Document:

Exhibit

Exhibit 10.1
Execution Version

FIRST AMENDMENT TO FORBEARANCE AGREEMENT AND AMENDMENT TO CREDIT AGREEMENT
This FIRST AMENDMENT TO FORBEARANCE AGREEMENT AND AMENDMENT TO CREDIT AGREEMENT, dated as of July 3, 2020 (this “Amendment”), is made by and among HI-CRUSH INC. (the “Borrower”), the Forbearing Lenders, the Guarantors party hereto and JPMORGAN CHASE BANK, N.A., as administrative agent for the Lenders (in such capacity, the “Administrative Agent”) and as an Issuing Lender.  Capitalized terms used herein but not defined herein shall have the meanings ascribed to them in the Credit Agreement or Forbearance Agreement, as applicable, referred to below. Unless otherwise indicated, all section references in this Amendment refer to the applicable section of the Forbearance Agreement.   
PRELIMINARY STATEMENTS
A.    The Borrower, the Lenders and Issuing Lenders party thereto, and the Administrative Agent entered into that certain Credit Agreement, dated as of August 1, 2018 (as amended, amended and restated, supplemented, otherwise modified from time to time, the “Credit Agreement”).
B.    In connection with the Credit Agreement, the Borrower, the Administrative Agent, the Forbearing Lenders and the Guarantors party hereto entered into that certain Forbearance Agreement and Amendment to Credit Agreement dated as of June 22, 2020 (the “Forbearance Agreement”).
C.    Subject to the terms and conditions set forth herein, the parties wish to amend the Forbearance Agreement to extend the Forbearance Termination Date as follows:
Section 1.Amendment. Section 1(a)(i) of the Forbearance is hereby amended by replacing the phrase “11:59 p.m., Houston time on July 5, 2020” therein with the phrase “11:59 p.m., Houston time on July 12, 2020”.
Section 2.    Conditions to Effective Date.  This Amendment shall not become effective until the date of satisfaction or waiver of the following conditions (the “Effective Date”):
(a)    The Administrative Agent shall have received from the Credit Parties, the Administrative Agent and the Forbearing Lenders duly executed counterparts of this Amendment; and
(b)    All representations and warranties of the Credit Parties contained herein shall be true and correct in all material respects as of the Effective Date (except to the extent such representations and warranties expressly relating to an earlier date, in which case, such representations and warranties shall be true and correct in all material respects on and as of such earlier date).
By their execution hereof, each party to this Amendment acknowledges that the Effective Date is July 3, 2020.
Section 3.    Fees and Expenses.  The Credit Parties agree to pay all reasonable and documented out-of-pocket costs and expenses incurred by the Administrative Agent and the Forbearing Lenders in connection with this Amendment and any other documents prepared in connection herewith as set forth in Section 9.1 of the Credit Agreement.  

