Document:

Exhibit

Exhibit 4.12
APRICUS BIOSCIENCES, INC.
AMENDMENT TO
WARRANT TO PURCHASE COMMON STOCK

This Amendment to Warrant to Purchase Common Stock (this “Amendment”), dated as of March 21, 2018 (the “Effective Date”), is being entered into by and between Apricus Biosciences, Inc., a Nevada corporation (the “Company”) and ____________________________ (the “Holder”).
WHEREAS, the Holder is the record and beneficial owner of certain warrants (the “Outstanding Warrants”) to purchase shares of the Company’s common stock, par value $0.001 per share (“Common Stock”) set forth on Exhibit A hereto, issued pursuant to subscription agreements dated February 10, 2015 and January 12, 2016 by and among the Company and the Holder; and 
WHEREAS, the Company and the Holder have agreed to amend the Outstanding Warrants in the manner provided in this Amendment (the Outstanding Warrants, as so amended, the “Warrants”).
NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein below and other good and valuable consideration, the receipt and legal sufficiency of which are hereby mutually acknowledged, the Holder and the Company hereby agree as follows:
1. Capitalized Terms.  Unless otherwise specified in this Amendment, all terms herein shall have the same meanings ascribed to them in the Outstanding Warrants.
2.  Amendments.  
(a)    Section 1(a) of the Outstanding Warrants is amended by inserting the following paragraph at the end of such section:
“For the avoidance of doubt, there is no circumstance that would require the Company to net cash settle the Warrant.”
(b)    Section 1(b) of the Outstanding Warrants is amended and replaced in its entirety with the following:
“1(b)    Exercise Price.     For purposes of this Warrant, “Exercise Price” means $0.71 per share of Common Stock, subject to adjustment as provided herein.”
(c)    Section 1(c) of the Outstanding Warrants is amended and replaced in its entirety with the following:
“1(c)     Cashless Exercise. Notwithstanding anything contained herein to the contrary, if at the time of exercise hereof there is no effective registration statement registering, or the prospectus contained therein is not available for, the issuance and resale of the Warrant Shares to or by the Holder, the Holder may exercise this Warrant in whole or in part and, in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise in payment of the Aggregate Exercise Price, shall elect instead to receive upon such exercise the “Net Number” of shares of Common Stock determined according to the following formula (a “Cashless Exercise”):
Net Number =        (A x B) - (A x C)
                        B

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For purposes of the foregoing formula:
A=    the total number of shares with respect to which this Warrant is then being exercised.
		
	B=
	the Weighted Average Price of the shares of Common Stock (as reported by Bloomberg) on the date immediately preceding the date of the Exercise Notice.

		
	C=
	the Exercise Price then in effect for the applicable Warrant Shares at the time of such exercise.”

3.  Delay in Exercisability.  The Holder agrees not to exercise the Warrants until the earlier of (a) the effectiveness of the registration statement on Form S-3 (File No. 333-223353) registering the resale of the Warrant Shares and (b) 45 days from the Effective Date. 
4.  No Other Amendment.  Except for the matters set forth in this Amendment, all other terms of the Warrants shall remain unchanged and in full force and effect.
5. Governing Law.  This Amendment shall be governed by and construed and enforced in accordance with, and all questions concerning the construction, validity, interpretation and performance of this Amendment shall be governed by, the laws of the State of New York, except for its conflicts of law provisions.
6. Counterparts. This Amendment may be executed in the original or by facsimile in two or more counterparts, each of which shall be deemed an original and all of which, taken together, shall constitute but one and the same instrument.
[Remainder of Page Intentionally Left Blank]

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IN WITNESS WHEREOF, each of the parties has caused this Amendment to be executed by its duly authorized representatives.

APRICUS BIOSCIENCES, INC.
By:__________________________________
Its:___________________________________

HOLDER
By:___________________________________
Its:____________________________________

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Exhibit A

Outstanding Warrants to be Amended

	
				
	Warrant No.
	Holder
	Issuance Date
	Shares Underlying Warrant

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

4EX-10.1

 Exhibit 10.1 

FIRST LOAN MODIFICATION AGREEMENT 

This First Loan Modification Agreement (this “Loan Modification Agreement”) is entered into as of March     ,
2018, by and among (a) SILICON VALLEY BANK, a California corporation, with its principal place of business at 3003 Tasman Drive, Santa Clara, California 95054 and with a loan production office located at 275 Grove Street, Suite 2-200, Newton, Massachusetts 02466 (“Bank”) and (b)(i) ICAD, INC., a Delaware corporation (“ICAD”), (ii) XOFT, INC., a Delaware corporation (“Xoft”) and
(iii) XOFT SOLUTIONS, LLC, a Delaware limited liability company (“Xoft Solutions”, and together with ICAD and Xoft, individually and collectively, jointly and severally, “Borrower”) whose address is 98
Spit Brook Road, Suite 100, Nashua, New Hampshire 03062. 
 1.    DESCRIPTION OF EXISTING INDEBTEDNESS AND OBLIGATIONS. Among
other indebtedness and obligations which may be owing by Borrower to Bank, Borrower is indebted to Bank pursuant to a loan arrangement dated as of August 7, 2017, evidenced by, among other documents, a certain Amended and Restated Loan and
Security Agreement dated as of August 7, 2017, between Borrower and Bank (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 the Collateral as defined in the Loan Agreement
(together with any other agreements granting a security interest in collateral to Bank, 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	Borrower agrees that, as of the First LMA Effective Date, it shall no longer have any ability to request Term Loan Advances and there shall be no borrowing availability pursuant to Section 2.3 of the Loan
Agreement. 

  

	 	2	The Loan Agreement shall be amended by deleting the following text, appearing in Section 1 thereof: 

“Notwithstanding the foregoing, all financial covenant calculations shall be computed with respect to the Borrower only, and not on a
consolidated basis.” 
 and inserting in lieu thereof the following: 

“Notwithstanding the foregoing, except as explicitly set forth herein, all financial covenant calculations shall be computed with respect
to the Borrower only, and not on a consolidated basis.” 
  

