Document:

Exhibit
10.2

 

Certain
information has been excluded from the exhibit because it is not material and would likely cause competitive harm to the company
if publicly disclosed. [***] indicates the redacted confidential portions of this exhibit.

 

SECOND
LOAN MODIFICATION AGREEMENT

 

This
Second Loan Modification Agreement (this “Loan Modification Agreement”) is entered into as of June 30, 2020, by and
among (a) SILICON VALLEY BANK, a California corporation, with its principal place of business at 3003 Tasman Drive, Santa
Clara, California 95054 (“Bank”) and (b) (i) MISONIX, INC., a Delaware corporation (“Parent”),
(ii) MISONIX OPCO, INC., a New York corporation (“Misonix”), and (iii) SOLSYS MEDICAL, LLC, a
Delaware limited liability company (“Solsys”) (Parent, Misonix and Solsys are hereinafter jointly and severally,
individually and collectively, “Borrower”).

 

1.
DESCRIPTION OF EXISTING INDEBTEDNESS AND OBLIGATIONS. Among other indebtedness and obligations which may be owing by Borrower
to Bank, Borrower is indebted to Bank pursuant to a loan arrangement dated as of December 26, 2019, evidenced by, among other
documents, a certain Loan and Security Agreement dated as of December 26, 2019, as amended by a certain First Loan Modification
Agreement dated as of January 6, 2020 (as has been and as may be further amended, modified, restated, replaced or supplemented
from time to time the “Loan Agreement”). Capitalized terms used but not otherwise defined herein shall have the same
meaning as in the Loan Agreement.

 

2.
DESCRIPTION OF COLLATERAL. Repayment of the Obligations is secured by, among other property, (a) the Collateral as defined
in the Loan Agreement, (b) the Intellectual Property Collateral as defined in a certain Intellectual Property Security Agreement
dated as of December 26, 2019 between Parent and Bank (as amended, the “Parent Intellectual Property Security Agreement”),
(c) the Intellectual Property Collateral as defined in a certain Intellectual Property Security Agreement dated as of December
26, 2019 between Misonix and Bank (as amended, the “Misonix Intellectual Property Security Agreement”) and (d) the
Intellectual Property Collateral as defined in a certain Intellectual Property Security Agreement dated as of December 26, 2019
between Solsys and Bank (as amended, the “Solsys Intellectual Property Security Agreement”) (together with any other
collateral security granted to Bank, the “Security Documents”). Hereinafter, the Security Documents, together with
all other documents evidencing or securing the Obligations shall be referred to as the “Existing Loan Documents”.

 

3. DESCRIPTION OF CHANGE IN TERMS.

 

	 	A.	Modifications
    to Loan Agreement.

 

	 	1	The
    Loan Agreement shall be amended by deleting the following text, appearing in Section 6.9 thereof:

 

“           (b) Minimum Aggregate Revenue. Have at all times, to be tested as of the last Business Day of each fiscal quarter, Aggregate
Revenue for the following periods of at least:

 

	Period	 	Aggregate
    Revenue
	Trailing
    9-month period ending March 31, 2020	 	[***]
	Trailing
    12-month period ending June 30, 2020	 	[***]
	Trailing
    12-month period ending September 30, 2020	 	[***]
	Trailing
    12-month period ending December 31, 2020	 	[***]
	Trailing
    12-month period ending March 31, 2021	 	[***]
	Trailing
    12-month period ending June 30, 2021	 	[***]
	Trailing
    12-month period ending September 30, 2021 and each 12-month period ending on the last day of each fiscal quarter thereafter	 	[***]

 

    	 

     

    

 

For
purposes of clarification, if Aggregate Revenue is calculated for a period that includes any period prior the consummation of
the transactions contemplated in the Merger Agreement, Aggregate Revenue will include, without duplication, the combined aggregate
of Covenant Net Sales, Covenant Royalties and any other income or revenue recognized by Parent and/or its Subsidiaries, on one
hand, and by Solsys and/or its Subsidiaries, on the other hand, for such period.

