Exhibit 10.3

SUPPLEMENT TO

PLEDGE AND SECURITY AGREEMENT

This SUPPLEMENT, dated as of May 6, 2019 (this “Supplement”), is to the Pledge
and Security Agreement, dated as of June 22, 2018 (as amended, supplemented,
amended and restated or otherwise modified from time to time, the “Security
Agreement”), among the Grantors (such term, and other terms used in this
Supplement, to have the meanings set forth in Article I of the Security
Agreement) from time to time party thereto, in favor of ORBIMED ROYALTY
OPPORTUNITIES II, LP, a Delaware limited partnership (together with its
Affiliates, successors, transferees and assignees, the “Lender”).

WITNESSETH:

WHEREAS, pursuant to a Credit Agreement, dated as of June 22, 2018 (as amended,
supplemented or otherwise modified from time to time, the “Credit Agreement”),
by and between TransMedics, Inc., a Delaware corporation (the “Borrower”) and
the Lender, the Lender has extended a Commitment to make the Loans to the
Borrower;

WHEREAS, pursuant to the provisions of Section 7.6 of the Security Agreement,
the undersigned is becoming a Grantor under the Security Agreement; and

WHEREAS, the undersigned desires to become a “Grantor” under the Security
Agreement in order to induce the Lender to continue to extend Loans under the
Credit Agreement;

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the undersigned agrees, for the benefit of the
Lender, as follows.

SECTION 1. Party to Security Agreement, Etc. In accordance with the terms of the
Security Agreement, by its signature below, the undersigned hereby irrevocably
agrees to become a Grantor under the Security Agreement with the same force and
effect as if it were an original signatory thereto and the undersigned hereby
(a) agrees to be bound by and comply with all of the terms and provisions of the
Security Agreement applicable to it as a Grantor and (b) represents and warrants
that the representations and warranties made by it as a Grantor thereunder are
true and correct as of the date hereof, unless stated to relate solely to an
earlier date, in which case such representations and warranties shall be true
and correct as of such earlier date. In furtherance of the foregoing, each
reference to a “Grantor” and/or “Grantors” in the Security Agreement shall be
deemed to include the undersigned.

SECTION 2. Schedules. The undersigned Grantor hereby authorizes the Lender to
add the information set forth on the Schedules to this Supplement to the
correlative Schedules attached to the Security Agreement.

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SECTION 3. Representations. The undersigned Grantor hereby represents and
warrants that this Supplement has been duly authorized, executed and delivered
by it and that this Supplement and the Security Agreement constitute its legal,
valid and binding obligation, enforceable against it in accordance with its
terms.

SECTION 4. Full Force of Security Agreement. Except as expressly supplemented
hereby, the Security Agreement shall remain in full force and effect in
accordance with its terms.

SECTION 5. Severability. Wherever possible each provision of this Supplement
shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Supplement shall be prohibited by
or invalid under such law, such provision shall be ineffective to the extent of
such prohibition or invalidity, without invalidating the remainder of such
provision or the remaining provisions of this Supplement or the Security
Agreement.

SECTION 6. Governing Law. Entire Agreement. Etc. THIS SUPPLEMENT AND ANY CLAIMS,
CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR
OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS SECURITY AGREEMENT OR
ANY DOCUMENT CONTEMPLATED HEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING FOR SUCH
PURPOSE SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE
OF NEW YORK). This Supplement, along with the other Loan Documents, constitutes
the entire understanding among the parties hereto with respect to the subject
matter thereof and supersedes any prior agreements, written or oral, with
respect thereto.

SECTION 7. Effective. This Supplement shall become effective when a counterpart
hereof executed by the Grantor shall have been received by the Lender. Delivery
of an executed counterpart of a signature page to this Supplement by email
(e.g., “pdf” or “tiff”) or telecopy shall be effective as delivery of a manually
executed counterpart of this Supplement.

[Signature Page Follows]

 

2

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IN WITNESS WHEREOF, the undersigned has caused this Supplement to be duly
executed and delivered by its Authorized Officer as of the date first above
written.

 

TRANSMEDICS GROUP, INC.

/s/ Stephen Gordon

Name:

 

Stephen Gordon

Title:

 

Chief Financial Officer, Treasurer

and Secretary

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SCHEDULE I

to Security Agreement

 

Name of Grantor  

Name of

Subsidiary

 

Number of Issued

and Outstanding

Capital Securities

of Subsidiary

 

Percentage of the

Capital Securities

of Subsidiary

Pledged

TransMedics Group, Inc.   TransMedics, Inc.   1   100%

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SCHEDULE II

to Security Agreement

 

   Item A.

Location of each Grantor

 

Name of Grantor

 

Location for purposes of

UCC

 

Address of executive office

and principal place of

business

TransMedics Group, Inc.   Massachusetts  

200 Minuteman Road, Suite 302

Andover, MA 01810-1046

 

   Item B.

[Reserved]

 

   Item C.

Trade Names

   None

 

   Item D.

Merger or other corporate reorganization

   None

 

   Item E.

Grantor’s federal taxpayer ID number

 

Name of Grantor

 

Taxpayer ID number

TransMedics Group, Inc.

 

[****]

 

   Item F.

Government Contracts

   None.

 

   Item G.

Deposit Accounts, Securities Accounts and Commodities Accounts

 

Financial

Institution

 

Acct. Owner

 

Acct. #

 

Acct. Type

             

 

   Item H.

Letter of Credit Rights

   None.

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Item I.

Commercial Tort Claims

None.

 

Item J.

Pledged Notes

None.

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SCHEDULE III

to Security Agreement

 

Item A.

Patents

None

 

Item B.

Patent Licenses

None

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SCHEDULE IV

to Security Agreement

 

Item A.

Trademarks

None

 

Item B.

Trademark Licenses

None

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SCHEDULE V

to Security Agreement

 

Item A.

Copyrights

None

 

Item B.

Copyright Licenses

None

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SCHEDULE VI

to Security Agreement

Trade Secret or Know-How Licenses

None