Document:

EX-10.23

 Exhibit 10.23 

CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY
WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT UNDER RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

LETTER WAIVER 
 Dated as of
June 10, 2014 
 MMS Funding LLC 
 c/o Life Sciences
Alternative Funding LLC 
 50 Main Street, Suite 1000 
 White
Plains, New York 10606 
 Attention: Richard Gumer and Stephen DeNelsky 

E-mail: rich@lsafunding.com; steve@lsafunding.com 

with a copy to: 
 Wilmer Cutler Pickering Hale and Dorr
LLP 
 7 World Trade Center 
 250 Greenwich
Street 
 New York, New York 10007 
 Attention: Jennifer C.
Berrent and George W. Shuster, Jr. 
 E-mail: Jennifer.Berrent@wilmerhale.com; George.Shuster@wilmerhale.com 

 

	RE:	Loan Agreement, dated as of June 25, 2013, between MMS Funding LLC, successor in interest to Life Sciences Alternative Funding LLC, as Lender (“Lender” or “you”), and Mevion Medical Systems,
Inc., as Borrower (“Borrower”), as amended by Amendment No. 1 to the Loan Agreement, dated as of February 7, 2014, between Lender and the Borrower and by the Letter Agreement dated as of February 7, 2014 between the Borrower
and Lender, (such Loan Agreement, as so amended, the “Loan Agreement”) 

 Ladies and Gentlemen: 

We refer to the Loan Agreement. Capitalized terms not otherwise defined in this letter agreement (this “Letter Waiver”) have the
same meanings as specified in the Loan Agreement; references to Articles, Sections, Schedules or Exhibits are references to Articles, Sections, Schedules or Exhibits to the Loan Agreement. 

1. Background 
 Borrower
is party to contracts referenced on Annex 1 hereto (the “Affected Contracts”) (A) pursuant to which (i) the Contract Parties thereto are beneficiaries of Rights of Setoff against future amounts payable to Borrower or its
Subsidiaries (as listed under Part 1 of Annex 1) (each a “Setoff”), (ii) the Contract Parties thereto have a field of exclusivity (as listed under Part 2 of Annex 1) (each, “Exclusivity”), or (iii) the Contract Parties
thereto are beneficiaries of most favored nation provisions (each, a “MFN”) (as listed in Part 3 of Annex 1) or (B) that is or may be deemed to be a Material Contract (as listed in Part 4 of Annex 1) (each, an “MC Affected
Contract”). Information was not included (A) relating to the Exclusivity, the MFNs or the Setoffs in the Affected Contracts, as applicable, on Schedule 8.19(k), and accordingly, for such 

  

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT UNDER RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.

  

 
reason alone (except as expressly provided in this Letter Waiver), the representations and warranties made under Section 8.06(a), 8.19(e)(iii) and 8.19(k), and under each Loan Document under
which such representations were made, confirmed or repeated, including the certificates delivered on June 25, 2013 and February 7, 2014 pursuant to Section 7.01(m) and Section 7.02(j), respectively (collectively, the
“Funding Date Certificates”), were not correct when made, and (B) relating to the MC Affected Contract on Schedule 8.19(a) and accordingly, for such reason alone (except as expressly provided in this Letter Waiver), the
representations and warranties made under Section 8.06(a) and 8.19(a), and under each Loan Document under which such representations were made, confirmed or repeated, including the Funding Date Certificates, were not correct when made (such
breaches, collectively, the “8.19 Rep Breaches”). 
 [***] 

2. Events of Default 

[***] 
 3. Waiver and Consent

 Borrower hereby requests that you waive, effective as of the date hereof, the Existing Events of Default. By your execution of this
Letter Waiver, and subject to the terms of this Letter Waiver and in reliance on the representations and warranties and covenants contained herein, you hereby irrevocably and unconditionally waive the Existing Events of Default, effective as of the
date hereof. 
 Borrower hereby requests that Lender consent to the amendment of the Contract with [***] attached as Annex 4 hereto,
and Lender hereby irrevocably and unconditionally consents to such amendment. 
 4. Acknowledgements, Representations and Warranties, and
Covenants 
 Borrower represents and warrants to Lender that (i) the descriptions of the Existing Events of Default set forth in
this Letter Waiver are true, correct, and complete, (ii) no Defaults or Events of Default other than the Existing Events of Default have occurred and are continuing as of the date hereof, (iii) Borrower has not breached its obligations
with respect to a field of exclusivity, or any “uptime” warranty, afforded any Contract Party under a Material Contract, (iv) Borrower has not received or delivered any notice regarding termination of any Material Contract that is a
sole-source supplier contract, [***] (vi) after giving effect to the Letter Agreement, dated as of the date hereof, between Lender and Borrower, Schedule 8.19(a) is complete and accurate, (vii) as of the Tranche B Funding Date, and on
the basis of the Draft Restated Financials, the Profit Condition and the Patient Treatment Condition were satisfied, and (viii) since February 7, 2104, no Material Adverse Effect has occurred, and, as of the date of this Agreement, there
are no events, circumstance, changes, actions, proceedings or claims pending or threated that would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

  

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT UNDER RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.

