Document:

mram_Ex10_2

		
			Exhibit 10.2
		

		
			FIRST AMENDMENT TO
		

		
			LOAN AND SECURITY AGREEMENT
		

		
			THIS FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT (this “Amendment”) is entered into this 6th day of July, 2018, 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 make certain revisions to the Loan Agreement as more fully set forth herein.
		

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

		
			AGREEMENT
		

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

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

		
			2.         Amendments to Loan Agreement.
		

		
			2.1       Section 2.1.1  (Term Loan Advance). Section 2.1.1(c) of the Loan Agreement is hereby deleted in its entirety and replaced with the following:
		

		
			(c)        Prepayment.
		

		
			(i)         Voluntary Prepayment.  Borrower shall have the option to prepay all or any portion of the Term Loan Advances advanced by Bank under this Agreement, provided Borrower (A) delivers written notice to Bank of its election to prepay the Term Loan Advances at least ten (10) days prior to such prepayment, and (B) pays, on the date of such prepayment (1) all accrued and unpaid interest with respect to such Term Loan Advances being prepaid through the date the prepayment is made, plus (2) all unpaid
		

		
			
		

		
			

		 

 

		

		
			principal with respect to such Term Loan Advances being prepaid, plus (3) the Final Payment, plus (4) the Prepayment Fee, plus (5) all other sums, if any, that shall have become due and payable hereunder in connection with the Term Loan Advances, including interest at the Default Rate with respect to any past due amounts.
		

		
			(ii)       Mandatory Prepayment Upon an Acceleration.  If the Term Loan Advance is accelerated following the occurrence of an Event of Default or otherwise, Borrower shall immediately pay to Bank an amount equal to the sum of (A) all accrued and unpaid interest with respect to the Term Loan Advance through the date the prepayment is made, plus (B) all outstanding principal with respect to the Term Loan Advance, plus (C) the Final Payment, plus (D) the Prepayment Fee, plus (E) all other sums, if any, that shall have become due and payable hereunder in connection with the Term Loan Advance.
		

		
			2.2       Section 2.3  (Fees).  Section 2.3(e) is hereby inserted in the Loan Agreement immediately following Section 2.3(d) of the Loan Agreement:
		

		
			(e)        Prepayment Fee.  The Prepayment Fee, when due hereunder.
		

		
			2.3       Section 6.2  (Financial Statements, Reports, Certificates).  Section 6.2(i) is hereby inserted in the Loan Agreement immediately following Section 6.2(h) of the Loan Agreement:
		

		
			(i)         Beneficial Ownership Information.  Borrower shall provide Bank with prompt written notice of any changes to the beneficial ownership information set out in the Beneficial Ownership Information Disclosure Form.  Borrower understands and acknowledges that Bank relies on such true, accurate and up-to-date beneficial ownership information to meet Bank’s regulatory obligations to obtain, verify and record information about the beneficial owners of its legal entity customers.
		

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

		
			6.7       Financial Covenants.  Maintain at all times, subject to periodic reporting as of the last day of each month, unless otherwise noted, on a consolidated basis with respect to Borrower and its Subsidiaries:
		

		
			(a)        Liquidity Ratio.  As of the last day of each month, a Liquidity Ratio of not less than (i) 1.25:1.00 for each month prior to Borrower achieving the Extension Milestone, and (ii) 1.50:1.00 for each month after Borrower achieves the Extension Milestone.
		

		
			(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 the annual financial projections approved by Borrower’s  Board of Directors and delivered and accepted by Bank for the 2020 fiscal year (the “2020 Performance to Plan Financial Covenant”).  Borrower and Bank shall negotiate in good faith to reach an agreement on such 2020 Performance to Plan Financial Covenant and, upon reaching such agreement, will execute and deliver to Bank an amendment to this Agreement which provides the terms for the 2020 Performance to Plan Financial Covenant no later than February 28, 2020.
		

		
			2.5       Section 6.10 (Access to Collateral; Books and Records).  The last paragraph of Section 6.10 of the Loan Agreement is hereby deleted in its entirety and replaced with the following:
		

		
			“In the event Borrower and Bank schedule an audit more than eight (8) days in advance, and Borrower cancels or seeks to or reschedules the audit with less than eight (8) days written notice to Bank, then (without limiting any of Bank’s rights or remedies) Borrower shall pay Bank a fee of Two Thousand Dollars ($2,000) plus any out-of-pocket expenses incurred by Bank to compensate Bank for the anticipated costs and expenses of the cancellation or rescheduling.”
		

		
			2.6       Section 12.2  (Successors and Assigns).  Section 12.2 of the Loan Agreement is hereby deleted in its entirety and replaced with the following:
		

		
			12.2     Successors and Assigns.  This Agreement binds and is for the benefit of the successors and permitted assigns of each party.  Borrower may not assign this Agreement or any rights or obligations under it without Bank’s prior written consent (which may be granted or withheld in Bank’s discretion).  Bank has the right, without the consent of or notice to Borrower, to sell, transfer, assign, negotiate, or grant participation in all or any part of, or any interest in, Bank’s obligations, rights, and benefits under this Agreement and the other Loan Documents (other than the Warrant, as to which assignment, transfer and other such actions are governed by the terms thereof).
		

