EX-4.14



 Exhibit 4.14 

PLEDGE AGREEMENT 

This PLEDGE AGREEMENT, dated as of April 24, 2015 (together with all amendments, if any, from time to time hereto, this “Pledge
Agreement”), by and among Lombard Medical Technologies Limited, an English private company limited by shares (the “Pledgor”), and OXFORD FINANCE LLC, a Delaware limited liability company, in its capacity as collateral agent
(in such capacity and together with any successors, endorsees and assigns, “Agent”) for itself and the lenders from time to time party to the Loan Agreement hereinafter defined (collectively, the “Lenders”). 

WHEREAS, Agent, as agent and a Lender, and Lombard Medical Technologies Inc., a Delaware corporation, as borrower
(“Borrower”), are parties to that certain Loan and Security Agreement, dated as the date hereof (the “Loan Agreement”), pursuant to which the Lenders may advance term loans to the Borrower in the original aggregate
principal amount of up to $26,000,000 (collectively, the “Term Loan”) in accordance with the terms and conditions thereof; and 

WHEREAS, Pledgor entered into that certain Guarantee, dated as the date hereof, in favor of the Agent and Lenders (the
“Guarantee”), pursuant to which Pledgor guaranteed the payment of all liabilities and obligations of Borrower under the Loan Agreement; and 

WHEREAS, in order to induce Agent and the Lenders to enter into the Loan Agreement and other Loan Documents (as defined in the Loan Agreement)
and to induce the Lenders to make the Term Loan as provided for in the Loan Agreement, Pledgor has agreed to pledge the Pledged Collateral to Agent, on behalf of itself and the Lenders in accordance herewith; and 

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, and to induce the Lenders and the Agent to enter into
the Loan Agreement and to induce the Lenders to make their respective extensions of credit to Borrower thereunder, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree
as follows: 
 1. Definitions. Unless otherwise defined herein, terms defined in the Loan Agreement are used herein as therein
defined, and the following shall have (unless otherwise provided elsewhere in this Pledge Agreement) the following respective meanings (such meanings being equally applicable to both the singular and plural form of the terms defined): 

“Bankruptcy Code” means title 11, United States Code, as amended from time to time, and any successor statute thereto. 

“Pledged Collateral” has the meaning assigned to such term in Section 2 hereof. 

“Pledged Entity” means an issuer of Pledged Shares or Pledged Indebtedness. 

“Pledged Indebtedness” means the Indebtedness evidenced by promissory notes and instruments listed on Schedule I
hereto. 







 “Pledged Shares” means those shares listed on Schedule I. 

“Secured Obligations” has the meaning assigned to such term in Section 3 hereof. 

“Stock” means all shares, options, warrants, general or limited partnership interests, membership interests, equity interests
or similar rights and all rights to acquire the same in any entity. 
 “Termination Date” means the date on which all
Secured Obligations have been fulfilled. 
 2. Pledge. Pledgor hereby pledges to Agent, on behalf of itself and the Lenders, and
grants to Agent, on behalf of itself and the Lenders, a first priority security interest in all of the following of Pledgor (collectively, the “Pledged Collateral”): 

(a) the Pledged Shares and the certificates representing the Pledged Shares, and all dividends, distributions, cash,
instruments and other property or proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the Pledged Shares; and 

(b) such portion, as determined by Agent as provided in Section 6(d) below, of any additional shares of Stock of a
Pledged Entity from time to time acquired by Pledgor in any manner (which shares shall be deemed to be part of the Pledged Shares), and the certificates representing such additional shares, and all dividends, distributions, cash, instruments and
other property or proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such Stock; and 

(c) the Pledged Indebtedness and the promissory notes or instruments evidencing the Pledged Indebtedness, and all interest,
cash, instruments and other property and assets from time to time received, receivable or otherwise distributed in respect of the Pledged Indebtedness; and 

(d) all additional Indebtedness arising after the date hereof and owing to Pledgor and evidenced by promissory notes or other
instruments, together with such promissory notes and instruments, and all interest, cash, instruments and other property and assets from time to time received, receivable or otherwise distributed in respect of that Pledged Indebtedness. 

3. Security for Obligations. This Pledge Agreement secures, and the Pledged Collateral is security for, the prompt payment in full when
due, whether at stated maturity, by acceleration or otherwise, and performance of all Obligations of any kind of Pledgor under or in connection with the Loan Agreement, the Guarantee and the other Loan Documents and all Obligations of Pledgor now or
hereafter existing under this Pledge Agreement including, without limitation, all fees, costs and expenses of Agent and Lenders in connection with collection actions hereunder or otherwise (collectively, the “Secured Obligations”).