  

 Borrower acknowledges and agrees that, as of May 31, 2014, the principal balance of the
outstanding Obligations under the Loan Agreement is at least $30,650,000.00, which amount does not include Fixed Interest and Revenue Participation, fees, expenses and other amounts that are chargeable or otherwise reimbursable under the Loan
Agreement. Borrower is in compliance with the payment schedule attached hereto as Annex 3. Borrower agrees that it will pay on a timely basis all interest and other amounts due to Lender under the Loan Agreement or other Loan Documents.
Borrower hereby agrees to pay Lender a wavier fee of $[***], which fee shall be fully earned upon Lender’s execution and delivery of this Letter Waiver. 

Borrower confirms, acknowledges and agrees that all of the Obligations, including those set forth above, are valid and outstanding, and
Borrower does not have any rights of Setoff, defenses, claims or counterclaims with respect to any of the Obligations. Borrower hereby indemnifies, holds harmless, and forever releases Lender from any and all Liens, claims, interests and causes of
action of any kind or nature that Borrower or any Third Party now has or may hereafter have against Lender that relate to the Loan Agreement or other Loan Documents based on facts existing on or before the date hereof or that are related to or arise
in connection with this Letter Waiver, other than a breach hereof by Lender. 
 Borrower confirms, acknowledges and agrees that, with the
exception of the limited waiver described in this Letter Waiver which is subject to the terms and conditions hereof, Lender has now and will have the right to accelerate the Obligations and exercise other rights and remedies based upon the
occurrence and continuance of any Event of Default (other than the Existing Events of Default) that occurs, and that this Letter Waiver and the waivers described herein is of substantial value to Borrower. [***] 

The Loan Agreement, the Notes and each of the other Loan Documents, except to the extent of the waiver specifically provided above, are and
shall continue to be in full force and effect and are hereby in all respects ratified and confirmed. Without limiting the generality of the foregoing, the Security Agreement and all of the Collateral described therein do and shall continue to secure
the payment of all Obligations of Borrower Parties under the Loan Documents. 
 Except as expressly provided herein, the execution and
delivery of this Letter Waiver shall not: (i) constitute an extension, modification, or waiver of any term, provision or aspect of, or any right, power or remedy of Lender under, the Loan Agreement or any of the other Loan Documents;
(ii) extend the terms of the Loan Agreement or the due date of any of the Obligations; (iii) give rise to any obligation on the part of Lender to extend, amend, waive or otherwise modify any term or condition of the Loan Agreement or any
of the other Loan Documents; or (iv) give rise to any defenses or counterclaims to the right of Lender to compel payment of the Obligations or to otherwise enforce its rights and remedies under the Loan Agreement and the other Loan Documents.
Except as expressly set forth in the third section of this Letter Waiver, Lender hereby expressly reserves all of its rights and remedies under the Loan Agreement and the other Loan Documents and under applicable Law with respect to the Existing
Events of Default and otherwise. 

  

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT UNDER RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.

  

 5. Miscellaneous 

If you agree to the terms and provisions of this Letter Waiver, please evidence such agreement by executing and returning a copy of this Letter
Waiver by electronic mail, and promptly thereafter by national courier two counterparts of this Letter Wavier, to: 
 Mevion Medical
Systems, Inc. 
 300 Foster Street 

Littleton, Massachusetts 01460 

Attention: Chief Financial Officer 

E-mail: dmelson@mevion.com 
 with
a copy to: 
 Goodwin Procter LLP 

Exchange Place 
 53 State
Street 
 Boston, Massachusetts 02109 

Attention: Anna E. Dodson 

E-mail: adodson@goodwinprocter.com 

Without limiting Section 5.02 of the Loan Agreement, Borrower agrees to pay on demand all reasonable costs and expenses of Lender,
including but not limited to the reasonable fees and out-of-pocket expenses of counsel to Lender. In partial payment of such fees and expenses, Borrower shall pay Lender on the date of this Letter Waiver an amount equal to $[***] in fees and
expenses estimated to have been incurred to date, and Lender will provide Borrower copies of invoices against which such amount shall be applied. 

This Letter Waiver is subject to the provisions of Section 13.05 of the Loan Agreement and is a “Loan Document” for all
purposes under the Loan Agreement and Loan Documents, including Article XII. 
 This Letter Waiver may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart
of a signature page to this Letter Waiver by telecopier shall be effective as delivery of a manually executed counterpart of this Letter Waiver. 

This Letter Waiver shall be governed by and construed in accordance with the Laws of the State of New York (without giving effect to any
conflict of laws principles that would require application of the Laws of another jurisdiction). 
 [Signature page follows.] 

  

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT UNDER RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.

  

 
			
	Very truly yours,
	
	MEVION MEDICAL SYSTEMS, INC.
		
	By:	 	/s/ Joseph Jachinowski
	Name:	 	Joseph Jachinowski
	Title:	 	President and CEO

 Agreed as of the date first above written: 
  

			
	MMS FUNDING LLC
		
	By:	 	/s/ Ian C. Wildgoose Brown
	Name:	 	Ian C. Wildgoose Brown
	Title:	 	Authorized Person

 [Signature Page to Letter Waiver] 

  

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT UNDER RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.

