Document:

Warrant to Purchase Stock

 Exhibit 10.2 
 THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN
SECTIONS 6.3 AND 6.4 BELOW, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR IN FORM AND SUBSTANCE SATISFACTORY TO THE COMPANY, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT
FROM SUCH REGISTRATION. 
 WARRANT TO PURCHASE STOCK 
 Company: CARDIOVASCULAR SYSTEMS, INC., a Delaware corporation 
 Number of Shares: 12,760
shares 
 Type/Series of Stock: Common Stock 
 Warrant Price: $9.796 per share 
 Issue Date: December 27, 2011 

Expiration Date: December 27, 2021             See also Section 6.1(b).

  

	Credit Facility:  	This Warrant to Purchase Stock (“Warrant”) is issued in connection with that certain First Amendment to Loan and Security Agreement of
even date herewith between Silicon Valley Bank and the Company (the “Loan Agreement”). 

THIS WARRANT CERTIFIES THAT, for good and valuable consideration, SILICON VALLEY BANK (together with any successor or permitted assignee
or transferee of this Warrant or of any shares issued upon exercise hereof, “Holder”) is entitled to purchase the number of fully paid and non-assessable shares (the “Shares”) of the above-stated
Type/Series of Stock (the “Class”) of the above-named company (the “Company”) at the above-stated Warrant Price, all as set forth above and as adjusted pursuant to Section 2 of this Warrant,
subject to the provisions and upon the terms and conditions set forth in this Warrant. Reference is made to Section 6.4 of this Warrant whereby Silicon Valley Bank shall transfer this Warrant to its parent company, SVB Financial Group.

 SECTION 1. EXERCISE. 
 1.1 Method of Exercise. Holder may at any time and from time to time exercise this Warrant, in whole or in part, by delivering to the Company the original of this Warrant together with a duly
executed Notice of Exercise in substantially the form attached hereto as Appendix 1 and, unless Holder is exercising this Warrant pursuant to a cashless exercise set forth in Section 1.2, a check, wire transfer of same-day funds (to an account
designated by the Company), or other form of payment acceptable to the Company for the aggregate Warrant Price for the Shares being purchased. 
 1.2 Cashless Exercise. On any exercise of this Warrant, in lieu of payment of the aggregate Warrant Price in the manner as specified in Section 1.1 above, but otherwise in accordance with the
requirements of Section 1.1, Holder may elect to receive Shares equal to the value of this Warrant, or portion hereof as to which this Warrant is being exercised. Thereupon, 

  
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the Company shall issue to the Holder such number of fully paid and non-assessable Shares as are computed using the following formula: 

 

	 	X =	Y(A-B)/A 

 where: 

 

	 	X =	the number of Shares to be issued to the Holder; 

  

	 	Y =	the number of Shares with respect to which this Warrant is being exercised (inclusive of the Shares surrendered to the Company in payment of the aggregate Warrant
Price); 

  

	 	A =	the Fair Market Value (as determined pursuant to Section 1.3 below) of one Share; and 

 

	 	B =	the Warrant Price. 

 1.3 Fair
Market Value. If the Company’s common stock is then traded or quoted on a nationally recognized securities exchange, inter-dealer quotation system or over-the-counter market (a “Trading Market”) and the Class is
common stock, the fair market value of a Share shall be the closing price or last sale price of a share of common stock reported for the Business Day immediately before the date on which Holder delivers this Warrant together with its Notice of
Exercise to the Company. If the Company’s common stock is then traded in a Trading Market and the Class is a series of the Company’s convertible preferred stock, the fair market value of a Share shall be the closing price or last sale
price of a share of the Company’s common stock reported for the Business Day immediately before the date on which Holder delivers this Warrant together with its Notice of Exercise to the Company multiplied by the number of shares of the
Company’s common stock into which a Share is then convertible. If the Company’s common stock is not traded in a Trading Market, the Board of Directors of the Company shall determine the fair market value of a Share in its reasonable good
faith judgment. 
 1.4 Delivery of Certificate and New Warrant. Within a reasonable time after Holder exercises this
Warrant in the manner set forth in Section 1.1 or 1.2 above, the Company shall deliver to Holder a certificate representing the Shares issued to Holder upon such exercise and, if this Warrant has not been fully exercised and has not expired, a
new warrant of like tenor representing the Shares not so acquired. 
 1.5 Replacement of Warrant. On receipt of evidence
reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form, substance and amount to the
Company or, in the case of mutilation, on surrender of this Warrant to the Company for cancellation, the Company shall, within a reasonable time, execute and deliver to Holder, in lieu of this Warrant, a new warrant of like tenor and amount.

  
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 1.6 Treatment of Warrant Upon Acquisition of Company. 

(a) Acquisition. For the purpose of this Warrant, “Acquisition” means any transaction or series of related
transactions involving: (i) the sale, lease, exclusive license, or other disposition of all or substantially all of the assets of the Company (ii) any merger or consolidation of the Company into or with another person or entity (other than
a merger or consolidation effected exclusively to change the Company’s domicile), or any other corporate reorganization, in which the stockholders of the Company in their capacity as such immediately prior to such merger, consolidation or
reorganization, own less than a majority of the Company’s (or the surviving or successor entity’s) outstanding voting power immediately after such merger, consolidation or reorganization; or (iii) any sale or other transfer by the
stockholders of the Company of shares representing at least a majority of the Company’s then-total outstanding combined voting power. 
 (b) Treatment of Warrant at Acquisition. In the event of an Acquisition in which the consideration to be received by the Company’s stockholders consists solely of cash, solely of Marketable
Securities or a combination of cash and Marketable Securities (a “Cash/Public Acquisition”), either (i) Holder shall exercise this Warrant pursuant to Section 1.1 and/or 1.2 and such exercise will be deemed
effective immediately prior to and contingent upon the consummation of such Acquisition or (ii) if Holder elects not to exercise the Warrant, this Warrant will expire immediately prior to the consummation of such Acquisition. 

(c) The Company shall provide Holder with written notice of its request relating to the Cash/Public Acquisition (together with such
reasonable information as Holder may reasonably require regarding the treatment of this Warrant in connection with such contemplated Cash/Public Acquisition giving rise to such notice), which is to be delivered to Holder not less than seven
(7) Business Days prior to the closing of the proposed Cash/Public Acquisition. In the event the Company does not provide such notice, then if, immediately prior to the Cash/Public Acquisition, the fair market value of one Share (or other
security issuable upon the exercise hereof) as determined in accordance with Section 1.3 above would be greater than the Warrant Price in effect on such date, then this Warrant shall automatically be deemed on and as of such date to be
exercised pursuant to Section 1.2 above as to all Shares (or such other securities) for which it shall not previously have been exercised, and the Company shall promptly notify the Holder of the number of Shares (or such other securities)
issued upon such exercise to the Holder and Holder shall be deemed to have restated each of the representations and warranties in Section 4 of the Warrant as the date thereof. 

(d) Upon the closing of any Acquisition other than a Cash/Public Acquisition defined above, the acquiring, surviving or successor entity
shall assume the obligations of this Warrant, and this Warrant shall thereafter be exercisable for the same securities and/or other property as would have been paid for the Shares issuable upon exercise of the unexercised portion of this Warrant as
if such Shares were outstanding on and as of the closing of such Acquisition, subject to further adjustment from time to time in accordance with the provisions of this Warrant. 

  
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 (e) As used in this Warrant, “Marketable Securities” means
securities meeting all of the following requirements: (i) the issuer thereof is then subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), and is then current in its filing of all required reports and other information under the Act and the Exchange Act; (ii) the class and series of shares or other security of the issuer that would be received by Holder in
connection with the Acquisition were Holder to exercise this Warrant on or prior to the closing thereof is then traded in Trading Market, and (iii) Holder would be able to publicly re-sell, within six (6) months following the closing of
such Acquisition, all of the issuer’s shares and/or other securities that would be received by Holder in such Acquisition were Holder to exercise this Warrant in full on or prior to the closing of such Acquisition. 

