Document:

EX-10.2

 Exhibit 10.2 

CONSENT AND WAIVER 
 This
CONSENT AND WAIVER, dated as of November 6, 2014 (“Consent”), is made by Hercules Technology Growth Capital, Inc., a Maryland corporation, in its capacity as administrative agent (the
“Agent”) under the Loan Agreement (as defined below) and the other Requisite Lenders thereunder, Amedica Corporation, a Delaware corporation (the “Borrower”) and US Spine, Inc. (the
“Guarantor”). 
 WHEREAS, the Borrower entered into a Loan and Security Agreement dated as of June 30,
2014 (as amended, restated, supplemented or otherwise modified from time to time, the “Loan Agreement”) among the Agent, the other lenders from time to time party thereto (together with the Agent, the
“Lenders”) and the Borrower; 
 WHEREAS, the Borrower desires to issue up to $1,000,000 in aggregate
principal amount of promissory notes to be secured, on a basis junior to the security interest of the Agent under the Loan Agreement, by those assets of the Loan Parties that secure the Obligations under the Loan Agreement, and nominally payable on
or about December 17, 2014 (the “Bridge Notes”, and the debt incurred thereby, the “Bridge Debt”), pursuant to a loan and security agreement (the “Bridge Loan Agreement”)
to be entered into among the Borrower and Hampshire MedTech Partners II, LP (the “Bridge Lender”); 

WHEREAS, the Bridge Debt shall be subordinated to the Obligations pursuant to a subordination agreement in the form attached hereto as
Exhibit A (the “Subordination Agreement”) to be entered into by and among the Borrower, the Agent and the Bridge Lender; 

WHEREAS, pursuant to the Loan Agreement, including Sections 7.1, 7.2 and 7.6 thereof, the Borrower and the other Loan Parties are
prohibited from entering into the Bridge Loan Agreement, incurring the Bridge Debt and the liens associated therewith, and prepaying the Bridge Debt (collectively, the “Transactions”); 

WHEREAS, the Borrower intends to raise capital from the sale of its non-redeemable Stock after date hereof but on or before
December 31, 2014, resulting in gross cash proceeds to the Borrower of not less than $10,000,000 (the “Qualified Financing”); 

WHEREAS, the Borrower has requested this Consent from the Agent and Requisite Lenders under the Loan Agreement to permit the
Transactions; 
 WHEREAS, pursuant to Section 10.6(a) of the Loan Agreement, this Consent must be contained in a written
agreement signed by the Borrower, the Agent, and the Requisite Lenders (or by the Agent with the consent of the Requisite Lenders); and 

WHEREAS, the Agent and the other Requisite Lenders are willing to provide the consent and waiver described herein on the terms and
conditions set forth herein. 
 NOW, THEREFORE, in consideration of the premises set forth above and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 
 1.
Definitions. Capitalized terms used and not defined in this Consent shall have the respective meanings given them in the Loan Agreement. 

  
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 2. Consent. As of the Effective Date (defined in Section 4, below),
notwithstanding the provisions of the Loan Agreement, including Sections 7.1, 7.2 and 7.6 thereof, or the provisions of any other Loan Document, subject to the terms of the Consent, the Requisite Lenders hereby consent to, and waive any Default or
Event of Default that would be caused by, the entry into the Transactions by the Loan Parties, or any of them, including: 

(a) The incurrence of the Bridge Debt and the Liens associated therewith; 

(b) The execution, delivery and entry into the Bridge Notes, the Bridge Loan Agreement, the Subordination Agreement, and the
documents and instruments related to each of the foregoing, and the performance of the obligations thereunder; and 
 (c) The
full or partial repayment or prepayment of the Bridge Debt (including principal, interest and any other fees or charges with respect thereto) with the proceeds from the issuance of a Qualified Financing in accordance with the Subordination
Agreement. For the avoidance of doubt, the Loan Parties agree that the Bridge Debt shall not be repaid or prepaid (i) at any time during the existence of a Default or an Event of Default, and (ii) until the earlier to occur of
(A) Borrower’s receipt of the funds from a Qualified Financing, and (B) the repayment or prepayment in full of the Obligations, whether or not due (other than contingent indemnity claims). 

