Document:

Exhibit 10.3

      
        

        

        
          

          SECURITY AGREEMENT

          

          

          This Security Agreement is made this 21st day of February, 2018 by Viemed, Inc., a Delaware corporation, Sleep Management, L.L.C.,
              a Louisiana limited liability company, and Home Sleep Delivered, L.L.C., a Louisiana limited liability company (hereinafter referred to as “Grantor,” which term
              means individually, collectively, and interchangeably any, each and/or all of them) in favor of WHITNEY BANK, a Mississippi state chartered bank (“Secured Party”),
              with an office located at 1301 Camellia Blvd., Suite 100, Lafayette, LA 70508.  Additional information relating to Grantor is set forth on Schedule 1 to this Security Agreement.

           

            

          RECITALS:

           

            

          The Grantor and the Secured Party desire to enter into that certain Commercial Business Loan Agreement for Term Loans and Lines of
              Credit dated as of the date hereof (as the same may be amended, restated, or modified from time to time, the “Loan Agreement”).

           

            

          As a condition to Secured Party’s extending credit to Grantor, Secured Party requires that Grantor enter into this Security
              Agreement.

          NOW THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which
              are hereby acknowledged, the parties hereto agree as follows:

           

            

          Grantor hereby pledges, hypothecates, and grants to Secured Party a continuing and first priority security interest in: (a) all
              property of Grantor, or all property in which Grantor has an interest, that is now or hereafter on deposit with, in the possession of, under the control of or held by Secured Party or any financial institution affiliate of Secured Party,
              including, without limitation, all cash, deposit accounts, funds on deposit, stocks, bonds, treasury obligations, and other securities, investment property, financial assets, securities accounts, notes, documents, instruments, certificates of
              deposit, items, chattel paper, electronic chattel paper, tangible chattel paper, letter of credit rights, payment intangibles, and other property (except IRA, pension, and other tax‐deferred retirement accounts and any accounts or property
              held in a trust or fiduciary capacity) and (b) the following described property, whether now owned or hereafter arising or acquired by Grantor and wherever located:

           

            

           

        
          
            (xx) all Inventory

            (xx) all Accounts

            (    ) all Chattel Paper including Electronic Chattel Paper and Tangible Chattel Paper

            (xx) all Equipment

            (__) all Deposit Accounts

            (xx) all General Intangibles including all Payment Intangibles and all Software

            (__) all Investment Property

          

        

        
          
            (    ) all Instruments

            (    ) all Documents

            (__) the Commercial Tort Claims more fully described on Exhibit A

            (__) all Fixtures located on the property described on Exhibit B

            (__) all Letters of Credit and Letter of Credit Rights

            (xx) all property described on Exhibit A

          

        

        

          	
                   

                

          together with all additions, replacements, substitutions, accessions and improvements, and all supporting obligations, profits, products and proceeds
              including insurance proceeds, cash proceeds, and non‐cash proceeds including, but not limited to, all accounts, chattel paper, documents, instruments, general intangibles, investment property and supporting obligations relating to or arising
              out of any of the foregoing and all interest, dividends, income, profits, and distributions (including, without limitation, stock splits and stock dividends), and all proceeds and products of any of the foregoing including, without
              limitation, insurance proceeds, refunds, and premium rebates that arise out of any of the foregoing, (collectively, the “Collateral”).  The terms used herein to
              describe the Collateral shall have the meanings provided in Chapter 9 of the Louisiana Uniform Commercial Code, as the same may be amended or supplemented from time to time (the “UCC”).

           

            

          1.          Obligations.  The security interests granted pursuant to this Security Agreement shall secure the payment and performance of all obligations and liabilities of Grantor, and of any one or more of them, to
              Secured Party, direct or contingent, due or to become due, now existing or hereafter arising, including, without limitation, all advances and future advances, all interest, fees and charges, attorneys’ fees, expenses of collection and costs,
              and further including, without limitation, any and all obligations to Secured Party on promissory notes, checks, overdrafts, letter-of-credit agreements, loan agreements, security documents, endorsements, guaranties, this Security Agreement
              and agreements with respect to any swap, forward, future, or derivative transaction or option or similar agreement involving, or settled by reference to, one or more interest rates, currencies, commodities, equity or debt instruments or
              securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value (collectively, the “Obligations”).  All Collateral
              shall remain subject to this Security Agreement until the full and complete payment and performance of all Obligations and until Secured Party has no obligation to extend further advances to Grantor and any financing statements filed in
              connection with this Security Agreement have been terminated.

           

            

          
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          2.           Authority to File; Further Assurances. Grantor authorizes Secured Party at any time, without further consent or the signature of Grantor, to file (including by any electronic method) in any jurisdiction,
              financing statements, amendments to financing statements, continuations of financing statements, or other documents covering the Collateral or any part thereof thereof, including, without limitation, any filings with the United States Patent
              and Trademark Office,  the United States Copyright Office or any other office of any foreign jurisdiction having jurisdiction of the registration of any Intellectual Property (as defined herein) of the Grantor).  Grantor agrees that a
              photographic, electronic or other reproduction of this Security Agreement is sufficient as a financing statement.  Grantor also ratifies its authorization for Secured Party to have filed in any Uniform Commercial Code jurisdiction any initial
              financing statements or amendments thereto if filed prior to the date hereof. Grantor further agrees to promptly take such additional actions and to execute such additional documents as Secured Party deems reasonably necessary or advisable to
              perfect, continue the perfection of, maintain the priority of, and otherwise to protect and preserve Secured Party’s security interest in the Collateral and to prevent the accrual of prescription or statute of limitations with respect to the
              Collateral.  Grantor shall execute any endorsements, assignments and stock powers with respect to the Collateral, in form and substance satisfactory to Secured Party, that Secured Party may request.  Grantor will note Secured Party’s security
              interest upon any chattel paper and instruments not delivered to Secured Party. As may be necessary or advisable to ensure the attachment, perfection or priority of, or ability of the Secured Party to enforce its security interest in, the
              Collateral, Grantor will: (i) cause or allow Secured Party to cause Secured Party's name to be noted as Secured Party on any certificate of title for any titled goods; (ii) comply  with any provision of any statute, regulation or treaty of
              the United States as to any Collateral; (iii) obtain any governmental  and other third party consents or approvals; and (iv) obtain subordinations and/or waivers from mortgagees or landlords in form and substance satisfactory to Secured
              Party.

           

            

          3.        Representations, Warranties and Covenants. Grantor represents and warrants to and covenants with Secured Party as follows, which representations, warranties and covenants shall survive the execution and delivery
              of this Security Agreement and remain effective until all Obligations have been satisfied:

           

            

          a.         Grantor. Grantor’s exact legal name, Grantor’s place of incorporation or organization, its state organizational or identification number, and Grantor’s domicile or chief executive office are correctly
              recited in the opening paragraph of this Security Agreement and on Schedule 1 hereto and the description and identification of Collateral contained herein or on any exhibits hereto is correct and complete.  UNTIL ALL OBLIGATIONS ARE PAID IN
              FULL GRANTOR SHALL NOT, WITHOUT PROVIDING SECURED PARTY WITH 30 DAYS PRIOR WRITTEN NOTICE: (1) CHANGE GRANTOR’S DOMICILE, NAME, LEGAL FORM, STATE OR JURISDICTION OF ORGANIZATION, TAXPAYER IDENTIFICATION NUMBER OR STATE ORGANIZATIONAL OR
              IDENTIFICATION NUMBER; (2) TAKE TITLE TO ANY COLLATERAL IN ANY OTHER NAME; OR (3) HOLD OR MOVE ANY THE COLLATERAL IN OR TO A LOCATION OTHER THAN THE LOCATIONS DISCLOSED ON SCHEDULE 1.

           

            

          b.           Title.  Grantor owns (and as to any Collateral acquired after the date hereof will own) good and complete title to the Collateral free of any lien, security interest, encumbrance or other claim, right,
              title or interest of any person other than liens or security interests granted to Secured Party  herein or otherwise consented to in writing by Secured Party (“Permitted Liens”).Grantor

              has the unqualified right and power to grant a security interest in the Collateral without the consent of any other person.  There is no financing statement (or similar statement or registration under the law of any jurisdiction) now on file
              in any public office covering any interest in the Collateral, other than in favor of Secured Party, which has not been terminated or released by the secured party named therein.  Except for Permitted Liens, Grantor shall not create or permit
              to exist any lien, claim or security interest on, or sign or authorize any financing statement or similar statement or registration relating to, the Collateral other than in favor of Secured Party and shall defend the Collateral against all
              claims and demands of any person adverse to the interests of Secured Party.

           

            

          
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          c.          Control.  With respect to any Collateral consisting of deposit accounts, investment property, letter-of-credit rights and electronic chattel paper or any other Collateral of a type in which a security
              interest is or may be perfected by control, Grantor will take such action, enter into such agreements and arrangements and obtain from third parties such documents and agreements as Secured Party deems reasonable necessary or advisable in
              order to obtain control over such Collateral to the satisfaction of Secured Party. The term “control” as used herein shall have the meaning provided in the UCC.
              Secured Party may renew certificates of deposit or other renewable items included in the Collateral.

           

            

          d.         Sale and Use of Collateral.  The Grantor will not sell, transfer, assign or dispose of the Collateral or any material part thereof (except for sales of inventory in the ordinary course of business) without
              the prior written consent of the Secured Party; provided, however, that the Grantor may sell or otherwise dispose of obsolete or worn out equipment no longer used or useful in the Grantor's business if the Grantor shall, in the case of
              equipment reasonably necessary for the conduct of the business of the Grantor, promptly replace the same with new property of substantially equal value which shall forthwith become subject to the security interest provided for herein.  The
              Grantor will keep the Collateral in good order and repair and will not use the Collateral in violation of any material law, rule, regulation or ordinance or any applicable insurance policy.  The Grantor will not assert against the Secured
              Party any claim or defense which the Grantor may have against any seller of the Collateral or any part thereof or against any other Person with respect to the Collateral or any part thereof.  The Grantor will indemnify and hold the Secured
              Party harmless from and against any loss, liability, damage, costs and expenses whatsoever arising from the Grantor's use, operation, ownership or possession of the Collateral and any part thereof.

