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Defender, Inc. 8-K/A


Exhibit 10.04


 


LOAN AND
SECURITY AGREEMENT


 


THIS LOAN AND SECURITY AGREEMENT is made and
dated as of June 11, 2014 and is entered into by and between CORINDUS, INC., a Delaware corporation, and each of its Domestic Subsidiaries
signatory hereto or hereinafter a party hereto by joinder (hereinafter collectively referred to as the “Borrower”),
and STEWARD CAPITAL HOLDINGS, LP, a Delaware limited partnership, and its successors and assigns (together with its successors
and assigns, hereinafter referred to as “Lender”)


 


RECITALS


 


A.          Borrower has requested Lender to make
available to Borrower a loan in an aggregate principal amount of up to Ten Million Dollars ($10,000,000.00) (the “Loan”);
and


 


B.          Lender is willing to make the Loan on
the terms and conditions set forth in this Agreement.


 


AGREEMENT


 


NOW, THEREFORE, Borrower and Lender agree as
follows:


 


SECTION
1. DEFINITIONS AND RULES OF CONSTRUCTION


 


1.1         Unless otherwise defined herein, the
following capitalized terms shall have the following meanings:


 


“Account Control Agreement”
means any agreement entered into by and among the Lender, Borrower and a third party Bank or other institution (including a Securities
Intermediary) in which Borrower maintains a Deposit Account or an account holding Investment Property and which grants Lender a
perfected first priority security interest in the subject account or accounts.


 


“ACH Authorization” means
the ACH Debit Authorization Agreement in substantially the form of Exhibit H.


 


“Advance” means either a
Tranche A or Tranche B advance under Section 2.1 below.


 


“Advance Date” means the
funding date of any Advance.


 


“Advance Request” means a
request for an Advance submitted by Borrower to Lender in substantially the form of Exhibit A.


 


“Agreement” means this Loan
and Security Agreement, as amended, modified, supplemented or restated from time to time.


 


“Amortization Date” means
July 1, 2015.


 


“Assignee” has the meaning
given to it in Section 10.13.


 




    	 



    	 



    

  


“Borrower Products” means
all products, software, service offerings, technical data or technology currently being designed, manufactured or sold by Borrower
or which Borrower intends to sell, license, or distribute in the future including any products or service offerings under development,
collectively, together with all products, software, service offerings, technical data or technology that have been sold, licensed
or distributed by Borrower since its incorporation.


 


“Business Day” means any
day other than Saturday, Sunday and any other day on which banking institutions in the State of Missouri are closed for business.


 


“Cash” means all cash, marketable
securities, and other liquid funds (including, without limitation, those Permitted Investments set forth in clauses (ii)(a)-(d)
of the definition thereof).


 


“Change in Control” means
any (i) reorganization, recapitalization, consolidation or merger (or similar transaction or series of related transactions) of
Borrower or any Subsidiary, sale or exchange of outstanding shares (or similar transaction or series of related transactions) of
Borrower or any Subsidiary in which the holders of Borrower or Subsidiary’s outstanding shares immediately before consummation
of such transaction or series of related transactions (or their controlled affiliates) do not, immediately after consummation of
such transaction or series of related transactions, retain shares representing more than fifty percent (50%) of the voting power
of the surviving entity of such transaction or series of related transactions (or the parent of such surviving entity if such surviving
entity is wholly owned by such parent), in each case without regard to whether Borrower or Subsidiary is the surviving entity,
or (ii) sale or issuance by Borrower of new shares of Preferred Stock of Borrower to investors, none of whom are current investors
in Borrower, and such new shares of Preferred Stock are senior to all existing Preferred Stock and common stock with respect to
liquidation preferences, and the aggregate liquidation preference of the new shares of Preferred Stock is more than fifty percent
(50%) of the aggregate liquidation preference of all shares of Preferred Stock and common stock of Borrower; provided, however,
an Initial Public Offering shall not constitute a Change in Control.


 


“Claims” has the meaning
given to it in Section 10.10.


 


“Closing Date” means the
date of this Agreement.


 


“Code” means the Internal
Revenue Code of 1986, and the regulations thereunder, in each case as amended from time to time.


 


“Collateral” has the meaning
given to it in Section 3.


 


“Commitment Fee” means $25,000,
which fee is due to Lender on or prior to the Closing Date, and shall be deemed fully earned on such date regardless of the early
termination of this Agreement.


 


“Confidential Information”
has the meaning given to it in Section 10.12.


 






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“Contingent
Obligation” means, as applied to any Person, any direct or indirect liability, contingent or otherwise, of that
Person with respect to (i) any Indebtedness, lease, dividend, letter of credit or other obligation of another, including any
such obligation directly or indirectly guaranteed, endorsed, co-made or discounted or sold with recourse by that Person, or
in respect of which that Person is otherwise directly or indirectly liable; (ii) any obligations with respect to undrawn
letters of credit, corporate credit cards or merchant services issued for the account of that Person; and (iii) all
obligations arising under any interest rate, currency or commodity swap agreement, interest rate cap agreement, interest rate
collar agreement, or other agreement or arrangement designated to protect a Person against fluctuation in interest rates,
currency exchange rates or commodity prices; provided, however, that the term “Contingent Obligation” shall not
include endorsements for collection or deposit in the ordinary course of business. The amount of any Contingent Obligation
shall be computed at the amount that meets the criteria for accrual under Statement of Financial Accounting Standard No.
5.


 


“Copyright License” means
any written agreement granting any right to use any Copyright or Copyright registration, now owned or hereafter acquired by Borrower
or in which Borrower now holds or hereafter acquires any interest.


 


“Copyrights” means all
copyrights, whether registered or unregistered, held pursuant to the laws of the United States, any State thereof, or of any other
country.


 


“Default” means any event
or occurrence that, with the giving of notice or the lapse of time or both, would constitute an Event of Default.


 


“Deposit Accounts” means
any “deposit accounts,” as such term is defined in the UCC, and includes any checking account, savings account, or
certificate of deposit.


 


“Domestic Subsidiary” means
any Subsidiary that is not a Foreign Subsidiary.


 


“End of Term Charge” has
the meaning given to it in Section 2.3.


 


“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended, and the regulations promulgated thereunder.


 


“Excluded Taxes”
means any of the following taxes imposed on or with respect to Lender or required to be withheld or deducted from a payment to
Lender, (a) taxes imposed on or measured by net income (however denominated), franchise taxes, and branch profits taxes, in each
case, (i) imposed as a result of Lender 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 (or any political subdivision thereof) or
(ii) that are Other Connection Taxes, (b) in the case of Lender, U.S. federal withholding taxes imposed on amounts payable to or
for the account of such Lender with respect to an applicable interest in a Loan or Term Commitment (or otherwise pursuant to any
Loan Document) pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or commitment
hereunder or becomes a party to this Agreement or (ii) Lender changes its lending office, except in each case of (i) and (ii) above,
to the extent that amounts with respect to such taxes were payable either to Lender’s assignor immediately before Lender
became a party hereto or to Lender immediately before it changed its lending office, (c) taxes attributable to Lender’s failure
to comply with Section 6.4, and (d) any U.S. federal withholding taxes imposed under FATCA.


 


“Event of Default” has the
meaning given to it in Section 8.


 




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“Facility Charge” means $100,000,
representing one percent (1%) of the Maximum Loan Amount. $50,000 being payable upon funding of the Tranche A Advance and $50,000
being payable upon funding of the Tranche B Advance.


 


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


 


“Financial Statements” has
the meaning given to it in Section 7.1.


 


“Foreign Subsidiary” means
any Subsidiary other than a Subsidiary organized under the laws of any state within the United States.


 


“GAAP” means generally accepted
accounting principles in the United States of America, as in effect from time to time.


 


“Guaranty” means a Guaranty
of the Secured Obligations in a form reasonably acceptable to Lender.


 


“Indebtedness” means indebtedness
of any kind, including (a) all indebtedness for borrowed money or the deferred purchase price of property or services (excluding
trade credit entered into in the ordinary course of business that are not more than sixty (60) days past due), including reimbursement
and other obligations with respect to surety bonds and letters of credit, (b) all obligations evidenced by notes, bonds, debentures
or similar instruments, (c) all capital lease obligations, and (d) all Contingent Obligations.


 


“Initial Public Offering”
means the initial firm commitment underwritten offering of Borrower’s common stock pursuant to a registration statement under
the Securities Act of 1933 filed with and declared effective by the Securities and Exchange Commission.


 


“Insolvency Proceeding” is
any proceeding by or against any Person under the United States Bankruptcy Code, or any other bankruptcy or insolvency law, including
assignments for the benefit of creditors, compositions, extensions generally with its creditors, or proceedings seeking reorganization,
arrangement, or other similar relief.


 


“Intellectual Property” means
all of Borrower’s Copyrights; Trademarks; Patents; Licenses; trade secrets and inventions; mask works; Borrower’s applications
therefor and reissues, extensions, or renewals thereof; and Borrower’s goodwill associated with any of the foregoing, together
with Borrower’s rights to sue for past, present and future infringement of Intellectual Property and the goodwill associated
therewith.


 


“Interest Only Extension Conditions”
shall mean satisfaction of each of the following events: (a) no Default or Event of Default shall have occurred; (b) Borrower shall
have closed the New Financing; and (c) Borrower shall have drawn an Advance under Tranche B.


 




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“Investment” means any beneficial
ownership (including stock, partnership or limited liability company interests) of or in any Person, or any loan, advance or capital
contribution to any Person or the acquisition of all, or substantially all, of the assets of another Person.


 


“IP Security Agreement” means
an Intellectual Property Security Agreement by Borrower in favor of Lender granting a security interest in its Intellectual Property,
to be filed with the appropriate office in order to perfect Lender’s interest in such Collateral.


 


“Joinder Agreements” means
for each Subsidiary other than a Foreign Subsidiary, a completed and executed Joinder Agreement in substantially the form attached
hereto as Exhibit G.


 


“Lender” has the meaning
given to it in the preamble to this Agreement.


 


“License” means any Copyright
License, Patent License, Trademark License or other license of rights or interests.


 


“Lien” means any mortgage,
deed of trust, pledge, hypothecation, assignment for security, security interest, encumbrance, levy, lien or charge of any kind,
whether voluntarily incurred or arising by operation of law or otherwise, against any property, any conditional sale or other title
retention agreement, and any lease in the nature of a security interest.


 


“Loan” has the meaning given
such term in the Recitals.


 


“Loan Documents” means this
Agreement, the Note, the ACH Authorization, the Account Control Agreements, the IP Security Agreement, the Joinder Agreements (if
any), the Warrant, any Guaranty, and any other documents executed in connection with the Secured Obligations or the transactions
contemplated hereby, as the same may from time to time be amended, modified, supplemented or restated.


 


“Material Adverse Effect”
means a material adverse effect upon: (i) the business, operations, properties, assets or financial condition of Borrower
and its Subsidiaries taken as a whole; or (ii) the ability of Borrower to perform the Secured Obligations in accordance with
the terms of the Loan Documents, or the ability of Lender to enforce any of its material rights or remedies with respect to the
Secured Obligations; or (iii) any material portion of the Collateral or Lender’s Liens on such Collateral or the priority
of such Liens.


 


“Maturity Date” means October
1, 2017.


 


“Maximum Loan Amount” means
Ten Million and No/100 Dollars ($10,000,000).


 


“Maximum Rate” shall have
the meaning assigned to such term in Section 2.1.


