Document:

EX-10.1

Exhibit 10.1

FIFTH AMENDMENT TO

AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT

This FIFTH AMENDMENT TO AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT (this “Amendment”) is
entered into as of September 7, 2016, by and among OXFORD FINANCE LLC, a Delaware limited liability
company with an office located at 133 North Fairfax Street, Alexandria, Virginia 22314 (“Oxford”),
as collateral agent (in such capacity, the “Collateral Agent”), the Lenders listed on Schedule
1.1 of the Loan Agreement (as defined below) or otherwise a party thereto from time to time
including Oxford in its capacity as a Lender and SILICON VALLEY BANK, a California corporation with
an office located at 3005 Carrington Mill Boulevard, Suite 530, Morrisville, North Carolina 27560
(each a “Lender” and collectively, the “Lenders”), and TRANSENTERIX, INC., a Delaware corporation
(“Parent”), TRANSENTERIX SURGICAL, INC., a Delaware corporation (“TransEnterix Surgical”),
SAFESTITCH LLC, a Virginia limited liability company (“SafeStitch”), and TRANSENTERIX
INTERNATIONAL, INC., a Delaware corporation (“TransEnterix International”, and together with
Parent, TransEnterix Surgical, and SafeStitch, individually and collectively, jointly and
severally, “Borrower”), each with offices located at 635 Davis Drive, Suite 300, Morrisville, North
Carolina 27560.

Recitals

A. Collateral Agent, Lenders and Borrower have entered into that certain Amended and Restated
Loan and Security Agreement dated as of September 26, 2014 (as amended by that certain First
Amendment to Amended and Restated Loan and Security Agreement dated as of August 14, 2015, that
certain Consent and Second Amendment to Amended and Restated Loan and Security Agreement dated as
of September 18, 2015, that certain Third Amendment to Amended and Restated Loan and Security
Agreement dated as of November 13, 2015, and that certain Consent and Fourth Amendment to Amended
and Restated Loan and Security Agreement dated as of April 19, 2016, the “Loan Agreement”).

B. Lenders have extended credit to Borrower for the purposes permitted in the Loan Agreement.

C. Borrower and Lenders desire to amend the Loan Agreement to (i) amend certain covenants and
(ii) make certain other revisions as more fully set forth below.

D. Collateral Agent and Lenders have agreed to amend certain provisions of the Loan Agreement,
but only to the extent, in accordance with the terms, subject to the conditions and in reliance
upon the representations and warranties set forth below.

Agreement

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

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

2. Amendments to Loan Agreement.

2.1 Section 6.6 (Operating Accounts). Section 6.6(d) of the Loan Agreement is amended and
restated to read in full as follows:

“(d) Notwithstanding the foregoing provisions of this Section 6.6, any Foreign
Subsidiary may maintain Collateral Accounts with Persons who are not Silicon Valley
Bank (or its Affiliates) and outside of the United States, and no Foreign Subsidiary
shall be required to deliver a Control Agreement or other instrument granting
Collateral Agent a lien in or control over of any Collateral Account maintained by
such Foreign Subsidiary.”

2.2 Section 6.10 (Minimum Cash). Section 6.10 of the Loan Agreement is amended and restated
as follows:

“6.10 Minimum Cash. Borrower shall maintain at all times at least Ten Million
Dollars ($10,000,000.00) in cash and Cash Equivalents in Collateral Accounts at
Bank.”

2.3 Section 6.12 (Creation/Acquisition of Subsidiaries). Section 6.12 of the Loan Agreement
is amended and restated as follows:

“6.12 Creation/Acquisition of Subsidiaries. In the event Borrower, or any of
Borrower’s Subsidiaries, creates or acquires any Subsidiary (a “New Subsidiary”),
Borrower, or such Subsidiary, shall promptly notify Collateral Agent and each Lender
of the creation or acquisition of such New Subsidiary and take all such action as
may be reasonably required by Collateral Agent or any Lender to cause each such New
Subsidiary to become a co-Borrower hereunder or to guarantee the Obligations of
Borrower under the Loan Documents and, in each case, grant a continuing pledge and
security interest in and to the assets of such New Subsidiary (substantially as
described on Exhibit A hereto); and Borrower, or such Subsidiary, as
applicable, shall grant and pledge to Collateral Agent, for the ratable benefit of
the Lenders, and each Lender, a perfected security interest in the stock, units or
other evidence of ownership of each such New Subsidiary; provided, however, that
solely in the circumstance in which Borrower or any Subsidiary creates or acquires a
Foreign Subsidiary in an acquisition permitted by Section 7.7 hereof or otherwise
approved by the Required Lenders, (i) such Foreign Subsidiary shall not be required
to guarantee the Obligations of Borrower under the Loan Documents nor to grant a
continuing pledge and security interest in and to the assets of such Foreign
Subsidiary, (ii) with regard to a First-Tier Foreign Subsidiary, Borrower or the
applicable Subsidiary shall not be required to grant and pledge to Collateral Agent,
for the ratable benefit of Lenders, a perfected security interest in more than
sixty-five percent (65%) of the issued and outstanding capital stock, membership
units or other securities of such First-Tier Foreign Subsidiary, and (iii) with
regard to a Foreign Subsidiary directly owned by another Foreign Subsidiary,
Borrower and its Subsidiaries shall not be required to grant and pledge to
Collateral Agent a security interest in any of the issued and outstanding capital
stock, membership units or other securities of such Foreign Subsidiary

2.4 Section 7.13 (TransEnterix International/TransEnterix Europe/Vulcanos Assets). Section
7.13 of the Loan Agreement is amended and restated as follows:

“7.13 TransEnterix International/TransEnterix Europe/Vulcanos Assets. Permit
the aggregate value of cash maintained by TransEnterix International and any Foreign
Subsidiaries of a Borrower to exceed Two Million Dollars ($2,000,000.00) at any
time.”

