Document:

Second Amended and Restated Loan and Security Agreement

 Exhibit 10.12 

 
  
 VOCERA COMMUNICATIONS, INC. 
 SECOND AMENDED AND RESTATED LOAN AND
SECURITY AGREEMENT 
  
  

 This SECOND AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT is entered into as of
January 30, 2009, by and between COMERICA BANK (“Bank”) and VOCERA COMMUNICATIONS, INC. (“Borrower”). 

RECITALS 

Bank and Borrower are parties to that certain Amended and Restated Loan and Security Agreement, dated as of September 22, 2006, as
amended from time to time (the “Original Agreement” ). Borrower and Bank wish to amend and restate the terms of the Original Agreement. This Agreement sets forth the terms on which Bank will advance credit to Borrower, and Borrower will
repay the amounts owing to Bank. 
 AGREEMENT 
 The parties agree as follows: 
 1. DEFINITIONS AND CONSTRUCTION.

 1.1 Definitions. As used in this Agreement, the following terms shall have the following definitions:

 “Accounts” means all presently existing and hereafter arising accounts, contract rights, payment
intangibles, and all other forms of obligations owing to Borrower arising out of the sale or lease of goods (including, without limitation, the licensing of software and other technology) or the rendering of services by Borrower, whether or not
earned by performance, and any and all credit insurance, guaranties, and other security therefor, as well as all merchandise returned to or reclaimed by Borrower and Borrower’s Books relating to any of the foregoing. 

“ACH Sublimit” means a sublimit for Automated Clearing House transactions under the Revolving Line not to exceed
One Hundred Thousand Dollars ($100,000). 
 “Advance” or “Advances” means a cash advance or
cash advances under the Revolving Line. 
 “Affiliate” means, with respect to any Person, any Person
that owns or controls directly or indirectly such Person, any Person that controls or is controlled by or is under common control with such Person, and each of such Person’s senior executive officers, directors, and partners. 

“Bank Expenses” means all: reasonable costs or expenses (including reasonable attorneys’ fees and expenses,
whether generated in-house or by outside counsel) incurred in connection with the preparation, negotiation, administration, and enforcement of the Loan Documents; reasonable Collateral audit fees; and Bank’s reasonable attorneys’ fees and
expenses (whether generated in-house or by outside counsel) incurred in amending, enforcing or defending the Loan Documents (including fees and expenses of appeal), incurred before, during and after an Insolvency Proceeding, whether or not suit is
brought. 

 “Borrower State” means Delaware, the state under whose laws
Borrower is organized. 
 “Borrower’s Books” means all of Borrower’s books and records
including: ledgers; records concerning Borrower’s assets or liabilities, the Collateral, business operations or financial condition; and all computer programs, or tape files, and the equipment, containing such information. 

“Borrowing Base” means an amount equal to eighty percent (80%) of Eligible Accounts, as determined by Bank
with reference to the most recent Borrowing Base Certificate delivered by Borrower; provided however that Bank may change the advance rate based on the results of audits of the Accounts by giving Borrower thirty (30) days prior written notice.

 “Business Day” means any day that is not a Saturday, Sunday, or other day on which banks in the
State of California are authorized or required to close. 
 “Cash” means unrestricted cash and cash
equivalents. 
 “Change in Control” shall mean a transaction in which any “person” or
“group” (within the meaning of Section 13(d) and 14(d)(2) of the Securities Exchange Act of 1934) becomes the “beneficial owner” (as defined in Rule 13d-3 under the Securities Exchange Act of 1934), directly or indirectly,
of a sufficient number of shares of all classes of stock then outstanding of Borrower ordinarily entitled to vote in the election of directors, empowering such “person” or “group” to elect a majority of the Board of Directors of
Borrower, who did not have such power before such transaction. 
 “Chief Executive Office State” means
California, where Borrower’s chief executive office is located. 
 “Closing Date” means the date
of this Agreement. 
 “Code” means the California Uniform Commercial Code, as amended or supplemented
from time to time. 
 “Collateral” means the property described on Exhibit A attached hereto and all
Negotiable Collateral to the extent not described on Exhibit A, except to the extent any such property (i) is nonassignable by its terms without the consent of the licensor thereof or another party (but only to the extent such prohibition on
transfer is enforceable under applicable law, including, without limitation, Sections 9406 and 9408 of the Code), or (ii) the granting of a security interest therein is contrary to applicable law, provided that upon the cessation of any such
restriction or prohibition, such property shall automatically become part of the Collateral; provided that in no case shall the definition of “Collateral” exclude any Accounts, proceeds of the disposition of any property, or general
intangibles consisting of rights to payment. 
 “Collateral State” means the state where the Collateral
is located, which is California. 

