Document:

Business Loan Agreement and Commercial Security Agreement

  
 Exhibit 10.2

  
 BUSINESS LOAN AGREEMENT 
  

															
	Principal
$3,000,000.00	 	Loan Date
02-02-2005	 	Maturity
02-02-2008	  	Loan No.
258904	  	Call/Coll
410	  	Account
2589	  	Officer
310	  	Initials

  
 References in the
shaded area are for Lender’s use only and do not limit the applicability of this document to any particular loan or item. Any item above containing “***” has been omitted due to text length limitations. 
  

							
	Borrower:	  	RAINMAKER SYSTEMS, INC.	  	Lender:	  	BRIDGE BANK, National Association
	 	  	1800 GREEN HILLS ROAD	  	 	  	55 Almaden Boulevard
	 	  	SCOTTS VALLEY, CA 95006	  	 	  	San Jose, CA 95113

  
 THIS BUSINESS LOAN AGREEMENT dated
February 2, 2005, is made and executed between RAINMAKER SYSTEMS. INC (“Borrower”) and BRIDGE BANK, National Association (“Lender”) on the following terms and conditions. Borrower has received prior commercial loans from Lender
or has applied to Lender for a commercial loan or loans or other financial accommodations, including those which may be described on any exhibit or schedule attached to this Agreement (“Loan”). Borrower understands and agrees that: (A) in
granting, renewing, or extending any Loan, Lender is relying upon Borrower’s representations, warranties, and agreements as set forth in this Agreement; (B) the granting, renewing, or extending of any Loan by Lender at all times shall be
subject to Lender’s sole judgment and discretion; and (C) all such Loans shall be and remain subject to the terms and conditions of this Agreement. 
  
 TERM. This Agreement shall be effective as of February 2, 2005, and shall continue in full force and effect until such time as all of Borrower’s Loans in favor of
Lender have been paid in full, including principal, interest, costs, expenses, attorneys’ fees, and other fees and charges, or until such time as the parties may agree in writing to terminate this Agreement. 
  
 CONDITIONS PRECEDENT TO EACH ADVANCE. Lender’s obligation to make the initial Advance
and each subsequent Advance under this Agreement shall be subject to the fulfillment to Lender’s satisfaction of all of the conditions set forth in this Agreement and in the Related Documents. 
  
 Loan Documents. Borrower shall provide to Lender the following documents for the Loan: (1)
the Note; (2) Security Agreements granting to Lender security interests in the Collateral; (3) financing statements and all other documents perfecting Lender’s Security Interests; (4) evidence of insurance as required below; (5) together with
all such Related Documents as Lender may require for the Loan; all in form and substance satisfactory to Lender and Lender’s counsel. 
  
 Borrower’s Authorization. Borrower shall have provided in form and substance satisfactory to Lender properly certified resolutions, duly authorizing the execution
and delivery of this Agreement, the Note and the Related Documents. In addition, Borrower shall have provided such other resolutions, authorizations, documents and instruments as Lender or its counsel, may require. 
  
 Payment of Fees and Expenses. Borrower shall have paid to Lender all fees, charges, and other
expenses which are then due and payable as specified in this Agreement or any Related Document. 
  
 Representations and Warranties. The representations and warranties set forth in this Agreement, in the Related Documents, and in any document or certificate delivered to Lender under this Agreement are true and
correct. 
  
 No Event of Default. There shall not exist at the time of any Advance
a condition which would constitute an Event of Default under this Agreement or under any Related Document. 
  
 REPRESENTATIONS AND WARRANTIES. Borrower represents and warrants to Lender, as of the date of this Agreement, as of the date of each disbursement of loan proceeds, as of the date of any renewal, extension or
modification of any Loan, and at all times any Indebtedness exists: 
  
 Organization. Borrower is a corporation for profit which is, and at all times shall be, duly organized, validly existing, and in good standing under and by virtue of the laws of the State of Delaware. Borrower is duly authorized to transact
business in all other states in which Borrower is doing business, having obtained all necessary filings, governmental licenses and approvals for each state in which Borrower is doing business. Specifically, Borrower is, and at all times shall be,
duly qualified as a foreign corporation in all states in which the failure to so qualify would have a material adverse effect an its business or financial condition. Borrower has the full power and authority to own its properties and to transact the
business in which it is presently engaged or presently proposes to engage Borrower maintains an office at 1800 GREEN HILLS ROAD, SCOTTS VALLEY, CA 95066. Unless Borrower has designated otherwise in writing, the principal office is the office at
which Borrower keeps its books and records including its records concerning the Collateral. Borrower will notify Lender prior to any change in the location of Borrower’s state of organization or any change in Borrower’s name. Borrower
shall do all things necessary to preserve and to keep in full force and effect its existence, rights and privileges, and shall comply with all regulations, rules, ordinances, statutes, orders and decrees of any governmental or quasi-governmental
authority or court applicable to Borrower and Borrower’s business activities. 
  

					
	 	  	BUSINESS LOAN AGREEMENT	  	 
	 Loan No: 258904
	  	(Continued)	  	Page 2

  

 Assumed Business Names. Borrower has filed or recorded all documents or filings required by law relating to all
assumed business names used by Borrower. Excluding the name of Borrower, the following is a complete list of all assumed business names under which Borrower does business: 
  

							
	 Borrower

	 	 Assumed Business Name

	 	 Filing Location

	  	Date

	 	 	 	 	 	  	 
	 	 	 	 	 	  	 

  
 SEE
EXHIBIT “A” ATTACHED HERETO 
  
 Authorization. Borrower’s
execution, delivery, and performance of this Agreement and all the Related Documents have been duly authorized by all necessary action by Borrower and do not conflict with, result in a violation of, or constitute a default under (1) any provision of
(a) Borrower’s articles of incorporation or organization, or bylaws, or (b) any agreement or other instrument binding upon Borrower or (2) any law, governmental regulation, court decree, or order applicable to Borrower or to Borrower’s
properties. 
  
 Financial Information. Each of Borrower’s financial
statements supplied to Lender truly and completely disclosed Borrower’s financial condition as of the date of the statement, and there has been no material adverse change in Borrower’s financial condition subsequent to the date of the most
recent financial statement supplied to Lender. Borrower has no material contingent obligations except as disclosed in such financial statements. 
  
 Legal Effect. This Agreement constitutes, and any instrument or agreement. Borrower is required to give under this Agreement when delivered will constitute legal, valid
and binding obligations of Borrower enforceable against Borrower in accordance with their respective terms. 
  
 Properties. Except as contemplated by this Agreement or as previously disclosed in Borrower’s financial statements or in writing to Lender and as accepted by Lender, and except far property tax liens for taxes
not presently due and payable. Borrower owns and has good title to all of Borrower’s properties free and clear of all Security Interests, and has not executed any security documents or financing statements relating to such properties. All of
Borrower’s properties are titled in Borrower’s legal name, and Borrower has not used or filed a financing statement under any other name for at least the last five (5) years. 
  
 Hazardous Substances. Except as disclosed to and acknowledged by Lender in writing, Borrower represents and warrants that: (1) During the
period of Borrower’s ownership of the Collateral, there has been no use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous Substance by any person on, under, about or from any of the
Collateral. (2) Borrower has no knowledge of, or reason to believe that there has been (a) any breach or violation of any Environmental Laws; (b) any use, generation, manufacture, storage, treatment, disposal, release or threatened release of any
Hazardous Substance on, under, about or from the Collateral by any prior owners or occupants of any of the Collateral; or (c) any actual or threatened litigation or claims of any kind by any person relating to such matters. (3) Neither Borrower nor
any tenant, contractor, agent or other authorized user of any of the Collateral shall use, generate, manufacture, store, treat, dispose of or release any Hazardous Substance on, under, about or from any of the Collateral; and any such activity shall
be conducted in compliance with all applicable federal, state, and local laws, regulations, and ordinances, including without limitation all Environmental Laws. Borrower authorizes Lender and its agents to enter upon the Collateral to make such
inspections and tests as Lender may deem appropriate to determine compliance of the Collateral with this section of the Agreement. Any inspections or tests made by Lender shall be at Borrower’s expense and for Lender’s purposes only and
shall not be construed to create any responsibility or liability on the part of Lender to Borrower or to any other person. The representations and warranties contained herein are based on Borrower’s due diligence in investigating the Collateral
for hazardous waste and Hazardous Substances Borrower hereby (1) releases and waives any future claims against Lender far indemnity or contribution in the event Borrower becomes liable for cleanup or other costs under any such laws, and (2) agrees
to indemnify end hold harmless Lender against any and all claims, losses, liabilities, damages, penalties, and expenses which Lender may directly or indirectly sustain or suffer resulting from a breach of this section of the Agreement or as a
consequence of any use, generation, manufacture storage, disposal, release or threatened release of a hazardous waste or substance on the Collateral. The provisions of this section of the Agreement, including the obligation to indemnify, shall
survive the payment of the Indebtedness and the termination, expiration or satisfaction of this Agreement and shall not be affected by Lender’s acquisition of any interest in any of the Collateral, whether by foreclosure or otherwise.

  
 Litigation and Claims. No litigation, claim, investigation, administrative
proceeding or similar action (including those for unpaid taxes) against Borrower is pending or threatened, and no other event has occurred which may materially adversely affect Borrower’s financial condition or properties, other than
litigation, claims, or other events if any, that have been disclosed to and acknowledged by Lender in writing. 
  
 Taxes. To the best of Borrower’s knowledge, all of Borrower’s tax returns and reports that are or were required to be filed, have been filed, and all taxes, assessments and other governmental charges have
been paid in full, except those presently being or to be contested by Borrower in good faith in the ordinary course of business and for which adequate reserves have been provided. 
  

					
	 	  	BUSINESS LOAN AGREEMENT	  	 
	 Loan No: 258904
	  	(Continued)	  	Page 3

  

 Lien Priority. Unless otherwise previously disclosed to Lender in writing, Borrower has not entered into or granted
any Security Agreements, or permitted the filing or attachment of any Security Interests on or affecting any of the Collateral directly or indirectly securing repayment of Borrower’s Loan end Note, that would be prior or that may in any way be
superior to Lender’s Security Interests and rights in and to such Collateral. 
  
 Binding Effect. This Agreement, the Note, all Security Agreements (if any), and all Related Documents are binding upon the signers thereof, as well as upon their successors, representatives and assigns, and are legally enforceable in
accordance with their respective terms. 
  
 AFFIRMATIVE COVENANTS. Borrower
covenants and agrees with Lender that so long as this Agreement remains in effect, Borrower will: 
  
 Notices of Claims and Litigation. Promptly inform Lender in writing of (1) all material adverse changes in Borrower’s financial condition, and (2) all existing and all threatened litigation, claims,
investigations, administrative proceedings or similar actions affecting Borrower or any Guarantor which could materially affect the financial condition of Borrower or the financial condition of any Guarantor. 
  
 Financial Records. Maintain its books and records in accordance with GAAP, applied on a
consistent basis, and permit Lender to examine and audit Borrower’s books and records at all reasonable times. 
  
 Financial Statements. Furnish Lender with the following: 
  
 Annual Statements. As soon as available, but in no event later than one-hundred-twenty (120) days after the end of each fiscal year, Borrower’s balance sheet and
income statement for the year ended, audited by a certified public accountant satisfactory to Lender. 
  
 Interim Statements. As soon as available, but in no event later than thirty (30) days after the end of each month, Borrower’s balance sheet and profit and loss statement for the period ended, prepared by
Borrower. 
  
 Additional Requirements. Borrower to provide, in form and substance
satisfactory to Lender, quarterly 100 reports within 45 days of quarter-end. 
  
 Borrower shall execute and deliver to Lender schedules of Accounts and Borrowing Base Certificate in a form and substance satisfactory to the Lender. Thereafter supplemental schedules shall be delivered 20 days after fiscal month-end.

  
 Semi-annual AIR audits by Banks auditor. 
  
 Borrower to provide, in form and substance satisfactory to Lender, company prepared annual
Financial Projections within 30 days of fiscal year-end. 
  
 All financial reports
required to be provided under this Agreement shall be prepared in accordance with GAAP, applied on a consistent basis, and certified by Borrower as being true and correct. 
  
 Additional Information. Furnish such additional information and statements, as Lender may request from time to time. 
  
 Financial Covenants and Ratios. Comply with the following covenants and ratios: 

 
 Working Capital Requirements. Borrower shall comply with the following working capital
ratio requirements: 
  
 Quick Ratio. Maintain a Quick Ratio in excess of 0.650 to
1.000. The term “Quick Ratio” means Borrower’s Cash & Equivalent plus Borrower’s net Trade Receivables divided by Borrower’s total Current Liabilities. This liquidity ratio will be evaluated as of month-end. 

 
 Other Requirements. Minimum unrestricted cash of $3,000,000.00 held at Bridge Bank all
times. 
  
 Except as provided above, all computations made to determine compliance
with the requirements contained in this paragraph shall be made in accordance with generally accepted accounting principles, applied on a consistent basis, and certified by Borrower as being true and correct. 
  