Section 4.    Release.  Each Credit Party on behalf of itself and its respective successors and assigns hereby waives, releases, remises and forever discharges the Administrative Agent, the Lenders, and each of their respective Affiliates, and each of their officers, directors, employees, agents, and professionals (collectively, the “Releasees”), from any and all claims, demands, obligations, liabilities, causes of action, damages, losses, costs and expenses of any kind or character, known or unknown, past or present, liquidated or unliquidated, suspected or unsuspected, which such Credit Party ever had from the beginning of the world, now has or might hereafter have against any such Releasee which concerns, directly or indirectly, the Credit Agreement or any other Credit Document, or any acts or omissions of any such Releasee relating to the Credit Agreement or any other Credit Document, in each case, to the extent pertaining to facts, events or circumstances existing on or prior to (but not after) the Effective Date (the “Released Claims”), provided, that the foregoing shall not release any claims resulting from the gross negligence or willful misconduct of, or breach of this Amendment by, any Releasee as determined by a final non-appealable judgment of a court of competent jurisdiction.  The Credit Parties further agree to refrain from commencing, instituting or prosecuting, or supporting any Person that commences, institutes, or prosecutes, any lawsuit, action or other proceeding against any and all Releasees with respect to any and all Released Claims.  As to each and every claim released hereunder, each Credit Party hereby represents that it has received the advice of legal counsel with regard to the releases contained herein.  The foregoing release shall survive the Forbearance Termination Date and the termination of this Amendment, the Credit Agreement and the other Credit Documents.
Section 5.    Representations and Warranties; No Event of Default.  Each Credit Party represents and warrants to the Lenders that on and as of the Effective Date, after giving effect to this Amendment, (a) except with respect to the Specified Default, all of the representations and warranties of each Credit Party set forth in Article 4 of the Credit Agreement and in each other Credit Document are true and correct in all material respects, on and as of the Effective Date, except to the extent such representations and warranties expressly relate to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date, (b) other than the Specified Default, there exists no Default or Event of Default, (c) the execution, delivery and performance by each Credit Party of this Amendment does not (i) contravene the terms of any such Credit Party’s Organization Documents, (ii) conflict with or result in any breach or contravention of, or the creation of any Lien under (other than as permitted by the Credit Agreement), or require any payment to be made under (x) any contractual requirement to which such Person is a party or affecting such Person or the properties of such Person or any of its Subsidiaries or (y) any material order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject, or (iii) violate any law and (d) the Forbearance Termination Date has not occurred. 
Section 6.    Reaffirmation.  Each Credit Party confirms and agrees that each Credit Document to which such Credit Party is a party is, and the obligations of such Credit Party contained in the Credit Agreement, this Amendment or in any other Credit Document to which it is a party are, and shall continue to be, in full force and effect and are hereby ratified and confirmed in all respects, in each case as modified by this Amendment.  For greater certainty and without limiting the foregoing, each Credit Party hereby confirms that the existing security interests granted by it in favor of the Secured Parties pursuant to the Credit Documents in the Collateral described therein shall continue to secure the Obligations as and to the extent provided in the Credit Documents.  
Section 7.    Acknowledgement.  Each Credit Party acknowledges and agrees that (a) the Specified Default is material in nature and constitutes an Event of Default under the Credit Agreement, and (b) as a result of the occurrence of such Event of Default, the Forbearing Lenders will, subject to the Forbearance Agreement, be entitled to accelerate all Loans owing under the Credit Agreement and to exercise all rights and remedies under the Credit Documents, applicable law or otherwise, so long as the Specified Default is continuing.  The Borrower further acknowledges and agrees that the Administrative Agent and 

Forbearing Lenders are not in any way agreeing to waive the Specified Default as a result of this Amendment or the performance by the parties of their respective obligations hereunder.  Without limiting any other provision of this Amendment, each Credit Party further acknowledges and agrees that during the Forbearance Period and following any Forbearance Termination Event, an Event of Default shall be continuing, and the Credit Parties shall not, and shall not permit any Subsidiary to, take or cause any Person to take any action that is conditioned on no Default or Event of Default existing at the time of, or immediately after giving effect to, the taking of such action. Each Credit Party acknowledges that each Issuing Lender party hereto is hereby electing not to provide any automatic extension with respect to any Letter of Credit providing for an automatic extension. Each Credit Party acknowledges that the Required Lenders are hereby requesting that the Obligations bear interest at the Default Rate upon the occurrence and during the continuance of any Event of Default (including, without limitation, the Specified Default).
Section 8.    Entire Agreement.  This Amendment is a Credit Document. This Amendment, the Credit Agreement and the other Credit Documents represent the agreement of the Borrower, the Guarantors, the Administrative Agent and the Lenders with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by the Borrower, the Guarantors, the Administrative Agent nor any Lender or relative to the subject matter hereof which are not expressly set forth or referred to herein, in the other Credit Documents.
Section 9.    GOVERNING LAW.  THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
Section 10.    Submission to Jurisdiction; Waivers; Waivers of Jury Trial.  Sections 9.13 and 9.15 of the Credit Agreement are incorporated herein mutatis mutandis. 
Section 11.    Severability.  Any provision of this Amendment that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
Section 12.    Counterparts.  This Amendment may be executed by one or more of the parties to this Amendment on any number of separate counterparts (including by facsimile or other electronic transmission, i.e. a “pdf’ or a “tif’), and all of said counterparts taken together shall be deemed to constitute one and the same instrument.  
Section 13.    Good Faith Cooperation; Further Assurances.  Each of the Credit Parties hereby agrees to execute and deliver from time to time such other documents and take such other actions as may be reasonably necessary in order to effectuate the terms hereof. The parties hereto shall cooperate with each other and with their respective counsel in good faith in connection with any steps required to be taken as part of their respective obligations under this Amendment.
Section 14.    No Third Party Beneficiaries.  No Person other than the Borrower, the other Credit Parties, the Agent and the Lenders, and in the case of Section 7 hereof, the Releasees, shall have any rights hereunder or be entitled to rely on this Amendment and all third-party beneficiary rights (other than the rights of the Releasees under Section 7 hereof) are hereby expressly disclaimed.