SECTION 2. ADJUSTMENTS TO THE SHARES AND WARRANT PRICE. 
 2.1 Stock Dividends, Splits, Etc. If the Company declares or pays a dividend or distribution on the outstanding shares of the Class payable in common stock or other securities or property (other
than cash), then upon exercise of this Warrant, for each Share acquired, Holder shall receive, without additional cost to Holder, the total number and kind of securities and property which Holder would have received had Holder owned the Shares of
record as of the date the dividend or distribution occurred. If the Company subdivides the outstanding shares of the Class by reclassification or otherwise into a greater number of shares, the number of Shares purchasable hereunder shall be
proportionately increased and the Warrant Price shall be proportionately decreased. If the outstanding shares of the Class are combined or consolidated, by reclassification or otherwise, into a lesser number of shares, the Warrant Price shall be
proportionately increased and the number of Shares shall be proportionately decreased. 
 2.2 Reclassification, Exchange,
Combinations or Substitution. Upon any event whereby all of the outstanding shares of the Class are reclassified, exchanged, combined, substituted, or replaced for, into, with or by Company securities of a different class and/or series, then
from and after the consummation of such event, this Warrant will be exercisable for the number, class and series of Company securities that Holder would have received had the Shares been outstanding on and as of the consummation of such event, and
subject to further adjustment thereafter from time to time in accordance with the provisions of this Warrant. The provisions of this Section 2.2 shall similarly apply to successive reclassifications, exchanges, combinations substitutions,
replacements or other similar events. 
 2.3 Conversion of Preferred Stock. If the Class is a class and series of the
Company’s convertible preferred stock, in the event that all outstanding shares of the Class are converted, automatically or by action of the holders thereof, into common stock pursuant to the provisions of the Company’s Certificate of
Incorporation, including, without limitation, in connection with the Company’s initial, underwritten public offering and sale of its common stock pursuant to an effective registration statement under the Act (the “IPO”),
then from and after the date on which all outstanding shares of the Class have been so converted, this Warrant shall be exercisable for such number of shares of common stock into which the Shares would have been converted had the Shares been
outstanding on the date of such conversion, and the Warrant Price shall equal the Warrant Price in effect as of immediately prior to such conversion divided by the number of shares of common stock into which one Share would have been converted, all
subject to further adjustment thereafter from time to time in accordance with the provisions of this Warrant. 

  
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 2.4 Adjustments for Diluting Issuances. Without duplication of any adjustment
otherwise provided for in this Section 2, the number of shares of common stock issuable upon conversion of the Shares shall be subject to anti-dilution adjustment from time to time in the manner set forth in the Company’s Articles or
Certificate of Incorporation as if the Shares were issued and outstanding on and as of the date of any such required adjustment. 
 2.5 No Fractional Share. No fractional Share shall be issuable upon exercise of this Warrant and the number of Shares to be issued shall be rounded down to the nearest whole Share. If a fractional
Share interest arises upon any exercise of the Warrant, the Company shall eliminate such fractional Share interest by paying Holder in cash the amount computed by multiplying the fractional interest by (i) the fair market value (as determined
in accordance with Section 1.3 above) of a full Share, less (ii) the then-effective Warrant Price. 
 2.6
Notice/Certificate as to Adjustments. Upon each adjustment of the Warrant Price, Class and/or number of Shares, the Company, at the Company’s expense, shall notify Holder in writing within a reasonable time setting forth the adjustments
to the Warrant Price, Class and/or number of Shares and facts upon which such adjustment is based. The Company shall, upon written request from Holder, furnish Holder with a certificate of its Chief Financial Officer, including computations of such
adjustment and the Warrant Price, Class and number of Shares in effect upon the date of such adjustment. 
 SECTION 3.
REPRESENTATIONS AND COVENANTS OF THE COMPANY. 
 3.1 Representations and Warranties. The Company represents and
warrants to, and agrees with, the Holder as follows: 
 (a) All Shares which may be issued upon the exercise of this Warrant,
and all securities, if any, issuable upon conversion of the Shares, shall, upon issuance, be duly authorized, validly issued, fully paid and non-assessable, and free of any liens and encumbrances except for restrictions on transfer provided for
herein or under applicable federal and state securities laws. The Company covenants that it shall at all times cause to be reserved and kept available out of its authorized and unissued capital stock such number of shares of the Class, common stock
and other securities as will be sufficient to permit the exercise in full of this Warrant and the conversion of the Shares into common stock or such other securities. 
 (b) The Company’s capitalization table attached hereto as Schedule 1 is true and complete, in all material respects, as of the Issue Date. 

3.2 Notice of Certain Events. If the Company proposes at any time to: 

(a) declare any dividend or distribution upon the outstanding shares of the Class or common stock, whether in cash, property, stock, or
other securities and whether or not a regular cash dividend; 

  
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 (b) offer for subscription or sale pro rata to the holders of the outstanding shares of the
Class any additional shares of any class or series of the Company’s stock (other than pursuant to contractual pre-emptive rights); 
 (c) effect any reclassification, exchange, combination, substitution, reorganization or recapitalization of the outstanding shares of the Class; 

(d) effect an Acquisition or to liquidate, dissolve or wind up; or 

(e) effect an IPO; 
 then, in
connection with each such event, the Company shall give Holder: 
 (1) at least seven (7) Business Days
prior written notice of the date on which a record will be taken for such dividend, distribution, or subscription rights (and specifying the date on which the holders of outstanding shares of the Class will be entitled thereto) or for determining
rights to vote, if any, in respect of the matters referred to in (a) and (b) above; 
 (2) in the case
of the matters referred to in (c) and (d) above at least seven (7) Business Days prior written notice of the date when the same will take place (and specifying the date on which the holders of outstanding shares of the Class will be
entitled to exchange their shares for the securities or other property deliverable upon the occurrence of such event); and 
 (3) with respect to the IPO, at least seven (7) Business Days prior written notice of the date on which the Company proposes to file its registration statement in connection therewith. 

Reference is made to Section 1.6(c) whereby this Warrant will be deemed to be exercised pursuant to Section 1.2 hereof if the Company does not
give written notice to Holder of a Cash/Public Acquisition as required by the terms hereof. Company will also provide information requested by Holder that is reasonably necessary to enable Holder to comply with Holder’s accounting or reporting
requirements. 
 SECTION 4. REPRESENTATIONS, WARRANTIES OF THE HOLDER. 

The Holder represents and warrants to the Company as follows: 
 4.1 Purchase for Own Account. This Warrant and the securities to be acquired upon exercise of this Warrant by Holder are being acquired for investment for Holder’s account, not as a nominee or
agent, and not with a view to the public resale or distribution within the meaning of the Act. Holder also represents that it has not been formed for the specific purpose of acquiring this Warrant or the Shares. 

  
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 4.2 Disclosure of Information. Holder is aware of the Company’s business affairs
and financial condition and has received or has had full access to all the information it considers necessary or appropriate to make an informed investment decision with respect to the acquisition of this Warrant and its underlying securities.
Holder further has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of this Warrant and its underlying securities and to obtain additional information (to the extent the
Company possessed such information or could acquire it without unreasonable effort or expense) necessary to verify any information furnished to Holder or to which Holder has access. 

4.3 Investment Experience. Holder understands that the purchase of this Warrant and its underlying securities involves substantial
risk. Holder has experience as an investor in securities of companies in the development stage and acknowledges that Holder can bear the economic risk of such Holder’s investment in this Warrant and its underlying securities and has such
knowledge and experience in financial or business matters that Holder is capable of evaluating the merits and risks of its investment in this Warrant and its underlying securities and/or has a preexisting personal or business relationship with the
Company and certain of its officers, directors or controlling persons of a nature and duration that enables Holder to be aware of the character, business acumen and financial circumstances of such persons. 

4.4 Accredited Investor Status. Holder is an “accredited investor” within the meaning of Regulation D promulgated under
the Act. 
 4.5 The Act. Holder understands that this Warrant and the Shares issuable upon exercise hereof have not been
registered under the Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of the Holder’s investment intent as expressed herein. Holder understands that this Warrant and the
Shares issued upon any exercise hereof must be held indefinitely unless subsequently registered under the Act and qualified under applicable state securities laws, or unless exemption from such registration and qualification are otherwise available.
Holder is aware of the provisions of Rule 144 promulgated under the Act. 
 4.6 No Voting Rights. Holder, as a Holder of
this Warrant, will not have any voting rights until the exercise of this Warrant. 
 SECTION 5. REGISTRATION RIGHTS. 

