Document:

Exhibit

RESTRICTED STOCK UNIT AGREEMENT
This RESTRICTED STOCK UNIT AGREEMENT (the “Agreement”), dated as of the Grant Date set forth on the signature page hereof, is entered into by and between Hertz Global Holdings, Inc., a Delaware corporation (the “Company”), and the individual whose name is set forth on the director section of the signature page hereof (the “Director”).
1.Grant of Restricted Stock Units.  The Company hereby evidences and confirms its grant to the Director, effective as of the Grant Date, of the number of restricted stock units (the “Restricted Stock Units”) set forth on the signature page hereof.  This Agreement is subordinate to, and the terms and conditions of the Restricted Stock Units granted hereunder are subject to, the terms and conditions of the Hertz Global Holdings, Inc. 2016 Omnibus Incentive Plan, as amended from time to time (the “Plan”), which are incorporated by reference herein.  If there is any inconsistency between the terms of this Agreement and the terms of the Plan, except as expressly provided herein, the terms of the Plan shall govern.  This Agreement shall also be subject to the terms of any applicable deferral election made by the Director with respect to the Restricted Stock Units.  Any capitalized terms used herein without definition shall have the meanings set forth in the Plan.
2.    Vesting of Restricted Stock Units.
(a)    Vesting.  Except as otherwise provided in this Section 2, the Restriction Period applicable to the Restricted Stock Units shall lapse, if at all, on the first business day immediately preceding the date of the Company’s annual shareholder meeting in 2020 (the “Vesting Date”), subject to the below provisions.
(b)    Termination of Services.
(i)    Generally.  If the Director ceases to serve on the Board of the Company for any reason (except due to termination for Cause by the Company) prior to the Vesting Date, the Restriction Period shall lapse immediately upon such cessation with respect to all Restricted Stock Units. Such Restricted Stock Units shall be settled as provided in Section 3.
(ii)    For Cause Cessation.  If the Director ceases to serve on the Board of the Company due to termination for Cause by the Company prior to the Vesting Date, all outstanding Restricted Stock Units shall immediately be forfeited and canceled effective as of the date of the Director’s cessation.
(c)    Change in Control.
(i)    In General.  Subject to Section 2(c)(ii), in the event of a Change in Control, the Restriction Period applicable to all outstanding Restricted Stock Units shall lapse immediately 

	
			
	 
	 
	 

prior to such Change in Control and all such Restricted Stock Units shall be settled as set forth in Section 3.
(ii)    Alternative Awards.  Notwithstanding Section 2(c)(i), no cancellation, termination, lapse of Restriction Period or settlement or other payment shall occur with respect to the Restricted Stock Units if the Committee (as constituted immediately prior to the Change in Control) so determines, in its sole discretion, prior to the Change in Control that the Restricted Stock Units shall be honored or assumed or new rights substituted therefor by an Alternative Award, in accordance with the terms of Section 9.1 of the Plan; provided, however, notwithstanding anything in the Plan to the contrary, any such Alternative Award shall vest in full if the Director’s services on the Board of the Company ceases for any reason (except due to termination for Cause by the Company) within two years following the Change in Control.
(d)    Committee Discretion.  Notwithstanding anything contained in this Agreement to the contrary, and subject to Section 7(g) of this Agreement and Sections 4.6 and 11.9 of the Plan, the Committee, in its sole discretion, may accelerate the vesting with respect to any Restricted Stock Units under this Agreement, at such times and upon such terms and conditions as the Committee shall determine. 
3.    Settlement of Restricted Stock Units.  Subject to other applicable provisions of this Agreement (and any applicable deferral election made by the Director with respect to the Restricted Stock Units, including without limitation any deferral election permitted under the Company’s Directors Compensation Policy), not later than 30 days after the lapse of the Restriction Period (or, as applicable, not later than 30 days after the applicable settlement payment date set forth in a deferral election, including without limitation any deferral election permitted under the Company’s Directors Compensation Policy) with respect to any Restricted Stock Units, the Company shall issue to the Director one share of Common Stock underlying each Restricted Stock Unit as to which the Restriction Period has lapsed, or, if the Committee so determines in its sole discretion, an amount in cash equal to the Fair Market Value of such shares of Common Stock or any combination of shares of Common Stock and cash having an aggregate Fair Market Value equal to such shares of Common Stock.  Notwithstanding the preceding sentence, if the Restriction Period applicable to any Restricted Stock Units which constitutes “deferred compensation” subject to Section 409A of the Code lapses as a result of a Change in Control that does not qualify as a “change in the ownership or effective control” of the Company or “in the ownership of a substantial portion of the assets” of the Company within the meaning of Section 409A of the Code, then the Company shall not settle such Restricted Stock Units until the 30th day following the earlier of (i) the Director’s cessation of Board service and (ii) the originally scheduled settlement payment date of such Restricted Stock Units.  For the avoidance of doubt, the preceding two sentences are subject to Section 7(g) of this Agreement and Section 11.9 of the Plan.  Upon issuance, such shares of Common Stock may be sold, transferred, pledged, assigned or otherwise alienated or hypothecated in compliance with all 

