Exhibit 10.1
FOURTH Amendment
to
Loan and security agreement
THIS FOURTH AMENDMENT TO LOAN AND SECURITY AGREEMENT (this “Amendment”) is entered into this 24th day of March, 2022, by and between SILICON VALLEY BANK, a California corporation (“Bank”), and IRIDEX CORPORATION, a Delaware corporation (“Borrower”).
Recitals
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:
2.3 Cash Management Services Sublimit. Borrower may use up to Two Hundred Thousand Dollars ($200,000) of the Revolving Line for Bank’s cash management services which may include merchant services, direct deposit of payroll, business credit card, and check cashing services identified in Bank’s various cash management services agreements (collectively, the “Cash Management Services”). Any amounts Bank pays on behalf of Borrower for any Cash Management Services will be treated as Advances under the Revolving Line and will accrue interest at the interest rate applicable to Advances.
“Revolving Line Maturity Date” is May 31, 2022.
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[Signature page follows.]
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In Witness Whereof, the parties hereto have caused this Amendment to be duly executed and delivered as of the date first written above.
BANK: |
|
SILICON VALLEY BANK |
By: | /s/ Mark Davis |
| Mark Davis |
| Vice President |
BORROWER: |
|
IRIDEX CORPORATION |
By: | /s/ David I. Bruce |
| David I. Bruce |
| President & CEO |