like import in any Loan Document shall be deemed to include electronic signatures, including any Electronic Signature as
defined in the Electronic Transactions Law (2003 Revision) of the Cayman Islands (the “Cayman Islands Electronic Signature Law”),
if applicable, or the keeping of records in electronic form, including any Electronic Record, as defined in Cayman Islands Electronic
Signature Law, each of which shall be of the same legal effect, validity and enforceability as a manually executed signature or the use
of a paper-based recordkeeping systems, as the case may be, to the extent and as provided for in any Applicable Law, including, without
limitation, any state law based on the Uniform Electronic Transactions Act or the Cayman Islands Electronic Signature Law; provided, however
that sections 8 and 19(3) of the Cayman Islands Electronic Signature Law shall not apply to this Agreement or the execution or delivery
thereof.

 

12.10        
Right of Setoff. Borrower hereby grants to Agent, for the ratable benefit of the Lenders, a Lien and a right
of setoff as security for all Obligations to Agent and the Lenders, whether now existing or hereafter arising upon and against all deposits,
credits, collateral and property, now or hereafter in the possession, custody, safekeeping or control of Agent or any entity under the
control of Agent (including a subsidiary of Agent) or in transit to any of them, and other obligations owing to Agent, Lenders or any
such entity. At any time after the occurrence and during the continuance of an Event of Default, without demand or notice, Agent or any
Lender may setoff the same or any part thereof and apply the same to any liability or Obligation of Borrower even though unmatured and
regardless of the adequacy of any other collateral securing the Obligations. ANY AND ALL RIGHTS TO REQUIRE AGENT OR ANY LENDER TO EXERCISE
ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE OBLIGATIONS, PRIOR TO EXERCISING ITS RIGHT OF SETOFF WITH
RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF BORROWER, ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED.

 

    -34- 

     

    

 

12.11        
Captions and Section References. The headings used in this Agreement are for convenience only and shall not affect
the interpretation of this Agreement. Unless indicated otherwise, section references herein are to sections of this Agreement.

 

12.12        
Construction of Agreement. The parties hereto mutually acknowledge that they and their attorneys have participated
in the preparation and negotiation of this Agreement. In cases of uncertainty this Agreement shall be construed without regard to which
of the parties caused the uncertainty to exist.

 

12.13        
Relationship. The relationship of the parties to this Agreement is determined solely by the provisions of this
Agreement. The parties do not intend to create any agency, partnership, joint venture, trust, fiduciary or other relationship with duties
or incidents different from those of parties to an arm’s-length contract.

 

12.14        
Third Parties. Nothing in this Agreement, whether express or implied, is intended to: (a) confer any benefits,
rights or remedies under or by reason of this Agreement on any Persons other than the express parties to it and their respective permitted
successors and assigns; (b) relieve or discharge the obligation or liability of any Person not an express party to this Agreement; or
(c) give any Person not an express party to this Agreement any right of subrogation or action against any party to this Agreement.

 

12.15        
Anti-Terrorism Law. Each Lender hereby notifies Borrower that, pursuant to the requirements of Anti-Terrorism
Law, such Lender may be required to obtain, verify and record information that identifies Borrower, which information may include the
name and address of Borrower and other information that will allow such Lender, to identify Borrower in accordance with Anti-Terrorism
Law. Borrower hereby agrees to take any action necessary to enable each Lender to comply with the requirements of Anti-Terrorism Law.

 

12.16        
Amended and Restated Agreement. This Agreement amends and restates, in its entirety, and replaces, the Prior
Loan Agreement. This Agreement is not intended to, and does not, novate the Prior Loan Agreement and Borrower reaffirms that the existing
security interest created by the Prior Loan Agreement is and remains in full force and effect. In addition, the amendment and restatement
of the Prior Loan Agreement pursuant to this Agreement is not intended to amend the existing terms of any other Loan Document delivered
in connection with the Prior Loan Agreement nor to terminate any such Loan Document, and no amendment or termination of any such Loan
Document shall be deemed to have occurred unless set forth in a separate agreement or other document between Borrower, Agent, and the
Lenders.

 

13                 
accounting terms and other DEFINITIONS

 

13.1            
Accounting and Other Terms.

 

(a)                
Accounting terms not defined in this Agreement shall be construed following GAAP. Calculations and determinations must be made
following GAAP (except for with respect to unaudited financial statements for the absence of footnotes and subject to year-end audit adjustments),
provided that if at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan
Document, and either Borrower or any Lender shall so request, Borrower and Lenders shall negotiate in good faith to amend such ratio or
requirement to preserve the original intent thereof in light of such change in GAAP; provided, further, that, until so amended, (i) such
ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) Borrower shall provide
Agent financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation
between calculations of such ratio or requirement made before and after giving effect to such change in GAAP. Notwithstanding the foregoing,
all financial covenant (if any) and other financial calculations shall be computed with respect to Borrower only, and not on a consolidated
basis.

 

    -35- 

     

    

 

(b)                As
used in the Loan Documents: (i) the words “shall” or “will” are mandatory, the word “may” is
permissive, the word “or” is not exclusive, the words “includes” and “including” are not
limiting, the singular includes the plural, and numbers denoting amounts that are set off in brackets are negative; (ii) the term
 “continuing” in the context of an Event of Default means that the Event of Default has not been remedied (if capable of
being remedied) or waived; and (iii) whenever a representation or warranty is made to Borrower’s knowledge or awareness, to
the “best of” Borrower’s knowledge, or with a similar qualification, knowledge or awareness means the actual
knowledge, after reasonable investigation, of any Responsible Officer.

 

13.2            
Definitions. Capitalized terms not otherwise defined in this Agreement shall have the meanings set forth in this
Section 13.2. All other terms contained in this Agreement, unless otherwise indicated, shall have the meaning provided by the Code to
the extent such terms are defined therein. As used in this Agreement, the following capitalized terms have the following meanings:

 

“Account”
is, as to any Person, any “account” of such Person as “account” is defined in the Code with such additions to
such term as may hereafter be made, and includes, without limitation, all accounts receivable and other sums owing to such Person.

 

“Account Debtor”
is any “account debtor” as defined in the Code with such additions to such term as may hereafter be made.

 

“Affiliate”
is, with respect to any Person, each other Person that owns or controls directly or indirectly the Person, any Person that controls or
is controlled by or is under common control with the Person, and each of that Person’s senior executive officers, directors, partners
and, for any Person that is a limited liability company, that Person’s managers and members.

 

“Agent”
is defined in the preamble hereof.

 

“Agreement”
is defined in the preamble hereof.

 

“Anti-Terrorism Law”
means any law relating to terrorism or money-laundering, including Executive Order No. 13224 and the USA Patriot Act.

 

“Applicable Law”
means all applicable provisions of constitutions, laws, statutes, ordinances, rules, treaties, regulations, permits, licenses, approvals,
interpretations and orders of courts or Governmental Authorities and all orders and decrees of all courts and arbitrators.

 

“Assignment and Assumption”
means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent of any party whose consent is required
by Section 12.2), and accepted by Agent, in any form approved by Agent.

 

“Authorized Signer”
means any individual listed in Borrower’s Borrowing Resolution who is authorized to execute the Loan Documents, including making
(and executing if applicable) any Credit Extension request, on behalf of Borrower.

 

“Bank Services”
are any products, credit services, and/or financial accommodations previously, now, or hereafter provided to Borrower or any of its Subsidiaries
by SVB or any Affiliate of SVB, including, without limitation, any letters of credit, cash management services (including, without limitation,
merchant services, direct deposit of payroll, business credit cards, and check cashing services), interest rate swap arrangements, and
foreign exchange services as any such products or services may be identified in SVB’s various agreements related thereto (each,
a “Bank Services Agreement”).

 

    -36- 

     

    

 

“Bank Services Agreement”
is defined in the definition of Bank Services.

 

“Board”
is Borrower’s board of directors or equivalent governing body.

 

“Borrower”
is set forth on Schedule I hereto.

 

“Borrower’s
Books” are all Borrower’s books and records including ledgers, federal and state tax returns, records regarding Borrower’s
assets or liabilities, the Collateral, business operations or financial condition, and all computer programs or storage or any equipment
containing such information.

 

“Borrowing Resolutions”
are, with respect to any Person, those resolutions adopted by such Person’s board of directors (and, if required under the terms
of such Person’s Operating Documents, stockholders) and delivered by such Person to Agent approving the Loan Documents to which
such Person is a party and the transactions contemplated thereby, together with a certificate executed by its secretary on behalf of such
Person certifying (a) such Person has the authority to execute, deliver, and perform its obligations under each of the Loan Documents
to which it is a party, (b) that set forth as a part of or attached as an exhibit to such certificate is a true, correct, and complete
copy of the resolutions then in full force and effect authorizing and ratifying the execution, delivery, and performance by such Person
of the Loan Documents to which it is a party, (c) the name(s) of the Person(s) authorized to execute the Loan Documents, including making
(and executing if applicable) any Credit Extension request, on behalf of such Person, together with a sample of the true signature(s)
of such Person(s), and (d) that Agent and Lenders may conclusively rely on such certificate unless and until such Person shall have
delivered to Agent and Lenders a further certificate canceling or amending such prior certificate.

 

“Business Day”
is a day other than a Saturday, Sunday or other day on which commercial banks in the State of California are authorized or required by
law to close, except that if any determination of a “Business Day” shall relate to an FX Contract, the term “Business
Day” shall also mean a day on which dealings are carried on in the country of settlement of the Foreign Currency.

 

“Cash Collateral
Period” is the period of time commencing on the occurrence of a Yutrepia Action and ending if and when (if ever) Agent, in its
sole and absolute discretion, determines that the Cash Collateral Period shall end.

 

“Cash Equivalents”
are (a) marketable direct obligations issued or unconditionally guaranteed by the United States or any agency or any State thereof having
maturities of not more than one (1) year from the date of acquisition; (b) commercial paper maturing no more than one (1) year after its
creation and having the highest rating from either Standard & Poor’s Ratings Group or Moody’s Investors Service, Inc.;
(c) SVB’s certificates of deposit issued maturing no more than one (1) year after issue; and (d) money market funds at least 95.0%
of the assets of which constitute Cash Equivalents of the kinds described in clauses (a) through (c) of this definition.

 

“Cayman Islands Electronic
Signature Law” is defined in Section 12.9.

 

“Change in Control”
means (a) at any time, any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange
Act), shall become, or obtain rights (whether by means of warrants, options or otherwise) to become, the “beneficial owner”
(as defined in Rules 13(d)-3 and 13(d)-5 under the Exchange Act), directly or indirectly, of 49.0% or more of the ordinary voting
power for the election of directors, partners, managers and members, as applicable, of Borrower (determined on a fully diluted basis)
other than by the sale of Borrower’s equity securities in a public offering or to venture capital or private equity investors so
long as Borrower identifies to Agent and the Lenders the venture capital or private equity investors at least seven (7) Business Days
prior to the closing of the transaction and provides to Agent and the Lenders a description of the material terms of the transaction;
or (b) at any time, Borrower shall cease to own and control, of record and beneficially, directly or indirectly, 100.0% of each class
of outstanding stock, partnership, membership, or other ownership interest or other equity securities of each Subsidiary of Borrower free
and clear of all Liens (except Permitted Liens).

 

“Change in
Law” means the occurrence, after the Effective Date, of: (a) the adoption or taking effect of any law, rule, regulation or
treaty; (b) any change in Applicable Law or in the administration, interpretation, implementation or application thereof by any
Governmental Authority; or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force
of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street
Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith
and (ii) all requests, rules, guidelines or directives promulgated by Agent for International Settlements, the Basel Committee on
Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case
pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or
issued.

 

    -37- 

     

    

 

“Claims”
is defined in Section 12.3.

 

“Closing Warrants”
means, collectively, (a) that certain Warrant to Purchase Stock dated as of the Effective Date between Parent Borrower and SVB, (b) that
certain Warrant to Purchase Stock dated as of the Effective Date between Parent Borrower and Innovation, and (c) that certain Warrant
to Purchase Stock dated as of the Effective Date between Parent Borrower and Innovation A, representing the right to purchase up to a
total aggregate amount of 250,000 shares of Common Stock to be allocated as set forth on Schedule I of the applicable Closing Warrant.

 

“Code”
is the Uniform Commercial Code, as the same may, from time to time, be enacted and in effect in the Commonwealth of Massachusetts; provided,
that, to the extent that the Code is used to define any term herein or in any Loan Document and such term is defined differently
in different Articles or Divisions of the Code, the definition of such term contained in Article or Division 9 shall govern; provided
further, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection, or priority of,
or remedies with respect to, Agent’s Lien on any Collateral is governed by the Uniform Commercial Code in effect in a jurisdiction
other than the Commonwealth of Massachusetts, the term “Code” shall mean the Uniform Commercial Code as enacted and
in effect in such other jurisdiction solely for purposes of the provisions thereof relating to such attachment, perfection, priority,
or remedies and for purposes of definitions relating to such provisions.

 

“Collateral”
consists of all of Borrower’s right, title and interest in and to the following personal property:

 

(a)                
(i) all goods, Accounts (including health-care receivables), Equipment, Inventory, contract rights or rights to payment of money,
leases, license agreements, franchise agreements, General Intangibles (except as provided below), commercial tort claims, documents, instruments
(including any promissory notes), chattel paper (whether tangible or electronic), cash, deposit accounts, certificates of deposit, fixtures,
letters of credit rights (whether or not the letter of credit is evidenced by a writing), securities, securities accounts, securities
entitlements and all other investment property, supporting obligations, and financial assets, whether now owned or hereafter acquired,
wherever located; and (ii) all Borrower’s Books relating to the foregoing, and any and all claims, rights and interests in any of
the above and all substitutions for, additions, attachments, accessories, accessions and improvements to and replacements, products, proceeds
and insurance proceeds of any or all of the foregoing.

