Document:

exv10w15

 

Exhibit 10.15

LOAN AND SECURITY AGREEMENT

     This LOAN AND SECURITY AGREEMENT (this “Agreement”) dated as of September 30, 2004,
between SILICON VALLEY BANK, a California chartered bank, with its principal place of business at
3003 Tasman Drive Santa Clara, California 95054 and with a loan production office located at 230
West Monroe, Suite 720, Chicago,Illinois 60606 (“Bank”) and APRIMO, INCORPORATED, a Delaware
corporation (“Borrower”), provides the terms on which Bank shall lend to Borrower and Borrower
shall repay Bank. The parties agree as follows:

	 	1	 	ACCOUNTING AND OTHER TERMS

     Accounting terms not defined in this Agreement shall be construed following GAAP.
Calculations and determinations must be made following GAAP. The term “financial statements”
includes the notes and schedules. The terms “including” and “includes” always mean “including (or
includes) without limitation,” in this or any Loan Document. Capitalized terms in this Agreement
shall have the meanings set forth in Article 13. All other terms contained in this Agreement,
unless otherwise indicated, shall have the meaning provided by the Code, to the extent such terms
are defined therein.

	 	2	 	LOAN AND TERMS OF PAYMENT

     2.1 Promise to Pay. Borrower hereby unconditionally promises to pay Bank the
unpaid principal amount of all Credit Extensions and interest on the unpaid principal amount of
the Credit Extensions as and when due in accordance with this Agreement.

     2.1.1 Revolving Advances.

          (a) Availability. Bank shall make Advances not exceeding (i) the lesser of (A) the
Revolving Line or (B) the Borrowing Base, minus (ii) the amount of all outstanding Letters of
Credit (including drawn but unreimbursed Letters of Credit), minus (iii) the FX Reserve, and minus
(iv) the aggregate outstanding Advances hereunder (including any Cash Management Services).
Amounts borrowed under this Section may be repaid and reborrowed during the term of this
Agreement.

          (b) Borrowing Procedure. To obtain an Advance, Borrower must notify Bank (which
notice shall be irrevocable) by facsimile or telephone by 3:00 p.m. Eastern time on the Business
Day the Advance is to be made. If such notification is by telephone, Borrower must promptly
confirm the notification by delivering to Bank a completed Payment/Advance Form in the form
attached as Exhibit B. Bank shall credit Advances to Borrower’s deposit account Bank may
make Advances under this Agreement based on instructions from a Responsible Officer or his or her
designee or without instructions if the Advances are necessary to meet Obligations which have
become due. Bank may rely on any telephone notice given by a person whom Bank believes is a
Responsible Officer or designee. Borrower shall indemnify Bank for any loss Bank suffers due to
such reliance.

          (c) Interest Rate. The principal amounts outstanding under the Revolving Line shall
accrue interest at a per annum rate equal to the greater of: (i) the aggregate of the Prime Rate
and three quarters of one percent (0.75%), and (ii) five percent (5.0%), which interest shall be
payable monthly. Notwithstanding anything to the contrary contained herein, Borrower may prepay
any outstanding balance of the Revolving Line at any time without penalty or liability (other than
as specifically provided herein).

          (d) Termination, Repayment. The Revolving Line terminates on the Revolving Line
Maturity Date, when the. principal amount of all Advances, the unpaid interest thereon, and all
other Obligations relating to the Revolving Line shall be immediately due and payable. Borrower may
terminate this Agreement at any time upon thirty (30) days advance written notice; provided that
Borrower repays all Obligations and all outstanding Letters of Credit (including drawn but
unreimbursed Letters of Credit and any Letter of Credit Reserve) are secured by cash on terms
acceptable to Bank.

     2.1.2 Letters of Credit Sublimit.

 

 

          (a) Bank shall issue or have issued Letters of Credit for Borrower’s. account not exceeding
(i) the lesser of the Revolving Line or the Borrowing Base, minus (ii) the outstanding principal
balance of any Advances (including any Cash Management Services), minus (iii) the amount of all
Letters of Credit (including drawn but unreimbursed Letters of Credit), plus an amount equal to
any Letter of Credit Reserves. The face amount of outstanding Letters of Credit (including drawn
but unreimbursed Letters of Credit and any Letter of Credit Reserve) may not exceed $3,000,000.00.
Borrower’s Letter of Credit reimbursement obligation shall be secured by cash on terms acceptable
to Bank on and after (i) the Revolving Line Maturity Date, or (ii) the occurrence of an Event of
Default hereunder. All Letters of Credit shall be in form and substance acceptable to Bank in its
sole discretion and shall be subject to the terms and conditions of Bank’s standard Application
and Letter of Credit Agreement (“Letter of Credit Application”). Borrower agrees to execute any
further documentation in connection with the Letters of Credit as Bank may reasonably request.

          (b) The obligation of Borrower to immediately reimburse Bank for drawings made under Letters
of Credit shall be absolute, unconditional and irrevocable, and shall be performed strictly in
accordance with the terms of this Agreement and such Letters of Credit, and such Letter of Credit
Application. Borrower shall indemnify, defend, protect, and hold Bank harmless from any loss,
cost, expense or liability, including, without limitation, reasonable attorneys’ fees, arising out
of or in connection with any Letters of Credit.

          (c) Borrower may request that Bank issue a Letter of Credit payable in a currency other than
United States Dollars. If a demand for payment is made under any such Letter of Credit, Bank shall
treat such demand as an Advance to Borrower of the equivalent of the amount thereof (plus fees and
charges in connection therewith such as wire, cable, SWIFT or similar charges) in United States
currency at the then prevailing rate of exchange in San Francisco, California, for sales of that
other currency for transfer to the country of which it is the currency.

          (d) Upon the issuance of any letter of credit payable in a currency other than United States.
Dollars, Bank shall create a reserve (the “Letter of Credit Reserve”) under the Revolving Line for
letters of credit against fluctuations in currency exchange rates, in an amount equal to ten
percent (10%) of the face amount of such letter of credit The amount of such reserve may be
amended by Bank from time to time to account for fluctuations in the exchange rate. The
availability of funds under the Revolving Line shall be reduced by the amount of such reserve for
as long as such letter of credit remains outstanding.

     2.1.3 Foreign Exchange Sublimit. The Borrower may enter into foreign exchange forward
contracts with the Bank under which Borrower commits to purchase from or sell to Bank a set amount
of foreign currency more than one (1) business day after the contract date (the “FX Forward
Contract”). Bank shall subtract 10% of each outstanding FX Forward Contract (the “F/X Reserve”)
from the foreign exchange sublimit, which sublimit is a maximum of $500,000.00. The total FX
Forward Contracts at any one time may not exceed 10 times the amount of the FX Reserve. Bank may
terminate the FX Forward Contracts if an Event of Default occurs. The Obligations of Borrower
relating to this section may not exceed: (i) the lesser of (A) the Revolving Line, or (B) the
Borrowing Base, minus (ii) the amount of all outstanding Letters of Credit (including drawn but
unreimbursed Letters of Credit), minus (iii) the FX Reserve, and minus (iv) the aggregate
outstanding Advances hereunder (including any Cash Management Services).

     2.1.4 Cash Management Services Sublimit. Borrower may use up to $500,000.00 for the
Bank’s Cash Management Services (the “Cash Management Services Sublimit”), which may include
merchant services, direct deposit of payroll, business credit card, and check cashing services
identified in the various cash management services agreements related to such Cash Management
Services (the “Cash Management Services”). Such aggregate amounts utilized under the Cash
Management Services Sublimit shall at all times reduce the amount otherwise
available for Credit Extensions under the Revolving Line. Any amounts-Bank pays on behalf of
Borrower or any amounts that are not paid by Borrower for any Cash Management Services will be
treated as Advances under the Revolving Line and will accrue interest at the interest rate
applicable to Advances.

     2.1.5 Undisbursed Credit Extensions. The Bank’s obligation to lend the undisbursed
portion of the Obligations shall terminate if, in Bank’s sole discretion, there has been a
material adverse change in the general affairs, management, results of operation, condition
(financial or otherwise) or the prospect of repayment of the Obligations, or there has been any
material adverse deviation by Borrower from the most recent business plan of Borrower presented to
and accepted by Bank prior to the execution of this Agreement.

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     2.2 Overadvances. If Borrower’s Obligations under Section 2.1.1, 2.1.2, 2.1.3, and
2.1.4 exceed the lesser of either (i) the Revolving Line or (ii) the Borrowing Base, Borrower must
immediately pay in cash to Bank such excess.

     2.3 Interest Rate.

          (a) Default Rate. After an. Event of Default, Obligations shall bear interest at five
percent (5.0%) above the rate effective immediately before the Event of Default.

          (b) Adjustment to Interest Rate. The applicable interest rate hereunder shall
increase or decrease when the Prime Rate changes.

          (c) 360-Day Year. Interest is computed on the basis of a 360 day year for the actual
number of days elapsed.

          (d) Debit of Accounts. Bank may debit any of Borrower’s deposit or
operating accounts, including Account Number [                    ], for principal and interest payments when due, or any other
amounts

Borrower owes Bank, when due. Bank shall promptly notify Borrower after it debits Borrower’s
accounts. These debits shall not constitute a set-off.

          
(e) Payments. Interest is payable monthly on the first calendar day of each month.
Payments received after 12:00 noon Eastern time are considered received at the opening of business
on the next Business Day. When a payment is due on a day that is not a Business Day, the payment
is due the next Business Day and additional fees or interest, as applicable, shall continue to
accrue.

     2.4 Fees. Borrower shall pay to Bank:

          (a) Revolving Line Commitment Fee. A fully earned, non-refundable commitment fee of
$12,000.00 due and payable on the Closing Date;

          (b) Letter of Credit Fee. The Borrower shall pay the Bank’s customary fees and
expenses for the issuance or renewal of Letters of Credit;

          (c) Unused Revolving Line Facility Fee. In addition to the foregoing, as
compensation for the Bank’s maintenance of sufficient funds available for such purpose, the Bank shall have earned
a fee (the “Unused Revolving Line Facility Fee”), which fee shall be paid quarterly, in arrears,
on a calendar year basis, in an amount equal to one-quarter of one percent (0.25%) per annum of
the average unused portion of the Revolving Line, as determined by the Bank (including any issued
and outstanding Letters of Credit). The Borrower shall not be entitled to any credit, rebate or
repayment of any Unused Revolving Line Facility Fee previously earned by the Bank pursuant to this
Section notwithstanding any termination of the within Agreement, or suspension or termination of
the Bank’s obligation to make loans and advances hereunder; and

          (d) Bank Expenses. All Bank Expenses (including reasonable attorneys’ fees and
expenses) incurred through and after the Closing Date, when due; provided, however, that Bank’s
legal fees (exclusive of expenses) in connection with the documentation of this Agreement through
the Closing Date shall not exceed $8,000.00).

	 	3	 	CONDITIONS OF LOANS

     3.1 Conditions Precedent to Initial Credit Extension. The Bank’s obligation to
make the initial Credit Extension is subject to the condition precedent that Bank shall have received, in form and
substance satisfactory to Bank, such documents, and completion of such other matters, as Bank may
reasonably deem necessary or appropriate, including, without limitation, subject to the condition
precedent that Bank shall have received, in form and substance satisfactory to Bank, the
following:

          (a) this Agreement;

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          (b) a certificate of the Secretary of Borrower with respect to articles, bylaws,
incumbency and resolutions authorizing the execution and delivery of this Agreement;

          (c) an Intellectual Property Security Agreement;

          (d) Perfection Certificates) by Borrower;

          (e) landlord’s waiver;

          (f) Termination of Lighthouse loan agreement;

          (g) Securities Account Control Agreement (SVB form);

          (h) UCC financing statement filing authorization;

          (i) Investment Account Control Agreement (Credit Suisse form);

          (j) insurance certificate;

          (k) payment of the fees and Bank Expenses then due specified in Section 2.4 hereof;

          (1) Certificate of Foreign Qualification (if applicable);

          (m) Certificate of Good Standing/Legal Existence; and

          (n) such other documents, and completion of such other matters, as Bank may reasonably deem
necessary or appropriate.