  
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 “Contingent Obligation” means, as applied to any Person, any
direct or indirect liability, contingent or otherwise, of that Person with respect to (i) any indebtedness, lease, dividend, letter of credit or other obligation of another, including, without limitation, any such obligation directly or
indirectly guaranteed, endorsed, co-made or discounted or sold with recourse by that Person, or in respect of which that Person is otherwise directly or indirectly liable; (ii) any obligations with respect to undrawn letters of credit,
corporate credit cards, or merchant services issued for the account of that Person; and (iii) all obligations arising under any interest rate, currency or commodity swap agreement, interest rate cap agreement, interest rate collar agreement, or
other agreement or arrangement designated to protect a Person against fluctuation in interest rates, currency exchange rates or commodity prices; provided, however, that the term “Contingent Obligation” shall not include endorsements for
collection or deposit in the ordinary course of business. The amount of any Contingent Obligation shall be deemed to be an amount equal to the stated or determined amount of the primary obligation in respect of which such Contingent Obligation is
made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by such Person in good faith; provided, however, that such amount shall not in any event exceed the maximum amount of the
obligations under the guarantee or other support arrangement. 
 “Credit Extension” means each Advance,
Equipment Advance, Existing Equipment Advance, Term Advance or any other extension of credit by Bank to or for the benefit of Borrower hereunder. 
 “Current Liabilities” means, as of any applicable date, all amounts that should, in accordance with GAAP, be included as current liabilities on the consolidated balance sheet of Borrower and its
Subsidiaries, as at such date, plus, to the extent not already included therein, undrawn Letters of Credit and Borrower’s maximum potential obligations under the ACH Sublimit, if any, but specifically excluding any cash- secured Obligations.

 “Deferred Revenue” means all amounts received in advance of performance under contracts and not yet
recognized as revenue. 
 “Eligible Accounts” means those Accounts that arise in the ordinary course of
Borrower’s business that comply with all of Borrower’s representations and warranties to Bank set forth in Section 5.3; provided, that Bank may change the standards of eligibility in Bank’s reasonable business discretion by
giving Borrower thirty (30) days prior written notice. Unless otherwise agreed to by Bank, Eligible Accounts shall not include the following: 
 (a) Accounts that the account debtor has failed to pay in full within ninety (90) days of invoice date; 
 (b) Credit balances over ninety (90) days; 
 (c) Accounts with
respect to an account debtor, twenty-five percent (25%) of whose Accounts the account debtor has failed to pay within ninety (90) days of invoice date; 

(d) Accounts with respect to an account debtor, including Subsidiaries and Affiliates, whose total obligations to Borrower
exceed twenty five percent (25%) of all 

  
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Accounts, to the extent such obligations exceed the aforementioned percentage, except as approved in writing by Bank; 

(e) Accounts with respect to which the account debtor does not have its principal place of business in the United States,
except for Eligible Foreign Accounts; 
 (f) Accounts with respect to which the account debtor is the United
States or any department, agency, or instrumentality of the United States, except for Accounts of the United States if the payee has assigned its payment rights to Bank and the assignment has been acknowledged under the Assignment of Claims Act of
1940 (31 U.S.C. 3727); 
 (g) Accounts with respect to which Borrower is liable to the account debtor for goods
sold or services rendered by the account debtor to Borrower, but only to the extent of any amounts owing to the account debtor against amounts owed to Borrower; 
 (h) Accounts with respect to which goods are placed on consignment, guaranteed sale, sale or return, sale on approval, bill and hold, demo or promotional, or other terms by reason of which the payment by
the account debtor may be conditional; 
 (i) Accounts with respect to which the account debtor is an officer,
employee, agent or Affiliate of Borrower; 
 (j) Accounts that have not yet been billed to the account debtor or
that relate to deposits (such as good faith deposits) or other property of the account debtor held by Borrower for the performance of services or delivery of goods which Borrower has not yet performed or delivered; 

(k) Prebilled “Support or Services” Accounts to the extent all such Accounts exceed Five Hundred Thousand
Dollars ($500,000); 
 (l) Accounts with respect to which the account debtor disputes liability or makes any
claim with respect thereto as to which Bank believes, in its sole discretion, that there may be a basis for dispute (but only to the extent of the amount subject to such dispute or claim), or is subject to any Insolvency Proceeding, or becomes
insolvent, or goes out of business; 
 (m) Accounts the collection of which Bank reasonably determines after
inquiry and consultation with Borrower to be doubtful; and 
 (n) Retentions and hold-backs. 

“Eligible Foreign Accounts” means Accounts with respect to which the account debtor does not have its principal
place of business in the United States and that are (i) supported by one or more letters of credit in an amount and of a tenor, and issued by a financial institution, acceptable to Bank, (ii) insured by the Export Import Bank of the United
States, (iii) generated by an account debtor with its principal place of business in Canada, provided that the Bank has perfected its security interest in the appropriate Canadian province, or (iv) approved by Bank on a case-by-case basis.
All Eligible Foreign Accounts must be calculated in U.S. Dollars. 

  
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 “Environmental Laws” means all laws, rules, regulations, orders
and the like issued by any federal state, local foreign or other governmental or quasi-governmental authority or any agency pertaining to the environment or to any hazardous materials or wastes, toxic substances, flammable, explosive or radioactive
materials, asbestos or other similar materials. 
 “Equipment” means all present and future machinery,
equipment, tenant improvements, furniture, fixtures, vehicles, tools, parts and attachments in which Borrower has any interest. 
 “Equipment Advance(s)” means a cash advance or cash advances under the Equipment Line. 
 “Equipment Availability End Date” means September 28, 2009. 
 “Equipment Line” means a Credit Extension of up to Seven Hundred Fifty Thousand Dollars ($750,000). 
 “Equipment Maturity Date” means March 28, 2011. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and the regulations thereunder.

