EX-10.14



 Exhibit 10.14 
  

 
  

TERM LOAN AGREEMENT 

dated as of 

October 12, 2012 

between 
 TV2 HOLDING
COMPANY 
 and 

TRIVASCULAR, INC. 
 as
Borrowers, 
 The SUBSIDIARY GUARANTORS from Time to Time Party Hereto, 

and 
 Capital Royalty
Partners II L.P. and Parallel Investment Opportunities Partners II L.P. 
 as Lenders 

U.S. $50,000,000 
  

 







 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	SECTION 1	 	        DEFINITIONS	  	 	  1	  
			
	             1.01	 	Certain Defined Terms	  	 	  1	  
			
	             1.02	 	Accounting Terms and Principles	  	 	18	  
			
	             1.03	 	Interpretation	  	 	18	  
			
	             1.04	 	Changes to GAAP	  	 	19	  
			
	SECTION 2	 	        THE COMMITMENT	  	 	19	  
			
	             2.01	 	Commitments	  	 	19	  
			
	             2.02	 	Borrowing Procedures	  	 	19	  
			
	             2.03	 	Fees	  	 	20	  
			
	             2.04	 	Notes	  	 	20	  
			
	             2.05	 	Use of Proceeds	  	 	20	  
			
	             2.06	 	Defaulting Lenders	  	 	20	  
			
	             2.07	 	Substitution of Lenders	  	 	21	  
			
	SECTION 3	 	        PAYMENTS OF PRINCIPAL AND INTEREST	  	 	22	  
			
	             3.01	 	Repayment	  	 	22	  
			
	             3.02	 	Interest	  	 	22	  
			
	             3.03	 	Prepayments	  	 	23	  
			
	SECTION 4	 	        PAYMENTS, ETC	  	 	25	  
			
	             4.01	 	Payments	  	 	25	  
			
	             4.02	 	Computations	  	 	26	  
			
	             4.03	 	Notices	  	 	26	  
			
	             4.04	 	Set-Off	  	 	26	  
			
	SECTION 5	 	        YIELD PROTECTION, ETC	  	 	26	  
			
	             5.01	 	Additional Costs	  	 	26	  
			
	             5.02	 	Reserved	  	 	27	  
			
	             5.03	 	Illegality	  	 	27	  
			
	             5.04	 	Reserved	  	 	28	  
			
	             5.05	 	Taxes	  	 	28	  
			
	SECTION 6	 	        CONDITIONS PRECEDENT	  	 	31	  
			
	             6.01	 	Conditions to Initial Borrowing	  	 	31	  
			
	             6.02	 	Conditions to Subsequent Borrowing	  	 	33	  
			
	             6.03	 	Conditions to Each Borrowing	  	 	34	  


  
 -i- 









 TABLE OF CONTENTS 

(continued) 
  


							
	 	 	 	  	Page	 
			
	SECTION 7	 	        REPRESENTATIONS AND WARRANTIES	  	 	34	  
			
	             7.01	 	Power and Authority	  	 	34	  
			
	             7.02	 	Authorization; Enforceability	  	 	35	  
			
	             7.03	 	Governmental and Other Approvals; No Conflicts	  	 	35	  
			
	             7.04	 	Financial Statements; Material Adverse Change	  	 	35	  
			
	             7.05	 	Properties	  	 	35	  
			
	             7.06	 	No Actions or Proceedings	  	 	39	  
			
	             7.07	 	Compliance with Laws and Agreements	  	 	39	  
			
	             7.08	 	Taxes	  	 	39	  
			
	             7.09	 	Full Disclosure	  	 	39	  
			
	             7.10	 	Regulation	  	 	40	  
			
	             7.11	 	Solvency	  	 	40	  
			
	             7.12	 	Subsidiaries	  	 	40	  
			
	             7.13	 	Indebtedness and Liens	  	 	40	  
			
	             7.14	 	Material Agreements	  	 	40	  
			
	             7.15	 	Restrictive Agreements	  	 	40	  
			
	             7.16	 	Real Property	  	 	41	  
			
	             7.17	 	Pension Matters	  	 	41	  
			
	             7.18	 	Collateral; Security Interest	  	 	41	  
			
	             7.19	 	Regulatory Approvals	  	 	42	  
			
	             7.20	 	Small Business Concern	  	 	42	  
			
	             7.21	 	Update of Schedules	  	 	42	  
			
	SECTION 8	 	        AFFIRMATIVE COVENANTS	  	 	42	  
			
	             8.01	 	Financial Statements and Other Information	  	 	42	  
			
	             8.02	 	Notices of Material Events	  	 	43	  
			
	             8.03	 	Existence; Conduct of Business	  	 	45	  
			
	             8.04	 	Payment of Obligations	  	 	45	  
			
	             8.05	 	Insurance	  	 	46	  
			
	             8.06	 	Books and Records; Inspection Rights	  	 	46	  
			
	             8.07	 	Compliance with Laws and Other Obligations	  	 	46	  
			
	             8.08	 	Maintenance of Properties, Etc	  	 	46	  


  
 -ii- 









 TABLE OF CONTENTS 

(continued) 
  


							
	 	 	 	  	Page	 
			
	             8.09	 	Licenses	  	 	48	  
			
	             8.10	 	Action under Environmental Laws	  	 	48	  
			
	             8.11	 	Use of Proceeds	  	 	48	  
			
	             8.12	 	Certain Obligations Respecting Subsidiaries; Further Assurances	  	 	49	  
			
	             8.13	 	Termination of Non-Permitted Liens	  	 	50	  
			
	             8.14	 	Intellectual Property	  	 	50	  
			
	             8.15	 	Post-Closing Items	  	 	50	  
			
	SECTION 9	 	        NEGATIVE COVENANTS	  	 	51	  
			
	             9.01	 	Indebtedness	  	 	51	  
			
	             9.02	 	Liens	  	 	52	  
			
	             9.03	 	Fundamental Changes and Acquisitions	  	 	54	  
			
	             9.04	 	Lines of Business	  	 	54	  
			
	             9.05	 	Investments	  	 	54	  
			
	             9.06	 	Restricted Payments	  	 	56	  
			
	             9.07	 	Payments of Indebtedness	  	 	56	  
			
	             9.08	 	Change in Fiscal Year	  	 	56	  
			
	             9.09	 	Sales of Assets, Etc	  	 	56	  
			
	             9.10	 	Transactions with Affiliates	  	 	57	  
			
	             9.11	 	Restrictive Agreements	  	 	57	  
			
	             9.12	 	Amendments to Material Agreements	  	 	58	  
			
	             9.13	 	Preservation of Santa Rosa Lease; Operating Leases	  	 	58	  
			
	             9.14	 	Sales and Leasebacks	  	 	59	  
			
	             9.15	 	Hazardous Material	  	 	59	  
			
	             9.16	 	Accounting Changes	  	 	59	  
			
	             9.17	 	Compliance with ERISA	  	 	59	  
			
	             9.18	 	Foreign Subsidiaries Excess Cash	  	 	60	  
			
	SECTION 10	 	        FINANCIAL COVENANTS	  	 	60	  
			
	             10.01	 	Minimum Revenue	  	 	60	  
			
	             10.02	 	Cure Right	  	 	60	  
			
	             10.03	 	Minimum Cash	  	 	61	  
			
	SECTION 11	 	        EVENTS OF DEFAULT	  	 	61	  
			
	             11.01	 	Events of Default	  	 	61	  
			
	             11.02	 	Remedies	  	 	64	  


  
 -iii- 









 TABLE OF CONTENTS 

(continued) 
  


							
	 	 	 	  	Page	 
			
	SECTION 12	 	        MISCELLANEOUS	  	 	64	  
			
	             12.01	 	No Waiver	  	 	64	  
			
	             12.02	 	Notices	  	 	64	  
			
	             12.03	 	Expenses, Indemnification, Etc	  	 	65	  
			
	             12.04	 	Amendments, Etc	  	 	66	  
			
	             12.05	 	Successors and Assigns	  	 	67	  
			
	             12.06	 	Survival	  	 	68	  
			
	             12.07	 	Captions	  	 	69	  
			
	             12.08	 	Counterparts	  	 	69	  
			
	             12.09	 	Governing Law	  	 	69	  
			
	             12.10	 	Jurisdiction, Service of Process and Venue	  	 	69	  
			
	             12.11	 	Waiver of Jury Trial	  	 	70	  
			
	             12.12	 	Waiver of Immunity	  	 	70	  
			
	             12.13	 	Entire Agreement	  	 	70	  
			
	             12.14	 	Severability	  	 	70	  
			
	             12.15	 	No Fiduciary Relationship	  	 	70	  
			
	             12.16	 	Confidentiality	  	 	70	  
			
	             12.17	 	USA PATRIOT Act	  	 	71	  
			
	             12.18	 	Maximum Rate of Interest	  	 	71	  
			
	             12.19	 	Co-Borrower Provisions	  	 	71	  
			
	SECTION 13	 	        GUARANTEE	  	 	73	  
			
	             13.01	 	The Guarantee	  	 	73	  
			
	             13.02	 	Obligations Unconditional	  	 	74	  
			
	             13.03	 	Reinstatement	  	 	74	  
			
	             13.04	 	Subrogation	  	 	75	  
			
	             13.05	 	Remedies	  	 	75	  
			
	             13.06	 	Instrument for the Payment of Money	  	 	75	  
			
	             13.07	 	Continuing Guarantee	  	 	75	  
			
	             13.08	 	Rights of Contribution	  	 	75	  
			
	             13.09	 	General Limitation on Guarantee Obligations	  	 	76	  
			
	             13.10	 	Additional Waivers	  	 	76	  
			
	             13.11	 	Timing of Initial Borrowing Date	  	 	77	  


  
 -iv- 









 TABLE OF CONTENTS 

(continued) 
  


					
	EXHIBITS	 		  	
			
	Exhibit A	 	-	  	Form of Guarantee Assumption Agreement
	Exhibit B	 	-	  	Form of Notice of Borrowing
	Exhibit C-1	 	-	  	Form of Term Loan Note
	Exhibit C-2	 	-	  	Form of PIK Loan Note
	Exhibit D	 	-	  	Form of U.S. Tax Compliance Certificate
	Exhibit E	 	-	  	Form of Compliance Certificate
	Exhibit F	 	-	  	Opinion Request
	Exhibit G	 	-	  	Form of Landlord Consent
	Exhibit H	 	-	  	Form of Leasehold Deed of Trust


  
 -v- 








 TERM LOAN AGREEMENT, dated as of October 12, 2012 (this
“Agreement”), among TV2 HOLDING COMPANY, a Delaware corporation (“Holdings”), TriVascular, Inc., a California corporation (“TriVascular” and, together with Holdings, the
“Borrowers”), the SUBSIDIARY GUARANTORS from time to time party hereto and the Lenders from time to time party hereto. 

WITNESSETH: 
 The Borrowers have
requested the Lenders to make term loans to the Borrowers, and the Lenders are prepared to make such loan on and subject to the terms and conditions hereof. Accordingly, the parties agree as follows: 

SECTION 1 
 DEFINITIONS

 1.01 Certain Defined Terms. As used herein, the following terms have the following respective meanings: 

“Acquisition” means any transaction, or any series of related transactions, by which any Person directly or
indirectly, by means of a take-over bid, tender offer, amalgamation, merger, purchase of assets, or similar transaction having the same effect as any of the foregoing, (a) acquires any business or all or substantially all of the assets of any
Person engaged in any business, (b) acquires control of securities of a Person engaged in a business representing more than 50% of the ordinary voting power for the election of directors or other governing body if the business affairs of such
Person are managed by a board of directors or other governing body, or (c) acquires control of more than 50% of the ownership interest in any Person engaged in any business that is not managed by a board of directors or other governing body.

 “Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or
more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 

“Agreement” has the meaning set forth in the introduction hereto. 

“Asset Sale” is defined in Section 9.09.  

“Asset Sale Net Proceeds” means the aggregate amount of the cash proceeds received from any Asset Sale, net of any
bona fide costs incurred in connection with such Asset Sale, plus, with respect to any non-cash proceeds of an Asset Sale, the fair market value of such non cash proceeds as determined by the Majority Lenders, acting reasonably. 

“Assignment and Acceptance” means an assignment and acceptance entered into by a Lender and an assignee of such
Lender. 
 “Bankruptcy Code” means Title II of the United States Code entitled “Bankruptcy.” 

“Benefit Plan” means any employee benefit plan as defined in Section 3(3) of ERISA (whether governed by the laws
of the United States or otherwise) to which any Obligor or Subsidiary thereof incurs or otherwise has any obligation or liability, contingent or otherwise. 

  
 1 








 “Borrowers” has the meaning set forth in the introduction hereto. 

“Borrowing” means a borrowing consisting of Loans made on the same day by the Lenders according to their respective
Commitments (including without limitation a borrowing of a PIK Loan). 
 “Borrowing Date” means the date of the
Borrowing. 
 “Borrowing Notice Date” means, (i) in the case of the first Borrowing, a date that is at least
twelve Business Days prior to the Borrowing Date of such Borrowing and, (ii) in the case of the second Borrowing, a date that is at least twenty Business Days prior to the Borrowing Date of such Borrowing, which Borrowing Notice Date shall be
no later than June 2, 2014. 
 “Boston Scientific Note” means the subordinated promissory note issued by
Holdings to Boston Scientific Scimed, Inc. in the aggregate principal amount of $3,486,857.12 on March 28, 2008. 

“Business Day” means a day (other than a Saturday or Sunday) on which commercial banks are not authorized or required
to close in New York City or San Francisco. 
 “Capital Lease Obligations” means, as to any Person, the obligations
of such Person to pay rent or other amounts under a lease of (or other agreement conveying the right to use) real and/or personal Property which obligations are required to be classified and accounted for as a capital lease on a balance sheet of
such Person under GAAP and, for purposes of this Agreement, the amount of such obligations shall be the capitalized amount thereof, determined in accordance with GAAP. 

“Change of Control” means (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by
any Person or group of Persons acting jointly or otherwise in concert of capital stock representing more than 50% of the aggregate ordinary voting power represented by the issued and outstanding capital stock of the Holdings, (b) during any
period of twelve (12) consecutive calendar months, the occupation of a majority of the seats (other than vacant seats) on the board of directors of the Holdings by Persons who were neither (i) nominated by the board of directors of the
Holdings, nor (ii) appointed by directors so nominated, (c) the acquisition of direct or indirect Control of the Holdings by any Person or group of Persons acting jointly or otherwise in concert; in each case whether as a result of a
tender or exchange offer, open market purchases, privately negotiated purchases or otherwise, or (d) the failure of Holdings to own and control 100% of the issued and outstanding equity interests in TriVascular. 

“Claims” includes claims, demands, complaints, grievances, actions, applications, suits, causes of action, orders,
charges, indictments, prosecutions, informations (brought by a public prosecutor without grand jury indictment) or other similar processes, assessments or reassessments. 

“Closing Date” means the date as of which the Lenders notify the Borrowers that the conditions precedent set forth in
Section 6.01 have been satisfied or waived. 

  
 2 








 “Code” means the Internal Revenue Code of 1986, as amended from time to
time, and the rules and regulations promulgated thereunder from time to time. 
 “Collateral” means the collateral
provided for in the Security Documents. 
 “Commitment” means, with respect to each Lender, the obligation of such
Lender to make Loans to the Borrowers in accordance with the terms and conditions of this Agreement, which commitment is in the amount set forth opposite such Lender’s name on Schedule 1 under the caption “Commitment”, as such
Schedule may be amended from time to time. The aggregate Commitments on the date hereof equal $50,000,000. For purposes of clarification, the amount of any PIK Loans shall not reduce the amount of the available Commitment. 

“Commitment Period” means the period from and including the Closing Date and through and including June 30, 2014.

 “Commodities Account” is defined in the Security Agreement. 

“Compliance Certificate” has the meaning given to such term in Section 8.01(c). 

“Contracts” means contracts, licenses, leases, agreements, obligations, promises, undertakings, understandings,
arrangements, documents, commitments, entitlements or engagements under which a Person has, or will have, any liability or contingent liability (in each case, whether written or oral, express or implied). 

“Control” means, in respect of a particular Person, the possession, directly or indirectly, of the power to direct or
cause the direction of the management or policies of such Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto. 

“Control Agent” is defined in the Security Agreement. 

“Copyright” is defined in the Security Agreement. 

“Cure Amount” has the meaning set forth in Section 10.02(b). 

“Cure Right” has the meaning set forth in Section 10.02(a). 

“Default” means any Event of Default and any event that, upon the giving of notice, the lapse of time or both, would
constitute an Event of Default. 
 “Defaulting Lender” means, subject to Section 2.06, any Lender that
(a) has failed to perform any of its funding obligations hereunder, including in respect of its Loans, within three (3) Business Days of the date required to be funded by it hereunder, (b) has notified the Borrower or any Lender that
it does not intend to comply with its funding obligations or has made a public statement to that effect with respect to its funding obligations hereunder or under other agreements in which it commits to extend credit, or (c) has, or has a
direct or indirect 

  
 3 








 parent company that has, (i) become the subject of an Insolvency Proceeding, (ii) had a receiver,
conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or a custodian appointed for it, or (iii) taken any action in furtherance of, or indicated
its consent to, approval of or acquiescence in any such proceeding or appointment; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or
indirect parent company thereof by a Governmental Authority. 
 “Deposit Account” is defined in the Security
Agreement. 
 “Dollars” and “$” means lawful money of the United States of America. 

“Domestic Subsidiary” means any Subsidiary that is a corporation, limited liability company, partnership or similar
business entity incorporated, formed or organized under the laws of the United States, any State of the United States or the District of Columbia. 

“Eligible Transferee” means and includes a commercial bank, an insurance company, a finance company, a financial
institution, any investment fund that invests in loans or any other “accredited investor” (as defined in Regulation D of the Securities Act) that is principally in the business of managing investments or holding assets for investment
purposes; provided that “Eligible Transferee” shall not include any Person that is principally in the business of managing investments or holding assets for investment purposes that has a board participation right in a company that
produces, markets or sells, or develops a program to market or sell, a marketed or Phase III product in competition with the Borrowers. 

“Environmental Law” means any federal, state, provincial or local governmental law, rule, regulation, order, writ,
judgment, injunction or decree relating to pollution or protection of the environment or the treatment, storage, disposal, release, threatened release or handling of hazardous materials, and all local laws and regulations related to environmental
matters and any specific agreements entered into with any competent authorities which include commitments related to environmental matters. 

“Equity Interest” shall mean, with respect to any Person, any and all shares, interests, participations or other
equivalents, including membership interests (however designated, whether voting or nonvoting), of equity of such Person, including, if such Person is a partnership, partnership interests (whether general or limited) and any other interest or
participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of property of, such partnership, but excluding debt securities convertible or exchangeable into such equity. 

“Equivalent Amount” means, with respect to an amount denominated in one currency, the amount in another currency that
could be purchased by the amount in the first currency determined by reference to the Exchange Rate at the time of determination. 

“ERISA” means the United States Employee Retirement Income Security Act of 1974. 

“ERISA Affiliate” means, collectively, any Obligor, Subsidiary thereof, and any Person under common control, or
treated as a single employer, with any Obligor or Subsidiary thereof, within the meaning of Section 414(b), (c), (m) or (o) of the Code. 

  
 4 








 “ERISA Event” means (a) a reportable event as defined in
Section 4043 of ERISA with respect to a Title IV Plan, excluding, however, such events as to which the PBGC by regulation has waived the requirement of Section 4043(a) of ERISA that it be notified within 30 days of the occurrence of such
event; (ii) the applicability of the requirements of Section 4043(b) of ERISA with respect to a contributing sponsor, as defined in Section 4001(a)(13) of ERISA, to any Title IV Plan where an event described in paragraph (9), (10),
(11), (12) or (13) of Section 4043(c) of ERISA is reasonably expected to occur with respect to such plan within the following 30 days; (iii) a withdrawal by any Loan Party or any ERISA Affiliate thereof from a Title IV Plan or
the termination of any Title IV Plan resulting in liability under Sections 4063 or 4064 of ERISA; (iv) the withdrawal of any Loan Party or any ERISA Affiliate thereof in a complete or partial withdrawal (within the meaning of Section 4203
and 4205 of ERISA) from any Multiemployer Plan if there is any potential liability therefore, or the receipt by any Loan Party or any ERISA Affiliate thereof of notice from any Multiemployer Plan that it is in reorganization or insolvency pursuant
to Section 4241 or 4245 of ERISA; (v) the filing of a notice of intent to terminate, the treatment of a plan amendment as a termination under Section 4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate
a Title IV Plan or Multiemployer Plan; (vi) the imposition of liability on any Loan Party or any ERISA Affiliate thereof pursuant to Sections 4062(e) or 4069 of ERISA or by reason of the application of Section 4212(c) of ERISA;
(vii) the failure by any Loan Party or any ERISA Affiliate thereof to make any required contribution to a Plan, or the failure to meet the minimum funding standard of Section 412 of the Code with respect to any Title IV Plan (whether or
not waived in accordance with Section 412(c) of the Code) or the failure to make by its due date a required installment under Section 430 of the Code with respect to any Title IV Plan or the failure to make any required contribution to a
Multiemployer Plan; (viii) the determination that any Title IV Plan is considered an at-risk plan or a plan in endangered to critical status within the meaning of Sections 430, 431 and 432 of the Code or Sections 303, 304 and 305 of ERISA;
(ix) an event or condition which might reasonably be expected to constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Title IV Plan or Multiemployer Plan; (x) the
imposition of any liability under Title IV of ERISA, other than PBGC premiums due but not delinquent under Section 4007 of ERISA, upon any Loan Party or any ERISA Affiliate thereof; (xi) an application for a funding waiver under
Section 303 of ERISA or an extension of any amortization period pursuant to Section 412 of the Code with respect to any Title Plan; (xii) the occurrence of an act or omission which could give rise to the imposition on any Loan Party
or any ERISA Affiliate thereof of fines, penalties, taxes or related charges under Sections 409, 502(c), (i) or (1) or 4071 of ERISA; (xiii) the assertion of a material claim (other than routine claims for benefits) against any Plan
or the assets thereof, or against any Loan Party or any Subsidiary thereof in connection with any such plan; (xiv) receipt from the IRS of notice of the failure of any Qualified Plan to qualify under Section 401(a) of the Code, or the
failure of any trust forming part of any Qualified Plan to fail to qualify for exemption from taxation under Section 501(a) of the Code; or (xv) the imposition of any lien (or the fulfillment of the conditions for the imposition of any
lien) on any of the rights, properties or assets of any Loan Party or any ERISA Affiliate thereof, in either case pursuant to Title I or IV, including Section 302(f) or 303(k) of ERISA or to Section 401(a)(29) or 430(k) of the Code. 

  
 5 








 “Event of Default” has the meaning set forth in Section 11. 

 “Exchange Rate” means the rate at which any currency (the “Pre-Exchange Currency”) may be
exchanged into another currency (the “Post-Exchange Currency”), as set forth on such date on the relevant Reuters screen at or about 11:00 a.m. (Central time) on such date. In the event that such rate does not appear on the
Reuters screen, the “Exchange Rate” with respect to exchanging such Pre-Exchange Currency into such Post-Exchange Currency shall be determined by reference to such other publicly available service for displaying exchange rates as may be
agreed upon by the Borrowers and the Majority Lenders or, in the absence of such agreement, such Exchange Rate shall instead be determined by the Majority Lenders by any reasonable method as they deem applicable to determine such rate, and such
determination shall be conclusive absent manifest error. 
 “Excluded Taxes” means any of the following Taxes
imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient: (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case imposed
as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax, (b) Other Connection Taxes,
(c) U.S. federal withholding Taxes that are imposed on amounts payable to a Lender to the extent that the obligation to withhold amounts existed on the date that such Lender became a “Lender” under this Agreement, except in each case
to the extent such Lender is a direct or indirect assignee of any other Lender that was entitled, at the time the assignment of such other Lender became effective, as a result of a change in law prior to the time of the assignment, to receive
additional amounts under Section 5.05, (d) any Taxes imposed in connection with FATCA, and (e) Taxes attributable to such Recipient’s failure to comply with Section 5.05(e). 

“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor
version that is substantively comparable and not more onerous to comply with), any regulations or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Internal Revenue Code. 

“Foreign Lender” means a Lender that is not a U.S. Person. 

“Foreign Subsidiary” means a Subsidiary of a Borrower that is not a Domestic Subsidiary. 

“GAAP” means generally accepted accounting principles in the United States of America, as in effect from time to time,
set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants, in the statements and pronouncements of the Financial Accounting Standards Board and in such other statements
by such other entity as may be in general use by significant segments of the accounting profession that are applicable to the circumstances as of the date of determination. Subject to Section 1.02, all references to “GAAP”
shall be to GAAP applied consistently with the principles used in the preparation of the financial statements described in Section 7.04(a). 

“Governmental Approval” means any consent, authorization, approval, order, license, franchise, permit, certificate,
accreditation, registration, filing or notice, of, issued by, from or to, or other act by or in respect of, any Governmental Authority. 

  
 6 








 “Governmental Authority” means any nation, government, branch of power
(whether executive, legislative or judicial), state, province or municipality or other political subdivision thereof and any entity exercising executive, legislative, judicial, monetary, regulatory or administrative functions of or pertaining to
government, including without limitation regulatory authorities, governmental departments, agencies, commissions, bureaus, officials, ministers, courts, bodies, boards, tribunals and dispute settlement panels, and other law-, rule- or
regulation-making organizations or entities of any State, territory, county, city or other political subdivision of the United States. 

“Guarantee” of or by any Person (the “guarantor”) means any obligation, contingent or
otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and
including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the
purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working
capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter of
credit or letter of guaranty issued to support such Indebtedness or obligation; provided, that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business. 

“Guarantee Assumption Agreement” means a Guarantee Assumption Agreement substantially in the form of Exhibit A
by an entity that, pursuant to Section 8.12(a), is required to become a “Subsidiary Guarantor” hereunder in favor of the Lenders. 

“Hazardous Material” means any substance, element, chemical, compound, product, solid, gas, liquid, waste, by-product,
pollutant, contaminant or material which is hazardous or toxic, and includes, without limitation, (a) asbestos, polychlorinated biphenyls and petroleum (including crude oil or any fraction thereof) and (b) any material classified or
regulated as “hazardous” or “toxic” or words of like import pursuant to an Environmental Law. 
 “Hedging
Agreement” means any interest rate exchange agreement, foreign currency exchange agreement, commodity price protection agreement or other interest or currency exchange rate or commodity price hedging arrangement. 

“Indebtedness” of any Person means, without duplication, (a) all obligations of such Person for borrowed money or
obligations of such Person with respect to deposits or advances of any kind by third parties, in each case, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person
upon which interest charges are customarily paid, (d) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person, (e) all obligations of such Person in respect of
the deferred purchase price of property or services (excluding current 

  
 7 








 
accounts payable incurred in the ordinary course of business), (f) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or
otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, (g) all Guarantees by such Person of Indebtedness of others, (h) all Capital Lease
Obligations of such Person, (i) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty (j) obligations under any Hedging Agreement currency swaps, forwards,
futures or derivatives transactions, and (k) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances. The Indebtedness of any Person shall include the Indebtedness of any other entity (including any
partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness
provide that such Person is not liable therefor. 
 “Indemnified Taxes” means (a) Taxes, other than Excluded
Taxes, imposed on or with respect to any payment made by or on account of any Obligation and (b) to the extent not otherwise described in clause (a), Other Taxes. 

