Document:

EX-10.20

 Exhibit 10.20 

CHARGEPOINT EUROPE HOLDINGS B.V. 

SEVERANCE AND CHANGE IN CONTROL AGREEMENT 

This Severance and Change in Control Agreement (the “Agreement”) is made and entered into by and between
________________ (the “Executive”) and ChargePoint Europe Holdings B.V., a Dutch corporation (the “Company”), effective as of the date specified in Section 1 below. 

This Agreement provides severance benefits in connection with certain qualifying terminations of Executive’s employment with the Company.
For the duration of its effectiveness, this Agreement shall supersede the severance provisions set forth in Executive’s employment agreement with the Company dated as of ______________ (the “Employment Agreement”),
including those set forth in [Section 8.4] and [Article 19] of the Employment Agreement, as well as those set forth in any other agreement with or letter from the Company, its parent company, ChargePoint Holdings, Inc. (the
“Parent”), or any of their affiliated companies (collectively, “Affiliates”). 
 Certain
capitalized terms are defined in Section 5. 
 The Company and Executive agree as follows: 

1. Term. This Agreement shall become effective on the closing date of the merger, as contemplated by that business combination
agreement and plan of reorganization, dated as of September 23, 2020, by and among Switchback Energy Acquisition Corporation, Lightening Merger Sub Inc. and ChargePoint, Inc. (the “Effective Date”). Unless terminated
sooner, this Agreement will terminate automatically on the three year anniversary of the Effective Date. 
 2. Severance Benefits.

 (a) Involuntary Termination Not Involving a Change in Control. If Executive is subject to an Involuntary Termination which occurs
more than three months prior to, or more than twelve months following, a Change in Control (if any) and Executive satisfies the conditions described in Section 2(d) below, then Executive shall be entitled to the following severance benefits: a lump-sum cash severance payment equal to six months of Executive’s Base Salary. 
 (b) Involuntary
Termination Involving a Change in Control. If Executive is subject to an Involuntary Termination which occurs within three months prior to, or twelve months following, a Change in Control and Executive satisfies the conditions described in
Section 2(d) below, then Executive shall be entitled to the following severance benefits: a lump-sum cash severance payment equal to twelve months of Executive’s Base Salary. 

 (c) No Other Severance Entitlements. If Executive is entitled to the statutory
transition payment as laid down in article 7:673 of the Dutch Civil Code, the Company will pay Executive the statutory transition payment, but the statutory transition payment will be deducted from any severance benefits payable pursuant to this
Section 2. In that case, the Company will only pay Executive the remainder of the benefits described in this Section 2, if any. Executive will not lay claim to any compensation in connection with an Involuntary Termination, including in
any case, but not limited to, compensation under any company policy, employment agreement, applicable collective bargaining agreement or other collective arrangement, other than the benefits described in this Section 2. Executive shall not
apply to the court with the request to award an additional and/or so-called “reasonable compensation” (in Dutch: “billijke vergoeding”). In the event a court nevertheless awards
compensation to Executive in connection with an Involuntary Termination, in whatever form, this compensation shall be deducted from the severance benefits described in this Section 2. 

(d) Preconditions to Severance and Change in Control Benefits / Timing of Benefits. As a condition to Executive’s receipt of any
benefits described in Section 2, Executive shall execute and allow to become effective a general release of claims in the form provided by the Company (the “Release”), comply with Executive’s continuing obligations
(including the return of Company property) to the Company, and, if requested by the Company, immediately resign from all positions Executive holds with the Company, including as the Company’s Managing Director. Executive must execute and return
the Release on or before the date specified by the Company, which will in no event be later than 50 days after Executive’s employment terminates. If Executive fails to return the Release by the deadline or if Executive revokes the Release, then
Executive will not be entitled to the benefits described in this Section 2. All such benefits will be paid or provided within 60 days after Executive’s Involuntary Termination or, if later, on the date a Change in Control occurs. If such
60 day period spans two calendar years, then payment will in any event be made in the second calendar year. 
 3. Company’s
Successors. Any successor to the Company to all or substantially all of the Company’s business and/or assets shall assume the Company’s obligations under this Agreement and agree expressly to perform the Company’s obligations
under this Agreement in the same manner and to the same extent as the Company would be required to perform such obligations in the absence of a succession. 