2.5 Section 8.2 (Covenant Default). Section 8.2(a) of the Loan Agreement is amended and
restated as follows:

“(a) Borrower fails or neglects to perform any obligation in Sections 6.2
(Financial Statements, Reports, Certificates), 6.4 (Taxes), 6.5 (Insurance), 6.6
(Operating Accounts), 6.7 (Protection of Intellectual Property Rights), 6.9 (Notices
of Litigation and Default), 6.10 (Minimum Cash), 6.11 (Landlord Waivers; Bailee
Waivers), 6.12 (Creation/Acquisition of Subsidiaries), or 6.14 (ISIS
Telecommunications) or Borrower violates any covenant in Section 7; or”

2.6 Section 13.1 (Definitions). The following definitions are hereby added to or amended and
restated in Section 13.1 of the Loan Agreement as follows:

“Domestic Subsidiary” is an entity organized under the laws of the United
States or any state or territory thereof or the District of Columbia.

“First-Tier Foreign Subsidiary” is a Foreign Subsidiary, the capital stock,
membership units or other securities of which are directly owned by Borrower or a
Domestic Subsidiary.

“Foreign Subsidiary” is a Subsidiary that is not a Domestic Subsidiary.

“Shares” is one hundred percent (100%) of the issued and outstanding capital
stock, membership units or other securities owned or held of record by Borrower or
Borrower’s Subsidiary, in any Subsidiary; provided, however, (i) with regard to a
First-Tier Foreign Subsidiary, “Shares” shall mean sixty-five percent (65%) of the
issued and outstanding capital stock, membership units or other securities owned or
held of record by Borrower or a Domestic Subsidiary in such First-Tier Foreign
Subsidiary, and (ii) “Shares” shall not include any of the issued and outstanding
capital stock, membership units or other securities of Vulcanos or any other Foreign
Subsidiary that is not a First-Tier Foreign Subsidiary.

2.7 Section 13.1 (Definitions). A new clause (n) is hereby added to the definition of
“Permitted Indebtedness” in Section 13.1 of the Loan Agreement as follows:

“(n) Borrower’s unsecured guaranties of obligations of a Subsidiary, provided
that such obligations (i) do not constitute Indebtedness, (ii) are incurred in the
ordinary course of such Subsidiary’s business, and (iii) with regard to obligations
of Foreign Subsidiaries, do not exceed an aggregate amount guaranteed of $2,000,000
(or the equivalent thereof) at any one time.”

2.8 Section 13.1 (Definitions). Clause (f) of the definition of “Permitted Investments” in
Section 13.1 of the Loan Agreement is hereby amended and restated as follows:

“(f) Investments by (i) a Borrower in another Borrower, (ii) by a Borrower in a
Subsidiary that is not a Borrower not to exceed Fifty Thousand Dollars ($50,000.00)
in the aggregate in any fiscal year, provided that Borrower may make Investments in
Foreign Subsidiaries (directly or indirectly through TransEnterix International or
another Foreign Subsidiary) not to exceed Seven Million Dollars ($7,000,000) in the
aggregate in any fiscal quarter, (iii) by Subsidiaries not a Borrower in a Borrower,
or (iv) by a Subsidiary that is not a Borrower in another Subsidiary that is not a
Borrower.”

2.9 Exhibit A to the Loan Agreement is replaced with Exhibit A attached
hereto.

2.10 Exhibit C to the Loan Agreement is replaced with Exhibit C attached
hereto.

3. Limitation of Amendments.

3.1 The amendments set forth in Section 2 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 Collateral Agent or any Lender may now have or may
have in the future under or in connection with any Loan Document.

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

4. Representations and Warranties. To induce Collateral Agent and Lenders to enter into this
Amendment, Borrower hereby represents and warrants to Collateral Agent and Lenders as follows:

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

4.2 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;

4.3 The organizational documents of Borrower delivered to Collateral Agent and Lenders on the
First Amendment Effective Date remain true, accurate and complete and have not been amended,
supplemented or restated and are and continue to be in full force and effect;

4.4 The execution and delivery by 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;

4.5 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 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;

4.6 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

4.7 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.

5. 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.

6. Effectiveness. This Amendment shall be deemed effective upon the due execution and
delivery to Collateral Agent and Lenders, in form and substance satisfactory to Collateral Agent
and each Lender, such documents, and completion of such other matters, as Collateral Agent and each
Lender may reasonably deem necessary or appropriate, including, without limitation:

	 	(a)	 	this Amendment by each party hereto; and

	 	(b)	 	Borrower’s payment of all Lenders’ Expenses incurred through
the date of this Amendment.

