Exhibit 10.21




	
  

  	
  *002800000014248*
  CORPORATE RESOLUTION TO BORROW / GRANT COLLATERAL Principal $2,000,000.00
  Loan Date 05-11-2016 Maturity 05-11-2017 Loan No 14248 Call / Coll 5200
  Account 102727-1 Officer 120 Initials References in the boxes above are for
  Lender's use only and do not limit the applicability of this document to any
  particular loan or item. Any item above containing "'" has been
  omitted due to text length limitations. Lender: Venture Bank Corporation:
  Tactile Systems Technology, Inc. Bloomington Office 1331 Tyler Street
  Northeast, Suite 200 4470 W. 78th Street Circle, Suite #100 Minneapolis, MN
  55413 Bloomington, MN 55435 I, THE UNDERSIGNED, DO HEREBY CERTIFY THAT: THE
  CORPORATION'S EXISTENCE. The complete and correct name of the Corporation is
  Tactile Systems Technology, Inc. ("Corporation"). The Corporation
  is a corporation for profit which is, and at all times shall be, duly
  organized, validly existing, and in good standing under and by virtue of the
  laws of the State of Delaware. The Corporation is duly authorized to transact
  business in the State of Minnesota and all other states in which the
  Corporation is doing business, having obtained all necessary filings,
  governmental licenses and approvals for each state in which the Corporation
  is doing business. Specifically, the Corporation is, and at all times shall
  be, duly qualified as a foreign corporation in all states in which the
  failure to so qualify would have a material adverse effect on its business or
  financial condition. The Corporation has the full power and authority to own
  its properties and to transact the business in which it is presently engaged
  or presently proposes to engage. The Corporation maintains an office at 1331
  Tyler Street Northeast, Suite 200, Minneapolis, MN 55413. Unless the
  Corporation has designated otherwise in writing, the principal office is the
  office at which the Corporation keeps its books and records. The Corporation
  will notify Lender prior to any change in the location of the Corporation's
  state of organization or any change in the Corporation's name. The
  Corporation shall do all things necessary to preserve and to keep in full
  force and effect its existence, rights and privileges, and shall comply with
  all regulations, rules, ordinances, statutes, orders and decrees of any
  governmental or quasi-governmental authority or court applicable to the
  Corporation and the Corporation's business activities. RESOLUTIONS ADOPTED.
  At a meeting of the Directors of the Corporation, or if the Corporation is a
  close corporation having no Board of Directors then at a meeting of the
  Corporation's shareholders, duly called and held on May 11, 2016, at which a
  quorum was present and voting, or by other duly authorized action in lieu of
  a meeting, the resolutions set forth in this Resolution were adopted.
  OFFICER. The following named person is an officer of Tactile Systems
  Technology, Inc.: NAMES TITLES AUTHORIZED ACTUAL SIGNATURES Robert Folkes COO
  Y X (Seal) ACTIONS AUTHORIZED. The authorized person listed above may enter
  into any agreements of any nature with Lender, and those agreements will bind
  the Corporation. Specifically, but without limitation, the authorized person
  is authorized, empowered, and directed to do the following for and on behalf
  of the Corporation: Borrow Money. To borrow, as a cosigner or otherwise, from
  time to time from Lender, on such terms as may be agreed upon between the
  Corporation and Lender, such sum or sums of money as in his or her judgment
  should be borrowed, without limitation. Execute Notes. To execute and deliver
  to Lender the promissory note or notes, or other evidence of the
  Corporation's credit accommodations, on Lender's forms, at such rates of
  interest and on such terms as may be agreed upon, evidencing the sums of
  money so borrowed or any of the Corporation's indebtedness to Lender, and
  also to execute and deliver to Lender one or more renewals, extensions,
  modifications, refinancings, consolidations, or substitutions for one or more
  of the notes, any portion of the notes, or any other evidence of credit
  accommodations. Grant Security. To mortgage, pledge, transfer, endorse,
  hypothecate, or otherwise encumber and deliver to Lender any property now or
  hereafter belonging to the Corporation or in which the Corporation now or
  hereafter may have an interest, including without limitation all of the
  Corporation's real property and all of the Corporation's personal property
  (tangible or intangible), as security for the payment of any loans or credit
  accommodations so obtained, any promissory notes so executed (including any
  amendments to or modifications, renewals, and extensions of such promissory
  notes), or any other or further indebtedness of the Corporation to Lender at
  any time owing, however the same may be evidenced. Such property may be
  mortgaged, pledged, transferred, endorsed, hypothecated or encumbered at the
  time such loans are obtained or such indebtedness is incurred, or at any
  other time or times, and may be either in addition to or in lieu of any
  property theretofore mortgaged, pledged, transferred, endorsed, hypothecated
  or encumbered. Execute Security Documents. To execute and deliver to Lender
  the forms of mortgage, deed of trust, pledge agreement, hypothecation agreement,
  and other security agreements and financing statements which Lender may
  require and which shall evidence the terms and conditions under and pursuant
  to which such liens and encumbrances, or any of them, are given; and also to
  execute and deliver to Lender any other written instruments, any chattel
  paper, or any other collateral, of any kind or nature, which Lender may deem
  necessary or proper in connection with or pertaining to the giving of the
  liens and encumbrances. Negotiate Items. To draw, endorse, and discount with
  Lender all drafts, trade acceptances, promissory notes, or other evidences of
  indebtedness payable to or belonging to the Corporation or in which the
  Corporation may have an interest, and either to receive cash for the same or
  to cause such proceeds to be credited to the Corporation's account with
  Lender, or to cause such other disposition of the proceeds derived therefrom
  as he or she may deem advisable. Further Acts. In the case of lines of
  credit, to designate additional or alternate individuals as being authorized
  to request advances under such lines, and in all cases, to do and perform
  such other acts and things, to pay any and all fees and costs, and to execute
  and deliver such other documents and agreements as the officer may in his or
  her discretion deem reasonably necessary or proper in order to carry into
  effect the provisions of this Resolution.