4. Miscellaneous Provisions. 

(a) Modification or Waiver. No provision of this Agreement may be modified, waived or discharged unless the modification, waiver or
discharge is agreed to in writing and signed by Executive and by an authorized representative of the Company (other than Executive). No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by
the other party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time. 

(b) Integration. This Agreement represents the entire agreement and understanding between the parties as to the subject matter herein
and, for the duration of its effectiveness, supersedes all prior or contemporaneous agreements, whether written or oral, with respect to the subject matter of this Agreement, including the severance benefits set forth in Section 8.4 and Article
19 of the Employment Agreement, as well as those set forth in any other agreement with or letter from the Company, its Parent or any other Affiliates. 

  
 -2- 

 (c) Choice of Law. The validity, interpretation, construction and performance of this
Agreement shall be governed by the internal substantive laws, but not the conflicts of law rules, of the Netherlands. 
 (d) Taxes and
Withholding. Any payments provided for hereunder are subject to reduction to reflect applicable withholding and payroll taxes and other reductions required under applicable law. 

(e) Notices. Any notice required by the terms of this Agreement shall be given in writing. It shall be deemed effective upon
(i) personal delivery, (ii) deposit with the nationally recognized postal service, by registered or certified mail, with postage and fees prepaid or (iii) deposit with Federal Express Corporation, with shipping charges prepaid. Notice
shall be addressed to the Company at its principal office (attention to the Head of Human Resources-Netherlands) and to Executive at the address that Executive most recently provided to the Company in accordance with this Subsection (e). 

(f) Severability. The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or
enforceability of any other provision hereof, which shall remain in full force and effect. 
 (g) Counterparts. This Agreement may be
executed in counterparts, each of which shall be deemed an original, but all of which together will constitute one and the same instrument. 

5. Definitions. The following terms referred to in this Agreement shall have the following meanings: 

(a) “Base Salary” means Executive’s annual gross base salary as in effect immediately prior to an Involuntary
Termination; provided, however, that in the event of a Resignation for Good Reason due to a material reduction in Executive’s base salary, “Base Salary” means Executive’s annual base salary as in effect immediately prior to such
reduction. 
 (b) “Cause” means (i) Executive’s unauthorized use or disclosure of the Company’s or
Parent’s confidential information or trade secrets, which use or disclosure causes material harm to the Company or Parent, (ii) Executive’s material breach of any agreement with the Company or Parent, (iii) Executive’s
material failure to comply with the Company’s or Parent’s written policies or rules, (iv) Executive’s conviction of, or plea of “guilty” or “no contest” to, a felony under the laws of any jurisdiction,
(v) Executive’s gross negligence or willful misconduct in the performance of Executive’s duties for the Company or Parent, (vi) Executive’s continuing failure to perform assigned duties after receiving written notification
of the failure from the Company, (vii) Executive’s failure to cooperate in good faith with a governmental or internal investigation of the Company, its Parent or any of their directors, officers or employees, if the Company or Parent has
requested such cooperation, or (viii) any other acts and omissions that qualify as “urgent cause” within the meaning of article 7:677 and 7:678 of the Dutch Civil Code or as “reasonable ground” within the meaning of 7:669
sub 3 under (b) to (i) of the Dutch Civil Code. In the case of clauses (ii), (iii) and (vii), the Company will not terminate Executive’s employment for Cause without first giving Executive written notification of the acts or omissions
constituting Cause and a reasonable cure period of not less than 10 days following such notice to the extent such events are curable (as determined by the Company). 

