Document:

Exhibit 10.3

 

Execution Version

 

SECOND AMENDMENT
AND WAIVER

 

This SECOND AMENDMENT
AND WAIVER (this “Amendment and Waiver”) is made and entered into as of September 29, 2017 by XTANT MEDICAL
HOLDINGS, INC., a Delaware corporation (the “Company”), ROS
acquisition offshore lp, a Cayman Islands Exempted Limited Partnership (“ROS”) and ORBIMED ROYALTY
OPPORTUNITIES II, LP, a Delaware limited partnership (“Royalty Opportunities” and, together with ROS, collectively,
the “Holders”).

 

WHEREAS, ROS is
the registered holder of a Convertible Promissory Note in the aggregate principal amount of $1,428,552.78 issued on April 14, 2016
and Convertible Promissory Notes in the aggregate principal amounts of $995,700 and $42,856.59 issued on January 17, 2017 (collectively,
the “ROS Notes”), in each case, by the Company;

 

WHEREAS, Royalty
Opportunities is the registered holder of a Convertible Promissory Note in the aggregate principal amount of $809,613.67 issued
on April 14, 2016 and Convertible Promissory Notes in the aggregate principal amounts of $564,300 and $24,288.41 issued on January
17, 2017, in each case, by the Company (collectively, the “Royalty Opportunities Notes” and together with the
ROS Notes, collectively, the “Notes”);

 

WHEREAS, the Company
and the Holders are party to that certain Amendment and Waiver, dated as of August 15, 2017, pursuant to which interest accrued
on the Notes was deferred until September 30, 2017 and the Holders waived any Event of Default that occurred as a result of the
Company’s failure to pay interest due on July 15, 2017; and

 

WHEREAS, pursuant
to Section 10.13 of the Notes, the terms and conditions of the Notes may be amended or waived by the written consent of each affected
holder of the Notes.

 

NOW, THEREFORE,
in consideration of the mutual agreements herein contained, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows:

 

1.                 
Definitions. Capitalized terms used herein without definition shall have the meanings assigned to such terms
in the Notes.

 

2.                 
Interest Deferral. Interest accrued on the Notes otherwise required to be paid in cash on July 15, 2017 shall
instead be required to be paid in cash on October 31, 2017, plus interest accrued on such interest from July 15, 2017 to the date
of payment thereof at a rate equal to 6.00% per annum plus 100 basis points.

 

3.                 
Waiver. Each Holder hereby waives any Event of Default that has occurred under the Notes as a result of the
Company’s failure to pay interest accrued on the Notes on July 15, 2017.

 

4.                 
No Implied Waiver. Except as expressly set forth in this Amendment and Waiver, this Amendment and Waiver shall
not, by implication or otherwise, limit, impair, constitute a waiver of or otherwise affect any rights or remedies of the Holders
under the Notes or alter, modify, amend or in any way affect any of the terms, obligations or covenants contained in the Notes,
all of which shall continue in full force and effect. Nothing in this Amendment and Waiver shall be construed to imply any willingness
on the part of the Holders to agree to or grant any similar or future consent or waiver of any of the terms and conditions of the
Notes.

 

5.                 
Governing Law. THIS AMENDMENT AND WAIVER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL
LAWS OF THE STATE OF NEW YORK (INCLUDING FOR SUCH PURPOSE SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE
OF NEW YORK).

 

[Signature Pages Follow]

  

     

     

    

 

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

 

	 	XTANT MEDICAL HOLDINGS, INC.,
	 	 	 
	 	 	 
	 	By:	/s/ Carl D. O’Connell
	 	Name: 	Carl D. O’Connell
	 	Title:	Chief Executive Officer

 

Signature Page to Second Amendment and
Waiver

 

     

     

    

 

	 	ROS Acquisition Offshore LP,
	 	 	 
	 	By OrbiMed Advisors LLC, solely in its
	 	capacity as Investment Manager
	 	 	 
	 	By:	/s/ Samuel D. Isaly
	 	Name:	Samuel D. Isaly
	 	Title:	Managing Member
	 	 	 
	 	 	 
	 	ORBIMED ROYALTY OPPORTUNITIES II, LP,
	 	 	 
	 	By OrbiMed ROF II LLC,
	 	its General Partner
	 	 	 
	 	By OrbiMed Advisors LLC,
	 	its Managing Member
	 	 	 
	 	By:	/s/ Samuel D. Isaly
	 	Name: 	Samuel D. Isaly
	 	Title:	Managing Member

 

Signature Page to Second Amendment and
WaiverEX-10.1

 Exhibit 10.1 

SIXTH AMENDMENT TO CREDIT AGREEMENT 

This SIXTH AMENDMENT TO CREDIT AGREEMENT (“Amendment”) is dated as of September 29, 2017, and executed by SS GROWTH
OPERATING PARTNERSHIP, L.P. and certain affiliated entities signatory hereto (hereinafter, collectively, “Borrower”), the Lenders, and KEYBANK NATIONAL ASSOCIATION, (hereinafter, the “Administrative Agent”),
for itself and for the Lenders in consideration of mutual covenants contained herein and benefits to be derived herefrom. Unless otherwise defined herein, capitalized terms used herein shall have the same meaning provided for in the Original Credit
Agreement. 
 RECITALS 

