Document:

EX-10.4

 Exhibit 10.4 
 EIGHTH AMENDMENT TO 
 LOAN AND SECURITY AGREEMENT 

This Eighth Amendment to Loan and Security Agreement (this “Amendment”) is entered into this
17th day of June, 2013 (the “Eighth Amendment
Effective Date”) by and among (i) SILICON VALLEY BANK, a California corporation (“Bank”) and (ii) CHANNELADVISOR CORPORATION, a Delaware corporation (“CAC”), MERCHANDISINGADVISOR
CORPORATION, a Delaware corporation (“MAC”), CA MARKETPLACES, INC., a Delaware corporation (“CAM”), CHANNELADVISOR UK LIMITED., a private limited company incorporated and registered in England and Wales
(“CA UK”) and CA WASHINGTON, LLC, a Delaware limited liability company (“CAW”, and together with CAC, MAC, CAM and CA UK, each a “Borrower” and collectively, the
“Borrowers”). 
 RECITALS 

A. Bank and Borrowers have entered into that certain Loan and Security Agreement dated as of December 23, 2009, as amended by
a First Amendment to and Assumption of Loan and Security Agreement dated April 19, 2010, as amended by a Second Amendment to Loan and Security Agreement dated June 11, 2010, as further amended by a Third Amendment to Loan and Security
Agreement dated December 23, 2010, as further amended by a Fourth Amendment to Loan and Security Agreement dated March 22, 2011, as further amended by a Fifth Amendment to Loan and Security Agreement, dated as of May 26, 2011, as
further amended by a Joinder and Sixth Amendment to Loan and Security Agreement, dated as of June 15, 2011 and as further amended by a Seventh Amendment to Loan and Security Agreement, dated as of July 26, 2012 (as the same may from time
to time be further amended, modified, supplemented or restated, the “Loan Agreement”). Bank has extended credit to the Borrowers for the purposes permitted in the Loan Agreement. 

B. Borrower has requested that Bank amend the Loan Agreement to (i) extend the maturity date of the revolving line of credit
and (ii) make certain other revisions to the Loan Agreement as more fully set forth herein. 
 C. Bank has agreed to
so amend certain provisions of the Loan Agreement, but only to the extent, in accordance with the terms, subject to the conditions and in reliance upon the representations and warranties set forth below. 

AGREEMENT 
 Now, THEREFORE, in consideration of the foregoing recitals and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be
legally bound, the parties hereto agree as follows: 
 1. Definitions. Capitalized terms used but not defined in this
Amendment shall have the meanings given to them in the Loan Agreement. 

 2. Amendments to Loan Agreement. 

2.1 The following term and its respective definition set forth in Section 13.1 is amended in its entirety and is replaced
with the following: 
 ““Revolving Line Maturity Date” is July 17, 2013.” 

3. Limitation of Amendment. 
 3.1 The amendment set forth in Section 2, above, is effective for the purposes set forth herein and shall be limited precisely as written and shall not be deemed to (a) be a
consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Bank may now have or may have in the future under or in connection with any Loan
Document. 
 3.2 This Amendment shall be construed in connection with and as part of the Loan Documents and all terms,
conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect. 

4. Representations and Warranties. To induce Bank to enter into this Amendment, each Borrower hereby represents and warrants,
jointly and severally, to Bank as follows: 
 4.1 Immediately after giving effect to this Amendment (a) the
representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are
true and correct as of such date), and (b) no Event of Default has occurred and is continuing; 
 4.2 Each Borrower
has the power and authority to execute and deliver this Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment; 
 4.3 The organizational documents of the Borrowers previously delivered to Bank remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in
full force and effect; 
 4.4 The execution and delivery by Borrowers of this Amendment and the performance by Borrowers
of their obligations under the Loan Agreement, as amended by this Amendment, have been duly authorized by all necessary action on the part of Borrowers; 
 4.5 The execution and delivery by Borrowers of this Amendment and the performance by Borrowers of their obligations under the Loan Agreement, as amended by this Amendment, do not and will not
contravene (a) any material law or regulation binding on or affecting Borrowers, (b) any material contractual restriction with a Person binding on Borrowers, (c) any order, judgment or decree of any court or other governmental or
public body or authority, or subdivision thereof, binding on Borrowers, or (d) the organizational documents of Borrowers; 

  
 2 

 4.6 The execution and delivery by Borrowers of this Amendment and the performance by
Borrowers of their obligations under the Loan Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental
or public body or authority, or subdivision thereof, binding on any Borrower, except as already has been obtained or made; and 