     3.2 Conditions Precedent to all Credit Extensions. Bank’s obligations to make each
Credit Extension, including the initial Credit Extension, is subject to the following:

          (a) timely receipt of any Payment/Advance Form; and

          (b) the representations and warranties in Section 5 shall be true in all material respects on
the date of the Payment/Advance Form and on the effective date of each Credit Extension and no
Event of Default shall have occurred and be continuing, or result from the Credit Extension. Each
Credit Extension is Borrower’s representation and warranty on that date that the representations
and warranties in Section 5 remain true in all material respects.

	 	4	 	CREATION OF SECURITY INTEREST

     4.1 Grant of Security Interest. Borrower hereby grants Bank, to secure the payment
and performance in full of all of the Obligations and the performance of each of Borrower’s duties
under the Loan Documents, a continuing security interest in, and pledges and assigns to the Bank,
the Collateral, wherever located whether now owned or hereafter acquired or arising, and all
proceeds and products thereof. Borrower warrants and represents that the security interest granted
herein shall be a first priority security interest in the Collateral.

Except as noted on the Perfection Certificate, Borrower is not a party to, nor is bound by, any
material license (other than over the counter software that is commercially available to the
public) or other material agreement with respect to which the Borrower is the licensee that
prohibits or otherwise restricts Borrower from granting a security interest in Borrower’s interest
in such license or agreement or any other property. Borrower shall provide written notice to Bank
within ten (10) days of entering or becoming bound by, any such license or agreement which is
reasonably likely to have a material impact on Borrower’s business or financial condition.
Borrower shall take such steps as Bank reasonably requests to obtain the consent of, authorization
by or waiver by, any person whose consent or waiver is necessary for all such licenses or contract
rights to be deemed “Collateral” and for Bank to have a security

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interest in it that might otherwise be restricted or prohibited by law or by the terms of any
such license or agreement, whether now existing or entered into in the future..

If the Agreement is terminated, Bank’s lien and security interest in the Collateral shall continue
until Borrower fully satisfies its Obligations. If Borrower shall at any time, acquire a
commercial tort claim, Borrower shall promptly notify Bank in a writing signed by Borrower of the
brief details thereof and grant to Bank in such writing a security interest therein and in the
proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and
substance satisfactory to Bank.

     4.2 Authorization to File Financing Statements. Borrower hereby authorizes Bank to
file financing statements, without notice to Borrower, with all appropriate jurisdictions in order
to perfect or protect Bank’s interest or rights hereunder, including a notice that any disposition
of the Collateral, by either the Borrower or any other Person, shall be deemed to violate the
rights of the Bank under the Code.

	 	5	 	REPRESENTATIONS AND WARRANTIES

     Borrower represents and warrants as follows:

     5.1 Due Organization and Authorization. Borrower and each Subsidiary is duly existing
and in good standing in its state of formation and qualified and licensed to do business in, and
in good standing in, any state in which the conduct of its business or its ownership of property
requires that it be qualified except where the failure to do so could not reasonably be expected
to cause a Material Adverse Change.’ In connection with this Agreement, the Borrower delivered to
the Bank a certificate signed by the Borrower and entitled “Perfection Certificate”. The Borrower
represents and warrants to the Bank that: (a) the Borrower’s exact legal name is that indicated on
the Perfection Certificate and on the signature page hereof; and (b) the Borrower is an
organization of the type, and is organized in the jurisdiction, set forth in the Perfection
Certificate; and (c) the Perfection Certificate accurately sets forth the Borrower’s
organizational identification number or accurately states that the Borrower has none; and (d) the
Perfection Certificate accurately sets forth the Borrower’s place of business, or, if more than
one, its chief executive office as well as the Borrower’s mailing address if different, and (e)
all other information set forth on the Perfection Certificate pertaining to the Borrower is
accurate and complete in all material respects. If the Borrower does not now have an
organizational identification number, but later obtains one, Borrower shall forthwith notify the
Bank of such organizational identification number.

     The execution, delivery and performance of the Loan Documents have been duly authorized, and
do not conflict with Borrower’s organizational documents, nor constitute an event of default under
any materia] agreement by which Borrower is bound. Borrower is not in default under any agreement
to which or by which it is bound in which the default could reasonably be expected to cause a
Material Adverse Change.

     5.2 Collateral. Borrower has good title to the Collateral, free of Liens except
Permitted Liens. Borrower has no deposit account, other than the deposit accounts with Bank and
deposit accounts described in the Perfection Certificate delivered to the Bank in connection
herewith. The Accounts are bona fide, existing obligations, and the service or property has been
performed or delivered to the account debtor or its agent for immediate shipment to and
unconditional acceptance by the account debtor (except to the extent of acceptance requirements in
the ordinary course of Borrower’s business where Borrower has no reason to believe that its
customer will not accept the product or service). The Collateral is not in the possession of any
third party bailee (such as a warehouse). Except as hereafter disclosed to the Bank in writing by
Borrower, none of the components of the Collateral shall be maintained at locations other than as
provided in the Perfection Certificate. In the event that Borrower, after the date hereof, intends
to store or otherwise deliver any portion of the Collateral to a bailee, then Borrower will first
receive the written consent of Bank and such bailee must acknowledge in writing that the bailee is
holding such Collateral for the benefit of Bank. Borrower has no knowledge of any actual or
imminent Insolvency Proceeding of any account debtor whose accounts are an Eligible Account in any
Borrowing Base Certificate. All Inventory is in all material respects of good and marketable
quality, free from material defects. Borrower is the sole owner of the Intellectual Property,
except for non-exclusive licenses granted to its customers in the ordinary course of business. To
the knowledge of Borrower, each Patent is valid and enforceable and no part of the Intellectual
Property has been judged invalid or unenforceable, in whole or in part, and no claim has been made
that any part of the Intellectual Property violates the rights of any third party except to the
extent such claim could not reasonably be expected to cause a Material Adverse Change.

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     5.3 Litigation. Except as shown in the Perfection Certificate, there are no actions
or proceedings pending or, to the knowledge of Borrower’s Responsible Officers or legal counsel,
threatened by or against Borrower or any Subsidiary in which an adverse decision could reasonably
be expected to cause a Material Adverse Change.

     5.4 No Material Deviation in Financial Statements. All consolidated financial
statements for Borrower and any Subsidiary delivered to Bank fairly present in all material
respects Borrower’s consolidated financial condition and Borrower’s consolidated results of
operations; provided, however that only financial statements dated as of the end of Borrower’s
fiscal year shall contain Borrower’s standard year end adjustment and reclassifications: There
has not been any material deterioration in Borrower’s consolidated financial condition since the
date of the most recent financial statements submitted to Bank.

     5.5 Solvency. The fair salable value of Borrower’s assets (including goodwill minus
disposition costs) exceeds the fair value of its liabilities; the Borrower is not left with
unreasonably small capital after the transactions, in this Agreement; and Borrower is able to pay
its debts (including trade debts) as they mature.

     5.6 Regulatory Compliance. Borrower is not an “investment company” or a company
“controlled” by an “investment company” under the Investment Company Act. Borrower is not engaged
as one of its important activities in extending credit for margin stock (under Regulations T and U
of the Federal Reserve Board of Governors) Borrower has complied in all material respects with the
Federal Fair Labor Standards Act Borrower has not violated any laws, ordinances or rules, the
violation of which could reasonably be expected to cause a Material Adverse Change. None of
Borrower’s or any Subsidiary’s properties or assets has been used by Borrower or any Subsidiary
or, to the best of Borrower’s knowledge, by previous Persons, in disposing, producing, storing
treating or transporting any hazardous substance other than legally. Borrower and each Subsidiary
has timely filed all required tax returns and paid, or made adequate provision to pay, all
material taxes, except those being contested in good faith with adequate reserves under GAAP.
Borrower and each Subsidiary has obtained all consents, approvals and authorizations of, made all
declarations or filings with, and given all notices to, all government authorities that are
necessary to continue its business as currently, conducted except where the failure to make such
declarations, notices or filings would not reasonably be expected to cause a Material Adverse
Change.

     5.7 Subsidiaries. Borrower does not own any stock, partnership interest or other
equity securities except for Permitted Investments.

     5.8 Full Disclosure. No written representation, warranty or other statement of
Borrower in any certificate or written statement given to Bank taken together with all such
written certificates and written statements given to Bank contains any untrue statement of a
material fact or omits to state a material fact necessary to make the statements contained in the
certificates or statements not misleading (it being recognized by Bank that the projections and
forecasts provided by Borrower in good faith and based upon reasonable assumptions are not viewed
as facts and that actual results during the period or periods covered by such projections and
forecasts may differ from the projected or forecasted results).

	 	6	 	AFFIRMATIVE COVENANTS

     Borrower shall do all of the following:

     6.1 Government Compliance. Borrower shall maintain its and all Subsidiaries’ legal
existence and good standing in its jurisdiction of formation and maintain qualification in each
jurisdiction in which the failure to so qualify would reasonably be expected to have a material
adverse effect on Borrower’s business or operations. Borrower shall comply, and have each
Subsidiary comply, with all laws, ordinances and regulations to which it is subject, noncompliance
with which could have a material adverse effect on Borrower’s business or operations or would
reasonably be expected to cause a Material Adverse Change.

     6.2. Financial Statements, Reports, Certificates.

          (a) Borrower shall deliver to Bank: (i) as soon as available, but no later than
thirty (30) days after the last day of each month, a company prepared consolidated balance sheet and income
statement covering Borrower’s consolidated operations during the period certified by a Responsible
Officer and in a form acceptable to

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Bank; (ii) as soon as available, but no later than one hundred eighty (180) days after the
last day of Borrower’s fiscal year (commencing with Borrower’s fiscal year 2004), audited
consolidated financial statements prepared under GAAP, consistently applied, together with an
unqualified opinion on the financial statements from an independent certified public accounting
firm reasonably acceptable to Bank; (iii) within thirty (30) days of filing, Borrower’s tax returns
for 2003; (iv) in the event that the Borrower’s stock becomes publicly held, within five (5) days
of filing, copies of all statements, reports and notices made available to Borrower’s security
holders or to any holders of Subordinated Debt and all reports on Form 10-K, 10-Q and 8-K filed
with the Securities and Exchange Commission; (v) a prompt report of any legal actions pending or
threatened against Borrower or any Subsidiary that could result in damages or costs to Borrower of
any Subsidiary of One Hundred Thousand Dollars ($100,000.00) or more; (vi) prompt notice of any
material change in the composition of the Intellectual Property, or the registration of any
copyright, including any subsequent ownership right of Borrower in or to any Copyright, Patent or
Trademark not shown in any intellectual property security agreement between Borrower and Bank or
knowledge of an event that materially adversely affects the value of the Intellectual Property;
and (vii) other financial information reasonably requested by Bank in writing.

          (b) Within thirty (30) days after the last day of each month, Borrower shall deliver to Bank a
Borrowing Base Certificate signed by a Responsible Officer in the form of Exhibit C, with aged
listings of accounts receivable (by invoice date).

          (c) Within: (i) thirty (30) days after the last day of each month, and (ii) one hundred eighty
days (180) days after the last day of Borrower’s fiscal year, Borrower shall deliver to Bank with
the monthly financial statements, a Compliance Certificate signed by a Responsible Officer in the
form of Exhibit D.

          (d) Allow Bank to audit Borrower’s Collateral at Borrower’s expense. Such audits shall be
conducted no more often than once every twelve (12) months unless an Event of Default has occurred
and is continuing. Notwithstanding the foregoing, an initial audit. (“Initial Audit”) shall occur
prior to ninety (90) day after the Closing Date. If the results of the Initial Audit are not
satisfactory to the Bank for any reason, the Bank may, at its discretion, reduce the amount of the
Revolving Line, or not make any subsequent Credit Extensions hereunder, except pursuant to terms
satisfactory to Bank.

     6.3 Inventory; Returns. Borrower shall keep all Inventory in good and marketable
condition, free from material defects. Returns and allowances between Borrower and its account
debtors shall follow Borrower’s customary practices as they exist at the Closing Date. Borrower
must promptly notify Bank of all returns, recoveries, disputes and claims that involve more than
Fifty Thousand Dollars ($50,000.00).

     6.4 Taxes. Borrower shall make, and cause each Subsidiary to make, timely payment of
all material federal, state, and local taxes or assessments (other than taxes and assessments which
Borrower is contesting in good faith, with adequate reserves maintained in accordance with GAAP)
and will deliver to Bank, on demand, appropriate certificates attesting to such payments.

