Document:

EX-4.14

 Exhibit 4.14 

PLEDGE AGREEMENT 

This PLEDGE AGREEMENT, dated as of April 24, 2015 (together with all amendments, if any, from time to time hereto, this “Pledge
Agreement”), by and among Lombard Medical Technologies Limited, an English private company limited by shares (the “Pledgor”), and OXFORD FINANCE LLC, a Delaware limited liability company, in its capacity as collateral agent
(in such capacity and together with any successors, endorsees and assigns, “Agent”) for itself and the lenders from time to time party to the Loan Agreement hereinafter defined (collectively, the “Lenders”). 

WHEREAS, Agent, as agent and a Lender, and Lombard Medical Technologies Inc., a Delaware corporation, as borrower
(“Borrower”), are parties to that certain Loan and Security Agreement, dated as the date hereof (the “Loan Agreement”), pursuant to which the Lenders may advance term loans to the Borrower in the original aggregate
principal amount of up to $26,000,000 (collectively, the “Term Loan”) in accordance with the terms and conditions thereof; and 

WHEREAS, Pledgor entered into that certain Guarantee, dated as the date hereof, in favor of the Agent and Lenders (the
“Guarantee”), pursuant to which Pledgor guaranteed the payment of all liabilities and obligations of Borrower under the Loan Agreement; and 

WHEREAS, in order to induce Agent and the Lenders to enter into the Loan Agreement and other Loan Documents (as defined in the Loan Agreement)
and to induce the Lenders to make the Term Loan as provided for in the Loan Agreement, Pledgor has agreed to pledge the Pledged Collateral to Agent, on behalf of itself and the Lenders in accordance herewith; and 

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, and to induce the Lenders and the Agent to enter into
the Loan Agreement and to induce the Lenders to make their respective extensions of credit to Borrower thereunder, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree
as follows: 
 1. Definitions. Unless otherwise defined herein, terms defined in the Loan Agreement are used herein as therein
defined, and the following shall have (unless otherwise provided elsewhere in this Pledge Agreement) the following respective meanings (such meanings being equally applicable to both the singular and plural form of the terms defined): 

“Bankruptcy Code” means title 11, United States Code, as amended from time to time, and any successor statute thereto. 

“Pledged Collateral” has the meaning assigned to such term in Section 2 hereof. 

“Pledged Entity” means an issuer of Pledged Shares or Pledged Indebtedness. 

“Pledged Indebtedness” means the Indebtedness evidenced by promissory notes and instruments listed on Schedule I
hereto. 

 “Pledged Shares” means those shares listed on Schedule I. 

“Secured Obligations” has the meaning assigned to such term in Section 3 hereof. 

“Stock” means all shares, options, warrants, general or limited partnership interests, membership interests, equity interests
or similar rights and all rights to acquire the same in any entity. 
 “Termination Date” means the date on which all
Secured Obligations have been fulfilled. 
 2. Pledge. Pledgor hereby pledges to Agent, on behalf of itself and the Lenders, and
grants to Agent, on behalf of itself and the Lenders, a first priority security interest in all of the following of Pledgor (collectively, the “Pledged Collateral”): 

(a) the Pledged Shares and the certificates representing the Pledged Shares, and all dividends, distributions, cash,
instruments and other property or proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the Pledged Shares; and 

(b) such portion, as determined by Agent as provided in Section 6(d) below, of any additional shares of Stock of a
Pledged Entity from time to time acquired by Pledgor in any manner (which shares shall be deemed to be part of the Pledged Shares), and the certificates representing such additional shares, and all dividends, distributions, cash, instruments and
other property or proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such Stock; and 

(c) the Pledged Indebtedness and the promissory notes or instruments evidencing the Pledged Indebtedness, and all interest,
cash, instruments and other property and assets from time to time received, receivable or otherwise distributed in respect of the Pledged Indebtedness; and 

(d) all additional Indebtedness arising after the date hereof and owing to Pledgor and evidenced by promissory notes or other
instruments, together with such promissory notes and instruments, and all interest, cash, instruments and other property and assets from time to time received, receivable or otherwise distributed in respect of that Pledged Indebtedness. 

3. Security for Obligations. This Pledge Agreement secures, and the Pledged Collateral is security for, the prompt payment in full when
due, whether at stated maturity, by acceleration or otherwise, and performance of all Obligations of any kind of Pledgor under or in connection with the Loan Agreement, the Guarantee and the other Loan Documents and all Obligations of Pledgor now or
hereafter existing under this Pledge Agreement including, without limitation, all fees, costs and expenses of Agent and Lenders in connection with collection actions hereunder or otherwise (collectively, the “Secured Obligations”).

  
 - 2 - 

 4. Delivery of Pledged Collateral. All certificates and all promissory notes and
instruments evidencing the Pledged Collateral shall be delivered to and held by or on behalf of Agent, pursuant hereto. All Pledged Shares shall be accompanied by duly executed instruments of transfer or assignment in blank, all in form and
substance satisfactory to Agent and all promissory notes or other instruments evidencing the Pledged Indebtedness shall be endorsed by Pledgor. 

5. Representations and Warranties. Pledgor represents and warrants to Agent that: 

(a) Pledgor is, and at the time of delivery of the Pledged Shares to Agent will be, the sole holder of record and the sole
beneficial owner of such Pledged Collateral pledged by Pledgor free and clear of any lien, security interest or encumbrance (each a “Lien”) thereon or affecting the title thereto, except for any Lien created by this Pledge Agreement
and Permitted Liens; Pledgor is and at the time of delivery of the Pledged Indebtedness to Agent will be, the sole owner of such Pledged Collateral free and clear of any Lien thereon or affecting title thereto, except for any Lien created by this
Pledge Agreement and Permitted Liens; 
 (b) All of the Pledged Shares have been duly authorized, validly issued and are
fully paid and non-assessable; the Pledged Indebtedness has been duly authorized, authenticated or issued and delivered by, and is the legal, valid and binding obligations of, the Pledged Entity, subject only to bankruptcy, moratorium, insolvency
and other laws of general application affecting secured creditors and general principles of equity, and the Pledged Entity is not in default thereunder; 

(c) Pledgor has the right and requisite authority to pledge, assign, transfer, deliver, deposit and set over the Pledged
Collateral pledged by Pledgor to Agent, on behalf of itself and the Lenders, as provided herein; 
 (d) None of the Pledged
Shares or Pledged Indebtedness has been issued or transferred in violation of the securities registration, securities disclosure or similar laws of any jurisdiction to which such issuance or transfer may be subject; 

(e) All of the Pledged Shares are presently owned by Pledgor, and are presently represented by the certificates listed on
Schedule I hereto. As of the date hereof, except for the Warrants issued in connection with the Loan Agreement, there are no existing options, warrants, calls or commitments of any character whatsoever relating to the Pledged Shares;

 (f) No consent, approval, authorization or other order or other action by, and no notice to or filing with, any
governmental authority or any other person or entity is required (i) for the pledge by Pledgor of the Pledged Collateral pursuant to this Pledge Agreement or for the execution, delivery or performance of this Pledge Agreement by Pledgor, or
(ii) for the exercise by Agent of the voting or other rights provided for in this Pledge Agreement or the remedies in respect of the Pledged Collateral pursuant to this Pledge Agreement, except as may be required in connection with such
disposition by laws affecting the offering and sale of securities generally; 

  
 - 3 - 

 (g) The pledge and delivery of the Pledged Collateral pursuant to this Pledge
Agreement and filing of appropriate financing statements (and compliance with foreign laws relating to perfection of security interests in the Pledged Collateral) will create a valid first priority Lien on and a first priority perfected security
interest in favor of Agent, on behalf of itself and the Lenders, in the Pledged Collateral and the proceeds thereof, securing the payment of the Secured Obligations, subject to no other Lien other than Permitted Liens; 

(h) This Pledge Agreement has been duly authorized, executed and delivered by Pledgor and constitutes a legal, valid and
binding obligation of Pledgor enforceable against Pledgor in accordance with its terms subject only to bankruptcy, moratorium, insolvency and other laws of general application affecting secured creditors and general principles of equity; 

(i) The Pledged Shares constitute the percentage of the issued and outstanding shares of Stock of each Pledged Entity as set
forth in Schedule I; and 
 (j) None of the Pledged Indebtedness is subordinated in right of payment to other
Indebtedness (except for the Secured Obligations) or subject to the terms of an indenture. 
 The representations and warranties set forth
in this Section 5 shall survive the execution and delivery of this Pledge Agreement. 
 6. Covenants. Pledgor covenants
and agrees that until the Termination Date: 
 (a) Without the prior written consent of Agent, Pledgor will not sell, assign,
transfer, pledge, or otherwise encumber any of its rights in or to the Pledged Collateral, or any unpaid dividends, interest or other distributions or payments with respect to the Pledged Collateral or grant a Lien in the Pledged Collateral, unless
otherwise expressly permitted by the Loan Agreement; 
 (b) Pledgor will, at its expense, promptly execute, acknowledge and
deliver all such instruments and take all such actions as Agent from time to time may reasonably request in order to ensure to Agent the benefits of the Liens in and to the Pledged Collateral intended to be created by this Pledge Agreement,
including the filing of any necessary Uniform Commercial Code financing statements, which may be filed by Agent with or (to the extent permitted by law) without the signature of Pledgor, and will cooperate with Agent, at Pledgor’s expense, in
obtaining all necessary approvals and making all necessary filings under federal, state, local or foreign law in connection with such Liens or any sale or transfer of the Pledged Collateral; 

(c) Pledgor has and will defend the title to the Pledged Collateral and the Liens of Agent in the Pledged Collateral against
the claim of any person or entity and will maintain and preserve such Liens; and 

  
 - 4 - 

 (d) Pledgor will, upon obtaining ownership of any additional Stock or promissory
notes or instruments of a Pledged Entity or Stock or promissory notes or instruments otherwise required to be pledged to Agent pursuant to any of the Loan Documents, which Stock, notes or instruments are not already Pledged Collateral, promptly (and
in any event within three (3) Business Days) deliver to Agent a Pledge Amendment, duly executed by Pledgor, in substantially the form of Exhibit A hereto (a “Pledge Amendment”) in respect of any such additional Stock,
notes or instruments, pursuant to which Pledgor shall pledge to Agent, on behalf of itself and the Lenders, all of such additional Stock, notes and instruments. Pledgor hereby authorizes Agent to attach each Pledge Amendment to this Pledge Agreement
and agrees that all Pledged Shares and Pledged Indebtedness listed on any Pledge Amendment delivered to Agent shall for all purposes hereunder be considered Pledged Collateral. 