					
	 	  	BUSINESS LOAN AGREEMENT	  	 
	 Loan No: 258904
	  	(Continued)	  	Page 4

  

 Insurance. Maintain fire and other risk insurance, public liability insurance, and such other insurance as Lender may
require with respect to Borrower’s properties and operations, in form, amounts, coverages and with insurance companies acceptable to Lender. Borrower, upon request of Lender, will deliver to Lender from time to time the policies or certificates
of insurance in form satisfactory to Lender, including stipulations that coverages will not be cancelled or diminished without at least ten (10) days prior written notice to Lender. Each insurance policy also shall include an endorsement providing
that coverage in favor of Lender will not be impaired in any way by any act, omission or default of Borrower or any other person in connection with all policies covering assets in which Lender holds or is offered a security interest for the Loans.
Borrower will provide Lender with such lender’s loss payable or other endorsements as Lender may require. 
  
 Insurance Reports. Furnish to Lender, upon request of Lender, reports on each existing insurance policy showing such information as Lender may reasonably request, including without limitation the following: (1) the
name of the insurer; (2) the risks insured; (3) the amount of the policy; (4) the properties insured; (5) the then current property values on the basis of which insurance has been obtained, and the manner of determining those values; and (6) the
expiration date of the policy in addition, upon request of Lender (however not more often than annually). Borrower will have an independent appraiser satisfactory to Lender determine as applicable, the actual cash value or replacement cost of any
Collateral. The cost of such appraisal shall be paid by Borrower. 
  
 Other
Agreements. Comply with all terms and conditions of all other agreements, whether now or hereafter existing, between Borrower and any other party and notify Lender immediately in writing of any default in connection with any other such agreements.

  
 Loan Proceeds. Use all Loan proceeds solely for Borrower’s business
operations, unless specifically consented to the contrary by Lender in writing. 
  
 Taxes, Charges and Liens. Pay and discharge when due all of its indebtedness and obligations, including without limitation all assessments, taxes, governmental charges, levies and liens, of every kind and nature, imposed upon Borrower or
its properties, incomes, or profits, prior to the date on which penalties would attach and all lawful claims that, if unpaid, might become a lien or charge upon any of Borrower’s properties, income, or profits. 
  
 Performance. Perform and comply, in a timely manner, with all terms, conditions, and
provisions set forth in this Agreement, in the Related Documents, and all other instruments and agreements between Borrower and Lender. Borrower shall notify Lender immediately in writing of any default in connection with any agreement. 

 
 Operations. Maintain executive and management personnel with substantially the same
qualifications and experience as the present executive and management personnel; provide written notice to Lender of any change in executive and management personnel; conduct its business affairs in a reasonable and prudent manner. 
  
 Environmental Studies. Promptly conduct and complete, at Borrower’s expense, all such
investigations, studies, samplings and testings as may be requested by Lender or any governmental authority relative to any substance, or any waste or by-product of any substance defined as toxic or a hazardous substance under applicable federal,
state, or local law, rule, regulation, order or directive, at or affecting any property or any facility owned, leased or used by Borrower. 
  
 Compliance with Governmental Requirements. Comply with all laws, ordinances, and regulations, now or hereafter in effect, of all governmental authorities applicable to
the conduct of Borrower’s properties, businesses and operations, and to the use or occupancy of the Collateral, including without limitation, the Americans With Disabilities Act. Borrower may contest in good faith any such law, ordinance, or
regulation and withhold compliance during any proceeding, including appropriate appeals, so long as Borrower has notified Lender in writing prior to doing so and so long as, in Lender’s sole opinion, Lender’s interests in the Collateral
are not jeopardized. Lender may require Borrower to post adequate security or a surety bond, reasonably satisfactory to Lender, to protect Lender’s interest. 
  
 Inspection. Permit employees or agents of Lender at any reasonable time to inspect any and all Collateral for the Loan or Loans and
Borrower’s other properties and to examine or audit Borrower’s books, accounts, and records and to make copies and memoranda of Borrower’s books, accounts, and records if Borrower now or at any time hereafter maintains any records
(including without limitation computer generated records and computer software programs for the generation of such records) in the possession of a third party, Borrower, upon request of Lender, shall notify such party to permit Lender free access to
such records at all reasonable times and to provide Lender with copies of any records it may request, all at Borrower’s expense. 
  
 Compliance Certificates. Unless waived in writing by Lender, provide Lender at least annually, with a certificate executed by Borrower’s chief financial officer, or
other officer or person acceptable to Lender, certifying that the representations and warranties set forth in this Agreement are true and correct as of the date of the certificate and further certifying that, as of the date of the certificate, no
Event of Default exists under this Agreement. 
  
 Environmental Compliance and
Reports. Borrower shall comply in all respects with any and all Environmental Laws; not cause or permit to exist, as a result of an intentional or unintentional action or omission on Borrower’s part or on the part of any third party, on
property owned and/or occupied by Borrower, any environmental activity where damage may result to the environment, unless such 

  

					
	 	  	BUSINESS LOAN AGREEMENT	  	 
	 Loan No: 258904
	  	(Continued)	  	Page 5

  

 
environmental activity is pursuant to and in compliance with the conditions of a permit issued by the appropriate federal, state or local governmental
authorities; shall furnish to Lender promptly and in any event within thirty (30) days after receipt thereof a copy of any notice, summons, lien, citation, directive, letter or other communication from any governmental agency or instrumentality
concerning any intentional or unintentional action or omission on Borrower’s part in connection with any environmental activity whether or not there is damage to the environment and/or other natural resources. 
  
 Additional Assurances. Make, execute and deliver to Lender such promissory notes, mortgages,
deeds of trust, security agreements, assignments, financing statements, instruments, documents and other agreements as Lender or its attorneys may reasonably request to evidence and secure the Loans and to perfect all Security Interests. 

 
 LENDER’S EXPENDITURES. If any action or proceeding is commenced that would materially
affect Lender’s interest in the Collateral or if Borrower fails to comply with any provision of this Agreement or any Related Documents, including but not limited to Borrower’s failure to discharge or pay when due any amounts Borrower is
required to discharge or pay under this Agreement or any Related Documents, Lender on Borrower’s behalf may (but shall not be obligated to) take any action that Lender deems appropriate, including but not limited to discharging or paying all
taxes, liens, security interests, encumbrances and other claims, at any time levied or placed on any Collateral and paying all costs for insuring maintaining and preserving any Collateral All such expenditures incurred or paid by Lender for such
purposes will then bear interest at the rate charged under the Note from the date incurred or paid by Lender to the date of repayment by Borrower. All such expenses will become a part of the Indebtedness and, at Lender’s option, will (A) be
payable on demand; (B) be added to the balance of the Note and be apportioned among and be payable with any installment payments to become due during either (1) the term of any applicable insurance policy; or (2) the remaining term of the Note; or
(C) be treated as a balloon payment which will be due and payable at the Note’s maturity. 
  
 NEGATIVE COVENANTS. Borrower covenants and agrees with Lender that while this Agreement is in effect, Borrower shall not, without the prior written consent of Lender: 
  
 Capital Expenditures. Make or contract to make capital expenditures, including leasehold
improvements, in any fiscal year in excess of $3,000,000.00 or incur liability for rentals of property (including both real and personal property) in an amount which, together with capital expenditures, shall in any fiscal year exceed such sum.

  
 Indebtedness and Liens. (1) Except for trade debt incurred in the normal
course of business and indebtedness to Lender contemplated by this Agreement, create, incur or assume indebtedness for borrowed money, including capital leases, (2) sell, transfer, mortgage, assign, pledge, lease, grant a security interest in, or
encumber any of Borrower’s assets (except as allowed as Permitted Liens), or (3) sell with recourse any of Borrower’s accounts, except to Lender. 
  
 Continuity of Operations. (1) Engage in any business activities substantially different than those in which Borrower is presently engaged, (2) cease operations,
liquidate, merge, transfer, acquire or consolidate with any other entity, change its name, dissolve or transfer or sell Collateral out of the ordinary course of business, or (3) pay any dividends on Borrower’s stock (other than dividends
payable in its stock), provided, however that notwithstanding the foregoing, but only so long as no Event of Default has occurred and is continuing or would result from the payment of dividends, if Borrower is a “Subchapter S Corporation”
(as defined in the Internal Revenue Code of 1986, as amended), Borrower may pay cash dividends on its stock to its shareholders from time to time in amounts necessary to enable the shareholders to pay income taxes and make estimated income tax
payments to satisfy their liabilities under federal and state law which arise solely from their status as Shareholders of a Subchapter S Corporation because of their ownership of shares of Borrower’s stock, or purchase or retire any of
Borrower’s outstanding shares or alter or amend Borrower’s capital structure. 
  
 Loans, Acquisitions and Guaranties. (1) Loan, invest in or advance money or assets to any other person, enterprise or entity, (2) purchase, create or acquire any interest in any other enterprise or entity, or (3) incur any obligation as
surety or guarantor other than in the ordinary course of business. 
  
 Agreements.
Borrower will not enter into any agreement containing any provisions which would be violated or breached by the performance of Borrower’s obligations under this Agreement or in connection herewith. 
  
 CESSATION OF ADVANCES. If Lender has made any commitment to make any Loan to Borrower,
whether under this Agreement or under any other agreement, Lender shall have no obligation to make Loan Advances or to disburse Loan proceeds if: (A) Borrower or any Guarantor is in default under the terms of this Agreement or any of the Related
Documents or any other agreement that Borrower or any Guarantor has with Lender; (B) Borrower or any Guarantor dies, becomes incompetent or becomes insolvent, files a petition in bankruptcy or similar proceedings, or is adjudged a bankrupt; (C)
there occurs a material adverse change in Borrower’s financial condition, in the financial condition of any Guarantor, or in the value of any Collateral securing any Loan; or (D) any Guarantor seeks, claims or otherwise attempts to limit,
modify or revoke such Guarantor’s guaranty of the Loan or any other loan with Lender. 
  

					
	 	  	BUSINESS LOAN AGREEMENT	  	 
	 Loan No: 258904
	  	(Continued)	  	Page 6

  

 DEFAULT. Each of the following shall constitute an Event of Default under this Agreement: 
  
 Payment Default. Borrower fails to make any payment when due under the Loan. 
  
 Other Defaults. Borrower fails to comply with or to perform any other term, obligation,
covenant or condition contained in this Agreement or in any of the Related Documents or to comply with or to perform any term, obligation, covenant or condition contained in any other agreement between Lender and Borrower. 
  
 Default in Favor of Third Parties. Borrower or any Grantor defaults under any loan, extension
of credit, security agreement, purchase or sales agreement, or any other agreement, in favor of any other creditor or person that may materially affect any of Borrower’s or any Grantor’s property or Borrower’s or any Grantor’s
ability to repay the Loans or perform their respective obligations under this Agreement or any of the Related Documents. 
  
 False Statements. Any warranty, representation or statement made or furnished to Lender by Borrower or on Borrower’s behalf under this Agreement or the Related
Documents is false or misleading in any material respect, either now or at the time made or furnished or becomes false or misleading at any time thereafter. 
  
 Insolvency. The dissolution or termination of Borrower’s existence as a going business, the insolvency of Borrower, the appointment of a receiver for any part of
Borrower’s property, any assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against Borrower. 
  
 Defective Collateralization. This Agreement or any of the Related Documents ceases to be in
full force and effect (including failure of any collateral document to create a valid and perfected security interest or lien) at any time and for any reason. 
  

Creditor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help, repossession or any other method,
by any creditor of Borrower or by any governmental agency against any collateral securing the Loan. This includes a garnishment of any of Borrower’s accounts, including deposit accounts, with Lender However, this Event of Default shall not
apply if there is a good faith dispute by Borrower as to the validity or reasonableness of the claim which is the basis of the creditor or forfeiture proceeding and if Borrower gives Lender written notice of the creditor or forfeiture proceeding and
deposits with Lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender, in its sole discretion, as being an adequate reserve or bond for the dispute. 
  
 Events Affecting Guarantor. Any of the preceding events occurs with respect to any Guarantor
of any of the Indebtedness or any Guarantor dies or becomes incompetent, or revokes or disputes the validity of, or liability under, any Guaranty of the Indebtedness. 
  
 Change in Ownership. Any change in ownership of twenty-five percent (25%) or more of the common stock of Borrower. 
  
 Adverse Change. A material adverse change occurs in Borrower’s financial condition, or
Lender believes the prospect of payment or performance of the Loan is impaired. 
  
 EFFECT OF AN EVENT OF DEFAULT. If any Event of Default shall occur, except where otherwise provided in this Agreement or the Related Documents, all commitments and obligations of Lender under this Agreement or the Related Documents or any
other agreement immediately will terminate (including any obligation to make further Loan Advances or disbursements), and, at Lender’s option, all Indebtedness immediately will become due and payable, all without notice of any kind to Borrower,
except that in the case of an Event of Default of the type described in the “Insolvency” subsection above, such acceleration shall be automatic and not optional. In addition, Lender shall have all the rights and remedies provided in the
Related Documents or available at law, in equity, or otherwise except as may be prohibited by applicable law, all of Lender’s rights and remedies shall be cumulative and may be exercised singularly or concurrently Election by Lender to pursue
any remedy shall not exclude pursuit of any other remedy, and an election to make expenditures or to take action to perform an obligation of Borrower or of any Grantor shall not affect Lender’s right to declare a default and to exercise its
rights and remedies. 
  