[Balance of Page Intentionally Left Blank]

In Witness Whereof, the parties hereto have caused this Amendment to be duly
executed and delivered as of the date first written above.

	 
	BORROWER:

	TRANSENTERIX, INC.

	By: /s/ Joseph P. Slattery

	 

	Name: Joseph P. Slattery

	 

	Title: Executive Vice President

	 

	TRANSENTERIX SURGICAL, INC.

	By: /s/ Janet Jamiolkowski

	 

	Name: Janet Jamiolkowski

	 

	Title: Vice President, Finance

	 

	SAFESTITCH LLC

	By: TransEnterix, Inc., its sole member

	By: /s/ Joseph P. Slattery

	 

	Name: Joseph P. Slattery

	 

	Title: Executive Vice President

	 

	TRANSENTERIX INTERNATIONAL, INC.

	By: /s/ Joseph P. Slattery

	 

	Name: Joseph P. Slattery

	 

	Title: Executive Vice President

	 

[Signature Page to Fifth Amendment to Amended and Restated Loan and Security
Agreement]In Witness Whereof, the parties hereto have caused this Amendment to be
duly executed and delivered as of the date first written above.

	 
	COLLATERAL AGENT AND LENDER:

	OXFORD FINANCE LLC

	By: /s/ Mark Davis

	 

	Name: Mark Davis

	 

	Title: Vice President – Finance, Secretary & Treasurer

	 

	LENDER:

	SILICON VALLEY BANK

	By: /s/ Scott McCarty

	 

	Name: Scott McCarty

	 

	Title: Director

	 

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

EXHIBIT A

Description of Collateral

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 (except as set forth below), commercial tort claims, documents, instruments (including
any promissory notes), chattel paper (whether tangible or electronic), cash, deposit accounts, all
certificates of deposit, fixtures, letters of credit rights (whether or not the letter of credit is
evidenced by a writing), securities and all other investment property (except as set forth below),
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 of the following, whether
now owned or hereafter acquired: (i) any copyright rights, copyright applications, copyright
registrations and like protections in each work of authorship and derivative work, in each case
whether published or unpublished or registered or unregistered; any patents, patent applications
and like protections, including improvements, divisions, continuations, renewals, reissues,
extensions, and continuations-in-part of the same; trademarks, trade names, service marks, mask
works, rights of use of any name, domain names, trade dress, any applications therefor, in each
case whether registered or not; and the goodwill of the business of Borrower connected with and
symbolized thereby; know-how, operating and production manuals, trade secret rights, clinical and
non-clinical data, rights to unpatented inventions, source code, software, processes, techniques,
research, studies, algorithms, formulae, databases, quality control procedures, technical
specifications and data, sales literature, drawings, blueprints and inventions; and any claims for
damage by way of any past, present, or future infringement of any of the foregoing (collectively,
the “Intellectual Property”); provided, however, the Collateral shall include all Accounts, license
and royalty fees and other revenues, proceeds, or income arising out of or relating to any of the
foregoing; provided that 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, license and royalty fees and other revenues, proceeds, or income 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 Collateral
Agent’s security interest in such Accounts, license and royalty fees and other revenues, proceeds,
or income of the Intellectual Property; (ii) any United States intent-to-use trademark or service
mark application to the extent that, and solely during the period in which, the grant of a security
interest therein would impair the validity or enforceability of such intent-to-use trademark or
service mark application under applicable law, (iii) the Excluded Accounts, (iv) more than sixty
five percent (65%) of the issued and outstanding capital stock, membership units or other
securities owned or held of record by Borrower in a First-Tier Foreign Subsidiary, or (v) any of
the issued and outstanding capital stock, membership units or other securities of Vulcanos or any
other Foreign Subsidiary that is not a First-Tier Foreign Subsidiary.

Pursuant to the terms of a certain negative pledge arrangement with Collateral Agent and
Lenders, Borrower has agreed not to encumber any of its Intellectual Property.

1

EXHIBIT C

COMPLIANCE CERTIFICATE

	 	 	 
	TO:

	 	OXFORD FINANCE LLC, as Collateral Agent and Lender
	SILICON VALLEY BANK, as Lender

	FROM:

	 	TRANSENTERIX, INC.

TRANSENTERIX SURGICAL, INC.

SAFESTITCH LLC

TRANSENTERIX INTERNATIONAL, INC.

The undersigned authorized officer (“Officer”) of TRANSENTERIX, INC., TRANSENTERIX SURGICAL, INC.,
SAFESTITCH LLC, and TRANSENTERIX INTERNATIONAL, INC. (collectively, the “Borrower”), hereby
certifies, solely in his or her capacity as an officer of Borrower and not in any individual
capacity, that in accordance with the terms and conditions of the Amended and Restated Loan and
Security Agreement by and among Borrower, Collateral Agent, and the Lenders (the “Agreement”),

(i) Borrower is in complete compliance for the period ending        with all required
covenants except as noted below;

(ii) There are no Events of Default, except as noted below;

(iii) Except as noted below, all representations and warranties of Borrower stated in the Loan
Documents 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.