7. Pledgor’s Rights. As long as no Event of Default shall have occurred and be continuing and until written notice shall be given
to Pledgor in accordance with Section 8(a) hereof: 
 (a) Pledgor shall have the right, from time to time, to
vote and give consents with respect to the Pledged Collateral, or any part thereof for all purposes not inconsistent with the provisions of this Pledge Agreement, the Loan Agreement, the Guarantee or any other Loan Document; provided,
however, that no vote shall be cast, and no consent shall be given or action taken, which would have the effect of impairing the position or interest of Agent in respect of the Pledged Collateral or which would authorize, effect or consent to
(unless and to the extent expressly permitted by the Loan Agreement): 
 (i) the dissolution or liquidation, in whole or in
part, of a Pledged Entity; 
 (ii) the consolidation or merger of a Pledged Entity with any other person or entity; 

(iii) the sale, disposition or encumbrance of all or substantially all of the assets of a Pledged Entity, except for Permitted
Liens (as defined in the Loan Agreement) or Liens in favor of Agent; 
 (iv) any change in the authorized number of shares,
the stated capital or the authorized share capital of a Pledged Entity or the issuance of any additional shares of the Pledged Entity’s Stock; or 

(v) the alteration of the voting rights with respect to the Stock of a Pledged Entity; and 

(b) Pledgor shall be entitled, from time to time, to collect and receive for their own use all cash dividends, principal and
interest paid in respect of the Pledged Shares and Pledged Indebtedness to the extent not in violation of the Loan Agreement other than any and all: (1) dividends and interest paid or payable other than in cash in respect of any Pledged
Collateral, and instruments and other property received, 

  
 - 5 - 

 
receivable or otherwise distributed in respect of, or in exchange for, any Pledged Collateral; (2) dividends and other distributions paid or payable in cash in respect of any Pledged Shares
in connection with a partial or total liquidation or dissolution or in connection with a reduction of capital, capital surplus or paid-in capital of a Pledged Entity; and (3) cash paid, payable or otherwise distributed, in respect of principal
of, or in redemption of, or in exchange for, any Pledged Collateral; provided, however, that until actually paid all rights to such distributions shall remain subject to the Lien created by this Pledge Agreement; and 

(c) all dividends and interest (other than such cash dividends and interest as are permitted to be paid to Pledgor in
accordance with Section 7(b) above) and all other distributions in respect of any of the Pledged Shares or Pledged Indebtedness, whenever paid or made, shall be delivered to Agent to hold as Pledged Collateral and shall, if received by
Pledgor, be received in trust for the benefit of Agent, be segregated from the other property or funds of Pledgor, and be forthwith delivered to Agent as Pledged Collateral in the same form as so received (with any necessary indorsement). 

8. Defaults and Remedies; Proxy. 

(a) Upon the occurrence of an Event of Default and during the continuation of such Event of Default, and concurrently with
written notice to Pledgor, Agent (personally or through an agent) is hereby authorized and empowered to transfer and register in its name or in the name of its nominee the whole or any part of the Pledged Collateral, to exchange certificates or
instruments representing or evidencing Pledged Collateral for certificates or instruments of smaller or larger denominations, to exercise the voting and all other rights as a holder with respect thereto, to collect and receive all cash dividends,
interest, principal and other distributions made thereon, to sell in one or more sales after ten (10) days’ notice of the time and place of any public sale or of the time at which a private sale is to take place (which notice Pledgor
agrees is commercially reasonable) the whole or any part of the Pledged Collateral and to otherwise act with respect to the Pledged Collateral as though Agent was the outright owner thereof. Any sale shall be made at a public or private sale at
Agent’s place of business, or at any place to be named in the notice of sale, either for cash or upon credit or for future delivery at such price as Agent may deem fair, and Agent may be the purchaser of the whole or any part of the Pledged
Collateral so sold and hold the same thereafter in its own right free from any claim of Pledgor or any right of redemption. Each sale shall be made to the highest bidder, but Agent reserves the right to reject any and all bids at such sale which, in
its discretion, it shall deem inadequate. Demands of performance, except as otherwise herein specifically provided for, notices of sale, advertisements and the presence of property at sale are hereby waived and any sale hereunder may be conducted by
an auctioneer or any officer or agent of Agent. PLEDGOR HEREBY IRREVOCABLY CONSTITUTES AND APPOINTS AGENT AS THE PROXY AND ATTORNEY-IN-FACT OF PLEDGOR WITH RESPECT TO THE PLEDGED COLLATERAL, INCLUDING THE RIGHT TO VOTE THE PLEDGED SHARES, WITH FULL
POWER OF SUBSTITUTION TO DO SO. THE APPOINTMENT OF AGENT AS PROXY AND ATTORNEY-IN-FACT IS COUPLED WITH AN INTEREST AND SHALL BE IRREVOCABLE UNTIL THE 

  
 - 6 - 

 
TERMINATION DATE. IN ADDITION TO THE RIGHT TO VOTE THE PLEDGED SHARES, THE APPOINTMENT OF AGENT AS PROXY AND ATTORNEY-INFACT SHALL INCLUDE THE RIGHT TO EXERCISE ALL OTHER RIGHTS, POWERS,
PRIVILEGES AND REMEDIES TO WHICH A HOLDER OF THE PLEDGED SHARES WOULD BE ENTITLED (INCLUDING GIVING OR WITHHOLDING WRITTEN CONSENTS OF SHAREHOLDERS, CALLING SPECIAL MEETINGS OF SHAREHOLDERS AND VOTING AT SUCH MEETINGS). SUCH PROXY SHALL BE
EFFECTIVE, AUTOMATICALLY AND WITHOUT THE NECESSITY OF ANY ACTION (INCLUDING ANY TRANSFER OF ANY PLEDGED SHARES ON THE RECORD BOOKS OF THE ISSUER THEREOF) BY ANY PERSON (INCLUDING THE ISSUER OF THE PLEDGED SHARES OR ANY OFFICER OR AGENT THEREOF),
UPON THE OCCURRENCE OF AN EVENT OF DEFAULT. NOTWITHSTANDING THE FOREGOING, AGENT SHALL NOT HAVE ANY DUTY TO EXERCISE ANY SUCH RIGHT OR TO PRESERVE THE SAME AND SHALL NOT BE LIABLE FOR ANY FAILURE TO DO SO OR FOR ANY DELAY IN DOING SO. 

(b) If, at the original time or times appointed for the sale of the whole or any part of the Pledged Collateral, the highest
bid, if there be but one sale, shall be inadequate to discharge in full all the Secured Obligations, or if the Pledged Collateral be offered for sale in lots, if at any of such sales, the highest bid for the lot offered for sale would indicate to
Agent, in its discretion, that the proceeds of the sales of the whole of the Pledged Collateral would be unlikely to be sufficient to discharge all the Secured Obligations, Agent may, on one or more occasions and in its discretion, postpone any of
said sales by public announcement at the time of sale or the time of previous postponement of sale, and no other notice of such postponement or postponements of sale need be given, any other notice being hereby waived; provided,
however, that any sale or sales made after such postponement shall be after five (5) days’ notice to Pledgor. 

(c) If, at any time when Agent in its sole discretion determines, following the occurrence and during the continuance of an
Event of Default, that, in connection with any actual or contemplated exercise of its rights (when permitted under this Section 8) to sell the whole or any part of the Pledged Shares hereunder, it is necessary or advisable to effect a
public registration of all or part of the Pledged Collateral pursuant to the Securities Act of 1933, as amended (or any similar statute then in effect) (the “Act”), Pledgor shall, in an expeditious manner, cause the Pledged Entity
to: 
 (i) Prepare and file with the Securities and Exchange Commission (the “Commission”) a registration
statement with respect to the Pledged Shares and in good faith use commercially reasonable efforts to cause such registration statement to become and remain effective; 

(ii) Prepare and file with the Commission such amendments and supplements to such registration statement and the prospectus
used in connection therewith as may be necessary to keep such registration statement effective and to comply with the provisions of the Act with respect to the sale or other disposition of the Pledged Shares covered by such registration statement
whenever Agent shall desire to sell or otherwise dispose of the Pledged Shares; 

  
 - 7 - 

 (iii) Furnish to Agent such numbers of copies of a prospectus and a preliminary
prospectus, in conformity with the requirements of the Act, and such other documents as Agent may request in order to facilitate the public sale or other disposition of the Pledged Shares by Agent; 

(iv) Use commercially reasonable efforts to register or qualify the Pledged Shares covered by such registration statement under
such other securities or blue sky laws of such jurisdictions within the United States as Agent shall request, and do such other reasonable acts and things as may be required of it to enable Agent to consummate the public sale or other disposition in
such jurisdictions of the Pledged Shares by Agent; 
 (v) Furnish, at the request of Agent, on the date that shares of the
Pledged Collateral are delivered to the underwriters for sale pursuant to such registration or, if the security is not being sold through underwriters, on the date that the registration statement with respect to such Pledged Shares becomes
effective, (A) an opinion, dated such date, of the independent counsel representing such registrant for the purposes of such registration, addressed to the underwriters, if any, and in the event the Pledged Shares are not being sold through
underwriters, then to Agent, in customary form and covering matters of the type customarily covered in such legal opinions; and (B) a comfort letter, dated such date, from the independent certified public accountants of such registrant,
addressed to the underwriters, if any, and in the event the Pledged Shares are not being sold through underwriters, then to Agent, in a customary form and covering matters of the type customarily covered by such comfort letters and as the
underwriters or Agent shall reasonably request. The opinion of counsel referred to above shall additionally cover such other legal matters with respect to the registration in respect of which such opinion is being given as Agent may reasonably
request. The letter referred to above from the independent certified public accountants shall additionally cover such other financial matters (including information as to the period ending not more than five (5) Business Days prior to the date
of such letter) with respect to the registration in respect of which such letter is being given as Agent may reasonably request; and 

(vi) Otherwise use commercially reasonable efforts to comply with all applicable rules and regulations of the Commission, and
make available to its security holders, as soon as reasonably practicable but not later than 18 months after the effective date of the registration statement, an earnings statement covering the period of at least 12 months beginning with the first
full month after the effective date of such registration statement, which earnings statement shall satisfy the provisions of Section 12(a) of the Act. 