4.7 This Amendment has been duly executed and delivered by Borrowers and is the binding obligation of Borrowers, enforceable
against Borrowers in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or
affecting creditors’ rights. 
 5. No Defenses of Borrower. Borrower hereby acknowledges and agrees
that Borrower has no offsets, defenses, claims, or counterclaims against Bank with respect to the Obligations, or otherwise, and that if Borrower now has, or ever did have, any offsets, defenses, claims, or counterclaims against Bank, whether known
or unknown, at law or in equity, all of them are hereby expressly WAIVED and Borrower hereby RELEASES Bank from any liability thereunder. 
 6. Integration. This Amendment and the Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations or agreements. All prior agreements, understandings,
representations, warranties, and negotiations between the parties about the subject matter of this Amendment and the Loan Documents merge into this Amendment and the Loan Documents. 

7. Counterparts. This Amendment may be executed in any number of counterparts and all of such counterparts taken together shall be
deemed to constitute one and the same instrument. 
 8. Effectiveness. This Amendment shall be deemed effective upon
payment of all Bank Expenses incurred in connection with the existing Loan Documents and the modifications herein. 
 9.
Governing Law. This Amendment and the rights and obligations of the parties hereto shall be governed by and construed in accordance with the laws of the State of North Carolina. 

[SIGNATURES ON FOLLOWING PAGE] 

  
 3 

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

			
	 BORROWERS:
  

CHANNELADVISOR CORPORATION

		
	By:	 	/s/ M. Scot Wingo
	Name:	 	
	Title:	 	
	
	MERCHANDISING ADVISOR CORPORATION
		
	By:	 	/s/ M. Scot Wingo
	Name:	 	
	Title:	 	
	
	CA MARKETPLACES, INC.
		
	By:	 	/s/ M. Scot Wingo
	Name:	 	
	Title:	 	
	
	CHANNELADVISOR UK LIMITED
		
	By:	 	/s/ M. Scot Wingo
	Name:	 	
	Title:	 	
	
	CA WASHINGTON, LLC
		
	By:	 	/s/ M. Scot Wingo
	Name:	 	
	Title:	 	
	
	BANK:
	
	SILICON VALLEY BANK
		
	By:	 	/s/ Andrew J. Kirk
	Name:	 	Andrew J. Kirk
	Title:	 	Vice President

  
 4EX-10.5

 Exhibit 10.5 
 NINTH AMENDMENT TO 
 LOAN AND SECURITY AGREEMENT 

This Ninth Amendment to Loan and Security Agreement (this “Amendment”) is entered into this
16th day of July, 2013 (the “Ninth Amendment
Effective Date”) by and among (i) SILICON VALLEY BANK, a California corporation (“Bank”) and (ii) CHANNELADVISOR CORPORATION, a Delaware corporation (“CAC”), MERCHANDISINGADVISOR
CORPORATION, a Delaware corporation (“MAC”), CA MARKETPLACES, INC., a Delaware corporation (“CAM”), CHANNELADVISOR UK LIMITED., a private limited company incorporated and registered in England and
Wales (“CA UK”) and CA WASHINGTON, LLC, a Delaware limited liability company (“CAW”, and together with CAC, MAC, CAM and CA UK, each a “Borrower” and collectively, the
“Borrowers”). 
 RECITALS 

A. Bank and Borrowers have entered into that certain Loan and Security Agreement dated as of December 23, 2009, as amended by
a First Amendment to and Assumption of Loan and Security Agreement dated April 19, 2010, as amended by a Second Amendment to Loan and Security Agreement dated June 11, 2010, as further amended by a Third Amendment to Loan and Security
Agreement dated December 23, 2010, as further amended by a Fourth Amendment to Loan and Security Agreement dated March 22, 2011, as further amended by a Fifth Amendment to Loan and Security Agreement, dated as of May 26, 2011, as
further amended by a Joinder and Sixth Amendment to Loan and Security Agreement, dated as of June 15, 2011, as further amended by a Seventh Amendment to Loan and Security Agreement, dated as of July 26, 2012 and as further amended by an
Eighth Amendment to Loan and Security Agreement, dated as of June 17, 2013 (as the same may from time to time be further amended, modified, supplemented or restated, the “Loan Agreement”). Bank has extended credit to the
Borrowers for the purposes permitted in the Loan Agreement. 
 B. Borrower has requested that Bank amend the Loan
Agreement to (i) extend the maturity date of the revolving line of credit and (ii) make certain other revisions to the Loan Agreement as more fully set forth herein. 
 C. Bank has agreed to so amend certain provisions of the Loan Agreement, but only to the extent, in accordance with the terms, subject to the conditions and in reliance upon the representations and
warranties set forth below. 
 AGREEMENT 

Now, THEREFORE, in consideration of the foregoing recitals and other good and valuable consideration, the receipt
and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows: 
 1.
Definitions. Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan Agreement. 