		
			2.7       Section 13  (Definitions).
		

		
			(a)        The following terms and their respective definitions set forth in Section 13.1 of the Loan Agreement are hereby deleted in their entirety and replaced with the following:
		

		
			“Applicable Number” means (a) twenty-four (24) if Borrower does not achieve the Extension Milestone, and (b) thirty-six (36) if Borrower achieves the Extension Milestone.
		

		
			“Final Payment Percentage” is, for each Term Loan Advance, equal to seven percent (7.00%).
		

		
			“Interest-Only Period” is the period of time from the Effective Date through December 31, 2018.
		

		
			
		

		
			

		 

 

		

		
			“Loan Documents” are, collectively, this Agreement and any schedules, exhibits, certificates, notices, and any other documents related to this Agreement, any Bank Services Agreement, the Warrant, any subordination agreement, any note, or notes or guaranties executed by Borrower or any guarantor, and any other present or future agreement by Borrower and/or any guarantor with or for the benefit of Bank in connection with this Agreement or Bank Services, all as amended, restated, or otherwise modified.
		

		
			“Obligations” are Borrower’s obligations to pay when due any debts, principal, interest, fees, Bank Expenses, the Final Payment, the Prepayment Fee, and other amounts Borrower owes Bank now or later, whether under this Agreement, the other Loan Documents, or otherwise, including, without limitation, all obligations relating to letters of credit (including reimbursement obligations for drawn and undrawn letters of credit), cash management services, and foreign exchange contracts, if any, and including interest accruing after Insolvency Proceedings begin and debts, liabilities, or obligations of Borrower assigned to Bank, and to perform Borrower’s duties under the Loan Documents.
		

		
			“TFS Revenue” is the aggregate net revenue (gross revenue minus discounts and returns) received by Borrower from (a) the sale of Borrower’s Sensor, Toggle, and Foundry products, (b) any licensing of Borrower’s products, and (c) any non-recurring engineering services revenue received by Borrower.  Evidence of such net revenue shall be received and approved by Bank in Bank’s sole and absolute discretion.
		

		
			(b)        The following new defined terms are hereby inserted alphabetically in Section 13.1 of the Loan Agreement:
		

		
			“Beneficial Ownership Information Disclosure Form” means the form attached hereto as Exhibit E.
		

		
			“EBIDA” shall mean (a) Net Income, plus (b) Interest Expense, plus (c) to the extent deducted in the calculation of Net Income, depreciation expense and amortization expense.
		

		
			“Extension Milestone” is the date on which Bank receives and approves evidence satisfactory to Bank, in Bank’s sole and absolute discretion, on or before the Conversion Date, that for the fiscal year ended December 31, 2018, (i) Borrower has received gross revenue of at least Fifty-Four Million Eight Hundred Ninety-Three Thousand Eight Hundred Dollars ($54,893,800), and (ii) Borrower has achieved an EBIDA loss of no greater than Seven Million Three Hundred Sixty-Seven Thousand Eighty-Eight Dollars ($7,367,088).
		

		
			“First Amendment Effective Date” is July 6, 2018.
		

		
			“Interest Expense” means for any fiscal period, interest expense (whether cash or non-cash) determined in accordance with GAAP for the relevant period ending on such date, including, in any event, interest expense with respect to any Credit Extension and other Indebtedness of Borrower, including, without limitation or duplication, all commissions, discounts, or related amortization and other fees and charges with respect to letters of credit and bankers’ acceptance financing and the net costs associated with interest
		

		
			
		

		
			

		 

 

		

		
			rate swap, cap, and similar arrangements, and the interest portion of any deferred payment obligation (including leases of all types).
		

		
			“Net Income” means, as calculated on a consolidated basis for Borrower and its Subsidiaries for any period as at any date of determination, the net profit (or loss), after provision for taxes, of Borrower and its Subsidiaries for such period taken as a single accounting period.
		

		
			“Prepayment Fee” shall be an additional fee, payable to Bank, with respect to the Term Loan Advances, in an amount equal to (a) Two Hundred Forty Thousand Dollars ($240,000) if the prepayment is made on or before the date that is twelve (12) months after the First Amendment Effective Date, and (b) One Hundred Twenty Thousand Dollars ($120,000) if the prepayment is made after the date that is twelve (12) months after the First Amendment Effective Date and on or before the Term Loan Maturity Date.
		

		
			“Warrant” is that certain Warrant to Purchase Common Stock dated as of the First Amendment Effective Date between Borrower and Bank, as amended, modified, supplemented and/or restated from time to time.
		

		
			(c)        The defined terms “Non Spin-Torque Product”,  “Spin-Torque Milestone”, and “Spin-Torque Product”, set forth in Section 13.1 of the Loan Agreement and all references thereto in the Loan Agreement are deleted in their entirety.
		

		
			2.8       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.
		

		
			2.9       Exhibit E (Beneficial Ownership Information Disclosure Form).  The Loan Agreement is hereby amended by adding the Beneficial Ownership Information Disclosure Form attached hereto as Exhibit E as Exhibit E to the Loan Agreement. From and after the date hereof, all references in the Loan Agreement to the Beneficial Ownership Information Disclosure Form shall be deemed to refer to the Beneficial Ownership Information Disclosure Form attached hereto as Exhibit  E.
		

		
			3.         Original Warrant. Bank and Borrower hereby agree that, as of the date hereof, that each of (i) Warrant to Purchase Stock issued by Borrower to Bank on November 14, 2010, and (ii) Warrant to Purchase Stock issued by Borrower to Bank on February 14, is hereby cancelled and will be returned to Borrower promptly hereafter.
		