  
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 4. Delivery of Pledged Collateral. All certificates and all promissory notes and
instruments evidencing the Pledged Collateral shall be delivered to and held by or on behalf of Agent, pursuant hereto. All Pledged Shares shall be accompanied by duly executed instruments of transfer or assignment in blank, all in form and
substance satisfactory to Agent and all promissory notes or other instruments evidencing the Pledged Indebtedness shall be endorsed by Pledgor. 

5. Representations and Warranties. Pledgor represents and warrants to Agent that: 

(a) Pledgor is, and at the time of delivery of the Pledged Shares to Agent will be, the sole holder of record and the sole
beneficial owner of such Pledged Collateral pledged by Pledgor free and clear of any lien, security interest or encumbrance (each a “Lien”) thereon or affecting the title thereto, except for any Lien created by this Pledge Agreement
and Permitted Liens; Pledgor is and at the time of delivery of the Pledged Indebtedness to Agent will be, the sole owner of such Pledged Collateral free and clear of any Lien thereon or affecting title thereto, except for any Lien created by this
Pledge Agreement and Permitted Liens; 
 (b) All of the Pledged Shares have been duly authorized, validly issued and are
fully paid and non-assessable; the Pledged Indebtedness has been duly authorized, authenticated or issued and delivered by, and is the legal, valid and binding obligations of, the Pledged Entity, subject only to bankruptcy, moratorium, insolvency
and other laws of general application affecting secured creditors and general principles of equity, and the Pledged Entity is not in default thereunder; 

(c) Pledgor has the right and requisite authority to pledge, assign, transfer, deliver, deposit and set over the Pledged
Collateral pledged by Pledgor to Agent, on behalf of itself and the Lenders, as provided herein; 
 (d) None of the Pledged
Shares or Pledged Indebtedness has been issued or transferred in violation of the securities registration, securities disclosure or similar laws of any jurisdiction to which such issuance or transfer may be subject; 

(e) All of the Pledged Shares are presently owned by Pledgor, and are presently represented by the certificates listed on
Schedule I hereto. As of the date hereof, except for the Warrants issued in connection with the Loan Agreement, there are no existing options, warrants, calls or commitments of any character whatsoever relating to the Pledged Shares;

 (f) No consent, approval, authorization or other order or other action by, and no notice to or filing with, any
governmental authority or any other person or entity is required (i) for the pledge by Pledgor of the Pledged Collateral pursuant to this Pledge Agreement or for the execution, delivery or performance of this Pledge Agreement by Pledgor, or
(ii) for the exercise by Agent of the voting or other rights provided for in this Pledge Agreement or the remedies in respect of the Pledged Collateral pursuant to this Pledge Agreement, except as may be required in connection with such
disposition by laws affecting the offering and sale of securities generally; 

  
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 (g) The pledge and delivery of the Pledged Collateral pursuant to this Pledge
Agreement and filing of appropriate financing statements (and compliance with foreign laws relating to perfection of security interests in the Pledged Collateral) will create a valid first priority Lien on and a first priority perfected security
interest in favor of Agent, on behalf of itself and the Lenders, in the Pledged Collateral and the proceeds thereof, securing the payment of the Secured Obligations, subject to no other Lien other than Permitted Liens; 

(h) This Pledge Agreement has been duly authorized, executed and delivered by Pledgor and constitutes a legal, valid and
binding obligation of Pledgor enforceable against Pledgor in accordance with its terms subject only to bankruptcy, moratorium, insolvency and other laws of general application affecting secured creditors and general principles of equity; 

(i) The Pledged Shares constitute the percentage of the issued and outstanding shares of Stock of each Pledged Entity as set
forth in Schedule I; and 
 (j) None of the Pledged Indebtedness is subordinated in right of payment to other
Indebtedness (except for the Secured Obligations) or subject to the terms of an indenture. 
 The representations and warranties set forth
in this Section 5 shall survive the execution and delivery of this Pledge Agreement. 
 6. Covenants. Pledgor covenants
and agrees that until the Termination Date: 
 (a) Without the prior written consent of Agent, Pledgor will not sell, assign,
transfer, pledge, or otherwise encumber any of its rights in or to the Pledged Collateral, or any unpaid dividends, interest or other distributions or payments with respect to the Pledged Collateral or grant a Lien in the Pledged Collateral, unless
otherwise expressly permitted by the Loan Agreement; 
 (b) Pledgor will, at its expense, promptly execute, acknowledge and
deliver all such instruments and take all such actions as Agent from time to time may reasonably request in order to ensure to Agent the benefits of the Liens in and to the Pledged Collateral intended to be created by this Pledge Agreement,
including the filing of any necessary Uniform Commercial Code financing statements, which may be filed by Agent with or (to the extent permitted by law) without the signature of Pledgor, and will cooperate with Agent, at Pledgor’s expense, in
obtaining all necessary approvals and making all necessary filings under federal, state, local or foreign law in connection with such Liens or any sale or transfer of the Pledged Collateral; 

