On January 19, 2022 CytoSorbents Corporation along with CytoSorbents Medical, Inc. entered into an amendment to the Amended and Restated Loan and Security Agreement by and among the Borrower and Bridge Bank, a division of Western Alliance Bank, an Arizona corporation (the Bank), dated as of January 19, 2022, by and among the Borrower and the Bank. Under the Loan Agreement, together with the Fourth Amendment, the Bank has agreed to loan up to $15 million. Under the Loan Agreement, the Company previously drew down one tranche of $10 million (the “Term A Loan”), and the Company repaid the Term A Loan in full on December 4, 2020 (the “Prior Amendment Date”).

In addition, the Company previously drew down an additional tranche of $5 million (the “Term B Loan”), which the Company repaid in full on the Prior Amendment Date (the “Term B Loan”). The Fourth Amendment provides a tranche of term loans in the aggregate amount of $15 million, which are available for the Company to draw down at its sole discretion in three tranches of $5 million each at any time during the period commencing on the Fourth Amendment Date and ending on the earlier of (i) December 31, 2022 and (ii) the occurrence of an Event of Default (as defined in the Loan Agreement) (the “Term C Loan”). After repayment, the term loans may not be re-borrowed.

Pursuant to the Amendment, the Term C Loan shall bear interest, on the outstanding daily balance thereof, at a floating rate of the Index Rate (as defined in the Amendment) on the last business date of the month that immediately precedes the month in which the interest will accrue plus 1.25%. Pursuant to the Fourth Amendment, interest on the Term C Loan is subject to an interest rate cap of 8.00%. The Amendment, together with the Loan Agreement, provides for a period of interest only payments on the Term C Loan until the amortization date, which is January 1, 2024 if the I/O Extension Event (as defined in the Amendment) does not occur or July 1, 2024 if the I/O Extension Event occurs.

Following the amortization date, the Company must make equal monthly payments of principal and interest on the Term C Loan.