 JURY WAIVER. LENDER AND BORROWER HEREBY WAIVE THE RIGHT
TO ANY JURY TRIAL IN ANY ACTION, PROCEEDING, OR COUNTERCLAIM BROUGHT BY EITHER LENDER OR BORROWER AGAINST THE OTHER. EACH PARTY RECOGNIZES AND AGREES THAT THE FOREGOING WAIVER CONSTITUTES A MATERIAL INDUCEMENT FOR IT TO ENTER INTO THIS AGREEMENT.
EACH PARTY REPRESENTS AND WARRANTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. 
  
 IF THE JURY WAIVER SET FORTH IS NOT ENFORCEABLE, THEN ANY DISPUTE, CONTROVERSY OR CLAIM
ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE LOAN DOCUMENTS OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREIN SHALL BE SETTLED BY FINAL AND BINDING ARBITRATION HELD IN SAN JOSE, CALIFORNIA IN ACCORDANCE WITH THE THEN APPLICABLE COMMERCIAL
ARBITRATION RULES OF THE AMERICAN ARBITRATION ASSOCIATION. JUDGMENT UPON ANY AWARD RESULTING FROM ARBITRATION MAY BE ENTERED INTO AND ENFORCED BY ANY STATE OF FEDERAL COURT HAVING JURISDICTION THEREOF. 
  

					
	 	  	BUSINESS LOAN AGREEMENT	  	 
	 Loan No: 258904
	  	(Continued)	  	Page 7

  

 LIQUID ASSETS. The words “Liquid Assets” mean Borrower’s cash on hand plus Borrower’s readily
marketable securities. 
  
 WORKING CAPITAL. The words Working Capital” mean
Borrower’s current assets, less Borrower’s current liabilities. 
  
 DEPOSIT ACCOUNTS. Borrower shall establish and maintain its primary operating accounts with Lender. 
  
 GOVERNING LAW. This Agreement will be governed by, construed and enforced in accordance with the laws of the State of California This Agreement has been accepted by Lender in the State of California. 
  
 MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this
Agreement: 
  
 Amendments. This Agreement, together with any Related Documents,
constitutes the entire understanding and agreement of the parties as to the matters set forth in this Agreement No alteration of or amendment to this Agreement shall be effective unless given in writing and signed by the party or parties sought to
be charged or bound by the alteration or amendment. 
  
 Attorneys’ Fees;
Expenses. Borrower agrees to pay upon demand all of Lender’s costs and expenses, including Lender’s attorneys’ fees and Lender’s legal expenses, incurred in connection with the enforcement of this Agreement Lender may hire or pay
someone else to help enforce this Agreement, and Borrower shall pay the costs and expenses of such enforcement. Costs and expenses include Lender’s attorneys’ fees and legal expenses whether or not there is a lawsuit, including
attorneys’ fees and legal expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), appeals, and any anticipated post-judgment collection services. Borrower also shall pay all court costs and
such additional fees as may be directed by the court. 
  
 Caption Headings.
Caption headings in this Agreement are for convenience purposes only and are not to be used to interpret or define the provisions of this Agreement. 
  
 Consent to Loan Participation. Borrower agrees and consents to Lender’s sale or transfer, whether now or later, of one or more participation interests in the Loan to
one or more purchasers, whether related or unrelated to Lender. Lender may provide, without any limitation whatsoever, to any one or more purchasers, or potential purchasers, any information or knowledge Lender may have about Borrower or about any
other matter relating to the Loan, and Borrower hereby waives any rights to privacy Borrower may have with respect to such matters. Borrower additionally waives any and all notices of sale of participation interests, as well as all notices of any
repurchase of such participation interests. Borrower also agrees that the purchasers of any such participation interests will be considered as the absolute owners of such interests in the Loan and will have all the rights granted under the
participation agreement or agreements governing the sale of such participation interests. Borrower further waives all rights of offset or counterclaim that it may have now or later against Lender or against any purchaser of such a participation
interest and unconditionally agrees that either Lender or such purchaser may enforce Borrower’s obligation under the Loan irrespective of the failure or insolvency of any holder of any interest in the Loan Borrower further agrees that the
purchaser of any such participation interests may enforce its interests irrespective of any personal claims or defenses that Borrower may have against Lender. 
  

Choice of Venue. If there is a lawsuit, Borrower agrees upon Lender’s request to submit to the jurisdiction of the courts of Santa Clara County, State of
California. 
  
 No Waiver by Lender. Lender shall not be deemed to have waived any
rights under this Agreement unless such waiver is given in writing and signed by Lender No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any other right. A waiver by Lender of a provision
of this Agreement shall not prejudice or constitute a waiver of Lender’s right otherwise to demand strict compliance with that provision or any other provision of this Agreement. No prior waiver by Lender, nor any course of dealing between
Lender and Borrower, or between Lender and any Grantor, shall constitute a waiver of any of Lender’s rights or of any of Borrower’s or any Grantor’s obligations as to any future transactions. Whenever the consent of Lender is required
under this Agreement, the granting of such consent by Lender in any instance shall not constitute continuing consent to subsequent instances where such consent is required and in all cases such consent may be granted or withheld in the sole
discretion of Lender. 
  
 Notices. Any notice required to be given under this
Agreement shall be given in writing, and shall be effective when actually delivered, when actually received by telefacsimile (unless otherwise required by law), when deposited with a nationally recognized overnight courier, or, if mailed, when
deposited in the United States mail, as first class, certified or registered mail postage prepaid, directed to the addresses shown near the beginning of this Agreement. Any party may change its address for notices under this Agreement by giving
formal written notice to the other parties, specifying that the purpose of the notice is to change the party’s address. For notice purposes, Borrower agrees to keep Lender informed at all times of Borrower’s current address. Unless
otherwise provided or required by law, if there is more than one Borrower, any notice given by Lender to any Borrower is deemed to be notice given to all Borrowers. 
  
 Severability. If a court of competent jurisdiction finds any provision of this Agreement to be illegal, invalid, or unenforceable as to any
circumstance, that finding shall not make the offending provision illegal, invalid, or unenforceable as to any other circumstance. If feasible, the offending provision shall be considered modified so that it becomes legal, valid and enforceable If
the offending 

  

					
	 	  	BUSINESS LOAN AGREEMENT	  	 
	 Loan No: 258904
	  	(Continued)	  	Page 8

  

 
provision cannot be so modified, it shall be considered deleted from this Agreement. Unless otherwise required by law, the illegality, invalidity, or
unenforceability of any provision of this Agreement shall not affect the legality, validity or enforceability of any other provision of this Agreement. 
  
 Subsidiaries and Affiliates of Borrower. To the extent the context of any provisions of this Agreement makes it appropriate, including without limitation any
representation, warranty or covenant, the word “Borrower” as used in this Agreement shall include all of Borrower’s subsidiaries and affiliates. Notwithstanding the foregoing however, under no circumstances shall this Agreement be
construed to require Lender to make any Loan or other financial accommodation to any of Borrower’s subsidiaries or affiliates. 
  
 Successors and Assigns. All covenants and agreements by or on behalf of Borrower contained in this Agreement or any Related Documents shall bind Borrower’s
successors and assigns and shall inure to the benefit of Lender and its successors and assigns. Borrower shall not, however, have the right to assign Borrower’s rights under this Agreement or any interest therein, without the prior written
consent of Lender. 
  
 Survival of Representations and Warranties. Borrower
understands and agrees that in making the Loan, Lender is relying on all representations, warranties, and covenants made by Borrower in this Agreement or in any certificate or other instrument delivered by Borrower to Lender under this Agreement or
the Related Documents. Borrower further agrees that regardless of any investigation made by Lender, all such representations, warranties and covenants will survive the making of the Loan and delivery to Lender of the Related Documents, shall be
continuing in nature, and shall remain in full force and effect until such time as Borrower’s Indebtedness shall be paid in full, or until this Agreement shall be terminated in the manner provided above, whichever is the last to occur.

  
 Time is of the Essence. Time is of the essence in the performance of this
Agreement. 
  
 DEFINITIONS. The following capitalized words and terms shall have
the following meanings when used in this Agreement. Unless specifically stated to the contrary, all references to dollar amounts shall mean amounts in lawful money of the United States of America. Words and terms used in the singular shall include
the plural, and the plural shall include the singular, as the context may require. Words and terms not otherwise defined in this Agreement shall have the meanings attributed to such terms in the Uniform Commercial Code Accounting words and terms not
otherwise defined in this Agreement shall have the meanings assigned to them in accordance with generally accepted accounting principles as in effect on the date of this Agreement: 
  
 Advance. The word “Advance” means a disbursement of Loan funds made, or to be made, to Borrower or on Borrower’s behalf on a
line of credit or multiple advance basis under the terms and conditions of this Agreement. 
  
 Agreement. The word “Agreement” means this Business Loan Agreement, as this Business Loan Agreement may be amended or modified from time to time, together with all exhibits and schedules attached to this
Business Loan Agreement from time to time. 
  
 Borrower. The word Borrower means
RAINMAKER SYSTEMS, INC and includes all co-signers and co-makers signing the Note. 
  
 Cash & Equivalent. The words “Cash & Equivalent” mean all of Borrower’s cash, marketable securities, and other near-cash items, excluding sinking funds. 
  
 Collateral. The word “Collateral” means all property and assets granted as collateral security for a Loan, whether real or
personal property, whether granted directly or indirectly, whether granted now or in the future, and whether granted in the form of a security interest, mortgage, collateral mortgage, deed of trust, assignment, pledge, crop pledge, chattel mortgage,
collateral chattel mortgage, chattel trust, factor’s lien, equipment trust, conditional sale, trust receipt, lien, charge, lien or title retention contract, lease or consignment intended as a security device, or any other security or lien
interest whatsoever, whether created by law, contract, or otherwise. 
  
 Environmental Laws. The words “Environmental Laws” mean any and all state, federal and local statutes, regulations and ordinances relating to the protection of human health or the environment, including without limitation the
Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended, 42 U.S.C. Section 9601, et seq (“CERCLA”), the Superfund Amendments and Reauthorization Act of 1986, Pub. L No. 99-499 (“SARA”), the
Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, et seq, the Resource Conservation and Recovery Act. 42 U.S.C. Section 6901, et seq, Chapters 6.5 through 7.7 of Division 20 of the California Health and Safety Code, Section 25100, et
seq., or other applicable state or federal laws, rules, or regulations adopted pursuant thereto. 
  
 Event of Default. The words “Event of Default” mean any of the events of default set forth in this Agreement in the default section of this Agreement. 
  
 GAAP. The word “GAAP” means generally accepted accounting principles. 

 

					
	 	  	BUSINESS LOAN AGREEMENT	  	 
	 Loan No: 258904
	  	(Continued)	  	Page 9

  

 Grantor. The word “Grantor” means each and all of the persons or entities granting a Security Interest in
any Collateral for the Loan, including without limitation all Borrowers granting such a Security Interest. 
  
 Guarantor. The word “Guarantor” means any guarantor, surety, or accommodation party of any or all of the Loan. 
  
 Guaranty. The word “Guaranty” means the guaranty from Guarantor to Lender, including without limitation a guaranty of all or part of the Note, 
  
 Hazardous Substances. The words “Hazardous Substances” mean materials that, because
of their quantity, concentration or physical, chemical or infectious characteristics, may cause or pose a present or potential hazard to human health or the environment when improperly used, treated, stored, disposed of, generated, manufactured,
transported or otherwise handled. The words “Hazardous Substances” are used in their very broadest sense and include without limitation any and all hazardous or toxic substances, materials or waste as defined by or listed under the
Environmental Laws. The term “Hazardous Substances” also includes, without limitation, petroleum and petroleum by-products or any fraction thereof and asbestos. 
  
 Indebtedness. The word “Indebtedness” means the indebtedness evidenced by the Note or Related Documents, including all principal
and interest together with all other indebtedness and costs and expenses for which Borrower is responsible under this Agreement or under any of the Related Documents. 
  
 Lender. The word “Lender” means BRIDGE BANK, National Association, its successors and assigns. 
  
 Loan. The word “Loan” means any and all loans and financial accommodations from
Lender to Borrower whether now or hereafter existing, and however evidenced, including without limitation those loans and financial accommodations described herein or described on any exhibit or schedule attached to this Agreement from time to time.

  
 Note. The word “Note” means the Note executed by RAINMAKER SYSTEMS,
INC in the principal amount of $3,000,000.00 dated February 2, 2005, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions for the note or credit agreement. 
  
 Permitted Liens. The words “Permitted Liens” mean (1) liens and security interests
securing Indebtedness owed by Borrower to Lender; (2) liens for taxes, assessments, or similar charges either not yet due or being contested in good faith; (3) liens of materialmen, mechanics, warehousemen, or carriers, or other like liens arising
in the ordinary course of business and securing obligations which are not yet delinquent; (4) purchase money liens or purchase money security interests upon or in any property acquired or held by Borrower in the ordinary course of business to secure
indebtedness outstanding on the date of this Agreement or permitted to be incurred under the paragraph of this Agreement titled “Indebtedness and Liens”; (5) liens and security interests which, as of the date of this Agreement, have been
disclosed to and approved by the Lender in writing; and (6) those liens and security interests which in the aggregate constitute an immaterial and insignificant monetary amount with respect to the net value of Borrower’s assets. 
  