5.1 Piggy Back Registration Rights. Except as otherwise specified in this Warrant, this Warrant shall not entitle the Holder to any rights of a
holder of Common Stock in the Company until such time as this Warrant is Exercise or Exchanged. Subject to the Company’s ability to secure the requisite consents specified in Section 5.2 below, the Company hereby grants the following
registration rights to Holder. If during the term of this Warrant the Company proposes to file a registration statement under the Securities Act with respect to an offering for its own account of any class of its equity securities (other than a
registration statement on Form S-8 (or any successor form) or any other registration statement relating solely to employee benefit plans or filed in connection with an exchange offer, a transaction to which

  
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Rule 145 (or any successor provision) under the Securities Act applies or an offering of securities solely to the Company’s existing shareholders), then the Company shall in each case give
written notice of such proposed filing to Holder as soon as practicable (but no later than 20 business days) before the anticipated filing date, and such notice shall offer Holder the opportunity to register such number of shares of Warrant Stock as
Holder may request. Holder shall advise the Company in writing within 10 business days after the date on which the Company’s notice is so given, setting forth the number of shares of Warrant Stock for which registration is requested. If the
Company’s offering is to be an underwritten offering, the Company shall, subject to the further provisions of this Agreement, use its reasonable best efforts to cause the managing underwriter or underwriters to permit the Holders of the Warrant
Stock requested to be included in the registration for such offering to include such Warrant Stock in such offering on the same terms and conditions as any similar securities of the Company included therein, subject to Holder’s execution of an
underwriting agreement with the managing underwriter or underwriters selected by the Company in the same manner as other holders participating in the registration. In connection with any such offering, the Company will (i) include only such
information relating to the Holder and the sale of Holder’s securities as Holder shall specifically permit and (ii) indemnify the Holder against liabilities, losses and damages that Holder may incur in connection with the offering,
including those relating to the applicable securities laws, and any breach by the Company of this Warrant. 
 5.2 Prior
Registration Rights Agreement. Holder acknowledges that the Company is party to that certain Registration Rights Agreement dated as of March 16, 2009 among the Company and certain holders of its Common Stock and that such Registration
Rights Agreement prohibits the Company from granting additional registration rights without the consent of the stockholders who are parties to such Registration Rights Agreement. The Company shall use its best efforts to procure for the benefit of
Holder the registration rights set forth in Section 5.1 hereof. 
 SECTION 6. MISCELLANEOUS. 

6.1 Term and Automatic Conversion Upon Expiration. 
 (a) Term. Subject to the provisions of Section 1.6 above, this Warrant is exercisable in whole or in part at any time and from time to time on or before 6:00 PM, Pacific time, on the
Expiration Date and shall be void thereafter. 
 (b) Automatic Cashless Exercise upon Expiration. In the event that, upon
the Expiration Date, the fair market value of one Share (or other security issuable upon the exercise hereof) as determined in accordance with Section 1.3 above is greater than the Warrant Price in effect on such date, then this Warrant shall
automatically be deemed on and as of such date to be exercised pursuant to Section 1.2 above as to all Shares (or such other securities) for which it shall not previously have been exercised, and the Company shall, within a reasonable time,
deliver a certificate representing the Shares (or such other securities) issued upon such exercise to Holder. 

  
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 6.2 Legends. The Shares (and the securities issuable, directly or indirectly, upon
conversion of the Shares, if any) shall be imprinted with a legend in substantially the following form: 
 THE SHARES EVIDENCED
BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN THAT CERTAIN WARRANT TO PURCHASE STOCK ISSUED BY THE
ISSUER TO SILICON VALLEY BANK DATED DECEMBER 27, 2011, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER, SUCH OFFER, SALE, PLEDGE OR
OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION. 
 6.3 Compliance with Securities Laws on Transfer. This Warrant and the
Shares issuable upon exercise of this Warrant (and the securities issuable, directly or indirectly, upon conversion of the Shares, if any) may not be transferred or assigned in whole or in part except in compliance with applicable federal and state
securities laws by the transferor and the transferee (including, without limitation, the delivery of investment representation letters and legal opinions reasonably satisfactory to the Company, as reasonably requested by the Company). The Company
shall not require Holder to provide an opinion of counsel if the transfer is to SVB Financial Group (Silicon Valley Bank’s parent company) or any other affiliate of Holder, provided that any such transferee is an “accredited investor”
as defined in Regulation D promulgated under the Act. Additionally, the Company shall also not require an opinion of counsel if the proposed transfer is a sale pursuant to Rule 144 and there is no material question as to the availability of Rule 144
promulgated under the Act. 
 6.4 Transfer Procedure. After receipt by Silicon Valley Bank of the executed Warrant,
Silicon Valley Bank will transfer all of this Warrant to its parent company, SVB Financial Group. By its acceptance of this Warrant, SVB Financial Group hereby makes to the Company each of the representations and warranties set forth in
Section 4 hereof and agrees to be bound by all of the terms and conditions of this Warrant as if the original Holder hereof. Subject to the provisions of Section 6.3 and upon providing the Company with written notice, SVB Financial Group
and any subsequent Holder may transfer all or part of this Warrant or the Shares issuable upon exercise of this Warrant (or the securities issuable directly or indirectly, upon conversion of the Shares, if any) to any transferee, provided, however,
in connection with any such transfer, SVB Financial Group or any subsequent Holder will give the Company notice of the portion of the Warrant being transferred with the name, address and taxpayer identification number of the transferee and Holder
will surrender this Warrant to the Company for reissuance to the transferee(s) (and Holder if applicable); and provided further, that any subsequent transferee other than SVB Financial Group shall agree in writing with the Company to be bound by all
of the terms and conditions of this Warrant. Notwithstanding any contrary provision herein, at all times prior to the IPO, Holder may not, without the Company’s prior written consent, transfer this Warrant or any portion hereof, or any Shares
issued upon any exercise hereof, or any shares or other securities issued upon any conversion of any Shares issued upon any exercise hereof, to any person or entity who directly competes with the Company, except in connection with an Acquisition of
the Company by such a direct competitor. 

  
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 6.5 Notices. All notices and other communications hereunder from the Company to the
Holder, or vice versa, shall be deemed delivered and effective (i) when given personally, (ii) on the third (3rd) Business Day after being mailed by first-class registered or certified mail, postage prepaid, (iii) upon actual
receipt if given by facsimile or electronic mail and such receipt is confirmed in writing by the recipient, or (iv) on the first Business Day following delivery to a reliable overnight courier service, courier fee prepaid, in any case at such
address as may have been furnished to the Company or Holder, as the case may be, in writing by the Company or such Holder from time to time in accordance with the provisions of this Section 6.5. All notices to Holder shall be addressed as
follows until the Company receives notice of a change of address in connection with a transfer or otherwise: 
 SVB Financial
Group 
 Attn: Treasury Department 
 3003 Tasman Drive, HA 200 
 Santa Clara, CA 95054 

Telephone:     408-654-7400 
 Facsimile:     408-496-2405 
 Email
address:     warradmi@svb.com 
 Notice to the Company shall be addressed as follows until Holder
receives notice of a change in address: 
 Cardiovascular Systems, Inc. 

Attn: Chief Financial Officer 
 651 Campus Drive 
 St. Paul, Minnesota 55112-3495 

Telephone:        (651) 259-1600 

Facsimile:        (651) 259-1696 

Email address:     lbetterley@csi360.com 
 6.6 Waiver. This Warrant and any term hereof may be changed, waived, discharged or terminated (either generally or in a particular instance and either retroactively or prospectively) only by an
instrument in writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought. 

6.7 Attorney’s Fees. In the event of any dispute between the parties concerning the terms and provisions of this Warrant, the
party prevailing in such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including reasonable attorneys’ fees. 
 6.8 Counterparts; Facsimile/Electronic Signatures. This Warrant may be executed in counterparts, all of which together shall constitute one and the same agreement. Any signature page delivered
electronically or by facsimile shall be binding to the same extent as an original signature page with regards to any agreement subject to the terms hereof or any amendment thereto. 

