Document:

Exhibit 10.3

 

AMENDED AND RESTATED LOAN AND SECURITY
AGREEMENT 

BY AND BETWEEN SENSUS HEALTHCARE, LLC

AND SILICON VALLEY BANK, DATED AS OF
MARCH 21, 2013

 

AMENDED AND RESTATED LOAN AND SECURITY
AGREEMENT

 

THIS AMENDED AND
RESTATED LOAN AND SECURITY AGREEMENT (this “Agreement”) dated as of March 12, 2013 (the “Effective
Date”) between SILICON VALLEY BANK, a California corporation (“Bank”), and SENSUS HEALTHCARE, LLC,
a Delaware limited liability company (“Borrower”), provides the terms on which Bank shall lend to Borrower and
Borrower shall repay Bank. The parties agree as follows:

 

Recitals

 

A.           Bank
and Borrower have entered into that certain Loan and Security Agreement dated as of December 15, 2011 (as amended, the “Prior
Loan Agreement”) and that certain Intellectual Property Security Agreement of even date therewith.

 

B.           Borrower
has requested, and Bank has agreed, to replace, amend and restate the Prior Loan Agreement in its entirety. Bank and Borrower hereby
agree that the Prior Loan Agreement is amended and restated in its entirety 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; provided
that if at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any
Loan Document, and either Borrower or Bank shall so request, Borrower and Bank shall negotiate in good faith to amend such ratio
or requirement to preserve the original intent thereof in light of such change in GAAP; provided, further, that, until so
amended, (a) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (b)
Borrower shall provide Bank financial statements and other documents required under this Agreement or as reasonably requested hereunder
setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change
in GAAP. Capitalized terms not otherwise defined in this Agreement shall have the meanings set forth in Section 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 outstanding principal amount of all Credit Extensions and
accrued and unpaid interest thereon as and when due in accordance with this Agreement.

 

2.1.1      Revolving
Advances.

 

(a)          Availability.
Subject to the terms and conditions of this Agreement, Bank shall make Advances not exceeding the Availability Amount. Amounts
borrowed under the Revolving Line may be repaid and, prior to the Revolving Line Maturity Date, reborrowed, subject to the applicable
terms and conditions precedent herein.

 

     

     

    

 

(b)          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 .

 

2.2         Overadvances.
If, at any time, the outstanding principal amount of the aggregate Advances exceeds the lesser of either the Revolving Line or
the Borrowing Base, Borrower shall immediately pay to Bank in cash the amount of such excess (such excess, the “Overadvance”).
Without limiting Borrower’ s obligation to repay Bank any Overadvance, Borrower agrees to pay Bank interest on the outstanding
amount of any Overadvance, on demand, at the Default Rate.

 

2.3         Payment
of Interest on the Credit Extensions.

 

(a)          Interest
Rate. Subject to Section 2.3(b), the principal amount outstanding under the Revolving Line shall accrue interest at a floating
per annum rate equal to the greater of two percentage points (2.00%) above the Prime Rate or five and one-quarter percent (5.25%),
which interest shall be payable monthly in accordance with Section 2.3(e) below.

 

(b)          Default
Rate. Immediately upon the occurrence and during the continuance of an Event of Default, Obligations shall bear interest at
a rate per annum which is five percentage points (5.0%) above the rate that is otherwise applicable thereto (the “Default
Rate”). Fees and expenses which are required to be paid by Borrower pursuant to the Loan Documents (including, without
limitation, Bank Expenses) but are not paid when due shall bear interest until paid at a rate equal to the highest rate applicable
to the Obligations. Payment or acceptance of the increased interest rate provided in this Section 2.3(b) is not a permitted alternative
to timely payment and shall not constitute a waiver of any Event of Default or otherwise prejudice or limit any rights or remedies
of Bank.

 

(c)          Adjustment
to Interest Rate. Changes to the interest rate of any Credit Extension based on changes to the Prime Rate shall be effective
on the effective date of any change to the Prime Rate and to the extent of any such change.

 

(d)          Minimum
Interest. In the event the aggregate amount of interest earned by Bank under the Revolving Line in any quarter (such period,
the “Minimum Interest Period,” which period shall begin on the Effective Date and continue with each quarter
thereafter until the earlier of the Revolving Line Maturity Date or the date this Agreement is terminated) is less than Five Thousand
Dollars ($5,000) (exclusive of any collateral monitoring fees, unused line fees, or any other fees and charges hereunder) (“Minimum
Interest”), Borrower shall pay to Bank, upon demand by Bank, an amount equal to the (i) Minimum Interest minus (ii) the
aggregate amount of all interest earned by Bank under the Revolving Line (exclusive of any collateral monitoring fees, unused line
fees or any other fees and charges hereunder) in such Minimum Interest Period. Borrower shall not be entitled to any credit, rebate,
or repayment of any Minimum Interest pursuant to this Section 2.3(d) notwithstanding any termination of this Agreement or the suspension
or termination of Bank’s obligation to make loans and advances hereunder. Bank may deduct amounts owing by Borrower under
this Section 2.3(d) pursuant to the terms of Section 2.5(c). Bank shall provide Borrower prompt written notice of deductions made
from the Designated Deposit Account pursuant to the terms of this Section 2.3(d).

 

     

     

    

 

(e)          Payment;
Interest Computation. Interest is payable monthly on the first calendar day of each month and shall be computed on the basis
of a 360-day year for the actual number of days elapsed. In computing interest, (i) all payments received after 12:00 p.m. Pacific
time on any day shall be deemed received at the opening of business on the next Business Day, and (ii) the date of the making of
any Credit Extension shall be included and the date of payment shall be excluded; provided, however, that if any Credit Extension
is repaid on the same day on which it is made, such day shall be included in computing interest on such Credit Extension.

 

2.4         Fees.
Borrower shall pay to Bank:

 

(a)          Anniversary
Fee. A fully earned, non-refundable commitment fee of Seven Thousand Five Hundred Dollars ($7,500), on the first anniversary
of the Effective Date;

 

(b)          Good
Faith Deposit. Borrower has paid to Bank a deposit of Five Thousand Dollars ($5,000) to initiate Bank’s due diligence
review process, which deposit will be applied to the Bank Expenses on the Effective Date;

 

(c)          Bank
Expenses. All Bank Expenses (including reasonable attorneys’ fees and expenses for documentation and negotiation of this
Agreement which fees for the documentation and negotiation of this Agreement will not exceed Five Thousand Dollars ($5,000) as
of the Effective Date unless agreed upon in advance by Bank and Borrower) incurred through and after the Effective Date, when due
(or, if no stated due date, upon demand by Bank); and

 

(d)          Fees
Fully Earned. Unless otherwise provided in this Agreement or in a separate writing by Bank, Borrower shall not be entitled
to any credit, rebate, or repayment of any fees earned by Bank pursuant to this Agreement notwithstanding any termination of this
Agreement or the suspension or termination of Bank’s obligation to make loans and advances hereunder. Bank may deduct amounts
owing by Borrower under the clauses of this Section 2.4 pursuant to the terms of Section 2.5(c). Bank shall provide Borrower prompt
written notice of deductions made from the Designated Deposit Account pursuant to the terms of the clauses of this Section 2.4.

 

2.5         Payments;
Application of Payments; Debit of Accounts.

 

(a)          All
payments to be made by Borrower under any Loan Document shall be made in immediately available funds in Dollars, without setoff
or counterclaim, before 12:00 p.m. Pacific time on the date when due. Payments of principal and/or interest received after 12:00
p.m. Pacific 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 shall be due the next Business Day, and additional fees or interest, as applicable, shall continue
to accrue until paid.

 

     

     

    

 

(b)          Bank
has the exclusive right to determine the order and manner in which all payments with respect to the Obligations may be applied.
Borrower shall have no right to specify the order or the accounts to which Bank shall allocate or apply any payments required to
be made by Borrower to Bank or otherwise received by Bank under this Agreement when any such allocation or application is not specified
elsewhere in this Agreement.

 

(c)          Bank
may debit the Designated Deposit Account for principal and interest payments or any other amounts Borrower owes Bank when due.
These debits shall not constitute a set-off.

 

2.6         Withholding.
Payments received by Bank from Borrower under this Agreement will be made free and clear of and without deduction for any and all
present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges imposed by any Governmental
Authority (including any interest, additions to tax or penalties applicable thereto). Specifically, however, if at any time any
Governmental Authority, applicable law, regulation or international agreement requires Borrower to make any withholding or deduction
from any such payment or other sum payable hereunder to Bank, Borrower hereby covenants and agrees that the amount due from Borrower
with respect to such payment or other sum payable hereunder will be increased to the extent necessary to ensure that, after the
making of such required withholding or deduction, Bank receives a net sum equal to the sum which it would have received had no
withholding or deduction been required, and Borrower shall pay the full amount withheld or deducted to the relevant Governmental
Authority. Borrower will, upon request, furnish Bank with proof reasonably satisfactory to Bank indicating that Borrower has made
such withholding payment; provided, however, that Borrower need not make any withholding payment if the amount or validity of such
withholding payment is contested in good faith by appropriate and timely proceedings and as to which payment in full is bonded
or reserved against by Borrower. The agreements and obligations of Borrower contained in this Section 2.6 shall survive the termination
of this Agreement.

 

		3	CONDITIONS OF LOANS

 

3.1         Conditions
Precedent to Initial Credit Extension. 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:

 

(a)          duly
executed original signatures to this Agreement;

 

(b)          the
Operating Documents and long-form good standing certificates of Borrower and its Subsidiaries certified by the Secretary of State
(or equivalent agency) of Borrower’s and such Subsidiaries’ jurisdiction of organization or formation and each jurisdiction
in which Borrower and each Subsidiary is qualified to conduct business, each as of a date no earlier than thirty (30) days prior
to the Effective Date;

 

(c)          duly
executed original signatures to the completed Borrowing Resolutions for Borrower;

 

     

     

    

 

(d)          certified
copies, dated as of a recent date, of financing statement searches, as Bank may request, accompanied by written evidence (including
any UCC termination statements) that the Liens indicated in any such financing statements either constitute Permitted Liens or
have been or, in connection with the initial Credit Extension, will be terminated or released; and

 

(e)          payment
of the fees and Bank Expenses then due as specified in Section 2.4 hereof.

 

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 conditions precedent:

 

(a)          timely
receipt of an executed Payment/Advance Form;

 

(b)          the
representations and warranties in this Agreement shall be true, accurate, and complete in all material respects on the date of
the Payment/Advance Form and on the Funding Date of each Credit Extension; provided, however, that such materiality qualifier shall
not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof;
and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate
and complete in all material respects as of such date, 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 this Agreement remain true, accurate, and complete in all material respects; provided, however, that such materiality
qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in
the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall
be true, accurate and complete in all material respects as of such date; and

 

(c)          Bank
determines to its satisfaction that there has not been a Material Adverse Change.

 

3.3         Covenant
to Deliver. Borrower agrees to deliver to Bank each item required to be delivered to Bank under this Agreement as a condition
precedent to any Credit Extension. Borrower expressly agrees that a Credit Extension made prior to the receipt by Bank of any such
item shall not constitute a waiver by Bank of Borrower’ s obligation to deliver such item, and the making of any Credit Extension
in the absence of a required item shall be in Bank’s sole discretion.

 

3.4         Procedures
for Borrowing.

 

(a)          Advances.
Subject to the prior satisfaction of all other applicable conditions to the making of an Advance set forth in this Agreement, to
obtain an Advance, Borrower shall notify Bank (which notice shall be irrevocable) by electronic mail, facsimile, or telephone by
12:00 p.m. Pacific time on the Funding Date of the Advance. Together with any such electronic or facsimile notification, Borrower
shall deliver to Bank by electronic mail or facsimile a completed Payment/Advance Form executed by a Responsible Officer. Bank
may rely on any telephone notice given by a person whom Bank believes is a Responsible Officer. Bank shall credit Advances to the
Designated 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.

 

     

     

    

 

		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,
a continuing security interest in, and pledges to Bank, the Collateral, wherever located, whether now owned or hereafter acquired
or arising, and all proceeds and products thereof.

 

Borrower acknowledges
that it previously has entered, and/or may in the future enter, into Bank Services Agreements with Bank. Regardless of the terms
of any Bank Services Agreement, Borrower agrees that any amounts Borrower owes Bank thereunder shall be deemed to be Obligations
hereunder and that it is the intent of Borrower and Bank to have all such Obligations secured by the first priority perfected security
interest in the Collateral granted herein (subject only to Permitted Liens that may have superior priority to Bank’s Lien
in this Agreement).

 

If this Agreement is
terminated, Bank’s Lien m the Collateral shall continue until the Obligations (other than inchoate indemnity obligations)
are satisfied in full, and at such time, Bank shall, at Borrower’ s sole cost and expense, terminate its security interest
in the Collateral and all rights therein shall revert to Borrower. In the event (x) all Obligations (other than inchoate indemnity
obligations), except for Bank Services, are satisfied in full, and (y) this Agreement is terminated, Bank shall terminate the security
interest granted herein upon Borrower providing cash collateral acceptable to Bank in its good faith business judgment for Bank
Services, if any. In the event such Bank Services consist of outstanding Letters of Credit, Borrower shall provide to Bank cash
collateral in an amount equal to (x) if such Letters of Credit are denominated in Dollars, then at least one hundred five percent
(105.0%); and (y) if such Letters of Credit are denominated in a Foreign Currency, then at least one hundred ten percent (110.0%),
of the Dollar Equivalent of the face amount of all such Letters of Credit plus all interest, fees, and costs due or to become due
in connection therewith (as estimated by Bank in its good faith business judgment), to secure all of the Obligations relating to
such Letters of Credit.

 

4.2         Priority
of Security Interest. Borrower represents, warrants, and covenants that the security interest granted herein is and shall at
all times continue to be a first priority perfected security interest in the Collateral (subject only to Permitted Liens that are
permitted pursuant to the terms of this Agreement to have superior priority to Bank’s Lien under this Agreement). If Borrower
shall acquire a commercial tort claim, Borrower shall promptly notify Bank in a writing signed by Borrower of the general 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 reasonably satisfactory to Bank.

 

     

     

    

 

4.3         Authorization
to File Financing Statements. Borrower hereby authorizes Bank to file financing statements, without notice to Borrower, with
all appropriate jurisdictions to perfect or protect Bank’s interest or rights hereunder , including a notice that any disposition
of the Collateral, by either Borrower or any other Person, shall be deemed to violate the rights of Bank under the Code. Such financing
statements may indicate the Collateral as “all assets of the Debtor” or words of similar effect, or as being of an
equal or lesser scope, or with greater detail, all in Bank’s discretion.