 

(c)
Minimum EBITDA. Have at all times when the aggregate Market Capitalization of Parent is less than [***], to be tested as
of the last day of each fiscal quarter, EBITDA, as tested on a consolidated basis with respect to Parent and its Subsidiaries
for the following periods of at least the following:

 

	Period	 	Minimum
    EBITDA
	Trailing
    6-month period ending December 31, 2019	 	[***]
	Trailing
    9-month period ending March 31, 2020	 	[***]
	Trailing
    12-month period ending June 30, 2020	 	[***]
	Trailing
    12-month period ending September 30, 2020	 	[***]
	Trailing
    12-month period ending December 31, 2020	 	[***]
	Trailing
    12-month period ending March 31, 2021	 	[***]
	Trailing
    12-month period ending June 30, 2021 and each 12-month period ending on the last day of each calendar quarter thereafter	 	[***]

 

    	 	2	 

     

    

 

Notwithstanding
the foregoing, any failure of Borrower to satisfy the requirements set forth in this Section 6.9(c) shall not otherwise constitute
an Event of Default so long as Borrower maintains Consolidated Unencumbered Liquid Assets of at least the greater of (i) [***]
or (ii) an amount equal to four hundred percent (400.0%) of the Covenant Operational Burn for the prior Fiscal Quarter at all
times until the Borrower is otherwise in compliance with this Section 6.9(c).”

 

and
inserting in lieu thereof the following:

 

“
           (b) Minimum Aggregate Revenue. Have at all times, to be tested as of the last Business Day of each fiscal quarter, Aggregate
Revenue for the following periods of at least:

 

	Period	 	Aggregate
    Revenue
	Trailing
    9-month period ending March 31, 2020	 	[***]
	Trailing
    12-month period ending June 30, 2020	 	[***]
	Trailing
    12-month period ending September 30, 2020	 	[***]
	Trailing
    12-month period ending December 31, 2020	 	[***]
	Trailing
    12-month period ending March 31, 2021	 	[***]
	Trailing
    12-month period ending June 30, 2021	 	[***]
	Trailing
    12-month period ending September 30, 2021	 	[***]
	Trailing
    12-month period ending December 31, 2021 and each 12-month period ending on the last day of each fiscal quarter thereafter	 	[***]

 

For
purposes of clarification, if Aggregate Revenue is calculated for a period that includes any period prior the consummation of
the transactions contemplated in the Merger Agreement, Aggregate Revenue will include, without duplication, the combined aggregate
of Covenant Net Sales, Covenant Royalties and any other income or revenue recognized by Parent and/or its Subsidiaries, on one
hand, and by Solsys and/or its Subsidiaries, on the other hand, for such period.

 

    	 	3	 

     

    

 

(c)
Minimum EBITDA. Have at all times when the aggregate Market Capitalization of Parent is less than [***], to be tested as
of the last day of each fiscal quarter, EBITDA, as tested on a consolidated basis with respect to Parent and its Subsidiaries
for the following periods of at least the following:

 

	Period	 	Minimum
    EBITDA
	Trailing
    6-month period ending December 31, 2019	 	[***]
	Trailing
    9-month period ending March 31, 2020	 	[***]
	Trailing
    12-month period ending June 30, 2020	 	[***]
	Trailing
    12-month period ending September 30, 2020	 	[***]
	Trailing
    12-month period ending December 31, 2020	 	[***]
	Trailing
    12-month period ending March 31, 2021	 	[***]
	Trailing
    12-month period ending June 30, 2021 and each 12-month period ending on the last day of each calendar quarter thereafter	 	[***]

 

Notwithstanding
the foregoing, any failure of Borrower to satisfy the requirements set forth in this Section 6.9(c) shall not otherwise constitute
an Event of Default so long as Borrower maintains Consolidated Unencumbered Liquid Assets of at least the greater of (i) [***]
or (ii) an amount equal to four hundred percent (400.0%) of the Covenant Operational Burn for the prior Fiscal Quarter at all
times until the Borrower is otherwise in compliance with this Section 6.9(c).”

