Document:

Exhibit 10.15(c)

    

     

    

    [***] 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.

    

    

    DEFAULT WAIVER, CONSENT, AND THIRD AMENDMENT TO

    SECOND AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT

    

    

    THIS DEFAULT WAIVER, CONSENT, AND THIRD AMENDMENT TO SECOND AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT (this “Agreement”) is entered into this 10th day of March, 2021 (the “Third Amendment Effective Date”) 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 (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 is currently in default of the Loan Agreement for failing to (i) comply with the minimum EBITDA financial covenant set forth in Section 6.9(a) of the Loan Agreement (prior to the
      Third Amendment Effective Date) for the month ending December 31, 2020, and (ii) execute and deliver an amendment to set the 2021 EBITDA Covenant as required by Section 6.9(a) of the Loan Agreement (prior to the Third Amendment Effective Date) on or
      before February 28, 2021 (collectively, the “Existing Defaults”).

    

    

    D.          Borrower has notified Bank that it has entered into that certain Business Combination Agreement dated as of February 15, 2021 by and among Sandbridge Acquisition Corporation, a Delaware
      corporation, (“Sandbridge”), Project Olympus Merger Sub, Inc., a Delaware corporation, (“Merger Sub”), and Borrower (the “Merger
        Agreement”, and, together with the other material documents executed in connection with the Merger Agreement, the “Merger Documents”). Pursuant to the Merger Documents, Borrower intends to merge with
      and into Merger Sub and become a wholly-owned Subsidiary of Sandbridge (the “Merger”).

    

    

    E.          Pursuant to Sections 7.1, 7.2, and 7.3 of the Loan Agreement, Borrower is required to obtain Bank’s prior written consent before consummating the Merger.

    

    

    F.          Borrower has requested that Bank (i) waive the Existing Defaults, (ii) consent to the Merger, and (iii) amend the Loan Agreement to make certain revisions to the Loan Agreement as more
      fully set forth herein.

    
      
        

    

    
    

    

    G.          Bank has agreed to (i) waive the Existing Defaults, (ii) consent to the Merger, and (iii) 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 Agreement, including its preamble and
      recitals, shall have the meanings given to them in the Loan Agreement.

    

    

    2.          Waiver of Existing Defaults. Borrower acknowledges and agrees that unless the Existing Defaults are waived
      by Bank, such Existing Defaults would constitute an Event of Default under the Loan Documents.  Bank hereby waives the Existing Defaults and waives any rights and remedies against Borrower under the Loan Documents solely with respect to the Existing
      Defaults.  Bank’s agreement to waive the Existing Defaults shall in no way obligate Bank to make any other modifications to the Loan Agreement or to waive Borrower’s compliance with any other terms of the Loan Documents, and shall not limit or impair
      Bank’s right to demand strict performance of all other terms and covenants of the Loan Agreement or any of the Loan Documents as of any date.  The waiver set forth above shall not be deemed or otherwise construed to constitute a waiver of any other
      provisions of the Loan Agreement or any of the Loan Documents in connection with any other transaction.

    

    

    3.          Consent.  Subject to Borrower’s satisfaction of the terms and conditions of this Agreement, Bank hereby
      consents to the Merger.  The consummation of the Merger shall not, in and of itself, constitute a default or “Event of Default” under Sections 7.1, 7.2 and 7.3 of the Loan Agreement.  Bank’s agreement to consent to the Merger shall in no way obligate
      Bank to make any other modifications to the Loan Agreement or to waive compliance with any other terms of the Loan Documents, and shall not limit or impair Bank’s right to demand strict performance of all other terms and covenants as of any date. 
      The consent set forth herein shall not be deemed or otherwise be construed to constitute a consent or waiver of any provisions of the Loan Agreement or any other terms of the Loan Documents in connection with any other transaction.

    

    

    4.          Amendments to Loan Agreement.

    

    

    4.1          Section 1 (ACCOUNTING AND OTHER TERMS).  The fourth (4th) sentence of Section 1 of the Loan Agreement is hereby amended by deleting it in its entirety and replacing it with the following:

    

    

    Notwithstanding any terms in this Agreement to the contrary, for purposes of any financial covenant and other financial calculations in this Agreement (other than for purposes of updating the
      Borrowing Base) which are made in whole or in part based upon the Availability Amount as of the last day of a particular month, calculations relying on information from a Borrowing Base Statement shall be derived from the Borrowing Base Statement
      delivered either (i) no later than Friday of each week, prior to the Qualifying Liquidity Event Date, or (ii) within seven (7) days after the last day of each month, on and after the Qualifying Liquidity Event Date, in each case, pursuant to Section
      6.2(a) (and not, for clarity, any more recent Borrowing Base Statement delivered after such period), and the actual delivery date of such Borrowing Base Statement shall be deemed to be the last day of the applicable month.