 


“New Financing” Borrower’s
closing of a reverse merger or other private equity or convertible preferred subordinated debt financing that raises at least $10,000,000
on terms reasonably acceptable to Lender.


 




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“Note” means a Secured Term
Promissory Note made by Borrower in favor of Lender in the form attached hereto as Exhibit B.


 


“Other Connection Taxes”
means, with respect to Lender, taxes imposed as a result of a present or former connection between Lender and the jurisdiction
imposing such tax (other than connections arising from Lender having executed, delivered, become a party to, performed its obligations
under, received payments under, received or perfected a Lien 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).


 


“Patent License” means any
written agreement granting any right with respect to any invention on which a Patent is in existence or a Patent application is
pending, in which agreement Borrower now holds or hereafter acquires any interest.


 


“Patents” means all letters
patent of, or rights corresponding thereto, in the United States or in any other country, all registrations and recordings thereof,
and all applications for letters patent of, or rights corresponding thereto, in the United States or any other country.


 


“Permitted Indebtedness”
means: (i) Indebtedness of Borrower in favor of Lender arising under this Agreement or any other Loan Document; (ii) Indebtedness
existing on the Closing Date which is disclosed in Schedule 1A; (iii) Indebtedness of up to $250,000 outstanding at any time secured
by a Lien described in clause (vii) of the defined term “Permitted Liens,” provided such Indebtedness does not exceed
the lesser of the cost or fair market value of the Equipment financed with such Indebtedness; (iv) Indebtedness to trade creditors
incurred in the ordinary course of business, including Indebtedness incurred in the ordinary course of business with corporate
credit cards; (v) Indebtedness that also constitutes a Permitted Investment; (vi) Subordinated Indebtedness; (vii) reimbursement
obligations in connection with letters of credit that are secured by cash or cash equivalents and issued on behalf of the Borrower
or a Subsidiary thereof in an amount not to exceed $200,000 at any time outstanding, (viii) other Indebtedness in an amount not
to exceed $100,000 at any time outstanding, and (ix) extensions, refinancings and renewals of any items of Permitted Indebtedness,
provided that the principal amount is not increased or the terms modified to impose materially more burdensome terms upon Borrower
or its Subsidiary, as the case may be.


 






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“Permitted Investment”
means: (i) Investments existing on the Closing Date which are disclosed in Schedule 1B; (ii) (a) marketable direct
obligations issued or unconditionally guaranteed by the United States of America or any agency or any State thereof maturing
within one year from the date of acquisition thereof, (b) commercial paper maturing no more than one year from the date of
creation thereof and currently having a rating of at least A-2 or P-2 from either Standard & Poor’s Corporation or
Moody’s Investors Service, (c) certificates of deposit issued by any bank with assets of at least $500,000,000 maturing
no more than one year from the date of investment therein, and (d) money market accounts; (iii) repurchases of stock from
former employees, directors, or consultants of Borrower under the terms of applicable repurchase agreements at the original
issuance price of such securities in an aggregate amount not to exceed $250,000 in any fiscal year, provided that no Event of
Default has occurred, is continuing or would exist after giving effect to the repurchases; (iv) Investments accepted in
connection with Permitted Transfers; (v) Investments (including debt obligations) received in connection with the bankruptcy
or reorganization of customers or suppliers and in settlement of delinquent obligations of, and other disputes with,
customers or suppliers arising in the ordinary course of Borrower’s business; (vi) Investments consisting of notes
receivable of, or prepaid royalties and other credit extensions, to customers and suppliers who are not affiliates, in the
ordinary course of business, provided that this subparagraph (vi) shall not apply to Investments of Borrower in any
Subsidiary; (vii) Investments consisting of loans not involving the net transfer on a substantially contemporaneous basis of
cash proceeds to employees, officers or directors relating to the purchase of capital stock of Borrower pursuant to
employee stock purchase plans or other similar agreements approved by Borrower’s Board of Directors; (viii) Investments
consisting of travel advances in the ordinary course of business; (ix) Investments in Domestic Subsidiaries, provided that
each such Domestic Subsidiary enters into (or has previously entered into) a Joinder Agreement promptly after its formation
by Borrower and execute such other documents as shall be reasonably requested by Lender, and Investments by Domestic
Subsidiaries in Borrower; (x) Investments in Foreign Subsidiaries approved in advance in writing by Lender; (xi) joint
ventures or strategic alliances in the ordinary course of Borrower’s business consisting of the nonexclusive licensing
of technology, the development of technology or the providing of technical support, provided that any cash Investments by
Borrower do not exceed $100,000 in the aggregate in any fiscal year; (xii) Investments consisting of loans to employees to
pay taxes incurred in connection with the conversion of the Borrower to an entity organized of the laws of Delaware in an
amount that do not exceed $145,000 in the aggregate; and (xiii) additional Investments that do not exceed $250,000 in the
aggregate.


 


“Permitted Liens”
means any and all of the following: (i) Liens in favor of Lender; (ii) Liens existing on the Closing Date which are disclosed
in Schedule 1C; (iii) Liens for taxes, fees, assessments or other governmental charges or levies, either not delinquent
or being contested in good faith by appropriate proceedings; provided, that Borrower maintains adequate reserves therefor in
accordance with GAAP; (iv) Liens securing claims or demands of materialmen, artisans, mechanics, carriers, warehousemen,
landlords and other like Persons arising in the ordinary course of Borrower’s business and imposed without action of
such parties; provided, that the payment thereof is not yet required; (v) Liens arising from judgments, decrees or
attachments in circumstances which do not constitute an Event of Default hereunder; (vi) the following deposits, to the
extent made in the ordinary course of business: deposits under worker’s compensation, unemployment insurance, social
security and other similar laws, or to secure the performance of bids, tenders or contracts (other than for the repayment of
borrowed money) or to secure indemnity, performance or other similar bonds for the performance of bids, tenders or contracts
(other than for the repayment of borrowed money) or to secure statutory obligations (other than Liens arising under ERISA or
environmental Liens) or surety or appeal bonds, or to secure indemnity, performance or other similar bonds; (vii) Liens on
Equipment or software or other intellectual property constituting purchase money Liens and Liens in connection with capital
leases securing Indebtedness permitted in clause (iii) of “Permitted Indebtedness”; (viii) Liens incurred in
connection with Subordinated Indebtedness; (ix) leasehold interests in leases or subleases and licenses granted in the
ordinary course of business and not interfering in any material respect with the business of the licensor; (x) Liens in favor
of customs and revenue authorities arising as a matter of law to secure payment of custom duties that are promptly paid on or
before the date they become due; (xi) Liens on insurance proceeds securing the payment of financed insurance premiums that
are promptly paid on or before the date they become due (provided that such Liens extend only to such insurance proceeds and
not to any other property or assets); (xii) statutory and common law rights of set-off and other similar rights as to
deposits of cash and securities in favor of banks, other depository institutions and brokerage firms; (xiii) easements,
zoning restrictions, rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course
of business so long as they do not materially impair the value or marketability of the related property; (xiv) Liens on cash
or cash equivalents securing obligations permitted under clause (vii) of the definition of Permitted Indebtedness; (xv)
additional Liens that do not exceed $100,000 in the aggregate; and (xvi) Liens incurred in connection with the extension,
renewal or refinancing of the Indebtedness secured by Liens of the type described in clauses (i) through (xi) above;
provided, that any extension, renewal or replacement Lien shall be limited to the property encumbered by the existing Lien
and the principal amount of the Indebtedness being extended, renewed or refinanced (as may have been reduced by any payment
thereon) does not increase.


 






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“Permitted Transfers” means
(i) sales of Inventory in the ordinary course of business, (ii) non-exclusive licenses and similar arrangements for the use of
Intellectual Property in the ordinary course of business and licenses that could not result in a legal transfer of title of the
licensed property but that may be exclusive in respects other than territory and that may be exclusive as to territory only as
to discreet geographical areas outside of the United States in the ordinary course of business, or (iii) dispositions of worn-out,
obsolete or surplus property at fair market value in the ordinary course of business, (iv) transactions permitted by Section
7.9 and (v) other Transfers of assets having a fair market value of not more than $500,000 in the aggregate in any fiscal year.


 


“Person” means any individual,
sole proprietorship, partnership, joint venture, trust, unincorporated organization, association, corporation, limited liability
company, institution, other entity or government.


 


“Preferred Stock” means at
any given time any equity security issued by Borrower that has any rights, preferences or privileges senior to Borrower’s
common stock.


 


“Prime Rate” means the Wall
Street Journal (National Edition) Prime Rate.


 


“Secured Obligations” means
Borrower’s obligations under this Agreement and any Loan Document, including any obligation to pay any amount now owing or
later arising.


 


“Subordinated Indebtedness”
means Indebtedness subordinated to the Secured Obligations in amounts and on terms and conditions satisfactory to Lender in its
reasonable discretion.


 


“Subsequent Financing” means
the closing of any Borrower institutional private equity or convertible preferred financing which becomes effective after the Closing
Date (other than the New Financing) and results in aggregate proceeds to Borrower of at least $10,000,000.


 


“Subsidiary” means an entity,
whether corporate, partnership, limited liability company, joint venture or otherwise, in which Borrower owns or controls 50% or
more of the outstanding voting securities, including each entity listed on Schedule 1 hereto.


 




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“Trademark License” means
any written agreement granting any right to use any Trademark or Trademark registration, now owned or hereafter acquired by Borrower
or in which Borrower now holds or hereafter acquires any interest.


 


“Trademarks” means all trademarks
(registered, common law or otherwise) and any applications in connection therewith, including registrations, recordings and applications
in the United States Patent and Trademark Office or in any similar office or agency of the United States, any State thereof or
any other country or any political subdivision thereof.


 


“Tranche A Loan Interest Rate”
means for any day a per annum rate of interest equal to the greater of (a) 11.25% or (b) 11.25% plus the Prime Rate, less 3.25%.


 


“Tranche B Loan Interest Rate”
means for any day a per annum rate of interest equal to the greater of (a) 9.95% or (b) 9.95% plus the Prime Rate, less 3.25%.


 


“UCC” means the Uniform Commercial
Code as the same is, from time to time, in effect in the State of Missouri; provided, that in the event that, by reason of mandatory
provisions of law, any or all of the attachment, perfection or priority of, or remedies with respect to, Lender’s Lien on
any Collateral is governed by the Uniform Commercial Code as the same is, from time to time, in effect in a jurisdiction other
than the State of Missouri, then the term “UCC” shall mean the Uniform Commercial Code as in effect, from time to time,
in such other jurisdiction solely for purposes of the provisions thereof relating to such attachment, perfection, priority or remedies
and for purposes of definitions related to such provisions.


 


“Warrant” means any warrant
entered into in connection with the Loan, as may be amended, restated or modified from time to time.1


 


Unless otherwise specified, all references in
this Agreement or any Annex or Schedule hereto to a “Section,” “subsection,” “Exhibit,” “Annex,”
or “Schedule” shall refer to the corresponding Section, subsection, Exhibit, Annex, or Schedule in or to this Agreement.
Unless otherwise specifically provided herein, any accounting term used in this Agreement or the other Loan Documents shall have
the meaning customarily given such term in accordance with GAAP, and all financial computations hereunder shall be computed in
accordance with GAAP, consistently applied. Unless otherwise defined herein or in the other Loan Documents, terms that are used
herein or in the other Loan Documents and defined in the UCC shall have the meanings given to them in the UCC. Notwithstanding
anything contained herein to the contrary, any lease properly classified as an operating lease when entered into shall continue
to constitute an operating lease during the term of this Agreement regardless of any reclassification thereof as a capital lease
due to a change in treatment under GAAP.


