Second Amendment to Loan and Security Agreement, dated August 9, 2022, by and between Clene Inc., Clene Nanomedicine, Inc. and Avenue Venture Opportunities Fund, L.P
Exhibit 10.6
SECOND AMENDMENT TO LOAN AND SECURITY
AGREEMENT
This Second Amendment to Loan and Security Agreement (this “Amendment”) is entered into as of August 9, 2022, by and between AVENUE VENTURE OPPORTUNITIES FUND, L.P., a Delaware limited partnership (“Lender”) and CLENE INC., a Delaware corporation and CLENE NANOMEDICINE, INC., a Delaware corporation (individually and collectively, jointly and severally, “Borrower”).
RECITALS
Borrower and Lender are parties to that certain Loan and Security Agreement dated as of May 21, 2021, as amended by First Amendment to Loan and Security Agreement dated as of June 30, 2021 (and as amended from time to time, the “Agreement”). The parties desire to amend the Agreement in accordance with the terms of this Amendment.
NOW, THEREFORE, the parties agree as follows:
“(l) Indebtedness secured by a lien described in clause (c) of the defined term “Permitted Liens” to be incurred in an additional aggregate original principal amount of up to $6,000,000, of which up to $3,000,000 shall be with the state of Maryland or its associated government associations or departments, and of which up to $3,000,000 may be with any unrelated third party lender providing equipment financing on terms reasonably acceptable to Lender;”
1
IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the first date above written.
| BORROWER: | |
|
|
|
| CLENE INC. | |
|
|
|
|
|
|
| By: | /s/ Rob Etherington |
|
|
|
| Name: | Rob Etherington |
|
|
|
| Title: | President |
|
|
|
|
|
|
| CLENE NANOMEDICINE, INC. | |
|
| |
|
|
|
| By: | /s/ Rob Etherington |
|
|
|
| Name: | Rob Etherington |
|
|
|
| Title: | President |
|
|
|
|
|
|
| LENDER: | |
|
|
|
| AVENUE VENTURE OPPORTUNITIES FUND, L.P. | |
|
|
|
| By: | Avenue Venture Opportunities Partners, LLC Its: General Partner |
|
|
|
|
|
|
| By: | /s/ Sonia Gardner |
|
|
|
| Name: | Sonia Gardner |
|
|
|
| Title: | Authorized Signatory |
2
ANNEX A
[Omitted pursuant to Regulation S-K, Item 601(a)(5). We agree to furnish supplementally a copy of such omitted materials to the SEC upon request.]