Item 1.02 Termination of a Material Definitive Agreement.
As previously disclosed, on January 7, 2021, Parent entered into an Amended and
Restated Loan and Security Agreement (the "SVB Loan") with Silicon Valley Bank
("SVB"), as lender, administrative agent, and collateral agent, SVB Innovation
Credit Fund VIII, L.P., the Company, the Parent, and Liquidia PAH, LLC, a
Delaware limited liability company and wholly owned subsidiary of the Company
("Liquidia PAH" and together with the Parent and the Company, the "Company
Group").
On the Initial Closing Date, the SVB Loan was terminated upon the receipt by SVB
of a payoff amount of $22,356,635 from the Company Group. The pay-off amount
paid by the Company in connection with the termination of the SVB Loan was made
pursuant to a pay-off letter (the "Termination Letter") and included payment of
$1.0 million as a prepayment fee. As a result, the SVB Loan, together with all
documents and agreements executed in connection therewith, have terminated and
all liens associated therewith have been released as of the Initial Closing
Date. Pursuant to the Termination Letter and in accordance with the terms of the
SVB Loan, the Company Group continues to be bound by certain terms under the SVB
Loan that customarily survive the termination of similar agreements, including,
without limitation, certain indemnification obligations.
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