    
      2

      
        

    

    

    

    4.2          Section 6.2 (Financial Statements, Reports, Certificates).  Sections 6.2(a) and (b) of the Loan Agreement
      are hereby amended by deleting them in their entirety and replacing them with the following:

    

    

    (a)          upon each request for an Advance and (x) prior to the Qualifying Liquidity Event Date, no later than Friday of each week, and (y) on and after the Qualifying Liquidity
      Event Date, within seven (7) days after the last day of each month, (i) a Borrowing Base Statement (and any schedules related thereto and including any other information requested by Bank with respect to Borrower’s Accounts) and (ii) an accounts
      receivable ledger aging report;

    

    

    (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; and (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), Inventory transaction report, or such other inventory reports as are
      requested by Bank in its good faith business judgment;

    

    

    4.3          Section 6.3 (Accounts Receivable). Sections 6.3(c) and (d) of the Loan Agreement are hereby amended by
      deleting them in their entirety and replacing them 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 (i) while an Event of Default exists and is
      continuing, at Bank’s option in its sole discretion, applied to immediately reduce the Obligations, and (ii) otherwise transferred on a daily basis to Borrower’s operating account with Bank.  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).

    

    

    (d)          Reserves.  Notwithstanding any terms in this Agreement to the contrary, at times when an Event of Default exists, Bank may hold any proceeds of the Accounts and
      any amounts in the Cash Collateral Account that are not applied to the Obligations pursuant to Section 6.3(c) above (including amounts otherwise required to be transferred to Borrower’s operating account with Bank) as a reserve to be applied to any
      Obligations regardless of whether such Obligations are then due and payable.

    
      3

      
        

    

    

    

    4.4          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 May 31, 2021.

    

    

    (c)          2021 EBITDA Covenant.  Commencing with the month ending June 30, 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 July 15, 2021 shall constitute an immediate Event of Default under this Agreement.

    

    

    4.5          Section 13 (Definitions).

    

    

    (a)          The following terms and their respective definitions set forth in Section 13.1 of the Loan Agreement are hereby amended by deleting them in their entirety and replacing them with the
      following:

    

    

    “2020 Warrant” means the Warrant to Purchase Common Stock dated as of the Effective Date between Borrower and Bank, as amended by that
      certain Amendment to the Common Stock Warrant dated as of January 19, 2021 by and between Borrower and SVB Financial Group, as may be further amended, modified, supplemented and/or restated from time to time.

    

    

    “Liquidity Event” means any of the following events: (i) an initial public offering of Borrower’s equity securities, or (ii) any acquisition
      by, or merger of Borrower with, Sandbridge Acquisition Corporation, a Delaware corporation, or its Affiliates (“Sandbridge”), pursuant to that certain Business Combination Agreement dated as of February 15,
      2021 by and among Sandbridge, Project Olympus Merger Sub, Inc., a Delaware corporation, and Borrower, or (iii) an equity financing (to the extent not prohibited by Section 7.2) and/or Subordinated Debt financing of Borrower with existing investors
      that are, in each case, approved by Borrower’s Board.

    
      4

      
        

    

    

    

    “Warrant” means, individually and collectively, (a) Warrant to Purchase Common Stock dated as of February 14, 2017 executed by Borrower in
      favor of Bank, as amended by that certain Amendment to the Common Stock Warrant dated as of January 19, 2021 by and between Borrower and SVB Financial Group, (b) the Warrant to Purchase Common Stock dated as of October 25, 2018 executed by Borrower
      in favor of Bank, as amended by that certain Amendment to the Common Stock Warrant dated as of January 19, 2021 by and between Borrower and SVB Financial Group, (c) the Warrant to Purchase Common Stock dated as of March 27, 2019 executed by Borrower
      in favor of Bank, as amended by that certain Amendment to the Common Stock Warrant dated as of January 19, 2021 by and between Borrower and SVB Financial Group, (d) the Warrant to Purchase Common Stock dated as of the July 24, 2019 executed by
      Borrower in favor of Bank, as amended by that certain Amendment to the Common Stock Warrant dated as of January 19, 2021 by and between Borrower and SVB Financial Group, and (e) the 2020 Warrant, each as may be further amended, modified, supplemented
      and/or restated from time to time.

    

    

    (b)          The defined term “Eligible Accounts” in Section 13.1 of the Loan Agreement is hereby amended by deleting clause (z) thereof in its entirety and
      replacing it with the following:

    

    

    (z)          Accounts owing from an Account Debtor, whose total obligations to Borrower exceed twenty-five percent (25.0%) of all Accounts, except for [***], for which such
      percentage is forty-five percent (45%), for the amounts that exceed that percentage; and

    

    

    (c)          The following new defined terms and their respective definitions are hereby inserted alphabetically in Section 13.1 of the Loan Agreement:

    

    

    “Net Proceeds” means the gross proceeds received by Borrower from a Liquidity Event, less reasonable and customary closing costs (including,
      but not limited to, reasonable attorneys’ fees, brokers’ fees or commissions, investment bankers’ fees or commissions and similar items) owed to any Person in an arm’s length transaction that are actually incurred in connection with such Liquidity
      Event.