	 	3	The Loan Agreement shall be amended by deleting the following text, appearing in Section 2.3 thereof: 

“Subject to the terms and conditions of this Agreement, upon Borrower’s request, on the Effective Date, Bank may, in its good faith
business discretion, make one (1) term loan advance available to Borrower in the original principal amount equal to Six Million Dollars ($6,000,000.00) (the “Term Loan A Advance”). Subject to the terms and conditions of this
Agreement, upon Borrower’s request, during the Draw Period, Bank may, in its good faith 

  
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business discretion, make one (1) term loan advance available to Borrower in the original principal amount not to exceed Three Million Dollars ($3,000,000.00) (the “Term Loan B
Advance”). The Term Loan A Advance and the Term Loan B Advance are each hereinafter referred to singly as a “Term Loan Advance” and, collectively, as the “Term Loan Advances”).” 

and inserting in lieu thereof the following: 

“Subject to the terms and conditions of this Agreement, upon Borrower’s request, on the Effective Date, Bank may, in its good faith
business discretion, make one (1) term loan advance available to Borrower in the original principal amount equal to Six Million Dollars ($6,000,000.00) (the “Term Loan A Advance” also referred to singly as a “Term Loan
Advance” and as the “Term Loan Advances”).” 
  

	 	4	The Loan Agreement shall be amended by inserting the following new Section 2.3.1, appearing immediately after Section 2.3 thereof: 

“    2.3.1 2018    Term Loan Advance. 

(a)    Availability. Subject to the terms and conditions of this Agreement, upon Borrower’s
request, during the 2018 Term Loan Draw Period, Bank may, in its good faith business discretion, make one (1) term loan advance available to Borrower in the original principal amount not to exceed Three Million Dollars ($3,000,000.00) (the
“2018 Term Loan Advance”). After repayment, the 2018 Term Loan Advance (or any portion thereof) may not be reborrowed. 

(b)    Interest Payments. With respect to the 2018 Term Loan Advance, commencing on the first
Payment Date following the Funding Date of the 2018 Term Loan Advance and continuing on the Payment Date of each month thereafter, Borrower shall make monthly payments of interest, in arrears, on the principal amount of the 2018 Term Loan Advance at
the rate set forth in Section 2.5(a). 
 (c)    Repayment. Commencing on October 1,
2019 and continuing on each Payment Date thereafter, Borrower shall repay the 2018 Term Loan Advance in (i) thirty (30) equal monthly installments of principal, plus (ii) monthly payments of accrued interest at the rate set forth in
Section 2.5(a). All outstanding principal and accrued and unpaid interest under the 2018 Term Loan Advance, and all other outstanding Obligations with respect to the Term 2018 Loan Advance, are due and payable in full on the 2018 Term Loan
Maturity Date. 
 (d)    Permitted Prepayment. Borrower shall have the option to prepay all, but
not less than all, of the 2018 Term Loan Advance, provided Borrower (i) delivers written notice to Bank of its election to prepay the 2018 Term Loan Advance at least ten (10) days prior to such prepayment, and (ii) pays, on the date
of such prepayment (A) the outstanding principal plus accrued and unpaid interest with respect to the 2018 Term Loan Advance, (B) the 2018 Term Loan Prepayment Premium, (C) the 2018 Term Loan Final Payment and (D) all other sums,
if any, that shall have become due and payable with respect to the 2018 Term Loan Advance, including interest at the Default Rate with respect to any past due amounts. 

  
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 (e)    Mandatory Prepayment Upon an Acceleration. If
the 2018 Term Loan Advance is accelerated by Bank following the occurrence and during the continuance of an Event of Default, Borrower shall immediately pay to Bank an amount equal to the sum of (i) all outstanding principal plus accrued and
unpaid interest with respect to the 2018 Term Loan Advance, (ii) the 2018 Term Loan Final Payment, (iii) the 2018 Term Loan Prepayment Premium and (iv) all other sums, if any, that shall have become due and payable with respect to the
2018 Term Loan Advance, including interest at the Default Rate with respect to any past due amounts.” 
  

	 	5	The Loan Agreement shall be amended by inserting the following new text, to appear as Section 2.5(a)(iii) thereof: 

“    (iii)    2018 Term Loan Advance. Subject to Section 2.5(b), the principal amount
outstanding under the 2018 Term Loan Advance shall accrue interest at a floating per annum rate equal to the Prime Rate, which interest shall be payable monthly in accordance with Section 2.5(d) below.” 

 

	 	6	Section 2.6 of the Loan Agreement shall be amended by (i) deleting the “and” appearing at the end of subsection (d), (ii) re-lettering subsection (e) as
subsection (g) and (iii) inserting the following new subsections (e) and (f): 

“    (e)    2018 Term Loan Prepayment Premium. The 2018 Term Loan Prepayment Premium, when
due hereunder; 
 (f)    2018 Term Loan Final Payment. The 2018 Term Loan Final Payment, when due
hereunder; and” 
  

	 	7	The Loan Agreement shall be amended by deleting “or Term Loan Advances” in each place that it appears in Section 2.8(b), and inserting “, Term Loan Advances, or the 2018 Term Loan Advance”.

  

	 	8	The Loan Agreement shall be amended by deleting the following text, appearing in Section 3.2 thereof: 

“    (a)    timely receipt of (i) the Credit Extension request and any materials and
documents required by Section 3.4 and (ii) with respect to the request for Term Loan Advances, an executed Payment/Advance Form and any materials and documents required by Section 3.4;” 

and inserting in lieu thereof the following: 

“    (a)    timely receipt of (i) the Credit Extension request and any materials and
documents required by Section 3.4 and (ii) with respect to the request for Term Loan Advances and the 2018 Term Loan Advance, an executed Payment/Advance Form and any materials and documents required by Section 3.4;” 

  
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	 	9	The Loan Agreement shall be amended by deleting the following text, appearing as Section 3.4(b) thereof: 

“    (b)    Term Loan Advances. Subject to the prior satisfaction of all other applicable
conditions to the making of a Term Loan Advance set forth in this Agreement, to obtain a Term Loan Advance, Borrower (via an individual duly authorized by an Administrator) shall notify Bank (which notice shall be irrevocable) by electronic mail by
12:00 p.m. Eastern time at least one (1) Business Day prior to the proposed Funding Date of the Term Loan Advance. Such notice shall be made by Borrower through Bank’s online banking program, provided, however, if Borrower is not utilizing
Bank’s online banking program, then such notice shall be in a written format acceptable to Bank that is executed by an Authorized Signer. Bank shall have received satisfactory evidence that the Board has approved that such Authorized Signer may
provide such notices and request Term Loan Advances (Bank acknowledges that it has received such satisfactory Board approval as of the Effective Date and, so long as such Board approval remains in full force and effect and is not revoked, such
approval shall satisfy this requirement). In connection with such notification, Borrower must promptly deliver to Bank by electronic mail or through Bank’s online banking program a completed Payment/Advance Form executed by an Authorized Signer
together with such other reports and information, as Bank may request in its reasonable discretion. Bank shall credit proceeds of any Term Loan Advance to the Designated Deposit Account. Bank may make Term Loan Advances under this Agreement based on
instructions from an Authorized Signer or without instructions if the Term Loan Advances are necessary to meet Obligations which have become due.” 