  

 CONSENT 

Dated as of June 10, 2014 

The undersigned, Mevion Medical Systems UK, LLC, a Delaware limited liability company, as Guarantor under the Guarantee Agreement and a
Grantor under the Security Agreement (the “Guarantor”), each in favor of Lender party to the Loan Agreement referred to in the foregoing Letter Waiver (capitalized terms used herein and not defined herein have the meaning ascribed thereto
in such Loan Agreement), hereby consents to such Letter Waiver and hereby confirms and agrees that (a) notwithstanding the effectiveness of such Letter Waiver, each of the Guarantee Agreement and the Security Agreement is, and shall continue to
be, in full force and effect and is hereby ratified and confirmed in all respects, and (b) the Security Agreement and all of the Collateral described therein do, and shall continue to, secure the payment of all of the Obligations. 

 

			
	
	MEVION MEDICAL SYSTEMS UK LLC
		
	By:	 	/s/ Joseph Jachinowski
	Name:	 	Joseph Jachinowski
	Title:	 	President and CEO

  

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT UNDER RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.

  

 Annex 1 

Affected Contracts 
 [***] 

  

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT UNDER RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.

  

  
 Part 2 (Exclusivity) 

 

			
	 Customer/Supplier/Vendor (Contract Date)
	  	
	 Robert Wood Johnson University Hospital (May 4, 2006)
	  	System Build Contract by and between Still River Systems, Inc. and Robert Wood Johnson University Hospital, dated as of May 4, 2006.
		
	 Techprecision Corp. (December 4, 2012)
	  	Master Purchase Agreement by and between Mevion Medical Systems, Inc., dated as of December 4, 2012. (Section 4)
		
	 Storrington Industries Limited (May 10, 2012)
	  	Master Purchase Agreement by and between Mevion Medical Systems, Inc. and Storrington Industries Limited, dated as of May 10, 2012. (Section 4)
		
	 [***]
	  	[***]
		
	 [***]
	  	[***]
		
	 [***]
	  	[***]
		
	[***]	  	

  

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT UNDER RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.

  

 Annex 2 

Summary of Corrections in Draft Restatements 

[***] 

  

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT UNDER RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.

  

 Annex 3 

Updated Payment Schedule 
 [***] 

  

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT UNDER RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.

  

 Annex 4 

[***] Contract Amendment 
 [***] 

  

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT UNDER RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.

  

 Annex 5 

Restated Financial Statements 
 [***]EX-10.24

 Exhibit 10.24 

This instrument and the rights and obligations evidenced hereby and any security interests or other liens securing such obligations are subordinate in the
manner and to the extent set forth in that certain Subordination and Intercreditor Agreement dated as of August 19, 2014 (as amended, restated, superseded, replaced, succeeded, substituted, supplemented or otherwise modified from time to time
in accordance with its terms, the “Subordination Agreement”) among Mevion Medical Systems, Inc. (“Borrower”), Life Sciences Alternative Funding LLC (the “Senior Lender”), and the other parties thereto to all obligations
owing by Borrower to Senior Lender (including interest, expenses and fees) as described in the Subordination Agreement. Each holder of this instrument, by its acceptance hereof, irrevocably agrees to be bound by the provisions of the Subordination
Agreement. 
 NOTE AND WARRANT PURCHASE AGREEMENT 

This NOTE AND WARRANT PURCHASE AGREEMENT (this “Agreement”), dated August 19, 2014, is by and among Mevion Medical
Systems, Inc., a Delaware corporation (the “Company”), and the persons listed on Schedule I hereto (individually, an “Investor” and collectively, the “Investors”). 

The Company and the Investors hereby agree as follows: 

1. The Notes. The Company has authorized the issuance and sale, in accordance with the terms hereof, of the Company’s convertible promissory notes
in the original aggregate principal amount of up to $7,500,000 (the “Maximum Allocation”) to the Investors (each, a “Note”, and collectively, the “Notes”). Each Note, with the exception of the Note
being issued to CHL Medical Partners III Side Fund, L.P. (the “Side Fund”), will be substantially in the form attached hereto as Exhibit A, and will be convertible into shares of the equity securities sold in connection with
the Next Qualified Financing (as defined in the Note) (the “Conversion Shares”), in accordance with the terms of such Note. The Note being issued to the Side Fund will be substantially in the form attached hereto as Exhibit
B. The Notes shall be subordinate to the indebtedness of the Company to Life Sciences Alternative Funding LLC (“LSAF”) pursuant to that certain Loan Agreement, dated as of June 25, 2013, as the same may be amended, restated
or otherwise modified from time to time. The Maximum Allocation shall be allocated to the Investors proportionally based on the number of shares of preferred stock of the Company held by each Investor as of the date of this Agreement (determined on
an as-converted to common stock basis) (the “Pro Rata Allocation”). 
 2. Purchase and Sale of Notes. The Company agrees to issue
and sell to the Investors, and, subject to and in reliance upon the representations, warranties, terms and conditions contained herein, each Investor, severally and not jointly, agrees to purchase a Note in the principal amount set forth opposite
such Investor’s name on Schedule I hereto. The purchase and sale shall take place at a closing (the “Closing”) to be held remotely via the exchange of documents, on the date hereof, or at such time or place as may
be mutually agreed upon by the Company and the Investors. At the Closing, the Company will deliver a Note to each Investor against payment of the purchase price by such Investor by check payable to the Company or wire in immediately available United
States funds. 