  
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 6.9 Governing Law. This Warrant shall be governed by and construed in accordance with
the laws of the State of California, without giving effect to its principles regarding conflicts of law. 
 6.10
Headings. The headings in this Warrant are for purposes of reference only and shall not limit or otherwise affect the meaning of any provision of this Warrant. 
 6.11 Business Days. “Business Day” is any day that is not a Saturday, Sunday or a day on which Silicon Valley Bank is closed. 

[Remainder of page left blank intentionally] 
 [Signature page follows] 

  
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 IN WITNESS WHEREOF, the parties have caused this Warrant to Purchase Stock to be executed by
their duly authorized representatives effective as of the Issue Date written above. 
 “COMPANY” 

CARDIOVASCULAR SYSTEMS, INC., a Delaware corporation 
  

			
		
	By:	 	/s/ Laurence L. Betterley
	Name:	 	 Laurence L. Betterley

(Print)

	Title:	 	CFO

 “HOLDER” 
 SILICON VALLEY BANK 
  

			
		
	By:	 	/s/ Adam Glick
	Name:	 	 Adam Glick

(Print)

	Title:	 	Relationship Manager

  
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 APPENDIX 1 
 NOTICE OF EXERCISE 
 1. The undersigned Holder hereby exercises its right
purchase             shares of the Common Stock of CARDIOVASCULAR SYSTEMS, INC., a Delaware corporation (the “Company”) in accordance with the attached Warrant To
Purchase Stock, and tenders payment of the aggregate Warrant Price for such shares as follows: 
  

	[    ]	check in the amount of $            payable to order of the Company enclosed herewith

  

	[    ]	Wire transfer of immediately available funds to the Company’s account 

 

	[    ]	Cashless Exercise pursuant to Section 1.2 of the Warrant 

  

	[    ]  	Other [Describe]                        
                                         
                                         
                                         
                                         
                          

 2. Please issue a certificate or certificates representing the Shares in the name specified below: 
  

					
	Holder’s Name	 		  	
			
		 		  	
	 	 		  	
	(Address)	 		  	

 3. By its execution below and for the benefit of the Company, Holder hereby restates each of the
representations and warranties in Section 4 of the Warrant to Purchase Stock as of the date hereof. 
  

			
	HOLDER:
	
	
	 
		
	By:	 	 
	Name:	 	 
	Title:	 	 
	(Date):	 	 

 Appendix 1 

  
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 SCHEDULE 1 
 Company Capitalization Table 
 See attached 

Schedule 1 

  
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 Schedule 1 
 Capitalization Table 
 11/30/11 

 

									
	  	  	Total
Shares	 	  	%	 
	 Common Stock
	  	 	17,798,246	  	  	 	77.1	% 
	 Options Outstanding
	  	 	2,903,373	  	  	 	12.6	% 
	 Warrants Outstanding
	  	 	2,374,577	  	  	 	10.3	% 
		  	  
	  
	 	  	  
	  
	 
	 Total Options and Warrants
	  	 	5,277,950	  	  	 	22.9	% 
		  	  
	  
	 	  	  
	  
	 
	 Total All Securities
	  	 	23,076,196	  	  	 	100.0	% 

 There are 482,777 remaining shares available for grant under the 2007 Equity Plan. 

There are 170,709 available shares for purchase through the Employer Stock purchase plan. 
 The Company has $5.0MM in outstanding loans under a convertible debt facility with Partners for Growth III, L.P. (PFG). At any time prior to the maturity date, PFG may at its option convert any of the
outstanding loans into shares of the Company’s common stock at the applicable conversion price. In aggregate, the outstanding loans can be converted into 363,794 shares of the Company’s common stock. 

  
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 Exhibit 10.3 
 WARRANT 
 THIS WARRANT (“WARRANT”) WAS SOLD IN A PRIVATE TRANSACTION, WITHOUT
REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE, AND MAY BE OFFERED OR SOLD ONLY IF REGISTERED UNDER THE SECURITIES ACT AND SUCH LAWS OR IF AN EXEMPTION FROM REGISTRATION
UNDER THE SECURITIES ACT AND SUCH LAWS IS AVAILABLE. 
  

			
	Company:	  	Cardiovascular Systems, Inc., a Delaware corporation
	Number of Shares:	  	24,900
	Class of Shares:	  	Common Stock, $0.001 par value per share
	Exchange Price:	  	$9.33 per share
	Issue Date:	  	December 27, 2011
	Expiration Date:	  	December 27, 2016

 The term “Holder” shall initially refer to Silicon Valley Bank, a California corporation, which
is the initial holder of this Warrant and shall further refer to any subsequent permitted holder of this Warrant from time to time. 
 The Company does hereby certify and agree that for good and valuable consideration for this Warrant, Holder, or its permitted successors and assigns, hereby is entitled to Exercise or Exchange (each as
defined below) this Warrant in Cardiovascular Systems, Inc. (the “Company”) for Twenty Four Thousand Nine Hundred (24,900) duly authorized, validly issued, fully paid and non-assessable shares of its Common Stock, $0.001 par value
each, upon the terms and subject to the provisions of this Warrant. The shares of Common Stock issuable upon Exercise or Exchange of this Warrant are referred to herein as the “Warrant Stock”. Capitalized terms used but not defined in this
Warrant have their meanings as set forth in that certain Loan and Security Agreement between the Company and Partners for Growth III, L.P. dated as of April 14, 2010, as amended (the “Loan Agreement”). 

Section 1 Term, Price and Exercise or Exchange of Warrant. 
 1.1 Term of Warrant. This Warrant shall be exercisable and exchangeable for a period of five (5) years from the Issue Date (hereinafter referred to as the “Expiration Date”).

 1.2 Exchange Price. The price per share at which the Warrant Stock is issuable upon Exercise or Exchange of this
Warrant shall be $9.33, subject to Section 1.3 (a) hereof and subject to adjustment from time to time as set forth herein (the “Exchange Price”). 
 1.3 Exercise of Warrant; Exchange of Warrant. 
 (a) This Warrant may be
Exercised or Exchanged, in whole or in part, upon delivery to the Company of the form of election to Exchange or Exercise attached hereto as Exhibit A (the “Election”) duly completed and executed subject to payment to the Company of

  
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the Exchange Price for the number of shares of Warrant Stock in respect of which this Warrant is then being exercised (an “Exercise”). In whole or in part in lieu of an Exercise, Holder
may exchange this Warrant as set forth in Section 1.3(b) (an “Exchange”). In each case, Holder shall promptly surrender this Warrant to the Company or provide a customary affidavit of lost or stolen warrant. 

(b) Upon an Exchange, the Holder shall receive Warrant Stock such that, without the payment of any funds, the Holder shall surrender this
Warrant in exchange for the number of shares of Warrant Stock equal to “X” (as defined below), computed using the following formula: 
  

					
		 	 Y * (A-B)

        A
	  	
	                            
          X=	 	  	
		 	  	

 Where 
 X = the number of shares of Warrant Stock to be issued to Holder 
 Y = the number
of shares of Warrant Stock to be Exchanged under this Warrant 
 A = the Fair Market Value of one share of Warrant Stock

 B = the Exchange Price (as adjusted to the date of such calculations) 

* = multiplied by 
 (c) For purposes of this Warrant, the “Fair Market Value” of one share of Warrant Stock shall be (i) if the Company’s common stock (the “Common Stock”) is or becomes listed
on a national stock exchange or is quoted on the Nasdaq Global Select Market or Nasdaq Global Market, the highest closing sale price reported on such exchange or market during the trading day on which Holder delivers its Election to the Company, or
(ii) if the Common Stock is traded over-the-counter, the highest closing bid price reported for the Common Stock during the trading day on which Holder delivers its Election to the Company, and if there has been no such reported bid price for
such day, the next prior day(s) until the first such reported bid price. If the Common Stock is not traded as contemplated in clauses (i) or (ii), above, the Fair Market Value of the Company’s Warrant Stock shall be the price per share
which the Company could obtain from a willing buyer for shares of Common Stock sold by the Company from its authorized but unissued shares, as the Board of Directors of the Company (“Board”) shall determine in its reasonable good faith
judgment, but in no event less than the price at which qualified employee stock options issued at such time are exercisable. In the event that Holder elects to Exercise or Exchange in connection with a transaction in which the Warrant Stock is
converted into or exchanged for another security, Holder may effect an Exercise or Exchange directly into such other security. 