and inserting in lieu thereof the following: 

“    (b)    Term Loan Advances and 2018 Term Loan Advance. Subject to the prior
satisfaction of all other applicable conditions to the making of a Term Loan Advance or the 2018 Term Loan Advance set forth in this Agreement, to obtain a Term Loan Advance or the 2018 Term Loan Advance, Borrower (via an individual duly authorized
by an Administrator) shall notify Bank (which notice shall be irrevocable) by electronic mail by 12:00 p.m. Eastern time at least one (1) Business Day prior to the proposed Funding Date of the Term Loan Advance or the 2018 Term loan Advance.
Such notice shall be made by Borrower through Bank’s online banking program, provided, however, if Borrower is not utilizing Bank’s online banking program, then such notice shall be in a written format acceptable to Bank that is executed
by an Authorized Signer. Bank shall have received satisfactory evidence that the Board has approved that such Authorized Signer may provide such notices and request Term Loan Advances or the 2018 Term Loan Advance (Bank acknowledges that it has
received such satisfactory Board approval as of the Effective Date and, so long as such Board approval remains in full force and effect and is not revoked, such approval shall satisfy this requirement). In connection with such notification, Borrower
must promptly deliver to Bank by electronic mail or through Bank’s online banking program a completed Payment/Advance Form executed by an Authorized Signer together with such other reports and information, as Bank may request in its reasonable
discretion. Bank shall credit proceeds of any Term Loan Advance and the 2018 Term Loan Advance to the Designated Deposit Account. Bank may make Term Loan Advances or the 2018 Term Loan Advance under this Agreement based on instructions from an
Authorized Signer or without instructions if the Term Loan Advances or the 2018 Term Loan Advance are necessary to meet Obligations which have become due.” 

  
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	 	10	The Loan Agreement shall be amended by deleting the following, appearing as Section 6.9 thereof: 

“    6.9    Financial Covenant – Minimum Net Revenue. Maintain, to be tested
as of the last day of each calendar quarter set forth herein, net revenue during the trailing six (6) month period ending on such day of at least: (a) Ten Million Two Hundred Fifty Thousand Dollars ($10,250,000.00) for the trailing six
(6) month period ending June 30, 2017; (b) Eleven Million Five Hundred Thousand Dollars ($11,500,000.00) for the trailing six (6) month period ending September 30, 2017; (c) Fourteen Million Dollars ($14,000,000.00) for the
trailing six (6) month period ending December 31, 2017; (d) Fifteen Million Dollars ($15,000,000.00) for the trailing six (6) month period ending March 31, 2018; (e) Fifteen Million Two Hundred Fifty Thousand Dollars
($15,250,000.00) for the trailing six (6) month period ending June 30, 2018; and (f) Fifteen Million Five Hundred Thousand Dollars ($15,500,000.00) for the trailing six (6) month periods ending September 30, 2018 and
December 31, 2018. 
 With respect to any period ending after December 31, 2018, Bank will set the net revenue
covenant levels for any such period in its reasonable discretion (based upon the methodology used to set such covenants previously and Bank’s then existing underwriting criteria), in consultation with Borrower, based upon budgets, sales
projections, operating plans and other financial information with respect to Borrower that Bank deems relevant in its reasonable judgment, including, without limitation, Borrower’s annual financial projections approved by the Board. With
respect thereto: 
 (a)    Borrower’s failure to either (i) agree in writing (which agreement
shall be set forth in a written amendment to this Agreement) on or before October 30, 2018 to any such covenant levels proposed by Bank with respect to the 2019 calendar year, or (ii) notwithstanding Section 6.2(f) of this Agreement,
deliver to Bank, no later than September 30, 2018, Borrower’s budgets, sales projections, operating plans and other financial information of Borrower that Bank deems relevant in its reasonable judgment, including, without limitation,
Borrower’s annual financial projections approved by the Board, together with any related business forecasts used in the preparation of such annual financial plans and projections, with respect to the 2019 calendar year, shall result in the
Revolving Line Maturity Date and the Term Loan Maturity Date being accelerated to April 30, 2019; 

(b)    Borrower’s failure to either (i) agree in writing (which agreement shall be set forth in
a written amendment to this Agreement) on or before October 30, 2019 to any such covenant levels proposed by Bank with respect to the 2020 calendar year, or (ii) notwithstanding Section 6.2(f) of this Agreement, deliver to Bank, no
later than September 30, 2019, Borrower’s budgets, sales projections, operating plans and other financial information of Borrower that Bank deems relevant in its reasonable judgment, including, without limitation, Borrower’s annual
financial projections approved by the Board, together with any related business forecasts used in the preparation of such annual financial plans and projections, with respect to the 2020 calendar year, shall result in the Revolving Line Maturity
Date and the Term Loan Maturity Date being accelerated to April 30, 2020; and 

  
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 (c)    Borrower’s failure to either (i) agree in
writing (which agreement shall be set forth in a written amendment to this Agreement) on or before October 30, 2020 to any such covenant levels proposed by Bank with respect to the 2021 calendar year, or (ii) notwithstanding
Section 6.2(f) of this Agreement, deliver to Bank, no later than September 30, 2020, Borrower’s budgets, sales projections, operating plans and other financial information of Borrower that Bank deems relevant in its reasonable
judgment, including, without limitation, Borrower’s annual financial projections approved by the Board, together with any related business forecasts used in the preparation of such annual financial plans and projections, with respect to the
2021 calendar year, shall result in the Revolving Line Maturity Date and the Term Loan Maturity Date being accelerated to April 30, 2021. 

Notwithstanding any terms in this Agreement to the contrary, if the Term Loan Maturity Date and Revolving Line Maturity Date
are accelerated pursuant to (a), (b), or (c) above, then, in addition to all other Obligations, Borrower shall be required to pay the Term Loan Prepayment Premium and the Final Payment.” 

and inserting in lieu thereof the following: 

“    6.9 Financial Covenants 

(a)    Minimum Net Revenue. Maintain, to be tested as of the last day of each calendar
quarter set forth herein, net revenue during the trailing six (6) month period ending on such day of at least: (a) Ten Million Two Hundred Fifty Thousand Dollars ($10,250,000.00) for the trailing six (6) month period ending
June 30, 2017; (b) Eleven Million Five Hundred Thousand Dollars ($11,500,000.00) for the trailing six (6) month period ending September 30, 2017; and (c) Fourteen Million Dollars ($14,000,000.00) for the trailing six
(6) month period ending December 31, 2017. 
 (b)    Minimum Detection Revenue.
Maintain, to be tested as of the last day of each calendar quarter set forth herein, Detection Revenue during the trailing six (6) month period ending on such day of at least: (a) Eight Million Six Hundred
Twenty-Two Thousand Dollars ($8,622,000.00) for the trailing six (6) month period ending March 31, 2018; (b) Eight Million Three Hundred Seventy-Three Thousand Dollars ($8,373,000.00) for the
trailing six (6) month period ending June 30, 2018; (c) Eight Million Six Hundred Forty-Eight Thousand Dollars ($8,648,000.00) for the trailing six (6) month period ending September 30, 2018; and (d) Nine Million Five
Hundred Seventeen Thousand Dollars ($9,517,000.00) for the trailing six (6) month period ending December 31, 2018. 

