Document:

EX-10.1

 Exhibit 10.1 

COMMON STOCK PURCHASE AGREEMENT 

This Common Stock Purchase Agreement (the “Agreement”) is made as of
            , 2017, by and between Capnia, Inc., a Delaware corporation (the “Company”), and
                            (the “Purchaser”). 

In consideration of the mutual covenants and representations set forth below, the Company and Purchaser agree as follows: 

1.    Purchase and Sale of the Shares. Subject to the terms and conditions of this Agreement, the Company agrees to
sell to Purchaser and Purchaser agrees to purchase from the Company at the closing              shares of the Company’s Common Stock (the “Shares”), at a purchase
price of $0.96 per share, for an aggregate purchase price of $             (the “Purchase Price”). 

2.    Closing and Issuance of Shares. The purchase and sale of the Shares will take place at: (i) such date
and time that is immediately following the closing of a merger of the Company with Essentialis, Inc. (the “Merger”), which is expected to close on March 7, 2017; and (ii) the principal office of the Company, or at such
other place as shall be designated by the Company. On or before March 3, 2017, the Purchaser shall execute and deliver this Agreement. On or before March 7, 2017, the Purchaser shall deliver the aggregate Purchase Price set forth above to
the Company by wire transfer into an escrow account pursuant to the instructions set forth on Exhibit B. The Company will issue, as promptly thereafter as practicable, a stock certificate, registered in the name of the Purchaser, reflecting the
Shares. 
 3.    Representations and Warranties of the Company. The Company hereby represents and warrants to and
covenants with the Purchaser, as of the date hereof and as of the closing, that: 
 A.    Organization, Good Standing
and Qualification. The Company is duly formed and validly existing under the laws of Delaware, with full corporate power and authority to conduct its business as it is currently being conducted and to own its assets; and has secured any other
authorizations, approvals, permits and orders required by law for the conduct by the Company of its business as it is currently being conducted. 

B.    Authorization. The Company has all corporate right, power and authority to enter into this Agreement and to
consummate the transactions contemplated hereby. All corporate action on the part of the Company, its directors and stockholders necessary for the authorization, execution, delivery and performance of this Agreement by the Company, the
authorization, sale, issuance and delivery of the Shares contemplated herein and the performance of the Company’s obligations hereunder has been taken. This Agreement has been duly executed and delivered by the Company and constitutes the
legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms. 

C.    The Shares have been duly authorized and, when issued, delivered and paid for in the manner set forth in this
Agreement, will be validly issued, fully paid and non-assessable and shall be free and clear of any encumbrances, preemptive rights or restrictions (other than as provided in this Agreement or any restrictions
on transfer generally imposed under applicable securities laws). 
 D.    Consents. The Company is not required to
obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other person in connection with the execution, delivery
and performance by the Company of this Agreement. 
 E.    No registration under the Securities Act is required for the
offer and sale of the Shares by the Company to the Purchaser as contemplated hereby. . 
 F.    Litigation. There is no
action, suit, proceeding or investigation pending or, to the Company’s knowledge, currently threatened in writing against the Company or any of its directors or officers that questions the validity of this Agreement or the right of the Company
to enter into this Agreement or to consummate the transactions contemplated hereby. 

 4.    Conditions to the Purchaser’s Obligation to
Close. The Purchasers’ obligation to accept delivery of the Shares and to pay for the Purchase Price shall be subject to the following conditions: 

A.    The representations and warranties of the Company contained in Section 3 shall be true and correct as of the
closing. 
 B.    The Merger has been consummated. 

C.    No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered or
promulgated by any court or governmental authority of competent jurisdiction which prohibits the consummation of any of the transactions contemplated by this Agreement. 

D.    There shall not have been a Material Adverse Effect. For purposes of this Agreement, a “Material Adverse
Effect” means any event, change, violation, inaccuracy, circumstance or effect that, individually or in the aggregate, has had or would reasonably be expected to have a material adverse effect on, or result in a material adverse change in, as
the case may be, the business, operations, properties, condition (financial or otherwise), assets, liabilities or results of operations of the Company. 

5. Restrictions on Transfer at Time of Issuance. 

A.    Purchaser understands and agrees that the Company shall cause the legends set forth below, or substantially
equivalent legends, to be placed upon any certificate(s) evidencing ownership of the Shares, together with any other legends that may be required by the Company or by applicable state or federal securities laws: 