  

 3. Bridge Warrants. At the Closing the Company shall issue to each Investor that purchases the full amount
of its Second Pro Rata Allocation (as defined below) (a “Super Pro Rata Investor”), a Bridge Warrant, in substantially the form attached hereto as Exhibit C (the “Bridge Warrant”). 

(a) In the event that not all Investors purchase their respective Pro Rata Allocation, then each Investor that purchases at least its Pro Rata
Allocation will be entitled to subscribe for its pro rata portion (as based on its Pro Rata Allocation) of the remaining Maximum Allocation (the “Second Pro Rata Allocation”). Each Investor that purchases its full Pro Rata
Allocation and Second Pro Rata Allocation shall be deemed a “Super Pro Rata Investor”. Schedule I will indicate whether or not an Investor is a Super Pro Rata Investor. 

(b) Each Bridge Warrant will represent the right to purchase that number of Conversion Shares as is equal to fifty percent (50%) of the
principal amount of the Note purchased by the Super Pro Rata Investor divided by the Conversion Price (as defined in the Notes). The Company and the Investors, as a result of arm’s length bargaining, agree that (i) neither the Investors
nor any of their partners, members, stockholders, employees or affiliates has rendered or agreed to render any services to the Company in connection with this Agreement or the issuance of the Notes and the Bridge Warrants; (ii) the Notes and
the Bridge Warrants are not being issued as compensation; and (iii) the assumed price at which the Notes would be issued if they were issued apart from the Bridge Warrants is 99% of the principal amount of the Notes. 

4. Series E Preferred Stock Warrants. Each Super Pro Rata Investor who holds a warrant or warrants to purchase shares of the Company’s Series E
Preferred Stock (the “Series E Warrants”) shall be entitled to surrender its Series E Warrants to the Company at the closing of the Next Qualified Financing in exchange for a Bridge Warrant having an equivalent value to the Series E
Warrants being exchanged. The value of a Series E Warrant will be calculated by multiplying the number of shares of Series E Preferred Stock issuable thereunder by the exercise price of such Series E Warrant. 

5. Use of Proceeds. The proceeds of the sale and issuance of the Notes and Bridge Warrants shall be used for general corporate purposes. 

6. Representations and Warranties of the Company. The Company hereby represents and warrants to the Investors as of the Closing: 

(a) Organization and Corporate Power. The Company is an entity duly organized, validly existing and in good standing under the laws of
its jurisdiction of organization and is duly qualified, licensed or registered to do business as a foreign corporation in each jurisdiction in which the failure to be so qualified, licensed or registered would have a Material Adverse Effect (as
defined herein). For purposes of this Agreement, the term “Material Adverse Effect” means any change or effect that is materially adverse to the properties, assets, business, financial condition or operations of the Company. The
Company has all required corporate power and authority to own, lease and operate its properties and carry on its business as presently conducted, and to enter into and perform its obligations under this Agreement, the Notes, the Bridge Warrants, and
all other documents, agreements or instruments entered into or delivered in connection therewith (together, the “Transaction Documents”). 

  

 (b) Enforceability and Authorization. Each of the Transaction Documents is a legal, valid
and binding obligation of the Company, enforceable in accordance with its terms. The execution, delivery and performance of the Transaction Documents have been duly authorized by all necessary corporate or other action of the Company. 

(c) Non-Contravention. The execution, delivery and performance of the Transaction Documents executed by the Company and the performance
and consummation of the transactions contemplated thereby do not and will not (i) violate the Company’s Certificate of Incorporation and Bylaws (each, as amended, the “Charter Documents”) or any material judgment, order,
writ, decree, statute, rule or regulation applicable to the Company; (ii) violate any provision of, or result in the breach or the acceleration of, or entitle any other person or entity to accelerate (whether after the giving of notice or lapse
of time or both), any material mortgage, indenture, agreement, instrument or contract to which the Company is a party or by which it is bound; or (iii) result in the creation or imposition of any lien upon any property, asset or revenue of the
Company or the suspension, revocation, impairment, forfeiture, or nonrenewal of any material permit, license, authorization or approval applicable to the Company, its business or operations, or any of its assets or properties. 

(d) Approvals. No consent, approval, order or authorization of, or registration, declaration or filing with, any governmental authority
or other person (including without limitation, the stockholders of any person) is required in connection with the execution and delivery of the Transaction Documents executed by the Company and the performance and consummation of the transactions
contemplated thereby, other than such as have been obtained and remain in full force and effect and other than such qualifications or filings under applicable securities laws as may be required in connection with the transaction contemplated by the
Transaction Documents. 
 (e) No Violation or Default. The Company is not in violation of or in default with respect to (i) its
Charter Documents or any material judgment, order, writ, decree, statute, rule or regulation applicable to the Company; or (ii) any material mortgage, indenture, agreement, instrument or contract to which the Company is a party or by which it
is bound (nor is there any waiver in effect, which, if not in effect, would result in such violation or default). 
 (f)
Capitalization. The authorized capital of the Company consists, immediately prior to the Closing, of: 
 (i) 9,000,000 shares of
common stock, $0.001 par value per share (the “Common Stock”), 1,759,458 shares of which are issued and outstanding immediately prior to the Closing. All of the outstanding shares of Common Stock have been duly authorized, are fully
paid and non-assessable and were issued in compliance with all applicable federal and state securities laws. 
 (ii) 9,760,039 shares of
Preferred Stock, of which, immediately prior to the Closing, 72,463 shares have been designated Series A Preferred Stock, $0.001 par value per share, 72,463 shares of which are issued and outstanding; of which 118,595 shares have been