 

(b)               
Notwithstanding the foregoing, the Collateral does not include (i) any Intellectual Property; provided, however, the Collateral
shall include all Accounts and all proceeds of Intellectual Property; (ii) any interest of Borrower as a lessee or sublessee under a real
property lease or an Equipment lease if Borrower is prohibited by the terms of such lease from granting a security interest in such lease
or under which such an assignment or Lien would cause a default to occur under such lease (but only to the extent that such prohibition
is enforceable under all applicable laws including, without limitation, the Code); provided, however, that upon termination of such prohibition,
such interest shall immediately become Collateral without any action by Borrower, the Lenders, or Agent; or (iii) rights held under a
license that are not assignable by their terms without the consent of the licensor thereof (but only to the extent such restriction on
assignment is enforceable under applicable law); provided, however, that upon termination of such prohibition, such interest shall immediately
become Collateral without any action by Borrower or Agent. If a judicial authority (including a U.S. Bankruptcy Court) would hold that
a security interest in the underlying Intellectual Property is necessary to have a security interest in such Accounts and such property
that are proceeds of Intellectual Property, then the Collateral shall automatically, and effective as of the Effective Date, include the
Intellectual Property to the extent necessary to permit perfection of Agent’s security interest in such Accounts and such other
property of Borrower that are proceeds of the Intellectual Property.

 

    -38- 

     

    

 

(c)                
Pursuant to the terms of a certain negative pledge arrangement with Agent, for the benefit of the Lenders, Borrower has agreed
not to encumber any of its Intellectual Property without Agent and Lenders prior written consent.

 

“Collateral Account”
is any Deposit Account, Securities Account, or Commodity Account.

 

“Commitment”
and “Commitments” means the Term Loan Commitment(s).

 

“Commodity Account”
is any “commodity account” as defined in the Code with such additions to such term as may hereafter be made.

 

“Common Stock”
means the common stock, $0.001 par value per share, of Parent Borrower, together with any class or series of stock into or for which such
common stock may be converted, exchanged or substituted.

 

“Compliance Statement”
is that certain statement in the form attached hereto as Exhibit A.

 

“Connection Income
Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise
Taxes or branch profits Taxes.

 

“Contingent Obligation”
is, for any Person, any direct or indirect liability of that Person for (a) any direct or indirect guaranty by such Person of any indebtedness,
lease, dividend, letter of credit, credit card or other obligation of another, (b) any other obligation endorsed, co-made, discounted
or sold with recourse by that Person, or for which that Person is directly or indirectly liable; (c) any obligations for undrawn letters
of credit for the account of that Person; and (d) all obligations from any interest rate, currency or commodity swap agreement, interest
rate cap or collar agreement, or other agreement or arrangement designated to protect a Person against fluctuation in interest rates,
currency exchange rates or commodity prices; but “Contingent Obligation” does not include endorsements in the ordinary course
of business. The amount of a Contingent Obligation is the stated or determined amount of the primary obligation for which the Contingent
Obligation is made or, if not determinable, the maximum reasonably anticipated liability for it determined by the Person in good faith;
but the amount may not exceed the maximum of the obligations under any guarantee or other support arrangement.

 

“Control Agreement”
is any control agreement entered into among the depository institution at which Borrower maintains a Deposit Account or the securities
intermediary or commodity intermediary at which Borrower maintains a Securities Account or a Commodity Account, Borrower, and Agent pursuant
to which Agent for the benefit of the Lenders obtains control (within the meaning of the Code) for the benefit of the Lenders over such
Deposit Account, Securities Account, or Commodity Account.

 

“Copyrights”
are any and all copyright rights, copyright applications, copyright registrations and like protections in each work of authorship and
derivative work thereof, whether published or unpublished and whether or not the same also constitutes a trade secret.

 

“Credit Extension”
is the Term Loan Advances, any FX Contract, or any other extension of credit by any Lender for Borrower’s benefit.

 

“Default”
means any event which with notice or passage of time or both, would constitute an Event of Default.

 

“Default Rate”
is defined in Section 1.2(c).

 

    -39- 

     

    

 

“Defaulting
Lender” is, subject to Section 9.10(b), any Lender that (a) has failed to (i) fund all or any portion of its Term Loan
Advances within two (2) Business Days of the date such Term Loan Advances were required to be funded hereunder unless such Lender
notifies Agent and Borrower in writing that such failure is the result of such Lender’s reasonable determination that one or
more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be
specifically identified in such writing) has not been satisfied, or (ii) pay to Agent or any other Lender any other amount required
to be paid by it hereunder within two (2) Business Days of the date when due, (b) has notified Borrower or Agent in writing that it
does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing
or public statement relates to such Lender’s obligation to fund a Term Loan Advance hereunder and states that such position is
based on such Lender’s reasonable determination that a condition precedent to funding (which condition precedent, together
with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has
failed, within three (3) Business Days after written request by Agent or Borrower, to confirm in writing to Agent and Borrower that
it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting
Lender pursuant to this clause (c) upon receipt of such written confirmation by Agent and Borrower), or (d) has, or has a direct or
indirect parent company that has, (i) become the subject of an Insolvency Proceeding, or (ii) had appointed for it a receiver,
custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization
or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal
regulatory authority acting in such a capacity; provided that a Lender shall not be a Defaulting Lender solely by virtue of
the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a
Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the
jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit
such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such
Lender. Any determination by Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above shall
be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section
9.10(b)) upon delivery of written notice of such determination to Borrower and each Lender.

 

“Deposit Account”
is any “deposit account” as defined in the Code with such additions to such term as may hereafter be made.

 

“Designated Deposit
Account” is the deposit account established by Borrower with SVB for purposes of receiving Credit Extensions.

 

“Disbursement Letter”
is that certain form attached hereto as Exhibit C.

 

“Division”
means, in reference to any Person which is an entity, the division of such Person into two (2) or more separate Persons, with the dividing
Person either continuing or terminating its existence as part of such division, including, without limitation, as contemplated under Section
18-217 of the Delaware Limited Liability Company Act for limited liability companies formed under Delaware law, Section 17-220 of the
Delaware Revised Uniform Limited Partnership Act for limited partnerships formed under Delaware law, or any analogous action taken pursuant
to any other Applicable Law with respect to any corporation, limited liability company, partnership or other entity.

 

“Dollars,”
 “dollars” or use of the sign “$” means only lawful money of the United States and not any other
currency, regardless of whether that currency uses the “$” sign to denote its currency or may be readily converted into lawful
money of the United States.

 

“Dollar Equivalent”
is, at any time, (a) with respect to any amount denominated in Dollars, such amount, and (b) with respect to any amount denominated in
a Foreign Currency, the equivalent amount therefor in Dollars as determined by Agent at such time on the basis of the then-prevailing
rate of exchange in San Francisco, California, for sales of the Foreign Currency for transfer to the country issuing such Foreign Currency.

 

“Effective Date”
is set forth on Schedule I hereto.

 

    -40- 

     

    

 

“Eligible Assignee”
means any Person that meets the requirements to be an assignee under Section 12.2 (subject to such consents, if any, as may
be required thereunder).

 

“Environmental Laws”
means any Applicable Law (including any permits, concessions, grants, franchises, licenses, agreements or governmental restrictions) relating
to pollution or the protection of health, safety or the environment or the release of any materials into the environment (including those
related to hazardous materials, air emissions, discharges to waste or public systems and health and safety matters).

 

“Equipment”
is all “equipment” as defined in the Code with such additions to such term as may hereafter be made, and includes without
limitation all machinery, fixtures, goods, vehicles (including motor vehicles and trailers), and any interest in any of the foregoing.

 

“ERISA”
is the Employee Retirement Income Security Act of 1974, as amended, and its regulations.

 

“Erroneous Payment”
has the meaning assigned to it in Section 9.13(a). 

 

“Erroneous Payment Deficiency
Assignment” has the meaning assigned to it in Section 9.13(d). 

 

“Erroneous Payment Impacted
Class” has the meaning assigned to it in Section 9.13(d). 

 

“Erroneous Payment Return
Deficiency” has the meaning assigned to it in Section 9.13(d).

 

“Erroneous Payment Subrogation
Rights” has the meaning assigned to it in Section 9.13(d).

 

“Event of Default”
is defined in Section 7.

 

“Exchange Act”
is the Securities Exchange Act of 1934, as amended.

 

“Excluded Taxes”
means any of the following Taxes imposed on or with respect to Lender or Agent or required to be withheld or deducted from a payment to
a Lender or Agent, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in
each case, (i) imposed as a result of such Lender or Agent being organized under the laws of, or having its principal office or its applicable
lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection
Taxes, (b) U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable
interest in a Credit Extension pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Credit Extensions
or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 1.6, amounts with respect
to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender
immediately before it changed its lending office, (c) Taxes attributable to such Lender’s failure to comply with Section 1.6(e),
and (d) any withholding Taxes imposed under FATCA.

 

“FATCA”
means Sections 1471 through 1474 of the Internal Revenue Code, as of the date of this Agreement (or any amended or successor version that
is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations
thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Internal Revenue Code and any fiscal or regulatory legislation,
rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing
such Sections of the Internal Revenue Code.

 

“FDA” means
the Food and Drug Administration.

 

“Federal Funds Effective
Rate” means, for any day, the weighted average of the rates on overnight federal funds transactions with members of the Federal
Reserve System arranged by federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New
York, or, if such rate is not so published for any day that is a Business Day, the average of the quotations for the day of such transactions
received by SVB from three federal funds brokers of recognized standing selected by it.

 

    -41- 

     

    

 

“Final Payment”
is, collectively, (a) a payment (in addition to and not a substitution for the regular monthly payments of principal plus accrued interest)
in an amount equal to five percent (5.0%) of the aggregate original principal amount of all Term Loan Advances made by the Lenders and
(b) a payment, payable solely to SVB for the account of SVB, in the amount of $185,101.14, in the case of (a) and (b), each due on the
earliest to occur of (i) the Term Loan Maturity Date, (ii) the repayment of the Term Loan Advances in full, (iii) as required pursuant
to Sections 1.1(c) or 1.1(d), or (iv) the termination of this Agreement.

 

Notwithstanding anything to
the contrary in this Agreement, the payment described in clause (b) of this definition shall be paid to, and solely for the benefit of,
SVB and shall not be paid for the ratable benefit of the Lenders.

 

“Financial Statement
Repository” is mase@svb.com or such other means of collecting information approved and designated by Agent and each Lender after
providing notice thereof to Borrower from time to time.

 

“Foreign Currency”
is the lawful money of a country other than the United States.

 

“Funding Date”
is any date on which a Credit Extension is made to or for the account of Borrower which shall be a Business Day.

 

“FX Contract”
is any foreign exchange contract by and between Borrower and SVB under which Borrower commits to purchase from or sell to SVB a specific
amount of Foreign Currency on a specified date.

 

“GAAP”
is generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American
Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other
statements by such other Person as may be approved by a significant segment of the accounting profession, which are applicable to the
circumstances as of the date of determination.

 

“General Intangibles”
is all “general intangibles” as defined in the Code in effect on the date hereof with such additions to such term as may hereafter
be made, and includes without limitation, all Intellectual Property, claims, income and other tax refunds, security and other deposits,
payment intangibles, contract rights, options to purchase or sell real or personal property, rights in all litigation presently or hereafter
pending (whether in contract, tort or otherwise), insurance policies (including without limitation key man, property damage, and business
interruption insurance), payments of insurance and rights to payment of any kind.

 

“Governmental Approval”
is any consent, authorization, approval, order, license, franchise, permit, certificate, accreditation, registration, filing or notice,
of, issued by, from or to, or other act by or in respect of, any Governmental Authority, including, without limitation, Healthcare Permits.

 

“Governmental Authority”
is any nation or government, any state or other political subdivision thereof, any agency, authority, instrumentality, regulatory body,
court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or
pertaining to government, any securities exchange and any self-regulatory organization.

 

“Group Member”
means Borrower and its Subsidiaries.

 

“Guarantor”
is any Person providing a Guaranty in favor of Agent and the Lenders.

 

“Guaranty”
is any guarantee of all or any part of the Obligations, as the same may from time to time be amended, restated, modified or otherwise
supplemented.

 

    -42- 

     

    

 

“Healthcare
Laws” means all applicable laws relating to the operation or management of hospitalist practices, the provision of
hospitalist services, proper billing and collection practices relating to the payment for healthcare services, insurance law
(including law related to payment for “no-fault” claims) and workers compensation law as they relate to the provision
of, and billing and payment for, healthcare services, patient healthcare, patient healthcare information, patient abuse, the quality
and adequacy of rehabilitative care, rate setting, equipment, personnel, operating policies, fee splitting, including, without
limitation, (a) all federal and state fraud and abuse laws, including, without limitation, the federal Anti-Kickback Statute (42
U.S.C. §1320a-7b(b)), the Stark Law (42 U.S.C. §1395nn), the civil False Claims Act (31 U.S.C. §3729 et seq.), the
administrative False Claims Law (42 U.S.C. § 1320a-7b(a)), the Anti-Inducement Law (42 U.S.C. § 1320a-7a(a)(5)), the
exclusion laws (42 U.S.C. § 1320a-7); (b) the Health Insurance Portability and Accountability Act of 1996, as amended by the
Health Information Technology for Economic and Clinical Health Act of 2009; (c) the Medicare Regulations and the Medicaid Program
(Title XIX of the Social Security Act); (d) quality, safety and accreditation standards and requirements of all applicable state
laws or regulatory bodies; (e) all laws, policies, procedures, requirements and regulations pursuant to which Healthcare Permits are
issued; (f) any laws, regulations or administrative guidance with respect to fee splitting by healthcare professionals and the
corporate practice of medicine in any jurisdiction in which any Borrower or any Guarantor operates; and (g) any and all comparable
state or local laws and other applicable health care laws, regulations, manual provisions, policies and administrative guidance,
each of (a) through (g) as may be amended from time to time and the regulations promulgated pursuant to each such law.