With respect to any period ending after December 31, 2018, Bank will set the Detection Revenue covenant levels for any
such period in its reasonable discretion (based upon the methodology used to set such covenants previously and Bank’s then existing underwriting 

  
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criteria), in consultation with Borrower, based upon budgets, sales projections, operating plans and other financial information with respect to Borrower that Bank deems relevant in its
reasonable judgment, including, without limitation, Borrower’s annual financial projections approved by the Board. With respect thereto: 

(i)    Borrower’s failure to agree in writing (which agreement shall be set forth in a written
amendment to this Agreement) on or before March 15, 2019 to any such covenant levels proposed by Bank with respect to the 2019 calendar year shall result in the Revolving Line Maturity Date, the Term Loan Maturity Date and the 2018 Term Loan
Maturity Date being accelerated to April 30, 2019; 
 (ii)    Borrower’s failure to agree in
writing (which agreement shall be set forth in a written amendment to this Agreement) on or before March 15, 2020 to any such covenant levels proposed by Bank with respect to the 2020 calendar year shall result in the Revolving Line Maturity
Date, the Term Loan Maturity Date and the 2018 Term Loan Maturity Date being accelerated to April 30, 2020; and 

(iii)    Borrower’s failure to agree in writing (which agreement shall be set forth in a written
amendment to this Agreement) on or before March 15, 2021 to any such covenant levels proposed by Bank with respect to the 2021 calendar year shall result in the Revolving Line Maturity Date, the Term Loan Maturity Date and the 2018 Term Loan
Maturity Date being accelerated to April 30, 2021. 
 Notwithstanding any terms in this Agreement to the contrary, if
the Term Loan Maturity Date, 2018 Term Loan Maturity Date and Revolving Line Maturity Date are accelerated pursuant to (i), (ii), or (iii) above, then, in addition to all other Obligations, Borrower shall be required to pay the Term Loan
Prepayment Premium, the Final Payment, the 2018 Term Loan Prepayment Premium and 2018 Term Loan Final Payment. 

(c)    Adjusted EBITDA. Have at all times, to be tested as of the last day of each calendar quarter
set forth herein, Adjusted EBITDA for the trailing six (6) month period ending on such day of at least: (i) ($4,500,000.00) for the six (6) month period ending March 31, 2018, (ii) ($3,750,000.00) for the six (6) month period
ending June 30, 2018, (iii) ($1,000,000.00) for the six (6) month period ending September 30, 2018 and (iv) $1.00 for the six (6) month period ending December 31, 2018. 

With respect to any period ending after December 31, 2018, Bank will set the Adjusted EBITDA covenant levels for any such
period in its reasonable discretion (based upon the methodology used to set such covenants previously and Bank’s then existing underwriting criteria), in consultation with Borrower, based upon budgets, sales projections, operating plans and
other financial information with respect to Borrower that Bank deems relevant in its reasonable 

  
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judgment, including, without limitation, Borrower’s annual financial projections approved by the Board. With respect thereto: 

(i)    Borrower’s failure to agree in writing (which agreement shall be set forth in a written
amendment to this Agreement) on or before March 15, 2019 to any such covenant levels proposed by Bank with respect to the 2019 calendar year shall result in the Revolving Line Maturity Date, the Term Loan Maturity Date and the 2018 Term Loan
Maturity Date being accelerated to April 30, 2019; 
 (ii)    Borrower’s failure to agree in
writing (which agreement shall be set forth in a written amendment to this Agreement) on or before March 15, 2020 to any such covenant levels proposed by Bank with respect to the 2020 calendar year shall result in the Revolving Line Maturity
Date, the Term Loan Maturity Date and the 2018 Term Loan Maturity Date being accelerated to April 30, 2020; and 

(iii)    Borrower’s failure to agree in writing (which agreement shall be set forth in a written
amendment to this Agreement) on or before March 15, 2021 to any such covenant levels proposed by Bank with respect to the 2021 calendar year shall result in the Revolving Line Maturity Date, the Term Loan Maturity Date and the 2018 Term Loan
Maturity Date being accelerated to April 30, 2021. 
 Notwithstanding any terms in this Agreement to the contrary, if
the Term Loan Maturity Date, 2018 Term Loan Maturity Date and Revolving Line Maturity Date are accelerated pursuant to (i), (ii), or (iii) above, then, in addition to all other Obligations, Borrower shall be required to pay the Term Loan
Prepayment Premium, the Final Payment, the 2018 Term Loan Prepayment Premium and 2018 Term Loan Final Payment.” 
  

	 	11	The Loan Agreement shall be amended by deleting the following text, appearing in Section 8.1 thereof: 

“Borrower fails to (a) make any payment of principal or interest on any Credit Extension when due, or (b) pay any other
Obligations within three (3) Business Days after such Obligations are due and payable (which three (3) Business Day cure period shall not apply to payments due on the Revolving Line Maturity Date or the Term Loan Maturity Date). During the
cure period, the failure to make or pay any payment specified under clause (b) hereunder is not an Event of Default (but no Credit Extension will be made during the cure period);” 

and inserting in lieu thereof the following: 

“Borrower fails to (a) make any payment of principal or interest on any Credit Extension when due, or (b) pay any other
Obligations within three (3) Business Days after such Obligations are due and payable (which three (3) Business Day cure period shall not apply to payments due on the Revolving Line Maturity Date, the Term Loan Maturity Date, or the 2018
Term Loan Maturity Date). During the cure period, the failure to make or pay any payment specified under clause (b) hereunder is not an Event of Default (but no Credit Extension will be made during the cure period);” 

  
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	 	12	The Loan Agreement shall be amended by deleting the following text, appearing in Section 12.1 thereof: 

“So long as Borrower has satisfied the Obligations (other than inchoate indemnity obligations, and any other obligations which, by their
terms, are to survive the termination of this Agreement, and any Obligations under Bank Services Agreements that are cash collateralized in accordance with Section 4.1 of this Agreement), this Agreement may be terminated prior to the Revolving
Line Maturity Date and the Term Loan Maturity Date by Borrower, effective three (3) Business Days after written notice of termination is given to Bank.” 

and inserting in lieu thereof the following: 

“So long as Borrower has satisfied the Obligations (other than inchoate indemnity obligations, and any other obligations which, by their
terms, are to survive the termination of this Agreement, and any Obligations under Bank Services Agreements that are cash collateralized in accordance with Section 4.1 of this Agreement), this Agreement may be terminated prior to the Revolving
Line Maturity Date, the Term Loan Maturity Date and the 2018 Term Loan Maturity Date by Borrower, effective three (3) Business Days after written notice of termination is given to Bank.” 