  

 
designated Series B Preferred Stock, $0.001 par value per share, 90,293 shares of which are issued and outstanding; 160,925 shares have been designated Series C Preferred Stock, $0.001 par value
per share, 135,999 shares of which are issued and outstanding; 2,915,442 shares have been designated Series D Preferred Stock, $0.001 par value per share, 2,769,670 shares of which are issued and outstanding; 994,614 shares have been designated
Series D-1 Preferred Stock, $0.001 par value per share, 992,614 shares of which are issued and outstanding; and 5,550,000 shares have been designated Series E Preferred Stock, $0.001 par value per share, 4,405,185 shares of which are issued and
outstanding. The rights, privileges and preferences of the Preferred Stock are as stated in the Restated Certificate and as provided by the Delaware General Corporation Law. 

(iii) Warrants to purchase an aggregate of 170,766 shares of Series D-1 Preferred Stock, and warrants to purchase an aggregate of 65,517
shares of Series E Preferred Stock. 
 (iv) The Company has reserved 1,335,902 shares of Common Stock for issuance to officers,
directors, employees and consultants of the Company pursuant to its 2005 Stock Option and Incentive Plan duly adopted by the Board of Directors and approved by the Company’s stockholders (the “Stock Plan”). Of such reserved
shares of Common Stock, 40,950 shares have been issued pursuant to restricted stock purchase agreements, options to purchase 1,179,274 shares have been granted and are currently outstanding or exercised, and 112,678 shares of
Common Stock remain available for issuance to officers, directors, employees and consultants pursuant to the Stock Plan. 
 (g) Valid
Issuance. The Notes and the Bridge Warrants, when issued, sold and delivered in accordance with the terms of this Agreement, will be duly authorized, validly issued and non-assessable. Based in part on the representations made by the Investors
in Section 7, the offer and sale of the Notes and Warrants are exempt from the registration and prospectus delivery requirements of the Securities Act of 1933, as amended (the “Securities Act”) and the securities
registration and qualification requirements of the currently effective provisions of the securities law of the state in which the Investor is resident. 

7. Representations and Warranties of the Investors. Each of the Investors, severally and not jointly, represents and warrants as follows: 

(a) Such Investor confirms that it has full power and authority and has taken all required action necessary to permit it to execute and deliver
and to carry out the terms of this Agreement and the other Transaction Documents to which it is a party. 
 (b) Such Investor represents
that it is such Investor’s present intention to acquire its Note and Bridge Warrant, if applicable, for its own account and that such Note and Bridge Warrant, if applicable, are being or will be acquired by it for the purpose of investment and
not with a view to distribution. Such Investor agrees that it will not sell or transfer its Note and Bridge Warrant, if applicable, without registration under applicable federal and state securities laws, or the availability of exemptions therefrom.
Such Investor agrees that the Note and Bridge Warrant, if applicable, will bear a restrictive legend stating that Note and Bridge Warrant, if applicable, have not been registered under applicable federal and state securities laws and referring to
restrictions on their transferability and sale. 

 (c) Such Investor acknowledges that it currently has, and had immediately prior to its receipt of
the offer of sale from the Company, such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of this investment and further acknowledges that it is able to bear the economic risk of this
investment. During the course of this transaction and prior to the sale to the Investors of the Notes and Bridge Warrants, if applicable, hereunder, such Investor acknowledges that it has had the opportunity to ask questions of, and receive answers
from, management of the Company concerning the terms and conditions of this investment and to obtain any additional information of the same kind that is specified in Rule 502 of Regulation D of the Securities Act, or that is necessary to
verify the accuracy of the other information obtained. Such Investor acknowledges that it has received such information as it deems necessary to enable it to make its investment decision. 

(d) Such Investor represents that it is an “accredited investor” as defined by the rules and regulations of the Securities and
Exchange Commission pursuant to the Securities Act. 
 (e) Each Investor maintains its permanent domicile in the state or country set forth
below its name in Schedule I. 
 8. Tax Treatment. The parties hereto hereby acknowledge and agree that, notwithstanding the title of the
Notes, for United States federal and state income tax purposes the Notes are, and at all times have been, more properly characterized as equity. Accordingly, the parties agree to treat the Notes as equity for all United States federal and state
income tax purposes (including, without limitation, on their respective tax returns or other informational statements). For the avoidance of doubt, the Company hereby agrees that, with regard specifically to the rule set forth in Section 385 of
the Internal Revenue Code of 1986, as amended, the Company will treat the Notes as equity as of the time of issuance. Notwithstanding the foregoing, this Section 8 shall only affect the tax treatment of the Notes and shall not affect the
validity of the obligations thereunder for any other purpose, including (without limitation) in any legal proceeding seeking to enforce rights under the Notes, or in the context of a reorganization or liquidation of the Company under the United
States Bankruptcy Code (11 U.S.C. et seq). 
 9. Defaults and Remedies. 