 

		5	REPRESENTATIONS AND WARRANTIES

 

Borrower represents
and warrants as follows:

 

5.1         Due
Organization, Authorization; Power and Authority. Borrower is duly existing and in good standing in its jurisdiction of formation
and is qualified and licensed to do business and is in good standing in any jurisdiction 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 have
a material adverse effect on Borrower’s business. In connection with this Agreement, Borrower has delivered to Bank a completed
certificate signed by Borrower, entitled “Perfection Certificate”. Borrower represents and warrants to Bank that (a)
Borrower’s exact legal name is that indicated on the Perfection Certificate and on the signature page hereof; (b) Borrower
is an organization of the type and is organized in the jurisdiction set forth in the Perfection Certificate; (c) the Perfection
Certificate accurately sets forth Borrower’s organizational identification number or accurately states that Borrower has
none; (d) the Perfection Certificate accurately sets forth Borrower’s place of business, or, if more than one, its chief
executive office as well as Borrower’s mailing address (if different than its chief executive office); (e) Borrower (and
each of its predecessors) has not, in the past five (5) years, changed its jurisdiction of formation, organizational structure
or type, or any organizational number assigned by its jurisdiction; and (f) all other information set forth on the Perfection Certificate
pertaining to Borrower and each of its Subsidiaries is accurate and complete (it being understood and agreed that Borrower may
from time to time update certain information in the Perfection Certificate after the Effective Date to the extent permitted by
one or more specific provisions in this Agreement). If Borrower is not now a Registered Organization but later becomes one, Borrower
shall promptly notify Bank of such occurrence and provide Bank with Borrower ‘s organizational identification number.

 

The execution, delivery
and performance by Borrower of the Loan Documents to which it is a party have been duly authorized, and do not (i) conflict with
any of Borrower’s organizational documents, (ii) contravene, conflict with, constitute a default under or violate any material
Requirement of Law, (iii) contravene, conflict or violate any applicable order, writ, judgment, injunction, decree, determination
or award of any Governmental Authority by which Borrower or any of its Subsidiaries or any of their property or assets may be bound
or affected, (iv) require any action by, filing, registration, or qualification with, or Governmental Approval from, any Governmental
Authority (except such Governmental Approvals which have already been obtained and are in full force and effect) or (v) conflict
with, contravene, constitute a default or breach under, or result in or permit the termination or acceleration of, any material
agreement by which Borrower is bound. Borrower is not in default under any agreement to which it is a party or by which it is bound
in which the default could reasonably be expected to have a material adverse effect on Borrower ‘s business.

 

     

     

    

 

5.2         Collateral.
Borrower has good title to, rights in, and the power to transfer each item of the Collateral upon which it purports to grant a
Lien hereunder, free and clear of any and all Liens except Permitted Liens. Borrower has no Collateral Accounts at or with any
bank or financial institution other than Bank or Bank’s Affiliates except for the Collateral Accounts described in the Perfection
Certificate delivered to Bank in connection herewith and which Borrower has taken such actions as are necessary to give Bank a
perfected security interest therein, pursuant to the terms of Section 6.6(b). The Accounts are bona fide, existing obligations
of the Account Debtors.

 

The Collateral is not
in the possession of any third party bailee (such as a warehouse) except as otherwise provided in the Perfection Certificate. None
of the components of the Collateral shall be maintained at locations other than as provided in the Perfection Certificate or as
permitted pursuant to Section 7.2.

 

Borrower is the sole
owner of the Intellectual Property which it owns or purports to own except for (a) non exclusive licenses granted to its customers
in the ordinary course of business, (b) over-the-counter software that is commercially available to the public, and (c) material
Intellectual Property licensed to Borrower and noted on the Perfection Certificate. Each Patent which it owns or purports to own
and which is material to Borrower’s business is valid and enforceable, and no part of the Intellectual Property which Borrower
owns or purports to own and which is material to Borrower’s business has been judged invalid or unenforceable, in whole or
in part. To the best of Borrower’ s knowledge, 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 would not reasonably be expected to have a material adverse effect
on Borrower’s business.

 

Except as noted on
the Perfection Certificate, Borrower is not a party to, nor is it bound by, any Restricted License.

 

5.3         Accounts
Receivable.

 

(a)          For
any Eligible Account in any Borrowing Base Certificate, all statements made and all unpaid balances appearing in all invoices,
instruments and other documents evidencing such Eligible Accounts are and shall be true and correct and all such invoices, instruments
and other documents, and all of Borrower’s Books are genuine and in all respects what they purport to be. Whether or not
an Event of Default has occurred and is continuing, Bank may notify any Account Debtor owing Borrower money of Bank’s security
interest in such funds and verify the amount of such Eligible Account.

 

(b)          All
sales and other transactions underlying or giving rise to each Eligible Account shall comply in all material respects with all
applicable laws and governmental rules and regulations. Borrower has no knowledge of any actual or imminent Insolvency Proceeding
of any Account Debtor whose accounts are Eligible Accounts in any Borrowing Base Certificate. To the best of Borrower’s knowledge,
all signatures and endorsements on all documents, instruments, and agreements relating to all Eligible Accounts are genuine, and
all such documents, instruments and agreements are legally enforceable in accordance with their terms.

 

     

     

    

 

5.4         Litigation.
There are no actions or proceedings pending or, to the knowledge of any Responsible Officer, threatened in writing by or against
Borrower or any of its Subsidiaries involving more than, individually or in the aggregate, One Hundred Thousand Dollars ($100,000).

 

5.5         Financial
Statements; Financial Condition. All consolidated financial statements for Borrower and any of its Subsidiaries delivered to
Bank fairly present in all material respects Borrower’s consolidated financial condition and Borrower’s consolidated
results of operations. 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.

 

5.6         Solvency.
The fair salable value of Borrower’s consolidated assets (including goodwill minus disposition costs) exceeds the fair value
of Borrower’s liabilities; 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.

 

5.7         Regulatory
Compliance. Borrower is not an “investment company” or a company “controlled” by an “investment
company” under the Investment Company Act of 1940, as amended. Borrower is not engaged as one of its important activities
in extending credit for margin stock (under Regulations X, T and U of the Federal Reserve Board of Governors). Borrower (a) has
complied in all material respects with all Requirements of Law, and (b) has not violated any Requirements of Law the violation
of which could reasonably be expected to have a material adverse effect on its business. None of Borrower’s or any of its
Subsidiaries’ 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 of its Subsidiaries have obtained all consents, approvals and authorizations of, made all declarations or filings with,
and given all notices to, all Governmental Authorities that are necessary to continue their respective businesses as currently
conducted.

 

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

 

5.9         Tax
Returns and Payments; Pension Contributions. Borrower has timely filed all required tax returns and reports, and Borrower has
timely paid all foreign, federal, state and local taxes, assessments, deposits and contributions owed by Borrower except (a) to
the extent such taxes are being contested in good faith by appropriate proceedings promptly instituted and diligently conducted,
so long as such reserve or other appropriate provision, if any, as shall be required in conformity with GAAP shall have been made
therefor, or (b) if such taxes, assessments, deposits and contributions do not, individually or in the aggregate, exceed Ten Thousand
Dollars ($10,000).

 

To the extent Borrower
defers payment of any contested taxes, Borrower shall (i) notify Bank in writing of the commencement of, and any material development
in, the proceedings, and (ii) post bonds or take any other steps required to prevent the Governmental Authority levying such contested
taxes from obtaining a Lien upon any of the Collateral that is other than a “Permitted Lien.” Borrower is unaware
of any claims or adjustments proposed for any of Borrower’s prior tax years which could result in additional taxes becoming
due and payable by Borrower in excess of Ten Thousand Dollars ($10,000). Borrower has paid all amounts necessary to fund all present
pension, profit sharing and deferred compensation plans in accordance with their terms, and Borrower has not withdrawn from participation
in, and has not permitted partial or complete termination of, or permitted the occurrence of any other event with respect to, any
such plan which could reasonably be expected to result in any liability of Borrower, including any liability to the Pension Benefit
Guaranty Corporation or its successors or any other governmental agency.

 

     

     

    

 

5.10       Use
of Proceeds. Borrower shall use the proceeds of the Credit Extensions solely as working capital and to fund its general business
requirements and not for personal, family, household or agricultural purposes.

 

5.11       Full
Disclosure. No written representation, warranty or other statement of Borrower in any certificate or written statement given
to Bank, as of the date such representation, warranty, or other statement was made, 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).

 

5.12       Definition
of “Knowledge.” For purposes of the Loan Documents, whenever a representation or warranty is made to Borrower’
s knowledge or awareness, to the “best of ‘ Borrower’ s knowledge, or with a similar qualification, knowledge
or awareness means the actual knowledge, after reasonable investigation, of any Responsible Officer.

 

		6	AFFIRMATIVE COVENANTS

 

Borrower shall do all
of the following:

 

6.1         Government
Compliance.

 

(a)          Maintain
its and all its Subsidiaries’ legal existence and good standing in their respective jurisdictions 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, in all material respects, with
all laws, ordinances and regulations to which it is subject.

 

(b)          Obtain
all of the Governmental Approvals necessary for the performance by Borrower of its obligations under the Loan Documents to which
it is a party and the grant of a security interest to Bank in all of its property. Borrower shall promptly provide copies of any
such obtained Governmental Approvals to Bank.

 

     

     

    

 

6.2         Financial
Statements, Reports, Certificates. Provide Bank with the following:

 

(a)          Borrowing
Base Reports. Within thirty (30) days after the last day of each month, aged listings of accounts receivable and accounts payable
(by invoice date) (the “Borrowing Base Reports”);

 

(b)          Borrowing
Base Certificate. Within thirty (30) days after the last day of each month and together with the Borrowing Base Reports, a
duly completed Borrowing Base Certificate signed by a Responsible Officer;

 

(c)          Monthly
Financial Statements. 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 for such month certified
by a Responsible Officer and in a form acceptable to Bank (the “Monthly Financial Statements”);

 

(d)          Monthly
Compliance Certificate. Within thirty (30) days after the last day of each month and together with the Monthly Financial Statements,
a duly completed Compliance Certificate signed by a Responsible Officer, certifying that as of the end of such month, Borrower
was in full compliance with all of the terms and conditions of this Agreement, and setting forth calculations showing compliance
with the financial covenants set forth in this Agreement and such other information as Bank may reasonably request;

 

(e)          Annual
Operating Budget and Financial Projections. Within forty-five (45) days after the last day of each fiscal year of Borrower,
(i) annual operating budgets (including income statements, balance sheets and cash flow statements, by month) for the upcoming
fiscal year of Borrower, and (ii) annual financial projections for the following fiscal year (on a quarterly basis) as approved
by Borrower’s board of directors, together with any related business forecasts used in the preparation of such annual financial
projections;

 

(f)          Annual
Audited Financial Statements. As soon as available, but no later than one hundred fifty (150) days after the last day of Borrower’s
fiscal year, 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 acceptable to Bank in its reasonable discretion;

 

(g)          Other
Statements. Within five (5) days of delivery, copies of all statements, reports and notices made available to Borrower’s
security holders or to any holders of Subordinated Debt;

 

(h)          SEC
Filings. In the event that Borrower becomes subject to the reporting requirements under the Exchange Act within five (5)
days of filing, copies of all periodic and other reports, proxy statements and other materials filed by Borrower with the SEC,
any Governmental Authority succeeding to any or all of the functions of the SEC or with any national securities exchange, or distributed
to its shareholders, as the case may be. Documents required to be delivered pursuant to the terms hereof (to the extent any such
documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be
deemed to have been delivered on the date on which Borrower posts such documents, or provides a link thereto, on Borrower’
s website on the Internet at Borrower’s website address; provided, however, Borrower shall promptly notify Bank in writing
(which may be by electronic mail) of the posting of any such documents;

 

     

     

    

 

(i)          Legal
Action Notice. A prompt report of any legal actions pending or threatened in writing against Borrower or any of its Subsidiaries
that could result in damages or costs to Borrower or any of its Subsidiaries of, individually or in the aggregate, One Hundred
Thousand Dollars ($100,000) or more; and

 

(j)          Other
Financial Information. Other financial information reasonably requested by Bank.

 

6.3         Inventory;
Returns. 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 Effective Date. Borrower must promptly
notify Bank of all returns, recoveries, disputes and claims that involve more than One Hundred Thousand Dollars ($100,000).

 

6.4         Taxes;
Pensions. Timely file, and require each of its Subsidiaries to timely file, all required tax returns and reports and timely
pay, and require each of its Subsidiaries to timely pay, all foreign, federal, state and local taxes, assessments, deposits and
contributions owed by Borrower and each of its Subsidiaries, except for deferred payment of any taxes contested pursuant to the
terms of Section 5.9 hereof, and shall deliver to Bank, on demand, appropriate certificates attesting to such payments, and pay
all amounts necessary to fund all present pension, profit sharing and deferred compensation plans in accordance with their terms.

 

6.5         Insurance.

 

(a)          Keep
its business and the Collateral insured tor risks and in amounts standard for companies in Borrower’s industry and location
and as Bank may reasonably request. Insurance policies shall be in a form, with financially sound and reputable insurance companies
that are not Affiliates of Borrower, and in amounts that are satisfactory to Bank. All property policies shall have a lender’s
loss payable endorsement showing Bank as lender loss payee. All liability policies shall show, or have endorsements showing, Bank
as an additional insured. Bank shall be named as lender loss payee and/or additional insured with respect to any such insurance
providing coverage in respect of any Collateral.

 

(b)          Proceeds
payable under any property policy are, at Bank’s option, payable to Bank on account of the Obligations. Notwithstanding the
foregoing, (a) 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 up to One Hundred Thousand Dollars ($100,000) in the aggregate for all losses under all casualty policies
in any one year, toward the replacement or repair of destroyed or damaged property; provided that any such replaced or repaired
property (i) shall be of equal or like value as the replaced or repaired Collateral and (ii) shall be deemed Collateral in which
Bank has been granted a first priority security interest, and (b) after the occurrence and during the continuance of an Event of
Default, all proceeds payable under such casualty policy shall, at the option of Bank, be payable to Bank on account of the Obligations.

 

     

     

    

 

(c)          At
Bank’s request, Borrower shall deliver certified copies of insurance policies and evidence of all premium payments. Each
provider of any such insurance required under this Section 6.5 shall agree, by endorsement upon the policy or policies issued by
it or by independent instruments furnished to Bank, that it will give Bank thirty (30) days prior written notice before any such
policy or policies shall be materially altered or canceled. If Borrower fails to obtain insurance as required under this Section
6.5 or to pay any amount or furnish any required proof of payment to third persons and Bank, Bank may make all or part of such
payment or obtain such insurance policies required in this Section 6.5, and take any action under the policies Bank deems prudent.

 

6.6         Operating
Accounts.

 

(a)          Maintain
all of its operating and other deposit accounts and securities accounts with Bank and Bank’s Affiliates. Notwithstanding
the foregoing, Borrower shall have sixty (60) days from the Effective Date to transition its banking activity from Bank of America
to Bank through the Payability platform or a similar solution.

 

(b)          Provide
Bank five (5) days prior written notice before establishing any Collateral Account at or with any Bank Affiliate. For each Collateral
Account that Borrower at any time maintains with a Bank Affiliate, Borrower shall cause the applicable Bank Affiliate at or with
which any Collateral Account is maintained to execute and deliver a Control Agreement or other appropriate instrument with respect
to such Collateral Account to perfect Bank’s Lien in such Collateral Account in accordance with the terms hereunder which
Control Agreement may not be terminated without the prior written consent of Bank. 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 Borrower ‘s employees and identified to Bank by Borrower as such.

 

6.7         Financial
Covenants. Maintain at all times, subject to periodic reporting as of the last day of each month:

 

(a)          Adjusted
Quick Ratio. An Adjusted Quick Ratio of at least (i) from the Effective Date through June 30, 2013, 1.50 to 1.00, (ii) from
July 1, 2013 through June 30, 2014, 1.25 to 1.00, and (iii) from July 1, 2014 and thereafter, 1.50 to 1.00.

