EXHIBIT 10.1
SIXTH AMENDMENT TO LOAN AND SECURITY AGREEMENT
This Sixth Amendment to Loan and Security Agreement (this “Amendment”) is
entered into as of December 20, 2012, by and among COMERICA BANK (“Bank”) and
LDR HOLDING CORPORATION, a Delaware corporation, and LDR SPINE USA, INC., a
Delaware corporation (each a “Borrower”, and collectively, “Borrowers”).
RECITALS
Borrowers and Bank are parties to that Loan and Security Agreement dated as of
November 23, 2009, as amended by that First Amendment to Loan and Security
Agreement dated as of June 30, 2010, that Second Amendment to Loan and Security
Agreement dated December 9, 2010 and effective as of September 30, 2010, that
Third Amendment to Loan and Security Agreement dated as of February 10, 2011,
that Fourth Amendment to Loan and Security Agreement dated as of April __, 2011
and that Fifth Amendment to Loan and Security Agreement dated April 25, 2012
(collectively, “Agreement’’). The parties desire to amend the Agreement further
pursuant to the terms and conditions of this Amendment.
NOW, THEREFORE, the parties agree as follows:
1.Section 1.1 of the Agreement is amended by adding the following defined term
in its appropriate alphabetical order:
“ ‘Sixth Amendment Date’ means December 20, 2012.’’
2.Section 1.1 of the Agreement is amended by amending the following terms in
their entirety to read as follows:
“ ‘Adjusted Net Worth’ means at any date as of which the amount thereof shall be
determined, the sum of (i) shareholders equity, as determined in accordance with
GAAP, including the capital stock, partnership interest or limited liability
company interest of Borrowers and their Subsidiaries, plus (ii) Subordinated
Debt consisting of those certain convertible subordinated notes issued by Parent
or LDR Medical, S.A.S. under the terms of a Note Purchase Agreement dated April
25, 2012 among Parent, LDR Medical, S.A.S., and the investors signatory thereto
(‘2012 Subordinated Debt’) plus (x) the non cash liability associated with the
fair value of the Escalate Capital warrants issued by Parent, (y) the non-cash
impact of accounting for convertible notes, and (z) the non-cash impact of
deferred taxes, determined in accordance with GAAP. For the avoidance of doubt,
the parties hereto agree that Adjusted Net worth shall not include any
Subordinated Debt owing by any borrower to Escalate Capital.”
“ ‘Borrowing Base’ means an amount equal to (i) eighty percent (80%) of Eligible
Accounts (‘Eligible A/R Amount’), plus (ii) forty percent (40%) of Eligible
Inventory, plus (iii) the Non-Formula Amount. Notwithstanding the foregoing,
Advances made with respect to Eligible Inventory shall not exceed the lesser of
(a) Nine Million Five Hundred Thousand Dollars ($9,500,000) and (b) the Eligible
A/R Amount. Bank may change the foregoing advance rates by giving Spine LDR
thirty (30) days prior written notice based on the results of audits of the
Collateral.”
“ ‘Non-Formula Amount’ means: (i) from the Sixth Amendment Date through and
including December 31, 2013, Three Million Five Hundred Thousand Dollars
($3,500,000), and (ii) from January 1, 2014 and thereafter, Zero Dollars
($0.00).”
3.The following Section 2.5(e) is added to the Agreement immediately following
the existing Section 2.5(d):
“(e) Deferred Amendment Fee. On the earlier to occur of (i) the Revolving
Maturity Date or acceleration (whether voluntary or otherwise) of the Revolving
Line and (ii) the date on which any Borrower

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has an initial public offering or raises equity in an amount sufficient to Bank,
a fee equal to Seventy Thousand Dollars ($70,000), which fee shall be
nonrefundable.”
4.Exhibit C attached to the Agreement is replaced in its entirety with Exhibit C
attached to this Amendment.
5.No course of dealing on the part of Bank or its officers, nor any failure or
delay in the exercise of any right by Bank, shall operate as a waiver thereof,
and any single or partial exercise of any such right shall not preclude any
later exercise of any such right. Bank’s failure at any time to require strict
performance by either Borrower of any provision shall not affect any right of
Bank thereafter to demand strict compliance and performance. Any suspension or
waiver of a right must be in writing signed by an officer of Bank.
6.Unless otherwise defined, all capitalized terms in this Amendment shall be as
defined in the Agreement. The Agreement, as amended hereby, shall be and remain
in full force and effect in accordance with its respective terms and hereby is
ratified and confirmed in all respects. Except as expressly set forth herein,
the execution, delivery, and performance of this Amendment shall not operate as
a waiver of, or as an amendment of, any right, power, or remedy of Bank under
the Agreement, as in effect prior to the date hereof.
7.Each Borrower represents and warrants that the representations and warranties
contained in the Agreement are true and correct in all material respects as of
the date of this Amendment except to the extent such representation or warranty
expressly relates to an earlier date, and that no Event of Default has occurred
and is continuing.
8.As a condition to the effectiveness of this Amendment, Bank shall have
received, in form and substance satisfactory to Bank, the following:
(a)    this Amendment, duly executed by Borrowers;
(b)    Affirmation of Subordination Agreement dated as of the date hereof, duly
executed by Escalate Capital I, L.P. and Escalate Capital Partners SBIC I, L.P.;
(c)    all reasonable Bank Expenses incurred through the date of this Amendment,
which may be debited from any of Borrower’s accounts; and
(d)    such other documents, and completion of such other matters, as Bank may
reasonably deem necessary or appropriate.
9.This Amendment may be executed in two or more counterparts, each of which
shall be deemed an original, but all of which together shall constitute one
instrument.
[signature page follows]