 “Event of Default” has the meaning assigned in Article 8. 

“Existing Equipment Advances” means certain Credit Extensions made by Bank to Borrower pursuant the Original
Agreement which are currently amortizing. 
 “GAAP” means generally accepted accounting principles,
consistently applied, as in effect from time to time. 
 “Indebtedness” means (a) all indebtedness
for borrowed money or the deferred purchase price of property or services, including without limitation reimbursement and other obligations with respect to surety bonds and letters of credit, (b) all obligations evidenced by notes, bonds,
debentures or similar instruments, (c) all capital lease obligations, (d) all Contingent Obligations, and (e) all obligations arising under the ACH Sublimit. 

“Insolvency Proceeding” means any proceeding commenced by or against any Person or entity under any provision of
the United States Bankruptcy Code, as amended, or under any other bankruptcy or insolvency law, including assignments for the benefit of creditors, formal or informal moratoria, compositions, extension generally with its creditors, or proceedings
seeking reorganization, arrangement, or other relief. 
 “Inventory” means all present and future
inventory in which Borrower has any interest. 

  
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 “Investment” means any beneficial ownership of (including stock,
partnership or limited liability company interest other securities) any Person, or any loan, advance or capital contribution to any Person. 
 “IRC” means the Internal Revenue Code of 1986, as amended, and the regulations thereunder. 
 “Letter of Credit” means a commercial or standby letter of credit or similar undertaking issued by Bank at Borrower’s request. 

“Lien” means any mortgage, lien, deed of trust, charge, pledge, security interest or other encumbrance.

 “Loan Documents” means, collectively, this Agreement, any note or notes executed by Borrower, and
any other document, instrument or agreement entered into in connection with this Agreement, all as amended or extended from time to time. 
 “Material Adverse Effect” means a material adverse effect on (i) the business operations, condition (financial or otherwise) or prospects of Borrower and its Subsidiaries taken as a whole,
(ii) the ability of Borrower to repay the Obligations or otherwise perform its obligations under the Loan Documents, or (iii) Borrower’s interest in, or the value, perfection or priority of Bank’s security interest in the
Collateral. 
 “Negotiable Collateral” means all of Borrower’s present and future letters of
credit of which it is a beneficiary, drafts, instruments (including promissory notes), securities, documents of title, and chattel paper, and Borrower’s Books relating to any of the foregoing. 

“Obligations” means all debt, principal, interest, Bank Expenses and other amounts owed to Bank by Borrower
pursuant to this Agreement or any other agreement, whether absolute or contingent, due or to become due, now existing or hereafter arising, including any interest that accrues after the commencement of an Insolvency Proceeding and including any
debt, liability, or obligation owing from Borrower to others that Bank may have obtained by assignment or otherwise. 
 “Periodic Payments” means all installments or similar recurring payments that Borrower may now or hereafter become obligated to pay to Bank pursuant to the terms and provisions of any
instrument, or agreement now or hereafter in existence between Borrower and Bank. 
 “Permitted
Indebtedness” means: 
 (a) Indebtedness of Borrower in favor of Bank arising under this Agreement or any
other Loan Document; 
 (b) Indebtedness existing on the Closing Date and disclosed in the Schedule; 

  
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 (c) Indebtedness not to exceed Two Hundred Fifty Thousand Dollars ($250,000)
in the aggregate in any fiscal year of Borrower secured by a lien described in clause (c) of the defined term “Permitted Liens;” provided such Indebtedness does not exceed the lesser of the cost or fair market value of the equipment
financed with such Indebtedness; 
 (d) Subordinated Debt; 

(e) Indebtedness to trade creditors incurred in the ordinary course of business; and 

(f) Extensions, refinancings and renewals of any items of Permitted Indebtedness, provided that the principal amount is
not increased or the terms modified to impose more burdensome terms upon Borrower or its Subsidiary, as the case may be. 
 “Permitted Investment” means: 
 (a) Investments existing
on the Closing Date disclosed in the Schedule; and 
 (b) (i) Marketable direct obligations issued or
unconditionally guaranteed by the United States of America or any agency or any State thereof maturing within one (1) year from the date of acquisition thereof, (ii) commercial paper maturing no more than one (1) year from the date of
creation thereof and currently having rating of at least A-2 or P-2 from either Standard & Poor’s Corporation or Moody’s Investors Service, (iii) Bank’s certificates of deposit maturing no more than one year from the
date of investment therein, and (iv) Bank’s money market accounts; 
 (c) Repurchases of stock from
former employees, directors, consultants or contractors of Borrower under the terms of applicable repurchase agreements (i) in an aggregate amount not to exceed Two Hundred Fifty Thousand Dollars ($250,000) in any fiscal year, provided that no
Event of Default has occurred, is continuing or would exist after giving effect to the repurchases, or (ii) in any amount where the consideration for the repurchase is the cancellation of indebtedness owed by such former employees to Borrower
regardless of whether an Event of Default exists; 
 (d) Investments accepted in connection with Permitted
Transfers; 
 (e) Investments of Subsidiaries in or to other Subsidiaries or Borrower and Investments by Borrower
in Subsidiaries not to exceed Two Hundred Fifty Thousand Dollars ($250,000) in the aggregate in any fiscal year; 

