Exhibit 10.2
FIFTH Amendment
to
Loan and security agreement
THIS FIFTH AMENDMENT TO LOAN AND SECURITY AGREEMENT (this “Amendment”) is entered into this 15th day of June, 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 Five Hundred Thousand Dollars ($500,000) 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.
1
(g) Anniversary Fee. A fully earned, non-refundable anniversary fee of Ten Thousand Dollars ($10,000) due on the earlier of (i) June 15, 2023 or (ii) termination of the Revolving Line for any reason prior to the Revolving Line Maturity Date.
“Revolving Line Maturity Date” is December 1, 2023.
2
[Signature page follows.]
3
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 |