Document:

WAIVER
AGREEMENT

 

This
WAIVER AGREEMENT (this “Waiver”), dated as of March 28, 2018, is entered into by and among INSPIREMD,
INC., a Delaware corporation (the “Company”), and the Purchasers identified on the signature page hereto.

 

WHEREAS,
the Company and the Purchasers have previously entered into that certain Securities Purchase Agreement, dated as of November 28,
2017 (the “Original Securities Purchase Agreement”);

 

WHEREASE,
the Company and the Purchasers have previously entered into that certain (i) Amendment to Securities Purchase Agreement (together
with the Original Securities Purchase Agreement, the “Securities Purchase Agreement”), dated as February
21, 2018, whereby the Company and the Purchasers amended certain provisions of the Original Securities Purchase Agreement and
(ii) Waiver Agreement, dated February 26, 2018, whereby the Purchasers agreed to waive certain rights under the Securities Purchase
Agreement on a one-time only basis with respect to a previously completed equity offering by the Company;

 

WHEREAS,
the Company has informed the Purchasers that the Company intends to conduct a Subsequent Financing consisting solely of shares
of Common Stock, which shall be publicly registered on Form S-3 (“Registration Statement”) for gross
proceeds to the Company of up to $5,000,000, to be consummated by not later than April 3, 2018 (the “Offering”);

 

WHEREAS,
the Company is seeking a one-time waiver from compliance with each of (i) Section 4.16 of the Securities Purchase Agreement
and (ii) Section 4.22(a) of the Securities Purchase Agreement, in each case with respect to the Offering;

 

WHEREAS,
any provision of the Securities Purchase Agreement may be amended or waived upon the written consent of the Company and the Purchasers
holding at least 67% in interest of the Preferred Stock then outstanding;

 

WHEREAS,
the Purchasers executing the signature page hereto hold at least 67% in interest of the Preferred Stock outstanding as of the
date hereof; and

 

WHEREAS,
capitalized terms used herein but not otherwise defined shall have the meanings ascribed to them in the Securities Purchase Agreement.

 

NOW
THEREFORE, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as
follows:

 

1.
One-Time Waiver of Section 4.16. The Purchasers hereby grant to the Company a one-time waiver from compliance with the
provisions of Section 4.16 of the Securities Purchase Agreement solely with respect to the Offering. Notwithstanding anything
herein to the contrary, the foregoing waiver shall be limited precisely as written to permit the Company to conduct the Offering
without complying with the provisions of Section 4.16 of the Securities Purchase Agreement and nothing herein shall be deemed
a continuing waiver of Section 4.16 of the Securities Purchase Agreement.

 

2.
One-Time Waiver of Section 4.22(a). The Purchasers hereby grant to the Company a one-time waiver from compliance with the
provisions of Section 4.22(a) of the Securities Purchase Agreement solely with respect to the Offering. Notwithstanding anything
herein to the contrary, the foregoing waiver shall be limited precisely as written to permit the Company to conduct the Offering
without complying with the provisions of Section 4.22(a) of the Securities Purchase Agreement and nothing herein shall be deemed
a continuing waiver of Section 4.22(a) of the Securities Purchase Agreement.

 

    	 

     

    

 

3.
Repurchase of Series C Preferred. Immediately upon the closing of the Offering, the Company shall purchase from the Purchasers,
on a pro rata basis, 46,875 shares of Series C Preferred Stock at a per share price equal to the stated value of the Series C
Preferred Stock (as set forth in the Certificate of Designation of Preferences, Rights and Limitations of the Series C Convertible
Preferred Stock, as amended to date) (the “Series C Certificate of Designation”).

 

4.
Reduction of Series C Conversion Price. Pursuant to Section 7(c) of the Series C Certificate of Designation, the conversion
price of the Series C Preferred Stock shall be reduced to the lowest effective price per share at which shares of the Company’s
Common Stock are sold in the Offering, to the extent lower than the current conversion price of the Series C Preferred Stock.

 

5.
Reduction of Series D Conversion Price. On or prior to the date hereof, pursuant to Section 7(d) of the Certificate of
Designations, the Company’s Board of Directors adopted a resolution to permanently reduce, subject to the consummation of
the Offering, the Conversion Price of the Preferred Stock to the Base Conversion Price (as defined herein). The Company shall
not rescind, amend or modify such resolution after the date hereof. The Purchasers hereby grant a one-time waiver of the 20 day
prior notice requirement set forth in Section 7(d) of the Certificate of Designations with respect to the foregoing reduction
in the Conversion Price. For purposes hereof, “Base Conversion Price” means, to the extent lower than
the Conversion Price, the lowest effective price per share at which shares of the Company’s Common Stock are sold in the
Offering.

