Document:

Exhibit 1022

		

			Exhibit 10.22

		

		

			 

		

		
			FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT
		

		
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			This First Amendment to Loan and Security Agreement (this “Amendment”) is entered into as of January 15, 2021, by and between STIFEL BANK (“Bank”) and SILK ROAD MEDICAL, INC., a Delaware corporation (“Borrower”).
		

		
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			RECITALS
		

		
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			Borrower and Bank are parties to that certain Loan and Security Agreement dated as of October 29, 2020, as amended from time to time (the “Agreement”). The parties desire to amend the Agreement in accordance with the terms of this Amendment.
		

		
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			NOW, THEREFORE, in consideration of the mutual benefits to be obtained by them, the parties agree as
		

		
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				 1.
			

			
	
			
			Section 6.7 of the Agreement hereby is amended and restated in its entirety to read as follows:

		
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			“6.7Accounts. Borrower shall (i) no later than the Transition Period End Date, have deposited not less than Fifty-Five Million Dollars ($55,000,000) in accounts with Bank and at all times thereafter shall maintain and shall cause each of its Subsidiaries to maintain its primary domestic depository, operating, and investment accounts with Bank and (ii) no later than June 30, 2021 (or such later date with respect to any such banking service that prior to June 30, 2021 is not offered by Bank in a comparable form (as determined by Borrower in its business judgment)), endeavor to utilize and shall cause each of its Subsidiaries to endeavor to utilize Bank’s International Banking Division for any international banking services required by Borrower, including, but not limited to, foreign currency wires, hedges, swaps, lockbox, ACH disbursements, Autocash, FX Contracts, and Letters of Credit. Deposit and securities account control agreements shall not be required for Borrower's accounts at Wells Fargo so long as the amounts held in such accounts, in the aggregate, do not exceed One Million Dollars ($1,000,000); provided, that if such accounts are not closed by the Transition Period End Date, then Borrower shall execute Control Agreement(s) over all such accounts, in favor of Bank, by no later than February 28, 2021.”
		

		
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			Section 6.8 of the Agreement hereby is amended and restated in its entirety to read as follows: 

		
			“6.8Financial Covenants.
		

			
	
			
				 (a)
			Minimum Cash and Cash Equivalents. Commencing on the Transition Period End Date, Borrower shall at all times maintain at least Twenty Million Dollars ($20,000,000) of unrestricted cash and Cash Equivalents at Bank or at Bank’s Affiliates and, if held at Bank’s Affiliates, subject to a Control Agreement in favor of Bank.

		
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				 (b)
			Minimum Revenue. For any quarterly measuring period where Borrower’s unrestricted cash and Cash Equivalents at Bank or at Bank’s Affiliates and, if held at Bank’s Affiliates, subject to a Control Agreement in favor of Bank is (or, prior to January 15, 2021 unrestricted cash or Cash Equivalents at Bank or cash or Cash Equivalents otherwise subject to a Control Agreement in favor of Bank), for any day during the quarterly measuring period, less than Sixty Million Dollars ($60,000,000), Borrower shall achieve cumulative fiscal year consolidated revenue (measured in accordance with GAAP), tested quarterly as of the last day of such fiscal quarter, of not less than the following amounts with respect to the applicable measuring date:

		
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						Fiscal Quarter Period Ending

					
					
						Minimum Cumulative Fiscal Year Consolidated Revenue

				
	
					
						December 31, 2020

					
					
						[***]

				
	
					
						March 31, 2021

					
					
						[***]

				
	
					
						June 30, 2021

					
					
						[***]

				
	
					
						September 30, 2021

					
					
						[***]

				
	
					
						December 31, 2021

					
					
						[***]

				

		
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			The required minimum cumulative fiscal year consolidated revenue covenant levels for the fiscal quarter measuring periods ending after December 31, 2021, shall be mutually agreed upon between Bank and Borrower; provided that such covenant levels, with respect to revenue for the cumulative fiscal year, shall be set to the greater of (a) ten percent (10%) year-over- year growth in comparison to the prior fiscal year or (b) 
		

		 

 

		seventy-five percent (75%) of the annual operating budget and projections delivered by Borrower to Bank in accordance with Section 6.3(e) hereof (and deemed acceptable to Bank in its sole but reasonable discretion). The new covenant levels shall be documented in an amendment to this Agreement to be entered into on or prior to March 15 of each calendar year, beginning with the 2022 calendar year. Borrower’s failure to cooperate with the Bank to enter into the amendment to this Agreement to reset such covenant levels shall be an immediate Event of Default hereunder.”
		