 Related Documents. The words “Related Documents” mean all promissory notes, credit
agreements, loan agreements, environmental agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments, agreements and documents, whether now or hereafter existing, executed
in connection with the Loan. 
  
 Security Agreement. The words “Security
Agreement mean and include without limitation any agreements, promises, covenants, arrangements, understandings or other agreements, whether created by law, contract, or otherwise, evidencing, governing, representing, or creating a Security
Interest. 
  
 Security Interest. The words “Security Interest” mean,
without limitation, any and all types of collateral security, present and future, whether in the form of a lien, charge, encumbrance, mortgage, deed of trust, security deed, assignment, pledge, crop pledge, chattel mortgage, collateral chattel
mortgage, chattel trust, factor’s lien, equipment trust, conditional sale, trust receipt, lien or title retention contract, lease or consignment intended as a security device, or any other security or lien interest whatsoever whether created by
law, contract, or otherwise. 
  
 Trade Receivables. The words “Trade
Receivables” mean all of Borrower’s accounts from trade, net of allowance for doubtful accounts. 
  
 BORROWER ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS BUSINESS LOAN AGREEMENT AND BORROWER AGREES TO ITS TERMS. THIS BUSINESS LOAN AGREEMENT IS DATED FEBRUARY 2, 2005. 
  

					
	 	  	BUSINESS LOAN AGREEMENT	  	 
	 Loan No: 258904
	  	(Continued)	  	Page 10

  

			
	BORROWER:
	
	RAINMAKER SYSTEMS, INC
		
	By:	 	 /S/ MICHAEL SILTON

	 	 	Authorized Signer for RAINMAKER SYSTEMS, INC.

  

			
	 LENDER:

		
	 By:
	 	 /S/

	 	 	 Authorized Signer

  
 LASER PRO Lending, Ver.
5.25,00.005 Copr Harland Solutions, Inc. 1997, 2005. All Rights Reserved • CA Y:/CFI\LPL\E40.fC TR-1673 PR-62 
  

 PROMISSORY NOTE 
  

															
	 Principal
 $3,000,000.00
	 	 Loan Date
 02-02-2005
	 	 Maturity
 02-02-2008
	  	Loan No.
258904	  	Call / Coll
410	  	Account
2589	  	Officer
310	  	Initials

  
 References in the
shaded area are for Lender’s use only and do not limit the applicability of this document to any particular loan or item. Any item above containing “***” has been omitted due to text length limitations. 
  

							
	 Borrower:
	  	 RAINMAKER SYSTEMS, INC.
 1800 GREEN HILLS ROAD

SCOTTS VALLEY, CA 95066
	  	 Lender:
	  	 BRIDGE BANK, National Association
 55 Almaden
Boulevard
 San Jose. CA 951 13

  

					
	Principal Amount: $3,000,000.00	 	Initial Rate: 6.250%	 	Date of Note: February 2, 2005

  
 PROMISE TO PAY. RAINMAKER SYSTEMS,
INC. (“Borrower”) promises to pay to BRIDGE BANK, National Association (“Lender”), or order, in lawful money of the United States of America, the principal amount of Three Million & 00/100 Dollars ($3,000,000.00), together
with interest on the unpaid principal balance from February 2, 2005, until paid in full. 
  
 PAYMENT. Subject to any payment changes resulting from changes in the Index, Borrower will pay this loan in 35 principal payments of $83,333.00 each and one final principal and interest payment of $83,793.56.
Borrower’s first principal payment is due March 2, 2005, and all subsequent principal payments are due on the same day of each month after that. In addition, Borrower will pay regular monthly payments of all accrued unpaid interest due as of
each payment date, beginning March 2, 2005, with ail subsequent interest payments to be due on the same day of each month after that. Borrower’s final payment due February 2, 2008, will be for all principal and ail accrued interest not yet
paid. Unless otherwise agreed or required by applicable law, payments will be applied first to any accrued unpaid interest; then to principal; then to any unpaid collection costs; and then to any late charges. The annual interest rate for this Note
is computed on a 365/360 basis; that is, by applying the ratio of the annual interest rate over a year of 360 days, multiplied by the outstanding principal balance. multiplied by the actual number of days the principal balance is outstanding.
Borrower will pay Lender at Lender’s address shown above or at such other place as Lender may designate in writing. 
  
 VARIABLE INTEREST RATE. The interest rate on this Note is subject to change from time to time based on changes in an independent index which is the Prime Rate as
published in the Wail Street Journal (the “Index”). The Index is not necessarily the lowest rate charged by Lender on its loans. If the Index becomes unavailable during the term of this loan, Lender may designate a substitute index after
notice to Borrower. Lender will tell Borrower the current Index rate upon Borrower’s request. The interest rate change will not occur more often than each day. Borrower understands that Lender may make loans based on other rates as well. The
Index currently is 5.250%. The interest rate to be applied to the unpaid principal balance of this Note will be at a rate of 1.000 percentage point over the Index, resulting in an initial rate of 6.250%. NOTICE: Under no circumstances will the
interest rate on this Note be more than the maximum rate allowed by applicable law. 
  
 PREPAYMENT. Borrower agrees that all loan fees and other prepaid finance charges are earned fully as of the date of the loan and will not be subject to refund upon early payment (whether voluntary or as a result of default), except as
otherwise required by law. Except for the foregoing, Borrower may pay without penalty all or a portion of the amount owed earlier than it is due. Early payments will not, unless agreed to by Lender in writing, relieve Borrower of Borrower’s
obligation to continue to make payments under the payment schedule. Rather, early payments will reduce the principal balance due and may result in Borrower’s making fewer payments. Borrower agrees not to send Lender payments marked “paid
in full”, “without recourse”, or similar language. If Borrower sends such a payment, Lender may accept it without losing any of Lender’s rights under this Note, and Borrower will remain obligated to pay any further amount owed to
Lender. All written communications concerning disputed amounts, including any check or other payment instrument that indicates that the payment constitutes “payment in full” of the amount owed, or that is tendered with other conditions or
limitations or as full satisfaction of a disputed amount, must be mailed or delivered to: BRIDGE BANK, National Association, 55 Almaden Blvd., San Jose, CA 95113. 
  
 LATE CHARGE. If a payment is 15 days or more late, Borrower will be charged 5.000% of the unpaid portion of the regularly scheduled payment
or $5.00, whichever is greater. 
  
 INTEREST AFTER DEFAULT. Upon default, the
variable interest rate on this Note shall immediately increase to 6.000 percentage points over the Index, if permitted under applicable law 
  
 DEFAULT. Each of the following shall constitute an event of default (“Event of Default”) under this Note: 
  
 Payment Default. Borrower fails to make any payment when due under
this Note. 
  
 Other Defaults. Borrower fails to comply
with or to perform any other term, obligation, covenant or condition contained in this Note or in any of the related documents or to comply with or to perform any term, obligation, covenant or condition contained in any other agreement between
Lender and Borrower. 
  
 Default in Favor of Third
Parties. Borrower or any Grantor defaults under any loan, extension of credit, security agreement, purchase or sales agreement, or any other agreement, in favor of any other creditor or person that may materially affect any of Borrower’s
property or Borrower’s ability to repay this Note or perform Borrower’s obligations under this Note or any of the related documents 
  
 False Statements. Any warranty, representation or statement made or furnished to Lender by Borrower or on Borrower’s behalf under this Note or
the related documents is false or misleading in any material respect, either now or at the time made or furnished or becomes false or misleading at any time thereafter. 
  

 PROMISSORY NOTE Page 2 
  
 Insolvency. The dissolution or termination of Borrower’s existence as a going business, the insolvency of
Borrower, the appointment of a receiver for any part of Borrower’s property, any assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against
Borrower. 
  
 Creditor or Forfeiture Proceedings.
Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help, repossession or any other method, by any creditor of Borrower or by any governmental agency against any collateral securing the loan. This includes a
garnishment of any of Borrower’s accounts, including deposit accounts, with Lender. However, this Event of Default shall not apply if there is a good faith dispute by Borrower as to the validity or reasonableness of the claim which is the basis
of the creditor or forfeiture proceeding and if Borrower gives Lender written notice of the creditor or forfeiture proceeding and deposits with Lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by
Lender, in its sole discretion as being an adequate reserve or bond for the dispute. 
  
 Events Affecting Guarantor. Any of the preceding events occurs with respect to any guarantor, endorser, surety, or accommodation party of any of the indebtedness or any guarantor, endorser, surety, or
accommodation party dies or becomes incompetent, or revokes or disputes the validity of, or liability under, any guaranty of the indebtedness evidenced by this Note. 
  
 Change In Ownership. Any change in ownership of twenty-five percent (25%) or more of the common stock of Borrower.

  
 Adverse Change. A material adverse change occurs in
Borrower’s financial condition, or Lender believes the prospect of payment or of this Note is impaired. 
  
 LENDER’S RIGHTS. Upon default, Lender may declare the entire unpaid principal balance on this Note and all accrued unpaid interest immediately due, and then Borrower will pay that amount. 
  
 ATTORNEYS’ FEES; EXPENSES. Lender may hire or pay someone else to help collect this Note
if Borrower does not pay. Borrower will pay Lender that amount. This includes, subject to any limits under applicable law, Lender’s attorneys’ fees and Lender’s legal expenses, whether or not there is a lawsuit, including
attorneys’ fees, expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), and appeals. Borrower also will pay any court costs, in addition to all other sums provided by law. 
  
 CHOICE OF VENUE. If there is a lawsuit, Borrower agrees upon Lender’s request to submit
to the jurisdiction of the courts of Santa Clara County, State of California. 
  
 DISHONORED ITEM FEE. Borrower will pay a fee to Lender of $25.00 if Borrower makes a payment on Borrower’s loan and the check or preauthorized charge with which Borrower pays is later dishonored. 
  
 COLLATERAL. Borrower acknowledges this Note is secured by Collateral described in a
Commercial Security Agreement dated April 29, 2004. 
  
 JURY WAIVER. LENDER AND
BORROWER HEREBY WAIVE THE RIGHT TO ANY JURY TRIAL IN ANY ACTION, PROCEEDING, OR COUNTERCLAIM BROUGHT BY EITHER LENDER OR BORROWER AGAINST THE OTHER. EACH PARTY RECOGNIZES AND AGREES THAT THE FOREGOING WAIVER CONSTITUTES A MATERIAL INDUCEMENT FOR IT
TO ENDER INTO THIS AGREEMENT. EACH PARTY REPRESENTS AND WARRANTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. 
  
 IF THE JURY WAIVER SET FORTH IS NOT ENFORCEABLE, THEN ANY DISPUTE, CONTROVERSY OR CLAIM
ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE LOAN DOCUMENTS OR ANY OF THE TRANSACTIONS COMTEPLATED THEREIN SHALL BE SETTLED BY FINAL AND BINDING ARBITRATION HELD IN SAN JOSE, CALIFORNIA IN ACCORDANCE WITH THE THEN APPLICABLE COMMERCIAL
ARBITRATION RULES OF THE AMERICAN ARBITRATION ASSOCIATION. JUDGMENT UPON ANY AWARD RESULTING FROM ARBITRATION MAY BE ENTERED INTO AND ENFORCED BY ANY STATE OR FEDERAL COURT HAVING JURISDICTION THEREOF. 
  
 GOVERNING LAW. This Note will be governed by, construed and enforced in accordance with the
laws of the State of California. This Note has been accepted by Lender in the State of California. 
  
 PAYMENT DEFERRAL. Notwithstanding anything contained herein to the contrary, in the event funds are first advanced under this Note after the date specified for the first payment of interest and/or principal
(“First Monthly Payment”) specified in the section of this Note entitled “Payment”, or within ten days prior to such date, then Borrower shall make the first regular monthly payment on the same day after the calendar month
immediately following the date on which funds are first advanced under this Note, and the Maturity Date shall be extended for a period that is equal to the time difference between the date specified in the Payment section of this Note for the First
Monthly Payment and the date on which the First Monthly Payment is due as a result of the application of this Section. 
  
 RIGHT TO SETOFF. To the extent permitted by applicable law, Lender reserves a right of setoff in all Borrower’s accounts with Lender (whether checking, savings, or
some other account). This includes all accounts Borrower holds jointly with someone else and all accounts Borrower may open in the future. However, this does not include any IRA or Keogh accounts, or any trust accounts for which setoff would be
prohibited by law. Borrower authorizes Lender, to the extent permitted by applicable law, to charge or setoff all sums owing on the indebtedness against any and all such accounts, and, at Lender’s option, to administratively freeze all such
accounts to allow Lender to protect Lender’s charge and setoff rights provided in this paragraph. 
  
 SUCCESSOR INTERESTS The terms of this Note shall be binding upon Borrower, and upon Borrower’s heirs, personal representatives, successors and assigns, and shall inure to the benefit of Lender and its successors
and assigns. 
  