    

    

    “Qualifying Liquidity Event” means one or more Liquidity Events from which Borrower receives aggregate new Net Proceeds, in cash, of at
      least Fifty Million Dollars ($50,000,000).

    

    

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

    

    

    (d)          The defined terms “EBITDA Covenant” and “Liquidity Covenant”, and their respective definitions as set
      forth in Section 13.1 of the Loan Agreement are hereby deleted in their entirety and all occurrences of and references to such terms in the Loan Documents are hereby deleted in their entirety and from and after the date of this Agreement shall be of
      no further force and effect under the Loan Documents.

    
      5

      
        

    

    

    

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

    

    

    5.          Limitation of Waiver, Consent, and Amendments.

    

    

    5.1          The default waiver, consent, and amendments, set forth in Section 2 through 4, above, are effective for the purposes set forth herein and shall be
      limited precisely as written and shall not be deemed to  be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or  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.

    

    

    5.2          This Agreement 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.

    

    

    5.3          In addition to those Events of Default specifically enumerated in the Loan Documents (other than the Existing Defaults), 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.

    

    

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

    

    

    6.1          Immediately after giving effect to this Agreement (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 (other than the
      Existing Defaults) has occurred and is continuing or will arise solely from Borrower’s performance of its obligations in connection with the Merger;

    

    

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

    

    

    6.3          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;

    

    

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

    
      6

      
        

    

    

    

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

    

    

    6.6          The execution and delivery by Borrower of this Agreement and the performance by Borrower of its obligations under the Loan Agreement, as amended
      by this Agreement, 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;

    

    

    6.7          This Agreement 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; and

    

    

    6.8          Attached hereto as Annex I is a true, correct and complete copy of the Merger Agreement, and copies or drafts, as applicable, of the other
      Merger Documents to be executed in connection with the Merger. The Merger will be effected, closed and consummated pursuant to, and in accordance with, the terms and conditions of the Merger Documents and with all applicable laws.

    

    

    7.          Prior Agreement.  The Loan Documents are hereby ratified and reaffirmed and shall remain in full force and
      effect. This Agreement is not a novation and the terms and conditions of this Agreement shall be in addition to and supplemental to all terms and conditions set forth in the Loan Documents. In the event of any conflict or inconsistency between this
      Agreement and the terms of such documents, the terms of this Agreement shall be controlling, but such document shall not otherwise be affected or the rights therein impaired.

    

    

    8.          Integration.  This Agreement 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 Agreement and the Loan Documents merge into this
      Agreement and the Loan Documents.

    

    

    9.          Counterparts.  This Agreement 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.

    

    

    10.          Effectiveness.  This Agreement shall be deemed effective upon the due execution and delivery to Bank of
      this Agreement by each party hereto.

    
      7

      
        

    

    

    

    11.          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 review of the Merger Documents.

    

    

    12.          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.]

    
      8

      
        

    

    

    

    In Witness Whereof, the parties hereto have caused this Agreement 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 and Chief Financial Officer

          	 
	 	 	 	 
	
            BANK:

          	 	 
	 	 	 	 
	
            SILICON VALLEY BANK

          	 
	 	 	 	 
	
            By:

          	
            /s/ Jordan Rigberg

          	 
	 	
            Name:

          	
            Jordan Rigberg

          	 
	 	
            Title:

          	
            Vice President

          	 

     

    

     

    

    [Signature Page to Default Waiver, Consent, and Third 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; Inventory Transaction Report

          	
            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 05/31/2021

          	
            __/__/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, not in compliance with Section 6.9(a)

          	 	
            Yes, in compliance with Section 6.9(a)

          

    
      Schedule I to Exhibit B

      
        

    

    
     

      

    Annex I

    

    

    Merger Documents

    

    

    (see attached)

    

    

    

    

  