(d) All expenses incurred in complying with Section 8(c) hereof, including, without limitation, all registration
and filing fees (including all expenses incident to filing with the National Association of Securities Dealers, Inc.), printing expenses, fees and disbursements of counsel for the registrant, the fees and expenses of

  
 - 8 - 

 
counsel for Agent, expenses of the independent certified public accountants (including any special audits incident to or required by any such registration) and expenses of complying with the
securities or blue sky laws or any jurisdictions, shall be paid by the Pledgor. 
 (e) Agent may, at any time when Agent
shall determine to exercise its right to sell the whole or any part of the Pledged Collateral hereunder, in its discretion (subject only to applicable requirements of law), sell such Pledged Collateral or part thereof by private sale in such manner
and under such circumstances as Agent may deem necessary or advisable, but subject to the other requirements of this Section 8, and shall not be required to effect a registration of such Collateral under the Act or to cause the same to
be effected. Without limiting the generality of the foregoing, in any such event, Agent in its discretion (x) may, in accordance with applicable securities laws, proceed to make such private sale notwithstanding that a registration statement
for the purpose of registering such Pledged Collateral or part thereof could be or shall have been filed under said Act (or similar statute), (y) may approach and negotiate with a single possible purchaser to effect such sale, and (z) may
restrict such sale to a purchaser who is an accredited investor under the Act and who will represent and agree that such purchaser is purchasing for its own account, for investment and not with a view to the distribution or sale of such Pledged
Collateral or any part thereof. In addition to a private sale as provided above in this Section 8, if any of the Pledged Collateral shall not be freely distributable to the public without registration under the Act (or similar statute)
at the time of any proposed sale pursuant to this Section 8, then Agent shall not be required to effect such registration or cause the same to be effected but, in its discretion (subject only to applicable requirements of law), may
require that any sale hereunder (including a sale at auction) be conducted subject to restrictions: 
 (i) as to the
financial sophistication and ability of any person or entity permitted to bid or purchase at any such sale; 
 (ii) as to the
content of legends to be placed upon any certificates representing the Pledged Collateral sold in such sale, including restrictions on future transfer thereof; 

(iii) as to the representations required to be made by each person or entity bidding or purchasing at such sale relating to
that person’s or entity’s access to financial information about Pledgor and such person’s or entity’s intentions as to the holding of the Pledged Collateral so sold for investment for its own account and not with a view to the
distribution thereof; and 
 (iv) as to such other matters as Agent may, in its discretion, deem necessary or appropriate in
order that such sale (notwithstanding any failure so to register) may be effected in compliance with the Bankruptcy Code and other laws affecting the enforcement of creditors’ rights and the Act and all applicable state securities laws. 

  
 - 9 - 

 (f) Pledgor recognizes that Agent may be unable to effect a public sale of any or
all the Pledged Collateral and may be compelled to resort to one or more private sales thereof in accordance with clause (e) above. Pledgor also acknowledges that any such private sale may result in prices and other terms less favorable
to the seller than if such sale were a public sale and, notwithstanding such circumstances, agrees that any such private sale shall not be deemed to have been made in a commercially unreasonable manner solely by virtue of such sale being private.
Agent shall be under no obligation to delay a sale of any of the Pledged Collateral for the period of time necessary to permit the Pledged Entity to register such securities for public sale under the Act, or under applicable state securities laws,
even if Pledgor and the Pledged Entity would agree to do so. 
 (g) Pledgor agrees to the maximum extent permitted by
applicable law that following the occurrence and during the continuance of an Event of Default it will not at any time plead, claim or take the benefit of any appraisal, valuation, stay, extension, moratorium or redemption law now or hereafter in
force in order to prevent or delay the enforcement of this Pledge Agreement, or the absolute sale of the whole or any part of the Pledged Collateral or the possession thereof by any purchaser at any sale hereunder, and Pledgor waives the benefit of
all such laws to the extent it lawfully may do so. Pledgor agrees that they will not interfere with any right, power and remedy of Agent provided for in this Pledge Agreement or now or hereafter existing at law or in equity or by statute or
otherwise, or the exercise or beginning of the exercise by Agent of any one or more of such rights, powers or remedies. No failure or delay on the part of Agent to exercise any such right, power or remedy and no notice or demand which may be given
to or made upon Pledgor by Agent with respect to any such remedies shall operate as a waiver thereof, or limit or impair Agent’s right to take any action or to exercise any power or remedy hereunder, without notice or demand, or prejudice its
rights as against Pledgor in any respect. 
 (h) Pledgor further agrees that a breach of any of the covenants contained in
this Section 8 will cause irreparable injury to Agent, that Agent shall have no adequate remedy at law in respect of such breach and, as a consequence, agrees that each and every covenant contained in this Section 8 shall be
specifically enforceable against Pledgor, and Pledgor hereby waives and agrees not to assert any defenses against an action for specific performance of such covenants except for a defense that the Secured Obligations are not then due and payable in
accordance with the agreements and instruments governing and evidencing such obligations. 
 9. Assignment. Agent may assign, indorse
or transfer any instrument evidencing all or any part of the Secured Obligations as provided in, and in accordance with, the Loan Agreement, and the holder of such instrument shall be entitled to the benefits of this Pledge Agreement. 

10. Termination. Immediately following the Termination Date, Agent shall deliver to Pledgor the remaining Pledged Collateral, if any,
pledged by Pledgor at the time subject to this Pledge Agreement and all remaining instruments of assignment executed in connection therewith, if any, free and clear of the Liens hereof and, except as otherwise provided herein, all of Pledgor’s
obligations hereunder shall at such time terminate. 

  
 - 10 - 

 11. Lien Absolute. All rights of Agent, on behalf of itself and the Lenders, hereunder,
and all obligations of Pledgor hereunder, shall be absolute and unconditional irrespective of: 
 (a) any lack of validity or
enforceability of the Loan Agreement, any other Loan Document or any other agreement or instrument governing or evidencing any Secured Obligations; 

(b) any change in the time, manner or place of payment of, or in any other term of, all or any part of the Secured Obligations,
or any other amendment or waiver of or any consent to any departure from the Loan Agreement, any other Loan Document or any other agreement or instrument governing or evidencing any Secured Obligations; 

(c) any exchange, release or non-perfection of any other Collateral, or any release or amendment or waiver of or consent to
departure from any guaranty, for all or any of the Secured Obligations; 
 (d) the insolvency of any Pledgor; or 

(e) any other circumstance which might otherwise constitute a defense available to, or a discharge of, a Pledgor. 

12. Release. Pledgor consents and agrees that Agent may at any time, or from time to time, in its discretion: 

(a) renew, extend or change the time of payment, and/or the manner, place or terms of payment of all or any part of the Secured
Obligations; and 
 (b) exchange, release and/or surrender all or any of the Collateral (including the Pledged Collateral),
or any part thereof, by whomsoever deposited, which is now or may hereafter be held by Agent in connection with all or any of the Secured Obligations; all in such manner and upon such terms as Agent may deem proper, and without notice to or further
assent from Pledgor, it being hereby agreed that Pledgor shall be and remain bound upon this Pledge Agreement, irrespective of the value or condition of any of the Collateral, and notwithstanding any such change, exchange, settlement, compromise,
surrender, release, renewal or extension, and notwithstanding also that the Secured Obligations may, at any time, exceed the aggregate principal amount thereof set forth in the Loan Agreement, or any other agreement governing any Secured
Obligations. Pledgor hereby waives notice of acceptance of this Pledge Agreement, and also presentment, demand, protest and notice of dishonor of any and all of the Secured Obligations; and promptness in commencing suit against any party hereto or
liable hereon, and in giving any notice to or of making any claim or demand hereunder upon Pledgor. No act or omission of any kind on Agent’s part shall in any event affect or impair this Pledge Agreement. 

  
 - 11 - 

 13. Reinstatement. This Pledge Agreement shall remain in full force and effect and
continue to be effective should any petition be filed by or against any Pledgor or any Pledged Entity for liquidation or reorganization, should any Pledgor or any Pledged Entity become insolvent or make an assignment for the benefit of creditors or
should a receiver or trustee be appointed for all or any significant part of any Pledgor’s or a Pledged Entity’s assets, and shall continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the
Secured Obligations, or any part thereof, is, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee of the Secured Obligations, whether as a “voidable preference”,
“fraudulent conveyance”, or otherwise, all as though such payment or performance had not been made. In the event that any payment, or any part thereof, is rescinded, reduced, restored or returned, the Secured Obligations shall be
reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned. 
 14. Notices. Except as
otherwise provided herein, whenever it is provided herein that any notice, demand, request, consent, approval, declaration or other communication shall or may be given to or served upon any of the parties by any other party, or whenever any of the
parties desires to give and serve upon any other party any communication with respect to this Pledge Agreement, each such notice, demand, request, consent, approval, declaration or other communication shall be in writing and shall be given in the
manner, and deemed received, as provided for in the Loan Agreement. 
 15. Severability. Whenever possible, each provision of this
Pledge Agreement shall be interpreted in a manner as to be effective and valid under applicable law, but if any provision of this Pledge Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the
extent of such prohibition or invalidity without invalidating the remainder of such provision or the remaining provisions of this Pledge Agreement. This Pledge Agreement is to be read, construed and applied together with the Loan Agreement and the
other Loan Documents which, taken together, set forth the complete understanding and agreement of Agent and Pledgor with respect to the matters referred to herein and therein. 

16. No Waiver; Cumulative Remedies. Agent shall not by any act, delay, omission or otherwise be deemed to have waived any of its rights
or remedies hereunder, and no waiver shall be valid unless in writing, signed by Agent and then only to the extent therein set forth. A waiver by Agent of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right
or remedy which Agent would otherwise have had on any future occasion. No failure to exercise nor any delay in exercising on the part of Agent, any right, power or privilege hereunder, shall operate as a waiver thereof, nor shall any single or
partial exercise of any right, power or privilege hereunder preclude any other or future exercise thereof or the exercise of any other right, power or privilege. The rights and remedies hereunder provided are cumulative and may be exercised singly
or concurrently, and are not exclusive of any rights and remedies provided by law. None of the terms or provisions of this Pledge Agreement may be waived, altered, modified or amended except by an instrument in writing, duly executed by Agent and
Pledgor. 

  
 - 12 - 

 17. Limitation By Law. All rights, remedies and powers provided in this Pledge Agreement
may be exercised only to the extent that the exercise thereof does not violate any applicable provision of law, and all the provisions of this Pledge Agreement are intended to be subject to all applicable mandatory provisions of law that may be
controlling and to be limited to the extent necessary so that they shall not render this Pledge Agreement invalid, unenforceable, in whole or in part, or not entitled to be recorded, registered or filed under the provisions of any applicable law.