(c) Pledgor has and will defend the title to the Pledged Collateral and the Liens of Agent in the Pledged Collateral against
the claim of any person or entity and will maintain and preserve such Liens; and 

  
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 (d) Pledgor will, upon obtaining ownership of any additional Stock or promissory
notes or instruments of a Pledged Entity or Stock or promissory notes or instruments otherwise required to be pledged to Agent pursuant to any of the Loan Documents, which Stock, notes or instruments are not already Pledged Collateral, promptly (and
in any event within three (3) Business Days) deliver to Agent a Pledge Amendment, duly executed by Pledgor, in substantially the form of Exhibit A hereto (a “Pledge Amendment”) in respect of any such additional Stock,
notes or instruments, pursuant to which Pledgor shall pledge to Agent, on behalf of itself and the Lenders, all of such additional Stock, notes and instruments. Pledgor hereby authorizes Agent to attach each Pledge Amendment to this Pledge Agreement
and agrees that all Pledged Shares and Pledged Indebtedness listed on any Pledge Amendment delivered to Agent shall for all purposes hereunder be considered Pledged Collateral. 

7. Pledgor’s Rights. As long as no Event of Default shall have occurred and be continuing and until written notice shall be given
to Pledgor in accordance with Section 8(a) hereof: 
 (a) Pledgor shall have the right, from time to time, to
vote and give consents with respect to the Pledged Collateral, or any part thereof for all purposes not inconsistent with the provisions of this Pledge Agreement, the Loan Agreement, the Guarantee or any other Loan Document; provided,
however, that no vote shall be cast, and no consent shall be given or action taken, which would have the effect of impairing the position or interest of Agent in respect of the Pledged Collateral or which would authorize, effect or consent to
(unless and to the extent expressly permitted by the Loan Agreement): 
 (i) the dissolution or liquidation, in whole or in
part, of a Pledged Entity; 
 (ii) the consolidation or merger of a Pledged Entity with any other person or entity; 

(iii) the sale, disposition or encumbrance of all or substantially all of the assets of a Pledged Entity, except for Permitted
Liens (as defined in the Loan Agreement) or Liens in favor of Agent; 
 (iv) any change in the authorized number of shares,
the stated capital or the authorized share capital of a Pledged Entity or the issuance of any additional shares of the Pledged Entity’s Stock; or 

(v) the alteration of the voting rights with respect to the Stock of a Pledged Entity; and 

(b) Pledgor shall be entitled, from time to time, to collect and receive for their own use all cash dividends, principal and
interest paid in respect of the Pledged Shares and Pledged Indebtedness to the extent not in violation of the Loan Agreement other than any and all: (1) dividends and interest paid or payable other than in cash in respect of any Pledged
Collateral, and instruments and other property received, 

  
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receivable or otherwise distributed in respect of, or in exchange for, any Pledged Collateral; (2) dividends and other distributions paid or payable in cash in respect of any Pledged Shares
in connection with a partial or total liquidation or dissolution or in connection with a reduction of capital, capital surplus or paid-in capital of a Pledged Entity; and (3) cash paid, payable or otherwise distributed, in respect of principal
of, or in redemption of, or in exchange for, any Pledged Collateral; provided, however, that until actually paid all rights to such distributions shall remain subject to the Lien created by this Pledge Agreement; and 

(c) all dividends and interest (other than such cash dividends and interest as are permitted to be paid to Pledgor in
accordance with Section 7(b) above) and all other distributions in respect of any of the Pledged Shares or Pledged Indebtedness, whenever paid or made, shall be delivered to Agent to hold as Pledged Collateral and shall, if received by
Pledgor, be received in trust for the benefit of Agent, be segregated from the other property or funds of Pledgor, and be forthwith delivered to Agent as Pledged Collateral in the same form as so received (with any necessary indorsement). 