(iv) Borrower, and each of Borrower’s Subsidiaries, has timely filed all required tax returns and
reports, Borrower, and each of Borrower’s Subsidiaries, has timely paid all foreign, federal,
state, and local taxes, assessments, deposits and contributions owed by Borrower, or Subsidiary,
except as otherwise permitted pursuant to the terms of Section 5.8 of the Agreement;

(v) No Liens have been levied or claims made against Borrower or any of Borrower’s Subsidiaries
relating to unpaid employee payroll or benefits of which Borrower has not previously provided
written notification to Collateral Agent and the Lenders.

Attached are the required documents, if any, supporting our certification(s). The Officer, on
behalf of Borrower, further certifies that the attached financial statements are prepared in
accordance with Generally Accepted Accounting Principles (GAAP) and are consistently applied from
one period to the next except as explained in an accompanying letter or footnotes and except, in
the case of unaudited financial statements, for the absence of footnotes and subject to year-end
audit adjustments as to the interim financial statements. Capitalized terms used but not otherwise
defined herein shall have the meanings given them in the Agreement.

2

Please indicate compliance status since the last Compliance Certificate by circling Yes, No, or N/A
under “Complies” column.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Reporting Covenant	 	Requirement	 	 	 	Complies
	 	1	)	 	Financial statements

	 	Monthly within 30 days
	 	 	 	Yes
	 	No
	 	N/A
	 	2	)	 	Annual (CPA Audited)

statements

	 	Within 180 days after

Fiscal Year End
	 	

	 	Yes

	 	No

	 	N/A

	 	3	)	 	Annual Financial

Projections/Budget

(prepared on a monthly

basis)

	 	Annually (w/n 10 days

of FYE) and when

revised

	 	

	 	Yes

	 	No

	 	N/A

	 	4	)	 	A/R & A/P agings

	 	If applicable
	 	 	 	Yes
	 	No
	 	N/A
	 	5	)	 	8-K, 10-K and 10-Q Filings

	 	If applicable
	 	 	 	Yes
	 	No
	 	N/A
	 	6	)	 	Compliance Certificate

	 	Monthly within 30 days
	 	 	 	Yes
	 	No
	 	N/A
	 	8	)	 	Copy of rental check (627

Distribution Drive)

	 	Monthly within 30 days

	 	

	 	Yes

	 	No

	 	N/A

	 	 	 	 	IP Report *

	 	Monthly within 30 days
	 	 	 	Yes
	 	No
	 	N/A
	 	9	)	 	Total amount of

Borrower’s cash and cash

equivalents at the last

day of the measurement

period

	 	

	 	

$     
	 	

	 	

	 	

	 	10	)	 	Total amount of

Borrower’s Subsidiaries’

cash and cash equivalents

at the last day of the

measurement period

	 	

	 	

$     
	 	

	 	

	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Deposit and	 	(Please list all accounts; attach separate sheet if additional space needed)
	 	 	 	 	Securities Accounts	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	Acct Control
	 	 	 	 	Bank	 	Account Number	 	New Account?	 	Agmt in place?
	 	1	)	 	 	 	 	 	Yes

	 	No
	 	Yes
	 	No
	 	2	)	 	 	 	 	 	Yes

	 	No
	 	Yes
	 	No
	 	3	)	 	 	 	 	 	Yes

	 	No
	 	Yes
	 	No
	 	4	)	 	 	 	 	 	Yes

	 	No
	 	Yes
	 	No
	 	5	)	 	 	 	 	 	Yes

	 	No
	 	Yes
	 	No
	 	6	)	 	 	 	 	 	Yes

	 	No
	 	Yes
	 	No
	Bank Services
	 	

	 	

	 	

	 	

	 	

	 	

	 	 	 	 	

	 	

	 	

	 	

	 	

	 	

	Amount of cash secured	 	 	 	 	 	 	 	 	 	 
	Bank Services:	 	 	 	 	 	 	 	 	 	 
	$	     	 	 	

	 	

	 	

	 	

	 	

	 	

	Amount of non-cash secured Bank	 	 	 	 	 	 	 	 	 	 
	Services
	 	

	 	

	 	

	 	

	 	

	 	

	$     	 	 	 	 	 	 	 	 	 	 

Minimum Cash Covenant

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Requirement	 	Actual	 	Compliance
	1)

	 	Minimum Cash
	 	At least $10,000,000
	 	     
	 	Yes
	 	No

	 	 	 	 	 	 	 
	Other Matters	 	 	 	 	 	 
	Have any Key Persons departed or ceased to be employed
	 	Yes	 	No
	since the last Compliance Certificate?

	 	

	 	

	 	

	Have there been any transfers/sales/disposals/retirement of
	 	Yes	 	No
	Collateral or IP prohibited by the Agreement?
	 	 	 	 
	Have there been any new or pending claims or causes of action
	 	Yes	 	No
	against Borrower that involve more than $150,000?
	 	 	 	 