 

	 	13	The Loan Agreement shall be amended by inserting the following new definitions, appearing alphabetically in Section 13.1 thereof: 

“    “2018 Term Loan Advance” is defined in Section 2.3.1 of this Agreement.” 

“    “2018 Term Loan Draw Period” is the period of time commencing upon the occurrence of the 2018
Term Loan Revenue Milestone Event through June 30, 2019.” 
 “    “2018 Term Loan Final
Payment” is a payment (in addition to and not a substitution for the regular monthly payments of principal plus accrued interest) due on the earliest to occur of (a) the 2018 Term Loan Maturity Date, (b) as required by
Section 2.3.1(d) or 2.3.1(e), (c) the repayment of the 2018 Term Loan Advance in full, or (d) the termination of this Agreement, in an amount equal to the original aggregate principal amount of the 2018 Term Loan Advance multiplied by
eight percent (8.0%).” 
 “    “2018 Term Loan Maturity Date” is March 1, 2022.”

 “    “2018 Term Loan Prepayment Premium” shall be, with respect any prepayment of
the 2018 Term Loan Advance (including upon acceleration of the 2018 Term Loan Maturity Date pursuant to Section 6.9) (a) on or prior to the first (1st) anniversary of the First LMA Effective Date, an additional fee payable to Bank in an amount
equal to three percent (3.0%) of the amount of the 2018 Term Loan Advance outstanding before giving effect to such prepayment, (b) after the first (1st) anniversary of the First LMA Effective Date but on or prior to the second (2nd) anniversary
of the First LMA Effective Date, an additional 

  
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fee payable to Bank in an amount equal to two percent (2.0%) of the amount of the 2018 Term Loan Advance outstanding before giving effect to such prepayment and (c) after the second (2nd)
anniversary of the First LMA Effective Date, an additional fee payable to Bank in an amount equal to one percent (1.0%) of the amount of the 2018 Term Loan Advance outstanding before giving effect to such prepayment. Notwithstanding the foregoing,
Bank agrees to waive the 2018 Term Loan Prepayment Premium if the 2018 Term Loan Advance is prepaid in full in accordance with Section 2.3.1(d) in connection and simultaneously with the refinancing of the 2018 Term Loan Advance by Bank in
Bank’s sole and absolute discretion.” 
 “    “2018 Term Loan Revenue Milestone Event”
is Bank’s receipt of evidence, satisfactory to Bank in its reasonable discretion, that Borrower had, for a trailing twelve (12) month period ending on any calendar month occurring after the First LMA Effective Date but on or prior to
June 30, 2019, Detection Revenue of at least Twenty-One Million Five Hundred Thousand Dollars ($21,500,000.00).” 

“    “Adjusted EBITDA” means, as calculated for Borrower and its Subsidiaries on a consolidated
basis, for any period for any date of determination, (a) Net Income, plus (b) the sum of the following to the extent deducted in the calculation of Net Income in accordance with GAAP, (i) Interest Expense, (ii) depreciation
expense and amortization expense, (iii) income tax expense, (iv) non-cash stock compensation expense, (v) non-cash impairment of goodwill expense, and
(vi) other non-cash items approved by Bank in writing on a case-by-case basis in its good faith business discretion.”

 “    “Adjusted EBITDA Event” is Bank’s receipt of evidence, satisfactory to Bank in its
reasonable discretion, that Borrower had, for a trailing three (3) month period ending on any calendar month occurring after the First LMA Effective Date but on or prior to July 31, 2018, Adjusted EBITDA of at least ($750,000.00).”

 “    “Detection Revenue” is revenue from Borrower’s detection business reflected on
Borrower’s financial statements as “Detection Revenue”. 
 “    “First LMA Effective
Date” is March [    ], 2018.” [THE DATE OF THIS AGREEMENT. TO BE COMPLETED AT CLOSE.] 

“    “Interest Expense” means for any fiscal period, interest expense (whether cash or non-cash) determined in accordance with GAAP for the relevant period ending on such date, including, in any event, interest expense with respect to any Credit Extension and other Indebtedness of Borrower [=and its
Subsidiaries, including, without limitation or duplication, all commissions, discounts, or related amortization and other fees and charges with respect to letters of credit and bankers’ acceptance financing and the net costs associated with
interest rate swap, cap, and similar arrangements, and the interest portion of any deferred payment obligation (including leases of all types).” 

“    “Net Income” means, as calculated on a consolidated basis for Borrower and its Subsidiaries for
any period as at any date of determination, the net profit (or loss), after provision for taxes, of Borrower and its Subsidiaries for such period taken as a single accounting period.” 

  
 10 

 “    “Reserve Release Event” occurs (if ever) upon
Bank’s receipt of evidence, satisfactory to Bank in its sole discretion, that either (a) the Adjusted EBITDA Event has occurred or (b) Borrower has been in compliance with all terms and conditions of this Agreement at all times
through and including September 30, 2018.” 
  

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

“    “Draw Period” is the period of time commencing upon the occurrence of the Revenue Milestone
Event through July 30, 2018.” 
 “    “Revenue Milestone Event” is Bank’s receipt
of evidence, satisfactory to Bank in its reasonable discretion, that Borrower had, for a trailing twelve (12) month period ending on any calendar month occurring after the Effective Date but on or prior to June 30, 2018, net revenue of at
least Thirty-Five Million Dollars ($35,000,000.00).” 
  

	 	15	The Loan Agreement shall be amended by deleting the following definitions, appearing in Section 13.1 thereof: 

“    “Availability Amount” is (a) the lesser of (i) the Revolving Line or (ii) the
amount available under the Borrowing Base minus (b) the outstanding principal balance of any Advances.” 