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) AND MAY NOT BE
OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR, IN THE OPINION OF COUNSEL SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION OTHERWISE
COMPLIES WITH THE ACT. 
 B.    Stop-Transfer Notices. Purchaser agrees that to ensure compliance with the
restrictions referred to herein, the Company may issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it may make appropriate notations to the same effect
in its own records. 
 C.    Refusal to Transfer. The Company shall not be required (i) to transfer on its
books any Shares that have been sold or otherwise transferred in violation of any of the provisions of this Agreement or (ii) to treat as owner of such Shares or to accord the right to vote or pay dividends to any purchaser or other transferee
to whom such Shares shall have been so transferred. 
 D.    Registration Rights. The Company shall use
commercially reasonable efforts to file a registration of the Shares with the Securities and Exchange Commission (the “SEC”) covering resales of the Shares no later than forty-five (45) days following the closing, and cause the
registration statement to become effective no later than ninety (90) days after such filing; provided, however, that in the event that such registration statement is reviewed by the SEC, then the effectiveness deadline shall be extended to one
hundred eighty (180) days following such filing. The Company shall bear all expenses of such registration. Subject to customary rights to suspend or delay sales from time to time in order to update the registration statement and prospectus to
correct what might otherwise constitute a material misstatement or omission therein, the Company will use its reasonable best efforts to keep such registration statement effective until the date by which all the Shares have been sold. With respect
to material misstatements and omissions in the registration statement and securities law violations, the Company will indemnify the Purchaser other than for written information provided by the Purchaser for use in the registration statement. 

E.    No Transfers to Bad Actors. The Purchaser agrees not to sell, assign, transfer, pledge, encumber or otherwise
dispose of any securities of the Company, or any beneficial interest therein, to any person (other than the Company) unless and until the proposed transferee confirms to the reasonable satisfaction of the Company that neither

 
the proposed transferee nor any of its directors, executive officers, other officers that may serve as a director or officer of any company in which it invests, general partners or managing
members nor any person that would be deemed a beneficial owner of those securities (in accordance with Rule 506(d) of the Securities Act) is subject to any of the “bad actor” disqualifications described in Rule 506(d)(1)(i)
through (viii) under the Securities Act (“Bad Actor Disqualifications”), except as set forth in Rule 506(d)(2)(ii) or (iii) or (d)(3) under the Securities Act and disclosed, reasonably in advance of the transfer, in
writing in reasonable detail to the Company. The Purchaser will promptly notify the Company in writing if the Purchaser or, to the Purchaser’s knowledge, any person specified in Rule 506(d)(1) under the Securities Act becomes subject to
any Bad Actor Disqualification. 
 F.    Restrictions Binding on Transferees. All transferees of Shares or
any interest therein shall receive and hold such Shares or interest subject to all of the provisions of this Agreement, and there shall be no further transfer of such Shares except in accordance with the terms of this Agreement. 

6. Tax Consequences. The Purchaser has reviewed with the Purchaser’s own tax advisors the federal, state, local and foreign tax
consequences of this investment and the transactions contemplated by this Agreement. The Purchaser is relying solely on such advisors and not on any statements or representations of the Company or any of its agents. The Purchaser understands that
the Purchaser (and not the Company) shall be responsible for any tax liability that may arise as a result of the transactions contemplated by this Agreement. 

7. General Provisions. 

A.    Choice of Law; Entire Agreement. This Agreement shall be governed by the internal substantive laws, but not
the choice of law rules, of California. 
 B.    Integration. This Agreement represents the entire agreement
between the parties with respect to the purchase of the Shares by the Purchaser and supercedes and replaces any and all prior written or oral agreements regarding the subject matter of this Agreement including, but not limited to, any
representations made during any interviews, relocation discussions or negotiations whether written or oral. 

C.    Notices. Any notice, demand, offer, request or other communication required or permitted to be given by
either the Company or the Purchaser pursuant to the terms of this Agreement shall be in writing and shall be deemed effectively given the earlier of (i) when received, (ii) when delivered personally, (iii) 1 business day after being
delivered by facsimile (with receipt of appropriate confirmation), (iv) 1 business day after being deposited with an overnight courier service or (v) 4 days after being deposited in the U.S. mail, First Class with postage prepaid, and
addressed to the parties at the addresses provided to the Company (which the Company agrees to disclose to the other parties upon request) or such other address as a party may request by notifying the other in writing. 

D.    Successors. Any successor to the Company (whether direct or indirect and whether by purchase, merger,
consolidation, liquidation or otherwise) to all or substantially all of the Company’s business and/or assets shall assume the obligations under this Agreement and agree expressly to perform the obligations under this Agreement in the same
manner and to the same extent as the Company would be required to perform such obligations in the absence of a succession. For all purposes under this Agreement, the term “Company” shall include any successor to the
Company’s business and/or assets which executes and delivers the assumption agreement described in this Section or which becomes bound by the terms of this Agreement by operation of law. Subject to the restrictions on transfer set forth in
this Agreement, this Agreement shall be binding upon Purchaser and his heirs, executors, administrators, successors and assigns. 

E.    Assignment. The rights granted to the Purchaser under this Agreement are not assignable by the Purchaser
under any circumstances. 
 F.    Waiver. Either party’s failure to enforce any provision of this Agreement
shall not in any way be construed as a waiver of any such provision, nor prevent that party from thereafter enforcing any other provision of this Agreement. The rights granted both parties hereunder are cumulative and shall not constitute a waiver
of either party’s right to assert any other legal remedy available to it. 