Section 15.    Amendments.  The provisions of this Amendment, including the provisions of this sentence, may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, without the express prior written consent of the Borrower, the Administrative Agent and the Forbearing Lenders.
[SIGNATURES BEGIN NEXT PAGE]

IN WITNESS WHEREOF, each of the undersigned has caused its duly authorized officer to execute and deliver this Amendment as of the date first written above.
	
						
	BORROWER:
	 
	HI-CRUSH INC.

	 
	 
	 
	 
	 
	 

	 
	 
	 
	By:
	 
	/s/ J. Philip McCormick, Jr.

	 
	 
	 
	 
	 
	J. Philip McCormick, Jr.

	 
	 
	 
	 
	 
	Chief Financial Officer

Signature Page 
First Amendment to Forbearance Agreement

	
		
	GUARANTORS:
	D & I SILICA, LLC.
HI-CRUSH AUGUSTA ACQUISITION CO. LLC
HI-CRUSH AUGUSTA LLC
HI-CRUSH BLAIR LLC
HI-CRUSH CANADA INC.
HI-CRUSH CHAMBERS LLC
HI-CRUSH FINANCE CORP.
HI-CRUSH INVESTMENTS INC.
HI-CRUSH LMS LLC
HI-CRUSH OPERATING LLC
HI-CRUSH PERMIAN SAND LLC
HI-CRUSH PODS LLC
HI-CRUSH RAILROAD LLC
HI-CRUSH WHITEHALL LLC
HI-CRUSH WYEVILLE LLC
PDQ PROPERTIES LLC
FB INDUSTRIES USA INC.
FB LOGISTICS LLC
HI-CRUSH PROPPANTS LLC
HI-CRUSH HOLDINGS LLC
HI-CRUSH RUPERT LLC
HI-CRUSH SERVICES LLC
HI-CRUSH GP LLC
WEST TEXAS GOLDEN SPIKE LLC
BULKTRACER HOLDINGS LLC
BULKTRACER LLC
PROPDISPATCH LLC
PROPPANT LOGISTICS LLC
PRONGHORN LOGISTICS HOLDINGS, LLC
PRONGHORN LOGISTICS, LLC

	
						
	 
	 
	 
	By:
	 
	/s/ J. Philip McCormick, Jr.

	 
	 
	 
	 
	 
	J. Philip McCormick, Jr.

	 
	 
	 
	 
	 
	Chief Financial Officer

Signature Page 
First Amendment to Forbearance Agreement

	
						
	 
	 
	Acknowledged by:

	 
	 
	 
	JPMORGAN CASH BANK, N.A., as Administrative Agent

	 
	 
	 
	 
	 
	 

	 
	 
	 
	By:
	 
	/s/ Authorized Person

	 
	 
	 
	Name:
	 
	Authorized Person

	 
	 
	 
	Title:
	 
	Authorized Officer

Signature Page 
First Amendment to Forbearance Agreement

	
						
	 
	 
	 
	JPMORGAN CASH BANK, N.A., as Forbearing Lender

	 
	 
	 
	 
	 
	 

	 
	 
	 
	By:
	 
	/s/ Authorized Person

	 
	 
	 
	Name:
	 
	Authorized Person

	 
	 
	 
	Title:
	 
	Authorized Officer

Signature Page 
First Amendment to Forbearance Agreement

	
						
	 
	 
	 
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as Forbearing Lender

	 
	 
	 
	 
	 
	 

	 
	 
	 
	By:
	 
	/s/ Authorized Person

	 
	 
	 
	Name:
	 
	Authorized Person

	 
	 
	 
	Title:
	 
	Authorized Officer

	 
	 
	 
	 
	 
	 

	 
	 
	 
	By:
	 
	/s/ Authorized Person

	 
	 
	 
	Name:
	 
	Authorized Person

	 
	 
	 
	Title:
	 
	Authorized Officer

Signature Page 
First Amendment to Forbearance Agreement

	
						
	 
	 