8. Defaults and Remedies; Proxy. 

(a) Upon the occurrence of an Event of Default and during the continuation of such Event of Default, and concurrently with
written notice to Pledgor, Agent (personally or through an agent) is hereby authorized and empowered to transfer and register in its name or in the name of its nominee the whole or any part of the Pledged Collateral, to exchange certificates or
instruments representing or evidencing Pledged Collateral for certificates or instruments of smaller or larger denominations, to exercise the voting and all other rights as a holder with respect thereto, to collect and receive all cash dividends,
interest, principal and other distributions made thereon, to sell in one or more sales after ten (10) days’ notice of the time and place of any public sale or of the time at which a private sale is to take place (which notice Pledgor
agrees is commercially reasonable) the whole or any part of the Pledged Collateral and to otherwise act with respect to the Pledged Collateral as though Agent was the outright owner thereof. Any sale shall be made at a public or private sale at
Agent’s place of business, or at any place to be named in the notice of sale, either for cash or upon credit or for future delivery at such price as Agent may deem fair, and Agent may be the purchaser of the whole or any part of the Pledged
Collateral so sold and hold the same thereafter in its own right free from any claim of Pledgor or any right of redemption. Each sale shall be made to the highest bidder, but Agent reserves the right to reject any and all bids at such sale which, in
its discretion, it shall deem inadequate. Demands of performance, except as otherwise herein specifically provided for, notices of sale, advertisements and the presence of property at sale are hereby waived and any sale hereunder may be conducted by
an auctioneer or any officer or agent of Agent. PLEDGOR HEREBY IRREVOCABLY CONSTITUTES AND APPOINTS AGENT AS THE PROXY AND ATTORNEY-IN-FACT OF PLEDGOR WITH RESPECT TO THE PLEDGED COLLATERAL, INCLUDING THE RIGHT TO VOTE THE PLEDGED SHARES, WITH FULL
POWER OF SUBSTITUTION TO DO SO. THE APPOINTMENT OF AGENT AS PROXY AND ATTORNEY-IN-FACT IS COUPLED WITH AN INTEREST AND SHALL BE IRREVOCABLE UNTIL THE 

  
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TERMINATION DATE. IN ADDITION TO THE RIGHT TO VOTE THE PLEDGED SHARES, THE APPOINTMENT OF AGENT AS PROXY AND ATTORNEY-INFACT SHALL INCLUDE THE RIGHT TO EXERCISE ALL OTHER RIGHTS, POWERS,
PRIVILEGES AND REMEDIES TO WHICH A HOLDER OF THE PLEDGED SHARES WOULD BE ENTITLED (INCLUDING GIVING OR WITHHOLDING WRITTEN CONSENTS OF SHAREHOLDERS, CALLING SPECIAL MEETINGS OF SHAREHOLDERS AND VOTING AT SUCH MEETINGS). SUCH PROXY SHALL BE
EFFECTIVE, AUTOMATICALLY AND WITHOUT THE NECESSITY OF ANY ACTION (INCLUDING ANY TRANSFER OF ANY PLEDGED SHARES ON THE RECORD BOOKS OF THE ISSUER THEREOF) BY ANY PERSON (INCLUDING THE ISSUER OF THE PLEDGED SHARES OR ANY OFFICER OR AGENT THEREOF),
UPON THE OCCURRENCE OF AN EVENT OF DEFAULT. NOTWITHSTANDING THE FOREGOING, AGENT SHALL NOT HAVE ANY DUTY TO EXERCISE ANY SUCH RIGHT OR TO PRESERVE THE SAME AND SHALL NOT BE LIABLE FOR ANY FAILURE TO DO SO OR FOR ANY DELAY IN DOING SO. 

(b) If, at the original time or times appointed for the sale of the whole or any part of the Pledged Collateral, the highest
bid, if there be but one sale, shall be inadequate to discharge in full all the Secured Obligations, or if the Pledged Collateral be offered for sale in lots, if at any of such sales, the highest bid for the lot offered for sale would indicate to
Agent, in its discretion, that the proceeds of the sales of the whole of the Pledged Collateral would be unlikely to be sufficient to discharge all the Secured Obligations, Agent may, on one or more occasions and in its discretion, postpone any of
said sales by public announcement at the time of sale or the time of previous postponement of sale, and no other notice of such postponement or postponements of sale need be given, any other notice being hereby waived; provided,
however, that any sale or sales made after such postponement shall be after five (5) days’ notice to Pledgor. 

(c) If, at any time when Agent in its sole discretion determines, following the occurrence and during the continuance of an
Event of Default, that, in connection with any actual or contemplated exercise of its rights (when permitted under this Section 8) to sell the whole or any part of the Pledged Shares hereunder, it is necessary or advisable to effect a
public registration of all or part of the Pledged Collateral pursuant to the Securities Act of 1933, as amended (or any similar statute then in effect) (the “Act”), Pledgor shall, in an expeditious manner, cause the Pledged Entity
to: 
 (i) Prepare and file with the Securities and Exchange Commission (the “Commission”) a registration
statement with respect to the Pledged Shares and in good faith use commercially reasonable efforts to cause such registration statement to become and remain effective; 