 










 



1 Warrant to be issued in proportion to loan
amount (i.e., Warrant representing 5% issued with Tranche A and 5% issued with Tranche B)


 



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SECTION
2. THE LOAN


 


2.1         Loan.


 


(a)         Advances. Subject to the terms
and conditions of this Agreement, Lender will make an Advance of $5,000,000 (“Tranche A”) on the Closing Date.
Provided no Event of Default shall have occurred and is continuing, beginning on the date Borrower closes the New Financing and
continuing until December 31, 2014, Borrower may request an additional Advance of $5,000,000 (“Tranche B”).


 


(b)         Advance Request. To obtain
an Advance, Borrower shall complete, sign and deliver an Advance Request (at least five (5) Business Days before the Advance Date)
to Lender; provided that the Advance Request related to Tranche A on the Closing Date may be delivered on the Advance Date related
thereto. Lender shall fund the Advance in the manner requested by the Advance Request provided that each of the conditions precedent
to such Advance is satisfied as of the requested Advance Date.


 


(c)         Interest. (i) The principal
balance of the Tranche A Advance shall bear interest thereon from such Advance Date at the Tranche A Loan Interest Rate based on
a year consisting of 360 days, with interest computed daily based on the actual number of days elapsed; and the principal balance
of the Tranche B Advances shall bear interest thereon from each applicable Advance Date at the Tranche B Loan Interest Rate based
on a year consisting of 360 days, with interest computed daily based on the actual number of days elapsed. The Tranche A Loan Interest
Rate and the Tranche B Loan Interest Rate will float and change on the day the Prime Rate changes from time to time.


 


(d)         Payment. Borrower will pay
interest on the outstanding principal balance of the Loan on the first day of each month, beginning July 1, 2014. Borrower shall
repay the aggregate Loan principal balance that is outstanding on the day immediately preceding the Amortization Date, in 27 equal
monthly installments of principal and interest (mortgage style) beginning on the Amortization Date and continuing on the first
Business Day of each month thereafter until the Secured Obligations are repaid. The entire Loan principal balance and all accrued
but unpaid interest hereunder, shall be due and payable on Maturity Date. Borrower shall make all payments under this Agreement
without setoff, recoupment or deduction and regardless of any counterclaim or defense. Lender will initiate debit entries to the
Borrower’s account as authorized on the ACH Authorization on each payment date of all periodic obligations payable to Lender
under each Term Advance.


 


(e)         Maximum
Interest. Notwithstanding any provision in this Agreement or any other Loan Document, it is the parties’ intent not to
contract for, charge or receive interest at a rate that is greater than the maximum rate permissible by law that a court of
competent jurisdiction shall deem applicable hereto (which under the laws of the State of Missouri shall be deemed to be the
laws relating to permissible rates of interest on commercial loans) (the “Maximum Rate”). If a court of
competent jurisdiction shall finally determine that Borrower has actually paid to Lender an amount of interest in excess of
the amount that would have been payable if all of the Secured Obligations had at all times borne interest at the Maximum
Rate, then such excess interest actually paid by Borrower shall be applied as follows: first, to the payment of the Secured
Obligations consisting of the outstanding principal; second, after all principal is repaid, to the payment of Lender’s
accrued interest, costs, expenses, professional fees and any other Secured Obligations; and third, after all Secured
Obligations are repaid, the excess (if any) shall be refunded to Borrower.


 






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(f)         Default Interest. In the event
any payment is not paid on the scheduled payment date, an amount equal to two percent (2%) of the past due amount shall be payable
on demand. In addition, upon the occurrence and during the continuation of an Event of Default hereunder, all Secured Obligations,
including principal, interest, and compounded interest shall bear interest at a rate per annum equal to the rate set forth in Section
2.1(c), plus two percent (2%) per annum. In the event any interest is not paid when due hereunder, delinquent interest shall
be added to principal and shall bear interest on interest, compounded at the rate set forth in Section 2.1(c) or Section 2.3,
as applicable.


 


2.2         Prepayment. Borrower may prepay
all, but not less than all, of the outstanding Advances by paying the entire principal balance and all accrued and unpaid interest
thereon subject to a prepayment fee to Lender. In the event, Borrower prepays the outstanding amount of all principal and accrued
and unpaid interest within the first twelve (12) months from the date of this Agreement, the prepayment fee due to Lender shall
be three percent (3%). In the event Borrower prepays the outstanding amount of all principal and accrued and unpaid interest after
the twelve (12) month period, the prepayment fee due to Lender shall be one percent (1%). Borrower shall prepay the outstanding
amount of all principal and accrued and unpaid interest through the prepayment date upon the occurrence of a Change of Control.
Notwithstanding anything contained in the foregoing to the contrary, no prepayment fee shall be payable to Lender to the extent
Lender acts as agent, arranges or participates as a lender in any refinancing facility that repays the Secured Obligations.


 


2.3         End of Term Charge. On the earliest
to occur of (i) the Maturity Date, (ii) the date that Borrower prepays the outstanding Secured Obligations, or (iii) the date that
the Secured Obligations become due and payable, Borrower shall pay Lender a charge of $250,000 representing two and one-half percent
(2.5%) of the Maximum Loan Amount (the “End of Term Charge”). Notwithstanding the required payment date of such
charge, it shall be deemed earned by Lender as of the Closing Date.


 


2.4         Note. The Loan shall be evidenced
by the Note.


 


SECTION
3. SECURITY INTEREST


 


3.1         Grant of Security Interest. The
Borrower hereby pledges and grants to the Lender, and hereby creates a continuing first priority Lien and security interest (subject
to any Permitted Liens) in favor of the Lender in and to all of its right, title and interest in and to the following, wherever
located, whether now existing or hereafter from time to time arising or acquired (collectively, the “Collateral”):


 


(a)         all
Fixtures and personal property of every kind and nature including all Accounts (including Health-Care-Insurance
Receivables), Goods (including Inventory and Equipment), Documents (including, if applicable, Electronic Documents),
Instruments, Promissory Notes, Chattel Paper (whether Tangible or Electronic), Letters of Credit, Letter-Of-Credit Rights
(whether or not the Letter Of Credit is evidenced by a writing), Securities and all other Investment Property, Commercial
Tort Claims, General Intangibles (including all Payment Intangibles), Money, Deposit Accounts, and any other Contract Rights
or rights to the payment of Money; and


 






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(b)         all Proceeds and products of
each of the foregoing, all books and records relating to the foregoing, all supporting obligations related thereto, and all accessions
to, substitutions and replacements for, and rents, profits and products of, each of the foregoing, and any and all Proceeds of
any insurance, indemnity, warranty or guaranty payable to the Borrower from time to time with respect to any of the foregoing.


 


3.2         Notwithstanding the foregoing, Collateral
shall exclude (a) any property of Borrower as to which Lender has determined in its sole discretion that the collateral value is
insufficient to justify the difficulty, time and/or expense of obtaining a perfected security interest therein, (b) any lease,
license, contract or agreement to which Borrower is a party, and any of its rights or interests thereunder, if and to the extent
that a security interest therein is prohibited by or in violation of (x) any applicable law, or (y) a term, provision or condition
of any such lease, license, contract or agreement (unless in each case, such applicable law, term, provision or condition would
be rendered ineffective with respect to the creation of such security interest pursuant to Sections 9-406, 9-407, 9-408 or 9-409
of the UCC of any relevant jurisdiction or any other applicable law or principles of equity), provided, however,
that the foregoing shall cease to be treated as excluded collateral (and shall constitute Collateral) immediately at such time
as the contractual or legal prohibition shall no longer be applicable and to the extent severable, such security interest shall
attach immediately to any portion of such lease, license, contract or agreement not subject to the prohibitions specified in (x)
or (y) above, (c) any “intent to use” trademark applications for which a statement of use has not been filed (but only
until such statement is filed), and (d) more than 65% of the presently existing and hereafter arising issued and outstanding shares
of capital stock owned by Borrower of any Foreign Subsidiary which shares entitle the holder thereof to vote for directors or any
other matter; provided, further that excluded Collateral shall not include any proceeds of any excluded property
or any goodwill of Borrower’s business associated therewith or attributable thereto.


 


SECTION
4. CONDITIONS PRECEDENT TO LOAN


 


The obligations of Lender to make the Loan hereunder
are subject to the satisfaction by Borrower of the following conditions:


 


4.1         Initial Advance. On or prior to
the Closing Date, Borrower shall have delivered to Lender the following:


 


(a)         executed originals of the Loan
Documents, Account Control Agreements, and all other documents and instruments reasonably required by Lender to effectuate the
transactions contemplated hereby or to create and perfect the Liens of Lender with respect to all Collateral, in all cases in form
and substance reasonably acceptable to Lender;


 




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(b)         certified copy of resolutions
of Borrower’s board of directors evidencing approval of (i) the Loan and other transactions evidenced by the Loan Documents;
and (ii) the Warrant and transactions evidenced thereby;


 


(c)         certified copies of the Certificate
of Incorporation and the Bylaws, as amended through the Closing Date, of Borrower;


 


(d)         a certificate of good standing
for Borrower from its state of incorporation and similar certificates from all other jurisdictions in which it does business and
where the failure to be qualified would have a Material Adverse Effect;


 


(e)         payment of the Facility Charge
and reimbursement of Lender’s and Lender’s current reasonable and documented out of pocket expenses reimbursable pursuant
to this Agreement, which amounts may be deducted from the initial Advance; and


 


(f)         such other documents as Lender
may reasonably request.


 


4.2         All Advances. On each Advance
Date:


 


(a)         Lender shall have received
an Advance Request for the relevant Advance as required by 2.2(b), each duly executed by Borrower’s Chief Executive Officer
or Chief Financial Officer.


 


(b)         The representations and warranties
set forth in this Agreement and in Section 5 shall be true and correct in all material respects on and as of the Advance
Date with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly
relate to an earlier date.


 


(c)          At the time of and immediately
after such Advance, no Default or Event of Default shall have occurred and be continuing.


 


(d)         Each Advance Request shall
be deemed to constitute a representation and warranty by Borrower on the relevant Advance Date as to the matters specified in paragraphs (b)
and (c) of this Section 4.2 and as to the matters set forth in the Advance Request.


 


4.3         No Material Adverse Effect. As
of the Closing Date and each Advance Date, no event that has had a Material Adverse Effect has occurred and is continuing, as determined
by Lender in its sole discretion.


 


SECTION
5. REPRESENTATIONS AND WARRANTIES OF BORROWER


 


Each Borrower represents and warrants that:


 






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5.1         Corporate
Status. Each Borrower is a corporation duly organized, legally existing and in good standing under the laws of the State
of Delaware, and is duly qualified as a foreign corporation in all jurisdictions in which the nature of its business or
location of its properties require such qualifications and where the failure to be qualified could reasonably be expected to
have a Material Adverse Effect. Each Borrower’s present name, former names (if any), locations, place of formation, tax
identification number, organizational identification number and other information are correctly set forth in Exhibit C, as
may be updated by Borrower in a written notice (including any Compliance Certificate) provided to Lender after the Closing
Date.


 


5.2         Collateral. Borrower owns the
Collateral, free of all Liens, except for Permitted Liens. Borrower has the power and authority to grant to Lender a Lien in the
Collateral as security for the Secured Obligations .


