Document:

Amendment No. 1 to Warrant to Purchase Stock

 Exhibit 4.25 
 AMENDMENT NO. 1 TO WARRANT TO PURCHASE STOCK 
 THIS AMENDMENT NO. 1 TO WARRANT TO
PURCHASE STOCK is made as of October 6, 2011, by and between Gold Hill Capital 2008, L.P. (“Holder”) and Exa Corporation, a Delaware corporation (the “Company”). 

WHEREAS, Holder is the holder of that certain Warrant to Purchase Stock dated as of January 28, 2011 issued by the Company to Holder
(the “Warrant”); and 
 WHEREAS, in connection with certain credit transactions of even date herewith between the
Company and Holder, the parties hereto desire to amend the Warrant in the manner set forth below; 
 NOW, THEREFORE, in
consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 
 1. Warrant Amendment. The Warrant is hereby amended by deleting Paragraph A thereof in its entirety and substituting the following new Paragraph A therefor, such new Paragraph A to be effective
from and after the date of this Amendment No. 1: 
 “A. Number of Shares. This Warrant shall be exercisable for
the Initial Shares, plus the Additional Exercisable Shares, if any (collectively, the “Shares”). 
 (1) Initial
Shares. As used herein, “Initial Shares” means 710,000 shares of the Class, subject to adjustment from time to time in accordance with the provisions of this Warrant. 

(2) Additional Exercisable Shares. All additional shares of the Class for which this Warrant becomes exercisable pursuant to this
Paragraph A(2) are referred to herein collectively as the “Additional Exercisable Shares.” 
 (a) Upon the date of
each Growth Capital Advance (as defined in the Loan Agreement) made by Holder (or its affiliate) to the Company on or after October 6, 2011 and prior to November 30, 2011, this Warrant automatically shall become exercisable for such number
of additional shares of the Class as shall equal (i)(A) 0.0913, multiplied by (B) the amount of such Growth Capital Advance made by Holder (or its affiliate), divided by (ii) the Warrant Price in effect on and as of the date of such Growth
Capital Advance, subject to adjustment thereafter from time to time in accordance with the provisions of this Warrant. 
 (b)
Upon the occurrence, if at all, of the First Draw Period Extension Event (as defined in the Loan Agreement), this Warrant automatically shall become exercisable for an additional 150,000 shares of the Class, subject to adjustment from time to time
in accordance with the provisions of this Warrant. 

  
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 (c) Upon the date of each Growth Capital Advance made by Holder (or its affiliate) to the
Company on or after November 30, 2011 and prior to January 31, 2012, this Warrant automatically shall become exercisable for such number of additional shares of the Class as shall equal (i)(A) 0.0510, multiplied by (B) the amount of
such Growth Capital Advance made by Holder (or its affiliate), divided by (ii) the Warrant Price in effect on and as of the date of such Growth Capital Advance, subject to adjustment thereafter from time to time in accordance with the
provisions of this Warrant. 
 (d) Upon the occurrence, if at all, of the Second Draw Period Extension Event (as defined in the
Loan Agreement), this Warrant automatically shall become exercisable for such number of additional shares of the Class as shall equal (i) 340,000 (as such number may be adjusted from time to time upon the occurrence of one or more events
described in Article 2 hereof), less (ii) the aggregate number of Additional Exercisable Shares for which this Warrant previously shall have become exercisable pursuant to the provisions of Paragraph A(2)(a) – (c) above, subject to
adjustment thereafter from time to time in accordance with the provisions of this Warrant.” 
 (3) Maximum Shares.
In no event will this Warrant become exercisable for more than 1,050,000 shares of the Class, subject to adjustment thereafter from time to time in accordance with the provisions of this Warrant. 

2. Certain Events. The Company represents and warrants to Holder that, from the original Issue Date of the Warrant through the
date hereof, there has been no event of a type described in Articles 2.1, 2.2, 2.3 or 2.7 of the Warrant affecting the outstanding shares of the Class (as defined in the Warrant). 

3. No Other Amendments. Except as amended hereby, the Warrant shall remain in full force and effect as originally written.

 4. Governing Law. This Amendment No. 1 shall be governed by and construed in accordance with the Delaware General
Corporation Law, and the laws of the Commonwealth of Massachusetts without giving effect to its principles regarding conflicts of law. 
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 IN WITNESS WHEREOF, the parties have executed this Amendment No. 1 to Warrant to
Purchase Stock as of the date first above written. 
  