 

(b)          Minimum
Trailing 6-Month EBITDA. Maintain, measured as of the end of each month during the following periods, EBITDA, measured on a
trailing six (6) month basis, of at least the following:

 

	Month Ended	 	Minimum Trailing 6-Month EBITDA	 
	December 31, 2012	 	 	$400,000	 
	January 31, 2013	 	 	$300,000	 
	February 28, 2013	 	 	$1.00	 
	March 31, 2013	 	 	($200,000)	 
	April 30, 2013	 	 	($350,000)	 
	May 31, 2013	 	 	($650,000)	 
	June 30, 2013	 	 	($1,200,000)	 
	July 31, 2013	 	 	($1,200,000)	 
	August 31, 2013	 	 	($800,000)	 
	September 30, 2013	 	 	($300,000)	 
	October 31, 2013	 	 	($150,000)	 
	November 30, 2013	 	 	$100,000	 
	December 31, 2013 and each month thereafter	 	 	$500,000	 

 

     

     

    

 

6.8         Protection
of Intellectual Property Rights.

 

(a)          (i)
Protect, defend and maintain the validity and enforceability of its Intellectual Property; (ii) promptly advise Bank in writing
of material infringements or any other event that could reasonably be expected to materially and adversely affect the value of
its Intellectual Property; and (iii) not allow any Intellectual Property material to Borrower’s business to be abandoned,
forfeited or dedicated to the public without Bank’s written consent.

 

(b)          Provide
written notice to Bank within ten (10) days of entering or becoming bound by any Restricted License (other than over-the-counter
software that is commercially available to the public). Borrower shall take such steps as Bank requests to obtain the consent of,
or waiver by, any person whose consent or waiver is necessary for (i) any Restricted License to be deemed “Collateral”
and for Bank to have a security interest in it that might otherwise be restricted or prohibited by law or by the terms of any such
Restricted License, whether now existing or entered into in the future, and (ii) Bank to have the ability in the event of a liquidation
of any Collateral to dispose of such Collateral in accordance with Bank’s rights and remedies under this Agreement and the
other Loan Documents.

 

6.9         Litigation
Cooperation. From the date hereof and continuing through the termination of this Agreement, make available to Bank, without
expense to Bank, Borrower and its officers, employees and agents and Borrower’s books and records, to the extent that Bank
may deem them reasonably necessary to prosecute or defend any third-party suit or proceeding instituted by or against Bank with
respect to any Collateral or relating to Borrower.

 

6.10       Access
to Collateral; Books and Records. Allow Bank, or its agents, at reasonable times, on one (1) Business Day’s notice
(provided no notice is required if an Event of Default has occurred and is continuing), to inspect the Collateral and audit and
copy Borrower’s Books. Such inspections or audits shall be conducted no more often than once every fiscal year unless an
Event of Default has occurred and is continuing in which case such inspections and audits shall occur as often as Bank shall determine
is necessary. The foregoing inspections and audits shall be at Borrower’s expense, and the charge therefor shall be $850
per person per day (or such higher amount as shall represent Bank’s then-current standard charge for the same), plus reasonable
out-of-pocket expenses. In the event Borrower and Bank schedule an audit more than ten (10) days in advance, and Borrower cancels
or seeks to reschedule the audit with less than ten (10) days written notice to Bank, then (without limiting any of Bank’s
rights or remedies), Borrower shall pay Bank a fee of $1,000 plus any out-of-pocket expenses incurred by Bank to compensate Bank
for the anticipated costs and expenses of the cancellation or rescheduling. Borrower hereby acknowledges that the such an audit
will be conducted within thirty (30) days after the Effective Date.

 

     

     

    

 

6.11       Further
Assurances. Execute any further instruments and take further action as Bank reasonably requests to perfect or continue Bank’s
Lien in the Collateral or to effect the purposes of this Agreement. Deliver to Bank, within five (5) days after the same are sent
or received, copies of all correspondence, reports, documents and other filings with any Governmental Authority regarding compliance
with or maintenance of Governmental Approvals or Requirements of Law or that could reasonably be expected to have a material effect
on any of the Governmental Approvals or otherwise on the operations of Borrower or any of its Subsidiaries.

 

		7	NEGATIVE COVENANTS

 

Borrower shall not
do any of the following without Bank’s prior written consent:

 

7.1         Dispositions.
Convey, sell, lease, transfer, assign, or otherwise dispose of (collectively, “Transfer”), or permit any of
its Subsidiaries to Transfer, all or any part of its business or property, except for Transfers (a) of Inventory in the ordinary
course of business; (b) of worn-out or obsolete Equipment that is, in the reasonable judgment of Borrower, no longer economically
practicable to maintain or useful in the ordinary course of business of Borrower; (c) consisting of Permitted Liens and Permitted
Investments; (d) consisting of the sale or issuance of any stock of Borrower permitted under Section 7.2 of this Agreement; (e)
consisting of Borrower’s use or transfer of money or Cash Equivalents in the ordinary course of its business for the payment
of ordinary course business expenses in a manner that is not prohibited by the terms of this Agreement or the other Loan Documents;
and (f) of non-exclusive licenses for the use of the property of Borrower or its Subsidiaries in the ordinary course of business.

 

7.2         Changes
in Business, Management, Ownership, or Business Locations. (a) Engage in or permit any of its Subsidiaries to engage in any
business other than the businesses currently engaged in by Borrower and such Subsidiary, as applicable, or reasonably related thereto;
(b) liquidate or dissolve; or (c) (i) fail to provide notice to Bank of any Key Person departing from or ceasing to be employed
by Borrower within five (5) days after his or her departure from Borrower; or (ii) enter into any transaction or series of related
transactions in which the stockholders of Borrower who were not stockholders immediately prior to the first such transaction own
more than 40% of the voting stock of Borrower immediately after giving effect to such transaction or related series of such transactions
(other than by the sale of Borrower’s equity securities in a public offering or to venture capital or private equity investors
so long as Borrower identifies to Bank the venture capital or private equity investors at least seven (7) Business Days prior to
the closing of the transaction and provides to Bank a description of the material terms of the transaction).

 

     

     

    

 

Borrower shall not, without at least thirty
(30) days prior written notice to Bank: (1) add any new offices or business locations, including warehouses (unless such new offices
or business locations contain less than Ten Thousand Dollars ($10,000) in Borrower’s assets or property) or deliver any portion
of the Collateral valued, individually or in the aggregate, in excess of Ten Thousand Dollars ($10,000) to a bailee at a location
other than to a bailee and at a location already disclosed in the Perfection Certificate, (2) change its jurisdiction of organization,
(3) change its organizational structure or type, (4) change its legal name, or (5) change any organizational number (if any) assigned
by its jurisdiction of organization. If Borrower intends to deliver any portion of the Collateral valued, individually or in the
aggregate, in excess of Ten Thousand Dollars ($10,000) to a bailee, and Bank and such bailee are not already parties to a bailee
agreement governing both the Collateral and the location to which Borrower intends to deliver the Collateral, then Borrower will
first notify Bank in writing, and such bailee shall execute and deliver a bailee agreement inform and substance satisfactory to
Bank.

 

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
(including, without limitation, by the formation of any Subsidiary). 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, allow, or suffer 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, permit any Collateral not to be subject
to the first priority security interest granted herein, or enter into any agreement, document, instrument or other arrangement
(except with or in favor of Bank) with any Person which directly or indirectly prohibits or has the effect of prohibiting Borrower
or any Subsidiary from assigning, mortgaging, pledging, granting a security interest in or upon, or encumbering any of Borrower’
s or any Subsidiary’s Intellectual Property, except as is otherwise permitted in Section 7.1 hereof and the definition of
“Permitted Liens” herein.

 

7.6         Maintenance
of Collateral Accounts. Maintain any Collateral Account except pursuant to the terms of Section 6.6(b) hereof.

 

7.7         Distributions;
Investments. (a) Pay any dividends or make any distribution or payment or redeem, retire or purchase any capital stock; provided
that (i) Borrower may convert any of its convertible securities into other securities pursuant to the terms of such convertible
securities or otherwise in exchange thereof; and (ii) Borrower may pay dividends solely in common stock; or (b) directly or indirectly
make any Investment (including, without limitation, by the formation of any Subsidiary) other than Permitted Investments, or permit
any of its Subsidiaries to do so. Notwithstanding the foregoing, Borrower may make advances to each of its members (collectively,
the “Member Advances”) in an amount sufficient to cover that member’ s estimated tax liability due and
payable as a result of income of Borrower attributed to the member during any period that Borrower remains a limited liability
company; provided, however, that no Member Advances may be made if, at the time or as a result thereof, an Event of Default could
occur.

 

     

     

    

 

7.8         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.

 

7.9         Subordinated
Debt. (a) Make or permit any payment on any Subordinated Debt, except under the terms of the subordination, intercreditor,
or other similar agreement to which such Subordinated Debt is subject, or (b) amend any provision in any document relating to the
Subordinated Debt which would increase the amount thereof, provide for earlier or greater principal, interest, or other payments
thereon, or adversely affect the subordination thereof to Obligations owed to Bank.

 

7.10       Compliance.
Become an “investment company” or a company controlled by an “investment company”, under the Investment
Company Act of 1940, as amended, or undertake as one of its important activities extending credit to purchase or carry margin stock
(as defined in Regulation U of the Board of Governors of the Federal Reserve System), or use the proceeds of any Credit Extension
for that purpose; fail to (a) meet the minimum funding requirements of ERISA, (b) prevent a Reportable Event or Prohibited Transaction,
as defined in BRISA, from occurring, or (c) comply with the Federal Fair Labor Standards Act, the failure of any of the conditions
described in clauses (a) through (c) which could reasonably be expected to have a material adverse effect on Borrower’ s
business; 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 permit any of its Subsidiaries to do so; withdraw or permit any Subsidiary to withdraw from participation
in, permit partial or complete termination of, or permit the occurrence of any other event with respect to, any present pension,
profit sharing and deferred compensation plan which could reasonably be expected to result in any liability of Borrower, including
any liability to the Pension Benefit Guaranty Corporation or its successors or any other governmental agency.

 

		8	EVENTS OF DEFAULT

 

Any one of the following
shall constitute an event of default (an “Event of Default”) under this Agreement:

 

8.1         Payment
Default. Borrower fails to (a) make any payment of principal or interest on any Credit Extension when due, or (b) pay any other
Obligations within three (3) Business Days after such Obligations are due and payable (which three (3) Business Day cure period
shall not apply to payments due on the Revolving Line Maturity Date). During the cure period, the failure to make or pay any payment
specified under clause (b) hereunder is not an Event of Default (but no Credit Extension will be made during the cure period);

 

8.2         Covenant
Default.

 

(a)          Borrower
fails or neglects to perform any obligation in Sections 2.2, 6.2, 6.4, 6.5, 6.6, 6.7, 6.8(b), or 6.10 or violates any covenant
in Section 7; or

 

     

     

    

 

(b)          Borrower
fails or neglects to perform, keep, or observe any other term, provision, condition, covenant or agreement contained in this Agreement
or any Loan Documents, and as to any default (other than those specified in this Section 8) under such other 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). Cure periods provided under this section shall not apply, among other things, to financial covenants
or any other covenants set forth in clause (a) above;

 

8.3         Material
Adverse Change. A Material Adverse Change occurs;

 

8.4         Attachment;
Levy; Restraint on Business.

 

(a)          (i)
The service of process seeking to attach, by trustee or similar process, any funds of Borrower or of any entity under the control
of Borrower (including a Subsidiary) in excess of Fifty Thousand Dollars ($50,000), or (ii) a notice of lien or levy is filed against
any of Borrower’s assets by any Governmental Authority, and the same under subclauses (i) and (ii) hereof are not, within
ten (10) days after the occurrence thereof, discharged or stayed (whether through the posting of a bond or otherwise); provided,
however, no Credit Extensions shall be made during any ten (10) day cure period; or

 

(b)          (i)
any material portion of Borrower’ s assets is attached, seized, levied on, or comes into possession of a trustee or receiver,
or (ii) any court order enjoins, restrains, or prevents Borrower from conducting all or any material part of its business;

 

8.5         Insolvency.
(a) Borrower is unable to pay its debts (including trade debts) as they become due or otherwise becomes insolvent; (b) Borrower
begins an Insolvency Proceeding; or (c) an Insolvency Proceeding is begun against Borrower and not dismissed or stayed within forty-five
(45) days (but no Credit Extensions shall be made while any of the conditions described in clause (a) exist and/or until any Insolvency
Proceeding is dismissed);

 

8.6         Other
Agreements. There is, under any agreement to which Borrower or any Guarantor is a party with a third party or parties,
(a) any default resulting in a right by such third party or parties, whether or not exercised, to accelerate the maturity of any
Indebtedness in an amount individually or in the aggregate in excess of One Hundred Thousand Dollars ($100,000); or (b) any breach
or default by Borrower or Guarantor, the result of which could have a material adverse effect on Borrower’s or any Guarantor’
s business;

 

8.7         Judgments;
Penalties. One or more fines, penalties or final judgments, orders, or decrees for the payment of money in an amount, individually
or in the aggregate, of at least One Hundred Thousand Dollars ($100,000) (not covered by independent third-party insurance as to
which liability has been accepted by such insurance carrier) shall be rendered against Borrower by any Governmental Authority,
and the same are not, within ten (10) days after the entry, assessment or issuance thereof, discharged, satisfied, or paid, or
after execution thereof, stayed or bonded pending appeal, or such judgments are not discharged prior to the expiration of any such
stay (provided that no Credit Extensions will be made prior to the satisfaction, payment, discharge, stay, or bonding of such fine,
penalty, judgment, order, or decree);

 

     

     

    

 

8.8         Misrepresentations.
Borrower or any Person acting for Borrower makes any representation, warranty, or other statement now or later in this Agreement,
any Loan Document or in any writing delivered to Bank or to induce Bank to enter this Agreement or any Loan Document, and such
representation, warranty, or other statement is incorrect in any material respect when made;

 

8.9         Subordinated
Debt. Any document, instrument, or agreement evidencing any Subordinated Debt shall for any reason be revoked or invalidated
or otherwise cease to be in full force and effect, any Person shall be in breach thereof or contest in any manner the validity
or enforceability thereof or deny that it has any further liability or obligation thereunder, or the Obligations shall for any
reason be subordinated or shall not have the priority contemplated by this Agreement or the applicable subordination or intercreditor
agreement;

 

8.10       Guaranty.
(a) Any guaranty of any Obligations terminates or ceases for any reason to be in full force and effect; (b) any Guarantor does
not perform any obligation or covenant under any guaranty of the Obligations subject to applicable cure periods; (c) any circumstance
described in Sections 8.3, 8.4, 8.5, 8.7, or 8.8 occurs with respect to any ·Guarantor; or (d) the liquidation, winding
up, or termination of existence of any Guarantor; or

 

8.11       Governmental
Approvals. Any material Governmental Approval shall have been (a) revoked, rescinded, suspended, modified in an adverse manner
or not renewed in the ordinary course for a full term or

 

(a)          subject
to any decision by a Governmental Authority that designates a hearing with respect to any applications for renewal of any of such
Governmental Approval or that could result in the Governmental Authority taking any of the actions described in clause (a) above,
and such decision or such revocation, rescission, suspension, modification or non-renewal (i) causes, or could reasonably be expected
to cause, a Material Adverse Change, or (ii) adversely affects the legal qualifications of Borrower or any of its Subsidiaries
to hold such Governmental Approval in any applicable jurisdiction and such revocation, rescission, suspension, modification or
non-renewal could reasonably be expected to affect the status of or legal qualifications of Borrower or any of its Subsidiaries
to hold any Governmental Approval in any other jurisdiction .