“    “Credit Extension” is any Advance, any Term Loan Advance, any Overadvance, or any other
extension of credit by Bank for Borrower’s benefit.” 
 “    “Final Payment” is a
payment (in addition to and not a substitution for the regular monthly payments of principal plus accrued interest) due on the earliest to occur of (a) the Term Loan Maturity Date, (b) as required by Section 2.3(d) or 2.3(e), (c) the
repayment of the Term Loan Advances in full, or (d) the termination of this Agreement, in an amount equal to the original aggregate principal amount of the Term Loan Advances multiplied by seven percent (7.0%).” 

“    “Obligations” are Borrower’s obligations to pay when due any debts, principal, interest
(including interest accruing after the commencement of an Insolvency Proceeding), fees, Bank Expenses, the Commitment Fee, the Termination Fee, the Term Loan Prepayment Premium, the Final Payment, and other amounts Borrower owes Bank now or later,
whether under this Agreement or the other Loan Documents or relating to Bank Services, and to perform Borrower’s duties under the Loan Documents.” 

“    “Payment Date” ” is (a) with respect to Term Loan Advances, the first (1st) calendar
day of each month and (b) with respect to Advances, the last calendar day of each month.” 

“    “Term Loan Amortization Date” is the Payment Date of the thirteenth (13th) month following the month in which the Effective Date occurs; provided, however, in the event that the Revenue Milestone Event occurs prior to such date, the Term Loan Amortization Date will be the
Payment Date of the nineteenth (19th) month following the month in which the Effective Date occurs.” 

  
 11 

 “    “Term Loan Payment Period” is thirty-six (36) months; provided, however, in the event that the Revenue Milestone Event occurs prior to the Term Loan Amortization Date, the Term Loan Payment Period will be thirty (30) months.” 

“    “Term Loan Prepayment Premium” shall be, with respect any prepayment of a Term Loan
Advance (including upon acceleration of the Term Loan Maturity Date pursuant to Section 6.9) (a) on or prior to the first (1st) anniversary of the Funding Date of such Term Loan Advance, an additional fee payable to Bank in an amount equal to
three percent (3.0%) of the amount of such Term Loan Advance outstanding before giving effect to such prepayment, (b) after the first (1st) anniversary of the Funding Date of such Term Loan Advance but on or prior to the second (2nd)
anniversary of the Funding Date of such Term Loan Advance, an additional fee payable to Bank in an amount equal to two percent (2.0%) of the amount of such Term Loan Advance outstanding before giving effect to such prepayment and (c) after the
second (2nd) anniversary of the Funding Date of such Term Loan Advance, an additional fee payable to Bank in an amount equal to one percent (1.0%) of the amount of such Term Loan Advance outstanding before giving effect to such prepayment.
Notwithstanding the foregoing, Bank agrees to waive the Term Loan Prepayment Premium if the Term Loan Advance is prepaid in full in accordance with Section 2.3(d) in connection and simultaneously with the refinancing of the Term Loan Advance by
Bank in Bank’s sole and absolute discretion.” 
 and inserting in lieu thereof the following: 

“    “Availability Amount” is (a) the lesser of (i) the Revolving Line or (ii) (A)
prior to the occurrence of the Reserve Release Event, (1) the amount available under the Borrowing Base minus (2) Two Million Dollars ($2,000,000.00) and (B) on and after the occurrence of the Reserve Release Event, the amount
available under the Borrowing Base, minus (b) the outstanding principal balance of any Advances.” 

“    “Credit Extension” is any Advance, any Term Loan Advance, the 2018 Term Loan Advance, any
Overadvance, or any other extension of credit by Bank for Borrower’s benefit.” 
 “    “Final
Payment” is a payment (in addition to and not a substitution for the regular monthly payments of principal plus accrued interest) due on the earliest to occur of (a) the Term Loan Maturity Date, (b) as required by
Section 2.3(d) or 2.3(e), (c) the repayment of the Term Loan Advances in full, or (d) the termination of this Agreement, in an amount equal to the original aggregate principal amount of the Term Loan Advances multiplied by eight percent
(8.0%).” 
 “    “Obligations” are Borrower’s obligations to pay when due any debts,
principal, interest (including interest accruing after the commencement of an Insolvency Proceeding), fees, Bank Expenses, the Commitment Fee, the Termination Fee, the Term Loan Prepayment Premium, the Final Payment, the 2018 Term Loan Prepayment
Premium, the 2018 Term Loan Final Payment and 

  
 12 

 
other amounts Borrower owes Bank now or later, whether under this Agreement or the other Loan Documents or relating to Bank Services, and to perform Borrower’s duties under the Loan
Documents.” 
 “    “Payment Date” ” is (a) with respect to Term Loan Advances and
the 2018 Term Loan Advance, the first (1st) calendar day of each month and (b) with respect to Advances, the last calendar day of each month.” 

“    “Term Loan Amortization Date” is the Payment Date of the thirteenth (13th) month following the month in which the Effective Date occurs; provided, however, in the event that the Adjusted EBITDA Event occurs prior to such date, the Term Loan Amortization Date will be the
Payment Date of the nineteenth (19th) month following the month in which the Effective Date occurs.” 

“    “Term Loan Payment Period” is thirty-six
(36) months; provided, however, in the event that the Adjusted EBITDA Event occurs prior to the Term Loan Amortization Date, the Term Loan Payment Period will be thirty (30) months.” 

“    “Term Loan Prepayment Premium” shall be, with respect any prepayment of a Term Loan
Advance (including upon acceleration of the Term Loan Maturity Date pursuant to Section 6.9) (a) on or prior to the first (1st) anniversary of the First LMA Effective Date, an additional fee payable to Bank in an amount equal to three percent
(3.0%) of the amount of such Term Loan Advance outstanding before giving effect to such prepayment, (b) after the first (1st) anniversary of the First LMA Effective Date but on or prior to the second (2nd) anniversary of the First LMA Effective
Date, an additional fee payable to Bank in an amount equal to two percent (2.0%) of the amount of such Term Loan Advance outstanding before giving effect to such prepayment and (c) after the second (2nd) anniversary of the First LMA Effective
Date, an additional fee payable to Bank in an amount equal to one percent (1.0%) of the amount of such Term Loan Advance outstanding before giving effect to such prepayment. Notwithstanding the foregoing, Bank agrees to waive the Term Loan
Prepayment Premium if the Term Loan Advance is prepaid in full in accordance with Section 2.3(d) in connection and simultaneously with the refinancing of the Term Loan Advance by Bank in Bank’s sole and absolute discretion.” 

 

	 	16	The Compliance Certificate appearing as Exhibit B to the Loan Agreement is hereby deleted and replaced with the Compliance Certificate attached as Schedule 1 hereto. 