	* The following Intellectual Property was registered (or a
	 	 	 	 
	registration application submitted) after the Effective Date or
	 	 	 	 
	the most recent Compliance Certificate, as applicable (if no
	 	 	 	 
	registrations, state “None”)

	 	

	 	

	 	

	Exceptions

	 	

	 	

	 	

	 

	 	

	 	

	 	

	Please explain any exceptions with

respect to the certification above:

	 	

	 	

	 	

	(If no exceptions exist, state “No

exceptions.” Attach separate sheet

if additional space needed.)

	 	

	 	

	 	

[Balance of Page Intentionally Left Blank]

TRANSENTERIX, INC.

By  

Name:  

Title:  

Date:

TRANSENTERIX SURGICAL, INC.

By  

Name:  

Title:  

Date:

	 
	SAFESTITCH LLC

	By: TransEnterix, Inc., its sole member

	By

	Name:

	Title:

Date:

TRANSENTERIX INTERNATIONAL, INC.

By  

Name:  

Title:  

Date:

	 	 	 
	LENDER USE ONLY
	Received by:

	 	Date:  
	 

	 	 
	Verified by:  

	 	Date:  
	 

	 	 
	Compliance Status: Yes No

3NEITHER
THIS SECURITY NOR ANY SECURITIES WHICH MAY BE ISSUED UPON EXERCISE OF THIS SECURITY HAVE BEEN REGISTERED WITH THE U.S. SECURITIES
AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY U.S. STATE OR OTHER JURISDICTION OR ANY EXCHANGE OR SELF-REGULATORY
ORGANIZATION, IN RELIANCE UPON EXEMPTIONS FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, AND SUCH OTHER
LAWS AND REQUIREMENTS, AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD, EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR
LISTING OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, SUCH REGISTRATION AND/OR LISTING REQUIREMENTS
AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH WILL BE REASONABLY ACCEPTABLE
TO THE COMPANY.

 

GREEN
ENVIROTECH HOLDINGS CORP.

 

COMMON
STOCK WARRANT

 

Effective
Date: [_____________], 2016

 

Green
EnviroTech Holdings Corp., a Delaware corporation (the “Company”), hereby certifies that XXXXX, and his
assigns (collectively, the “Holder”), for value received, is entitled to purchase from the Company at any time
commencing on [date], 2016 (the “Effective Date”), and terminating on [date] date (the “Termination
Date”) up to [number of shares] shares (each, a “Share” and collectively the “Shares”)
of the Company’s common stock, par value $0.001 per Share (the “Common Stock”), at an exercise price
per Share equal to $0.10 (the “Exercise Price”). The number of Shares purchasable hereunder and the Exercise
Price are subject to adjustment as provided in Section 4 hereof. The Warrants shall be fully vested upon issuance.

 

1.
Method of Exercise; Payment.

 

(a)
Cash Exercise. The purchase rights represented by this Warrant, may be exercised by the Holder, in whole or in part, at
any time, or from time to time, by the surrender of this Warrant (with the notice of exercise form (the “Notice of Exercise”)
attached hereto as Exhibit A duly executed) at the principal office of the Company, and by payment to the Company of an
amount equal to the Exercise Price multiplied by the number of the Shares being purchased, which amount may be paid, at the election
of the Holder, by wire transfer or certified check payable to the order of the Company. The person or persons in whose name(s)
any certificate(s) representing Shares shall be issuable upon exercise of this Warrant shall be deemed to have become the holder(s)
of record of, and shall be treated for all purposes as the record holder(s) of, the Shares represented thereby (and such Shares
shall be deemed to have been issued) immediately prior to the close of business on the date or dates upon which this Warrant is
exercised.

 

    	1

     

    

 

(b)
Net Issue Exercise. In lieu of exercising this warrant pursuant to Section l (a) hereof, the Holder may elect to receive
a number of Shares equal to the value (as determined below) of such portion of this Warrant (or the portion thereof being canceled)
by surrender of this Warrant at the principal office of the Company together with Notice of Cashless Exercise annexed hereto as
Exhibit C duly executed; provided that the Net Issue Exercise set forth in this Section 1(b) is subject to adjustments set forth
in Section 4 of this Warrant. In such event, the Company shall issue to the Holder a number of Shares 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 subject to this Warrant or, if only a portion of this Warrant is being exercised, the portion of the Warrant being
    canceled (at the time of such calculation).
	 	 	 	 
	 	A 	=	 the fair market
    value of one share of the Company’s Common Stock (at the date of such calculation).
	 	 	 	 
	 	B 	=	 the Exercise
    Price (as adjusted to the date of such calculation).

 

(c) Fair Market Value.
For purposes of this Section 1, the fair market value of the Company’s Common Stock shall mean:

 

(i)
The average of the closing sales prices of the Company’s Common Stock quoted on the Over-the-Counter Bulletin Board, or
if the Over-the-Counter Bulletin Board is not the principal market for the Company’s Common Stock, then the Nasdaq Stock
Market or the closing price quoted on any other exchange or market on which the Common Stock is listed or quoted, whichever is
applicable, as published the Wall Street Journal for the ten (10) trading days prior to the date of determination of fair
market value;

 

(ii)
If the Company’s Common Stock is not traded on the Over-the-Counter Bulletin Board or the Nasdaq Stock Market or on an exchange
or market, the fair market value of the Common Stock per share shall be agreed upon by the parties hereto. If parties cannot agree
on the fair market value within five (5) business days of delivery of the Notice of Exercise, the Board of Directors in good faith
shall determine the fair market value of the Common Stock; provided, however, that the fair market value of the Common Stock shall
be no greater than the price at which the Company last sold its Common Stock or the exercise price of its last granted options,
whichever occurs later.