  






 















	
  

  	
  CORPORATE
  RESOLUTION TO BORROW / GRANT COLLATERAL Loan No: 14248 (Continued) Page 2
  ASSUMED BUSINESS NAMES. The Corporation has filed or recorded all documents
  or filings required by law relating to all assumed business names used by the
  Corporation. Excluding the name of the Corporation, the following is a
  complete list of all assumed business names under which the Corporation does
  business: Assumed Business Name Filing Location Date Tactile Systems MN
  Secretary of State 01-30-1995 NOTICES TO LENDER. The Corporation will
  promptly notify Lender in writing at Lender's address shown above (or such
  other addresses as Lender may designate from time to time) prior to any (A)
  change in the Corporation's name; (B) change in the Corporation's assumed
  business name(s); (C) change in the management of the Corporation; (D) change
  in the authorized signer(s); (E) change in the Corporation's principal office
  address; (F) change in the Corporation's state of organization; (G)
  conversion of the Corporation to a new or different type of business entity;
  or (H) change in any other aspect of the Corporation that directly or
  indirectly relates to any agreements between the Corporation and Lender. No
  change in the Corporation's name or state of organization will take effect
  until after Lender has received notice. CERTIFICATION CONCERNING OFFICERS AND
  RESOLUTIONS. The officer named above is duly elected, appointed, or employed
  by or for the Corporation, as the case may be, and occupies the position set
  opposite his or her respective name. This Resolution now stands of record on
  the books of the Corporation, is in full force and effect, and has not been
  modified or revoked in any manner whatsoever. NO CORPORATE SEAL. The
  Corporation has no corporate seal, and therefore, no seal is affixed to this
  Resolution. CONTINUING VALIDITY. Any and all acts authorized pursuant to this
  Resolution and performed prior to the passage of this Resolution are hereby
  ratified and approved. This Resolution shall be continuing, shall remain in
  full force and effect and Lender may rely on it until written notice of its
  revocation shall have been delivered to and received by Lender at Lender's
  address shown above (or such addresses as Lender may designate from time to
  time). Any such notice shall not affect any of the Corporation's agreements
  or commitments in effect at the time notice is given. IN TESTIMONY WHEREOF, I
  have hereunto set my hand and attest that the signature set opposite the name
  listed above is his or her genuine signature. I have read all the provisions
  of this Resolution, and I personally and on behalf of the Corporation certify
  that all statements and representations made in this Resolution are true and
  correct. This Corporate Resolution to Borrow / Grant Collateral is dated May
  11, 2016. THIS RESOLUTION IS DELIVERED UNDER SEAL AND IT IS INTENDED THAT THIS
  RESOLUTION IS AND SHALL CONSTITUTE AND HAVE THE EFFECT OF A SEALED INSTRUMENT
  ACCORDING TO LAW. CERTIFIED TO AND ATTESTED BY: X Robert Folkes, COO of
  Tactile Systems Technology, Inc. (Seal) NOTE: If the officer signing this
  Resolution is designated by the foregoing document as one of the officers
  authorized to act on the Corporation's behalf, it is advisable to have this
  Resolution signed by at least one non-authorized officer of the Corporation.
  LaserPro, Ver. 16.1.10.003 Cop, D+H USA Corporation 1997, 2016. All Rights
  Reserved. - DE/MN C:\APPS\CFI\CFI\LPL\C10.FC TR-7313 PR-72 