(d) Upon delivery of the Election, but subject to payment of the Exchange price in the case of an Exercise and surrender of this Warrant
(or delivery of an affidavit of lost or stolen warrant), the Company shall promptly issue and deliver a certificate or certificates for the number of shares of Warrant Stock so deliverable upon Exchange or Exercise of this Warrant. Such certificate
or certificates shall be deemed to have been issued and any person so 

  
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designated to be named therein shall be deemed to have become a holder of record of such Warrant Stock as of the date the Election is delivered (but subject, as a condition precedent to payment
of the Exchange Price in the case of an Exercise and in each case surrender of this Warrant or delivery of an affidavit of lost or stolen warrant (the “Exchange Conditions”)); provided, that if the date of such Election is not a business
day, the certificates for the Warrant Stock shall be deemed to have been issued as of the next business day (whether before or after the Expiration Date). If this Warrant is Exercised or Exchanged in part, a new warrant of the same tenor and for the
number of shares of Warrant Stock not Exchanged or Exercised shall be executed by the Company. 
 1.4 Fractional
Interests. The Company shall not be required to issue fractions of shares of Warrant Stock upon the Exercise or Exchange of this Warrant. If any fraction of a share of Common Stock would be issuable upon Exercise or Exchange of this Warrant (or
any portion thereof), the Company shall purchase such fraction for an amount in cash equal to the same fraction of the last reported sale price of the Common Stock on the NASDAQ Global Select Market or Nasdaq Global Market or any other national
securities exchange or market on which the Common Stock is then listed or traded. 
 1.5 Automatic Conversion upon
Expiration. In the event that, upon the Expiration Date, the Fair Market Value of one share of Common Stock (or other security issuable upon the Exercise or Exchange hereof) as determined in accordance with Section 1.3(c) is greater than
the Exchange Price in effect on such date, then this Warrant shall automatically be deemed on and as of such date to be converted pursuant to Section 1.3 as to all Warrant Stock (or such other securities) for which it shall not previously have
been Exercised or Exchanged, and the Company shall promptly deliver a certificate representing the Warrant Stock (or such other securities) issued upon such Exercise or Exchange to Holder. 

1.6 Treatment of Warrant Upon Acquisition of Company. 
 (a) “Acquisition”. For the purpose of this Warrant, “Acquisition” means any sale or other disposition of all or substantially all of the assets of the Company in whatever form,
or any reorganization, consolidation, or merger of the Company (whether in a single transaction or multiple related transactions) where the holders of the Company’s securities before the transaction beneficially own less than 50% of the
outstanding voting securities of the surviving entity after the transaction(s). 
 (b) Treatment of Warrant at
Acquisition. Upon the closing of any Acquisition, the successor entity (if applicable in such Acquisition) shall, as condition to such Acquisition, either: (i) assume the obligations of this Warrant, and this Warrant shall be exchangeable
for the same securities as would be payable for the Warrant Stock issuable upon Exercise or Exchange of the unexchanged portion of this Warrant as if such Warrant Stock were outstanding on the record date for the Acquisition (and the Warrant Price
and/or number of shares of Warrant Stock shall be adjusted accordingly) or (ii) purchase this Warrant at its “Fair Value” (as such term is defined herein). 

  
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 (c) Purchase at Fair Value. 

For purposes of this Warrant, “Fair Value” shall mean that value determined by the parties using a Black-Scholes Option-Pricing
Model (the “Black-Scholes Calculation”) with the following assumptions: (A) a risk-free interest rate equal to the risk-free interest rate at the time of the closing of the Acquisition (or as close thereto as practicable), (B) a
contractual life of the Warrant equal to the remaining term of this Warrant as of the date of the announcement of the Acquisition, (C) an annual dividend yield equal to dividends declared on the underlying Warrant Stock (including securities
into which the Warrant Stock may be convertible) during the term of this Warrant (calculated on an annual basis), and (D) a volatility factor of the expected market price of the Company’s Common Stock comprised of: (1) if the Company
is publicly traded on a national securities exchange or is quoted on the Nasdaq Global Select Market or Nasdaq Global Market, its volatility over the one year period ending on the day prior to the announcement of the Acquisition, (2) if the
Common Stock is traded over-the-counter, its volatility over the one year period ending on the day prior to the announcement of the Acquisition, or (3) if the Company is a non-public company, the volatility, over the one year period prior to
the Acquisition, of an average of publicly-traded companies in the same or similar industry to the Company with such companies having similar revenues. The Purchase Price determined in accordance with the above shall be paid upon the initial closing
of the Acquisition and shall not be subject to any post-Acquisition closing contingencies or adjustments; provided, however, the parties may take such post-Acquisition closing contingencies or adjustments into account in determining the Purchase
Price, and if the parties take any post-Acquisition closing contingencies or adjustments into account, then upon the partial or complete removal of those post-Acquisition closing contingencies or adjustments, a new Black-Scholes Calculation would be
made using all of the same inputs except for the value of the Company’s Common Stock (as determined under subclause (D)), and any increase in Fair Value (and, correspondingly, Purchase Price), including, without limitation, as a result of any
earn-out or escrowed consideration, would be paid in full to Holder immediately after those post-Acquisition closing contingencies or adjustments can be determined or achieved. 
 Section 2. Exchange and Transfer of Warrant. 
 (a) This Warrant may be
transferred, in whole or in part, without restriction, subject to (i) Holder’s compliance with applicable securities laws and delivery of an opinion of competent counsel as to the same, if so requested by the Company, and (ii) the
transferee holder of the new Warrant assuming in writing the obligations of the Holder set forth in this Warrant and the Agreement. Notwithstanding and without complying with the foregoing requirements, at issuance, Holder shall be deemed to have
transferred this Warrant in whole to its parent company, SVB Financial Group, and SVB Financial Group shall be deemed to have made to the Company each of the representations and warranties set forth in Section 7 hereof and agrees to be bound by
all of the terms and conditions of this Warrant as if the original Holder hereof. Any other transfer may be registered with the Company by submission to it of this Warrant, together with the annexed Assignment Form attached hereto as Exhibit B duly
completed and executed. After the Company’s receipt of this Warrant and the Assignment Form so completed and executed, the Company will issue and deliver to the transferee a new warrant (representing the portion of this Warrant so transferred)
at the same Exchange Price per share and otherwise 

  
 - 4 -

 
having the same terms and provisions as this Warrant, which the Company will register in the new holder’s name. In the event of a partial transfer of this Warrant, the Company shall
concurrently issue and deliver to the transferring holder a new warrant that entitles the transferring holder to purchase the balance of this Warrant not so transferred and that otherwise is upon the same terms and conditions as this Warrant. Upon
the due delivery of this Warrant for transfer, the transferee holder shall be deemed for all purposes to have become the holder of the new warrant issued for the portion of this Warrant so transferred, effective immediately prior to the close of
business on the date of such delivery, irrespective of the date of actual delivery of the new warrant representing the portion of this Warrant so transferred. 
 (b) In the event of the loss, theft or destruction of this Warrant, the Company shall execute and deliver an identical new warrant to the Holder in substitution therefor upon the Company’s receipt of
(i) evidence reasonably satisfactory to the Company of such event and (ii) if requested by the Company, an indemnity agreement reasonably satisfactory in form and substance to the Company. In the event of the mutilation of or other damage
to the Warrant, the Company shall execute and deliver an identical new warrant to the Holder in substitution therefor upon the Company’s receipt of the mutilated or damaged warrant. 