					
		 	 EXA CORPORATION

			
		 	By:	 	 /s/    Edmond L.
Furlong        

		 	Name:	 	Edmond L. Furlong
		 	Title:	 	COO/CFO

  

					
		 	GOLD HILL CAPITAL 2008, L.P.
			
		 	By:	 	Gold Hill Capital 2008, LLC, its
		 		 	general partner

  

					
			
		 	By:	 	 /s/    Jeff
Brown        

		 	Name:	 	Jeff Brown
		 	Title:	 	Associate
		 		 	Gold Hill Capital

  
 3First Loan Modification Agreement

 Exhibit 10.17 
 FIRST LOAN MODIFICATION AGREEMENT 
 This First Loan Modification Agreement
(this “Loan Modification Agreement”) is entered into as of October 6, 2011, by and among (a) (i) GOLD HILL CAPITAL 2008, L.P., a Delaware limited partnership (“Gold Hill”), as agent (“Agent”), and
(ii) the Lenders listed on Schedule 1.1 to the Loan Agreement (as defined below) and otherwise party hereto, including without limitation, Gold Hill and MASSACHUSETTS CAPITAL RESOURCE COMPANY (“MCRC”) (Gold Hill and MCRC are
each, individually, a “Lender” and, collectively, the “Lenders”), and (b) EXA CORPORATION, a Delaware corporation (“Borrower”). 
 1. DESCRIPTION OF EXISTING INDEBTEDNESS AND OBLIGATIONS. Among other indebtedness and obligations which may be owing by Borrower to Lenders, Borrower is indebted to Lenders pursuant to a loan
arrangement dated as of January 28, 2011, evidenced by, among other documents, a certain Loan and Security Agreement dated as of January 28, 2011, by and among Borrower, Agent and Lenders (as amended, the “Loan Agreement”).
Capitalized terms used but not otherwise defined herein shall have the same meaning as in the Loan Agreement. 
 2. DESCRIPTION OF
COLLATERAL. Repayment of the Obligations is secured by (a) the Collateral as described in the Loan Agreement, and (b) the Intellectual Property Collateral as defined in that certain Intellectual Property Security Agreement dated as of
January 28, 2011 by Borrower in favor of Agent and Lenders (the “IP Agreement”), together with any other collateral security granted to Lenders, the “Security Documents”). Hereinafter, the Security Documents, together with
all other documents evidencing or securing the Obligations, shall be referred to as the “Existing Loan Documents”. 
 3.
DESCRIPTION OF CHANGE IN TERMS. 
  

	 	A.	Modifications to Loan Agreement. 

  

	 	1	The Loan Agreement shall be amended by deleting the following definition appearing alphabetically in Section 13.1 thereof: 

“ “Growth Capital Advance B Draw Period” is the period of time from the Effective Date through the earlier to
occur of (a) September 30, 2011 or (b) at the election of Agent, an Event of Default.” 

and inserting in lieu thereof the following: 
 “ “Growth Capital Advance B Draw Period” is the period of time from the Effective Date through the earlier to occur of (a) the Draw Period End Date or (b) at the election
of Agent, an Event of Default.” 
  

	 	2	The Loan Agreement shall be amended by inserting the following new definitions to appear alphabetically in Section 13.1 thereof: 

“ “Draw Period End Date” is (a) if the First Draw Period Extension Event does not occur, November 30,
2011, (b) if the First Draw Period Extension Event Occurs, but the Second Draw Period Extension Event does not occur, January 31, 2012, and (c) if the First Draw Period Extension Event and the Second Draw Period Extension Event each
occur, March 31, 2012.” 
 “ “First Draw Period Extension Event” is the receipt by Agent and
Lenders of written notice in accordance with Section 10 of this Agreement, on or prior that date that is five (5) Business Days prior to November 30, 2011, of its intent to extend the Draw Period End Date to January 31,
2012.” 

 “ “Second Draw Period Extension Event” is the receipt by Agent and
Lenders of written notice in accordance with Section 10 of this Agreement, on or prior that date that is five (5) Business Days prior to January 31, 2012, of its intent to extend the Draw Period End Date to March 31, 2012.”