  Annex IExhibit 4.1

DESCRIPTION OF REGISTRANT’S SECURITIES
REGISTERED PURSUANT TO SECTION 12 OF THE
SECURITIES EXCHANGE ACT OF 1934
​
Apria, Inc. has one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended: its common stock, par value $0.01 per share.  References herein to “we,” “us,” “our” and “Company” refer to Apria, Inc. and not to any of its subsidiaries.
​
The following description of our common stock is a summary and does not purport to be complete. It is subject to and qualified in its entirety by reference to our amended and restated certificate of incorporation, and our amended and restated by-laws, each of which is incorporated by reference as an exhibit to the Annual Report on Form 10-K of which this Exhibit is a part. We encourage you to read the amended and restated certificate of incorporation, amended and restated by-laws and the applicable provisions of the Delaware General Corporation Law (the “DGCL”) for additional information.
​
Authorized Capital Shares
​
Our authorized capital stock consists of 1,000,000,000 shares of common stock, par value $0.01 per share, and 100,000,000 shares of preferred stock, par value $0.01 per share.  Unless our board of directors determines otherwise, we will issue all shares of our capital stock in uncertificated form. 
​
Common Stock 
​
Holders of our common stock are entitled to one vote for each share held of record on all matters on which stockholders are entitled to vote generally, including the election or removal of directors elected by our stockholders generally. Holders of our common stock, however, are not entitled to vote upon any amendment to our amended and restated certificate of incorporation that relates solely to the terms of one or more outstanding series of preferred stock if the holders of one or more series of our preferred stock are entitled to vote as a separate class on such amendment under our amended and restated certificate of incorporation or applicable law. The holders of our common stock do not have cumulative voting rights in the election of directors. Upon our liquidation, dissolution, or winding up and after payment in full of all amounts required to be paid to creditors and to the holders of preferred stock having liquidation preferences, if any, the holders of shares of our common stock are entitled to receive pro rata our remaining assets available for distribution. Holders of our common stock do not have preemptive, subscription, redemption, or conversion rights under our amended and restated certificate of incorporation. The common stock is not be subject to further calls or assessment by us. There are no redemption or sinking fund provisions applicable to the common stock. The rights, powers, preferences, and privileges of holders of our common stock are subject to those of the holders of any shares of our preferred stock that we may authorize and issue in the future. 
​
Preferred Stock 
​
Our amended and restated certificate of incorporation authorizes our board of directors to establish one or more series of preferred stock (including convertible preferred stock). Unless required by law or by any stock exchange, and subject to the terms of our amended and restated certificate of incorporation, the authorized shares of preferred stock will be available for issuance without further action by holders of our common stock. Our board of directors is authorized to determine, with respect to any series of preferred stock, the powers (including voting powers), preferences and relative participating, optional or other special rights, and the qualifications, limitations, or restrictions thereof, including, without limitation: 
​
		•
	the designation of the series; 

		•
	the number of shares of the series, which our board of directors may, except where otherwise provided in the preferred stock designation, increase (but not above the total number of authorized shares of the class) or decrease (but not below the number of shares then outstanding); 

		•
	whether dividends, if any, will be cumulative or non-cumulative and the dividend rate of the series; 

		•
	the dates at which dividends, if any, will be payable on shares of such series; 

 
		•
	the redemption rights and price or prices, if any, for shares of the series; 

​

​

		•
	the terms and amounts of any sinking fund provided for the purchase or redemption of shares of the series; 

		•
	the amounts payable on shares of the series in the event of any voluntary or involuntary liquidation, dissolution or winding-up of our affairs or other event; 

		•
	whether the shares of the series will be convertible into shares of any other class or series, or any other security, of us or any other entity, and, if so, the specification of the other class or series or other security, the conversion price or prices or rate or rates, any rate adjustments, the date or dates as of which the shares will be convertible, and all other terms and conditions upon which the conversion may be made; 

		•
	restrictions on the issuance of shares of the same series or of any other class or series of our capital stock; and 

		•
	the voting rights, if any, of the holders of the series. 

​
We could issue a series of preferred stock that could, depending on the terms of the series, impede or discourage an acquisition attempt or other transaction that some, or a majority, of the holders of our common stock might believe to be in their best interests or in which the holders of our common stock might receive a premium over the market price of the shares of our common stock. Additionally, the issuance of preferred stock may adversely affect the rights of holders of our common stock by restricting dividends on the common stock, diluting the voting power of the common stock, or subordinating the rights of the common stock to distributions to the holders of preferred stock upon a liquidation, dissolution or winding up or other event. As a result of these or other factors, the issuance of preferred stock could have an adverse impact on the market price of our common stock. 
​
Dividends 
​
The DGCL permits the directors, subject to any restriction in the certificate of incorporation, to declare and pay dividends out of the corporation’s “surplus” or, if there is no “surplus,” out of its net profits for the fiscal year in which the dividend is declared and/or the preceding fiscal year. “Surplus” is defined as the excess of the net assets of the corporation over the amount determined to be the capital of the corporation. The capital of the corporation is typically an amount equal to (and cannot be less than) the aggregate par value of all issued shares of capital stock. Net assets is calculated to be the amount by which the fair value of the total assets of the corporation exceeds its total liabilities, and capital and surplus are not liabilities for such purpose. The DGCL also provides that dividends may not be paid out of net profits if, after the payment of the dividend, the remaining capital would be less than the capital represented by the outstanding stock of all classes having a preference upon the distribution of assets. Declaration and payment of any dividend will be subject to the discretion of our board of directors. 
​
 