		
			4.         Limitation of Amendments.
		

		
			4.1       The amendments and waiver set forth in Sections 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 (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.
		

		
			
		

		
			

		 

 

		

		
			4.2       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.
		

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

		
			5.1       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;
		

		
			5.2       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;
		

		
			5.3       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;
		

		
			5.4       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;
		

		
			5.5       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;
		

		
			5.6       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
		

		
			5.7       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.
		

		
			6.         Integration.  This Amendment and the Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations or agreements.  All prior
		

		
			
		

		
			

		 

 

		

		
			agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of this Amendment and the Loan Documents merge into this Amendment and the Loan Documents.
		

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

		
			8.         Effectiveness.  This Amendment shall be deemed effective upon (a) the due execution and delivery to Bank of this Amendment by each party hereto, (b) the due execution and delivery to Bank of a Warrant to Purchase Common Stock dated on or about the date hereof by each party thereto, and (c)Borrower’s payment of Bank’s legal fees and expenses incurred in connection with this Amendment.
		

		
			[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.
		

			
					
						 

					
					
						BANK

					
					
						    

					
					
						BORROWER

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						SILICON VALLEY BANK

					
					
						 

					
					
						EVERSPIN TECHNOLOGIES, INC.

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Chris Goodwin

					
					
						 

					
					
						/s/ Jeff Winzeler

				
	
					
						Name:

					
					
						Chris Goodwin

					
					
						 

					
					
						Jeff Winzeler

				
	
					
						Title

					
					
						VP

					
					
						 

					
					
						Chief Financial Officer

				

		
			 
		

		
			
		

		
			

		 

 

		

		
			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

					
					
						See Schedule 1

					
					
						____ 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

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						 

					
					
						 

					
					
						Received by:

					
					
						 

				
	
					
						Name:

					
					
						 

					
					
						 

					
					
						 

					
					
						AUTHORIZED SIGNER

				
	
					
						Title:

					
					
						 

					
					
						 

					
					
						Date:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						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 (i) 1.25:1.00 for each month prior to Borrower achieving the Extension Milestone, and (ii) 1.50:1.00 for each month after Borrower achieves the Extension Milestone.
		

		
			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 or greater than the required ratio?
		

			
					
						________  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

				
	
					
						April 30, 2018

					
					
						$11,052,000

				
	
					
						May 31, 2018

					
					
						$14,485,000

				
	
					
						June 30, 2018

					
					
						$18,889,000

				
	
					
						July 31, 2018

					
					
						$20,933,000

				
	
					
						August 31, 2018

					
					
						$24,492,000

				
	
					
						September 30, 2018

					
					
						$29,069,000

				
	
					
						October 31, 2018

					
					
						$31,355,000

				
	
					
						November 30, 2018

					
					
						$35,355,000

				
	
					
						December 31, 2018

					
					
						$40,498,000

				
	
					
						January 31, 2019

					
					
						$2,493,000

				
	
					
						February 28, 2019

					
					
						$6,979,000

				
	
					
						March 31, 2019

					
					
						$12,459,000

				
	
					
						April 30, 2019

					
					
						$15,049,000

				
	
					
						May 31, 2019

					
					
						$19,724,000

				
	
					
						June 30, 2019

					
					
						$25,439,000

				
	
					
						July 31, 2019

					
					
						$28,399,000

				
	
					
						August 31, 2019

					
					
						$33,739,000

				
	
					
						September 30, 2019

					
					
						$40,264,000

				
	
					
						October 31, 2019

					
					
						$43,840,000

				
	
					
						November 30, 2019

					
					
						$50,277,000

				
	
					
						December 31, 2019

					
					
						$58,144,000

				

		
			 
		

		
			
		

		
			

		 

 

		

		
			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 as required above?
		

			
					
						No, not in compliance

					
					
						Yes, in compliance

				

		
			 
		

		
			
		

		
			

		 

 

		

		
			EXHIBIT E
		

		
			Beneficial Ownership Information Disclosure Form
		

		
			1.   Does any individual,  directly or indirectly (for example, if applicable, through such individual’s equity interests in the Borrower’s parent entity), through any contract, arrangement, understanding, relationship or otherwise, own 25% or more of the equity interests of Borrower:
		

			
					
						Yes      ☐         No       ☐

					
					
						 

				

		
			 
		

		
			If yes, complete the following information:
		

			
					
						 

					
					
						 

					
					
						Name

					
					
						 

					
					
						Date of

					
					
						 

					
					
						Residential

					
					
						 

					
					
						For US

					
					
						 

					
					
						For Non-US

					
					
						 

					
					
						Percentage

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						birth

					
					
						 

					
					
						address

					
					
						 

					
					
						Persons,

					
					
						 

					
					
						Persons: Type

					
					
						 

					
					
						of

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Social

					
					
						 

					
					
						of ID, ID

					
					
						 

					
					
						ownership

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Security

					
					
						 

					
					
						number,

					
					
						 

					
					
						(if indirect

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Number:

					
					
						 

					
					
						country of

					
					
						 

					
					
						ownership,

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						(non-US

					
					
						 

					
					
						issuance,

					
					
						 

					
					
						explain

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						persons

					
					
						 

					
					
						expiration date

					
					
						 

					
					
						structure)

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						should

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						provide SSN

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						    

					
					
						 

					
					
						    

					
					
						 

					
					
						    

					
					
						 

					
					
						    

					
					
						if available)

					
					
						    

					
					
						 

					
					
						    

					
					
						 

				
	
					
						1

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						2

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						3

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						4

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		
			2.   Identify one individual with significant responsibility for managing Borrower, i.e., an executive officer or senior manager (e.g., Chief Executive Officer, President, Vice President, Chief Financial Officer, Treasurer, Chief Operating Officer, Managing Member or General Partner) or any other individual who regularly performs similar functions.  If appropriate, an individual listed in Section 1 above may also be listed here.
		