(ii) Prepare and file with the Commission such amendments and supplements to such registration statement and the prospectus
used in connection therewith as may be necessary to keep such registration statement effective and to comply with the provisions of the Act with respect to the sale or other disposition of the Pledged Shares covered by such registration statement
whenever Agent shall desire to sell or otherwise dispose of the Pledged Shares; 

  
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 (iii) Furnish to Agent such numbers of copies of a prospectus and a preliminary
prospectus, in conformity with the requirements of the Act, and such other documents as Agent may request in order to facilitate the public sale or other disposition of the Pledged Shares by Agent; 

(iv) Use commercially reasonable efforts to register or qualify the Pledged Shares covered by such registration statement under
such other securities or blue sky laws of such jurisdictions within the United States as Agent shall request, and do such other reasonable acts and things as may be required of it to enable Agent to consummate the public sale or other disposition in
such jurisdictions of the Pledged Shares by Agent; 
 (v) Furnish, at the request of Agent, on the date that shares of the
Pledged Collateral are delivered to the underwriters for sale pursuant to such registration or, if the security is not being sold through underwriters, on the date that the registration statement with respect to such Pledged Shares becomes
effective, (A) an opinion, dated such date, of the independent counsel representing such registrant for the purposes of such registration, addressed to the underwriters, if any, and in the event the Pledged Shares are not being sold through
underwriters, then to Agent, in customary form and covering matters of the type customarily covered in such legal opinions; and (B) a comfort letter, dated such date, from the independent certified public accountants of such registrant,
addressed to the underwriters, if any, and in the event the Pledged Shares are not being sold through underwriters, then to Agent, in a customary form and covering matters of the type customarily covered by such comfort letters and as the
underwriters or Agent shall reasonably request. The opinion of counsel referred to above shall additionally cover such other legal matters with respect to the registration in respect of which such opinion is being given as Agent may reasonably
request. The letter referred to above from the independent certified public accountants shall additionally cover such other financial matters (including information as to the period ending not more than five (5) Business Days prior to the date
of such letter) with respect to the registration in respect of which such letter is being given as Agent may reasonably request; and 

(vi) Otherwise use commercially reasonable efforts to comply with all applicable rules and regulations of the Commission, and
make available to its security holders, as soon as reasonably practicable but not later than 18 months after the effective date of the registration statement, an earnings statement covering the period of at least 12 months beginning with the first
full month after the effective date of such registration statement, which earnings statement shall satisfy the provisions of Section 12(a) of the Act. 

(d) All expenses incurred in complying with Section 8(c) hereof, including, without limitation, all registration
and filing fees (including all expenses incident to filing with the National Association of Securities Dealers, Inc.), printing expenses, fees and disbursements of counsel for the registrant, the fees and expenses of


  
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counsel for Agent, expenses of the independent certified public accountants (including any special audits incident to or required by any such registration) and expenses of complying with the
securities or blue sky laws or any jurisdictions, shall be paid by the Pledgor. 
 (e) Agent may, at any time when Agent
shall determine to exercise its right to sell the whole or any part of the Pledged Collateral hereunder, in its discretion (subject only to applicable requirements of law), sell such Pledged Collateral or part thereof by private sale in such manner
and under such circumstances as Agent may deem necessary or advisable, but subject to the other requirements of this Section 8, and shall not be required to effect a registration of such Collateral under the Act or to cause the same to
be effected. Without limiting the generality of the foregoing, in any such event, Agent in its discretion (x) may, in accordance with applicable securities laws, proceed to make such private sale notwithstanding that a registration statement
for the purpose of registering such Pledged Collateral or part thereof could be or shall have been filed under said Act (or similar statute), (y) may approach and negotiate with a single possible purchaser to effect such sale, and (z) may
restrict such sale to a purchaser who is an accredited investor under the Act and who will represent and agree that such purchaser is purchasing for its own account, for investment and not with a view to the distribution or sale of such Pledged
Collateral or any part thereof. In addition to a private sale as provided above in this Section 8, if any of the Pledged Collateral shall not be freely distributable to the public without registration under the Act (or similar statute)
at the time of any proposed sale pursuant to this Section 8, then Agent shall not be required to effect such registration or cause the same to be effected but, in its discretion (subject only to applicable requirements of law), may
require that any sale hereunder (including a sale at auction) be conducted subject to restrictions: 
 (i) as to the
financial sophistication and ability of any person or entity permitted to bid or purchase at any such sale; 
 (ii) as to the
content of legends to be placed upon any certificates representing the Pledged Collateral sold in such sale, including restrictions on future transfer thereof; 

(iii) as to the representations required to be made by each person or entity bidding or purchasing at such sale relating to
that person’s or entity’s access to financial information about Pledgor and such person’s or entity’s intentions as to the holding of the Pledged Collateral so sold for investment for its own account and not with a view to the
distribution thereof; and 
 (iv) as to such other matters as Agent may, in its discretion, deem necessary or appropriate in
order that such sale (notwithstanding any failure so to register) may be effected in compliance with the Bankruptcy Code and other laws affecting the enforcement of creditors’ rights and the Act and all applicable state securities laws. 