 G.    Purchaser Investment Representations and Further Documents. The
Purchaser agrees upon request to execute any further documents or instruments necessary or reasonably desirable in the view of the Company to carry out the purposes or intent of this Agreement. In furtherance of the above, the Purchaser hereby makes
the investment representations listed on Exhibit A to the Company as of the date of this Agreement, and agrees that such representations are incorporated into this Agreement by this reference, such that the Company may rely on them in issuing
the Shares. 
 H.    Severability. Should any provision of this Agreement be found to be illegal or
unenforceable, the other provisions shall nevertheless remain effective and shall remain enforceable to the greatest extent permitted by law. 

I.    Rights as Stockholder. Subject to the terms and conditions of this Agreement, Purchaser shall have all of the
rights of a stockholder of the Company with respect to the Shares from and after the date that Purchaser delivers a fully executed copy of this Agreement (including all exhibits and attachments thereto) and full payment for the Shares to the
Company, and until such time as Purchaser disposes of the Shares in accordance with this Agreement. Upon such transfer, Purchaser shall have no further rights as a holder of the Shares so purchased except (in the case of a transfer to the Company)
the right to receive payment for the Shares so purchased in accordance with the provisions of this Agreement, and Purchaser shall forthwith cause the certificate(s) evidencing the Shares so purchased to be surrendered to the Company for transfer or
cancellation. 
 J.    Adjustment for Stock Split. All references to the number of Shares and the purchase price
of the Shares in this Agreement shall be adjusted to reflect any stock split, stock dividend or other change in the Shares which may be made after the date of this Agreement. 

K.    Counterparts. This Agreement may be executed in one or more counterparts, each of which will be deemed an
original, but all of which together will constitute one and the same agreement. Facsimile copies of signed signature pages shall be binding originals. 

The parties represent that they have read this Agreement in its entirety, have had an opportunity to obtain the advice of counsel prior to
executing this Agreement and fully understand this Agreement. The Purchaser agrees to notify the Company of any change in his address below. 
  

									
	PURCHASER	 		 	CAPNIA, INC.
				
	By:	 	  
	 		 	  

		 		 		 	Signature
					
	Name:	 	  
	 		 	Name:	 	  

					
	Title:	 	  
	 		 	Title:	 	  

				
	Address:	 		 		 	
				
	  
	 		 		 	
				
	  
	 		 		 	
				
	E-mail Address:	 		 		 	
				
	  
	 		 		 	

 EXHIBIT A 

INVESTMENT REPRESENTATION STATEMENT 
  

					
	 PURCHASER
	  	:	  	
			
	 COMPANY
	  	:	  	 Capnia, Inc.

			
	 SECURITY
	  	:	  	 Common Stock

			
	 AMOUNT
	  	:	  	
			
	 DATE
	  	:	  	

 In connection with the purchase of the above-listed shares, I represent to the Company as follows: 

1.    The Company May Rely on These Representations. I understand that the Company’s sale of the shares to me
has not been registered under the Securities Act of 1933, as amended, because the Company believes, relying in part on my representations in this document, that an exemption from such registration requirement is available for such sale. I understand
that the availability of this exemption depends upon the representations I am making to the Company in this document being true and correct. 

2.    I am Purchasing for Investment. I am purchasing the shares solely for investment purposes, and not for
further distribution. My entire legal and beneficial ownership interest in the shares is being purchased and shall be held solely for my account, except to the extent I intend to hold the shares jointly with my spouse. I am not a party to, and do
not presently intend to enter into, any contract or other arrangement with any other person or entity involving the resale, transfer, grant of participation with respect to or other distribution of any of the shares. My investment intent is not
limited to my present intention to hold the shares for the minimum capital gains period specified under any applicable tax law, for a deferred sale, for a specified increase or decrease in the market price of the shares, or for any other fixed
period in the future. 
 3.    I Can Protect My Own Interests. I can properly evaluate the merits and risks of an
investment in the shares and can protect my own interests in this regard, whether by reason of my own business and financial expertise, the business and financial expertise of certain professional advisors unaffiliated with the Company with whom I
have consulted, or my preexisting business or personal relationship with the Company or any of its officers, directors or controlling persons. 