 2. Amendments to Loan Agreement. 

2.1 The following term and its respective definition set forth in Section 13.1 is amended in its entirety and is replaced with
the following: 
 ““Revolving Line Maturity Date” is September 17, 2013.” 

3. Limitation of Amendment. 
 3.1 The amendment set forth in Section 2, above, is effective for the purposes set forth herein and shall be limited precisely as written and shall not be deemed to (a) be a
consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Bank may now have or may have in the future under or in connection with any Loan Document.

 3.2 This Amendment shall be construed in connection with and as part of the Loan Documents and all terms, conditions,
representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect. 

4. Representations and Warranties. To induce Bank to enter into this Amendment, each Borrower hereby represents and warrants,
jointly and severally, to Bank as follows: 
 4.1 Immediately after giving effect to this Amendment (a) the
representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are
true and correct as of such date), and (b) no Event of Default has occurred and is continuing; 
 4.2 Each Borrower
has the power and authority to execute and deliver this Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment; 
 4.3 The organizational documents of the Borrowers previously delivered to Bank remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in
full force and effect; 
 4.4 The execution and delivery by Borrowers of this Amendment and the performance by Borrowers
of their obligations under the Loan Agreement, as amended by this Amendment, have been duly authorized by all necessary action on the part of Borrowers; 
 4.5 The execution and delivery by Borrowers of this Amendment and the performance by Borrowers of their obligations under the Loan Agreement, as amended by this Amendment, do not and will not
contravene (a) any material law or regulation binding on or affecting Borrowers, (b) any material contractual restriction with a Person binding on Borrowers, (c) any order, judgment or decree of any court or other governmental or
public body or authority, or subdivision thereof, binding on Borrowers, or (d) the organizational documents of Borrowers; 

  
 2 

 4.6 The execution and delivery by Borrowers of this Amendment and the performance by
Borrowers of their obligations under the Loan Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental
or public body or authority, or subdivision thereof, binding on any Borrower, except as already has been obtained or made; and 

4.7 This Amendment has been duly executed and delivered by Borrowers and is the binding obligation of Borrowers, enforceable
against Borrowers in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or
affecting creditors’ rights. 
 5. No Defenses of Borrower. Borrower hereby acknowledges and agrees that
Borrower has no offsets, defenses, claims, or counterclaims against Bank with respect to the Obligations, or otherwise, and that if Borrower now has, or ever did have, any offsets, defenses, claims, or counterclaims against Bank, whether known or
unknown, at law or in equity, all of them are hereby expressly WAIVED and Borrower hereby RELEASES Bank from any liability thereunder. 
 6. Integration. This Amendment and the Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations or agreements. All prior agreements,
understandings, representations, warranties, and negotiations between the parties about the subject matter of this Amendment and the Loan Documents merge into this Amendment and the Loan Documents. 

7. Counterparts. This Amendment may be executed in any number of counterparts and all of such counterparts taken together shall be
deemed to constitute one and the same instrument. 
 8. Effectiveness. This Amendment shall be deemed effective upon
payment of all Bank Expenses incurred in connection with the existing Loan Documents and the modifications herein. 
 9.
Governing Law. This Amendment and the rights and obligations of the parties hereto shall be governed by and construed in accordance with the laws of the State of North Carolina. 

[SIGNATURES ON FOLLOWING PAGE] 

  
 3 

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

			
	 BORROWERS:
  

CHANNELADVISOR CORPORATION

		
	By:	 	/s/ M. Scot Wingo
	Name:	 	
	Title:	 	
	
	MERCHANDISING ADVISOR CORPORATION
		
	By:	 	/s/ M. Scot Wingo
	Name:	 	
	Title:	 	
		 	
	CA MARKETPLACES, INC.
		
	By:	 	/s/ M. Scot Wingo
	Name:	 	
	Title:	 	
		 	
	CHANNELADVISOR UK LIMITED
		
	By:	 	/s/ M. Scot Wingo
	Name:	 	
	Title:	 	
		 	
	CA WASHINGTON, LLC
		
	By:	 	/s/ M. Scot Wingo
	Name:	 	
	Title:	 	
		 	
	BANK:
	
	SILICON VALLEY BANK
		
	By:	 	/s/ Andrew J. Kirk
	Name:	 	Andrew J. Kirk
	Title:	 	Vice President

  
 4

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