		
			
		

		
			

		 

 

		

		
			 
		

		
			 
		

			
					
						 

					
					
						    

					
					
						Name

					
					
						    

					
					
						Date of

					
					
						    

					
					
						Residential 

					
					
						    

					
					
						For US Persons,

					
					
						    

					
					
						For Non-US

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						birth

					
					
						 

					
					
						address

					
					
						 

					
					
						Social Security

					
					
						 

					
					
						Persons: Type of

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Number:

					
					
						 

					
					
						ID, ID number,

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						(non-US persons

					
					
						 

					
					
						country of

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						should provide SSN

					
					
						 

					
					
						issuance,

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						if available)

					
					
						 

					
					
						expiration date

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		
			The undersigned, in his or her individual capacity, hereby certifies, to the best of his or her knowledge, that the information set out in this certificate is true, complete and correct.
		

			
					
						Date:

					
					
						 

				
	
					
						 

				

		
			 
		

		
			 
		

			
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 

				
	
					
						 

					
					
						Email:

					
					
						 

				
	
					
						 

					
					
						Phone:mram_Ex10_3

		
			Exhibit 10.3
		

		
			June 6, 2018
		

		
			Patrick Patla
		

		
			4201 Prince Andrew Lane
		

		
			Austin, TX 78730
		

		
			Dear Pat:
		

		
			This letter sets forth the substance of the separation agreement (the “Agreement”) that Everspin Technologies, Inc. (the “Company”) is offering to you.  
		

		
			Separation.  Your last day of work with the Company and your employment termination date will be, June 30th, 2018 (the “Separation Date”).  
		

		
			Accrued Salary.  On the Separation Date, the Company will pay you all accrued salary earned through the Separation Date, subject to standard payroll deductions and withholdings.  
		

		
			Severance Benefits.  If you sign this Agreement, allow it to become effective, and remain in compliance with your legal and contractual obligations to the Company, then the Company will provide you with the following severance benefits in accordance with your Executive Employment Agreement with the Company dated January 9th, 2017 (the “Employment Agreement”):
		

		
			a.         Cash Severance.  The Company will pay you a total of $130,000.00, less applicable withholdings, which will be paid over the course of six (6) months from the Separation Date in accordance with the Company’s regular payroll schedule; provided, however, that no payments will be made to you before August 29, 2018 (the “Payment Start Date”). On the Payment Start Date, the Company will pay you a lump sum of $43,333.33 which is equivalent to the salary continuation payments that you would have received from the Separation Date until the Payment Start Date had the Company begun making payments under this paragraph on the Separation Date.
		

		
			b.         Paid COBRA.  Provided that you timely elect continued coverage under COBRA, then the Company shall reimburse you for the COBRA premiums to continue your health insurance coverage (including coverage for eligible dependents, if applicable) through the period starting on the Separation Date and ending on the earliest to occur of: (i) June 30, 2019; (ii) the date you become eligible for group health insurance coverage through a new employer; or (iii) the date you cease to be eligible for COBRA coverage for any reason.  You must timely pay your premiums, and then provide the Company with proof of same, to obtain reimbursement for your COBRA premiums under this Section 3.b.  
		

		
			c.          Accelerated Vesting.  During your employment, you were granted certain equity interests (the “Awards”).    The Company will accelerate the vesting of the Awards such 
		

		
			
		

		
			

		 

 

		

		
			that, as of the Separation Date, you will be deemed vested in those Awards that would have vested in the six (6) months following the Separation Date had you remained employed.  
		

		
			Other Compensation or Benefits.  You acknowledge that, except as expressly provided in this Agreement, you will not receive any additional compensation, severance, or benefits after the Separation Date. You further expressly acknowledge and agree that the severance benefits being provided to you under this Agreement are in full satisfaction of any severance benefits you are eligible to receive under the Employment Agreement.  
		

		
			Expense Reimbursements.  You agree that, within ten (10) days after the Separation Date, you will submit your final documented expense reimbursement statement reflecting all business expenses you incurred through the Separation Date, if any, for which you seek reimbursement.  The Company will reimburse you for these expenses pursuant to its regular business practice.  
		

		
			Return of Company Property.  By the Separation Date, you agree to return to the Company all Company documents (and all copies thereof) and other Company property within your possession, custody or control, including, but not limited to, Company files, notes, drawings, records, business plans and forecasts, financial information, specifications, computer-recorded information, tangible property (including, but not limited to), credit cards, entry cards, identification badges, and keys; and, any materials of any kind that contain or embody any proprietary or confidential information of the Company (and all reproductions thereof).  
		

		
			Proprietary Information Obligations.  You acknowledge your continuing obligations under your Employee Proprietary Information and Inventions Assignment Agreement, a copy of which is attached hereto as Exhibit A.  
		

