Item 1.01 Entry into a Material Definitive Agreement. On February 10, 2023 (the "Effective Date"), Vapotherm, Inc. (the "Company") entered into an Amendment No. 4 to Loan and Security Agreement with SLR Investment Corp., as Collateral Agent, and the lenders party thereto (the "Fourth Amendment," together with the Loan and Security Agreement, the "Amended Loan and Security Agreement"). The Fourth Amendment: • Includes the option for the Company to pay up to 9% of the interest under the Amended Loan and Security Agreement in-kind (rather than up to 8% as provided for prior to the Effective Date) during 2023 (the "PIK Interest"); provided that the PIK Interest option is reduced to 4% of the interest under the Amended Loan and Security Agreement if the Company raises $25 million of net cash equity proceeds prior to July 1, 2023 and is further reduced to 0% of the interest under the Amended Loan and Security Agreement if the Company raises $30 million of net cash equity proceeds prior to January 1, 2024.