 

	 	2	The
    Loan Agreement shall be amended by deleting the following definition, appearing in Section 13.1 thereof:

 

“
“Market Capitalization” means, with respect to Parent, the volume weighted average closing price per share
of Parent’s publicly traded common stock as of the end of the five trading days immediately prior to such date of determination
(as quoted by Bloomberg L.P. or, if such quote is not available, such other customary inter-dealer quotation system reasonably
acceptable to Bank) multiplied by (b) the number of outstanding shares of Parent’s publicly traded common stock publicly
disclosed in its most recent SEC filing as outstanding as of such date of determination.”

 

    	 	4	 

     

    

 

and
inserting in lieu thereof the following:

 

“
“Market Capitalization” means, with respect to Parent, the volume weighted average closing price per share
of Parent’s publicly traded common stock as of the end of the ten (10) trading days immediately prior to such date of determination
(as quoted by Bloomberg L.P. or, if such quote is not available, such other customary inter-dealer quotation system reasonably
acceptable to Bank) multiplied by (b) the number of outstanding shares of Parent’s publicly traded common stock publicly
disclosed in its most recent SEC filing as outstanding as of such date of determination.”

 

	 	3	The
    Compliance Certificate appearing as Exhibit B to the Loan Agreement is hereby replaced with the Compliance Certificate
    attached as Schedule 1 hereto.

 

4.
FEES AND EXPENSES. Borrower shall pay to Bank a modification fee equal to Thirteen Thousand Five Hundred Dollars ($13,500.00),
which fee shall be fully earned, due and payable as of the date hereof. Borrower shall also reimburse Bank for all legal fees
and expenses incurred in connection with this amendment to the Existing Loan Documents.

 

5. RATIFICATION OF PERFECTION CERTIFICATES.

 

	 	A.	Parent
    hereby ratifies, confirms and reaffirms, all and singular, the terms and disclosures contained in a certain Perfection Certificate
    of Parent dated as of December 26, 2019, and acknowledges, confirms and agrees the disclosures and information Parent provided
    to Bank in such Perfection Certificate have not changed, as of the date hereof.
	 	 	 
	 	B.	Misonix
    hereby ratifies, confirms and reaffirms, all and singular, the terms and disclosures contained in a certain Perfection Certificate
    of Misonix dated as of December 26, 2019, and acknowledges, confirms and agrees the disclosures and information Misonix provided
    to Bank in such Perfection Certificate have not changed, as of the date hereof.
	 	 	 
	 	C.	Solsys
    hereby ratifies, confirms and reaffirms, all and singular, the terms and disclosures contained in a certain Perfection Certificate
    of Solsys dated as of December 26, 2019, and acknowledges, confirms and agrees the disclosures and information Solsys provided
    to Bank in such Perfection Certificate have not changed, as of the date hereof.

 

6. RATIFICATION OF INTELLECTUAL PROPERTY SECURITY AGREEMENTS.

 

	 	A.	Parent
    hereby ratifies, confirms and reaffirms, all and singular, the terms and conditions of the Parent Intellectual Property Security
    Agreement, and acknowledges, confirms and agrees that the Parent Intellectual Property Security Agreement contains an accurate
    and complete listing of all Intellectual Property Collateral as defined in said Parent Intellectual Property Security Agreement,
    and shall remain in full force and effect.
	 	 	 
	 	B.	Misonix
    hereby ratifies, confirms and reaffirms, all and singular, the terms and conditions of the Misonix Intellectual Property Security
    Agreement, and acknowledges, confirms and agrees that the Misonix Intellectual Property Security Agreement contains an accurate
    and complete listing of all Intellectual Property Collateral as defined in said Misonix Intellectual Property Security Agreement,
    and shall remain in full force and effect.
	 	 	 