Annual Stockholder Meetings 
​
Our amended and restated bylaws provide that annual stockholder meetings will be held at a date, time, and place, if any, as exclusively selected by our board of directors. To the extent permitted under applicable law, we may conduct meetings by remote communications, including by webcast. 
​
Anti-Takeover Effects of Our Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws and Certain Provisions of Delaware Law 
​
Our amended and restated certificate of incorporation, amended and restated bylaws, and the DGCL contain provisions which are summarized in the following paragraphs and that are intended to enhance the likelihood of continuity and stability in the composition of our board of directors. These provisions are intended to avoid costly takeover battles, reduce our vulnerability to a hostile or abusive change of control and enhance the ability of our board of directors to maximize stockholder value in connection with any unsolicited offer to acquire us. However, these provisions may have an anti-takeover effect and may delay, deter or prevent a merger or acquisition of the Company by means of a tender offer, a proxy contest or other takeover attempt that a stockholder might consider in its best interest, including those attempts that might result in a premium over the prevailing market price for the shares of common stock held by stockholders. 
​

2
​

​

Authorized but Unissued Capital Stock 
​
Delaware law does not require stockholder approval for any issuance of shares that are authorized and available for issuance. However, the listing requirements of the Nasdaq Global Select Market (“Nasdaq”), which would apply so long as our common stock remains listed on Nasdaq, require stockholder approval of certain issuances equal to or exceeding 20% of the then outstanding voting power of our capital stock or then outstanding number of shares of common stock. These additional shares may be used for a variety of corporate purposes, including future public offerings, to raise additional capital, or to facilitate acquisitions. 
​
Our board of directors may generally issue shares of one or more series of preferred stock on terms calculated to discourage, delay or prevent a change of control of the Company or the removal of our management. Moreover, our authorized but unissued shares of preferred stock will be available for future issuances in one or more series without stockholder approval and could be utilized for a variety of corporate purposes, including future offerings to raise additional capital, to facilitate acquisitions and employee benefit plans. 
​
One of the effects of the existence of authorized and unissued and unreserved common stock or preferred stock may be to enable our board of directors to issue shares to persons friendly to current management, which issuance could render more difficult or discourage an attempt to obtain control of the Company by means of a merger, tender offer, proxy contest or otherwise, and thereby protect the continuity of our management and possibly deprive our stockholders of opportunities to sell their shares of common stock at prices higher than prevailing market prices. 
​
Classified Board of Directors 
​
Our amended and restated certificate of incorporation provides that, subject to the right of holders of any series of preferred stock, our board of directors is divided into three classes of directors, as nearly equal in number as possible, and with the directors serving staggered three-year terms, with only one class of directors being elected at each annual meeting of stockholders. As a result, approximately one-third of our board of directors will be elected each year. The classification of directors has the effect of making it more difficult for stockholders to change the composition of our board of directors. Our amended and restated certificate of incorporation and amended and restated bylaws provide that, subject to any rights of holders of preferred stock to elect additional directors under specified circumstances and the terms of our stockholders agreement, the number of directors will be fixed from time to time exclusively pursuant to a resolution adopted by the board of directors. 
​
 
Business Combinations 
​
We have opted out of Section 203 of the DGCL; however, our amended and restated certificate of incorporation contains similar provisions providing that we may not engage in certain “business combinations” with any “interested stockholder” for a three-year period following the time that the stockholder became an interested stockholder, unless: 
​
		•
	prior to such time, our board of directors approved either the business combination or the transaction that resulted in the stockholder becoming an interested stockholder; 

		•
	upon consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of our voting stock outstanding at the time the transaction commenced, excluding certain shares; or 

		•
	at or subsequent to that time, the business combination is approved by our board of directors and by the affirmative vote of holders of at least 66 2/3% of our outstanding voting stock that is not owned by the interested stockholder. 

​
Generally, a “business combination” includes a merger, asset or stock sale, or other transaction resulting in a financial benefit to the interested stockholder. Subject to certain exceptions, an “interested stockholder” is a person who owns 15% or more of our outstanding voting stock or is an affiliate or associate of us and was the owner of 15% or more of our outstanding voting stock at the date of termination, and their affiliates and associates. For purposes of this section only, “voting stock” has the meaning given to it in Section 203 of the DGCL. 
​