           

            

          e.            Accounts and Chattel Paper. With respect to any Collateral consisting of accounts or chattel paper:

           

            

          i.          Grantor represents and warrants that as of the
              time each account or chattel paper arises, each such account or chattel paper contract and all agreements and documentation relating thereto are genuine and in all respects what they purport to be and that the account or chattel paper
              constitutes the genuine, legal, valid and binding obligation of the account debtor enforceable in accordance with its terms, is in compliance and will conform with all applicable federal, state and local laws (including applicable usury
              laws), and the account debtor has no defense, set‐off or counterclaim effective against the Grantor.

           

            

          ii.         Upon the occurrence of an Event of Default,
              Secured Party shall have the right to notify the account debtors obligated on any or all accounts and chattel paper included in the Collateral to make payment thereon directly to Secured Party or its agent and to take control of all proceeds
              thereof, which right Secured Party may exercise at any time whether or not at the time an Event of Default exists.  Until such time as Secured Party elects to exercise such right by written notice to Grantor, Grantor is authorized and agrees
              to administer the accounts and chattel paper in a fiduciary capacity as agent for Secured Party, take all actions necessary to collect any amounts due thereon, and immediately deposit all proceeds in precisely the form received into a deposit
              account of Grantor with Secured Party designated by Grantor and approved by Secured Party for that purpose. Pending such deposit, Grantor will not commingle any such checks or other remittances with any of Grantor’s other funds or property,
              but will hold them separate and apart therefrom and in trust until deposit is made in the designated deposit account. The Grantor will duly fulfill all obligations on the Grantor's part under or in connection with the accounts and chattel
              paper and will do nothing to impair the rights of the Secured Party therein.  Secured Party shall have no obligation to do or perform any obligation of Grantor with respect to any account or chattel paper, but in the event of default
              hereunder, Secured Party may, at its election, perform some or all of Grantor’s obligations, and any liability or expenses incurred in connection therewith shall be payable by Grantor to Secured Party on demand and shall be secured by the
              Collateral hereunder.

           

            

          iii.       Grantor will use a chattel paper contract and
              an account agreement and account receivable invoice form in its dealings with account debtors which bars the account debtor from asserting defenses to payment against the Secured Party.  Except in the ordinary course of business prior to an
              Event of Default, the Grantor will not rescind or cancel any indebtedness evidenced by any account or chattel paper or modify any term thereof or make any adjustment with respect thereto, or extend or renew the same, or compromise or settle
              any dispute, claim, suit or legal proceeding relating thereto, or sell any account, chattel paper or interest therein, without the prior written consent of the Secured Party.

           

            

          
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          iv.       Grantor warrants that none of the account
              debtors or other persons obligated on any of the Collateral is subject to the Federal Assignment of Claims Act or like federal, state or local statute or rule in respect of such Collateral and will immediately notify Secured Party if any
              accounts or chattel paper included in the Collateral arise out of any contracts with the United States, any state or local government, or any department, agency, unit or instrumentality thereof, and agrees to take such additional actions and
              execute such additional documents as Secured Party may reasonably deem necessary or advisable to ensure that all moneys due or to become due under any such contract are assigned and payable to Secured Party and any requirements for notice to
              any governmental authority is given.

           

            

          v.        The Grantor will keep and maintain at Grantor's
              cost and expense satisfactory and complete records of the accounts and chattel paper, including, but not limited to, records of the shipment and receipt of goods and/or the performance of any services or obligations related to any such
              accounts or chattel paper, all payments received, all credits granted thereon, all discounts granted, all merchandise returned and all other dealings therewith.  Upon request by Secured Party, Grantor will promptly: (a) furnish to Secured
              Party copies, or originals if so requested, of any invoices, contracts, agreements or other books and records relating to any such Collateral; (b) give Secured Party written assignments, in form and substance acceptable to Secured party, of
              specific accounts or chattel paper, or groups thereof; and  (c) imprint a legend in form and manner satisfactory to Secured Party stating that the account, chattel paper and other books and records evidencing or pertaining to said Collateral
              is subject to a security interest in favor of Secured Party.

           

            

          vi.        Within ten (10) days after receiving Secured
              Party’s request for such, Grantor shall provide to Secured Party listings of all accounts and chattel paper, showing the name, address and the amount owed by each account debtor and agings of any accounts receivable.

           

            

          f.           Investment Property. To the extent that any stocks, bonds, securities or other investment property are included in the Collateral, Grantor (a) covenants not to vote any such Collateral in any manner that
              would adversely affect Secured Party’s rights and (b) authorizes Secured Party, in its discretion, to transfer to or register in its name or the name of its nominee any such Collateral, with or without indication of the security interest
              herein created.  Secured Party is not obligated to take any of the foregoing actions or to preserve Grantor’s rights with respect to the Collateral, including, without limitation, rights against prior parties and shall not be liable in any
              manner with respect to the Collateral.  Any responsibility of Secured Party with respect to any such Collateral, whether arising contractually or as a matter of law, is hereby expressly waived.

           

            

          g.         Intellectual Property  Grantor shall notify the Secured Party immediately upon the occurrence of each of the following (i) Grantor’s  acquisition after the date of this Agreement of any material General
              Intangibles consisting of patents, patent rights, patent applications, patent licenses, copyrights, copyrights applications, copyright licenses, trademarks, trademark rights, trade names, trade name rights, service marks, service mark rights,
              applications for registration of trademarks, trade names and service marks, fictitious names registrations and trademark, trade name and service mark registrations, trademark licenses, and all derivations thereof (collectively, “Intellectual
              Property”) and (ii) Grantor obtaining knowledge that any application or registration relating to any material Intellectual Property owned by or licensed to such Grantor is reasonably likely to become abandoned or dedicated, or of any material
              adverse determination or development (including, without limitation, the institution of, or any such determination or development in, any proceeding in the United States Copyright Office, the United States Patent and Trademark Office or any
              court) regarding Grantor’s ownership of any material Intellectual Property, its right to register the same, or to keep and maintain the same.  In the event that Secured Party shall so require, Grantor will execute and deliver to the Secured
              Party, at any time or from time to time, any Patent Security Agreement, Copyright Security Agreement or Trademark Security Agreement, as Secured Party shall require and as is necessary, and shall execute and deliver to the Secured Party any
              other document required to acknowledge or register or perfect the Secured Party’s interest in any part of the Intellectual Property, including without limitation, at Grantor’s sole cost and expense filing of any such Patent Security
              Agreement, Copyright Security Agreement or Trademark Security Agreement in the United States Patent and Trademark Office, the United States Copyright Office or any other domestic or foreign jurisdiction in which such filing is necessary or
              appropriate as determined by Secured Party. Notwithstanding anything to the contrary contained in this Agreement, the Secured Party shall only require perfection of its security interests in, or other registration with respect to, any
              Intellectual Property registered, or eligible to be registered, with a country other than the United States or any political subdivision thereof, to the extent that Secured Party determines, in its sole discretion, that such Intellectual
              Property, and the registration thereof in such other country or political subdivision thereof, is material to the Grantor’s business.

           

            

          
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          h.         Landlord, Mortgagee Disclaimer.  Promptly upon request by Secured Party, the Grantor shall cause each mortgagee of real property owned by the Grantor and each landlord of real property leased by the Grantor on
              which any Collateral is or may be located at any time to execute and deliver agreements satisfactory in form and substance to the Secured Party by which such mortgagee or landlord waives and disclaims any rights such mortgagee or landlord may
              have or claim to have in any Collateral and consents to the removal thereof by Secured Party or its authorized representatives.

           

            

          i.             Additional Covenants.

           

            

          i.          Should any Collateral decline in value after
              the date of this Security Agreement, Grantor shall, within five (5) days after receiving notice from Secured Party of such decline in value, grant a security interest in additional property satisfactory to Secured Party.

           

            

          ii.         Grantor authorizes Secured Party, at any time
              and in its sole discretion (a) to notify the obligor on any Collateral to make payments directly to Secured Party or to otherwise  render performance to or for the benefit of Secured Party; (b) to collect, receive and recover any money,
              proceeds or other property at any time due with respect to the Collateral and in connection therewith, to endorse notes, checks, drafts or other evidence of payments; and (c) to enforce, settle, adjust and compromise, in Secured Party’s sole
              discretion, all present and future rights and claims of Grantor with respect to the Collateral.

           

            

          iii.        If the Grantor at any time holds or acquires a
              commercial tort claim, the Grantor shall immediately notify the Secured Party in writing of the details thereof and grant to the Secured Party in writing, in form and substance satisfactory to Secured Party, a security interest therein or
              lien thereon and in the proceeds thereof.

           

            

          iv.       Grantor hereby agrees that all instruments,
              documents of title, chattel paper, interest, dividends, income, fruits, returns, accessions, profits, corporate distributions (including, without limitation, stock splits and stock dividends), and proceeds with respect to the Collateral
              shall, upon receipt in negotiable form, be delivered to Secured Party, with any necessary assignment or endorsement.

           

            

          4.          Financial Information.  Grantor agrees to provide to Secured Party upon request, but in any event on at least an annual basis, true and correct current financial statements and such other information
              regarding the financial condition, business and properties of Grantor as Secured Party may request from time to time, in form and substance satisfactory to Secured Party.  The financial statements shall include, among other things, detailed
              information regarding (i) any entities, such as corporations, partnerships, or limited liability companies in which the Grantor is the majority owner and (ii) any entities or persons for which Grantor is directly or contingently liable on
              debts or obligations of any kind incurred by those entities  or persons.  All financial statements or records submitted to Secured Party via electronic means, including, without limitation by facsimile, open internet communications or other
              telephonic or electronic methods, including, without limitation, documents in Tagged Image Format Files (“TIFF”) or Portable Document Format (“PDF”) shall be treated as originals, fully binding and with full legal force and effect and the
              parties waive any rights they may have to object to such treatment.  The Secured Party may rely on all such records in good faith as complete and accurate records produced or maintained by or on behalf of the party submitting such records.