	 
	ZIONS BANCORPORATION, N.A. DBA AMEGY BANK, as Forbearing Lender

	 
	 
	 
	 
	 
	 

	 
	 
	 
	By:
	 
	/s/ Authorized Person

	 
	 
	 
	Name:
	 
	Authorized Person

	 
	 
	 
	Title:
	 
	Authorized Officer

Signature Page 
First Amendment to Forbearance Agreement

	
						
	 
	 
	 
	Barclays Bank PLC, as Forbearing Lender

	 
	 
	 
	 
	 
	 

	 
	 
	 
	By:
	 
	/s/ Authorized Person

	 
	 
	 
	Name:
	 
	Authorized Person

	 
	 
	 
	Title:
	 
	Authorized Officer

Signature Page 
First Amendment to Forbearance Agreement

	
						
	 
	 
	 
	Morgan Stanley Bank, N.A., as Forbearing Lender

	 
	 
	 
	 
	 
	 

	 
	 
	 
	By:
	 
	/s/ Authorized Person

	 
	 
	 
	Name:
	 
	Authorized Person

	 
	 
	 
	Title:
	 
	Authorized Officer

Signature Page 
First Amendment to Forbearance Agreement

	
						
	 
	 
	 
	UBS AG, STAMFORD BRANCH, as Forbearing Lender

	 
	 
	 
	 
	 
	 

	 
	 
	 
	By:
	 
	/s/ Authorized Person

	 
	 
	 
	Name:
	 
	Authorized Person

	 
	 
	 
	Title:
	 
	Authorized Officer

	 
	 
	 
	 
	 
	 

	 
	 
	 
	If a second signature is necessary:

	 
	 
	 
	By:
	 
	/s/ Authorized Person

	 
	 
	 
	Name:
	 
	Authorized Person

	 
	 
	 
	Title:
	 
	Authorized Officer

Signature Page 
First Amendment to Forbearance Agreement

	
						
	 
	 
	 
	ORIGIN BANK, as Forbearing Lender

	 
	 
	 
	 
	 
	 

	 
	 
	 
	By:
	 
	/s/ Authorized Person

	 
	 
	 
	Name:
	 
	Authorized Person

	 
	 
	 
	Title:
	 
	Authorized Officer

Signature Page 
First Amendment to Forbearance Agreement

	
						
	 
	 
	 
	ROYAL BANK OF CANADA, as Forbearing Lender

	 
	 
	 
	 
	 
	 

	 
	 
	 
	By:
	 
	/s/ Authorized Person

	 
	 
	 
	Name:
	 
	Authorized Person

	 
	 
	 
	Title:
	 
	Authorized Officer

Signature Page 
First Amendment to Forbearance AgreementExhibit

THIRD AMENDMENT TO LOAN AND SECURITY AGREEMENT
THIS THIRD AMENDMENT to Loan and Security Agreement (this “Amendment”) is entered into as of July 1, 2020, effective as of June 30, 2020, by and among INNOVATUS LIFE SCIENCES LENDING FUND I, LP, a Delaware limited partnership, as collateral agent (in such capacity, together with its successors and assigns in such capacity, “Collateral Agent”), and CONFORMIS, INC., a Delaware corporation, IMATX, Inc., a California corporation and Conformis Cares LLC, a Delaware limited liability company (individually and collectively, jointly and severally, “Borrower”).
WHEREAS, Collateral Agent, Borrower and Lenders have entered into that certain Loan and Security Agreement, dated as of June 25, 2019 (as amended, supplemented or otherwise modified from time to time, the “Loan Agreement”) pursuant to which Lenders have provided to Borrower certain loans in accordance with the terms and conditions thereof; and
WHEREAS, Borrower, Required Lenders and Collateral Agent desire to amend certain provisions of the Loan Agreement and provide a certain waiver as set forth herein.
NOW, THEREFORE, in consideration of the promises, covenants and agreements contained herein, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, Borrower, Required Lenders and Collateral Agent hereby agree as follows:
		
	1.
	Capitalized terms used herein but not otherwise defined shall have the respective meanings given to them in the Loan Agreement.