(a) Events of Default. The following events shall be considered Events of Default with respect to each Note: 

(i) The Company shall default in the payment of any part of the principal or unpaid accrued interest on the Notes or any other outstanding
indebtedness when such payments are due; 
 (ii) The Company shall fail to observe or perform any other covenant, material obligation,
condition or agreement contained in the Transaction Documents; 
 (iii) Any representation, warranty, certificate, or other statement made
or furnished by or on behalf of the Company to the Investors in writing in connection with the Transaction Documents, or as an inducement to the Investors to enter into the Transaction Documents, shall be false, incorrect, incomplete or misleading
in any material respect when made or furnished; 

  

 (iv) The Company shall (a) make an assignment for the benefit of any of its creditors;
(b) admit in writing its inability to pay its debts as they become due; (c) file a voluntary petition for bankruptcy; (d) file any petition or answer seeking for itself any reorganization, arrangement, composition, readjustment,
dissolution or similar relief under any present or future statute, law or regulation; (e) file any answer admitting the material allegations of a petition filed against the Company in any such proceeding; (f) seek or consent to or
acquiesce in the appointment of any custodian, trustee, receiver or liquidator of the Company, or of all or any substantial part of the properties of the Company; (g) actually be dissolved or liquidated or its respective directors or majority
stockholders shall take any action looking to the dissolution or liquidation of the Company; or (h) take any action for the purpose of effecting any of the foregoing; or 

(v) Within thirty (30) days after the commencement of any proceeding against the Company seeking any bankruptcy reorganization,
arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, such proceeding shall not have been dismissed, or within thirty (30) days after the appointment without
the consent or acquiescence of the Company of any trustee, receiver or liquidator of the Company or of all or any substantial part of the properties of the Company, such appointment shall not have been vacated. 

(b) Remedies. If the Company fails to cure an Event of Default within thirty (30) days of the commencement of such Event of
Default, (i) in the event of an Event of Default specified in Section 8(a)(i), Section 8(a)(ii) or Section 8(a)(iii), at the option and upon the declaration of the holders of at least a majority of the
principal outstanding under the Notes (the “Required Vote”), and (ii) in the event of an Event of Default specified in Section 8(a)(iv) or Section 8(a)(v), automatically, the entire unpaid principal and
accrued and unpaid interest on all outstanding Notes shall, without presentment, demand, protest, or notice of any kind, all of which are hereby expressly waived, be forthwith due and payable, and the holders of Notes may enforce payment of all
amounts due and owing under such Notes and exercise any and all other remedies granted to them at law, in equity or otherwise. 
 10. No Impairment.
The Company will not, by amendment of its Charter Documents, or through reorganization, consolidation, merger, dissolution, issue or sale of securities, sale of assets or any other voluntary action, willfully avoid or seek to avoid the observance or
performance of any of the terms of the Transaction Documents, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such action as may be necessary or appropriate in order to protect the rights of
the Investors under the Transaction Documents against wrongful impairment. 
 11. Amendments, Waivers, Etc. It is intended that the Investors will
act in concert with respect to all actions taken regarding the Transaction Documents. To accomplish such result, the Investors hereby agree that the Transaction Documents, or any term hereof or thereof may be amended, waived, discharged or
terminated by a written instrument signed by the holders of Notes representing the Required Vote, provided, however, that no amendments shall be made to the Transaction Documents without the consent of each of the Investors, unless all Note
holders are treated in the same manner, provided, further, that no amendments shall be made to this Section 11, without the consent of each of the Investors. 

 12. Choice of Law. It is the intention of the parties that the internal laws, and not the laws of
conflicts, of the State of Delaware should govern the enforceability and validity of the Transaction Documents, the construction of their terms and the interpretation of the rights and duties of the parties pursuant to the relationships among them
contemplated herein and therein, whether or not such rights and duties arise directly under the Transaction Documents. 
 13. Fees and Expenses. The
Company will pay the aggregate out of pocket costs, fees and expenses incurred by the Investors in connection with this financing. 
 14. Parties in
Interest. Subject to the limitations in Section 15 below, the terms and provisions of the Transaction Documents shall be binding upon and inure to the benefit of, and be enforceable by, the respective successors and assigns of the
parties hereto. The Transaction Documents shall not run to the benefit of or be enforceable by any person other than a party to the Transaction Documents and its successors and assigns. 

15. Assignment by the Company. The rights, interests or obligations of the Transaction Documents may not be assigned by operation of law or otherwise,
in whole or in part, by the Company without the prior written consent of the holders of Notes representing the Required Vote. 
 16. Survival of
Representations and Warranties. All representations and warranties made in the Transaction Documents, or any other instrument or document delivered in connection herewith or therewith, shall survive the execution and delivery hereof or thereof.