		
			Nondisparagement.  You agree not to disparage the Company, its officers, directors, employees, shareholders, and agents, in any manner likely to be harmful to its or their business, business reputation or personal reputation; and the Company (through its officers and directors) agrees not to disparage you in any manner likely to be harmful to you or your business, business reputation or personal reputation; provided that you and the Company will respond accurately and fully to any question, inquiry or request for information when required by legal process.  
		

		
			No Admissions.   You understand and agree that the promises and payments in consideration of this Agreement shall not be construed to be an admission of any liability or obligation by the Company to you or to any other person, and that the Company makes no such admission.
		

		
			Release of Claims.  In exchange for the consideration under this Agreement to which you would not otherwise be entitled, you hereby generally and completely release the Company and its directors, officers, employees, shareholders, partners, agents, attorneys, predecessors, successors, parent and subsidiary entities, insurers, affiliates, and assigns from any and all claims, liabilities and obligations, both known and unknown, that arise out of or are in any way related to events, acts, conduct, or omissions occurring at any time prior to and including the date you sign this Agreement.  This general release includes, but is not limited to: (a) all claims arising out of or in any way related to your employment with the Company or the termination of that employment; 
		

		
			
		

		
			

		 

 

		

		
			(b) all claims related to your compensation or benefits from the Company, including salary, bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe benefits, stock, stock options, or any other ownership interests in the Company; (c) all claims for breach of contract, wrongful termination, and breach of the implied covenant of good faith and fair dealing; (d) all tort claims, including claims for fraud, defamation, emotional distress, and discharge in violation of public policy; and (e) all federal, state, and local statutory claims, including claims for discrimination, harassment, retaliation, attorneys’ fees, or other claims arising under the federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act of 1990, the Age Discrimination in Employment Act (“ADEA”) the Arizona Wage Act, the Arizona Employment Protection Act, the Arizona Civil Rights Act, the Arizona Revised Statutes, the Arizona Administrative Rules, the Texas Human Rights Act and the Texas Labor Code.  Notwithstanding the foregoing, you are not releasing the Company hereby from any obligation to indemnify you pursuant to the Articles and Bylaws of the Company, any valid fully executed indemnification agreement with the Company, applicable law, or applicable directors and officers’ liability insurance.  Also, excluded from this Agreement are any claims that cannot be waived by law.  
		

		
			ADEA Release.  You acknowledge that you are knowingly and voluntarily waiving and releasing any rights you have under the ADEA, and that the consideration given for the waiver and releases you have given in this Agreement is in addition to anything of value to which you were already entitled.  You further acknowledge that you have been advised, as required by the ADEA, that:  (a) your waiver and release does not apply to any rights or claims that arise after the date you sign this Agreement; (b) you should consult with an attorney prior to signing this Agreement (although you may choose voluntarily not to do so); (c) you have twenty-one (21) days to consider this Agreement (although you may choose voluntarily to sign it sooner); (d) you have seven (7) days following the date you sign this Agreement to revoke this Agreement (in a written revocation sent to me); and (e) this Agreement will not be effective until the date upon which the revocation period has expired, which will be the eighth day after you sign this Agreement provided that you do not revoke it (the “Effective Date”).
		

		
			Protected Rights.   You understand that nothing in this Agreement limits your ability to file a charge or complaint with the Equal Employment Opportunity Commission, the Department of Labor, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission or any other federal, state or local governmental agency or commission (“Government Agencies”).  You further understand this Agreement does not limit your ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company.  While this Agreement does not limit your right to receive an award for information provided to the Securities and Exchange Commission, you understand and agree that, to maximum extent permitted by law, you are otherwise waiving any and all rights you may have to individual relief based on any claims that you have released and any rights you have waived by signing this Agreement.
		

		
			Representations.  You hereby represent that you have been paid all compensation owed and for all hours worked, have received all the leave and leave benefits and protections for which you are eligible pursuant to the Family and Medical Leave Act or otherwise, and have not suffered 
		

		
			
		

		
			

		 

 

		

		
			any on-the-job injury for which you have not already filed a workers’ compensation claim.
		

		
			Miscellaneous.   This Agreement, including Exhibit A, constitutes the complete, final and exclusive embodiment of the entire agreement between you and the Company with regard to its subject matter.  It is entered into without reliance on any promise or representation, written or oral, other than those expressly contained herein, and it supersedes any other such promises, warranties or representations.  This Agreement may not be modified or amended except in a writing signed by both you and a duly authorized officer of the Company.  This Agreement will bind the heirs, personal representatives, successors and assigns of both you and the Company, and inure to the benefit of both you and the Company, their heirs, successors and assigns.  If any provision of this Agreement is determined to be invalid or unenforceable, in whole or in part, this determination will not affect any other provision of this Agreement and the provision in question will be modified so as to be rendered enforceable.  This Agreement will be deemed to have been entered into and will be construed and enforced in accordance with the laws of the State of Arizona without regard to conflict of laws principles.  Any ambiguity in this Agreement shall not be construed against either party as the drafter.  Any waiver of a breach of this Agreement shall be in writing and shall not be deemed to be a waiver of any successive breach.  This Agreement may be executed in counterparts and facsimile signatures will suffice as original signatures.
		

		
			If this Agreement is acceptable to you, please sign below and return the original to me.  You have twenty-one (21) calendar days to decide whether you would like to accept this Agreement, and the Company’s offer contained herein will automatically expire if you do not sign and return it within this timeframe.
		