	
			
	 
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applicable law, this Agreement and any other agreement to which such shares are subject.  The Director’s settlement rights pursuant to this Agreement shall be no greater than the right of any unsecured general creditor of the Company.
4.    Forfeiture.  Notwithstanding anything in the Plan or this Agreement to the contrary, if, during the Restriction Period, the Director engages in Wrongful Conduct (as defined herein), then any Restricted Stock Units for which the Restriction Period has   not then lapsed (or for which settlement has not yet occurred) shall automatically terminate and be canceled effective as of the date on which the Director first engaged in such Wrongful Conduct.  If the Director engages in Wrongful Conduct, the Director shall pay to the Company in cash any Restriction-Based Financial Gain the Director realized from the lapse of the Restriction Period applicable to all or a portion of the Restricted Stock Units with respect to which the Restriction Period lapsed within the Wrongful Conduct Period (as defined herein).  By entering into this Agreement, the Director hereby consents to and authorizes the Company and the Subsidiaries to deduct from any amounts payable by such entities to the Director any amounts the Director owes to the Company under this Section 4 to the extent permitted by law.  This right of set-off is in addition to any other remedies the Company may have against the Director for the Director’s Wrongful Conduct. The Director’s obligations under this Section 4 shall be cumulative (but not duplicative) of any similar obligations the Director has under the Plan, this Agreement, any Company policy, or any clawback plan or policy (including, without limitation, the Company’s Standards of Business Conduct), or any other agreement with the Company or any Subsidiary, including, without limitation, an individual director agreement or restrictive covenant agreement.
For purposes of this Agreement, and notwithstanding anything in the Plan to the contrary, “Wrongful Conduct” means the breach or violation by the Director of the Company’s Standards of Business Conduct, Corporate Governance Guidelines or Directors’ Code of Business Conduct and Ethics (each as amended from time to time, and including any successor or replacement policy or standard).
For purposes of this Agreement, and notwithstanding anything in the Plan to the contrary, “Wrongful Conduct Period” means the twelve-month period ending on the date of the Participant’s Wrongful Conduct (or such other period as determined by the Committee).
5.    Issuance of Shares.
(a)    Notwithstanding any other provision of this Agreement, the Director may not sell or transfer the shares of Common Stock acquired upon settlement of the Restricted Stock Units except in compliance with all applicable laws and regulations.
(b)    The shares of Common Stock issued in settlement of the Restricted Stock Units shall be registered in the Director’s name, or, if applicable, in the names of the Director’s heirs or estate (or in the name of such other persons or entities provided by the Director and approved 

	
			