“Insolvency Proceeding” means (i) any case, action or proceeding before any court or other Governmental Authority
relating to bankruptcy, reorganization, insolvency, liquidation, receivership, dissolution, winding-up or relief of debtors, or (ii) any general assignment for the benefit of creditors, composition, marshaling of assets for creditors, or other,
similar arrangement in respect of any Person’s creditors generally or any substantial portion of such Person’s creditors, in each case undertaken under U.S. Federal, state or foreign law, including the Bankruptcy Code. 

“Intellectual Property” means all Patents, Trademarks, Copyright, and Technical Information, whether registered or
not, domestic and foreign. Intellectual Property shall include all: 
 applications or registrations relating to such Intellectual Property; 

rights and privileges arising under applicable Laws with respect to such Intellectual Property; 

rights to sue for past, present or future infringements of such Intellectual Property; and 

rights of the same or similar effect or nature in any jurisdiction corresponding to such Intellectual Property throughout the world. 

“Interest-Only Period” means the period from and including the Closing Date and through and including (i) if the
Borrowers make two Borrowings and the subsequent Borrowing is in an amount equal to $10,000,000, the sixteenth Payment Date following the date of the initial Borrowing, and (ii) if clause (i) does not apply, the fourteenth Payment
Date following the date of the initial Borrowing. 
 “Interest Period” means each period ending on
March 31, June 30, September 30 and December 31, as the case may be; provided that (i) any Interest Period that would otherwise end 

  
 8 








 
on a day that is not a Business Day shall end on the next succeeding Business Day unless such succeeding Business Day would fall in the next calendar month, in which case such Interest Period
shall end on the next preceding Business Day and (ii) the term “Interest Period” shall include any period selected by the Majority Lenders from time to time in accordance with the definition of “Post-Default Rate”. 

“Invention” means any novel, inventive and useful art, apparatus, method, process, machine (including article or
device), manufacture or composition of matter, or any novel, inventive and useful improvement in any art, method, process, machine (including article or device), manufacture or composition of matter. 

“Investment” means, for any Person: (a) the acquisition (whether for cash, property, services or securities or
otherwise) of capital stock, bonds, notes, debentures, partnership or other ownership interests or other securities of any other Person or any agreement to make any such acquisition (including any “short sale” or any sale of any securities
at a time when such securities are not owned by the Person entering into such sale); (b) the making of any deposit with, or advance, loan or other extension of credit to, any other Person (including the purchase of property from another Person
subject to an understanding or agreement, contingent or otherwise, to resell such property to such Person), but excluding any such advance, loan or extension of credit having a term not exceeding 90 days arising in connection with the sale of
inventory or supplies by such Person in the ordinary course of business; (c) the entering into of any Guarantee of, or other contingent obligation with respect to, Indebtedness or other liability of any other Person and (without duplication)
any amount committed to be advanced, lent or extended to such Person; or (d) the entering into of any Hedging Agreement. 

“IRS” means the U.S. Internal Revenue Service or any successor agency, and to the extent relevant, the U.S. Department
of the Treasury. 
 “Knowledge” means the actual knowledge of any Responsible Officer of any Person or, so long as
he is employed by the Borrowers or their Subsidiaries, the actual knowledge of Michael Chobotov so long as he is an executive officer of a Borrower. 

“Landlord Consent” means a Landlord Consent substantially in the form of Exhibit G.  

“Laws” means, collectively, all international, foreign, federal, state, provincial, territorial, municipal and local
statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement,
interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of
law. 
 “Leasehold Deed of Trust” means a Leasehold Deed of Trust substantially in the form of Exhibit H.

 “Lenders” means Capital Royalty Partners II L.P. and PIOP, together with their successors and each assignee of a
Lender pursuant to Section 12.05(b) and “Lender” means any one of them. 

  
 9 








 “Lien” means any mortgage, lien, pledge, charge, encumbrance or other
security interest, leases, title retention agreements, mortgages, restrictions, easements, rights-of-way, options or adverse claims (of ownership or possession) or encumbrances of any kind or character whatsoever or any preferential arrangement that
has the practical effect of creating a security interest. 
 “Loan” means (i) each loan advanced by a Lender
pursuant to Section 2.01 and (ii) each PIK Loan deemed to have been advanced by a Lender pursuant to Section 3.02(d). For purposes of clarification, any calculation of the aggregate outstanding principal amount of Loans
on any date of determination shall include both the aggregate principal amount of loans advanced pursuant to Section 2.01 and not yet repaid, and all PIK Loans deemed to have been advanced and not yet repaid, on or prior to such date of
determination. 
 “Loan Documents” means, collectively, this Agreement, the Notes, the Security Documents, and each
Warrant. 
 “Loss” means judgments, debts, liabilities, expenses, costs, damages or losses, contingent or otherwise,
whether liquidated or unliquidated, matured or unmatured, disputed or undisputed, contractual, legal or equitable, including loss of value, professional fees, including fees and disbursements of legal counsel on a full indemnity basis, and all costs
incurred in investigating or pursuing any Claim or any proceeding relating to any Claim. 
 “Majority Lenders”
means, at any time, Lenders having at such time in excess of 50% of the aggregate Commitments (or, if such Commitments are terminated, the outstanding principal amount of the Loans) then in effect, ignoring, in such calculation, the Commitments of
and outstanding Loans owing to any Defaulting Lender. 
 “Margin Stock” means “margin stock” within the
meaning of Regulations U and X. 
 “Material Adverse Change” and “Material Adverse Effect”
mean (A) a material adverse change in or effect on (i) the business, condition (financial or otherwise), operations, performance, or Property of any Borrower and its Subsidiaries taken as a whole, (ii) the ability of any Obligor to
perform its obligations under the Loan Documents, (iii) the legality, validity, binding effect or enforceability of the Loan Documents or the rights and remedies of the Lenders under any of the Loan Documents, or (B) any material breach
of, or “event of default” or similar event by any Obligor under, any Material Agreement. 
 “Material
Agreements” means the agreements which are listed in Schedule 7.14 and all other agreements held by the Obligors from time to time, the absence or termination of any of which would reasonably be expected to result in a Material
Adverse Effect, provided however that “Material Agreements” exclude all: (i) licenses implied by the sale of a product; (ii) paid-up licenses for commonly available software programs under which an Obligor is the licensee; and
(iii) non-disclosure agreements. “Material Agreement” means any one such agreement. 
 “Material
Indebtedness” means, at any time, any Indebtedness of any Obligor the outstanding principal amount of which, individually or in the aggregate, exceeds $1,000,000 (or the Equivalent Amount in other currencies). 

  
 10 








 “Material Intellectual Property” means, the Obligor Intellectual Property
described in Schedule 7.05(c) and any other Obligor Intellectual Property after the date hereof the loss of which could reasonably be expected to have a Material Adverse Effect. 

“Maturity Date” means the earlier to occur of (i) (x) if the Borrowers make only one Borrowing, the
twentieth Payment Date following the date of the initial Borrowing, and (y) if the Borrowers make two Borrowings, the twenty-fourth Payment Date following the date of the initial Borrowing, and (ii) the date on which the Loans are
accelerated pursuant to Section 11.02.  
 “Multiemployer Plan” means any multiemployer plan, as defined
in Section 400l(a)(3) of ERISA, to which any ERISA Affiliate incurs or otherwise has any obligation or liability, contingent or otherwise. 

“Note” means a promissory note executed and delivered by the Borrowers to the Lenders in accordance with
Section 2.04 or 3.02(d). 
 “Notice of Borrowing” has the meaning given to such term in
Section 2.02.  
 “Obligations” means, with respect to any Obligor, all amounts, obligations,
liabilities, covenants and duties of every type and description owing by such Obligor to any Lender, any other indemnitee hereunder or any participant, arising out of, under, or in connection with, any Loan Document, whether direct or indirect
(regardless of whether acquired by assignment), absolute or contingent, due or to become due, whether liquidated or not, now existing or hereafter arising and however acquired, and whether or not evidenced by any instrument or for the payment of
money, including, without duplication, (i) if such Obligor is a Borrower, all Loans, (ii) all interest, whether or not accruing after the filing of any petition in bankruptcy or after the commencement of any insolvency, reorganization or
similar proceeding, and whether or not a claim for post-filing or post-petition interest is allowed in any such proceeding, and (iii) all other fees, expenses (including fees, charges and disbursement of counsel), interest, commissions,
charges, costs, disbursements, indemnities and reimbursement of amounts paid and other sums chargeable to such Obligor under any Loan Document. 

“Obligor Intellectual Property” means Intellectual Property owned by or licensed to any of the Obligors. 

“Obligors” means, collectively, the Borrowers and the Subsidiary Guarantors and their respective successors and
permitted assigns. 
 “Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a
present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under,
received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document). 

  
 11 








 “Other Taxes” means all present or future stamp, court or documentary,
intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect
to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 5.05(g)). 

“Patents” is defined in the Security Agreement. 

“Payment Date” means each March 31, June 30, September 30 and December 31; provided
that if any such date shall occur on a day that is not a Business Day, the applicable Payment Date shall be the next succeeding Business Day unless such succeeding Business Day would fall in the next calendar month, in which case such Payment
Date shall end on the next preceding Business Day. 
 “PBGC” means the United States Pension Benefit Guaranty
Corporation and any successor thereto. 
 “Permitted Acquisition” means any acquisition by a Borrower or any of its
wholly-owned Subsidiaries, whether by purchase, merger or otherwise, of all or substantially all of the assets of, all of the Equity Interests of, or a business line or unit or a division of, any Person; provided that: 

(a) immediately prior to, and after giving effect thereto, no Default or Event of Default shall have occurred and be continuing
or would result therefrom; 
 (b) all transactions in connection therewith shall be consummated, in all material respects, in
accordance with all applicable Laws and in conformity with all applicable Governmental Approvals; 
 (c) in the case of the
acquisition of all of the Equity Interests of such Person, all of the Equity Interests (except for any such securities in the nature of directors’ qualifying shares required pursuant to applicable Law) acquired, or otherwise issued by such
Person or any newly formed Subsidiary of the Borrower in connection with such acquisition shall be owned 100% by the Borrower, a Subsidiary Guarantor or any other Subsidiary, and the Borrower shall have taken, or caused to be taken, as of the date
such Person becomes a Subsidiary of the Borrower, each of the actions set forth in Section 8.12, if applicable; 

(d) the Borrower and its Subsidiaries shall be in compliance with the financial covenants set forth in
Section 10.01 on a pro forma basis after giving effect to such acquisition; and 
 (e) such Person (in the case
of an acquisition of Equity Interests) or assets (in the case of an acquisition of assets or a division) (i) shall be engaged or used, as the case may be, in the same business or lines of business in which the Borrower and/or its Subsidiaries
are engaged or (ii) shall have a similar customer base as the Borrower and/or its Subsidiaries. 

  
 12 








 “Permitted Cash Equivalent Investments” means (i) marketable direct
obligations issued or unconditionally guaranteed by the United States or any agency or any State thereof having maturities of not more than two (2) years from the date of acquisition, (ii) commercial paper maturing no more than two
(2) years after its creation and having a rating of at least A-2 or P-2 from either Standard & Poor’s Ratings Group or Moody’s Investors Service, Inc. and (iii) certificates of deposit maturing no more than two
(2) year from the date of investment therein. 
 “Permitted Indebtedness” means any Indebtedness permitted
under Section 9.01. 
 “Permitted Liens” has the meaning set forth in Section 9.02.  

“Permitted Priority Debt” means (i) Indebtedness of TriVascular, in an amount not to exceed at any time 80% of
the face amount at such time of TriVascular’s eligible accounts receivable; provided that (a) such Indebtedness, if secured, is secured solely by the TriVascular’s accounts receivable, inventory and cash proceeds thereof, and
(b) the holders or lenders thereof have executed and delivered to Lenders an intercreditor agreement reasonably satisfactory to the Majority Lenders and (ii) until and including the date of the initial Borrowing, the Pinnacle Debt, which
may be secured by all assets of TriVascular. 
 “Permitted Refinancing” means, with respect to any Indebtedness, any
extensions, renewals and replacements of such Indebtedness; provided that such extension, renewal or replacement (i) shall not increase the outstanding principal amount of such Indebtedness, (ii) contains terms relating to
outstanding principal amount, amortization, maturity, collateral (if any) and subordination (if any), and other material terms taken as a whole no less favorable in any material respect to any Borrower and its Subsidiaries or the Lenders than the
terms of any agreement or instrument governing such existing Indebtedness, (iii) shall have an applicable interest rate which does not exceed the rate of interest of the Indebtedness being replaced, and (iv) shall not contain any new
requirement to grant any lien or security or to give any guarantee that was not an existing requirement of such Indebtedness. 

“Permitted Restrictive Agreements” has the meaning set forth in Section 7.15.  

“Permitted Subordinated Debt” means Indebtedness: 

(a) (i) that is governed by documentation containing representations, warranties, covenants and events of default no more
burdensome or restrictive than those contained in the Loan Documents, (ii) that has a maturity date later than the Maturity Date, (iii) in respect of which no cash payments of principal or interest are required prior to the Maturity Date,
and (iv) in respect of which the holders have agreed in favor of Borrowers and Lenders that (A) prior to the date on which the Commitments have expired or been terminated and all Obligations (other than the Warrant Obligations) have been
paid in full indefeasibly in cash, such holders will not exercise any remedies available to them in respect of such Indebtedness, and (B) all Liens (if any) securing such Indebtedness are subordinated to the Liens securing the Obligations; or


  
 13 








 (b) (i) that is governed by documentation containing representations,
warranties, covenants and events of default no more burdensome or restrictive than those contained in the Loan Documents, (ii) owing to equity owners of the Borrowers that is convertible into equity securities of the Borrowers, (iii) in
respect of which no cash payments of principal or interest are required prior to the Maturity Date other than cash payments made in lieu of fractional shares in connection with the conversion of such Indebtedness into equity securities of the
Borrowers, and (iv) in respect of which the holders have agreed in favor of Borrowers and Lenders that (A) prior to the date on which the Commitments have expired or been terminated and all Obligations (other than the Warrant Obligations)
have been paid in full indefeasibly in cash, such holders will not exercise any remedies available to them in respect of such Indebtedness, and (B) all Liens (if any) securing such Indebtedness are subordinated to the Liens securing the
Obligations. 
 “Person” means any individual, corporation, company, voluntary association, partnership, limited
liability company, joint venture, trust, unincorporated organization or Governmental Authority or other entity of whatever nature. 

“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity
performing similar functions. 
 “PIK Loan” has the meaning set forth in Section 3.02(d). 

“PIK Period” means the period beginning on the date of the initial Borrowing and ending on the earlier to occur of
(i) the twelfth Payment Date after the Closing Date and (ii) the date on which any Event of Default shall have occurred (provided that if such Event of Default shall have been cured or waived, the PIK Period shall resume until the
earlier to occur of the next Event of Default and the twelfth Payment Date after the Closing Date). 
 “Pinnacle
Debt” means indebtedness under that certain Loan and Security Agreement, dated June 30, 2010, between Borrowers and Pinnacle Ventures, L.L.C., as agent and the lenders party thereto, as amended, and all related loan documentation.

 “PIOP” means Parallel Investment Opportunities Partners II L.P., a Delaware limited partnership. 

“Plan” means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV
of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which any Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer”
as defined in Section 3(5) of ERISA. 
 “PMA Date” has the meaning set forth in Section 6.01(a).

 “Post-Default Rate” has the meaning set forth in Section 3.02(b). 

“Product” means ovation abdominal stent graft system or its successors, in a form that is substantially similar to
that as described in Pre-Market Approval Application P120006 (or improvements thereto) for general indicated use and without a humanitarian device exemption. 

  
 14 








 “Property” of any Person means any property or assets, or interest
therein, of such Person. 
 “Proportionate Share” means, with respect to any Lender, the percentage obtained by
dividing (a) the sum of the Commitment (or, if the Commitments are terminated, the outstanding principal amount of the Loans) of such Lender then in effect by (b) the sum of the Commitments (or, if the Commitments are terminated, the
outstanding principal amount of the Loans) of all Lenders then in effect. 
 “Qualified Plan” means an employee
benefit plan (as defined in Section 3(3) of ERISA) other than a Multiemployer Plan (i) that is or was at any time maintained or sponsored by any Loan Party or any ERISA Affiliate thereof or to which any Loan Party or any ERISA Affiliate
thereof has ever made, or was ever obligated to make, contributions, and (ii) that is intended to be tax qualified under Section 401(a) of the Code. 

“Real Property Security Documents” means the Landlord Consent and the Leasehold Deed of Trust. 

“Recipient” means any Lender or any other recipient of any payment to be made by or on account of any Obligation. 

“Redemption Date” has the meaning set forth in Section 3.03(a). 

“Redemption Price” has the meaning set forth in Section 3.03(a). 

“Register” has the meaning set forth in Section 12.05(d). 

“Regulation T” means Regulation T of the Board of Governors of the Federal Reserve System, as amended. 

“Regulation U” means Regulation U of the Board of Governors of the Federal Reserve System, as amended. 

“Regulation X” means Regulation X of the Board of Governors of the Federal Reserve System, as amended. 

“Regulatory Approvals” means any registrations, licenses, authorizations, permits or approvals issued by any
Governmental Authority and applications or submissions related to any of the foregoing. 
 “Requirement of Law”
means, as to any Person, any statute, law, treaty, rule or regulation or determination, order, injunction or judgment of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its
Properties or revenues. 

  
 15 








 “Responsible Officer” of any Borrower means the President, chief
executive officer or chief financial officer of any Borrower. 
 “Restricted Payment” means any dividend or other
distribution (whether in cash, securities or other property) with respect to any shares of any class of capital stock of any Borrower or any of its Subsidiaries, or any payment (whether in cash, securities or other property), including any sinking
fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such shares of capital stock of any Borrower or any of its Subsidiaries or any option, warrant or other right to acquire any
such shares of capital stock of any Borrower or any of its Subsidiaries. 
 “Revenue” of a Person means all revenue
properly recognized under GAAP, consistently applied, less all rebates, discounts and other price allowances. 
 “Santa Rosa
Facility” means the premises located at 3910 Brickway Boulevard, Santa Rosa, California, which are leased by Borrower pursuant to the Santa Rosa Lease. 

“Santa Rosa Lease” means that certain Sublease Agreement dated March 28, 2008 between Boston Scientific
Corporation, a Delaware corporation (“Sublandlord”), as sublessor, and TriVascular (then known as TriVascular2, Inc.), as sublessee (the “Sublease”). The Santa Rosa Lease relates to that certain the
Lease Agreement dated June 16, 2005 between Sonoma Airport Properties LLC, a California limited liability company (as successor in interest to Carmel River, LLC, Carlsen Investments, LLC, and Rieger Investments, LLC), as landlord
(“Master Landlord”), as amended by and subject to that certain Consent, Assignment, First Amendment to Lease and Non-Disturbance Agreement dated March 28, 2008, as further amended by that certain Second Amendment to
Lease dated December 6, 2011 (the “Master Lease”). For purposes of this Agreement, references to the Santa Rosa Lease includes both the Sublease and the Master Lease. 

“Santa Rosa Lessor” means, individually and collectively, as the context indicates, Master Landlord and Sublandlord.

 “SBA” means U.S. Small Business Administration. 

“SBIC” means Small Business Investment Company. 

“SBIC Act” means Small Business Investment Act of 1958, as amended. 

“Security Agreement” means the Security Agreement, dated as of the date hereof, among the Obligors and the Lenders,
granting a security interest in the Obligors’ personal Property in favor of the Lenders. 
 “Security
Documents” means, collectively, the Security Agreement, each Short-Form IP Security Agreement, each Real Property Security Document, and each other security document, control agreement or financing statement required or recommended to
perfect Liens in favor of the Lenders. 
 “Securities Account” is defined in the Security Agreement. 

  
 16 








 “Short-Form IP Security Agreements” means short-form copyright, patent or
trademark (as the case may be) security agreements entered into by one or more Obligors in favor of the Lenders, each in form and substance satisfactory to the Majority Lenders (and as amended, modified or replaced from time to time). 

“Solvent” means, with respect to any Person at any time, that (a) the present fair saleable value of the Property
of such Person is greater than the total amount of liabilities (including contingent liabilities) of such Person, (b) the present fair saleable value of the Property of such Person is not less than the amount that will be required to pay the
probable liability of such Person on its debts as they become absolute and matured, and (c) such Person has not incurred and does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to
pay as such debts and liabilities mature. 
 “Subsidiary” means, with respect to any Person (the
“parent”) at any date, any corporation, limited liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial
statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other entity (a) of which securities or other ownership
interests representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, or (b) that
is, as of such date, otherwise Controlled, by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. 

“Subsidiary Guarantors” means each of the Subsidiaries of the Borrowers identified under the caption “SUBSIDIARY
GUARANTORS” on the signature pages hereto and each Subsidiary of any Borrower that becomes, or is required to become, a “Subsidiary Guarantor” after the date hereof pursuant to Section 8.12(a) or (b). 

“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup
withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Technical Information” means all trade secrets and other proprietary or confidential information, public information,
non-proprietary know-how, any information of a scientific, technical, or business nature in any form or medium, standards and specifications, conceptions, ideas, innovations, discoveries, Invention disclosures, all documented research,
developmental, demonstration or engineering work and all other information, data, plans, specifications, reports, summaries, experimental data, manuals, models, samples, know-how, technical information, systems, methodologies, computer programs,
information technology and any other information. 
 “Title IV Plan” means an employee benefit plan (as defined in
Section 3(3) of ERISA) other than a Multiemployer Plan (i) that is or was at any time maintained or sponsored by any Credit Party or any ERISA Affiliate thereof or to which any Loan Party or any ERISA Affiliate thereof has ever made, or
was obligated to make, contributions, and (ii) that is or was subject to Section 412 of the Code, Section 302 of ERISA or Title IV of ERISA. 

  
 17 








 “Trademarks” is defined in the Security Agreement. 

“Transactions” means the execution, delivery and performance by each Obligor of this Agreement and the other Loan
Documents to which such Obligor is intended to be a party and the Borrowing (and the use of the proceeds of the Loans). 
 “U.S.
Person” means a “United States Person” within the meaning of Section 7701(a)(30) of the Code. 

“Warrant” means each warrant to purchase capital stock of Holdings issued by Holdings to the Lenders on the Closing
Date in connection with the transactions contemplated under this Agreement. 
 “Warrant Obligations” means, with
respect to any Obligor, all Obligations arising out of, under, or in connection with, any Warrants. 
 “Withdrawal
Liability” means, at any time, any liability incurred (whether or not assessed) by any ERISA Affiliate and not yet satisfied or paid in full at such time with respect to any Multiemployer Plan pursuant to Section 4201 of ERISA.

 1.02 Accounting Terms and Principles. All accounting determinations required to be made pursuant hereto shall, unless expressly otherwise provided
herein, be made in accordance with GAAP. All components of financial calculations made to determine compliance with this Agreement, including Section 10, shall be adjusted to include or exclude, as the case may be, without duplication,
such components of such calculations attributable to any Acquisition consummated after the first day of the applicable period of determination and prior to the end of such period, as determined in good faith by the Borrowers based on assumptions
expressed therein and that were reasonable based on the information available to the Borrowers at the time of preparation of the Compliance Certificate setting forth such calculations. 

1.03 Interpretation. For all purposes of this Agreement, except as otherwise expressly provided herein or unless the context otherwise requires,
(a) the terms defined in this Agreement include the plural as well as the singular and vice versa; (b) words importing gender include all genders; (c) any reference to a Section, Annex, Schedule or Exhibit refers to a Section of, or
Annex, Schedule or Exhibit to, this Agreement; (d) any reference to “this Agreement” refers to this Agreement, including all Annexes, Schedules and Exhibits hereto, and the words herein, hereof, hereto and hereunder and words of
similar import refer to this Agreement and its Annexes, Schedules and Exhibits as a whole and not to any particular Section, Annex, Schedule, Exhibit or any other subdivision; (e) references to days, months and years refer to calendar days,
months and years, respectively; (f) all references herein to “include” or “including” shall be deemed to be followed by the words “without limitation”; (g) the word “from” when used in connection
with a period of time means “from and including” and the word “until” means “to but not including”; and (h) accounting terms not specifically defined herein shall be construed in accordance with GAAP (except for
the term “property” , which shall be interpreted as broadly as possible, including, in any case, cash, securities, other assets, rights under contractual obligations and permits and any right or interest in any property, except where
otherwise noted). Unless otherwise expressly provided herein, references to organizational documents, agreements 

  
 18 








 
(including the Loan Documents) and other contractual instruments shall be deemed to include all permitted (if applicable) subsequent amendments, restatements, extensions, supplements and other
modifications thereto. 
 1.04 Changes to GAAP. If, after the date hereof, any change occurs in GAAP or in the application thereof and such change
would cause any amount required to be determined for the purposes of the covenants to be maintained or calculated pursuant to Section 8, 9 or 10 to be materially different than the amount that would be determined prior to such
change, then: 
 (a) the Borrowers will provide a detailed notice of such change (an “Accounting Change Notice”) to
the Lenders within 30 days of such change; 
 (b) either the Borrowers or the Majority Lenders may indicate within 90 days following the
date of the Accounting Change Notice that they wish to revise the method of calculating such financial covenants or amend any such amount, in which case the parties will in good faith attempt to agree upon a revised method for calculating the
financial covenants; 
 (c) until the Borrowers and the Majority Lenders have reached agreement on such revisions, (i) such financial
covenants or amounts will be determined without giving effect to such change and (ii) all financial statements, Compliance Certificates and similar documents provided hereunder shall be provided together with a reconciliation between the
calculations and amounts set forth therein before and after giving effect to such change in GAAP; 
 (d) if no party elects to revise the
method of calculating the financial covenants or amounts, then the financial covenants or amounts will not be revised and will be determined in accordance with GAAP without giving effect to such change; and 

(e) any Event of Default arising as a result of such change which is cured by operation of this Section 1.04 shall be deemed to be
of no effect ab initio.  
 SECTION 2 

THE COMMITMENT 
 2.01 Commitments.
Each Lender agrees severally, on and subject to the terms and conditions of this Agreement (including Section 6), to make two term loans (provided that PIK Loans shall be deemed not to constitute “term loans” for purposes of
this Section 2.01) to the Borrowers, each on a Business Day during the Commitment Period in Dollars in an aggregate principal amount for such Lender not to exceed such Lender’s Commitment; provided, however, that at no
time shall any Lender be obligated to make a Loan in excess of such Lender’s Proportionate Share of the amount by which the then effective Commitments exceeds the aggregate principal amount of Loans outstanding at such time. Amounts of Loans
repaid may not be reborrowed. 
 2.02 Borrowing Procedures. Subject to the terms and conditions of this Agreement (including Section 6),
each Borrowing (other than a Borrowing of PIK Loans) shall be made on written notice in the form of Exhibit B given by the applicable Borrower to the Lenders not later than 11:00 a.m. (Central time) on the Borrowing Notice Date (a
“Notice of Borrowing”). 

  
 19 








 2.03 Fees. On each Borrowing Date, the Borrowers shall pay to each Lender a financing fee in an amount
equal to 1.00% of the Loans to be advanced by such Lender on such Borrowing Date. 
 2.04 Notes. If requested by any Lender, the Loans of such Lender
shall be evidenced by one or more promissory notes (each a “Note”). The Borrowers shall prepare, execute and deliver to the Lenders such promissory note(s) payable to the Lenders (or, if requested by the Lenders, to the
Lenders and their registered assigns) and in the form attached hereto as Exhibit C-1. Thereafter, the Loans and interest thereon shall at all times (including after assignment pursuant to Section 12.05) be represented by one or
more promissory notes in such form payable to the payee named therein (or, if such promissory note is a registered note, to such payee and its registered assigns). 