4.    I am Informed About the Company. I am sufficiently aware of the Company’s business affairs and financial
condition to reach an informed and knowledgeable decision to acquire the shares. I have had opportunity to discuss the plans, operations and financial condition of the Company with its officers, directors or controlling persons, and have received
all information I deem appropriate for assessing the risk of an investment in the shares. 
 5.    I Recognize My
Economic Risk. I realize that the purchase of the shares involves a high degree of risk, and that the Company’s future prospects are uncertain. I am able to hold the shares indefinitely if required, and am able to bear the loss of my entire
investment in the shares. 
 6.    I Know the Shares are Restricted Securities. I understand that the shares are
“restricted securities” in that the Company’s sale of the shares to me has not been registered under the Securities Act in reliance upon an exemption for non-public offerings. In this regard, I
also understand and agree that: 
 A.    I must hold the shares indefinitely, unless any subsequent proposed resale by
me is registered under the Securities Act, or unless an exemption from registration is otherwise available (such as Rule 144); 

 B.    the Company is under no obligation to register any subsequent proposed
resale of the shares by me; and 
 C.    the certificate evidencing the shares will be imprinted with a legend
which prohibits the transfer of the shares unless such transfer is registered or such registration is not required in the opinion of counsel for the Company. 

7.    I am Familiar With Rule 144. I am familiar with Rule 144 adopted under the Securities Act, which in some
circumstances permits limited public resale of “restricted securities” like the shares acquired from an issuer in a non-public offering. I understand that my ability to sell the shares under Rule 144
in the future is uncertain, and will depend upon, among other things: (i) the availability of certain current public information about the Company; (ii) the resale occurring more than one year after my purchase and full payment (within the
meaning of Rule 144) for the shares; and (iii) if I am an affiliate of the Company, or a non-affiliate who has held the shares less than two years after my purchase and full payment: (A) the
sale being made through a broker in an unsolicited “broker’s transaction” or in transactions directly with a market maker, as said term is defined under the Securities Exchange Act of 1934, as amended, (B) the amount of shares
being sold during any three month period not exceeding the specified limitations stated in Rule 144, and (C) timely filing of a notice of proposed sale on Form 144, if applicable. 

8.    I Know Rule 144 May Never be Available. I understand that the requirements of Rule 144 may never be met,
and that the shares may never be saleable. I further understand that at the time I wish to sell the shares, there may be no public market for the Company’s stock upon which to make such a sale, or the current public information requirements of
Rule 144 may not be satisfied, either of which would preclude me from selling the shares under Rule 144 even if the one-year minimum holding period had been satisfied. 

9.    I Know I am Subject to Further Restrictions on Resale. I understand that in the event Rule 144 is not
available to me, any future proposed sale of any of the shares by me will not be possible without prior registration under the Securities Act, compliance with some other registration exemption (which may or may not be available), or each of
the following: (i) my written notice to the Company containing detailed information regarding the proposed sale, (ii) my providing an opinion of my counsel to the effect that such sale will not require registration, and (iii) the
Company notifying me in writing that its counsel concurs in such opinion. I understand that neither the Company nor its counsel is obligated to provide me with any such opinion. I understand that although Rule 144 is not exclusive, the Staff of
the SEC has stated that persons proposing to sell private placement securities other than in a registered offering or pursuant to Rule 144 will have a substantial burden of proof in establishing that an exemption from registration is available
for such offers or sales, and that such persons and their respective brokers who participate in such transactions do so at their own risk. 

10.    I Know I May Have Tax Liability Due to the Uncertain Value of the Shares. I understand that the Board of
Directors believes its valuation of the shares represents a fair appraisal of their worth, but that it remains possible that, with the benefit of hindsight, the Internal Revenue Service may successfully assert that the value of the shares on the
date of my purchase is substantially greater than the Board’s appraisal. I understand that any additional value ascribed to the shares by such an IRS determination will constitute ordinary income to me as of the purchase date, and that any
additional taxes and interest due as a result will be my sole responsibility payable only by me, and that the Company need not and will not reimburse me for that tax liability. I understand that if such additional value represents more than 25% of
my gross income for the year in which the value of the shares is taxable, the IRS will have 6 years from the due date for filing the return (or the actual filing date of the return if filed thereafter) within which to assess me the additional tax
and interest due. 

  
 -2- 

 EXHIBIT B 

TRANSACTIONS TRUST ACCOUNT WIRE INSTRUCTIONS 

  
 -3-Exhibit

Exhibit 10.1

EXECUTION VERSION

FIFTH AMENDMENT TO CREDIT AGREEMENT

THIS FIFTH AMENDMENT TO CREDIT AGREEMENT (this “Agreement”) dated as of March 7, 2017 (the “Fifth Amendment Effective Date”) is entered into among APOLLO ENDOSURGERY US, INC., a Delaware corporation (the “Borrower”), the Guarantors party hereto, the Lenders party hereto and ATHYRIUM OPPORTUNITIES II ACQUISITION LP, as Administrative Agent (the “Administrative Agent”).  All capitalized terms used herein and not otherwise defined herein shall have the meanings given to such terms in the Credit Agreement (as defined below).