           

            

          5.           Taxes.  The Grantor agrees to pay or discharge prior to delinquency all taxes, assessments, levies, and other governmental charges imposed on its property, except no Grantor shall be required to pay or
              discharge any tax, assessment, levy, or other governmental charge if (a) the amount or validity thereof is being contested by the Grantor in good faith by appropriate proceedings diligently pursued, (b) such proceedings do not involve any
              risk of sale, forfeiture, or loss of the Collateral or any interest therein, and (c) adequate reserves therefore have been established in conformity with “Generally Accepted Accounting Principles” as set forth in the FASB Accounting Standards Codification as established and published by the Financial Accounting Standards Board.”

           

            

          
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          6.           Access; Inspection Rights. Grantor shall at all reasonable times permit Secured Party, its officers and agents, access to the Collateral and to all books, records and data relating to the Collateral, for
              inspection and for verification of the existence, condition and value of the Collateral.  Grantor shall furnish all assistance and information that Secured Party may reasonably require to conduct such inspections and verifications.  Upon
              request, Grantor, at its expense, shall cause or permit an independent certified public accountant, appraiser or other expert selected by Secured Party to prepare and deliver to Secured Party a verification of the existence, condition or
              value of the Collateral. .  The relationship between Secured Party and Grantor shall remain solely that of debtor and creditor and Secured Party neither undertakes nor assumes any responsibility to review, inspect, supervise, approve or
              inform Grantor with respect to any matters related to the operation of Grantor's business, financial matters or the Collateral.  All inspections, reviews, audits and appraisals conducted by Secured Party or its agents are for the sole use,
              protection and benefit of the Secured Party, regardless of whether they were paid for by Grantor.  Neither Grantor nor any other person may rely on any inspections, reviews, audits or appraisals conducted or obtained by the Secured Party and
              must rely solely on its own judgment with respect to matters covered therein.

           

            

          7.           Insurance.  RESERVED.

           

            

          8.          Payment of Expenses; Indemnification. Before or after the occurrence of an Event of Default, Secured Party may, from time to time, take such actions as it deems reasonably necessary, in its discretion, to
              maintain or preserve the Collateral and to protect and defend its interest therein, including, without limitation, payment and discharge of taxes, liens or other encumbrances thereon, making repairs, and paying any filing or recording fees
              and indebtedness and other taxes payable in connection with the Collateral, this Security Agreement or the transactions contemplated hereby.  The Grantor agrees to pay on demand all costs and expenses incurred by the Secured Party in
              connection with the negotiation, preparation, execution, administration, and enforcement of this Security Agreement and any and all amendments, modifications, and supplements hereto and the maintenance, preservation or protection of the
              Collateral and/or Secured Party’s interest therein.  The Grantor agrees to pay and to hold the Secured Party harmless from and against all fees and all excise, sales, stamp, indebtedness and other taxes payable in connection with this
              Security Agreement or the transactions contemplated hereby.  The Grantor hereby agrees to defend, indemnify and hold harmless the Secured Party and each affiliate thereof and their respective officers, directors, employees, attorneys, and
              agents from, and hold each of them harmless against, any and all losses, claims, actions, damages, penalties, judgments, costs, and expenses (including attorneys’ fees and expenses) to which any of them may become subject which directly or
              indirectly arise from or relate to (a) the negotiation, execution, delivery, performance, administration, or enforcement of this Security Agreement or any other instrument or agreement securing, evidencing, or relating to the Obligations or
              any part thereof, (b) use, operation, condition, possession or ownership of the Collateral or any part thereof, (c) any breach by the Grantor of any representation, warranty, covenant, or other agreement contained in this Security Agreement
              or any other instrument or agreement securing, evidencing, or relating to the Obligations or any part thereof, or (d) any investigation, litigation, or other proceeding, including, without limitation, any threatened investigation, litigation,
              or other proceeding relating to any of the foregoing; provided, however, that the Grantor shall have no obligation hereunder for any such losses, claims, damages, penalties, judgments, costs or expenses sustained or incurred as a direct
              result of Secured Party’s gross negligence or willful misconduct.  The Grantor hereby further agrees to defend, indemnify and hold the Secured Party and any agent designated by the Secured Party to take possession of any Collateral harmless
              from and against all losses, claims,  actions, damages, penalties,  judgments, costs, expenses (including attorneys’ fees and expenses)and any other type of financial exposure suffered by such Secured Party and such agent(s) in connection
              with the performance of their duties or enforcement of their rights hereunder (except to the extent  sustained or incurred as a direct result of  the Secured Party’s or such agent’s gross negligence or willful misconduct), including all steps
              taken or not taken in connection with the perfection, maintenance, protection or enforcement of the security interests in the Collateral.

           

            

          9.           Default. The occurrence of any of the following shall constitute an event of default (“Event of Default”) hereunder: (i) failure
              of Grantor to timely pay or perform any of the Obligations; (ii) failure of Grantor to perform or comply with any term, provision, condition, or covenant of this Security Agreement, any Loan Agreement governing Secured Party’s extension of
              credit to Grantor, any promissory note evidencing any part of the Obligations, or any other agreement between Grantor and Secured Party; (iii) any warranty or representation to Secured Party by or on behalf of Grantor made herein, in any Loan
              Agreement, in any promissory note evidencing any part of the Obligations, or in any other agreement between Grantor and Secured Party, shall be or become untrue at any time; or (iv) any other default or event of default shall occur under the
              terms of any Loan Agreement, any promissory note evidencing any part of the Obligations or any other agreement between Grantor and Secured Party.

           

            

          
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          10.         Power of Attorney. Grantor  hereby irrevocably constitutes and appoints the Secured Party and any officer or agent thereof, with full power of
                substitution, as its true and lawful attorneys‐in‐fact, during the continuation of an Event of Default, with full irrevocable power and authority in the name, place and
                stead of the Grantor or in Secured Party’s own name, for the purpose of carrying out the terms of this Security Agreement, to take any and all appropriate action and to execute any and all documents and instruments that may be necessary or
                desirable to accomplish the purposes of this Security Agreement and, without limiting the generality of the foregoing, hereby gives said attorneys the power and right, on behalf of the Grantor, to exercise, after default, at Secured
              Party’s sole discretion and without any obligation to do so, all rights that Grantor has with respect to the Collateral, including, without limitation, the right to exercise all rights of sale and inspection, deriving from Grantor’s ownership
              of or other interest in the Collateral.  This power of attorney is a power coupled with an interest and shall be irrevocable. To the extent permitted by law, the Grantor hereby ratifies all that such attorneys shall lawfully do or cause to be
              done in accordance with this Security Agreement.   The powers conferred on the Secured Party hereunder are solely to protect its interest in the Collateral and shall not impose
                any duty upon Secured Party to exercise any such powers. The Secured Party shall be accountable only for the amounts that  its actually receives as a result of the
                exercise of such powers, and neither Secured Party nor any of its officers, directors, employees or agents shall be responsible to Grantor for any act or failure to act,
                except for  Secured Party’s own gross negligence or willful misconduct.

           

            

          11.         Remedies. Upon the occurrence of an Event of Default, the Obligations shall, at the option of Secured Party, become immediately due and payable in full without notice of intent to accelerate, notice of
              acceleration, demand or protest, and Secured Party shall have all rights and remedies available to it under applicable law, including without limitation, the rights and remedies of a secured party under the UCC, all of which shall be
              cumulative.  In addition and without limitation, Secured Party (a) may require Grantor to, and Grantor hereby agrees that it will, at its expense and upon request of Secured Party, assemble the Collateral and any related books and records as
              directed by Secured Party and make the same available to Secured Party upon request, at a place to be designated by Secured Party, which is reasonably convenient to both parties; (b) may sell, assign, transfer and effectively deliver all or
              any part of the Collateral at one or more public or private sales, through any exchange or broker (including an online exchange or broker), or by way of one or more contracts, at such prices and on such terms as Secured Party may deem best,
              for cash or on credit, without recourse to judicial proceedings and without demand, appraisement or advertisement, all of which are hereby expressly waived by Grantor to the fullest extent permitted by law, and (c) may cause all or any part
              of the Collateral to be seized and sold, under writ issued in execution of a judgment obtained upon the Obligations, or under any other pre- or post-judgment legal procedure.  Grantor agrees that the sale or other disposition of any part of
              the Collateral shall not exhaust Secured Party’s power of sale, but sales or other dispositions may be made from time to time until all of the Collateral has been sold or disposed of or until all Obligations have been paid in full.  Except
              for any Collateral that is perishable or threatens to decline speedily in value, Secured Party shall give or mail to Grantor and other persons as required by law, reasonable notice of the time and place of any public sale thereof, or the time
              after which any private sale may be made.  The requirement of reasonable notice shall be met if such notice is mailed, postage-prepaid by ordinary mail addressed to Grantor at the last address Grantor has given Secured Party in writing, at
              least ten (10) days before the time of the sale or disposition.  All advances, costs, charges and expenses relating to the disposition of the Collateral, (including retaking, holding, insuring and preparing the Collateral for sale and
              reasonable attorneys fees and expenses), shall become part of the Obligations secured by this Security Agreement and shall bear interest from the date of demand at the highest, nonusurious rate of interest applicable to overdue payments of
              principal and interest of any of the Obligations as in effect from time to time.  Grantor agrees that any public sale shall be conclusively deemed to be conducted in a commercially reasonable manner if it is made consistent with the standards
              of similar sales of collateral by commercial banks located in Louisiana. If the proceeds from the sale or enforcement of the Collateral are insufficient to satisfy all of the Obligations in full, all parties obligated thereon shall remain
              fully obligated for any deficiency.  For purposes of executory process, Grantor acknowledges the indebtedness owed under the Obligations, confesses judgment in favor of Secured Party for the full amount of the Obligations, and agrees to
              enforcement by executory process.  Grantor waives (a) the benefit of appraisal provided in Art. 2723 of the Louisiana Code of Civil Procedure and (b) all other rights to notices, demands, appraisements and delays provided by the Louisiana
              Code of Civil Procedure or any other applicable laws.  Grantor grants to Secured Party an irrevocable mandate and power of attorney (coupled with an interest) to exercise, after default, at Secured Party's sole discretionary option and
              without any obligation to do so, all rights that Grantor has with respect to the Collateral, including, without limitation, the right to exercise all rights of inspection, deriving from Grantor's ownership of or other interest in the
              Collateral. If the proceeds from the sale or enforcement of the Collateral are insufficient to satisfy all of the Obligations in full, all parties obligated thereon shall remain fully obligated for any deficiency.  The rights and remedies of
              Secured Party hereunder are cumulative, may be exercised singly or concurrently, and are in addition to any rights and remedies of Secured Party under applicable law.