  






 












	
  

  	
  *09600000014248*
  CHANGE IN TERMS AGREEMENT Principal $2,000,000.00 Loan Date 05-11-2016
  Maturity 05-11-2017 Loan No 14248 Call / Coll 5200 Account 102727-1 Officer
  120 Initials References in the boxes above are for Lender's use only and do
  not limit the applicability of this document to any particular loan or item.
  Any item above containing "m" has been omitted due to text length
  limitations. Borrower: Tactile Systems Technology, Inc. 1331 Tyler Street
  Northeast, Suite 200 Minneapolis, MN 55413 Lender: Venture Bank Bloomington
  Office 4470 W. 78th Street Circle, Suite #100 Bloomington, MN 55435 Principal
  Amount: $2,000,000.00 Date of Agreement: May 11, 2016 DESCRIPTION OF EXISTING
  INDEBTEDNESS. Promissory Note #14248 dated 5/11/2014 in the original amount
  of $2,000,000.00 from Borrower to Lender. DESCRIPTION OF COLLATERAL. All
  Business Assets per Commercial Security Agreement dated 5/11/2014.
  DESCRIPTION OF CHANGE IN TERMS. Extend maturity date to 5/11/2017. PROMISE TO
  PAY. Tactile Systems Technology, Inc. ("Borrower") promises to pay
  to Venture Bank ("Lender"), or order, in lawful money of the United
  States of America, the principal amount of Two Million & 00/100 Dollars
  ($2,000,000.00) or so much as may be outstanding, together with interest on
  the unpaid outstanding principal balance of each advance. Interest shall be
  calculated from the date of each advance until repayment of each advance.
  PAYMENT. Borrower will pay this loan in one payment of all outstanding
  principal plus all accrued unpaid interest on May 11, 2017. In addition,
  Borrower will pay regular monthly payments of all accrued unpaid interest due
  as of each payment date, beginning June 11, 2016, with all subsequent
  interest payments to be due on the same day of each month after that. Unless
  otherwise agreed or required by applicable law, payments will be applied
  first to any accrued unpaid interest; then to principal; then to any unpaid
  collection costs; and then to any late charges. Borrower will pay Lender at
  Lender's address shown above or at such other place as Lender may designate
  in writing. VARIABLE INTEREST RATE. The interest rate on this loan is subject
  to change from time to time based on changes in an independent index which is
  the Prime rate of interest as published each business day by the Wall Street
  Journal (the "Index"). The Index is not necessarily the lowest rate
  charged by Lender on its loans. If the Index becomes unavailable during the
  term of this loan, Lender may designate a substitute index after notifying
  Borrower. Lender will tell Borrower the current Index rate upon Borrower's
  request. The interest rate change will not occur more often than each day.
  Borrower understands that Lender may make loans based on other rates as well.
  The Index currently is 3.500% per annum. Interest on the unpaid principal
  balance of this loan will be calculated as described in the "INTEREST
  CALCULATION METHOD" paragraph using a rate equal to the Index, rounded
  to the nearest percent, adjusted if necessary for any minimum and maximum
  rate limitations described below, resulting in an initial rate of 3.500% per
  annum based on a year of 360 days. NOTICE: Under no circumstances will the
  interest rate on this loan be less than 3.250% per annum or more than the
  maximum rate allowed by applicable law. INTEREST CALCULATION METHOD. Interest
  on this loan is computed on a 365/360 basis; that is, by applying the ratio
  of the interest rate over a year of 360 days, multiplied by the outstanding
  principal balance, multiplied by the actual number of days the principal
  balance is outstanding. All interest payable under this loan is computed
  using this method. This calculation method results in a higher effective
  interest rate than the numeric interest rate stated in the loan documents.
  PREPAYMENT. Borrower agrees that all loan fees and other prepaid finance
  charges are earned fully as of the date of the loan and will not be subject
  to refund upon early payment (whether voluntary or as a result of default),
  except as otherwise required by law. Except for the foregoing, Borrower may
  pay without penalty all or a portion of the amount owed earlier than it is
  due. Early payments will not, unless agreed to by Lender in writing, relieve
  Borrower of Borrower's obligation to continue to make payments of accrued
  unpaid interest. Rather, early payments will reduce the principal balance
  due. Borrower agrees not to send Lender payments marked "paid in
  full", "without recourse", or similar language. If Borrower
  sends such a payment, Lender may accept it without losing any of Lender's
  rights under this Agreement, and Borrower will remain obligated to pay any
  further amount owed to Lender. All written communications concerning disputed
  amounts, including any check or other payment instrument that indicates that
  the payment constitutes "payment in full" of the amount owed or
  that is tendered with other conditions or limitations or as full satisfaction
  of a disputed amount must be mailed or delivered to: Venture Bank, P.O. Box
  9180 Minneapolis, MN 55480-9180. LATE CHARGE. If a payment is 10 days or more
  late, Borrower will be charged 5.000% of the unpaid portion of the regularly
  scheduled payment or $50.00, whichever is greater. INTEREST AFTER DEFAULT.
  Upon default, including failure to pay upon final maturity, the interest rate
  on this loan shall be increased by adding an additional 6.000 percentage
  point margin ("Default Rate Margin"). The Default Rate Margin shall
  also apply to each succeeding interest rate change that would have applied
  had there been no default. However, in no event will the interest rate exceed
  the maximum interest rate limitations under applicable law. DEFAULT. Each of
  the following shall constitute an Event of Default under this Agreement:
  Payment Default. Borrower fails to make any payment when due under the
  Indebtedness. Other Defaults. Borrower fails to comply with or to perform any
  other term, obligation, covenant or condition contained in this Agreement or
  in any of the Related Documents or to comply with or to perform any term,
  obligation, covenant or condition contained in any other agreement between
  Lender and Borrower. False Statements. Any warranty, representation or
  statement made or furnished to Lender by Borrower or on Borrower's behalf
  under this Agreement or the Related Documents is false or misleading in any
  material respect, either now or at the time made or furnished or becomes
  false or misleading at any time thereafter. Insolvency. The dissolution or
  termination of Borrower's existence as a going business, the insolvency of
  Borrower, the appointment of a receiver for any part of Borrower's property,
  any assignment for the benefit of creditors, any type of creditor workout, or
  the commencement of any proceeding under any bankruptcy or insolvency laws by
  or against Borrower.