(f) Investments not to exceed Two Hundred Fifty Thousand Dollars ($250,000) in the aggregate in any fiscal year consisting
of (i) travel advances and employee relocation loans and other employee loans and advances in the ordinary course of business, and (ii) loans to employees, officers or directors relating to the purchase of equity securities of Borrower or
its Subsidiaries pursuant to employee stock purchase plan agreements approved by Borrower’s Board of Directors; 

  
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 (g) Investments (including debt obligations) received in connection with the
bankruptcy or reorganization of customers or suppliers and in settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of Borrower’s business; 

(h) Investments consisting of notes receivable of, or prepaid royalties and other credit extensions, to customers and
suppliers who are not Affiliates, in the ordinary course of business, provided that this subparagraph (h) shall not apply to Investments of Borrower in any Subsidiary; and 

(i) Joint ventures or strategic alliances in the ordinary course of Borrower’s business consisting of the
non-exclusive licensing of technology, the development of technology or the providing of technical support, provided that any cash Investments by Borrower do not exceed Two Hundred Fifty Thousand Dollars ($250,000) in the aggregate in any fiscal
year. 
 “Permitted Liens” means the following: 

(a) Any Liens existing on the Closing Date and disclosed in the Schedule (excluding Liens to be satisfied with the
proceeds of the Advances) or arising under this Agreement or the other Loan Documents; 
 (b) Liens for taxes,
fees, assessments or other governmental charges or levies, either not delinquent or being contested in good faith by appropriate proceedings and for which Borrower maintains adequate reserves, provided the same have no priority over any of
Bank’s security interests; 
 (c) Liens not to exceed Two Hundred Fifty Thousand Dollars ($250,000) in the
aggregate (i) upon or in any Equipment (other than Equipment financed by an Equipment Advance) acquired or held by Borrower or any of its Subsidiaries to secure the purchase price of such Equipment or indebtedness incurred solely for the
purpose of financing the acquisition or lease of such Equipment, or (ii) existing on such Equipment at the time of its acquisition, provided that the Lien is confined solely to the property so acquired and improvements thereon, and the proceeds
of such Equipment; 
 (d) Liens incurred in connection with the extension, renewal or refinancing of the
indebtedness secured by Liens of the type described in clauses (a) through (c) above, provided that any extension, renewal or replacement Lien shall be limited to the property encumbered by the existing Lien and the principal amount of the
indebtedness being extended, renewed or refinanced does not increase; 
 (e) Liens arising from judgments,
decrees or attachments in circumstances not constituting an Event of Default under Sections 8.5 or 8.9. 

“Permitted Transfer” means the conveyance, sale, lease, transfer or disposition by Borrower or any Subsidiary
of: 
 (a) Inventory in the ordinary course of business; 

  
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 (b) licenses and similar arrangements for the use of the property of
Borrower or its Subsidiaries in the ordinary course of business; 
 (c) worn-out or obsolete Equipment not
financed with the proceeds of Equipment Advances or Existing Equipment Advances; or 
 (d) other assets of
Borrower or its Subsidiaries that do not in the aggregate exceed Two Hundred Fifty Thousand Dollars ($250,000) during any fiscal year. 
 “Person” means any individual, sole proprietorship, partnership, limited liability company, joint venture, trust, unincorporated organization, association, corporation, institution, public
benefit corporation, firm, joint stock company, estate, entity or governmental agency. 
 “Prime Rate”
means the variable rate of interest, per annum, most recently announced by Bank, as its “prime rate,” whether or not such announced rate is the lowest rate available from Bank. 

“Responsible Officer” means each of the Chief Executive Officer, the Chief Operating Officer, the Chief
Financial Officer and the Controller of Borrower. 
 “Revolving Line” means a Credit Extension of up to
Five Million Dollars ($5,000,000) (inclusive of any amounts outstanding under the ACH Sublimit) 

“Revolving Maturity Date” means the date three hundred sixty four (364) days after the Closing Date.

 “Schedule” means the schedule of exceptions attached hereto and approved by Bank, if any.

 “SOS Reports” means the official reports from the Secretaries of State of each Collateral State,
Chief Executive Office State and the Borrower State and other applicable federal, state or local government offices identifying all current security interests filed in the Collateral and Liens of record as of the date of such report. 

“Subordinated Debt” means any debt incurred by Borrower that is subordinated in writing to the debt owing by
Borrower to Bank on terms reasonably acceptable to Bank (and identified as being such by Borrower and Bank). 