	 	C.	Solsys
    hereby ratifies, confirms and reaffirms, all and singular, the terms and conditions of the Solsys Intellectual Property Security
    Agreement, and acknowledges, confirms and agrees that the Solsys Intellectual Property Security Agreement contains an accurate
    and complete listing of all Intellectual Property Collateral as defined in said Solsys Intellectual Property Security Agreement,
    and shall remain in full force and effect.

 

    	 	5	 

     

    

 

7.
CONSISTENT CHANGES. The Existing Loan Documents are hereby amended wherever necessary to reflect the changes described
above.

 

8.
RATIFICATION OF LOAN DOCUMENTS. Borrower hereby ratifies, confirms, and reaffirms all terms and conditions of all security
or other collateral granted to Bank, and confirms that the indebtedness secured thereby includes, without limitation, the Obligations.

 

9. Intentionally omitted.

 

10.
CONTINUING VALIDITY. Borrower understands and agrees that in modifying the existing Obligations, Bank is relying upon Borrower’s
representations, warranties, and agreements, as set forth in the Existing Loan Documents. Except as expressly modified pursuant
to this Loan Modification Agreement, the terms of the Existing Loan Documents remain unchanged and in full force and effect. Bank’s
agreement to modifications to the existing Obligations pursuant to this Loan Modification Agreement in no way shall obligate Bank
to make any future modifications to the Obligations. Nothing in this Loan Modification Agreement shall constitute a satisfaction
of the Obligations. It is the intention of Bank and Borrower to retain as liable parties all makers of Existing Loan Documents,
unless the party is expressly released by Bank in writing. No maker will be released by virtue of this Loan Modification Agreement.

 

11.
COUNTERSIGNATURE. This Loan Modification Agreement shall become effective only when it shall have been executed by Borrower
and Bank.

 

[The
remainder of this page is intentionally left blank]

 

    	 	6	 

     

    

 

This
Loan Modification Agreement is executed as a sealed instrument under the laws of the Commonwealth of Massachusetts as of the date
first written above.

 

	BORROWER:	 
	 	 	 
	MISONIX,
    INC.	 
	 	 	 
	By	/s/ Joseph P. Dwyer	 
	Name:	Joseph P. Dwyer	 
	Title:	Chief Financial Officer	 
	 	 	 
	MISONIX
    OPCO, INC.	 
	 	 	 
	By	/s/ Joseph P. Dwyer	 
	Name:	Joseph P. Dwyer	 
	Title:	Chief Financial Officer	 
	 	 	 
	SOLSYS
    MEDICAL, LLC	 
	 	 	 
	By:	Misonix,
    Inc.	 
	Its:	Sole
    member	 
	 	 	 
	By	/s/ Joseph P. Dwyer	 
	Name:	Joseph P. Dwyer	 
	Title:	Chief Financial Officer	 
	 	 	 
	BANK:	 
	 	 	 
	SILICON
    VALLEY BANK	 
	 	 	 
	By	/s/ Sam Subilia	 
	Name:	Sam Subilia	 
	Title:	DirectorEX-4.1

 Exhibit 4.1 

[FACE] 
 Number 

Warrants 
 THIS WARRANT
SHALL BE VOID IF NOT EXERCISED PRIOR TO 
 THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR 

IN THE WARRANT AGREEMENT DESCRIBED BELOW 

OPEN LENDING CORPORATION 

Incorporated Under the Laws of the State of Delaware 

CUSIP 629076 118 
 Warrant
Certificate 
 This Warrant Certificate certifies that
                , or registered assigns, is the registered holder of                
warrant(s) evidenced hereby (the “Warrants” and each, a “Warrant”) to purchase shares of common stock, $0.0001 par value per share (“Common Stock”), of Open Lending
Corporation, a Delaware corporation (the “Company”). Each Warrant entitles the holder, upon exercise during the period set forth in the Warrant Agreement referred to below, to receive from the Company that number of
fully paid and non-assessable shares of Common Stock as set forth below, at the exercise price (the “Exercise Price”) as determined pursuant to the Warrant Agreement, payable in lawful
money (or through “cashless exercise” as provided for in the Warrant Agreement) of the United States of America upon surrender of this Warrant Certificate and payment of the Exercise Price at the office or agency of the
Warrant Agent referred to below, subject to the conditions set forth herein and in the Warrant Agreement. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement. 