	 
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by the Committee or Board).  In the Company’s discretion, such shares may be issued either in certificated form or in uncertificated, book entry form.  The certificate or book entry account shall bear such restrictive legends or restrictions as the Company, in its sole discretion, shall require.  If delivered in certificated form, the Company may deliver a share certificate to the Director or to the Director’s designated broker on the Director’s behalf.  If the Director is deceased (or if Disabled and if necessary) at the time that a delivery of share certificates is to be made, the certificates shall be delivered to the Director’s estate, executor, administrator, legally authorized guardian or personal representative (as  applicable).
(c)    To the extent permitted by Section 409A of the Code, the grant of the Restricted Stock Units and issuance of shares of Common Stock upon settlement of the Restricted Stock Units will be subject to and in compliance with all applicable requirements of federal, state or foreign law with respect to such securities.  No shares of Common Stock may be issued hereunder if the  issuance of such shares would constitute a violation of any applicable federal, state or foreign securities laws or other law or regulations or the requirements of any stock exchange or market system upon which the Common Stock may then be listed.  The inability of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company’s legal counsel to be necessary to the lawful issuance of any shares subject to the Restricted Stock Units shall relieve the Company  of any liability in respect of the failure to issue such shares as to which such requisite authority shall not have been obtained.  To the extent permitted by Section 409A of the Code, as a condition to the settlement of the Restricted Stock Units, the Company may require the Director to satisfy any qualifications that may be necessary or appropriate, to evidence compliance with any applicable law or regulation and to make any representation or warranty with respect thereto as may be requested by the Company.
(d)    The Company shall not be required to issue fractional shares of Common Stock upon settlement of the Restricted Stock Units.
(e)    To the extent permitted by Section 409A of the Code, the Company may postpone the issuance and delivery of any shares of Common Stock provided for under this Agreement for so long as the Company determines to be necessary or advisable to satisfy the following: (1) the completion or amendment of any registration of such shares or satisfaction of any exemption from registration under any securities law, rule, or regulation; (2) compliance with any requests for representations; and (3) receipt of proof satisfactory to the Company that a person seeking such shares on the Director’s behalf upon the Director’s Disability (if necessary), or upon the Director’s estate’s behalf after the death of the Director, is appropriately authorized.
6.    Director’s Rights with Respect to the Restricted Stock Units.
(a)    Restrictions on Transferability.  The Restricted Stock Units granted hereby may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated other than 

	
			
	 
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with the consent of the Company or by will or by the laws of descent and distribution to the estate of the Director upon the Director’s death (or to such other persons or entities as provided under Section 11.1 of the Plan and approved by the Committee or Board); provided that any such permitted transferee shall acknowledge and agree in writing, in a form reasonably acceptable to the Company, to be bound by the provisions of this Agreement and the Plan as if such permitted transferee were the Director.  Any attempt by the Director, directly or indirectly, to offer, transfer, sell, pledge, hypothecate or otherwise dispose of any Restricted Stock Units or any interest therein or any rights relating thereto without complying with the provisions of the Plan and this Agreement, including this Section 6(a), shall be void and of no effect.  The Company shall not be required to recognize on its books any action taken in contravention of these restrictions.
(b)    No Rights as Stockholder.  The Director shall not have any rights as a stockholder of the Company with respect to any shares of Common Stock corresponding to the Restricted Stock Units granted hereby unless and until shares of Common Stock are issued to the Director in respect thereof.
7.    Miscellaneous.
(a)    Binding Effect; Benefits.  This Agreement shall be binding upon and inure to the benefit of the parties to this Agreement and their respective successors and assigns.  Nothing in this Agreement, express or implied, is intended or shall be construed to give any person other than the parties to this Agreement or their respective successors or assigns any legal or equitable right, remedy or claim under or in respect of any agreement or any provision contained herein.
(b)    Assignability.  Neither this Agreement nor any right, remedy, obligation or liability arising hereunder or by reason hereof shall be assignable by the Company or the Director without the prior written consent of the other party.
(c)    No Right to Continued Service on the Board.  Nothing in the Plan or this Agreement shall confer upon the Director any right to continue serving on the Board of the Company.  This Agreement is not to be construed as a contract of service relationship between the Company and Director.  Nothing in the Plan or this Agreement shall confer on the Director the right to receive any future Awards under the Plan.  For purposes of determining the status of Director’s position on the Board of the “Company” under this Agreement, such term shall include the Company and, to the extent applicable, its Subsidiaries.
(d)    Notices.  All notices and other communications required or permitted to be given under this Agreement shall be in writing and shall be deemed to have been given if delivered personally or sent by certified or express mail, return receipt requested, postage prepaid, or by any recognized international equivalent of such delivery, to the Company or the Director, as the case may  be, at the following addresses or to such other address as the Company or the Director, as the case may be, shall specify by notice to the other:

	
			
	 
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If to the Company, to it at:
Hertz Global Holdings, Inc. 
8501 Williams Road Estero, Florida 33928 
Attention: General Counsel
Fax: (239) 301-6906

If to the Director, to the Director at his or her most recent address as shown on the books and records of the Company.
All such notices and communications shall be deemed to have been received on the date of delivery if delivered personally or on the third business day after the mailing thereof.
(e)    Amendment.  This Agreement may be amended from time to time by the Committee in its discretion; provided, however, that this Agreement may not be modified in a manner that would have a material adverse effect on the Restricted Stock Units as determined in the discretion of the Committee, except as provided in the Plan, or with the consent of the Director.  This Agreement may not be amended, modified or supplemented orally.
(f)    Interpretation.  The Committee shall have full power and discretion to construe and interpret the Plan (and any rules and regulations issued thereunder) and this Award.  Any determination or interpretation by the Committee under or pursuant to the Plan or this Award shall be final and binding and conclusive on all persons affected hereby.
(g)    Taxation.  The Company or one of its Subsidiaries may require the Director to remit to the Company an amount in cash sufficient to satisfy any applicable U.S. federal, state and local and non-U.S. tax withholding or other similar charges or fees that may arise in connection with the grant, vesting or settlement of the Restricted Stock Units.  It is intended that the provisions of this Agreement comply with Section 409A of the Code to the extent applicable, and all provisions of this Agreement shall be construed and interpreted in a manner consistent with the requirements for avoiding taxes or penalties under Section 409A of the Code and any similar state or local law.
(h)    Applicable Law.  This Agreement shall be governed by and construed in accordance with the law of the State of Delaware regardless of the application of rules of conflict of law that would apply the laws of any other jurisdiction.
(i)    Limitation on Rights; No Right to Future Grants.  By entering into this Agreement and accepting the Restricted Stock Units evidenced hereby, the Director acknowledges: (1) that the Plan is discretionary in nature and may be suspended or  terminated by the Company at any time; (2) that the Award does not create any contractual or other right to receive future grants of Awards; (3) that participation in the Plan is voluntary; and (4) that the future value of the Common Stock is unknown and cannot be predicted with certainty.

	
			