2.05 Use of Proceeds. The Borrowers shall use the proceeds of the Loans (i) in the case of the Loans comprising the first Borrowing, to repay in
full and terminate the Pinnacle Debt and for general working capital purposes, and (ii) in the case of any Loans comprising the subsequent Borrowing, for general working capital purposes; provided that the Lenders shall have no
responsibility as to the use of any of proceeds of Loans in the amount made by PIOP. No portion of any proceeds of Loans in the amount made by PIOP (i) will be used to acquire realty or to discharge an obligation relating to the prior
acquisition of realty; (ii) will be used outside of the United States (except to pay for services to be rendered outside the United States and to acquire from abroad material and equipment or property rights for use or sale in the United
States, unless prohibited by Part 107.720 of the United States Code of Federal Regulations); or (iii) will be used for any purpose contrary to the public interest (including but not limited to activities which are in violation of law) or
inconsistent with free competitive enterprise, in each case, within the meaning of Part 107.720 of Title 13 of the United States Code of Federal Regulations. The Borrowers will use the proceeds of the Loans in the amount made by PIOP for only those
purposes specified in the SBA Form 1031 provided to the Lenders. 
 2.06 Defaulting Lenders. 

(a) Adjustments. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then,
until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable law: 
 (b) Waivers and
Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in Section 12.04.  

(c) Reallocation of Payments. Any payment of principal, interest, fees or other amounts received by the Lenders for the account of such
Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Section 11 or otherwise), shall be applied at such time or times as follows: first, as the Borrowers may request (so long as no Default exists), to the funding
of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement; second, if so determined by the Majority Lenders and the Borrowers, to be held in a non-interest bearing deposit account and
released in order to satisfy obligations of such Defaulting Lender to fund Loans under this Agreement; third, to the payment 

  
 20 








 
of any amounts owing to the Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender against such Defaulting Lender as a result of such Defaulting
Lender’s breach of its obligations under this Agreement; fourth, so long as no Default exists, to the payment of any amounts owing to the Borrowers as a result of any judgment of a court of competent jurisdiction obtained by the Borrowers
against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and fifth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if
(A) such payment is a payment of the principal amount of any Loans in respect of which such Defaulting Lender has not fully funded its appropriate share and (B) such Loans were made at a time when the conditions set forth in
Section 6 were satisfied or waived, such payment shall be applied solely to pay the Loans of all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of such Defaulting Lender. Any payments,
prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender pursuant to this Section 2.06(c) shall be deemed paid to and redirected by such Defaulting Lender,
and each Lender irrevocably consents hereto. 
 (d) Defaulting Lender Cure. If the Borrowers and the Majority Lenders agree in
writing in their sole discretion that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, that Lender will, to the extent applicable, purchase that portion of outstanding Loans of the other Lenders or take such other actions as
necessary to cause the Loans to be held on a pro rata basis by the Lenders in accordance with their Proportionate Share, whereupon that Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect
to fees accrued or payments made by or on behalf of the Borrowers while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting
Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. 

2.07 Substitution of Lenders. 
 (a)
Substitution Right. In the event that any Lender (an “Affected Lender”), (i) becomes a Defaulting Lender or (ii) does not consent to any amendment, waiver or consent to any Loan Document for which the consent
of the Majority Lenders is obtained but that requires the consent of other Lenders (a “Non-Consenting Lender”), either the Borrowers may pay in full such Affected Lender with respect to amounts due or such Affected Lender may
be substituted by any willing Lender or Affiliate of any Lender or Eligible Transferee (in each case, a “Substitute Lender”); provided that any substitution of a Non-Consenting Lender shall occur only with the consent
of Majority Lenders. 
 (b) Procedure. To substitute such Affected Lender or pay in full the Obligations owed to such Affected
Lender, the Borrowers shall deliver a notice to such Affected Lender. The effectiveness of such payment or substitution shall be subject to the delivery by the Borrowers (or, as may be applicable in the case of a substitution, by the Substitute
Lender) of (i) payment for the account of such Affected Lender, of, to the extent accrued through, and outstanding on, the effective date for such payment or substitution, all Obligations owing to such Affected Lender (which for the avoidance
of doubt, shall not include any Prepayment Premium) and (ii) in the case of a substitution, an Assignment and Acceptance whereby the Substitute Lender shall, among other things, agree to be bound by the terms of the Loan Documents. 

  
 21 








 (c) Effectiveness. Upon satisfaction of the conditions set forth in
Section 2.07(a) and Section 2.07(b) above, the Control Agent shall record such substitution or payment in the Register, whereupon (i) in the case of any payment in full of an Affected Lender, such Affected Lender’s
Commitments shall be terminated and (ii) in the case of any substitution of an Affected Lender, (A) such Affected Lender shall sell and be relieved of, and the Substitute Lender shall purchase and assume, all rights and claims of such
Affected Lender under the Loan Documents, except that (1) the Affected Lender shall retain such rights expressly providing that they survive the repayment of the Obligations and the termination of the Commitments and (2) a Non-Consenting
Lender shall be permitted to retain any Warrants issued to such Non-Consenting Lender, (B) such Substitute Lender shall become a “Lender” hereunder and (C) such Affected Lender shall execute and deliver an Assignment and
Acceptance to evidence such substitution; provided, however, that the failure of any Affected Lender to execute any such Assignment and Acceptance shall not render such sale and purchase (or the corresponding assignment) invalid. 

SECTION 3 
 PAYMENTS OF
PRINCIPAL AND INTEREST 
 3.01 Repayment. 

(a) Repayment. During the Interest-Only Period, no payments of principal of the Loans shall be due. Each Borrower agrees to repay to
the Lenders the outstanding principal amount of the Loans, on each Payment Date occurring after the Interest-Only Period, in equal installments. The amounts of such installments shall be calculated by dividing (i) the sum of the aggregate
principal amount of the Loans outstanding on the first day following the end of the Interest-Only Period, by (b) the number of Payment Dates remaining prior to the Maturity Date. 

(b) Application. Any optional or mandatory prepayment of the Loans shall be applied to the installments thereof under
Section 3.01(a) in the inverse order of maturity. To the extent not previously paid, the principal amount of the Loans, together with all other outstanding Obligations (other than the Warrant Obligations), shall be due and payable on the
Maturity Date. 
 3.02 Interest. 
 (a)
Interest Generally. Subject to Section 3.02(d), each Borrower agrees to pay to the Lenders interest on the unpaid principal amount of the Loans and the amount of all other outstanding Obligations, in the case of the Loans, for the
period from the applicable Borrowing Date, and in the case of any other Obligation, from the date such other Obligation is due and payable, in each case, until paid in full, at a rate per annum equal to 14.00%. 

(b) Default Interest. Notwithstanding the foregoing, upon the occurrence and during the continuance of any Event of Default, the
interest payable pursuant to Section 3.02(a) shall increase automatically by 4.00% per annum (such aggregate increased rate, the “Post-Default Rate”). Notwithstanding any other provision herein
(including Section 3.02(d)), if interest is required to be paid at the Post-Default Rate, it shall be paid entirely in cash. If any Obligation is 

  
 22 








 
not paid when due under the applicable Loan Document, the amount thereof shall accrue interest at a rate equal to 4.00% per annum (without duplication of interest payable at the
Post-Default Rate). 
 (c) Interest Payment Dates. Accrued interest on the Loans shall be payable in arrears on the last day of each
Interest Period in cash, and upon the payment or prepayment thereof (on the principal amount so paid or prepaid); provided that interest payable at the Post-Default Rate shall be payable from time to time on demand. 

(d) Paid In-Kind Interest. Notwithstanding Section 3.01(a), at any time during the PIK Period, the Borrowers may elect to
pay the interest on the outstanding principal amount of the Loans payable pursuant to Section 3.01 as follows: (i) only 11.50% of the 14.00% per annum interest in cash and (ii) 2.50% of the 14.00% per
annum interest as compounded interest, added to the aggregate principal amount of the Loans (the amount of any such compounded interest being a “PIK Loan”). Each PIK Loan shall be evidenced by a Note in the form of
Exhibit C-2. The principal amount of each PIK Loan shall accrue interest in accordance with the provisions of this Agreement applicable to the Loans. 

3.03 Prepayments. 
 (a) Optional
Prepayments. The Borrowers shall have the right optionally to prepay the outstanding principal amount of the Loans in whole or in part on any Payment Date (a “Redemption Date”) for an aggregate amount equal to the
aggregate principal amount of the Loans being prepaid plus the Prepayment Premium plus any accrued but unpaid interest and any fees which are due and owing (such aggregate amount, the “Redemption Price”). The applicable
“Prepayment Premium” shall be an amount calculated pursuant to Section 3.03(a)(i). 
 (i) If the
Redemption Date occurs: 
 (A) on or prior to the fourth Payment Date, the Prepayment Premium shall be an amount equal to 5.00% of the
aggregate outstanding principal amount of the Loans being prepaid on such Redemption Date; 
 (B) after the fourth Payment Date, and on or
prior to the eighth Payment Date, the Prepayment Premium shall be an amount equal to 4.00% of the aggregate outstanding principal amount of the Loans being prepaid on such Redemption Date; 

(C) after the eighth Payment Date, and on or prior to the twelfth Payment Date, the Prepayment Premium shall be an amount equal to 3.00% of
the aggregate outstanding principal amount of the Loans being prepaid on such Redemption Date; 
 (D) after the twelfth Payment Date, and
on or prior to the sixteenth Payment Date, the Prepayment Premium shall be an amount equal to 2.00% of the aggregate outstanding principal amount of the Loans being prepaid on such Redemption Date; 

  
 23 








 (E) after the sixteenth Payment Date, and on or prior to the twentieth Payment Date, the
Prepayment Premium shall be an amount equal to 1.00% of the aggregate outstanding principal amount of the Loans being prepaid on such Redemption Date; and 

(F) after the twentieth Payment Date, the Prepayment Premium shall be an amount equal to 0.00% of the aggregate outstanding principal amount
of the Loans being prepaid on such Redemption Date. 
 (ii) To determine the aggregate outstanding principal amount of the Loans, and how
many Payment Dates have occurred, as of any Redemption Date for purposes of Section 3.03(a)(i): 
 (A) if, as of such
Redemption Date, the Borrowers shall have made only one Borrowing, the number of Payment Dates shall be deemed to be the number of Payment Dates that shall have occurred following the date of the initial Borrowing; and 

(B) if, as of such Redemption Date, the Borrowers shall have made two Borrowings, then the Redemption Price shall be calculated as the sum of
two amounts: (x) a Redemption Price calculated based on solely the aggregate outstanding principal amount of the Loans that have been borrowed in the initial Borrowing (and PIK Loans subsequently borrowed in respect of interest payments
thereon), as though the applicable number of Payment Dates equals the number of Payment Dates that shall have occurred following the date of the initial Borrowing, and (y) a Redemption Price calculated based on solely the aggregate outstanding
principal amount of the Loans that have been borrowed in the subsequent Borrowing (and PIK Loans subsequently borrowed in respect of interest payments thereon), as though the applicable number of Payment Dates equals the number of Payment Dates that
shall have occurred following the date of the subsequent Borrowing. 
 (iii) No partial prepayment shall be made under this
Section 3.03(a) in connection with any event described in Section 3.03(b). 
 (iv) On or prior to the Redemption
Date, the Lenders may notify Borrowers of a reduction in the amounts due under Section 3.03(a)(i) with respect to any portion of the Loans held by any entity licensed by the SBA as an SBIC. 

(b) Mandatory Prepayments. 

(i) Asset Sales. In the event of any contemplated Asset Sale not permitted under Section 9.09, the Borrowers shall provide
30 days’ prior written notice of such Asset Sale to the Lenders and, if within such notice period Majority Lenders advise the Borrowers that a prepayment is required pursuant to this Section 3.03(b)(i), the Borrowers shall:
(x) if the assets sold represent substantially all of the assets or revenues of the applicable Borrower, or represent any specific line of business which either on its own or together with other lines of business sold over the term of this
Agreement account for revenue generated by such lines of business exceeding 30% of the revenue of the applicable Borrower in the immediately preceding year, prepay the aggregate outstanding principal amount of the Loans in an amount equal to the
Redemption Price applicable on the date of such Asset Sale in accordance with Section 3.03(a), 

  
 24 








 
and (y) in the case of all other Asset Sales not described in the foregoing clause (x), prepay the Loans in an amount equal to the entire amount of the Asset Sale Net Proceeds of such
Asset Sale, plus any accrued but unpaid interest and any fees which are due and owing, in the following order: 
 (A) first, in reduction
of the Borrowers’ obligation to pay any unpaid interest and any fees which are due and owing; 
 (B) second, in reduction of the
Borrowers’ obligation to pay any Claims or Losses referred to in Section 12.03;  
 (C) third, in reduction of the
Borrowers’ obligation to pay any amounts due and owing on account of the unpaid principal amount of the Loans; 
 (D) fourth, in
reduction of any other Obligation; and 
 (E) fifth, to the Borrowers or such other Persons as may lawfully be entitled to or directed by
the Borrowers to receive the remainder. 
 (ii) Change of Control. In the event of a Change of Control, the Borrowers shall
immediately provide notice of such Change of Control to the Lenders and, if within 10 days of receipt of such notice Majority Lenders notify the Borrowers in writing that a prepayment is required pursuant to this Section 3.03(b)(ii), the
Borrowers shall prepay the aggregate outstanding principal amount of the Loans in an amount equal to the Redemption Price applicable on the date of such Change of Control in accordance with Section 3.03(a). 

SECTION 4 
 PAYMENTS,
ETC. 
 4.01 Payments. 
 (a)
Payments Generally. Each payment of principal, interest and other amounts to be made by the Obligors under this Agreement or any other Loan Document shall be made in Dollars, in immediately available funds, without deduction, set off or
counterclaim, to an account to be designated by the Majority Lenders by notice to the Borrowers, not later than 4:00 p.m. (Central time) on the date on which such payment shall become due (each such payment made after such time on such due date to
be deemed to have been made on the next succeeding Business Day). 
 (b) Application of Payments. Each Obligor shall, at the time of
making each payment under this Agreement or any other Loan Document, specify to the Lenders the amounts payable by such Obligor hereunder to which such payment is to be applied (and in the event that Obligors fail to so specify, or if an Event of
Default has occurred and is continuing, the Lenders may apply such payment in the manner they determine to be appropriate). 
 (c)
Non-Business Days. If the due date of any payment under this Agreement (other than of principal of or interest on the Loans) would otherwise fall on a day that is not a Business Day, such date shall be extended to the next succeeding Business
Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. 

  
 25 








 4.02 Computations. All computations of interest and fees hereunder shall be computed on the basis of a
year of 360 days consisting of 12 months of 30 days each and actual days elapsed (including the first day but excluding the last day) occurring in the period for which payable. 

4.03 Notices. Each notice of optional prepayment shall be effective only if received by the Lenders not later than 4:00 p.m. (Central time) on the date
one Business Day prior to the date of prepayment. Each notice of optional prepayment shall specify the amount to be prepaid and the date of prepayment. Notices to the Lenders may be made to the Control Agent and the Control Agent agrees to deliver
such notices to the other Lenders. 
 4.04 Set-Off. 

(a) Set-Off Generally. Upon the occurrence and during the continuance of any Event of Default, the Lenders and each of their Affiliates
are hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time
owing by the Lenders or such Affiliate to or for the credit or the account of the Borrowers against any and all of the Obligations, whether or not the Lenders shall have made any demand and although such obligations may be unmatured. The Lenders
agree promptly to notify the Borrowers after any such set-off and application, provided that the failure to give such notice shall not affect the validity of such set-off and application. The rights of the Lenders and their Affiliates under this
Section 4.04 are in addition to other rights and remedies (including other rights of set-off) that the Lenders and their Affiliates may have. 

(b) Exercise of Rights Not Required. Nothing contained herein shall require the Lenders to exercise any such right or shall affect the
right of the Lenders to exercise, and retain the benefits of exercising, any such right with respect to any other indebtedness or obligation of any Borrower. 

SECTION 5 
 YIELD
PROTECTION, ETC. 
 5.01 Additional Costs. 

(a) Change in Requirements of Law Generally. If, on or after the date hereof, the adoption of any Requirement of Law, or any change in
any Requirement of Law, or any change in the interpretation or administration thereof by any court or other Governmental Authority charged with the interpretation or administration thereof, or compliance by any of the Lenders (or its lending office)
with any request or directive (whether or not having the force of law) of any such Governmental Authority, shall impose, modify or deem applicable any reserve (including any such requirement imposed by the Board of Governors of the Federal Reserve
System), special deposit, contribution, insurance assessment or similar requirement, in each case that becomes effective after the date hereof, against assets of, deposits with or for the account of, or credit extended by, a Lender (or its lending
office) or shall impose on a Lender (or its lending 

  
 26 








 
office) any other condition affecting the Loans or the Commitment, and the result of any of the foregoing is to increase the cost to such Lender of making or maintaining the Loans, or to reduce
the amount of any sum received or receivable by such Lender under this Agreement or any other Loan Document, by an amount deemed by such Lender to be material (other than (i) Indemnified Taxes and (ii) Taxes described in clause
(c) or (d) of the definition of “Excluded Taxes”), then the Borrowers shall pay to such Lender on demand such additional amount or amounts as will compensate such Lender for such increased cost or reduction. Borrowers
shall not be required to compensate a Lender for any increased cost incurred more than 90 days prior to the date such Lender notifies Borrower of the change giving rise to such increased cost. 

(b) Change in Capital Requirements. If a Lender shall have determined that, on or after the date hereof, the adoption of any
Requirement of Law regarding capital adequacy, or any change therein, or any change in the interpretation or administration thereof by any Governmental Authority charged with the interpretation or administration thereof, or any request or directive
regarding capital adequacy (whether or not having the force of law) of any such Governmental Authority, in each case that becomes effective after the date hereof, has or would have the effect of reducing the rate of return on capital of a Lender (or
its parent) as a consequence of a Lender’s obligations hereunder or the Loans to a level below that which a Lender (or its parent) could have achieved but for such adoption, change, request or directive by an amount reasonably deemed by it to
be material, then the Borrowers shall pay to such Lender on demand such additional amount or amounts as will compensate such Lender (or its parent) for such reduction. Borrowers shall not be required to compensate a Lender for any reduction in the
rate of return on capital suffered more than 90 days prior to the date such Lender notifies Borrower of the change giving rise to such reduction. 

(c) Notification by Lender. The Lenders will promptly notify the Borrowers of any event of which it has knowledge, occurring after the
date hereof, which will entitle a Lender to compensation pursuant to this Section 5.01. Before giving any such notice pursuant to this Section 5.01(c) such Lender shall designate a different lending office if such designation
(x) will, in the reasonable judgment of such Lender, avoid the need for, or reduce the amount of, such compensation and (y) will not, in the reasonable judgment of such Lender, be materially disadvantageous to such Lender. A certificate of
the Lender claiming compensation under this Section 5.01, setting forth the additional amount or amounts to be paid to it hereunder, shall be conclusive and binding on the Borrowers in the absence of manifest error. 

(d) Notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests,
rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any
successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to constitute a change in Requirements of Law for al purposes of this Section 5,
regardless of the date enacted, adopted or issued. 
 5.02 Reserved. 

5.03 Illegality. Notwithstanding any other provision of this Agreement, in the event that on or after the date hereof the adoption of or any change in
any Requirement of Law or in the 

  
 27 








 interpretation or application thereof by any competent Governmental Authority shall make it unlawful for a Lender
or its lending office to make or maintain the Loans (and, in the opinion of such Lender, the designation of a different lending office would either not avoid such unlawfulness or would be disadvantageous to such Lender), then such Lender shall
promptly notify the Borrowers thereof following which (a) the Lender’s Commitment shall be suspended until such time as such Lender may again make and maintain the Loans hereunder and (b) if such Requirement of Law shall so mandate,
the Loans shall be prepaid by the Borrowers on or before such date as shall be mandated by such Requirement of Law in an amount equal to the Redemption Price applicable on the date of such prepayment in accordance with Section 3.03(a).

 5.04 Reserved. 
 5.05 Taxes. 

(a) Payments Free of Taxes. Any and all payments by or on account of any Obligation shall be made without deduction or withholding for
any Taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion of an applicable withholding agent) requires the deduction or withholding of any Tax from any such payment by a withholding agent,
then the applicable withholding agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an
Indemnified Tax, then the sum payable by the Obligor shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this
Section 5) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made. 

(b) Payment of Other Taxes by the Borrowers. The Borrowers shall timely pay to the relevant Governmental Authority in accordance with
applicable law, or at the option of each Lender, timely reimburse it for, Other Taxes. 
 (c) Evidence of Payments. As soon as
practicable after any payment of Taxes by the Borrowers to a Governmental Authority pursuant to this Section 5, the Borrowers shall deliver to each Lender the original or a certified copy of a receipt issued by such Governmental
Authority evidencing such payment. 
 (d) Indemnification. The Borrowers shall reimburse and indemnify each Recipient, within 10 days
after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 5) payable or paid by such Recipient or required to be withheld
or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A
certificate as to the amount of such payment or liability delivered to the Borrowers by a Lender shall be conclusive absent manifest error. 

(e) Status of Lenders.  

  
 28 








 (i) Any Lender that is entitled to an exemption from, or reduction of withholding Tax with
respect to payments made under any Loan Document shall timely deliver to the Borrowers such properly completed and executed documentation reasonably requested by the Borrowers as will permit such payments to be made without withholding or at a
reduced rate of withholding. In addition, any Lender shall deliver such other documentation prescribed by applicable law as reasonably requested by the Borrowers as will enable the Borrowers to determine whether or not such Lender is subject to
backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in
Section 5.05(e)(ii)(A), (B) or (D)) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would
materially prejudice the legal or commercial position of such Lender. 
 (ii) Without limiting the generality of the foregoing, in the event
that any Borrower is a U.S. Person: 
 (A) any Lender that is a U.S. Person shall deliver to the Borrowers on or prior to the date on which
such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrowers), executed originals of IRS Form W-9 (or successor form) certifying that such Lender is exempt from U.S. Federal backup
withholding tax; 
 (B) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrowers (in such number
of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrowers), whichever of the following
is applicable: 
 (1) in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party
(x) with respect to payments of interest under any Loan Document, executed originals of IRS Form W-8BEN (or successor form) establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the “interest”
article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN (or successor form) establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the
“business profits” or “other income” article of such tax treaty; 
 (2) executed originals of IRS Form W-8ECI (or
successor form); 
 (3) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under
Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit D to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent
shareholder” of the applicable Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance
Certificate”) and (y) executed originals of IRS Form W-8BEN; or 

  
 29 








 (4) to the extent a Foreign Lender is not the beneficial owner, executed originals of IRS Form
W-8IMY (or successor form), accompanied by IRS Form W-8ECI (or successor form), IRS Form W-8BEN (or successor form), a U.S. Tax Compliance Certificate, IRS Form W-9 (or successor form), and/or other certification documents from each beneficial
owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance
Certificate on behalf of each such direct and indirect partner; 
 (C) any Foreign Lender shall, to the extent it is legally entitled to do
so, deliver to the Borrowers (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request
of the Borrowers), executed originals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. Federal withholding Tax, duly completed, together with such supplementary documentation as may be
prescribed by applicable law to permit the Borrowers to determine the withholding or deduction required to be made; and 
 (D) any Foreign
Lender shall deliver to the Borrowers any forms and information necessary to establish that the Foreign Lender is not subject to withholding tax under FATCA. 

Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such
form or certification or promptly notify the applicable Borrowers in writing of its legal inability to do so. 
 (f) Treatment of Certain
Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 5 (including by the payment of additional
amounts pursuant to this Section 5), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section 5 with respect to the Taxes giving rise to such
refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request
of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party
is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this Section 5.05(f), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to
this Section 5.05(f) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the indemnification payments or additional amounts giving rise to
such refund had never been paid. This Section 5.05(f) shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the
indemnifying party or any other Person. 

  
 30 








 (g) Mitigation Obligations. If the Borrowers are required to pay any Indemnified Taxes or
additional amounts to any Lender or to any Governmental Authority for the account of any Lender pursuant to Section 5.01 or this Section 5.05, then such Lender shall (at the request of the Borrowers are) use commercially
reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign and delegate its rights and obligations hereunder to another of its offices, branches or Affiliates if, in the sole reasonable
judgment of such Lender, such designation or assignment and delegation would (i) eliminate or reduce amounts payable pursuant to Section 5.01 or this Section 5.05, as the case may be, in the future, (ii) not subject
such Lender to any unreimbursed cost or expense and (iii) not otherwise be disadvantageous to such Lender. The Borrowers are hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation
or assignment and delegation. 
 SECTION 6 

CONDITIONS PRECEDENT 
 6.01 Conditions
to Initial Borrowing. The obligation of each Lender to make a Loan as part of the first Borrowing hereunder shall not become effective until the following conditions precedent shall have been satisfied or waived in writing by the Majority
Lenders: 
 (a) Borrowing Date. Such Borrowing shall be made on the later of the following dates: (i) the date on which approval
of Pre-Market Approval Application P120006 for the Product in the United States shall have been received from the U.S. Food and Drug Administration (the date of such approval, October 5, 2012, being the “PMA Date”) and
(ii) the date on which at least $24,500,000 shall have been raised and fully funded in the second tranche of the Series D equity financing of Holdings; provided that such Borrowing shall not occur later than March 31, 2013. 

(b) Amount of Initial Borrowing. The amount of such Borrowing shall equal $40,000,000. 

(c) No Other Secured Debt. On the Closing Date, no Obligor shall have any secured Indebtedness outstanding or available to be drawn,
other than under this Agreement and under any Permitted Indebtedness. 
 (d) Terms of Material Agreements, Etc. Lenders shall be
satisfied reasonably with the terms and conditions of all of the Obligors’ Material Agreements set forth on Schedule 7.14 hereto. 

(e) No Law Restraining Transactions. No applicable law or regulation shall restrain, prevent or, in the reasonable judgment of the
Lenders, impose materially adverse conditions upon the Transactions. 

  
 31 








 (f) Payment of Fees. Lenders shall be satisfied with the arrangements to deduct the fees
set forth herein from the proceeds advanced. 
 (g) Updated Lien Searches. Lenders shall be satisfied with updated Lien searches
provided by the Borrowers or its counsel to the Lenders within two Business Days prior to the Closing Date. 
 (h) Documentary
Deliveries. The Lenders shall have received the following documents, each of which shall be in form and substance satisfactory to the Lenders: 

(i) Agreement. This Agreement duly executed and delivered by the Borrowers and each of the other parties hereto. 

(ii) Security Documents.  

(A) The Security Agreement, duly executed and delivered by each of the Obligors; 

(B) Each of the Short-Form IP Security Agreements, duly executed and delivered by the applicable Obligor; 

(C) Evidence of filing of UCC-1 financing statements against each Obligor in its jurisdiction of formation or incorporation, as the case may
be; 
 (D) Evidence of filing of each of the Short-Form IP Security Agreements in the United States Patent and Trademark Office; and 

(E) Without limitation, all other documents and instruments reasonably required to perfect the Lenders’ Lien on, and security interest
in, the Collateral required to be delivered on or prior to the Closing Date (including delivery of any capital stock certificates and undated stock powers executed in blank) shall have been duly executed and delivered and be in proper form for
filing, and shall create in favor of the Lenders, a perfected Lien on, and security interest in, the Collateral, subject only to Permitted Liens. 