     6.5 Insurance. Borrower shall keep its business and the Collateral insured for risks
and in amounts, and as Bank may reasonably request. Bank agrees that it deems Borrower’s present
insurers and policies satisfactory as of the Closing Date. Insurance policies shall be in a form,
with companies, and in amounts that are satisfactory to Bank. All property policies shall have a
lender’s loss payable endorsement showing Bank as an additional loss payee and all liability
policies shall show the Bank as an additional insured and all policies shall provide that the
insurer must give. Bank at least twenty (20) days notice before canceling its policy. At Bank’s
request, Borrower shall deliver certified copies of policies and evidence of all premium payments.
Proceeds payable under any policy shall, at Bank’s option, be payable to Bank on account of the
Obligations. Notwithstanding the foregoing, so long as no Event of Default has occurred and is
continuing, Borrower shall have the option of applying the proceeds of any casualty policy upto
$25,000.00, in the aggregate, toward the replacement or repair of destroyed or damaged property;
provided that (i) any such replaced or repaired property (a) shall be of equal or like value as the
replaced or repaired Collateral and (b) shall be deemed Collateral in which Bank has been granted a
first priority security interest and (ii) after the occurrence and during the continuation of an
Event of Default all proceeds payable under such casualty policy shall, at the option of the Bank,
be payable to Bank on account of the Obligations. If Borrower fails to obtain insurance as required
under. Section 6.5 or to pay any amount or furnish any required proof of payment to third persons
and the Bank, Bank may make all or part of such payment or obtain such insurance policies required
in Section 6.5, and take any action under the policies Bank deems prudent.

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     6.6 Accounts.

          (a) In order to permit the Bank to monitor the Borrower’s financial performance and
condition, Borrower, and all Borrower’s Subsidiaries, shall maintain Borrower’s, and such
Subsidiaries, primary operating accounts with Bank, and some portion of the Borrower’s and such
Subsidiaries cash or securities in excess of that amount used for Borrower’s or such Subsidiaries
operations shall be maintained at the Bank or SVB Securities. Any Guarantor shall maintain
all depository, operating and securities accounts with Bank, or SVB Securities.

          (b) Borrower shall identify to Bank, in writing, any bank or securities account opened by
Borrower with any institution other than Bank. In addition, for each such account that the
Borrower or Guarantor at any time opens or maintains, Borrower shall, at the Bank’s request and
option, pursuant to an agreement in form and substance acceptable to the Bank, cause the
depository bank or securities intermediary to agree that such account is the collateral of the
Bank pursuant to the terms hereunder. The provisions of the previous sentence shall not apply to
deposit accounts exclusively used for payroll, payroll taxes and other employee wage and benefit
payments to or for the benefit of the Borrower’s employees.

     6.7 Financial Covenants.

     Borrower shall maintain at all times, to be tested as of the last day of each month,
unless otherwise noted:

          (a) Adjusted Quick Ratio. A ratio of Quick Assets to Current Liabilities minus Deferred
Revenue of at least 1.25 to 1.0.

          (b) Tangible Net Worth. A Tangible Net Worth of at least $750,000.00, plus fifty percent
(50%) of Borrower’s quarterly net income or new equity after June 30, 2004.

     6.8 Registration of Intellectual Property Rights. Borrower shall not register any
Copyrights or Mask Works in the United States Copyright Office unless it: (i) has given at least
fifteen (15) days’ prior written notice to Bank of its intent to register such Copyrights or Mask
Works and has provided Bank with a copy of the application it intends to file with the United
States Copyright Office (excluding exhibits thereto); (ii) executes an IP Agreement or such other
documents as Bank may reasonably request in order to maintain the perfection and priority of Bank’s
security interest in the Copyrights proposed to be registered with the United States Copyright
Office; and (iii) records such IP Agreement with the United States Copyright Office
contemporaneously with filing the Copyright application(s) with the United States Copyright Office.
Borrower shall promptly provide to Bank a copy
of the Copyright application(s) filed with the United States Copyright Office, together with
evidence of the recording of the IP Agreement necessary for Bank to maintain the perfection and
priority of its security interest in such Copyrights or Mask Works. Borrower shall provide
written notice to Bank of any application filed by Borrower in the United States Patent Trademark
Office for a patent or to register a trademark or service mark within 30 days of any such
filing.

     Borrower shall: (i) protect, defend and maintain the validity and enforceability of the
Intellectual Property; (ii) promptly advise Bank in writing of material infringements of the
Intellectual Property; and (iii) not allow any Intellectual Property material to the Borrower’s
business to be abandoned, forfeited or dedicated to the public without Bank’s written consent.

     6.9 Further Assurances. Borrower shall execute any further instruments and take
further action as Bank reasonably requests to perfect or continue Bank’s security interest in the
Collateral or to effect the purposes of
this Agreement.

     7 NEGATIVE COVENANTS

     Borrower shall not do any of the following without the Bank’s prior written consent which
shall not be unreasonably withheld or delayed.

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          7.1 Dispositions. Convey, sell, lease, transfer or otherwise dispose of
(collectively a “Transfer”), or permit any of its Subsidiaries to Transfer, all or any part of
its business or property, including the Intellectual Property, except for Transfers (i) of
Inventory in the ordinary course of business; (ii) of non-exclusive licenses and. similar
arrangements for the use of the property of Borrower or its Subsidiaries in the ordinary course
of business; or (iii) of worn-out or obsolete Equipment.

          7.2 Changes in Business, Ownership, Management or Business Locations. Engage in or
permit any of its Subsidiaries to engage in any business other than the businesses currently
engaged in by Borrower or reasonably related thereto, or have a material change in its ownership
(other than by the sale of Borrower’s equity securities in a public offering or to venture
capital investors so long as Borrower identifies to Bank the venture
capital investors prior to the closing of the investment), or management. Borrower shall
not, without at least thirty (30) days prior written notice to Bank: (i) relocate its chief
executive office, or add any new offices or business locations, including warehouses (unless
such new offices or business locations contain less than Fifteen Thousand Dollars
($15,000.00) in Borrower’s assets or property), or (ii) change its jurisdiction of
organization, or (iii) change
its organizational structure or type, or (iv) change its legal name, or (v) change any
organizational number (if any) assigned by its jurisdiction of organization.

          7.3 Mergers or Acquisitions. 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 or property of another
Person. A Subsidiary may merge or consolidate into another Subsidiary or into Borrower.

          7.4 Indebtedness. Create, incur, assume, or be liable for any Indebtedness, or
permit any Subsidiary to do so, other than Permitted Indebtedness.

          7.5 Encumbrance. Create, incur, or allow any Lien on any of its property, or
assign or convey, any right to receive income, including the sale of any Accounts, or permit
any of its Subsidiaries to do so, except for Permitted Liens, or permit any Collateral not to
be subject to the first priority security interest granted herein. The Collateral may also be
subject to Permitted Liens.

          7.6 Distributions; Investments. (i) Directly or indirectly acquire or own any
Person, or make any Investment in any Person, other than Permitted Investments, or permit any of
its Subsidiaries to do so; or (ii) pay any dividends or make any distribution or payment or
redeem, retire or purchase any capital stock.

          7.7 Transactions with Affiliates. Directly or indirectly enter into or permit to
exist any material transaction with. any. Affiliate of Borrower, except for transactions that are
in the ordinary course of Borrower’s business, upon fair and reasonable terms that are no less
favorable to Borrower than would be obtained in an arm’s length transaction with a non-affiliated
Person.

          7.8 Subordinated Debt. Make or permit any payment on any Subordinated Debt, except
under the terms of the Subordinated Debt, or amend any provision in any document relating to the
Subordinated Debt, without Bank’s prior written consent.

          7.9 Compliance. Become an “investment company” or a company controlled by an
“investment company”, under the Investment Company Act of 1940 or undertake as one of its
important activities extending credit to purchase or carry margin stock, or use the proceeds of
any Credit Extension for that purpose; fail to meet
the minimum funding requirements of ERISA, permit a Reportable Event
or Prohibited Transaction, as defined in ERISA, to occur; fail to comply
with the Federal Fair Labor Standards Act or violate any other law or
regulation, if the violation could reasonably be expected
to have a material adverse effect on Borrower’s business or operations
or would reasonably be expected to cause a Material Adverse Change, or
permit any of its Subsidiaries to do so.

          8 EVENTS OF DEFAULT

          Any one of the following is an Event of Default:

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          8.1 Payment Default. Borrower fails to pay any of the Obligations within three (3)
Business Days after their due date. During such three (3) Business Day period the failure to cure
the default shall not constitute an Event of Default (but no Credit Extension shall be made during
such period);

          8.2 Covenant Default. (i) Borrower fails or neglects to perform any obligation in
Section 6 or violates any covenant in Section 7; or (ii) Borrower fails or neglects to perform,
keep, or observe any other material term, provision, condition, covenant or agreement contained in
this Agreement, any Loan Documents, or in any present or future agreement between Borrower and Bank
and as to any default under such other material term, provision, condition, covenant or agreement
that can be cured, has failed to cure the default within ten (10) days after the occurrence
thereof; provided, however, that if the default cannot by its nature be cured within the ten (10)
day period or cannot after diligent attempts by Borrower be cured within such ten (10) day period,
and such default is likely to be cured within a reasonable time, then Borrower shall have an
additional period (which shall not in any case exceed thirty (30) days) to attempt to cure such
default, and within such reasonable time period the failure to cure the default shall not be deemed
an Event of Default (but no Credit Extensions shall be made during such cure period). Grace periods
provided under this section shall not apply, among other things, to financial covenants or any
other covenants that are required to be satisfied, completed or tested by a date certain;

          8.3 Material Adverse Change. A Material Adverse Change occurs;

          8.4 Attachment. (i) Any material portion of Borrower’s assets is attached, seized,
levied on, or comes into possession of a trustee or receiver and the attachment, seizure or levy is
not removed in ten (10) days; (ii) the service of process upon the Borrower seeking to attach, by
trustee or similar process, any funds of the Borrower on deposit with the Bank, or any entity under
control of Bank (including a subsidiary); (iii) Borrower is enjoined, restrained, or prevented by
court order from conducting a material part of its business; (iv) a judgment or other claim becomes
a Lien on a material portion of Borrower’s assets; or (v) a notice of lien, levy, or assessment is
filed against ‘any of Borrower’s assets by any government agency and not paid within ten (10) days
after Borrower receives notice. These are not Events of Default if stayed or if a bond is posted
pending contest by Borrower (but no Credit Extensions shall be made during the cure period);

          8.5 Insolvency. (i) Borrower is unable to pay its debts (including trade debts) as
they become due or otherwise becomes insolvent; (ii) Borrower begins an Insolvency Proceeding; or
(iii) an Insolvency Proceeding is begun against Borrower and not dismissed or stayed within
forty-five (45) days (but no Credit Extensions shall be made before any Insolvency Proceeding is
dismissed);

          8.6 Other Agreements. If there is a default in any agreement to which Borrower is a
party with a third party or parties resulting in a right by such third party or parties, whether or
not exercised, to accelerate the maturity of any Indebtedness in an amount in excess of One Hundred
Thousand Dollars ($100,000) or that could result in a Material Adverse Change;

          8.7 Judgments. If a judgment or judgments for the payment of money in an amount,
individually or in the aggregate, of at least Two Hundred Thousand Dollars ($200,000) shall be
rendered against Borrower and shall remain unsatisfied and unstayed for a period of thirty (30)
days (provided that no Credit Extensions will be made prior to the satisfaction or stay of such
judgment);

          8.8 Misrepresentations. If Borrower or any Person acting for Borrower makes any
material misrepresentation or material misstatement now or later in any warranty or representation
in this Agreement or in any writing delivered to Bank or to induce Bank to enter this Agreement or
any Loan Document;

          8.9 Subordinated Debt. A default or breach occurs under any agreement between Borrower and any
creditor of Borrower that signed a subordination agreement with Bank which breach or default
continues after any applicable cure period thereunder, or any creditor that has signed a
subordination agreement with Bank breaches any terms of the subordination agreement;

          8.10 Guaranty. (i) Any guaranty of any Obligations terminates or ceases for any reason
to be in full force; or (ii) any Guarantor does not perform any obligation or covenant under any
guaranty of the Obligations; or (iii) any material misrepresentation or, material misstatement
exists now or later in any warranty or representation in any. guaranty of the Obligations or in any
certificate delivered to Bank in connection with the guaranty; or (iv) any

-10-

 

circumstance described in Section 7, or Sections 8.4, 8.5 or 8.7 occurs to any Guarantor, or
(v) the [death], liquidation, winding up, termination of existence, or insolvency of any
Guarantor.