  
 -3- 

 (c) “Change in Control” means: 

(i) Any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”)) becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Parent representing more than 50%
of the total voting power represented by the Parent’s then-outstanding voting securities; 
 (ii) The consummation of the sale or
disposition by the Parent of all or substantially all of the Parent’s assets; 
 (iii) The consummation of a merger or consolidation
of the Parent with or into any other entity, other than a merger or consolidation which would result in the voting securities of the Parent outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being
converted into voting securities of the surviving entity or its parent) more than 50% of the total voting power represented by the voting securities of the Parent or such surviving entity or its parent outstanding immediately after such merger or
consolidation; or 
 (iv) Individuals who are members of the Parent’s board of directors (the “Incumbent
Board”) cease for any reason to constitute at least a majority of the members of the Parent’s board of directors over a period of 12 months; provided, however, that if the appointment or election (or nomination for election) of any
new board member was approved or recommended by a majority vote of the members of the Incumbent Board then still in office, such new member shall, for purposes of this Agreement, be considered as a member of the Incumbent Board. 

A transaction shall not constitute a Change in Control if its sole purpose is to change the state of the Parent’s incorporation or to create a holding
company that will be owned in substantially the same proportions by the persons who held the Parent’s securities immediately before such transaction. For avoidance of doubt the transactions contemplated by the business combination
agreement described in Section 1 of this Agreement shall not constitute a “Change in Control.” 
 (d)
“Involuntary Termination” means either (i) a Termination without Cause or (ii) a Resignation for Good Reason. 

(e) “Resignation for Good Reason” means Executive’s resignation from employment after one of the following
conditions has come into existence without Executive’s consent: (i) a material diminution in the nature or scope of Executive’s responsibilities, authority, powers, functions or duties within or to the Company (other than a change in
title), (ii) a material reduction in Executive’s annual base salary or benefits, or (iii) Executive’s required relocation to offices more than fifty (50) miles from Executive’s principal place of business. In order to
constitute a Resignation for Good Reason, Executive must give the Company written 

  
 -4- 

 
notice of the condition within 90 days after it comes into existence, the Company must fail to remedy the condition within 30 days after receiving Executive’s written notice and Executive
must terminate Executive’s employment within 30 days after expiration of the cure period. 
 (f) “Termination Without
Cause” means the termination of Executive’s employment by the Company without Cause and not as a result of Executive’s death or disability. 

  
 -5- 

 IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the
Company by its duly authorized representative, as of the day and year indicated below. 
  

			
	COMPANY

 
			
		
	By:	 	 
		
	Name:	 	 
		
	Title:	 	 
		
	Date:	 	 

  

			
	EXECUTIVE

 
			
		
	By:	 	 
		
	Name:	 	 
		
	Title:	 	 
		
	Date:	 	 

  
 -6-Exhibit 10.15(d)

    

    

    [***] Certain information in this document has been excluded pursuant to Regulation S-K, Item (601)(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

    

    FOURTH AMENDMENT TO

    SECOND AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT

    

    

    THIS FOURTH AMENDMENT TO SECOND AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT (this “Amendment”) is entered into this 14th
        day of May 2021 by and between SILICON VALLEY BANK, a California corporation (“Bank”) and OWLET BABY CARE INC., a Delaware
        corporation (“Borrower”).

    

    

    Recitals

    

    

    A.

    Bank and Borrower have entered into that certain Second Amended and Restated Loan and Security Agreement dated as of April 22, 2020, as amended by that certain First Amendment
      to Second Amended and Restated Loan and Security Agreement by and between Bank and Borrower dated as of April 23, 2020, but effective as of April 22, 2020, as further amended by that certain Second Amendment to Second Amended and Restated Loan and
      Security Agreement by and between Bank and Borrower dated as of September 22, 2020, and as further amended by that certain Default Waiver, Consent, and Third Amendment to Second Amended and Restated Loan and Security Agreement by and between Bank and
      Borrower dated as of March 10, 2021 (as the same may from time to time be further amended, modified, supplemented or restated, the “Loan Agreement”).

    

    

    B.

    Bank has extended credit to Borrower for the purposes permitted in the Loan Agreement.

    

    

    C.