 

(d)
Stock Certificates. In the event of any exercise of the rights represented by this Warrant, as promptly as practicable
after this Warrant is surrendered and delivered to the Company along with all other appropriate documentation on or after the
date of exercise and in any event within ten (10) days thereafter, the Company at its expense shall issue and deliver to the person
or persons entitled to receive the same a certificate or certificates for the number of Shares issuable upon such exercise. In
the event this Warrant is exercised in part, the Company at its expense will execute and deliver a new Warrant of like tenor exercisable
for the number of Shares for which this Warrant may then be exercised.

 

    	2

     

    

 

(e)
Taxes. The issuance of the Shares upon the exercise of this Warrant, and the delivery of certificates or other instruments
representing such Shares, shall be made without charge to the Holder for any tax or other charge in respect of such issuance.

 

2.
Warrant.

 

(a)
Exchange, Transfer, and Replacement. At any time prior to the exercise hereof, this Warrant may be exchanged upon presentation
and surrender to the Company, alone or with other warrants of like tenor of different denominations registered in the name of
the same Holder, for another warrant or warrants of like tenor in the name of such Holder exercisable for the aggregate number
of Shares as the warrant or warrants surrendered.

 

(b)
Replacement of Warrant. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction,
or mutilation of this Warrant and, in the case of any such loss, theft, or destruction, upon delivery of an indemnity agreement
reasonably satisfactory in form and amount to the Company, or, in the case of any such mutilation, upon surrender and cancellation
of this Warrant, the Company, at its expense, will execute and deliver in lieu thereof, a new Warrant of like tenor.

 

(c)
Cancellation; Payment of Expenses. Upon the surrender of this Warrant in connection with any transfer, exchange or replacement
as provided in this Section 2, this Warrant shall be promptly canceled by the Company. The Holder shall pay all taxes and
all other expenses (including legal expenses, if any, incurred by the Holder or transferees) and charges payable in connection
with the preparation, execution, and delivery of Warrants pursuant to this Section 2.

 

(d)
Warrant Register. The Company shall maintain, at its principal executive offices (or at the offices of the transfer agent
for the Warrant or such other office or agency of the Company as it may designate by notice to the holder hereof), a register
for this Warrant (the “Warrant Register”), in which the Company shall record the name and address of the person
in whose name this Warrant has been issued, as well as the name and address of each transferee and each prior owner of this Warrant.

 

3.
Rights and Obligations of Holders of this Warrant. The Holder of this Warrant shall not, by virtue hereof, be entitled
to any rights of a stockholder in the Company, either at law or in equity; provided, however, that in the event
any certificate representing shares of Common Stock or other securities is issued to the holder hereof upon exercise of this Warrant,
such holder shall, for all purposes, be deemed to have become the holder of record of such Common Stock on the date on which this
Warrant, together with a duly executed Election to Purchase, was surrendered and payment of the aggregate Exercise Price was made,
irrespective of the date of delivery of such Common Stock certificate.

 

    	3

     

    

 

4.
Adjustments.

 

(a)
Stock Dividends, Reclassifications, Recapitalizations, Etc. While this Warrant is outstanding, in the event the Company:
(i) pays a dividend in Common Stock or makes a distribution in Common Stock, (ii) subdivides its outstanding Common Stock into
a greater number of shares, (iii) combines its outstanding Common Stock into a smaller number of shares or (iv) increases or decreases
the number of shares of Common Stock outstanding by reclassification of its Common Stock (including a recapitalization in connection
with a consolidation or merger in which the Company is the continuing corporation), then (1) the Exercise Price on the record
date of such division or distribution or the effective date of such action shall be adjusted by multiplying such Exercise Price
by a fraction, the numerator of which is the number of shares of Common Stock outstanding immediately before such event and the
denominator of which is the number of shares of Common Stock outstanding immediately after such event, and (2) the number of shares
of Common Stock for which this Warrant may be exercised immediately before such event shall be adjusted by multiplying such number
by a fraction, the numerator of which is the Exercise Price immediately before such event and the denominator of which is the
Exercise Price immediately after such event.