     9 BANK’S RIGHTS AND REMEDIES

     9.1 Rights and Remedies. When an Event of Default occurs and continues Bank may,
without notice or demand, do any or all of the following:

          (a) Declare all Obligations immediately due and payable (but if an Event of Default described
in Section 8.5 occurs all Obligations are immediately due and payable without any action by Bank);

          (b) Stop advancing money or extending, credit for Borrower’s benefit under this Agreement or
under any other agreement between Borrower and Bank;

          (c) Demand that the Borrowers (i) deposit cash with Bank in an amount equal to the aggregate
amount of any Letters of Credit remaining undrawn, as collateral security for the repayment of any
future drawings under such Letters of Credit, and the Borrower shall forthwith deposit and pay such
amounts, and (ii) pay in advance all Letter of Credit fees scheduled to be paid or payable over the
remaining term of any Letters of Credit;

          (d) Settle or adjust disputes and claims directly with account debtors for amounts, on terms
and in any order that Bank considers advisable and notify any Person owing Borrower money of Bank’s
security interest in such funds and verify the amount of such account;

          (e) Make, any payments and do any acts it considers necessary or reasonable to protect its
security interest in the Collateral. Borrower shall assemble the Collateral if Bank requests and
make it available as Bank designates. Bank may enter premises where the Collateral is located, take
and maintain possession of any part of the Collateral, and pay, purchase, contest, or compromise
any Lien which appears to be prior or superior to its security interest and pay all expenses
incurred. Borrower grants Bank a license to enter and occupy any of its premises, without charge,
to exercise any of Bank’s rights or remedies;

          (f) Apply to the Obligations any (i) balances and deposits of Borrower it holds, or (ii) any
amount held by Bank owing to or for the credit or the account of Borrower;

          (g) Ship, reclaim, recover, store, finish, maintain, repair, prepare for sale, advertise for
sale, and sell the Collateral. Bank is hereby granted a non-exclusive, royalty-free license or
other right to use, without charge, Borrower’s labels, patents, copyrights, mask works, rights
of-use of any name, trade secrets, trade names, trademarks, service marks, and advertising matter,
or any similar property as it pertains to the Collateral, in completing production of, advertising
for sale, and selling any Collateral and, in connection with Bank’s exercise of its rights under
this Section, Borrower’s rights under all licenses and all franchise agreements inure to Bank’s
benefit;

          (h) Place a “hold” on any account maintained with Bank and/or deliver a notice of exclusive
control, any entitlement order, or other directions or instructions pursuant to any control
agreement or similar agreements providing control of any Collateral; and

          (i) Exercise all rights and remedies and dispose of the Collateral according to the Code.

     9.2 Power of Attorney. Borrower hereby irrevocably appoints Bank as its lawful
attorney-in-fact, to be effective upon the occurrence and during the-continuance of an Event of
Default, to: (i) endorse Borrower’s name on any checks or other forms of payment or
security; (ii) sign Borrower’s name on any invoice or bill of lading for any Account or drafts
against account debtors; (iii) settle and adjust disputes and claims about the Accounts directly
with account debtors, for amounts and on terms Bank determines reasonable; (iv) make, settle, and
adjust all claims under Borrower’s insurance policies; and (v) transfer the Collateral into the
name of Bank or a third party as the Code permits. Borrower hereby appoints Bank as its lawful
attorney-in-fact to sign Borrower’s name on any documents necessary to perfect or continue the
perfection of any security interest regardless of whether an Event of Default has occurred until
all Obligations have been satisfied in full and Bank is under no further

-11-

 

obligation to make Credit Extensions hereunder. Bank’s foregoing appointment as Borrower’s attorney
in fact, and all of Bank’s rights and powers, coupled with an interest, are irrevocable until all
Obligations have been fully repaid and performed and Bank’s obligation to provide Credit Extensions
terminates.

     9.3 Accounts Notification/Collection. In the event that an Event of Default occurs
and is continuing, Bank may notify any Person owing Borrower money of Bank’s security interest in
the funds and verify and/or collect the amount of the Account. After the occurrence of an Event
of Default, any amounts received by Borrower shall be held in trust by Borrower for Bank, and, if
requested by Bank, Borrower shall immediately deliver such receipts to Bank in the form received
from the account debtor, with proper endorsements for deposit.

     9.4 Bank Expenses. Any amounts paid by Bank as provided herein shall constitute Bank
Expenses and are immediately due and payable, and shall bear interest at the then applicable rate
and be secured by the Collateral. No payments by Bank shall be deemed an agreement to make
similar payments in the future or Bank’s waiver of any Event of Default.

     9.5 Bank’s Liability for Collateral. So long as the Bank complies with reasonable
banking practices regarding the safekeeping of collateral, the Bank shall not be liable or
responsible for: (a) the safekeeping of the Collateral; (b) any loss or damage to the
Collateral; (c) any diminution in the value of the Collateral; or (d) any act or default of any
carrier, warehouseman, bailee, or other Person. Borrower bears all risk of loss, damage or
destruction of the Collateral.

     9.6 Remedies Cumulative. Bank’s rights and remedies under this Agreement, the Loan
Documents, and all other agreements are cumulative. Bank has all rights and remedies provided
under the Code, by law, or in equity. Bank’s exercise of one right or remedy is not an election,
and Bank’s waiver of any Event of Default is not a continuing waiver. Bank’s delay is not a
waiver, election, or acquiescence. No waiver hereunder shall be effective unless signed by Bank
and then is only effective for the specific instance and purpose for which it was given.

     9.7 Demand Waiver. Borrower waives demand, notice of default or dishonor, notice of
payment and nonpayment, notice of any default, nonpayment at maturity, release, compromise,
settlement, extension, or renewal of accounts, documents, instruments, chattel paper, and
guarantees held by Bank on which Borrower is liable.

     10 NOTICES

     All notices or demands by any party to this Agreement or any other related agreement must be
in writing and be personally delivered or sent by an overnight delivery service, by certified mail,
postage prepaid, return receipt requested, or by telefacsimile at the addresses listed below.
Either Bank or Borrower may change its notice address by giving the other party written notice.

-12-

 

	 	 	 
	If to Borrower:

	 	Aprimo, Incorporated
	 

	 	510 East 96th Street, Suite 300
	 

	 	Indianapolis, IN 46240
	 

	 	Attn: President
	 

	 	FAX: (317) 803-4251
	 
	 	 
	with a copy to:

	 	Aprimo, Incorporated
	 

	 	510 East 96th Street, Suite 300
	 

	 	Indianapolis, IN 46240
	 

	 	Attn: Controller
	 

	 	FAX: (317) 803-4251
	 
	 	 
	If to Bank:

	 	Silicon Valley Bank
	 

	 	230 West Monroe, Suite 720
	 

	 	Chicago, Illinois 60606
	 

	 	Attn: Ms. Janice Galbavy
	 

	 	Fax: (312)704-1532
	 
	 	 
	with a copy to:

	 	Riemer & Braunstein LLP
	 

	 	Three Center Plaza
	 

	 	Boston, Massachusetts 02108
	 

	 	Attn: David A. Ephraim, Esquire
	 

	 	FAX: (617) 880-3456

     11 CHOICE OF LAW, VENUE AND JURY TRIAL WAIVER

     Massachusetts law governs the Loan Documents without regard to principles of conflicts of law.
Borrower and Bank each submit to the exclusive jurisdiction of the State and Federal courts in
Massachusetts; provided, however, that if for any reason Bank cannot avail itself of such courts in
the Commonwealth of Massachusetts, Borrower accepts jurisdiction of the courts and venue in Santa
Clara County, California. NOTWITHSTANDING THE FOREGOING, THE BANK SHALL HAVE THE RIGHT TO BRING ANY
ACTION OR PROCEEDING AGAINST THE BORROWER OR ITS PROPERTY IN THE COURTS OF ANY OTHER JURISDICTION
WHICH THE BANK DEEMS NECESSARY OR APPROPRIATE IN ORDER TO REALIZE. ON THE COLLATERAL OR TO
OTHERWISE ENFORCE THE BANK’S RIGHTS AGAINST THE BORROWER OR ITS PROPERTY.

BORROWER AND BANK EACH WAIVE THEIR RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION ARISING
OUT OF OR BASED UPON THIS AGREEMENT, THE LOAN DOCUMENTS OR ANY CONTEMPLATED TRANSACTION,
INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL
INDUCEMENT FOR BOTH PARTIES TO ENTER INTO THIS AGREEMENT. EACH PARTY HAS REVIEWED THIS WAIVER
WITH ITS COUNSEL.

     12 GENERAL PROVISIONS

     12.1 Successors and Assigns. This Agreement binds and is for the benefit of the
successors and permitted assigns of each party. Borrower may not assign this Agreement or any
rights or Obligations under it without Bank’s prior written consent which, may be granted or
withheld in Bank’s discretion. Bank has the right,
without the consent of or notice to Borrower, to sell, transfer, negotiate, or grant participation
in all or any part of, or
any interest in, Bank’s obligations, rights and benefits under this Agreement, the Loan Documents
or any related agreement.

     12.2 Indemnification. Borrower, hereby indemnifies, defends and holds the Bank and
its directors, officers, employees and agents harmless against: (a) all obligations, demands,
claims, and liabilities asserted by any other party or Person in connection with the transactions
contemplated by the Loan Documents; and (b) all losses or Bank Expenses incurred, or paid by Bank
from, following, or consequential to transactions between Bank and

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Borrower in connection with the Loan Documents (including reasonable attorneys’ fees and
expenses), except for losses caused by Bank’s gross negligence or willful misconduct.

     12.3 Right of Set-Off. Borrower hereby grants to Bank, a lien, security interest
and right of setoff as security for all Obligations to Bank, whether now existing or hereafter
arising upon and against all deposits, credits, collateral and property, now or hereafter in the
possession, custody, safekeeping or control of Bank or any entity under the control of the Bank
(including a Bank subsidiary) or in transit to any of them. At any time after the occurrence and
during the continuance of an Event of Default, without demand or notice, Bank may set off the same
or any part thereof and apply the same to any liability or obligation of Borrower even though
unmatured and regardless of the adequacy of any other collateral securing the Obligations. ANY
AND ALL RIGHTS TO REQUIRE BANK TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER
COLLATERAL WHICH SECURES THE OBLIGATIONS, PRIOR TO EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO
SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF THE BORROWER ARE HEREBY KNOWINGLY, VOLUNTARILY AND
IRREVOCABLY WAIVED.

     12.4  Time of Essence. Time is of the essence for the performance of all
Obligations in this
Agreement.

     12.5 Severability of Provision. Each provision of this Agreement is severable from
every other provision in determining the enforceability of any provision.

     12.6 . Amendments in Writing; Integration. All amendments to this Agreement must be
in writing signed by both Bank and Borrower. This Agreement and the Loan Documents represent the
entire agreement about this subject matter, and supersede prior negotiations or agreements. All prior agreements,
understandings, representations, warranties, and negotiations between the parties about the
subject matter of this Agreement and the Loan Documents merge into this Agreement and the Loan
Documents.

     12.7 Counterparts. This Agreement may be executed in any number of counterparts and
by different parties on separate counterparts, each of which, when executed and delivered, are an
original, and all taken together, constitute one Agreement.

     12.8 Survival. All covenants, representations and warranties made in this Agreement
continue in full force while any Obligations remain outstanding. The obligation of Borrower in
Section 12.2 to indemnify Bank shall survive until the statute of limitations with respect to such
claim or cause of action shall have run.

     12.9 Confidentiality. In handling any confidential information, Bank shall exercise
the same degree of care that it exercises for its own proprietary information, but disclosure of
information may be made: (i) to Bank’s subsidiaries or affiliates in connection with their
business with Borrower; (ii) to prospective’ transferees or purchasers of any interest in the
Credit Extensions (provided, however, Bank shall use commercially reasonable efforts in obtaining
such prospective transferee’s or purchaser’s agreement to the terms of this provision); (iii) as
required by law, regulation, subpoena, or other order, (iv) as required in connection with Bank’s
examination or audit; and (v) as Bank considers appropriate in exercising remedies under this
Agreement Confidential information does not include information that either: (a) is in the public
domain or in Bank’s possession when disclosed to Bank, or becomes part of the public domain
after disclosure to Bank; or (b) is disclosed to Bank by a third party, if Bank does not know
that the third party is prohibited from disclosing the information.