 


5.3         Consents. Borrower’s execution,
delivery and performance of this Agreement and all other Loan Documents, and Borrower’s execution of the Warrant, (i) have
been duly authorized by all necessary corporate action of Borrower, (ii) will not result in the creation or imposition of
any Lien upon the Collateral, other than Permitted Liens, (iii) do not violate any provisions of Borrower’s Certificate or
Articles of Incorporation (as applicable), bylaws, or any, law, regulation, order, injunction, judgment, decree or writ to which
Borrower is subject and (iv) except as described on Schedule 5.3, do not violate any contract or agreement or require the
consent or approval of any other Person which has not already been obtained. The individual or individuals executing the Loan Documents
and the Warrant are duly authorized to do so.


 


5.4         Material Adverse Effect. No event
that has had or could reasonably be expected to have a Material Adverse Effect has occurred and is continuing. Borrower is not
aware of any event likely to occur that is reasonably expected to result in a Material Adverse Effect.


 


5.5         Actions Before Governmental Authorities.
Except as described on Schedule 5.5, there are no actions, suits or proceedings at law or in equity or by or before any governmental
authority now pending or, to the knowledge of Borrower, threatened against or affecting Borrower or its property that is reasonably
expected to have a Material Adverse Effect.


 


5.6         Laws. Borrower is not in violation
of any law, rule or regulation, or in default with respect to any judgment, writ, injunction or decree of any governmental authority,
where such violation or default is reasonably expected to result in a Material Adverse Effect. Borrower is not in default in any
manner under any provision of any agreement or instrument evidencing Indebtedness, or any other material agreement to which it
is a party or by which it is bound.


 


5.7         Information
Correct and Current. No information, report, Advance Request, financial statement, exhibit or schedule furnished, by or
on behalf of Borrower to Lender in connection with any Loan Document or included therein or delivered pursuant thereto
contained, contains or will contain (taken as a whole) any material misstatement of fact or omitted, omits or will omit to
state any material fact necessary to make the statements therein, in the light of the circumstances under which they were,
are or will be made, not misleading at the time such statement was made or deemed made. Additionally, any and all financial
or business projections provided by Borrower to Lender, whether prior to or after the Closing Date, shall be (i) provided in
good faith and based on the most current data and information available to Borrower, and (ii) the most current of such
projections provided to Borrower’s Board of Directors.


 






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5.8         Tax Matters. Except as described
on Schedule 5.8, (a) Borrower has filed all federal and state income and other material tax returns that it is required to file,
(b) Borrower has duly paid or fully reserved for all taxes or installments thereof (including any interest or penalties) as and
when due, which have or may become due pursuant to such returns, and (c) Borrower has paid or fully reserved for any tax assessment
received by Borrower for the three (3) years preceding the Closing Date, if any (including any taxes being contested in good faith
and by appropriate proceedings).


 


5.9         Intellectual Property Claims.
Borrower is the sole owner of, or otherwise has the right to use, the Intellectual Property material and necessary in the operation
or conduct of Borrower’s business as currently conducted. Except as described on Schedule 5.9, (i) each of the material Copyrights,
Trademarks and Patents is valid and enforceable, (ii) no material part of the Intellectual Property has been judged invalid or
unenforceable, in whole or in part, and (iii) no claim has been made to Borrower that any material part of the Intellectual Property
violates the rights of any third party. Exhibit D is a true, correct and complete list of each of Borrower’s Patents,
registered Trademarks, registered Copyrights, and material agreements under which Borrower licenses Intellectual Property from
third parties (other than shrink-wrap software licenses), together with application or registration numbers, as applicable, owned
by Borrower or any Subsidiary, in each case as of the Closing Date. Borrower is not in material breach of, nor has Borrower failed
to perform any material obligations under, any of the foregoing contracts, licenses or agreements and, to Borrower’s knowledge,
no third party to any such contract, license or agreement is in material breach thereof or has failed to perform any material obligations
thereunder.


 


5.10        Intellectual Property. Except
as described on Schedule 5.10, Borrower has, or in the case of any proposed business, will have, all material rights with respect
to Intellectual Property material and necessary in the operation or conduct of Borrower’s business as currently conducted.
Without limiting the generality of the foregoing, and in the case of Licenses, except for restrictions that are unenforceable under
Division 9 of the UCC, Borrower has the right, to the extent required to operate Borrower’s business, to freely transfer,
license or assign such Intellectual Property without condition, restriction or payment of any kind (other than license payments
in the ordinary course of business) to any third party, and Borrower owns or has the right to use, pursuant to valid licenses,
all software development tools, library functions, compilers and all other third-party software and other items that are used in
the design, development, promotion, sale, license, manufacture, import, export, use or distribution of Borrower Products.


 






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5.11        Borrower
Products. Except as described on Schedule 5.11, no Intellectual Property owned by Borrower or Borrower Product, in each
case, material and necessary in the operation or conduct of the Borrower’s business as currently conducted has been or
is subject to any actual or, to the knowledge of Borrower, threatened litigation, proceeding (including any proceeding in the
United States Patent and Trademark Office or any corresponding foreign office or agency) or outstanding decree, order,
judgment, settlement agreement or stipulation that restricts in any manner Borrower’s use, transfer or licensing
thereof or that may affect the validity, use or enforceability thereof. There is no decree, order, judgment, agreement,
stipulation, arbitral award or other provision entered into in connection with any litigation or proceeding that obligates
Borrower to grant licenses or ownership interest in any such Intellectual Property related to the material and necessary in
the operation or conduct of the business of Borrower or Borrower Products. Borrower has not received any written notice or
claim, or, to the knowledge of Borrower, oral notice or claim, challenging or questioning Borrower’s ownership in any
such Intellectual Property (or written notice of any claim challenging or questioning the ownership in any such licensed
Intellectual Property of the owner thereof) or suggesting that any third party has any claim of legal or beneficial ownership
with respect thereto nor, to Borrower’s knowledge, is there a reasonable basis for any such claim. To the knowledge of
Borrower, neither Borrower’s use of its Intellectual Property material and necessary to the operation and conduct of
its Business nor the production and sale of any material Borrower Products infringes the Intellectual Property or other
rights of others.


 


5.12        Financial Accounts. Exhibit E,
as may be updated by the Borrower in a written notice provided to Lender after the Closing Date, is a true, correct and complete
list of (a) all banks and other financial institutions at which Borrower or any Subsidiary maintains Deposit Accounts and
(b) all institutions at which Borrower or any Subsidiary maintains an account holding Investment Property, and such exhibit correctly
identifies the name, address and telephone number of each bank or other institution, the name in which the account is held, a description
of the purpose of the account, and the complete account number therefor.


 


5.13        Employee Loans. Except for Permitted
Investments, Borrower has no outstanding loans to any employee, officer or director of the Borrower nor has Borrower guaranteed
the payment of any loan made to an employee, officer or director of the Borrower by a third party.


 


5.14        Capitalization and Subsidiaries.
Borrower’s capitalization as of the Closing Date is set forth on Schedule 5.14 annexed hereto. Borrower does not own any
stock, partnership interest or other securities of any Person, except for Permitted Investments. Attached as Schedule 5.14, as
may be updated by Borrower in a written notice provided after the Closing Date, is a true, correct and complete list of each Subsidiary.


 


SECTION
6. INSURANCE; INDEMNIFICATION


 


6.1         Coverage. Borrower shall cause
to be carried and maintained commercial general liability insurance, on an occurrence form, against risks customarily insured against
in Borrower’s line of business. Such risks shall include the risks of bodily injury, including death, property damage, personal
injury, advertising injury, and contractual liability per the terms of the indemnification agreement found in Section 6.3.
Borrower must maintain a minimum of $2,000,000 of commercial general liability insurance for each occurrence. Borrower has and
agrees to maintain a minimum of $2,000,000 of directors’ and officers’ insurance for each occurrence and $5,000,000
in the aggregate. So long as there are any Secured Obligations outstanding, Borrower shall also cause to be carried and maintained
insurance upon the Collateral, insuring against all risks of physical loss or damage howsoever caused, in an amount not less than
the full replacement cost of the Collateral, provided that such insurance may be subject to standard exceptions and deductibles.


 




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6.2         Certificates. Borrower shall deliver
to Lender certificates of insurance that evidence Borrower’s compliance with its insurance obligations in Section 6.1
and the obligations contained in this Section 6.2. Borrower’s insurance certificate shall state Lender is an
additional insured for commercial general liability, a loss payee for all risk property damage insurance, subject to the insurer’s
approval, and a loss payee for property insurance and additional insured for liability insurance for any future insurance that
Borrower may acquire from such insurer. Attached to the certificates of insurance will be additional insured endorsements for liability
and lender’s loss payable endorsements for all risk property damage insurance. All certificates of insurance will provide
for a minimum of thirty (30) days advance written notice to Lender of cancellation or any other change adverse to Lender’s
interests. Any failure of Lender to scrutinize such insurance certificates for compliance is not a waiver of any of Lender’s
rights, all of which are reserved.


 


6.3         Indemnity. Borrower agrees to
indemnify and hold Lender and their officers, directors, employees, agents, in-house attorneys, representatives and shareholders
(each, an “Indemnified Person”) harmless from and against any and all claims, costs, expenses, damages and liabilities
(including such claims, costs, expenses, damages and liabilities based on liability in tort, including strict liability in tort),
including reasonable attorneys’ fees and disbursements and other costs of investigation or defense (including those incurred
upon any appeal) (collectively, “Liabilities”), that may be instituted or asserted against or incurred by such Indemnified
Person as the result of credit having been extended, suspended or terminated under this Agreement and the other Loan Documents
or the administration of such credit, or in connection with or arising out of the transactions contemplated hereunder and thereunder,
or any actions or failures to act in connection therewith, or arising out of the disposition or utilization of the Collateral,
excluding in all cases Liabilities to the extent resulting solely from any Indemnified Person’s gross negligence, bad faith
or willful misconduct. Borrower agrees to pay, and to save Lender harmless from, any and all liabilities with respect to, or resulting
from any delay in paying, any and all excise, sales or other similar taxes that may be payable or determined to be payable with
respect to any of the Collateral or this Agreement. In no event shall any Indemnified Person be liable on any theory of liability
for any special, indirect, consequential or punitive damages (including any loss of profits, business or anticipated savings).


 


6.4         Lender Tax Certificates. Lender
shall deliver to Borrower, on or prior to the Closing Date (and from time to time thereafter upon the reasonable request of Borrower),
duly completed, valid, and executed originals of IRS Form W-9 (or any successor form) certifying that Lender, as applicable, is
exempt from U.S. federal backup withholding tax.