(iii) Notice to Boston Scientific. Borrowers shall have given written notice at least ten (10) days prior to the date of the
initial Borrowing to Boston Scientific Scimed, Inc. that Borrowers are entering into this Agreement and incurring Indebtedness hereunder. 

(iv) Warrants. The related Warrants, duly executed and delivered by Holdings, to the Lenders and for such number of shares of common
stock of Holdings set forth on Schedule 1.  
 (v) Notes. Any Notes requested in accordance with Section 2.04. 

 (vi) Approvals. Certified copies of all material licenses, consents, authorizations and approvals of, and notices to and filings
and registrations with, any Governmental Authority (including all foreign exchange approvals), and of all third-party consents and approvals, necessary in connection with the making and performance by the Obligors of the Loan Documents and the
Transactions. 

  
 32 








 (vii) Corporate Documents. Certified copies of the constitutive documents of each Obligor
(if publicly available in such Obligor’s jurisdiction of formation) and of resolutions of the Board of Directors (or shareholders, if applicable) of each Obligor authorizing the making and performance by it of the Loan Documents to which it is
a party. 
 (viii) Incumbency Certificate. A certificate of each Obligor as to the authority, incumbency and specimen signatures of
the persons who have executed the Loan Documents and any other documents in connection herewith on behalf of the Obligors. 
 (ix)
Officer’s Certificate. A certificate, dated the Closing Date and signed by the President, a Vice President or a financial officer of each Borrower, confirming compliance with the conditions set forth in Section 6.03. 

(x) Opinions of Counsel. A favorable opinion, dated the Closing Date, of counsel to each Obligor in form acceptable to the Lenders and
their counsel. 
 (xi) Insurance. Certificates of insurance evidencing the existence of all insurance required to be maintained by
the Borrowers pursuant to Section 8.05 and the designation of the Lenders as the loss payees or additional named insured, as the case may be, thereunder. 

(xii) SBA Forms. Completed SBA Forms 480, 652, and 1031 (Parts A and B). 

(xiii) Pinnacle Debt. A payoff letter in connection with the Pinnacle Debt satisfactory to the Lenders and their counsel authorizing
Borrowers to release all Liens held by holders of the Pinnacle Debt on the Collateral. 
 6.02 Conditions to Subsequent Borrowing. The obligation of
each Lender to make a Loan as part of a subsequent Borrowing hereunder is subject to the following conditions precedent: 
 (a) Borrowing
Date. Such Borrowing shall not occur before the first date on which annualized Revenue received by Borrowers and their Subsidiaries with respect to sales of the Product in the United States, for the preceding three month period, equals or
exceeds $20,000,000. 
 (b) Amount of Subsequent Borrowing. The amount of such Borrowing shall not exceed $10,000,000. 

(c) Two Borrowings. After giving effect to such Borrowing, no more than two Borrowings shall have been made; provided that, for
purposes of this Section 6.02(c), “Borrowing” shall not be deemed to include any borrowing of PIK Loans. 
 (d)
Notice of Milestone Achievement. The Borrowers shall have delivered to the Lenders a notice certifying achievement of the Revenue milestone set forth in Section 6.02(a) no later than May 31, 2014, and the Lenders shall have
been reasonably satisfied with the results of its audit of the Borrowers’ Revenue by examining the Borrowers’ books and records within 30 days following the delivery of such notice. 

  
 33 








 6.03 Conditions to Each Borrowing. The obligation of each Lender to make a Loan as part of any Borrowing
hereunder (including the first Borrowing) is also subject to satisfaction of the following further conditions precedent on the applicable Borrowing Date: 

(a) Commitment Period. Such Borrowing Date shall occur during the Commitment Period. 

(b) No Default; Representations and Warranties. Both immediately prior to the making of such Loan and after giving effect thereto and
to the intended use thereof: 
 (i) no Default shall have occurred and be continuing; and 

(ii) the representations and warranties made by the Borrowers in Section 7, (except for the representation in
Section 7.04(b)) shall be true in all material respects on and as of the Borrowing Date and immediately after giving effect to the application of the proceeds of the Borrowing with the same force and effect as if made on and as of such
date, except that the representation regarding representations and warranties that refer to a specific earlier date shall be that they were true on such earlier date. 

(c) Financing Fee. Except in the case of any PIK Loan, each Lender shall have received its portion of the fees payable pursuant to
Section 2.03.  
 (d) Notice of Borrowing. Except in the case of any PIK Loan, Capital Royalty Partners II L.P. shall
have received a Notice of Borrowing as and when required pursuant to Section 2.02. 
 Each Borrowing shall constitute a
certification by the Borrowers to the effect that the conditions set forth in this Section 6.03 have been fulfilled as of the applicable Borrowing Date. 

SECTION 7 

REPRESENTATIONS AND WARRANTIES 

The Borrowers represent and warrant to the Lenders that: 

7.01 Power and Authority. Each Borrower and its Subsidiaries (a) is a duly organized and validly existing under the laws of its jurisdiction of
organization, (b) has all requisite corporate or other power, and has all material governmental licenses, authorizations, consents and approvals necessary to own its assets and carry on its business as now being or as proposed to be conducted
except to the extent that failure to have the same could not reasonably be expected to have a Material Adverse Effect, (c) is qualified to do business and is in good standing in all jurisdictions in which the nature of the business conducted by
it makes such qualification necessary and where failure so to qualify could (either individually or in the aggregate) have a Material Adverse Effect, (d) has full power and authority to make and perform each of the Loan Documents to which it is
a party and, in the case of the Borrowers, to borrow the Loans hereunder and (e) is in material compliance with all applicable laws and regulations to which it is subject and all Material Agreements to which it is a party. 

  
 34 








 7.02 Authorization; Enforceability. The Transactions are within each Obligor’s corporate powers and
have been duly authorized by all necessary corporate and, if required, by all necessary shareholder action. This Agreement has been duly executed and delivered by each Obligor and constitutes, and each of the other Loan Documents to which it is a
party when executed and delivered by such Obligor will constitute, a legal, valid and binding obligation of such Obligor, enforceable against each Obligor in accordance with its terms, except as such enforceability may be limited by
(a) bankruptcy, insolvency, reorganization, moratorium or similar laws of general applicability affecting the enforcement of creditors’ rights and (b) the application of general principles of equity (regardless of whether such
enforceability is considered in a proceeding in equity or at law). 
 7.03 Governmental and Other Approvals; No Conflicts. The Transactions
(a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority or any third party, except for (i) such as have been obtained or made and are in full force and effect
(ii) filings and recordings in respect of the Liens created pursuant to the Security Documents (iii) those that are permitted to be made after the Closing Date, (b) will not violate any applicable law or regulation or the charter, by
laws or other organizational documents of each Borrower and its Subsidiaries or any order of any Governmental Authority, other than any such violations that, individually or in the aggregate, could not reasonably be expected to have a Material
Adverse Effect, (c) will not violate or result in a default under any indenture, agreement or other instrument binding upon each Borrower and its Subsidiaries or assets, or give rise to a right thereunder to require any payment to be made by
any such Person, and (d) will not result in the creation or imposition of any Lien on any asset of each Borrower and its Subsidiaries, other than Permitted Liens. 

7.04 Financial Statements; Material Adverse Change. 

(a) Financial Statements. The Borrowers have heretofore furnished to the Lenders certain financial statements as provided for in
Section 8.01. Such financial statements present fairly, in all material respects, the financial position and results of operations and cash flows of each Borrower and its Subsidiaries as of such dates and for such periods in accordance
with GAAP, subject to year-end audit adjustments and the absence of footnotes in the case of the statements previously-delivered statements of the type described in Section 8.01(b). Neither any Borrower nor any of its Subsidiaries has
any material contingent liabilities or unusual forward or long-term commitments not disclosed in the audited financial statements. 
 (b)
No Material Adverse Change. Since December 31, 2011, there has been no Material Adverse Change. 
 7.05 Properties. 

(a) Property Generally. Each Obligor has good and marketable fee simple title to, or valid leasehold interests in, all its real and
personal property (excluding any Intellectual Property) material to its business, subject only to Permitted Liens and except for minor defects in title that do not interfere with its ability to conduct its business as currently conducted or to
utilize such properties for their intended purposes. 

  
 35 








 (b) Intellectual Property. The Obligors represent and warrant to the Lenders as of the
date hereof as follows, and the Obligors acknowledge that the Lenders are relying on such representations and warranties in entering into this Agreement: 

(i) Schedule 7.05(b) contains: 

(A) a complete and accurate list of all applied for or registered Patents, including the jurisdiction and patent number; 

(B) a complete and accurate list of all applied for or registered Trademarks, including the jurisdiction, trademark application or
registration number and the application or registration date; and 
 (C) a complete and accurate list of all applied for or registered
Copyrights; 
 (ii) Each Obligor is the absolute beneficial owner of all right, title and interest in and to Material Intellectual Property
listed on Schedule 7.05(c) as owned by such Obligor with good and marketable title, free and clear of any Liens of any kind whatsoever other than Permitted Liens. Without limiting the foregoing, and except as set forth in Schedule
7.05(b): 
 (A) other than with respect to the Material Agreements, or as permitted by Section 9.09 below, the Obligors
have not transferred ownership of Material Intellectual Property listed on Schedule 7.05(c) as owned by such Obligors, in whole or in part, to any other Person who is not an Obligor; 

(B) other than (i) the Material Agreements, (ii) customary restrictions in in-bound licenses of Intellectual Property and
non-disclosure agreements, or (iii) as would have been or is permitted by Section 9.09 below, there are no judgments, covenants not to sue, permits, grants, licenses, Liens (other than Permitted Liens), or other agreements or
arrangements relating to Borrowers’ Material Intellectual Property, including any development, submission, services, research, license or support agreements, which bind, obligate or otherwise restrict the Obligors in any manner that would
reasonably be expected to have a Material Adverse Effect; provided that this representation and warranty in this subsection (B) is only as to the Knowledge of the Borrowers with respect to any Material Intellectual Property licensed to any of
the Obligors; 
 (C) the use of any of the Obligor Intellectual Property in the business of the Borrower as currently conducted or as
currently contemplated to be conducted, to the best of Borrowers’ Knowledge, does not breach, violate, infringe or interfere with or constitute a misappropriation of any valid rights arising under any Intellectual Property of any other Person;

 (D) there are no pending or, to Borrowers’ Knowledge, threatened in writing Claims against the Obligors asserted by any other
Person relating to the Obligor 

  
 36 








 Intellectual Property owned by or exclusively licensed to Obligors, including any Claims of adverse ownership,
invalidity, infringement, misappropriation, violation or other opposition to or conflict with such Intellectual Property, except as could not reasonably be expected to have a Material Adverse Effect; the Obligors have not received any written notice
from any Person that the Borrower’s business, the use of the Obligor Intellectual Property in the business of the Borrowers as currently conducted, or the manufacture, use or sale of any product or the performance of any service by the
Borrowers infringes upon, violates or constitutes a misappropriation of, or may infringe upon, violate or constitute a misappropriation of, or otherwise interfere with, any other Intellectual Property of any other Person; 

(E) the Obligors have no Knowledge that the Obligor Intellectual Property owned by or exclusively licensed to Obligors is being infringed,
violated, misappropriated or otherwise used by any other Person without the express authorization of the Obligors. Without limiting the foregoing, the Obligors have not put any other Person on notice of actual or potential infringement, violation or
misappropriation of any of the Material Intellectual Property owned by or exclusively licensed to Obligors; the Obligors have not initiated the enforcement of any Claim with respect to any of the Obligor Intellectual Property owned by or exclusively
licensed to Obligors; 
 (F) all relevant current and former employees and contractors of each Borrower have executed written
confidentiality and invention assignment Contracts with such Borrower that irrevocably assign to such Borrower or its designee all of their rights to any Inventions relating to Borrowers’ business that are conceived or reduced to practice by
such employees within the scope of their employment or by such contractors within the scope of their contractual relationship with the respective Borrower, to the extent permitted by applicable law; except, in the case of former employees and former
contractors, as does not have a Material Adverse Effect; 
 (G) to the Knowledge of the Obligors, the Obligor Intellectual Property is all
the Intellectual Property necessary for the operation of the Borrowers’ business as it is currently conducted or as currently contemplated to be conducted, except for such Intellectual Property the absence of which could not reasonably be
expected to have a Material Adverse Effect; 
 (H) the Obligors have taken reasonable precautions to protect the secrecy, confidentiality
and value of its Material Intellectual Property consisting of trade secrets and confidential information, except as could not reasonably be expected to have a Material Adverse Effect. 

(I) each Obligor has delivered to the Lenders accurate and complete copies of all Material Agreements relating to the Obligor Intellectual
Property; 
 (J) there are no pending or, to the Knowledge of any of the Obligors, threatened in writing Claims against the Obligors
asserted by any other Person relating to the Material Agreements, including any Claims of breach or default under such Material Agreements, except as could not reasonably be expected to have a Material Adverse Effect; 

  
 37 








 (iii) With respect to the Material Intellectual Property owned by or for which prosecution is
controlled by Obligors consisting of issued Patents, except as set forth in Schedule 7.05(b), and without limiting the representations and warranties in Section 7.05(b)(ii): 

(A) each of the issued claims in such Patents, to Borrowers’ Knowledge, is valid and enforceable; 

(B) the inventors claimed in such Patents have executed written Contracts with the applicable Borrower or its predecessor-in-interest that
properly and irrevocably assigns to such Borrower or predecessor-in-interest all of their rights to any of the Inventions claimed in such Patents to the extent permitted by applicable law; 

(C) none of the Patents, or the Inventions claimed in them, have been dedicated to the public except as a result of intentional decisions
made by the applicable Obligor; 
 (D) to Borrowers’ Knowledge, all prior art material to such Patents was adequately disclosed to or
considered by the respective patent offices during prosecution of such Patents to the extent required by applicable law or regulation; 

(E) subsequent to the issuance of such Patents, neither the Borrowers nor any Subsidiary Guarantors or their predecessors in interest, have
filed any disclaimer or filed any other voluntary reduction in the scope of the Inventions claimed in such Patents; 
 (F) no allowed
subject matter of such Patents, to Borrowers’ Knowledge, currently is subject to any competing conception claims of allowable or allowed subject matter of any patent applications or patents of any third party and currently is not the subject of
any pending interference, re-examination or opposition proceedings; 
 (G) no such Patents, to Borrowers’ Knowledge, have ever been
finally adjudicated to be invalid or unenforceable for any reason in any administrative, arbitration, judicial or other proceeding, and, with the exception of publicly available documents in the applicable Patent Office recorded with respect to any
Patents, the Obligors have not received any written notice asserting that such Patents are invalid or unenforceable; if any of such Patents is terminally disclaimed to another patent or patent application, all patents and patent applications subject
to such terminal disclaimer are included in the Collateral; 
 (H) the Obligors have not received a written opinion of counsel that
concludes that a challenge to the validity or enforceability of any of such Patents is more likely than not to succeed; 
 (I) the Obligors
have no Knowledge that they or any prior owner of such Patents or their respective agents or representatives have engaged in any conduct, or omitted to perform any necessary act, the result of which would invalidate or render unpatentable or
unenforceable any such Patents; and 
 (J) all maintenance fees, annuities, and the like due or payable on the Patents have been timely
paid or the failure to so pay was the result of an intentional decision by the applicable Obligor or would not reasonably be expected to result in a Material Adverse Change. 

  
 38 








 (iv) none of the foregoing representations and statements of fact contains any untrue statement
of material fact or omits to state any material fact necessary to make any such statement or representation not misleading to a prospective Lender with respect to the Material Intellectual Property; provided that this representation and warranty in
this subsection (iv) is only as to the Knowledge of the Borrowers with respect to any Material Intellectual Property licensed to any of the Obligors. 

(c) Material Intellectual Property. Schedule 7.05(c) contains an accurate list of the Obligor Intellectual Property that the Borrowers
have determined the loss of which, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect with an indication as to whether the applicable Obligor owns or has an exclusive or non-exclusive license to such
Obligor Intellectual Property. 
 7.06 No Actions or Proceedings. 

(a) Litigation. There is no litigation, investigation or proceeding pending or, to the best of the Borrowers’ Knowledge,
threatened with respect to each Borrower and its Subsidiaries by or before any Governmental Authority or arbitrator (i) that either individually or in the aggregate could reasonably be expected to have a Material Adverse Effect, except as
specified in Schedule 7.06 or (ii) that involves this Agreement or the Transactions. 
 (b) Environmental Matters. The
operations and Property of each Borrower and its Subsidiaries comply with all applicable Environmental Laws, except to the extent the failure to so comply (either individually or in the aggregate) could not reasonably be expected to have a Material
Adverse Effect. 
 (c) Labor Matters. The Borrowers have not engaged in unfair labor practices and there are no material labor
actions or disputes involving the employees of the Borrowers that could reasonably be expected to have a Material Adverse Effect. 
 7.07 Compliance with
Laws and Agreements. Each of the Obligors is in compliance with all laws, regulations and orders of any Governmental Authority applicable to it or its property, except where the failure to do so, individually or in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect. No Default has occurred and is continuing. 
 7.08 Taxes. Except as set forth on
Schedule 7.08, each of the Obligors has timely filed or caused to be filed all tax returns and reports required to have been filed and has paid or caused to be paid all taxes required to have been paid by it, except taxes that are being contested in
good faith by appropriate proceedings and for which such Obligor has set aside on its books adequate reserves with respect thereto in accordance with GAAP. 

7.09 Full Disclosure. The Borrowers have disclosed to the Lenders all Material Agreements to which any Obligor is subject, and all other matters to
their Knowledge, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. None of the 

  
 39 








 reports, financial statements, certificates or other information furnished by or on behalf of the Obligors to the
Lenders in connection with the negotiation of this Agreement and the other Loan Documents or delivered hereunder or thereunder (as modified or supplemented by other information so furnished) contains any material misstatement of material fact or
omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that, with respect to projected financial information, the Borrowers represent
only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time. 
 7.10 Regulation. 

(a) Investment Company Act. Neither any Borrower nor any of its Subsidiaries is an “investment company” as defined in, or
subject to regulation under, the Investment Company Act of 1940. 
 (b) Margin Stock. Neither any Borrower nor any of its
Subsidiaries is engaged principally, or as one of its important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying Margin Stock, and no part of the proceeds of the Loans
will be used to buy or carry any Margin Stock in violation of Regulation T, U or X. 
 7.11 Solvency. Each Borrower is and, immediately after giving
effect to the Borrowing and the use of proceeds thereof will be, Solvent. 
 7.12 Subsidiaries. Schedule 7.12 is a complete and correct list of all
Subsidiaries of the Borrowers as of the date hereof, each such Subsidiary is duly organized and validly existing under the jurisdiction of its organization shown in said Schedule 7.12, and the percentage ownership by each Borrower of each
such Subsidiary is as shown in said Schedule 7.12.  
 7.13 Indebtedness and Liens. Schedule 7.13(b)-1 is a complete and correct list of all
Indebtedness of each Obligor outstanding as of the date hereof. Schedule 7.13(b)-2 is a complete and correct list of all Liens granted by the Borrowers and other Obligors with respect to their respective Property and outstanding as of the
date hereof. 
 7.14 Material Agreements. Schedule 7.14 is a complete and correct list of (i) each Material Agreement existing on the date
hereof and (ii) each agreement creating or evidencing any Material Indebtedness. No Obligor is in material default under any such Material Agreement or agreement creating or evidencing any Material Indebtedness. Except as otherwise disclosed on
Schedule 7.14, all material customer contracts of the Obligors are in full force and effect in the aggregate without material modification from the form in which the same were disclosed to the Lenders. 

7.15 Restrictive Agreements. None of the Obligors of any Borrower or the Borrowers are subject to any indenture, agreement, instrument or other
arrangement of the type described in Section 9.11, except for any indenture, agreement, instrument or other arrangement described on Schedule 7.15 or otherwise permitted under Section 9.11 (each, a
“Permitted Restrictive Agreement”). 

  
 40 








 7.16 Real Property 

(a) Generally. Neither any Borrower nor any of its Subsidiaries owns or leases (as tenant thereof) any real property, except as
described on Schedule 7.16.  
 (b) Santa Rosa Lease. 

(i) Borrowers have delivered a true, accurate and complete copy of the Santa Rosa Lease to Lenders. 

(ii) The Santa Rosa Lease is in full force and effect and no default has occurred under the Santa Rosa Lease and, to the Knowledge of
Borrowers, there is no existing condition which, but for the passage of time or the giving of notice, could reasonably be expected to result in a default under the terms of the Santa Rosa Lease. 

(iii) TriVascular is the subtenant under the Santa Rosa Lease and has not transferred, sold, assigned, conveyed, disposed of, mortgaged,
pledged, hypothecated, or encumbered any of its interest in, the Santa Rosa Lease. 
 7.17 Pension Matters. Schedule 7.17 sets forth, as of the date
hereof, a complete and correct list of, and that separately identifies, (a) all Title IV Plans and (b) all Multiemployer Plans. Each Benefit Plan, and each trust thereunder, intended to qualify for tax exempt status under Section 401
or 501 of the Code so qualifies. Except for those that could not, in the aggregate, have a Material Adverse Effect, (x) each Benefit Plan is in compliance with applicable provisions of ERISA, the Code and other Requirements of Law,
(y) there are no existing or pending (or to the Knowledge of any Obligor or Subsidiary thereof, threatened) claims (other than routine claims for benefits in the normal course), sanctions, actions, lawsuits or other proceedings or investigation
involving any Benefit Plan to which any Obligor or Subsidiary thereof to their Knowledge incurs or could reasonably be expected to incur obligation or any liability and (z) no ERISA Event is reasonably expected to occur. Each Borrower and each
of its ERISA Affiliates has met all applicable requirements under the ERISA Funding Rules with respect to each Title IV Plan, and no waiver of the minimum funding standards under the ERISA Funding Rules has been applied for or obtained. As of the
most recent valuation date for any Title IV Plan, the funding target attainment percentage (as defined in Section 430(d)(2) of the Code) is at least 60%, and neither any Borrower nor any of its ERISA Affiliates knows of any facts or
circumstances that could reasonably be expected to cause the funding target attainment percentage to fall below 60% as of the most recent. On the Closing Date, no ERISA Event has occurred in connection with which obligations and liabilities
(contingent or otherwise) remain outstanding. No ERISA Affiliate would have any Withdrawal Liability as a result of a complete withdrawal from any Multiemployer Plan on the date this representation is made. 

7.18 Collateral; Security Interest. Subject to Permitted Liens, each Security Document is effective to create in favor of the Lenders a legal, valid
and enforceable security interest in the Collateral subject thereto, which security interests shall be first-priority, subject to Permitted Liens. 

  
 41 








 7.19 Regulatory Approvals. Each Borrower and its Subsidiaries hold, and will continue to hold, either
directly or through licensees and agents, all Regulatory Approvals, licenses, permits and similar governmental authorizations of a Governmental Authority necessary or required for each Borrower and its Subsidiaries to conduct their operations and
business in the manner currently conducted, except as could not reasonably be expected to have a Material Adverse Effect. 
 7.20 Small Business
Concern. Each Borrower’s primary business activity does not involve, directly or indirectly, providing funds to others (other than among Borrowers or to its Subsidiaries), the purchase or discounting of debt obligations, factoring or long
term leasing of equipment with no provision for maintenance or repair, and each Borrowers is not classified under Major Group 65 (Real Estate) or Industry No. 1531 (Operative Builders) of the SIC Manual. Each Borrower acknowledges that it has
been advised that PIOP is a Small Business Investment Company and licensee under the SBIC Act. The information regarding each Borrower and its affiliates set forth in the SBA Form 480, Form 652, and Form 1031 is accurate and complete. The Borrowers
acknowledge that the Lenders are relying on the representations and warranties made by the Borrowers to the SBA in the SBA Form 480 provided to the Lenders. 

7.21 Update of Schedules. Schedules 7.05(b) (in respect of the lists of Patents, Copyrights and Trademarks under Section 7.05(b)(i) only),
7.05(c), 7.06, and 7.16, may be updated by Borrowers prior to each Borrowing Date to insure the continued accuracy of such Schedule as of such Borrowing Date, by Borrowers providing to the Lenders, in writing (including via
electronic means), a revised version of such Schedule in accordance with the provisions of Section 12.02. Each such updated Schedule shall be effective immediately upon the receipt thereof by the Lenders. 