 17. Severability. The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other
provision. 
 18. Headings. The headings of the Sections and paragraphs of the Transaction Documents have been inserted for convenience and reference
only and do not constitute a part of the Transaction Documents. 
 19. Notices. All notices, requests, demands and other communications provided for
hereunder shall be in writing (including facsimile and email communications) and mailed, emailed, faxed or delivered: 
 If to an Investor,
at the address set forth in Schedule I attached hereto or at such other address as to which such Investor may inform the other parties in writing in compliance with the terms of this Section 19. 

  

 If to the Company, at the address set forth below, or at such other address as shall be
designated by the Company in a written notice to the other parties complying as to delivery with the terms of this Section 19: 

Mevion Medical Systems, Inc. 

Attn: Chief Executive Officer 

300 Foster Street 
 Littleton, MA
01460 
 Fax: (978) 540-1501 

Email: joe@mevion.com 
 with a
copy (which shall not constitute notice) to: 
 Mitchell S. Bloom, Esq. 

Goodwin Procter LLP 
 Exchange
Place 
 53 State Street 

Boston, MA 02109 
 Fax:
617-523-1231 
 Email: mbloom@goodwinprocter.com 

All such notices, requests, demands and other communications shall, when mailed certified mail, return receipt requested, postage prepaid),
emailed or faxed, be effective when deposited in the mails or delivered via confirmed email or telecopy, respectively, addressed as aforesaid, unless otherwise provided herein. 

20. Prior Agreements. This Agreement constitutes the entire agreement between the parties and supersedes any other prior understandings or agreements
concerning the subject matter hereof. 
 21. Counterparts. This Agreement may be executed in any number of counterparts and by different parties
hereto in separate counterparts, with the same effect as if all parties had signed the same document. All such counterparts shall be deemed an original, shall be construed together and shall constitute one and the same instrument. 

[Remainder of Page Intentionally Left Blank] 

 IN WITNESS WHEREOF, the undersigned has executed this Note and Warrant Purchase Agreement as of
the date first above written. 
  

			
	MEVION MEDICAL SYSTEMS, INC.
		
	By:	 	/s/ Joseph Jachinowski
	Name:	 	Joseph Jachinowski
	Title:	 	Chief Executive Officer

 [Note Purchase Agreement] 

 IN WITNESS WHEREOF, the undersigned have executed this Note and Warrant Purchase Agreement
as of the date set forth above. 
  

			
	PROQUEST INVESTMENTS IV, L.P.
	By: 	 	ProQuest Associates IV LLC
		 	its General Partner

  

			
	By:	 	/s/ Pasquale DeAngelis
	Name:	 	Pasquale DeAngelis
	Title:	 	Managing Member

 [Note Purchase Agreement] 

 IN WITNESS WHEREOF, the undersigned has executed this Note and Warrant Purchase Agreement as of
the date first above written. 
  

			
	CHL MEDICAL PARTNERS III, L.P.
	By:	 	CHL Medical Partners III, LLC
		 	its General Partner
		
	By:	 	/s/ Myles D. Greenberg
		 	Name: Myles D. Greenberg
		 	Title: Vice President
	
	CHL MEDICAL PARTNERS III SIDE FUND, L.P.
	By:	 	CHL Medical Partners III, LLC
		 	its General Partner
		
	By:	 	/s/ Myles D. Greenberg
		 	Name: Myles D. Greenberg
		 	Title: Vice President

 [Note Purchase Agreement] 

  

 IN WITNESS WHEREOF, the undersigned has executed this Note and Warrant Purchase Agreement as of
the date first above written. 
  

			
	STORRINGTON INDUSTRIES LIMITED
		
	By: 	 	/s/ James Romage
		 	Name:     James Romage    
		 	Title:     Director    

 [Note Purchase Agreement] 

 IN WITNESS WHEREOF, the undersigned has executed this Note and Warrant Purchase Agreement as of
the date first above written. 
  

					
	GC&H INVESTMENTS, LLC
		
	By: 	 	/s/ Jim Kindler
		 	Name:	 	Jim Kindler
		 	Title: Managing Member

 [Note Purchase Agreement] 

  

 IN WITNESS WHEREOF, the undersigned has executed this Note and Warrant Purchase Agreement as of
the date first above written. 
  

	
	/s/ Robert N. Wilson
	Robert N. Wilson

 [Note Purchase Agreement] 

  

 IN WITNESS WHEREOF, the undersigned has executed this Note and Warrant Purchase Agreement as of
the date first above written. 
  

			
	CHLS (STILL RIVER) LLC
		
	By:	 	/s/ Peter P. D’Angelo
	Name:	 	Peter P. D’Angelo
	Title:	 	President of Caxton Health Holdings, LLC, Managing Member

 [Note Purchase Agreement] 

 IN WITNESS WHEREOF, the undersigned has executed this Note and Warrant Purchase Agreement as of
the date first above written. 
  

			
	Z-3 INVESTORS, LLC
		
	By:	 	/s/ Marc Buntaine
	Name:	 	Marc Buntaine
	Title:	 	General Manager
	
	/s/ Marc Buntaine
	Marc Buntaine

 [Note Purchase Agreement] 

 IN WITNESS WHEREOF, the undersigned has executed this Note and Warrant Purchase Agreement as of
the date first above written. 
 JAMES R. UTASKI AND NANCY W. UTASKI 2012
FAMILY GIFT TRUST 

			
		
	By:	 	/s/ James R. Utaski
	Name:	 	James R. Utaski
	Title:	 	Co-Trustee

 [Note Purchase Agreement] 

 IN WITNESS WHEREOF, the undersigned has executed this Note and Warrant Purchase Agreement as of
the date first above written. 
  