 


SECTION
7. COVENANTS OF BORROWER


 


Each Borrower agrees as follows:


 


7.1         Financial Reports. Borrower shall
furnish to Lender the financial statements and reports listed hereinafter (clauses (a)-(c) being referred to as, the “Financial
Statements”):


 






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(a)         within
45 days after the end of each month, unaudited interim and year-to-date financial statements as of the end of such month
(prepared on a consolidated basis), including balance sheet and related statements of income and cash flows, all certified by
Borrower’s Chief Executive Officer or Chief Financial Officer to the effect that they have been prepared in accordance
with GAAP, except (i) for the absence of footnotes, (ii) that they are subject to normal year-end adjustments, and (iii) they
do not contain certain non-cash items that are customarily included in quarterly and annual financial statements;


 


(b)         within 45 days after the end
of each of the first three calendar quarters of each fiscal year of Borrower, unaudited interim and year-to-date financial statements
as of the end of such calendar quarter (prepared on a consolidated basis), including balance sheet and related statements of income
and cash flows, certified by Borrower’s Chief Executive Officer or Chief Financial Officer to the effect that they have been
prepared in accordance with GAAP, except (i) for the absence of footnotes, and (ii) that they are subject to normal year-end adjustments;
as well as the most recent capitalization table for Borrower, including the weighted average exercise price of employee stock options;


 


(c)         within one hundred twenty (120)
days after the end of each fiscal year (June 30, 2014 with respect to the fiscal year ended December 31, 2013), unqualified audited
financial statements as of the end of such year (prepared on a consolidated basis), including balance sheet and related statements
of income and cash flows, and setting forth in comparative form the corresponding figures for the preceding fiscal year, certified
by Ernst & Young LLP or such other firm of independent certified public accountants selected by Borrower and reasonably acceptable
to Lender, accompanied by any management report from such accountants; provided that with respect to the audited financial statements
for the fiscal year ending December 31, 2013, Lender acknowledge that such financial statements shall be permitted to contain a
going concern qualification due to the previously disclosed cash position of the Borrower;


 


(d)          within 45 days after the end
of each month, a Compliance Certificate in the form of Exhibit F;


 


(e)          together with the delivery
of the monthly financial statements delivered under clause (a) above, a report showing agings of accounts receivable and accounts
payable;


 


(f)         promptly after the sending
or filing thereof, as the case may be, copies of any proxy statements, financial statements or reports that Borrower has made available
to holders of its Preferred Stock generally and copies of any regular, periodic and special reports or registration statements
that Borrower files with the Securities and Exchange Commission or any governmental authority that may be substituted therefore,
or any national securities exchange;


 


(g)         financial and business projections
promptly following their approval by Borrower’s Board of Directors; and


 


(h)         such other financial information
reasonably requested by Lender.


 




    	- 18 -



    	 



    

  


			Borrower shall not (without the consent of Lender, such consent not to be unreasonably withheld or delayed), make any change
in its (a) accounting policies or reporting practices, except as required by GAAP or (b) fiscal years or fiscal quarters. The fiscal
year of Borrower shall end on December 31.



 


			The executed Compliance Certificate may be sent via facsimile to Lender at (417) 931-9998. All Financial Statements required
to be delivered pursuant to clauses (a), (b) and (c) shall be sent via e-mail to djohns@agfinancial.org provided, that
if e-mail is not available or sending such Financial Statements via e-mail is not possible, they shall be sent via facsimile to
Lender at: (471) 931-9998.



 


7.2         Management Rights. Borrower shall
permit any representative that Lender authorizes, including its attorneys and accountants (but in no event shall any representative
be an employee or an agent of a competitor of Borrower), to inspect the Collateral and examine and make copies and abstracts of
the books of account and records of Borrower at reasonable times and upon reasonable notice during normal business hours. The Lenders
shall, collectively, be limited to two (2) such inspections and audit per calendar year so long as no Event of Default exists,
and thereafter without limit, which shall each be at Borrower’s expense, in an amount not to exceed the reasonable and customary
amounts for audits and inspections administered or conducted pursuant to this Section 7.2. In addition, any such representative
shall have the right to meet with management and officers of Borrower to discuss such books of account and records. In addition,
Lender shall be entitled at reasonable times and intervals to consult with and advise the management and officers of Borrower concerning
significant business issues affecting Borrower. Such consultations shall not unreasonably interfere with Borrower’s business
operations. The parties intend that the rights granted Lender shall constitute “management rights” within the meaning
of 29 C.F.R Section 2510.3-101(d)(3)(ii), but that any advice, recommendations or participation by Lender with respect to any business
issues shall not be deemed to give Lender, nor be deemed an exercise by Lender of, control over Borrower’s management or
policies.


 


7.3         Further Assurances. Borrower shall
from time to time execute, deliver and file, alone or with Lender, any financing statements, security agreements, collateral assignments,
notices, control agreements, or other documents to perfect or give the highest priority to Lender’s Lien (subject to Permitted
Liens) on the Collateral. Borrower shall from time to time procure any instruments or documents as may be requested by Lender,
and take all further action that may be necessary or desirable, or that Lender may reasonably request, to perfect and protect the
Liens granted hereby and thereby. In addition, and for such purposes only, Borrower hereby authorizes Lender to execute and deliver
on behalf of Borrower and to file such financing statements, collateral assignments, notices, control agreements, security agreements
and other documents without the signature of Borrower either in Lender’s name or in the name of Lender as agent and attorney-in-fact
for Borrower. Borrower shall protect and defend Borrower’s title to the Collateral and Lender’s Lien thereon against
all Persons claiming any interest adverse to Borrower or Lender other than Permitted Liens.


 


7.4         Indebtedness.
Borrower shall not create, incur, assume, guarantee or be or remain liable with respect to any Indebtedness, or permit any
Subsidiary so to do, other than Permitted Indebtedness, or prepay any Indebtedness or take any actions which impose on
Borrower an obligation to prepay any Indebtedness, except for (i) the conversion of Indebtedness into equity securities and
the payment of cash in lieu of fractional shares in connection with such conversion and (ii) unsecured Indebtedness
constituting indemnification obligations of Borrower arising under Borrower’s charter documents.


 




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7.5         Collateral. Borrower shall at
all times keep the Collateral and all other property and assets used in Borrower’s business or in which Borrower now or hereafter
holds any interest free and clear from any legal process or Liens whatsoever (except for Permitted Liens), and shall give Lender
prompt written notice of any legal process affecting the Collateral, such other property and assets, or any Liens thereon, provided
however, that the Collateral and such other property and assets may be subject to Permitted Liens except that there shall be no
Liens whatsoever on Intellectual Property material and necessary to the Borrower’s operations or conduct of its business
as currently conducted. Borrower shall cause its Subsidiaries to protect and defend such Subsidiary’s title to its assets
from and against all Persons claiming any interest adverse to such Subsidiary, and Borrower shall cause its Subsidiaries at all
times to keep such Subsidiary’s property and assets free and clear from any legal process or Liens whatsoever (except for
Permitted Liens, provided however, that there shall be no Liens whatsoever on Intellectual Property material and necessary to the
Borrower’s operations or conduct of its business as currently conducted), and shall give Lender prompt written notice of
any legal process affecting such Subsidiary’s assets. Borrower shall not agree with any Person other than Lender not to encumber
its property other than with respect to Permitted Liens.


 


7.6         Investments. Borrower shall not
directly or indirectly acquire or own, or make any Investment in or to any Person, or permit any of its Subsidiaries so to do,
other than Permitted Investments.


 


7.7         Distributions. Except for Permitted
Investments, Borrower shall not, and shall not allow any Subsidiary to, (a) repurchase or redeem any class of stock or other equity
interest other than pursuant to employee, director or consultant repurchase plans or other similar agreements, provided, however,
in each case the repurchase or redemption price does not exceed the original consideration paid for such stock or equity interest,
or (b) declare or pay any cash dividend or make a cash distribution on any class of stock or other equity interest, except that
a Subsidiary may pay dividends or make distributions to Borrower, or (c) lend money to any employees, officers or directors or
guarantee the payment of any such loans granted by a third party in excess of $100,000 in the aggregate or (d) waive, release or
forgive any Indebtedness owed by any employees, officers or directors in excess of $100,000 in the aggregate.


 


7.8         Transfers. Except for Permitted
Transfers, Borrower shall not voluntarily or involuntarily transfer, sell, lease, license, lend or in any other manner convey any
equitable, beneficial or legal interest in any material portion of its assets.


 


7.9         Mergers or Acquisitions. Except
with respect to the New Financing, Borrower shall not merge or consolidate, or permit any of its Subsidiaries to merge or consolidate,
with or into any other business organization (other than mergers or consolidations of (a) a Subsidiary which is not a Borrower
into another Subsidiary or into Borrower or (b) a Borrower into another Borrower), or acquire, or permit any of its Subsidiaries
to acquire, all or substantially all of the capital stock or property of another Person.


 




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7.10        Taxes. Except for Excluded Taxes,
Borrower and its Subsidiaries shall pay when due all taxes, fees or other charges of any nature whatsoever (together with any related
interest or penalties) now or hereafter imposed or assessed against Borrower, Lender or the Collateral or upon Borrower’s
ownership, possession, use, operation or disposition thereof or upon Borrower’s rents, receipts or earnings arising therefrom.
Borrower shall file on or before the due date therefor all personal property tax returns in respect of the Collateral. Notwithstanding
the foregoing, Borrower may contest, in good faith and by appropriate proceedings, taxes for which Borrower maintains adequate
reserves therefor in accordance with GAAP.


 


7.11        Corporate Changes. Neither Borrower
nor any Subsidiary shall change its corporate name, legal form or jurisdiction of formation without ten (10) days’ prior
written notice to Lender. Neither Borrower nor any Subsidiary shall suffer a Change in Control. Neither Borrower nor any Subsidiary
shall relocate its chief executive office or its principal place of business unless: (i) it has provided prior written notice to
Lender; and (ii) such relocation shall be within the continental United States. Neither Borrower nor any Subsidiary shall relocate
any item of Collateral (other than (x) sales of Inventory in the ordinary course of business, (y) relocations of Equipment having
an aggregate value of up to $150,000 in any fiscal year, and (z) relocations of Collateral from a location described on Exhibit
C to another location described on Exhibit C) unless (i) it has provided prompt written notice to Lender, (ii) such relocation
is within the continental United States and, (iii) if such relocation is to a third party bailee, it has delivered a bailee agreement
in form and substance reasonably acceptable to Lender.


 


7.12        Deposit Accounts. Neither Borrower
nor any Subsidiary shall maintain any Deposit Accounts, or accounts holding Investment Property, except with respect to which Lender
has an Account Control Agreement or as shown on Schedule 7.12.


 


7.13        New Subsidiaries. Borrower shall
notify Lender of each Subsidiary formed subsequent to the Closing Date and, within 15 days of formation, shall cause any such Domestic
Subsidiary to execute and deliver to Lender a Joinder Agreement.


 


7.14        Notification of Event of Default.
Borrower shall notify Lender within five (5) Business Days of the occurrence of any Event of Default, such notice to be sent via
facsimile to Lender.