     12.10. Termination. At such time as Borrower shall completely satisfy all of the
Obligations and Bank has no further obligations to make Credit Extensions, Bank, at the
reasonable request of Borrower, shall execute and deliver to Borrower all releases, terminations,
and other instruments as may be necessary or proper to release the security interest hereunder.

     13 DEFINITIONS

     13.1 Definitions. In this Agreement:

     “Accounts” are all existing and later arising accounts, contract rights, and other
obligations owed Borrower in connection with its sale or lease of goods (including licensing
software and other technology) or

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provision of services, all credit insurance, guaranties, other security and all merchandise
returned or reclaimed by Borrower and Borrower’s Books relating to any of the foregoing, as such
definition may be amended from time to time according to the Code.

     “Advance” or “Advances” is a loan advance (or advances) under the Revolving Line.

     “Affiliate” is a Person that owns or controls directly or indirectly the Person, any Person
that controls or is controlled by or is under common control with the Person, and each of that
Person’s senior executive officers, directors, and, for any Person that is a limited liability
company or partnership, that Person’s managers, partners and members to the extent they control
directly or indirectly that Person.

     “Bank Expenses” are all audit fees and expenses and reasonable costs or expenses (including
reasonable attorneys’ fees and expenses) for preparing, negotiating, administering, defending and
enforcing the Loan Documents (including appeals or Insolvency Proceedings).

     “Borrower’s Books” are all Borrower’s books and records including ledgers, records
regarding Borrower’s assets or liabilities, the Collateral, business operations or financial
condition and all computer programs or storage or any equipment containing the information.

     “Borrowing Base” is 80% of Eligible Accounts, as determined by Bank from Borrower’s most
recent Borrowing Base Certificate; provided, however, that Bank may lower the percentage, of the
Borrowing Base after performing an audit of Borrower’s Collateral.

     “Business Day” is any day that is not a Saturday, Sunday or a day on which the Bank is
closed.

     “Cash Management Services” is defined in Section 2.1.4.

     “Cash Management Services Sublimit” is defined in Section 2.1.4.

     “Closing Date” is the date of this Agreement.

     “Code” is the Uniform Commercial Code as adopted in Massachusetts, as amended and as may be
amended and in effect from time to time.

     “Collateral” is any and all properties, rights and assets of the Borrower granted by the
Borrower to Bank or arising under the Code, now, or in the future, in which the Borrower obtains
an interest, or the power to transfer rights, in the property described on Exhibit A.

     “Contingent Obligation” is, for any Person, any direct or indirect liability, contingent or
not, of that Person for (i) any indebtedness, lease, dividend, letter of credit or other
obligation of another such as an obligation directly or indirectly guaranteed, endorsed,
co-made, discounted or sold with recourse by that Person, or for which that Person is directly
or indirectly liable; (ii) any obligations for undrawn letters of credit for the account of that
Person; and (iii) all obligations from any interest rate, currency or commodity swap agreement,
interest rate cap or collar agreement, or other agreement or arrangement designated to protect a
Person against fluctuation in interest rates, currency exchange rates or commodity prices; but
“Contingent Obligation” does not include endorsements in the ordinary course of business. The
amount of a Contingent Obligation is the stated or determined amount of the primary obligation
for which the Contingent Obligation is made or, if not determinable, the maximum reasonably
anticipated liability for it determined by the Person in good faith; but the amount may not
exceed the maximum of the obligations under any guarantee or other support arrangement.

     “Copyrights” are all copyright rights, applications or registrations and like protections
in each work or authorship or derivative work, whether published or not (whether or not it is a
trade secret) now or later existing, created, acquired or held.

     “Credit Extension” is each Advance, Letter of Credit or any other extension of credit by
Bank for Borrower’s benefit.

-15-

 

     “Current Liabilities” are all obligations and liabilities of Borrower to Bank
(including drawn but unreimbursed Letters of Credit), plus, without duplication, the aggregate
amount of Borrower’s Total Liabilities which mature within one (1) year.

     “Deferred Revenue” is all amounts invoiced in advance of performance under contracts and
not yet recognized as revenue.

     “Eligible Accounts” are billed Accounts in the ordinary course of Borrower’s business that
meet all Borrower’s representations and warranties in Section 5.2; but Bank may change
eligibility standards by giving Borrower notice. Unless Bank agrees otherwise in writing,
Eligible Accounts shall not include:

     (a) Accounts that the account debtor has not paid within ninety (90) days
of invoice date;

     (b) Accounts for an account debtor, fifty percent (50%) or more of whose
Accounts have not been paid within ninety (90) days of invoice date;

     (c) Credit balances over ninety (90) days from invoice date;

     (d) Accounts for an account debtor, including Affiliates, whose total
obligations to Borrower exceed twenty-five (25%) of all Accounts, for the
amounts that exceed that percentage, unless Bank approves in writing;

     (e) Accounts for which the account debtor does not have its principal
place of business in the United States except for Eligible Foreign Accounts;

     (f) Accounts for which the account debtor is a federal, state or local
government entity or any department, agency, or instrumentality thereof;

     (g) Accounts for which Borrower owes the account debtor, but only up to the.
amount owed (sometimes called “contra” accounts, accounts payable, customer deposits
or credit accounts);

     (h) Accounts for demonstration or promotional equipment, or in
which goods are consigned, sales guaranteed, sale or return, sale on approval,
bill and hold, or other terms if account debtor’s payment may be conditional;
provided, however, that Accounts which involve acceptance terms or conditions
shall not be excluded where such acceptance is not subjective unless the
Account debtor has indicated in writing that it has not accepted the product or
service underlying such Account;

     (i) Accounts for which the account debtor is Borrower’s Affiliate, officer,
employee, or agent;

     (j) Accounts in which the account debtor disputes liability or makes any
claim and
Bank believes there may be a basis for dispute (but only up. to the disputed or
claimed amount), or if the account debtor is subject to an Insolvency
Proceeding, or becomes insolvent, or goes out of business;

     (k) Accounts which represent deferred revenue (but only to the
extent of such deferred revenue); and

     (l) Accounts for which Bank reasonably determines collection to be doubtful.

     “Eligible Foreign Accounts” are Accounts for which the account debtor does not have its
principal place of business in the United States that Bank approves in writing, and Accounts for
which the account debtor has its principal place of business in Canada.

-16-

 

     “Equipment” is all present and future machinery, equipment, tenant improvements, furniture,
fixtures, vehicles, tools, parts and attachments in which Borrower has any interest.

     “ERISA” is the Employment Retirement Income Security Act of 1974, and its regulations.

     “FX Forward Contract” is defined in Section 2.1.3.

     “FX Reserve” is defined in Section 2.1.3.

     “GAAP” is generally accepted accounting principles.

     “Guarantor” is any present or future guarantor of the Obligations.

     “Indebtedness” is (a) indebtedness for borrowed money or the deferred price of property or
services, such as reimbursement and other obligations for surety bonds and letters of credit, (b)
obligations evidenced by notes, bonds, debentures or similar instruments, (c) capital lease
obligations and (d) Contingent Obligations.

     “Initial Audit” is defined in Section 6.2(d).

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

     “Intellectual Property” is:

     (a) Copyrights, Trademarks, Patents, and Mask Works including amendments, renewals,
extensions and all licenses or other rights to use and all license fees and royalties from the use;

     (b) Any trade secrets and any Intellectual Property rights in computer software and
computer software products now or later existing, created, acquired or held;

     (c) All design rights which may be available to Borrower now or later created, acquired or
held;.

     (d) Any claims for damages (past, present or future) for infringement of any of the rights
above, with the right, but not the obligation, to sue and collect damages for use or infringement
of the intellectual property rights above.

All proceeds and products of me foregoing, including all insurance, indemnity or warranty payments.

     “Inventory” is present and future inventory in which Borrower has any interest, including
merchandise, raw materials, parts, supplies, packing and shipping materials, work in process and
finished products intended for sale or lease or to be furnished under a contract of service, of
every kind and description now or later owned by or in the custody or possession, actual or
constructive, of Borrower, including inventory temporarily out of its custody or possession or in
transit and including returns on any accounts or other proceeds (including insurance proceeds) from
the sale or disposition of any of the foregoing arid any documents of title.

     “Investment” is any beneficial ownership of (including stock, partnership interest or other
securities) any Person, or any loan, advance or capital contribution to any Person.

     “IP Agreement” is a certain Intellectual Property Security Agreement executed and delivered by
Borrower to Bank.

     “Letter of Credit” means a letter of credit or similar undertaking issued by Bank pursuant to
Section 2.1.2.

 -17- 

 

     “Letter of Credit Reserve” has the meaning set forth in Section 2.1.2.

     “Lien” is a mortgage, lien, deed of trust, charge, pledge, security interest or other encumbrance.

     “Lighthouse” is Lighthouse Capital Partners IV, L.P.

     “Loan Documents” are, collectively, this Agreement, any note, or notes or guaranties executed by
Borrower or Guarantor, and any other present or future agreement between Borrower and/or for the
benefit of Bank in connection with this Agreement, all as amended, extended or restated.

     “Mask Works” are all mask works or similar rights available for the protection of semiconductor
chips, now owned or later acquired.

     “Material Adverse Change” is: (i) A material impairment in the perfection or priority of Bank’s
security interest in the Collateral or in the value of such Collateral; (ii) a material adverse
change in the business, operations, or condition (financial or otherwise) of the Borrower; (iii) a
material impairment of the prospect of repayment of any portion of the Obligations; or (iv) Bank
determines, based upon information available to it and in its reasonable judgment, that there is a
reasonable likelihood that Borrower shall fail to comply with one or more of the financial
covenants in Section 6 during the next succeeding financial reporting period.

     “Obligations” are debts, principal, interest, Bank Expenses and other amounts Borrower owes Bank
now or later, including letters of credit, cash management services, and foreign exchange
contracts, if any, and including interest accruing after Insolvency Proceedings begin and debts,
liabilities, or obligations of Borrower assigned to Bank.

     “Patents” are patents, patent applications and like protections, including improvements, divisions,
continuations, renewals, reissues, extensions and continuations-in-part of the same.

     “Permitted Indebtedness” is:

     (a) Borrower’s indebtedness to Bank under this Agreement or the Loan Documents;

     (b) Indebtedness existing on the Closing Date and shown on the Perfection Certificate;

     (c) Subordinated Debt;

     (d) Indebtedness to trade creditors incurred in the ordinary course of business;

     (e) Indebtedness consisting of Contingent Obligations related to customer and business
partner transactions incurred in the ordinary course of business which are not required to be
recorded as liabilities on Borrower’s balance sheet pursuant to GAAP; and

     (f) Indebtedness secured by Permitted Liens.

     “Permitted Investments” are:

     (a) Investments shown on the Perfection Certificate and existing on the Closing Date; and

     (b) (i) marketable direct obligations issued or unconditionally guaranteed by the United
States or its agency or any state maturing within 1 year from its acquisition; (ii) commercial
paper maturing no more than 1 year after its creation and having the highest rating from either
Standard & Poor’s Corporation or Moody’s Investors Service, Inc., (iii) Bank’s certificates of deposit
issued maturing no more than 1 year after issue, and (iv) any other investments administered
through the Bank.

 -18- 

 

     “Permitted Liens” are:

     (a) Liens existing on the Closing Date and shown on the Perfection Certificate or arising
under this Agreement or other Loan Documents;

     (b) Liens for taxes, fees, assessments or other government charges or levies; either not
delinquent or being contested in good faith and for which Borrower maintains adequate reserves on
its Books, if they have no priority over any of Bank’s security interests;

     (c) Leases or subleases and non-exclusive licenses or sublicenses granted in the ordinary
course of Borrower’s business, if the leases, subleases, licenses and sublicenses permit
granting Bank a security interest; and

     (d) Liens incurred in the extension, renewal or refinancing of the indebtedness secured by
Liens described in (a) through (c), but any extension, renewal or replacement Lien must be limited
to the property encumbered by the existing Lien and the principal amount of the indebtedness may
not increase.

     “Person” is any individual, sole proprietorship, partnership, limited liability company, joint
venture, company, trust, unincorporated organization, association, corporation, institution, public
benefit corporation, firm, joint stock company, estate, entity or government agency.