	 
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(j)    Data Privacy.  The Director authorizes the Company or any Affiliate of the Company that has or lawfully obtains personal data relating to the Director to divulge or transfer such personal data to the Company or to a third party, in each case in any jurisdiction, if and to the extent appropriate in connection with this Agreement or the administration of the Plan.
(k)    Consent to Electronic Delivery.  By entering into this Agreement and accepting the Restricted Stock Units evidenced hereby, the Director hereby consents to the delivery of information (including, without limitation, information required to be delivered to the Director pursuant to applicable securities laws) regarding the Company and the Subsidiaries, the Plan, this Agreement and the Restricted Stock Units via Company web site or other electronic delivery.
(l)    Claw Back or Compensation Recovery Policy.  Without limiting any other provision of this Agreement, and to the extent applicable, the Restricted Stock Units granted hereunder shall be subject to any claw back policy or compensation recovery policy or such other similar policy of the Company as are in effect from time to time with respect to the Director.
(m)    Company Rights.  The existence of the Restricted Stock Units does not affect in any way the right or power of the Company or its stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in the Company’s capital structure or its business, including that of its Affiliates, or any merger or consolidation of the Company or any Affiliate, or any issue of bonds, debentures, preferred or other stocks with preference ahead of or convertible into, or otherwise affecting the Common Stock or the rights thereof, or the dissolution or liquidation of the Company or any Affiliate, or any sale or transfer of all or any part of the Company’s or any Affiliate’s assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise.
(n)    Severability.  If a court of competent jurisdiction determines that any portion of this Agreement is in violation of any statute or public policy, then only the portions of this Agreement which violate such statute or public policy shall be stricken, and all portions of this Agreement which do not violate any statute or public policy shall continue in full force and effect.  Further, it is the parties’ intent that any court order striking any portion of this Agreement should modify the terms as narrowly as possible to give as much effect as possible to the intentions of the parties’ under this Agreement.
(o)    Further Assurances.  The Director agrees to use his or her reasonable and diligent best efforts to proceed promptly with the transactions contemplated herein, to fulfill the conditions precedent for the Director’s benefit or to cause the same to be fulfilled and to execute such further documents and other papers and perform such further acts as may be reasonably required or desirable to carry out the provisions hereof and the transactions contemplated herein.

	
			
	 
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(p)    Headings and Captions.  The section and other headings contained in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement.
(q)    Counterparts.  This Agreement may be executed in any number of counterparts, including by facsimile or electronic signature, each of which shall be deemed to be an original and all of which together shall constitute one and the same instrument.
[signature page follows]

	
			
	 
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IN WITNESS WHEREOF, the Company and the Director have executed this Agreement as of _________, ____ (the “Grant Date”).
HERTZ GLOBAL HOLDINGS, INC. 
 
 
 
By:         
    Name:   
    Title:  
DIRECTOR 
 
 
 
         
Name: 
Address:
Restricted Stock Units granted hereby:mram_Ex10_1

		
			Exhibit 10.1
		

		
			 
		

		
			THIRD AMENDMENT TO
		

		
			LOAN AND SECURITY AGREEMENT
		

		
			THIS THIRD AMENDMENT TO LOAN AND SECURITY AGREEMENT (this “Amendment”) is entered into this 19th day of June 2019, by and between SILICON VALLEY BANK, a California corporation “Bank”), and EVERSPIN TECHNOLOGIES, INC., a Delaware corporation (“Borrower”).
		

		
			RECITALS
		

		
			A.         Bank and Borrower have entered into that certain Loan and Security Agreement dated as of May 4, 2017 (as the same may from time to time be amended, modified, supplemented or restated; the “Loan Agreement”).
		

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

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

		
			D.         Bank has agreed to modify the financial covenants and 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 patties hereto agree as follows:
		

		
			1.          Definitions. Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan Agreement.
		

		
			2.          Amendments to Loan Agreement.
		

		
			2.1        Financial Covenants. Section 6.7(b) of the Loan Agreement is hereby deleted in its entirety and replaced with the following:
		

		
			(b) Performance to Plan. As of the last day of each month, Borrower's TFS Revenue for such month calculated on a cumulative fiscal year to date basis, shall be equal to or greater than the amount set forth for such month on Schedule 1 of the Compliance Certificate.
		

		
			Commencing with the month ending January 31, 2020, the Performance to Plan financial covenant set forth in this Section shall be calculated based on not less than ninety percent (90%) of Borrower's projected performance as set forth in Borrower's annual financial projections approved by Borrower's Board of Directors for the 2020 fiscal year and delivered to Bank (the "2020 Performance to Plan Financial Covenant"). Borrower's failure to reach an agreement with Bank on the 2020 Performance to Plan Financial Covenant and to execute and
		

		
			
		

		
			

		 

		

		
			deliver to Bank an amendment to this Agreement which provides the terms for such 2020 Performance to Plan Financial Covenant no later than February 29, 2020, shall constitute an immediate Event of Default under this Agreement.
		