3
​

​

Under certain circumstances, this provision makes it more difficult for a person who would be an “interested stockholder” to effect various business combinations with us for a three-year period. This provision may encourage companies interested in acquiring us to negotiate in advance with our board of directors because the stockholder approval requirement would be avoided if our board of directors approves either the business combination or the transaction that results in the stockholder becoming an interested stockholder. These provisions also may have the effect of preventing changes in our board of directors and may make it more difficult to accomplish transactions that stockholders may otherwise deem to be in their best interests. 
​
Our amended and restated certificate of incorporation provides that investment funds associated with, or managed or designated by, The Blackstone Group Inc., and their permitted successors and assigns (our “Sponsor”) and its affiliates, and any of their respective direct or indirect transferees, and any group as to which such persons are a party, do not constitute “interested stockholders” for purposes of this provision. 
​
Removal of Directors; Vacancies and Newly Created Directorships 
​
Under the DGCL, unless otherwise provided in our amended and restated certificate of incorporation, directors serving on a classified board may be removed by the stockholders only for cause. Our amended and restated certificate of incorporation provides that the directors divided into classes may be removed with or without cause upon the affirmative vote of a majority in voting power of all outstanding shares of stock entitled to vote generally in the election of directors, voting together as a single class; provided, however, at any time when our Sponsor and its affiliates beneficially own, in the aggregate, less than 30% of the total voting power of all then outstanding shares of our stock entitled to vote generally in the election of directors, directors may only be removed for cause, and only upon the affirmative vote of holders of at least 66 2/3% of the total voting power of all the then outstanding shares of stock entitled to vote generally in the election of directors, voting together as a single class; provided, further, however, that specified directors designated pursuant to our stockholders agreement may not be removed without cause without the consent of the designating party. In addition, our amended and restated certificate of incorporation provides that, subject to the rights granted to one or more series of preferred stock then outstanding or the rights granted under our stockholders agreement with our Sponsor, any newly created directorship on the board of directors that results from an increase in the number of directors and any vacancies on our board of directors will be filled only by the affirmative vote of a majority of the remaining directors, even if less than a quorum, by a sole remaining director or by the stockholders; provided, however, at any time when our Sponsor and its affiliates beneficially own, in the aggregate, less than 30% of the total voting power of all then outstanding shares of stock of the Company entitled to vote generally in the election of directors, any newly created directorship on the board of directors that results from an increase in the number of directors and any vacancy occurring in the board of directors may only be filled by a majority of the directors then in office, although less than a quorum, or by a sole remaining director (and not by the stockholders) (other than directors elected by the holders of any series of preferred stock, by voting separately as a series or together with one or more series, as the case may be). 
​
No Cumulative Voting 
​
Under Delaware law, the right to vote cumulatively does not exist unless the certificate of incorporation specifically authorizes cumulative voting. Our amended and restated certificate of incorporation does not authorize cumulative voting. Therefore, stockholders holding a majority in voting power of the shares of our stock entitled to vote generally in the election of directors will be able to elect all of our directors. 
​
Special Stockholder Meetings 
​
Our amended and restated certificate of incorporation provides that special meetings of our stockholders may be called at any time only by or at the direction of the board of directors or the chairman of the board of directors; provided, however, at any time when our Sponsor and its affiliates beneficially own, in the aggregate, at least 30% of the total voting power of all then outstanding shares of stock entitled to vote generally in the election of directors, special meetings of our stockholders shall also be called by the board of directors or the chairman of the board of directors at the request of our Sponsor and its affiliates. Our amended and restated bylaws prohibit the conduct of any business at a special meeting other than as specified in the notice for such meeting. These provisions may have the effect of deterring, delaying, or discouraging hostile takeovers, or changes in control or management of the Company. 