SECTION 8 
 AFFIRMATIVE
COVENANTS 
 Each Borrower covenants and agrees with the Lenders that, until the Commitments have expired or been terminated and all
Obligations (other than the Warrant Obligations) have been paid in full indefeasibly in cash: 
 8.01 Financial Statements and Other Information. The
Borrowers will furnish to the Lenders: 
 (a) as soon as available and in any event within 45 days after the end of the first three fiscal
quarters of each fiscal year (or 60 days, in the case of the fourth fiscal quarter), the consolidated and consolidating balance sheets of the Obligors as of the end of such quarter, and the related consolidated and consolidating statements of
income, consolidated statement of shareholders’ equity and consolidated statement of cash flows of each Borrower and its Subsidiaries for such quarter and the portion of the fiscal year through the end of such quarter, prepared in accordance
with GAAP consistently applied, all in reasonable detail and setting forth in comparative form the figures for the corresponding period in the preceding fiscal year, together with a certificate of a Responsible Officer of each Borrower stating that
such financial statements fairly present in all material respects the consolidated financial condition of 

  
 42 








 Borrowers and their Subsidiaries as at such date and the results of operations of each Borrower and its
Subsidiaries for the period ended on such date and have been prepared in accordance with GAAP consistently applied, subject to changes resulting from normal, year-end audit adjustments and except for the absence of notes; 

(b) as soon as available and in any event within 180 days after the end of each fiscal year, the consolidated balance sheets of each Borrower
and its Subsidiaries as of the end of such fiscal year, and the related consolidated statements of income, consolidated statement of shareholders’ equity and consolidated statement of cash flows of each Borrower and its Subsidiaries for such
fiscal year, prepared in accordance with GAAP consistently applied, all in reasonable detail and setting forth in comparative form the figures for the previous fiscal year, accompanied by a report and opinion thereon of PricewaterhouseCoopers LLP or
another firm of independent certified public accountants of recognized national standing acceptable to the Lenders, which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall not be subject to any
qualification or exception as to the scope of such audit (except with respect to a going concern qualification, if applicable); 
 (c)
together with the financial statements required pursuant to Sections 8.01(a) and (b), a compliance certificate of a Responsible Officer as of the end of the applicable accounting period (which delivery may, unless a Lender requests
executed originals, be by electronic communication including fax or email and shall be deemed to be an original authentic counterpart thereof for all purposes) in the form of Exhibit E (a “Compliance
Certificate”) including details of any issues that are material that are raised by auditors; 
 (d) promptly upon receipt
thereof, copies of all letters of representation signed by an Obligor to its auditors and copies of all auditor reports delivered for each fiscal quarter; 

(e) as soon as available, a consolidated financial forecast for each Borrower and its Subsidiaries for the following five fiscal years,
including forecasted consolidated balance sheets, consolidated statements of income, shareholders’ equity and cash flows of each Borrower and its Subsidiaries; 

(f) promptly, and in any event within five Business Days after receipt thereof by an Obligor thereof, copies of each notice or other
correspondence received from any securities regulator or exchange to the authority of which any Borrower may become subject from time to time concerning any investigation or possible investigation or other inquiry by such agency regarding financial
or other operational results of such Obligor; and 
 (g) the information regarding insurance maintained by each Borrower and its
Subsidiaries as required under Section 8.05.  
 8.02 Notices of Material Events. The Borrowers will furnish to the Lenders written
notice of the following promptly after a Responsible Officer first learns of the existence of: 
 (a) the occurrence of any Default; 

  
 43 








 (b) notice of the occurrence of any event with respect to its property or assets resulting in a
Loss aggregating $750,000 (or the Equivalent Amount in other currencies) or more; 
 (c) to the best of the Borrowers’ Knowledge,
(A) any proposed acquisition of stock, assets or property by any Obligor that would reasonably be expected to result in material environmental liability under Environmental Laws, and (B)(1) spillage, leakage, discharge, disposal, leaching,
migration or release of any Hazardous Material required to be reported to any Governmental Authority under applicable Environmental Laws, and (2) all actions, suits, claims, notices of violation, hearings, investigations or proceedings pending,
or threatened against or affecting any Borrower or any of its Subsidiaries or with respect to the ownership, use, maintenance and operation of their respective businesses, operations or properties, relating to Environmental Laws or Hazardous
Material, in each case, which would reasonably be expected to result in a Material Adverse Effect; 
 (d) the assertion of any environmental
matter by any Person against, or with respect to the activities of, any Borrower or any of its Subsidiaries and any alleged violation of or non-compliance with any Environmental Laws or any permits, licenses or authorizations which could reasonably
be expected to involve damages in excess of $550,000 other than any environmental matter or alleged violation that, if adversely determined, could not (either individually or in the aggregate) have a Material Adverse Effect; 

(e) the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or affecting
any Borrower or any of its Subsidiaries that, if adversely determined, could reasonably be expected to result in a Material Adverse Effect; 

(f) (i) on or prior to any filing by any ERISA Affiliate of any notice of intent to terminate any Title IV Plan, a copy of such notice
and (ii) promptly, and in any event within ten days, after any Responsible Officer of any ERISA Affiliate knows or has reason to know that a request for a minimum funding waiver under Section 412 of the Code has been filed with respect to
any Title IV Plan or Multiemployer Plan, a notice (which may be made by telephone if promptly confirmed in writing) describing such waiver request and any action that any ERISA Affiliate proposes to take with respect thereto, together with a copy of
any notice filed with the PBGC or the IRS pertaining thereto; 
 (g) (i) the termination of any Material Agreement; (ii) the
receipt by any Borrower or any of its Subsidiaries of any material notice under any Material Agreement; (iii) the entering into of any new Material Agreement by an Obligor; or (iv) any material amendment to a Material Agreement; 

(h) the reports and notices as required by the Security Documents; 

(i) within 30 days of the date thereof, or, if earlier, on the date of delivery of any financial statements pursuant to
Section 8.01, notice of any material change in accounting policies or financial reporting practices by the Obligors; 

  
 44 








 (j) promptly after the occurrence thereof, notice of any labor controversy resulting in or
threatening to result in any strike, work stoppage, boycott, shutdown or other material labor disruption against or involving an Obligor, which could reasonably be expected to result in a Material Adverse Effect; 

(k) a licensing agreement or arrangement entered into by any Borrower or any Subsidiary in connection with any infringement or alleged
infringement of the Intellectual Property of another Person; 
 (l) any other development that results in, or could reasonably be expected
to result in, a Material Adverse Effect; or 
 (m) such other information respecting the operations, properties, business or condition
(financial or otherwise) of the Obligors (including with respect to the Collateral) as the Majority Lenders may from time to time reasonably request. 

Each notice delivered under this Section 8.02 shall be accompanied by a statement of a financial officer or other executive
officer of each Borrower setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. 

8.03 Existence; Conduct of Business. Each Borrower will, and will cause each of its Subsidiaries to, do or cause to be done all things necessary to
preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges and franchises material to the conduct of its business; provided that the foregoing shall not prohibit any merger,
amalgamation, consolidation, liquidation or dissolution permitted under Section 9.03. Without obtaining the prior written approval of PIOP, each Borrower will not change within one (1) year after the Closing Date, such
Borrower’s business activity to a business activity to which a licensee under the SBIC Act is prohibited from providing funds by the SBIC Act, as more specifically set forth under Part 107.720 of Title 13 of the United States Code of Federal
Regulations. If any Borrower’s business activity changes to such a prohibited business activity or the proceeds are used for ineligible business activities, such Borrower will use all commercially reasonable efforts and cooperate in good faith
to assist PIOP to sell or transfer its Proportionate Share of the Loans in a commercially reasonable manner; provided that in no way shall this be considered PIOP’s sole remedy if any Borrower’s business activity changes to such a
prohibited business activity. Based on the Lenders’ due diligence on the Borrowers as of the date hereof, Borrower’s current business activity of designing, developing or manufacturing medical devices is not a business activity to which a
licensee under the SBIC Act is prohibited from providing funds by the SBIC Act. 
 8.04 Payment of Obligations. Each Borrower will, and will cause
each of its Subsidiaries to, pay and discharge its obligations, including (i) all taxes, fees, assessments and governmental charges or levies imposed upon it or upon its properties or assets prior to the date on which penalties attach thereto,
and all lawful claims for labor, materials and supplies which, if unpaid, might become a Lien upon any properties or assets of such Borrowers or any Subsidiary, except to the extent such taxes, fees, assessments or governmental charges or levies, or
such claims are being contested in good faith by appropriate proceedings and are adequately reserved against in 

  
 45 








 accordance with GAAP; (ii) all lawful claims which, if unpaid, would by law become a Lien upon its property
not constituting a Permitted Lien; and (iii) all Indebtedness other than Permitted Indebtedness, as and when due and payable, but subject to any subordination provisions contained in any instrument or agreement evidencing such Indebtedness.

 8.05 Insurance. Each Borrower will, and will cause each of its Subsidiaries to maintain, with financially sound and reputable insurance companies,
insurance in such amounts and against such risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations. Upon the request of the Majority Lenders, each Borrower shall furnish
the Lenders from time to time with full information as to the insurance carried by it and, if so requested, copies of all such insurance policies. Each Borrower also shall furnish to the Lenders from time to time upon the request of the Majority
Lenders a certificate from the Borrowers’ insurance broker or other insurance specialist stating that all premiums then due on the policies relating to insurance on the Collateral have been paid, that such policies are in full force and effect
and that such insurance coverage and such policies comply with all the requirements of this Section 8.05. The Borrowers shall use commercially reasonable efforts to ensure, or cause others to ensure, that all insurance policies required
under this Section 8.05 shall provide that they shall not be terminated or cancelled nor shall any such policy be materially changed in a manner adverse to the Borrowers without at least 30 days’ prior written notice to the
Borrowers and the Lenders. Receipt of notice of termination or cancellation of any such insurance policies or reduction of coverages or amounts thereunder shall entitle the Lenders to renew any such policies, cause the coverages and amounts thereof
to be maintained at levels required pursuant to the first sentence of this Section 8.05 or otherwise to obtain similar insurance in place of such policies, in each case at the expense of the Borrowers. 

8.06 Books and Records; Inspection Rights. Each Borrower will, and will cause each of its Subsidiaries to, keep proper books of record and account in
which full, true and correct entries are made of all dealings and transactions in relation to its business and activities. Each Borrower will, and will cause each of its Subsidiaries to, permit any representatives designated by the Lender, upon
reasonable prior notice, to visit and inspect its real properties, to examine and make extracts from its books and records, and to discuss its affairs, finances and condition with its officers and independent accountants, all at such reasonable
times (but not more often than once a year unless an Event of Default has occurred and is continuing). 
 8.07 Compliance with Laws and Other
Obligations. Each Borrower will, and will cause each of its Subsidiaries to, (i) comply in all material respects with all laws, rules, regulations and orders of any Governmental Authority applicable to it or its property (including
Environmental Laws) and (ii) comply in all material respects with all terms of Indebtedness and all other Material Agreements, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a
Material Adverse Effect. 
 8.08 Maintenance of Properties, Etc. 

(a) Each Borrower shall, and shall cause each of its Subsidiaries to, maintain and preserve all of its real and tangible personal properties
necessary or useful in the proper conduct of its business in good working order and condition in accordance with the general practice of other Persons of similar character and size, ordinary wear and tear and damage from casualty or condemnation
excepted. 

  
 46 








 (b) Without limiting the generality of clause (a) above, Borrowers shall comply with each of
the following covenants with respect to the Santa Rosa Lease: 
 (i) TriVascular shall diligently perform and timely observe all of the
terms, covenants and conditions of the Santa Rosa Lease on the part of TriVascular to be performed and observed prior to the expiration of any applicable grace period therein provided and do everything necessary to preserve and to keep unimpaired
and in full force and effect the Santa Rosa Lease; provided, however, that the parties acknowledge that the Sublease Agreement dated March 28, 2008, shall expire on February 28, 2013. 

(ii) Borrowers shall promptly notify Lenders of the giving of any written notice by Santa Rosa Lessor to TriVascular of any default by
TriVascular thereunder, and promptly deliver to Lenders a true copy of each such notice. If TriVascular shall be in default under the Santa Rosa Lease, Lenders shall have the right (but not the obligation) to cause the default or defaults under the
Santa Rosa Lease to be remedied and otherwise exercise any and all rights of TriVascular under the Santa Rosa Lease, as may be necessary to prevent or cure any default and Lenders shall have the right to enter all or any portion of the Property, at
such times and in such manner as Lenders reasonably deem necessary, to prevent or to cure any such default. Without limiting the foregoing, upon any such default, TriVascular shall promptly execute, acknowledge and deliver to Lenders such
instruments as may reasonably be required of TriVascular to permit Lenders to cure any default under the Santa Rosa Lease or permit Lenders to take such other action required to enable Lenders to cure or remedy the matter in default and preserve the
security interest of Lenders under the Loan Documents with respect to the Santa Rosa Facility. 
 (iii) TriVascular shall use commercially
reasonable efforts to enforce, in a commercially reasonable manner, each covenant or obligation of the Santa Rosa Lessor in the Santa Rosa Lease in accordance with its terms. Subject to the terms and requirements of the Santa Rosa Lease, within ten
(10) days after receipt of written request by Lenders, Borrowers shall use reasonable efforts to obtain from the Santa Rosa Lessor under the Santa Rosa Lease and furnish to Lenders an estoppel certificate from Santa Rosa Lessor stating the date
through which rent has been paid and whether or not, to Santa Rosa Lessor’s knowledge, there are any defaults thereunder and specifying the nature of such claimed defaults, if any, and such other matters as Lenders may reasonably request or in
the form required pursuant to the terms of the Santa Rosa Lease. Borrowers shall furnish to Lenders all information that Lenders may reasonably request from time to time in the possession of Borrowers (or reasonably available to Borrowers)
concerning the Santa Rosa Lease and TriVascular’s compliance with the Santa Rosa Lease. 
 (iv) Borrowers, promptly upon learning that
Santa Rosa Lessor has failed to perform the material terms and provisions under the Santa Rosa Lease and immediately upon learning of a rejection or disaffirmance or purported rejection or disaffirmance of the Santa Rosa Lease pursuant to any state
or federal bankruptcy law, shall notify Lenders thereof. Borrowers shall promptly notify Lenders of any request that any party to the Santa Rosa Lease makes for arbitration or other dispute resolution procedure pursuant to the Santa Rosa Lease and
of the 

  
 47 








 institution of any such arbitration or dispute resolution. TriVascular hereby authorizes Lenders to attend any
such arbitration or dispute, and upon the occurrence and during the continuance of an Event of Default participate in any such arbitration or dispute resolution but such participation shall not be to the exclusion of Borrowers; provided,
however, that, in any case, TriVascular shall consult with Lenders with respect to the matters related thereto. Borrowers shall promptly deliver to Lenders a copy of the determination of each such arbitration or dispute resolution mechanism.

 (v) If Lenders or their designee shall acquire or obtain a new Santa Rosa Lease following a termination of the Santa Rosa Lease, then
Borrowers shall have no right, title or interest whatsoever in or to such new Santa Rosa Lease, or any proceeds or income arising from the estate arising under any such new Santa Rosa Lease, including from any sale or other disposition thereof.
Lenders or their designee shall hold such new Santa Rosa Lease free and clear of any right or claim of Borrowers. 
 (vi) Borrowers shall
promptly, after obtaining knowledge of such filing notify Lenders orally of any filing by or against Santa Rosa Lessor under the Santa Rosa Lease of a petition under the Bankruptcy Code or other applicable law. Borrowers shall thereafter promptly
give written notice of such filing to Lenders, setting forth any information available to Borrowers as to the date of such filing, the court in which such petition was filed, and the relief sought in such filing. Borrowers shall promptly deliver to
Lenders any and all notices, summonses, pleadings, applications and other documents received by Borrowers in connection with any such petition and any proceedings relating to such petition. 

8.09 Licenses. Each Borrower shall, and shall cause each of its Subsidiaries to, obtain and maintain all licenses, authorizations, consents, filings,
exemptions, registrations and other Governmental Approvals necessary in connection with the execution, delivery and performance of the Loan Documents, the consummation of the Transactions or the operation and conduct of its business and ownership of
its properties, except where failure to do so could not reasonably be expected to have a Material Adverse Effect. 
 8.10 Action under Environmental
Laws. Each Borrower shall, and shall cause each of its Subsidiaries to, upon becoming aware of the presence of any Hazardous Materials or the existence of any environmental liability under applicable Environmental Laws with respect to their
respective businesses, operations or properties, take all actions, at their cost and expense, as shall be necessary or advisable to investigate and clean up the condition of their respective businesses, operations or properties, including all
required removal, containment and remedial actions, and restore their respective businesses, operations or properties to a condition in compliance with applicable Environmental Laws, except where failure to do so could not reasonably be expected to
have a Material Adverse Effect. 
 8.11 Use of Proceeds. The proceeds of the Loans will be used only as provided in Section 2.05. No part
of the proceeds of the Loans will be used, whether directly or indirectly, for any purpose that entails a violation of any of the Regulations of the Board of Governors of the Federal Reserve System, including Regulations T, U and X. 

  
 48 








 8.12 Certain Obligations Respecting Subsidiaries; Further Assurances. 

(a) Subsidiary Guarantors. Each Borrower will take such action, and will cause each of its Subsidiaries to take such action, from time
to time as shall be necessary to ensure that all Subsidiaries that are Domestic Subsidiaries of such Borrower are “Subsidiary Guarantors” hereunder. Without limiting the generality of the foregoing, in the event that any Borrower or any of
its Subsidiaries shall form or acquire any new Subsidiary that is a Domestic Subsidiary, each Borrower and its Subsidiaries will: 
 (i)
cause such new Subsidiary to become a “Subsidiary Guarantor” hereunder, and a “Grantor” under the Security Agreement, pursuant to a Guarantee Assumption Agreement; 

(ii) take such action or cause such Subsidiary to take such action (including delivering such shares of stock together with undated transfer
powers executed in blank) as shall be necessary to create and perfect valid and enforceable first priority (subject to Permitted Liens permitted under Section 9.02(c)) Liens on substantially all of the personal property of such new
Subsidiary as collateral security for the obligations of such new Subsidiary hereunder; 
 (iii) cause the parent of such Subsidiary to
execute and deliver a pledge agreement in favor of the Lenders in respect of all outstanding issued shares of such Subsidiary; and 
 (iv)
deliver such proof of corporate action, incumbency of officers, opinions of counsel and other documents as is consistent with those delivered by each Obligor pursuant to Section 6.01 on the Closing Date or as the Majority Lenders shall
have requested. 
 (b) Foreign Subsidiaries. Foreign Subsidiaries of any Borrower shall not be required to become Subsidiary
Guarantors hereunder, except that the Borrowers and its Subsidiaries shall take such action to cause the parent of such Foreign Subsidiary to execute and deliver a pledge agreement in favor of the Lenders in respect of (i) 65% of the issued and
outstanding shares of voting stock of such Foreign Subsidiary and (ii) to the extent such pledge could not reasonably be expected to cause a material adverse tax consequence to Borrowers, 100% of all other issued and outstanding shares of
capital stock of whatever class of such Foreign Subsidiary are beneficially owned by such parent. 
 (c) Further Assurances. Each
Borrower will, and will cause each of its Subsidiaries to, take such action from time to time as shall reasonably be requested by the Majority Lenders to effectuate the purposes and objectives of this Agreement. 

Without limiting the generality of the foregoing, the Borrowers will, and will cause each Person that is required to be a Subsidiary Guarantor to, take such
action from time to time (including executing and delivering such assignments, security agreements, control agreements and other instruments) as shall be reasonably requested by the Majority Lenders to create, in favor of the Lenders, perfected
security interests and Liens in substantially all of the personal property of such Obligor (subject to Permitted Liens) as collateral security for the Obligations; provided that any such security interest or Lien shall be subject to the
relevant requirements of the Security Documents. 

  
 49 








 8.13 Termination of Non-Permitted Liens. In the event that any Borrower or any of its Subsidiaries shall
become aware or be notified by the Lenders of the existence of any outstanding Lien against any Property of any Borrower or any of its Subsidiaries, which Lien is not a Permitted Lien, the Borrowers shall use their best efforts to promptly terminate
or cause the termination of such Lien. 
 8.14 Intellectual Property. 

(a) Notwithstanding any provision in this Agreement or any other Loan Documents to the contrary, the Lenders are not assuming any liability or
obligation of the Borrowers, the Subsidiary Guarantors or their Subsidiaries of whatever nature, whether presently in existence or arising or asserted hereafter, except to the extent required under applicable law in connection with any Intellectual
Property license agreement of the Borrowers, the Subsidiary Guarantors or their Subsidiaries in the event that the Lenders foreclose on such Collateral. All such liabilities and obligations shall be retained by and remain obligations and liabilities
of the Obligors, the Subsidiary Guarantors and/or their Subsidiaries as the case may be, except to the extent required under applicable law in connection with any Intellectual Property license agreement of the Borrowers, the Subsidiary Guarantors or
their Subsidiaries in the event that the Lenders foreclose on such Collateral. Without limiting the foregoing, the Lenders are not assuming and shall not be responsible for any liabilities or Claims of the Borrowers, the Subsidiary Guarantors or
their Subsidiaries, whether present or future, absolute or contingent and whether or not relating to the Obligors, the Obligor Intellectual Property, and/or the Material Agreements, and the Borrowers shall indemnify and save harmless the Lenders
from and against all such liabilities, Claims and Liens, except to the extent required under applicable law in connection with any Intellectual Property license agreement of the Borrowers, the Subsidiary Guarantors or their Subsidiaries in the event
that the Lenders foreclose on such Collateral. Without limiting the foregoing, this Agreement shall not constitute an agreement to assign any Contracts of, or Obligor Intellectual Property to, the Lenders, except to the extent required under
applicable law in connection with any Intellectual Property license agreement of the Borrowers, the Subsidiary Guarantors or their Subsidiaries in the event that the Lenders foreclose on such Collateral. 

(b) In the event that the Obligors acquire Obligor Intellectual Property during the term of this Agreement, then the provisions of this
Agreement shall automatically apply thereto and any such Obligor Intellectual Property shall automatically constitute part of the Collateral hereunder, without further action by any party, in each case from and after the date of such acquisition
(except that any representations or warranties of any Obligor shall apply to any such Obligor Intellectual Property only from and after the date, if any, subsequent to such acquisition that such representations and warranties are brought down or
made anew as provided herein). 
 8.15 Post-Closing Items. 

(a) TriVascular shall (i) use commercially reasonable efforts to cause the Master Lessor to execute and deliver to Lenders the Landlord
Consent in substantially the form attached hereto as Exhibit G, with such changes as may be reasonably agreed to by Borrowers and Majority Lenders, and (ii) subject to receipt of the consent in subsection 8.15(a)(i) above,
execute, acknowledge and deliver to Lenders and cause to be recorded in the real property records of Sonoma County, California, a Leasehold Deed of Trust in substantially the form attached hereto as Exhibit H, with such changes as may be reasonably
agreed to by Borrowers and Majority Lenders. 

  
 50 








 (b) On or prior to the date that is 30 days after the date of the initial Borrowing, Borrowers
shall execute and deliver to the Lenders duly executed control agreements in favor of the Lenders for all Deposit Accounts, Securities Accounts and Commodity Accounts owned by the Obligors in the United States as of the date hereof that contain
assets, cash or otherwise, in excess of $750,000 in such account. 
 (c) Borrowers shall use commercially reasonable efforts to execute and
deliver to the Lenders such duly executed Intellectual Property security agreements, as the Lenders may require with respect to foreign Intellectual Property, and take such other action as the Lenders may reasonably deem necessary or appropriate to
duly record or otherwise perfect the security interest created thereunder in that portion of the Collateral consisting of Intellectual Property located outside the United States in the jurisdictions listed on Schedule 8.15(c). 

(d) Borrowers shall use commercially reasonable efforts to cause to be delivered to the Lenders a duly executed subordination agreement in
respect of the Boston Scientific Note satisfactory to the Lenders. 
 SECTION 9 

NEGATIVE COVENANTS 
 Each
Borrower covenants and agrees with the Lenders that, until the Commitments have expired or been terminated and all Obligations (other than the Warrant Obligations) have been paid in full indefeasibly in cash: 

9.01 Indebtedness. Each Borrower will not, and will not permit any of its Subsidiaries to, create, incur, assume or permit to exist any Indebtedness,
whether directly or indirectly, except: 
 (a) the Obligations; 

(b) Indebtedness existing on the date hereof and set forth on Schedule 7.13(b)-1 and Permitted Refinancings thereof; provided
that, in each case, such Indebtedness is subordinated to the Obligations on terms satisfactory to the Majority Lenders; 
 (c) Permitted
Priority Debt; 
 (d) solely until and including the date of the initial Borrowing, the Pinnacle Debt; 

(e) accounts payable to trade creditors for goods and services and current operating liabilities (not the result of the borrowing of money)
incurred in the ordinary course of such Borrower’s or such Subsidiary’s business in accordance with customary terms and paid within such Borrower or such Subsidiary’s ordinary business practices, unless contested in good faith by
appropriate proceedings and reserved for in accordance with GAAP; 
 (f) Indebtedness consisting of guarantees resulting from endorsement of
negotiable instruments for collection by such Borrower or any Subsidiary in the ordinary course of business; 

  
 51 








 (g) Indebtedness (i) of such Borrower to any Subsidiary Guarantor, (ii) of any
Subsidiary Guarantor to such Borrower or any other Subsidiary Guarantor, and (iii) of any Foreign Subsidiary to any other Foreign Subsidiary; 

(h) Guarantees by such Borrower of Indebtedness of any Subsidiary Guarantor and by any Subsidiary of Indebtedness of such Borrower or any
other Subsidiary Guarantor and by any Foreign Subsidiary of Indebtedness of such Borrower or any other Subsidiary; provided that the aggregate outstanding principal amount of such Indebtedness, when added to the aggregate principal amount of
the outstanding Indebtedness permitted in reliance on Section 9.01(i), does not exceed $500,000 (or the Equivalent Amount in other currencies) at any time; 

(i) normal course of business equipment financing; provided that (i) if secured, the collateral therefor consists solely of the
assets being financed, the products and proceeds thereof and books and records related thereto, and (ii) the aggregate outstanding principal amount of such Indebtedness, when added to the aggregate principal amount of the outstanding
Indebtedness permitted in reliance on Section 9.01(h), does not exceed $500,000 (or the Equivalent Amount in other currencies) at any time; 

(j) Permitted Subordinated Debt; 

(k) Indebtedness incurred in a transaction specifically permitted under Section 9.10(d); 

(l) Indebtedness approved in advance in writing by the Majority Lenders; 

(m) Guarantees of automobile leases entered into by Foreign Subsidiaries; 

(n) Customary indemnification arrangements with suppliers arising in the ordinary course of business and customary indemnification
arrangements with respect to directors and officers, contractors and professionals rendering services to Borrowers and its Subsidiaries; 

(o) Other Indebtedness not to exceed $500,000 in the aggregate, provided that such Indebtedness is unsecured and subordinated to the
Obligations in terms of rights to payment and to exercise remedies; and 
 (p) the Boston Scientific Note. 

9.02 Liens. Each Borrower will not, and will not permit any of its Subsidiaries to, create, incur, assume or permit to exist any Lien on any property
or asset now owned by it, or assign or sell any income or revenues (including accounts receivable) or rights in respect of any thereof, except (collectively, “Permitted Liens”):  

(a) Liens securing the Obligations; 

(b) any Lien on any property or asset of any Borrower or any of its Subsidiaries existing on the date hereof and set forth in Schedule
7.13(b)-2; provided that (i) the scope of the collateral to which such Lien applies shall not be expanded and (ii) any such Lien shall secure only those obligations which it secures on the date hereof and extensions, renewals
and replacements thereof that do not increase the outstanding principal amount thereof; 

  
 52 








 (c) Liens described in the definition of “Permitted Priority Debt”; 

(d) Liens securing Indebtedness permitted under Section 9.01(i); provided that such Liens are restricted solely to the
collateral described in Section 9.01(i); 
 (e) Liens imposed by law which were incurred in the ordinary course of business,
including (but not limited to) carriers’, warehousemen’s and mechanics’ liens and other similar liens arising in the ordinary course of business and which (x) do not in the aggregate materially detract from the value of the
Property subject thereto or materially impair the use thereof in the operations of the business of such Person or (y) are being contested in good faith by appropriate proceedings, which proceedings have the effect of preventing the forfeiture
or sale of the Property subject to such liens and for which adequate reserves have been made if required in accordance with GAAP; 
 (f)
pledges or deposits made in the ordinary course of business in connection with workers’ compensation, unemployment insurance or other similar social security legislation; 

(g) Liens securing taxes, assessments and other governmental charges, the payment of which is not yet due or is being contested in good faith
by appropriate proceedings promptly initiated and diligently conducted and for which such reserve or other appropriate provisions, if any, as shall be required by GAAP shall have been made; 

(h) servitudes, easements, rights of way, restrictions and other similar encumbrances on real Property imposed by applicable Laws and
encumbrances consisting of zoning or building restrictions, easements, licenses, restrictions on the use of property or minor imperfections in title thereto which, in the aggregate, are not material, and which do not in any case materially detract
from the value of the property subject thereto or interfere with the ordinary conduct of the business of any of the Subsidiaries; 
 (i)
with respect to any real Property, (A) such defects or encroachments as might be revealed by an up-to-date survey of such real Property; (B) the reservations, limitations, provisos and conditions expressed in the original grant, deed or
patent of such property by the original owner of such real Property pursuant to applicable Laws; and (C) rights of expropriation, access or user or any similar right conferred or reserved by or in applicable Laws, which, in the aggregate for
(A), (B) and (C), are not material, and which do not in any case materially detract from the value of the property subject thereto or interfere with the ordinary conduct of the business of any of the Subsidiaries; 

(j) Liens securing Permitted Subordinated Debt; 

(k) Bankers’ liens, rights of setoff and similar Liens incurred on deposits made in the ordinary course of business; 

  
 53 








 (l) Liens arising from judgments, decrees or attachments in circumstances not constituting an
Event of Default; 
 (m) Liens in favor of customs and revenue authorities arising as a matter of law to secure payments of customs duties
in connection with the importation of goods; and 
 (n) Liens on insurance proceeds in favor of insurance companies granted solely as
security for financed premiums. 
 provided that no Lien otherwise permitted under any of the foregoing Sections 9.02(b), (c), (d), (e), (f), (h),
(i) and (j) shall apply to any Material Intellectual Property. 
 9.03 Fundamental Changes and Acquisitions. Each Borrower will not,
and will not permit any of its Subsidiaries to, (i) enter into any transaction of merger, amalgamation or consolidation (ii) liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution) (iii) make any Acquisition
or otherwise acquire any business or substantially all the property from, or capital stock of, or be a party to any acquisition of, any Person. Notwithstanding the foregoing provisions of this Section 9.03:  

(a) each Borrower and its Subsidiaries may make Investments permitted under Section 9.05; 

(b) (i) any Subsidiary Guarantor may be merged, amalgamated or consolidated with or into any Borrower or any other Subsidiary Guarantor
and (ii) any Foreign Subsidiary may be merged, amalgamated or consolidated with or into any Borrower or any other Subsidiary; 
 (c)
(i) any Subsidiary Guarantor may sell, lease, transfer or otherwise dispose of any or all of its property (upon voluntary liquidation or otherwise) to any Borrower or another Subsidiary Guarantor; and (ii) any Foreign Subsidiary may sell,
lease, transfer or otherwise dispose of any or all of its property (upon voluntary liquidation or otherwise) to any Borrower or another Subsidiary; and 

(d) the capital stock of (i) any Subsidiary Guarantor may be sold, transferred or otherwise disposed of to any Borrower or another
Subsidiary Guarantor and (ii) the capital stock of any Foreign Subsidiary may be sold, transferred or otherwise disposed of to any Borrower or another Subsidiary; and 

(e) each Borrower and its Subsidiaries may make Permitted Acquisitions, not to exceed $2,000,000 in the aggregate. 