 


SECTION
8. EVENTS OF DEFAULT


 


The occurrence of any one or more of the following
events shall be an Event of Default:


 


8.1         Payments. Borrower fails to pay
any amount due under this Agreement or any of the other Loan Documents within five (5) Business Days of the due date; or


 


8.2         Covenants.
Borrower breaches or defaults in the performance of any covenant or Secured Obligation under this Agreement, or any of the
other Loan Documents, and (a) with respect to a default under any covenant under this Agreement (other than under Sections
6 and 7.4, 7.5, 7.6, 7.7 ,7.8, 7.9, and 7.14), any other Loan Document or any other agreement among
Borrower and Lender, such default continues for more than thirty (30) days after the earlier of the date on which (i) Lender
has given notice of such default to Borrower and (ii) Borrower has actual knowledge of such default or (b) with respect to a
default under any of Sections 6 and 7.4, 7.5, 7.6, 7.7 ,7.8, 7.9, and 7.14, the occurrence of such
default; or


 



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8.3         Material Adverse Effect. A circumstance
has occurred that would reasonably be expected to have a Material Adverse Effect; or


 


8.4         Representations. Any representation
or warranty made by Borrower in any Loan Document or in the Warrant shall have been false or misleading in any material respect;
or


 


8.5         Insolvency. Borrower (A) (i) shall
make an assignment for the benefit of creditors; or (ii) shall admit in writing its inability to pay its debts as they become
due, or be unable to pay or perform under the Loan Documents, or shall become insolvent; or (iii) shall file a voluntary petition
in bankruptcy; or (iv) shall file any petition, answer, or document seeking for itself any reorganization, arrangement, composition,
readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation pertinent to such
circumstances; or (v) shall seek or consent to or acquiesce in the appointment of any trustee, receiver, or liquidator of
Borrower or of all or any substantial part (i.e., 33-1/3% or more) of the assets or property of Borrower; or (vi) shall cease
operations of its business as its business has normally been conducted, or terminate substantially all of its employees; or (vii) Borrower
or its directors or majority shareholders shall take any action initiating any of the foregoing actions described in clauses (i)
through (vi); or (B) either (i) sixty (60) days shall have expired after the commencement of an involuntary action against
Borrower seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present
or future statute, law or regulation, without such action being dismissed or all orders or proceedings thereunder affecting the
operations or the business of Borrower being stayed; or (ii) a stay of any such order or proceedings shall thereafter be set
aside and the action setting it aside shall not be timely appealed; or (iii) Borrower shall file any answer admitting or not
contesting the material allegations of a petition filed against Borrower in any such proceedings; or (iv) the court in which
such proceedings are pending shall enter a decree or order granting the relief sought in any such proceedings; or (v) sixty (60)
days shall have expired after the appointment, without the consent or acquiescence of Borrower, of any trustee, receiver or liquidator
of Borrower or of all or any substantial part of the properties of Borrower without such appointment being vacated; or


 


8.6         Attachments; Judgments. Any portion
of Borrower’s assets is attached or seized, or a levy is filed against any such assets, or a judgment or judgments (which
is/are not covered by available insurance) is/are entered for the payment of money, individually or in the aggregate, of at least
$750,000 and such judgment is not paid, vacated or dismissed within sixty (60) days of the entry thereof, or Borrower is enjoined
or in any way prevented by court order from conducting any material part of its business; or


 


8.7         Other Obligations. The occurrence
of any default under any agreement or obligation of Borrower involving any Indebtedness in excess of $750,000.


 






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SECTION
9. REMEDIES


 


9.1         General.
Upon and during the continuance of any one or more Events of Default, (i) Lender may, at its option, accelerate and demand
payment of all or any part of the Secured Obligations together with the End of Term Charge and declare them to be immediately
due and payable (provided, that upon the occurrence of an Event of Default of the type described in Section 8.5, all
of the Secured Obligations shall automatically be accelerated and made due and payable, in each case without any further
notice or act), (ii) Lender may, at its option, sign and file in Borrower’s name any and all collateral assignments,
notices, control agreements, security agreements and other documents it deems necessary or appropriate to perfect the Lien in
the Collateral to secure repayment of the Secured Obligations, and in furtherance thereof, Borrower hereby grants Lender an
irrevocable power of attorney coupled with an interest, and (iii) Lender may notify any of Borrower’s account debtors
to make payment directly to Lender, compromise the amount of any such account on Borrower’s behalf and endorse
Lender’s name without recourse on any such payment for deposit directly to Lender’s account. Lender may exercise
all rights and remedies with respect to the Collateral under the Loan Documents or otherwise available to it under the UCC
and other applicable law, including the right to release, hold, sell, lease, liquidate, collect, realize upon, or otherwise
dispose of all or any part of the Collateral and the right to occupy, utilize, process and commingle the Collateral. All
Lender’s rights and remedies shall be cumulative and not exclusive.


 


9.2         Collection; Foreclosure. Upon
the occurrence and during the continuance of any Event of Default, Lender may, at any time or from time to time, apply, collect,
liquidate, sell in one or more sales, lease or otherwise dispose of, any or all of the Collateral, in its then condition or following
any commercially reasonable preparation or processing, in such order as Lender may elect. Any such sale may be made either at public
or private sale at its place of business or elsewhere. Borrower agrees that any such public or private sale may occur upon ten
(10) calendar days’ prior written notice to Borrower. Lender may require Borrower to assemble the Collateral and make it
available to Lender at a place designated by Lender that is reasonably convenient to Lender and Borrower. The proceeds of any sale,
disposition or other realization upon all or any part of the Collateral shall be applied by Lender in the following order of priorities:


 


			First, to Lender in an amount sufficient to pay in full Lender’s costs and professionals’ and advisors’ fees
and expenses as described in Section 10.11;



 


			Second, to Lender in an amount equal to the then unpaid amount of the Secured Obligations (including principal, interest, and
the Default Rate interest), in such order and priority as Lender may choose in its sole discretion; and



 


			Finally, after the full, final, and indefeasible payment in Cash of all of the Secured Obligations, to any creditor holding
a junior Lien on the Collateral, or to Borrower or its representatives or as a court of competent jurisdiction may direct.



 


Lender shall be deemed to have acted reasonably in the custody,
preservation and disposition of any of the Collateral if it complies with the obligations of a secured party under the UCC.


 


9.3         No Waiver. Lender shall be under
no obligation to marshal any of the Collateral for the benefit of Borrower or any other Person, and Borrower expressly waives all
rights, if any, to require Lender to marshal any Collateral.


 


9.4         Cumulative
Remedies. The rights, powers and remedies of Lender hereunder shall be in addition to all rights, powers and remedies
given by statute or rule of law and are cumulative. The exercise of any one or more of the rights, powers and remedies
provided herein shall not be construed as a waiver of or election of remedies with respect to any other rights, powers and
remedies of Lender.


 






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SECTION
10. MISCELLANEOUS


 


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


 


10.2        Notice. Except as otherwise provided
herein, any notice, demand, request, consent, approval, declaration, service of process or other communication (including the delivery
of Financial Statements) that is required, contemplated, or permitted under the Loan Documents or with respect to the subject matter
hereof shall be in writing, and shall be deemed to have been validly served, given, delivered, and received upon the earlier of:
(i) the day of transmission by facsimile or hand delivery or delivery by an overnight express service or overnight mail delivery
service; or (ii) the third calendar day after deposit in the United States mails, with proper first class postage prepaid,
in each case addressed to the party to be notified as follows:


 


(a)          If to Lender:


 


STEWARD CAPITAL HOLDINGS, LP



Attention: Donald P. Johns, CFO

3900 S. Overland Avenue

Springfield, MO 65807

Facsimile: 417-831-9998

Telephone: 417-520-2707


 


(b)          If to Borrower:


 


CORINDUS, INC. 


Attention: David Long, CFO

309 Waverly Oaks Rd., Suite 105

Waltham, MA 02452

Facsimile: 508-653-3355

Telephone: 508-653-3335, ext. 228


 


or to such other address as each party may designate
for itself by like notice.


 


10.3       Entire Agreement; Amendments.


 


(a)         This Agreement and the other
Loan Documents constitute the entire agreement and understanding of the parties hereto in respect of the subject matter hereof
and thereof, and supersede and replace in their entirety any prior proposals, term sheets, non-disclosure or confidentiality agreements,
letters, negotiations or other documents or agreements, whether written or oral, with respect to the subject matter hereof or thereof.


 






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(b)         Neither this Agreement, any
other Loan Document, nor any terms hereof or thereof may be amended, supplemented or modified except in writing executed by Lender
and Borrower.


 


10.4        No Strict Construction. The parties
hereto have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent
or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto and no presumption or burden
of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provisions of this Agreement.


 


10.5        No Waiver. The powers conferred
upon Lender by this Agreement are solely to protect its rights hereunder and under the other Loan Documents and its interest in
the Collateral and shall not impose any duty upon Lender to exercise any such powers. No omission or delay by Lender at any time
to enforce any right or remedy reserved to it, or to require performance of any of the terms, covenants or provisions hereof by
Borrower at any time designated, shall be a waiver of any such right or remedy to which Lender is entitled, nor shall it in any
way affect the right of Lender to enforce such provisions thereafter.


 


10.6        Survival. All agreements, representations
and warranties contained in this Agreement and the other Loan Documents or in any document delivered pursuant hereto or thereto
shall be for the benefit of Lender and shall survive the execution and delivery of this Agreement and the expiration or other termination
of this Agreement.


 


10.7        Successors and Assigns. The provisions
of this Agreement and the other Loan Documents shall inure to the benefit of and be binding on Borrower and its permitted assigns
(if any). Subject to Section 10.13, Borrower shall not assign its obligations under this Agreement or any of the other Loan Documents
without Lender’s express prior written consent, and any such attempted assignment shall be void and of no effect. Subject
to Section 10.13, Lender may assign, transfer, or endorse its rights hereunder and under the other Loan Documents without prior
notice to Borrower, and all of such rights shall inure to the benefit of Lender’s successors and assigns.


 


10.8        Governing Law. This Agreement
and the other Loan Documents have been negotiated and delivered to Lender in the State of Missouri, and shall have been accepted
by Lender in the State of Missouri. Payment to Lender by Borrower of the Secured Obligations is due in the State of Missouri. This
Agreement and the other Loan Documents shall be governed by, and construed and enforced in accordance with, the laws of the State
of Missouri, excluding conflict of laws principles that would cause the application of laws of any other jurisdiction.


 






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10.9        Consent to Jurisdiction and Venue.
All judicial proceedings arising in or under or related to this Agreement or any of the other Loan Documents may be brought in
any state or federal court located in the State of Missouri. By execution and delivery of this Agreement, each party hereto generally
and unconditionally: (a) consents to nonexclusive personal jurisdiction in Jackson County, Missouri; (b) waives any objection
as to jurisdiction or venue in Jackson County, Missouri; (c) agrees not to assert any defense based on lack of jurisdiction
or venue in the aforesaid courts; and (d) irrevocably agrees to be bound by any judgment rendered thereby in connection with
this Agreement or the other Loan Documents. Service of process on any party hereto in any action arising out of or relating to
this Agreement shall be effective if given in accordance with the requirements for notice set forth in Section 10.2,
and shall be deemed effective and received as set forth in Section 10.2. Nothing herein shall affect the right to serve
process in any other manner permitted by law or shall limit the right of either party to bring proceedings in the courts of any
other jurisdiction.


 


10.10     Mutual Waiver of Jury Trial.
Because disputes arising in connection with complex financial transactions are most quickly and economically resolved by an experienced
and expert Person and the parties wish applicable state and federal laws to apply (rather than arbitration rules), the parties
desire that their disputes be resolved by a judge applying such applicable laws. EACH OF BORROWER, LENDER SPECIFICALLY WAIVES ANY
RIGHT IT MAY HAVE TO TRIAL BY JURY OF ANY CAUSE OF ACTION, CLAIM, CROSS-CLAIM, COUNTERCLAIM, THIRD PARTY CLAIM OR ANY OTHER CLAIM
(COLLECTIVELY, “CLAIMS”) ASSERTED BY BORROWER AGAINST LENDER OR THEIR RESPECTIVE ASSIGNEE OR BY LENDER OR THEIR
RESPECTIVE ASSIGNEE AGAINST BORROWER. This waiver extends to all such Claims, including Claims that involve Persons other than
Borrower and Lender; Claims that arise out of or are in any way connected to the relationship among Borrower and Lender; and any
Claims for damages, breach of contract, tort, specific performance, or any equitable or legal relief of any kind, arising out of
this Agreement, any other Loan Document.