           

            

          
            - 7 -

            
              

          

          Without limiting any rights of Secured Party under this Security Agreement, if an Event of Default shall have occurred and be
              continuing, the Secured Party shall have the right to, or upon the request of the Secured Party, the Grantor shall, instruct all account debtors and other obligors liable on any accounts or other payment obligations of any kind that are a
              part of the Collateral to make all payments thereon either (a) directly to the Secured Party (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Secured Party), or (b) as
              otherwise provided by applicable law.  In addition to the foregoing, the Grantor agrees that if any proceeds of any Collateral (including payments made in respect of accounts or other payment obligations of any kind) shall be received by the
              Grantor while an Event of Default exists, the Grantor shall promptly deliver such proceeds in the form received to the Secured Party with all necessary endorsements.  Until such proceeds are delivered to the Secured Party, such proceeds shall
              be held in trust by the Grantor for the benefit of the Secured Party and shall not be commingled with any other funds or property of the Grantor.  All proceeds of Collateral received by the Secured Party pursuant to this paragraph may, at the
              absolute discretion of the Secured Party, (i) be applied to the Obligations, or (ii) be deposited to the credit of the Grantor and held as collateral for the Obligations or permitted to be used by the Grantor in the ordinary course of its
              business.

           

            

          In the event the Secured Party seeks to take possession of any or all of the Collateral by judicial process, the Grantor hereby
              irrevocably waives any bonds and any surety or security relating thereto that may be required by applicable law as an incident to such possession, and waives any demand for possession prior to the commencement of any such suit or action. In
              granting Secured Party the power to enforce its rights hereunder without prior judicial process or judicial hearing, Grantor expressly waives, renounces and knowingly relinquishes any legal right which might otherwise require Secured Party to
              enforce its rights by judicial process.  Grantor recognizes and concedes that non-judicial remedies are consistent with the usage of trade, are responsive to commercial necessity and are the result of a bargain at arm’s length.  Nothing
              herein is intended to prevent Secured Party or Grantor from resorting to judicial process at either party’s option. Grantor waives any right to require Secured Party to proceed against any third party, exhaust any Collateral or other security
              for the Obligations, or to have any third party joined with Grantor in any suit arising out of the Obligations, or pursue any other remedy available to Secured Party.  Grantor further waives any defense arising by reason of any disability or
              other defense of any third party or by reason of the cessation from any cause whatsoever of the liability of any third party.

           

            

          All rights and remedies of Secured Party hereunder are cumulative of each other and of every other right or remedy which Secured
              Party may otherwise have at law or in equity and may be exercised singly or concurrently, and the exercise of one or more of such rights or remedies shall not prejudice or impair the concurrent or subsequent exercise of any other rights or
              remedies.

           

            

          12.         Consent.  Without releasing or affecting any of its rights, Secured Party may, one or more times, in its sole discretion, without notice to or the consent of any Grantor, take any one or more of the
              following actions:  (a) release, renew or modify the obligations of Grantor or any other obligor for any of the Obligations; (b) release, exchange, modify, or surrender in whole or in part Secured Party’s rights  with respect to any
              collateral for the Obligations; (c) with the consent of the maker thereof modify or alter the term, interest rate or due date of any payment of any of the Obligations; (d) grant any postponements, compromises, indulgences, waivers, surrenders
              or discharges or modify the terms of its agreements with Grantor or any other person; (e) change its manner of doing business with Grantor or any other person; or (f) impute payments or proceeds of any collateral furnished for any of the
              Obligations, in whole or in part, to any of the Obligations, or in the event of a third party claim thereto retain the payments or proceeds as collateral for the Obligations without applying same toward payment of the Obligations, and Grantor
              hereby expressly waives any claims or defenses arising from any such actions.

           

            

          
            - 8 -

            
              

          

          13.        Amendments; Waivers.  No amendment or waiver of any provision of this Security Agreement, nor consent to any departure by any Grantor from the terms hereof, shall in any event be effective against Secured
              Party unless the same shall be in writing and signed by Secured Party.  No failure on the part of the Secured Party to exercise, and no delay in exercising any right, power, or privilege hereunder shall operate as a waiver thereof; nor shall
              any single or partial exercise of any right, power, or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, power, or privilege.

           

            

          14.        Joint, Several and Solidary; Successors and Assigns. If this Security Agreement is executed by more than one Grantor, the obligations of Grantor hereunder shall be joint, several and solidary. This Security
              Agreement shall be binding upon Grantor’s successors, heirs and assigns.  Secured Party may without notice to or consent of Grantor, or any Guarantor, assign and transfer the Collateral to an assignee of Secured Party with respect to any of
              the Obligations, whereupon such transferee shall become vested with all powers and rights granted to Secured Party under this Security Agreement.  Grantor shall not assign any of its rights or obligations under this Security Agreement without
              the prior written consent of Secured Party. The term “Secured Party” as used herein refers to Whitney Bank, a Mississippi state chartered bank doing business as Hancock Bank through its locations in Mississippi, Alabama and Florida and doing
              business as Whitney Bank through its locations in Louisiana and Texas.

           

            

          15.         Notices.  All notices and other communications provided for in this Security Agreement shall be given in writing and made by facsimile or mailed by certified mail return receipt requested, or delivered to
              the intended recipient at the “Address for Notices” specified below its name on the signature pages hereof; or, as to any party at such other address as shall be
              designated by such party in a notice to the other party given in accordance with this section.  Except as otherwise provided in this Security Agreement, all such communications shall be deemed to have been duly given when transmitted by
              facsimile or electronic transmission, subject to confirmation of receipt, or when personally delivered or, in the case of a mailed notice, when duly deposited in the mail, postage prepaid, in each case given or addressed as aforesaid.

           

            

          16.         Counterparts.  This Security Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  The
              Secured Party may, at its option and in its sole election, maintain and rely upon a photocopy, electronic copy or other reproduction of this Security Agreement and Grantor, for itself, its heirs, successors and assigns and any person claiming
              by or through any of them, hereby waive any and all objections to, and claims or defenses based upon, the failure of Secured Party to produce the original hereof for any purpose whatsoever.

           

            

          17.        Severability. If any provision of this Security Agreement shall be held to be legally invalid or unenforceable by any court of competent jurisdiction, all remaining provisions of this Security Agreement
              shall remain in full force and effect.

           

            

          18.        Headings.  The descriptive headings of the several sections of this Security Agreement are inserted for convenience only and shall not in any way affect the meaning or construction of any provision of this
              Security Agreement.

           

            

          19.     GOVERNING LAW; JURISDICTION; VENUE.  THIS SECURITY AGREEMENT SHALL BE GOVERNED AND CONTROLLED BY
                LOUISIANA LAW; PROVIDED, HOWEVER, THAT WHERE ANY COLLATERAL IS LOCATED IN A JURISDICTION OTHER THAN LOUISIANA, RIGHTS AND REMEDIES AVAILABLE TO A SECURED PARTY UNDER THE LAWS OF SUCH OTHER JURISDICTION SHALL ALSO BE AVAILABLE TO SECURED
                PARTY WITH RESPECT TO SAID COLLATERAL WITHOUT REGARD TO ANY CONTRARY PROVISION OF LOUISIANA LAW AND SUCH RIGHTS AND REMEDIES SHALL BE IN ADDITION TO ANY OTHER RIGHTS OR REMEDIES SECURED PARTY MAY HAVE. GRANTOR HEREBY IRREVOCABLY SUBMITS AND
                CONSENTS TO THE EXCLUSIVE PERSONAL JURISDICTION AND VENUE OF ANY STATE OR FEDERAL COURT IN LOUISIANA LOCATED IN THE SAME STATE JUDICIAL DISTRICT OR FEDERAL JUDICIAL DISTRICT, AS APPLICABLE,  AS THE OFFICE OF SECURED PARTY SPECIFIED IN THE
                FIRST PARAGRAPH OF THIS SECURITY AGREEMENT.  GRANTOR AGREES THAT ALL ACTIONS OR PROCEEDINGS ARISING DIRECTLY, INDIRECTLY OR OTHERWISE IN CONNECTION WITH, OUT OF, RELATED TO OR FROM THIS SECURITY AGREEMENT SHALL BE LITIGATED ONLY IN ONE OF
                THE FOREGOING DESCRIBED COURTS. GRANTOR, FOR ITSELF, ITS HEIRS, SUCCESSORS AND ITS ASSIGNS, AND FOR ANY PERSON CLAIMING UNDER OR THROUGH ANY OF THEM, HEREBY KNOWINGLY AND VOLUNTARILY WAIVES ANY AND ALL RIGHTS TO HAVE THE JURISDICTION AND
                VENUE OF ANY LITIGATION ARISING DIRECTLY, INDIRECTLY OR OTHERWISE IN CONNECTION WITH, OUT OF, RELATED TO OR FROM THIS SECURITY AGREEMENT IN ANY OTHER COURT, AND GRANTOR HEREBY KNOWINGLY AND VOLUNTARILY WAIVES ANY AND ALL RIGHTS TO REMOVE AN
                ACTION TO, OR TO TRANSFER, DISMISS, OR CHANGE VENUE TO, ANY OTHER COURT. GRANTOR FURTHER ACKNOWLEDGES AND AGREES THAT NEITHER SECURED PARTY NOR ANY PERSON ACTING ON BEHALF OF SECURED PARTY HAS IN ANY WAY AGREED WITH OR REPRESENTED TO
                GRANTOR THAT THE PROVISIONS OF THIS PARAGRAPH HAVE BEEN WAIVED OR WILL NOT BE FULLY ENFORCED BY SECURED PARTY.

           

              

          
            - 9 -

            
              

          

          20.       Final Agreement. This Security Agreement represents the final, entire agreement between the parties with respect to the subject matter hereof. No course of dealing, course of performance, usage of trade or
              evidence of any prior, contemporaneous or subsequent oral agreements or discussions or other extrinsic evidence of any nature shall be used to contradict, vary, supplement or modify any term of this Agreement.  There are no oral agreements
              between the parties.