RECITALS

WHEREAS, the Borrower, the Guarantors party thereto, the Lenders from time to time party thereto and the Administrative Agent have entered into that certain Credit Agreement dated as of February 27, 2015 (as amended, restated, supplemented or modified from time to time, the “Credit Agreement”);

WHEREAS, the Borrower has requested that the Lenders amend the Credit Agreement as set forth below; and

WHEREAS, the Lenders and the Administrative Agent are willing to amend the Credit Agreement as set forth below, subject to the terms and conditions set forth below.

NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

1.    Amendments.  

(a)    The defined terms “Internally Generated Cash”, “Liquidity Cure Amount”, “Liquidity Cure Right”, “Liquidity Snap-Back Date”, “Required Aggregate Liquidity Level” and “Required Domestic Liquidity Level” are hereby deleted from Section 1.01 of the Credit Agreement. 

(b)    The fourth sentence of Section 2.03(a) of the Credit Agreement is hereby amended to read as follows:

If such notice is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein; provided, that, if such notice is conditioned upon the effectiveness of one or more events specified therein, such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied.

(c)    Section 7.02(a) of the Credit Agreement is hereby amended by deleting “and 8.17” from the end thereof and making singular the preceding references to “covenants” and “Sections”.

(d)    Section 8.16(a) of the Credit Agreement is hereby amended to read as follows:

(a)    Minimum Consolidated Revenues.  Permit Consolidated Revenues, for any fiscal quarter of the Parent (or, with respect to any fiscal quarter ending prior to the Transaction Closing Date, the Borrower), to be less than (i) $20,000,000, for any fiscal 

quarter ending during the period from the Closing Date through and including June 30, 2015, (ii) $17,000,000, for any fiscal quarter ending during the period from July 1, 2015 through and including December 31, 2015, (iii) $15,300,000, for the fiscal quarter ending March 31, 2016, (iv) $17,200,000, for the fiscal quarter ending June 30, 2016, (v) $15,700,000, for the fiscal quarter ending September 30, 2016, (vi) $16,000,000, for the fiscal quarter ending December 31, 2016, (vii) $13,000,000, for the fiscal quarter ending March 31, 2017, (viii) $14,000,000, for the fiscal quarter ending June 30, 2017, (ix) $15,000,000, for the fiscal quarter ending September 30, 2017, (x) $16,000,000, for the fiscal quarter ending December 31, 2017, (xi) $17,000,000, for the fiscal quarter ending March 31, 2018, (xii) $18,000,000, for the fiscal quarter ending June 30, 2018, (xiii) $19,000,000, for the fiscal quarter ending September 30, 2018, (xiv) $20,000,000, for the fiscal quarter ending December 31, 2018, (xv) $21,000,000, for the fiscal quarter ending March 31, 2019, (xvi) $22,000,000, for the fiscal quarter ending June 30, 2019, (xvii) $23,000,000, for the fiscal quarter ending September 30, 2019, (xviii) $24,000,000, for the fiscal quarter ending December 31, 2019 and (xix) $25,000,000 for any fiscal quarter ending thereafter.

(e)    Section 8.16(b) of the Credit Agreement is hereby amended to read as follows:

(b)    Consolidated Debt to Revenues Ratio.  Permit the Consolidated Debt to Revenues Ratio as of the end of any fiscal quarter of the Parent (or, with respect to any fiscal quarter ending prior to the Transaction Closing Date, the Borrower) to be greater than (i) 0.60 to 1.0, for any fiscal quarter ending during the period from the Closing Date to and including June 30, 2015, (ii) 0.76 to 1.0, for any fiscal quarter ending during the period from July 1, 2015 to and including June 30, 2016, (iii) 0.80 to 1.0, for the fiscal quarter ending September 30, 2016, (iv) 0.80 to 1.0, for the fiscal quarter ending December 31, 2016, (v) 0.65 to 1.0, for the fiscal quarter ending March 31, 2017, (vi) 0.61 to 1.0, for the fiscal quarter ending June 30, 2017, (vii) 0.57 to 1.0, for the fiscal quarter ending September 30, 2017, (viii) 0.53 to 1.0, for the fiscal quarter ending December 31, 2017, (ix) 0.49 to 1.0, for the fiscal quarter ending March 31, 2018, (x) 0.45 to 1.0, for the fiscal quarter ending June 30, 2018, (xi) 0.41 to 1.0, for the fiscal quarter ending September 30, 2018, (xii) 0.37 to 1.0, for the fiscal quarter ending December 31, 2018, (xiii) 0.33 to 1.0, for the fiscal quarter ending March 31, 2019, (xiv) 0.29 to 1.0, for the fiscal quarter ending June 30, 2019 and (xv) 0.25 to 1.0, for any fiscal quarter ending thereafter.

(f)    Section 8.17 of the Credit Agreement is hereby deleted in its entirety.

(g)    Exhibit E to the Credit Agreement is hereby amended to read as set forth on Exhibit E attached hereto.