 

“Healthcare Permit”
means, with respect to any Person, a permit issued or required under Healthcare Laws applicable to the business of Borrower or any Guarantor,
or necessary in the possession, ownership, warehousing, marketing, promoting, sale, labeling, furnishing, distribution or delivery of
goods or services under Healthcare Laws applicable to the business of Borrower or any Guarantor.

 

“HIPAA”
means, collectively, the Health Insurance Portability and Accountability Act of 1996, as amended by the Health Information Technology
for Economic Clinical Health (HITECH) Act and the implementing regulations thereto.

 

“Indebtedness”
is (a) indebtedness for borrowed money or the deferred price of property or services, such as reimbursement and other obligations for
surety bonds and letters of credit, (b) obligations evidenced by notes, bonds, debentures or similar instruments, (c) capital lease obligations,
(d) Contingent Obligations and (e) other short and long-term obligations under debt agreements, lines of credit and extensions of credit.

 

“Indemnified Person”
is defined in Section 12.3.

 

“Indemnified Taxes”
means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of Borrower
under any Loan Document and (b) to the extent not otherwise described in clause (a), Other Taxes.

 

“Information”
is defined in Section 12.8.

 

“Initial Term A Loan
Advance” is defined in Section 1.1 of this Agreement.

 

“Innovation”
is defined in the preamble hereof.

 

“Innovation A”
means Innovation Credit Fund VIII-A, L.P., a Delaware limited partnership.

 

“Insolvency Proceeding”
is any proceeding by or against any Person under the United States Bankruptcy Code, or any other bankruptcy or insolvency law, including
assignments for the benefit of creditors, compositions, extensions generally with its creditors, or proceedings seeking reorganization,
arrangement, receivership or other relief.

 

“Intellectual Property”
means, with respect to any Person, all of such Person’s right, title, and interest in and to the following:

 

(a)                
its Copyrights, Trademarks and Patents;

 

    -43- 

     

    

 

(b)               
any and all trade secrets and trade secret rights, including, without limitation, any rights to unpatented inventions, know-how
and operating manuals;

 

(c)                
any and all source code;

 

(d)               
any and all design rights which may be available to such Person;

 

(e)                
any and all claims for damages by way of past, present and future infringement of any of the foregoing, with the right, but not
the obligation, to sue for and collect such damages for said use or infringement of the Intellectual Property rights identified above;
and

 

(f)                 
all amendments, renewals and extensions of any of the Copyrights, Trademarks or Patents.

 

“Internal Revenue
Code” means the U.S. Internal Revenue Code of 1986, and the rules and regulations promulgated thereunder, each as amended or
modified from time to time.

 

“Inventory”
is all “inventory” as defined in the Code in effect on the date hereof with such additions to such term as may hereafter be
made, and includes without limitation all merchandise, raw materials, parts, supplies, packing and shipping materials, work in process
and finished products, including without limitation such inventory as is temporarily out of Borrower’s custody or possession or
in transit and including any returned goods and any documents of title representing any of the above.

 

“Investment”
is any beneficial ownership interest in any Person (including stock, partnership, membership, or other ownership interest or other equity
securities), and any loan, advance or capital contribution to any Person.

 

“Key Person”
is each of Borrower’s Chief Executive Officer and Chief Financial Officer.

 

“Lender”
and “Lenders” is defined in the preamble.

 

“Lender Entities”
is defined in Section 12.8.

 

“Lender Intercreditor
Agreement” is, collectively, any and all intercreditor agreement, master arrangement agreement, subordination agreement or similar
agreement by and between Innovation and SVB, as each may be amended from time to time in accordance with the provisions thereof.

 

“Lenders’ Expenses”
are all of Agent’s and the Lenders’ audit fees and expenses, costs, and expenses (including reasonable attorneys’ fees
and expenses) for preparing, amending, negotiating, administering, defending and enforcing the Loan Documents (including, without limitation,
those incurred in connection with appeals or Insolvency Proceedings) or otherwise incurred with respect to Borrower in connection with
the Loan Documents, including protective payments made under Section 8.3.

 

“Letter of Credit”
is a standby or commercial letter of credit issued by SVB upon request of Borrower based upon an application, guarantee, indemnity, or
similar agreement.

 

“Lien”
is a claim, mortgage, deed of trust, levy, attachment, charge, pledge, hypothecation, security interest or other encumbrance of any kind,
whether voluntarily incurred or arising by operation of law or otherwise against any property.

 

“Liquidia PAH”
is set forth on Schedule I hereto.

 

“Litigation Financing
Agreements” is defined in the definition of Permitted Indebtedness.

 

“Loan Advance Request
Form” is that certain form in the form attached hereto as Exhibit B.

 

    -44- 

     

    

 

“Loan Documents”
are, collectively, this Agreement and any schedules, exhibits, certificates, notices, and any other documents related to this Agreement,
the Warrants, the Lender Intercreditor Agreement, the Perfection Certificate, each Disbursement Letter, any Control Agreement, any subordination
agreement, any note, or notes or guaranties executed by Borrower or any Guarantor, landlord waivers and consents, bailee waivers and consents,
and any other present or future agreement by Borrower and/or any Guarantor with or for the benefit of Agent and the Lenders in connection
with this Agreement, all as amended, restated, or otherwise modified in accordance with the terms thereof and the Lender Intercreditor
Agreement.

 

“Market Capitalization”
means, as of any date of determination, the product of (a) the number of shares of Parent Borrower’s common stock publicly disclosed
in the most recent filing of Parent Borrower with the SEC as outstanding as of such date of determination, multiplied by (b) the closing
price of Parent Borrower’s common stock (as quoted on Bloomberg L.P.’s page or any successor page thereto of Bloomberg L.P.
or if such page is not available, any other commercially available source providing quotations of such closing price as designated by
Agent from time to time) on such date of determination.

 

“Material Adverse
Change” is (a) a material impairment in the perfection or priority of Agent’s, for the ratable benefit of the Lenders,
Lien in the Collateral or in the value of such Collateral; (b) a material adverse change in the business, operations, or condition (financial
or otherwise) of Borrower; or (c) a material impairment of the prospect of repayment of any portion of the Obligations.

 

“Minimum Cash Balance”
means unrestricted and unencumbered cash of Borrower maintained in accounts of Borrower at (a) SVB or (b) SVB’s Affiliates, so long
as such accounts are subject to a Control Agreement in favor of Agent, for the ratable benefit of the Lenders, in the case of (a) and
(b), in an aggregate amount equal to at least 150.0% of all outstanding Obligations to Agent and the Lenders.

 

“Minimum Market Capitalization”
means Market Capitalization greater than $500,000,000.00.

 

“Obligations”
are Borrower’s obligations to pay when due any debts, principal, interest, fees, Lenders’ Expenses, the Final Payment, the
Prepayment Fee, and other amounts Borrower owes Agent or any Lender now or later, whether under this Agreement or the other Loan Documents
(other than the Warrants), or otherwise, including, without limitation, all obligations relating to Bank Services and any interest accruing
after Insolvency Proceedings begin and debts, liabilities, or obligations of Borrower assigned to Agent and/or the Lenders, and to perform
Borrower’s duties under the Loan Documents (other than the Warrants).

 

“OFAC”
is the Office of Foreign Assets Control of the United States Department of the Treasury and any successor thereto.

 

“Operating Documents”
are, for any Person, such Person’s formation documents, as certified by the Secretary of State (or equivalent agency) of such Person’s
jurisdiction of organization on a date that is no earlier than 30 days prior to the Effective Date, and, (a) if such Person is a corporation,
its bylaws in current form, (b) if such Person is a limited liability company, its limited liability company agreement (or similar agreement),
and (c) if such Person is a partnership or limited partnership, its partnership agreement or limited partnership agreement (or similar
agreement), each of the foregoing with all current amendments or modifications thereto.

 

“Other Connection
Taxes” means, with respect to Agent and the Lenders, Taxes imposed as a result of a present or former connection between Agent,
Lenders and the jurisdiction imposing such Tax (other than connections arising from Agent and Lenders having executed, delivered, become
a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any
other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Credit Extension or Loan Document).

 

“Other Taxes”
means all present or future stamp, court, documentary, intangible, recording, filing or similar Taxes that arise from any payment made
under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest
under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to
an assignment.

 

    -45- 

     

    

 

“Parent Borrower”
is set forth on Schedule I hereto.

 

“Participant”
is defined in Section 12.2(c).

 

“Participant Register”
is defined in Section 12.2(c)

 

“Patents”
means all patents, patent applications and like protections including without limitation improvements, divisions, continuations, renewals,
reissues, extensions and continuations-in-part of the same.

 

“Payment Date”
is set forth on Schedule I hereto.

 

“Payment Recipient”
has the meaning assigned to it in Section 9.13(a).

 

“Perfection Certificate”
is, collectively, the Perfection Certificate delivered by each Borrower in connection with this Agreement.

  

“Permitted Acquisition”
means a transaction whereby Borrower acquires, or permits any of its Subsidiaries to acquire, all or substantially all of the capital
stock or property of another Person, which satisfies each of the following conditions:

 

(a)                
such transaction shall only involve assets located in the United States and entities organized in a jurisdiction in the United
States, and the party or parties being acquired is in the same or a substantially similar line of business as Borrower;

 

(b)               
no Event of Default has occurred and is continuing or would exist after giving effect to the transaction and Agent has received
satisfactory evidence that Borrower is in compliance with all terms and conditions of this Agreement (and that it will be in compliance
after giving effect to the transaction);

 

(c)                
the acquisition is approved by the board of directors (or equivalent control group) of all parties to the transaction;

 

(d)               
the total aggregate consideration to be paid by Borrower and its Subsidiaries (including the value of Borrower’s or its Subsidiaries’
stock issued by Borrower or its Subsidiaries and any other property used in satisfaction of the purchase price) in connection therewith
in all of the contemplated transactions during the term of this Agreement does not exceed $1,000,000.00;

 

(e)                
Borrower provides Agent and the Lenders (i) written notice of the transaction at least 30 days before the closing of the transaction,
and (ii) copies of the acquisition agreement and other material documents relative to the contemplated transaction and such other financial
information, financial analysis, documentation or other information relating to such transaction as Agent or any Lender shall request
at least 30 days before the closing of the transaction;

 

(f)                 
Borrower is a surviving legal entity after completion of the contemplated transaction;

 

(g)               
the contemplated transaction is consensual and non-hostile;

 

(h)               
no Indebtedness will be incurred, assumed, or would exist with respect to Borrower or its Subsidiaries as a result of the contemplated
transaction, other than Permitted Indebtedness, and no Liens will be incurred, assumed, or would exist with respect to the assets of Borrower
or its Subsidiaries as a result of the contemplated transaction, other than Permitted Liens, and any Person whose capital stock is acquired
shall not have any Indebtedness following the contemplated transaction;

 

(i)                 
the acquisition and the company being acquired is accretive in all respects;

 

    -46- 

     

    

 

(j)                 
any Person whose capital stock is acquired or any Subsidiary that acquires assets in such contemplated transaction shall, within
30 days of the consummation of the transaction, become a co-borrower or guarantor (as determined by Agent and the Lenders in their sole
discretion) hereunder and shall grant a first priority Lien in all of its assets to Agent, for the ratable benefit of the Lenders, all
on documentation acceptable to Agent in its sole discretion; and

 

(k)               
Borrower shall have delivered to Agent and the Lenders, at least five (5) Business Days prior to the date on which any such acquisition
is to be consummated (or such later date as is agreed by Agent and the Lenders in their sole discretion), a certificate of a Responsible
Officer of Borrower, in form and substance reasonably satisfactory to Agent and the Lenders, certifying that all of the requirements set
forth in this definition have been satisfied or will be satisfied on or prior to the consummation of such purchase or other acquisition.

 

“Permitted Indebtedness”
is:

 

(a)                
 Borrower’s Indebtedness to Agent and the Lenders under this Agreement and the other Loan Documents;

 

(b)               
Indebtedness existing on the Effective Date which is shown on the Perfection Certificate;

 

(c)                
Subordinated Debt;

 

(d)               
unsecured Indebtedness to trade creditors incurred in the ordinary course of business;

 

(e)                
Indebtedness incurred as a result of endorsing negotiable instruments received in the ordinary course of business;

 

(f)                 
Indebtedness secured by Liens permitted under clauses (a) and (c) of the definition of “Permitted Liens” hereunder;

 

(g)               
Indebtedness consisting of performance bonds, bid bonds, surety bonds, appeal bonds and similar obligations, in each case provided
in the ordinary course of business not to exceed $200,000.00 outstanding in the aggregate at any time;

 

(h)               
Indebtedness consisting of overdraft protections incurred in the ordinary course of business with respect to deposit accounts (but
only to the extent that Borrower is permitted to maintain such accounts pursuant to Section 5.7 of this Agreement);

 

(i)                 
Indebtedness incurred in connection with insurance premium financing arrangements solely with respect to director’s and officer’s
insurance premiums in an aggregate amount at any time outstanding not to exceed the lesser of (i) the premiums owed under such policies
or (ii) $2,000,000.00, so long as such Indebtedness is secured solely by the proceeds of the policy being financed;

 

(j)                 
other unsecured Indebtedness (specifically excluding Indebtedness in connection with credit cards or letters of credit) not exceeding
$100,000.00 in the aggregate outstanding at any time;

 

(k)               
Indebtedness incurred pursuant to (i) that certain Financing Agreement by and between Henderson SPV, LLC and RareGen, LLC dated
as of June 4, 2020 or (ii) that certain Litigation Funding and Indemnification Agreement by and between PBM RG Holdings, LLC and RareGen,
LLC, dated as of November 17, 2020, in the case of (i) and (ii) each as in effect as of the Effective Date or as amended with Agent’s
prior written consent (collectively, the “Litigation Financing Agreements”), so long as such Indebtedness is secured
solely by the “Collateral” (as defined in the respective Litigation Financing Agreement); and

 

(l)                 
extensions, refinancings, modifications, amendments and restatements of any items of Permitted Indebtedness (a) through (k) above,
provided that the principal amount thereof is not increased or the terms thereof are not modified to impose more burdensome terms upon
Borrower or its Subsidiary, as the case may be.