		
	2.
	Section 2.2(d) of the Loan Agreement is hereby amended and restated as follows:

(d)    Permitted Prepayment of Term Loan.  After the date that is the second anniversary of the Effective Date, Borrower shall have the option to prepay all, but not less than all, of the Term Loan advanced by the Lenders under this Agreement, provided Borrower (i) provides written notice to Collateral Agent of its election to prepay the Term Loan at least seven (7) Business Days prior to such prepayment, and (ii) pays to the Lenders on the date of such prepayment, payable to each Lender in accordance with its respective Pro Rata Share, an amount equal to the sum of (A) all outstanding principal of the Term Loan plus accrued and unpaid interest thereon through the prepayment date, (B) the Final Fee, (C) the Prepayment Fee, plus (D) all other Obligations that are due and payable, including, without limitation, Lenders’ Expenses and interest at the Default Rate with respect to any past due amounts.

		
	3.
	Section 6.12 of the Loan Agreement is hereby amended and restated as follows:

6.12    Financial Covenant.  Borrower shall achieve the following minimum T6M Product Revenue at the end of each of the following quarters:  

 
 
ACTIVE 46782026v2

	
		
	Quarter Ending
	Minimum T6M Product Revenue in millions

	December 31, 2019
	$32.5

	March 31, 2020
	$36.0

	June 30, 2020
	Waived

	September 30, 2020
	Waived

	December 31, 2020
	Waived

	March 31, 2021
	$36.0

	June 30, 2021
	$36.0

	September 30, 2021
	$37.0

	December 31, 2021
	$39.5

	March 31, 2022
	$39.5

	June 30, 2022
	$39.5

	September 30, 2022
	$41.0

	December 31, 2022
	$43.0

	March 31, 2023
	$43.5

	June 30, 2023
	$43.5

	September 30, 2023
	$43.5

	December 31, 2023
	$45.5

	March 31, 2024
	$46.0

Notwithstanding anything herein to the contrary, Borrower shall not be obligated to comply with the provisions of this Section 6.12 for the quarter immediately following any quarter at the end of which (i) the T6M Product Revenue of Borrower, as determined by Collateral Agent was at least $45.0 million and (ii) Borrower has been cash flow positive for two successive quarters.

		
	4.
	Section 6.13 of the Loan Agreement is herby amended and restated as follows:

6.13    Liquidity Covenant.  Borrower shall at all times maintain in a Collateral Account at Bank or subject to a Control Agreement in favor of Collateral Agent a cash balance of not less than an amount equal to the lesser of (i) the Minimum Cash Amount or (ii) the Minimum Cash Elected Amount.  Notwithstanding the foregoing, commencing on July 1, 2020, Borrower shall at all times, until December 31, 2020, maintain in a Collateral Account at Bank or subject to a Control Agreement in favor of Collateral Agent a cash balance of not less than Five Million Dollars ($5,000,000.00).  Furthermore, commencing on January 1, 2021, if the Capital Raise Event has not occurred by such time, Borrower shall at all times, until 

2
 
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the Capital Raise Event has occurred (such period from January 1, 2021 until the Capital Raise Event has occurred, the “Capital Raise Extension Period”), maintain in a Collateral Account at Bank or subject to a Control Agreement in favor of Collateral Agent a cash balance of not less than Ten Million Dollars ($10,000,000.00).

		
	5.
	The following Section 6.15 is hereby added to the Loan Agreement:

6.15  Capital Raise Event.  During the period commencing on July 1, 2020 and ending on December 31, 2020 (which will automatically extend to June 30, 2021 if the Capital Raise Event has not occurred by such date and Borrower is in compliance with Section 6.12 as of January 1, 2021), Borrower shall receive aggregate gross cash proceeds of not less than Twenty Million Dollars ($20,000,000.00) from (i) the sale and issuance of Conformis, Inc.’s equity securities (including, without limitation, by means of at-the-market (ATM) offering, private placements, follow on public offerings), (ii) net payments received from any of Borrower’s patent infringement disputes with Zimmer Biomet Holdings Inc., Zimmer Inc., Zimmer U.S. Inc., and Biomet Manufacturing LLC, on or after July 1, 2020 and on or before December 31 2020, (iii) net payments received from any of Borrower’s other patent infringement disputes with any other Person not specified in clause (ii), (iv) monetization of R&D tax credits or NOLs as part of any current or future 2020 government stimulus packages, or (v) governmental grants that are not (in whole or in part) in the form of Indebtedness, or any combination of two or more of the foregoing (the “Capital Raise Event”).  Notwithstanding anything herein to the contrary, solely during the Capital Raise Extension Period, (i) commencing on January 1, 2021 and ending on (and including) March 31, 2021, Borrower shall not have any Indebtedness outstanding under the Revolving Line in excess of Two Million and Five Hundred Thousand Dollars ($2,500,000.00) and (ii) commencing on April 1, 2021 and ending on (and including) June 30, 2021, Borrower shall not have any Indebtedness outstanding under the Revolving Line in excess of Five Million Dollars ($5,000,000.00).