Each Warrant is initially exercisable for one fully paid and non-assessable share of Common
Stock. The number of shares of Common Stock issuable upon exercise of the Warrants is subject to adjustment upon the occurrence of certain events set forth in the Warrant Agreement. 

The initial Exercise Price per share of Common Stock for any Warrant is equal to $11.50 per share. The Exercise Price is subject to adjustment
upon the occurrence of certain events set forth in the Warrant Agreement. 
 Subject to the conditions set forth in the Warrant Agreement,
the Warrants may be exercised only during the Exercise Period and to the extent not exercised by the end of such Exercise Period, such Warrants shall become void. 

Reference is hereby made to the further provisions of this Warrant Certificate set forth on the reverse hereof and such further provisions
shall for all purposes have the same effect as though fully set forth at this place. 
 This Warrant Certificate shall not be valid unless
countersigned by the Warrant Agent, as such term is used in the Warrant Agreement. 
 This Warrant Certificate shall be governed by and
construed in accordance with the internal laws of the State of New York, without regard to conflicts of laws principles thereof. 

 
			
	OPEN LENDING CORPORATION
		
	By:	 	     

	Name:	 	
	Title:	 	
	
	AMERICAN STOCK TRANSFER
& TRUST COMPANY, LLC as Warrant Agent
		
	By:	 	     

	Name:	 	
	Title:	 	

 [REVERSE] 

The Warrants evidenced by this Warrant Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise to
receive                 shares of Common Stock and are issued or to be issued pursuant to a Warrant Agreement dated as of
                , 2020 (the “Warrant Agreement”), duly executed and delivered by the Company to American Stock Transfer & Trust Company,
LLC, a New York limited liability trust company, as warrant agent (the “Warrant Agent”), which Warrant Agreement is hereby incorporated by reference in and made a part of this instrument and is hereby referred to for a
description of the rights, limitation of rights, obligations, duties and immunities thereunder of the Warrant Agent, the Company and the holders (the words “holders” or “holder” meaning the Registered
Holders or Registered Holder) of the Warrants. A copy of the Warrant Agreement may be obtained by the holder hereof upon written request to the Company. Defined terms used in this Warrant Certificate but not defined herein shall have the
meanings given to them in the Warrant Agreement. 
 Warrants may be exercised at any time during the Exercise Period set forth in the
Warrant Agreement. The holder of Warrants evidenced by this Warrant Certificate may exercise them by surrendering this Warrant Certificate, with the form of election to purchase set forth hereon properly completed and executed, together with
payment of the Exercise Price as specified in the Warrant Agreement (or through “cashless exercise” as provided for in the Warrant Agreement) at the principal corporate trust office of the Warrant Agent. In the event that upon any
exercise of Warrants evidenced hereby the number of Warrants exercised shall be less than the total number of Warrants evidenced hereby, there shall be issued to the holder hereof or his, her or its assignee, a new Warrant Certificate evidencing the
number of Warrants not exercised. 
 Notwithstanding anything else in this Warrant Certificate or the Warrant Agreement, no Warrant may be
exercised unless at the time of exercise (i) a registration statement covering the shares of Common Stock to be issued upon exercise is effective under the Securities Act and (ii) a prospectus thereunder relating to the shares of Common
Stock is current, except through “cashless exercise” as provided for in the Warrant Agreement. 
 The Warrant Agreement provides
that upon the occurrence of certain events the number of shares of Common Stock issuable upon exercise of the Warrants set forth on the face hereof may, subject to certain conditions, be adjusted. If, upon exercise of a Warrant, the holder
thereof would be entitled to receive a fractional interest in a share of Common Stock, the Company shall, upon exercise, round down to the nearest whole number of shares of Common Stock to be issued to the holder of the Warrant. 