 

    -47- 

     

    

 

“Permitted Investments”
are:

 

(a)                
Investments (including, without limitation, Subsidiaries) existing on the Effective Date which are shown on the Perfection Certificate;

 

(b)               
Investments consisting of Cash Equivalents;

 

(c)                
Investments consisting of the endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary
course of Borrower;

 

(d)               
 Investments consisting of deposit accounts (but only to the extent that Borrower is permitted to maintain such accounts pursuant
to Section 5.7 of this Agreement) in which Agent has a first priority perfected security interest;

 

(e)                
Investments accepted in connection with Transfers permitted by Section 6.1;

 

(f)                 
Investments consisting of (i) travel advances and employee relocation loans and other employee loans and advances in the ordinary
course of business, and (ii) loans to employees, officers or directors relating to the purchase of equity securities of Borrower or its
Subsidiaries pursuant to employee stock purchase plans or agreements approved by the Board;

 

(g)               
Investments (including debt obligations) received in connection with the bankruptcy or reorganization of customers or suppliers
and in settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of business;

 

(h)               
Investments consisting of notes receivable of, or prepaid royalties and other credit extensions, to customers and suppliers who
are not Affiliates, in the ordinary course of business; provided that this paragraph (h) shall not apply to Investments of Borrower in
any Subsidiary; and

 

(i)                 
Permitted Acquisitions.

 

“Permitted Liens”
are:

 

(a)                
Liens existing on the Effective Date which are shown on the Perfection Certificate or arising under this Agreement or the other
Loan Documents;

 

(b)               
Liens for taxes, fees, assessments or other government charges or levies, either (i) not due and payable or (ii) being contested
in good faith and for which Borrower maintains adequate reserves on Borrower’s Books, provided that no notice of any such Lien has
been filed or recorded under the Internal Revenue Code;

 

(c)                
purchase money Liens (i) on Equipment acquired or held by Borrower incurred for financing the acquisition of the Equipment securing
no more than $3,500,000.00 in the aggregate amount outstanding, or (ii) existing on Equipment when acquired, if the Lien is confined to
the property and improvements and the proceeds of the Equipment;

 

(d)               
Liens of carriers, warehousemen, suppliers, or other Persons that are possessory in nature arising in the ordinary course of business
so long as such Liens attach only to Inventory, securing liabilities in the aggregate amount not to exceed $250,000.00 and which are not
delinquent or remain payable without penalty or which are being contested in good faith and by appropriate proceedings which proceedings
have the effect of preventing the forfeiture or sale of the property subject thereto;

 

    -48- 

     

    

 

(e)                
Liens to secure payment of workers’ compensation, employment insurance, old-age pensions, social security and other like
obligations incurred in the ordinary course of business (other than Liens imposed by ERISA);

 

(f)                 
Liens incurred in the extension, renewal or refinancing of the Indebtedness secured by Liens described in (a) through (c), but
any extension, renewal or replacement Lien must be limited to the property encumbered by the existing Lien and the principal amount of
the indebtedness may not increase;

 

(g)               
leases or subleases of real property granted in the ordinary course of Borrower’s business (or, if referring to another Person,
in the ordinary course of such Person’s business), and leases, subleases, non-exclusive licenses or sublicenses of personal property
(other than Intellectual Property) granted in the ordinary course of Borrower’s business (or, if referring to another Person, in
the ordinary course of such Person’s business), if the leases, subleases, licenses and sublicenses do not prohibit granting Agent
a security interest therein;

 

(h)               
 non-exclusive licenses of Intellectual Property granted to third parties in the ordinary course of business; and

 

(i)                 
Liens arising from attachments or judgments, orders, or decrees in circumstances not constituting an Event of Default under Sections
7.4 and 7.7.

 

“Person”
is any individual, sole proprietorship, partnership, limited liability company, joint venture, company, trust, unincorporated organization,
association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or government agency.

 

“Pledged Account”
is defined in Section 5.7(a).

 

“Prepayment Fee”
shall be an additional fee payable to the Lenders, for a prepayment of the Term Loan Advances, in an amount equal to:

(a)        for
a prepayment of the Term Loan Advances made prior to the Term Loan Amortization Date, five percent (5.0%) of the outstanding principal
balance of the Term Loan Advances immediately prior to such prepayment; and

 

(b)       for
a prepayment of the Term Loan Advances made on or after the Term Loan Amortization Date, Zero Dollars ($0.00).

 

Notwithstanding the foregoing,
provided no Event of Default has occurred and is continuing, each Lender agrees to waive the portion of the Prepayment Fee due to such
Lender and such portion of the Prepayment Fee due to such Lender is not due if such Lender closes on a refinance and re-documentation
of the Term Loan Advances (in its sole and absolute discretion) on or prior to the Term Loan Maturity Date.

 

“Prior Loan Agreement”
is defined in Recital A.

 

“Prime Rate”
is set forth on Schedule I hereto.

 

“Prime Rate Margin”
is set forth on Schedule I hereto.

 

“Prior Warrant”
means that certain Warrant to Purchase Stock dated as of February 26, 2021 issued by Parent Borrower to SVB and subsequently assigned
by SVB to SVB Financial Group.

 

“Pro Rata Share”
is, as of any date of determination, with respect to each Lender, a percentage (expressed as a decimal, rounded to the ninth decimal place)
determined by dividing the outstanding principal amount of the Term Loan Advances held by such Lender by the aggregate outstanding
principal amount of the Term Loan Advances.

 

“Register”
is defined in Section 9.11.

 

    -49- 

     

    

 

“Registered Organization”
is any “registered organization” as defined in the Code with such additions to such term as may hereafter be made.

 

“Removal Effective
Date” is defined in Section 9.10(d).

 

“Representatives”
is defined in Section 12.8.

 

“Required Cash Collateral”
is defined in Section 5.7(a).

 

“Required Lenders”
means:

 

(a)       at
any time SVB and Innovation are the only Lenders, Lenders holding a majority of the Obligations; or

 

(b)       at
any time multiple Lenders have advanced a Term Loan Advance or have Term Loan Commitments, at least two Lenders who hold more than a majority
of the sum of (i) the aggregate unpaid principal amount of the Term Loan Advances then outstanding and (ii) the aggregate Term Loan Commitments
then in effect; provided that (x) a Lender and its Affiliates shall be deemed one Lender and (y) for so long as a Lender on the Effective
Date (each an “Original Lender”) has not assigned or transferred any of its interests in their Term Loan other than to an
Affiliate of such Lender, such Original Lender shall be a Required Lender; and

 

(c)       at
any time only one Lender has an outstanding Term Loan Advance and Term Loan Commitments, “Required Lenders” means such Lender;
provided that no Defaulting Lender shall at any time be included in the determination of “Required Lenders”.

 

“Responsible Officer”
is any of the Chief Executive Officer, President, and Chief Financial Officer of Borrower.

 

“Restricted License”
is any material license or other material agreement with respect to which Borrower is the licensee (a) that prohibits or otherwise
restricts Borrower from granting a security interest in Borrower’s interest in such license or agreement or any other property,
or (b) for which a default under or termination of could interfere with Agent’s right to sell any Collateral.

 

“Sanctioned Person”
means a Person that: (a) is listed on any Sanctions list maintained by OFAC or any similar Sanctions list maintained by any other Governmental
Authority having jurisdiction over Borrower; (b) is located, organized, or resident in any country, territory, or region that is the subject
or target of Sanctions; or (c) is 50.0% or more owned or controlled by one (1) or more Persons described in clauses (a) and (b) hereof.

 

“Sanctions”
means the economic sanctions laws, regulations, embargoes or restrictive measures administered, enacted or enforced by the United States
government and any of its agencies, including, without limitation, OFAC and the U.S. State Department, or any other Governmental Authority
having jurisdiction over Borrower.

 

“SEC” is
the Securities and Exchange Commission, any successor thereto, and any analogous Governmental Authority.

 

“Second Tranche Availability
Event” occurs if and when (if ever) Agent confirms in writing that Agent and the Lenders have received evidence, satisfactory
to Agent and the Lenders in their commercially reasonable discretion, on or prior to December 31, 2022, that Borrower has received final
and unconditional approval from the FDA with respect to the new drug application for Borrower’s Yutrepia product.

 

“Securities Account”
is any “securities account” as defined in the Code with such additions to such term as may hereafter be made.

 

    -50- 

     

    

 

“Subordinated Debt”
is indebtedness incurred by Borrower or any of its Subsidiaries subordinated to all of Borrower’s or any of its Subsidiaries’
now or hereafter indebtedness to Agent and the Lenders (pursuant to a subordination, intercreditor, or other similar agreement in form
and substance satisfactory to Agent and the Lenders, entered into between Agent and the other creditor), on terms acceptable to Agent
and the Lenders.

 

“Subsidiary”
is, as to any Person, a corporation, partnership, limited liability company or other entity of which shares of stock, partnership, membership,
or other ownership interest or other equity securities having ordinary voting power (other than stock, partnership, membership, or other
ownership interest or other equity securities having such power only by reason of the happening of a contingency) to elect a majority
of the board of directors or other managers of such corporation, partnership or other entity are at the time owned, or the management
of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person. Unless the context
otherwise requires, each reference to a Subsidiary herein shall be a reference to a Subsidiary of Borrower or Guarantor.

 

“SVB” is
defined in the preamble hereof.

 

“Taxes”
means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees
or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

 

“Technologies”
is set forth on Schedule I hereto.

 

“Term A Loan Advance”
and “Term A Loan Advances” are each defined in Section 1.1 of this Agreement.

 

“Term A Loan Availability
Amount” is set forth on Schedule I hereto.

 

“Term A Loan Draw
Period” is set forth on Schedule I hereto.

 

“Term B Loan Advance”
is defined in Section 1.1 of this Agreement.

 

“Term B Loan Availability
Amount” is set forth on Schedule I hereto.

 

“Term B Warrants”
means, collectively, warrants to purchase stock, in substantially the forms of the Closing Warrants, issued by Parent Borrower to SVB,
Innovation and Innovation A representing the right to purchase up to a total aggregate amount of 50,000 shares of Common Stock (subject
to adjustments for stock splits, stock dividends, recapitalizations, reorganizations and the like) (the “Term B Warrant Shares”)
at an exercise price per share equal to the lower of (i) the average closing price of a share of Common Stock reported on the Nasdaq Stock
Market for the ten (10) consecutive trading days ending on the date (if any) that the Term B Loan Advance is made to Borrower, or (ii)
the closing price of a share of Common Stock reported on the Nasdaq Stock Market on the date (if any) that the Term B Loan Advance is
made to Borrower. The allocations of the Term B Warrant Shares to the Term B Warrants shall be in the same relative proportions as in
the Closing Warrants unless otherwise directed in writing to Parent Borrower by SVB and Innovation.

 

“Term B Warrant Shares”
is defined in the definition of Term B Warrants.

 

“Term C Loan Advance”
is defined in Section 1.1 of this Agreement.

 

“Term C Loan Availability
Amount” is set forth on Schedule I hereto.

 

“Term C Loan Draw
Period” is set forth on Schedule I hereto.

 

    -51- 

     

    

 

“Term C Warrants”
means, collectively, warrants to purchase stock, in substantially the forms of the Closing Warrants, issued by Parent Borrower to SVB,
Innovation and Innovation A representing the right to purchase up to a total aggregate amount of 50,000 shares of Common Stock (subject
to adjustments for stock splits, stock dividends, recapitalizations, reorganizations and the like) (the “Term C Warrant Shares”)
at an exercise price per share equal to the lower of (i) the average closing price of a share of Common Stock reported on the Nasdaq Stock
Market for the ten (10) consecutive trading days ending on the date (if any) that the Term C Loan Advance is made to Borrower, or (ii)
the closing price of a share of Common Stock reported on the Nasdaq Stock Market on the date (if any) that the Term C Loan Advance is
made to Borrower. The allocations of the Term C Warrant Shares to the Term C Warrants shall be in the same relative proportions as in
the Closing Warrants unless otherwise directed in writing to Parent Borrower by SVB and Innovation.

 

“Term C Warrant Shares”
is defined in the definition of Term C Warrants.

 

“Term Loan Advance”
and “Term Loan Advances” are each defined in Section 1.1 of this Agreement.

 

“Term Loan Amortization
Date” is set forth on Schedule I hereto.

 

“Term Loan Commitment”
means, for any Lender, the obligation of such Lender to make a Term Loan Advance as and when available, up to the principal amount shown
on Schedule II. “Term Loan Commitments” means the aggregate amount of such commitments of all Lenders.

 

“Term Loan Commitment
Percentage” means, as to any Lender at any time, the percentage (carried out to the fourth decimal place) of the Term Loan Commitments
represented by such Lender’s Term Loan Commitment at such time. The initial Term Loan Commitment Percentage of each Lender is set
forth opposite the name of such Lender on Schedule II.

 

“Term Loan Maturity
Date” is set forth on Schedule I hereto.

 

“Tested Month”
is defined in Section 5.9(b).

 

“Third Tranche Availability
Event” occurs if and when (if ever) Agent confirms in writing that Agent and the Lenders have received evidence, satisfactory
to Agent and the Lenders in their commercially reasonable discretion, on or prior to August 31, 2023, that Borrower has received Yutrepia
Revenue in an amount equal to at least $27,500,000.00 for any six (6) month period ending after the Effective Date but on or prior to
June 30, 2023.

 

“Trademarks”
means, with respect to any Person, any trademark and servicemark rights, whether registered or not, applications to register and registrations
of the same and like protections, and the entire goodwill of the business of such Person connected with and symbolized by such trademarks.

 

“Transfer”
is defined in Section 6.1.

 

“USA Patriot Act”
means the “Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of
2001” (Public Law 107-56, signed into law on October 26, 2001), as amended from time to time.