  






 















	
  

  	
  CHANGE IN TERMS
  AGREEMENT Loan No: 14248 (Continued) Page 2 Creditor or Forfeiture
  Proceedings. Commencement of foreclosure or forfeiture proceedings, whether
  by judicial proceeding, self-help, repossession or any other method, by any
  creditor of Borrower or by any governmental agency against any collateral
  securing the Indebtedness. This includes a garnishment of any of Borrower's
  accounts, including deposit accounts, with Lender. However, this Event of
  Default shall not apply if there is a good faith dispute by Borrower as to
  the validity or reasonableness of the claim which is the basis of the
  creditor or forfeiture proceeding and if Borrower gives Lender written notice
  of the creditor or forfeiture proceeding and deposits with Lender monies or a
  surety bond for the creditor or forfeiture proceeding, in an amount
  determined by Lender, in its sole discretion, as being an adequate reserve or
  bond for the dispute. Events Affecting Guarantor. Any of the preceding events
  occurs with respect to any guarantor, endorser, surety, or accommodation
  party of any of the Indebtedness or any guarantor, endorser, surety, or
  accommodation party dies or becomes incompetent, or revokes or disputes the
  validity of, or liability under, any Guaranty of the Indebtedness evidenced
  by this Note. Change In Ownership. Any change in ownership of twenty-five
  percent (25%) or more of the common stock of Borrower. Adverse Change. A material
  adverse change occurs in Borrower's financial condition, or Lender believes
  the prospect of payment or performance of the Indebtedness is impaired.
  Insecurity. Lender in good faith believes itself insecure. Cure Provisions.
  If any default, other than a default in payment, is curable and if Borrower
  has not been given a notice of a breach of the same provision of this
  Agreement within the preceding twelve (12) months, it may be cured if
  Borrower, after Lender sends written notice to Borrower demanding cure of
  such default: (1) cures the default within fifteen (15) days; or (2) if the
  cure requires more than fifteen (15) days, immediately initiates steps which
  Lender deems in Lender's sole discretion to be sufficient to cure the default
  and thereafter continues and completes all reasonable and necessary steps
  sufficient to produce compliance as soon as reasonably practical. LENDER'S
  RIGHTS. Upon default, Lender may declare the entire unpaid principal balance
  under this Agreement and all accrued unpaid interest immediately due, and
  then Borrower will pay that amount. ATTORNEYS' FEES; EXPENSES. Lender may
  hire or pay someone else to help collect this Agreement if Borrower does not
  pay. Borrower will pay Lender that amount. This includes, subject to any limits
  under applicable law, Lender's reasonable attorneys' fees and Lender's legal
  expenses, whether or not there is a lawsuit, including reasonable attorneys'
  fees, expenses for bankruptcy proceedings (including efforts to modify or
  vacate any automatic stay or injunction), and appeals. If not prohibited by
  applicable law, Borrower also will pay any court costs, in addition to all
  other sums provided by law. GOVERNING LAW. This Agreement will be governed by
  federal law applicable to Lender and, to the extent not preempted by federal
  law, the laws of the State of Minnesota without regard to its conflicts of
  law provisions. This Agreement has been accepted by Lender in the State of
  Minnesota. DISHONORED ITEM FEE. Borrower will pay a fee to Lender of $32.00
  if Borrower makes a payment on Borrower's loan and the check or preauthorized
  charge with which Borrower pays is later dishonored. RIGHT OF SETOFF. To the
  extent permitted by applicable law, Lender reserves a right of setoff in all
  Borrower's accounts with Lender (whether checking, savings, or some other
  account). This includes all accounts Borrower holds jointly with someone else
  and all accounts Borrower may open in the future. However, this does not
  include any IRA or Keogh accounts, or any trust accounts for which setoff
  would be prohibited by law. Borrower authorizes Lender, to the extent
  permitted by applicable law, to charge or setoff all sums owing on the
  indebtedness against any and all such accounts, and, at Lender's option, to
  administratively freeze all such accounts to allow Lender to protect Lender's