     “Prime Rate” is Bank’s most recently announced “prime rate,” even if it is not Bank’s lowest rate.

     “Quick Assets” is, on any date, the Borrower’s unrestricted cash, cash equivalents, and net billed
accounts receivable determined according to GAAP.

     “Responsible Officer” is each of the Chief Executive Officer, President, Executive Vice President
of Product,.Chief Financial Officer and/or Controller of Borrower.

     “Revolving Line” is an Advance or Advances of up to $4,000,000.00; provided, however, that prior to
the Initial Audit, the maximum amount of outstanding Advances shall be $1,000,000.00.

     “Revolving Line Maturity Date” is September 27, 2007.

     “Subordinated Debt” is debt incurred by Borrower subordinated to Borrower’s debt to Bank (pursuant
to a . subordination agreement entered into between the Bank, the Borrower and the subordinated
creditor), on terms acceptable to Bank.

     “Subsidiary” is any Person, corporation, partnership, limited liability company, joint venture, or
any other business entity of which more than 50% of the voting stock or other equity interests is
owned or controlled, directly or indirectly, by the Person or one or more Affiliates of the Person.

     “Tangible Net Worth” is, on any date, the consolidated total assets of Borrower and its
Subsidiaries minus (i) any amounts attributable to (a) goodwill, (b) intangible items
including unamortized debt discount and expense, patents, trade and service marks and names,
copyrights and research and development expenses except prepaid
expenses and prepaid license fees paid to third party licensors of Borrower held to be sublicensed
to Borrower’s customers, and (c) reserves not already deducted from assets, minus (ii)
Total Liabilities.

     “Total Liabilities” is on any day, obligations that should, under GAAP, be classified as
liabilities on Borrower’s consolidated balance sheet, including all Indebtedness (to the extent
such Indebtedness is Contingent Obligations, only to the extent such Contingent Obligations are
required to be recorded under GAAP) that should under GAAP be classified as liabilities on
Borrower’s consolidated balance sheet, and (without duplication) current portion of Subordinated
Debt permitted by Bank to be paid by Borrower, but excluding all other Subordinated Debt.

 -19- 

 

     “Trademarks” are trademark and service mark rights, registered or not, applications to
register and registrations and like protections, and the entire goodwill of the business of
Borrower connected with the trademarks.

     “Unused Revolving Line Facility Fee” is defined in Section 2.4(c).

[The remainder of this page is intentionally left blank]

 -20- 

 

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as a
sealed instrument under the laws of the Commonwealth of Massachusetts as of the date first above
written.

BORROWER:

APRIMO, INCORPORATED

	 	 	 	 	 
	By

	 	 /s/ W. Godfrey	 	 
	 

	 	 	 	 
	Name:
	 	 	 	 
	 

	 	 	 	 
	Title:
	 	 	 	 
	 

	 	 	 	 

BANK:

SILICON VALLEY BANK

	 	 	 	 	 
	By

	 	 	 	 
	 

	 	 	 	 
	Name:
	 	 	 	 
	 

	 	 	 	 
	Title:
	 	 	 	 
	 

	 	 	 	 

S-1

 

 

EXHIBIT A

     The Collateral consists of all of Borrower’s right, title and interest in and to the
following:

     All goods, equipment, inventory, contract rights or rights to payment of money, leases,
license agreements, franchise agreements, general intangibles (including payment intangibles),
accounts (including health-care receivables), documents, instruments (including any promissory
notes), chattel paper (whether tangible or electronic), cash, deposit accounts, fixtures, letters
of credit rights (whether or not the letter of credit is evidenced by a writing), commercial tort
claims, securities, and all other investment property, supporting obligations, and financial
assets, whether now owned or hereafter acquired, wherever located; and

     Any copyright rights, copyright applications, copyright registrations and like protections in
each work of authorship and derivative work, whether published or unpublished, now owned, or later
acquired; any patents, trademarks, service marks and applications therefor; trade styles, trade
names, any trade secret rights, including any rights to unpatented inventions, know-how, operating
manuals, license rights and agreements and confidential information, now owned or hereafter
acquired; or any claims for damages by way of any past, present and future infringement of any of
the foregoing; and

     All Borrower’s books relating to the foregoing and any and all claims, rights and interests in
any of the above and all substitutions for, additions, attachments, accessories, accessions and
improvements to and replacements, products, proceeds and insurance proceeds of any or all of the
foregoing.

Exhibit

 

 

     EXHIBIT B

Loan Payment/Advance Request Form 

Deadline for same day processing is 3:00 E.S.T.

	 	 	 	 	 
	Fax To: (617) 969-5965

	 	Date:
	 	 

Loan Payment:

Sample documents Client Name (Borrower)

	 	 	 	 	 	 	 	 	 
	From Account #

	 	 	 	To Account #	 	 	 	 
	 

                         (Deposit
Account #)
	 	 

                    (Loan Account #)
	 	 
	 
	 	 	 	 	 	 	 	 
	Principal $

	 	 	 	and/or Interest $	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Authorized Signature:

	 	 	 	Phone Number:	 	 	 	 
	 

	 	 
	 	 	 	 	 	 

Loan Advance:

Complete Outgoing Wire Request section below if all or a portion of the funds from this
loan advance are for an outgoing wire.

	 	 	 	 	 	 	 	 	 
	From Account #

	 	 	 	To Account #	 	 	 	 
	 

                    (Loan Account #)
	 	 	 	 

(Deposit Account #)
	 	 
	 
	 	 	 	 	 	 	 	 
	Amount of Advance $
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 

All Borrower’s representation and warranties in the Loan and Security Agreement are
true, correct and complete in all material respects on the
date of the telephone transfer request for an advance, but those representations and
warranties expressly referring to another date shall be true,
correct and complete in all material respects as of such date:

	 	 	 	 	 	 	 	 	 
	Authorized Signature:

	 	 	 	Phone Number:	 	 	 	 
	 

	 	 

	 	 	 	 

	 	 

Outgoing Wire Request

Complete only if all or a portion of funds from the loan advance above are to be wired.

Deadline for same day processing is 3:00 pm, E.S.T.

	 	 	 	 	 	 	 	 	 
	Beneficiary Name:

	 	 	 	Amount of Wire: $
	 	 	 	 
	 
	 	 
	 	 
	Beneficiary Bank:

	 	 	 	Account Number:	 	 	 	 
	 
	 	 
	 	 
	City and State:
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Beneficiary Bank Transit (ABA) #:

	 	 	 	Beneficiary Bank Code (Swift, Sort, Chip, etc.):	 	 	 	 
	 

	 	 
	 	 	 	 	 	 
	 

	 	 	 	(For International Wire Only)	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Intermediary Bank:

	 	 	 	Transit (ABA) #:	 	 	 	 
	 
	 	 
	 	 
	For Further Credit to:
	 	 	 	 	 	 	 	 
	 
	 	 
	Special Instruction:
	 	 	 	 	 	 	 	 
	 
	 	 
	 
	 	 	 	 	 	 	 	 
	By signing below, I
(we) acknowledge and agree that my (our) funds transfer request shall be
processed in accordance with and subject to the
terms and conditions set forth in the agreements(s) covering funds transfer service(s), which
agreements(s) were previously received and
executed by me (us).	 	 
	 
	 	 	 	 	 	 	 	 
	Authorized Signature:

	 	 	 	2nd Signature (If Required):	 	 	 	 
	 
	 	 
	 	 
	Print Name/Title:

	 	 	 	Print Name/Title:	 	 	 	 
	 
	 	 
	 	 
	Telephone
#

	 	 	 	Telephone #	 	 	 	 
	 
	 	 
	 	 

Exhibit 

 

EXHIBIT C 

BORROWING BASE CERTIFICATE

	 	 	 
	Borrower:
	 	Aprimo, Incorporated
	Lender:
	 	Silicon Valley Bank
	Commitment Amount:
	 	$4,000,000.00

	 	 	 	 	 
	ACCOUNTS RECEIVABLE
	 	 	 	 
	1. Accounts Receivable Book Value as of                     
	 	$	                    	 
	2. Additions
(please explain on reverse)
	 	$	                    	 
	3. TOTAL ACCOUNTS RECEIVABLE
	 	$	                    	 
	 
	ACCOUNTS RECEIVABLE DEDUCTIONS (without duplication)
	 	 	 	 
	4. Amounts over 90 days due
	 	$	                    	 
	5. Balance of 50% over 90 day accounts
	 	$	                    	 
	6. Credit balances over 90 days
	 	$	                    	 
	7. Concentration Limits
	 	$	                    	 
	8. Foreign Accounts
	 	$	                    	 
	9. Governmental Accounts
	 	$	                    	 
	10. Contra Accounts
	 	$	                    	 
	11. Promotion or Demo Accounts
	 	$	                    	 
	12. Intercompany/Employee Accounts
	 	$	                    	 
	13. Deferred Revenue
	 	$	                    	 
	14. Other (please explain on reverse)
	 	$	                    	 
	15. TOTAL ACCOUNTS RECEIVABLE DEDUCTIONS
	 	$	                    	 
	16. Eligible Accounts (#3 minus #15)
	 	$	                    	 
	17. LOAN VALUE OF ACCOUNTS (80% of #16)
	 	$	                    	 
	 
	BALANCES
	 	 	 	 
	18. Maximum Loan Amount
	 	$	4,000,000.00	 
	19. Total Funds Available (Lesser of #17 or #18)
	 	$	                    	 
	20. Present balance owing on Line of Credit
	 	$	                    	 
	21.
Outstanding under Sublimits (Letters of Credit, Cash Management, F/X)
	 	$	                    	 
	22. RESERVE POSITION (#19 minus #20 and #21)
	 	$	                    	 

The undersigned represents and warrants that this is true, complete and correct,
and that the information in this
Borrowing Base Certificate complies with the representations and warranties in the
Loan and Security Agreement
between the undersigned and Silicon Valley Bank.

	 	 	 
	COMMENTS:

	 
	 	 
	By:
	 	 
	 

	 	 
	 

	 	Authorized Signer

BANK USE ONLY

	 	 	 
	Received by:
	 	 
	 

	 	 
	 

	 	AUTHORIZED SIGNER
	 
	 	 
	Date:
	 	 
	 

	 	 
	Verified:
	 

	 	 
	 

	 	AUTHORIZED SIGNER
	Date:
	 	 
	 

	 	 
	Compliance
Status:

	 	Yes          No

Exhibit

 

EXHIBIT D

COMPLIANCE CERTIFICATE

TO: SILICON VALLEY BANK

FROM: APRIMO, INCORPORATED

          The undersigned authorized officer of APRIMO, INCORPORATED certifies that under the terms
and conditions of the Loan and Security Agreement between Borrower and Bank (the “Agreement”),
(i) Borrower is in
complete compliance for the period ending                          with all required covenants except as noted below
and (ii) there are no Events of Default, and all representations and warranties in the Agreement
are true and correct in all material respects on this date. Attached are the required documents
supporting the certification. The Officer certifies that these are prepared in accordance with
Generally Accepted Accounting Principles (GAAP) consistently applied from one period to the next
except as explained in an accompanying letter or footnotes. The Officer acknowledges that no
borrowings may be requested at any time or date of determination that Borrower is not in
compliance with any of the terms of the Agreement, and that compliance is determined not just at
the date this certificate is delivered.

     Please indicate compliance status by circling Yes/No under “Complies” column.