 

“Warrants”
means, collectively, (a) the Prior Warrant, (b) the Closing Warrants, (c) the Term B Warrants (if any), and (d) the Term C Warrants (if
any).

 

“Yutrepia Action”
means one or more judgments, rulings, orders or decrees is rendered against Borrower by any court or Governmental Authority (including,
without limitation, the FDA) which Agent determines in its good faith business judgment is reasonably likely to either (a) prohibit Borrower
from obtaining final approval from the FDA with respect to Borrower’s new drug application for its Yutrepia product or (b) impair
or delay Borrower’s ability to commercialize its Yutrepia product according to the most recent business plan delivered to Agent
on or prior to the Effective Date.

 

“Yutrepia Revenue”
is, for any period of determination, Borrower’s revenue (calculated in accordance with GAAP) from the sale of Borrower’s Yutrepia
product.

 

    -52- 

     

    

 

[Signature page follows.]

 

     

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be executed as a sealed instrument under the laws of the Commonwealth of Massachusetts as of the
Effective Date.

 

BORROWER:

 

	LIQUIDIA CORPORATION	 
	 	 
	By	 /s/ Michael Kaseta	 
	Name: Michael Kaseta	 
	Title: Chief Financial Officer	 
	 	 
	LIQUIDIA TECHNOLOGIES, INC.	 
	 	 
	By	 /s/ Michael Kaseta	 
	Name: Michael Kaseta	 
	Title: Chief Financial Officer	 
	 	 
	LIQUIDIA PAH, LLC	 
	 	 
	By 	/s/ Michael Kaseta	 
	Name: Michael Kaseta	 
	Title: Chief Financial Officer	 
	 	 
	AGENT:	 
	 	 
	SILICON VALLEY BANK, as Agent	 
	 	 
	By	 /s/ Michael McMahon	 
	Name: Michael McMahon	 
	Title: Director	 
	 	 
	LENDERS:	 
	 	 
	SILICON VALLEY BANK, as Lender	 
	 	 
	By	 /s/ Michael McMahon	 
	Name: Michael McMahon	 
	Title: Director	 
	 	 
	
 SVB Innovation Credit Fund
    VIII, L.P., as Lender	 
	By:  SVB Innovation Credit Partners VIII, LLC, a	 
	Delaware limited liability company,
    its General Partner	 
	 	 
	By 	/s/ J.P. Michael	 
	Name: J.P. Michael	 
	Title: Senior Managing Director	 

 

[Signature Page to Amended and Restated Loan and Security Agreement]

 

     

     

    

 

 

SCHEDULE I

LSA PROVISIONS

 

	LSA Section	LSA Provision
	1.1(a) – Term Loan – Availability	Each Term A Loan Advance must be in an amount equal to at least $5,000,000.00. After repayment, the Term Loan Advances (or any portion thereof) may not be reborrowed.
	1.1(b) – Term Loan – Repayment	Commencing on the Term Loan Amortization Date and continuing on each Payment Date thereafter, Borrower shall repay the Term Loan Advances in (i) equal monthly installments of principal over the number of months for the period commencing on the Term Loan Amortization Date and ending on the Term Loan Maturity Date, plus (ii) monthly payments of accrued interest at the rate set forth in Section 1.2(b)(i).
	1.2(b)(i) – Interest Payments –  Term Loan Advances	Interest on the principal amount of the Term Loan Advances is payable in arrears (A) monthly on each Payment Date commencing on the first Payment Date following the Funding Date of the applicable Term Loan Advance, (B) on the date of any prepayment and (C) on the Term Loan Maturity Date.
	1.2(b)(i) – Interest Rate – Term Loan Advances	The outstanding principal amount of the Term Loan Advances shall accrue interest at a floating rate per annum equal to the greater of (1) seven and one-quarter of one percent (7.25%) and (2) the Prime Rate plus the Prime Rate Margin, which interest shall be payable in accordance with Section 1.2(a).
	1.2(e) – Interest Computation	Interest shall be computed on the basis of the actual number of days elapsed and a 360-day year.
	8.8 – Borrower Liability	Each Borrower hereunder shall be jointly and severally obligated to repay all Credit Extensions made hereunder and any other Obligations related thereto, regardless of which Borrower actually receives said Credit Extension, as if each Borrower hereunder directly received all Credit Extensions.
	13.2 – “Borrower”	“Borrower” means, individually and collectively, jointly and severally, LIQUIDIA CORPORATION, a Delaware corporation (“Parent Borrower”), (ii) LIQUIDIA TECHNOLOGIES, INC., a Delaware corporation (“Technologies”), and (iii) LIQUIDIA PAH, LLC, a Delaware limited liability company (“Liquidia PAH”).
	13.2 – “Effective Date”	“Effective Date” is January 7, 2022.
	13.2 – “Payment Date”	“Payment Date” is the first (1st) calendar day of each month.
	13.2 – “Prime Rate”	“Prime Rate” is the rate of interest per annum from time to time published in the money rates section of The Wall Street Journal or any successor publication thereto as the “prime rate” then in effect; provided that if such rate of interest, as set forth from time to time in the money rates section of The Wall Street Journal, becomes unavailable for any reason as determined by Agent, the “Prime Rate” shall mean the rate of interest per annum announced by SVB as its prime rate in effect at its principal office in the State of California (such SVB announced Prime Rate not being intended to be the lowest rate of interest charged by SVB in connection with extensions of credit to debtors); provided that, in the event such rate of interest is less than zero percent (0.0%) per annum, such rate shall be deemed to be zero percent (0.0%) per annum for purposes of this Agreement.
	13.2 – “Prime Rate Margin”	“Prime Rate Margin” is four percent (4.0%).
	13.2 – “Term A Loan Availability Amount”	“Term A Loan Availability Amount” is an original principal amount equal to $25,000,000.00.
	13.2 – “Term A Loan Draw Period”	“Term A Loan Draw Period” is the period commencing on the Effective Date and ending on December 31, 2022.
	13.2 – “Term B Loan Availability Amount”	“Term B Loan Availability Amount” is an original principal amount equal to $7,500,000.00.
	13.2 – “Term C Loan Availability Amount”	“Term C Loan Availability Amount” is an original principal amount equal to $7,500,000.00.
	13.2 – “Term C Loan Draw Period”	“Term C Loan Draw Period” is the period commencing on the occurrence of the Third Tranche Availability Event and ending on August 31, 2023.
	13.2 – “Term Loan Amortization  Date”	“Term Loan Amortization Date” is January 1, 2024; provided, however, that if the Third Tranche Availability Event occurs on or prior to July 31, 2023 the Term Loan Amortization Date shall be January 1, 2025.
	13.2 – “Term Loan Maturity Date”	“Term Loan Maturity Date” is December 1, 2025.

 

     

     

    

 

Schedule II

LENDERS AND COMMITMENTS

 

TERM A LOAN COMMITMENTS

 

	Lender	 	Term A Loan Advance

 Commitment	 	 	Term A Loan Advance

 Commitment Percentage	 
	Silicon Valley Bank	 	$	18,750,000.00	 	 	 	75.0	%
	SVB Innovation Credit Fund VIII, L.P.	 	$	6,250,000.00	 	 	 	25.0	%
	TOTAL	 	$	25,000,000.00	 	 	 	100.0000	%

 

TERM B LOAN COMMITMENTS

 

	Lender	 	Term B Loan Advance

 Commitment	 	 	Term B Loan Advance

 Commitment Percentage	 
	Silicon Valley Bank	 	$	5,625,000.00	 	 	 	75.0	%
	SVB Innovation Credit Fund VIII, L.P.	 	$	1,875,000.00	 	 	 	25.0	%
	TOTAL	 	$	7,500,000.00	 	 	 	100.0000	%

 

TERM C LOAN COMMITMENTS

 

	Lender	 	Term C Loan Advance

 Commitment	 	 	Term C Loan Advance

 Commitment Percentage	 
	Silicon Valley Bank	 	$	5,625,000.00	 	 	 	75.0	%
	SVB Innovation Credit Fund VIII, L.P.	 	$	1,875,000.00	 	 	 	25.0	%
	TOTAL	 	$	7,500,000.00	 	 	 	100.0000	%

 

     

     

    

 

EXHIBIT A

 

COMPLIANCE STATEMENT

 

	Date:	 	 

 

TO:         SILICON VALLEY BANK, as Agent, SVB, and
SVB Innovation Credit Fund VIII, L.P., as Lender

FROM:   LIQUIDIA CORPORATION, LIQUIDIA TECHNOLOGIES,
INC. and LIQUIDIA PAH, LLC

 

Under the terms and conditions
of the Amended and Restated Loan and Security Agreement among Borrower, Agent, and Lenders (as amended, modified, supplemented and/or
restated from time to time, 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.
	 
	Reporting Covenants	Required	Complies
	 	 	 
	Monthly financial statements	Monthly within 30 days	Yes   No
	Compliance Statement	
    Quarterly within 30 days prior to the Funding
Date of the Term B Loan Advance/Monthly within 30 days on or After the Funding Date of the Term B Loan Advance
	Yes   No
	
    10-K and unqualified opinion from auditor

     
	FYE within 90 days	Yes   No   N/A
	10-Q	Quarterly within 45 days (excluding the last quarter of each FY)	Yes   No  N/A
	8-K and other SEC filings	Within 5 days after filing with SEC	Yes   No
	Board approved projections	
    Within 60 days following FYE, and within 10
days of amendments/updates
	Yes   No

 

	Financial Covenants	Required	Actual	Complies
	 	 	 	 
	Maintain as indicated:	 	 	 
	Minimum Cash (at all times; tested as of any date on or prior to the Funding Date of the Term B Loan Advance)	
     

    $_________*
	
     

    $_________
	
     

    Yes No N/A

	Minimum Yutrepia Revenue (trailing six (6) month) (tested monthly; not tested prior to last day of the calendar quarter immediately after the calendar quarter in which the Funding Date of the Term B Loan Advance occurs)	
     

    $________**
	
     

    $__________
	
     

    Yes No N/A

 

* As set forth in Section 5.9(a) of the
Agreement. Not tested on or after the Funding Date of the Term B Loan Advance.

 

** As set forth in Section 5.9(b) of the
Agreement. Not tested for any Tested Month with respect to which Borrower maintained either the Minimum Cash Balance or the Minimum Market
Capitalization, in either case at all times during the period commencing on the first day of such Tested Month through and including the
date that is 30 days after the last day of such Tested Month.

 

The following financial covenant
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.”)

 

    1

     

    

 

Schedule 1 to Compliance Statement

 

Financial Covenants of Borrower

 

In the event of a conflict between this Schedule
and the Agreement, the terms of the Agreement shall govern.

 

	Dated:	 	 

 

	I.	Minimum Cash (Section 5.9(a)) (at all times; tested as of any date prior to the Funding Date of
the Term B Loan Advance)

 

Required:$___________*

 

Actual:

 

	A.	Unrestricted and unencumbered cash in accounts at SVB	$                    
	 	 	 
	B.	Unrestricted and unencumbered cash in accounts at SVB’s Affiliates, so long as such accounts are subject to a Control Agreement in favor of Agent  	$                    
	 	 	 
	C.	Line A plus line B	$                      

 

Is line C equal to or greater than $_________?

 

	 	No, not in compliance	 	 Yes, in compliance

 

*As set forth in Section 5.9(a).

 

	II.	Minimum Yutrepia Revenue (5.9(b)) (tested monthly; not tested prior to last day of the calendar
quarter immediately after the calendar quarter in which the Funding Date of the Term B Loan Advance occurs)

 

Required: __________ (see chart below)

  

     

     

    

 

	Six (6) Month Period Ending On:	Yutrepia Revenue:
	The last day of the last month of the calendar quarter ending immediately after the calendar quarter in which the Funding Date of the Term B Loan Advance occurs, and for the six (6) month periods ending on the last day of each of the two (2) months ending immediately thereafter	
     

    $6,742,000.00

	The last day of the last month of the second (2nd) calendar quarter ending after the calendar quarter in which the Funding Date of the Term B Loan Advance occurs, and for the six (6) month periods ending on the last day of each of the two (2) months ending immediately thereafter	
     

    $23,737,000.00

	The last day of the last month of the third (3rd) calendar quarter ending after the calendar quarter in which the Funding Date of the Term B Loan Advance occurs, and for the six (6) month periods ending on the last day of each of the two (2) months ending immediately thereafter	
     

    $46,162,000.00

	The last day of the last month of the fourth (4th) calendar quarter ending after the calendar quarter in which the Funding Date of the Term B Loan Advance occurs, and for the six (6) month periods ending on the last day of each of the two (2) months ending immediately thereafter	
     

    $70,750,000.00

	The last day of the last month of the fifth (5th) calendar quarter ending after the calendar quarter in which the Funding Date of the Term B Loan Advance occurs, and for the six (6) month periods ending on the last day of each of the two (2) months ending immediately thereafter	
     

    $90,000,000.00

	The last day of the last month of the sixth (6th) calendar quarter ending after the calendar quarter in which the Funding Date of the Term B Loan Advance occurs, and for the six (6) month periods ending on the last day of each of the two (2) months ending immediately thereafter	
     

    $110,000,000.00

	The last day of the last month of the seventh (7th) calendar quarter ending after the calendar quarter in which the Funding Date of the Term B Loan Advance occurs, and for the six (6) month periods ending on the last day of each of the two (2) months ending immediately thereafter	
     

    $130,000,000.00

	The last day of the last month of the eighth (8th) calendar quarter ending after the calendar quarter in which the Funding Date of the Term B Loan Advance occurs, and for the six (6) month periods ending on the last day of each of the two (2) months ending immediately thereafter	
     

    $148,500,000.00

 

Actual:

 

	A.	Revenue (calculated in accordance with GAAP) from the sale of Borrower’s Yutrepia product	$___________

 

Is line A equal to or greater than the amount
set forth above?