		
			2.2        Formation   or Acquisition of Subsidiaries.  Section 6.11 of the Loan Agreement is hereby amended by deleting it in its entirety and replacing it with the following:
		

		
			6.11 Formation or Acquisition of Subsidiaries. Notwithstanding and without limiting the negative covenants contained in Sections 7.3 and 7.7 hereof, at the time that Borrower forms any direct or indirect Subsidiary or acquires any direct or indirect Subsidiary after the Effective Date (including, without limitation, pursuant to a Division), Borrower shall, upon Bank's request in its sole and absolute discretion, (a) cause such new Subsidiary to provide to Bank either a joinder to this Agreement to cause such Subsidiary to become a co-borrower hereunder or a Guaranty, together with such appropriate financing statements and/or Control Agreements, all in form and substance satisfactory to Bank (including being sufficient to grant Bank a first priority Lien (subject to Permitted Liens) in and to the assets of such newly formed or acquired Subsidiary), (b) provide to Bank appropriate certificates and powers and financing statements, pledging all of the direct or beneficial ownership interest in such new Subsidiary, in form and substance satisfact01y to Bank, and (c) provide to Bank all other documentation in form and substance satisfactory to Bank, including one or more opinions of counsel satisfactory to Bank, which in its opinion is appropriate with respect to the execution and delivery of the applicable documentation referred to above. Any document, agreement, or instrument executed or issued pursuant to this Section 6.11 shall be a Loan Document.
		

		
			2.3        Dispositions.  Section 7.1 of the Loan Agreement is hereby amended by deleting it in its entirety and replacing it with the following:
		

		
			7.1 Dispositions. Convey, sell, lease, transfer, assign, or otherwise dispose of (including, without limitation, pursuant to a Division) (collectively, "Transfer"), or permit any of its Subsidiaries to Transfer, all or any part of its business or property, except for Transfers (i) of Inventory in the ordinary course of business; (ii) of worn-out or obsolete Equipment that is, in the reasonable judgment of Borrower, no longer economically practicable to maintain or useful in the ordinary course of business of Borrower; (iii) consisting of Permitted Liens and Permitted Investments; (iv) consisting of the sale or issuance of any stock of Borrower permitted under Section 7.2 of this Agreement; (v) consisting of Borrower's use or transfer of money or Cash Equivalents in the ordinary course of its business for the payment of ordinary course business expenses in a manner that is not prohibited by the terms of this Agreement or the other Loan Documents; (vi) of non-exclusive licenses for the use of the property of Borrower or its Subsidiaries in the ordinary course of business and licenses that could not result in a legal transfer of title of the licensed property but that may be exclusive in respects other than granting rights to a specific geographical territory and that may be exclusive as to territory only as to discreet geographical areas outside of the United States; and (vii) other Transfers that do not in the aggregate exceed Two Hundred Fifty Thousand Dollars ($250,000) during any fiscal year.
		

		
			2.4        Mergers or Acquisitions. Section 7.3 of the Loan Agreement is hereby amended by deleting it in its entirety and replacing it with the following:
		

		
			 
		

		
			
		

		
			

		 

		

		
			7.3      Mergers or Acquisitions.   Merge or consolidate or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person (including, without limitation, by the formation of any Subsidiary or pursuant to a Division).  A Subsidiary may merge or consolidate into another Subsidiary or into Borrower.
		