“Subsidiary” means any corporation, partnership or limited liability company or joint venture in which
(i) any general partnership interest or (ii) more than fifty percent (50%) of the stock, limited liability company interest or joint venture of which by the terms thereof has the ordinary voting power to elect the Board of Directors,
managers or trustees of the entity, at the time as of which any determination is being made, is owned by Borrower, either directly or through an Affiliate. 
 “Term Advance(s)” means a cash advance or cash advances under the Term Line. 
 “Term Availability End Date” means October 30, 2009. 

  
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 “Term Line” means a Credit Extension of up to Two Million Dollars
($2,000,000). 
 “Term Line Maturity Date” means January 30, 2012. 

1.2 Accounting Terms. Any accounting term not specifically defined herein shall be construed in accordance with
GAAP and all calculations shall be made in accordance with GAAP. The term “financial statements” shall include the accompanying notes and schedules. 
 2. LOAN AND TERMS OF PAYMENT. 
 2.1 Credit
Extensions. 
 (a) Promise to Pay. Borrower promises to pay to Bank, in lawful money of the United
States of America, the aggregate unpaid principal amount of all Credit Extensions made by Bank to Borrower, together with interest on the unpaid principal amount of such Credit Extensions at rates in accordance with the terms hereof. 

(b) Advances Under Revolving Line. 

(i) Amount. Subject to and upon the terms and conditions of this Agreement (1) Borrower may request Advances
in an aggregate outstanding amount not to exceed the lesser of (A) the Revolving Line or (B) the Borrowing Base, less any amounts outstanding under the ACH Sublimit, and (2) amounts borrowed pursuant to this Section 2.1(b) may be
repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(b) shall be immediately due and payable. Borrower may prepay any Advances without penalty or premium. 

(ii) Form of Request. Whenever Borrower desires an Advance, Borrower will notify Bank by facsimile transmission or
telephone no later than 3:00 p m. Pacific time (1:00 p.m. Pacific time for wire transfers), on the Business Day that the Advance is to be made. Each such notification shall be promptly confirmed by a Payment/Advance Form in substantially the form of
Exhibit B hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s discretion such Advances are
necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrower shall
indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section 2.1(b) to Borrower’s deposit account. 

(iii) ACH Sublimit. Subject to the terms and conditions of this Agreement, Borrower may request ACH origination
services by delivering to Bank a duly executed ACH application on Bank’s standard form; provided, however, that the total amount of the ACH processing reserves shall not exceed, and availability under the Revolving Line shall be reduced by, the
ACH Sublimit. In addition, Bank may, in its sole discretion, charge as Advances any amounts that become due or owing to Bank in connection with the ACH services. If Borrower has not secured to Bank’s satisfaction its obligations with respect to
any ACH origination services by the Revolving Maturity Date, then, effective as of such date, the balance 

  
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in any deposit accounts held by Bank and the certificates of deposit issued by Bank in Borrower’s name (and any interest paid thereon or proceeds thereof, including any amounts payable upon
the maturity or liquidation of such certificates), shall automatically secure such obligations to the extent of the then outstanding ACH origination services. Borrower authorizes Bank to hold such balances in pledge and to decline to honor any
drafts thereon or any requests by Borrower or any other Person to pay or otherwise transfer any part of such balances for so long as the ACH origination services continue. 

(iv) Collateralization of Obligations Extending Beyond Maturity. If Borrower has not secured to Bank’s
satisfaction its obligations with respect to any ACH origination services by the Revolving Maturity Date, then, effective as of such date, the balance in any deposit accounts held by Bank and the certificates of deposit or time deposit accounts
issued by Bank in Borrower’s name (and any interest paid thereon or proceeds thereof, including any amounts payable upon the maturity or liquidation of such certificates or accounts), shall automatically secure such obligations to the extent of
the then continuing or outstanding ACH origination services. Borrower authorizes Bank to hold such balances in pledge and to decline to honor any drafts thereon or any requests by Borrower or any other Person to pay or otherwise transfer any part of
such balances for so long as the ACH origination services are outstanding or continue. 
 (c) Equipment
Advances. 
 (i) Subject to and upon the terms and conditions of this Agreement, Bank agrees to make
Equipment Advances to Borrower. Borrower may request Equipment Advances at any time from the Closing Date through the Equipment Availability End Date. The aggregate outstanding amount of Equipment Advances shall not exceed the Equipment Line. Each
Equipment Advance shall not exceed one hundred percent (100%) of the invoice amount of equipment and software approved by Bank from time to time (which Borrower shall, in any case, have purchased within one hundred twenty (120) days of the
date of the corresponding Equipment Advance), excluding taxes, shipping, warranty charges, freight discounts and installation expense (“Soft Costs”). Equipment Advances for Soft Costs shall not exceed ten percent (10%) of all
Equipment Advances made hereunder. 
 (ii) Interest shall accrue from the date of each Equipment Advance at the
rate specified in Section 2.3(a), and shall be payable in accordance with Section 2.3(c). Any Equipment Advances that are outstanding on the Equipment Availability End Date shall be payable in eighteen (18) equal monthly installments
of principal, plus all accrued interest, beginning on October 28, 2009 and continuing on the same day of each month thereafter through the Equipment Maturity Date, at which time all amounts due in connection with Equipment Advances made under
this Section 2.1(c) shall be immediately due and payable. Equipment Advances, once repaid, may not be reborrowed. Borrower may prepay any Equipment Advances without penalty or premium. 