 

__________  No,
not in compliance
                    _________ Yes,
in compliance
                    __________ N/A
*

 

**
Not tested for any Tested Month with respect to which Borrower maintained either the Minimum Cash Balance or the Minimum Market Capitalization,
in either case at all times during the period commencing on the first day of such Tested Month through and including the date that is
30 days after the last day of such Tested Month.

 

     

     

    

 

EXHIBIT
B

 

LOAN ADVANCE REQUEST FORM

Deadline
for same day processing is Noon Eastern Time

 

	Fax To:	Date: _____________________

 

Loan
Payment:    LIQUIDIA CORPORATION, LIQUIDIA TECHNOLOGIES, INC. and LIQUIDIA PAH, LLC

 

From Account #________________________________                                                    To
Account #__________________________________________

(Deposit Account #)                                                                                                                                        (Loan
Account #)

Principal $____________________________________                                and/or
Interest $________________________________________

 

Authorized Signature:                                                                                              Phone Number:
                                                                        

Print Name/Title:                                                         

 

	Loan Advance:
	 
	Complete Outgoing Wire Request section
below if all or a portion of the funds from this loan advance are for an outgoing wire.

	 
	From Account #	 	To Account #	 
	 	(Loan Account #)	 	(Deposit Account #)
	 	 	 	 
	Amount of Term Loan Advance $___________________________
	 
	 
	All Borrower’s representations and warranties
in the Amended and Restated Loan and Security Agreement are true, correct and complete in all material respects on the date of the request
for an advance; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that
already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties
expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date:

	 

	Authorized Signature:	 	Phone Number:	 
	Print Name/Title:	 	 
	 	 	 

 

 Outgoing
Wire Request:

Complete only if all or a portion of funds from the loan advance above is to be wired.

Deadline for same day processing is noon, Eastern Time  

 

Beneficiary Name: _____________________________                             Amount
of Wire: $                                     

Beneficiary Bank: ______________________________                            Account
Number:                                                                            

City and State:                                                            

 

Beneficiary Bank Transit (ABA) #:                                                      Beneficiary
Bank Code (Swift, Sort, Chip, etc.):                     

                                                                                                                                       (For International Wire
Only)

 

Intermediary Bank:                                                                                Transit (ABA)
#:                                                                                                     

For Further Credit to:                                                                                                                                                                                                                  

 

Special Instruction:                                                                                                                                                                                                                        

 

By signing below, I (we) acknowledge and agree
that my (our) funds transfer request shall be processed in accordance with and subject to the terms and conditions set forth in the agreements(s)
covering funds transfer service(s), which agreements(s) were previously received and executed by me (us).

 

	Authorized Signature: ___________________________	2nd Signature (if required): _______________________________________
	Print Name/Title: ______________________________	Print Name/Title: ______________________________________________
	Telephone #: ______________________________	Telephone #:  ______________________________________________

 

 

     

     

    

 

Exhibit C

 

Form of Disbursement Letter

 

[see attached]

 

     

     

    

 

DISBURSEMENT LETTER

[DATE]

 

The undersigned, being the
duly elected and acting                    of
LIQUIDIA CORPORATION, a Delaware corporation, LIQUIDIA TECHNOLOGIES, INC., a Delaware corporation, and LIQUIDIA PAH,
LLC, a Delaware limited liability company, (jointly and severally, individually and collectively, “Borrower”),
does hereby certify to (a) SILICON VALLEY BANK, a California corporation (“SVB”), in its capacity as administrative
agent and collateral agent (“Agent”), (b) SILICON VALLEY BANK, a California corporation, as a lender, (c) SVB
Innovation Credit Fund VIII, L.P., a Delaware limited partnership (“Innovation”), as a lender (SVB and
Innovation and each of the other “Lenders” from time to time a party hereto are referred to herein collectively as the “Lenders”
and each individually as a “Lender”) in connection with that certain Amended and Restated Loan and Security Agreement
dated as of [_________], by and among Borrower, Agent and the Lenders from time to time party thereto (the “Loan Agreement”;
with other capitalized terms used below having the meanings ascribed thereto in the Loan Agreement) that:

 

1.       The
representations and warranties made by Borrower in Section 5 of the Loan Agreement and in the other Loan Documents are true and correct
in all material respects as of the date hereof; provided, that those representations and warranties expressly referring to a specific
date were true and correct in all material respects as of such date.

 

2.       No
event or condition has occurred and is continuing that would constitute an Event of Default under the Loan Agreement or any other Loan
Document.

 

3.       Borrower
is in compliance with the covenants and requirements contained in Sections 4, 6 and 7 of the Loan Agreement.

 

4.       All
conditions referred to in Section 3 of the Loan Agreement to the making of a Credit Extension to be made on or about the date hereof
have been satisfied or waived by Agent.

 

5.       No
Material Adverse Change has occurred.

 

6.       The
undersigned is an Authorized Signer.

 

[Balance of Page Intentionally Left
Blank]

 

    1

     

    

 

7A.    The proceeds of the Term Loan
Advance shall be disbursed as follows:

 

	Disbursement from SVB:	 
	Loan Amount	$_______________
	Plus:	 
	--Deposit Received	$__________
	 	 
	Less:	 
	--Lender’s Legal Fees	($_________)*
	 	 
	Net Proceeds due from SVB:	$_______________ 
	 	 
	Disbursement from Innovation:	 
	Loan Amount	$_______________
	Plus:	 
	--Deposit Received	$__________
	 	 
	Less:	 
	 	 
	Net Proceeds due from Innovation:	$_______________ 
	 	 
	 	 
	Loan Amount	$_______________
	Plus:	 
	--Deposit Received	$__________
	 	 
	Less:	 
	 	 
	Net Proceeds due from Agent	$_____________
	 	 
	TOTAL [TERM LOAN ADVANCE] NET PROCEEDS FROM LENDERS	$_______________ 
	 	 
	 	 

 

7B. Funds from
Borrower’s Designated Deposit Account shall be disbursed as follows:

 

	SVB:	 
	Term Loan Fees	$_______________
	Lender’s Legal Fees	$_________________
	 	 
	Innovation:                      Designated                      Deposit	 
	 	 
	Account:_____________________  	 
	Term Loan Fees	$_______________
	Funds due from Borrower (“Total Funds”)	$_______________ 

 

 

* Legal fees and costs are through the Effective
Date. Post-closing legal fees and costs, payable after the Effective Date, to be invoiced and paid post-closing.

 

    2

     

    

 

8A. The aggregate net
proceeds of the [Term Loan Advance] shall be transferred to the Designated Deposit Account as follows:

 

	Account Name:	____________________________________
	Bank Name:	Silicon Valley Bank
	Bank Address:	3003 Tasman Drive
 Santa Clara, California 95054
	Account Number:	____________________________________
	ABA Number:	____________________________________

 

8B. Borrower authorized
SVB to debit the Total Funds from the Designated Deposit Account set forth below:

 

	Account Name:	____________________________________
	Bank Name:	Silicon Valley Bank
	Bank Address:	3003 Tasman Drive

Santa Clara, California 95054
	Account Number:	____________________________________
	ABA Number:	____________________________________

 

    3

     

    

 

Dated as of the date first
set forth above.

 

	BORROWER:	 
	 	 
	LIQUIDIA CORPORATION	 
	 	 
	 	 
	By	 	 
	Name:	 	 
	Title:	 	 
	 	 
	LIQUIDIA TECHNOLOGIES, INC.	 
	 	 
	By	 	 
	Name:	 	 
	Title:	 	 
	 	 
	LIQUIDIA PAH, LLC	 
	 	 
	By	 	 
	Name:	 	 
	Title:	 	 
	 	 
	LENDER:	 
	SILICON VALLEY BANK	 
	 	 
	By	 	 
	Name:	 	 
	Title:	 	 
	 	 
	LENDER:	 
	 	 
	
    SVB Innovation
    Credit Fund VIII, L.P.

    By: SVB Innovation Credit Partners VIII, LLC,
    a

    Delaware limited liability company, its General

    Partner
	 
	 	 
	By	 	 
	Name:	 	 
	Title:Document

Exhibit 10.1
Execution Version

REGISTRATION RIGHTS AGREEMENT
This Registration Rights Agreement (the “Agreement”) is made and entered into as of [_], 2022 (the “Effective Date”) by and among Redfin Corporation, a Delaware corporation (the “Company”), Brett McGovern as the Member Representative (the “Member Representative”), and the parties identified on Schedule A hereto (each, a “Member” and together, the “Members”). Capitalized terms used herein have the respective meanings ascribed thereto in the Merger Agreement (as defined below) unless otherwise defined herein.  This Agreement shall only be effective as of the date of the Closing (the “Closing Date”) and if the Merger Agreement shall terminate in accordance with Article VIII (Termination) of the Merger Agreement, this Agreement shall immediately terminate, without the consent of any of the parties hereto, and be of no further force or effect.
The parties hereby agree as follows:
1.Certain Definitions.
As used in this Agreement, the following terms shall have the following meanings:
“Business Day” means any day, excluding Saturday, Sunday and any day which is a legal holiday in the City of New York or is a day on which banking institutions located in the City of New York are authorized or required by law or other governmental action to close.
“Holders” means each Member and any affiliate or permitted transferee of such Member who is a subsequent holder of any Registrable Securities.
“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder, and any successor to such statute, rules or regulations.
“Merger Agreement” means that certain Merger Agreement by and among the Company, Rudy Merger Sub LLC, BE Holdco, LLC and Brett McGovern as the Member Representative, entered into as of January 5, 2022.
“Prospectus” means (i) any prospectus (preliminary or final) included in any Registration Statement, as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by such Registration Statement and by all other amendments and supplements to the prospectus, including post-effective amendments and all material incorporated by reference in such prospectus, and (ii) any “issuer free writing prospectus” as defined in Rule 433 under the Securities Act.
“Register,” “registered” and “registration” refer to a registration made by preparing and filing a Registration Statement or similar document in compliance with the Securities Act, and the declaration or ordering of effectiveness of such Registration Statement or document.
“Registrable Securities” means (i) the Rollover Stock and (ii) any other securities issued or issuable with respect to or in exchange for the Rollover Stock, whether by merger, charter amendment, or otherwise; provided that a security shall cease to be a Registrable Security upon the earlier to occur of, (A) the date such security has been sold pursuant to a Registration Statement or Rule 144, or (B) the date on which such security becomes eligible for sale by a Holder pursuant to Rule 144 without the requirement for the Company to be in compliance with the current public information requirement under Rule 144(c)(i).
“Registration Statement” means any registration statement of the Company filed under the Securities Act that covers the resale of any of the Registrable Securities pursuant to the provisions of this Agreement, amendments and supplements to such Registration Statement, including post-effective amendments, all exhibits and all material incorporated by reference in such Registration Statement.
“Required Holders” means the Holders beneficially owning a majority of the then Registrable Securities.
“SEC” means the U.S. Securities and Exchange Commission.
“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder, 

and any successor to such statute, rules or regulations.
“Trading Day” means a day on which the Buyer Common Stock is traded on NASDAQ or, if the Buyer Common Stock is not traded on NASDAQ, then on the principal securities exchange or securities market on which the Buyer Common Stock is then traded.
2.Registration.
a.Registration Statements.
i.Initial Registration Statement. On or before the 40th day after the Closing Date (the “Filing Deadline”), the Company shall prepare and file with the SEC one Registration Statement on Form S-3ASR (or, if Form S-3ASR is not then available to the Company, on such form of registration statement as is then available to effect a registration for resale of the Registrable Securities) (the “Shelf Registration Statement”), covering the resale of the Registrable Securities. Subject to any SEC comments, such Shelf Registration Statement shall include a plan of distribution in substantially the form attached hereto as Exhibit A; provided, however, that no Holder shall be named as an “underwriter” in the Shelf Registration Statement without the Holder’s prior written consent, provided, further, that any Holder who unreasonably refuses to be named as an underwriter in the Shelf Registration Statement shall be excluded as a selling shareholder from the Shelf Registration Statement. The Shelf Registration Statement also shall cover, to the extent allowable under the Securities Act and the rules promulgated thereunder (including Rule 416), such indeterminate number of additional shares of Buyer Common Stock resulting from stock splits, stock dividends or similar transactions with respect to the Registrable Securities. The Shelf Registration Statement (and each amendment or supplement thereto, and each request for acceleration of effectiveness thereof) shall be provided by the Company to the Holders in accordance with Section 3(c) prior to its filing or other submission. If a Shelf Registration Statement covering the Registrable Securities is not (A) filed on or prior to the Filing Deadline and/or (B) effective on or prior to the Effectiveness Deadline (as defined below), the Company will make pro rata payments to each Holder, as liquidated damages and not as a penalty, in an amount equal to 12% per annum of the Registrable Securities for each full month or pro rata for any portion thereof following the Filing Deadline or Effectiveness Deadline, as applicable, for which no Registration Statement is filed or effective, as applicable, with respect to the Registrable Securities. Such payments shall constitute the Holders’ exclusive monetary remedy for such events, but shall not affect the right of the Member Representative to seek injunctive relief. Such payments shall be made to each Holder in cash no later than ten (10) Business Days after the end of each 30-day period.
b.Expenses. The Company will pay all expenses associated with effecting the registration of the Registrable Securities, including, but not limited to, filing and printing fees, the Company’s counsel and accounting fees and expenses, costs associated with clearing the Registrable Securities for sale under applicable state securities laws, listing fees and the Holders’ other reasonable expenses in connection with the registration, including the reasonable and documented fees and disbursements of one law firm retained by the Member Representative; provided, however, the Company shall not pay the following expenses: discounts, commissions, fees of underwriters, selling brokers, dealer managers or similar securities industry professionals with respect to the Registrable Securities being sold.
c.Effectiveness.
i.The Company shall use commercially reasonable efforts to have the Shelf Registration Statement filed pursuant to Section 2(a) to be declared effective as soon as practicable, and in no event later than five (5) Trading Days after the date that the Company is notified (orally or in writing, whichever is earlier) by the SEC that such Registration Statement will not be “reviewed,” or not be subject to further review and the effectiveness of such Registration Statement may be accelerated (the “Effectiveness Deadline”). The Company shall notify the Member Representative by e-mail as promptly as practicable, and in any event, within twenty-four (24) hours, after the Shelf Registration Statement is declared effective, and shall simultaneously provide the Member Representative with copies of any related Prospectus to be used in connection with the sale or other disposition of the securities covered thereby.
ii.For not more than forty (40) consecutive days or for a total of not more than sixty (60) days in any twelve (12) month period, the Company may suspend the use of any Prospectus included in any Registration Statement contemplated by this Section in the event that the Company determines in good faith that such suspension is necessary to (A) delay the disclosure of material non-public information concerning the Company, the disclosure of which at the time is not, in the good faith opinion of the Company, in the best interests of the Company or (B) amend or supplement the affected Registration Statement or the related Prospectus so that such Registration Statement or Prospectus shall not include an untrue 
2

statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the case of the Prospectus in light of the circumstances under which they were made, not misleading (an “Allowed Delay”); provided, that the Company shall promptly (a) notify the Member Representative in writing (with email being sufficient) of the commencement of an Allowed Delay, but shall not (without the prior written consent of the Member Representative (with email being sufficient)) disclose to either the Member Representative or any Holder any material non-public information giving rise to an Allowed Delay unless such disclosure is necessary or advisable in the course of the Member Representative or any Holder providing services to the Company as an employee or consultant, (b) advise the Member Representative in writing (with email being sufficient) to cease all sales under the affected Registration Statement until the end of the Allowed Delay, and (c) use commercially reasonable efforts to terminate an Allowed Delay as promptly as practicable.  If after the date the Shelf Registration Statement is declared effective by the SEC, the Shelf Registration Statement ceases for any reason to remain effective or the Holders are otherwise not permitted to utilize the Prospectus therein to resell the Registrable Securities covered thereby, except for an Allowed Delay, the Company will make pro rata payments to each Holder, as liquidated damages and not as a penalty, in an amount equal to 12% per annum of the Registrable Securities for each full month or pro rata for any portion thereof following for which no Registration Statement is effective with respect to the Registrable Securities or the Prospectus included therein is not available for resale of Registrable Securities. Such payments shall constitute the Holders’ exclusive monetary remedy for such events, but shall not affect the right of the Member Representative to seek injunctive relief. Such payments shall be made to each Holder in cash no later than ten (10) Business Days after the end of each 30-day period.
d.Rule 415; Cutback. If at any time the SEC takes the position that the offering of some or all of the Registrable Securities in a Registration Statement is not eligible to be made on a delayed or continuous basis under the provisions of Rule 415 under the Securities Act or requires any Holder to be named as an “underwriter,” the Company shall use its commercially reasonable efforts to persuade the SEC that the offering contemplated by such Registration Statement is a bona fide secondary offering and not an offering “by or on behalf of the issuer” as defined in Rule 415 and that none of the Holders is an “underwriter.” In the event that, despite the Company’s commercially reasonable efforts and compliance with the terms of this Section 2(d), the SEC refuses to alter its position, the Company shall (i) remove from the affected Registration Statement such portion of the Registrable Securities (the “Cut Back Shares”) and/or (ii) agree to such restrictions and limitations on the registration and resale of the Registrable Securities as the SEC may require to assure the Company’s compliance with the requirements of Rule 415 (collectively, the “SEC Restrictions”). Any cut-back imposed pursuant to this Section 2(d) shall be allocated among the Holders on a pro rata basis, unless the SEC Restrictions otherwise require or provide or the Holders otherwise agree. No liquidated damages shall accrue as to any Cut Back Shares until such date as the Company is able to effect the registration of such Cut Back Shares in accordance with any SEC Restrictions (such date, the “Restriction Termination Date” of such Cut Back Shares).  From and after the Restriction Termination Date, all of the provisions of this Section 2 (including the liquidated damages) shall again be applicable to such Cut Back Shares; provided, however, that (i) the Filing Deadline for the Registration Statement including such Cut Back Shares shall be ten (10) Business Days after such Restriction Termination Date, and (ii) the date by which the Company is required to obtain effectiveness with respect to such Cut Back Shares under Section 2(d) shall be the 60th day immediately after the Restriction Termination Date.
3.Company Obligations. The Company will use commercially reasonable efforts to effect the registration of the Registrable Securities pursuant to a Registration Statement in accordance with the terms hereof, and pursuant thereto the Company will, as expeditiously as possible:
a.use commercially reasonable efforts to cause such Registration Statement to become effective and to remain continuously effective for a period that will terminate upon the earlier of (i) the date on which all Registrable Securities covered by such Registration Statement as amended from time to time, have been sold, or (ii) the date on which all Registrable Securities covered by such Registration Statement may be sold pursuant to Rule 144 without the requirement for the Company to be in compliance with the current public information requirement under Rule 144(c)(i) (the “Effectiveness Period”);
b.prepare and file with the SEC such amendments and post-effective amendments to such Registration Statement and any Prospectus as may be necessary to keep such Registration Statement effective for the Effectiveness Period and to comply with the provisions of the Securities Act and the Exchange Act with respect to the distribution of all of the Registrable Securities covered thereby;
c.provide to the Member Representative for review copies of each Registration Statement and all amendments and supplements thereto no fewer than three (3) Business Days prior to their filing with the SEC and not file any document to which the Member Representative reasonably objects; provided, however, that the Company shall not be required to provide in advance to the Member Representative or any Holder any periodic or current reports to be filed under the Exchange Act and available at www.sec.gov, regardless of whether such reports would be deemed a post-effective amendment to the Registration
3

Statement;
d.use commercially reasonable efforts to (i) prevent the issuance of any stop order or other suspension of effectiveness and, (ii) if such order is issued, obtain the withdrawal of any such order at the earliest possible moment;
e.prior to any public offering of Registrable Securities, use commercially reasonable efforts to register or qualify or cooperate with the Member Representative in connection with the registration or qualification of such Registrable Securities for offer and sale under the securities or blue sky laws of such U.S. jurisdictions reasonably requested by the Holders and do any and all other commercially reasonable acts or things necessary or advisable to enable the distribution in such U.S. jurisdictions of the Registrable Securities covered by such Registration Statement; provided, however, that the Company shall not be required in connection therewith or as a condition thereto to (i) qualify to do business in any U.S. jurisdiction where it would not otherwise be required to qualify but for this Section 3(e), (ii) subject itself to general taxation in any jurisdiction where it would not otherwise be so subject but for this Section 3(e), or (iii) file a general consent to service of process in any such jurisdiction;
f.use commercially reasonable efforts to cause all Registrable Securities covered by such Registration Statement to be listed on the NASDAQ, or if not then-listed on the NASDAQ, the securities exchange, interdealer quotation system or other market on which similar securities issued by the Company are then listed;
g.promptly notify the Member Representative (with email being sufficient), at any time prior to the end of the Effectiveness Period, upon discovery that, or upon the happening of any event as a result of which, the Prospectus includes an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing, but shall not (without the prior written consent of the Member Representative (with email being sufficient)) disclose to the Member Representative or any Holder any material non-public information giving rise to such event unless such disclosure is necessary or advisable in the course of the Member Representative or any Holder providing services to the Company as an employee or consultant, and promptly prepare, file with the SEC and furnish to the Member Representative a supplement to or an amendment of such Prospectus as may be necessary so that such Prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing;
h.otherwise use commercially reasonable efforts to comply with all applicable rules and regulations of the SEC under the Securities Act and the Exchange Act, including, without limitation, Rule 172 under the Securities Act, file any final Prospectus, including any supplement or amendment thereof, required to be filed with the SEC pursuant to Rule 424 under the Securities Act, promptly inform the Member Representative in writing (with email being sufficient) if, at any time during the Effectiveness Period, the Company does not satisfy the conditions specified in Rule 172 and, as a result thereof, the Holders are required to deliver a Prospectus in connection with any disposition of Registrable Securities and take such other actions as may be reasonably necessary to facilitate the registration of the Registrable Securities hereunder; and, beginning after the effective date of such Registration Statement, make available to its security holders, as soon as reasonably practicable, but not later than the Availability Date (as defined below), an earnings statement covering a period of at least twelve (12) months beginning with the first day of the Company’s first full fiscal quarter after the effective date of such Registration Statement (such date, the “Beginning Date”), which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act, including Rule 158 promulgated thereunder (for the purpose of this Section 3(h), “Availability Date” means the 45th day following the end of the fourth fiscal quarter following the Beginning Date, except that, if such fourth fiscal quarter is the last quarter of the Company’s fiscal year, “Availability Date” means the 90th day after the end of such fourth fiscal quarter); provided, that, the requirement shall be deemed satisfied if the Company timely files complete and accurate information on Forms 10-K, 10-Q and 8-K under the Exchange Act and otherwise complied with Rule 158 under the Securities Act; and
i.with a view to making available to the Holders the benefits of Rule 144 (or its successor rule) and any other rule or regulation of the SEC that may at any time permit the Holders to sell shares of the Registrable Securities to the public without registration, the Company covenants and agrees to: (i) make and keep public information available, as those terms are understood and defined in Rule 144, until such date as all of the Registrable Securities shall have been resold pursuant to such Registration Statement, Rule 144 or otherwise in a transaction in which the transferee receives freely tradable shares; (ii) file with the SEC in a timely manner all reports and other documents required of the Company under the Exchange Act; and (iii) furnish to the Member Representative upon request of a Holder, as long as such Holder owns any Registrable Securities, (A) a written statement by the Company that it has complied with the reporting requirements of the Exchange Act and (B) such other information as may be reasonably requested in order to avail the Holder of any rule or regulation of the SEC that permits the selling of any such Registrable Securities without registration.
4

4.Obligations of the Holders.
a.Each Holder shall furnish in writing to the Company such information regarding itself, the Registrable Securities held by it, and the intended method of disposition of the Registrable Securities held by it if substantially different from Exhibit A, as shall be reasonably required to effect the registration of such Registrable Securities and shall execute such documents in connection with such registration as the Company may reasonably request. At least five (5) Business Days prior to the first anticipated filing date of any Registration Statement, the Company shall notify the Member Representative or each Holder, at the discretion of the Company, of the information the Company requires from the specified Holder if it elects to have any of its Registrable Securities included in the Registration Statement. A Holder shall, or at the Company’s election, the Member Representative shall aggregate and, provide the information to the Company at least three (3) Business Days prior to the first anticipated filing date of such Registration Statement if the Holder elects to have any of the Registrable Securities included in the Registration Statement. In the event that a Holder, or the Member Representative on such Holder’s behalf, does not provide such information on a timely basis, the Company shall provide prompt written notice to the Holder (email being sufficient) or Member Representative, as applicable, that the Registrable Securities attributable to that Holder will be excluded from the Registration Statement unless the Holder or Member Representative provides the required information within one (1) Business Day after its receipt of such notice. If the Holder or Member Representative does not provide the required information to the Company by the end of the next Business Day after its receipt of such notice, the Company shall have the right to exclude the Registrable Securities attributable to that Holder from the Registration Statement and the Holder shall not be entitled to receive any liquidated damages pursuant to the provisions of this Agreement with respect to such Registration Statement. Notwithstanding anything in this Agreement to the contrary, any Holder that elects not to have any of its Registrable Securities included in the Registration Statement, shall not be entitled to receive any liquidated damages pursuant to the provisions of this Agreement with respect to such Registration Statement.
b.Each Holder agrees to (i) notify the Company as promptly as practicable of any inaccuracy or change in information previously furnished to the Company by such Holder or of the occurrence of any event that would cause the Prospectus included in a Registration Statement to contain an untrue statement of a material fact regarding such Holder or the distribution of such Registrable Securities or to omit to state any material fact regarding such Holder or the distribution of such Registrable Securities required to be stated therein or necessary to make the statements made therein not misleading in light of the circumstances under which they were made and (ii) to furnish to the Company, as promptly as practicable, any additional information required to correct and update the information previously furnished by such Holder such that the Prospectus shall not contain any untrue statement or a material fact regarding such Holder or the distribution of such Registrable Securities or omit to state a material fact regarding such Holder or the distribution of such Registrable Securities necessary to make the statements therein not misleading in light of the circumstances under which they were made.
c.Each Holder, by its acceptance of the Registrable Securities, and the Member Representative, severally and not jointly, agree to cooperate with the Company as reasonably requested by the Company in connection with the preparation and filing of a Registration Statement hereunder, unless, in the case of the Holders, the Holder has notified the Company in writing of its election to exclude all of its Registrable Securities from such Registration Statement.
d.Each Holder agrees that, upon receipt of any notice from the Company of either (i) the commencement of an Allowed Delay pursuant to Section 2(c)(ii) or (ii) the happening of an event pursuant to Section 3(g) hereof, the Holder will immediately discontinue disposition of Registrable Securities pursuant to the Registration Statement covering such Registrable Securities, until the Holder is advised by the Company that such dispositions may again be made.
e.Each Holder shall promptly notify the Company in writing (with email being sufficient) when all Registrable Securities held by such Holder have been sold.
5.Obligations of the Member Representative.  The Member Representative covenants and agrees to promptly deliver to the Holders all such notifications and information communicated, sent, conveyed or delivered to it by the Company pursuant to the terms of this Agreement that are required pursuant hereto to be sent to the Holders.
6.Indemnification.
a.Indemnification by the Company. The Company will indemnify and hold harmless each Holder and the Member Representative and its respective officers, directors, members, managers, partners, trustees, employees and agents and other representatives, successors and assigns, and each other person, if any, who controls such Holder within the meaning of the Securities Act, against any losses, claims, damages or liabilities, joint or several, to which they may become subject under 
5