			
	PE SRS, LLC
		
	By:	 	/s/ Dennis P. McNamara
	Name:	 	Dennis P. McNamara
	Title:	 	Senior Vice President

 [Note Purchase Agreement] 

 IN WITNESS WHEREOF, the undersigned has executed this Note and Warrant Purchase Agreement as of
the date first above written. 
  

	
	/s/ Daniel Tully
	Daniel Tully

 [Note Purchase Agreement] 

 IN WITNESS WHEREOF, the undersigned has executed this Note and Warrant Purchase Agreement as of
the date first above written. 
  

	
	/s/ Robert F. Johnston
	The Robert F. Johnston Living Trust

 [Note Purchase Agreement] 

 IN WITNESS WHEREOF, the undersigned has executed this Note and Warrant Purchase Agreement as of
the date first above written. 
  

	
	/s/ Paul Volcker
	Paul Volcker

  
 [Note Purchase
Agreement] 

 IN WITNESS WHEREOF, the undersigned has executed this Note and Warrant Purchase Agreement as of
the date first above written. 
  

			
	JEAN STONE 2012 TRUST
		
	By:	 	/s/ Jean Stone
	Name:	 	Jean Stone
	Title:	 	Trustee

 [Note Purchase Agreement] 

 SCHEDULE I 
  

											
	 Investors
	  	Principal Amount
of Note at
Closing	 	  	Super Pro
Rata Investor
(Y/N)	  	Super Pro
Rata
Allocation	 
	 CHLS (Still River) LLC
 500 Park Ave.

New York, NY 10022
	  	$	3,511,713.05	  	  	Y	  	$	379,307.96	  
	 CHL MEDICAL PARTNERS III, L.P.
 1055 Washington
Blvd
 Stamford, CT 06901
	  	$	584,165.33	  	  	Y	  	$	63,097.00	  
	 CHL MEDICAL PARTNERS III SIDE FUND, L.P.
 1055
Washington Blvd
 Stamford, CT 06901
	  	$	52,649.47	  	  	Y	  	$	5,686.79	  
	 Robert N. Wilson
 40 West Mechanic Street

New Hope, PA 18938
	  	$	560,615.62	  	  	Y	  	$	60,553.34	  
	 ProQuest Investments IV, L.P.
 2430 Vanderbilt
Beach Road, 109-190
 Naples, FL 34109
	  	$	1,429,674.14	  	  	Y	  	$	154,422.29	  
	 GC&H Investments, LLC
 Cooley Godward
Kronish LLP
 101 California Street
 5th Floor

San Francisco, CA 94111-5800
 Attn: Jim Kindler
	  	$	8,777.90	  	  	Y	  	$	948.12	  
	 James R. Utaski and Nancy W. Utaski 2012
 Family
Gift Trust
 c/o Whitestone Capital, LLC
 Jim Utaski

47 Hulfish St, Suite 505C
 Princeton, NJ 08542
	  	$	72,614.35	  	  	Y	  	$	7,843.23	  

													
	 Jean Stone 2012 Trust
 16 Heathcote Road

Scarsdale, NY 10583-4418
	  	$	91,935.69	  	  	 	N	  	  	 	—  	  
	 Storrington Industries Limited
 Water Lane

Storrington
 West Sussex, England

RH20 3 EA
	  	$	363,718.65	  	  	 	Y	  	  	$	39,286.06	  
	 The Robert L. Johnston Living Trust
 155 Lambert
Drive
 Princeton, NJ 08540
	  	$	59,532.02	  	  	 	Y	  	  	$	6,430.19	  
	 PE SRS, LLC
 c/o Oppenheimer & Co., Inc.

300 Madison Avenue, 4th Floor

New York, NY 10017
	  	$	59,705.78	  	  	 	Y	  	  	$	6,448.95	  
	 Daniel Tully
 398 S. Beach Road

Hobe Sound, FL 33455
	  	$	180,540.52	  	  	 	Y	  	  	$	19,500.58	  
	 Paul Volcker
 610 5th Avenue
 Room 42

New York, NY 10020
	  	$	44,723.38	  	  	 	Y	  	  	$	4,830.67	  
	 Z-3 Investors, LLC
 5 Wildwood Dr. Sherborn, MA
01770
	  	$	458,655.84	  	  	 	N	  	  	 	—  	  
	 Marc Buntaine
 5 Wildwood Drive, Sherborn, MA
01770
	  	$	20,978.25	  	  	 	N	  	  	 	—  	  
		  	  
	  
	 	  				  	  
	  
	 
	Total	  	$	7,499,999.99	  	  				  	$	748,355.20	  
		  	  
	  
	 	  				  	  
	  
	 

 [Note Purchase Agreement] 

 EXHIBIT A 

Form of Note 

 EXHIBIT B 

Form of Side Fund Note 

  
 - 2 - 

 EXHIBIT C 

Form of Bridge Warrant 

  
 - 3 -

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