 PROMISSORY NOTE Page 3 
  
 GENERAL PROVISIONS. Lender may delay or forgo enforcing any of its rights or remedies under this Note without losing them. Borrower and any
other person who signs, guarantees or endorses this Note, to the extent allowed by law, waive any applicable statute of limitations, presentment, demand for payment, and notice of dishonor. Upon any change in the terms of this Note, and unless
otherwise expressly stated in writing, no party who signs this Note, whether as maker, guarantor, accommodation maker or endorser, shall be released from liability. All such parties agree that Lender may renew or extend (repeatedly and for any
length of time) this loan or release any party or guarantor or collateral; or impair, fail to realize upon or perfect Lender’s security interest in the collateral; and take any other action deemed necessary by Lender without the consent of or
notice to anyone. All such parties also agree that Lender may modify this loan without the consent of or notice to anyone other than the party with whom the modification is made The obligations under this Note are joint and several. 
  
 PRIOR TO SIGNING THIS NOTE, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS NOTE,
INCLUDING THE VARIABLE INTEREST RATE PROVISIONS BORROWER AGREES TO THE TERMS OF THE NOTE. 
  
 BORROWER ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THIS PROMISSORY NOTE. 
  
  

			
	BORROWER:
	 
	RAINMAKER SYSTEMS, INC.
		
	By:	 	 /S/ MICHAEL SILTON

	 	 	 Authorized Signer for
 RAINMAKER SYSTEMS,
INC

  

  
 COMMERCIAL SECURITY
AGREEMENT 
  

															
	Principal
$3,000,000.00	 	Loan Date
02-02-2005	 	 Maturity

 02-02-2008
	  	Loan No.
258904	  	Call / Coll
410	  	Account
2589	  	Officer
310	  	Initials
	
	References in the shaded area are for Lender’s use only and do not limit the applicability of this document to any particular loan or item. Any item about
containing **** has been omitted due to text length limitations.

  

							
	Grantor:	  	 RAINMAKER SYSTEMS, INC.
 1800 GREEN HILLS
ROAD
 SCOTTS VALLEY, CA 95066
	  	LENDER:	  	 BRIDGE BANK, National Association
 55 Almaden
Boulevard
 San .Jose, CA 95113

  
 THIS COMMERCIAL SECURITY AGREEMENT
dated February 2, 2005, is made and executed between RAINMAKER SYSTEMS, INC. (“Grantor”) and BRIDGE BANK, National Association (“Lender”). 
  

GRANT OF SECURITY INTEREST. For valuable consideration, Grantor grants to Lender a security interest in the Collateral to secure the Indebtedness and agrees that
Lender shall have the rights stated in this Agreement with respect to the Collateral, in addition to all other rights which Lender may have by law. 
  
 COLLATERAL DESCRIPTION. The word “Collateral’ as used in this Agreement means the following described property, whether now owned or hereafter acquired, whether
now existing or hereafter arising, and wherever located, in which Grantor is giving to Lender a security interest for the payment of the Indebtedness and performance of all other obligations under the Note and this Agreement: 
  
 All inventory, equipment, accounts, chattel paper, instruments (including but not limited to
all promissory notes), certificates of title, documents of title, deposit accounts, investment property. money, general intangibles (Including but not limited to all software and all payment intangibles), and fixtures 
  
 In addition, the word “Collateral” also includes all the following, whether now
owned or hereafter acquired. whether now existing or hereafter arising, and wherever located: 
  
 All accessions, attachments, accessories, replacements of and additions to any of the collateral described herein, whether added now or later. 
  
 All products and produce of any of the property described in this Collateral section. 
  
 All accounts, general intangibles, instruments, rents, monies, payments, and all other
rights, arising out of a sale, lease, consignment or other disposition of any of the property described in this Collateral section 
  
 All proceeds (including insurance proceeds) from the sale, destruction, loss, or other disposition of any of the property described in this Collateral section, and sums
due from a third party who has damaged or destroyed the Collateral or from that party’s insurer, whether due to judgment, settlement or other process. 
  
 All records and data relating to any of the property described in this Collateral section, whether in the form of a writing, photograph, microfilm, microfiche, or
electronic media, together with all of Grantor’s right, title, and interest in and to all computer software required to utilize, create, maintain, and process any such records or data on electronic media 
  
 Despite any other provision of this Agreement, Lender is not granted, and will not have. a
nonpurchase money security interest in household goods, to the extent such a security interest would be prohibited by applicable law. In addition, if because of the type of any Property, Lender is required to give a notice of the right to cancel
under Truth in Lending for the Indebtedness, then Lender will not have a security interest in such Collateral unless and until such a notice is given 
  
 CROSS-COLLATERALIZATION„ In addition to the Note, this Agreement secures all obligations, debts and liabilities, plus interest thereon, of Grantor to Lender, or any
one or more of them, as well as all claims by Lender against Grantor or any one or more of them, whether now existing or hereafter arising, whether related or unrelated to the purpose of the Note, whether voluntary or otherwise, whether due or not
due, direct or indirect, determined or undetermined, absolute or contingent, liquidated or unliquidated whether Grantor may be liable individually or jointly with others, whether obligated as guarantor, surety, accommodation party or otherwise, and
whether recovery upon such amounts may be or hereafter may become barred by any statute of limitations, and whether the obligation to repay such amounts may be or hereafter may become otherwise unenforceable. 
  
 GRANTOR S REPRESENTATIONS AND WARRANTIES WITH RESPECT TO THE COLLATERAL. With respect to the
Collateral, Grantor represents and promises to Lender that: 
  
 Perfection of
Security Interest. Grantor agrees to take whatever actions are requested by Lender to perfect and continue Lender’s security interest in the Collateral Upon request of Lender, Grantor will deliver to Lender any and all of the documents
evidencing or constituting the Collateral, and Grantor will note Lender’s interest upon any and all chattel paper and instruments if not delivered to Lender for possession by Lender 
  
 Notices to Lender Grantor will promptly notify Lender in writing at Lender’s address shown above for such other addresses as Lender may designate from time to time) prior to any (1) change in Grantor’s name; (2) change in Grantor’s assumed business name(s); (3) change in the management of the Corporation Grantor; (4) change in the authorized signer(s); (5) change in Grantor’s principal office address; (6) change in Grantor’s state of organization; (7) conversion of Grantor to a new or different type of business entity; or (8) change in any other aspect of Grantor that directly or indirectly relates to any agreements
between Grantor and Lender No change in Grantor’s name or state of organization will take effect until after
Lender has received notice 
  
 No Violation. The execution and delivery of this
Agreement will not violate any law or agreement governing Grantor or to which Grantor is a party, and its certificate or articles of incorporation and bylaws do not prohibit any term or condition of this Agreement. 
  
 Enforceability of Collateral. To the extent the Collateral consists of accounts, chattel
paper, or general intangibles, as defined by the Uniform Commercial Code, the Collateral is enforceable in accordance with its terms, is genuine, and fully complies with all applicable laws and regulations concerning form, content and manner of
preparation and execution, and all persons appearing to be obligated on the Collateral have authority and capacity to contract and are in fact obligated as they appear to be on the Collateral There shall be no setoffs or counterclaims against any of
the Collateral, and no agreement shall have been made under which any deductions or discounts may be claimed concerning the Collateral except those disclosed to Lender in writing 
  
 Location of the Collateral Except in the ordinary course of Grantor’s business, Grantor agrees to keep the Collateral at Grantor’s address shown above or at such other locations as are acceptable to Lender. Upon Lender’s request, Grantor will deliver to Lender in form satisfactory to Lender a schedule of real
properties and Collateral locations relating to Grantor’s operations, including without limitation the following: (1) all real property Grantor owns or is purchasing; (2) all real property Grantor is renting or leasing; (3) all storage
facilities Grantor owns, rents, leases, or uses; and (4) all other properties where Collateral is or may be located. 
  
 Removal of the Collateral. Except in the ordinary course of Grantor’s business, Grantor shall not remove the Collateral from its existing location without Lender’s prior written consent Grantor shall, whenever requested, advise Lender of the exact location of the
Collateral. 
  

					
	 	  	COMMERCIAL SECURITY AGREEMENT	  	 
	 Loan No: 258904
	  	(Continued)	  	Page 2

  

 Transactions Involving Collateral, Except for inventory sold or accounts collected in the ordinary course of
Grantor’s business, or as otherwise provided for in this Agreement, Grantor shall not sell, offer to sell, or otherwise transfer or dispose of the Collateral. Grantor shall not pledge, mortgage, encumber or otherwise permit the Collateral to be
subject to any lien, security interest, encumbrance, or charge, other than the security interest provided for in this Agreement, without the prior written consent of Lender This includes security interests even if junior in right to the security
interests granted under this Agreement, Unless waived by Lender, all proceeds from any disposition of the Collateral (for whatever reason) shall be held in trust for Lender and shall not be commingled with any other funds; provided however, this
requirement shall not constitute consent by Lender to any sale or other disposition. Upon receipt, Grantor shall immediately deliver any such proceeds to Lender. 
  
 Title. Grantor represents and warrants to Lender that Grantor holds good and marketable title to the Collateral, free and clear of all liens
and encumbrances except for the lien of this Agreement No financing statement covering any of the Collateral is on file in any public office other than those which reflect the security interest created by this Agreement or to which Lender has
specifically consented. Grantor shall defend Lender’s rights in the Collateral against the claims and demands of all other persons 
  
 Repairs and Maintenance. Grantor agrees to keep and maintain, and to cause others to keep and maintain, the Collateral in good order, repair and condition at all times
while this Agreement remains in effect. Grantor further agrees to pay when due all claims for work done on, or services rendered or material furnished in connection with the Collateral so that no lien or encumbrance may ever attach to or be filed
against the Collateral. 
  
 Inspection of Collateral. Lender and
Lender’s designated representatives and agents shall have the right at all reasonable times to examine and
inspect the Collateral wherever located 
  
 Taxes, Assessments and Liens, Grantor
will pay when due all taxes, assessments and liens upon the Collateral, its use or operation, upon this Agreement, upon any promissory note or notes evidencing the Indebtedness, or upon any of the other Related Documents. Grantor may withhold any
such payment or may elect to contest any lien if Grantor is in good faith conducting an appropriate proceeding to contest the obligation to pay and so long as Lender’s interest in the Collateral is not jeopardized in Lender’s sole opinion.
if the Collateral is subjected to a lien which is not discharged within fifteen (15) days, Grantor shall deposit with Lender cash, a sufficient corporate surety bond or other security satisfactory to Lender in an amount adequate to provide for the
discharge of the lien plus any interest, costs, attorneys’ fees or other charges that could accrue as a result of foreclosure or sale of the Collateral. In any contest Grantor shall defend itself and Lender and shall satisfy any final adverse
judgment before enforcement against the Collateral Grantor shall name Lender as an additional obligee under any surety bond furnished in the contest proceedings Grantor further agrees to furnish Lender with evidence that such taxes, assessments, and
governmental and other charges have been paid in full and in a timely manner. Grantor may withhold any such payment or may elect to contest any lien if Grantor is in good faith conducting an appropriate proceeding to contest the obligation to pay
and so long as Lender’s interest in the Collateral is not jeopardized. 
  
 Compliance with Governmental Requirements. Grantor shall comply promptly with all laws, ordinances, rules and regulations of all governmental authorities, now or hereafter in effect, applicable to the ownership, production, disposition, or
use of the Collateral, including all laws or regulations relating to the undue erosion of highly-erodible land or relating to the conversion of wetlands for the production of an agricultural product or commodity. Grantor may contest in good faith
any such law, ordinance or regulation and withhold compliance during any proceeding, including appropriate appeals, so long as Lender’s interest in the Collateral. in Lender’s opinion, is not jeopardized. 
  
 Hazardous Substances. Grantor represents and warrants that the Collateral never has been, and never will be so long as this Agreement remains a lien on the Collateral, used in violation of any Environmental Laws or
for the generation, manufacture, storage, transportation, treatment, disposal, release or threatened release of any Hazardous Substance. The representations and warranties contained herein are based on Grantor’s due diligence in investigating
the Collateral for Hazardous Substances. Grantor hereby (1) releases and waives any future claims against Lender for indemnity or contribution in the event Grantor becomes liable for cleanup or other costs under any Environmental Laws, and (2)
agrees to indemnify and hold harmless Lender against any and all claims and losses resulting from a breach of this provision of this Agreement This obligation to indemnify shall survive the payment of the indebtedness and the satisfaction of this
Agreement 
  
 Maintenance of Casualty Insurance. Grantor shall procure and
maintain all risks insurance, including without limitation fire, theft and liability coverage together with such other insurance as Lender may require with respect to the Collateral, in form, amounts, coverages and basis reasonably acceptable to
Lender and issued by a company or companies reasonably acceptable to Lender. Grantor, upon request of Lender, will deliver to Lender from time to time the policies or certificates of insurance in form satisfactory to Lender, including stipulations
that coverages will not be cancelled or diminished without at least ten (10) days’ prior written notice to Lender and not including any disclaimer of the insurer’s liability for failure to give such a notice. Each insurance policy also
shall include an endorsement providing that coverage in favor of Lender will not be impaired in any way by any act, omission or default of Grantor or any other person In connection with all policies covering assets in which Lender holds or is
offered a security interest, Grantor will provide Lender with such loss payable or other endorsements as Lender may require. If Grantor at any time fails to obtain or maintain any insurance as required under this Agreement, Lender may (but shall not
be obligated to) obtain such insurance as Lender deems appropriate, including if Lender so chooses “single interest insurance,” which will cover only Lender’s interest in the Collateral 
  
 Application of Insurance Proceeds. Grantor shall promptly notify Lender of any loss or damage
to the Collateral. Lender may make proof of loss if Grantor fails to do so within fifteen (15) days of the casualty All proceeds of any insurance on the Collateral, including accrued proceeds thereon, shall be held by Lender as part of the
Collateral. If Lender consents to repair or replacement of the damaged or destroyed Collateral, Lender shall, upon satisfactory proof of expenditure, pay or reimburse Grantor from the proceeds for the reasonable cost of repair or restoration. If
Lender does not consent to repair or replacement of the Collateral, Lender shall retain a sufficient amount of the proceeds to pay all of the Indebtedness, and shall pay the balance to Grantor. Any proceeds which have not been disbursed within six
(6) months after their receipt and which Grantor has not committed to the repair or restoration of the Collateral shall be used to prepay the Indebtedness. 
  