 

	 	17	The Payment/Advance Form appearing as Exhibit D to the Loan Agreement is hereby deleted and replaced with the Payment/Advance Form attached as Schedule 2 hereto. 

4.    FEES AND EXPENSES. Borrower shall reimburse Bank for all legal fees and expenses incurred in connection with this amendment
to the Existing Loan Documents. 
 5.    RATIFICATION OF PERFECTION CERTIFICATES. 

(a)     ICAD hereby ratifies, confirms and reaffirms, all and singular, the terms and disclosures contained in a certain
Perfection Certificate of ICAD dated as of August 7, 2017, and acknowledges, confirms and agrees that the disclosures and information ICAD provided to Bank in such Perfection Certificate have not changed, as of the date hereof. 

  
 13 

 (b)     Xoft hereby ratifies, confirms and reaffirms, all and singular, the
terms and disclosures contained in a certain Perfection Certificate of Xoft dated as of August 7, 2017, and acknowledges, confirms and agrees that the disclosures and information Xoft provided to Bank in such Perfection Certificate have not
changed, as of the date hereof. 
 (c)     Xoft Solutions hereby ratifies, confirms and reaffirms, all and singular, the
terms and disclosures contained in a certain Perfection Certificate of Xoft Solutions dated as of August 7, 2017, and acknowledges, confirms and agrees that the disclosures and information Xoft Solutions provided to Bank in such Perfection
Certificate have not changed, as of the date hereof. 
 6.    CONSISTENT CHANGES. The Existing Loan Documents are hereby amended
wherever necessary to reflect the changes described above. 
 7.    RATIFICATION OF LOAN DOCUMENTS. Borrower hereby ratifies,
confirms, and reaffirms all terms and conditions of all security or other collateral granted to Bank, and confirms that the indebtedness secured thereby includes, without limitation, the Obligations. 

8.    NO DEFENSES OF BORROWER. Borrower hereby acknowledges and agrees that Borrower has no offsets, defenses, claims, or
counterclaims against Bank with respect to the Obligations, or otherwise, and that if Borrower now has, or ever did have, any offsets, defenses, claims, or counterclaims against Bank, whether known or unknown, at law or in equity, all of them are
hereby expressly WAIVED and Borrower hereby RELEASES Bank from any liability thereunder. 
 9.    CONTINUING VALIDITY. Borrower
understands and agrees that in modifying the existing Obligations, Bank 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. Bank’s agreement to modifications to the existing Obligations pursuant to this Loan Modification Agreement in no way shall obligate
Bank 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 Bank and Borrower to retain as liable parties all makers of Existing
Loan Documents, unless the party is expressly released by Bank in writing. No maker will be released by virtue of this Loan Modification Agreement. 

10.    COUNTERSIGNATURE. This Loan Modification Agreement shall become effective only when it shall have been executed by Borrower
and Bank. 
 [The remainder of this page is intentionally left blank] 

  
 14 

 This Loan Modification Agreement is executed as of the date first written above. 

 

			
	BORROWER:
	
	ICAD, INC.
		
	By	 	
                     
                    

	Name:	 	  

	Title:	 	  

	
	XOFT, INC.
		
	By	 	  

	Name:	 	  

	Title:	 	  

	
	XOFT SOLUTIONS, LLC
		
	By	 	  

	Name:	 	  

	Title:	 	  

	
	BANK:
	
	SILICON VALLEY BANK
		
	By	 	  

	Name:	 	  

	Title:	 	  

  
 15 

 Schedule 1 

EXHIBIT B 

COMPLIANCE CERTIFICATE 
  

					
	TO:	  	SILICON VALLEY BANK	  	Date:                    
	FROM:	  	ICAD, INC., XOFT, INC. and XOFT SOLUTIONS, LLC	  	

 The undersigned authorized officer of ICAD, INC., XOFT INC. and XOFT SOLUTIONS, LLC (individually and
collectively, jointly and severally, “Borrower”) certifies that under the terms and conditions of the Loan and Security Agreement between Borrower and Bank (the “Agreement”), (1) Borrower is in complete compliance
for the period ending                      with all required covenants except as noted below, (2) there are no Events of Default, (3) all
representations and warranties in the Agreement are true and correct in all material respects on this date except as noted below; provided, however, that such materiality qualifier shall not be applicable to any representations and
warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all
material respects as of such date, (4) Borrower, and each of its Subsidiaries has timely filed all required tax returns and reports, and Borrower has timely paid all foreign, federal, state and local taxes, assessments, deposits and
contributions owed by Borrower except as otherwise permitted pursuant to the terms of Section 5.9 of the Agreement, and (5) no Liens have been levied or claims made against Borrower, and each of its Subsidiaries relating to unpaid employee
payroll or benefits of which Borrower has not previously provided written notification to Bank. Attached are the required documents supporting the certification. The undersigned certifies that these are prepared in accordance with GAAP consistently
applied from one period to the next except as explained in an accompanying letter or footnotes. The undersigned acknowledges that no borrowings may be requested at any time or date of determination that Borrower is not in compliance with any of the
terms of the Agreement, and that compliance is determined not just at the date this certificate is delivered. Capitalized terms used but not otherwise defined herein shall have the meanings given them in the Agreement. 

Please indicate compliance status by circling Yes/No under “Complies” column. 

 

					
			
	 Reporting Covenants
	  	 Required
	  	Complies
	 Monthly financial statements with

Compliance Certificate
	  	Monthly within 30 days	  	Yes     No
			
	 Form 10-Q
	  	Quarterly within 45 days (for first 3 quarters of a fiscal year)	  	Yes     No
			
	 Form 10-K
	  	Annually within 90 days of the last quarter of a fiscal year	  	Yes     No
			
	 10-Q, 10-K and 8-K
	  	Within 5 days after filing with SEC (if not previously delivered)	  	Yes     No
			
	 A/R & A/P Agings, Deferred Revenue report and Account Debtor listing
	  	Monthly within 30 days	  	Yes     No
			
	 Borrowing Base Reports
	  	Monthly within 30 days	  	Yes     No
			
	 Board approved Projections
	  	Within the earlier of 30 days of (i) Board approval or (ii) fiscal year end, together with any period updates	  	Yes     No

  
 16 

													
	 Streamline Period
	  	Required	 	  	Actual	 	  	Eligible	 
	 Maintain:
	  				  				  			
	 Adjusted Quick Ratio (at all times, tested monthly)
	  	 	> 1.25 : 1.0	 	  	 	             : 1.0	 	  	 	Yes    No	 

  

													
	 Financial Covenant
	  	Required	 	 	Actual	 	  	Complies	 
	 Maintain as indicated:
	  				 				  			
	 Minimum Detection Revenue (six month period, tested quarterly)
	  	$	            	* 	 	$	            	 	  	 	Yes    No	 
	 Adjusted EBITDA (six month period, tested quarterly)
	  	$	            	** 	 	$	            	 	  	 	Yes    No	 

  

	*	As set forth in Section 6.9(b) of the Agreement. 