9.04 Lines of Business. Each Borrower will not, and will not permit any of its Subsidiaries to, engage to any material extent in any business other
than the business engaged in on the date hereof by Borrower or any Subsidiary or a business reasonably related thereto. 
 9.05 Investments. Each
Borrower will not, and will not permit any of its Subsidiaries to, make, directly or indirectly, or permit to remain outstanding any Investments except: 

(a) Investments outstanding on the date hereof and identified in Schedule 9.05;  

  
 54 








 (b) operating deposit accounts with banks; 

(c) extensions of credit in the nature of accounts receivable or notes receivable arising from the sales of goods or services in the ordinary
course of business; 
 (d) Permitted Cash Equivalent Investments; 

(e) Investments by such Borrower and the Subsidiary Guarantors in such Borrower’s wholly-owned Subsidiary Guarantors (for greater
certainty, each Borrower shall not be permitted to have any direct or indirect Subsidiaries that are not wholly-owned Subsidiaries); 
 (f)
Hedging Agreements entered into in the ordinary course of such Borrower’s financial planning solely to hedge currency risks (and not for speculative purposes) and in an aggregate notional amount for all such Hedging Agreements not in excess of
$100,000 (or the Equivalent Amount in other currencies); 
 (g) Investments consisting of security deposits with utilities and other like
Persons made in the ordinary course of business; 
 (h) Investments consisting of (A) employee loans, travel advances and guarantees in
accordance with such Borrower’s usual and customary practices with respect thereto (if permitted by applicable law) which in the aggregate shall not exceed $500,000 outstanding at any time (or the Equivalent Amount in other currencies) and
(B) non-cash loans to employees, officers or directors relating to the purchase of equity securities of Holdings pursuant to employee stock purchase plans or arrangements approved by Holdings’ board of directors which in the aggregate
shall not exceed $3,000,000 outstanding at any time (or the Equivalent Amount in other currencies); 
 (i) Investments received in
connection with any Insolvency Proceedings in respect of any customers, suppliers or clients and in settlement of delinquent obligations of, and other disputes with, customers, suppliers or clients; 

(j) Investments consisting of notes receivable or prepaid royalties and other credit obligations to customers and suppliers, in the ordinary
course of business; 
 (k) Investments permitted pursuant to Section 9.03;  

(l) Investments by such Borrower and the Subsidiary Guarantors in all Foreign Subsidiaries not to exceed $1,500,000 in the aggregate at any
time outstanding; 
 (m) Indebtedness permitted by Section 9.01; and 

(n) Other Investments in an aggregate amount not to exceed $500,000. 

  
 55 








 9.06 Restricted Payments. Each Borrower will not, and will not permit any of its Subsidiaries to, declare
or make, or agree to pay or make, directly or indirectly, any Restricted Payment, except: 
 (a) such Borrower may declare and pay dividends
with respect to its capital stock payable solely in additional shares of its common stock; 
 (b) such Borrower may purchase, redeem,
retire, or otherwise acquire shares of its capital stock or other equity interests with the proceeds received from a substantially concurrent issue of new shares of its capital stock or other equity interests; 

(c) for the payment of dividends by any Subsidiary of an Obligor to any Obligor; and 

(d) repurchases of capital stock by Holdings pursuant to the terms of employee stock purchase plans, employee restricted stock agreements or
similar arrangements which in the aggregate shall not exceed $2,500,000. 
 9.07 Payments of Indebtedness. Each Borrower will not, and will not
permit any of its Subsidiaries to, make any payments in respect of any Indebtedness other than (i) the Obligations and (ii) subject to any applicable terms of subordination, other Permitted Indebtedness. 

9.08 Change in Fiscal Year. Each Borrower will not, and will not permit any of its Subsidiaries to, change the last day of its fiscal year from that in
effect on the date hereof, except to change the fiscal year of a Subsidiary acquired in connection with an Acquisition to conform its fiscal year to the Borrowers’. 

9.09 Sales of Assets, Etc. Unless such Borrower simultaneously makes the prepayment required under Section 3.03(b)(i), each Borrower will
not, and will not permit any of its Subsidiaries to, sell, lease, exclusively license (in terms of geography or field of use), transfer, or otherwise dispose of any of its Property (including accounts receivable and capital stock of Subsidiaries) to
any Person in one transaction or series of transactions (any thereof, an “Asset Sale”), except for any of the following: 

(a) transfers of cash in the ordinary course of its business for equivalent value; 

(b) sales of inventory in the ordinary course of its business on ordinary business terms; 

(c) research, development, manufacturing, assembly, sterilization, quality assurance, advertising, marketing, promotion, sales agent, or
confidentiality arrangements where such arrangements provide for the licenses or disclosure of Patents, Trademarks, Copyrights or other Intellectual Property rights in the ordinary course of business and consistent with general market practices,
provided that such arrangements do not grant any Person (other than any Obligor) the right to manufacture and sell any material products of any Borrower on such Person’s own behalf; 

(d) transfers of Property by (i) any Obligor to any other Obligor and (ii) by any Foreign Subsidiary to any Obligor; 

(e) sales or transfers of Property (other than cash or inventory) by any Obligor to any Foreign Subsidiary; provided that the terms
thereof are no less favorable (including the amount of cash received by such Obligor) to such Obligor than those that would be obtained in a 

  
 56 








 comparable arm’s-length transaction with a Person not an Affiliate of any Obligor; provided further
that if such sale is not on arm’s length terms, such sale of Property to a Foreign Subsidiary shall be permitted, but only if such Foreign Subsidiary shall transfer cash to such Obligor in the amount equal to the fair market value of the
sold or transferred Property within 15 days of such sale or transfer; 
 (f) dispositions of any Property that is obsolete or worn out or no
longer used or useful in the Business; 
 (g) up to $2 million of any other Asset Sales during the term of this Agreement; and 

(h) those transactions permitted by Sections 9.03 or 9.04. 

Lenders acknowledge and agree that clause (f) above includes the right for any Borrower to make decisions in the ordinary course of
business regarding the registration of any of its Intellectual Property, including without limitation, any decisions regarding application, prosecution, abandonment, or cancellation of any such Intellectual Property, without the consent of any
Lender. 
 9.10 Transactions with Affiliates. Each Borrower will not, and will not permit any of its Subsidiaries to, sell, lease, license or
otherwise transfer any assets to, or purchase, lease, license or otherwise acquire any assets from, or otherwise engage in any other transactions with, any of its Affiliates, except for any of the following: 

(a) transactions between or among Obligors; 

(b) any Indebtedness permitted by Section 9.01; 

(c) any Investment permitted by Section 9.05; 

(d) any Restricted Payment permitted by Section 9.06; 

(e) any Asset Sale permitted by Section 9.09; 

(f) customary compensation and indemnification of, and other employment arrangements with, directors, officers and employees of such Borrower
or any Subsidiary in the ordinary course of business, 
 (g) any Borrower may issue debt or Equity Interests to Affiliates in exchange for
cash, provided that the terms thereof are no less favorable (including the amount of cash received by such Borrower) to such Borrower than those that would be obtained in a comparable arm’slength transaction with a Person not an
Affiliate of any Borrower; and 
 (h) the transactions set forth on Schedule 9.10.  

9.11 Restrictive Agreements. Except for Permitted Restrictive Agreements, each Borrower will not, and will not permit any of its Subsidiaries to,
directly or indirectly, enter into, incur or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any 

  
 57 








 condition upon (a) the ability of such Borrower or any Subsidiary to create, incur or permit to exist any
Lien upon any of its property or assets, or (b) the ability of any Subsidiary to pay dividends or other distributions with respect to any shares of its capital stock or to make or repay loans or advances to such Borrower or any other Subsidiary
or to Guarantee Indebtedness of such Borrower or any other Subsidiary; provided that:  
 (i) the foregoing shall not apply to
(x) restrictions and conditions imposed by law or by this Agreement and (y) customary restrictions and conditions contained in agreements relating to the sale of a Subsidiary pending such sale, provided such restrictions and conditions
apply only to the Subsidiary that is to be sold and such sale is permitted hereunder; and 
 (ii) the foregoing clause (a) shall
not apply to (x) restrictions or conditions imposed by any agreement relating to secured Permitted Indebtedness if such restrictions or conditions apply only to the property or assets securing such Indebtedness and (y) customary provisions
in leases, in-bound licenses of Intellectual Property and other contracts restricting the assignment thereof; 
 (iii) the foregoing shall
not apply to any stockholder agreement, charter, by laws or other organizational documents of any Borrower or any Subsidiary as in effect on the date hereof and as amended as permitted hereunder; and 

(iv) the foregoing shall not apply to Permitted Liens. 

9.12 Amendments to Material Agreements. Each Borrower will not, and will not permit any of its Subsidiary Guarantors to, enter into any amendment to or
modification of any Material Agreement or terminate any Material Agreement (unless replaced with another agreement that, viewed as a whole, is on better terms for such Borrower or such Subsidiary Guarantor) without in each case the prior written
consent of the Lender (which consent shall not be unreasonably withheld or delayed). 
 9.13 Preservation of Santa Rosa Lease; Operating Leases. 

(a) Notwithstanding any provision of this Agreement to the contrary, Borrowers shall not: 

(i) Surrender, terminate, forfeit, or suffer or permit the surrender, termination or forfeiture of, or change, modify or amend, the Santa Rosa
Lease, nor transfer, sell, assign, convey, dispose of, mortgage, pledge, hypothecate, assign or encumber any of its interest in, the Santa Rosa Lease; 

(ii) Consent to, cause, agree to, or permit to occur any subordination, or consent to the subordination of, the Santa Rosa Lease to any
mortgage, deed of trust or other lien encumbering (or that may in the future encumber) the interest of Santa Rosa Landlord in the Santa Rosa Facility; 

  
 58 








 (iii) Waive, excuse, condone or in any way release or discharge Santa Rosa Lessor of or from its
material obligations, covenants and/or conditions under the Santa Rosa Lease; or 
 (iv) Elect to treat the Santa Rosa Lease as terminated
or rejected under subsection 365 of the Bankruptcy Code or other applicable Law. Any such election made without Majority Lenders’ prior written consent shall be void. If, pursuant to subsection 365 of the Bankruptcy Code or other applicable
law, Borrowers seeks to offset, against the rent reserved in the Santa Rosa Lease, the amount of any damages caused by the nonperformance by Santa Rosa Lessor of any of its obligations thereunder after the rejection by Santa Rosa Lessor of the Santa
Rosa Lease under the Bankruptcy Code or other applicable Law, then Borrowers shall not effect any offset of any amounts objected to by Lenders. 

(b) Each Borrower will not, and will not permit any of its Subsidiaries to, make any expenditures in respect of operating leases, except for:

 (i) real estate operating leases; 

(ii) operating leases between such Borrower and any of its wholly-owned Subsidiaries or between any of such Borrower’s wholly-owned
Subsidiaries; and 
 (c) operating leases that would not cause each Borrower and its Subsidiaries, on a consolidated basis, to make payments
exceeding $1,000,000 (or the Equivalent Amount in other currencies) in any fiscal year. 
 9.14 Sales and Leasebacks. Except as disclosed on
Schedule 9.14, each Borrower will not, and will not permit any of its Subsidiaries to, become liable, directly or indirectly, with respect to any lease, whether an operating lease or a Capital Lease Obligation, of any property (whether real,
tangible personal, or mixed), whether now owned or hereafter acquired, (i) which such Borrower or such Subsidiary has sold or transferred or is to sell or transfer to any other Person and (ii) which such Borrower or such Subsidiary intends
to use for substantially the same purposes as property which has been or is to be sold or transferred. 
 9.15 Hazardous Material. Each Borrower will
not, and will not permit any of its Subsidiaries to, use, generate, manufacture, install, treat, release, store or dispose of any Hazardous Material, except in compliance with all applicable Environmental Laws or where the failure to comply could
not reasonably be expected to result in a Material Adverse Change. 
 9.16 Accounting Changes. Each Borrower will not, and will not permit any of its
Subsidiaries to, make any significant change in accounting treatment or reporting practices, except as required or permitted by GAAP. 
 9.17 Compliance
with ERISA. No ERISA Affiliate shall cause or suffer to exist (a) any event that could result in the imposition of a Lien with respect to any Title IV Plan or Multiemployer Plan or (b) any other ERISA Event that would, in the
aggregate, have a Material Adverse Effect. 

  
 59 








 9.18 Foreign Subsidiaries Excess Cash. The Borrowers shall not allow all its Foreign Subsidiaries to hold
cash in excess of $1,500,000 in the aggregate, unless such cash is transferred by the applicable Foreign Subsidiary as dividends to any Obligor within 30 days of receipt of such cash. 

SECTION 10 
 FINANCIAL
COVENANTS 
 10.01 Minimum Revenue. 

(a) Not later than April 30, 2014, Borrowers and Subsidiaries thereof shall have, at any time during such period, Revenue, during a
consecutive twelve month period (the last day of such twelve month period being on or before April 30, 2014), of at least $20,000,000. 

(b) During the twelve month period beginning on May 1, 2014, and each twelve month period beginning after the end of the preceding such
twelve month period, Borrowers and Subsidiaries thereof shall have, at any time during such period, Revenue in an amount equal to or greater than the sum of (x) the minimum Revenue required under this Section 10.01(b) for the
preceding consecutive twelve month period (or, in the case of the first twelve month period measured under this Section 10.01(b), the minimum amount of Revenue required under Section 10.01(a)) and (y) $25,000,000;
provided that in no event shall this Section 10.01(b) require Borrowers and Subsidiaries thereof to have Revenue in excess of $95,000,000 during any such twelve month period. 

10.02 Cure Right. 
 (a) Notwithstanding
anything to the contrary contained in Section 11, in the event that the Borrowers fail to comply with the covenants contained in Section 10.01(a) or (solely during the first measurement period under
Section 10.01(b)) Section 10.01(b) or Section 10.03 (such covenants for such applicable periods being the “Specified Financial Covenants”), Holdings shall have the right: 

(i) to issue additional shares of Equity Interests in exchange for cash (the “Equity Cure Right”), or

 (ii) to borrow Permitted Subordinated Debt (the “Subordinated Debt Cure Right” and, collectively
with the Equity Cure Right, the “Cure Right”),  
 and such cash immediately shall be contributed as equity to
TriVascular, and upon the receipt by TriVascular of the Cure Amount pursuant to the exercise of such Cure Right, such Cure Amount shall be deemed to constitute Revenue of TriVascular for purposes of the Specified Financial Covenants and the
Specified Financial Covenants shall be recalculated. If, after giving effect to the foregoing recalculation, Borrowers shall then be in compliance with the requirements of the Specified Financial Covenants, Borrowers shall be deemed to have
satisfied the requirements of the Specified Financial Covenants as of the relevant date of determination with the same effect as though there had been no failure to comply therewith at such date, and the applicable breach of the Specified Financial
Covenants that had occurred shall be deemed cured for this purposes of this Agreement. 

  
 60 








 (b) Notwithstanding anything herein to the contrary, (i) the Cure Right may be exercised no
more than twice, (ii) the amount of the payment received by TriVascular from Holdings pursuant to Section 10.02(a) (the “Cure Amount”) shall be equal to twice the shortfall amount required to
cause the Borrower to be in compliance with the Specified Financial Covenants, and (iii) Borrowers shall deliver a compliance certificate, evidencing compliance with the Specified Financial Covenants after giving effect to receipt of the Cure
Amount. 
 10.03 Minimum Cash 
 Should
any Borrower or any Subsidiary enter into a licensing agreement or arrangement in connection with any infringement or alleged infringement of the Intellectual Property of another Person in the United States or European Union and where the failure to
enter into a licensing agreement or arrangement would result in, or reasonably be expected to result in, a Material Adverse Effect or the entering into the license agreement or arrangement would result in, or reasonably be expected to result in, a
Material Adverse Effect, Borrowers and Subsidiaries shall (i) maintain, at any time thereafter, a minimum daily balance of cash and Permitted Cash Equivalent Investments of at least $2,000,000 (Two Million Dollars), and (ii) provide the
Lenders not more often than once a quarter a compliance certificate relating to the foregoing in such form satisfactory to the Majority Lenders. 

SECTION 11 
 EVENTS OF
DEFAULT 
 11.01 Events of Default. Each of the following events shall constitute an “Event of Default”: 

 (a) any Borrower shall fail to pay any principal of any Loan when and as the same shall become due and payable, whether at the due date
thereof or at a date fixed for prepayment thereof or otherwise; 
 (b) any Obligor shall fail to pay any Obligation (other than an amount
referred to in Section 11.01(a)) when and as the same shall become due and payable, and such failure shall continue unremedied for a period of three (3) Business Days; 

(c) any representation or warranty made or deemed made by or on behalf of any Borrower or any of its Subsidiaries in or in connection with
this Agreement or any other Loan Document or any amendment or modification hereof or thereof, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with this Agreement or any other Loan Document
or any amendment or modification hereof or thereof, shall: (i) prove to have been incorrect when made or deemed made to the extent that such representation or warranty contains any materiality or Material Adverse Effect qualifier; or
(ii) prove to have been incorrect in any material respect when made or deemed made to the extent that such representation or warranty does not otherwise contain any materiality or Material Adverse Effect qualifier; 

  
 61 








 (d) any Obligor shall fail to observe or perform any covenant, condition or agreement contained
in Section 8.02, 8.03 (with respect to the Borrowers’ existence), 8.11, 8.12, 8.14, 9 or 10, and with respect to Section 8.12 only, such failure shall continue unremedied for a period of 10 or more days
after such new Subsidiary is formed or acquired; 
 (e) any Obligor shall fail to observe or perform any covenant, condition or agreement
contained in this Agreement (other than those specified in Section 11.01(a), (b) or (d)) or any other Loan Document and such failure shall continue unremedied for a period of 30 or more days after written notice
thereof from the Lenders is received by a Responsible Officer of Borrower; 
 (f) any Obligor shall fail to make any payment (whether of
principal or interest and regardless of amount) in respect of any Material Indebtedness, when and as the same shall become due and payable after giving effect to any applicable grace or cure period as originally provided by the terms of such
Indebtedness; 
 (g) (i) any material breach of, or “event of default” or similar event under, the documentation governing
any Material Indebtedness shall occur, or (ii) any event or condition occurs (A) that results in any Material Indebtedness becoming due prior to its scheduled maturity or (B) that enables or permits (with or without the giving of
notice, the lapse of time or both) the holder or holders of such Material Indebtedness or any trustee or agent on its or their behalf to cause such Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or
defeasance thereof, prior to its scheduled maturity; provided that this Section 11.01(g) shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing
such Material Indebtedness. 
 (h) any Obligor: 

(i) becomes insolvent, or generally does not or becomes unable to pay its debts or meet its liabilities as the same become due, or admits in
writing its inability to pay its debts generally, or declares any general moratorium on its indebtedness, or proposes a compromise or arrangement or deed of company arrangement between it and any class of its creditors; 

(ii) commits an act of bankruptcy or makes an assignment of its property for the general benefit of its creditors or makes a proposal (or
files a notice of its intention to do so); 
 (iii) institutes any proceeding seeking to adjudicate it an insolvent, or seeking liquidation,
dissolution, winding-up, reorganization, compromise, arrangement, adjustment, protection, moratorium, relief, stay of proceedings of creditors generally (or any class of creditors), or composition of it or its debts or any other relief, under any
federal, provincial or foreign Law now or hereafter in effect relating to bankruptcy, winding-up, insolvency, reorganization, receivership, plans of arrangement or relief or protection of debtors or at common law or in equity, or files an answer
admitting the material allegations of a petition filed against it in any such proceeding; 
 (iv) applies for the appointment of, or the
taking of possession by, a receiver, interim receiver, receiver/manager, sequestrator, conservator, custodian, administrator, trustee, liquidator, voluntary administrator, receiver and manager or other similar official for it or any substantial part
of its property; or 

  
 62 








 (v) takes any action, corporate or otherwise, to approve, effect, consent to or authorize any of
the actions described in this Section 11.01(h) or in Section 11.01(i), or otherwise acts in furtherance thereof or fails to act in a timely and appropriate manner in defense thereof; 

(i) any petition is filed, application made or other proceeding instituted against or in respect of any Obligor: 

(i) seeking to adjudicate it an insolvent; 

(ii) seeking a receiving order against it; 

(iii) seeking liquidation, dissolution, winding-up, reorganization, compromise, arrangement, adjustment, protection, moratorium, relief, stay
of proceedings of creditors generally (or any class of creditors), deed of company arrangement or composition of it or its debts or any other relief under any federal, provincial or foreign law now or hereafter in effect relating to bankruptcy,
winding-up, insolvency, reorganization, receivership, plans of arrangement or relief or protection of debtors or at common law or in equity; or 

(iv) seeking the entry of an order for relief or the appointment of, or the taking of possession by, a receiver, interim receiver,
receiver/manager, sequestrator, conservator, custodian, administrator, trustee, liquidator, voluntary administrator, receiver and manager or other similar official for it or any substantial part of its property, and such petition, application or
proceeding continues undismissed, or unstayed and in effect, for a period of thirty (30) days after the institution thereof; provided that if an order, decree or judgment is granted or entered (whether or not entered or subject to
appeal) against such Obligor thereunder in the interim, such grace period will cease to apply; provided further that if such Obligor files an answer admitting the material allegations of a petition filed against it in any such proceeding,
such grace period will cease to apply; 
 (j) any other event occurs which, under the laws of any applicable jurisdiction, has an effect
equivalent to any of the events referred to in either of Section 11.01(h) or (i); 
 (k) one or more judgments for the
payment of money in an aggregate amount in excess of $700,000 (or the Equivalent Amount in other currencies) shall be rendered against any Obligor or any combination thereof and the same shall remain undischarged for a period of 45 consecutive days
during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of any Obligor to enforce any such judgment; 

(l) a Material Adverse Change shall have occurred; 

(m) (i) the Liens created by the Security Documents shall at any time not constitute a valid and perfected Lien on the collateral
intended to be covered thereby (to the extent perfection 

  
 63 








 
by filing, registration, recordation or possession is required herein or therein) in favor of the Lenders, free and clear of all other Liens (other than Permitted Liens), (ii) except for
expiration in accordance with its terms, any of the Security Documents or any Guarantee of any of the Obligations (including that contained in Section 13) shall for whatever reason be terminated or cease to be in full force and effect,
(ii) the enforceability of any of the Security Documents or any Guarantee of any of the Obligations (including that contained in Section 13) shall be contested by any Obligor; 

(n) any injunction, whether temporary or permanent, shall be rendered against any Obligor that prevents the Obligors from selling or
manufacturing the Product or its commercially available successors, or any of their other material and commercially available products in the United States or Europe for more than 45 consecutive calendar days. 

11.02 Remedies. Upon the occurrence of any Event of Default, then, and in every such event (other than an Event of Default described in
Section 11.01(h), (i) or (j)), and at any time thereafter during the continuance of such event, Majority Lenders may, by notice to the Borrowers, take either or both of the following actions, at the same or different
times: (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately, and (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due
and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other Obligations, shall become due and payable
immediately (in the case of the Loans, at the Redemption Price therefor), without presentment, demand, protest or other notice of any kind, all of which are hereby waived by each Obligor; and in case of any an Event of Default described in
Section 11.01(h), (i) or (j), the Commitment shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other Obligations, shall automatically
become due and payable immediately (in the case of the Loans, at the Redemption Price therefor), without presentment, demand, protest or other notice of any kind, all of which are hereby waived by each Obligor. 

SECTION 12 

MISCELLANEOUS 
 12.01 No Waiver. No
failure on the part of the Lenders to exercise and no delay in exercising, and no course of dealing with respect to, any right, power or privilege under any Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of
any right, power or privilege under any Loan Document preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The remedies provided herein are cumulative and not exclusive of any remedies provided by
law. 
 12.02 Notices. All notices, requests, instructions, directions and other communications provided for herein (including any modifications of,
or waivers, requests or consents under, this Agreement) shall be given or made in writing (including by telecopy) delivered, if to any Borrower, another Obligor or the Lenders, to its address specified on the signature pages hereto or its Guarantee
Assumption Agreement, as the case may be, or at such other address as shall be designated by such party in a notice to the other parties. Except as otherwise provided in this Agreement, all such communications shall be deemed to have been duly given
upon receipt of a 

  
 64 








 
legible copy thereof, in each case given or addressed as aforesaid. All such communications provided for herein by telecopy shall be confirmed in writing promptly after the delivery of such
communication (it being understood that non-receipt of written confirmation of such communication shall not invalidate such communication). Notices, documents, certificates and other deliverables to the Lenders by any Obligor may be made solely to
the Control Agent and the Control Agent shall promptly deliver such notices, documents, certificates and other deliverables to the other Lenders hereunder. 

12.03 Expenses, Indemnification, Etc. 

(a) Expenses. Each Borrower agrees to pay or reimburse (i) the Lenders for all of their reasonable out of pocket costs and
expenses (including the reasonable out-of-pocket fees and expenses of Morrison & Foerster LLP, special counsel to the Lenders, and any sales, goods and services or other similar taxes applicable thereto, and printing, reproduction, document
delivery, communication and travel costs) in connection with (x) the negotiation, preparation, execution and delivery of this Agreement and the other Loan Documents and the making of the Loans (exclusive of post-closing costs),
(y) post-closing costs and (z) the negotiation or preparation of any modification, supplement or waiver of any of the terms of this Agreement or any of the other Loan Documents (whether or not consummated) and (ii) the Lenders for all
of their out of pocket costs and expenses (including the fees and expenses of legal counsel) in connection with any enforcement or collection proceedings resulting from the occurrence of an Event of Default; provided, however, that the
Borrowers shall not be required to pay or reimburse any amounts (1) pursuant to Section 12.03(a)(i)(x) in excess of $175,000, (2) in excess of $10,000 per foreign country for the post-closing foreign Intellectual Property
filings required under Section 8.15(c) and (3) after compliance with Section 8.15(c) hereof, in excess of $10,000 in the aggregate per foreign country for any additional foreign Intellectual Property filings or any
amendments to any existing foreign Intellectual Property filings (including, without limitation, any amendments required in connection with Section 12.05(c)); provided further that, so long as the Loans are consummated and all
Commitments fully drawn prior to the expiry of the Commitment Period, then such fees shall be credited from the fees paid by the Borrowers pursuant to Section 2.03.  