 4. CONDITION TO EFFECTIVENESS. The effectiveness of this Loan Modification Agreement is subject to the condition precedent that
Lenders shall have received, in form and substance satisfactory to each Lender in its sole discretion, those certain amendments to the Warrant in the form of Exhibit A hereto. 
 5. LEGAL FEES AND EXPENSES. Borrower shall reimburse Agent and Lenders for all reasonable legal fees and expenses incurred in connection with this amendment to the Existing Loan Documents.

 6. RATIFICATION OF INTELLECTUAL PROPERTY SECURITY AGREEMENT. Borrower hereby ratifies, confirms and reaffirms, all and singular, the
terms and conditions of IP Agreement, and acknowledges, confirms and agrees that, except as set forth on Schedule 1 attached hereto, the IP Agreement contains an accurate and complete listing of all Intellectual Property Collateral as defined in the
IP Agreement, and shall remain in full force and effect. 
 7. RATIFICATION OF PERFECTION CERTIFICATE. Except as set forth on Schedule 1
attached hereto, Borrower hereby ratifies, confirms and reaffirms, all and singular, the terms and disclosures contained in a certain Perfection Certificate dated as of January 28, 2011 by Borrower and delivered to Agent and Lenders, and
acknowledges, confirms and agrees that, except as set forth on Schedule 1 attached hereto, the disclosures and information above Borrower provided to Agent and Lenders in such Perfection Certificate have not changed, as of the date hereof.

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

 9. RATIFICATION OF LOAN DOCUMENTS. Borrower hereby ratifies, confirms, and reaffirms all terms and conditions of all security or other
collateral granted to Lenders and confirms that the indebtedness secured thereby includes, without limitation, the Obligations. 
 10. NO
DEFENSES OF BORROWER. Borrower hereby acknowledges and agrees that Borrower has no offsets, defenses, claims, or counterclaims against Agent and/or Lenders with respect to the Obligations, or otherwise, and that if Borrower now has, or ever did
have, any offsets, defenses, claims, or counterclaims against Agent and/or Lenders, whether known or unknown, at law or in equity, all of them are hereby expressly WAIVED and Borrower hereby RELEASES Agent and/or Lenders from any liability
thereunder. 
 11. CONTINUING VALIDITY. Borrower understands and agrees that in modifying the existing Obligations, each of Agent and
Lenders is relying upon Borrower’s representations, warranties, and agreements, as set forth in the Existing Loan Documents. Except as expressly modified pursuant to this Loan Modification Agreement, the terms of the Existing Loan Documents
remain unchanged and in full force and effect. Lenders’ agreement to modifications to the existing Obligations pursuant to this Loan Modification Agreement in no way shall obligate Agent or Lenders to make any future modifications to the
Obligations. Nothing in this Loan Modification Agreement shall constitute a satisfaction of the Obligations. It is the intention of Agent, Lenders and Borrower to retain as liable parties all makers of Existing Loan Documents, unless the party is
expressly released by Lenders in writing. No maker will be released by virtue of this Loan Modification Agreement. 
 12.
CONFIDENTIALITY. Agent and/or Lenders may use confidential information for the development of databases, reporting purposes, and market analysis, so long as such confidential information is aggregated and anonymized prior to distribution
unless otherwise expressly permitted by Borrower. The provisions of the immediately preceding sentence shall survive the termination of the Loan Agreement. 
 13. COUNTERSIGNATURE. This Loan Modification Agreement shall become effective only when it shall have been executed by Borrower, Agent and Lenders. 

[The remainder of this page is intentionally left blank] 

 IN WITNESS WHEREOF, the parties hereto have caused this Loan Modification Agreement
to be executed as a sealed instrument under the laws of the Commonwealth of Massachusetts as of the Effective Date. 
 BORROWER: 

 

			
	EXA CORPORATION
		
	By	 	/s/    Edmond L. Furlong        
	Name:	 	Edmond L. Furlong
	Title:	 	COO/CFO

 AGENT AND LENDERS: 
  

			
	GOLD HILL CAPITAL 2008, L.P., as Agent and as a Lender
		
	By	 	/s/    Jeff Brown        
	Name:	 	Jeff Brown
	Title:	 	Associate

  

			
	MASSACHUSETTS CAPITAL RESOURCE COMPANY, as a Lender
		
	By	 	/s/    Kenneth J. Lavery        
	Name:	 	Kenneth J. Lavery
	Title:	 	Vice President

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