 

		9	BANK’S RIGHTS AND REMEDIES

 

9.1         Rights
and Remedies. Upon the occurrence and during the continuance of an Event of Default, 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)          for
any Letters of Credit, demand that Borrower (i) deposit cash with Bank in an amount equal to at least 105% (if the Letter of Credit
is denominated in U.S. Dollars) or 110% (if the Letter of Credit is denominated in a Foreign Currency) of the Dollar Equivalent
of the aggregate face amount of all Letters of Credit remaining undrawn (plus all interest, fees, and costs due or to become due
in connection therewith (as estimated by Bank in its good faith business judgment)), to secure all of the Obligations relating
to such Letters of Credit, as collateral security for the repayment of any future drawings under such Letters of Credit, and 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)          terminate
any FX Contracts;

 

(e)          verify
the amount of, demand payment of and performance under, and collect any Accounts and General Intangibles, 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;

 

(f)          make
any payments and do any acts it considers necessary or reasonable to protect the Collateral and/or its security interest in the
Collateral;

 

(g)          apply
to the Obligations (i) any 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;

 

(h)          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, 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;

 

(i)          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;

 

(j)          demand
and receive possession of Borrower’s Books; and

 

(k)          exercise
all rights and remedies available to Bank under the Loan Documents or at law or equity, including all remedies provided under the
Code (including disposal of the Collateral pursuant to the terms thereof).

 

     

     

    

 

9.2         Power
of Attorney. Borrower hereby irrevocably appoints Bank as its lawful attorney-in-fact, exercisable upon the occurrence and
during the continuance of an Event of Default, to: (a) endorse Borrower’s name on any checks or other forms of payment or
security; (b) sign Borrower ‘s name on any invoice or bill of lading for any Account or drafts against Account Debtors; (c)
settle and adjust disputes and claims about the Accounts directly with Account Debtors, for amounts and on terms Bank determines
reasonable; (d) make, settle, and adjust all claims under Borrower ‘s insurance policies; (e) pay, contest or settle any
Lien, charge, encumbrance, security interest, and adverse claim in or to the Collateral, or any judgment based thereon, or otherwise
take any action to terminate or discharge the same; and (t) 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 Bank’s security interest in the Collateral regardless of whether an Event of Default
has occurred until all Obligations have been satisfied in full and Bank is under no further 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         Protective
Payments. If Borrower fails to obtain the insurance called for by Section 6.5 or fails to pay any premium thereon or fails
to pay any other amount which Borrower is obligated to pay under this Agreement or any other Loan Document or which may be required
to preserve the Collateral Bank may obtain such insurance or make such payment, and all amounts so paid by Bank are Bank Expenses
and immediately due and payable, bearing interest at the then highest rate applicable to the Obligations, and secured by the Collateral.
Bank will make reasonable efforts to provide Borrower with notice of Bank obtaining such insurance at the time it is obtained or
within a reasonable time thereafter. No payments by Bank are deemed an agreement to make similar payments in the future or Bank’s
waiver of any Event of Default.

 

9.4         Application
of Payments and Proceeds Upon Default. If an Event of Default has occurred and is continuing, Bank shall have the right to
apply in any order any funds in its possession , whether from Borrower account balances, payments, proceeds realized as the result
of any collection of Accounts or other disposition of the Collateral, or otherwise, to the Obligations. Bank shall pay any surplus
to Borrower by credit to the Designated Deposit Account or to other Persons legally entitled thereto; Borrower shall remain liable
to Bank for any deficiency. If Bank, directly or indirectly, enters into a deferred payment or other credit transaction with any
purchaser at any sale of Collateral, Bank shall have the option, exercisable at any time, of either reducing the Obligations by
the principal amount of the purchase price or deferring the reduction of the Obligations until the actual receipt by Bank of cash
therefor.

 

9.5         Bank’s
Liability for Collateral. So long as Bank complies with reasonable banking practices regarding the safekeeping of the Collateral
in the possession or under the control of Bank, 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         No
Waiver; Remedies Cumulative. Bank’s failure, at any time or times, to require strict performance by Borrower of any provision
of this Agreement or any other Loan Document shall not waive, affect, or diminish any right of Bank thereafter to demand strict
performance and compliance herewith or therewith. No waiver hereunder shall be effective unless signed by the party granting the
waiver and then is only effective for the specific instance and purpose for which it is given. Bank’s rights and remedies
under this Agreement and the other Loan Documents 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 shall not preclude Bank from exercising
any other remedy under this Agreement or other remedy available at law or in equity, and Bank’s waiver of any Event of Default
is not a continuing waiver. Bank’s delay in exercising any remedy is not a waiver, election, or acquiescence.

 

     

     

    

 

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, consents,
requests, approvals, demands, or other communication by any party to this Agreement or any other Loan Document must be in writing
and shall be deemed to have been validly served, given, or delivered: (a) upon the earlier of actual receipt and three (3) Business
Days after deposit in the U.S. mail, first class, registered or certified mail return receipt requested, with proper postage prepaid;(b)
upon transmission, when sent by electronic mail or facsimile transmission ; (c) one (1) Business Day after deposit with a reputable
overnight courier with all charges prepaid ; or (d) when delivered, if hand-delivered by messenger, all of which shall be addressed
to the party to be notified and sent to the address, facsimile number, or email address indicated below. Bank or Borrower may change
its mailing or electronic mail address or facsimile number by giving the other party written notice thereof in accordance with
the terms of this Section 10.

 

	If to Borrower:	 	Sensus Healthcare, LLC
	 	 	851 Broken Sound Parkway NW, Suite 215
	 	 	Boca Raton, FL 33487
	 	 	Attn: ______________________
	 	 	Fax: ______________________
	 	 	Email: ______________________
	 	 	Website URL: ________________
	 	 	 
	If to Bank:	 	Silicon Valley Bank
	 	 	3353 Peachtree Road NE, North Tower
	 	 	Suite M-10
	 	 	Atlanta, GA 30326
	 	 	Attn: Scott McCarty
	 	 	Fax: 404-467-4467
	 	 	Email: smccarty@svb.com

 

     

     

    

 

		11	CHOICE OF LAW, VENUE, JURY TRIAL WAIVER, AND JUDICIAL REFERENCE

 

Georgia 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 Georgia; provided, however, that nothing in this Agreement shall be deemed to operate to preclude
Bank from bringing suit or taking other legal action in any other jurisdiction to realize on the Collateral or any other security
for the Obligations, or to enforce a judgment or other court order in favor of Bank. Borrower expressly submits and consents in
advance to such jurisdiction in any action or suit commenced in any such court, and Borrower hereby waives any objection that it
may have based upon lack of personal jurisdiction, improper venue, or forum non conveniens and hereby consents to the granting
of such legal or equitable relief as is deemed appropriate by such court. Borrower hereby waives personal service of the summons,
complaints, and other process issued in such action or suit and agrees that service of such summons, complaints, and other process
may be made by registered or certified mail addressed to Borrower at the address set forth in, or subsequently provided by Borrower
in accordance with, Section 10 of this Agreement and that service so made shall be deemed completed upon the earlier to occur of
Borrower’s actual receipt thereof or three (3) days after deposit in the U.S. mails, proper postage prepaid.

 

TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, 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.

 

This Section 11 shall
survive the termination of this Agreement.

 

		12	GENERAL PROVISIONS

 

12.1       Termination
Prior to Revolving Line Maturity Date; Survival. All covenants, representations and warranties made in this Agreement continue
in full force until this Agreement has terminated pursuant to its terms and all Obligations have been satisfied. So long as Borrower
has satisfied the Obligations (other than inchoate indemnity obligations, any other obligations which, by their terms, are to survive
the termination of this Agreement, and any Obligations under Bank Services Agreements that are cash collateralized in accordance
with Section 4.1 of this Agreement), this Agreement may be terminated prior to the Revolving Line Maturity Date by Borrower, effective
three (3) Business Days after written notice of termination is given to Bank. Those obligations that are expressly specified in
this Agreement as surviving this Agreement’s termination shall continue to survive notwithstanding this Agreement’
s termination .

 

12.2       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, assign,
negotiate, or grant participation in all or any part of, or any interest in, Bank’s obligations, rights, and benefits under
this Agreement and the other Loan Documents.

 

12.3       Indemnification.
Borrower agrees to indemnify, defend and hold Bank and its directors, officers, employees, agents, attorneys, or any other Person
affiliated with or representing Bank (each, an “Indemnified Person”) harmless against: (i) all obligations, demands,
claims, and liabilities (collectively, “Claims”) claimed or asserted by any other party in connection with the transactions
contemplated by the Loan Documents; and (ii) all losses or expenses (including Bank Expenses) in any way suffered, incurred, or
paid by such Indemnified Person as a result of, following from, consequential to, or arising from transactions between Bank and
Borrower contemplated by the Loan Documents (including reasonable attorneys’ fees and expenses), except for Claims and/or
losses directly caused by such Indemnified Person’s gross negligence or willful misconduct.

 

     

     

    

 

This Section 12.3 shall
survive until all statutes of limitation with respect to the Claims, losses, and expenses for which indemnity is given shall have
run.

 

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

 

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

 

12.6       Correction
of Loan Documents. Bank may correct patent errors and fill in any blanks in the Loan Documents consistent with the agreement
of the parties so long as Bank provides Borrower with written notice of such correction and allows Borrower at least ten (10) days
to object to such correction. In the event of such objection , such correction shall not be made except by an amendment signed
by both Bank and Borrower.

 

12.7       Amendments
in Writing; Waiver; Integration. No purported amendment or modification of any Loan Document, or waiver, discharge or termination
of any obligation under any Loan Document, shall be enforceable or admissible unless, and only to the extent, expressly set forth
in a writing signed by the party against which enforcement or admission is sought Without limiting the generality of the foregoing,
no oral promise or statement, nor any action, inaction, delay, failure to require performance or course of conduct shall operate
as, or evidence, an amendment, supplement or waiver or have any other effect on any Loan Document. Any waiver granted shall be
limited to the specific circumstance expressly described in it, and shall not apply to any subsequent or other circumstance, whether
similar or dissimilar, or give rise to, or evidence, any obligation or commitment to grant any further waiver. 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 the Loan Documents
merge into the Loan Documents.

 

12.8       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, is an original, and all taken together, constitute one Agreement.

 

     

     

    

 

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: (a) to Bank’s Subsidiaries or Affiliates (such Subsidiaries and Affiliates,
together with Bank, collectively, “Bank Entities”); (b) to prospective transferees or purchasers of any interest
in the Credit Extensions (provided, however, Bank shall use its best efforts to obtain any prospective transferee’s or purchaser’s
agreement to the terms of this provision); (c) as required by law, regulation, subpoena, or other order; (d) to Bank’s regulators
or as otherwise required in connection with Bank’s examination or audit; (e) as Bank considers appropriate in exercising
remedies under the Loan Documents; and (f) to third-party service providers of Bank so long as such service providers have executed
a confidentiality agreement with Bank with terms no less restrictive than those contained herein. Confidential information does
not include information that is either: (i) in the public domain or in Bank’s possession when disclosed to Bank, or becomes
part of the public domain (other than as a result of its disclosure by Bank in violation of this Agreement) after disclosure to
Bank; or (ii) disclosed to Bank by a third party, if Bank does not know that the third party is prohibited from disclosing the
information.

 

Bank Entities may use
anonymous forms of confidential information for aggregate datasets, for analyses or reporting, and for any other uses not expressly
prohibited in writing by Borrower. The provisions of the immediately preceding sentence shall survive termination of this Agreement.

 

12.10     Attorneys’
Fees, Costs and Expenses. In any action or proceeding between Borrower and Bank arising out of or relating to the Loan Documents,
the prevailing party shall be entitled to recover its reasonable attorneys’ fees and other costs and expenses incurred, in
addition to any other relief to which it may be entitled.

 

12.11     Electronic
Execution of Documents. The words “execution,” “signed,” “signature” and words of like
import in any Loan Document shall be deemed to include electronic signatures or the keeping of records in electronic form, each
of which shall be of the same legal effect, validity and enforceability as a manually executed signature or the use of a paper-based
recordkeeping systems, as the case may be, to the extent and as provided for in any applicable law, including, without limitation,
any state law based on the Uniform Electronic Transactions Act.

 

12.12     Captions.
The headings used in this Agreement are for convenience only and shall not affect the interpretation of this Agreement.

 

12.13     Construction
of Agreement. The parties mutually acknowledge that they and their attorneys have participated in the preparation and negotiation
of this Agreement. In cases of uncertainty this Agreement shall be construed without regard to which of the parties caused the
uncertainty to exist.

 

12.14     Relationship.
The relationship of the parties to this Agreement is determined solely by the provisions of this Agreement. The parties do not
intend to create any agency, partnership, joint venture, trust, fiduciary or other relationship with duties or incidents different
from those of parties to an arm’s-length contract.

 

12.15     Third
Parties. Nothing in this Agreement, whether express or implied, is intended to: (a) confer any benefits, rights or remedies
under or by reason of this Agreement on any persons other than the express parties to it and their respective permitted successors
and assigns; (b) relieve or discharge the obligation or liability of any person not an express party to this Agreement; or (c)
give any person not an express party to this Agreement any right of subrogation or action against any party to this Agreement.

 

     

     

    

 

12.16     No
Novation. Nothing contained herein shall in any way impair the Prior Loan Agreement and other Loan Documents now held for the
Obligations, nor affect or impair any rights, powers, or remedies under the Prior Loan Agreement or any Loan Document, it being
the intent of the parties hereto that this Agreement shall not constitute a novation of the Prior Loan Agreement or an accord and
satisfaction of the Obligations. Borrower hereby ratifies and reaffirms the validity and enforceability of all of the liens and
security interests heretofore granted pursuant to the Loan Documents, as collateral security for the Obligations, and acknowledges
that all of such liens and security interests, and all Collateral heretofore pledged as security for the Obligations, continues
to be and remains Collateral for the Obligations from and after the date hereof.

 

		13	DEFINITIONS

 

13.1       Definitions.
As used in the Loan Documents, the word “shall” is mandatory, the word “may” is permissive, the word “or”
is not exclusive, the words “includes” and “including” are not limiting, the singular includes the plural,
and numbers denoting amounts that are set off in brackets are negative. As used in this Agreement, the following capitalized terms
have the following meanings:

 

“Account”
is any “account” as defined in the Code with such additions to such term as may hereafter be made, and includes, without
limitation, all accounts receivable and other sums owing to Borrower.

 

“Account Debtor”
is any “account debtor” as defined in the Code with such additions to such term as may hereafter be made.

 

“Adjusted
Quick Ratio” is the ratio of Borrower’ s Quick Assets to its Current Liabilities minus the current portion of its
Deferred Revenue.

 

“Advance”
or “Advances” means a revolving credit loan (or revolving credit loans) under the Revolving Line.

 

“Affiliate”
is, with respect to any Person, each other 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,
partners and, for any Person that is a limited liability company, that Person’s managers and members.

 

“Agreement”
is defined in the preamble hereof.

 

“Availability
Amount” is (a) the lesser of (i) the Revolving Line or (ii) the amount available under the Borrowing Base minus (b) the
outstanding principal balance of any Advances.