           

            

          21.        No Third Party Benefit.  This Security Agreement is made solely for the purpose of setting forth the rights and obligations of the Secured Party and Grantor and any other obligations of the Secured Party
              and Grantor and any other obligations of the Secured Party and Grantor and any other signatories hereto, and no other third party is intended to benefit hereby or to have any rights hereunder.

           

            

          22.      WAIVER OF JURY TRIAL. GRANTOR AND SECURED PARTY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVE, TO THE FULLEST
                EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHTS EACH MAY HAVE TO TRIAL BY JURY IN ANY LEGAL PROCEEDING BASED ON, ARISING OUT OF, OR IN ANY WAY RELATED TO: THIS SECURITY AGREEMENT; THE OBLIGATIONS; ANY NOTES, LOAN AGREEMENTS, OR ANY
                OTHER LOAN DOCUMENT OR AGREEMENT EXECUTED OR CONTEMPLATED TO BE EXECUTED IN CONNECTION WITH ANY OF THE OBLIGATIONS OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.  THIS JURY WAIVER ALSO APPLIES TO ANY CLAIM, COUNTER CLAIM, CAUSE
                OF ACTION OR DEMAND ARISING FROM OR RELATED TO  (I) ANY COURSE OF CONDUCT, COURSE OF DEALING, OR RELATIONSHIP OF GRANTOR OR ANY OTHER PERSON WITH SECURED PARTY, OR ANY EMPLOYEE, OFFICER, DIRECTOR OR ASSIGNEE OF SECURED PARTY IN CONNECTION
                WITH THE OBLIGATIONS; OR (II) ANY STATEMENT (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PERSON BY OR ON BEHALF OF GRANTOR OR ANY OTHER PERSON IN CONNECTION WITH THE OBLIGATIONS, REGARDLESS OF WHETHER ANY SUCH CAUSE OF ACTION OR DEMAND
                ARISES BY CONTRACT, TORT OR OTHERWISE.  GRANTOR HEREBY ACKNOWLEDGES THAT THIS WAIVER OF JURY TRIAL IS A MATERIAL INDUCEMENT TO THE SECURED PARTY IN EXTENDING CREDIT TO THE GRANTOR, THAT THE SECURED PARTY WOULD NOT HAVE EXTENDED SUCH CREDIT
                WITHOUT THIS JURY TRIAL WAIVER, AND THAT GRANTOR HAS BEEN REPRESENTED BY AN ATTORNEY OR HAS HAD AN OPPORTUNITY TO CONSULT WITH AN ATTORNEY IN CONNECTION WITH THIS JURY TRIAL WAIVER AND UNDERSTANDS THE LEGAL EFFECT OF THIS WAIVER.  GRANTOR
                FURTHER CERTIFIES THAT NO PERSON HAS REPRESENTED TO IT, EXPRESSLY OR OTHERWISE, THAT SECURED PARTY OR ANY OTHER PERSON WOULD NOT, IN THE EVENT OF A LEGAL PROCEEDING, SEEK TO ENFORCE THE FOREGOING WAIVER.

           

              

          [Signatures on following page]

           

            

          
            - 10 -

            
              

          

          EXECUTED by the Grantor and the Secured Party as of the date first above written.

          

          

          	
                  GRANTOR:

                	 	
                  SECURED PARTY:

                	 
	 	 	 	 
	
                  Viemed, Inc.

                	
                  WHITNEY BANK

                
	 	 	 	 	 	 
	
                  By:

                	
                  /s/ Casey Hoyt

                	 	
                  By:

                	
                  /s/ Grant Guillotte

                	 
	 	
                  Casey Hoyt

                	 	 	
                  Grant Guillotte

                	 
	 	
                  Chief Executive Officer

                	 	
                  Sr. Vice President

                
	 	 	 	 
	
                  Address for Notices:

                	
                  Address for Notices:

                
	 	 	 	 
	
                  202 North Luke Street

                	
                  1301 Camellia Blvd., Suite 100

                
	
                  Lafayette, LA 70506

                	
                  Lafayette, LA 70508

                
	
                  Telephone No.:__________________

                	
                  Telephone No.: (337) 593-6026

                
	
                  Attn: Mr. Casey Hoyt

                	
                  Attn: Mr. Grant Guillotte

                

          

          

          	
                  Sleep Management, L.L.C.

                	 
	 	 	 
	
                  By:

                	
                  /s/ Casey Hoyt

                	 	 
	 	
                  Casey Hoyt

                	 	 
	 	
                  Member & Manager

                	 
	 	 	 
	
                  Address for Notices:

                	 
	 	 	 
	
                  202 North Luke Street, Suite A

                	 
	
                  Lafayette, LA 70506

                	 
	
                  Telephone No.:__________________

                    

                	

                	 
	
                  Attn: Mr. Casey Hoyt

                	 
	 	 	 
	
                  Home Sleep Delivered, L.L.C.

                	 
	 	 	 
	
                  By:

                	
                  /s/ Casey Hoyt

                	 	 
	 	
                  Casey Hoyt

                	 	 
	 	
                  Member & General Manager

                	 
	 	 	 
	
                  Address for Notices:

                	 
	 	 	 
	
                  202 North Luke Street, Suite B

                	 
	
                  Lafayette, LA 70506

                	 
	
                  Telephone No.: __________________

                    

                	 
	
                  Attn: Mr. Casey Hoyt

                	 

          

          

          
            - 11 -

            
              

          

          
          SCHEDULE 1

          

          

          
            
              	1.	
                      Viemed, Inc.:

                    

            

          

          

          

          
            	Grantor’s form of organization:	
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      Viemed, Inc.

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

            

            

            	
                    State or jurisdiction of Grantor’s organization:

                  	
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                Delaware

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

            

            

            	
                    State Organization or Identification Number:

                  	
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                6247199

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

            

            

            	
                    Grantor’s mailing address:

                    

                  	
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              202 N. Luke St.,
                                                                    Suite A, Lafayette, LA 70506

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

            

            

            	Grantor’s principal residence (individual) or location of chief executive office (other entity): 

            

            

            	 	
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                202 N. Luke St., Suite A, Lafayette, LA 70506

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

            

            

            	
                    Location(s) of Grantor’s books and records:

                    

                  	
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                202 N. Luke St., Suite A,
                                                      Lafayette, LA 70506

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

            

            

            	
                    Location(s) of Grantor’s inventory and equipment:

                  	
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        202 N. Luke St., Suite A, Lafayette, LA
                                              70506

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

            

            

            	All other names and legal forms of existence used by Grantor to conduct business within last ten years: 

            

            

            	 

                  	
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                None

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

            

            

            
              
                
                  	2.	
                          Sleep Management, L.L.C.

                        

                

              

              

              

            

            	
                    Grantor’s form of organization:

                    

                  	
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      Sleep Management, L.L.C.

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

            

            

            	
                    State or jurisdiction of Grantor’s organization:

                    

                  	
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                Louisiana

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

            

            

            	
                    State Organization or Identification Number:

                    

                  	
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        36222810K

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

            

            

            	
                    Grantor’s mailing address:

                  	
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              202 N. Luke St.,
                                                                    Suite A, Lafayette, LA 70506

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

            

            

            	
                    Grantor’s principal residence (individual) or location of chief executive office (other entity):

                  

            

            

            	 	
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                202 N. Luke St., Suite A, Lafayette, LA 70506

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

            

            

            	
                    Location(s) of Grantor’s books and records:

                    

                  	
                    
                      202 N. Luke St., Suite A, Lafayette, LA 70506

                    

                  

            

            

            	
                    Location(s) of Grantor’s inventory and equipment:

                    

                  	
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        202 N. Luke St., Suite A, Lafayette, LA
                                              70506

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

            

            

            	All other names and legal forms of existence used by Grantor to conduct business within last ten years: 

            

            

            	 	
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                Sleep Management, L.L.C. d/b/a Viemed 

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

             

            

            
              - 12 -

              
                

            

            
              
                
                  	3.	
                          Home Sleep Delivered, L.L.C.

                        

                

              

              

              

            

            	
                    Grantor’s form of organization:

                    

                  	
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          Home Sleep Delivered,
                                                                L.L.C.

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

            

            

            	
                    State or jurisdiction of Grantor’s organization: 

                    

                  	
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            Louisiana

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

            

            

            	
                    State Organization or Identification Number: 

                    

                  	
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          40120162K

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

            

            

            	
                    Grantor’s mailing address:

                  	
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          202 N. Luke St.,
                                                                Suite A, Lafayette, LA 70506

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

            

            

            	
                    Grantor’s principal residence (individual) or location of chief executive office (other entity):

                  

            

            

            	 	
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                202 N. Luke St., Suite A, Lafayette, LA 70506 

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

            

            

            	
                    Location(s) of Grantor’s books and records:

                  	
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                202 N. Luke St., Suite A,
                                                      Lafayette, LA 70506

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

            

            

            	
                    Location(s) of Grantor’s inventory and equipment:

                    

                  	
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        202 N. Luke St., Suite A, Lafayette, LA
                                              70506

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

            

            

            	
                    All other names and legal forms of existence used by Grantor to conduct business within last ten years:

                  

            

            

            	 	
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                None

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

          

          

          

          
            - 13 -

            
              

          

          EXHIBIT A

          

          

          (Specifically described collateral)

          

          

          In addition to the Collateral descriptions set forth on page 1 of this Security Agreement, the Collateral includes, without
              limitation, the following:

          

          

          1.           Inventory.  The Collateral includes any and all of Grantor’s present and future inventory
              (including consigned inventory), related equipment, goods, merchandise and other items of personal property, no matter where located, of every type and description, including without limitation any and all of Grantor’s present and future
              items of retail or commercial inventory; all raw materials; components, work-in-process, finished items, packing and shipping materials; containers, items held for sale, items held for lease, items for which Grantor is lessor, goods to be
              furnished under contract for services, materials used or consumed in Grantor's business, whether held by Grantor or by others, and all documents of title, warehouse receipts, bills  of lading, and other documents of every type covering all or
              any part of the foregoing, and any and all additions thereto and substitutions or replacements therefor, and all accessories, attachments, and accessions thereto, whether added now or later, and all products and proceeds derived or to be
              derived therefrom, including without limitation all insurance proceeds and refunds of insurance premiums, if any, and all sums that may be due from third parties who may cause damage to any of the foregoing, or from any insurer, whether due
              to judgment, settlement, or other process, and any and all present and future accounts, contract rights, chattel paper, instruments, documents, and notes that may be derived from the sale, lease or other disposition of any of the foregoing,
              and any rights of Grantor to collect or enforce payment thereof: including any letter of credit rights in connection therewith, as well as to enforce any guarantees of the forgoing and security therefor, and all of Grantor’s present and
              future general intangibles in any way related or pertaining to the ownership, operation, use, or collection of any of the foregoing, including without limitation Grantor’s books, records, files, computer disks and software, and all rights
              that Grantor may have with regard thereto. Inventory includes inventory temporarily out of Grantor’s possession or custody and all returns on accounts, chattel paper and instruments.