    Borrower has requested that Bank amend the Loan Agreement to make certain revisions to the Loan Agreement as more fully set forth herein.

    

    

    D.

    Bank has agreed to so amend certain provisions of the Loan Agreement, but only to the extent, in accordance with the terms, subject to the conditions and in reliance upon the
      representations and warranties set forth below.

    

    

    Agreement

    

    

    Now, Therefore, in consideration of the foregoing recitals and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows:

    

    

    1.

    Definitions.  Capitalized terms used but not defined in this Amendment, including its preamble
      and recitals, shall have the meanings given to them in the Loan Agreement.

    

    

    2.

    Amendments to Loan Agreement.

    

    

    2.1

    Section 6.2 (Financial Statements, Reports, Certificates).  Section 6.2(b) of the Loan
      Agreement is hereby amended by deleting it in its entirety and replacing it with the following:

    

    

    (b)

    (i) within thirty (30) days after the last day of each month, (A) monthly accounts receivable agings, aged by invoice date, (B) monthly accounts payable agings, aged by
      invoice date, and outstanding or held check registers, if any, and (C) monthly reconciliations of accounts receivable agings (aged by invoice date), sell through report, Deferred Revenue report, and general ledger; (ii) within seven (7) days after
      the last day of each month, monthly perpetual inventory reports for Inventory valued on an average cost basis at the lower of cost or market (in accordance with GAAP), or such other inventory reports as are requested by Bank in its good faith
      business judgment; and (iii) (A) prior to the Qualifying Liquidity Event Date, no later than Friday of each week, and (B) on and after the Qualifying Liquidity Event Date, within seven (7) days after the last day of each month, Inventory transaction
      report;

    

    

    
      
        

    

    
    2.2

    Section 6.3 (Accounts Receivable). Section 6.3(c) of the Loan Agreement is hereby amended by
      deleting it in its entirety and replacing it with the following:

    

    

    (c)

    Collection of Accounts.  Borrower shall direct Account Debtors to deliver or transmit all proceeds of Accounts into a lockbox account, or via electronic capture
      into a “blocked account” as specified by Bank (either such account, the “Cash Collateral Account”).  Whether or not an Event of Default has occurred and is continuing, Borrower shall immediately deliver all
      payments on and proceeds of Accounts to the Cash Collateral Account.  Subject to Bank’s right to maintain a reserve pursuant to Section 6.3(d), all amounts received in the Cash Collateral Account shall be applied to immediately reduce the Obligations
      under the Revolving Line (unless Bank, in its sole discretion, at times when an Event of Default exists, elects not to so apply such amounts).  Borrower hereby authorizes Bank to transfer to the Cash Collateral Account any amounts that Bank
      reasonably determines are proceeds of the Accounts (provided that Bank is under no obligation to do so and this allowance shall in no event relieve Borrower of its obligations hereunder).

    

    

    2.3

    Section 6.9 (Financial Covenants).  Section 6.9 of the Loan Agreement is hereby amended by
      deleting it in its entirety and replacing it with the following:

    

    

    6.9         Financial Covenants.  Borrower shall:

    

    

    (a)

    Minimum Liquidity.  Commencing with the month ending March 31, 2021, maintain Liquidity (tested by Bank as of the last day of each month) of at least [***].

    

    

    (b)

    Qualifying Liquidity Event. Complete a Qualifying Liquidity Event on or before July 31, 2021.

    

    

    (c)

    2021 EBITDA Covenant.  Commencing with the month ending July 31, 2021, and as of the last day of each month thereafter, Borrower shall maintain total cumulative
      EBITDA on a fiscal year-to-date basis in amounts determined by Bank in its good faith business discretion based on Borrower’s annual financial projections approved by the Board for the 2021 fiscal year and delivered to Bank pursuant to Section 6.2(e)
      (the “2021 EBITDA Covenant”).  Borrower’s failure to reach an agreement with Bank on the 2021 EBITDA Covenant and to execute and deliver to Bank an amendment to this Agreement which provides the terms for the
      2021 EBITDA Covenant by no later than August 15, 2021 shall constitute an immediate Event of Default under this Agreement.