 18. Successors And Assigns. This Pledge Agreement and all obligations of Pledgor hereunder shall be binding upon the successors
and assigns of Pledgor (including any debtor-in-possession on behalf of Pledgor) and shall, together with the rights and remedies of Agent, hereunder, inure to Agent, all future holders of any instrument evidencing any of the Secured Obligations and
their respective successors and assigns. No sales of participations, other sales, assignments, transfers or other dispositions of any agreement governing or instrument evidencing the obligations or any portion thereof or interest therein shall in
any manner impair the Lien granted to Agent, hereunder. Pledgor may not assign, sell, hypothecate or otherwise transfer any interest in or obligation under this Pledge Agreement. 

19. Counterparts. This Pledge Agreement may be authenticated in any number of separate counterparts, each of which shall collectively
and separately constitute one agreement. This Pledge Agreement may be authenticated by manual signature, facsimile or, if approved in writing by Agent, electronic means, all of which shall be equally valid. 

20. Section Titles. The Section titles contained in this Pledge Agreement are and shall be without substantive meaning or content of
any kind whatsoever and are not a part of the agreement between the parties hereto. 
 21. No Strict Construction. The parties hereto
have participated jointly in the negotiation and drafting of this Pledge Agreement. In the event an ambiguity or question of intent or interpretation arises, this Pledge 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 Pledge Agreement. 

22. Advice of Counsel. Each of the parties represents to each other party hereto that it has discussed this Pledge Agreement with its
counsel. 
 23. Governing Law. This Pledge Agreement shall be governed by the laws of the State of New York without giving effect to
the conflict of laws principles thereof. 
 24. Benefit of Agent. All Liens granted or contemplated hereby shall be for the benefit
of Agent, on behalf of itself and the Lenders, and all proceeds or payments realized from Pledged Collateral in accordance herewith shall be applied to the Secured Obligations in accordance with the terms of the Loan Agreement. 

[signature page follows] 

  
 - 13 - 

 IN WITNESS WHEREOF, each of the parties hereto has caused this Pledge Agreement to be executed
and delivered by its duly authorized officer as of the date first set forth above. 
  

			
	Pledgor:
	
	LOMBARD MEDICAL TECHNOLOGIES LIMITED
		
	By:		

		 	  

	Name:		 William J. Kullback

	Title:		 CFO

  
 Lombard Medical
Technologies Limited 
 PLEDGE AGREEMENT 

SIGNATURE PAGE 

 
			
	Agent:
	
	OXFORD FINANCE LLC
		
	By:		

		 	  

	Name:		 T.A. Lex

	Title:		 COO

  
 Lombard Medical
Technologies Limited 
 PLEDGE AGREEMENT 

SIGNATURE PAGE 

 SCHEDULE I 

PART A 
 PLEDGED SHARES

  

																	
	 Pledgor
	  	Pledged Entity	  	Class of
Stock	  	Stock
Certificate
Number(s)	 	  	Number of
Shares	 	  	Percentage of
Outstanding
Shares	 
	 Lombard Medical Technologies Limited
	  	Lombard Medical
Technologies Inc.	  	Common
Stock	  	 	2	  	  	 	100	  	  	 	100	% 
		  		  		  				  				  			

 PART B 

PLEDGED INDEBTEDNESS 
  

											
	 Pledgor
	  	Pledged Entity	  	Initial Principal
Amount	  	Issue Date	  	Maturity Date	  	Interest Rate
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	

 EXHIBIT A 

PLEDGE AMENDMENT 
 This
Pledge Amendment, dated             ,          is delivered pursuant to Section 6(d) of the Pledge Agreement referred to below. All defined
terms herein shall have the meanings ascribed thereto or incorporated by reference in the Pledge Agreement. The undersigned hereby certifies that the representations and warranties in Section 5 of the Pledge Agreement are and continue to be
true and correct, both as to the promissory notes, instruments and shares pledged prior to this Pledge Amendment and as to the promissory notes, instruments and shares pledged pursuant to this Pledge Amendment. The undersigned further agrees that
this Pledge Amendment may be attached to that certain Pledge Agreement, dated as of April 24, 2015, between undersigned, as a Pledgor and Oxford Finance LLC, as Agent, (as from time to time amended, restated, supplemented or otherwise modified,
the “Pledge Agreement”) and that the Pledged Shares and Pledged Indebtedness listed on this Pledge Amendment shall be and become a part of the Pledged Collateral referred to in said Pledge Agreement and shall secure all Secured
Obligations referred to in said Pledge Agreement. The undersigned acknowledges that any promissory notes, instruments or shares not included in the Pledged Collateral at the discretion of Agent may not otherwise be pledged by Pledgor to any other
person or entity or otherwise used as security for any obligations other than the Secured Obligations. 
  

			
	[NAME OF PLEDGOR]
		
	By:	 	
	Name:	 	
	Title:	 	

  

											
	 Name and Address of Pledgor
	  	Pledged
Entity	  	Class Of
Stock	  	Certificate
Number(s)	  	Number
Of Shares	  	Percentage of
Outstanding Shares
		  		  		  		  		  	
		  		  		  		  		  	

  

									
	 Pledged Entity
	  	Initial
Principal Amount	  	Issue Date	  	Maturity Date	  	Interest RateEX-4.15

 Exhibit 4.15 

DATED 24 April 2015 

LOMBARD MEDICAL, INC 

LOMBARD MEDICAL 

TECHNOLOGIES LIMITED 

LOMBARD MEDICAL LIMITED 

as Guarantors 
 and

 OXFORD FINANCE LLC 

as Collateral Agent 
  

 
 GUARANTEE AND INDEMNITY 

 
  
  

 
 GREENBERG TRAURIG MAHER LLP 

7TH FLOOR 

200 GRAY’S INN ROAD 

LONDON WC1X 8XZ 

 TABLE OF CONTENTS 

 

							
	 1.
		 INTERPRETATION
		 	1	  
	 2.
		 GUARANTEE
		 	4	  
	 3.
		 JOINT AND SEVERAL
		 	4	  
	 4.
		 CONTINUING SECURITY
		 	5	  
	 5.
		 REPRESENTATIONS AND WARRANTIES
		 	7	  
	 6.
		 UNDERTAKINGS
		 	10	  
	 7.
		 PAYMENTS
		 	13	  
	 8.
		 SET-OFF
		 	14	  
	 9.
		 COSTS AND EXPENSES
		 	14	  
	 10.
		 REMEDIES AND WAIVERS
		 	15	  
	 11.
		 ADDITIONAL PROVISIONS
		 	15	  
	 12.
		 ASSIGNMENTS AND TRANSFERS
		 	16	  
	 13.
		 AMENDMENTS
		 	16	  
	 14.
		 NOTICES
		 	16	  
	 15.
		 COUNTERPARTS
		 	16	  
	 16.
		 GOVERNING LAW
		 	16	  
	 17.
		 ACCESSION OF ADDITIONAL GUARANTOR
		 	16	  
	 18.
		 ENFORCEMENT
		 	16	  
	 SCHEDULE 1 ORIGINAL GUARANTORS
		 	1	  

 THIS DEED of Guarantee and Indemnity is dated 24 April 2015 and made between: 

 

	(1)	THE COMPANIES listed in Schedule 1 as original guarantors (each an “Original Guarantor”) and 

  

	(2)	OXFORD FINANCE LLC as security agent and collateral agent (the “Collateral Agent”). 

INTRODUCTION 
  

	(A)	Pursuant to a loan and security agreement dated on or about the date of this Deed (the “Agreement” and made between Lombard Medical Technologies, Inc, (in its capacity as “Borrower”),
the Collateral Agent and the Lenders (as defined therein), the Lenders have agreed to make a certain facilities to the Borrower. 

  

	(B)	The Borrower is the 100% owned subsidiary of Lombard Medical Technologies Limited, which is in turn the 100% owned subsidiary of Lombard Medical, Inc. (the “Lombard Cayman Guarantor”).

  

	(C)	It is a condition precedent to the making of facilities under the Agreement, that each of the Original Guarantors enters into this Deed. 

 

	(D)	Each Guarantor and the Collateral Agent intend this Deed to take effect as a deed notwithstanding that a party may execute it under hand. 

THIS DEED WITNESSES that: 
  

	1.	INTERPRETATION 

  

	1.1	Definitions 

 In this Deed the following terms have the meanings given to them in this
Clause. 
 “Additional Guarantor” means any member of the Group which accedes to this Deed after the date of this Deed in
accordance with Clause 17 (Accession of Additional Guarantors). 
 “Blocked Account” means a new account in the name
of Lombard Medical Technologies Limited or an existing account which following the occurrence of an Excess (as defined in clause 6.7 (Blocked Account)) is designated as a “Blocked Account” by both Lombard Medical Technologies Limited and
the Collateral Agent, in each case with an account bank acceptable to the Collateral Agent and over which Lombard Medical Technologies Limited has granted a first ranking security interest in favour of the Collateral Agent, in form and substance
satisfactory to the Collateral Agent and, from which, following designation as a Blocked Account, no withdrawals may be made without the consent of the Collateral Agent. 

“Dormant Company” has the meaning given to that term in section 1169 Companies Act 2006. 

“Finance Party” means the Collateral Agent and any Lender. 

“German Subsidiary” means Lombard Medical Technologies GmbH whose registered address is Otto-Lindenmeyer Strasse 28, D-86153,
Augsburg, Germany. 
 “Group” means Lombard Medical, Inc and any of its Subsidiaries. 

“Guarantor” means each Original Guarantor and any Additional Guarantor. 

“Insolvent” means in relation to a person, that person is: 

 

	 	(a)	unable or admits inability to pay its debts as they fall due; 

  
 1 

	 	(b)	is deemed to, or is declared to, be unable to pay its debts under applicable law; 

  

	 	(c)	suspends or threatens to suspend making payments on any of its debts; 

  

	 	(d)	by reason of actual or anticipated financial difficulties, commences negotiations with one or more of its creditors (excluding any Finance Party in its capacity as such) with a view to rescheduling any of its
indebtedness; 

  

	 	(e)	the value of its assets is less than its liabilities (taking into account contingent and prospective liabilities); or 

  

	 	(f)	a moratorium is declared in respect of any indebtedness of it. 

 “Japanese Distribution
Agreement” means the distribution agreement dated 29 September 2010 between Lombard Medical Technologies plc and Medico’s Hirata Inc. relating to the distribution of AorfixTM in Japan. 