(iii) When Borrower desires to obtain an Equipment Advance, Borrower shall notify Bank (which notice shall be
irrevocable) by facsimile transmission to be received no later than 3:00 p m. Pacific time three (3) Business Days before the day on which the Equipment Advance is to be made. Such notice shall be substantially in the form of Exhibit

  
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B. The notice shall be signed by a Responsible Officer or its designee and include a copy of the invoice for any Equipment to be financed. 

(d) Term Advances. 
 (i) Subject to and upon the terms and conditions of this Agreement, Bank agrees to make Term Advances to Borrower. Borrower may request Term Advances at any time from the Closing Date through the Term
Availability End Date. The aggregate outstanding amount of Term Advances shall not exceed the Term Line. 
 (ii)
Interest shall accrue from the date of each Term Advance at the rate specified in Section 2.3(a), and shall be payable in accordance with Section 2.3(c). Any Term Advances that are outstanding on the Term Availability End Date shall be
payable in twenty seven (27) equal monthly installments of principal, plus all accrued interest, beginning on October 30, 2009 and continuing on the same day of each month thereafter through the Term Maturity Date, at which time all
amounts due in connection with Term Advances made under this Section 2.1(d) shall be immediately due and payable. Term Advances, once repaid, may not be reborrowed. Borrower may prepay any Term Advances without penalty or premium. 

(iii) When Borrower desires to obtain a Term Advance, Borrower shall notify Bank (which notice shall be irrevocable) by
facsimile transmission to be received no later than 3:00 p m. Pacific time three (3) Business Days before the day on which the Term Advance is to be made. Such notice shall be substantially in the form of Exhibit B. The notice shall be signed
by a Responsible Officer or its designee. 
 (e) Existing Equipment Advances. The Existing Equipment
Advances shall continue to amortize and be repaid in accordance with the terms of the Original Agreement. 
 2.2
Overadvances. If the aggregate amount of the outstanding Advances exceeds the lesser of the Revolving Line or the Borrowing Base at any time, Borrower shall immediately pay to Bank, in cash, the amount of such excess. 

2.3 Interest Rates, Payments, and Calculations. 

(a) Interest Rates for Credit Extensions. Except as set forth in Section 2.3(b), the Credit Extensions shall
bear interest, on the outstanding daily balance thereof, as set forth in the Daily Adjusting LIBOR Addendum to Second Amended and Restated Loan & Security Agreement attached as Exhibit E. 

(b) Late Fee; Default Rate. If any payment is not made within ten (10) days after the date such payment is
due, Borrower shall pay Bank a late fee equal to the lesser of (i) five percent (5%) of the amount of such unpaid amount or (ii) the maximum amount permitted to be charged under applicable law. All Obligations shall bear interest,
from and after the occurrence and during the continuance of an Event of Default, at a rate equal to five (5) percentage points above the interest rate applicable immediately prior to the occurrence of the Event of Default. 

  
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 (c) Payments. Interest hereunder shall be due and payable on the
first Business Day of each month during the term hereof. Bank shall, at its option, charge such interest, all Bank Expenses, and all Periodic Payments against any of Borrower’s deposit accounts or against the Revolving Line, in which case those
amounts shall thereafter accrue interest at the rate then applicable hereunder. Any interest not paid when due shall be compounded by becoming a part of the Obligations, and such interest shall thereafter accrue interest at the rate then applicable
hereunder. 
 (d) Computation. In the event the Prime Rate is changed from time to time hereafter, the
applicable rate of interest hereunder shall be increased or decreased, effective as of the day the Prime Rate is changed, by an amount equal to such change in the Prime Rate. All interest chargeable under the Loan Documents shall be computed on the
basis of a three hundred sixty (360) day year for the actual number of days elapsed. 
 2.4 Crediting
Payments. Prior to the occurrence of an Event of Default, Bank shall credit a wire transfer of funds, check or other item of payment to such deposit account or Obligation as Borrower specifies except that to the extent Borrower uses the Advances
to purchase Collateral, Borrower’s repayment of the Advances shall apply on a “first-in-first-out” basis so that the portion of the Advances used to purchase a particular item of Collateral shall be paid in the chronological order the
Borrower purchased the Collateral. After the occurrence of an Event of Default, Bank shall have the right, in its sole discretion, to immediately apply any wire transfer of funds, check, or other item of payment to conditionally reduce Obligations,
but such applications of funds shall not be considered a payment on account unless such payment is of immediately available federal funds or unless and until such check or other item of payment is honored when presented for payment. Notwithstanding
anything to the contrary contained herein, any wire transfer or payment received by Bank after 12:00 noon Pacific time shall be deemed to have been received by Bank as of the opening of business on the immediately following Business Day. Whenever
any payment to Bank under the Loan Documents would otherwise be due (except by reason of acceleration) on a date that is not a Business Day, such payment shall instead be due on the next Business Day, and additional fees or interest, as the case may
be, shall accrue and be payable for the period of such extension. 
 2.5 Fees. Borrower shall pay to Bank
the following: 
 (a) Facility Fee. On the Closing Date, a fee equal to Thirty Thousand Dollars ($30,000),
which shall be nonrefundable; and 
 (b) Bank Expenses. On the Closing Date, all Bank Expenses incurred
through the Closing Date, and, after the Closing Date, all Bank Expenses as and when they become due. 
 2.6
Term. This Agreement shall become effective on the Closing Date and, subject to Section 13.7, shall continue in full force and effect for so long as any Obligations (other than inchoate indemnity obligations) remain outstanding or Bank
has any obligation to make Credit Extensions under this Agreement. Notwithstanding the foregoing, Bank shall have the right to terminate its obligation to make Credit Extensions under this Agreement immediately and without notice upon the occurrence
and during the continuance of an Event of Default. 