 

6.
Continuing Effect. Except as expressly set forth herein, all of the terms and conditions of the Securities Purchase Agreement
shall remain in full force and effect and are hereby ratified and confirmed by the parties. Without limiting the generality of
the foregoing, nothing contained herein shall be deemed a waiver of any other provision of the Securities Purchase Agreement or
as a waiver of or consent to any further or future action on the part of any party that would require the waiver or consent of
another party. This Waiver shall be deemed a Transaction Document.

 

7.
Representations and Warranties. Each Purchaser hereby represents and warrants to the Company, severally, but not jointly,
and each Company hereby represents and warrants to the Purchaser, that (i) it has the full right, power and authority to enter
into this Waiver and to perform its obligations hereunder and under the Securities Purchase Agreement as amended by this Waiver,
and (ii) the execution of this Waiver by the individual whose signature is set forth at the end of this Waiver on behalf of such
party, and the delivery of this Waiver by such party, have been duly authorized by all necessary action on the part of such party;
and (iii) this Waiver has been executed and delivered by such party and constitutes the legal, valid and binding obligation of
such party, enforceable against such party in accordance with its terms, except as may be limited by any applicable bankruptcy,
insolvency, reorganization, moratorium, or similar laws and equitable principles related to or affecting creditors’ rights
generally or the effect of general principles of equity.

 

8.
Counterparts; Choice of Law. This Waiver may be executed in several identical counterparts all of which shall constitute
one and the same instrument. This Waiver shall be construed and enforced in accordance with the laws of the State of New York,
without regard to the principles of conflicts of law thereof.

 

9.
Further Assurances. Each of the parties hereto shall execute and deliver, at the reasonable request of the other party
hereto, such additional documents, instruments, conveyances and assurances and take such further actions as such other party may
reasonably request to carry out the provisions hereof and give effect to the transactions contemplated by this Waiver.

 

[signature
page follows]

 

    	2

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Waiver to be duly executed as of the day and year written above.

 

	THE
    COMPANY:	 	PURCHASER:
	 	 	 	 
	INSPIREMD,
    INC.	 	Sabby
    Healthcare Master Fund, Ltd.
	 	 	 	 	 
	By:
	/s/
    James Barry, Ph.D.	 	By:
    	/s/
    Robert Grundstein
	Name:	James Barry, Ph.D.	 	Name:
    	Robert
    Grundstein
	Title:
    	Chief Executive Officer	 	Title:
    	COO of Investment Manager 

 

    	3inve-ex1011_772.htm

 

Exhibit 10.11

FIRST AMENDMENT 
TO
LOAN AND SECURITY AGREEMENT 

This First Amendment to Loan and Security Agreement is entered into as of March 27, 2017 (the “Amendment”), by and between EAST WEST BANK (“Bank”) and IDENTIV, INC. (“Borrower”).

RECITALS

Borrower and Bank are parties to that certain Loan and Security Agreement dated as of February 8, 2017, as amended from time to time (the “Agreement”).  The parties desire to amend the Agreement in accordance with the terms of this Amendment.  

NOW, THEREFORE, the parties agree as follows:

1.The following definition in Section 1.1 of the Agreement is amended in its entirety to read as follows:

“Eligible Foreign Accounts” means Accounts with respect to which the account debtor does not have its principal place of business in the United States and is (i) Hon Hai Precision Industry Co., Ltd. or (ii) such other account debtor that Bank approves on a case-by-case basis.

2.Unless otherwise defined, all initially capitalized terms in this Amendment shall be as defined in the Agreement.  The Agreement, as amended hereby, shall be and remain in full force and effect in accordance with its respective terms and hereby is ratified and confirmed in all respects.  Except as expressly set forth herein, the execution, delivery, and performance of this Amendment shall not operate as a waiver of, or as an amendment of, any right, power, or remedy of Bank under the Agreement, as in effect prior to the date hereof.  Borrower ratifies and reaffirms the continuing effectiveness of all agreements entered into in connection with the Agreement.

3.Borrower represents and warrants that the representations and warranties contained in the Agreement are true and correct as of the date of this Amendment, and that no Event of Default has occurred and is continuing.

4.This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one instrument. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original hereof.  Notwithstanding the foregoing, Borrower shall deliver all original signed documents requested by Bank no later than five (5) Business Days following the date of execution.

5.As a condition to the effectiveness of this Amendment, Bank shall have received, in form and substance satisfactory to Bank, the following:

(a)this Amendment, duly executed by Borrower;

(b)payment of all Bank Expenses incurred through the date of this Amendment; and

(c)such other documents, and completion of such other matters, as Bank may reasonably deem necessary or appropriate.

[remainder of this page intentionally left blank]

 

 

IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the first date above written.

		
	
 
	
IDENTIV, INC.

 

By: /s/ Sandra Wallach

Name: Sandra Wallach

Title: CFO

	
 
	
 

	
 
	
EAST WEST BANK

 

By: /s/ Kelvin Chan

Name: Kelvin Chan

Title: Managing Director

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