	**	As set forth in Section 6.9(c) of the Agreement. 

 The following
financial covenant analyses and information set forth in Schedule 1 attached hereto are true and accurate as of the date of this Certificate. 

The following are the exceptions with respect to the certification above: (If no exceptions exist, state “No exceptions to note.”)

  
  

 

			
	 ICAD, INC.

		
	 By:
	 	
              
                                         
              

	 Name:
	 	  

	 Title:
	 	  

	
	 XOFT, INC.

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

	
	 XOFT SOLUTIONS, LLC

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	
 

	
	BANK USE ONLY
	
	Received by:                                   
                      
	                        AUTHORIZED SIGNER
	
	Date:                                     
                                
	
	Verified:                                    
                           
	                      AUTHORIZED SIGNER
	
	Date:                                     
                                
	Compliance Status:     Yes  No

 
 

  
 17 

 Schedule 1 to Compliance Certificate 

Financial Covenants of Borrower 

In the event of a conflict between this Schedule and the Loan Agreement, the terms of the Loan Agreement shall govern. 

Dated:                      

I.    Minimum Detection Revenue (Section 6.9(b)) (six month period, tested quarterly) 

Required: Amount set forth below. 
  

					
	Six Month Period Ending	  	Minimum Detection Revenue	 
	 March 31, 2018
	  	$	8,622,000.00	 
	 June 30, 2018
	  	$	8,373,000.00	 
	 September 30, 2018
	  	$	8,648,000.00	 
	 December 31, 2018
	  	$	9,517,000.00	 

 Levels for 2019 through 2021 to be established in accordance with Section 6.9 of the Agreement. 

 

			
	 Actual:
	  	$        

 Is the actual amount equal to or greater than the required amount above? 

             No, not in compliance
                                         
                                   
            Yes, in compliance 
 II.    Adjusted EBITDA
(Section 6.9(c)) (six month period, tested quarterly) 
 Required: Amount set forth below (as calculated on a consolidated basis for Borrower and its
Subsidiaries). 
  

					
	Six Month Period Ending	  	Adjusted EBITDA	 
	 March 31, 2018
	  	($	4,500,000.00	) 
	 June 30, 2018
	  	($	3,750,000.00	) 
	 September 30, 2018
	  	($	1,000,000.00	) 
	 December 31, 2018
	  	$	1.00	 

 Levels for 2019 through 2021 to be established in accordance with Section 6.9 of the Agreement. 

  
 18 

			
	Actual:	  	$        

  

									
	A.	  	Net Income	  	$	            	 
			
	B.	  	To the extent included in the determination of Net Income	  			
				
		  	1.	  	Interest Expense	  	$	            	 
				
		  	2.	  	Taxes	  	$	            	 
				
		  	3.	  	Depreciation	  	$	            	 
				
		  	4.	  	Amortization	  	$	            	 
				
		  	5.	  	Non-cash stock compensation expense	  	$	            	 
				
		  	6.	  	Non-cash impairment of goodwill expense	  	$	            	 
				
		  	 7.
	  	Other non-cash items approved by writing by Bank on a case-by-case basis in its good faith business
discretion	  	$	            	 
				
		  	8.	  	The sum of lines 1 through 7	  	$	            	 
			
	C.	  	Adjusted EBITDA (line A plus line B.8)	  	$	            	 

 Is the actual amount equal to or greater than the required amount above? 

            No, not in
compliance                                        
                                    
            Yes, in compliance 

  
 19 

 Schedule 2 

EXHIBIT C 

LOAN PAYMENT/ADVANCE REQUEST FORM 

DEADLINE FOR SAME DAY PROCESSING IS
NOON EASTERN TIME 
  

			
	Fax To:	  	Date:                     

  

 LOAN PAYMENT: 

ICAD, INC., XOFT, INC. and XOFT SOLUTIONS, LLC 
  

			
	
From Account #                  
                                         
              
	  	
To Account #                  
                                         
  

	 (Deposit Account #)
	  	(Loan Account #)
		
	
Principal $                   
                                         
                     
	  	
and/or Interest $                  
                                      

		
	
Authorized Signature:                  
                            
	  	
Phone Number:                   
                              

	
Print Name/Title:                  
                                  
	  	

  

 

 LOAN ADVANCE: 

Complete Outgoing Wire Request section below if all or a portion of the funds from this loan advance are for an outgoing wire. 

 

			
	
From Account #                  
                                         
              
	  	
To Account #                  
                                         
  

	 (Loan Account #)
	  	 (Deposit Account #)

  Amount of 2018 Term Loan Advance
$                                         
                                

All Borrower’s representations and warranties in the Loan and Security Agreement are true, correct and complete in
all material respects on the date of the request for an advance; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text
thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date: 

 

			
	
Authorized Signature:                  
                               
	  	
Phone Number:                   
                              

	
Print Name/Title:                  
                                     
	  	

  

 

 OUTGOING WIRE REQUEST: 

 Complete only if all or a portion of funds from the loan advance above is to be wired. 

 Deadline for same day processing is noon, Eastern Time 
  

			
	
Beneficiary Name:                  
                                         
      
	  	
Amount of Wire: $                 
                                   

	 Beneficiary Bank:
                                         
                         
	  	 Account Number:
                                         
            

	
City and State:                  
                                       
	  	
	
Beneficiary Bank Transit (ABA) #:             
           
	  	 Beneficiary Bank Code (Swift, Sort, Chip, etc.):     

		  	 (For International Wire Only)

 

  
 20 

 
			
	
Intermediary Bank:                  
                                         
      
	  	 Transit
(ABA) #:                                       
                  

	
For Further Credit to:                
                                         
                                         
                                         
                          

	
	
Special Instruction:                  
                                         
                                         
                                         
                           

	
	 By signing below, I (we) acknowledge and agree that my (our) funds transfer request shall be processed
in accordance with and subject to the terms and conditions set forth in the agreements(s) covering funds transfer service(s), which agreements(s) were previously received and executed by me (us).

		
	
Authorized Signature:                  
                                         
  
	  	 2nd Signature (if
required):                                       
  

	 Print Name/Title:
                                         
                          
	  	
Print Name/Title:                  
                                       

	
Telephone #:                   
                                      
	  	
Telephone #:                   
                              

 

  
 21

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