		
	6.
	Section 8.2(a) of the Loan Agreement is hereby amended and restated as follows:

(a)    Borrower or any of its Subsidiaries fails or neglects to perform any obligation in Sections 6.2 (Financial Statements, Reports, Certificates), 6.4 (Taxes), 6.5 (Insurance), 6.6 (Operating Accounts), 6.7 (Protection of Intellectual Property Rights), 6.9 (Landlord Waivers; Bailee Waivers), 6.10 (Creation/Acquisition of Subsidiaries), 6.12 (Financial Covenant), 6.13 (Liquidity Covenant), 6.14 (Revolving Line Liquidity Covenant) or 6.15 (Capital Raise Event); provided, however, in the event that the Borrower fails to comply with the requirements of the financial covenant set forth in Section 6.12, Borrower may cure such breach by means of submitting a new financial plan under which Borrower is expected to break even on a cash flow basis prior to Maturity Date (which financial plan must be acceptable to Collateral Agent) and raising such amount of capital from the sale and issuance of its equity securities as required per the new financial plan, during a reasonable period of time to be agreed up on by Collateral Agent and Borrower, provided, that upon such cure the parties shall amend the covenant in Section 6.12 in accordance with the new financial plan which amendment must be acceptable to Collateral Agent and provided further that no Default or Event of Default shall be deemed to exist as a result of any such breach of Section 6.12 if the Collateral Agent has accepted in writing such new financial plan submitted by Borrower within 60 days of the submission of such plan by Borrower and Borrower has succeeded in raising such amount of capital on or prior to the expiration of such agreed period of time; or Borrower violates any provision in Section 7; or

		
	7.
	Section 13 of the Loan Agreement is hereby amended by amending and restating the following definition therein as follows:

“Prepayment Fee” is, with respect to any Term Loan subject to prepayment prior to the Maturity Date, whether by mandatory or voluntary prepayment, acceleration or otherwise, an additional fee payable to the Lenders in amount equal to:

3
 
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(i)    for a prepayment made after the date which is the first anniversary of the Funding Date of the Term Loan through and including the date which is the second anniversary of the Funding Date of the Term Loan, two percent (2.00%) of the principal amount of the Term Loan prepaid;

(ii)    for a prepayment made after the date which is the second anniversary of the Funding Date of the Term Loan through and including the date which is the third anniversary of the Funding Date of the Term Loan, one percent (1.00%) of the principal amount of the Term Loan prepaid; and

(iii)    for a prepayment made after the date which is the third anniversary of the Funding Date of the Term Loan and prior to the Maturity Date, zero percent (0.00%) of the principal amount of the Term Loan prepaid.

For the purposes of clarification, no voluntary prepayment of a Term Loan may be made prior to the second anniversary of the Effective Date but in the event of a mandatory prepayment made pursuant to Section 2.2(c) on or after the Funding Date of the Term Loan through and including the first anniversary of the Funding Date of the Term Loan, the Prepayment Fee shall be equal to three percent (3.00%) of the principal amount of the Term Loan prepaid.

		
	8.
	Section 13 of the Loan Agreement is hereby further amended by adding the following definition thereto in alphabetical order:

“Capital Raise Event” is defined in Section 6.15.

		
	9.
	Collateral Agent and Required Lenders hereby waive any Event of Default directly resulting from Borrower’s failure to fulfill its obligations with respect to Section 6.12 for the fiscal quarter ending on June 30, 2020 (“Potential Event of Default”), as such Section was in effect prior to the date hereof.

		
	10.
	Limitation of Amendment.

		
	a.
	The amendments and waivers set forth above are effective for the purposes set forth herein and shall be limited precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right, remedy or obligation which Lenders or Borrower may now have or may have in the future under or in connection with any Loan Document, as amended hereby.

		
	b.
	This Amendment shall be construed in connection with and as part of the Loan Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, are hereby ratified and confirmed and shall remain in full force and effect.