“Obligations” has the meaning given to it in the Agreement save that for the purposes of this Deed any references to the
“Borrower” shall be construed as a reference to any an “Obligor”. 
 “Obligor” means the Borrower and a
Guarantor. 
 “Subsidiary” means a “subsidiary undertaking” within the meaning of section 1162 of the Companies
Act 2001. 
 “Tax” means any tax, levy, impost, duty, withholding or other charge of a similar nature (including any penalty
or interest payable in connection with any failure to pay or any delay in paying any of the same) in any applicable jurisdiction. 

“Tax Credit” means a credit against, relief or remission for, or repayment of any Tax. 

“UK Debenture” means the English law debenture dated on or about the date of this Deed between Lombard Medical Technologies
Limited, Lombard Medical Limited and the Collateral Agent. 
 “UK Security Documents” means this Deed, the UK Debenture, the
UK Share Charge and any other document entered into by a member of the Group governed by English law which creates or is expressed to create any Lien over all or part of its assets in respect of the Obligations. 

“UK Share Charge” means the English law share charge dated on about the date of this Deed between Lombard Medical, Inc. and
the Collateral Agent relating to certain shares in Lombard Medical Technologies Limited. 
  

	1.2	Construction 

  

	 	1.2.1	Unless a contrary indication appears, a term defined in the Agreement has the same meaning in this Deed. 

  

	 	1.2.2	Any reference in this Deed to: 

  

	 	(a)	the “Collateral Agent”, any Lender, any Guarantor, the Borrower or any other person shall be construed so far as to include its successors in title, permitted assignee and permitted
transferees, or of its rights and obligations under the Loan Documents and, in the case of the Collateral Agent, any person for the time being appointed as Collateral Agent, in accordance with the Agreement; 

  
 2 

	 	(b)	“assets includes present and future properties, renewals and rights of each description; 

  

	 	(c)	a “person” includes any individual, firm, company, corporation, government, state or agency of a state or any association, trust, joint venture, consortium or partnership or other entity (whether or not
having separate legal personality); 

  

	 	(d)	“VAT” means value added tax as provided for in the Value Added Tax Act 1994 and any other tax of a similar nature in any applicable jurisdiction; 

 

	 	(e)	the “winding-up”, “dissolution” or “administration” of a company or corporation shall be construed so as to include any equivalent or analogous proceedings under the
law of the jurisdiction in which such company or corporation is incorporated or any jurisdiction in which such company or corporation carries on business including, without limitation, the seeking of liquidation, winding-up, reorganisation,
dissolution, administration, arrangement, adjustment, protection from creditors or relief of debtors; 

  

	 	(f)	a reference in this Deed to any agreement or document (including a Loan Document) or to any agreement or document entered into pursuant to or in accordance with any such agreement or document is a reference to:

  

	 	(i)	this Deed or other agreement or document as amended, novated, supplemented, extended or restated (however fundamental); and 

  

	 	(ii)	any other agreement or document whereby such agreement or document is so amended, restated, varied, novated or supplemented or which is entered into pursuant to or in accordance with any such agreement or document
(however fundamental); 

  

	 	(g)	a provision of law is a reference to that provision as amended or re-enacted; 

  

	 	(h)	Clause and Schedule headings are for ease of reference only and shall not affect the construction of this Deed; 

  

	 	(i)	a time of day is a reference to London time; 

  

	 	(j)	a “regulation” includes any regulation, rule, official, directive, request or guideline whether or not having the force of law) of any governmental, intergovernmental or supranational body, agency,
department or of any regulatory, self- regulatory or other authority or organization; 

  

	 	(k)	“including” shall be construed as meaning “including, without limitation”; and 

  

	 	(l)	“indebtedness” includes any obligation (whether named as principal or as surety) for the payment or repayment of money, whether present or future, actual or contingent. 

 

	1.3	Trust 

 The Collateral Agent holds the benefit of this Deed, including the rights granted
in it, on trust for the Finance Parties on the terms set out in the Agreement and the UK Security Documents. To the extent of any inconsistency, the provisions of the Agreement shall prevail. 

  
 3 

	1.4	Perpetuity period 

 The perpetuity period applicable to any trusts declared or created by
this Deed shall be 125 years. 
  

	1.5	Third Party Rights 

 Other than an Indemnified Person, a person which is not a party to
this Deed shall have no rights to enforce the provisions of this Deed other than those it would have had if the Contracts (Rights of Third Parties) Act 1999 had not come into force. 

 

	1.6	Currency symbols and definitions 

 $US denotes the lawful currency of the United states
of America. 
  

	2.	GUARANTEE 

  

	2.1	Guarantee and Indemnity 

 Each Guarantor irrevocably and unconditionally: 

 

	 	2.1.1	guarantees to the Collateral Agent, punctual performance by an Obligor of all the obligations of that Obligor under or pursuant to the Loan Documents; 

 

	 	2.1.2	undertakes with the Collateral Agent that whenever any Obligor does not pay any amount when due (allowing for any applicable grace period) under or connection with the Loan Documents, that Guarantor shall immediately on
demand pay that amount as if it was the primary obligor; and 

  

	 	2.1.3	indemnifies each Finance Party immediately on demand from and against any actual cost, loss or liability incurred by it as a result of any of the obligations of an Obligor under or pursuant to any Loan Document being or
becoming unenforceable, invalid or illegal for any reason whatsoever or howsoever arising, whether or not known to a Finance Party, the amount of such cost, loss or liability being the amount which the Finance Party would otherwise have been
entitled to recover from the Borrower but for such unenforceability, invalidity or illegality. 

  

	2.2	Demands 

  

	 	2.2.1	The amount specified in a demand made by the Collateral Agent pursuant to this Deed as to the amount of any Obligation or the amount due from a Guarantor under this Deed shall, save for manifest error, be conclusive and
binding on a Guarantor. 

  

	 	2.2.2	Multiple demands may be made under this Deed from time to time, and the liabilities and obligations of each Guarantor under this Deed may be enforced, irrespective of whether any demands, steps or proceedings are being
or have been made or taken against another Obligor. 

  

	2.3	Interest 

 If the Collateral Agent makes a demand under this Deed, a Guarantor shall pay
interest on each sum demanded from its due date (before and after any judgment and to the extent, interest at the rate applicable to the relevant sum(s) is not otherwise being paid on such sum(s)) until the date of payment calculated on a daily
basis at the rate determined in accordance with the provisions of Clause 2.3(b) (Default interest) of the Agreement. 
  

	3.	JOINT AND SEVERAL 

 The obligations of each Guarantor under this Deed are joint and
several. 

  
 4 

	4.	CONTINUING SECURITY 

  

	4.1	Continuing Obligations 

 This guarantee is a continuing guarantee and will extend to the
ultimate balance of sums payable by an Obligor under the Loan Documents regardless of any intermediate payment or discharge in whole or in part. 
  

	4.2	Reinstatement 

 If any discharge, release or arrangement (whether in respect of the
obligations of an Obligor or any security for those obligations or otherwise) is made by the Collateral Agent in whole or in part on the faith of any payment, security or other disposition which is avoided or must be restored in insolvency,
liquidation, administration or otherwise, without limitation, then the liability of a Guarantor under this Deed will continue or be reinstated as if the discharge, release or arrangement had not occurred. 

 

	4.3	New Accounts 

 If the Collateral Agent makes demand of the Guarantor for payment of the
Obligations or any of them: 
  

	 	4.3.1	the Collateral Agent may open a new account or accounts in respect of the Obligations or any of them (and if it does not do so it shall be treated as if it had done so at the time it made such demand); and

  

	 	4.3.2	thereafter any amounts paid by a Guarantor to the Collateral Agent in respect of the Obligations shall be credited (or be treated as having been credited) to such new account or accounts and not as having been applied
in or towards payment of the Obligations or any of them. 

  

	4.4	Waiver of Defences 

 The obligations of a Guarantor under this Deed will not be affected
by any act, omission, matter or thing which, but for this Clause 4, would reduce, release or prejudice any of its obligations under this Deed (without limitation and whether or not known to it or a Finance Party) including: 

 

	 	4.4.1	any time, waiver or consent granted to, or composition with, an Obligor or other person; 

  

	 	4.4.2	the release of an Obligor or any other person under the terms of any composition or arrangement with any creditor of an Obligor or any other person; 

 

	 	4.4.3	the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, an Obligor or other person or any
non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security; 

  

	 	4.4.4	any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of an Obligor or any other person; 

 

	 	4.4.5	any amendment, novation, supplement, extension (whether of maturity or otherwise) or restatement (in each case, however fundamental, whether or not more onerous and of whatsoever nature) or replacement of any Loan
Document any other agreement, guarantee or security including without limitation, any change of the purpose of, any extension or an increase in any security or the addition or any new facility, credit or financial accommodation being provided or any
other document or security; 

  
 5 

	 	4.4.6	any failure to take, or fully to take, any security contemplated by a Loan Document or otherwise agreed to be taken in respect of an Obligor’s obligations under the Loan Document; 

 

	 	4.4.7	any failure to realise or fully to realise the value of, or any release, discharge, exchange or substitution of, any security taken in respect of an Obligor’s Obligations; or 

 

	 	4.4.8	any unenforceability, illegality or invalidity of any obligation of any person under any Loan Document or any other agreement, guarantee or security; or 

 

	 	4.4.9	any insolvency or similar proceedings. 

  

	4.5	Guarantor Intent 

 Without prejudice to the generality of clause 4.4 (Waiver of
Defences), each Guarantor expressly confirms that it intends that this guarantee shall extend from time to time to any (however fundamental) variation, increase, extension or addition of or to a Loan Document and/or any facility or amount made
available, or financial accommodation made under any Loan Document for the purposes of or in connection with any of the following; business acquisitions of any nature; increasing working capital; enabling investor distributions to be made; carrying
out restructurings; refinancing existing facilities; refinancing any other indebtedness; making facilities available to new companies; any other variation or extension of the purposes for which any such facility or amount might be made available
from time to time; and any fees, costs and/or expenses associated with any of the foregoing. 
  

	4.6	Immediate Recourse 

 The Guarantor waives any right it may have of first requiring the
Collateral Agent to proceed against or enforce any other rights or security or claim payment from any person before claiming from the Guarantor under this Deed. This waiver applies irrespective of any law or any provision of any Loan Document to the
contrary. 
  