		
			2.5        Definitions.  The following new defined term is hereby inserted into Section 13.1 of the Loan Agreement following the definition of "Designated Deposit Account":
		

		
			"Division" means, in reference to any Person which is an entity, the division of such Person into two (2) or more separate Persons, with the dividing Person either continuing or terminating its existence as part of such division, including,  without limitation, as contemplated under Section 18-217 of the Delaware Limited Liability Company Act for limited liability companies formed under Delaware law, or any analogous action taken pursuant to any other applicable law with respect to any corporation, limited liability company, partnership or other entity
		

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

		
			3.          Limitation of Amendments.
		

		
			 
		

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

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

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

		
			4.1        Immediately after giving effect to this Amendment (a) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an
		

		
			
		

		
			

		 

		

		
			earlier date, in which case they are true and correct as of such date), and (b) no Event of Default has occurred and is continuing;
		

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

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

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

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

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

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

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

		
			 
		

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

		
			7.Effectiveness. This Amendment shall be deemed effective upon (a) the due execution and delivery to Bank of this Amendment by each party hereto, (b) Borrower's payment of a fully earned, non-refundable, amendment fee in an amount equal to Twenty-Five Thousand
		

		
			
		

		
			

		 

		

		
			Dollars ($25,000), and (c) Borrower's payment of Bank's legal fees and expenses incurred in connection with the negotiation and preparation of this Agreement.
		

		
			 
		

		
			[Signature page follows.]
		

		
			 
		

		
			
		

		
			

		 

		

		
			IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered as of the date first written above.
		

		
			 
		

			
					
						BORROWER:

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						EVERSPIN TECHNOLOGIES, INC.

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Jeff Winzeler

					
					
						 

				
	
					
						 

					
					
						Name: Jeff Winzeler

					
					
						 

				
	
					
						 

					
					
						Title: Chief Financial Officer

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						BANK:

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						SILICON VALLEY BANK

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Derek Hofmeister

					
					
						 

				
	
					
						 

					
					
						Name: Derek Hofmeister

					
					
						 

				
	
					
						 

					
					
						Title: Vice President

					
					
						 

				

		
			 
		

		
			
		

		
			

		 

		

		
			EXHIBIT B
		

		
			COMPLIANCE CERTIFICATE
		

		
			 
		

			
					
						TO: SILICON VALLEY BANK

					
					
						Date:

					
					
						 

					
					
						 

				

		
			 
		

		
			FROM: EVERSPIN TECHNOLOGIES, INC.
		

		
			The undersigned authorized officer of EVERSPIN TECHNOLOGIES, INC., a Delaware corporation, (“Borrower”) certifies that under the terms and conditions of the Loan and Security Agreement between Borrower and Bank (the “Agreement”):
		

		
			(1) Borrower is in complete compliance for the period ending _______________ with all required covenants except as noted below; (2) there are no Events of Default; (3) all representations and warranties in the Agreement are true and correct in all material respects on this date except as noted below; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date; (4) Borrower, and each of its Subsidiaries, has timely filed all required tax returns and reports, and Borrower has timely paid all foreign, federal, state and local taxes, assessments, deposits and contributions owed by Borrower except as otherwise permitted pursuant to the terms of Section 5.8 of the Agreement; and (5) no Liens have been levied or claims made against Borrower or any of its Subsidiaries relating to unpaid employee payroll or benefits of which Borrower has not previously provided written notification to Bank.
		

		
			Attached are the required documents supporting the certification.  The undersigned certifies that these are 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 certificate 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 Certificate

					
					
						Monthly within 30 days

					
					
						Yes   No

				
	
					
						Annual financial statement (CPA Audited)

					
					
						FYE within 150 days 

					
					
						Yes   No

				
	
					
						Board Projections

					
					
						Earlier of (i) 15 days after board approval or (ii) February 28th of each calendar year

					
					
						Yes   No

				

		
			 
		

		
			
		

		

		 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						10‐Q, 10‐K and 8-K

					
					
						Within 5 days after filing with SEC

					
					
						Yes   No

				
	
					
						Board Projections

					
					
						FYE within 30 days

					
					
						Yes   No

				

		
			 
		

		
			 
		

			
					
						 

				
	
					
						Financial Covenant

					
					
						Required

					
					
						Actual

					
					
						Complies

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Maintain on a Monthly Basis:

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Liquidity Ratio

					
					
						1.50:1.00

					
					
						____ to 1.00

					
					
						Yes   No

				
	
					
						TFS Revenue

					
					
						See Schedule 1

					
					
						$_____

					
					
						Yes   No

				

		
			 
		

		
			The following financial covenant analysis and information set forth in Schedule 1 attached hereto are true and accurate as of the date of this Certificate.
		