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IN WITNESS WHEREOF, the undersigned have executed this Sixth Amendment to Loan
and Security Agreement as of the first date above written.
 
LDR HOLDING CORPORATION
 
 
 
 
 
 
 
 
By:
/s/ Christophe Lavigne
 
 
 
Name:
Christophe Lavigne
 
 
 
Title:
President and Chief Executive Officer
 
 
 
 
 
 
 
 
LDR SPINE USA, INC.
 
 
 
By:
/s/ Dennis Hynson
 
 
 
Name:
Dennis Hynson
 
 
 
Title:
Secretary
 
 
 
 
 
 
 
 
COMERICA BANK
 
 
 
By:
/s/ Paul Gerling
 
 
 
Name:
Paul Gerling
 
 
 
Title:
Senior Vice President
 
 

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EXHIBIT C
 
Borrowing Base Certificate
 
Borrowers: LDR HOLDING CORPORATION and LDR SPINE USA, INC.
 
Lender: COMERICA BANK
 
Commitment Amount: $19,000,000
 
 
ACCOUNTS RECEIVABLE
 
1.
Accounts Receivable Book Value as of _______________
 
$__________
 
2.
Additional (please explain on reverse)
 
$__________
 
3.
TOTAL ACCOUNTS RECEIVABLE AS OF _____________
 
$__________
ACCOUNTS RECEIVABLE DEDUCTIONS (without Duplication)
 
4.
Amounts over 90 days (non-Hospital/Surgical Center Accounts)
$__________
 
 
5.
Balances of 25% over 90 day accounts (non-Hospital Surgical Center Accounts)
$__________
 
 
6.
Concentration limits
$__________
 
 
7.
Foreign Accounts
$__________
 
 
8.
Government Accounts
$__________
 
 
9.
Contra Accounts
$__________
 
 
10.
Demo Accounts
$__________
 
 
11.
Intercompany/Employee Accounts
$__________
 
 
12.
[Reserved.]
$__________
 
 
13.
Other (please explain below)
$__________
 
 
14.
TOTAL ACCOUNTS RECEIVABLE DEDUCTIONS
 
$__________
 
15.
Eligible Accounts (#3 minus #14)
 
$__________
 
16.
LOAN VALUE OF ACCOUNTS (80% of #l5 ‘‘Eligible A/R Amount”)
 
$__________
 
17.
HOSPITAL/SURGICAL CENTER ACCOUNTS
 
$__________
 
18.
Amounts over 120 days due
$__________
 
 
19.
Balance of 25% over 120 days
$__________
 
 
20.
LOAN VALUE OF HOSPITAL/SURGICAL CENTER ACCOUNTS (80% OF #18 PLUS #19)
 
$__________
FDA APPROVED FINISHED GOODS INVENTORY
 
21.
FDA Approved Finished Goods Inventory in the possession of LDR Spine as of
_______________
 
$__________
 
22.
LOAN VALUE OF INVENTORY
(40% of #21, provided that the sum of #22 shall be less than or equal to the
lesser of (i) 80% of the Eligible A/R Amount and (ii) $9,500,000)
 
$__________
BALANCES
 
23.
Maximum Loan Amount $19,000,000
 
$__________
 
24.
Total Funds Available (the lesser of #23 or #16 + #20 + #22 + Non-Formula
Amount)
 
$__________
 
25.
Present balance outstanding on Line of Credit
 
$__________
 
26.
Outstanding under Letter of Credit and Credit Card Sublimits
 
$__________
 
27.
RESERVE POSITION (#24 minus #25 and #26)
 
$__________
 
 
 
 
 
The undersigned represents and warrants that the foregoing is true, complete and
correct, and that the information reflected in this Borrowing Base Certificate
complies with the representations and warranties set forth in the Loan and
Security Agreement between the undersigned and Comerica Bank.
 
 
 
 
 
By:
 
 
 
 
Authorized Signer