	4.7	Deferral of Guarantor’s Rights 

 Until all amounts which may be or become payable by
an Obligor under or in connection with any Loan Document have been irrevocably paid in full and unless the Collateral Agent otherwise directs, a Guarantor will not exercise any rights (its “rights of recourse”) which it may have by
reason of performance by it of its obligations under this Deed or by reason of any amount being payable, or liability arising, under this Deed: 
  

	 	4.7.1	to be indemnified by another Obligor or to claim any contribution from any other Guarantor or any other Obligor of an Obligor’s obligations under the Loan Documents; 

 

	 	4.7.2	to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of any Finance Party under the Loan Documents or of any other guarantee or security taken pursuant to, or in
connection with, the Loan Documents by a Finance Party; 

  

	 	4.7.3	to bring legal or other proceedings for an order requiring an Obligor to make any payment or perform any obligation in respect of which a Guarantor has given a guarantee, undertaking or indemnity under this Deed;

  

	 	4.7.4	to exercise any right of set-off or counterclaim against an Obligor; and/or 

  

	 	4.7.5	to claim or prove as a creditor of an Obligor or any other person or its estate in competition with a Finance Party. 

  
 6 

 If a Guarantor receives any benefit, payment or distribution in relation to such rights, it shall
hold that benefit, payment or distribution to the extent necessary to enable all amounts which may be or become payable to a Finance Party under or in connection with the Loan Documents on trust for, the Collateral Agent for application in
accordance with the terms of this Deed as if such monies, rights or security were held or received by the Collateral Agent under this Deed. 
  

	4.8	Appropriation 

 Until all amounts which may be or become payable by an Obligor under or
in connection with the Loan Agreement have been irrevocably paid in full, the Collateral Agent may: 
  

	 	4.8.1	refrain from applying or enforcing any other moneys, security or rights held or received by a Finance Party in respect of those amounts, or apply and enforce the same in such manner and order as it sees fit (whether
against those amounts or otherwise) and a Guarantor shall not be entitled to the benefit of the same; and 

  

	 	4.8.2	hold in a suspense account any moneys received from a Guarantor or on account of the Guarantor’s liability under this Deed. 

  

	4.9	Additional Security 

 The guarantee constituted by this Deed is in addition to and is not
in any way prejudiced by any other guarantee or security now or subsequently held by a Finance Party. 
  

	5.	REPRESENTATIONS AND WARRANTIES 

 Each Guarantor (except where applied only to certain
Guarantors) makes the representations and warranties set out in Clauses 5.1 (Status) to 5.21 (No Misleading Information) on the date of this Deed and acknowledges that the Finance Parties have agreed to extend credit to the
Borrower and to accept this Deed in reliance on those representations and warranties. 
  

	5.1	Status 

  

	 	5.1.1	It is a limited liability company duly incorporated and validly existing under the laws of its jurisdiction of incorporation. 

  

	 	5.1.2	It has the power to own its assets and carry on its business as it is being conducted. 

  

	5.2	Binding Obligations 

 The obligations expressed to be assumed by it in this Deed are its
legal, valid, binding and enforceable obligations. 
  

	5.3	No Conflicts 

 The entry into and performance by it of this Deed does not and will not
conflict with the provisions of: 
  

	 	5.3.1	any agreement instrument binding upon it or any of its assets, 

  

	 	5.3.2	its constitutional documents (including any members’ agreement), or 

  

	 	5.3.3	any applicable law, regulation or official or judicial order applicable to it. 

  
 7 

	5.4	Power and Authority 

 It has the power to enter into this Deed and to exercise its rights
and perform its obligations under this Deed and all corporate and other action required to authorise its execution of this Deed, its exercise of such rights and its performance of such obligations has been duly taken. 

 

	5.5	Validity and Admissibility in Evidence 

 All acts, conditions and things required to be
done, fulfilled and performed in order: 
  

	 	5.5.1	to enable it lawfully to enter into, exercise its rights under and perform and comply with the obligations expressed to be assumed by it in this Deed, 

 

	 	5.5.2	to ensure that the obligations expressed to be assumed by it in this Deed are legal, valid and binding, and 

  

	 	5.5.3	to make this Deed admissible in evidence in any relevant jurisdiction, 

 have been done,
fulfilled and performed. 
  

	5.6	No Winding-Up 

  

	 	5.6.1	It has not taken any corporate action nor have any other steps been taken or legal proceedings been started or threatened against it for its winding-up, dissolution, administration or reorganisation or for the
appointment of a receiver, administrator, administrative receiver, trustee or similar officer of it or of any or all of its assets or revenues. 

  

	 	5.6.2	It is not Insolvent. 

  

	5.7	No Filing or Stamp Taxes 

 It is not necessary that this Deed be filed, recorded or
enrolled with any court or other authority in such jurisdiction or that any stamp, registration, notarial or other Taxes or fees be paid on or in relation to this Deed. 
  

	5.8	Deductions of Tax 

 It is not required to make any deduction for or on account of Tax
from any payment it may make under this Deed. 
  

	5.9	No Default 

 It is not in breach of or in default under any agreement to which it is a
party or which is binding on it or any of its assets to an extent or in a manner which might have a material adverse effect on its business or financial condition. 
  

	5.10	No Security from the Borrower or Guarantor 

 It has not requested or taken any Lien from
any Obligor for any obligation (whether present or future, actual or contingent) of the Obligor. 
  
  

	5.11	Security and Financial Indebtedness 

 The following representation and warranty is
provided only by the Lombard Cayman Guarantor: 
  

	 	5.11.1	No Liens exists over all or any of the present or future assets of any member of the Group other than as permitted by the Agreement and the other Loan Documents. 

 

	 	5.11.2	No member of the Group has any Indebtedness outstanding other than as permitted by the Agreement. 

  
 8 

	5.12	Good title to assets 

 It and each of its Subsidiaries has a good, valid and marketable
title to, or valid leases or licences of, and all appropriate authorisations to use, the assets necessary to carry on its business as presently conducted. 
  

	5.13	Legal and beneficial ownership. 

 It and each of its Subsidiaries is the sole legal and
beneficial owner of the respective assets over which it purports to grant Liens. 
  

	5.14	Intellectual Property 

 It and each of its Subsidiaries is the sole owner of the
Intellectual Property each respectively purports to own, free and clear of all Liens other than Permitted Liens. Except as noted on the Perfection Certificates, neither it nor any of its Subsidiaries is a party to, nor is bound by, any material
license or other material agreement with respect to which it or such Subsidiary is the licensee that (i) prohibits or otherwise restricts it or its Subsidiaries from granting a security interest in its or such Subsidiaries’ interest in
such material license or material agreement or any other property, or (ii) for which a default under or termination of could interfere with a Finance Party’s right to sell any Collateral. It shall provide written notice to the Collateral
Agent within ten (10) days of it or any of its Subsidiaries entering into or becoming bound by any license or agreement with respect to which it or any Subsidiary is the licensee (other than over the counter software that is commercially
available to the public). 
  

	5.15	Dormant Companies 

 LionMedical Limited (company number 03950383), PolyBioMed Limited
(company number 03283135) and Lombard Medical (Scottish) Limited (company number SC270178) are Dormant Companies. 
  

	5.16	Inventory 

 All inventory is in all material respects of good and marketable quality,
free from material defects. 
  

	5.17	No Proceedings Pending or Threatened 

 There are no actions, suits, investigations, or
proceedings pending or, to the knowledge of the Responsible Officers, threatened in writing by or against it or any of its Subsidiaries involving more than One Hundred Thousand Dollars (US$100,000.00) in aggregate. 

 

	5.18	Centre of Main Interests and Establishments 

 For the purposes of The Council of the
European Union Regulation No. 1346/2000 on Insolvency Proceedings (the “Regulation”) its “centre of main interest” (as that term is used in Article 3(1) of the Regulation) is situated in its jurisdiction of
incorporation and it has no “establishment” (as that term is used in Article 2(h) of the Regulations) in any other jurisdiction. 
  

	5.19	Anti-corruption law 

 Each member of the Group has conducted its businesses in compliance
with applicable anticorruption laws and has instituted and maintained policies and procedures designed to promote and achieve compliance with such laws 

  
 9 

	5.20	Taxation 

  

	 	5.20.1	It is not (and none of its Subsidiaries is) materially overdue in the filing of any Tax returns and it is not (and none of its Subsidiaries is) overdue in the payment of any amount in respect of Tax unless such Tax is
being contested in accordance with the following sentence. It and each of its Subsidiaries, may defer payment of any contested Tax, provided that it or such Subsidiary, (a) in good faith contests its obligation to pay the Tax by appropriate
proceedings promptly and diligently instituted and conducted, (b) notifies the Collateral Agent in writing of the commencement of, and any material development in, the proceedings, and (c) posts bonds or takes any other steps required to
prevent the Governmental Authority levying such contested taxes from obtaining a Lien upon any of the Collateral that is other than a Permitted Lien. 

  

	 	5.20.2	No claims or investigations are being, or are reasonably likely to be, made or conducted against it (or any of its Subsidiaries) with respect to Taxes 

 

	 	5.20.3	It is resident for Tax purposes only in its jurisdiction of incorporation. 

  

	5.21	No Misleading Information 

  

	 	5.21.1	Any factual information provided by it was true and accurate in all material respects as at the date it was provided or as at the date (if any) at which it is stated. 

 

	 	5.21.2	All material written information provided to a Finance Party by or on behalf of it in connection with this Deed is accurate in all material respects and not misleading in any material respect. 

 

	5.22	Pensions 

  

	 	5.22.1	neither it nor any of its Subsidiaries is or has at any time been an employer (for the purposes of sections 38 to 51 of the Pensions Act 2004) of an occupational pension scheme which is not a money purchase scheme (both
terms as defined in the Pensions Schemes Act 1993); and 

  

	 	5.22.2	neither it nor any of its Subsidiaries is or has at any time been “connected” with or an “associate” of (as those terms are used in sections 38 and 43 of the Pensions Act 2004) such an employer

  

	5.23	Repetition 

 The representation and warranties set out above: 

 

	 	5.23.1	will be made on the date of this Deed; and 

	 	

	 	5.23.2	are deemed to be repeated on each date on which there are any outstanding Obligations with reference to the facts and circumstances then existing. 

 

	6.	UNDERTAKINGS 

  

	6.1	Authorisations 

 Each Guarantor shall obtain, comply with the terms of and do all that is
necessary to maintain in full force and effect all authorisations, approvals, licences and consents required in or by the laws and regulations of its jurisdiction of incorporation to enable it lawfully to enter into and perform its obligations under
this Deed and to ensure the legality, validity, enforceability and admissibility in evidence in any applicable jurisdiction of this Deed. 