 Insurance Reserves. Lender may require Grantor to maintain with Lender reserves for payment of insurance premiums, which reserves shall be created by monthly payments
from Grantor of a sum estimated by Lender to be sufficient to produce, at least fifteen (15) days before the premium due date, amounts at least equal to the insurance premiums to be paid. If fifteen (15) days before payment is due, the reserve funds
are insufficient, Grantor shall upon demand pay any deficiency to Lender. The reserve funds shall be held by Lender as a general deposit and shall constitute a non-interest-bearing account which Lender may satisfy by payment of the insurance
premiums required to be paid by Grantor as they become due. Lender does not hold the reserve funds in trust for Grantor, and Lender is not the agent of Grantor for payment of the insurance premiums required to be paid by Grantor The responsibility
for the payment of premiums shall remain Grantor’s sole responsibility. Insurance Reports. Grantor, upon request of Lender, shall furnish to Lender reports on each existing policy of insurance showing such information as Lender may reasonably
request including the following: (11 the name of the insurer; (2) the risks insured; (3) the amount of the policy; (4) the property insured; (5) the then current value on the basis of which insurance has been obtained and the manner of
determining that value; and (6) the expiration date of the policy In addition, Grantor shall upon request by Lender (however not more often than annually) have an independent appraiser satisfactory to Lender determine, as applicable, the cash
value or replacement cost of the Collateral 
  

					
	 	  	COMMERCIAL SECURITY AGREEMENT	  	 
	 Loan No: 258904
	  	(Continued)	  	Page 3

  

 Financing Statements. Grantor authorizes Lender to file a UCC financing statement, or alternatively, a copy of this
Agreement to perfect Lender’s security interest At Lender’s request, Grantor additionally agrees to sign all other documents that are necessary to perfect, protect, and continue Lender’s security interest in
the Property. Grantor will pay all filing fees, title transfer fees, and other fees and costs involved unless prohibited by law or unless Lender is required by law to pay such fees and costs Grantor irrevocably appoints Lender to execute documents
necessary to transfer title if there is a default. Lender may file a copy of this Agreement as a financing statement If Grantor changes Grantor’s name or address, or the name or address of any person granting a security interest under this
Agreement changes, Grantor will promptly notify the Lender of such change. 
  
 GRANTOR’S RIGHT TO POSSESSION. Until default, Grantor may have possession of the tangible personal
property and beneficial use of all the Collateral and may use it in any lawful manner not inconsistent with this Agreement or the Related Documents, provided that Grantor’s right to possession and beneficial use shall not apply to any Collateral where possession of the Collateral by Lender is required by law to perfect
Lender’s security interest in such Collateral If Lender at any time has possession of any Collateral, whether before or after an Event of Default, Lender shall be deemed to have exercised reasonable care in the custody and preservation of the
Collateral if Lender takes such action for that purpose as Grantor shall request or as Lender, in Lender’s sole discretion, shall deem appropriate under the circumstances, but failure to honor any request by Grantor shall not of
itself be deemed to be a failure to exercise reasonable care. Lender shall not be required to take any steps necessary to preserve any rights in the Collateral against prior parties, nor to protect, preserve or maintain any security interest given
to secure the Indebtedness 
  
 LENDER’S EXPENDITURES. if any action or
proceeding is commenced that would materially affect Lender’s interest in the Collateral or if Grantor fails to comply with any provision of this Agreement or any Related Documents, including but not limited to Grantor’s failure to
discharge or pay when due any amounts Grantor is required to discharge or pay under this Agreement or any Related Documents, Lender on Grantor’s behalf may (but shall not be obligated to) take any action that Lender deems appropriate, including
but not limited to discharging or paying all taxes, liens, security interests, encumbrances and other claims, at any time levied or placed on the Collateral and paying all costs for insuring, maintaining and preserving the Collateral. All such
expenditures incurred or paid by Lender for such purposes will then bear interest at the rate charged under the Note from the date incurred or paid by Lender to the date of repayment by Grantor All such expenses will become a part of the
Indebtedness and, at Lender’s option, will (A) be payable on demand; (B) be added to the balance of the Note
and be apportioned among and be payable with any installment payments to become due during either (1) the term of any applicable insurance policy; or (2) the remaining term of the Note; or (C} be treated as a balloon payment which will be due and
payable at the Note’s maturity. The Agreement also will secure payment of these amounts. Such right shall be in
addition to all other rights and remedies to which Lender may be entitled upon Default. 
  
 DEFAULT. Each of the following shall constitute an Event of Default under this Agreement: Payment Default. Grantor fails to make any payment when due under the Indebtedness. 
  
 Other Defaults. Grantor fails to comply with or to perform any other term, obligation, covenant or condition contained in this Agreement or
in any of the Related Documents or to comply with or to perform any term, obligation, covenant or condition contained in any other agreement between Lender and Grantor 
  
 Default in Favor of Third Parties. Should Borrower or any Grantor default under any loan; extension of credit, security agreement, purchase
or sales agreement, or any other agreement, in favor of any other creditor or person that may materially affect any of Grantor’s property or Grantor’s or any Grantor’s ability to repay the Indebtedness or perform their respective
obligations under this Agreement or any of the Related Documents. 
  
 False
Statements. Any warranty, representation or statement made or furnished to Lender by Grantor or on Grantor’s behalf under this Agreement or the Related Documents is false or misleading in any material respect, either now or at the time made or
furnished or becomes false or misleading at any time thereafter 
  
 Defective
Collateralization. This Agreement or any of the Related Documents ceases to be in full force and effect (including failure of any collateral document to create a valid and perfected security interest or lien) at any time and for any reason

  
 Insolvency. The dissolution or termination of Grantor’s existence as a going business, the insolvency of Grantor, the appointment of a receiver for any part of
Grantor’s property, any assignment for the benefit of creditors, any type of creditor workout, or the
commencement of any proceeding under any bankruptcy or insolvency laws by or against Grantor 
  
 Creditor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help, repossession or any other method, by any creditor of Grantor or by any governmental
agency against any collateral securing the Indebtedness. This includes a garnishment of any of Grantor’s
accounts, including deposit accounts, with Lender. However, this Event of Default shall not apply if there is a good faith dispute by Grantor as to the validity or reasonableness of the claim which is the basis of the creditor or forfeiture
proceeding and if Grantor gives Lender written notice of the creditor or forfeiture proceeding and deposits with Lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender, in its sole discretion, as
being an adequate reserve or bond for the dispute 
  
 Events Affecting Guarantor.
Any of the preceding events occurs with respect to any guarantor, endorser, surety, or accommodation party of any of the Indebtedness or guarantor, endorser, surety, or accommodation party dies or becomes incompetent or revokes or disputes the
validity of, or liability under, any Guaranty of the Indebtedness 
  
 Adverse
Change. A material adverse change occurs in Grantor’s financial condition, or Lender believes the prospect of
payment or performance of the Indebtedness is impaired 
  
 RIGHTS AND REMEDIES ON
DEFAULT. If an Event of Default occurs under this Agreement, at any time thereafter, Lender shall have all the rights of a secured party under the California Uniform Commercial Code In addition and without limitation, Lender may exercise any one or
more of the following rights and remedies: 
  
 Accelerate Indebtedness. Lender may
declare the entire Indebtedness. including any prepayment penalty which Grantor would be required to pay, immediately due and payable, without notice of any kind to Grantor 
  
 Assemble Collateral. Lender may require Grantor to deliver to Lender all or any portion of the Collateral and any and all certificates of
title and other documents relating to the Collateral Lender may require Grantor to assemble the Collateral and make it available to Lender at a place to be designated by Lender. Lender also shall have full power to enter upon the property of Grantor
to take possession of and remove the Collateral If the Collateral contains other goods not covered by this Agreement at the time of repossession, Grantor agrees Lender may take such other goods, provided that Lender makes reasonable efforts to
return them to Grantor after repossession. 
  
 Sell the Collateral. Lender shall
have full power to sell, lease, transfer, or otherwise deal with the Collateral or proceeds thereof in Lender’s own name or that of Grantor. Lender may sell the Collateral at public auction or private sale. Unless the Collateral threatens to
decline speedily in value or is of a type customarily sold on a recognized market, Lender will give Grantor, and other persons as required by law, reasonable notice of the time and place of any public sale. or the time after which any private sale
or any other disposition of the Collateral is to be made. However, no notice need be provided to any person who, after Event of Default occurs, enters into and authenticates an agreement waiving that person’s right to notification of sale The

  

					
	 	  	COMMERCIAL SECURITY AGREEMENT	  	 
	 Loan No: 258904
	  	(Continued)	  	Page 4

  

 
requirements of reasonable notice shall be met if such notice is given at least ten X10) days before the time of the sale or disposition. All expenses
relating to the disposition of the Collateral, including without limitation the expenses of retaking, holding, insuring, preparing for sale and selling the Collateral, shall become a part of the Indebtedness secured by this Agreement and shall be
payable on demand, with interest at the Note rate from date of expenditure until repaid 
  
 Appoint Receiver. Lender shall have the right to have a receiver appointed to take possession of all or any part of the Collateral, with the power to protect and preserve the Collateral, to operate the Collateral preceding foreclosure or
sale, and to collect the Rents from the Collateral and apply the proceeds, over and above the cost of the receivership, against the Indebtedness. The receiver may serve without bond if permitted by law Lender’s right to the appointment of a
receiver shall exist whether or not the apparent value of the Collateral exceeds the Indebtedness by a substantial amount Employment by Lender shall not disqualify a person from serving as a receiver. 
  
 Collect Revenues, Apply Accounts. Lender, either itself or through a receiver, may collect
the payments, rents, income, and revenues from the Collateral. Lender may at any time in Lender’s discretion transfer any Collateral into Lender’s own name or that of Lender’s nominee and receive the payments, rents, income, and
revenues therefrom and hold the same as security for the indebtedness or apply it to payment of the Indebtedness in such order of preference as Lender may determine. Insofar as the Collateral consists of accounts, general intangibles, insurance
policies, instruments, chattel paper, choses in action, or similar property, Lender may demand, collect, receipt for, settle, compromise, adjust, sue for, foreclose, or realize on the Collateral as Lender may determine, whether or not Indebtedness
or Collateral is then due For these purposes, Lender may, on behalf of and in the name of Grantor, receive, open and dispose of mail addressed to Grantor; change any address to which mail and payments are to be sent; and endorse notes, checks,
drafts, money orders, documents of title, instruments and items pertaining to payment, shipment, or storage of any Collateral. To facilitate collection, Lender may notify account debtors and obligors on any Collateral to make payments directly to
Lender 
  
 Obtain Deficiency. If Lender chooses to sell any or all of the
Collateral, Lender may obtain a judgment against Grantor for any deficiency remaining on the indebtedness due to Lender after application of all amounts received from the exercise of the rights provided in this Agreement. Grantor shall be liable for
a deficiency even if the transaction described in this subsection is a sale of accounts or chattel paper. 
  
 Other Rights and Remedies. Lender shall have all the rights and remedies of a secured creditor under the provisions of the Uniform Commercial Code, as may be amended from time to time In addition, Lender shall have
and may exercise any or all other rights and remedies it may have available at law, in equity, or otherwise 
  
 Election of Remedies. Except as may be prohibited by applicable law, all of Lender’s rights and remedies, whether evidenced by this Agreement, the Related Documents, or by any other writing, shall be cumulative
and may be exercised singularly or concurrently. Election by Lender to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make expenditures or to take action to perform an obligation of Grantor under this Agreement,
after Grantor’s failure to perform, shall not affect Lender’s right to declare a default and exercise its remedies. 
  
 GOVERNING LAW. This Agreement will be governed by, construed and enforced in accordance with the laws of the State of California. This Agreement has been accepted by
Lender in the State of California. 
  