WHEREAS, Borrower, Administrative Agent and Lenders are parties to that certain Credit Agreement dated July 31, 2014, as amended by that
certain First Amendment to Credit Agreement dated as of January 23, 2015, that certain Second Amendment to Credit Agreement dated as of December 17, 2015, that certain Third Amendment to Credit Agreement dated as of March 28, 2016,
that certain Fourth Amendment to Credit Agreement dated as of August 9, 2016 and that certain Fifth Amendment to Credit Agreement dated as of July 26, 2017 (as amended, the “Original Credit Agreement”), whereby the Lenders
have agreed to make revolving loans to Borrower in accordance with the terms and conditions of the Original Credit Agreement; and 

WHEREAS, Borrower, Administrative Agent, and the Lenders, have agreed, on the conditions provided for herein, to amend certain terms and
provisions of the Original Credit Agreement as set forth herein. 
 NOW, THEREFORE, in consideration of the above premises and for other
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Borrower and the Administrative Agent hereby covenant and agree as follows: 

1. The definition of Maturity Date in the Original Credit Agreement is hereby deleted in its entirety and shall be replaced by the following: 

“Maturity Date” means November 30, 2017, subject to extension pursuant to Section 2.20.” 

2. Additional Representations and Warranties. Each Borrower represents and warrants as follows: 

(a) It has taken all necessary action to authorize the execution, delivery and performance of this Amendment. 

(b) This Amendment has been duly executed and delivered by each Borrower and constitutes such Borrower’s legal, valid and binding
obligations, enforceable in accordance with its terms. 

  
 -1- 

 (c) No consent, approval, authorization or order of, or filing, registration or qualification
with, any court or governmental authority or third party is required in connection with the execution, delivery or performance by Borrowers of this Amendment. 

3. Continuing Validity. Except as expressly amended hereby, the remaining terms and conditions of the Original Credit Agreement shall continue in full
force and effect. All future references to the “Credit Agreement” shall be deemed to include references to the Original Credit Agreement, as amended by this Amendment. It is intended that this Amendment shall be governed by and construed
in accordance with the laws of the State of New York. 
 4. Successors and Assigns. This Amendment shall be binding upon and inure to the benefit of
the successors and assigns of the parties hereto. 
 5. Multiple Counterparts. For the purpose of facilitating the execution of this Amendment as
herein provided and for other purposes, this Amendment may be executed simultaneously in any number of counterparts, each of which counterparts shall be deemed to be an original, and such counterparts shall constitute and be one and the same
instrument. Signatures delivered by facsimile or PDF shall have the same legal effect as originals. 
 [SIGNATURE PAGES TO FOLLOW]

  
 -2- 

 IN WITNESS WHEREOF, Borrower and Administrative Agent have caused this Amendment to be duly
executed and delivered as a sealed instrument as of the date first written above. 
 BORROWER: 

 

			
	 SS GROWTH OPERATING PARTNERSHIP, L.P.

a Delaware limited partnership

		
	By:	 	 Strategic Storage Growth Trust, Inc.,
 a
Maryland corporation, its General Partner

		
	By:	 	/s/ H. Michael Schwartz
	Name:	 	H. Michael Schwartz
	Title:	 	President

 SSGT 3252 N US HIGHWAY 1, LLC, 

SSGT 4866 E RUSSELL RD, LLC, 
 SSGT 4349 S JONES BLVD, LLC 

SSGT 1302 MARQUETTE DR, LLC 
 SSGT 1001 TOLLGATE RD, LLC 

SSGT 1111 W GLADSTONE ST, LLC 
 SSGT 7760 LORRAINE AVE, LLC 

SSGT 7211 ARLINGTON AVE, LLC 
 SSGT 3850 AIRPORT RD, LLC 

SSGT 8239 BROADWAY ST, LLC 
 SSGT 1671 NORTHPARK DR, LLC 

SSGT 500 LAREDO ST, LLC 
 SSGT BORDEN PARK, LLC 

each a Delaware limited liability company 
  

			
	By:	 	 Strategic Storage Growth Trust, Inc.,
 a
Maryland corporation, its Manager

		
	By:	 	/s/ H. Michael Schwartz
	Name:	 	H. Michael Schwartz
	Title:	 	President

 [SIGNATURES CONTINUE ON THE FOLLOWING PAGE] 

[Signature Page to Sixth Amendment to Credit Agreement] 

 ADMINISTRATIVE AGENT AND LENDER: 

 

			
	KEYBANK NATIONAL ASSOCIATION
		
	By:	 	/s/ Jessica Lauerhass
	Name:	 	Jessica Lauerhass
	Title:	 	Assistant Vice President

 [SIGNATURES CONTINUE ON THE FOLLOWING PAGE] 

[Signature Page to Sixth Amendment to Credit Agreement] 

 GUARANTOR CONFIRMATION 

The undersigned hereby acknowledges and consents to the foregoing Sixth Amendment to Credit Agreement and acknowledges and agrees that the undersigned remains
obligated for the various obligations and liabilities of Borrower to the Administrative Agent and the Lenders under the Credit Agreement dated July 31, 2014, as amended, as provided for in that certain Guaranty dated July 31, 2014,
executed by the undersigned. 
  

			
	STRATEGIC STORAGE GROWTH TRUST, INC.,
	a Maryland corporation
		
	By:	 	/s/ H. Michael Schwartz
	Name:	 	H. Michael Schwartz
	Title:	 	President

 [Guarantor Confirmation Page to Sixth Amendment to Credit Agreement]

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