  
 10 

	6.2	Compliance with laws 

 Each Guarantor shall (and the Lombard Cayman Guarantor shall
ensure that each member of the Group will) comply in all respects with all laws and regulations to which it may be subject 
  

	6.3	No Action 

 No Guarantor shall take any action which would cause any of the
representations made in Clause 5 (Representations and Warranties) to be untrue at anytime during the continuation of this Deed. 
  

	6.4	Notification of Default 

 Each Guarantor shall notify the Collateral Agent of the
occurrence of any event of default (howsoever described, or arising,) promptly upon becoming aware of its occurrence (unless that Guarantor is aware that a notification has already been provided by another Obligor. 

 

	6.5	Pari Passu Claims 

 Each Guarantor shall ensure that the claims of the Collateral Agent
against it under this Deed will rank at least pari passu with the claims of all its other unsecured creditors save those whose claims are mandatorily preferred by reason of any bankruptcy, insolvency, liquidation or other similar laws of
general application. 
  

	6.6	Use of proceeds 

 Each Guarantor shall, to the extent it has the power to do so, procure
that the Borrower shall use the proceeds of the Credit Extensions solely for the purposes described in Clause 5.9 of the Agreement and shall ensure that none of the proceeds of any facilities under the Agreement are on-lent or otherwise contributed
or utilized by a Dormant Company and that the Dormant Companies shall remain dormant. No more than US$2,000,000 (or equivalent in other currencies) in aggregate per Financial Year (the “Capped Amount”) may be loaned, or otherwise
contributed to, or utilized by the German Subsidiary, and, for the avoidance of doubt, no more than US$400,000 of the Capped Amount shall be held in an account of the German Subsidiary at any time. 

 

	6.7	Blocked Account 

 If any Financial Indebtedness owing under the Japanese Distribution
Agreement exceeds at any time $US2,500,000, (any such amount in excess being the “Excess”), Lombard Medical Technologies Limited will promptly, and the Lombard Cayman Guarantor shall procure that it will comply, transfer an amount
equal to the Excess to the Blocked Account. 
  

	6.8	Protection of Intellectual Property Rights 

  

	 	6.8.1	Each Guarantor shall and shall procure that each of its Subsidiaries shall: 

  

	 	(a)	use commercially reasonable efforts to protect, defend and maintain the validity and enforceability of its Intellectual Property that is material to such Guarantor or Subsidiary’s business; 

 

	 	(b)	promptly advise Collateral Agent in writing of material infringement by a third party of its Intellectual Property; and 

  

	 	(c)	not allow any Intellectual Property material to such Guarantor or Subsidiary’s business to be abandoned, forfeited or dedicated to the public without Collateral Agent’s prior written consent.

  

	 	6.8.2	Each Guarantor shall provide to each Lender prompt notice of any event that could reasonably be expected to materially and adversely affect the value of the Intellectual Property 

  
 11 

	6.9	Dispositions. 

 Each Guarantor shall not, and shall not permit any of its Subsidiaries,
without the prior written consent of the Required Lenders to convey, sell, lease, transfer, assign, or otherwise dispose of (collectively, “Transfer”), or permit any of its Subsidiaries to Transfer, all or any part of its business
or property, except for Transfers (a) of Inventory in the ordinary course of business; (b) of worn out or obsolete Equipment; (c) in connection with Permitted Liens, Permitted Investments and Permitted Licenses; and (d) of cash from
any of its bank accounts in the normal course of business. 
  

	6.10	Changes in Business, Management, Ownership, or Business Locations. 

 Each Guarantor shall
not, and shall not permit any of its Subsidiaries, without the prior written consent of the Required Lenders, to: 
  

	 	6.10.1	engage in or permit any of its Subsidiaries to engage in any business other than the businesses engaged in by such Guarantor as of the Effective Date or reasonably related thereto; 

 

	 	6.10.2	liquidate or dissolve; or 

  

	 	6.10.3	     

  

	 	(a)	any Key Person shall cease to be actively engaged in the management of Borrower unless written notice thereof is provided to Collateral Agent within 15 days of such change, or 

 

	 	(b)	enter into any transaction or series of related transactions in which the stockholders of such Guarantor who were not stockholders immediately prior to the first such transaction own more than forty nine percent
(49%) of the voting stock of such Guarantor immediately after giving effect to such transaction or related series of such transactions (other than by the sale of such Guarantor’s equity securities in a public offering, a private placement
of public equity or to venture capital investors so long as such Guarantor identifies to Collateral Agent the venture capital investors prior to the closing of the transaction). Each Guarantor shall not, without at least thirty (30) days’
prior written notice to Collateral Agent: 

  

	 	(i)	add any new offices or business locations, including warehouses (unless such new offices or business locations contain less than One Hundred Thousand Dollars ($100,000.00) in assets or property of such Guarantor or any
of its Subsidiaries); 

  

	 	(ii)	change its jurisdiction of organization, 

  

	 	(iii)	change its organizational structure or type, 

  

	 	(iv)	change its legal name, or 

  

	 	(v)	change any organizational number (if any) assigned by its jurisdiction of organization. 

  

	6.11	Mergers or Acquisitions. 

 Each Guarantor shall not without the prior written consent of
the Required Lenders to merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock, shares or
property of another Person. A Subsidiary may merge or consolidate into another Subsidiary (provided such surviving Subsidiary is a “co Borrower” under the Agreement or has provided a secured Guaranty of Borrower’s Obligations under
the 

  
 12 

 
Agreement) or with (or into) Borrower provided Borrower is the surviving legal entity, and as long as no Event of Default is occurring prior thereto or arises as a result therefrom. Without
limiting the foregoing, each Guarantor shall not, without Collateral Agent’s prior written consent, enter into any binding contractual arrangement with any Person to attempt to facilitate a merger or acquisition of such Guarantor, unless
(i) no Event of Default exists when such agreement is entered into by such Guarantor, (ii) such agreement does not give such Person the right to claim any fees, payments or damages from such Guarantor in excess of Two Hundred Fifty
Thousand Dollars ($250,000), and (iii) such Guarantor notifies Collateral Agent in advance of entering into such an agreement. 
  

	7.	PAYMENTS 

  

	7.1	Grossing Up 

 Each payment made by the Guarantor to the Collateral Agent under this Deed
shall be made free and clear of and without deduction for or on account of Tax unless the Guarantor is required to make such payment subject to the deduction or withholding of Tax, in which case the sum payable by the Guarantor in respect of which
such deduction or withholding is required to be made shall be increased to the extent necessary to ensure that, after the making of the required deduction or withholding, the Collateral Agent receives and retains (free from any liability in respect
of any such deduction or withholding) a net sum equal to the sum which it would have received and so retained had no such deduction or withholding been made or required to be made. 

 

	7.2	Tax Credit 

 If a Chargor makes an increased Tax payment to the Collateral Agent under
Clause 16.1 and the Collateral Agent reasonably determines that: 
  

	 	(a)	a Tax Credit is attributable to that Tax payment; and 

  

	 	(b)	that Collateral Agent has obtained, utilised and retained that Tax Credit, 

 the Collateral
Agent shall pay an amount to the Chargor which the Collateral Agent reasonably determines will leave it (after that payment) in the same after-Tax position as it would have been in had the increased Tax payment under Clause 16.1 not been made by the
Chargor, provided that any costs of such determination reasonably incurred by the Collateral Agent shall be borne by the Chargor. 
  

	7.3	Stamp taxes 

 Each Guarantor shall pay and, within three (3) Business Days of
demand, indemnify the Collateral Agent against any cost, loss or liability that a Finance Party incurs in relation to all stamp duty, registration and other similar Taxes payable in respect of this Deed. 

 

	7.4	Value added tax 

  

	 	7.4.1	All amounts set out, or expressed in a Loan Document to be payable which (in whole or in part) constitute the consideration for a supply or supplies for VAT purposes shall be deemed to be exclusive of any VAT which is
chargeable on such supply, and accordingly, subject to sub-clause 6.3.2 below, if VAT is or becomes chargeable on any supply made by either Party to the other under a Loan Document, such Party receiving the relevant supply shall pay to the Party
making the supply (in addition to and at the same time as paying any other consideration for such supply) an amount equal to the amount of such VAT. 

  

	 	7.4.2	Where a Loan Document requires either Party to reimburse or indemnify the other Party for any cost or expense, such reimbursing Party shall reimburse or indemnify (as the case may be) the other Party for the full amount
of such cost or expense including such part thereof as represents VAT save to the extent that the relevant Party being reimbursed reasonably determines that it is entitled to credit or repayment in respect of such VAT from the relevant tax
authority. 

  

	 	7.4.3	In relation to any supply made by either Party to the other under a Loan Document, if reasonably requested by either the Collateral Agent or the Guarantor, such Party receiving the supply must promptly provide the
Collateral Agent or the Guarantor (as the case may be) with details of its VAT registration and such other information as is reasonably requested in connection with the Party making the supply’s VAT reporting requirements in relation to such
supply. 

  
 13 

	7.5	Payments without Set-off 

 All payment to be made by a Guarantor under this Deed shall be
made free and clear of and without any deduction for or on account of any set-off or counterclaim. 
  

	7.6	Manner of Payment 

 Each payment made by a Guarantor under this Deed shall be paid in the
manner required by the Collateral Agent. 
  

	8.	SET-OFF 

 The Guarantor authorizes the Collateral Agent (which shall not be obliged to
exercise this right) to apply any credit balance to which the Guarantor is entitled on any account of the Guarantor with the Collateral Agent in satisfaction of any sum which is due and payable from the Guarantor to the Collateral Agent under this
Deed and remains unpaid; and for this purpose, the Collateral Agent is authorized to purchase with the monies standing to the credit of any such account such other currencies as may be necessary to effect such application. 

 

	9.	COSTS AND EXPENSES 

  

	9.1	Transaction Costs 

 Each Guarantor shall promptly on demand pay the Collateral Agent the
amount of all costs and expenses (including legal fees), and any VAT thereon, incurred by the Collateral Agent in connection with the negotiation, preparation and execution of this Deed. 

 

	9.2	Stamp Taxes 

 Each Guarantor shall promptly on demand pay all stamp, registration and
other taxes to which this Deed or any judgment given in connection with this Deed is or at any time may be subject and shall on demand indemnify the Collateral agent against any liabilities, costs, claims and expenses (including legal fees)
resulting from any failure to pay or delay in paying any such tax. 
  