    

    

    2.4

    Section 13 (Definitions).  The following term and its definition set forth in Section 13.1 of
      the Loan Agreement is hereby amended by deleting it in its entirety and replacing it with the following:

    

    

    “Qualifying Liquidity Event Date” means the date, which shall be not later than July 31, 2021, that Bank has received evidence to its
      reasonable satisfaction that Borrower has completed a Qualifying Liquidity Event.

    

    

    2.5

    Compliance Statement.  The Compliance Statement attached to the Loan Agreement as Exhibit B
      is hereby replaced in its entirety with the Compliance Statement attached hereto as Exhibit B.  From and after the date hereof, all references in the Loan Agreement to the Compliance Statement shall be deemed to refer to the Compliance
      Statement in the form attached hereto as Exhibit B.

    

    

    
      2

      
        

    

    3.

    Limitation of Amendments.

    

    

    3.1

    The amendments set forth in Section 2, above, are effective for the purposes set forth herein
      and shall be limited precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Bank may now have
      or may have in the future under or in connection with any Loan Document.

    

    

    3.2

    This Amendment shall be construed in connection with and as part of the Loan Documents and all terms, conditions, representations,
      warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect.

    

    

    3.3

    In addition to those Events of Default specifically enumerated in the Loan Documents, the failure to comply with the terms of any
      covenant or agreement contained herein shall constitute an Event of Default and shall entitle the Bank to exercise all rights and remedies provided to the Bank under the terms of any of the other Loan Documents as a result of the occurrence of the
      same.

    

    

    4.

    Representations and Warranties.  To induce Bank to enter into this Amendment, Borrower hereby
      represents and warrants to Bank as follows:

    

    

    4.1

    Immediately after giving effect to this Amendment (a) the representations and warranties contained in the Loan Documents are true,
      accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date), and (b) no Event of Default has
      occurred and is continuing;

    

    

    4.2

    Borrower has the power and authority to execute and deliver this Amendment and to perform its obligations under the Loan Agreement, as
      amended by this Amendment;

    

    

    4.3

    The organizational documents of Borrower delivered to Bank on the Effective Date remain true, accurate and complete and have not been
      amended, supplemented or restated and are and continue to be in full force and effect;

    

    

    4.4

    The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement,
      as amended by this Amendment, have been duly authorized;

    

    

    4.5

    The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this
      Amendment, do not and will not contravene (a) any material law or regulation binding on or affecting Borrower, (b) any material contractual restriction with a Person binding on Borrower, (c) any order, judgment or decree of any court or other
      governmental or public body or authority, or subdivision thereof, binding on Borrower, or (d) the organizational documents of Borrower;

    

    

    4.6

    The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement,
      as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body or authority, or subdivision thereof,
      binding on Borrower, except as already has been obtained or made; and

    

    

    
      3

      
        

    

    4.7

    This Amendment has been duly executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against Borrower
      in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’
      rights.

    

    

    5.

    Ratification of Perfection Certificate.  Borrower hereby ratifies, confirms and reaffirms, all
      and singular, in all material respects, the disclosures contained in a certain Perfection Certificate dated as of April 22, 2020, and acknowledges, confirms and agrees that the disclosures and information Borrower provided to Bank in such Perfection
      Certificate have not changed as of the date hereof, except as set forth in Schedule A attached hereto.

    

    

    6.

    Integration.  This Amendment and the Loan Documents represent the entire agreement about this
      subject matter and supersede prior negotiations or agreements.  All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of this Amendment and the Loan Documents merge into this
      Amendment and the Loan Documents.

    

    

    7.

    Counterparts.  This Amendment may be executed in any number of counterparts and all of such
      counterparts taken together shall be deemed to constitute one and the same instrument.

    

    

    8.

    Effectiveness.  This Amendment shall be deemed effective upon (a) the due execution and delivery
      to Bank of this Amendment by each party hereto, and (b) the due execution and delivery to Bank of that certain Addendum to Intellectual Property Security Agreement by each party thereto (the “IP Addendum”).