3. Limitation. This Consent does not, and shall not be deemed to: 

(a) Constitute a waiver of compliance by the Borrower or any other Loan Party with respect to any matter other than the
Transactions; or 
 (b) Prejudice any right or remedy that the Agent or any other Lender may now have or may have in the
future under or in connection with the Loan Agreement or any other Loan Document, other than pursuant to this Consent with respect to the Transactions. 

4. Conditions Precedent. This Consent shall become effective upon the date (the “Effective Date”) on
which the Agent shall have received: 
 (a) This Consent, duly executed and delivered by the Borrower, the Agent and each
other Requisite Lender; 
 (b) The Subordination Agreement, duly executed and delivered by each of the parties thereto; and

 (c) Payment by Borrower of Lender’s legal fees of $4,862.55, which payment shall be drawn on the date hereof pursuant
to the Automatic Payment Authorization Agreement Borrower previously provided to Agent. 
 5. No Modifications. Nothing
contained in this Consent shall be deemed or construed to amend, supplement or modify the Loan Agreement or otherwise affect the rights and obligations of any party thereto, all of which remain in full force and effect, subject only to this Consent.

  
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 6. Incorporation By Reference. Section 10 of the Loan Agreement is hereby
incorporated herein by reference, mutatis mutandis. 
 [Signature Pages Follows] 

IN WITNESS WHEREOF, the parties hereto have executed this Consent and Waiver as of the date first set forth above. 

 

			
	BORROWER:
	
	AMEDICA CORPORATION
		
	By:	 	  

	Name:
	Title:
	
	GUARANTOR:
	
	US SPINE, INC.
		
	By:	 	  

	Name:
	Title:

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Consent and Waiver as of the
date first set forth above. 
  

			
	AGENT AND LENDER:
	
	HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
		
	By:	 	  

	Name: Ben Bang
	Title: Associate General Counsel
	
	LENDER:
	
	HERCULES TECHNOLOGY III, L.P.
		
	By:	 	Hercules Technology SBIC Management, LLC, its General Partner
		
	By:	 	Hercules Technology Growth Capital, Inc., its Manager
		
	By:	 	  

	Name: Ben Bang
	Title: Associate General Counsel

  

  
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 EXHIBIT A 

Form of Subordination Agreement 

  
 5EX-10.3

 Exhibit 10.3 

Execution Version 

AMENDMENT AND WAIVER 

This Amendment and Waiver (this “Amendment”) is dated as of November 6, 2014, and is made by and between Amedica
Corporation, a Delaware corporation (the “Company”), and MG Partners II Ltd., a company with limited liability organized under the laws of Gibraltar (“Holder”). 

R E C I T A L S 
  

	 	A.	On June 30, 2014, the Company entered into a Securities Purchase Agreement, dated as of June 30, 2014, by and between the Company and the Holder (the “Securities Purchase Agreement”), pursuant
to which, among other things, the Company issued to the Holder on such date (i) a convertible note, in the original principal amount of $2,900,000, in the form attached to the Securities Purchase Agreement (the “Initial Note”),
which Initial Note is convertible into shares of the Company’s common stock, $0.01 par value per share (“Common Stock”), in accordance with the terms of the Initial Note and (ii) a warrant to purchase shares of Common
Stock (the “Warrant”). 

  

	 	B.	On August 11, 2014, at the Additional Closing, the Company issued and sold, and the Holder purchased an additional convertible note, in the original principal amount of $3,500,000, in the form attached to the
Securities Purchase Agreement (the “Additional Note”), which Additional Note is convertible into shares of Common Stock in accordance with the terms of the Additional Note. 

 

	 	C.	The Company seeks to complete a bridge loan financing, in an aggregate principal amount not to exceed $1,000,000 (the “Bridge Loan Financing”) pursuant to which the Company will enter into a loan and
security agreement with, and issue a promissory note to a bridge lender that will mature and be payable before the maturity of the Initial Note and the Additional Note (the “Bridge Note”), secure repayment of the Bridge Note by
granting a Lien encumbering substantially all of the Company’s assets, all on terms substantially consistent with the nonbinding Summary of Proposed Terms for Bridge Note Financing attached as Exhibit A attached hereto, including the issue of
(i) a warrant upon the closing of the Bridge Loan Financing (the “Closing Secured Bridge Warrant”) exercisable not to exceed 267,380 shares of Common Stock at an exercise price equal to the VWAP per share of Common Stock for
the three (3) Trading Days prior to the closing of the Bridge Loan Financing, and, if the Company closes a public offering on or before the six month anniversary of the closing of the Bridge Loan Financing (a “Secondary
Offering”) at a price per share of Common Stock sold to the public that is less than the exercise price of the Closing Secured Bridge Warrant, then the exercise price of the Closing Secured Bridge Warrant shall be reduced to an amount equal
to the price per share of Common Stock sold to the public in the Secondary Offering, and (ii) additional warrants exercisable for Common Stock (“Additional Secured Bridge Warrants”) if and only if the Company fails to pay the
full amount of the Bridge Note on or before the maturity of the Bridge Note which shall be no later than December 17, 2014, which, together with the maximum number of shares issuable pursuant to the Closing Secured Bridge 