	9.3	Indemnity 

 Each Guarantor shall indemnify and hold harmless the Collateral Agent, each
Lender, any of their respective officers, directors, employees, agents or receivers (each an “Indemnified Person”) on demand from and against any and all costs, claims losses, expenses (including legal fees) and liabilities, and any VAT
thereon; which the Collateral Agent may incur as a result of the exercise, preservation and/or enforcement by the Collateral Agent of any of its rights and powers under this Deed or by law. 

  
 14 

	10.	REMEDIES AND WAIVERS 

 No failure by the Collateral Agent to exercise, nor any delay by
the Collateral Agent in exercising, any right or remedy under this Deed shall operate as a waiver thereof nor shall any single or partial exercise of any such right or remedy prevent any further or other exercise thereof or the exercise of any other
such right or remedy. 
  

	11.	ADDITIONAL PROVISIONS 

  

	11.1	Partial Invalidity 

 If at any time any provision of this Deed is or becomes illegal,
invalid or unenforceable in any respect or this Deed is or becomes ineffective in any respect under the law of any jurisdiction, such illegality, invalidity, unenforceability or ineffectiveness shall not affect: 

 

	 	11.1.1	the legality, validity or enforceability of the remaining provisions of this Deed or the effectiveness in any other respect of this Deed under such law; or 

 

	 	11.1.2	the legality, validity or enforceability of such provision or the effectiveness of this Deed under the law of any other jurisdiction. 

 

	11.2	Potentially Avoided Payments 

 If the Collateral Agent reasonably determines that an
amount paid to it under any Finance Document is reasonably likely to be capable of being avoided or otherwise set aside on the liquidation or administration of the person by whom such amount was paid, then for the purposes of this Deed, such amount
shall be regarded as not having been paid. 
  

	11.3	Currency Conversion 

  

	 	11.3.1	Any amount due to a Finance Party in respect of an Obligation in a currency other than US$ (as provided for in a Loan Document) shall be converted into US at the Collateral Agent’s spot rate of exchange for the
purchase of US$ with such other currency at or about 10.00 a.m. on the day on which the Collateral Agent shall have made demand of a Guarantor pursuant to Clause 2.1 (Guarantee and Indemnity). 

 

	 	11.3.2	In order to apply any sum held or received by the Collateral Agent in or towards payment of the Obligations, the Collateral Agent may purchase an amount in another currency and the rate of exchange to be used shall be
that at which, at such time as it considers appropriate, the Collateral Agent is able to effect such purchase. 

  

	11.4	Currency Indemnity 

 If any sum due from a Guarantor under this Deed or any order or
judgment given or made in relation to this Deed has to be converted from the currency (the “first currency”) in which the same is payable under this Deed or under such order or judgment into another currency (the “second
currency”) for the purpose of: 
  

	 	11.4.1	making or filing a claim or proof against a Guarantor; 

  

	 	11.4.2	obtaining an order or judgment in any court or other tribunal; or 

  

	 	11.4.3	enforcing any order or judgment given or made in relation to this Deed, 

  

	 	11.4.4	such Guarantor shall on demand indemnify and hold harmless the Collateral Agent from and against any loss suffered or incurred as a result of any discrepancy between (i) the rate of exchange used for such purpose to
convert the sum in question from the first currency into the second currency and (ii) the rate or rates of exchange at which the Collateral Agent may in the ordinary course of business purchase the first currency with the second currency upon
receipt of a sum paid to it in satisfaction, in whole or in part, of any such order, judgment, claim or proof. 

  
 15 

	11.5	Rights Cumulative 

 The rights and remedies provided by this Deed are cumulative and not
exclusive of any rights or remedies provided by law. 
  

	12.	ASSIGNMENTS AND TRANSFERS 

  

	12.1	The Guarantors’ Rights and Obligations 

 The rights and obligations of a Guarantor
under this Deed are not assignable or transferable and a Guarantor shall not purport to assign or transfer any or all such rights or obligations. 
  

	12.2	The Collateral Agent’s Rights 

 The rights of the Collateral Agent under this Deed
are assignable in whole or in part and the Collateral Agent may assign all or any such rights without the consent of the Guarantor. 
  

	12.3	This Deed shall remain in effect despite any amalgamation or merger (however effected) relating to the Collateral Agent. 

  

	13.	AMENDMENTS 

 Amendments will only be effective if agreed to by both parties in writing.

  

	14.	NOTICES 

 The provisions of clause 10 (Notices) of the Agreement shall be deemed
incorporated herein, as if set out in this Deed, mutatis mutandis save that the addresses and details for each Guarantor are as set out below its attestation clause, or such other address as a Guarantor shall notify in writing to the
Collateral Agent after the date of this Deed. 
  

	15.	COUNTERPARTS 

 This Deed may be executed in counterparts and such counterparts taken
together shall constitute one and the same instrument. 
  

	16.	GOVERNING LAW 

 This Deed, including any non-contractual obligations arising out of or in
connection with it shall be construed in accordance with, English law. 
  

	17.	ACCESSION OF ADDITIONAL GUARANTOR 

 The Lombard Cayman Guarantor may (at its sole
discretion) procure that any of its Subsidiaries (other than Dormant Companies) which are not Grantors shall accede to the provision of this Deed as an Additional Guarantor by the delivery to the Collateral Agent of a duly completed and executed
accession deed together with such other documentation and evidence as the Collateral Agent shall require, acting reasonably, each in a form and substance satisfactory to it. 
  

	18.	ENFORCEMENT 

  

	18.1	Jurisdiction of English Courts 

  

	 	18.1.1	The Courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Deed (including a dispute relating to the existence, validity or termination of this Deed or any
non-contractual obligation arising out of or in connection with this Agreement) (a “Dispute”). 

  
 16 

	 	18.1.2	The Guarantor and the Collateral Agent agree that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly, the Guarantor and the Collateral Agent will not argue to the
contrary. 

  

	 	18.1.3	This Clause is for the benefit of the Collateral Agent only. As a result the Collateral Agent shall not be prevented from taking proceedings relating to a Dispute in any courts with jurisdiction. To the extent allowed
by law, the Collateral Agent may take concurrent proceedings in any number of jurisdictions. 

  

	18.2	Service of process 

 Without prejudice to any other mode of service allowed under any
relevant law the Lombard Cayman Guarantor: 
  

	 	18.2.1	irrevocably appoints Lombard Medical Technologies Limited as its agent for service of process in relation to any proceedings before the English courts in connection with this Deed; and 

 

	 	18.2.2	agrees that failure by a process agent to notify it of the process will not invalidate the proceedings concerned; and 

  

	 	18.2.3	if any person appointed as an agent for service of process is unable for any reason to act as agent for service of process, the Lombard Cayman Guarantor must immediately (and in any event within ten (10) days of
such event taking place) appoint another agent on terms acceptable to the Collateral Agent. Failing this, the Collateral Agent may (at the expense of the Lombard Cayman Guarantor) appoint another agent for this purpose. 

IN WITNESS whereof as this Deed has been duly executed and delivered as a deed on the date first above written. 

  
 17 

 SCHEDULE 1 

ORIGINAL GUARANTORS 
  

					
	 Guarantor
	  	 Jurisdiction
	  	 Company Number

	Lombard Medical, Inc.	  	Cayman Islands	  	284377
	Lombard Medical Technologies Limited	  	England and Wales	  	04636949
	Lombard Medical Limited	  	England and Wales	  	02998639

  
 1 

 SIGNATORIES 
  

					
	THE GUARANTORS				

	  
 EXECUTED as a deed by
		)	
	Director, duly authorised for and on behalf of		)	
		  		  	  

	LOMBARD MEDICAL, INC, in the presence of:		)		
			
	Signature of Witness:				

		  		  	  

			
	Name of Witness:				Chris Alano
		  		  	  

			
	Address of Witness:				15420 Laguna Canyon Rd. STE 260
		  		  	  

			
					Irvine, CA 92618
		  		  	  

			
	Occupation of Witness:				Senior Accountant
		  		  	  

  

			
	Address for notices:		Lombard Medical, Technologies Inc.
		
			15420 Laguna Canyon Road, Suite. 260 Irvine,
		
			CA 92618 USA
		
			Bill.Kullback@lombardmedical.com
		
	Fax number:		(+1) 949 379 3760
		
	For the attention of:		Bill Kullback

  
 2 

					
	 EXECUTED as a deed by
 Director,
duly authorised for and on behalf of
		 )
 )
		 

		
		  		  	  

	LOMBARD MEDICAL TECHNOLOGIES		)		
	LIMITED, in the presence of:				
			
	Signature of Witness:				

		  		  	  

			
	Name of Witness:				Tina Lai
		  		  	  

			
	Address of Witness:				15420 Laguna Canyon Rd., Suite 260
		  		  	  

			
					Irvine, CA 92618
		  		  	  

			
	Occupation of Witness:				VP of Global Marketing
		  		  	  

  

			
	Address for notices:		Lombard Medical, Technologies Inc.
		
			15420 Laguna Canyon Road, Suite. 260 Irvine,
		
			CA 92618 USA
		
			Bill.Kullback@lombardmedical.com
		
	Fax number:		(+1) 949 379 3760
		
	For the attention of:		Bill Kullback

  

					
	 EXECUTED as a deed by
 Director,
duly authorised for and on behalf of
		 )
 )
		 

		
		  		  	  

	LOMBARD MEDICAL LIMITED, in the presence		)		
	of:				
			
	Signature of Witness:				

		  		  	  

			
	Name of Witness:				Tina Lai
		  		  	  

			
	Address of Witness:				15420 Laguna Canyon Rd., Suite 260
		  		  	  

			
					Irvine, CA 92618
		  		  	  

			
	Occupation of Witness:				VP of Global Marketing
		  		  	  

  

			
	Address for notices:		Lombard Medical, Technologies Inc.
		
			15420 Laguna Canyon Road, Suite. 260 Irvine,
		
			CA 92618 USA
		
			Bill.Kullback@lombardmedical.com
		
	Fax number:		(+1) 949 379 3760
		
	For the attention of:		Bill Kullback

  
 3 

					
	THE COLLATERAL AGENT				

	  
 EXECUTED as a deed by
		)	
	a duly authorized signatory for and on behalf of		)	
		  		  	  

	OXFORD FINANCE LLC:		)		
					Hans S. Houser
					Chief Credit Officer & Senior Vice President

  
 4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00244-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00244-of-00352.parquet"}]]