2.    Conditions Precedent.  This Agreement shall be effective upon satisfaction of the following conditions precedent: 

(a)    receipt by the Administrative Agent of counterparts of this Agreement duly executed by the Borrower, the Guarantors, the Lenders and the Administrative Agent;

(b)    the Borrower shall have prepaid, or substantially simultaneously with the Fifth Amendment Effective Date, shall voluntarily prepay, the principal amount of the Term Loan in an aggregate amount equal to $7,000,000 (the “Fifth Amendment Prepayment”), such prepayment to be accompanied by (i) all accrued interest on the principal amount of the Term Loan prepaid and 

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(ii) all fees, costs, expenses, indemnities and other amounts due and payable under the Credit Agreement at the time of prepayment (such prepayment to be applied to the Loans of the Lenders in accordance with their respective Applicable Percentages); provided, however, that, notwithstanding the foregoing, solely with respect to the Fifth Amendment Prepayment, the Administrative Agent and each Lender hereby waive payment of (x) the prepayment premium required under Section 2.03(d) of the Credit Agreement with respect to the Fifth Amendment Prepayment and (y) the exit fee required under Section 2.06(b) of the Credit Agreement with respect to the Fifth Amendment Prepayment; and

(c)    payment by the Borrower of all fees, charges and disbursements of counsel to the Administrative Agent incurred in connection with the preparation, execution and delivery of this Agreement.

3.    Reaffirmation.  Each of the Loan Parties acknowledges and reaffirms (a) that it is bound by all of the terms of the Investment Documents to which it is a party and (b) that it is responsible for the observance and full performance of all Obligations, including without limitation, the repayment of the Term Loan.  Furthermore, the Loan Parties acknowledge and confirm (i) that the Lenders have performed fully all of their obligations under the Credit Agreement and the other Investment Documents and (ii) that by entering into this Agreement, the Lenders do not, except as expressly set forth herein, waive or release any term or condition of the Credit Agreement or any of the other Investment Documents or any of their rights or remedies under such Investment Documents or any applicable law or any of the obligations of the Loan Parties thereunder.

4.    Miscellaneous.

(a)    The Credit Agreement and the obligations of the Loan Parties thereunder and under the other Investment Documents, are hereby ratified and confirmed and shall remain in full force and effect according to their terms.  This Agreement is a Loan Document.

(b)    Each Guarantor (i) acknowledges and consents to all of the terms and conditions of this Agreement, (ii) affirms all of its obligations under the Loan Documents, and (iii) agrees that this Agreement and all documents executed in connection herewith do not operate to reduce or discharge its obligations under the Credit Agreement or the Loan Documents.

(c)    The Loan Parties represent and warrant to the Lender that:

(i)    each Loan Party has taken all necessary corporate or other organizational action to authorize the execution, delivery and performance of this Agreement.

(ii)    this Agreement has been duly executed and delivered by each Loan Party and constitutes a legal, valid and binding obligation of each Loan Party, enforceable against each such Loan Party in accordance with its terms, subject to bankruptcy, insolvency and similar laws affecting enforceability of creditors’ rights generally and to general principles of equity.

(iii)    no approval, consent, exemption, authorization or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance by, or enforcement against, any Loan Party of this Agreement.

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(iv)    (A) the representations and warranties of the Borrower and each other Loan Party contained in Article VI of the Credit Agreement or any other Investment Document, or which are contained in any document furnished at any time under or in connection therewith, are true and correct in all material respects (and in all respects if any such representation and warranty is already qualified by materiality or reference to Material Adverse Effect) on and as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects (and in all respects if any such representation and warranty is already qualified by materiality or reference to Material Adverse Effect) as of such earlier date and (B) no event has occurred and is continuing which constitutes a Default or an Event of Default.

(d)    This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  Delivery of an executed counterpart of a signature page of this Agreement by facsimile or other electronic imagine means (e.g. “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this Agreement.

(e)    If any provision of this Agreement is held to be illegal, invalid or unenforceable, (i) the legality, validity and enforceability of the remaining provisions of this Agreement shall not be affected or impaired thereby and (ii) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions.  The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

(f)    THIS AGREEMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

[SIGNATURE PAGES FOLLOW]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first above written.
		
	BORROWER:
	APOLLO ENDOSURGERY US, INC.,

a Delaware corporation
By:/s/ Stefanie Cavanugh
Name:    Stefanie Cavanaugh
Title:    Chief Financial Officer
		
	GUARANTORS:
	APOLLO ENDOSURGERY, INC., 
a Delaware corporation

By:/s/ Stefanie Cavanugh
Name:    Stefanie Cavanaugh
Title:    Chief Financial Officer    
APOLLO ENDOSURGERY INTERNATIONAL, LLC,
a Delaware limited liability company
By:/s/ Stefanie Cavanugh
Name:    Stefanie Cavanaugh
Title:    Chief Financial Officer
LPATH THERAPEUTICS INC., 
a Delaware corporation
By:/s/ Stefanie Cavanugh
Name:    Stefanie Cavanaugh
Title:    Chief Financial Officer