  charge and setoff rights provided in this paragraph. COLLATERAL. Borrower
  acknowledges this Agreement is secured by All Business Assets per Commercial
  Security Agreement dated 5/11/2014. LINE OF CREDIT. This Agreement evidences
  a revolving line of credit. Advances under this Agreement, as well as
  directions for payment from Borrower's accounts, may be requested orally or
  in writing by Borrower or by an authorized person. Lender may, but need not,
  require that all oral requests be confirmed in writing. Borrower agrees to be
  liable for all sums either: (A) advanced in accordance with the instructions
  of an authorized person or (B) credited to any of Borrower's accounts with
  Lender. The unpaid principal balance owing on this Agreement at any time may
  be evidenced by endorsements on this Agreement or by Lender's internal
  records, including daily computer print-outs. Lender will have no obligation
  to advance funds under this Agreement if: (A) Borrower or any guarantor is in
  default under the terms of this Agreement or any agreement that Borrower or
  any guarantor has with Lender, including any agreement made in connection
  with the signing of this Agreement; (B) Borrower or any guarantor ceases
  doing business or is insolvent; (C) any guarantor seeks, claims or otherwise
  attempts to limit, modify or revoke such guarantor's guarantee of this
  Agreement or any other loan with Lender; (D) Borrower has applied funds
  provided pursuant to this Agreement for purposes other than those authorized
  by Lender; or (E) Lender in good faith believes itself insecure. CONTINUING
  VALIDITY. Except as expressly changed by this Agreement, the terms of the
  original obligation or obligations, including all agreements evidenced or
  securing the obligation(s), remain unchanged and in full force and effect.
  Consent by Lender to this Agreement does not waive Lender's right to strict
  performance of the obligation(s) as changed, nor obligate Lender to make any
  future change in terms. Nothing in this Agreement will constitute a
  satisfaction of the obligation(s). It is the intention of Lender to retain as
  liable parties all makers and endorsers of the original obligation(s),
  including accommodation parties, unless a party is expressly released by Lender
  in writing. Any maker or endorser, including accommodation makers, will not
  be released by virtue of this Agreement. If any person who signed the
  original obligation does not sign this Agreement below, then all persons
  signing below acknowledge that this Agreement is given conditionally, based
  on the representation to Lender that the non-signing party consents to the
  changes and provisions of this Agreement or otherwise will not be released by
  it. This waiver applies not only to any initial extension, modification or
  release, but also to all such subsequent actions. LOAN AGREEMENT. A document
  titled, "Business Loan Agreement (Asset Based)", is attached to
  this Promissory Note. SUCCESSORS AND ASSIGNS. Subject to any limitations
  stated in this Agreement on transfer of Borrower's interest, this Agreement
  shall be binding upon and inure to the benefit of the parties, their
  successors and assigns. If ownership of the Collateral becomes vested in a
  person other than Borrower, Lender, without notice to Borrower, may deal with
  Borrower's successors with reference to this Agreement and the Indebtedness
  by way of forbearance or extension without releasing Borrower from the
  obligations of this Agreement or liability under the Indebtedness.
  MISCELLANEOUS PROVISIONS. If any part of this Agreement cannot be enforced,
  this fact will not affect the rest of the Agreement. Lender may delay or
  forgo enforcing any of its rights or remedies under this Agreement without
  losing them. In addition, Lender shall have all the rights and remedies
  provided in the related documents or available at law, in equity, or
  otherwise. Except as may be prohibited by applicable law, all of Lender's
  rights and remedies shall be cumulative and may be exercised singularly or
  concurrently. Election by Lender to pursue any remedy shall not exclude
  pursuit of any other remedy, and an election to make expenditures or to take
  action to perform an obligation of Borrower shall not affect Lender's right
  to declare a default and to exercise its rights and remedies. Borrower and
  any other person who signs, guarantees or