		
			We wish you the best in your future endeavors.
		

		
			Sincerely,
		

			
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Jim Everett

					
					
						 

				
	
					
						 

					
					
						Jim Everett

					
					
						 

				
	
					
						 

					
					
						Vice President of Human Resources

					
					
						 

				

		
			 
		

		
			 Exhibit A – Employee Proprietary Information and Inventions Assignment Agreement
		

		
			
		

		
			

		 

 

		

		
			I  have read, understand and agree fully to the foregoing Agreement:
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						/s/ Patrick Patla 

					
					
						    

					
					
						June 7, 2018

				
	
					
						Patrick Patla

					
					
						 

					
					
						Date

				

		
			
		

		
			

		 

 

		

		
			Exhibit A
		

		
			Employee Proprietary Information and Inventions Assignment Agreement
		

		
			In consideration of my employment or continued employment by Everspin Technologies, Inc. (“Company”), and the compensation paid to me now and during my employment with the Company, I agree to the terms of this Agreement as follows:
		

		
			Confidential Information Protections.
		

		
			Nondisclosure; Recognition of Company’s Rights.  At all times during and after my employment, I will hold in confidence and will not disclose, use, lecture upon, or publish any of Company’s Confidential Information (defined below), except as may be required in connection with my work for Company, or as expressly authorized by the Chief Executive Officer (the “CEO”) of Company.  I will obtain the CEO’s written approval before publishing or submitting for publication any material (written, oral, or otherwise) that relates to my work at Company and/or incorporates any Confidential Information.  I hereby assign to Company any rights I may have or acquire in any and all Confidential Information and recognize that all Confidential Information shall be the sole and exclusive property of Company and its assigns.
		

		
			Confidential Information.  The term “Confidential Information” shall mean any and all confidential knowledge, data or information related to Company’s business or its actual or demonstrably anticipated research or development, including without limitation (a) trade secrets, inventions, ideas, processes, computer source and object code, data, formulae, programs, other works of authorship, know-how, improvements, discoveries, developments, designs, and techniques; (b) information regarding products, services, plans for research and development, marketing and business plans, budgets, financial statements, contracts, prices, suppliers, and customers; (c) information regarding the skills and compensation of Company’s employees, contractors, and any other service providers of Company; and (d) the existence of any business discussions, negotiations, or agreements between Company and any third party. 
		

		
			Third Party Information.  I understand that Company has received and in the future will receive from third parties confidential or proprietary information (“Third Party Information”) subject to a duty on Company’s part to maintain the confidentiality of such information and to use it only for certain limited purposes.  During and after the term of my employment, I will hold Third Party Information in strict confidence and will not disclose to anyone (other than Company personnel who need to know such information in connection with their work for Company) or use, Third Party Information, except in connection with my work for Company or unless expressly authorized by an officer of Company in writing.
		

		
			No Improper Use of Information of Prior Employers and Others.  I represent that my employment by Company does not and will not breach any agreement with any former employer, including any noncompete agreement or any agreement to keep in confidence or refrain from using information acquired by me prior to my employment by Company.  I further represent that I have not entered into, and will not enter into, any agreement, either written or oral, in conflict with my obligations under this Agreement.  During my employment by Company, I will not improperly make use of, or disclose, any information or trade secrets of any former employer or other third party, nor will I bring onto the premises of Company or use any unpublished documents or any property belonging to any former employer or other third party, in violation of any lawful agreements with that former employer or third party.  I will use in the performance of my duties only information that is generally known and used by persons with training and experience comparable to my own, is common knowledge in the industry or otherwise legally in the public domain, or is otherwise provided or developed by Company.
		

		
			
		

		
			

		 

 

		

		
			Inventions.
		

		
			Inventions and Intellectual Property Rights.  As used in this Agreement, the term “Invention” means any ideas, concepts, information, materials, processes, data, programs, know-how, improvements, discoveries, developments, designs, artwork, formulae, copyrightable works, and techniques and all Intellectual Property Rights in any of the items listed above.  The term “Intellectual Property Rights” means all trade secrets, copyrights, trademarks, mask work rights, patents and other intellectual property rights recognized by the laws of any jurisdiction or country.
		

		
			Prior Inventions.  I have disclosed on Exhibit A a complete list of all Inventions that (a) I have, or I have caused to be, alone or jointly with others, conceived, developed, or reduced to practice prior to the commencement of my employment by Company; (b) in which I have an ownership interest or which I have a license to use; (c) and that I wish to have excluded from the scope of this Agreement (collectively referred to as “Prior Inventions”).  If no Prior Inventions are listed in Exhibit A, I warrant that there are no Prior Inventions.  I agree that I will not incorporate, or permit to be incorporated, Prior Inventions in any Company Inventions (defined below) without Company’s prior written consent. If, in the course of my employment with Company, I incorporate a Prior Invention into a Company process, machine or other work, I hereby grant Company a non-exclusive, perpetual, fully-paid and royalty-free, irrevocable and worldwide license, with rights to sublicense through multiple levels of sublicensees, to reproduce, make derivative works of, distribute, publicly perform, and publicly display in any form or medium, whether now known or later developed, make, have made, use, sell, import, offer for sale, and exercise any and all present or future rights in, such Prior Invention. 
		