 

“Bank”
is defined in the preamble hereof. “Bank Entities” is defined in Section 12.9.

 

     

     

    

 

“Bank Expenses”
are all audit fees and expenses, costs, and expenses (including reasonable attorneys’ fees and expenses) for preparing, amending,
negotiating, administering, defending and enforcing the Loan Documents (including, without limitation, those incurred in connection
with appeals or Insolvency Proceedings) or otherwise incurred with respect to Borrower.

 

“Bank Services”
are any products, credit services, and/or financial accommodations previously, now, or hereafter provided to Borrower or any of
its Subsidiaries by Bank or any Bank Affiliate, including, without limitation, any letters of credit, cash management services
(including, without limitation, merchant services, direct deposit of payroll, business credit cards, and check cashing services),
interest rate swap arrangements, and foreign exchange services as any such products or services may be identified in Bank’s
various agreements related thereto (each, a “Bank Services Agreement”).

 

“Borrower”
is defined in the preamble hereof.

 

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

 

“Borrowing
Base” is eighty percent (80%) of Eligible Accounts, as determined by Bank from Borrower’s most recent Borrowing
Base Certificate; provided, however, that Bank has the right to decrease the foregoing percentage in its good faith business judgment
to mitigate the impact of events, conditions, contingencies, or risks which may adversely affect the Collateral or its value.

 

“Borrowing
Base Certificate” is that certain certificate in the form attached hereto as Exhibit C. “Borrowing Base
Report” is defined in Section 6.2(a).

 

“Borrowing
Resolutions” are, with respect to any Person, those resolutions substantially in the form attached hereto as Exhibit
E.

 

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

 

“Claims”
is defined in Section 12.3.

 

“Code”
is the Uniform Commercial Code, as the same may, from time to time, be enacted and in effect in the State of Georgia; provided,
that, to the extent that the Code is used to define any term herein or in any Loan Document and such term is defined differently
in different Articles or Divisions of the Code, the definition of such term contained in Article or Division 9 shall govern; provided
further, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection, or priority
of, or remedies with respect to, Bank’s Lien on any Collateral is governed by the Uniform Commercial Code in effect in a
jurisdiction other than the State of Georgia, the term “Code” shall mean the Uniform Commercial Code as enacted and
in effect in such other jurisdiction solely for purposes of the provisions thereof relating to such attachment, perfection, priority,
or remedies and for purposes of definitions relating to such provisions.

 

     

     

    

 

“Collateral”
is any and all properties, rights and assets of Borrower described on Exhibit A.

 

“Collateral
Account” is any Deposit Account, Securities Account, or Commodity Account.

 

“Commodity
Account” is any “commodity account” as defined in the Code with such additions to such term as may hereafter
be made.

 

“Compliance
Certificate” is that certain certificate in the form attached hereto as Exhibit D.

 

“Contingent
Obligation” is, for any Person, any direct or indirect liability, contingent or not, of that Person for (a) any indebtedness,
lease, dividend, letter of credit or other obligation of another such as an obligation, in each case, 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;
(b) any obligations for undrawn letters of credit for the account of that Person; and (c) 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.

 

“Control Agreement”
is any control agreement entered into among the depository institution at which Borrower maintains a Deposit Account or the securities
intermediary or commodity intermediary at which Borrower maintains a Securities Account or a Commodity Account, Borrower, and Bank
pursuant to which Bank obtains control (within the meaning of the Code) over such Deposit Account, Securities Account, or Commodity
Account.

 

“Copyrights”
are any and all copyright rights, copyright applications, copyright registrations and like protections in each work of authorship
and derivative work thereof, whether published or unpublished and whether or not the same also constitutes a trade secret.

 

“Credit Extension”
is any Advance, Overadvance, or any other extension of credit by Bank for Borrower’s benefit under this Agreement.

 

“Current Liabilities”
are all obligations and liabilities of Borrower to Bank, plus, without duplication, the aggregate amount of Borrower’s Total
Liabilities that mature within one (1) year.

 

“Default Rate”
is defined in Section 2.3(b).

 

     

     

    

 

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

 

“Deposit Account”
is any “deposit account” as defined in the Code with such additions to such term as may hereafter be made.

 

“Designated
Deposit Account” is the multicurrency account denominated in Dollars, account number *******____, maintained by Borrower
with Bank.

 

“Dollars,”
“dollars” or use of the sign “$” means only lawful money of the United States and not any
other currency, regardless of whether that currency uses the “$” sign to denote its currency or may be readily converted
into lawful money of the United States.

 

“Dollar Equivalent”
is, at any time, (a) with respect to any amount denominated in Dollars, such amount, and (b) with respect to any amount denominated
in a Foreign Currency, the equivalent amount therefor in Dollars as determined by Bank at such time on the basis of the then-prevailing
rate of exchange in San Francisco, California, for sales of the Foreign Currency for transfer to the country issuing such Foreign
Currency.

 

“EBITDA”
shall mean (a) Net Income, plus (b) Interest Expense, plus (c) to the extent deducted in the calculation of Net Income, depreciation
expense and amortization expense, plus (d) income tax expense, plus (e) reasonable add-backs for non-cash items (including, without
limitation, stock compensation).

 

“Effective
Date” is defined in the preamble hereof.

 

“Eligible
Accounts” means Accounts which arise in the ordinary course of Borrower’s business that meet all Borrower’
s representations and warranties in Section 5.3. Bank reserves the right at any time after the Effective Date to adjust any of
the criteria set forth below and to establish new criteria in its good faith business judgment. Unless Bank otherwise agrees in
writing, Eligible Accounts shall not include:

 

(a)          Accounts
for which the Account Debtor is Borrower’ s Affiliate, officer, employee, or agent;

 

(b)          Accounts
that the Account Debtor has not paid within ninety (90) days of invoice date regardless of invoice payment period terms;

 

(c)          Accounts
with credit balances over ninety (90) days from invoice date;

 

(d)          Accounts
owing from an Account Debtor if fifty percent (50%) or more of the Accounts owing from such Account Debtor have not been paid within
ninety (90) days of invoice date;

 

(e)          Accounts
owing from an Account Debtor which does not have its principal place of business in the United States;

 

     

     

    

 

(f)          Accounts
billed from and/or payable to Borrower outside of the United States (sometimes called foreign invoiced accounts);

 

(g)          Accounts
owing from an Account Debtor to the extent that Borrower is indebted or obligated in any manner to the Account Debtor (as creditor,
lessor, supplier or otherwise - sometimes called “contra” accounts, accounts payable, customer deposits or credit accounts);

 

(h)          Accounts
owing from an Account Debtor which is a United States government entity or any department, agency, or instrumentality thereof unless
Borrower has assigned its payment rights to Bank and the assignment has been acknowledged under the Federal Assignment of Claims
Act of 1940, as amended;

 

(i)          Accounts
for demonstration or promotional equipment, or in which goods are consigned, or sold on a “sale guaranteed”, “sale
or return”, “sale on approval”, or other terms if Account Debtor ‘s payment may be conditional;

 

(j)          Accounts
owing from an Account Debtor where goods or services have not yet been rendered to the Account Debtor (sometimes called memo billings
or pre-billings);

 

(k)          Accounts
subject to contractual arrangements between Borrower and an Account Debtor where payments shall be scheduled or due according to
completion or fulfillment requirements where the Account Debtor has a right of offset for damages suffered as a result of Borrower’
s failure to perform in accordance with the contract (sometimes called contracts accounts receivable, progress billings, milestone
billings, or fulfillment contracts);

 

(l)          Accounts
owing from an Account Debtor the amount of which may be subject to withholding based on the Account Debtor’s satisfaction
of Borrower’s complete performance (but only to the extent of the amount withheld; sometimes called retainage billings);

 

(m)          Accounts
subject to trust provisions, subrogation rights of a bonding company, or a statutory trust;

 

(n)          Accounts
owing from an Account Debtor that has been invoiced for goods that have not been shipped to the Account Debtor unless Bank, Borrower,
and the Account Debtor have entered into an agreement acceptable to Bank wherein the Account Debtor acknowledges that (i) it has
title to and has ownership of the goods wherever located, (ii) a bona fide sale of the goods has occurred, and (iii) it owes payment
for such goods in accordance with invoices from Borrower (sometimes called “bill and hold” accounts);

 

(o)          Accounts
for which the Account Debtor has not been invoiced;

 

(p)          Accounts
that represent non-trade receivables or that are derived by means other than in the ordinary course of Borrower’s business;

 

(q)          Accounts
for which Borrower has permitted Account Debtor’s payment to extend beyond 90 days;

 

     

     

    

 

(r)          Accounts
arising from chargebacks, debit memos or other payment deductions taken by an Account Debtor;

 

(s)          Accounts
arising from product returns and/or exchanges (sometimes called “warranty” or “RMA” accounts);

 

(t)          Accounts
in which the Account Debtor disputes liability or makes any claim (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;

 

(u)          at
all times that Borrower’s Adjusted Quick Ratio is less than 1.75 to 1.00, Accounts owing from an Account Debtor with respect
to which Borrower has received Deferred Revenue (but only to the extent of such Deferred Revenue);

 

(v)         Accounts
owing from an Account Debtor, whose total obligations to Borrower exceed twenty-five percent (25%) of all Accounts, for the amounts
that exceed that percentage, unless Bank approves in writing; and

 

(w)          Accounts
for which Bank in its good faith business judgment determines collection to be doubtful, including, without limitation, accounts
represented by ‘‘refreshed” or ‘‘recycled” invoices.

 

“Equipment”
is all “equipment” as defined in the Code with such additions to such term as may hereafter be made, and includes without
limitation all machinery, fixtures, goods, vehicles (including motor vehicles and trailers), and any interest in any of the foregoing.

 

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

 

“Event of Default”
is defined in Section 8.

 

“Exchange Act”
is the Securities Exchange Act of 1934, as amended.

 

“Foreign Currency”
means lawful money of a country other than the United States.

 

“Funding Date”
is any date on which a Credit Extension is made to or for the account of Borrower which shall be a Business Day.

 

“FX Contract”
is any foreign exchange contract by and between Borrower and Bank under which Borrower commits to purchase from or sell to Bank
a specific amount of Foreign Currency on a specified date.

 

“GAAP”
is generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of
the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards
Board or in such other statements by such other Person as may be approved by a significant segment of the accounting profession,
which are applicable to the circumstances as of the date of determination.

 

     

     

    

 

“General Intangibles”
is all “general intangibles” as defined in the Code in effect on the date hereof with such additions to such term as
may hereafter be made, and includes without limitation, all Intellectual Property, claims, income and other tax refunds, security
and other deposits, payment intangibles, contract rights, options to purchase or sell real or personal property, rights in all
litigation presently or hereafter pending (whether in contract, tort or otherwise), insurance policies (including without limitation
key man, property damage, and business interruption insurance), payments of insurance and rights to payment of any kind.

 

“Governmental
Approval” is any consent, authorization, approval, order, license, franchise, permit, certificate, accreditation, registration,
filing or notice, of, issued by, from or to, or other act by or in respect of, any Governmental Authority.

 

“Governmental
Authority” is any nation or government, any state or other political subdivision thereof, any agency, authority, instrumentality,
regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative
functions of or pertaining to government, any securities exchange and any self-regulatory organization.

 

“Guarantor”
is any Person providing a Guaranty in favor of Bank.

 

“Guaranty”
is any guarantee of all or any part of the Obligations, as the same may from time to time be amended, restated, modified or otherwise
supplemented.

 

“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.

 

“Indemnified Person”
is defined in Section 12.3.

 

“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” means, with respect to any Person, all of such Person’s right, title, and interest in and to the following:

 

(a)          its
Copyrights, Trademarks and Patents;

 

(b)          any
and all trade secrets and trade secret rights, including, without limitation, any rights to unpatented inventions, know-how, operating
manuals;

 

(c)          any
and all source code;

 

(d)          any
and all design rights which may be available to such Person;

 

     

     

    

 

(e)          any
and all claims for damages by way of past, present and future infringement of any of the foregoing, with the right, but not the
obligation, to sue for and collect such damages for said use or infringement of the Intellectual Property rights identified above;
and

 

(f)          all
amendments, renewals and extensions of any of the Copyrights, Trademarks or Patents.

 

“Interest Expense”
means for any fiscal period, interest expense (whether cash or non-cash) determined in accordance with GAAP for the relevant period
ending on such date, including, in any event, interest expense with respect to any Credit Extension and other Indebtedness of Borrower,
including, without limitation or duplication, all commissions, discounts, or related amortization and other fees and charges with
respect to letters of credit and bankers’ acceptance financing and the net costs associated with interest rate swap, cap,
and similar arrangements, and the interest portion of any deferred payment obligation (including leases of all types).

 

“Inventory”
is all “inventory” as defined in the Code in effect on the date hereof with such additions to such term as may hereafter
be made, and includes without limitation all merchandise, raw materials, parts, supplies, packing and shipping materials, work
in process and finished products, including without limitation such inventory as is temporarily out of Borrower’s custody
or possession or in transit and including any returned goods and any documents of title representing any of the above.

 

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

 

“Key Person”
is each of Borrower’s (a) Chief Executive Officer, who is Joseph C. Sardano as of the Effective Date, and (b) Chief Financial
Officer, who is Stephen Arnold as of the Effective Date.

 

“Letter of Credit”
is a standby or commercial letter of credit issued by Bank upon request of Borrower based upon an application, guarantee, indemnity,
or similar agreement.

 

“Lien”
is a claim, mortgage, deed of trust, levy, charge, pledge, security interest or other encumbrance of any kind, whether voluntarily
incurred or arising by operation of law or otherwise against any property.

 

“Loan Documents”
are, collectively, this Agreement and any schedules, exhibits, certificates, notices, and any other documents related to this Agreement,
the subordination agreement, any Bank Services Agreement, any subordination agreement, any note, or notes or guaranties executed
by Borrower or any Guarantor, and any other present or future agreement by Borrower and/or any Guarantor with or for the benefit
of Bank in connection with this Agreement or Bank Services, all as amended, restated, or otherwise modified.

 

     

     

    

 

“Material Adverse
Change” is (a) a material impairment in the perfection or priority of Bank’s Lien in the Collateral or in the value
of such Collateral; (b) a material adverse change in the business, operations, or condition (financial or otherwise) of Borrower;
(c) a material impairment of the prospect of repayment of any portion of the Obligations; or (d) 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.

 

“Member Advances”
is defined in Section 7.7.

 

“Minimum Interest”
is defined in Section 2.3(d).

 

“Minimum Interest
Period” is defined in Section 2.3(d).

 

“Monthly Financial
Statements” is defined in Section 6.2(c).

 

“Net Income”
means, as calculated on a consolidated basis for Borrower and its Subsidiaries for any period as at any date of determination,
the net profit (or loss), after provision for taxes, of Borrower and its Subsidiaries for such period taken as a single accounting
period.

 

“Obligations”
are Borrower’ s obligation to pay when due any debts, principal , interest, fees, Bank Expenses, and other amounts Borrower
owes Bank now or later, whether under this Agreement, the other Loan Documents, or otherwise, including, without limitation, any
interest accruing after Insolvency Proceedings begin and debts, liabilities, or obligations of Borrower assigned to Bank, and the
performance of Borrower’s duties under the Loan Documents.