 


10.11     Professional Fees. Borrower
promises to pay Lender’s reasonable and documented out of pocket fees and expenses necessary to finalize the loan documentation,
including but not limited to reasonable and documented attorneys’ fees, UCC searches, filing costs, and other miscellaneous
expenses. In addition, Borrower promises to pay any and all reasonable and documented attorneys’ and other professionals’
fees and expenses (including, without duplication, fees and expenses of in-house counsel) incurred by Lender after the Closing
Date in connection with or related to: (a) the Loan; (b) the administration, collection, or enforcement of the Loan;
(c) the amendment or modification of the Loan Documents; (d) any waiver, consent, release, or termination under the Loan
Documents; (e) the protection, preservation, audit, field exam, sale, lease, liquidation, or disposition of Collateral or
the exercise of remedies with respect to the Collateral; (f) any legal, litigation, administrative, arbitration, or out of
court proceeding in connection with or related to Borrower or the Collateral, and any appeal or review thereof; and (g) any
bankruptcy, restructuring, reorganization, assignment for the benefit of creditors, workout, foreclosure, or other action related
to Borrower, the Collateral, the Loan Documents, including representing Lender in any adversary proceeding or contested matter
commenced or continued by or on behalf of Borrower’s estate, and any appeal or review thereof.


 






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10.12       Confidentiality. Lender acknowledge
that certain items of Collateral and information provided to Lender by Borrower are confidential and proprietary information of
Borrower, if and to the extent such information either (x) is marked as confidential by Borrower at the time of disclosure, or
(y) should reasonably be understood to be confidential (the “Confidential Information”). Accordingly, Lender agree
that any Confidential Information it may obtain in the course of acquiring, administering, or perfecting Lender’s security
interest in the Collateral shall not be disclosed to any other Person or entity in any manner whatsoever, in whole or in part,
without the prior written consent of Borrower, except that Lender may disclose any such information: (a) to its own directors,
officers, employees, accountants, counsel and other professional advisors and to its affiliates if Lender in their sole discretion
determines that any such party should have access to such information in connection with such party’s responsibilities in
connection with the Loan or this Agreement and, provided that such recipient of such Confidential Information either (i) agrees
to be bound by the confidentiality provisions of this paragraph or (ii) is otherwise subject to confidentiality restrictions that
reasonably protect against the disclosure of Confidential Information; (b) if such information is generally available to the
public; (c) if required or appropriate in any report, statement or testimony submitted to any governmental authority having
or claiming to have jurisdiction over Lender; (d) if required or appropriate in response to any summons or subpoena or in
connection with any litigation, to the extent permitted or deemed advisable by Lender’s counsel; provided that to the extent
permitted by applicable law, Lender shall promptly provide Borrower notice thereof to permit Borrower the opportunity to take action
to maintain confidentiality of such information; (e) to comply with any legal requirement or law applicable to Lender; (f) to
the extent reasonably necessary in connection with the exercise of any right or remedy under any Loan Document, including Lender’s
sale, lease, or other disposition of Collateral after the occurrence and continuance of an Event of Default; (g) to any permitted
participant or assignee of Lender or any prospective participant or assignee; provided, that such participant or assignee or prospective
participant or assignee agrees in writing to be bound by this Section prior to disclosure; or (h) otherwise with the prior
consent of Borrower; provided, that any disclosure made in violation of this Agreement shall not affect the obligations of Borrower
or any of its affiliates or any guarantor under this Agreement or the other Loan Documents.


 


10.13        Assignment of Rights. Borrower
acknowledges and understands that Lender may sell and assign all or part of its interest hereunder and under the Loan Documents
to any Person or entity other than a competitor of Borrower or any Person controlling such competitor (an “Assignee”);
provided that so long as no Event of Default exists any such assignment shall require the prior written consent of Borrower (which
consent shall not be unreasonably withheld, delayed or conditioned). After such assignment the term “Lender” as used
in the Loan Documents shall mean and include such Assignee, and such Assignee shall be vested with all rights, powers and remedies
of Lender hereunder with respect to the interest so assigned; but with respect to any such interest not so transferred, Lender
shall retain all rights, powers and remedies hereby given. No such assignment by Lender shall relieve Borrower of any of its obligations
hereunder. Lender agrees that in the event of any transfer by it of the Note(s)(if any), it will endorse thereon a notation as
to the portion of the principal of the Note(s), which shall have been paid at the time of such transfer and as to the date to which
interest shall have been last paid thereon.


 






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10.14       Revival of Secured Obligations.
This Agreement and the Loan Documents shall remain in full force and effect and continue to be effective if any petition is filed
by or against Borrower for liquidation or reorganization, if Borrower becomes insolvent or makes an assignment for the benefit
of creditors, if a receiver or trustee is appointed for all or any significant part of Borrower’s assets, or if any payment
or transfer of Collateral is recovered from Lender. The Loan Documents and the Secured Obligations and Collateral security shall
continue to be effective, or shall be revived or reinstated, as the case may be, if at any time payment and performance of the
Secured Obligations or any transfer of Collateral to Lender, or any part thereof is rescinded, avoided or avoidable, reduced in
amount, or must otherwise be restored or returned by, or is recovered from, Lender or by any obligee of the Secured Obligations,
whether as a “voidable preference,” “fraudulent conveyance,” or otherwise, all as though such payment,
performance, or transfer of Collateral had not been made. In the event that any payment, or any part thereof, is rescinded, reduced,
avoided, avoidable, restored, returned, or recovered, the Loan Documents and the Secured Obligations shall be deemed, without any
further action or documentation, to have been revived and reinstated except to the extent of the full, final, and indefeasible
payment to Lender in Cash.


 


10.15       Counterparts. This Agreement
and any amendments, waivers, consents or supplements hereto may be executed in any number of counterparts, and by different parties
hereto in separate counterparts, each of which when so delivered shall be deemed an original, but all of which counterparts shall
constitute but one and the same instrument.


 


10.16       No Third Party Beneficiaries.
No provisions of the Loan Documents are intended, nor will be interpreted, to provide or create any third-party beneficiary rights
or any other rights of any kind in any Person other than Lender and Borrower unless specifically provided otherwise herein, and,
except as otherwise so provided, all provisions of the Loan Documents will be personal and solely among the Lender and the Borrower.


 


10.17       Publicity.


 


(a)         Borrower consents to the publication
and use by Lender and any of its member businesses and affiliates of (i) Borrower’s name (including a brief description of the
relationship among Borrower and Lender) and logo and a hyperlink to Borrower’s web site, separately or together, in written
and oral presentations, advertising, promotional and marketing materials, client lists, public relations materials or on its web
site (together, the “Lender Publicity Materials”); (ii) the names of officers of Borrower in the Lender Publicity Materials;
and (iii) Borrower’s name, trademarks or servicemarks in any news release concerning Lender.


 


(b)         Lender consent to the publication
and use by Borrower and any of its Subsidiaries of (i) Lender’s name (including a brief description of the relationship among Borrower,
Lender), logo or hyperlink to Lender’s web site, separately or together, in written and oral presentations, advertising,
promotional and marketing materials, client lists, public relations materials or on its web site (together, the “Borrower
Publicity Materials”); (ii) the names of officers of Lender in the Borrower Publicity Materials; and (iii) Lender’s
name, trademarks, servicemarks in any news release concerning Borrower.


 


(SIGNATURES TO FOLLOW)


 




    	- 28 -



    	 



    

 


IN WITNESS WHEREOF, Borrower, Lender have duly
executed and delivered this Loan and Security Agreement as of the day and year first above written.


 


		BORROWER:



 CORINDUS, INC.  
	 	 	 
	 	Signature:  	 
	 	 	 
	 	Print Name:	 
	 	 	 
	 	Title:	 



 


	 	CORINDUS SECURITY CORPORATION
	 	 
	 	Signature:	 
	 	 	 
	 	Print Name:	 
	 	 	 
	 	Title:	 










 


Accepted in _________________:


 


		LENDER:



STEWARD CAPITAL HOLDINGS, LP  
	 	 	 	 
	 	By: 	 
	 		Donald P. Johns, Vice President/CFO




  




    	- 29 -



    	 



    

 


Table of Addenda, Exhibits and Schedules


 


	Exhibit A:	Advance Request
 Attachment
to Advance Request
	 	 
	Exhibit B:	Note
	 	 
	Exhibit C:	Name, Locations, and Other Information for Borrower
	 	 
	Exhibit D:	Borrower’s Patents, Trademarks, Copyrights and Licenses
	 	 
	Exhibit E:	Borrower’s Deposit Accounts and Investment Accounts
	 	 
	Exhibit F:	Compliance Certificate
	 	 
	Exhibit G:	Joinder Agreement
	 	 
	Exhibit H:	ACH Debit Authorization Agreement
	 	 
	Schedule 1	Subsidiaries
	Schedule 1A	Existing Permitted Indebtedness
	Schedule 1B	Existing Permitted Investments
	Schedule 1C	Existing Permitted Liens
	Schedule 5.3	Consents, Etc.
	Schedule 5.5	Actions Before Governmental Authorities
	Schedule 5.8	Tax Matters
	Schedule 5.9	Intellectual Property Claims
	Schedule 5.10	Intellectual Property
	Schedule 5.11	Borrower Products
	Schedule 5.14	Capitalization
	Schedule 7.12	Deposit Accounts



 




    	- 30 -



    	 



    

 


EXHIBIT A


 


ADVANCE REQUEST


 


	To:	Lender:	Date:	__________, 2014
	 	 	 	 
	 	Steward Capital Holdings, LP
 3900 S. Overland Avenue
 Springfield, MO 65807
 Facsimile: 417-831-9998
 Attn: Donald P. Johns, CFO	 	 



 


Corindus, Inc. (“Borrower”) hereby requests from Steward
Capital Holdings, LP (“Lender”) an Advance in the amount of Five Million Dollars ($5,000,000.00) on ______________,
_____ (the “Advance Date”) pursuant to the Loan and Security Agreement among Borrower and Lender (the “Agreement”).
Capitalized words and other terms used but not otherwise defined herein are used with the same meanings as defined in the Agreement.


 


Please:


 


		(a)	Issue a check payable to Borrower         ________	 
	 	 	 	 
	 	 	or	 
	 	 	 	 
		(b)	Wire Funds to Borrower’s account         ________	 
	 	 	 	 
	 	 	Bank:	 	 
	 	 	Address:	 	 
	 	 	 	 	 
	 	 	ABA Number:	 	 
	 	 	Account Number:	 	 
	 	 	Account Name:	 	 



 


Borrower represents that the conditions precedent
to the Advance set forth in the Agreement are satisfied and shall be satisfied upon the making of such Advance, including but not
limited to: (i) that no event that has had or could reasonably be expected to have a Material Adverse Effect has occurred
and is continuing; (ii) that the representations and warranties set forth in the Agreement are and shall be true and correct
in all material respects on and as of the Advance Date with the same effect as though made on and as of such date, except to the
extent such representations and warranties expressly relate to an earlier date; (iii) that Borrower is in compliance with
all the terms and provisions set forth in each Loan Document on its part to be observed or performed; and (iv) that as of
the Advance Date, no fact or condition exists that would (or would, with the passage of time, the giving of notice, or both) constitute
an Event of Default under the Loan Documents. Borrower understands and acknowledges that Lender has the right to review the financial
information supporting this representation and, based upon such review in its sole discretion, Lender may decline to fund the requested
Advance.


 






    	- 31 -



    	 



    

 


Borrower hereby represents that Borrower’s
corporate status and locations have not changed since the date of the Agreement or, if the Attachment to this Advance Request is
completed, are as set forth in the Attachment to this Advance Request.