           

            

          2.           Equipment.  The Collateral includes any and all of Grantor’s now owned and hereafter acquired
              equipment, machinery, furniture, furnishings and fixtures of every type and description, and all accessories, attachments, accessions, substitutions, replacements and additions thereto, whether added now or later, and all proceeds derived or
              to be derived therefrom, including without limitation any equipment purchased with the proceeds, and all insurance proceeds and refunds of insurance premiums, if any, and any sums that may be due from third parties who may cause damage to any
              of the foregoing, or from any insurer, whether due to judgment, settlement or other process, and any and all present and future chattel paper, instruments, notes and monies that may be derived from the sale, lease or other disposition of any
              of the foregoing, any rights of Grantor to collect or enforce payment thereof as well as to enforce any guaranties of the forgoing and security therefor, and all present and future general intangibles of Grantor in any way related or
              pertaining to the ownership, operation, or use or collection of any of the foregoing, and any rights of Grantor with regard thereto.

           

            

          3.          Accounts.  The Collateral includes any and all of Grantor’s present and future accounts, accounts
              receivable, health care insurance receivables, other receivables, contract rights, instruments, payment intangibles, documents, notes, and all other similar obligations and indebtedness that may now and in the future be owed to or held by
              Grantor from whatever source arising, and all monies and proceeds payable thereunder, and all of Grantor’s rights and remedies to collect and enforce payment and performance thereof, as well as to enforce any guaranties of the foregoing and
              security therefor, and all of Grantor’s present and future rights, title and interest in and with respect to the goods, services, and other property that may give rise to or that may secure any of the foregoing, including without limitation
              Grantor’s insurance rights with regard thereto, and all present and future letter of credit rights, payment intangibles and other general intangibles of Grantor in any way related or pertaining to any of the foregoing, including without
              limitation Grantor’s account ledgers, books, records, files, computer disks and software, and all rights that Grantor may have with regard thereto.

           

            

          4.           General Intangibles.  The Collateral includes all general intangibles, payment intangibles,
              letter of credit rights, intellectual property, tort claim and causes of action and all other intangible personal property and rights of Grantor of every nature and kind, now owned or hereafter acquired, including without limitation corporate
              or other business records, inventions, designs, blueprints, plans, specifications, patents, patent applications, trademarks, trade names, service marks, trade secrets, goodwill, copyrights, registrations, licenses, franchises, tax refund
              claims, insurance proceeds, including without limitation insurance covering the lives of key employees on which Grantor is beneficiary, and any letter of credit, letter of credit right, guaranty, claim, security interest, or other security
              held or granted to Grantor to secure payment of any Obligations.

        

        

        

      

    

     

    

    - 14 -Exhibit 10.4

      

      

      

      
        FIRST AMENDMENT TO COMMERCIAL

        BUSINESS LOAN AGREEMENT FOR TERM LOANS AND
                LINES OF CREDIT

        

        

        THIS FIRST AMENDMENT TO
              COMMERICAL BUSINESS LOAN AGREEMENT FOR TERM LOANS AND LINES OF CREDIT (this “First Amendment”) is dated March 19, 2019, by and among VIEMED, INC., a Delaware corporation (“Viemed”), SLEEP MANAGEMENT, L.L.C. (“Sleep Management”), a Louisiana
            limited liability company, and HOME SLEEP DELIVERED, L.L.C. (“Home
                Sleep”), a Louisiana limited liability company (collectively, the “Borrower”), and HANCOCK WHITNEY BANK, a Mississippi state chartered bank, formally known as Whitney Bank (the “Lender”).  The Borrower, Guarantor, if any, and any other person who may be liable now or in the future for any portion of any Loans are referred to as “Obligor”, which term means individually, collectively, and interchangeably any, each and/or all of them.

        

        

        R E C I T A L S:

        

        

        A.          Borrower and Lender are parties to that certain
            Commercial Business Loan Agreement for Term Loans and Lines of Credit dated February 21, 2018, pursuant to which the Lender established in favor of Borrower, among other things, a revolving line of credit in the maximum aggregate principal
            amount of $5,000,000.00 (collectively, with all past, present and future amendments and/or restatements, the “Agreement”).

        

        

        B.           Borrower has now applied to Lender for a two (2)
            year renewal and increase of Borrower’s existing revolving line of credit.

        

        

        C.           Lender, subject to the terms and conditions of this First Amendment, has agreed to Borrower’s requests.          

        

        

        NOW, THEREFORE, in consideration of the
            mutual covenants hereunder set forth, Borrower and Lender do hereby covenant and agree to amend the Agreement as follows:

        

        

        1.           Revisions to Article A – The Loan or Loans.

        

        

        A.           The first subsection of
            Section A of the Agreement, entitled “A LINE OF CREDIT LOAN,” is hereby deleted in its entirety and replaced as follows:

        

        

        A LINE OF
              CREDIT LOAN  (the “Line of Credit,” which term shall include all renewals, extensions or modifications thereof) to Borrower in the maximum principal amount of Ten Million and no/100 ($10,000,000.00) dollars, bearing interest at the
            rate of One Month ICE LIBOR plus 3.00% per annum from date of advance until paid, payable in monthly installments of interest only, payable in
            arrears, commencing on April 19, 2019, and continuing on the same day of each month thereafter, with a final payment of all principal and outstanding interest due and payable on March 19, 2021.  The Line of Credit shall be represented by Bank’s
            standard form of commercial note containing additional terms and conditions (the “Revolving Note”).  The term “One Month ICE LIBOR” shall have the meaning set forth in the Revolving Note, and, notwithstanding any other provision of this
            Agreement, at no time shall the interest rate on the Revolving Note be less than four percent (4.00%) per annum.

         

          

         

        
          
            	
                    1st Amendment

                  	
                    1

                  	
                    Hancock Whitney Bank

                  

          

          
            

        

        B.           The second subsection of
            Section A of the Agreement, entitled “BORROWING BASE,” is hereby deleted in its entirety

        

        

        C.          The third subsection of Section
            A of the Agreement, entitled “LETTER OF CREDIT SUBLIMIT,” is hereby deleted in its entirety and replaced as follows:

        

        

        LETTER OF CREDIT SUBLIMIT.  As

            a subfeature under the Line of Credit, the Bank may from time to time issue letters of credit for the account of Borrower (each a “Letter of Credit”); provided, however, that (i) the form and substance of each Letter of Credit shall be subject
            to approval by Bank in its sole and absolute discretion; (ii) Borrower shall execute and deliver any and all such applications, letter of credit reimbursement agreements and/or other documents or instruments as Bank shall require; and (iii)
            Borrower shall pay to Bank such fees as Bank normally and customarily charges for the issuance of Letters of Credit.  In addition, the aggregate drawn and undrawn amount of all outstanding Letters of Credit shall not at any time (i) exceed the
            total aggregate amount of $2,000,000.00; and/or (ii) exceed the remaining availability under the Line of Credit.

        

        

        2.           Revisions to Article C – Use of Proceeds.  Section C of the Agreement, entitled “Use of Proceeds,”
            is hereby deleted in its entirety and replaced as follows:

        

        

        
          
            
              C.          USE OF PROCEEDS.  The proceeds from the Loan will be used for the following purpose(s):  (1) working capital and general corporate purposes with a letter of credit sublimit of $2,000,000.00; and (2)
                    Permitted Acquisitions pursuant to Subsection D(15), below.

            

          

        

        

        

        3.           Revisions to Article D – Representations, Warranties and Covenants.

        

        

        A.        Section
            D(3)(a)(iii) of the Agreement, entitled “Borrowing Base Certificates,” and Section D(3)(a)(iv) of the Agreement, entitled “Accounts Receivable Aging,” are hereby deleted in their entirety.

        

        

        B.           New Section D(3)(a)(iii),
            entitled “Compliance Certificate,” is hereby added to the Agreement as follows:

        

        

        (iii)        Compliance Certificate:  As soon as available, but in no event later than forty-five (45) days after the close of the first three (3) quarters of the fiscal year (March 31st, June 30th, and September 30th) and one hundred twenty (120) days after the close of final quarter of the fiscal year (December 31st), a current compliance
            certificate of Borrower, in the form attached hereto as Exhibit “A”, certified by an appropriate executive officer of Obligor.

        

        

        
          
            	
                    1st Amendment

                  	
                    2

                  	
                    Hancock Whitney Bank

                  

          

          
            

        

        C.           Subsection D(8) of the
            Agreement, entitled “Financial Covenants and Ratios,” is hereby deleted in its entirety and replaced as follows:

        

        

        
          
            
              
                
                  (8)          Financial Covenants and Ratios.  Borrower shall comply with the following covenants and ratios:

                

              

            

          

        

        

        

        (a)         Total Debt to Adjusted EBITDA Ratio.  Borrower, on a consolidated basis, shall maintain a
              maximum “Total Debt to Adjusted EBITDA Ratio” of not more than 1.50 to 1.00.  Total Debt to Adjusted EBITDA Ratio shall equal Total Debt divided by Adjusted EBITDA.  “Total Debt” is defined as debt for borrowed money plus capitalized leases. “Adjusted EBITDA” is defined as net income before taxation plus depreciation

            expense plus amortization expense plus interest expense plus stock-based compensation plus non-cash/non-recurring gain or loss.  Non-cash/non-recurring gains or losses shall not exceed $500,000.00 without
            Bank’s approval.  This covenant shall be tested quarterly (as of March 31st, June 30th, September 30th, and December 31st) on a rolling four quarters basis.