  






 















	
  

  	
  CHANGE IN TERMS
  AGREEMENT Loan No: 14248 (Continued) Page 3 endorses this Agreement, to the
  extent allowed by law, waive presentment, demand for payment, and notice of
  dishonor. Upon any change in the terms of this Agreement, and unless
  otherwise expressly stated in writing, no party who signs this Agreement,
  whether as maker, guarantor, accommodation maker or endorser, shall be
  released from liability. All such parties agree that Lender may renew or
  extend (repeatedly and for any length of time) this loan or release any party
  or guarantor or collateral; or impair, fail to realize upon or perfect
  Lender's security interest in the collateral; and take any other action
  deemed necessary by Lender without the consent of or notice to anyone. All
  such parties also agree that Lender may modify this loan without the consent
  of or notice to anyone other than the party with whom the modification is
  made. The obligations under this Agreement are joint and several. SECTION
  DISCLOSURE. To the extent not preempted by federal law, this loan is made
  under Minnesota Statutes, Section 334.01. PRIOR TO SIGNING THIS AGREEMENT,
  BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS AGREEMENT, INCLUDING
  THE VARIABLE INTEREST RATE PROVISIONS. BORROWER AGREES TO THE TERMS OF THE
  AGREEMENT. BORROWER: TACTILE SYSTEM TECHNOLOGY, INC. By: Robert Folkes, COO
  of Tactile Systems Technology, Inc. LENDER: VENTURE BANK X Authorized Signer
  LaserPro, Ver. 16.1.10.003 Copr, D+H USA Corporation 1997, 2016. All Rights
  Reserved. - MN C:\APPS\CFI\CFI\LPL\D20C.FC TR-7313 PR-72 

  






 


 












	
  