the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon: (i) any untrue statement or alleged untrue statement or omission or alleged omission of any material fact contained in any Registration Statement, any Prospectus, or any amendment or supplement thereof; (ii) any blue sky application or other document executed by the Company specifically for that purpose or based upon written information furnished by the Company filed in any state or other jurisdiction in order to qualify any or all of the Registrable Securities under the securities laws thereof (any such application, document or information herein called a “Blue Sky Application”); (iii) the omission or alleged omission to state in a Blue Sky Application a material fact required to be stated therein or necessary to make the statements therein not misleading; (iv) any violation by the Company or its agents of any rule or regulation promulgated under the Securities Act applicable to the Company or its agents and relating to action or inaction required of the Company in connection with such registration; or (v) any failure to register or qualify the Registrable Securities included in any such Registration Statement in any state where the Company or its agents has affirmatively undertaken or agreed in writing that the Company will undertake such registration or qualification on a Holder’s behalf and will reimburse such Holder, and each such officer, director, shareholder or member and each such controlling person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the Company will not be liable in any such case if and to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission so made in conformity with information furnished by the Member Representative with respect to such Holder, such Holder or any such controlling person in writing to the Company specifically for use in such Registration Statement or Prospectus.
b.Indemnification by the Holders. Each Holder agrees, severally but not jointly, to indemnify and hold harmless, to the fullest extent permitted by law, the Company, its directors, officers, employees, stockholders and each person who controls the Company (within the meaning of the Securities Act) against any losses, claims, damages, liabilities and expense (including reasonable attorney fees) resulting from any untrue statement of a material fact or any omission of a material fact required to be stated in the Registration Statement or Prospectus or amendment or supplement thereto or necessary to make the statements therein not misleading, to the extent, but only to the extent that such untrue statement or omission is contained in any information furnished in writing by the Member Representative with respect to such Holder or such Holder to the Company specifically for inclusion in such Registration Statement or Prospectus or amendment or supplement thereto. In no event shall the liability of a Holder be greater in amount than the dollar amount of the proceeds (net of all expenses paid by the Holder in connection with any claim relating to this Section 5 and the amount of any damages the Holder has otherwise been required to pay by reason of such untrue statement or omission) received by the Holder upon the sale of the Registrable Securities included in the Registration Statement giving rise to such indemnification obligation.
c.Conduct of Indemnification Proceedings. Any person entitled to indemnification hereunder shall (i) give prompt notice to the indemnifying party of any claim with respect to which it seeks indemnification and (ii) permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party; provided that any person entitled to indemnification hereunder shall have the right to employ separate counsel and to participate in the defense of such claim, but the fees and expenses of such counsel shall be at the expense of such person unless (a) the indemnifying party has agreed to pay such fees or expenses, (b) the indemnifying party shall have failed to assume the defense of such claim and employ counsel reasonably satisfactory to such person or (c) in the reasonable judgment of any such person, based upon written advice of its counsel, a conflict of interest exists between such person and the indemnifying party with respect to such claims (in which case, if the person notifies the indemnifying party in writing that such person elects to employ separate counsel at the expense of the indemnifying party, the indemnifying party shall not have the right to assume the defense of such claim on behalf of such person); and provided, further, that the failure of any indemnified party to give notice as provided herein shall not relieve the indemnifying party of its obligations hereunder, except to the extent that such failure to give notice shall materially and adversely affect the indemnifying party in the defense of any such claim or litigation. It is understood that the indemnifying party shall not, in connection with any proceeding in the same jurisdiction, be liable for fees or expenses of more than one separate firm of attorneys at any time for all such indemnified parties. No indemnifying party will, except with the consent of the indemnified party, consent to entry of any judgment or enter into any settlement that does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect of such claim or litigation. The indemnifying party shall not be liable hereunder for any settlements entered into by an indemnified party without the indemnifying party’s prior written consent, which shall not be unreasonably withheld, conditioned or delayed.
d.Contribution. If for any reason the indemnification provided for in the preceding paragraphs (a) and (b) is unavailable to an indemnified party or insufficient to hold it harmless, other than as expressly specified therein, then the indemnifying party shall contribute to the amount paid or payable by the indemnified party as a result of such loss, claim, damage or liability, including reasonable attorneys’ fees, in such proportion as is appropriate to reflect the relative fault of the indemnified party and the indemnifying party, as well as any other relevant equitable considerations. No person guilty of
6

fraudulent misrepresentation within the meaning of Section 11(f) of the Securities Act shall be entitled to contribution from any person not guilty of such fraudulent misrepresentation. In no event shall the contribution obligation of a Holder be greater in amount than the dollar amount of the proceeds (net of all expenses paid by such Holder in connection with any claim relating to this Section 5 and the amount of any damages such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission) received by it upon the sale of the Registrable Securities giving rise to such contribution obligation.
7.Miscellaneous.
a.Amendments and Waivers; Termination. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company, the Member Representative and the Required Holders; provided, that the consent of the Member Representative shall not be required in the case of an amendment or waiver of any term that is not directly applicable to the rights of the Member Representative.  If the Merger Agreement shall terminate in accordance with Article VIII (Termination) of the Merger Agreement, this Agreement shall immediately terminate, without the consent of any of the parties hereto, and be of no further force or effect.
b.Notices. All notices and other communications provided for or permitted hereunder shall be made as set forth in Section 9.7 of the Merger Agreement.
c.Assignments and Transfers by Holders. The provisions of this Agreement shall be binding upon and inure to the benefit of the Holders and their respective successors and assigns. A Holder may transfer or assign, in whole or from time to time in part, to one or more Persons its rights hereunder in connection with the transfer of Registrable Securities by the Holder to such person, provided that the Holder complies with all laws applicable thereto and provides written notice of assignment to the Company promptly after such assignment is effected.
d.Assignments and Transfers by the Company. This Agreement may not be assigned by the Company (whether by operation of law or otherwise) without the prior written consent of the Required Holders; provided, however, that in the event that the Company is a party to a merger, consolidation, share exchange or similar business combination transaction in which the Rollover Stock is converted into the equity securities of another Person, from and after the effective time of such transaction, such Person shall, by virtue of such transaction, be deemed to have assumed the obligations of the Company hereunder. The term “Company” shall be deemed to refer to such Person and the term “Registrable Securities” shall be deemed to include the securities received by the Holders in connection with such transaction unless such securities are otherwise freely tradable by the Holders after giving effect to such transaction.
e.Benefits of the Agreement. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and permitted assigns of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and permitted assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.
f.Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g. DocuSign) or other transmission method and any counterpart so delivered shall be deemed to have been validly delivered and be valid and effective for all purposes.
g.Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.
h.Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof but shall be interpreted as if it were written so as to be enforceable to the maximum extent permitted by applicable law, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. To the extent permitted by applicable law, the parties hereby waive any provision of law which renders any provisions hereof prohibited or unenforceable in any respect.
i.Further Assurances. The parties shall execute and deliver all such further instruments and documents and take all such other actions as may reasonably be required to carry out the transactions contemplated hereby and to evidence the 
7

fulfillment of the agreements herein contained.
j.Entire Agreement. This Agreement is intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter.
k.Governing Law; Consent to Jurisdiction; Waiver of Jury Trial. This Agreement shall be construed and enforced in accordance with, and all questions concerning the construction, validity, interpretation and performance of this Agreement shall be governed by, the internal laws of the State of Delaware, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Delaware or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of Delaware. The Company hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the State of Delaware, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law.  Nothing contained herein shall be deemed or operate to preclude the Holder from bringing suit or taking other legal action against the Company in any other jurisdiction to collect on the Company’s obligations to the Holder, to realize on any collateral or any other security for such obligations, or to enforce a judgment or other court ruling in favor of the Holder. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.
[SIGNATURES ON THE FOLLOWING PAGES]
8

IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized officers to execute this Agreement as of the date first above written.
									
	COMPANY:
			
	REDFIN CORPORATION
			
	By:	
	Name:	Chris Nielsen
	Title:	Chief Financial Officer

Signature Page to Registration Rights Agreement

IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized officers to execute this Agreement as of the date first above written.
									
	MEMBER REPRESENTATIVE:
			
			
	By:	
	Name:	Brett McGovern
	Email:	brett@bayeq.com

Signature Page to Registration Rights Agreement

IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized officers to execute this Agreement as of the date first above written.
						
	MEMBER:
		
	[_]	
		
	By:	[_]
	Its:	[_]
		
	By:	
	Name:
	Title:
	Email:

Signature Page to Registration Rights Agreement

Schedule A
Members
Signature Page to Registration Rights Agreement

Exhibit A
Plan of Distribution
We are registering the shares of our common stock issued to the selling stockholders to permit the resale of these shares of our common stock by the holders of such shares from time to time after the date of this prospectus. We refer to the shares of our common stock covered by this prospectus as the “Registered Shares.” We will not receive any of the proceeds from the sale by the selling stockholder of the Registered Shares. We will bear all fees and expenses incident to our obligation to register the Registered Shares.
The selling stockholders, which as used herein includes donees, pledgees, transferees, or other successors-in-interest selling Registered Shares or interests in Registered Shares received after the date of this prospectus from the selling stockholders as a gift, pledge, partnership distribution, or other transfer, may, from time to time, sell, transfer or otherwise dispose of any or all of their Registered Shares or interests in Registered Shares on any stock exchange, market, or trading facility on which the Registered Shares are traded or in private transactions. These dispositions may be at fixed prices, at prevailing market prices at the time of sale, at prices related to the prevailing market price, at varying prices determined at the time of sale, or at negotiated prices.
The selling stockholders may use any one or more of the following methods when disposing of shares or interests therein:
•ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;
•block trades in which the broker-dealer will attempt to sell the shares as agent, but may position and resell a portion of the block as principal to facilitate the transaction;
•purchases by a broker-dealer as principal and resale by the broker-dealer for its account;
•an exchange distribution in accordance with the rules of the applicable exchange;
•privately negotiated transactions;
•short sales effected after the date the registration statement of which this prospectus is a part is declared effective by the SEC;
•through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;
•broker-dealers may agree with the selling stockholders to sell a specified number of such shares at a stipulated price per share;
•a combination of any such methods of sale; and
•any other method permitted by applicable law.
The selling stockholders may, from time to time, pledge or grant a security interest in some or all of the Registered Shares owned by them and, if they default in the performance of its secured obligations, the pledgees or secured parties may offer and sell the Registered Shares, from time to time, under this prospectus, or under an amendment to this prospectus under Rule 424(b)(3) or other applicable provision of the Securities Act of 1933 (the “Securities Act”) amending the list of selling stockholders to include the pledgee, transferee, or other successors in interest as selling stockholders under this prospectus. The selling stockholders also may transfer the Registered Shares in other circumstances, in which case the transferees, pledgees, or other successors in interest will be the selling beneficial owners for purposes of this prospectus.
In connection with the sale of the Registered Shares or interests therein, the selling stockholders may enter into hedging transactions with broker-dealers or other financial institutions, which may in turn engage in short sales of our common stock in the course of hedging the positions they assume. The selling stockholders may also sell shares of our common stock short and deliver the Registered Shares to close out their short positions, or loan or pledge the Registered Shares to broker-dealers that in turn may sell these securities. The selling stockholders may also enter into option or other transactions with broker-

dealers or other financial institutions or the creation of one or more derivative securities that require the delivery to such broker-dealer or other financial institution of Registered Shares, which Registered Shares such broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).
The aggregate proceeds to the selling stockholders from the sale of the Registered Shares offered by them will be the purchase price of the Registered Shares less discounts or commissions, if any. The selling stockholders reserve the right to accept and, together with their agents from time to time, to reject, in whole or in part, any proposed purchase of the Registered Shares to be made directly or through agents.
The selling stockholders also may resell all or a portion of the Registered Shares in open market transactions in reliance upon Rule 144 under the Securities Act, provided that they meet the criteria and conform to the requirements of that rule.
The selling stockholders and any underwriters, broker-dealers, or agents that participate in the sale of the Registered Shares or interests therein may be “underwriters” within the meaning of Section 2(11) of the Securities Act. Any discounts, commissions, concessions, or profit they earn on any resale of the shares may be underwriting discounts and commissions under the Securities Act. Selling stockholders who are “underwriters” within the meaning of Section 2(11) of the Securities Act will be subject to the prospectus delivery requirements of the Securities Act.
To the extent required, the Registered Shares to be sold, the names of the selling stockholders, the respective purchase prices and public offering prices, the names of any agents, dealer, or underwriter, any applicable commissions or discounts with respect to a particular offer, will be set forth in an accompanying prospectus supplement or, if appropriate, a post-effective amendment to the registration statement that includes this prospectus.
In order to comply with the securities laws of some states, if applicable, the Registered Shares may be sold in these jurisdictions only through registered or licensed brokers or dealers. In addition, in some states the Registered Shares may not be sold unless it has been registered or qualified for sale or an exemption from registration or qualification requirements is available and is complied with.
We have advised the selling stockholders that the anti-manipulation rules of Regulation M under the Exchange Act may apply to sales of Registered Shares in the market and to the activities of the selling stockholder and its affiliates. In addition, to the extent applicable, we will make copies of this prospectus (as it may be supplemented or amended from time to time) available to the selling stockholders for the purpose of satisfying the prospectus delivery requirements of the Securities Act. The selling stockholders may indemnify any broker-dealer that participates in transactions involving the sale of the Registered Shares against certain liabilities, including liabilities arising under the Securities Act.
We have agreed to indemnify the selling stockholders against liabilities, including liabilities under the Securities Act and state securities laws, relating to the registration of the Registered Shares.
We have agreed with the selling stockholders to keep the registration statement of which this prospectus constitutes a part effective until the earlier of (i) such time as all of the Registered Shares have been disposed of or (ii) the date on which all of the Registered Shares may be sold without restriction pursuant to Rule 144 under the Securities Act.  
We may suspend the use of this prospectus if we learn of any event that causes this prospectus to include an untrue statement of a material fact or omit to state a material fact required to be stated in this prospectus or necessary to make the statements in this prospectus not misleading in light of the circumstances then existing. If this type of event occurs, a prospectus supplement or post-effective amendment, if required, will be distributed to the selling stockholders.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00338-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00338-of-00352.parquet"}]]