 

“Operating Documents”
are, for any Person, such Person’s formation documents, as certified by the Secretary of State (or equivalent agency) of
such Person’s jurisdiction of organization on a date that is no earlier than thirty (30) days prior to the Effective Date,
and, (a) if such Person is a corporation, its bylaws in current form, (b) if such Person is a limited liability company, its limited
liability company agreement (or similar agreement), and (c) if such Person is a partnership, its partnership agreement (or similar
agreement), each of the foregoing with all current amendments or modifications thereto.

 

“Overadvance”
is defined in Section 2.2.

 

“Patents”
means all patents, patent applications and like protections including without limitation improvements, divisions, continuations,
renewals, reissues, extensions and continuations-in-part of the same.

 

“Payment/Advance
Form” is that certain form attached hereto as Exhibit B. “Perfection Certificate” is defined in Section 5.1.

 

“Permitted Indebtedness”
is:

 

(a)          Borrower’s
Indebtedness to Bank under this Agreement and the other Loan Documents;

 

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

 

     

     

    

 

(c)          Subordinated
Debt;

 

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

 

(e)          Indebtedness
incurred as a result of endorsing negotiable instruments received in the ordinary course of business;

 

(f)          Indebtedness
secured by Liens permitted under clauses (a) and (c) of the definition of “Permitted Liens” hereunder;

 

(g)          Indebtedness
wider corporate credit cards not exceeding $50,000 in the aggregate at any time; and

 

(h)          extensions,
refinancings, modifications, amendments and restatements of any items of Permitted Indebtedness (a) through (f) above, provided
that the principal amount thereof is not increased or the terms thereof are not modified to impose more burdensome terms upon Borrower
or its Subsidiary, as the case may be.

 

“Permitted Investments”
are:

 

(a)          Investments
(including, without limitation, Subsidiaries) existing on the Effective Date and shown on the Perfection Certificate (but specifically
excluding any future Investments in any Subsidiaries unless otherwise permitted hereunder);

 

(b)          Investments
consisting of Cash Equivalents;

 

(c)          Investments
consisting of the endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course
of Borrower;

 

(d)          Investments
consisting of deposit accounts in which Bank has a first priority perfected security interest;

 

(e)          Investments
accepted in connection with Transfers permitted by Section 7.1;

 

(f)          Investments
consisting of (i) travel advances and employee relocation loans and other employee loans and advances in the ordinary course of
business, and (ii) loans to employees, officers or directors relating to the purchase of equity securities of Borrower or its Subsidiaries
pursuant to employee stock purchase plans or agreements approved by Borrower’s Board of Directors;

 

(g)          Investments
(including debt obligations) received in connection with the bankruptcy or reorganization of customers or suppliers and in settlement
of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of business; and

 

     

     

    

 

(h)          Investments
consisting of notes receivable of, or prepaid royalties and other credit extensions, to customers and suppliers who are not Affiliates,
in the ordinary course of business; provided that this paragraph (h) shall not apply to Investments of Borrower in any Subsidiary.

 

“Permitted Liens”
are:

 

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

 

(b)          Liens
for taxes, fees, assessments or other government charges or levies, either (i) not due and payable or (ii) being contested in good
faith and for which Borrower maintains adequate reserves on its Books, provided that no notice of any such Lien has been
filed or recorded under the Internal Revenue Code of 1986, as amended, and the Treasury Regulations adopted thereunder;

 

(c)          purchase
money Liens (i) on Equipment acquired or held by Borrower incurred for financing the acquisition of the Equipment securing no more
than One Hundred Thousand Dollars ($100,000) in the aggregate amount outstanding, or (ii) existing on Equipment when acquired,
if the Lien is confined to the property and improvements and the proceeds of the Equipment;

 

(d)          Liens
of carriers, warehousemen, suppliers, or other Persons that are possessory in nature arising in the ordinary course of business
so long as such Liens attach only to Inventory, securing liabilities in the aggregate amount not to exceed One Hundred Thousand
Dollars ($100,000) and which are not delinquent or remain payable without penalty or which are being contested in good faith and
by appropriate proceedings which proceedings have the effect of preventing the forfeiture or sale of the property subject thereto;

 

(e)          Liens
to secure payment of workers’ compensation, employment insurance, old-age pensions, social security and other like obligations
incurred in the ordinary course of business (other than Liens imposed by ERISA);

 

(f)          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;

 

(g)          leases
or subleases of real property granted in the ordinary course of Borrower’ s business (or, if referring to another Person,
in the ordinary course of such Person’s business), and leases, subleases, non-exclusive licenses or sublicenses of personal
property (other than Intellectual Property) granted in the ordinary course of Borrower’ s business (or, if referring to another
Person, in the ordinary course of such Person’s business), .if the leases, subleases, licenses and sublicenses do not prohibit
granting Bank a security interest therein;

 

(h)          non-exclusive
license of Intellectual Property granted to third parties in the ordinary course of business;

 

     

     

    

 

(i)          Liens
arising from attachments or judgments, orders, or decrees in circumstances not constituting an Event of Default under Sections
8.4 and 8.7; and

 

(j)          Liens
in favor of other financial institutions arising in connection with Borrower’s deposit and/or securities accounts held at
such institutions, provided that Bank has a perfected security interest in the amounts held in such deposit and/or securities accounts.

 

“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 the rate of interest per annum from time to time published in the money rates section of The Wall Street Journal or any successor
publication thereto as the ‘‘prime rate” then in effect; provided that if such rate of interest, as set forth
from time to time in the money rates section of The Wall Street Journal, becomes unavailable for any reason as determined by Bank,
the “Prime Rate” shall mean the rate of interest per annum announced by Bank as its prime rate in effect at its principal
office in the State of California (such Bank announced Prime Rate not being intended to be the lowest rate of interest charged
by Bank in connection with extensions of credit to debtors).

 

“Prior Loan Agreement”
is defined in the recitals hereto.

 

“Quick Assets”
is, on any date, Borrower’s unrestricted cash and Cash Equivalents maintained with Bank plus net accounts receivable.

 

“Registered Organization”
is any “registered organization” as defined in the Code with such additions to such term as may hereafter be made.

 

“Requirement of
Law” is as to any Person, the organizational or governing documents of such Person, and any law (statutory or common),
treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable
to or binding upon such Person or any of its property or to which such Person or any of its property is subject.

 

“Responsible Officer”
is any of the Chief Executive Officer, President, Chief Financial Officer and Controller of Borrower.

 

“Restricted License”
is any material license or other agreement with respect to which Borrower is the licensee (a) that prohibits or otherwise restricts
Borrower from granting a security interest in Borrower’s interest in such license or agreement or any other property, or
(b) for which a default under or termination of could interfere with the Bank’s right to sell any Collateral.

 

“Revolving Line”
is an aggregate principal amount equal to Three Million Dollars ($3,000,000). “Revolving Line Maturity Date” is the
date two (2) years from the Effective Date.

 

“SEC”
shall mean the Securities and Exchange Commission, any successor thereto, and any analogous Governmental Authority.

 

     

     

    

 

“Securities Account”
is any “securities account” as defined in the Code with such additions to such term as may hereafter be made.

 

“Subordinated
Debt” is indebtedness incurred by Borrower subordinated to all of Borrower’s now or hereafter indebtedness to Bank
(pursuant to a subordination, intercreditor, or other similar agreement in form and substance satisfactory to Bank entered into
between Bank and the other creditor), on terms acceptable to Bank.

 

“Subsidiary”
is, as to any Person, a corporation, partnership, limited liability company or other entity of which shares of stock or other ownership
interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of
the happening of a contingency) to elect a majority of the board of directors or other managers of such corporation, partnership
or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or
more intermediaries, or both, by such Person. Unless the context otherwise requires, each reference to a Subsidiary herein shall
be a reference to a Subsidiary of Borrower.

 

“Total Liabilities”
is on any day, obligations that should, under GAAP, be classified as liabilities on Borrower’s consolidated balance sheet,
including all Indebtedness and current portion of Subordinated Debt permitted by Bank to be paid by Borrower, but excluding all
other Subordinated Debt.

 

“Trademarks”
means any trademark and servicemark rights, whether registered or not, applications to register and registrations of the same and
like protections, and the entire goodwill of the business of Borrower connected with and symbolized by such trademarks.

 

“Transfer”
is defined in Section 7.1.

 

[Signature page follows.]

 

     

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be executed as of the Effective Date.

 

	BORROWER:	 
	 	 
	SENSUS HEALTHCARE, LLC	 
	 	 
	By:	/s/ Stephen Arnold	 
	 	 	 
	Name: 	Stephen Arnold	 
	 	 	 
	Title:	CFO	 
	 	 	 
	BANK:	 
	 	 
	SILICON VALLEY BANK	 
	 	 
	By:	/s/ M. Scott McCarty	 
	 	 	 
	Name:	M. Scott McCarty	 
	 	 	 
	Title:	Vice President	 

 

[Signature Page to Amended and Restated Loan
and Security Agreement]

 

     

     

    

 

EXHIBIT A -COLLATERAL DESCRIPTION

 

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

 

All goods, Accounts (including
health-care receivables), Equipment, Inventory, contract rights or rights to payment of money, leases, license agreements, franchise
agreements, General Intangibles, commercial tort claims, 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), securities, and all other investment property, supporting obligations, and financial assets, whether
now owned or hereafter acquired, wherever located; 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.

 

Notwithstanding the foregoing,
the Collateral does not include any Intellectual Property; provided, however, the Collateral shall include all Accounts and all
proceeds of Intellectual Property. If a judicial authority (including a U.S. Bankruptcy Court) would hold that a security interest
in the underlying Intellectual Property is necessary to have a security interest in such Accounts and such property that are proceeds
of Intellectual Property, then the Collateral shall automatically, and effective as of the Effective Date, include the Intellectual
Property to the extent necessary to permit perfection of Bank’s security interest in such Accounts and such other property
of Borrower that are proceeds of the Intellectual Property.

 

     

     

    

 

EXHIBIT B -LOAN PAYMENT/ADVANCE REQUEST
FORM

 

Deadline
for Same Day Processing is Noon Pacific Time

 

	Fax To: (404) 467-4467	 	Date: 	 

 

 

	Loan Payment:	 	 
	 	 	 
	SENSUS HEALTHCARE, LLC
	 	 	 
	From Account # _____________________________	 	To Account # ________________________________
	(Deposit Account #)	 	(Loan Account #)
	 	 	 
	Principal $ _________________________________	 	and/or Interest $. ______________________________
	 	 	 
	Authorized Signature: ________________________	 	Phone Number: ________________________________
	Print Name/Title ____________________________	 	 

  

 

 

	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 representations and warranties in the Amended and Restated Loan and Security Agreement arc true, correct and complete in all material respects on the date of the request for an advance; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date:
	 	 	 
	Authorized Signature: _________________________	 	Phone Number: ______________________________
	Print Name/Title _____________________________	 	 

  

 

  

	Outgoing Wire Request:	 	 
	 	 	 
	Complete only if all or a portion of funds from the loan advance above is to be wired.
	Deadline for same day processing is soon, Pacific Time
	 	 	 
	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 #: ________________________________	 	 

  

 

     

     

    

 

EXHIBIT C

 

BORROWING BASE CERTIFICATE

 

Borrower: Sensus Healthcare, LLC

 

Lender: Silicon Valley Bank

 

Commitment Amount: $3,000,000

 

ACCOUNTS RECEIVABLE

	1.	 	Accounts Receivable (invoiced) Book Value as of ____________	 	$	_______	 
	2.	 	Additions (Please explain on next page)	 	$	_______	 
	3.	 	Less: Intercompany I Employee I Non-Trade Accounts	 	$	_______	 
	4.	 	NET TRADE ACCOUNTS RECEIVABLE	 	$	_______	 
	 	 	 	 	 		 
	ACCOUNTS RECEIVABLE DEDUCTIONS (without duplication)	 	 		 
	5.	 	90 Days Past Invoice Date	 	$	_______	 
	6.	 	Credit Balances over 90 Days	 	$	_______	 
	7.	 	Balance of 50% over 90 Day Accounts (Cross-Age or Current Affected)	 	$.	_______	 
	8.	 	Foreign Account Debtor Accounts	 	$	_______	 
	9.	 	Foreign Invoiced and/or Collected Accounts	 	$	_______	 
	10.	 	Contra / Customer Deposit Accounts	 	$	_______	 
	11.	 	U.S. Government Accounts (w/o AOC)	 	$	_______	 
	12.	 	Promotion or Demo Accounts; Guaranteed Sale or Consignment Sale Accounts	 	$	_______	 
	13.	 	Accounts with Memo or Pre-Billings	 	$	_______	 
	14.	 	Contract Accounts; Accounts with Progress I Milestone Billings	 	$.	_______	 
	15.	 	Accounts for Retainage Billings	 	$.	_______	 
	16.	 	Trust / Bonded Accounts	 	$	_______	 
	17.	 	Bill and Hold Accounts	 	$	_______	 
	18.	 	Unbilled Accounts	 	$	_______	 
	19.	 	Non-Trade Accounts (If not already deducted above)	 	$	_______	 
	20.	 	Accounts with Extended Term Invoices (Net 90+)	 	$	_______	 
	21.	 	Chargebacks Accounts I Debit Memos	 	$	_______	 
	22.	 	Product Returns/Exchanges	 	$	_______	 
	23.	 	Disputed Accounts; Insolvent Account Debtor Accounts	 	$	_______	 
	24.	 	Deferred Revenue (when AQR < 1.75:1.00)/ Other (Please explain on next page)	 	$	_______	 
	25.	 	Concentration Limits	 	$	_______	 
	26.	 	TOTAL ACCOUNTS RECEIVABLE DEDUCTIONS	 	$	_______	 
	27.	 	Eligible Accounts (#4 minus #26)	 	$	_______	 
	28.	 	ELIGIBLE AMOUNT OF ACCOUNTS (80% of #27)	 	$	_______	 
	 	 	 	 	 	 	 
	BALANCES	 	 	 	 
	29.	 	Maximum Loan Amount	 	$	3,000,000	 
	30.	 	Total Funds Available [Lesser of #29 or #28]	 	$	_______	 
	31.	 	Present balance owing on Line of Credit	 	$	_______	 
	32.	 	RESERVE POSITION (#30 minus #31)	 	$	_______	 

 

[Continued on following page.]

 

     

     

    

 

Explanatory comments from previous page:

 

 

 

 

 

 

 

 

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 Amended and Restated Loan and Security Agreement between the undersigned and Silicon Valley Bank.

 

	COMMENTS:	 	BANK USE ONLY
	 	 	 
	 	 	Received by: ________________________
	 	 	AUTHORIZED SIGNER
	By: ________________________________	 	Date: ______________________________
	Authorized Signer	 	Verified: ___________________________
	 	 	AUTHORIZED SIGNER
	 	 	 
	Date: ______________________________	 	Date: ______________________________
	 	 	Compliance Status:         Yes         No

 

     

     

    

 

EXHIBIT D

 

COMPLIANCE CERTIFICATE

 

	TO: SILICON VALLEY BANK	Date:  	 
	 	 	 
	FROM: SENSUS HEALTHCARE, LLC	 	 

 

The undersigned authorized
officer of Sensus Healthcare, LLC (“Borrower”) certifies that under the terms and conditions of the Amended and Restated
Loan and Security Agreement between Borrower and Bank (the “Agreement”):

 

(1) Borrower is in complete
compliance for the period ending with all required covenants except as noted below; (2) there are no Events of Default; (3) all
representations and warranties in the Agreement are true and correct in all material respects on this date except as noted below;
provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are
qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly
referring to a specific date shall be true, accurate and complete in all material respects as of such date; (4) Borrower, and each
of its Subsidiaries, has timely filed all required tax returns and reports, and Borrower has timely paid all foreign, federal,
state and local taxes, assessments, deposits and contributions owed by Borrower except as otherwise permitted pursuant to the terms
of Section 5.9 of the Agreement; and (5) no Liens have been levied or claims made against Borrower or any of its Subsidiaries relating
to unpaid employee payroll or benefits of which Borrower has not previously provided written notification to Bank.