(c) The Company shall pay all reasonable costs and expenses incurred in connection with the Exchange, Exercise, transfer, amendment or
replacement of this Warrant, including, without limitation, the costs of preparation, execution and delivery of a new warrant and of share certificates representing all Warrant Stock. 
 Section 3. Certain Covenants. 
 (a) The Company shall at all times
reserve for issuance and keep available out of its authorized and unissued Common Stock, solely for the purpose of providing for the Exercise or Exchange of this Warrant, such number of shares of Common Stock as shall from time to time be sufficient
therefor. 
 (b) The Company will not, by amendment or restatement of its Certificate of Incorporation or Bylaws or through
reorganization, consolidation, merger, amalgamation, sale of assets or otherwise, avoid or seek to avoid the observance or performance of any of the terms of this Warrant. Without limiting the foregoing, the Company (i) will not increase the
par value of any Warrant Stock receivable upon the Exercise or Exchange of this Warrant above the amount payable therefor upon such Exercise or Exchange and (ii) will take all such action as may be necessary or appropriate in order that the
Company may validly and legally issue fully paid and nonassessable shares upon the Exercise or Exchange of this Warrant. 
 (c)
So long as Holder holds this Warrant, the Company shall deliver to Holder such reports as it provides to its stockholders generally, as and when delivered to such stockholders. Notwithstanding the foregoing, the Company shall provide Holder
quarterly and annual financial statements upon request, if such statements are not publicly available. The parties shall not treat the Warrant or the Warrant Stock as being granted or issued as property transferred in connection with the performance
of services or otherwise as compensation for services rendered. 

  
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 Section 4. Adjustments to Exchange Price and Number of Shares of Warrant Stock. 

4.1 Adjustments. The Exchange Price shall be subject to adjustment from time to time in accordance with this Section 4. Upon
each adjustment of the Exchange Price pursuant to this Section 4, the Holder shall thereafter be entitled to acquire upon Exercise or Exchange, at the Exchange Price resulting from such adjustment, the number of shares of Common Stock of the
Company obtainable by multiplying the Exchange Price in effect immediately prior to such adjustment by the number of shares of Common Stock acquirable immediately prior to such adjustment and dividing the product thereof by the new Exchange Price
resulting from such adjustment. 
 4.2 Subdivisions, Combinations and Stock Dividends. If the Company shall at any time
subdivide by split-up or otherwise, its outstanding Common Stock into a greater number of shares, or issue additional Common Stock as a dividend, bonus issue or otherwise with respect to any Common Stock, the Exchange Price in effect immediately
prior to such subdivision or share dividend or bonus issue shall be proportionately reduced and the number of shares acquirable upon Exercise or Exchange hereunder shall be proportionately increased. Conversely, in case the outstanding Common Stock
of the Company shall be combined into a smaller number of shares, the Exchange Price in effect immediately prior to such combination shall be proportionately increased. 
 4.3 Reclassification, Exchange, Substitutions, Etc. Upon any reclassification, exchange, substitution, or other event that results in a change of the number and/or class of the securities issuable
upon Exercise or Exchange of this Warrant, Holder shall be entitled to receive an amended warrant for the number and kind of securities and property that Holder would have received for the Warrant Stock if this Warrant had been exercised immediately
before such reclassification, exchange, substitution, or other event. The Company or its successor shall promptly issue to Holder an amendment to this Warrant setting forth the number and kind of such new securities or other property issuable upon
Exercise or Exchange of this Warrant as a result of such reclassification, exchange, substitution or other event that results in a change of the number and/or class of securities issuable upon Exercise or Exchange of this Warrant. The amendment to
this Warrant shall provide for adjustments (as determined in good faith by the Company’s Board of Directors) which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article 4 including, without
limitation, adjustments to the Warrant Price and to the number of securities or property issuable upon Exercise or Exchange of the new Warrant. The provisions of this Section 4.3 shall similarly apply to successive reclassifications, exchanges,
substitutions, or other similar events. 
 4.4. Notices of Record Date, Etc. In the event that the Company shall:

 (1) declare or propose to declare any dividend upon its Common Stock, whether payable in cash, property, stock or other
securities and whether or not a regular cash dividend, or 
 (2) offer for sale any additional shares of any class or series of
the Company’s stock or securities exchangeable for or convertible into such stock in any transaction that would give rise (regardless of waivers thereof) to pre-emptive rights of any class or series of stockholders, or 

  
 - 6 -

 (3) effect or approve any reclassification, exchange, substitution or recapitalization of
the capital stock of the Company, including any subdivision or combination of its outstanding capital stock, or consolidation or merger of the Company with, or sale of all or substantially all of its assets to, another corporation, or to liquidate,
dissolve or wind up (including an assignment for the benefit of creditors), or 
 (4) offer holders of registration rights the
opportunity to participate in any public offering of the Company’s securities, 
 then, in connection with such event, the Company
shall give to Holder: 
 (i) at least ten (10) days prior written notice of the date on which the books of the Company shall
close or a record shall be taken for such a dividend or offer in respect of the matters referred to in (1) or (2) above, or for determining rights to vote in respect of the matters referred to in (3) above; and 

(ii) in the case of the matters referred to in (3) above, at least ten (10) days prior written notice of the date when the same
shall take place. Such notice in accordance with the foregoing clause (1) shall also specify, in the case of any such dividend, the date on which the holders of capital stock shall be entitled thereto and the terms of such dividend, and such
notice in accordance with clause (2) shall also specify the date on which the holders of capital stock shall be entitled to exchange their capital stock for securities or other property deliverable upon such reorganization, reclassification,
exchange, substitution, consolidation, merger or sale, as the case may be, and the terms of such exchange. Each such written notice shall be given by first class mail, postage prepaid, addressed to the holder of this Warrant at the address of
Holder; and 
 (iii) in the case of the matter referred to in (4) above, the same notice as is given or required to be
given to the holders of such registration rights. 
 4.5 Adjustment by Board of Directors. If any event occurs as to
which, in the opinion of the Board of Directors of the Company, the provisions of this Section 4 are not strictly applicable or if strictly applicable would not fairly protect the rights of the Holder in accordance with the essential intent and
principles of such provisions, then the Board of Directors shall make an adjustment in the application of such provisions, in accordance with such essential intent and principles, so as to protect such rights, but in no event shall any adjustment
have the effect of increasing the Exchange Price as otherwise determined pursuant to any of the provisions of this Section 4, except in the case of a combination of shares of a type contemplated in Section 4.2 and then in no event to an
amount larger than the Exchange Price as adjusted pursuant to Section 4.2. 
 4.6 Officers’ Statement as to
Adjustments. Whenever the Exchange Price and/or number of shares of Warrant Stock subject to the Warrant is required to be adjusted as provided in Section 4, the Company shall forthwith file at its principal office with a copy to the Holder
notice parties set forth in Section 7 hereof a statement, signed by the Chief Executive Officer or Chief Financial Officer of the Company, showing in reasonable detail the facts requiring such

  
 - 7 -

 
adjustment, the Exchange Price and number of issuable shares that will be effective after such adjustment; provided, however, such statement shall not be required to the extent the information
requested in this Section 4.6 is available through the Company’s current reports filed with the Securities and Exchange Commission. If at any time the information described in this Section 4.6 is readily available through the
Company’s reports filed with the Securities and Exchange Commission, the Company shall not be required to provide a separate notice of adjustment to the Holder; provided, however, if such information is not readily available through the
Company’s current reports filed with the Securities Exchange Commission and made public, the Company shall cause a notice setting forth any such adjustments to be sent by mail, first class, postage prepaid, to the record Holder of this Warrant
at its notice address(es) appearing in Section 7. 
 4.7 Issue of Securities other than Common Stock. In the event
that at any time, as a result of any adjustment made pursuant to Section 4, the Holder thereafter shall become entitled to receive any securities of the Company, other than Common Stock, thereafter the number of such other shares so receivable
upon Exercise or Exchange of this Warrant shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to the Common Stock contained in Section 4. 