     

    

    9.

    Bank Expenses.  Borrower shall pay all of Bank’s legal fees and expenses in connection with the
      negotiation and preparation of this Agreement and the IP Addendum.

    

    

    10.

    Governing Law.  This Agreement and the rights and obligations of the parties hereto shall be
      governed by and construed in accordance with the laws of the State of California.

    

    

    [Signature page follows.]

    

    

    
      4

      
        

    

    In Witness Whereof, the parties hereto have caused this Amendment to be duly executed and delivered as of the date first written above.

    

    

    BORROWER:

    

    

    	
            OWLET BABY CARE INC.

          	 
	 	 	 
	
            By:

          	
              /s/ Michael Abbott

          	 
	 	
            Name: Michael Abbott

          	 
	 	
            Title:   President

          	 

    

    

    BANK:

    

    

    	
            SILICON VALLEY BANK

          	 
	 	 	 
	
            By:

          	
              /s/ Jordan Rigberg

          	 
	 	
            Name: Jordan Rigberg

          	 
	 	
            Title:   Vice President

          	 

    

    

    [Signature Page to Fourth Amendment to Second Amended and Restated Loan and Security Agreement]

    

    

    
      
        

    

    
    EXHIBIT B

    COMPLIANCE STATEMENT

    

    

    	
            TO:

          	
            SILICON VALLEY BANK

          	
            Date:

          	 
	
            FROM:

          	
            OWLET BABY CARE INC.

          	 	 

    

    

    Under the terms and conditions of the Second Amended and Restated Loan and Security Agreement between Borrower and Bank (the “Agreement”), Borrower is in
      complete compliance for the period ending _______________ with all required covenants except as noted below.  Attached are the required documents evidencing such compliance, setting forth calculations prepared in accordance with GAAP consistently
      applied from one period to the next except as explained in an accompanying letter or footnotes.  The undersigned acknowledges that no borrowings may be requested at any time or date of determination that Borrower is not in compliance with any of the
      terms of the Agreement, and that compliance is determined not just at the date this Compliance Statement is delivered.  Capitalized terms used but not otherwise defined herein shall have the meanings given them in the Agreement.

    

    

    Please indicate compliance status by circling Yes/No under “Complies” column.

    

    

    	
            Reporting Covenants

          	
            Required

          	
            Complies

          
	 	 	 
	
            Monthly financial statements with

            Compliance Statement

          	
            Monthly within 30 days of month end

          	
            Yes   No

          
	
            Annual financial statements (CPA Audited)

          	
            FYE within 180 days

          	
            Yes   No

          
	
            10-Q, 10-K and 8-K

          	
            Within 5 days after filing with SEC

          	
            Yes   No

          
	
            A/R & A/P Agings; Sell Through Report; Deferred Revenue Report; General Ledger

          	
            Monthly within 30 days of month end

          	
            Yes   No

          
	
            Borrowing Base Statements; A/R Ledger Aging Report

          	
            Friday of each week* / monthly within 7 days of month end; and on each Advance request

          	
            Yes   No

          
	
            Inventory Report

          	
            Monthly within 7 days of month end

          	
            Yes   No

          
	
            Inventory Transaction Report

          	
            Friday of each week* /monthly within 7 days of month end;

          	
            Yes   No

          
	
            409(a) valuation report

          	
            Within 30 days after completion

          	
            Yes   No

          
	
            Annual budget and board-approved projections

          	
            The earlier of (a) January 31 of each year or (b) 15 days after Board approval

          	
            Yes   No

          
	
            Copies of Statements for [***]

          	
            Monthly within 30 days of month end

          	
            Yes   No

          
	
            *Prior to the Qualifying Liquidity Event Date; otherwise monthly within 7 days of month end

          
	 
	
             

            The following Intellectual Property not previously disclosed to Bank was registered after the Effective Date (if no registrations, state “None”)

          
	 	

          
	 