4
​

​

​
Director Nominations and Stockholder Proposals 
​
Our amended and restated bylaws establish advance notice procedures with respect to stockholder proposals and the nomination of candidates for election as directors, other than nominations made by or at the direction of the board of directors or a committee of the board of directors. In order for any matter to be “properly brought” before a meeting, a stockholder will have to comply with advance notice requirements and provide us with certain information. Generally, to be timely, a stockholder’s notice must be received at our principal executive offices not less than 90 days nor more than 120 days prior to the first anniversary date of the immediately preceding annual meeting of stockholders (which date shall, for purposes of our first annual meeting of stockholders after our shares of common stock are first publicly traded, be deemed to have occurred on June 1, 2021). Our amended and restated bylaws also specify requirements as to the form and content of a stockholder’s notice. These provisions will not apply to our Sponsor and its affiliates so long as our stockholders agreement remains in effect. Our amended and restated bylaws allow the chairman of the meeting at a meeting of the stockholders to adopt rules and regulations for the conduct of meetings that may have the effect of precluding the conduct of certain business at a meeting if the rules and regulations are not followed. These provisions may also defer, delay, or discourage a potential acquirer from conducting a solicitation of proxies to elect the acquirer’s own slate of directors or otherwise attempting to influence or obtain control of the Company. 
​
Stockholder Action by Written Consent 
​
Our amended and restated certificate of incorporation provides that any action required to be taken at any annual or special meeting of the stockholders may be taken without a meeting, without prior notice, and without a vote if a consent or consents in writing, setting forth the action so taken, is or are signed by the stockholder designated pursuant to our stockholders agreement and holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares of our stock entitled to vote thereon were present and voted. Our amended and restated certificate of incorporation prohibits stockholder action by written consent in lieu of a meeting of stockholders at any time our Sponsors and its affiliates own, in the aggregate, less than 30% in voting power of our stock entitled to vote generally in the election of directors; provided that any action required or permitted to be taken by the holders of preferred stock, voting separately as a series or separately as a class with one or more other such series, may be taken without a meeting, without prior notice and without a vote, to the extent expressly so provided by the applicable certificate of designation relating to such series of preferred stock. 
​
Supermajority Provisions 
​
Our amended and restated certificate of incorporation and amended and restated bylaws provide that the board of directors is expressly authorized to make, alter, amend, change, add to, rescind, or repeal, in whole or in part, our bylaws without a stockholder vote in any matter not inconsistent with the laws of the State of Delaware or our amended and restated certificate of incorporation. For as long as our Sponsor and its affiliates beneficially own, in the aggregate, at least 30% of the total voting power of all then outstanding shares of our stock entitled to vote generally in the election of directors, any amendment, alteration, change, addition, or repeal of our bylaws by our stockholders requires the affirmative vote of a majority in voting power of the outstanding shares of our stock present in person or represented by proxy at the meeting and entitled to vote on such amendment, alteration, rescission or repeal. At any time when our Sponsor and its affiliates beneficially own, in the aggregate, less than 30% in voting power of our stock entitled to vote generally in the election of directors, any amendment, alteration, rescission, or repeal of our bylaws by our stockholders requires the affirmative vote of the holders of at least 66 2/3% of the total voting power of all then outstanding shares of our stock entitled to vote thereon, voting together as a single class. 
​
The DGCL provides generally that the affirmative vote of a majority of the outstanding shares entitled to vote thereon, voting together as a single class, is required to amend a corporation’s certificate of incorporation, unless the certificate of incorporation requires a greater percentage. 
​
Our amended and restated certificate of incorporation provides that at any time when our Sponsor and its affiliates beneficially own, in the aggregate, less than 30% in voting power of our stock entitled to vote generally in 

5
​

​

the election of directors, the following provisions in our amended and restated certificate of incorporation may be amended, altered, repealed or rescinded only by the affirmative vote of the holders of at least 662⁄3% in voting power of all the then outstanding shares of our stock entitled to vote thereon, voting together as a single class: 
​
		•
	the provision requiring a 662⁄3% supermajority vote for stockholders to amend our amended and restated bylaws; 

		•
	the provisions providing for a classified board of directors (the election and term of our directors); 

		•
	the provisions regarding resignation and removal of directors; 

		•
	the provisions regarding competition and corporate opportunities; 

		•
	the provisions regarding entering into business combinations with interested stockholders; 

		•
	the provisions regarding stockholder action by written consent; 

		•
	the provisions regarding calling special meetings of stockholders; 

		•
	the provisions regarding filling vacancies on our board of directors and newly created directorships; 

		•
	the provisions eliminating monetary damages for breaches of fiduciary duty by a director; 

		•
	the provisions regarding forum selection; and 

		•
	the amendment provision requiring that the above provisions be amended only with a 66 2/3% supermajority vote. 

​
The combination of the classification of our board of directors, the lack of cumulative voting and the supermajority voting requirements will make it more difficult for our existing stockholders to replace our board of directors as well as for another party to obtain control of us by replacing our board of directors. Because our board of directors has the power to retain and discharge our officers, these provisions could also make it more difficult for existing stockholders or another party to effect a change in management. 
​
These provisions may have the effect of deterring hostile takeovers or delaying or preventing changes in control of us or our management, such as a merger, reorganization or tender offer. These provisions are intended to enhance the likelihood of continued stability in the composition of our board of directors and its policies and to discourage certain types of transactions that may involve an actual or threatened acquisition of the Company. These provisions are designed to reduce our vulnerability to an unsolicited acquisition proposal. The provisions are also intended to discourage certain tactics that may be used in proxy fights. However, such provisions could have the effect of discouraging others from making tender offers for our shares and, as a consequence, they also may inhibit fluctuations in the market price of our shares that could result from actual or rumored takeover attempts. Such provisions may also have the effect of preventing changes in management. 
​
Dissenters’ Rights of Appraisal and Payment 
​
Under the DGCL, with certain exceptions, our stockholders will have appraisal rights in connection with a merger or consolidation in which we are a constituent entity. Pursuant to the DGCL, stockholders who properly request and perfect appraisal rights in connection with such merger or consolidation will have the right to receive payment of the fair value of their shares as determined by the Delaware Court of Chancery. 
​
Stockholders’ Derivative Actions 
​
Under the DGCL, any of our stockholders may bring an action in our name to procure a judgment in our favor, also known as a derivative action, provided that the stockholder bringing the action is a holder of our shares at the time of the transaction to which the action relates or such stockholder’s stock thereafter devolved by operation of law. To bring such an action, the stockholder must otherwise comply with Delaware law regarding derivative actions. 
​
Exclusive Forum 
​
Our amended and restated certificate of incorporation provides that unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware shall, to the fullest extent permitted by law, be the sole and exclusive forum for any (i) derivative action or proceeding brought on behalf of our Company, (ii) action asserting a claim of breach of a fiduciary duty owed by any current or former director, officer, employee or stockholder of our Company to the Company or the Company’s stockholders, (iii) action asserting a 