	 	 	 	 	 
	Reporting Covenant	 	Required	 	Complies
	Monthly financial statements with CC

	 	Monthly within 30 days
	 	Yes  No
	Annual (CPA Audited) financial statements with CC

	 	FYE within 180 days*
	 	Yes  No
	10-Q, 10-K and 8-K

	 	Within 5 days after filing with SEC
	 	Yes  No
	BBC A/R Agings

	 	Monthly within 30 days
	 	Yes  No
	2003 Tax returns

	 	Within 30 days of filing
	 	Yes  No
	*commencing FYE 2004
	 	 	 	 

The following Intellectual Property was registered after the Closing Date (if blank, read
“None”)

 

	 	 	 	 	 	 	 	 	 
	Financial Covenant	 	Required	 	Actual	 	 	Complies
	Maintain at all times, tested monthly:
	 	 	 	 	 	 	 	 
	Minimum Adjusted Quick Ratio
	 	1.25:1.0	 	 	               : 1.0	 	 	Yes  No
	Minimum Tangible Net Worth
	 	$750,000 + 50% of net income or new equity	 	$	                    	 	 	Yes  No

Comments Regarding Exceptions: See Attached.
 Sincerely,

 

Signature

 

Title

 

Date

	 	 	 	 	 
	BANK USE ONLY
	 	 	 	 
	Received by:
	 	 	 	 
	 

	 	 

AUTHORIZED SIGNER
	 	 
	 
	 	 	 	 
	Date:
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Verified:
	 	 	 	 
	 

	 	 	 	 
	 

	 	AUTHORIZED SIGNER	 	 
	Date:
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Compliance Status:

	 	Yes       No	 	 

Exhibit D-lexv10w16

 

Exhibit 10.16

FIRST LOAN MODIFICATION AGREEMENT

     This First Loan Modification Agreement (this “Loan Modification Agreement”) is entered into as
of June 13, 2005, by and between SILICON VALLEY BANK, a California-chartered bank, with its
principal place of business at 3003 Tasman Drive, Santa Clara, California 95054 and with a loan
production office located at One Newton Executive Park, Suite 200, 2221 Washington Street, Newton,
Massachusetts 02462 (“Bank”) and APRIMO, INCORPORATED, a Delaware corporation with its chief
executive office located at 510 East 96th Street, Suite 300, Indianapolis, Indiana 46240
(“Borrower”).

1. DESCRIPTION OF EXISTING INDEBTEDNESS AND OBLIGATIONS. Among other indebtedness and
obligations which may be owing by Borrower to Bank, Borrower is indebted to Bank pursuant to a loan
arrangement dated as of September 30, 2004, evidenced by, among other documents, a certain Loan and
Security Agreement dated as of September 30, 2004, between Borrower and Bank (as amended, the “Loan
Agreement”). Capitalized terms used but not otherwise defined herein shall have the same meaning
as in the Loan Agreement.

2. DESCRIPTION OF COLLATERAL. Repayment of the Obligations is secured by the Collateral as
described in the Loan Agreement and the Intellectual Property Collateral as described in a certain
Intellectual Property Security Agreement between Borrower and Bank dated as of September 30, 2004
(together with any other collateral security granted to Bank, the “Security Documents”).

Hereinafter, the Security Documents, together with all other documents evidencing or securing the
Obligations shall be referred to as the “Existing Loan Documents”.

3. DESCRIPTION OF CHANGE IN TERMS.

	 	A.	 	Modifications to Loan Agreement.

	 	1.	 	The Loan Agreement shall be amended by deleting Section
2.1.1(a) in its entirety and inserting in lieu thereof the following:
	 
	 	 	 	“(a) Availability. Bank shall make Advances not exceeding (i) the
lesser of (A) the Revolving Line or (B) the Borrowing Base, minus (ii) the
amount of all outstanding Letters of Credit (including drawn but
unreimbursed Letters of Credit), minus (iii) the FX Reserve, and minus (iv)
the aggregate outstanding Advances hereunder (including any Cash Management
Services). Amounts borrowed under this Section may be repaid and reborrowed
during the term of this Agreement. Notwithstanding the foregoing, through
September 11, 2005, Bank shall make Advances not exceeding (i) the lesser of
(A) the Revolving Line or (B) the Borrowing Base, minus (ii) Excess
Availability, minus (iii) the amount of all outstanding Letters of Credit
(including drawn but unreimbursed Letters of Credit) (other than Letters of
Credit included in Excess Availability), minus (iv) the FX Reserve, and
minus (v) the aggregate outstanding Advances hereunder (including any Cash
Management Services (other than Cash Management Services included in Excess
Availability).”
	 
	 	2.	 	The Loan Agreement shall be amended by deleting the amount of
“3,000,000.00” appearing in the second sentence of Section 2.1.2(a) (Letters of
Credit Sublimit) and inserting the amount of “One Million Dollars
($1,000,000.00)” in lieu thereof.

 

 

	 	3.	 	The Loan Agreement shall be amended by deleting the amount of
“$500,000.00” appearing in the second sentence of Section 2.1.3 (Foreign
Exchange Sublimit) and inserting the amount of “One Million Dollars
($1,000,000.00)” in lieu thereof.
	 
	 	4.	 	The Loan Agreement shall be amended by deleting the amount of
“$500,000.00” appearing in the first sentence of Section 2.1.4 (Cash Management
Sublimit) and inserting the amount of “One Million Dollars ($1,000,000.00)” in
lieu thereof.
	 
	 	5.	 	The Loan Agreement shall be amended by deleting the following
provision appearing as Section 2.1.1(c) thereof:
	 
	 	 	 	“(c)Interest Rate. The principal amounts outstanding under the
Revolving Line shall accrue interest at a per annum rate equal to the greater of:
(i) the aggregate of the Prime Rate and three quarters of one percent (0.75%), and
(ii) five percent (5.0%), which interest shall be payable monthly. Notwithstanding
anything to the contrary contained herein, Borrower may prepay any outstanding
balance of the Revolving Line at any time without penalty or liability (other than
as specifically provided herein).”
	 
	 	 	 	and inserting in lieu thereof the following:
	 
	 	 	 	“(c)Interest Rate. The principal amounts outstanding under the
Revolving Line shall accrue interest at a per annum rate equal to the greater of:
(i) the aggregate of the Prime Rate and three quarters of one percent (0.75%), and
(ii) five percent (5.0%), which interest shall be payable monthly. Notwithstanding
the foregoing, commencing on the 2005 Closing Date, the principal amounts
outstanding under the Revolving Line shall accrue interest at a per annum rate equal
to the aggregate of the Prime Rate and three quarters of one percent (0.75%), which
interest shall be payable monthly. Borrower may prepay any outstanding balance of
the Revolving Line at any time without penalty or liability (other than as
specifically provided herein).”
	 
	 	6.	 	The Loan Agreement shall be amended by deleting the following
appearing as Section 6.2(b) thereof:
	 
	 	 	 	“(b)Within thirty (30) days after the last day of each month, Borrower shall
deliver to Bank a Borrowing Base Certificate signed by a Responsible Officer in the
form of Exhibit C, with aged listings of accounts receivable (by invoice
date).”
	 
	 	 	 	and inserting in lieu thereof the following:
	 
	 	 	 	“(b)Borrower shall deliver to Bank a Borrowing Base Certificate signed by a Responsible
Office in the form of Exhibit C, with aged listings of accounts receivable (by invoice
date): (i) within thirty (30) days after the last day of each month in which Credit Extensions were
outstanding or requested, and (ii) within thirty (30) days after the last day of each quarter in
which no Credit Extensions were outstanding or requested.”
	 
	 	7.	 	The Loan Agreement shall be amended by inserting the following
text at the end of Section 6.6 thereof:
	 
	 	 	 	“(c)Borrower shall direct each account debtor (and each depository
institution where proceeds of Accounts are on deposit) to remit payments
with respect to the Accounts to a

 

 

	 	 	 	lockbox account established with Bank or to wire transfer payments to a cash
collateral account that Bank controls (collectively, the “Lockbox”).”
	 
	 	8.	 	The Loan Agreement shall be amended by deleting Section 6.7
entitled “Financial Covenants” in its entirety, and inserting in lieu thereof
the following:
	 
	 	 	 	“6.7 Financial Covenants. Borrower shall maintain at all times, to be tested as of
the last day of each quarter, unless otherwise noted:
	 
	 	 	 	(a) Minimum Bookings. Tested quarterly, Bookings of at least: (i) Seven Million Dollars
($7,000,000.00) for the quarter ending June 30, 2005, (ii) Seven Million Five Hundred Thousand
Dollars ($7,500,000.00) for the quarter ending September 30, 2005, (iii) Ten Million Five Hundred
Thousand Dollars ($10,500,000.00) for the quarter ending December 31, 2005, and (iv) thereafter, to
be mutually agreed upon in writing by the Borrower and Bank no later than December 31, 2005,
however, it shall be an Event of Default hereunder, if the Borrower and Bank do not agree in
writing to same on or before December 31, 2005.”
	 
	 	 	 	(b) EBITDA. Borrower shall have: (i) EBITDA losses not to exceed One Million Dollars
($1,000,000.00) for each of the three (3) month period ending June 30, 2005 through August 31,
2005, (ii) positive EBITDA of at least Three Hundred Thousand Dollars ($300,000.00) for each of the
three (3) month period ending September 30, 2005 through December 31, 2005, and (iii) thereafter,
to be mutually agreed upon in writing by the Borrower and Bank no later than December 31, 2005,
however, it shall be an Event of Default hereunder, if the Borrower and Bank do not agree in
writing to same on or before December 31, 2005. “
	 
	 	9.	 	The Loan Agreement shall be amended by inserting the following
new provision to appear as Section 8.11 thereof:
	 
	 	 	 	“8.11 LockBox Account. Borrower fails to direct each account debtor (and each
depository institution where proceeds of Accounts are on deposit) to remit payments with respect to
the Accounts to a lockbox account established with Bank or to wire transfer payments to a cash
collateral account that Bank controls (collectively, the “Lockbox”). It will be considered an
immediate Event of Default if the Lockbox is not set-up and operational within sixty (60) days
after the 2005 Closing Date.”
	 
	 	10.	 	The Loan Agreement shall be amended by deleting the first
sentence of “Eligible Accounts” appearing in Section 13.1 thereof and inserting
in lieu thereof the following:
	 
	 	 	 	““Eligible Accounts” are billed Accounts in the ordinary course of Borrower’s business that
meet all Borrower’s representations and warranties in Section 5.2; but Bank may change
eligibility standards by giving Borrower five (5) Business Days advance notice.”
	 
	 	11.	 	The Loan Agreement shall be amended by inserting the following
provision to appear as subsection (g) in the definition of “Permitted
Indebtedness”:
	 
	 	 	 	“(g)Indebtedness of Orix Venture Finance LLC.”

 

 

	 	12.	 	The Loan Agreement shall be amended by deleting the following
definitions appearing in Section 13.1 thereof:
	 
	 	 	 	““Borrowing Base” is 80% of Eligible Accounts, as determined by Bank from Borrower’s most
recent Borrowing Base Certificate; provided, however, that Bank may lower the percentage of the
Borrowing Base after performing an audit of Borrower’s Collateral.”
	 
	 	 	 	““Eligible Foreign Accounts” are Accounts for which the account debtor does not have its
principal place of business in the United States that Bank approves in writing, and Accounts for
which the account debtor has its principal place of business in Canada.”
	 
	 	 	 	““Revolving Line” is an Advance or Advances of up to $4,000,000.00; provided, however, that
prior to the Initial Audit, the maximum amount of outstanding Advances shall be $1,000,000.00.”
	 
	 	 	 	and inserting in lieu thereof the following:
	 
	 	 	 	““Borrowing Base” is:
	 
	 	 	 	(i) eighty percent (80.0%) of Eligible Accounts,
	 
	 	 	 	plus

	 
	 	 	 	(ii) ninety percent (90.0%) of Unrestricted Cash;
	 
	 	 	 	all as determined by Bank based upon Borrower’s most recent Borrowing Base Certificate;
provided, however, that Bank may lower the percentage of the Borrowing Base after performing an
audit of Borrower’s Collateral. “
	 
	 	 	 	““ Eligible Foreign Accounts” are Accounts for which the account debtor does not have its
principal place of business in the United States that Bank approves in writing, and Accounts for
which the account debtor has its principal place of business in Canada, but are otherwise Eligible
Accounts, and that SVB approves in writing. As used herein, Eligible Foreign Accounts
shall include, Clydesdale Bank and/or Yorkshire Bank, provided that the total Advances relating
thereto do not exceed Five Hundred Thousand Dollars ($500,000.00);”
	 
	 	 	 	““Revolving Line” is an Advance or Advances of up to Ten Million Dollars ($10,000,000.00).”
	 
	 	13.	 	The Loan Agreement shall be amended by inserting the following
definitions to appear alphabetically in Section 13.1 thereof:
	 
	 	 	 	““2005 Closing Date” is June 13, 2005. “
	 
	 	 	 	““Bookings” as defined in Borrower’s financial statements, as calculated in the ordinary
course of Borrower’s business, consistent with past practices.”
	 