ADMINISTRATIVE AGENT:        ATHYRIUM OPPORTUNITIES II ACQUISITION LP,
a Delaware limited partnership
		
	By:
	ATHYRIUM OPPORTUNITIES ASSOCIATES II LP, its General Partner

		
	By:
	ATHYRIUM GP HOLDINGS LLC, its General Partner

By:/s/ Andrew C. Hyman
Name: Andrew C. Hyman
Title: Authorized Signatory 

LENDERS:                ATHYRIUM OPPORTUNITIES II ACQUISITION LP,
a Delaware limited partnership
		
	By:
	ATHYRIUM OPPORTUNITIES ASSOCIATES II LP, its General Partner

		
	By:
	ATHYRIUM GP HOLDINGS LLC, its General Partner

By:/s/ Andrew C. Hyman
Name: Andrew C. Hyman
Title: Authorized Signatory 

EXHIBIT E

FORM OF COMPLIANCE CERTIFICATE

Financial Statement Date: __________, 20    

To:    Athyrium Opportunities II Acquisition LP, as Administrative Agent

		
	Re:
	Credit Agreement dated as of February 27, 2015 (as amended, modified, restated, supplemented or extended from time to time, the “Credit Agreement”) among Apollo Endosurgery US, Inc., a Delaware corporation (the “Borrower”), the Guarantors, the Lenders from time to time party thereto and Athyrium Opportunities II Acquisition LP, as Administrative Agent.  Capitalized terms used but not otherwise defined herein have the meanings provided in the Credit Agreement.

Date:                    

Ladies and Gentlemen:

The undersigned Responsible Officer hereby certifies as of the date hereof that [he][she] is the _______________ of Apollo Endosurgery, Inc., a Delaware corporation (the “Parent”), and that, in [his][her] capacity as such, [he][she] is authorized to execute and deliver this Compliance Certificate to the Administrative Agent on the behalf of the Parent, and that:

[Use following paragraph 1 for fiscal year‐end financial statements:]

[1.    Attached hereto as Schedule 1 are the year‐end audited financial statements required by Section 7.01(a) of the Credit Agreement for the fiscal year of the Parent ended as of the above date, together with the report and opinion of an independent certified public accountant required by such Section.]

[Use following paragraph 1 for fiscal quarter‐end financial statements:]

[1.    Attached hereto as Schedule 1 are the unaudited financial statements required by Section 7.01(b) of the Credit Agreement for the fiscal quarter of the Parent ended as of the above date.  Such financial statements fairly present in all material respects the financial condition, results of operations, shareholders’ equity and cash flows of the Parent and its Subsidiaries in accordance with GAAP as at such date and for such period, subject only to normal year-end audit adjustments and the absence of footnotes.]

[Use following paragraph 1 for financial statements delivered for the last calendar month of any fiscal year:]

[1.    Attached hereto as Schedule 1 are the unaudited financial statements required by Section 7.01(c) of the Credit Agreement for the calendar month of the Parent ended as of the above date.  Such financial statements fairly present in all material respects the financial condition, results of operations, shareholders’ equity and cash flows of the Parent and its Subsidiaries in accordance with GAAP as at such date and for such period, subject only to normal year-end audit adjustments and the absence of footnotes.]

2.    The undersigned has reviewed and is familiar with the terms of the Credit Agreement and has made, or has caused to be made, a reasonably detailed review of the transactions and condition (financial or otherwise) of the Parent during the accounting period covered by the attached financial statements.

3.    A review of the activities of the Parent during such fiscal period has been made under the supervision of the undersigned with a view to determining whether during such fiscal period the Parent and its Subsidiaries performed and observed all of its obligations under the Investment Documents, and 

[select one:]

[to the best knowledge of the undersigned during such fiscal period, the Parent and its Subsidiaries performed and observed each covenant and condition of the Investment Documents applicable to it, and no Default has occurred and is continuing.]

[or:]

[the following covenants or conditions have not been performed or observed and the following is a list of each such Default and its nature and status:]

4.    The financial covenant analyses and calculation of Consolidated Revenues and Consolidated Debt to Revenues Ratio set forth on Schedule 2 attached hereto are true and accurate on and as of the date of this Compliance Certificate.

[5.    Attached hereto as Schedule 3 is a supplement setting forth information regarding the amount of all Dispositions, Involuntary Dispositions, Debt Issuances, Extraordinary Receipts and Acquisitions that occurred during the period covered by the financial statements attached hereto as Schedule 1.]