	 	

	 	
Warrant, shall not to exceed an aggregate amount greater than 19.99% of the number of shares of Common Stock outstanding on the date of the closing of the Bridge Loan Financing, and the exercise
price of each such Additional Secured Bridge Warrant shall be equal to the lowest closing price of Common Stock as reported by the NASDAQ Stock Market during the thirty (30) day period immediately preceding the issuance of each Additional
Secured Bridge Warrant (in each case, as adjusted for stock splits, stock dividends, recapitalizations and similar events) and in each case expiring five (5) years after the date of issuance. 

 

	 	D.	The Company and the Holder desire to amend certain provisions of the Transaction Documents (as defined in the Securities Purchase Agreement)and the Holder has determined to waiver certain of its rights set forth in the
Transaction Documents. 

 A G R E E M E N T 

NOW, THEREFORE, in consideration of the mutual promises contained herein, and the benefits to be derived by each of the Company and the
Holders hereunder, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Holder, intending to be legally bound, hereby, effective as of the Effective Time (as defined below),
agree as follows: 
 1. Defined Terms; Acknowledgment. For purposes of this Amendment, capitalized terms used in the body of this
Amendment but not defined in the body of this Amendment shall have the respective meaning ascribed to such terms in the Initial Note (including capitalized terms included in the Initial Note and defined in other Transaction Documents). The Holder
acknowledges that as of the date of this Amendment it continues to be the sole holder of the Initial Note, the Additional Note and the Warrant. 

2. Amendments and Waiver. 

2.1 Amendments to Transaction Documents. 

(a) Ratifications. Except as otherwise expressly provided herein, the Securities Purchase Agreement and each other Transaction
Document, is, and shall continue to be, in full force and effect and is hereby ratified and confirmed in all respects, except that on and after the Effective Time: (i) all references in the Securities Purchase Agreement to “this
Agreement”, “hereto”, “hereof”, “hereunder” or words of like import referring to the Securities Purchase Agreement shall mean the Securities Purchase Agreement as amended by this Amendment; (ii) all references
in the other Transaction Documents, to the “Securities Purchase Agreement”, “thereto”, “thereof”, “thereunder” or words of like import referring to the Securities Purchase Agreement shall mean the Securities
Purchase Agreement as amended by this Amendment; (iii) all references in the Registration Rights Agreement to “this Agreement”, “hereto”, “hereof”, “hereunder” or words of like import referring to the
Existing Registration Rights Agreement shall mean the Registration Rights Agreement as amended by this Amendment; (iv) all references in the other Transaction Documents to the “Registration Rights Agreement”, “thereto”,
“thereof”, “thereunder” or words of like import referring to the Registration Rights Agreement shall mean the Registration Rights Agreement as amended by this Amendment; (v) the defined term “Initial Notes” shall
mean the Initial Notes as amended by this Amendment; (vi) the defined term “Additional Notes” shall mean the Additional Notes as 

  
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amended by this Amendment; (vii) the defined term “Warrants” shall mean the Warrants as amended by this Amendment and (viii) the defined term “Transaction Documents”
is hereby amended to include this Amendment. 
 (b) Amendments. Effective as of the Effective Time, each of the Notes are hereby amended as
follows: 
 (1) Sections 28(u) and 28(v) of each of the Notes are hereby amended and restated as follows: 

(u) “Permitted Indebtedness” means (i) Indebtedness evidenced
by this Note and the Other Notes, (ii) Indebtedness incurred pursuant to the GE Secured Credit Facility, (iii) Indebtedness described on Schedule 13(b) attached hereto, (iv) Indebtedness incurred pursuant to the Secured Bridge
Loan Financing and (v) Indebtedness secured by Permitted Liens described in clauses (iv) and (v) of the definition of Permitted Liens, in an aggregate amount not to exceed $100,000. 