		
			Assignment of Company Inventions.  Inventions assigned to the Company or to a third party as directed by the Company pursuant to the section titled “Government or Third Party” are referred to in this Agreement as “Company Inventions.”  Subject to the section titled “Government or Third Party” and except for Inventions that I can prove qualify fully under the provisions of a Specific Inventions Law (as defined below) and I have set forth in Exhibit A, I 
		

		
			hereby assign and agree to assign in the future (when any such Inventions or Intellectual Property Rights are first reduced to practice or first fixed in a tangible medium, as applicable) to Company all my right, title, and interest in and to (i) any and all Inventions (and all Intellectual Property Rights with respect thereto) made, conceived, reduced to practice, or learned by me, either alone or with others, during the period of my employment by Company and (ii) any and all priority rights corresponding to any patent applications of such Intellectual Property Rights, including the right to claim priority, provided by any International Convention, including the Paris Convention.  To the extent necessary, company accepts all such assignments.    
		

		
			Specific Inventions Law.  I recognize that, in the event of a specifically applicable state law, regulation, rule or public policy (“Specific Inventions Law”), this Agreement will not be deemed to require assignment of any invention which qualifies fully for protection under a Specific Inventions Law by virtue of the fact that any such invention was, for example, developed entirely on my own time without using the company’s equipment, supplies, facilities, or trade secrets and neither related to the company’s actual or anticipated business, research or development, nor resulted from work performed by me for the Company.  Examples of Specific Inventions Laws include California Labor Code Section 2870 and the Revised Code of Washington Section 49.44.140.  
		

		
			Obligation to Keep Company Informed.  While employed with the Company and for one (1) year after my employment ends, I will promptly and fully disclose to the Company in writing (a) all Inventions I author, conceive or reduce to practice, either alone or with others and including any that might be covered under a Specific Inventions Law, and (b) all patent applications I file or in which I am named as an inventor or co-inventor. 
		

		
			Government or Third Party.  I agree that, as directed by the Company, I will assign to a third party, including without limitation the United States, all my right, title, and interest in and to any particular Company Invention.  
		

		
			

		 

 

		

		
			Enforcement of Intellectual Property Rights and Assistance.  During and after the period of my employment, I will assist Company in every proper way to obtain and enforce United States and foreign Intellectual Property Rights relating to Company Inventions in all countries.  If the Company is unable to secure my signature on any document needed in connection with such purposes, I hereby irrevocably designate and appoint Company and its duly authorized officers and agents as my agent and attorney in fact, which appointment is coupled with an interest, to act on my behalf to execute and file any such documents and to do all other lawfully permitted acts to further such purposes with the same legal force and effect as if executed by me. 
		

		
			Incorporation of Software Code.  I agree that I will not incorporate into any Company software or otherwise deliver to Company any software code licensed under the GNU General Public License or Lesser General Public License or any other license that, by its terms, requires or conditions the use or distribution of such code on the disclosure, licensing, or distribution of any source code owned or licensed by Company.
		

		
			Records.  I agree to keep and maintain adequate and current records (in the form of notes, sketches, drawings and in any other form that is required by the Company) of all Inventions made by me during the period of my employment by the Company, which records shall be available to, and remain the sole property of, the Company at all times.
		

		
			Additional Activities. I agree that (a) during the term of my employment by Company, I will not, without Company’s express written consent, engage in any employment or business activity that is competitive with, or would otherwise conflict with my employment by, Company, and (b) for the period of my employment by Company and for one (l) year thereafter, I will not, either directly or indirectly, solicit or attempt to solicit any employee, independent contractor, or consultant of Company to terminate his, her or its relationship with Company in order to become an employee, consultant, or independent contractor to or for any other person or entity.
		

		
			Return Of Company Property.   Upon termination of my employment or upon Company’s request at any other time, I will deliver to Company all of Company’s property, equipment, and documents, together with all copies thereof, and any other material containing or disclosing any Inventions, Third Party Information or Confidential Information and certify in writing that I have fully complied with the foregoing obligation.  I agree that I will not copy, delete, or alter any information contained upon my Company computer or Company equipment before I return it to Company.  In addition, if I have used any personal computer, server, or e-mail system to receive, store, review, prepare or transmit any Company information, including but not limited to, Confidential Information, I agree to provide the Company with a computer-useable copy of all such Confidential Information and then permanently delete and expunge such Confidential Information from those systems; and I agree to provide the Company access to my system as reasonably requested to verify that the necessary copying and/or deletion is completed.  I further agree that any property situated on Company’s premises and owned by Company is subject to inspection by Company’s personnel at any time with or without notice.  Prior to the termination of my employment or promptly after termination of my employment, I will cooperate with Company in attending an exit interview and certify in writing that I have complied with the requirements of this section.
		

		
			Notification Of New Employer.  If I leave the employ of Company, I consent to the notification of my new employer of my rights and obligations under this Agreement, by Company providing a copy of this Agreement or otherwise.
		

		
			General Provisions.
		

		
			Governing Law and Venue.  This Agreement and any action related thereto will be governed and interpreted by and under the laws of the State of Arizona, without giving effect to any conflicts of laws principles that require the application of the law of a different state. I expressly consent to personal jurisdiction and venue in the state and federal courts for the county in which Company’s principal place of business is located for any lawsuit filed there against me by Company arising from or related to this Agreement.
		