		
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				 3.
			No course of dealing on the part of Bank or its officers, nor any failure or delay in the exercise of any right by Bank, shall operate as a waiver thereof, and any single or partial exercise of any such right shall not preclude any later exercise of any such right. Bank’s failure at any time to require strict performance by Borrower of any provision shall not affect any right of Bank thereafter to demand strict compliance and performance. Any suspension or waiver of a right must be in writing signed by an officer of Bank.

		
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				 4.
			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.

		
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				 5.
			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.

		
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				 6.
			As a condition to the effectiveness of this Amendment, Bank shall have received, in form and substance satisfactory to Bank, the following:

		
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				 (a)
			this Amendment, duly executed by Borrower; and

		
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				 (b)
			all reasonable Bank Expenses incurred through the date of this Amendment, to the extent invoices therefor have been provided to Borrower at least one Business Day in advance of the effectiveness, which may be debited from any of Borrower's accounts.

		
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				 7.
			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.

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

		
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						SILK ROAD MEDICAL, INC.

				
	
					
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						By:

					
					
						/s/Lucas W. Buchanan

				
	
					
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						Name:

					
					
						Lucas W. Buchanan

				
	
					
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						Title:

					
					
						Chief Operating Officer and Chief Financial Officer

				
	
					
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						STIFEL BANK

				
	
					
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						By:

					
					
						/s/John H. Phillips

				
	
					
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						Name:

					
					
						John H. Phillips

				
	
					
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						Title:

					
					
						Executive Vice President / Chief Lending Officer

				

		
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			[Signature Page to First Amendment to Loan and Security Agreement]
		

		 

		

			-3-Document

Execution Version

AMENDMENT TO AMENDED AND RESTATED 
SUPPLY AND OFFTAKE AGREEMENT
This AMENDMENT TO AMENDED AND RESTATED SUPPLY AND OFFTAKE AGREEMENT (this “Amendment”), dated as of May 4, 2021, is made by and among Par Hawaii Refining, LLC, a Hawaii limited liability company (the “Company”), Par Petroleum, LLC, a Delaware limited liability company (the “Guarantor”) and J. Aron & Company LLC, a New York limited liability company (“Aron”) (each referred to individually as a “Party” and collectively, the “Parties”).
RECITALS
A.    The Company owns and operates the Refinery for the processing and refining of crude oil and other feedstocks and the recovery therefrom of refined products.
B.    The Parties have entered into that certain Amended and Restated Supply and Offtake Agreement, dated as of December 21, 2017 (as from time to time amended, modified, supplemented, extended, renewed and/or restated, the “S&O Agreement”), pursuant and subject to which Aron has agreed to supply crude oil to the Company to be processed at the Refinery and purchase refined products from the Company produced at the Refinery.
C.    The Parties have agreed to amend the S&O Agreement pursuant to the terms set forth herein.
AGREEMENTS
NOW, THEREFORE, in consideration of the foregoing premises, the mutual promises and covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, subject to the terms and conditions hereinafter set forth, agree as follows:
SECTION 1    Definitions; Interpretation
Section 1.1    Defined Terms.  All capitalized terms used in this Amendment (including in the Recitals hereto) and not otherwise defined herein shall have the meanings assigned to them in the S&O Agreement, as amended hereby.
Section 1.2    Interpretation.  The rules of construction set forth in Section 1.2 of the S&O Agreement shall be applicable to this Amendment and are incorporated herein by this reference.
SECTION 2    Amendments to S&O Agreement
Section 2.1     Upon the effectiveness of this Amendment:
(a)    Section 3.1 of the S&O Agreement is hereby amended and restated in its entirety as follows:

3.1    Term. The Original Agreement became effective on the Original Effective Date with the Commencement Date (as acknowledged in Section 2.3 above) occurring on June 1, 2015.  This Agreement constitutes a continuation of the term of the Original Agreement and, subject to Section 3.2, shall continue for a period ending at 11:59:59 p.m., EST on June 30, 2021 (the “Term”; the last day of such Term being herein referred to as the “Expiration Date,” except as provided in Section 3.2 below).
(b)    The Schedules attached to the S&O Agreement are hereby amended by replacing Schedules B, D, G and Y attached to the S&O Agreement with Schedules B, D, G and Y attached hereto.
Section 2.2    References Within S&O Agreement.  Each reference in the S&O Agreement to “this Agreement” and the words “hereof,” “hereto,” “herein,” “hereunder,” or words of like import, and each reference in any other Transaction Document to “the S&O Agreement” and the words “thereof,” “thereto,” “therein,” “thereunder” or words of like import, in each case, shall mean and be a reference to the S&O Agreement as amended hereby. 
SECTION 3    Representations and Warranties
To induce the other Party to enter into this Amendment, each Party hereby represents and warrants that (i) it has the limited liability company, governmental or other legal capacity, authority and power to execute this Amendment, to deliver this Amendment and to perform its obligations under the S&O Agreement, as amended hereby, and has taken all necessary action to authorize the foregoing; (ii) the execution, delivery and performance of this Amendment does not violate or conflict with any law applicable to it, any provision of its constitutional documents, any order or judgment of any court or Governmental Authority applicable to it or any of its assets or subject; (iii) all governmental and other consents required to have been obtained by it with respect to this Amendment have been obtained and are in full force and effect; (iv) its obligations under the S&O Agreement, as amended hereby, constitute its legal, valid and binding obligations, enforceable in accordance with its terms (subject to applicable bankruptcy, reorganization, insolvency, moratorium or similar laws affecting creditors’ rights generally and subject, as to enforceability, to equitable principles of general application regardless of whether enforcement is sought in a proceeding in equity or at law); and (v) no Event of Default with respect to it has occurred and is continuing.
SECTION 4    Reaffirmation
All of the terms and provisions of the S&O Agreement shall, as amended and modified hereby, remain in full force and effect. Each of the Company and the Guarantor hereby agrees that the amendments and modifications herein contained shall in no manner affect (other than expressly provided herein) or impair its obligations under the S&O Agreement and the other Transaction Documents or the Liens securing the payment and performance thereof. Each of the Company and the Guarantor hereby ratifies and confirms all of its respective obligations and liabilities under the Transaction Documents to which it is a party, as expressly modified herein, and the Guarantor ratifies and confirms that such obligations and liabilities extend to and 
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continue in effect with respect to, and continue to guarantee the obligations of the Company under the Transaction Documents, as expressly modified herein.
SECTION 5    Miscellaneous
Section 5.1    S&O Agreement Otherwise Not Affected.  Except for the amendments pursuant hereto, the S&O Agreement remains unchanged.  Other than as amended hereby, the S&O Agreement remains in full force and effect and is hereby ratified and confirmed in all respects.  The execution and delivery of, or acceptance of, this Amendment and any other documents and instruments in connection herewith by either Party shall not be deemed to create a course of dealing or otherwise create any express or implied duty by it to provide any other or further amendments, consents or waivers in the future.  For all purposes of the S&O Agreement and the other Transaction Documents, this Amendment shall constitute a “Transaction Document.”
Section 5.2    No Reliance.  Each Party hereby acknowledges and confirms that it is executing this Amendment on the basis of its own investigation and for its own reasons without reliance upon any agreement, representation, understanding or communication by or on behalf of any other Person.
Section 5.3    Costs and Expenses. The Company acknowledges and confirms that, pursuant to Section 21.5 of the S&O Agreement, it is responsible for the payment of all reasonable out-of-pocket expenses incurred by Aron and its Affiliates (including the reasonable fees, charges and disbursements of counsel for Aron) in connection with the preparation, negotiation, execution, delivery and administration of this Amendment, the other agreements amended in connection herewith, and the transactions contemplated hereby or thereby.
Section 5.4    Binding Effect.  This Amendment shall be binding upon, inure to the benefit of and be enforceable by the Company, the Guarantor, Aron and their respective successors and assigns.
Section 5.5    Governing Law.  THIS AMENDMENT SHALL BE GOVERNED BY, CONSTRUED AND ENFORCED UNDER THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO ITS CONFLICTS OF LAW PRINCIPLES THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER STATE.
Section 5.6    Amendments.  This Amendment may not be modified, amended or otherwise altered except by written instrument executed by the Parties’ duly authorized representatives.
Section 5.7    Effectiveness; Counterparts.  
(a)    This Amendment shall be binding on the Parties as of the date on which it has been fully executed by the Parties. This Amendment may be executed in any number of counterparts and by different Parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement.
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(b)    This Amendment shall become effective upon the receipt by Aron of executed counterparts of this Amendment by the Company and the Guarantor.
Section 5.8    Interpretation.  This Amendment is the result of negotiations between the Parties and has been reviewed by counsel to each of the Parties, and is the product of all Parties hereto.  Accordingly, this Amendment shall not be construed against either Party merely because of such Party’s involvement in the preparation hereof.
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IN WITNESS WHEREOF, each Party hereto has caused this Amendment to be executed by its duly authorized representative as of the date first above written.

J. ARON & COMPANY LLC

By:    /s/ Simon Collier
Name:    Simon Collier
Title:    Attorney In Fact

PAR HAWAII REFINING, LLC

By:    /s/ Will Monteleone 
Name:    Will Monteleone
Title:    Chief Financial Officer

PAR PETROLEUM, LLC

By:    /s/ Will Monteleone 
Name:    Will Monteleone
Title:    Chief Financial Officer

SIGNATURE PAGE TO AMENDMENT TO AMENDED AND 
RESTATED SUPPLY AND OFFTAKE AGREEMENT

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