 MISCELLANEOUS PROVISIONS. The following
miscellaneous provisions are a part of this Agreement: 
  
 Amendments. This
Agreement, together with any Related Documents, constitutes the entire understanding and agreement of the parties as to the matters set forth in this Agreement: No alteration of or amendment to this Agreement shall be effective unless given in
writing and signed by the party or parties sought to be charged or bound by the alteration or amendment 
  
 Attorneys’ Fees; Expenses. Grantor agrees to pay upon demand all of Lender’s costs and expenses, including Lender’s attorneys’ fees and Lender’s legal expenses, incurred in connection with the
enforcement of this Agreement. Lender may hire or pay someone else to help enforce this Agreement, and Grantor shall pay the costs and expenses of such enforcement. Costs and expenses include Lender’s attorneys’ fees and legal expenses
whether or not there is a lawsuit, including attorneys’ fees and legal expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction, appeals, and any anticipated post-judgment collection services
Grantor also shall pay all court costs and such additional fees as may be directed by the court. 
  
 Caption Headings. Caption headings in this Agreement are for convenience purposes only and are not to be used to interpret or define the provisions of this Agreement. 
  
 Choice of Venue. If there is a lawsuit, Grantor agrees upon Lender’s request to submit
to the jurisdiction of the courts of Santa Clara County, State of California. 
  
 Preference Payments. Any monies Lender pays because of an asserted preference claim in Grantor’s bankruptcy will become a part of the Indebtedness and, at Lender’s option, shall be payable by Grantor as provided in this Agreement

  
 No Waiver by Lender. Lender shall not be deemed to have waived any rights
under this Agreement unless such waiver is given in writing and signed by Lender No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any other right. A waiver by Lender of a provision of this
Agreement shall not prejudice or constitute a waiver of Lender’s right otherwise to demand strict compliance with that provision or any other provision of this Agreement. No prior waiver by Lender, nor any course of dealing between Lender and
Grantor, shall constitute a waiver of any of Lender’s rights or of any of Grantor’s obligations as to any future transactions Whenever the consent of Lender is required under this Agreement, the granting of such consent by Lender in any
instance shall not constitute continuing consent to subsequent instances where such consent is required and in all cases such consent may be granted or withheld in the sole discretion of Lender 
  
 Notices. Any notice required to be given under this Agreement shall be given in writing, and
shall be effective when actually delivered. when actually received by telefacsimile (unless otherwise required by law), when deposited with a nationally recognized overnight courier, or, if mailed, when deposited in the United States mail, as first
class, certified or registered mail postage prepaid, directed to the addresses shown near the beginning of this Agreement. Any party may change its address for notices under this Agreement by giving formal written notice to the other parties,
specifying that the purpose of the notice is to change the party’s address. For notice purposes, Grantor agrees to keep Lender informed at all times of Grantor’s current address Unless otherwise provided or required by law, if there is
more than one Grantor, any notice given by Lender to any Grantor is deemed to be notice given to all Grantors 
  
 Power of Attorney. Grantor hereby appoints Lender as Grantor’s irrevocable
attorney-in-fact for the purpose of executing any documents necessary to perfect, amend, or to continue the security interest granted in this Agreement or to demand termination of filings of other secured parties Lender may at any time, and without
further authorization from Grantor, file a carbon, photographic or other reproduction of any financing statement or of this Agreement for use as a financing statement. Grantor will reimburse Lender for all expenses for the perfection and the
continuation of the perfection of Lender’s security interest in the Collateral 

  

					
	 	  	COMMERCIAL SECURITY AGREEMENT	  	 
	 Loan No: 258904
	  	(Continued)	  	Page 5

  

 
Waiver of Co-Obligor’s Rights. If more than one person is obligated for the Indebtedness, Grantor irrevocably waives, disclaims and relinquishes all claims against such other person which Grantor has or would otherwise have by virtue of payment of
the Indebtedness or any part thereof, specifically including but not limited to all rights of indemnity, contribution or exoneration, 
  
 Severability. If a court of competent jurisdiction finds any provision of this Agreement to be illegal, invalid, or unenforceable as to any circumstance, that finding
shall not make the offending provision illegal, invalid, or unenforceable as to any other circumstance. If feasible, the offending provision shall be considered modified so that it becomes legal, valid and enforceable If the offending provision
cannot be so modified, it shall be considered deleted from this Agreement. Unless otherwise required by law, the illegality, invalidity, or unenforceability of any provision of this Agreement shall not affect the legality, validity or enforceability
of any other provision of this Agreement 
  
 Successors and Assigns. Subject to
any limitations stated in this Agreement on transfer of Grantor’s interest, this Agreement shall be binding upon and inure to the benefit of the parties, their successors and assigns If ownership of the Collateral becomes vested in a person
other than Grantor, Lender, without notice to Grantor, may deal with Grantor’s successors with reference to this Agreement and the Indebtedness by way of forbearance or extension without releasing Grantor from the obligations of this Agreement
or liability under the Indebtedness 
  
 Survival of Representations and
Warranties. All representations, warranties, and agreements made by Grantor in this Agreement shall survive the execution and delivery of this Agreement, shall be continuing in nature, and shall remain in full force and effect until such time as
Grantor’s Indebtedness shall be paid in full 
  
 Time is of the Essence. Time
is of the essence in the performance of this Agreement. 
  
 DEFINITIONS. The
following capitalized words and terms shall have the following meanings when used in this Agreement. Unless specifically stated to the contrary, all references to dollar amounts shall mean amounts in lawful money of the United States of America
Words and terms used in the singular shall include the plural, and the plural shall include the singular, as the context may require Words and terms not otherwise defined in this Agreement shall have the meanings attributed to such terms in
the Uniform Commercial Code: 
  
 Agreement. The word “Agreement” means
this Commercial Security Agreement, as this Commercial Security Agreement may be amended or modified from time to time, together with all exhibits and schedules attached to this Commercial Security Agreement from time to time. 
  
 Borrower. The word “Borrower” means RAINMAKER SYSTEMS, INC. and includes all
co-signers and co-makers signing the Note. 
  
 Collateral. The word
“Collateral” means all of Grantor’s right, title and interest in and to all the Collateral as described in the Collateral Description section of this Agreement 
  
 Default, The word “Default” means the Default set forth in this Agreement in the section titled “Default” 
  
 Environmental Laws. The words “Environmental Laws” mean any and all state, federal and local statutes, regulations and ordinances relating to the protection of human health or the environment, including without limitation the Comprehensive Environmental
Response, Compensation, and Liability Act of 1980, as amended, 42 U S.C. Section 9601, et seq (“CERCLA”), the Superfund Amendments and Reauthorization Act of 1986, Pub. L No 99-499 (“SARA”), the Hazardous Materials Transportation
Act, 49 U.S.C. Section 1801, et seq, the Resource Conservation and Recovery Act, 42 U S.0 Section 6901, et seq, Chapters 6.5 through 77 of Division 20 of the California Health and Safety Code, Section 25100, et seq, or other applicable state or
federal laws, rules, or regulations adopted pursuant thereto 
  
 Event of Default.
The words “Event of Default” mean any of the events of default set forth in this Agreement in the default section of this Agreement. 
  
 Grantor. The word “Grantor” means RAINMAKER SYSTEMS, INC. 
  
 Guaranty. The word “Guaranty” means the guaranty from guarantor, endorser, surety, or accommodation party to Lender, including without limitation a guaranty of
all or part of the Note. 
  
 Hazardous Substances. The words “Hazardous
Substances” mean materials that, because of their quantity, concentration or physical, chemical or infectious characteristics, may cause or pose a present or potential hazard to human health or the environment when improperly used, treated,
stored, disposed of, generated, manufactured, transported or otherwise handled. The words “Hazardous
Substances” are used in their very broadest sense and include without limitation any and all hazardous or toxic substances, materials or waste as defined by or listed under the Environmental Laws The term “Hazardous Substances” also
includes, without limitation, petroleum and petroleum by-products or any fraction thereof and asbestos. 
  
 Indebtedness. The word “Indebtedness” means the indebtedness evidenced by the Note or Related Documents, including all principal and interest together with all other indebtedness and costs and expenses for
which Grantor is responsible under this Agreement or under any of the Related Documents. Specifically, without limitation, indebtedness includes all amounts that may be indirectly secured by the Cross-Collateralization provision of this Agreement

  
 Lender The word “Lender” means BRIDGE BANK, National Association,
its successors and assigns 
  
 Note. The word “Note” means the Note
executed by RAINMAKER SYSTEMS, INC. in the principal amount of $3,000,000.00 dated February 2, 2005, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions for the note or credit
agreement 
  
 Property. The word “Property” means all of Grantor’s
right, title and interest in and to all the Property as described in the “Collateral Description” section of this Agreement 
  
 Related Documents. The words “Related Documents” mean all promissory notes, credit agreements, loan agreements, environmental agreements, security agreements,
mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments, agreements and documents, whether now or hereafter existing, executed in connection with the Indebtedness 
  
 GRANTOR HAS READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS COMMERCIAL SECURITY AGREEMENT AND
AGREES TO ITS TERMS. THIS AGREEMENT IS DATED FEBRUARY 2, 2005. 
  

					
	 	  	COMMERCIAL SECURITY AGREEMENT	  	 
	 Loan No: 258904
	  	(Continued)	  	Page 6

  

  

			
	GRANTOR:
	
	RAINMAKER SYSTEMS, INC
		
	By:	 	 /s/    MICHAEL SILTON

	 	 	 Authorized Signer for
 RAINMAKER SYSTEMS, INC.

  
 LASER PRO Lending, Ver.
5.25,00.005 Copr Harland Solutions, Inc. 1997, 2005. All Rights Reserved • CA Y:/CFI\LPL\E40.fC TR-1673 PR-62Amendment No. 1 to Limited Liability Company Agreement and Dissolution Agreement

 Exhibit 10.1 
  
 AMENDMENT NO. 1 TO LIMITED LIABILITY COMPANY AGREEMENT AND 
 DISSOLUTION AGREEMENT 
  
 THIS AMENDMENT NO. 1 TO LIMITED LIABILITY COMPANY AGREEMENT AND DISSOLUTION AGREEMENT (the “Agreement”) is made as of February 9, 2005 by and among Syniverse Holdings, Inc., a Delaware corporation
(the “Company”), Syniverse Holdings, LLC, a Delaware limited liability company (“Holdings LLC”), and certain of the members of Holdings LLC (the “Member Parties”). 
  
 WHEREAS, Holdings LLC and its members (the “Members”) are
parties to a Limited Liability Company Agreement dated as of February 14, 2002 (the “LLC Agreement”); 
  
 WHEREAS, (i) GTCR Fund VII, L.P., a Delaware limited partnership (“GTCR VII”), GTCR Fund VII/A, L.P., a Delaware limited partnership
(“GTCR VII/A”), GTCR Co-Invest, L.P., a Delaware limited partnership (“GTCR Co-Invest”), originally purchased Holdings LLC’s Class B Preferred Units (the “Preferred Units”) and its Common Units
(the “Common Units”, and together with the Preferred Units, the “Units”), pursuant to a Unit Purchase Agreement among GTCR VII, GTCR VII/A, GTCR Co-Invest and Holdings LLC dated as of February 14, 2002 (the
“Unit Purchase Agreement”); (ii) GTCR Capital Partners, L.P., a Delaware limited partnership (“GTCR Capital” and, together with GTCR VII, GTCR VII/A and GTCR Co-Invest, “GTCR”), acquired Common
Units and Preferred Units pursuant to an Inducement Agreement among Holdings LLC, GTCR Capital, GTCR VII, GTCR VII/A, GTCR Co-Invest and Snowlake Investment Pte Ltd (“Snowlake”) dated as of February 14, 2002 (the “Inducement
Agreement”); (iii) Snowlake originally purchased Common Units and Preferred Units pursuant to a Purchase Agreement between Holdings LLC and Snowlake dated as of February 14, 2002 (the “Snowlake Purchase Agreement”); (iv)
Project Networks Partners LLC, a Delaware limited liability company (“Project Networks”), purchased Common Units and Preferred Units pursuant to a Co-Invest Purchase Agreement between Holdings LLC and Project Networks dated as of
February 14, 2002 (the “Co-Invest Purchase Agreement”); (v) the former stockholders of Brience, Inc. acquired Common Units pursuant to an Exchange Agreement among Holdings LLC and certain of such stockholders dated as of July 23,
2003 (the “Exchange Agreement”) and a Contribution Agreement among Holdings LLC, GTCR VII, GTCR VII/A and GTCR Co-Invest dated as of July 23, 2003 (the “Contribution Agreement”); (vi) Christian Schiller, Arnis Kins
and John Kins purchased Common Units pursuant to a Purchase Agreement among Holdings LLC, Christian Schiller, Arnis Kins and John Kins (the “Schiller Purchase Agreement”) and (vii) certain executive employees of Holdings LLC or its
subsidiaries (each, an “Executive” and collectively, the “Executives”) purchased or acquired Common Units (and Preferred Units, in the case of G. Edward Evans) pursuant to senior management agreements with Holdings
LLC; 
  