 

Attached are the required
documents supporting the certification. The undersigned certifies that these are prepared in accordance with GAAP consistently
applied from one period to the next except as explained in an accompanying letter or footnotes. The undersigned 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. Capitalized terms used but
not otherwise defined herein shall have the meanings given them in the Agreement.

 

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

 

	Reporting Covenant	 	Required	 	Complies
	 	 	 	 	 
	Monthly financial statements with Compliance Certificate	 	Monthly within 30 days	 	Yes   No
	Annual financial statement (CPA Audited) + CC	 	FYE within 150 days	 	Yes   No
	10-Q, 10-K and 8-K	 	Within 5 days after filing with SEC	 	Yes   No
	Borrowing Base Certificate, A/R & A/P Agings	 	Monthly within 30 days	 	Yes   No
	Annual Financial Projections	 	Within 45 days after FYE	 	Yes   No

 

	Financial Covenant	 	Required	 	Actual	 	Complies
	 	 	 	 	 	 	 
	Maintain on a Monthly Basis:	 	 	 	 	 	 
	Minimum Adjusted Quick Ratio:	 	 	 	 	 	 
	Effective Date through 6/30/13	 	1.50:1.00	 	_____:1.00	 	Yes   No
	7/1/13 through 6/30/14	 	1.25:1.00	 	_____:1.00	 	Yes   No
	7/1/14 and thereafter	 	1.50:1.00	 	_____:1.00	 	Yes   No
	Minimum Trailing 6-Month EBITDA:	 	 	 	 	 	 
	12/31/12	 	$400,000	 	$_______	 	Yes   No
	1/31/13	 	$300,000	 	$_______	 	Yes   No
	2/28/13	 	$1.00	 	$_______	 	Yes   No
	3/31/13	 	($200,000)	 	$_______	 	Yes   No
	4/30/13	 	($350,000)	 	$_______	 	Yes   No
	5/31/13	 	($650,000)	 	$_______	 	Yes   No
	6/30/13	 	($1,200,000)	 	$_______	 	Yes   No
	7/31/13	 	($1,200,000)	 	$_______	 	Yes   No
	8/31/13	 	($800,000)	 	$_______	 	Yes   No
	9/30/13	 	($300,000)	 	$_______	 	Yes   No
	10/31/13	 	($150,000)	 	$_______	 	Yes   No
	11/30/13	 	$100,000	 	$_______	 	Yes   No
	12/31/13 and thereafter	 	$500,000	 	$_______	 	Yes   No

 

     

     

    

 

The following financial
covenant analyses and information set forth in Schedule 1 attached hereto are true and accurate as of the date of this Certificate.

 

The following are the exceptions
with respect to the certification above: (If no exceptions exist, state “No exceptions to note.”)

 

 

 

 

 

 

 

	Sensus Healthcare, LLC	 	BANK USE ONLY
	 	 	 
	 	 	Received by: _______________________
	 	 	AUTHORIZED SIGNER
	By: _____________________________	 	Date: _____________________________
	Name: ___________________________	 	Verified: __________________________
	Title: ____________________________	 	AUTHORIZED SIGNER
	 	 	Date: _____________________________
	 	 	 
	 	 	Compliance Status:         Yes         No

 

     

     

    

 

Schedule 1 to Compliance Certificate

 

Financial Covenants of Borrower

 

In the event of a conflict
between this Schedule and the Loan Agreement, the terms of the Loan Agreement shall govern.

 

Dated: ___________________________

 

		I.	Adjusted Quick Ratio (Section 6.7(a))

 

Required:

 

	Period	 	Adjusted Quick Ratio
	 	 	 
	Effective Date through June 30, 2013	 	1.50:1.00
	 	 	 
	July 1, 2013 through June 30, 2014	 	1.25:1.00
	 	 	 
	July 1, 2014 and thereafter	 	1.50:1.00

 

	Actual:	 	_______:1.00

 

	A.	Aggregate value of the unrestricted cash and Cash Equivalents of Borrower  maintained
    with Bank	$ _______
	 	 	 
	B.	Aggregate value of the net accounts receivable of Borrower	$ _______
	 	 	 
	C.	Quick Assets (the sum of lines A and B)	$ _______
	 	 	 
	D.	Aggregate value of Obligations to Bank	$ _______
	 	 	 
	E.	Aggregate value of liabilities that should, under GAAP, be classified as liabilities on Borrower’s
    consolidated balance sheet, including all Indebtedness, and not otherwise reflected in line D above that matures within one
    (1) year	$ _______
	 	 	 
	F.	Current Liabilities (the sum of lines D and E)	$ _______
	 	 	 
	G.	Aggregate value of all amounts received or invoiced by Borrower in advance
    of performance under contracts and not yet recognized as revenue	$ _______
	 	 	 
	H.	Line F minus line G	$ _______
	 	 	 
	I.	Adjusted Quick Ratio (line C divided by line H)	$ _______

 

Is line I equal to or greater than the appropriate
ratio set forth above?

 

	 	_______ No, not incompliance	_______ Yes, in compliance

 

		II.	Minimum Trailing 6-Month EBITDA (Section 6.7(b))

 

	Required:	See chart below

 

     

     

    

 

	Month Ended	Minimum Trailing 6-Month EBITDA
	 	 
	December 31, 2012	$400,000
	 	 
	January 31, 2013	$300,000
	 	 
	February 28, 2013	$1.00
	 	 
	March 31, 2013	($200,000)
	 	 
	April 30, 2013	($350,000)
	 	 
	May 31, 2013	($650,000)
	 	 
	June 30, 2013	($1,200,000)
	 	 
	July 31, 2013	($1,200,000)
	 	 
	August 31, 2013	($800,000)
	 	 
	September 30, 2013	($300,000)
	 	 
	October 31, 2013	($150,000)
	 	 
	November 30, 2013	$100,000
	 	 
	December 31, 2013 and each month thereafter	$500,000

 

Actual:

 

	A.	Net Income of Borrower for the trailing 6-month period most recently ended	$ ______
	 	 	 
	B.	To the extent included in the determination of Net Income	 
	 	 	 	 
	 	1.	The provision for income taxes	$ ______
	 	 	 	 
	 	2.	Depreciation expense	$ ______
	 	 	 	 
	 	3.	Amortization expense	$ ______
	 	 	 	 
	 	4.	Net Interest Expense	$ ______
	 	 	 	 
	 	5.	Reasonable add-backs for non-cash items (including, without limitation,  stock compensation	$ ______
	 	 	 	 
	 	6.	The sum of lines 1 through 5	$ ______
	 	 	 	 
	C.	Minimum Trailing 6-Month EBITDA (line A plus line B.6)	$ ______

 

Is line C equal to or greater than the appropriate
amount set forth above?

 

	 	_______ No, not incompliance	_______ Yes, in compliance

 

     

     

    

 

EXHIBIT E

 

BORROWING RESOLUTIONSExhibit 10.4

 

DEFAULT WAIVER AND FIRST AMENDMENT TO

AMENDED AND RESTATED LOAN AND SECURITY
AGREEMENT 

BY AND BETWEEN SENSUS HEALTHCARE, LLC

AND SILICON VALLEY BANK, DATED MAY 12,
2015

 

DEFAULT WAIVER AND FIRST AMENDMENT
TO

AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT

 

This Default Waiver
and First Amendment to Amended and Restated Loan and Security Agreement (this “Amendment”) is entered into this 12th
day of May, 2015, and made effective as of March 12, 2015, by and between Silicon Valley Bank (“Bank”) and Sensus Healthcare,
LLC, a Delaware limited liability company (“Borrower”) whose address is 851 Broken Sound Parkway NW, Suite 215, Boca
Raton, FL 33487.

 

RECITALS

 

A.           Bank
and Borrower have entered into that certain Amended and Restated Loan and Security Agreement dated as of March 12, 2013 (as the
same may from time to time be amended, modified, supplemented or restated, the “Loan Agreement”). Bank has extended
credit to Borrower for the purposes permitted in the Loan Agreement.

 

B.           Borrower
is currently in default of the Loan Agreement for failing to comply with the financial covenant set forth in Section 6.7(b) of
the Loan Agreement for each month during Borrower’s 2014 fiscal year (the “Existing Defaults”).

 

C.           Borrower
has requested that Bank waive its rights and remedies against Borrower, limited specifically to the Existing Defaults. Although
Bank is under no obligation to do so, Bank is willing to not exercise its rights and remedies against Borrower related to the specific
Existing Defaults on the terms and conditions set forth in this Amendment, so long as Borrower complies with the terms, covenants
and conditions set forth in this Amendment.

 

D.           Borrower
has further requested that Bank amend the Loan Agreement to (i} reduce the amount available to be borrowed under the Revolving
Line, (ii) extend the maturity date, (iii) lower the interest rate payable on Advances, and (iv) make certain other revisions to
the Loan Agreement as more fully set forth herein. Bank has agreed to so amend certain provisions of the Loan Agreement, but only
to the extent, in accordance with the terms, subject to the conditions and in reliance upon the representations and warranties
set forth below.

 

AGREEMENT

 

Now, THEREFORE, in
consideration of the foregoing recitals and other good and valuable consideration, the receipt and adequacy of which is hereby
acknowledged, and intending to be legally bound, the parties hereto agree as follows:

 

     

     

    

 

1.          Definitions.
Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan Agreement.

 

2.          Waiver
of Covenant Defaults.

 

Bank hereby waives
Borrower’s Existing Defaults under the Loan Agreement. Bank’s waiver of Borrower’s compliance of these covenants
shall apply only to the foregoing periods. Accordingly, hereinafter, Borrower shall be in compliance with these covenants, as amended
by this Amendment.

 

Bank’s agreement
to waive the above-described defaults (1) in no way shall be deemed an agreement by the Bank to waive Borrower’s compliance
with the above-described covenants as of all other dates and (2) shall not limit or impair the Bank’s right to demand strict
performance of these covenants as of all other dates and (3) shall not limit or impair the Bank’s right to demand strict
performance of all other covenants as of any date.

 

3.           Amendments
to Loan Agreement.

 

3.1         Section
2.3 (Payment of Interest on Credit Extensions). Clauses (a) and (d) of Section 2.3 are amended in their entirety and replaced
with the following:

 

(a)          Interest
Rate. Subject to Section 2.3(b), the principal amount outstanding under the Revolving Line shall accrue interest at a floating
per annum rate equal to one and three quarters percentage points (1.75%) above the Prime Rate, which interest shall be payable
monthly in accordance with Section 2.3(e) below.

 

(b)          Reserved.

 

3.2         Section
2.4 (Fees). The following new clauses (e) and (f) are hereby added to Section 2.4:

 

(a)          Loan
Fee. A fully earned, non-refundable loan fee of Ten Thousand Dollars ($10,000) which shall be payable as follows: Five Thousand
Dollars shall be due on the First Amendment Date, and an additional Five Thousand Dollars ($5,000) shall be due on the first anniversary
of the First Amendment Date.

 

(b)          Unused
Revolving Line Facility Fee. Payable quarterly in arrears, on the first day of each calendar quarter prior to the Revolving
Line Maturity Date, and on the Revolving Line Maturity Date, a fee (the “Unused Revolving Line Facility Fee”) in an
amount equal to one quarter of one percent (0.25%) per annum of the average unused portion of the Revolving Line, accruing from
and after the First Amendment Date. The unused portion of the Revolving Line, for purposes of this calculation, shall be calculated
on a calendar year basis and shall equal the difference between (x) the Revolving Line, and (y) the average for the period of the
daily closing balance of the Revolving Line outstanding.

 

     

     

    

 

3.3         Section
6.2 (Financial Statements, Reports, Certificates). Section 6.2(a) is amended in its entirety and replaced with the following:

 

(a)          Borrowing
Base Reports. Within thirty (30) days after the last day of each month, (i) aged listings of accounts receivable and accounts
payable (by invoice date); and (ii) a Deferred Revenue report (the “Borrowing Base Reports”);

 

3.4         Section
6.7 (Financial Covenants). Section 6.7 is amended in its entirety and replaced with the following:

 

3.5         Financial
Covenants. Maintain at all times, subject to periodic reporting as of the last day of the applicable month or quarter:

 

(a)          Adjusted
Quick Ratio. As of the last day of each month, an Adjusted Quick Ratio of at least 1.75 to 1.00.

 

(b)          Minimum
Trailing 3-Month EBITDA. As of the last day of each quarter set forth below, EBIIDA during such quarter of at least the following:

 

	Quarter Ended	EBITDA
	 	 
	June 30, 2015	($700,000)
	December 31, 2015	($500,000)
	March 31, 2015	$1,000
	September 30, 2015	$500,000
	March 31, 2016, and each quarter thereafter	To be determined based on review of Borrower’s 2016 board approved plan

 

3.6           Section
13 (Definitions). Clause (e) of the definition of Eligible Accounts is amended in its entirety and replaced with the following:

 

(e)          Accounts
owing from an Account Debtor which does not have its principal place of business in the United States, other than Accounts owing
from Eckert & Ziegler;

 

3.7           Section
13 (Definitions). The following terms and their respective definitions set forth in Section 13.l are amended in their entirety
and replaced with the following:

 

“Revolving Line”
is an aggregate principal amount equal to One Million Five Hundred Thousand Dollars ($1,500,000).

 

“Revolving Line
Maturity Date” is the date two (2) years from the First Amendment Date.

 

3.8           Section
13 (Definitions). The following terms and their respective definitions are hereby added to Section 13.1 in their appropriate
alphabetical order:

 

“First Amendment
Date” is May 12, 2015.

 

     

     

    

 

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

 

3.9           Section
13 (Definitions). The following terms and their respective definitions are hereby deleted from Section 13.1 in their entirety:

 

“Minimum Interest”

 

“Minimum Interest
Period”

 

3.10         Exhibit
C (Borrowing Base Certificate). Exhibit C to the Loan Agreement is amended in its entirety and replaced with Exhibit C
attached hereto.

 

3.11         Exhibit
D (Compliance Certificate). Exhibit D to the Loan Agreement is amended in its entirety and replaced with Exhibit D attached
hereto.

 

4.           Limitation
of Amendments.

 

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

 

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

 

5.           Representations
and Warranties. To induce Bank to enter into this Amendment, Borrower hereby represents and warrants to Bank as follows:

 

5.1           Immediately
after giving effect to this Amendment (a) the representations and warranties contained in the Loan Documents are true, accurate
and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to
an earlier date, in which case they are true and correct as of such date), and (b) no Event of Default other than the Existing
Defaults has occurred and is continuing;

 

5.2           Borrower
has the power and authority to execute and deliver this Amendment and to perform its obligations under the Loan Agreement, as amended
by this Amendment;

 

S.3 The organizational documents of Borrower
most recently delivered to Bank remain true, accurate and complete and have not been amended, supplemented or restated and are
and continue to be in full force and effect;

 

5.3           The
execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement,
as amended by this Amendment, have been duly authorized by all necessary action on the part of Borrower;

 

     

     

    

 

5.4           The
execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement,
as amended by this Amendment, do not and will not contravene (a) any law or regulation binding on or affecting Borrower, (b) any
contractual restriction with a Person binding on Borrower, (c) any order, judgment or decree of any court or other governmental
or public body or authority, or subdivision thereof, binding on Borrower, or (d) the organizational documents of Borrower;

 

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

 

5.6           This
Amendment has been duly executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against Borrower
in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation,
moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’ rights.