  
 13 

 3. CONDITIONS OF LOANS. 

3.1 Conditions Precedent to Initial Credit Extension. The obligation of Bank to make the initial Credit Extension
is subject to the condition precedent that Bank shall have received, in form and substance satisfactory to Bank, the following: 
 (a) this Agreement; 
 (b) an officer’s certificate of Borrower
with respect to incumbency and resolutions authorizing the execution and delivery of this Agreement; 
 (c)
current SOS Reports indicating that except for Permitted Liens, there are no other security interests or Liens of record in the Collateral; 
 (d) securities and/or deposit account control agreements with respect to any accounts permitted hereunder to be maintained outside Bank; 

(e) agreement to furnish insurance; 

(f) payment of the fees and Bank Expenses then due specified in Section 2.5 hereof; 

(g) current financial statements, including audited statements for Borrower’s most recently ended fiscal year,
together with an unqualified opinion, company prepared consolidated and consolidating balance sheets and income statements for the most recently ended month in accordance with Section 6.2, and such other updated financial information as Bank
may reasonably request; 
 (h) current Compliance Certificate in accordance with Section 6.2; 

(i) evidence that Borrower has achieved not less than negative One Million Seven Hundred Fifty Thousand Dollars
(($1,750,000)) in net income for the quarter ended December 31, 2008; 
 (j) an audit of the Collateral, the
results of which shall be satisfactory to Bank (provided however such audit shall only be a condition precedent to the first Advance and the first Term Advance and not the first Equipment Advance); and 

(k) such other documents or certificates, and completion of such other matters, as Bank may reasonably deem necessary or
appropriate. 
 3.2 Conditions Precedent to all Credit Extensions. The obligation of Bank to make each
Credit Extension, including the initial Credit Extension, is further subject to the following conditions: 
 (a)
timely receipt by Bank of the Payment/Advance Form as provided in Section 2.1; and 

  
 14 

 (b) the representations and warranties contained in Section 5 shall be
true and correct in all material respects on and as of the date of such Payment/Advance Form and on the effective date of each Credit Extension as though made at and as of each such date, and no Event of Default shall have occurred and be
continuing, or would exist after giving effect to such Credit Extension (provided, however, that those representations and warranties expressly referring to another date shall be true, correct and complete in all material respects as of such date).
The making of each Credit Extension shall be deemed to be a representation and warranty by Borrower on the date of such Credit Extension as to the accuracy of the facts referred to in this Section 3.2. 

4. CREATION OF SECURITY INTEREST. 
 4.1 Grant of Security Interest. Borrower grants and pledges to Bank a continuing security interest in the Collateral to secure prompt repayment of any and all Obligations and in order to secure
prompt performance by Borrower of each of its covenants and duties under the Loan Documents. Except as set forth in the Schedule, such security interest constitutes a valid, first priority security interest in the presently existing Collateral, and
will constitute a valid, first priority security interest in later-acquired Collateral. Borrower also hereby agrees to not sell, transfer, assign, mortgage, pledge, lease, grant a security interest in, or encumber any of its intellectual property.
Notwithstanding any termination, Bank’s Lien on the Collateral shall remain in effect for so long as any Obligations (other than inchoate indemnity obligations) are outstanding. 

4.2 Perfection of Security Interest. Borrower authorizes Bank to file at any time financing statements,
continuation statements, and amendments thereto that (i) either specifically describe the Collateral or describe the Collateral as all assets of Borrower of the kind pledged hereunder, and (ii) contain any other information required by the
Code for the sufficiency of filing office acceptance of any financing statement, continuation statement, or amendment, including whether Borrower is an organization, the type of organization and any organizational identification number issued to
Borrower, if applicable. Any such financing statements may be signed by Bank on behalf of Borrower, as provided in the Code, and may be filed at any time in any jurisdiction whether or not Revised Article 9 of the Code is then in effect in that
jurisdiction. Borrower shall from time to time endorse and deliver to Bank, at the request of Bank, all Negotiable Collateral and other documents that Bank may reasonably request, in form satisfactory to Bank, to perfect and continue perfected
Bank’s security interests in the Collateral and in order to fully consummate all of the transactions contemplated under the Loan Documents. Borrower shall have possession of the Collateral, except where expressly otherwise provided in this
Agreement or where Bank chooses to perfect its security interest by possession in addition to the filing of a financing statement. Where Collateral is in possession of a third party bailee, Borrower shall take such steps as Bank reasonably requests
for Bank to (i) obtain an acknowledgment, in form and substance satisfactory to Bank, of the bailee that the bailee holds such Collateral for the benefit of Bank, (ii) obtain “control” of any Collateral consisting of investment
property, deposit accounts, letter-of-credit rights or electronic chattel paper (as such items and the term “control” are defined in Revised Article 9 of the Code) by causing the securities intermediary or depositary institution or issuing
bank to execute a control agreement in form and substance satisfactory to Bank. Borrower will not create any chattel paper without placing a legend on the chattel paper acceptable to Bank indicating that Bank has a security