	 	 	 	““EBITDA” means earnings before interest, taxes, depreciation and amortization, and a one time
acquisition related expenses (in an amount not to exceed Two Million five Hundred Thousand Dollars
($2,500,000.00) in accordance with GAAP.”

 

 

	 	 	 	““Excess Availability” is defined as One Million Dollars ($1,000,000.00), minus up to: (i)
Seventy-Five Thousand Dollars ($75,000.00) in standby Letters of Credit and (ii) Fifteen Thousand
Dollars ($15,000.00), in the aggregate, for cash management services.”
	 
	 	 	 	““Unrestricted Cash” shall mean all cash and cash equivalents maintained at Bank in Borrower’s
name that are unrestricted and not pledged to any other Person.”
	 
	 	14.	 	Notwithstanding Section 2.4(c) of the Loan Agreement, all
outstanding and unpaid Unused Revolving Line Facility Fees shall be due and
payable on the earlier to occur of (x) October 1, 2005, and (y) the termination
of the Loan Agreement.
	 
	 	15.	 	Notwithstanding Section 6.2(d) of the Loan Agreement, the
Initial Audit shall occur prior to sixty (60) days after the date of this First
Loan Modification Agreement.
	 
	 	16.	 	The Borrowing Base Certificate appearing as Exhibit C
to the Loan Agreement is hereby replaced with the Borrowing Base Certificate
attached as Exhibit A hereto.
	 
	 	17.	 	The Compliance Certificate appearing as Exhibit D to
the Loan Agreement is hereby replaced with the Compliance Certificate attached
as Exhibit B hereto.

	 	B.	 	Waivers.

	 	1.	 	Bank hereby waives Borrower’s existing defaults under the Loan
Agreement by virtue of Borrower’s failure to comply with the financial
reporting requirements set forth in: (i) Section 6.2(a)(i), and 6.2(c) for the
months ended October 31, 2004, November 30, 2004, January 31, 2005, and
February 28, 2005, and (ii) 6.2(b) as of the months ended September 30, 2004
through and including March 31, 2005. Bank’s waiver of Borrower’s compliance
of said affirmative covenants shall apply only to the foregoing specific
periods.

4. FEES. Borrower shall pay to Bank a modification fee equal to Thirty-Seven Thousand Five
Hundred Dollars ($37,500.00), which fee shall be due on the date hereof and shall be deemed fully
earned as of the date hereof. Borrower shall also reimburse Bank for all reasonable legal fees and
expenses incurred in connection with this amendment to the Existing Loan Documents.

5. RATIFICATION OF INTELLECTUAL PROPERTY SECURITY AGREEMENT. Borrower hereby ratifies,
confirms and reaffirms, all and singular, the terms and conditions of a certain Intellectual
Property Security Agreement dated as of September 30, 2004, between Borrower and Bank, and
acknowledges, confirms and agrees that said Intellectual Property Security Agreement contains an
accurate and complete listing of all Intellectual Property Collateral as defined in said
Intellectual Property Security Agreement, shall remain in full force and effect. Notwithstanding
the terms and conditions of the Intellectual Property Security Agreement, the Borrower shall not
register any Copyrights or Mask Works in the United States Copyright Office unless it: (i) has
given at least fifteen (15) days’ prior written notice to Bank of its intent to register such
Copyrights or Mask Works and has provided Bank with a copy of the application it intends to file
with the United States Copyright Office (excluding exhibits thereto); (ii) executes a security
agreement or such other documents as Bank may reasonably request in order to maintain the
perfection and priority of Bank’s security interest in the Copyrights proposed to be registered
with the United States Copyright Office; and (iii) records such security documents with the United
States Copyright Office contemporaneously with filing the Copyright application(s) with the United
States Copyright Office. Borrower shall promptly provide to Bank a copy of the Copyright
application(s) filed with the United States Copyright Office, together with evidence of the
recording of the security documents necessary for Bank to maintain the perfection and priority of
its security interest in such Copyrights or Mask Works. Borrower shall provide written notice to
Bank of

 

 

any application filed by Borrower in the United States Patent Trademark Office for a patent or to
register a trademark or service mark within 30 days of any such filing.

6. RATIFICATION OF PERFECTION CERTIFICATE. Borrower hereby ratifies, confirms and
reaffirms, all and singular, the terms and disclosures contained in a certain Perfection
Certificate dated as of September 30, 2004, between Borrower and Bank, and acknowledges, confirms
and agrees the disclosures and information above Borrower provided to Bank in the Perfection
Certificate has not changed, as of the date hereof.

7. CONSISTENT CHANGES. The Existing Loan Documents are hereby amended wherever necessary
to reflect the changes described above.

8. RATIFICATION OF LOAN DOCUMENTS. Borrower hereby ratifies, confirms, and reaffirms all
terms and conditions of all security or other collateral granted to the Bank, and confirms that the
indebtedness secured thereby includes, without limitation, the Obligations.

9. NO DEFENSES OF BORROWER. Borrower hereby acknowledges and agrees that Borrower has no
offsets, defenses, claims, or counterclaims against Bank with respect to the Obligations, or
otherwise, and that if Borrower now has, or ever did have, any offsets, defenses, claims, or
counterclaims against Bank, whether known or unknown, at law or in equity, all of them are hereby
expressly WAIVED and Borrower hereby RELEASES Bank from any liability thereunder.

10. CONTINUING VALIDITY. Borrower understands and agrees that in modifying the existing
Obligations, Bank is relying upon Borrower’s representations, warranties, and agreements, as set
forth in the Existing Loan Documents. Except as expressly modified pursuant to this Loan
Modification Agreement, the terms of the Existing Loan Documents remain unchanged and in full force
and effect. Bank’s agreement to modifications to the existing Obligations pursuant to this Loan
Modification Agreement in no way shall obligate Bank to make any future modifications to the
Obligations. Nothing in this Loan Modification Agreement shall constitute a satisfaction of the
Obligations. It is the intention of Bank and Borrower to retain as liable parties all makers of
Existing Loan Documents, unless the party is expressly released by Bank in writing. No maker will
be released by virtue of this Loan Modification Agreement.

11. COUNTERSIGNATURE. This Loan Modification Agreement shall become effective only when it
shall have been executed by Borrower and Bank.

 

 

     This Loan Modification Agreement is executed as a sealed instrument under the laws of the
Commonwealth of Massachusetts as of the date first written above.

	 	 	 	 	 	 	 	 	 
	BORROWER:	 	 	 	BANK:
	 
	 	 	 	 	 	 	 	 
	APRIMO, INCORPORATED	 	 	 	SILICON VALLEY BANK
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ William M. Godfrey
	 	 	 	By:	 	 
	 

	 	 
	 	 	 	 	 	 
	Name:

	 	William M. Godfrey
	 	 	 	Name:	 	 
	 

	 	 
	 	 	 	 	 	 
	Title:

	 	Chief Executive Officer
	 	 	 	Title:	 	 
	 

	 	 
	 	 	 	 	 	 

 

 

EXHIBIT A

BORROWING BASE CERTIFICATE

	 	 	 	 	 	 	 
	Borrower:

	 	Aprimo, Incorporated
	 	Bank:
	 	Silicon Valley Bank
	 
	 	 	 	 	 	 

	 	 	 
	Commitment Amount:

	 	$10,000,000.00

	 	 	 	 	 
	ACCOUNTS RECEIVABLE
	 	 	 	 
	1. Accounts Receivable Book Value as of _____
	 	$	                    	 
	2. Additions (please explain on reverse)
	 	$	                    	 
	3. TOTAL ACCOUNTS RECEIVABLE
	 	$	                    	 
	ACCOUNTS RECEIVABLE DEDUCTIONS (without duplication)
	 	 	 	 
	4. Amounts over 90 days due
	 	$	                    	 
	5. Balance of 50% over 90 day accounts
	 	$	                    	 
	6. Credit balances over 90 days
	 	$	                    	 
	7. Concentration Limits
	 	$	                    	 
	8. Foreign Accounts
	 	$	                    	 
	9. Governmental Accounts
	 	$	                    	 
	10. Contra Accounts
	 	$	                    	 
	11. Promotion or Demo Accounts
	 	$	                    	 
	12. Intercompany/Employee Accounts
	 	$	                    	 
	13. Deferred Revenue
	 	$	                    	 
	14. Other (please explain on reverse)
	 	$	                    	 
	15. TOTAL ACCOUNTS RECEIVABLE DEDUCTIONS
	 	$	                    	 
	16. Eligible Accounts (#3 minus #15)
	 	$	                    	 
	17. LOAN VALUE OF ELIGIBLE ACCOUNTS (80% of #16, plus 90% of Unrestricted Cash)
	 	$	                    	 
	BALANCES
	 	 	 	 
	18. Maximum Loan Amount
	 	$	                    	 
	19. Total Funds Available (Lesser of #17 or #18)
	 	$	                    	 
	20. Present balance owing on Line of Credit
	 	$	                    	 
	21. Outstanding under Sublimits (Letter of Credit, Cash Mgt, F/X)
	 	$	                    	 
	22. RESERVE POSITION (#19 minus #20 and #21)
	 	$	                    	 

The undersigned represents and warrants that the foregoing is true, complete and correct, and that
the information reflected in this Borrowing Base Certificate complies with the representations and
warranties set forth in the Loan and Security Agreement between the undersigned and Silicon Valley
Bank.

	 	 	 	 	 	 	 	 	 
	COMMENTS:	 	 	 	BANK USE ONLY

	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Received By:	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Date:	 	 
	 

	 	 
	 	 	 	 	 	 
	By:

	 	 	 	 	 	Reviewed By:	 	 
	 

	 	 
	 	 	 	 	 	 
	     Authorized Signer	 	 	 	Compliance Status: Yes / No

 

 

EXHIBIT B

COMPLIANCE CERTIFICATE

	 	 	 
	TO:

	 	SILICON VALLEY BANK
	FROM:

	 	APRIMO, INCORPORATED

The undersigned authorized officer of Aprimo, Incorporated hereby certifies that in accordance with
the terms and conditions of the Loan and Security Agreement between Borrower and Bank (the
“Agreement”), (i) Borrower is in complete compliance for the period ending                      with
all required covenants except as noted below and (ii) there are no Events of Default, and all
representations and warranties of Borrower stated in the Agreement are true and correct in all
material respects as of the date hereof. Attached herewith are the required documents supporting
the certification. The Officer further certifies that these are prepared in accordance with
Generally Accepted Accounting Principles (GAAP) and are consistently applied from one period to the
next except as explained in an accompanying letter or footnotes. The Officer expressly
acknowledges that no borrowings may be requested by the Borrower at any time or date of
determination that Borrower is not in compliance with any of the terms of the Agreement, and that
such compliance is determined not just at the date this certificate is delivered.

Please indicate compliance status by circling Yes/No under “Complies” column.

	 	 	 	 	 	 	 
	Reporting Covenant	 	Required	 	Complies
	Monthly Financial Statements & CC

	 	Monthly w/in 30 days
	 	Yes
	 	No
	Annual Financial Statements (CPA Audited)&CC

	 	FYE within 180 days
	 	Yes
	 	No
	10K, 10Q and 8K

	 	Within 5 days after filing w/ SEC
	 	Yes
	 	No
	BBC and A/R Agings

	 	Monthly w/in 30 days*
	 	Yes
	 	No
	 	 	(for months with Credit Extensions outstanding,

otherwise Quarterly w/i 30 days)	 	 
	 
	Audit

	 	Annually, and w/i 60 days
	 	Yes
	 	No
	 

	 	of the First Loan Modification	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Financial Covenant	 	Required	 	 	Actual	 	Complies:	 
	Minimum Bookings (quarterly)
	 	$	                    	*	 	$                    	 	Yes	 	No
	Minimum EBITDA (monthly)
	 	$	                    	*	 	$                    	 	Yes	 	No

 

			
	*	 	As set forth in Section 6.7 of the Agreement.

	 	 	 	 	 	 	 	 	 
	Comments Regarding Exceptions: See Attached.	 	BANK USE ONLY
	 
	 	 	 	 	 	 	 	 
	Sincerely,
	 	 	 	 	 	 	 	 
	 

	 	Date:
	 	 	 	Received By:	 	 
	 

	 	 	 	 
	 	 	 	 
	Signature

	 	 	 	 	 	Date:	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Reviewed By:	 	 
	 

	 	 	 	 	 	 	 	 
	 

Title

	 	 
	 	 	 	Compliance Status:  Yes / No

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