        

        

        (b)         Fixed Charge Coverage Ratio.   Borrower, on a consolidated basis, shall maintain a minimum “Fixed Charge Coverage Ratio” of not less than 1.35 to 1.00. 
            “Fixed Charge Coverage Ratio” shall equal (Adjusted EBITDAR less dividends) divided by current maturing long-term debt (prior period) plus current maturing capital lease obligations (prior period) plus interest expense plus lease expense (COGS &
            G&A) plus cash taxes.  Current maturing long-term debt (CMLTD) and current maturing capital lease obligations (CMCLO) shall
            exclude any balloon payments and the maturity of the Revolving Note.  “Adjusted EBITDAR” is defined as net income before taxation plus depreciation

            expense plus amortization expense plus interest expense plus stock-based compensation plus non-cash/non-recurring gain or loss plus lease expense (COGS & G&A). 
            Non-cash/non-recurring gains or losses shall not exceed $500,000.00 without Bank’s approval.  This covenant shall be tested quarterly (as of March 31st, June 30th, September 30th, and December 31st) on a rolling four quarters basis.

        

        

        (c)          Minimum Working Capital.  Borrower shall maintain minimum “Working Capital” of at least $2,500,000.00.  “Working Capital” is defined as total current assets less total current liabilities.  This covenant shall be tested quarterly (as
              of March 31st, June 30th, September 30th, and December 31st) beginning September 30, 2019.

        

        

        
          
            	
                    1st Amendment

                  	
                    3

                  	
                    Hancock Whitney Bank

                  

          

          
            

        

        D.           New Subsection D(15),
            entitled “Acquisitions,” is hereby added to the Agreement as follows:

        

        

        
          
            
              (15)        Acquisitions.  Borrower shall comply with the following terms and conditions with respect to any Acquisition during the term and existence of this Agreement.

            

          

        

        

        

        (i)           Definitions.  As used in this Agreement, the following capitalized
            terms shall have the meanings set forth herein:

        

        

        (a)         “Acquisition” means the acquisition (or series of related acquisitions), whether by purchase, merger, consolidation, or otherwise, by Borrower
              (or any combination of Borrower) of (i) the majority of the capital stock of, (ii) the majority of the assets of (whether by value, quantity, or otherwise), and/or (iii) an otherwise controlling interest in, any Target Entity.

        

        (b)        “Consideration” means any and all items of value paid or given by Borrower in an Acquisition, whether in cash,
              securities, assets (whether tangible or intangible), services, instruments, indebtedness, guaranties, and/or other items of value (or any combination thereof), and regardless of whether such value is paid or given at the closing of the
              Acquisition or at a later date (or any combination thereof).

        

        

        (c)       “Permitted Acquisition” means any Acquisition satisfying each of the requirements set forth in Subsection
              D(15)(ii), below.

        

        

        
          
            
              (d)         “Target Entity” means the entity, or division or line of business of such entity, which is the subject of an Acquisition.

            

          

        

        

        

        (e)         “Target Entity Information” means (1) brief description of the proposed Acquisition; (2)

            a copy of the most recent drafts of the Acquisition documents and, at least one Business Day prior to the closing of an Acquisition, an executed copy of the Acquisition agreement and any ancillary documents related thereto as required by the
            Lender; (3) a description of the Acquisition consideration; (4) an organizational chart of the Borrower taking into account the Acquisition; (5) Lien search results and lien releases regarding the Target Entity; (6) Payoff letters for outstanding debt of the Target Entity; (7) for Acquisitions involving Consideration of $3,000,000.00 or more, upon the request of Lender, an externally generated quality of earnings report; (8) Financial statements of the proposed Target Entity (balance
            sheets, income statements, and statements of cash flows) by month, for the most recent 12 month period; (9) if applicable for the proposed Target Entity, any file concerning pending or threatened litigation or administrative proceedings, foreign or domestic, inquiries or investigations involving the
            Target Entity or any of its subsidiaries or the agents of the foregoing, including copies of pleadings, briefs, depositions, and correspondence; (10) a flow of funds regarding the Acquisition; and (11) Such other information about the Target Entity as may be reasonably required by Lender.

        

        

        
          
            	
                    1st Amendment

                  	
                    4

                  	
                    Hancock Whitney Bank

                  

          

          
            

        

        
          
            
              (ii)        Permitted Acquisitions.  Borrower may close any Acquisition, and may use proceeds from the Line of Credit to form all or a portion of the
                  required Consideration for such Acquisition, upon full satisfaction by Borrower of the requirements set forth in this Subsection D(15)(ii):

            

          

        

        

        

        (a)         The Target Entity is in the same or similar line of business as Borrower as of the date of this Agreement;

        

        

        (b)         The Target Entity has its primary operations in the United States of America;

        

        

        (c)        The Acquisition has been approved by the board of directors, shareholders, and/or other controlling body of the Target Entity (without substantially replacing or bypassing the board of directors and/or other controlling body), and is
            not a “hostile” Acquisition;

        

        

        (d)      The aggregate Consideration for the Acquisition does not exceed $5,000,000.00, whether paid at closing or thereafter;

        

        

        (e)       Borrower shall have notified the Lender not less than 10 business days (or such shorter time period as may be agreed to be the Lender) prior to any such Acquisition;

        

        

        (f)        If a new subsidiary of Borrower is formed or acquired as a result of or in connection with the Acquisition, the subsidiary shall join in this Agreement and as a co-borrower on any then-existing Loans and/or promissory notes of
            Borrower;

        

        

        
          
            	
                    1st Amendment

                  	
                    5

                  	
                    Hancock Whitney Bank

                  

          

          
            

        

        (g)       Any property and assets (inventory, equipment, accounts, securities, real estate, vehicles, etc.) acquired by Borrower as a result of an Acquisition, including without limitation all property and assets of any subsidiary formed or
            acquired as a result of or in connection with an Acquisition, shall be pledged as security for any then-existing Loans and/or promissory notes of Borrower;

        

        

        (h)        No default or event of default shall exist under this Agreement and/or any other Loan Documents, including with respect to the covenants on a proforma basis, prior to the Acquisition and/or as a result of such Acquisition;

        

        

        (i)          Borrower, on a consolidated basis, shall maintain a leverage ratio on a proforma basis of not more than 1.50x;

        

        

        (j)       Borrower shall have delivered to the Lender a compliance certificate evidencing Borrower’s compliance with subsections (g) and (h), above, prior to the closing of the Acquisition; and

        

        

        (k)         Borrower shall have provided Lender the Target Entity Information.

        

        

        
          
            
              (iii)         Acquisition in Excess of $5,000,000.  In addition to full compliance with the
                    requirements set forth in Subsection 15(D)(ii), above, Borrower shall obtain Bank’s prior written consent, which
                    consent may be withheld in Bank’s sole discretion, for any proposed Acquisition having Consideration in excess of $5,000,000.00.

            

          

        

        

        

        4.          Expenses.  Borrower will pay all of the costs, expenses and fees incurred in connection with the Agreement, as documented pursuant to the original Agreement, as
            modified by this First Amendment and any future amendments, including attorneys’ fees and appraisal fees.

        

        

        5.         Confirmation

                of Loan Documents and Security.  Each Obligor understands and agrees that all other terms, conditions, and provisions of the Agreement
            and/or the Loan Documents shall remain in full force and effect.  All of the liens, privileges, mortgages, security interests, priorities, and equities existing and to exist under and in accordance with the terms of the Agreement, as amended,
            the Revolving Note, and the Loan Documents are hereby extended and carried forward as security for the Agreement, the Revolving Note, the Loans, and all other indebtedness, obligations, and liabilities of the Borrower to Lender.

        

        

        
          
            	
                    1st Amendment

                  	
                    6

                  	
                    Hancock Whitney Bank

                  

          

          
            

        

        6.         Representations;

                Resolutions.  As of the date hereof, and after giving effect to this First Amendment, each Obligor confirms, reaffirms, and restates the
            representations and warranties set forth in the Agreement and the Loan Documents.  Each Obligor further confirms and reaffirms each and every resolution, certificate, consent, and/or other authorization provided to Lender, and further
            represents that each such resolution, certificate, consent, and/or other authorization (i) remains in full force and effect, (ii) stands of record on the books of such Obligor, and (iii) may be relied upon by Lender, including without
            limitation the Authorizations given by Borrower and Guarantor on or about February 21, 2018, as well as any before or after.

        

        

        7.         No

                Right of Setoff; Release of Claims.  Borrower acknowledges that as of the date of this First Amendment, Borrower has no right to setoff any
            amount against the amounts owed by Borrower to Lender.  In consideration of this First Amendment, each Obligor further releases Lender from any and all claims arising on or prior to the date of this First Amendment, known or unknown, in
            connection with the Agreement, the Loans, the Revolving Note, and/or the Loan Documents.

        

        

        8.          No

                Course of Dealing.  This First Amendment shall not establish a course of dealing or be construed as evidence of any willingness on Lender’s
            part to grant other or future amendments, should any be requested, and Lender is under no obligation to grant or approve such other or future amendments.

        

        

        9.       AMENDMENT.  THE AGREEMENT AND THIS FIRST AMENDMENT ARE CREDIT OR LOAN AGREEMENTS AS DESCRIBED IN LOUISIANA REVISED STATUTES 6:1121, ET SEQ. THERE ARE NO ORAL AGREEMENTS BETWEEN LENDER AND ANY OBLIGOR.  THE AGREEMENT, AS AMENDED BY THIS FIRST AMENDMENT, THE REVOLVING NOTE, AND THE LOAN DOCUMENTS SET FORTH THE ENTIRE AGREEMENT OF THE PARTIES
            WITH RESPECT TO THE SUBJECT MATTER HEREOF AND THEREOF AND SUPERSEDE ALL PRIOR WRITTEN AND ORAL UNDERSTANDINGS BETWEEN THE PARTIES WITH RESPECT TO THE MATTERS HEREIN SET FORTH. THE AGREEMENT, AS AMENDED BY THIS FIRST AMENDMENT, MAY NOT BE
            MODIFIED OR AMENDED EXCEPT BY A WRITING SIGNED AND DELIVERED BY BORROWER AND LENDER.