 WHEREAS, the Company expects to offer its Common Stock,
par value $.001 per share (“Common Stock”), for sale to the public in an initial public offering pursuant to a Registration Statement on Form S-1 filed with the Securities and Exchange Commission (the “Initial Public
Offering”); 
  

 WHEREAS, in order to facilitate the Initial Public Offering, Holdings LLC, as the sole stockholder of the
Company, has approved a Second Amended and Restated Certificate of Incorporation of the Company which provides that (i) the Company’s existing Class A Common Stock, par value $.001 per share, and Class B Common Stock, par value $.001 per share
will be reclassified into Common Stock (the “Reclassification”); (ii) immediately following the Reclassification, each share of Common Stock shall be converted into 0.4024004801 shares of Common Stock (the “Reverse Stock
Split”) and (iii) all of Holdings LLC’s Class A Cumulative Redeemable Preferred Stock, par value $.01 per share, of the Company (the “Class A Preferred Stock”), will automatically convert into shares of Common Stock on
the date that is 40 days after the consummation of the Initial Public Offering (the “Conversion”) to the extent such shares are then outstanding; 
  
 WHEREAS, upon the closing of the Initial Public Offering or as soon as practicable thereafter, the Members intend to
dissolve Holdings LLC; 
  
 WHEREAS, Holdings LLC currently owns
240,479.70 shares of Class A Preferred Stock and 99,000,000 shares of Class A Common Stock, which it acquired pursuant to a Stock Purchase Agreement between Holdings LLC and the Company dated as of February 14, 2002 (the “Stock Purchase
Agreement”); and 
  
 WHEREAS, in connection with the
Initial Public Offering, each Member will receive shares of Class A Preferred Stock and/or Common Stock in the amounts set forth on Schedule 1 hereto; 
  
 NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties to this Agreement hereby agree as follows: 
  
 ARTICLE I 
 Amendments to LLC Agreement 
  
 1.01 Amendment to Article I (Certain Definitions). The
following new definitions are inserted as follows: 
  
 “‘Class A Preferred Stock’ means the Class A Cumulative Redeemable Preferred Stock, par value $.01 per share, of Syniverse Holdings, Inc.” 
  
 “‘Common Stock’ means the Common Stock, par value $.001 per share, of Syniverse Holdings, Inc.”

  
 “‘Initial Public Offering’ means the
sale in an underwritten public offering registered under the Securities Act of the common stock of Syniverse Holdings, Inc. prior to March 30, 2005.” 
  

 -2- 

 1.02 Amendment to Section 4.1 (Distributions). A new paragraph is hereby inserted at the
end of Section 4.1 of the LLC Agreement: 
  
 “Notwithstanding
the foregoing, the LLC shall, immediately prior to the pricing of the Initial Public Offering, first make a distribution of 240,479.70 shares of Class A Preferred Stock to the Unitholders in the order and priority set forth in Section
4.1(a)(i) through (v) above and immediately thereafter make a distribution of all of the issued and outstanding shares of Common Stock to the Unitholders in the order and priority set forth in Section 4.1(a)(i) through (v)
above. For the avoidance of doubt, the Unitholders acknowledge and agree that the distributions of such shares of Class A Preferred Stock and Common Stock in the amounts set forth on Schedule 1 hereto (the “Distribution”)
have been made in such order and priority as described in the immediately preceding sentence. No fractional shares of Common Stock shall be issued to the Members. In lieu of any fractional shares to which a Member would otherwise be entitled, the
Company shall pay cash equal to such fraction multiplied by the price per share of Common Stock in the Initial Public Offering. Subject to any applicable Senior Management Agreements, each Member shall be entitled to receive, upon the surrender
according to the procedures set forth on Schedule 2 hereto of all certificates issued to such Member theretofore representing Units, one or more certificates representing the Class A Preferred Stock and/or Common Stock (as applicable) to
which such Member is entitled hereunder.” 
  
 ARTICLE II

 The Liquidation of Holdings LLC and Related Matters 
  
 2.01 Dissolution of Holdings LLC and Distribution of its Assets. Not later than immediately prior to the closing of
the Initial Public Offering, Holdings LLC shall, pursuant to the terms and conditions of the LLC Agreement and the Delaware Limited Liability Company Act, dissolve and distribute its assets. 
  
 2.02 Agreements of Members. Each Member Party hereby agrees that
following the distribution of assets described in Section 2.01 above, such Member Party shall cease to have any rights as a member of Holdings LLC with respect to the assets of Holdings LLC, the Company or their respective affiliates or
subsidiaries. 
  
 2.03 Termination of Agreements. The
parties hereto agree the LLC Agreement, the Unit Purchase Agreement, the Snowlake Purchase Agreement, the Co-Invest Purchase Agreement, the Inducement Agreement, the Schiller Purchase Agreement, the Contribution Agreement and the Securityholders
Agreement, dated as of February 14, 2002, by and among Holdings LLC and its members shall all be terminated as of the closing of the Initial Public Offering and no party to any such agreement shall have any further rights or obligations under such
agreements. 
  
 2.04 Legend. The certificates
representing the Common Stock shall bear a legend in substantially the following form: 
  
 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ORIGINALLY ISSUED AS OF FEBRUARY     , 2005, HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”), AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR AN EXEMPTION FROM REGISTRATION THEREUNDER.” 
  

 -3- 

 ARTICLE III 
 Redemption of Class A Preferred Stock 
  
 3.01 Promptly following the closing of the Initial Public Offering and in any event no later than the 39th day following the closing of the Initial Public Offering, the Company shall use a portion of the proceeds from the Initial Public Offering to redeem a portion of the outstanding shares of Class A Preferred Stock in such
amounts as described in the Company’s Registration Statement on Form S-1 (Registration Number 333-120444) filed with the Securities and Exchange Commission, as amended. 
  
 ARTICLE IV 
 Conditions Precedent 
  
 4.01 The following are
conditions precedent to, and shall be completed no later than concurrently with, the dissolution and distributions contemplated by this Agreement: 
  
 (a) The Amended and Restated Certificate of Incorporation of the Company shall be amended and shall be in substantially the form of
Exhibit A hereto. 
  
 (b) The Company,
Holdings LLC and GTCR shall have entered into Amendment No. 1 to the Stock Purchase Agreement in form and substance substantially similar to Exhibit B hereto, and such agreement shall be in full force and effect as of the date hereof.

  
 (c) G. Edward Evans, Raymond L. Lawless,
Michael O’Brien, Paul A. Wilcock, Wayne Nelson, Gilbert Mosher, Robert Garcia, Jr., Charles A. Drexler, Linda Hermansen, Eugene Bergen Henegouwen, Paul Corrao, and F. Terry Kremian shall each have entered into an amended and restated senior
management agreement with the Company, in form and substance satisfactory to the Company, and each such agreement shall be in full force and effect as of the date hereof. 
  
 ARTICLE V 
 Representations 
  
 5.01 In connection with the
acquisition and issuance of the Class A Preferred Stock and/or Common Stock, each Member Party represents and warrants to the Company that: 
  
 (a) The Common Stock to be acquired by such Member Party pursuant to this Agreement will (to the extent not sold in the Initial Public
Offering) be acquired for such Member Party’s own account and not with a view to, or intention of, distribution thereof in violation of the Securities Act of 1933, as amended (the “Securities Act”), or any applicable state
securities laws, and the Common Stock will not be disposed of in contravention of the Securities Act or any applicable state securities laws. 
  
 (b) Such Member Party has had an opportunity to ask questions and receive answers concerning the terms and conditions of the distribution
of the Class A Preferred Stock and Common Stock and has had full access to such other information concerning the Company as he has requested. 
  

 -4- 

 (c) This Agreement constitutes the legal, valid and binding obligation of such Member
Party, enforceable in accordance with its terms, and the execution, delivery and performance of this Agreement by such Member Party does not and will not conflict with, violate or cause a breach of any agreement, contract or instrument to which such
Member Party is a party or any judgment, order or decree to which such Member Party is subject.  
  
 ARTICLE VI 
 Miscellaneous 
  
 6.01 Amendment and Modification. Prior to the dissolution of Holdings
LLC, the provisions of this Agreement may be modified, amended or waived only as provided in Section 15.2 of the LLC Agreement. 
  
 6.02 Counterparts. This Agreement may be executed in two or more counterparts, any one of which need not contain the signatures of more than one
party, but all such counterparts taken together shall constitute one and the same Agreement. 
  
 6.03 Governing Law. The corporate law of the State of Delaware shall govern all issues and questions concerning the relative rights of the Company and its stockholders and of Holdings LLC and its Members. All
other issues and questions concerning the construction, validity, interpretation, and enforcement of this Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to any choice of law
or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware. 
  
 *    *    *    *    * 
  

 -5- 

  
 IN WITNESS WHEREOF, the
parties have executed this Amendment No. 1 to Limited Liability Company Agreement and Dissolution Agreement as of the date first written above. 
  

			
	SYNIVERSE HOLDINGS, LLC
		
	By:	 	/s/    RAYMOND L.
LAWLESS        
	Name:	 	Raymond L. Lawless
	Its:	 	Chief Financial Officer
	
	SYNIVERSE HOLDINGS, INC.
		
	By:	 	/s/    RAYMOND L.
LAWLESS        
	Name:	 	Raymond L. Lawless
	Its:	 	Chief Financial Officer
	
	 GTCR FUND VII, L.P.

		
	By:	 	 GTCR Partners VII, L.P.

	Its:	 	 General Partner

		
	By:	 	 GTCR Golder Rauner, L.L.C.

	Its:	 	 General Partner

		
	By:	 	/s/    PHILIP A.
CANFIELD        
	Name:	 	Philip A. Canfield
	Its:	 	Principal
	
	 GTCR FUND VII/A, L.P.

		
	By:	 	 GTCR Partners VII, L.P.

	Its:	 	 General Partner

		
	By:	 	 GTCR Golder Rauner, L.L.C.

	Its:	 	 General Partner

		
	By:	 	/s/    PHILIP A.
CANFIELD        
	Name:	 	Philip A. Canfield
	Its:	 	Principal

  

 [Signature Page to Amendment No. 1 to LLC Agreement and Dissolution Agreement] 
  
 -6- 

  

			
	 GTCR CO-INVEST, L.P.

		
	By:	 	 GTCR Golder Rauner, L.L.C.

	Its:	 	 General Partner

		
	By:	 	/s/    PHILIP A.
CANFIELD        
	Name:	 	Philip A. Canfield
	Its:	 	Principal
	
	 GTCR CAPITAL PARTNERS, L.P.

		
	By:	 	 GTCR Mezzanine Partners, L.P.

	Its:	 	 General Partner

		
	By:	 	 GTCR Partners VI, L.P.

	Its:	 	 General Partner

		
	By:	 	 GTCR Golder Rauner, L.L.C.

	Its:	 	 General Partner

		
	By:	 	/s/    PHILIP A.
CANFIELD        
	Name:	 	Philip A. Canfield
	Its:	 	Principal

  

 [Signature Page to Amendment No. 1 to LLC Agreement and Dissolution Agreement] 
  
 -7- 

  

			
	 SNOWLAKE INVESTMENT PTE LTD

		
	By:	 	/s/    LIM-HOCK
TAY        
	 Name:
	 	Lim-Hock Tay
	 Its:
	 	Authorized signatory

  

 [Signature Page to Amendment No. 1 to LLC Agreement and Dissolution Agreement] 
  
 -8- 

  

			
	 PROJECT NETWORK PARTNERS LLC

		
	By:	 	/S/    JEFFREY M. SEAMAN
	 Name:
	 	Jeffrey M. Seaman
	 Its:
	 	President

  

 [Signature Page to Amendment No. 1 to LLC Agreement and Dissolution Agreement] 
  
 -9- 

  

	
	
	/S/    G. EDWARD
EVANS        
	G. Edward Evans
	
	/S/    RAYMOND L.
LAWLESS        
	Raymond L. Lawless
	
	/S/    F. TERRY
KREMIAN        
	F. Terry Kremian
	
	/S/    PAUL A.
WILCOCK        
	Paul A. Wilcock
	
	/S/    MICHAEL J.
O’BRIEN        
	Michael J. O’Brien
	
	/S/    WAYNE G.
NELSON        
	Wayne G. Nelson
	
	/S/    GILBERT L.
MOSHER        
	Gilbert L. Mosher
	
	/S/    ROBERT F. GARCIA,
JR.        
	Robert F. Garcia, Jr.
	
	/S/    CHARLES A.
DREXLER        
	Charles A. Drexler
	
	/S/    LINDA
HERMANSEN        
	Linda Hermansen
	
	/S/    EUGENE BERGEN HENEGOUWEN
	Eugene Bergen Henegouwen
	
	/S/    PAUL
CORRAO        
	Paul Corrao

  

 [Signature Page to Amendment No. 1 to LLC Agreement and Dissolution Agreement] 
  
 -10- 

  

	
	
	/S/    CHRISTIAN
SCHILLER        
	Christian Schiller
	
	/S/    ARNIS
KINS        
	Arnis Kins
	
	/S/    JOHN
KINS        
	John Kins

  

 [Signature Page to Amendment No. 1 to LLC Agreement and Dissolution Agreement] 
  
 -11-

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