Other Information.
−Removed: On November 10, 2022, the Company entered into an amendment to the SWK Loan Facility Agreement that further extended the minimum liquidity step-up date of November 10, 2022 to November 21, 2022.
−Removed: As amended, the Company is required to maintain a minimum liquidity of $5.0 million until November 21, 2022 and thereafter, the greater of (i) $5.0 million or (ii) the sum of the Operating Burn (as defined in the SWK Loan Facility Agreement) for the two prior, consecutive fiscal quarters then ended.
+Added: On May 12, 2023, the Company entered into that certain First Amendment to Credit Agreement, by and among the Company, as the borrower, the financial institutions party thereto from time to time as lenders, and SWK Funding LLC, in its capacity as administrative agent (the “Agent”) (the “Amendment”).
+Added: The Amendment amends the Credit Agreement, dated August 10, 2022, by and among the Company, the financial institutions party thereto from time to time as lenders, and the Agent (as amended, modified or restated from time to time, the “SWK Loan Facility Agreement”).
+Added: Pursuant to the Amendment, the exit fee payable upon loan maturity or the earlier repayment in full of all outstanding obligations under the SWK Loan Facility Agreement was modified to be an amount equal to 6.5% of the aggregate principal amount funded prior to termination plus $62,500.
+Added: In addition, the Amendment modified the minimum liquidity covenant applicable to the Company under the SWK Loan Facility Agreement, and now requires the Company to maintain a minimum liquidity of at least $5.0 million until August 15, 2023 (which date may be extended by the Agent, in its commercially-reasonable discretion, to November 15, 2023), and after such date, a minimum liquidity of at least the greater of (i) $5.0 million, and (ii) the sum of the operating cash burn (as defined in the SWK Loan Facility Agreement) for the two prior consecutive fiscal quarters then ended.
+Added: The foregoing summary of the Amendment does not purport to be complete and is qualified in its entirety by reference to the Amendment, a copy of which is filed as Exhibit 10.4 to this Quarterly Report.
Filed/ Furnished Herewith
1 unchanged sentence
Amended and Restated Bylaws of Aziyo Biologics, Inc.
−Removed: Second Amended and Restated Investor Rights Agreement, dated as of September 14, 2020, among the Registrant and the investors named therein
+Added: Second Amended and Restated Investor Rights Agreement, dated as of March 14, 2020, among the Registrant and the investors named therein
Specimen stock certificate evidencing the shares of Class A common stock
7 unchanged sentences
and SWK Funding LLC, as Agent and the Lenders from time to time party thereto (as amended by the Amendment Letter dated as of October 9, 2022)
+Added: First Amendment, dated as of May 12, 2023, to the Credit Agreement, dated August 10, 2022, by and among Aziyo Biologics, Inc., SWK Funding LLC, as Agent and the Lenders from time to time party thereto
Form of Restricted Stock Unit Award Agreement (approved August 2022)
18 unchanged sentences
AZIYO BIOLOGICS, INC.
−Removed: November 14, 2022
President and Chief Executive Officer
(principal executive officer)
−Removed: November 14, 2022
/s/ Matthew Ferguson
3 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.