(b) Indemnification. Each Borrower hereby indemnifies the Lenders, their Affiliates, and their respective directors, officers,
employees, attorneys, agents, advisors and controlling parties (each, an “Indemnified Party”) from and against, and agrees to hold them harmless against, any and all Claims or Losses of any kind (including
reasonable fees and disbursements of counsel), joint or several, that may be incurred by or asserted or awarded against any Indemnified Party, in each case arising out of or in connection with or relating to any investigation, litigation or
proceeding or the preparation of any defense with respect thereto arising out of or in connection with or relating to this Agreement or any of the other Loan Documents or the transactions contemplated hereby or thereby or any use made or proposed to
be made with the proceeds of the Loans, whether or not such investigation, litigation or proceeding is brought by any Borrower, any of its shareholders or creditors, an Indemnified Party or any other Person, or an Indemnified Party is otherwise a
party thereto, and whether or not any of the conditions precedent set forth in Section 6 are satisfied or the other transactions contemplated by this Agreement are consummated, except to the extent such Claim or Loss is


  
 65 








 
found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from such Indemnified Party’s gross negligence or willful misconduct. No Obligor shall assert
any claim against any Indemnified Party, on any theory of liability, for consequential, indirect, special or punitive damages arising out of or otherwise relating to this Agreement or any of the other Loan Documents or any of the transactions
contemplated hereby or thereby or the actual or proposed use of the proceeds of the Loans. Borrower, its Subsidiaries and Affiliates and their respective directors, officers, employees, attorneys, agents, advisors and controlling parties are each
sometimes referred to in this Agreement as a “Borrower Party.” No Lender shall assert any claim against any Borrower Party, on any theory of liability, for consequential, indirect, special or punitive damages
arising out of or otherwise relating to this Agreement or any of the other Loan Documents or any of the transactions contemplated hereby or thereby or the actual or proposed use of the proceeds of the Loans. 

12.04 Amendments, Etc. Except as otherwise expressly provided in this Agreement, any provision of this Agreement may be modified or supplemented only
by an instrument in writing signed by the Borrowers and the Lenders. Any consent, approval, (including without limitation any approval of or authorization for any amendment to any of the Loan Documents), instruction or other expression of the
Lenders under any of the Loan Documents may be obtained by an instrument in writing signed in one or more counterparts by Majority Lenders; provided however, that the consent of all of the Lenders shall be required to: 

(i) amend, modify, discharge, terminate or waive any of the terms of this Agreement if such amendment, modification, discharge, termination or
waiver would increase the amount of the Loans, reduce the fees payable hereunder, reduce interest rates or other amounts payable with respect to the Loans, extend any date fixed for payment of principal, interest or other amounts payable relating to
the Loans or extend the repayment dates of the Loans; 
 (ii) amend the provisions of Section 6;  

(iii) amend, modify, discharge, terminate or waive any Security Document if the effect is to release a material part of the Collateral subject
thereto otherwise than pursuant to the terms hereof or thereof; or 
 (iv) amend this Section 12.04.  

Notwithstanding anything to the contrary herein, a Defaulting Lender shall not have any right to approve or disapprove any amendment, waiver or consent
hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (x) the
Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by its terms affects any
Defaulting Lender more adversely than other affected Lenders shall require the consent of such Defaulting Lender. 

  
 66 








 12.05 Successors and Assigns. 

(a) General. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns permitted hereby, except that each Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Lenders. Any of the Lenders may assign or otherwise transfer
any of their rights or obligations hereunder to an assignee in accordance with the provisions of Section 12.05(b), (ii) by way of participation in accordance with the provisions of Section 12.05(e) or (iii) by way
of pledge or assignment of a security interest subject to the restrictions of Section 12.05(g). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their
respective successors and assigns permitted hereby, Participants to the extent provided in Section 12.05(e) and, to the extent expressly contemplated hereby, the Indemnified Parties) any legal or equitable right, remedy or claim under or
by reason of this Agreement. 
 (b) Assignments by Lenders. Any of the Lenders may at any time assign to one or more Eligible
Transferees all or a portion of their rights and obligations under this Agreement (including all or a portion of the Commitment and the Loans at the time owing to it); provided, however, that no such assignment shall be made to any Borrower,
an Affiliate of any Borrower, or any employees or directors of any Borrower at any time. So long as no Event of Default has occurred and is continuing, any assignment to Eligible Transferees that would result in the Lenders that are Affiliates of
Capital Royalty, L.P., in the aggregate, holding less than 50% of the right to vote the aggregate Commitments and Loans would require the consent of the Borrowers; provided that the Lenders may at any time assign the right to vote their
Commitments and Loans to Eligible Transferees in connection with a securitization transaction or other leveraged arrangement that such Lenders may enter into with respect to their loan portfolios without Borrower consent. Notwithstanding the
foregoing, each Lender may assign its rights and obligations under this Agreement at any time to an Affiliate of the Lender without Borrower consent. Subject to the recording thereof by the Lenders pursuant to Section 12.05(c), from and
after the effective date specified in each Assignment and Acceptance, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Acceptance, have the rights and obligations of the
Lenders under this Agreement, and correspondingly the assigning Lender shall, to the extent of the interest assigned by such Assignment and Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and
Acceptance covering all of a Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Section 5 and Section 12.03. Any
assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 12.05(b) shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights
and obligations in accordance with Section 12.05(e). 
 (c) Amendments to Loan Documents. Each of the Lenders and the
Obligors agrees to enter into such amendments to the Loan Documents, and such additional Security Documents and other instruments and agreements, in each case in form and substance reasonably acceptable to the Lenders and the Obligors, as shall
reasonably be necessary to implement and give effect to any assignment made under this Section 12.05. 

  
 67 








 (d) Register. The Lenders, acting solely for this purpose as an agent of each Borrower,
shall maintain at one of its offices, which shall be the office of the Control Agent, a register for the recordation of the name and address of any assignee of the Lenders and the Commitment and outstanding principal amount of the Loans owing
thereto (the “Register”). The entries in the Register shall be conclusive, absent manifest error, and each Borrower may treat each Person whose name is recorded in the Register pursuant to the terms hereof as the “Lender”
hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by each Borrower, at any reasonable time and from time to time upon reasonable prior notice. 

(e) Participations. Any of the Lenders may at any time, without the consent of, or notice to, any Borrower, sell participations to any
Person (other than a natural person or any Borrower or any of the Borrowers’ Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all
or a portion of the Commitment and/or the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto
for the performance of such obligations and (iii) the Borrowers shall continue to deal solely and directly with the Lenders in connection therewith. 

Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this
Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any
amendment, modification or waiver that would (i) increase or extend the term of such Lender’s Commitment, (ii) extend the date fixed for the payment of principal of or interest on the Loans or any portion of any fee hereunder payable
to the Participant, (iii) reduce the amount of any such payment of principal, or (iv) reduce the rate at which interest is payable thereon to a level below the rate at which the Participant is entitled to receive such interest. Subject to
Section 12.05(f), each Borrower agrees that each Participant shall be entitled to the benefits of Section 5 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to
Section 12.05(b). To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 4.04(a) as though it were the Lender. 

(f) Limitations on Rights of Participants. A Participant shall not be entitled to receive any greater payment under
Section 5.01 or 5.05 than a Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrowers’ prior
written consent. 
 (g) Certain Pledges. The Lenders may at any time pledge or assign a security interest in all or any portion of
its rights under this Agreement and any other Loan Document to secure obligations of the Lenders, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release the
Lenders from any of their obligations hereunder or substitute any such pledgee or assignee for the Lenders as a party hereto. 
 12.06 Survival. The
obligations of each Borrower under Sections 5.01, 5.03, 5.05, 12.03, 12.05, 12.09, 12.10, 12.11, 12.12, 12.13, 12.14 and Section 13 (solely to the extent guaranteeing 

  
 68 








 
any of the obligations under the foregoing Sections) shall survive the repayment of the Loans and the termination of the Commitment and, in the case of the Lenders’ assignment of any
interest in the Commitment or the Loans hereunder, shall survive, in the case of any event or circumstance that occurred prior to the effective date of such assignment, the making of such assignment, notwithstanding that the Lenders may cease to be
“Lenders” hereunder. In addition, each representation and warranty made, or deemed to be made by a notice of the Loans, herein or pursuant hereto shall survive the making of such representation and warranty. 

12.07 Captions. The table of contents and captions and section headings appearing herein are included solely for convenience of reference and are not
intended to affect the interpretation of any provision of this Agreement. 
 12.08 Counterparts. This Agreement may be executed in any number of
counterparts, all of which taken together shall constitute one and the same instrument and any of the parties hereto may execute this Agreement by signing any such counterpart. 

12.09 Governing Law. This Agreement and the rights and obligations of the parties hereunder shall be governed by, and construed in accordance with, the
law of the State of New York, without regard to principles of conflicts of laws that would result in the application of the laws of any other jurisdiction; provided that Section 5-1401 of the New York General Obligations Law shall apply. 

12.10 Jurisdiction, Service of Process and Venue. 

(a) Submission to Jurisdiction. Each Obligor agrees that any suit, action or proceeding with respect to this Agreement or any other
Loan Document to which it is a party or any judgment entered by any court in respect thereof may be brought initially in the federal or state courts in Houston, Texas or in the courts of its own corporate domicile and irrevocably submits to the
non-exclusive jurisdiction of each such court for the purpose of any such suit, action, proceeding or judgment. This Section 12.10(a) is for the benefit of the Lenders only and, as a result, no Lender shall be prevented from taking
proceedings in any other courts with jurisdiction. To the extent allowed by applicable Laws, the Lenders may take concurrent proceedings in any number of jurisdictions. 

(b) Alternative Process. Nothing herein shall in any way be deemed to limit the ability of the Lenders to serve any such process or
summonses in any other manner permitted by applicable law. 
 (c) Waiver of Venue, Etc. Each Obligor irrevocably waives to the
fullest extent permitted by law any objection that it may now or hereafter have to the laying of the venue of any suit, action or proceeding arising out of or relating to this Agreement or any other Loan Document and hereby further irrevocably
waives to the fullest extent permitted by law any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. A final judgment (in respect of which time for all appeals has elapsed) in any such
suit, action or proceeding shall be conclusive and may be enforced in any court to the jurisdiction of which such Obligor is or may be subject, by suit upon judgment. 

  
 69 








 12.11 Waiver of Jury Trial. EACH OBLIGOR AND EACH LENDER HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 

12.12 Waiver of Immunity. To the extent that any Obligor may be or become entitled to claim for itself or its Property or revenues any immunity on the
ground of sovereignty or the like from suit, court jurisdiction, attachment prior to judgment, attachment in aid of execution of a judgment or execution of a judgment, and to the extent that in any such jurisdiction there may be attributed such an
immunity (whether or not claimed), such Obligor hereby irrevocably agrees not to claim and hereby irrevocably waives such immunity with respect to its obligations under this Agreement and the other Loan Documents. 

12.13 Entire Agreement. This Agreement and the other Loan Documents constitute the entire agreement among the parties with respect to the subject
matter hereof and thereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. EACH OBLIGOR ACKNOWLEDGES, REPRESENTS AND WARRANTS THAT IN DECIDING TO ENTER INTO THIS AGREEMENT AND
THE OTHER LOAN DOCUMENTS OR IN TAKING OR NOT TAKING ANY ACTION HEREUNDER OR THEREUNDER, IT HAS NOT RELIED, AND WILL NOT RELY, ON ANY STATEMENT, REPRESENTATION, WARRANTY, COVENANT, AGREEMENT OR UNDERSTANDING, WHETHER WRITTEN OR ORAL, OF OR WITH THE
LENDERS OTHER THAN THOSE EXPRESSLY SET FORTH IN THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS. 
 12.14 Severability. If any provision hereof is found
by a court to be invalid or unenforceable, to the fullest extent permitted by applicable law the parties agree that such invalidity or unenforceability shall not impair the validity or enforceability of any other provision hereof. 

12.15 No Fiduciary Relationship. Each Borrower acknowledges that the Lenders have no fiduciary relationship with, or fiduciary duty to, any Borrower
arising out of or in connection with this Agreement or the other Loan Documents, and the relationship between the Lenders and the Borrowers are solely that of creditor and debtor. This Agreement and the other Loan Documents do not create a joint
venture among the parties. 
 12.16 Confidentiality. The Lenders agree to maintain the confidentiality of the Confidential Information (as defined in
the Non-Disclosure Agreement (defined below)) in accordance with the terms of that certain non-disclosure agreement dated June 22, 2012 among TriVascular and Capital Royalty, L.P (the “Non-Disclosure
Agreement”). 
 Any new Lender that becomes party to this Agreement hereby agrees to be bound by the terms of the
Non-Disclosure Agreement. The parties to this Agreement shall prepare a mutually agreeable press release announcing the completion of this transaction on the Closing Date. 

  
 70 








 12.17 USA PATRIOT Act. The Lenders hereby notify the Borrowers that pursuant to the requirements of the
USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), they are required to obtain, verify and record information that identifies each Borrower, which information includes the name
and address of each Borrower and other information that will allow such Lender to identify each Borrower in accordance with the Act. 
 12.18 Maximum
Rate of Interest. Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (in
each case, the “Maximum Rate”). If the Lenders shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans, and not to the payment of
interest, or, if the excessive interest exceeds such unpaid principal, the amount exceeding the unpaid balance shall be refunded to the applicable Obligor. In determining whether the interest contracted for, charged, or received by the Lenders
exceeds the Maximum Rate, the Lenders may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects
thereof, (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Indebtedness and other obligations of any Obligor hereunder, or (d) allocate interest
between portions of such Indebtedness and other obligations under the Loan Documents to the end that no such portion shall bear interest at a rate greater than that permitted by applicable Law. 

12.19 Co-Borrower Provisions. 
 (a)
Borrower Agent. Each Borrower appoints TriVascular its agent for purposes of the giving and receiving of any notice, and the agreement to any consent or waiver under this Agreement (TriVascular, in such capacity, the
“Borrower Agent”). Any notice required by this Agreement to be delivered to any Borrower shall be deemed to have been delivered to such Borrower upon delivery of such notice to the Borrower Agent, and receipt of
any notice by the Borrower Agent shall constitute receipt of such notice by each Borrower. Any notice or consent to be delivered hereunder by any Borrower shall be deemed to have been delivered by such Borrower upon delivery thereof by the Borrower
Agent. 
 (b) Joint and Several Nature of Obligations. All Loans made to the Borrowers shall be deemed to have been made to all
Borrowers and each Borrower hereby agrees that it shall jointly and severally, and unconditionally, be obligated to pay all of the Obligations, including, without limitation, the Obligations incurred for the benefit of each of the other Borrowers.

 (c) Co-Borrower Waivers. 

(i) General Waivers. Each Borrower hereby expressly waives (A) diligence, presentment, demand for payment, protest, benefit of any
statute of limitations affecting any Borrower’s liability under the Loan Documents; (B) discharge due to any disability of any Borrower; (C) any defenses of any Borrower to obligations under the Loan Documents not arising under the
express terms of the Loan Documents or from a material breach thereof by any Lender which under applicable law has the effect of discharging any Borrower from the 

  
 71 








 
Obligations as to which this Agreement is sought to be enforced; (D) the benefit of any act or omission by any Lender which directly or indirectly results in or aids the discharge of any
Borrower from any of the Obligations by operation of law or otherwise; (E) all notices whatsoever, including, without limitation, notice of acceptance of the incurring of the Obligations; (F) any right it may have to require any Lender to
disclose to it any information that any Lender may now or hereafter acquire concerning the financial condition or any circumstances that bear on the risk of nonpayment by any other Borrower, including without limitation the release of such other
Borrower from its Obligations hereunder; and (G) any requirement that any Lender exhaust any right, power or remedy or proceed against the other Borrower or any other security for, or any guarantor of, or any other party liable for, any of the
Obligations, or any portion thereof. Each Borrower specifically agrees that it shall not be necessary or required, and Borrowers shall not be entitled to require, that any Lender (1) file suit or proceed to assert or obtain a claim for personal
judgment against any other Borrower for all or any part of the Obligations; (2) make any effort at collection or enforcement of all or any part of the Obligations from any Borrower; (3) foreclose against or seek to realize upon the
Collateral or any other security now or hereafter existing for all or any part of the Obligations; (4) file suit or proceed to obtain or assert a claim for personal judgment against any Borrower or any guarantor or other party liable for all or
any part of the Obligations; (5) exercise or assert any other right or remedy to which any Lender is or may be entitled in connection with the Obligations or any security or guaranty relating thereto to assert; or (6) file any claim
against assets of one Borrower before or as a condition of enforcing the liability of any other Borrower under any Loan Document. 
 (ii)
Real Property Security Waivers. 
 (A) Each Borrower acknowledges that all or any portion of the Obligations may now or hereafter be
secured by a Lien or Liens upon real property evidenced by certain documents including, without limitation, deeds of trust and assignments of rents. Lenders may, pursuant to the terms of said real property security documents and applicable law,
foreclose under all or any portion of one or more of said Liens by means of judicial or nonjudicial sale or sales. Each Borrower agrees that Lenders may exercise whatever rights and remedies they may have with respect to said real property security,
all without affecting the liability of any Borrower hereunder, except to the extent Lenders realize payment by such action or proceeding. Except as provided under applicable law, no election to proceed in one form of action or against any party, or
on any obligation shall constitute a waiver of Lenders’ rights to proceed in any other form of action or against any Borrower or any other Person, or diminish the liability of any Borrower, or affect the right of Lenders to proceed against any
Borrower for any deficiency, except to the extent Lenders realize payment by such action, notwithstanding the effect of such action upon any Borrower’s rights of subrogation, reimbursement or indemnity, if any, against Borrower or any other
Person. 
 (B) To the extent permitted under applicable law, each Borrower hereby waives any rights and defenses that are or may become
available to such Borrower by reason of Sections 2787 to 2855, inclusive, of the California Civil Code. 

  
 72 








 (C) To the extent permitted under applicable law, each Borrower hereby waives all rights and
defenses that such Borrower may have because the Obligations are or may be secured by real property. This means, among other things: 
 (1)
Lenders may collect from any Borrower without first foreclosing on any real or personal property collateral pledged by any other Borrower; 

(2) If Lenders foreclose on any real property collateral pledged by any Borrower: 

i. The amount of the Loan may be reduced only by the price for which that collateral is sold at the foreclosure sale, even if the collateral
is worth more than the sale price; and 
 ii. Lenders may collect from each Borrower even if Lender, by foreclosing on the real property
collateral, has destroyed any right Borrower may have to collect from any other Borrower. 
 To the extent permitted under applicable law, this is an
unconditional and irrevocable waiver of any rights and defenses each Borrower may have because the Obligations hereunder are or may be secured by real property. These rights and defenses include, but are not limited to, any rights or defenses based
upon Section 580a, 580b, 580d or 726 of the California Code of Civil Procedure. 
 (D) To the extent permitted under applicable law,
each Borrower waives all rights and defenses arising out of an election of remedies by Lenders, even though that election of remedies, such as a nonjudicial foreclosure with respect to security for a guaranteed obligation, has destroyed such
Borrower’s rights of subrogation and reimbursement against the principal by the operation of Section 580d of the California Code of Civil Procedure or otherwise. 

(iii) Waiver of Marshaling. WITHOUT LIMITING THE FOREGOING IN ANY WAY, EACH BORROWER HEREBY IRREVOCABLY WAIVES AND RELEASES TO THE
EXTENT PERMITTED BY LAW ANY AND ALL RIGHTS IT MAY HAVE AT ANY TIME (WHETHER ARISING DIRECTLY OR INDIRECTLY, BY OPERATION OF LAW, CONTRACT OR OTHERWISE) TO REQUIRE THE MARSHALING OF ANY ASSETS OF ANY BORROWER, WHICH RIGHT OF MARSHALING MIGHT
OTHERWISE ARISE FROM ANY SUCH PAYMENTS MADE OR OBLIGATIONS PERFORMED. 
 SECTION 13 

GUARANTEE 
 13.01 The Guarantee. The
Subsidiary Guarantors hereby jointly and severally guarantee to the Lenders and their successors and assigns the prompt payment in full when due (whether at stated maturity, by acceleration or otherwise) of the principal of and interest on the Loans
and all fees and other amounts from time to time owing to the Lenders by any Borrower under this Agreement or under any other Loan Document and by any other Obligor under any of the Loan 

  
 73 








 
Documents, in each case strictly in accordance with the terms thereof (such obligations being herein collectively called the “Guaranteed Obligations”). The
Subsidiary Guarantors hereby further jointly and severally agree that if any Borrower shall fail to pay in full when due (whether at stated maturity, by acceleration or otherwise) any of the Guaranteed Obligations, the Subsidiary Guarantors will
promptly pay the same, without any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal of any of the Guaranteed Obligations, the same will be promptly paid in full when due (whether at extended maturity,
by acceleration or otherwise) in accordance with the terms of such extension or renewal. 
 13.02 Obligations Unconditional. The obligations of the
Subsidiary Guarantors under Section 13.01 are absolute and unconditional, joint and several, irrespective of the value, genuineness, validity, regularity or enforceability of the obligations of any Borrower under this Agreement or any
other agreement or instrument referred to herein, or any substitution, release or exchange of any other guarantee of or security for any of the Guaranteed Obligations, and, to the fullest extent permitted by applicable law, irrespective of any other
circumstance whatsoever that might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor, it being the intent of this Section 13.02 that the obligations of the Subsidiary Guarantors hereunder shall be
absolute and unconditional, joint and several, under any and all circumstances. Without limiting the generality of the foregoing, it is agreed that the occurrence of any one or more of the following shall not alter or impair the liability of the
Subsidiary Guarantors hereunder, which shall remain absolute and unconditional as described above: 
 (a) at any time or from time to time,
without notice to the Subsidiary Guarantors, the time for any performance of or compliance with any of the Guaranteed Obligations shall be extended, or such performance or compliance shall be waived; 

(b) any of the acts mentioned in any of the provisions of this Agreement or any other agreement or instrument referred to herein shall be done
or omitted; 
 (c) the maturity of any of the Guaranteed Obligations shall be accelerated, or any of the Guaranteed Obligations shall be
modified, supplemented or amended in any respect, or any right under this Agreement or any other agreement or instrument referred to herein shall be waived or any other guarantee of any of the Guaranteed Obligations or any security therefor shall be
released or exchanged in whole or in part or otherwise dealt with; or 
 (d) any lien or security interest granted to, or in favor of, the
Lenders as security for any of the Guaranteed Obligations shall fail to be perfected. 
 The Subsidiary Guarantors hereby expressly waive
diligence, presentment, demand of payment, protest and all notices whatsoever, and any requirement that the Lenders exhaust any right, power or remedy or proceed against any Borrower under this Agreement or any other agreement or instrument referred
to herein, or against any other Person under any other guarantee of, or security for, any of the Guaranteed Obligations. 
 13.03 Reinstatement. The
obligations of the Subsidiary Guarantors under this Section 13 shall be automatically reinstated if and to the extent that for any reason any payment by or on behalf of any Borrower in respect of the Guaranteed Obligations is rescinded
or must be otherwise 

  
 74 








 
restored by any holder of any of the Guaranteed Obligations, whether as a result of any proceedings in bankruptcy or reorganization or otherwise, and the Subsidiary Guarantors jointly and
severally agree that they will indemnify the Lenders on demand for all reasonable costs and expenses (including fees of counsel) incurred by the Lenders in connection with such rescission or restoration, including any such costs and expenses
incurred in defending against any claim alleging that such payment constituted a preference, fraudulent transfer or similar payment under any bankruptcy, insolvency or similar law. 

13.04 Subrogation. The Subsidiary Guarantors hereby jointly and severally agree that until the payment and satisfaction in full of all Guaranteed
Obligations (other than the Warrant Obligations) and the expiration and termination of the Commitment of the Lenders under this Agreement they shall not exercise any right or remedy arising by reason of any performance by them of their guarantee in
Section 13.01, whether by subrogation or otherwise, against any Borrower or any other guarantor of any of the Guaranteed Obligations or any security for any of the Guaranteed Obligations. 

13.05 Remedies. The Subsidiary Guarantors jointly and severally agree that, as between the Subsidiary Guarantors and the Lenders, the obligations of
each Borrower under this Agreement and under the other Loan Documents may be declared to be forthwith due and payable as provided in Section 11 (and shall be deemed to have become automatically due and payable in the circumstances
provided in Section 11) for purposes of Section 13.01 notwithstanding any stay, injunction or other prohibition preventing such declaration (or such obligations from becoming automatically due and payable) as against any
Borrower and that, in the event of such declaration (or such obligations being deemed to have become automatically due and payable), such obligations (whether or not due and payable by any Borrower) shall forthwith become due and payable by the
Subsidiary Guarantors for purposes of Section 13.01.  
 13.06 Instrument for the Payment of Money. Each Subsidiary Guarantor hereby
acknowledges that the guarantee in this Section 13 constitutes an instrument for the payment of money, and consents and agrees that the Lender, at its sole option, in the event of a dispute by such Subsidiary Guarantor in the payment of
any moneys due hereunder, shall have the right to proceed by motion for summary judgment in lieu of complaint pursuant to N.Y. Civ. Prac. L&R § 3213. 

13.07 Continuing Guarantee. The guarantee in this Section 13 is a continuing guarantee, and shall apply to all Guaranteed Obligations
whenever arising. 
 13.08 Rights of Contribution. The Subsidiary Guarantors hereby agree, as between themselves, that if any Subsidiary Guarantor
shall become an Excess Funding Guarantor (as defined below) by reason of the payment by such Subsidiary Guarantor of any Guaranteed Obligations, each other Subsidiary Guarantor shall, on demand of such Excess Funding Guarantor (but subject to the
next sentence), pay to such Excess Funding Guarantor an amount equal to such Subsidiary Guarantor’s Pro Rata Share (as defined below and determined, for this purpose, without reference to the properties, debts and liabilities of such Excess
Funding Guarantor) of the Excess Payment (as defined below) in respect of such Guaranteed Obligations. The payment obligation of a Subsidiary Guarantor to any Excess Funding Guarantor under this Section 13.08 shall be subordinate and
subject in right of payment to the prior payment in full of the obligations of such Subsidiary Guarantor under the other provisions of this Section 13 and such Excess Funding Guarantor shall not exercise any right or remedy with respect
to such excess until payment and satisfaction in full of all of such obligations. 