 

6.           Prior
Agreement. Except as expressly provided for in this Amendment, the Loan Documents are hereby ratified and reaffirmed and
shall remain in full force and effect. This Amendment is not a novation and the terms and conditions of this Amendment shall be
in addition to and supplemental to all terms and conditions set forth in the Loan Documents. In the event of any conflict or inconsistency
between this Amendment and the terms of such documents, the terms of this Amendment shall be controlling, but such document shall
not otherwise be affected or the rights therein impaired.

 

7.           Release
by Borrower

 

7.1           For
good and valuable consideration, Borrower hereby forever relieves, releases, and discharges Bank and its present or former employees,
officers, directors, agents, representatives, attorneys, and each of them, from any and all claims, debts, liabilities, demands,
obligations, promises, acts, agreements, costs and expenses, actions and causes of action, of every type, kind, nature, description
or character whatsoever, whether known or unknown, suspected or unsuspected, absolute or contingent, arising out of or in any manner
whatsoever connected with or related to facts, circumstances, issues, controversies or claims existing or arising from the beginning
of time through and including the date of execution of this Amendment (collectively “Released Claims”). Without limiting
the foregoing, the Released Claims shall include any and all liabilities or claims arising out of or in any manner whatsoever connected
with or related to the Loan Documents, the Recitals hereto, any instruments, agreements or documents executed in connection with
any of the foregoing or the origination, negotiation, administration, servicing and/or enforcement of any of the foregoing.

 

7.2           In
furtherance of this release, Borrower expressly acknowledges and waives any and all rights under Section 1542 of the California
Civil Code, which provides as follows:

 

     

     

    

 

“A general release
does not extend to claims which the creditor does not know or expect to exist in his favor at the time of executing the release,
which if known by him must have materially affected his settlement with the debtor.” (Emphasis added.)

 

7.3          By
entering into this release, Borrower recognizes that no facts or representations are ever absolutely certain and it may hereafter
discover facts in addition to or different from those which it presently knows or believes to be true, but that it is the intention
of Borrower hereby to fully, finally and forever settle and release all matters, disputes and differences, known or unknown, suspected
or unsuspected; accordingly, if Borrower should subsequently discover that any fact that it relied upon in entering into this release
was untrue, or that any understanding of the facts was incorrect, Borrower shall not be entitled to set aside this release by reason
thereof, regardless of any claim of mistake of fact or law or any other circumstances whatsoever. Borrower acknowledges that it
is not relying upon and has not relied upon any representation or statement made by Bank with respect to the facts underlying this
release or with regard to any of such party’s rights or asserted rights.

 

7.4          This
release may be pleaded as a full and complete defense and/or as a cross-complaint or counterclaim against any action, suit, or
other proceeding that may be instituted, prosecuted or attempted in breach of this release. Borrower acknowledges that the release
contained herein constitutes a material inducement to Bank to enter into this Amendment, and that Bank would not have done so but
for Bank’s expectation that such release is valid and enforceable in all events.

 

7.5          Borrower
hereby represents and warrants to Bank, and Bank is relying thereon, as follows:

 

(a)          Except
as expressly stated in this Amendment, neither Bank nor any agent, employee or representative of Bank has made any statement or
representation to Borrower regarding any fact relied upon by Borrower in entering into this Amendment.

 

(b)          Borrower
has made such investigation of the facts pertaining to this Amendment and all of the matters appertaining thereto, as it deems
necessary.

 

(c)          The
terms of this Amendment are contractual and not a mere recital.

 

(d)          This
Amendment has been carefully read by Borrower, the contents hereof are known and understood by Borrower, and this Amendment is
signed freely, and without duress, by Borrower.

 

(e)          Borrower
represents and warrants that it is the sole and lawful owner of all right, title and interest in and to every claim and every other
matter which it releases herein, and that it has not heretofore assigned or transferred, or purported to assign or transfer, to
any person, firm or entity any claims or other matters herein released. Borrower shall indemnify Bank, defend and hold it harmless
from and against all claims based upon or arising in connection with prior assignments or purported assignments or transfers of
any claims or matters released herein.

 

     

     

    

 

8.          Integration.
1bis Amendment and the Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations
or agreements. All prior agreements, understandings, representations, warranties, and negotiations between the parties

 

about the subject matter of this Amendment
and the Loan Documents merge into this Amendment and the Loan Documents.

9.          Counterparts.
This Amendment may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute
one and the same instrument.

 

10.         Effectiveness.
This Amendment shall be deemed effective upon (a) the due execution and delivery to Bank of this Amendment by each party hereto,
(b) payment of the loan fee of Five Thousand Dollars ($5,000) due on the First Amendment Date in accordance with Section 2.4(e},
(c) the due execution and delivery to Bank of a completed Perfection Certificate of Borrower, and (d) payment of Bank’s legal
fees and expenses in connection with the negotiation and preparation of this Amendment.

 

11.         Governing
Law. This Amendment and the rights and obligations of the parties hereto shall be governed by and construed in accordance
with the laws of the State of Georgia.

 

[Signature page follows.]

 

     

     

    

 

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

 

	BANK	 	BORROWER
	 	 	 
	Silicon Valley Bank	 	Sensus Healthcare, LLC
	 	 	 	 	 
	By:	/s/  Ryan Roller	 	By:	/s/ Arthur Levine
	Name: 	Ryan Roller	 	Name: 	Arthur Levine
	Title:	VP	 	Title:	CFO

 

[signature page of Default Waiver and
First Amendment to Amended and Restated Loan and Security Agreement]

 

     

     

    

 

EXHIBIT C

BORROWING BASE CERTIFICATE

 

Borrower: Sensus Healthcare, LLC

Lender: Silicon Valley Bank

Commitment Amount:    $1,500,000

 

	ACCOUNTS RECEIVABLE	 
	1.	Accounts Receivable (invoiced) Book Value as of	$
	2.	Additions (Please explain on next page)	$
	3.	Less: Intercompany I Employee I Non-Trade Accounts	$
	4.	NET TRADE ACCOUNTS RECEIVABLE	$
	 	 	 
	ACCOUNTS RECEIVABLE DEDUCTIONS (without duplication)	 
	5.	90 Days Past Invoice Date	$
	6.	Credit Balances over 90 Days	$
	7.	Balance of 50% over 90 Day Accounts (Cross-Age or Current Affected)	$
	8.	Foreign Account Debtor Accounts (other than Eckert & Ziegler)	$
	9.	Foreign Invoiced and/or Collected Accounts Contra I Customer Deposit Accounts	$
	10.	U.S. Government Accounts .(w/o AOC)	$
	11.	Promotion or Demo Accounts; Guaranteed Sale or Consignment Sale Accounts	$
	12.	Accounts with Memo or Pre-Billings	$
	13.	Contract Accounts; Accounts with Progress I Milestone Billings	$
	14.	Accounts for Retainage Billings	$
	15.	Trust I Bonded Accounts	$
	16.	Bill and Hold Accounts	$
	17.	Unbilled Accounts	$
	18.	Non-Trade Accounts (If not already deducted above)	$
	19.	Accounts with Extended Term Invoices (Net 90-I-)	$
	20.	Chargebacks Accounts I Debit Memos	$
	21.	Product Returns/Exchanges	$
	22.	Disputed Accounts; Insolvent Account Debtor Accounts	$
	23.	Deferred Revenue (when AQR < 1.75:1.00)/ Other (Please explain on next page)	$
	24.	Concentration Limits	$
	25.	TOTAL ACCOUNTS RECEIVABLE DEDUCTIONS	$
	26.	Eligible Accounts (#4 minus #26)	$
	27.	ELIGIBLE AMOUNT OF ACCOUNTS (80% of #27)	$
	 	 	 
	BALANCES	 	 
	28.	Maximum Loan Amount	$ 1,500,000
	29.	Total Funds Available [Lesser of #29 or #28]	$
	30.	Present balance owing on Line of Credit	$
	31.	RESERVE POSITTON (#30 minus #31)	$

 

[Continued
on following page.]

 

     

     

    

 

Explanatory comments from previous page:

 

 

 

 

 

 

 

 

 

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:	 	BANK USE ONLY
	 	 	 	 
	 	 	Received by: 	 
	 	 	 	AUTIIORIZED SIGNER
	By:	 	 	Date:	 
	 	Authorized Signer	 	Verified:	 
	Date:	 	 	 	AUTHORIZED SIGNER
	 	 	 	 
	 	 	Date:	 
	 	 	Compliance Status:          Yes          No

 

     

     

    

 

EXHIBIT D

COMPLIANCE CERTIFICATE

 

	TO:	SILICON VALLEY BANK	Date:	   

FROM: SENSUS HEALTHCARE, LLC

 

The undersigned authorized
officer of Sensus Healthcare, LLC (“Borrower”) certifies that under the terms and conditions of the Amended and Restated
Loan and Security Agreement between Borrower and Bank (the “Agreement”):

 

(1)         Borrower
is in complete compliance for the period ending with all required covenants except as noted below; (2) there are no Events of Default;
(3) all representations and warranties in the Agreement are true and correct in all material respects on this date except as noted
below; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already
are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly
referring to a specific date shall be true, accurate and complete in all material respects as of such date; (4) Borrower, and each
of its Subsidiaries, has timely filed all required tax returns and reports, and Borrower has timely paid all foreign, federal,
state and local taxes, assessments, deposits and contributions owed by Borrower except as otherwise permitted pursuant to the terms
of Section 5.9 of the Agreement; and (5)         no Liens have been levied or claims
made against Borrower or any of its Subsidiaries relating to unpaid employee payroll or benefits of which Borrower has not previously
provided written notification to Bank.

 

Attached are the required
documents supporting the certification. The undersigned certifies that these are prepared in accordance with GAAP consistently
applied from one period to the next except as explained in an accompanying letter or footnotes. The undersigned acknowledges that
no borrowings may be requested at any time or date of determination that Borrower is not incompliance with any of the terms of
the Agreement, and that compliance is determined not just at the date this certificate is delivered. Capitalized terms used but
not otherwise defined herein shall have the meanings given them in the Agreement.

 

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

 

	Renortin2 Covenant	 	Required	 	Complies
	 	 	 	 	 
	Monthly financial statements with Compliance Certificate	 	Monthly within 30 days	 	Yes No
	Annual financial statement (CPA Audited) + CC	 	FYE within 150 days	 	Yes No
	10-Q, 10-K and 8-K	 	Within 5 days after filing with SEC	 	Yes No
	Borrowing Base Certificate, NR & A/P Agings, Deferred Revenue Report	 	Monthly within 30 days	 	Yes No
	Annual Financial Projections	 	Within 45 days after FYE	 	Yes No

 

	Financial Covenant	 	Required	 	Actual	 	Complies
	 	 	 	 	 	 	 
	Maintain:	 	 	 	 	 	 
	Minimum Adjusted Quick Ratio (tested monthly);	 	1.75:1.00	 	  ______:1.00	 	Yes No
	Minimum Quarterly EBITDA (tested quarterly}:	 	 	 	 	 	 
	3/31/15	 	($700,000)	 	$                          	 	Yes No
	6/30/15	 	($500,000)	 	$                          	 	Yes No
	9/30/15	 	$1,000	 	$                          	 	Yes No
	12/31/15	 	$500,000	 	$                          	 	Yes No
	3/31/16 and thereafter	 	TBD	 	 	 	 

 

     

     

    

 

The following financial
covenant analyses and information set forth in Schedule I attached hereto are true and accurate as of the date of this Certificate.

 

The following are the
exceptions with respect to the certification above: (If no exceptions exist, state “No exceptions to note.”)

 

 

 

 

 

	Sensus Healthcare, LLC	 	BANK USE ONLY
	 	 	By:	 
	 	 	 	Received by: 	 
	 	 	 	 	AUTHORIZED SIGNER
	By:	 	 	Name:	 
	Name:	 	 	Title:	 
	Title:	 	 	Date:	 
	 	 	Verified:	 
	 	 	 	AUTHORIZED SIGNER
	 	 	Date:	 
	 	 	Compliance Status:         Yes        No

 

     

     

    

 

Schedule 1 to Compliance Certificate

Financial Covenants of Borrower

 

In the event of a conflict
between this Schedule and the Loan Agreement, the terms of the Loan Agreement shall govern.

 

Dated:____________________________ 

 

I.           Adjusted
Quick Ratio (Section 6.7(a))

 

	Required:	1.75:1.00
	 	 
	Actual:	____:1.00

 

	A.	Aggregate value of the unrestricted cash and Cash Equivalents of Borrower maintained with Bank	 	$___________
	 	 	 	 
	B.	Aggregate value of the net accounts receivable of Borrower	 	$___________
	 	 	 	 
	c.	Quick Assets (the sum of lines A and B)	 	$___________
	 	 	 	 
	D.	Aggregate value of Obligations to Bank	 	$___________
	 	 	 	 
	E.	Aggregate value of liabilities that should, under GAAP, be classified as liabilities on Borrower’s consolidated balance sheet, including all Indebtedness, and not otherwise reflected in line D above that matures within one (1) year	 	$___________
	 	 	 	 
	F.	Current Liabilities (the sum of lines D and E)	 	$___________
	 	 	 	 
	G.	Aggregate value of all amounts received or invoiced by Borrower in advance of performance under contracts and not yet recognized as revenue	 	$___________
	 	 	 	 
	H.	Line F minus line G	 	$___________
	 	 	 	 
	I.	Adjusted Quick Ratio (line C divided by line H)	 	____:1.00

 

Is line
I equal to or greater than 1.75:1:00?

 

	 	____ No, not in compliance	_____ Yes, in compliance

 

II.          Minimum
Quarterly EBITDA (Section 6.7(b))

 

Required: See chart below

 

	Quarter Ended	EBITDA
	March 31, 2015	($700,000)
	June 30, 2015	($500,000)
	September 30, 2015	$1,000
	December 31, 2015	$500,000
	March 31, 2016, and each quarter thereafter	To be determined based on review of Borrower’ s 2016 board-approved plan

 

     

     

    

 

Actual:

 

	A.	Net Income of Borrower for the quarter most recently ended	$
	 	 	 	 
	B.	To the extent included in the determination of Net Income	 
	 	 	 	 
	 	1.	The provision for income taxes	$
	 	 	 	 
	 	2.	Depreciation expense	$
	 	 	 	 
	 	3.	Amortization expense	$
	 	 	 	 
	 	4.	Net Interest Expense	$
	 	 	 	 
	 	5.	Reasonable add-backs for non-cash items (including, without limitation, stock compensation	$
	 	 	 	 
	 	6.	The sum of lines 1 through 5	$
	 	 	 	 
	 	c.	Quarterly EBITDA (line A plus line B.6)	$________

 

Is line C equal to or greater than the
appropriate amount set forth above?

 

	 	_____ No, not in compliance	_____ Yes, in compliance

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00253-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00253-of-00352.parquet"}]]