		
			Other Matters
		

		
			 
		

			
					
						Have there been any amendments of or other changes to the capitalization table of Borrower and to the Operating Documents of Borrower or any of its Subsidiaries?  If yes, provide copies of any such amendments or changes with this Compliance Certificate.

					
					
						Yes

					
					
						No

				

		
			 
		

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

		
			---------------------------------------------------------------------------------------------------------------------------------------------------
		

		
			 
		

			
					
						EVERSPIN TECHNOLOGIES, INC.

					
					
						    

					
					
						BANK USE ONLY

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Received by:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						 

					
					
						 

					
					
						AUTHORIZED SIGNER

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Name:

					
					
						 

					
					
						 

					
					
						Date:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Title:

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Verified:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						AUTHORIZED SIGNER

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Date:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Compliance Status: Yes No

				

		
			 
		

		
			
		

		
			

		 

		

		
			Schedule 1 to Compliance Certificate
		

		
			 
		

		
			Financial Covenants of Borrower
		

		
			 
		

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

		
			 
		

		
			Dated:   ____________________
		

		
			 
		

		
			I.           Liquidity Ratio (Section 6.7(a))
		

		
			Required:           As of the last day of each month, a Liquidity Ratio of not less than 1.50:1.00.
		

		
			Actual:
		

		
			 
		

			
					
						A.

					
					
						Unrestricted cash and Cash Equivalents maintained at Bank

					
					
						$________

				
	
					
						B.

					
					
						Net accounts receivable

					
					
						$________

				
	
					
						C.

					
					
						Liquidity (line A, plus line B)

					
					
						$________

				
	
					
						D.

					
					
						Outstanding Obligations 

					
					
						$________

				
	
					
						E.

					
					
						Liquidity Ratio (line C, divided by line D)

					
					
						______

				

		
			 
		

		
			Is line E equal to or greater than 1.50:1.00?
		

		
			 
		

			
					
						 

					
					
						 

					
					
						No, not in compliance

					
					
						 

					
					
						 

					
					
						Yes, in compliance

				

		
			 
		

		
			
		

		
			

		 

		

		
			II.          Performance to Plan (Section 6.7(b))
		

		
			 
		

		
			Required TFS Revenue of Borrower for such month (calculated on a cumulative fiscal year to date basis):
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						Month Ending

					
					
						Minimum TFS Revenue

				
	
					
						June 30, 2019

					
					
						$17,806,000

				
	
					
						July 31, 2019

					
					
						$19,500,000

				
	
					
						August 31, 2019

					
					
						$22,000,000

				
	
					
						September 30, 2019

					
					
						$26,147,000

				
	
					
						October 31, 2019

					
					
						$28,200,000

				
	
					
						November 30, 2019

					
					
						$31,300,000

				
	
					
						December 31, 2019

					
					
						$36,426,000

				

		
			 
		

		
			Actual:
		

		
			 
		

			
					
						 

					
					
						 

					
					
						___________

					
						 

					
						 

				
	
					
						A.

					
					
						Actual TFS Revenue of Borrower for such month (calculated on a cumulative year to date basis):

					
					
						$___________

				

		
			 
		

		
			Is line A equal to or greater than the amount required above?
		

		
			 
		

			
					
						 

					
					
						 

					
					
						No, not in compliance

					
					
						 

					
					
						 

					
					
						Yes, in compliance

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