(v) “Permitted Liens” means (i) any Lien for taxes not yet due or delinquent or
being contested in good faith by appropriate proceedings for which adequate reserves have been established in accordance with GAAP, (ii) any statutory Lien arising in the ordinary course of business by operation of law with respect to a
liability that is not yet due or delinquent, (iii) any Lien created by operation of law, such as materialmen’s liens, mechanics’ liens and other similar liens, arising in the ordinary course of business with respect to a liability
that is not yet due or delinquent or that are being contested in good faith by appropriate proceedings, (iv) Liens (A) upon or in any equipment acquired or held by the Company or any of its Subsidiaries to secure the purchase price of such
equipment or indebtedness incurred solely for the purpose of financing the acquisition or lease of such equipment, or (B) existing on such equipment at the time of its acquisition, provided that the Lien is confined solely to the property so
acquired and improvements thereon, and the proceeds of such equipment, (v) Liens incurred in connection with the extension, renewal or refinancing of the indebtedness secured by Liens of the type described in clause (iv) above, provided
that any extension, renewal or replacement Lien shall be limited to the property encumbered by the existing Lien and the principal amount of the Indebtedness being extended, renewed or refinanced does not increase, (vi) Liens securing the GE
Secured Credit Facility and (vii) Liens securing the Secured Bridge Loan Financing. 
 (2) Section 28 of such Note is hereby
further amended by inserting the new Section 28(ii) immediately following Section 28(hh) of such Notes: 
 (ii)
“Secured Bridge Loan Financing” means the secured bridge loan financing of the Company established pursuant to that certain loan and security agreement dated as of November 6, 2014, by and
between the Company and Hampshire MedTech Partners II, LP (as the same may be amended following the date hereof); provided, that the aggregate principal amount outstanding under the Secured Bridge Loan Financing does not exceed $1 million at any
time. 

  
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 2.2 Waiver of Participation Rights. Effective as of the Effective Time, solely with
respect to the Secured Bridge Loan Financing and not with respect to any other offering, the Holder hereby waives all of its rights set forth in Section 10 of the Securities Purchase Agreement, including, but not limited to, rights to notice
and participation in the Secured Bridge Loan Financing. 
 3. Fees. The Company shall reimburse Greenberg Traurig, LLP on demand, for
all reasonable, documented costs and expenses incurred by it in connection with the negotiation of this Amendment and the Transaction Documents (including, without limitation, all reasonable, documented legal fees and disbursements in connection
therewith, and due diligence in connection with the transactions contemplated thereby). 
 4. Disclosure of Transactions and Other
Material Information. On or before 9:30 a.m., New York time, on the first (1st) Business Day following the date of this Amendment, the Company shall file a Current Report on Form 8-K describing all the material terms of the transactions
contemplated by this Amendment and the Secured Bridge Loan Financing in the form required by the Securities Exchange Act of 1934, as amended, and attaching a copy of this Amendment (the “8-K Filing”). From and after the issuance of
the 8-K Filing, the Company shall have disclosed all material, non-public information (if any) delivered to the Holder by the Company or any of its subsidiaries, or any of their respective officers, directors, employees or agents in connection with
the transactions contemplated by this Amendment. 
 5. Miscellaneous. 

5.1 Effective Time. This Amendment shall be effective the date this Amendment has been duly executed by the parties hereto (the
“Effective Time”). 
 5.2 Miscellaneous Provisions. Sections 12.1 through 12.4, inclusive, and 12.6 through 12.11,
inclusive, of the Securities Purchase Agreement are hereby incorporated by reference herein, mutatis mutandis. 
 [The remainder of
the page is intentionally left blank] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Amendment and Waiver as
of the day and year first above written. 
  

			
		 	 AMEDICA CORPORATION

		
	By:	 	  

		 	Name:
		 	Title:

 [Amendment and Waiver] 

 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Amendment and Waiver as
of the day and year first above written. 
  

			
		 	 HOLDER:

		
		 	 MG PARTNERS II LTD.

		
	By:	 	  

		 	Name:
		 	Title:

 [Amendment and Waiver]

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