 

(b)
Combination: Liquidation. While this Warrant is outstanding, (i) In the event of a Combination (as defined below), each
Holder shall have the right to receive upon exercise of the Warrant the kind and amount of shares of capital stock or other securities
or property which such Holder would have been entitled to receive upon or as a result of such Combination had such Warrant been
exercised immediately prior to such event (subject to further adjustment in accordance with the terms hereof). Unless paragraph
(ii) is applicable to a Combination, the Company shall provide that the surviving or acquiring Person (the “Successor
Company”) in such Combination will assume by written instrument the obligations under this Section 4 and the
obligations to deliver to the Holder such shares of stock, securities or assets as, in accordance with the foregoing provisions,
the Holder may be entitled to acquire. “Combination” means an event in which the Company consolidates with,
merges with or into, or sells all or substantially all of its assets to another Person, where “Person” means
any individual, corporation, partnership, joint venture, limited liability company, association, joint-stock company, trust, unincorporated
organization, government or any agency or political subdivision thereof or any other entity; (ii) In the event of (x) a Combination
where consideration to the holders of Common Stock in exchange for their shares is payable solely in cash or (y) the dissolution,
liquidation or winding-up of the Company, the Holders shall be entitled to receive, upon surrender of their Warrant, distributions
on an equal basis with the holders of Common Stock or other securities issuable upon exercise of the Warrant, as if the Warrant
had been exercised immediately prior to such event, less the Exercise Price. In case of any Combination described in this Section
4, the surviving or acquiring Person and, in the event of any dissolution, liquidation or winding-up of the Company, the Company,
shall deposit promptly with an agent or trustee for the benefit of the Holders of the funds, if any, necessary to pay to the Holders
the amounts to which they are entitled as described above. After such funds and the surrendered Warrant are received, the Company
is required to deliver a check in such amount as is appropriate (or, in the case or consideration other than cash, such other
consideration as is appropriate) to such Person or Persons as it may be directed in writing by the Holders surrendering such Warrant.

 

    	4

     

    

 

5.
Fractional Shares. In lieu of issuance of a fractional share upon any exercise hereunder, the Company will issue an additional
whole share in lieu of that fractional share, calculated on the basis of the Exercise Price.

 

6.
Legends. Prior to issuance of the shares of Common Stock underlying this Warrant, all such certificates representing such
shares shall bear a restrictive legend to the effect that the Shares represented by such certificate have not been registered
under the Securities Act, and that the Shares may not be sold or transferred in the absence of such registration or an exemption
therefrom, such legend to be substantially in the form of the bold-face language appearing at the top of Page 1 of this Warrant.

 

7.
Disposition of Warrants or Shares. The Holder of this Warrant, each transferee hereof and any holder and transferee of
any Shares, by his or its acceptance thereof, agrees that no public distribution of Warrants or Shares will be made in violation
of the provisions of the Securities Act. Furthermore, it shall be a condition to the transfer of this Warrant that any transferee
thereof deliver to the Company his or its written agreement to accept and be bound by all of the terms and conditions contained
in this Warrant.

 

8.
Merger or Consolidation. The Company will not merge or consolidate with or into any other corporation, or sell or otherwise
transfer its property, assets and business substantially as an entirety to another corporation, unless the corporation resulting
from such merger or consolidation (if not the Company), or such transferee corporation, as the case may be, shall expressly assume,
by supplemental agreement reasonably satisfactory in form and substance to the Holder, the due and punctual performance and observance
of each and every covenant and condition of this Warrant to be performed and observed by the Company.

 

9.
Notices. Except as otherwise specified herein to the contrary, all notices, requests, demands and other communications
required or desired to be given hereunder shall only be effective if given in writing by certified or registered U.S. mail with
return receipt requested and postage prepaid; by private overnight delivery service (e.g. Federal Express); by facsimile transmission
(if no original documents or instruments must accompany the notice); by e-mail, or by personal delivery. Any such notice shall
be deemed to have been given (a) on the business day immediately following the mailing thereof, if mailed by certified or registered
U.S. mail as specified above; (b) on the business day immediately following deposit with a private overnight delivery service
if sent by said service; (c) upon receipt of confirmation of transmission if sent by facsimile transmission; or (d) upon personal
delivery of the notice. All such notices shall be sent to the following addresses (or to such other address or addresses as a
party may have advised the other in the manner provided in this Section 9):

 

	 	if
    to the Company: 	To
    the address of the Company disclosed in the Company’s filing with the Securities and Exchange Commission or on the Company’s
    website.
	 	 	 
		if
    to the Holder: 	To
    the address of the Holder reflected in the Company’s records.

 

    	5

     

    

 

Notwithstanding
the time of effectiveness of notices set forth in this Section, an Election to Purchase shall not be deemed effectively given
until it has been duly completed and submitted to the Company together with this original Warrant and payment of the Exercise
Price in a manner set forth in this Section.

 

10.
Governing Law. This Warrant shall be governed by and construed in accordance with the laws of the State of California applicable
to contracts made and to be performed in the State of California. Any dispute relating to this Warrant shall be adjudicated in
Tuolumne County in the State of California.

 

11.
Successors and Assigns. This Warrant shall be binding upon and shall inure to the benefit of the parties hereto and their
respective successors and assigns.

 

12.
Headings. The headings of various sections of this Warrant have been inserted for reference only and shall not affect the
meaning or construction of any of the provisions hereof.

 

13.
Severability. If any provision of this Warrant is held to be unenforceable under applicable law, such provision shall be
excluded from this Warrant, and the balance hereof shall be interpreted as if such provision were so excluded.

 

14.
Modification and Waiver. This Warrant and any provision hereof may be amended, waived, discharged, or terminated only by
an instrument in writing signed by the Company and the Holder.