  
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 (f) Pledgor recognizes that Agent may be unable to effect a public sale of any or
all the Pledged Collateral and may be compelled to resort to one or more private sales thereof in accordance with clause (e) above. Pledgor also acknowledges that any such private sale may result in prices and other terms less favorable
to the seller than if such sale were a public sale and, notwithstanding such circumstances, agrees that any such private sale shall not be deemed to have been made in a commercially unreasonable manner solely by virtue of such sale being private.
Agent shall be under no obligation to delay a sale of any of the Pledged Collateral for the period of time necessary to permit the Pledged Entity to register such securities for public sale under the Act, or under applicable state securities laws,
even if Pledgor and the Pledged Entity would agree to do so. 
 (g) Pledgor agrees to the maximum extent permitted by
applicable law that following the occurrence and during the continuance of an Event of Default it will not at any time plead, claim or take the benefit of any appraisal, valuation, stay, extension, moratorium or redemption law now or hereafter in
force in order to prevent or delay the enforcement of this Pledge Agreement, or the absolute sale of the whole or any part of the Pledged Collateral or the possession thereof by any purchaser at any sale hereunder, and Pledgor waives the benefit of
all such laws to the extent it lawfully may do so. Pledgor agrees that they will not interfere with any right, power and remedy of Agent provided for in this Pledge Agreement or now or hereafter existing at law or in equity or by statute or
otherwise, or the exercise or beginning of the exercise by Agent of any one or more of such rights, powers or remedies. No failure or delay on the part of Agent to exercise any such right, power or remedy and no notice or demand which may be given
to or made upon Pledgor by Agent with respect to any such remedies shall operate as a waiver thereof, or limit or impair Agent’s right to take any action or to exercise any power or remedy hereunder, without notice or demand, or prejudice its
rights as against Pledgor in any respect. 
 (h) Pledgor further agrees that a breach of any of the covenants contained in
this Section 8 will cause irreparable injury to Agent, that Agent shall have no adequate remedy at law in respect of such breach and, as a consequence, agrees that each and every covenant contained in this Section 8 shall be
specifically enforceable against Pledgor, and Pledgor hereby waives and agrees not to assert any defenses against an action for specific performance of such covenants except for a defense that the Secured Obligations are not then due and payable in
accordance with the agreements and instruments governing and evidencing such obligations. 
 9. Assignment. Agent may assign, indorse
or transfer any instrument evidencing all or any part of the Secured Obligations as provided in, and in accordance with, the Loan Agreement, and the holder of such instrument shall be entitled to the benefits of this Pledge Agreement. 

10. Termination. Immediately following the Termination Date, Agent shall deliver to Pledgor the remaining Pledged Collateral, if any,
pledged by Pledgor at the time subject to this Pledge Agreement and all remaining instruments of assignment executed in connection therewith, if any, free and clear of the Liens hereof and, except as otherwise provided herein, all of Pledgor’s
obligations hereunder shall at such time terminate. 

  
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 11. Lien Absolute. All rights of Agent, on behalf of itself and the Lenders, hereunder,
and all obligations of Pledgor hereunder, shall be absolute and unconditional irrespective of: 
 (a) any lack of validity or
enforceability of the Loan Agreement, any other Loan Document or any other agreement or instrument governing or evidencing any Secured Obligations; 

(b) any change in the time, manner or place of payment of, or in any other term of, all or any part of the Secured Obligations,
or any other amendment or waiver of or any consent to any departure from the Loan Agreement, any other Loan Document or any other agreement or instrument governing or evidencing any Secured Obligations; 

(c) any exchange, release or non-perfection of any other Collateral, or any release or amendment or waiver of or consent to
departure from any guaranty, for all or any of the Secured Obligations; 
 (d) the insolvency of any Pledgor; or 

(e) any other circumstance which might otherwise constitute a defense available to, or a discharge of, a Pledgor. 