6
​

​

claim against the Company or any current or former director, officer, employee or stockholder of the Company arising pursuant to any provision of the DGCL or our amended and restated certificate of incorporation or our amended and restated bylaws, or (iv) action asserting a claim against the Company or any director, officer, employee or stockholder of the Company governed by the internal affairs doctrine of the law of the State of Delaware. Our amended and restated certificate of incorporation further provides that to the fullest extent permitted by law the federal district courts of the United States of America will be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the U.S. federal securities laws. Any person or entity purchasing or otherwise acquiring or holding any interest in shares of capital stock of the Company shall be deemed to have notice of and provided consent to the forum provisions in our amended and restated certificate of incorporation. 
​
Conflicts of Interest 
​
Delaware law permits corporations to adopt provisions renouncing any interest or expectancy in certain opportunities that are presented to the corporation or its officers, directors or stockholders. Our amended and restated certificate of incorporation, to the maximum extent permitted from time to time by Delaware law, renounces any interest or expectancy that we have in, or right to be offered an opportunity to participate in, specified business opportunities that are from time to time presented to our officers, directors or stockholders or their respective affiliates, other than those officers, directors, stockholders or affiliates who are our or our subsidiaries’ employees. Our amended and restated certificate of incorporation provides that, to the fullest extent permitted by law, none of our Sponsor or any of its affiliates or any director who is not employed by us (including any non-employee director who serves as one of our officers in both his or her director and officer capacities) or his or her affiliates will have any duty to refrain from (i) engaging in a corporate opportunity in the same or similar lines of business in which we or our affiliates now engage or propose to engage or (ii) otherwise competing with us or our affiliates. In addition, to the fullest extent permitted by law, in the event that our Sponsor or any non-employee director acquires knowledge of a potential transaction or other business opportunity which may be a corporate opportunity for itself, himself or herself or its, his or her affiliates or for us or our affiliates, such person will have no duty to communicate or offer such transaction or business opportunity to us or any of our affiliates and they may take any such opportunity for themselves or offer it to another person or entity. Our amended and restated certificate of incorporation does not renounce our interest in any business opportunity that is expressly offered to a non-employee director solely in his or her capacity as a director or officer of the Company. To the fullest extent permitted by law, no business opportunity will be deemed to be a potential corporate opportunity for us unless we would be permitted to undertake the opportunity under our amended and restated certificate of incorporation, we have sufficient financial resources to undertake the opportunity and the opportunity would be in line with our business. 
​
Limitations on Liability and Indemnification of Officers and Directors 
​
The DGCL authorizes corporations to limit or eliminate the personal liability of directors to corporations and their stockholders for monetary damages for breaches of directors’ fiduciary duties, subject to certain exceptions. Our amended and restated certificate of incorporation includes a provision that eliminates the personal liability of directors for monetary damages to the corporation or its stockholders for any breach of fiduciary duty as a director, except to the extent such exemption from liability or limitation thereof is not permitted under the DGCL. The effect of these provisions is to eliminate the rights of us and our stockholders, whether directly or through a suit brought derivatively on our behalf, to recover monetary damages from a director for breach of fiduciary duty as a director, including breaches resulting from grossly negligent behavior. However, exculpation does not apply to any director if the director has breached such director’s duty of loyalty, acted in bad faith, knowingly or intentionally violated the law, authorized illegal dividends, redemptions or repurchases or derived an improper benefit from his or her actions as a director. 
​
Our amended and restated bylaws generally provide that we must indemnify and advance expenses to our directors and officers to the fullest extent authorized by the DGCL. We also are expressly authorized to carry directors’ and officers’ liability insurance providing indemnification for our directors, officers and certain employees for some liabilities. We believe that these indemnification and advancement provisions and insurance are useful to attract and retain qualified directors and executive officers. 
​

7
​

​

The limitation of liability, indemnification and advancement provisions in our amended and restated certificate of incorporation and amended and restated bylaws may discourage stockholders from bringing a lawsuit against directors for breach of their fiduciary duty. These provisions also may have the effect of reducing the likelihood of derivative litigation against directors and officers, even though such an action, if successful, might otherwise benefit us and our stockholders. In addition, your investment may be adversely affected to the extent we pay the costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions. 
​
 
Transfer Agent and Registrar 
​
The transfer agent and registrar for shares of our common stock is Broadridge Corporate Issuer Solutions, Inc. 
​
Listing 
​
Our common stock is listed on Nasdaq under the symbol “APR.” 

8
​

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00325-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00325-of-00352.parquet"}]]