		
	11.
	To induce Collateral Agent and Required Lenders to enter into this Amendment, Borrower hereby represents and warrants to Collateral Agent and Required Lenders as follows: 

		
	a.
	Immediately after giving effect to this Amendment (a) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date), and (b) no Event of Default (other than the Potential Event of Default) has occurred and is continuing; 

		
	b.
	Borrower has the power and due authority to execute and deliver this Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment; 

		
	c.
	The organizational documents of Borrower delivered to Collateral Agent on the Effective Date, and updated pursuant to subsequent deliveries by or on behalf of the Borrower to the Collateral 

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Agent, remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect;  

		
	d.
	The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not contravene (i) any material law or regulation binding on or affecting Borrower, (ii) any material contractual restriction with a Person binding on Borrower, (iii) any material order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (iv) the organizational documents of Borrower;

		
	e.
	The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body or authority, or subdivision thereof, binding on Borrower, except as already has been obtained or made; and 

		
	f.
	This Amendment has been duly executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’ rights. 

		
	12.
	Except as expressly set forth herein, the Loan Agreement shall continue in full force and effect without alteration or amendment.  This Amendment and the Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations or agreements.

		
	13.
	The Borrower hereby remises, releases, acquits, satisfies and forever discharges the Lenders and Collateral Agent, their agents, employees, officers, directors, predecessors, attorneys and all others acting or purporting to act on behalf of or at the direction of the Lenders and Collateral Agent (“Releasees”), of and from any and all manner of actions, causes of action, suit, debts, accounts, covenants, contracts, controversies, agreements, variances, damages, judgments, claims and demands whatsoever, in law or in equity, which any of such parties ever had, now has or, to the extent arising from or in connection with any act, omission or state of facts taken or existing on or prior to the date hereof, may have after the date hereof against the Releasees, for, upon or by reason of any matter, cause or thing whatsoever relating to or arising out of the Loan Agreement or the other Loan Documents on or prior to the date hereof through the date hereof.  Without limiting the generality of the foregoing, the Borrower waives and affirmatively agrees not to allege or otherwise pursue any defenses, affirmative defenses, counterclaims, claims, causes of action, setoffs or other rights they do, shall or may have as of the date hereof, including the rights to contest: (a) the right of Collateral Agent and each Lender to exercise its rights and remedies described in the Loan Documents; (b) any provision of this Amendment or the Loan Documents; or (c) any conduct of the Lenders or other Releasees relating to or arising out of the Loan Agreement or the other Loan Documents on or prior to the date hereof.

		
	14.
	This Amendment shall be deemed effective as of the date first set forth above upon the due execution and delivery to Collateral Agent of this Amendment by each party hereto.

		
	15.
	This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, and all of which, taken together, shall constitute one and the same instrument.

		
	16.
	This Amendment and the rights and obligations of the parties hereto shall be governed by and construed in accordance with the laws of the State of New York.

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IN WITNESS WHEREOF, the parties hereto have caused this Third Amendment to Loan and Security Agreement to be executed as of the date first set forth above.

	
			
	BORROWER:

	 

	CONFORMIS, INC.

	 

	 

	By:
	 
	/s/ Mark Augusti                  

	Name:
	 
	Mark Augusti

	Title:
	 
	President & Chief Executive Officer

	 
	 
	 

	
			
	BORROWER:

	 

	IMATX, INC.

	 

	 

	By:
	 
	/s/ Mark Augusti                  

	Name:
	 
	Mark Augusti

	Title:
	 
	President & Treasurer

 

	
			
	BORROWER:

	 

	CONFORMIS CARES LLC

	 

	 

	By:
	 
	/s/ Mark Augusti                  

	Name:
	 
	Mark Augusti

	Title:
	 
	President & Chief Financial Officer

	
			
	COLLATERAL AGENT AND REQUIRED LENDER:

	 

	INNOVATUS LIFE SCIENCES LENDING FUND I, LP

	 

	By: Innovatus Life Sciences GP, LP

	Its: General Partner

	 

	 
	By:
	/s/ Andrew Hobson            

	 
	Name:
	Andrew Hobson

	 
	Title:
	Authorized Signatory

ACTIVE 46782026v2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00311-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00311-of-00352.parquet"}]]