Section 5. Rights and Obligations of the Warrant Holder. 
 Except as otherwise specified in this Warrant, this Warrant shall not entitle the Holder to any rights of a holder of Common Stock in the Company until such time as this Warrant is Exercise or Exchanged.
Subject to the Company’s ability to secure the requisite consents specified in Section 6.13, the Company hereby grants the following registration rights to Holder. If during the term of this Warrant the Company proposes to file a
registration statement under the Securities Act with respect to an offering for its own account of any class of its equity securities (other than a registration statement on Form S-8 (or any successor form) or any other registration statement
relating solely to employee benefit plans or filed in connection with an exchange offer, a transaction to which Rule 145 (or any successor provision) under the Securities Act applies or an offering of securities solely to the Company’s existing
shareholders), then the Company shall in each case give written notice of such proposed filing to Holder as soon as practicable (but no later than 20 business days) before the anticipated filing date, and such notice shall offer Holder the
opportunity to register such number of shares of Warrant Stock as Holder may request. Holder shall advise the Company in writing within 10 business days after the date on which the Company’s notice is so given, setting forth the number of
shares of Warrant Stock for which registration is requested. If the Company’s offering is to be an underwritten offering, the Company shall, subject to the further provisions of this Agreement, use its reasonable best efforts to cause the
managing underwriter or underwriters to permit the Holders of the Warrant Stock requested to be included in the registration for such offering to include such Warrant Stock in such offering on the same terms and conditions as any similar securities
of the Company included therein, subject to Holder’s execution of an underwriting agreement with the managing underwriter or underwriters selected by the Company in the same manner as other holders participating in the registration. In
connection with any such offering, the Company will (i) include only such information relating to the Holder and the sale of Holder’s securities as Holder shall specifically permit and (ii) indemnify the Holder against liabilities,
losses and damages that Holder may incur in connection with the offering, including those relating to the applicable securities laws, and any breach by the Company of this Warrant. 

  
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 Section 6. Representations, Warranties and Covenants of the Company. The Company represents and
warrants to, and covenants with, Holder that: 
 6.1 Corporate Power; Authorization. The Company has all requisite
corporate power and has taken all requisite corporate action to execute and deliver this Warrant, to sell and issue the Warrant and Warrant Stock and to carry out and perform all of its obligations hereunder. This Warrant has been duly authorized,
executed and delivered on behalf of the Company and constitutes the valid and binding agreement of the Company, enforceable in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization or similar laws
relating to or affecting the enforcement of creditors’ rights generally and (ii) as limited by equitable principles generally. The person executing this Warrant is a duly authorized officer of the Company with all necessary legal authority
to bind the Company generally and with the specific legal authority to cause the Company to execute and deliver this Warrant. 

6.2 Validity of Securities. This Warrant, when sold against the consideration therefor as provided therein, will be validly
authorized, issued and fully paid. The issuance and delivery of the Warrant is not subject to preemptive or any similar rights of the stockholders of the Company (which have not been duly waived) or any liens or encumbrances except for restrictions
on transfer provided for herein or under applicable federal and state securities laws; and when the Warrant Stock is issued upon exercise and in accordance with the terms hereof, and this Warrant is converted into Warrant Stock, such securities will
be, at each such issuance, validly issued and outstanding, fully paid and nonassessable, in compliance with all applicable securities laws and free of any liens or encumbrances except for restrictions on transfer provided for herein or under
applicable federal and state securities laws. 
 6.3 Capitalization. The authorized capital stock of the Company consists
of 100,000,000 shares of common stock, of which 17,798,246 were issued and outstanding on November 30, 2011. All such issued and outstanding shares have been duly authorized and validly issued and are fully paid and nonassessable. As of
November 30, 2011, the Company has reserved a total of 2,374,577 shares of its common stock for issuance under outstanding warrants to purchase common stock. As of November 30, 2011, the Company has reserved (i) 31,451 shares of its
common stock for issuance under outstanding options under its 1991 Stock Option Plan; (ii) 1,417,968 shares of its common stock for issuance under outstanding options under its 2003 Stock Option Plan; (iii) 70,000 shares of its common
stock for issuance under outstanding options under the 2006 Equity Incentive Plan relating to Replidyne activity prior to the merger in February 2009; (iv) 1,338,664 shares of its common stock for issuance under outstanding options under its
2007 Equity Incentive Plan (all of the plans referred to in items (i), (ii), (iii) and (iv) are referred to collectively as the “Company Stock Option Plans”) and (v) 45,290 shares of its common stock for issuance under
outstanding options not granted under any plan. Except for 482,777 shares of the Company’s common stock remaining available for issuance under options to be granted under the Company’s 2007 Equity Incentive Plan, no shares of the
Company’s common stock remain available for issuance under additional options to be granted under the Company Stock Option Plans. Except as specified in this Warrant (including as set forth in

  
 - 9 -

 
Schedule 1), there are no other options, warrants, conversion privileges or other contractual rights presently outstanding to purchase or otherwise acquire any authorized but unissued shares of
the Company’s capital stock or other securities. Schedule 1 hereto sets forth a capitalization table which is true, correct, accurate and complete as of November 30, 2011. 

6.4 No Conflict. The execution and delivery of this Warrant do not, and the consummation of the transactions contemplated hereby
and thereby will not, conflict with, or result in any violation of, or default (with or without notice or lapse of time, or both), or give rise to a right of termination, cancellation or acceleration of any obligation or to a loss of a material
benefit, under, any provision of the Restated Certificate of Incorporation or Bylaws, as amended, or any mortgage, indenture, lease or other agreement or instrument, permit, concession, franchise, license, judgment, order, decree, statute, law,
ordinance, rule or regulation applicable to the Company, its properties or assets, the effect of which would have a material adverse effect on the Company or materially impair or restrict its power to perform its obligations as contemplated hereby.

 6.5 Governmental and other Consents. No consent, approval, order or authorization of, or registration, qualification,
designation, declaration or filing with, any governmental authority or other person or entity is required on the part of the Company in connection with the issuance, sale and delivery of the Warrant and the Warrant Stock, except such filings as
shall have been made prior to and shall be effective on and as of the date hereof. All stockholder consents required in connection with issuance of the Warrant and Warrant Stock have either been obtained by Borrower or no such consents are required.

 6.6 Authorized and Unissued Shares of Common Stock. During the period within which this Warrant may be exercised, the
Company will at all times have authorized and reserved, for the purpose of issue or transfer upon exercise of this Warrant, a sufficient number of authorized but unissued shares of Common Stock when and as required to provide for the exercise of the
rights represented hereby. 
 6.7 Exempt from Registration. Assuming the accuracy of the representations and warranties
of Holder in Section 7 hereof, the offer, sale and issuance of the Warrant and the Warrant Stock will be exempt from the registration requirements of the Securities Act pursuant to Rule 506 of Regulation D under the Securities Act and from the
registration and qualification requirements of applicable state securities laws. Neither the Company nor any agent on its behalf has solicited or will solicit any offers to sell or has offered to sell or will offer to sell all or any part of
Securities to any person or persons so as to bring the sale of such Shares by the Company within the registration provisions of the Securities Act. 
 6.8 Reporting Obligations. Borrower is and will remain subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act and (i) has filed and will file all required
reports under Section 13 or 15(d) of the Exchange Act, as applicable, during the 12 months preceding the initial issuance of any Notes, other than Form 8-K reports; and (ii) has submitted and will submit electronically and posted on its
corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T, during the 12 months preceding such sale (a “Reporting Issuer”). Without limiting the foregoing, if the
Company ceases to timely file periodic reports under the Exchange Act, the Company shall from time to time promptly provide a copy of its most recent annual, quarterly and other interim reports to Holder. 

  
 - 10 -

 6.9 Quotation on NASDAQ. The Warrant Stock issuable upon Exercise or Exchange of this
Warrant has been authorized for quotation on the Nasdaq Global Market. Any filings required by such market, including, without limitation, the Financial Industry Regulatory Authority (“FINRA”) shall be timely made and any required
authorizations or approvals for the consummation of the transactions contemplated herein, including, without limitation, the issuance of the Warrant Stock, have been obtained. 
 6.10 Non-Public Information. The Company shall not at any time provide PFG any material nonpublic information, unless pursuant to Special Request (as defined in the Loan and Security Agreement of
even date herewith) and will publicly disclose the terms of this Agreement on Form 8-K under the Exchange Act (including it as an exhibit thereto if it deems it required under applicable law) promptly following the date hereof. 

6.11 Delivery of Information; Accuracy. The Company acknowledges its delivery of certain Representations and Warranties dated as
of August 8, 2011 (the “Representation Letter”), to Holder, which Representations and Warranties form the basis for Holder purchasing the Warrant. The information contained in Part B of the Representation Letter and all documents,
instruments and other information delivered to Holder in connection therewith are true, correct, accurate and complete in all material respects. 
 6.12 Legends. The Company shall remove any restrictive securities legends on Warrant Stock resulting from exchange of the Warrant six (6) months following the issuance of the Warrant.