 


Borrower agrees to notify Lender promptly before
the funding of the Loan if any of the matters which have been represented above shall not be true and correct on the Borrowing
Date and if Lender has received no such notice before the Advance Date then the statements set forth above shall be deemed to have
been made and shall be deemed to be true and correct as of the Advance Date.


 


	Executed as of [               ], 2014.	BORROWER: CORINDUS, INC. 
	 	 	 	 	 
	 	SIGNATURE:	 
	 	TITLE:	 
	 	PRINT NAME:	 




  




    	- 32 -



    	 



    

 


ATTACHMENT TO
ADVANCE REQUEST


 


Dated: _______________________


 


Borrower hereby represents and warrants to Lender that Borrower’s
current name and organizational status is as follows:


 


		Name:	Corindus, Inc.
	 	 	 
	 	Type of organization:	Corporation
	 	 	 
	 	State of organization:	Delaware
	 	 	 
	 	Organization file number:	 



 


Borrower hereby represents and warrants to Lender that the street
addresses, cities, states and postal codes of its current locations are as follows:


 




    	- 33 -



    	 



    

 


EXHIBIT B


 


SECURED TERM
PROMISSORY NOTE


 


	$10,000,000	Advance Date:  ___ __, 20[   ]
	 	 
	 	Maturity Date:  _____ ___, 20[   ]


 


FOR VALUE RECEIVED, Corindus, Inc., a Delaware
corporation, for itself and each of its Subsidiaries (the “Borrower”) hereby promises to pay to the order of Steward
Capital Holdings, LP, a Delaware partnership, or the holder of this Note (the “Lender”) at 3900 S. Overland Avenue,
Springfield, MO 65807 or such other place of payment as the holder of this Secured Term Promissory Note (this “Promissory
Note”) may specify from time to time in writing, in lawful money of the United States of America, the principal amount of
Ten Million Dollars $10,000,000) or such lesser principal amount as Lender has advanced to Borrower, together with interest as
set forth in that certain Loan and Security Agreement dated June __, 2014, by and among Borrower, its Domestic Subsidiaries party
thereto and Lender (as the same may from time to time be amended, modified or supplemented in accordance with its terms, the “Loan
Agreement”).


 


This Promissory Note is the Term Note referred
to in, and is executed and delivered in connection with, the Loan Agreement, and is entitled to the benefit and security of the
Loan Agreement and the other Loan Documents (as defined in the Loan Agreement), to which reference is made for a statement of all
of the terms and conditions thereof. All payments shall be made in accordance with the Loan Agreement. All terms defined in the
Loan Agreement shall have the same definitions when used herein, unless otherwise defined herein. An Event of Default under the
Loan Agreement shall constitute an Event of Default under this Promissory Note.


 


Borrower waives presentment and demand for payment,
notice of dishonor, protest and notice of protest under the UCC or any applicable law. Borrower agrees to make all payments under
this Promissory Note without setoff, recoupment or deduction and regardless of any counterclaim or defense. This Promissory Note
has been negotiated and delivered to Lender and is payable in the State of Missouri. This Promissory Note shall be governed by
and construed and enforced in accordance with, the laws of the State of Missouri, excluding any conflicts of law rules or principles
that would cause the application of the laws of any other jurisdiction.


 


	BORROWER FOR ITSELF AND	 	
	ON BEHALF OF ITS SUBSIDIARIES:	CORINDUS, INC.
	 	 	 
	 	By:	 
	 	Title:	 



  




    	 



    	 



    

 


EXHIBIT C


 


NAME, LOCATIONS,
AND OTHER INFORMATION FOR BORROWER


 


1. Borrower represents and warrants to Lender
that Borrower’s current name and organizational status as of the Closing Date is as follows:


 


	Name:	Corindus, Inc.
	 	 
	Type of organization:	Corporation
	 	 
	State of organization:	Delaware
	 	 
	Organization file number:	 



 


2. Borrower represents and warrants to Lender
that for five (5) years prior to the Closing Date, Borrower did not do business under any other name or organization or form except
the following:


 


Name:

Used during dates of:

Type of Organization:

State of organization:

Organization file Number:

Borrower’s fiscal year ends on _____

Borrower’s federal employer tax identification number is: _______________


 


3. Borrower represents and warrants to Lender
that its chief executive office is located at _______________.


 







    	 



    	 



    

 


EXHIBIT D


 


BORROWER’S
PATENTS, TRADEMARKS, COPYRIGHTS AND LICENSES


 


[Attached]


 




    	 



    	 



    

 


EXHIBIT E


 


BORROWER’S
DEPOSIT ACCOUNTS AND INVESTMENT ACCOUNTS


 




    	 



    	 



    

 


EXHIBIT F


 


COMPLIANCE CERTIFICATE


 


Steward Capital Holdings, LP (as “Lender”)

3900 S. Overland Avenue

Springfield, MO 65807


 


Reference is made to that certain Loan and Security
Agreement dated June __, 2014 and all ancillary documents entered into in connection with such Loan and Security Agreement all
as may be amended from time to time, (hereinafter referred to collectively as the “Loan Agreement”) by and among Steward
Capital Holdings, LP (the “Lender”) and Corindus, Inc. (the “Company”) as Borrower. All capitalized terms
not defined herein shall have the same meaning as defined in the Loan Agreement.


 


The undersigned is an Officer of the Company,
knowledgeable of all Company financial matters, and is authorized to provide certification of information regarding the Company;
hereby certifies that in accordance with the terms and conditions of the Loan Agreement, the Company is in compliance for the period
ending ___________ of all covenants, conditions and terms and hereby reaffirms that all representations and warranties contained
therein are true and correct on and as of the date of this Compliance Certificate with the same effect as though made on and as
of such date, except to the extent such representations and warranties expressly relate to an earlier date, after giving effect
in all cases to any standard(s) of materiality contained in the Loan Agreement as to such representations and warranties. Attached
are the required documents supporting the above certification. The undersigned further certifies that these are prepared in accordance
with GAAP (except for the absence of footnotes with respect to unaudited financial statement and subject to normal year-end adjustments)
and are consistent from one period to the next except as explained below.


 


	REPORTING REQUIREMENT	REQUIRED	CHECK IF ATTACHED
	 	 	 
	Interim Financial Statements 	Monthly within 45 days	 
	 	 	 
	Interim Financial Statements 	Quarterly within 45 days	 
	 	 	 
	Audited Financial Statements 	FYE within 120 days	 


  


	 	Very Truly Yours,



CORINDUS, INC.  
	 	 	 
		By:	 
	 	 	 
	 	Name: 	 
	 	 	 
	 	Its:	 




 




    	 



    	 



    

 


EXHIBIT G


 


FORM OF JOINDER
AGREEMENT


 


This Joinder Agreement (the “Joinder Agreement”)
is made and dated as of [ ], 20[ ], and is entered into by and between__________________., a ___________ corporation (“Subsidiary”),
and Steward Capital Holdings, LP (as “Lender”).


 


RECITALS


 


A. Subsidiary’s Affiliate, Corindus, Inc.
(“Company”) has entered into that certain Loan and Security Agreement dated June __, 2014, Lender as such agreement
may be amended (the “Loan Agreement”), together with the other agreements executed and delivered in connection therewith;


 


B. Subsidiary acknowledges and agrees that it
will benefit both directly and indirectly from Company’s execution of the Loan Agreement and the other agreements executed
and delivered in connection therewith;


 


AGREEMENT


 


NOW THEREFORE, Subsidiary and Lender agree as
follows:


 


	1.	The recitals set forth above are incorporated into and made part of this Joinder Agreement. Capitalized
terms not defined herein shall have the meaning provided in the Loan Agreement.



 


	2.	By signing this Joinder Agreement, Subsidiary shall be bound by the terms and conditions of the
Loan Agreement the same as if it were the Borrower (as defined in the Loan Agreement) under the Loan Agreement, mutatis mutandis,
provided however, that (a) with respect to (i) Section 5.1 of the Loan Agreement, Subsidiary represents that it is an entity duly
organized, legally existing and in good standing under the laws of [ ], (b) Lender shall not have any duties, responsibilities
or obligations to Subsidiary arising under or related to the Loan Agreement or the other agreements executed and delivered in connection
therewith, (c) that if Subsidiary is covered by Company’s insurance, Subsidiary shall not be required to maintain separate
insurance or comply with the provisions of Sections 6.1 and 6.2 of the Loan Agreement, and (d) that as long as Company satisfies
the requirements of Section 7.1 of the Loan Agreement, Subsidiary shall not have to provide Lender separate Financial Statements.
To the extent that Lender has any duties, responsibilities or obligations arising under or related to the Loan Agreement or the
other agreements executed and delivered in connection therewith, those duties, responsibilities or obligations shall flow only
to Company and not to Subsidiary or any other Person or entity. By way of example (and not an exclusive list): (i) Lender’s
providing notice to Company in accordance with the Loan Agreement or as otherwise agreed among Company, Lender shall be deemed
provided to Subsidiary; (ii) a Lender’s providing an Advance to Company shall be deemed an Advance to Subsidiary; and (iii)
Subsidiary shall have no right to request an Advance or make any other demand on Lender.



 


	3.	Subsidiary agrees not to certificate its equity securities without Lender’s prior written
consent, which consent may be conditioned on the delivery of such equity securities to Lender in order to perfect Lender’s
security interest in such equity securities.



 






    	 



    	 



    

 


	4.	Subsidiary acknowledges that it benefits, both directly and indirectly, from the Loan Agreement,
and hereby waives, for itself and on behalf on any and all successors in interest (including without limitation any assignee for
the benefit of creditors, receiver, bankruptcy trustee or itself as debtor-in-possession under any bankruptcy proceeding) to the
fullest extent provided by law, any and all claims, rights or defenses to the enforcement of this Joinder Agreement on the basis
that (a) it failed to receive adequate consideration for the execution and delivery of this Joinder Agreement or (b) its obligations
under this Joinder Agreement are avoidable as a fraudulent conveyance.



 


[REMAINDER OF PAGE INTENTIONALLY
LEFT BLANK]


 




    	 



    	 



    

 


[SIGNATURE PAGE TO JOINDER
AGREEMENT]


 


SUBSIDIARY:


 


_________________________________.


 


By:__________________________________


 


Name:________________________________   


 


Title:_________________________________


 


Address: 


 


___________________________________


 


___________________________________


 


  Telephone: ______________




 


  Facsimile: _______________




 


LENDER:


 


Steward Capital Holdings, LP.


 


By:______________________________________

Name: Donald P. Johns

Title: Vice President/CFO



Address:

[____________________]

[____________________]

Facsimile: [____________________]

Telephone: [____________________]


 




    	 



    	 



    

 


EXHIBIT H


 


ACH DEBIT AUTHORIZATION
AGREEMENT


 


[____________________]





[____________________]

[____________________]

[____________________]


 


Re: Loan and Security Agreement
dated June __, 2014 between Corindus, Inc. 

(“Borrower”), Steward Capital Holdings, LP, as lender (the “Agreement”)


 


In connection with the above referenced
Agreement, the Borrower hereby authorizes the Company to initiate debit entries for the periodic payments due under the Agreement
to the Borrower’s account indicated below. The Borrower authorizes the depository institution named below to debit to such
account.


  


	Depository
    Name	Branch
	 	 
	City	State
    and Zip Code
	 	 
	Transit/ABA
    Number	Account
    Number
	 	 


This authority will remain in full force
and effect so long as any amounts are due under the Agreement.


 


____________________________________________

(Borrower)(Please Print)


 


By: _________________________________________


 


Date: ________________________________________