    

    

    
      Exhibit B-1

      
        

    

    	
            Financial Covenant

          	
            Required

          	
            Actual

          	
            Complies

          
	 	 	 	 
	
            Minimum Liquidity

          	
            [***]

          	
            $_______

          	
            Yes   No

          
	
            Qualifying Liquidity Event

          	
            No later

            than 07/31/2021

          	
            __/__/202__

          	
            Yes   No

          

    

    

    	
            Streamline Period Eligibility and Performance Pricing

          
	
            Liquidity

          	
            Streamline 

            Period

          	
            Interest Rate for 

            Advances

          	
            Applies

          
	
            Liquidity > $7,000,000

          	
            Yes

          	
            Greater of (i) Prime + 0.75% or (ii) 5.50%

          	
            Yes  No

          
	
            Liquidity < $7,000,000

          	
            No

          	
            Greater of (i) Prime + 1.25% or (ii) 6.00%

          	
            Yes  No

          

    

    

    The following financial covenant analyses, streamline period eligibility analysis and information set forth in Schedule 1 attached hereto are true and accurate as of the date of this Compliance
      Statement.

    

    

    The following are the exceptions with respect to the statements above:  (If no exceptions exist, state “No exceptions to note.”)

     

    

    	 
	 
	 
	 	 

    

    

    
      Exhibit B-2

      
        

      

    

    Schedule 1 to Compliance Statement

    

    

    Financial Covenants of Borrower

    

    

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

    

    

    	
            Dated:

          	 	 

    

    

    	I.	
            Minimum Liquidity (Section
                6.9(a))

          

    

    

    Required: ≥ [***]

    

    

    	
            Actual:

          	
            $

          	 	 

    

    

    	 	
            A.

          	 	
            Aggregate amount of unrestricted and unencumbered cash held at such time by Borrower in accounts maintained with Bank or its affiliates

          	 	
            $

          	 	 
	 	
            B.

          	 	
            The lesser of (i) the Revolving Line or (ii) the amount available under the Borrowing Base

          	 	
            $

          	 	 
	 	
            C.

          	 	
            The outstanding principal balance of any Advances

          	 	
            $

          	 	 
	 	
            D.

          	 	
            Availability Amount (Line B minus Line C)

          	 	
            $

          	 	 
	 	
            E.

          	 	
            Liquidity (line A plus line D)

          	 	 	 	 

    

    

    Is line E equal to or greater than [***] for the applicable month end?

    

    

                     No, not in compliance with Section 6.9(a)                       Yes, in compliance with Section 6.9(a)

      

    

    
      Schedule I to Exhibit B

      
        

      

    

    Streamline Period Eligibility

    

    

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

    

    

    	
            Dated:

          	 	 

    

    

    Liquidity (definition of Streamline Period in Section
        13.1)

    

    

    Required: ≥$7,000,000

    

    

    	
            Actual:

          	
            $

          	 	 

    

    

    	 	
            A.

          	 	
            Aggregate amount of unrestricted and unencumbered cash held at such time by Borrower in accounts maintained with Bank or its affiliates

          	 	
            $

          	 	 
	 	
            B.

          	 	
            The lesser of (i) the Revolving Line or (ii) the amount available under the Borrowing Base

          	 	
            $

          	 	 
	 	
            C.

          	 	
            The outstanding principal balance of any Advances

          	 	
            $

          	 	 
	 	
            D.

          	 	
            Availability Amount (Line B minus Line C)

          	 	
            $

          	 	 
	 	
            E.

          	 	
            Liquidity (line A plus line D)

          	 	 	 	 

    

    

    Is line E equal to or greater than $7,000,000?

    

    

                     No, Streamline Period is not in effect                       Yes, Streamline Period is in effect

    

    

    
      Schedule I to Exhibit B

      
        

      

    

    SCHEDULE A

    UPDATES TO PERFECTION CERTIFICATE

    

    

    [see attached]

    

    

    

    

    Schedule A

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00328-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00328-of-00352.parquet"}]]