 6.13 Piggyback Registration Rights. Holder acknowledges that the Company is party to that certain Registration Rights
Agreement dated as of March 16, 2009 among the Company and certain holders of its Common Stock and that such Registration Rights Agreement prohibits the Company from granting additional registration rights without the consent of the
stockholders who are parties to such Registration Rights Agreement. The Company shall use its best efforts to procure for the benefit of Holder the registration rights set forth in Section 5 hereof. 

Section 7. Representations and Warranties of Holder. Holder hereby represents and warrants to the Company as of the Closing Date as follows:

 7.1 Investment Experience. Holder is an “accredited investor” within the meaning of Rule 501 under the
Securities Act, and was not organized for the specific purpose of acquiring the Securities. Holder is aware of the Company’s business affairs and financial condition and has acquired sufficient information about the Company to reach an informed
and knowledgeable decision to acquire the Securities. Holder has such business and financial experience as is required to give it the capacity to protect its own interests in connection with the purchase of the Securities. 

  
 - 11 -

 7.2 Investment Intent. Holder is purchasing the Warrant for investment for its own
account only and not with a view to, or for resale in connection with, any “distribution” thereof within the meaning of the Securities Act. Holder understands that the Warrant has not been registered under the Securities Act or registered
or qualified under any state securities law in reliance on specific exemptions therefrom, which exemptions may depend upon, among other things, the bona fide nature of Holder’s investment intent as expressed herein. 

7.3 Authorization. Holder has all requisite power and has taken all requisite action required of it to carry out and perform all
of its obligations hereunder. The execution and delivery of this Warrant has been duly authorized, executed and delivered on behalf of Holder and constitutes the valid and binding agreement of Holder, enforceable in accordance with its terms, except
(i) as limited by applicable bankruptcy, insolvency, reorganization or similar laws relating to or affecting the enforcement of creditors’ rights generally and (ii) as limited by equitable principles generally. The consummation of the
transactions contemplated herein and the fulfillment of the terms herein will not result in a breach of any of the terms or provisions of Holder’s constitutional documents or instruments. 

Section 8. Restrictive Stock Legend. 
 This Warrant and the Warrant Stock have not been registered under any securities laws. Accordingly, any share certificates issued pursuant to the Exercise or Exchange of this Warrant shall (until receipt
of an opinion of counsel in customary form that such legend is no longer necessary) bear the following legend: 
 THIS WARRANT
AND THE WARRANT STOCK ISSUABLE UPON EXCHANGE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”), AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OF DISTRIBUTION
THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN CUSTOMARY FORM THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE ACT. 

Section 9. Notices. 

Any notice or other communication required or permitted to be given here shall be in writing and shall be effective (a) upon hand
delivery or delivery by e-mail or facsimile at the address or number designated below (if delivered on a business day during normal business hours where such notice is to be received) or the first business day following such delivery (if delivered
other than on a business day during normal business hours where such notice is to be received), or (b) on the third business day following the date of mailing by express courier service, fully prepaid, addressed to such address, or upon actual
receipt of such mailing, whichever shall first occur. The addresses for such communication shall be: 

  
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 if to Holder, at 
 Silicon Valley Bank 
 Attn: Treasury — Derivatives Group 

3003 Tasman Drive, HC215 
 Santa Clara, CA 95054 
 Telephone: 408-654-7400 

Facsimile: 408-354-3085 
 warradmi@svb.com 
 with a copy (not constituting notice) to 

Greenspan Law Office 
 Attn: Benjamin Greenspan, Esq. 
 620 Laguna Road 

Mill Valley, CA 94941 
 Fax: (415) 738-5371 
 Email: ben@greenspan-law.com 

or 
 if to the
Company, at 
 Cardiovascular Systems, Inc. 
 651 Campus Drive 
 St. Paul, MN 55112 

Attn: Larry Betterley 
 Fax: (651) 259-1696 
 Email: lbetterley@csi360.com 

with a copy (not constituting notice) to: 
 Fredrikson & Byron 
 200 6th Street South 

Minneapolis, MN 55402 
 Attn: Bert Ranum 
 Fax: (612) 492-7077 

Email: rranum@fredlaw.com 
 Each
party hereto may from time to time change its address for notices under this Section 7 by giving at least 10 calendar days’ notice of such changes address to the other party hereto. 
 Section 10. Amendments and Waivers. 
 This Warrant and any term hereof
may be changed, waived, discharged or terminated only by an instrument in writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought. This Warrant may only be amended by an instrument in writing
signed by both parties. 

  
 - 13 -

 Section 11. Applicable Law; Severability. 

This Warrant shall be governed by and construed and enforced in accordance with the laws of the State of Delaware. If any one or more of
the provisions contained in this Warrant, or any application of any provision thereof, shall be invalid, illegal, or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and all other
applications of any provision thereof shall not in any way be affected or impaired thereby. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

  
 - 14 -

 IN WITNESS WHEREOF, the Company has caused this Warrant to be duly executed on the day and
year first above written. 
  

									
	COMPANY:	 		 	ACKNOWLEDGED AND AGREED:
			
	CARDIOVASCULAR SYSTEMS, INC,.	 		 	HOLDER:
			
		 		 	SILICON VALLEY BANK
					
	By:	 	/s/ Laurence L. Betterley	 		 	By:	 	/s/ Adam Glick
	Name:	 	Laurence L. Betterley	 		 	Name:	 	Adam Glick
	Title:	 	CFO	 		 	Title: 	 	Relationship Manager

 Warrant Signature Page 

  
 - 15 -

 Exhibit A 
 To: 
 ELECTION TO EXCHANGE OR EXERCISE 

1. The undersigned hereby exercises its right to Exchange its Warrant for             fully
paid, validly issued and nonassessable Shares covered by the attached Warrant in accordance with the terms thereof. 
 1. The undersigned hereby
elects to Exercise the attached Warrant by paying the Exchange Price of $            therefor, as specified in the Warrant. This right is exercised with respect to
            of shares. 
 [Strike the paragraph above that does not
apply.] 
 The undersigned requests that certificates for such shares be issued in the name of, and delivered to: 

 
  

 
  

 
  
 2. By its execution below and for the benefit of the Company, the undersigned hereby restates each of the representations and warranties in Section 7 of the Warrant as of the date hereof. 

 

							
	Date:	 		 	[Holder]
				
		 		 	By	 	 
		 		 		 	Name:
		 		 		 	Title:

  
 - 16 -

 Exhibit B 
 ASSIGNMENT FORM 
 To: 
 The undersigned hereby assigns and transfers this Warrant to 

                         
                                         
                                         
                                         
                                         
                                         
                            
 (Insert assignee’s social security or tax identification number) 

                         
                                         
                                         
                                         
                                         
                                         
                            
 (Print or type assignee’s name, address and postal code) 

                         
                                         
                                         
                                         
                                         
                                         
                            
                                  
                                         
                                         
                                         
                                         
                                         
                    
 and irrevocably
appoints             to transfer this Warrant on the books of the Company. 

Date:                        
                     
  

			
	SILICON VALLEY BANK
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
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 Schedule 1 
 Capitalization Table 
 11/30/11 

 

									
	  	  	Total
Shares	 	  	%	 
	 Common Stock
	  	 	17,798,246	  	  	 	77.1	% 
	 Options Outstanding
	  	 	2,903,373	  	  	 	12.6	% 
	 Warrants Outstanding
	  	 	2,374,577	  	  	 	10.3	% 
	 Total Options and Warrants
	  	 	5,277,950	  	  	 	22.9	% 
	 Total All Securities
	  	 	23,076,196	  	  	 	100.0	% 

 There are 482,777 remaining shares available for grant under the 2007 Equity Plan. 

There are 170,709 available shares for purchase through the Employer Stock purchase plan. 
 The Company has $5.0MM in outstanding loans under a convertible debt facility with Partners for Growth III, L.P. (PFG). 
 At any time prior to the maturity date, PFG may at its option convert any of the outstanding loans into shares of the Company’s common stock at the applicable conversion price. In aggregate, the
outstanding loans can be converted into 363,794 shares of the Company’s common stock. 

  
 - 18 -

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