12. Release. Pledgor consents and agrees that Agent may at any time, or from time to time, in its discretion: 

(a) renew, extend or change the time of payment, and/or the manner, place or terms of payment of all or any part of the Secured
Obligations; and 
 (b) exchange, release and/or surrender all or any of the Collateral (including the Pledged Collateral),
or any part thereof, by whomsoever deposited, which is now or may hereafter be held by Agent in connection with all or any of the Secured Obligations; all in such manner and upon such terms as Agent may deem proper, and without notice to or further
assent from Pledgor, it being hereby agreed that Pledgor shall be and remain bound upon this Pledge Agreement, irrespective of the value or condition of any of the Collateral, and notwithstanding any such change, exchange, settlement, compromise,
surrender, release, renewal or extension, and notwithstanding also that the Secured Obligations may, at any time, exceed the aggregate principal amount thereof set forth in the Loan Agreement, or any other agreement governing any Secured
Obligations. Pledgor hereby waives notice of acceptance of this Pledge Agreement, and also presentment, demand, protest and notice of dishonor of any and all of the Secured Obligations; and promptness in commencing suit against any party hereto or
liable hereon, and in giving any notice to or of making any claim or demand hereunder upon Pledgor. No act or omission of any kind on Agent’s part shall in any event affect or impair this Pledge Agreement. 

  
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 13. Reinstatement. This Pledge Agreement shall remain in full force and effect and
continue to be effective should any petition be filed by or against any Pledgor or any Pledged Entity for liquidation or reorganization, should any Pledgor or any Pledged Entity become insolvent or make an assignment for the benefit of creditors or
should a receiver or trustee be appointed for all or any significant part of any Pledgor’s or a Pledged Entity’s assets, and shall continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the
Secured Obligations, or any part thereof, is, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee of the Secured Obligations, whether as a “voidable preference”,
“fraudulent conveyance”, or otherwise, all as though such payment or performance had not been made. In the event that any payment, or any part thereof, is rescinded, reduced, restored or returned, the Secured Obligations shall be
reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned. 
 14. Notices. Except as
otherwise provided herein, whenever it is provided herein that any notice, demand, request, consent, approval, declaration or other communication shall or may be given to or served upon any of the parties by any other party, or whenever any of the
parties desires to give and serve upon any other party any communication with respect to this Pledge Agreement, each such notice, demand, request, consent, approval, declaration or other communication shall be in writing and shall be given in the
manner, and deemed received, as provided for in the Loan Agreement. 
 15. Severability. Whenever possible, each provision of this
Pledge Agreement shall be interpreted in a manner as to be effective and valid under applicable law, but if any provision of this Pledge Agreement shall be prohibited by or invalid under applicable 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 Pledge Agreement. This Pledge Agreement is to be read, construed and applied together with the Loan Agreement and the
other Loan Documents which, taken together, set forth the complete understanding and agreement of Agent and Pledgor with respect to the matters referred to herein and therein. 

16. No Waiver; Cumulative Remedies. Agent shall not by any act, delay, omission or otherwise be deemed to have waived any of its rights
or remedies hereunder, and no waiver shall be valid unless in writing, signed by Agent and then only to the extent therein set forth. A waiver by Agent of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right
or remedy which Agent would otherwise have had on any future occasion. No failure to exercise nor any delay in exercising on the part of Agent, any right, power or privilege hereunder, shall operate as a waiver thereof, nor shall any single or
partial exercise of any right, power or privilege hereunder preclude any other or future exercise thereof or the exercise of any other right, power or privilege. The rights and remedies hereunder provided are cumulative and may be exercised singly
or concurrently, and are not exclusive of any rights and remedies provided by law. None of the terms or provisions of this Pledge Agreement may be waived, altered, modified or amended except by an instrument in writing, duly executed by Agent and
Pledgor. 

  
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 17. Limitation By Law. All rights, remedies and powers provided in this Pledge Agreement
may be exercised only to the extent that the exercise thereof does not violate any applicable provision of law, and all the provisions of this Pledge Agreement are intended to be subject to all applicable mandatory provisions of law that may be
controlling and to be limited to the extent necessary so that they shall not render this Pledge Agreement invalid, unenforceable, in whole or in part, or not entitled to be recorded, registered or filed under the provisions of any applicable law.

 18. Successors And Assigns. This Pledge Agreement and all obligations of Pledgor hereunder shall be binding upon the successors
and assigns of Pledgor (including any debtor-in-possession on behalf of Pledgor) and shall, together with the rights and remedies of Agent, hereunder, inure to Agent, all future holders of any instrument evidencing any of the Secured Obligations and
their respective successors and assigns. No sales of participations, other sales, assignments, transfers or other dispositions of any agreement governing or instrument evidencing the obligations or any portion thereof or interest therein shall in
any manner impair the Lien granted to Agent, hereunder. Pledgor may not assign, sell, hypothecate or otherwise transfer any interest in or obligation under this Pledge Agreement. 