  
 75 








 For purposes of this Section 13.08, (i) “Excess Funding
Guarantor” means, in respect of any Guaranteed Obligations, a Subsidiary Guarantor that has paid an amount in excess of its Pro Rata Share of such Guaranteed Obligations, (ii) “Excess Payment”
means, in respect of any Guaranteed Obligations, the amount paid by an Excess Funding Guarantor in excess of its Pro Rata Share of such Guaranteed Obligations and (iii) “Pro Rata Share” means, for any
Subsidiary Guarantor, the ratio (expressed as a percentage) of (x) the amount by which the aggregate present fair saleable value of all properties of such Subsidiary Guarantor (excluding any shares of stock of any other Subsidiary Guarantor)
exceeds the amount of all the debts and liabilities of such Subsidiary Guarantor (including contingent, subordinated, unmatured and unliquidated liabilities, but excluding the obligations of such Subsidiary Guarantor hereunder and any obligations of
any other Subsidiary Guarantor that have been Guaranteed by such Subsidiary Guarantor) to (y) the amount by which the aggregate fair saleable value of all properties of all of the Subsidiary Guarantors exceeds the amount of all the debts and
liabilities (including contingent, subordinated, unmatured and unliquidated liabilities, but excluding the obligations of the Borrowers and the Subsidiary Guarantors hereunder and under the other Loan Documents) of all of the Subsidiary Guarantors,
determined (A) with respect to any Subsidiary Guarantor that is a party hereto on the Closing Date, as of the Closing Date, and (B) with respect to any other Subsidiary Guarantor, as of the date such Subsidiary Guarantor becomes a
Subsidiary Guarantor hereunder. 
 13.09 General Limitation on Guarantee Obligations. In any action or proceeding involving any provincial,
territorial or state corporate law, or any state or federal bankruptcy, insolvency, reorganization or other law affecting the rights of creditors generally, if the obligations of any Subsidiary Guarantor under Section 13.01 would
otherwise, taking into account the provisions of Section 13.08, be held or determined to be void, invalid or unenforceable, or subordinated to the claims of any other creditors, on account of the amount of its liability under
Section 13.01, then, notwithstanding any other provision hereof to the contrary, the amount of such liability shall, without any further action by such Subsidiary Guarantor, the Lenders or any other Person, be automatically limited and
reduced to the highest amount that is valid and enforceable and not subordinated to the claims of other creditors as determined in such action or proceeding. 

13.10 Additional Waivers. 
 (a) To the
extent permitted under applicable law, each Subsidiary Guarantor hereby waives any rights and defenses that are or may become available to Subsidiary Guarantor by reason of Sections 2787 to 2855, inclusive, of the California Civil Code. 

(b) To the extent permitted under applicable law, each Subsidiary Guarantor hereby waives all rights and defenses that Subsidiary Guarantor
may have because the Obligations are or may be secured by real property. This means, among other things: 
 (i) Lenders may collect from any
Subsidiary Guarantor without first foreclosing on any real or personal property collateral pledged by any Borrower; 

  
 76 








 (ii) If Lenders foreclose on any real property collateral pledged by any Borrower: 

(A) The amount of the Loan may be reduced only by the price for which that collateral is sold at the foreclosure sale, even if the collateral
is worth more than the sale price; and 
 (B) Lenders may collect from each Subsidiary Guarantor even if Lenders, by foreclosing on the
real property collateral, has destroyed any right such Subsidiary Guarantor may have to collect from any Borrower. 
 To the extent permitted under
applicable law, this is an unconditional and irrevocable waiver of any rights and defenses each Subsidiary Guarantor may have because the Obligations are or may be secured by real property. These rights and defenses include, but are not limited to,
any rights or defenses based upon Section 580a, 580b, 580d or 726 of the California Code of Civil Procedure. 
 (c) To the extent
permitted under applicable law, each Subsidiary Guarantor waives all rights and defenses arising out of an election of remedies by Lenders, even though that election of remedies, such as a nonjudicial foreclosure with respect to security for a
guaranteed obligation, has destroyed such Subsidiary Guarantor’s rights of subrogation and reimbursement against the principal by the operation of Section 580d of the California Code of Civil Procedure or otherwise. 

(d) To the extent permitted under applicable law, each Subsidiary Guarantor hereby waives any right or defense it may have at law or equity,
including California Code of Civil Procedure Section 580a, to a fair market value hearing or action to determine a deficiency judgment after a foreclosure. 

13.11 Timing of Initial Borrowing Date. The parties hereto agree that if the date of the initial Borrowing does not occur on or before
November 12, 2012 (or such later date as mutually agreed between the parties hereto), this Agreement and the other Loan Documents shall terminate without any further action by any Person as of such date, and as of such date, (i) all
Indebtedness and Obligations of the Obligors under this Agreement and the other Loan Documents shall terminate without any further action by any Person, other than those Obligations that are expressly specified in any Loan Document as surviving that
respective agreement’s termination, including those referred to in Section 12.06 hereto; (ii) Borrowers shall pay or reimburse to the Lenders in immediate funds such costs and expenses owed by the Borrowers to the Lenders in
accordance with Section 12.03(a); and (iii) all security interests and other Liens of every type at any time granted to or held by Lenders as security for the Indebtedness and Obligations of the Obligors under this Agreement and the
other Loan Documents shall terminate without any further action by any Person. The parties agree to take such necessary action promptly to effect the foregoing, including filing within 2 Business Days any termination statements of Uniform
Commercial Code financing statements and intellectual property security agreement releases with the United States Patent and Trademark Office and the United States Copyright Office, and promptly to take any other action necessary to cure any default
or event of default that has arisen under any documentation relating to the Pinnacle Debt in connection with the Transactions. 
 [Signature
Pages Follow] 

  
 77 








 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered as of the day and year first above written. 
  

					
	BORROWERS:
	
	TV2 HOLDING COMPANY
		
	By	 	 /s/ Michael Kramer

		 	Name:	 	Mike Kramer
		 	Title:	 	Chief Financial Officer
	
	Address for Notices:
	3910 Brickway Blvd, Santa Rosa, CA 95403
		
	Attn:	 	Mike Kramer, Chief Financial Officer
	Tel.:	 	707.543.8709
	Fax:	 	707.541.3909
	Email:	 	mkramer@trivascular.com
	
	TRIVASCULAR, INC.
		
	By	 	 /s/ Michael Kramer

		 	Name:	 	Mike Kramer
		 	Title:	 	Chief Financial Officer
	
	Address for Notices:
	3910 Brickway Blvd, Santa Rosa, CA 95403
		
	Attn:	 	Mike Kramer, Chief Financial Officer
	Tel.:	 	707.543.8709
	Fax:	 	707.541.3909
	Email:	 	mkramer@trivascular.com
		 		 	


 [Signature Page to Term Loan Agreement] 

  
 S-1 








 
							
	SUBSIDIARY GUARANTORS:
	
	TRIVASCULAR SALES LLC
		
	By	 	 /s/ Michael Kramer

		 	Name:	 	Mike Kramer
		 	Title:	 	Chief Financial Officer


  

							
	Address for Notices:
	 3910 Brickway Blvd, Santa Rosa, CA 95403

		
	Attn:	 	Mike Kramer, Chief Financial Officer
	Tel.:	 	707.543.8709
	Fax:	 	707.541.3909
	Email:	 	mkramer@trivascular.com



  
 [Signature Page to Term
Loan Agreement] 
 S-12 









									
	LENDERS:
	
	CAPITAL ROYALTY PARTNERS II L.P.
		 	By CAPITAL ROYALTY PARTNERS II GP L.P., its General Partner
		 		 	By CAPITAL ROYALTY PARTNERS II GP LLC, its General Partner
				
		 		 	By	 	 /s/ Charles W. Tate

		 		 		 	Name:	 	Charles Tate
		 		 		 	Title:	 	Sole Member
	
	Address for Notices:
	1000 Main Street, Suite 2500
	Houston, TX 77002
	Attn:	 	General Counsel
	Tel.:	 	713.209.7350
	Fax:	 	713.209.7351
	Email:	 	adorenbaum@capitalroyalty.com

  

											
	
	PARALLEL INVESTMENT OPPORTUNITIES PARTNERS II L.P.
		 		 	By PARALLEL INVESTMENT OPPORTUNITIES PARTNERS II GP L.P., its General Partner
		 		 		 	By PARALLEL INVESTMENT OPPORTUNITIES PARTNERS II GP LLC,its General Partner
					
		 		 		 	By	 	 /s/ Charles W. Tate

		 		 		 		 	Name:	 	Charles Tate
		 		 		 		 	Title:	 	Sole Member
	
	Address for Notices:
	1000 Main Street, Suite 2500
	Houston, TX 77002
	Attn:	 		 	General Counsel
	Tel.:	 		 	713.209.7350
	Fax:	 		 	713.209.7351
	Email:	 		 	adorenbaum@capitalroyalty.com


  
 [Signature Page to Term
Loan Agreement] 
 S-3 








 Exhibit A 

to Term Loan Agreement 
 FORM
OF GUARANTEE ASSUMPTION AGREEMENT 
 GUARANTEE ASSUMPTION AGREEMENT dated as of [DATE] by [NAME OF ADDITIONAL SUBSIDIARY GUARANTOR], a
            [corporation][limited liability company] (the “Additional Subsidiary Guarantor”), in favor of Capital Royalty Partners II L.P. and Parallel
Investment Opportunities Partners II L.P., as Lenders (the “Lenders”) under that certain Term Loan Agreement, dated as of October 12, 2012 (as amended, restated, supplemented or otherwise modified, renewed, refinanced or
replaced, the “Loan Agreement”), among TV2 Holding Company, a Delaware corporation (“Holdings”), TriVascular, Inc., a California corporation (“TriVascular” and,
together with Holdings, the “Borrowers”), the lenders party thereto and the Subsidiary Guarantors party thereto. 

Pursuant to Section 8.12(a) of the Loan Agreement, the Additional Subsidiary Guarantor hereby agrees to become a “Subsidiary
Guarantor” for all purposes of the Loan Agreement, and a “Grantor” for all purposes of the Security Agreement. Without limiting the foregoing, the Additional Subsidiary Guarantor hereby, jointly and severally with the other Subsidiary
Guarantors, guarantees to the Lenders and their successors and assigns the prompt payment in full when due (whether at stated maturity, by acceleration or otherwise) of all Guaranteed Obligations (as defined in Section 13.01 of the Loan
Agreement) in the same manner and to the same extent as is provided in Section 13 of the Loan Agreement. In addition, as of the date hereof, the Additional Subsidiary Guarantor hereby makes the representations and warranties set forth in
Sections 7.01, 7.02, 7.03, 7.05(a), 7.06, 7.07, 7.08 and 7.18 of the Loan Agreement, and in Section 2 of the Security Agreement, with respect to itself and its obligations under this Agreement and the other Loan
Documents, as if each reference in such Sections to the Loan Documents included reference to this Agreement, such representations and warranties to be made as of the date hereof. 

The Additional Subsidiary Guarantor hereby instructs its counsel to deliver the opinions referred to in Section 8.12(a) of the
Loan Agreement to the Lenders. 
 IN WITNESS WHEREOF, the Additional Subsidiary Guarantor has caused this Guarantee Assumption Agreement to
be duly executed and delivered as of the day and year first above written. 
  

					
	 [ADDITIONAL SUBSIDIARY GUARANTOR]

		
	By	 	  

		 	Name:	 	
		 	Title:	 	



  
 Exhibit A-1 








 Exhibit B 

to Term Loan Agreement 
 FORM
OF NOTICE OF BORROWING 
  

			
	Date :	 	[                    ]
		
	To:	 	Capital Royalty Partners II L.P. and the other Lenders
		 	1000 Main Street, Suite 2500
		 	Houston, TX 77002
		 	Attn: General Counsel
		
		 	Re: Borrowing under Term Loan Agreement
		
		 	Ladies and Gentlemen:

 The undersigned, TV2 Holding Company, a Delaware corporation (“Holdings”),
TriVascular, Inc., a California corporation (“TriVascular” and, together with Holdings, the “Borrowers”), refers to the Term Loan Agreement, dated as of October 12, 2012 (as the same may be
amended, restated, supplemented or otherwise modified from time to time, the “Loan Agreement”), among the Borrowers, Capital Royalty Partners II L.P. and Parallel Investment Opportunities Partners II L.P., and
other parties from time to time party thereto as lenders (“Lenders”), and the subsidiary guarantors from time to time party thereto. The terms defined in the Credit Agreement are herein used as therein defined. 

Borrower hereby gives you notice irrevocably, pursuant to Section 2.02 of the Loan Agreement, of the borrowing of the Loan
specified herein: 
 1. The proposed Borrowing Date is
[                    ]. 
 2. The amount
of the proposed Borrowing is $[        ]. 
 3. The payment instructions with respect to the funds to
be made available to the Borrowers are as follows: 
  

			
	Bank name: [                    ]
	Bank Address:[                    ]
	Routing Number:	  	[                    ]
	Account Number:	  	[                    ]
	Swift Code:	  	[                    ]

 The Borrowers hereby certify that the following statements are true on the date hereof, and will be true on
the date of the proposed borrowing of the Loan, before and after giving effect thereto and to the application of the proceeds therefrom: 

a) the representations and warranties made by the Borrowers in Section 7 of the Loan Agreement (except for the representation in
Section 7.04(b)) shall be true in all material 

  
 Exhibit B-1 








 
respects on and as of the Borrowing Date and immediately after giving effect to the application of the proceeds of the Borrowing with the same force and effect as if made on and as of such date
except that the representation regarding representations and warranties that refer to a specific earlier date shall be that they were true on such earlier date; 

b) on and as of the Borrowing Date, there shall have occurred no Material Adverse Change since
[        ]; and 
 c) no Default exists or would result from such proposed borrowing. 

IN WITNESS WHEREOF, the Borrowers have caused this Notice of Borrowing to be duly executed and delivered as of the day and year first above
written. 
  

					
	BORROWERS:
	
	TV2 HOLDING COMPANY
		
	By	 	  

		 	Name:	 	
		 	Title:	 	
	
	TRIVASCULAR, INC.
		
	By	 	  

		 	Name:	 	
		 	Title:	 	


  
 Exhibit B-2 








 Exhibit C-1 

to Term Loan Agreement 
 FORM
OF TERM LOAN NOTE 
  

			
	U.S. $[            ]	  	[DATE]

 FOR VALUE RECEIVED, each of the undersigned, TV2 Holding Company, a Delaware corporation
(“Holdings”), TriVascular, Inc., a California corporation (“TriVascular” and, together with Holdings, the “Borrowers”), hereby promises to pay to Capital Royalty Partners II
L.P. and Parallel Investment Opportunities Partners II L.P. or its assigns (the “Lender”) at the Lender’s principal office in [            ], in immediately
available funds, the aggregate principal sum set forth above, or, if less, the aggregate unpaid principal amount of all Loans made by the Lender pursuant to Section 2.01 of the Term Loan Agreement, dated as of October 12, 2012 (as
amended, restated, supplemented or otherwise modified, renewed, refinanced or replaced, the “Loan Agreement”), among the Borrowers, the Lender, the other lenders party thereto and the Subsidiary Guarantors party
thereto, on the date or dates specified in the Loan Agreement, together with interest on the principal amount of such Loans from time to time outstanding thereunder at the rates, and payable in the manner and on the dates, specified in the Loan
Agreement. 
 This Note is a Note issued pursuant to the terms of Section 2.04 of the Loan Agreement, and this Note and the
holder hereof are entitled to all the benefits and security provided for thereby or referred to therein, to which Loan Agreement reference is hereby made for a statement thereof. All defined terms used in this Note, except terms otherwise defined
herein, shall have the same meaning as in the Loan Agreement. 
 THIS NOTE AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION; PROVIDED THAT SECTION 5-1401 OF THE
NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY. 
 The Borrowers hereby waive demand, presentment, protest or notice of any kind hereunder,
other than notices provided for in the Loan Documents. The non-exercise by the holder hereof of any of its rights hereunder in any particular instance shall not constitute a waiver thereof in such particular or any subsequent instance. 

THIS NOTE MAY NOT BE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE TERMS OF THE LOAN AGREEMENT. 

 

					
	TV2 HOLDING COMPANY
		
	By	 	  

		 	Name:	 	
		 	Title:	 	



  
 Exhibit C-1-1 








 
					
	TRIVASCULAR, INC.
		
	By	 	  

		 	Name:	 	
		 	Title:	 	



  
 Exhibit C-1-2 








 Exhibit C-2 

to Term Loan Agreement 
 FORM
OF PIK LOAN NOTE 
  

			
	U.S. $[            ]	  	[DATE]

 FOR VALUE RECEIVED, each of the undersigned, TV2 Holding Company, a Delaware corporation
(“Holdings”), TriVascular, Inc., a California corporation (“TriVascular” and, together with Holdings, the “Borrowers”), hereby promises to pay to [Capital Royalty Partners II
L.P.] [Parallel Investment Opportunities II, LP] or its assigns (the “Lender”) at the Lender’s principal office in [            ], in immediately available
funds, the aggregate principal sum set forth above, or, if less, the aggregate unpaid principal amount of all PIK Loans made by the Lender pursuant to Section 3.02(d) of the Term Loan Agreement, dated as of October 12, 2012 (as
amended, restated, supplemented or otherwise modified, renewed, refinanced or replaced, the “Loan Agreement”), among the Borrowers, the Lender, the other lenders party thereto and the Subsidiary Guarantors party
thereto, on the date or dates specified in the Loan Agreement, together with interest on the principal amount of such PIK Loans from time to time outstanding thereunder at the rates, and payable in the manner and on the dates, specified in the Loan
Agreement. 
 This Note is a Note issued pursuant to the terms of Section 3.02(d) of the Loan Agreement, and this Note and the
holder hereof are entitled to all the benefits and security provided for thereby or referred to therein, to which Loan Agreement reference is hereby made for a statement thereof. All defined terms used in this Note, except terms otherwise defined
herein, shall have the same meaning as in the Loan Agreement. 
 THIS NOTE AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION; PROVIDED THAT SECTION 5-1401 OF THE
NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY. 
 The Borrowers hereby waive demand, presentment, protest or notice of any kind hereunder,
other than notices provided for in the Loan Documents. The non-exercise by the holder hereof of any of its rights hereunder in any particular instance shall not constitute a waiver thereof in such particular or any subsequent instance. 

THIS NOTE MAY NOT BE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE TERMS OF THE LOAN AGREEMENT. 

 

					
	TV2 HOLDING COMPANY
		
	By	 	  

		 	Name:	 	
		 	Title:	 	



  
 Exhibit C-2-1 








 
					
	TRIVASCULAR, INC.
		
	By	 	  

		 	Name:	 	
		 	Title:	 	



  
 Exhibit C-2-2 








 Exhibit D 

to Term Loan Agreement 
 FORM
OF U.S. TAX COMPLIANCE CERTIFICATE 
 Reference is made to the Term Loan Agreement, dated as of October 12, 2012 (as the same may be
amended, restated, supplemented or otherwise modified from time to time, the “Loan Agreement”), among TV2 Holding Company, a Delaware corporation (“Holdings”), TriVascular, Inc. , a
California corporation (“TriVascular” and, together with Holdings, the “Borrowers”), Capital Royalty Partners II L.P. and Parallel Investment Opportunities Partners II L.P., and other parties from time
to time party thereto as lenders (“Lenders”), and the subsidiary guarantors from time to time party thereto.
[                    ] (the “Foreign Lender”) is providing this certificate pursuant to
Section 5.05(e)(ii)(B) of the Loan Agreement. The Foreign Lender hereby represents and warrants that: 
 1. The Foreign Lender
is the sole record owner of the Loans as well as any obligations evidenced by any Note(s) in respect of which it is providing this certificate; 

2. The Foreign Lender’s direct or indirect partners/members are the sole beneficial owners of the Loans as well as any obligations
evidenced by any Note(s) in respect of which it is providing this certificate; 
 3. Neither the Foreign Lender nor its direct or indirect
partners/members is a “bank” for purposes of Section 881(c)(3)(A) of the Internal Revenue Code of 1986, as amended (the “Code”). In this regard, the Foreign Lender further represents and warrants that: 

(a) neither the Foreign Lender nor its direct or indirect partners/members is subject to regulatory or other legal requirements as a bank in
any jurisdiction; and 
 (b) neither the Foreign Lender nor its direct or indirect partners/members has been treated as a bank for purposes
of any tax, securities law or other filing or submission made to any Governmental Authority, any application made to a rating agency or qualification for any exemption from tax, securities law or other legal requirements; 

3. Neither the Foreign Lender nor its direct or indirect partners/members is a 10-percent shareholder of any Borrower within the meaning of
Section 881(c)(3)(B) of the Code; and 
 4. Neither the Foreign Lender nor its direct or indirect partners/members is a controlled
foreign corporation receiving interest from a related person within the meaning of Section 881(c)(3)(C) of the Code. 
 [Signature
follows] 

  
 Exhibit D-1 








 IN WITNESS WHEREOF, the undersigned has caused this certificate to be duly executed and delivered
as of the date indicated below. 
  

					
	[NAME OF NON-U.S. LENDER]
		
	By	 	  

		 	Name:	 	
		 	Title:	 	
		
	Date:	 	  



  
 Exhibit D-2 








 Exhibit E 

to Term Loan Agreement 
 FORM
OF COMPLIANCE CERTIFICATE 
 [DATE] 

This certificate is delivered pursuant to Section 8.01(c) of, and in connection with the consummation of the transactions
contemplated in, the Term Loan Agreement, dated as of October 12, 2012 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Loan Agreement”), among TV2 Holding
Company, a Delaware corporation (“Holdings”), TriVascular, Inc. , a California corporation (“TriVascular” and, together with Holdings, the “Borrowers”), Capital Royalty Partners
II L.P. and Parallel Investment Opportunities Partners II L.P., and other parties from time to time party thereto as lenders (“Lenders”), and the subsidiary guarantors from time to time party thereto. Capitalized terms used
herein and not otherwise defined herein are used herein as defined in the Loan Agreement. 
 The undersigned, a duly authorized Responsible
Officer of each Borrower having the name and title set forth below under his signature, hereby certifies, on behalf of the Borrowers for the benefit of the Lenders and pursuant to Section 8.01(c) of the Loan Agreement that such
Responsible Officer of the Borrowers is familiar with the Loan Agreement and that, in accordance with each of the following sections of the Loan Agreement, each of the following is true on the date hereof, both before and after giving effect to any
Loan to be made on or before the date hereof: 
 In accordance with Section 8.01[(a)/(b)] of the Loan Agreement, attached hereto
as Annex A are the financial statements for the [fiscal quarter/fiscal year] ended [            ] required to be delivered pursuant to Section 8.01[(a)/(b)] of the Loan
Agreement. Such financial statements fairly present in all material respects the consolidated financial position, results of operations and cash flow of Borrowers and their Subsidiaries as at the dates indicated therein and for the periods indicated
therein in accordance with GAAP [(subject to the absence of footnote disclosure and normal year-end audit adjustments)]1 [without qualification as to the scope of the audit (except with respect to
a going concern qualification, if applicable).] 2 
 Attached hereto as Annex B
are the calculations used to determine compliance with each financial covenant contained in Section 10 of the Loan Agreement. 

No Default is continuing as of the date hereof[, except as provided for on Annex C attached hereto, with respect to each of which
Borrower proposes to take the actions set forth on Annex C]. 
 IN WITNESS WHEREOF, the undersigned has executed this certificate on
the date first written above. 
  

	1 	Insert language in brackets only for quarterly certifications. 


	2 	Insert language in brackets only for annual certifications. 


  
 Exhibit E-1 








 
					
	TV2 HOLDING COMPANY
		
	By	 	  

		 	Name:	 	
		 	Title:	 	
	
	TRIVASCULAR, INC.
		
	By	 	  

		 	Name:	 	
		 	Title:	 	



  
 Exhibit E-2 








 Annex A to Compliance Certificate 

FINANCIAL STATEMENTS 
 [see
attached] 

  
 Exhibit E-3 








 Annex B to Compliance Certificate 

CALCULATIONS OF FINANCIAL COVENANT COMPLIANCE 
  

					
	I.	  	Section 10.01(a): Minimum Revenue—On or Before April 30, 2014	  	
	 A.
	  	Revenue received during a twelve consecutive month period	  	$            
		  	between the date of the Agreement and April 30, 2014:	  	
		  	Test Period: [Date] to [Date]	  	
		  	Is line IA equal to or greater than $20,000,000?:	  	Yes: In compliance; No:
		  		  	Not in compliance
	II.	  	Section 10.01(b): Minimum Revenue—Subsequent Periods	  	
	 A.
	  	Revenue received during twelve consecutive month period	  	$            
		  	beginning on May 1, 2014:	  	
		  	Test Period: May 1, 2014 to April 30, 2015	  	
		  	Is line II.A equal to or greater than $45,000,000?	  	Yes: In compliance; No:
		  		  	Not in compliance
	 B.
	  	Revenue received during twelve consecutive month period	  	$            
		  	beginning on May 1, 2015:	  	
		  	Test Period: May 1, 2015 to April 30, 2016	  	
		  	Is line II.B equal to or greater than $70,000,000?	  	Yes: In compliance; No:
		  		  	Not in compliance
	 C.
	  	Revenue received during twelve consecutive month period	  	$            
		  	beginning on May 1, 2016:	  	
		  	Test Period: May 1, 2016 to April 30, 2017	  	
		  	Is line II.C equal to or greater than $95,000,000?	  	Yes: In compliance; No:
		  		  	Not in compliance
	 D.
	  	Revenue received during twelve consecutive month period	  	$            
		  	beginning on May 1, 2017:	  	
		  	Test Period: May 1, 2017 to April 30, 2018	  	
		  	Is line II.D equal to or greater than $95,000,000?	  	Yes: In compliance; No:
		  		  	Not in compliance
	 E.
	  	Revenue received during twelve consecutive month period	  	$            
		  	beginning on May 1, 2018:	  	
		  	Test Period: May 1, 2018 to April 30, 2019	  	
		  	Is line II.E equal to or greater than $95,000,000?	  	Yes: In compliance; No:
		  		  	Not in compliance


  
 Exhibit E-4 








 Exhibit F 

to Term Loan Agreement 

OPINION REQUEST 
 The opinion of
legal counsel to the Borrower and each other Obligor should address the following matters (capitalized terms used but not defined herein have the meanings given to them in the Agreement):3 

 

	 	1.	Power and Authority (Section 7.01) (including issuance of the Warrants) 

  

	 	2.	Due Organization/Good Standing (Section 7.01) 

  

	 	3.	Due Authorization (Section 7.02) 

  

	 	4.	Due Execution & Delivery (Section 7.02)4 

  

	 	5.	Enforceability (Section 7.02) 

  

	 	6.	No Consents/Conflicts (Section 7.03) 

  

	 	7.	Investment Company (Section 7.10(a))5 

  

	 	8.	Board Regulations T, U & X (Section 7.10(b)) 

  

	 	9.	Legal, Valid and Enforceable Security Interest (Section 7.18) 

  

	 	10.	Perfection of Security Interest (UCC and US IP filings) (Section 7.18) 

  

	 	11.	Choice of Law (Sections 12.09 and 12.10) 

  

	 	12.	Securities Filings relating to the Warrants (Form D/California Section 25102(f) filing) 

  

	 	13.	Due Authorization and Valid Issuance of Common Stock upon Conversion of Warrants 

  

	3 	The section numbers relate to those sections that are relevant to the particular opinion. 


	4 	Opinions 1 to 4 shall exclude TriVascular Sales LLC. 


	5 	Subject to due diligence by Borrowers’ counsel. 


  
 Exhibit F-1 








 Exhibit G 

to Term Loan Agreement 
 FORM
OF LANDLORD CONSENT 

  
 Exhibit G-1 








 Exhibit H 

to Term Loan Agreement 
 FORM
OF LEASEHOLD DEED OF TRUST 

  
 Exhibit H-1