[6.    Attached hereto as Schedule 4 is (i) a list of (A) all applications by any Loan Party, if any, for Copyrights, Patents or Trademarks made since [the Closing Date] [the date of the prior Compliance Certificate], (B) all issuances of registrations or letters on existing applications by any Loan Party for Copyrights, Patents and Trademarks received since [the Closing Date] [the date of the prior Compliance Certificate], (C) all Trademark Licenses, Copyright Licenses and Patent Licenses entered into by any Loan Party since [the Closing Date] [the date of the prior Compliance Certificate] and (D) such supplements to Schedule 6.17 as are necessary to cause such schedule to be true and complete as of the date of such certificate and (ii) the insurance binder or other evidence of insurance for any insurance coverage of any Loan Party or any Subsidiary that was renewed, replaced or modified during the period covered by the financial statements attached hereto as Schedule 1.]

IN WITNESS WHEREOF, the undersigned has executed this Compliance Certificate as of the date set forth above.

APOLLO ENDOSURGERY, INC.,
a Delaware corporation
By:                    
Name:
Title:

Schedule 1
Schedule 2

		
	1.
	Minimum Consolidated Revenues.

	
		
	A.    Consolidated Revenues:

	

	i.    net product sales for the Parent and its Subsidiaries on a consolidated basis for such period, as determined in accordance with GAAP:
	$      

	 
	 

	ii.    prior to the occurrence of the Allergan Transfer Date, “Net Sales” (as defined in the Allergan DRA) for such period for the Lap-Band Product and the Orbera Product for any territories where Allergan at such time has the obligation (pursuant to the Allergan DRA) to sell or distribute (whether directly or through a third party) the Lap-Band Product or the Orbera Product, as applicable, as reported to the Parent by Allergan and its Affiliates pursuant to Section 6.4 of the Allergan DRA:
	$      

	 
	 

	iii.    [(A)(i) + (A)(ii)]:
	$      

	 
	 

	B.    Cure Amount:
	$      

	 
	 

	C.    [(A)(iii) + (B)]
	$      

	 
	 

	Amount required by Section 8.16(a) of the Credit Agreement for such fiscal quarter:

	$      

	Compliance:
	                                                [Yes] [No]

		
	2.
	Consolidated Debt to Revenues Ratio.

	
			
	A.    Consolidated Funded Indebtedness

	 

	i.    all obligations, whether current or long-term, for borrowed money (including the Obligations) and all obligations of the Parent and its Subsidiaries evidenced by bonds, debentures, notes, loan agreements or other similar instruments

	$___________
	 

	ii.    all purchase money Indebtedness 

	$___________
	 

	iii.    the principal portion of all obligations under conditional sale or other title retention agreements relating to property purchased by the Parent and its Subsidiaries thereof (other than customary reservations or retentions of title under agreements with suppliers entered into in the ordinary course of business)

	$___________
	 

	iv.    all obligations arising under letters of credit (including standby and commercial), bankers’ acceptances, bank guaranties, surety bonds and similar instruments

	$___________
	 

	v.    all obligations in respect of the deferred purchase price of property or services (other than trade accounts payable in the ordinary course of business and, in each case, not past due for more than 60 days after the date on which such trade account payable was created), including, without limitation, any Earn Out Obligations

	$___________
	 

	vi.    the Attributable Indebtedness of Capital Leases, Securitization Transactions and Synthetic Leases
 
	$___________
	 

	
		
	 
	 

	vii.    all obligations of the Parent and its Subsidiaries to purchase, redeem, retire, defease or otherwise make any payment in respect of any Equity Interests in the Parent or its Subsidiaries or any other Person (excluding the Permitted Preferred Stock for so long as such Equity Interests constitute “Permitted Preferred Stock” in accordance with the definition thereof), valued, in the case of a redeemable preferred interest, at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends

	$___________

	viii.    all Funded Indebtedness of others secured by (or for which the holder of such Funded Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on, or payable out of the proceeds of production from, property owned or acquired by the Parent and its Subsidiaries, whether or not the obligations secured thereby have been assumed

	$___________

	ix.    all Guarantees with respect to Funded Indebtedness of the types specified in (i) through (viii) above of another Person

	$___________

	x.    all Funded Indebtedness of the types referred to in (i) through (ix) above of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which the Parent or any of its Subsidiaries is a general partner or joint venturer, except to the extent that Funded Indebtedness is expressly made non-recourse to the Parent or any of its Subsidiaries

	$___________

	xi.    Sum of (i) + (ii) + (iii) + (iv) + (v) + (vi) + (vii) + (viii) + (ix) + (x)

	$___________

	
		
	 
	 

	B.    Annualized Consolidated Revenues for the preceding period of two fiscal quarters
	$___________

	 
	 

	C.    Cure Amount
	$___________

	 
	 

	D.    Consolidated Debt to Revenues Ratio
[(A)(xi) / ((B) + (C))]
	_____ : 1.0

	 
	 

	Ratio required by Section 8.16(b) of the Credit Agreement for such fiscal quarter:

	$      

	Compliance:
	                              [Yes] [No]

Schedule 3
Schedule 4

4

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