         

          

        10.         Miscellaneous provisions.

        

        

        a.          This First Amendment shall be governed by and
            construed in accordance with the laws of the State of Louisiana.  This First Amendment may be executed in any number of counterparts, all of which counterparts, when taken together, shall constitute one and the same instrument.

        

        

        b.          Except as expressly amended herein, the Agreement
            and all of the terms, conditions, and provisions set forth therein shall continue in full force and effect. The Agreement, as amended by this First Amendment, is hereby ratified and confirmed by the parties hereto.

        

        c.         No novation or satisfaction of any indebtedness, obligations, and/or liabilities owed by any Obligor to Lender is intended by this First Amendment. 

        

        

        
          
            	
                    1st Amendment

                  	
                    7

                  	
                    Hancock Whitney Bank

                  

          

          
            

        

        d.            Unless specifically defined in this First
            Amendment, capitalized terms used herein shall have the meanings set forth in the Agreement.

        

        11.        USA Patriot Act.  Lender is subject to the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”) and Lender hereby notifies
            Borrower that pursuant to the requirements of the Act, Lender is required to obtain, verify, and record information that identifies Borrower, which information includes the name and address of Borrower and other information that will allow
            Lender to identify Borrower in accordance with the Act.  Borrower shall, promptly following each request by Lender, provide all documentation and other information requested by Lender in order for Lender to comply with its ongoing obligations
            under the applicable “know your customer” and anti-money laundering rules and regulations, including the Act.

        

        

        
          
            	
                    1st Amendment

                  	
                    8

                  	
                    Hancock Whitney Bank

                  

          

          
            

        

        Executed by the parties as of the date set forth above.

         

          

        	 	
                Lender:

              
	 	 
	 	
                Hancock Whitney Bank,

              
	 	
                a Mississippi state chartered bank

              
	 	  
	 	
                By:

              	
                /s/ Grant Guillotte

              	 
	 	 	
                Grant Guillotte

              
	 	 	
                Senior Vice President

              
	 	  
	 	
                Borrower:

              
	 	 
	 	
                Viemed, Inc.

              

        

        

        	 	
                By:

              	
                /s/ Casey Hoyt

              	 
	 	
                

                

              	
                Casey Hoyt

              
	 	
                

                

              	
                Chief Executive Officer

              
	 	 
	 	
                Sleep Management, L.L.C.

              
	 	 
	 	
                By:

              	
                /s/ Casey Hoyt

              	 
	 	 	
                Casey Hoyt

              
	 	 	
                Member & Manager

              
	 	 	 
	 	
                Home Sleep Delivered, L.L.C.

              
	 	 
	 	
                By:

              	
                /s/ Casey Hoyt

              	 
	 	 	
                Casey Hoyt

              
	 	 	
                Member & General Manager

              

        

        

        
          
            	
                    1st Amendment

                  	
                    9

                  	
                    Hancock Whitney Bank

                  

          

          
            

        

        EXHIBIT “A”

         

          

        
          Form Quarterly Compliance Certificate

           

        
          
 

        Hancock Whitney Bank

        Attn:  Grant Guillotte

        1301 Camellia Blvd., Suite 100

        Lafayette, LA 70508

        

        

        	

              	
                RE:

              	
                Compliance Certificate

              
	 	

              	
                Viemed, Inc., et

                      al.

              

        

        

        Dear Mr. Guillotte

        

        

        This Compliance Certificate is submitted pursuant to the requirements of that certain Commercial Business Loan Agreement for Term
            Loans and Lines of Credit (the “Agreement”), dated February 21, 2018, as amended, by and among Viemed, Inc., Sleep Management, LLC, and Home Sleep Delivered, LLC
            (collectively, the “Borrowers”), and Hancock Whitney Bank (the “Lender”).  Pursuant to the
            appropriate paragraphs of the Agreement, Borrowers certify that:

        

        

        No Defaults:  No condition, event, or act that, with or without notice or lapse of time or both, would constitute a default or event of default under the terms of the Agreement has
            occurred during (a) the three (3) month period ending ____________ 3_, 20___ (as applicable, the “Reporting Period”), or (b) the period since the submission of
            Borrower’s last Compliance Certificate, if longer than the Reporting Period.  Furthermore, the Borrowers have complied with all provisions of the Agreement.

        

        

        Financial Covenants:  Borrowers submit the following financial information for the Reporting Period in accordance with the financial covenants and ratios contained in the
            Agreement:

        

        

        I.          The Total Debt to Adjusted
            EBITDA Ratio for the Reporting Period was ______ to 1.00, as computed on a rolling four quarters basis immediately below.  The maximum allowed Total Debt
            to Adjusted EBITDA Ratio is 1.50 to 1.00.  Accordingly, the Total Debt to Adjusted EBITDA Ratio covenant set forth in Section D(8)(a) of the Agreement [has] [has
              not] been satisfied.

        

        

        	 	
                1)

              	
                Total Debt:

              	 	
                $___________

              	 
	 	 	 	 	 	 	 
	 	 	
                a.

              	
                Debt for Borrowed Money

              	
                $___________

              	 	 
	 	 	
                b.

              	
                Capitalized Leases

              	
                $___________

              	 	 

        

        

        	 	
                2)

              	
                Adjusted EBITDA

              	 	
                $___________

              	 
	 	 	 	 	 	 	 
	 	 	
                a.

              	
                Net Income

              	
                $___________

              	 	 
	 	 	
                b.

              	
                Tax Expense

              	
                $___________

              	 	 
	 	 	
                b.

              	
                Interest Expense

              	
                $___________

              	 	 
	 	 	
                c.

              	
                Depreciation Expense

              	
                $___________

              	 	 
	 	 	
                d.

              	
                Amortization Expense

              	
                $___________

              	 	 
	 	 	
                e.

              	
                Stock-based Compensation

              	
                $___________

              	 	 
	 	 	
                f.

              	
                Non-cash/recurring Gain/Loss

              	
                $___________

              	 	 

        

        

        
          
            	
                    1st Amendment

                  	
                    10

                  	
                    Hancock Whitney Bank

                  

          

          
            

        

        
          	 	
                  RATIO (Item 1 divided by
                      Item 2)

                	
                  ______________

                

        

        

        

        II.          The Fixed Charge Coverage
            Ratio for the Reporting Period was ______ to 1.00, as computed on a rolling four
            quarters basis immediately below.  The minimum allowed Fixed Charge Coverage Ratio is 1.35 to 1.00.  Accordingly, the Fixed Charge Coverage Ratio covenant set forth in Section D(8)(b) of the Agreement [has] [has not] been satisfied.

        

        

        	 	
                1)

              	
                Adjusted EBITDAR less Dividends

              	
                $___________

              	 
	 	 	 	 	 	 	 
	 	 	
                a.

              	
                Net Income

              	
                $___________

              	 	 
	 	 	
                b.

              	
                Tax Expense

              	
                $___________

              	 	 
	 	 	
                b.

              	
                Interest Expense

              	
                $___________

              	 	 
	 	 	
                c.

              	
                Depreciation Expense

              	
                $___________

              	 	 
	 	 	
                d.

              	
                Amortization Expense

              	
                $___________

              	 	 
	 	 	
                e.

              	
                Stock-based Compensation

              	
                $___________

              	 	 
	 	 	
                f.

              	
                Non-cash/recurring Gain/Loss

              	
                $___________

              	 	 
	 	 	
                g.

              	
                Lease Expense (COGS/G&A)

              	
                $___________

              	 	 
	 	 	
                h.

              	
                Dividends

              	
                $___________

              	 	 

        

        

        	 	
                2)

              	
                CMLTDpp plus CMCLOpp plus
                    Interest Expense plus

              	
                $___________

              	 
	 	 	
                Lease Expense (COGS/G&A) plus
                    Cash Taxes1

              	 	 
	 	 	 	 	 	 	 
	 	 	
                a.

              	
                CMLTDpp

              	
                $___________

              	 	 
	 	 	
                b.

              	
                CMCLOpp

              	
                $___________

              	 	 
	 	 	
                c.

              	
                Interest Expense

              	
                $___________

              	 	 
	 	 	
                d.

              	
                Lease Expense

              	
                $___________

              	 	 
	 	 	
                e.

              	
                Cash Taxes

              	
                $___________

              	 	 

        

        

        	 	
                RATIO (Item 1 divided by
                    Item 2)

              	
                ______________

              

        

        

        III.       Working Capital for the
            Reporting Period was $________________, as computed immediately below.  The minimum allowed Working Capital is $2,500,000.00.  Accordingly, the Minimum
            Working Capital Requirement covenant set forth in Section D(8)(c) of the Agreement [has] [has not] been satisfied.

        

        

        
          	 	 

                	
                  
                    Total Current Assets less Total
                        Current Liabilities

                  

                	
                  $___________

                	 
	 	 	 	 	 	 	 
	 	 	
                  a.

                	
                  
                    Total Current Assets

                  

                	
                  $___________

                	 	 
	 	 	
                  b.

                	
                  
                    Total Current Liabilities

                  

                	
                  $___________

                	 	 

        

        

        

        
          

        1 CMLTD is means “current maturing long-term debt” and CMCLO is means
            “current maturing capital lease obligations.”

         

          

        
          
            	
                    1st Amendment

                  	
                    11

                  	
                    Hancock Whitney Bank

                  

          

          
            

        

         CERTIFIED this ___ day of ___________ 20__, by the undersigned executive officer of Borrowers.

         

        

        	 	
                Viemed, Inc.

              
	 	
                Sleep Management, LLC

              
	 	
                Home Sleep Delivered, LLC

              

        	 	 
	 	
                By:

              	 

              
	 	
                Print:

              	 

              
	 	
                Title:

              	 

              

        

        

        

        

        
          
            	
                    1st Amendment

                  	
                    12

                  	
                    Hancock Whitney Bank

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00297-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00297-of-00352.parquet"}]]