 

15.
Specific Enforcement. The Company and the Holder acknowledge and agree that irreparable damage would occur in the event
that any of the provisions of this Warrant were not performed in accordance with their specific terms or were otherwise breached.
It is accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent or cure breaches of the
provisions of this Warrant and to enforce specifically the terms and provisions hereof, this being in addition to any other remedy
to which either of them may be entitled by law or equity.

 

16.
Assignment. Subject to prior written approval by the Company, this Warrant may be transferred or assigned, in whole or
in part, at any time and from time to time by the then Holder by submitting this Warrant to the Company together with a duly executed
Assignment in substantially the form and substance of the Form of Assignment which accompanies this Warrant, as Exhibit B
hereto, and, upon the Company’s receipt hereof, and in any event, within five (5) business days thereafter, the Company
shall issue a warrant to the Holder to evidence that portion of this Warrant, if any as shall not have been so transferred or
assigned.

 

(signature
page immediately follows)

 

    	6

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be duly executed, manually or by facsimile, by one of its officers thereunto
duly authorized.

 

	 	Green
    EnviroTech Holdings Corp.
	 	 	 
	 	By:	
	 	Name:	Gary
    DeLaurentiis
	 	Title:	Chief
    Executive Officer

 

    	7

     

    

 

EXHIBIT
A

TO

WARRANT
CERTIFICATE

 

ELECTION
TO PURCHASE

 

To
Be Executed by the Holder

in Order to Exercise the Warrant

 

The
undersigned Holder hereby elects to purchase _______ Shares pursuant to the attached Warrant, and requests that certificates for
securities be issued in the name of:

__________________________________________________________

(Please type or print name and address)

__________________________________________________________

__________________________________________________________

__________________________________________________________

(Social Security or Tax Identification Number)

 

and
delivered

to:_________________________________________________________________

___________________________________________________________________.

 

(Please
type or print name and address if different from above)

 

If
such number of Shares being purchased hereby shall not be all the Shares that may be purchased pursuant to the attached Warrant,
a new Warrant for the balance of such Shares shall be registered in the name of, and delivered to, the Holder at the address set
forth below.

 

In
full payment of the purchase price with respect to the Shares purchased and transfer taxes, if any, the undersigned hereby tenders
payment of $__________ by check, money order or wire transfer payable in United States currency to the order of [_________]

 

	 	HOLDER:
    
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	Address:	 

 

Dated:_______________________

 

    	 

     

    

 

EXHIBIT
B

TO

WARRANT

 

FORM
OF ASSIGNMENT

(To be signed only on transfer of Warrant)

 

For
value received, the undersigned hereby sells, assigns, and transfers unto _____________ the right represented by the within Warrant
to purchase ______ shares of Common Stock of [________], a Delaware corporation, to which the within Warrant relates, and appoints
[____________________] Attorney to transfer such right on the books of [_________], a Delaware corporation, with full power of
substitution of premises.

 

	Dated:	By:	 
	 	Name:	 
	 	Title:	 
	 	(signature
    must conform to name of holder as specified on the factof the Warrant)
	 	Address:	 

 

Signed
in the presence of:

 

Dated:

 

    	 

     

    

 

EXHIBIT
C

TO

WARRANT

 

NOTICE
OF EXERCISE OF COMMON STOCK WARRANT

PURSUANT
TO NET ISSUE (“CASHLESS”) EXERCISE PROVISIONS

 

Green
EnviroTech Holdings Corp.

 

	 	 	Number
    of Shares of 

    Common Stock to be 

            Issued
    Under this Notice:	 	 
	 	 	 	 	 

 

CASHLESS
EXERCISE

Gentlemen:

 

The
undersigned, registered holder of the Warrant to Purchase Common Stock delivered herewith (“Warrant”) hereby irrevocably
exercises such Warrant for, and purchases thereunder, shares of the Common Stock of GREEN ENVIROTECH HOLDINGS CORP., a
Delaware corporation, as provided below. Capitalized terms used herein, unless otherwise defined herein, shall have the meanings
given in the Warrant. The portion of the Aggregate Price (as hereinafter defined) to be applied toward the purchase of Common
Stock pursuant to this Notice of Exercise is $____________, thereby leaving a remainder Aggregate Price (if any) equal to $____________.
Such exercise shall be pursuant to the net issue exercise provisions of Section 1(b) of the Warrant. Therefore, the holder makes
no payment with this Notice of Exercise. The number of shares to be issued pursuant to this exercise shall be determined by reference
to the formula in Section 1(b) of the Warrant which requires the use of the fair market value (as defined in Section 1(c) of the
Warrant) of the Company’s Common Stock on the business day immediately preceding the day on which this Notice is received
by the Company. To the extent the foregoing exercise is for less than the full Aggregate Price of the Warrant, the remainder of
the Warrant representing a number of Shares equal to the quotient obtained by dividing the remainder of the Aggregate Price by
the Warrant Price (and otherwise of like form, tenor and effect) may be exercised under Section 1(b) of the Warrant. For purposes
of this Notice the term “Aggregate Price” means the product obtained by multiplying the number of shares of Common
Stock for which the Warrant is exercisable times the Warrant Price.

 

Signature:_____________________________________

 

Address:______________________________________

 

Date:__________________________________________

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