  	
  *003450000014248*
  DISBURSEMENT REQUEST AND AUTHORIZATION Principal $2,000,000.00 Loan Date
  05-11-2016 Maturity 05-11-2017 Loan No 14248 Call / Coll 5200 Account
  102727-1 Officer 120 Initials References in the boxes above are for Lender's
  use only and do not limit the applicability of this document to any
  particular loan or item. Any item above containing "***" has been
  omitted due to text length limitations. Borrower: Tactile Systems Technology,
  Inc. 1331 Tyler Street Northeast, Suite 200 Minneapolis, MN 55413 Lender:
  Venture Bank Bloomington Office 4470 W. 78th Street Circle, Suite #100
  Bloomington, MN 55435 LOAN TYPE. This is a Variable Rate Nondisclosable
  Revolving Line of Credit Loan to a Corporation for $2,000,000.00 due on May
  11, 2017. This is a secured renewal loan. PRIMARY PURPOSE OF LOAN. The
  primary purpose of this loan is for: Maintenance of Borrower's Primary
  Residence. Personal, Family or Household Purposes or Personal Investment.
  Agricultural Purposes. Business Purposes. SPECIFIC PURPOSE. The specific
  purpose of this loan is: Working Capital. DISBURSEMENT INSTRUCTIONS. Borrower
  understands that no loan proceeds will be disbursed until all of Lender's
  conditions for making the loan have been satisfied. Please disburse the loan
  proceeds of $2,000,000.00 as follows: Undisbursed Funds: $2,000,000.00 Note
  Principal: $2,000,000.00 CHARGES PAID IN CASH. Borrower has paid or will pay
  in cash as agreed the following charges: Prepaid Finance Charges Paid in
  Cash: $7,500.00 Loan Origination Fee $7,500.00 Other Charges Paid in Cash:
  $921.00 $521.00 Capital Lien Fee $400.00 Loan Documentation Fee Total Charges
  Paid in Cash: $8,421.00 AUTOMATIC PAYMENTS. Borrower hereby authorizes Lender
  automatically to deduct from Borrower's Demand Deposit - Checking account,
  numbered 013193, the amount of any loan payment. If the funds in the account
  are insufficient to cover any payment, Lender shall not be obligated to
  advance funds to cover the payment. At any time and for any reason, Borrower
  or Lender may voluntarily terminate Automatic Payments. FINANCIAL CONDITION.
  BY SIGNING THIS AUTHORIZATION, BORROWER REPRESENTS AND WARRANTS TO LENDER
  THAT THE INFORMATION PROVIDED ABOVE IS TRUE AND CORRECT AND THAT THERE HAS
  BEEN NO MATERIAL ADVERSE CHANGE IN BORROWER'S FINANCIAL CONDITION AS
  DISCLOSED IN BORROWER'S MOST RECENT FINANCIAL STATEMENT TO LENDER. THIS
  AUTHORIZATION IS DATED MAY 11, 2016. BORROWER: TACTILE SYSTEMS TECHNOLOGY,
  INC. By: Robert Folkes, COO of Tactile Systems Technology, Inc. LaserPro,
  Ver. 16.1.10.003 Copr, D+H USA Corporation 1997, 2016. All Rights Reserved. -
  MN C:\APPS\CFI\CFI\LPL\120.FC TR-7313 PR-72 

  






 


 












	
  

  	
  *012550000014248*
  ERRORS AND OMISSIONS AGREEMENT Principal $2,000,000.00 Loan Date 05-11-2016
  Maturity 05-11-2017 Loan No 14248 Call / Coll 5200 Account 102727-1 Officer
  120 Initials References in the boxes above are for Lender's use only and do
  not limit the applicability of this document to any particular loan or item.
  Any item above containing """"" has been omitted due
  to text length limitations. Borrower: Tactile Systems Technology, Inc. 1331
  Tyler Street Northeast, Suite 200 Minneapolis, MN 55413 Lender: Venture Bank
  Bloomington Office 4470 W. 78th Street Circle, Suite #100 Bloomington, MN
  55435 LOAN NO.: 14248 The undersigned Borrower for and in consideration of
  the above-referenced Lender funding the closing of this loan agrees, if
  requested by Lender or Closing Agent for Lender, to fully cooperate and
  adjust for clerical errors, any or all loan closing documentation if deemed
  necessary or desirable in the reasonable discretion of Lender to enable
  Lender to sell, convey, seek guaranty or market said loan to any entity,
  including but not limited to an investor, Federal National Mortgage
  Association, Federal Home Loan Mortgage Corporation, Government National
  Mortgage Association, Federal Housing Authority or the Department of Veterans
  Affairs. The undersigned Borrower does hereby so agree and covenant in order
  to assure that this loan documentation executed this date will conform and be
  acceptable in the marketplace in the instance of transfer, sale or conveyance
  by Lender of its interest in and to said loan documentation. DATED effective
  this May 11, 2016 BORROWER: TACTILE SYSTEMS TECHNOLOGY, INC. By: Robert
  Folkes, COO of Tactile Systems Technology, Inc. Sworn to and subscribed before
  me this 5th day of May, 2016 Misty Exkert Notary Public Minnesota My
  commission Expires January 31, 2017 X (Notary Public) My Commission Expires
  January 31, 2017 LaserPro, Ver. 16.1.10.003 Copr, D+H USA Corporation 1997,
  2016. All Rights Reserved. - MN c:\APPS\CFI\CFI\LPL\126.FC TR-7313 PR-72