		
			Severability.    If any provision of this Agreement is, for any reason, held to be invalid or 
		

		
			

		 

 

		

		
			unenforceable, the other provisions of this Agreement will remain enforceable and the invalid or unenforceable provision will be deemed modified so that it is valid and enforceable to the maximum extent permitted by law.
		

		
			Survival.  This Agreement shall survive the termination of my employment and the assignment of this Agreement by Company to any successor or other assignee and be binding upon my heirs and legal representatives.
		

		
			Employment.   I agree and understand that nothing in this Agreement shall give me any right to continued employment by Company, and it will not interfere in any way with my right or Company’s right to terminate my employment at any time, with or without cause and with or without advance notice.
		

		
			Notices.  Each party must deliver all notices or other communications required or permitted under this Agreement in writing to the other party at the address listed on the signature page, by courier, by certified or registered mail (postage prepaid and return receipt requested), or by a nationally-recognized express mail service.  Notice will be effective upon receipt or refusal of delivery.  If delivered by certified or registered mail, notice will be considered to have been given five (5) business days after it was mailed, as evidenced by the postmark.  If delivered by courier or express mail service, notice will be considered to have been given on the delivery date reflected by the courier or express mail service receipt. Each party may change its address for receipt of notice by giving notice of the change to the other party.
		

		
			Injunctive Relief.  I  acknowledge that, because my services are personal and unique and because I will have access to the Confidential Information of Company, any breach of this Agreement by me would cause irreparable injury to Company for which monetary damages would not be an adequate remedy and, therefore, will entitle Company to injunctive relief (including specific performance).  The rights and remedies provided to each party in this Agreement are cumulative and in addition to any other rights and remedies available to such party at law or in equity.
		

		
			Waiver. Any waiver or failure to enforce any provision of this Agreement on one occasion will not be deemed a waiver of that provision or any other provision on any other occasion.
		

		
			Export.  I agree not to export, directly or indirectly, any U.S. technical data acquired from Company or any products utilizing such data, to countries outside the United States, because such export could be in violation of the United States export laws or regulations.
		

		
			Entire Agreement.  If no other agreement governs nondisclosure and assignment of inventions during any period in which I was previously employed or am in the future employed by Company as an independent contractor, the obligations pursuant to sections of this Agreement titled “Confidential Information Protections” and “Inventions” shall apply.  This Agreement is the final, complete and exclusive agreement of the parties with respect to the subject matter hereof and supersedes and merges all prior communications between us with respect to such matters.  No modification of or amendment to this Agreement, or any waiver of any rights under this Agreement, will be effective unless in writing and signed by me and the CEO of Company.  Any subsequent change or changes in my duties, salary or compensation will not affect the validity or scope of this Agreement. 
		

		
			
		

		
			

		 

 

		

		
			 
		

		
			This Employee Proprietary Information and Inventions Assignment Agreement shall be effective as of the first day of my employment with Company.
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						EMPLOYEE:  

					
					
						    

					
					
						COMPANY:  EVERSPIN TECHNOLOGIES, INC.

				
	
					
						I HAVE READ, UNDERSTAND, AND ACCEPT THIS AGREEMENT AND HAVE BEEN GIVEN THE OPPORTUNITY TO REVIEW IT WITH INDEPENDENT LEGAL COUNSEL.

					
					
						 

					
					
						ACCEPTED AND AGREED:

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						/s/ Patrick M Patla

					
					
						 

					
					
						/s/ Jeff Winzeler

				
	
					
						(Signature)

					
					
						 

					
					
						(Signature)

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By

					
					
						Patrick M Patla

					
					
						 

					
					
						By

					
					
						Jeff Winzeler

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Title:

					
					
						SVP of Marketing

					
					
						 

					
					
						Title:

					
					
						CFO

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Date:

					
					
						January 10, 2017

					
					
						 

					
					
						Date:

					
					
						January 12, 2017

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Address:

					
					
						4201 Prince Andrew Lane, Austin, TX

					
					
						 

					
					
						Address:

					
					
						1300 N Alma School

				

		
			
		

		
			

		 

 

		

		
			Exhibit A
		

		
			INVENTIONS
		

		
			1.         Prior Inventions Disclosure.  The following is a complete list of all Prior Inventions (as provided in Section 2.2 of the attached Employee Proprietary Information and Inventions Assignment Agreement, defined herein as the “Agreement”):
		

		
			☐         None
		

		
			☐         See immediately below:
		

		
			_________________________________________________________________________________
		

		
			_________________________________________________________________________________
		

		
			2.         Limited Exclusion Notification.  
		

		
			This is to notify you in accordance with any applicable Specific Inventions Law that the foregoing Agreement between you and Company does not require you to assign or offer to assign to Company any Invention that you develop entirely on your own time without using Company’s equipment, supplies, facilities or trade secret information, except for those Inventions that either:
		

		
			a.         Relate at the time of conception or reduction to practice to Company’s business, or actual or demonstrably anticipated research or development; or
		

		
			b.         Result from any work performed by you for Company.
		

		
			To the extent a provision in the foregoing Agreement purports to require you to assign an Invention otherwise excluded from the preceding paragraph, the provision is against the public policy of this state and is unenforceable.
		

		
			This limited exclusion does not apply to any patent or Invention covered by a contract between Company and the United States or any of its agencies requiring full title to such patent or Invention to be in the United States.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00286-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00286-of-00352.parquet"}]]