Warrant Certificates, when surrendered at the principal corporate trust office of the Warrant Agent by the Registered Holder thereof in person
or by legal representative or attorney duly authorized in writing, may be exchanged, in the manner and subject to the limitations provided in the Warrant Agreement, but without payment of any service charge, for another Warrant Certificate or
Warrant Certificates of like tenor evidencing in the aggregate a like number of Warrants. 
 Upon due presentation for registration of
transfer of this Warrant Certificate at the office of the Warrant Agent a new Warrant Certificate or Warrant Certificates of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee(s) in exchange
for this Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without charge except for any tax or other governmental charge imposed in connection therewith. 

The Company and the Warrant Agent may deem and treat the Registered Holder(s) hereof as the absolute owner(s) of this Warrant
Certificate (notwithstanding any notation of ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, of any distribution to the holder(s) hereof, and for all other purposes, and neither the Company nor the
Warrant Agent shall be affected by any notice to the contrary. Neither the Warrants nor this Warrant Certificate entitles any holder hereof to any rights of a stockholder of the Company. 

 Election to Purchase 

(To Be Executed Upon Exercise of Warrant) 

The undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, to receive
                     shares of Common Stock and herewith tenders payment for such shares of Common Stock to the order of Open Lending Corporation
(the “Company”) in the amount of $                     in accordance with the terms hereof. The undersigned requests that a
certificate for such shares of Common Stock be registered in the name of     , whose address is                      and that
such shares of Common Stock be delivered to                      whose address is
                    . If said number of shares of Common Stock is less than all of the shares of Common Stock purchasable hereunder, the
undersigned requests that a new Warrant Certificate representing the remaining balance of such shares of Common Stock be registered in the name of
                    , whose address is
                     and that such Warrant Certificate be delivered to
                    , whose address is
                    . 
 In the event
that the Warrant has been called for redemption by the Company pursuant to Section 6 of the Warrant Agreement and the Company has required cashless exercise pursuant to Section 6.3 of the Warrant
Agreement, the number of shares of Common Stock that this Warrant is exercisable for shall be determined in accordance with subsection 3.3.1(b) and Section 6.3 of the Warrant Agreement. 

In the event that the Warrant is a Private Placement Warrant that is to be exercised on a “cashless” basis pursuant to subsection
3.3.1(c) of the Warrant Agreement, the number of shares of Common Stock that this Warrant is exercisable for shall be determined in accordance with subsection 3.3.1(c) of the Warrant Agreement. 

In the event that the Warrant is to be exercised on a “cashless” basis pursuant to Section 7.4 of the
Warrant Agreement, the number of shares of Common Stock that this Warrant is exercisable for shall be determined in accordance with Section 7.4 of the Warrant Agreement. 

In the event that the Warrant may be exercised, to the extent allowed by the Warrant Agreement, through cashless exercise (i) the number
of shares of Common Stock that this Warrant is exercisable for would be determined in accordance with the relevant section of the Warrant Agreement which allows for such cashless exercise and (ii) the holder hereof shall complete the following:
The undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, through the cashless exercise provisions of the Warrant Agreement, to receive shares of Common Stock. If said number of shares is less
than all of the shares of Common Stock purchasable hereunder (after giving effect to the cashless exercise), the undersigned requests that a new Warrant Certificate representing the remaining balance of such shares of Common Stock be registered in
the name of                     , whose address is
                     and that such Warrant Certificate be delivered to
                    , whose address is
                    . 
 [Signature
Page Follows] 

							
	Date:                , 20	 		 		 	
		 		 		 	  
 (Signature)

				
		 		 		 	
		 		 		 	  

		 		 		 	  

		 		 		 	  
 (Address)

				
		 		 		 	  
 (Tax Identification
Number)

	Signature Guaranteed:	 		 		 	
				
	  
	 		 		 	

 THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN
ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15 (OR ANY SUCCESSOR RULE)).

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