19. Counterparts. This Pledge Agreement may be authenticated in any number of separate counterparts, each of which shall collectively
and separately constitute one agreement. This Pledge Agreement may be authenticated by manual signature, facsimile or, if approved in writing by Agent, electronic means, all of which shall be equally valid. 

20. Section Titles. The Section titles contained in this Pledge Agreement are and shall be without substantive meaning or content of
any kind whatsoever and are not a part of the agreement between the parties hereto. 
 21. No Strict Construction. The parties hereto
have participated jointly in the negotiation and drafting of this Pledge Agreement. In the event an ambiguity or question of intent or interpretation arises, this Pledge Agreement shall be construed as if drafted jointly by the parties hereto and no
presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provisions of this Pledge Agreement. 

22. Advice of Counsel. Each of the parties represents to each other party hereto that it has discussed this Pledge Agreement with its
counsel. 
 23. Governing Law. This Pledge Agreement shall be governed by the laws of the State of New York without giving effect to
the conflict of laws principles thereof. 
 24. Benefit of Agent. All Liens granted or contemplated hereby shall be for the benefit
of Agent, on behalf of itself and the Lenders, and all proceeds or payments realized from Pledged Collateral in accordance herewith shall be applied to the Secured Obligations in accordance with the terms of the Loan Agreement. 

[signature page follows] 

  
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 IN WITNESS WHEREOF, each of the parties hereto has caused this Pledge Agreement to be executed
and delivered by its duly authorized officer as of the date first set forth above. 
  

			
	Pledgor:
	
	LOMBARD MEDICAL TECHNOLOGIES LIMITED
		
	By:		




		 	  

	Name:		 William J. Kullback

	Title:		 CFO




  
 Lombard Medical
Technologies Limited 
 PLEDGE AGREEMENT 

SIGNATURE PAGE 








 
			
	Agent:
	
	OXFORD FINANCE LLC
		
	By:		




		 	  

	Name:		 T.A. Lex

	Title:		 COO




  
 Lombard Medical
Technologies Limited 
 PLEDGE AGREEMENT 

SIGNATURE PAGE 








 SCHEDULE I 

PART A 
 PLEDGED SHARES

  

																	
	 Pledgor
	  	Pledged Entity	  	Class of
Stock	  	Stock
Certificate
Number(s)	 	  	Number of
Shares	 	  	Percentage of
Outstanding
Shares	 
	 Lombard Medical Technologies Limited
	  	Lombard Medical
Technologies Inc.	  	Common
Stock	  	 	2	  	  	 	100	  	  	 	100	% 
		  		  		  				  				  			

 PART B 

PLEDGED INDEBTEDNESS 
  

											
	 Pledgor
	  	Pledged Entity	  	Initial Principal
Amount	  	Issue Date	  	Maturity Date	  	Interest Rate
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	








 EXHIBIT A 

PLEDGE AMENDMENT 
 This
Pledge Amendment, dated             ,          is delivered pursuant to Section 6(d) of the Pledge Agreement referred to below. All defined
terms herein shall have the meanings ascribed thereto or incorporated by reference in the Pledge Agreement. The undersigned hereby certifies that the representations and warranties in Section 5 of the Pledge Agreement are and continue to be
true and correct, both as to the promissory notes, instruments and shares pledged prior to this Pledge Amendment and as to the promissory notes, instruments and shares pledged pursuant to this Pledge Amendment. The undersigned further agrees that
this Pledge Amendment may be attached to that certain Pledge Agreement, dated as of April 24, 2015, between undersigned, as a Pledgor and Oxford Finance LLC, as Agent, (as from time to time amended, restated, supplemented or otherwise modified,
the “Pledge Agreement”) and that the Pledged Shares and Pledged Indebtedness listed on this Pledge Amendment shall be and become a part of the Pledged Collateral referred to in said Pledge Agreement and shall secure all Secured
Obligations referred to in said Pledge Agreement. The undersigned acknowledges that any promissory notes, instruments or shares not included in the Pledged Collateral at the discretion of Agent may not otherwise be pledged by Pledgor to any other
person or entity or otherwise used as security for any obligations other than the Secured Obligations. 
  

			
	[NAME OF PLEDGOR]
		
	By:	 	
	Name:	 	
	Title:	 	


  

											
	 Name and Address of Pledgor
	  	Pledged
Entity	  	Class Of
Stock	  	Certificate
Number(s)	  	Number
Of Shares	  	Percentage of
Outstanding Shares
		  		  		  		  		  	
		  		  		  		  		  	

  

									
	 Pledged Entity
	  	Initial
Principal Amount	  	Issue Date	  	Maturity Date	  	Interest Rate