  
 15 

 
interest in the chattel paper. Borrower from time to time may deposit with Bank specific cash collateral to secure specific Obligations; Borrower authorizes Bank to hold such specific balances in
pledge and to decline to honor any drafts thereon or any request by Borrower or any other Person to pay or otherwise transfer any part of such balances for so long as the specific Obligations are outstanding. 

4.3 Right to Inspect. Bank (through any of its officers, employees, or agents) shall have the right, upon
reasonable prior notice, from time to time during Borrower’s usual business hours but no more than twice a year (unless an Event of Default has occurred and is continuing), to inspect Borrower’s Books and to make copies thereof and to
check, test, and appraise the Collateral in order to verify Borrower’s financial condition or the amount, condition of, or any other matter relating to, the Collateral. 

4.4 Lock Box Account. 
 (a) Borrower shall direct all customers to mail or deliver all checks or other forms of payment for amounts owing to Borrower to a post office box designated by Bank (the “Lockbox”), over which
Bank shall have exclusive and unrestricted access. As of the Closing Date, Borrower shall open the Lockbox, and thereafter Borrower shall at all times maintain the Lockbox with Bank in accordance with the terms hereof. All funds received by Borrower
from customers shall immediately be directed to the Lockbox. Bank shall collect the mail delivered to such post office box, open such mail, and endorse and credit all items to the Lockbox. Borrower shall hold in trust for Bank all amounts that
Borrower receives despite the directions to make payments to the post office box or Lockbox, and immediately deliver such payments to Bank in their original form as received from the customer, with proper endorsements for processing through the
Lockbox. Borrower irrevocably authorizes Bank to transfer to the Lockbox any funds that have been deposited into any other accounts or that Bank has received by wire transfer, check, cash, or otherwise. 

(b) All funds flowing through the Lockbox shall automatically be transferred into a cash collateral account at Bank in
Borrower’s name (the “Cash Collateral Account”), over which Bank shall have exclusive and unrestricted access. Bank shall have all right, title and interest in all of the items from time to time flowing through the Lockbox and/or held
in the Cash Collateral Account and their proceeds. Neither Borrower nor any Person claiming through Borrower shall have any right or control over the use of, or any right to withdraw any amount from, the Lockbox and/or the Cash Collateral Account,
each of which shall be under the sole control of Bank. Borrower shall direct all customers or other persons owing money to Borrower who make payments by electronic transfer of funds to wire such funds directly to the Cash Collateral Account.

 (c) Borrower shall open an operating account or operating accounts at Bank (collectively, the “Operating
Account”), and, so long as no Event of Default has occurred which is continuing, any amounts in the Cash Collateral Account shall be transferred by Bank to the Operating Account. During the continuance of an Event of Default, Bank may apply all
or any part of the amounts in the Cash Collateral Account to the Obligations as Bank may determine in its sole discretion. 

  
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 5. REPRESENTATIONS AND WARRANTIES. 

Borrower represents and warrants as follows: 

5.1 Due Organization and Qualification. Borrower and each Subsidiary is duly existing under the laws of the state
in which it is organized and qualified and licensed to do business in any state in which the conduct of its business or its ownership of property requires that it be so qualified, except where the failure to do so could not reasonably be expected to
cause a Material Adverse Effect. 
 5.2 Due Authorization; No Conflict. The execution, delivery, and
performance of the Loan Documents are within Borrower’s powers, have been duly authorized, and are not in conflict with nor constitute a breach of any provision contained in Borrower’s Certificate of Incorporation or Bylaws, nor will they
constitute an event of default under any material agreement by which Borrower is bound. Borrower is not in default under any agreement by which it is bound, except to the extent such default could not reasonably be expected to cause a Material
Adverse Effect. 
 5.3 Collateral. Borrower has rights in or the power to transfer the Collateral, and its
title to the Collateral is free and clear of Liens, adverse claims, and restrictions on transfer or pledge except for Permitted Liens. All Collateral is located solely in the Collateral States. The Eligible Accounts are bona fide existing
obligations. The property or services giving rise to such Eligible Accounts has been delivered or rendered to the account debtor or its agent for immediate shipment to and unconditional acceptance by the account debtor. Borrower has not received
notice of actual or imminent Insolvency Proceeding of any account debtor whose accounts are included in any Borrowing Base Certificate as an Eligible Account. All Inventory is in all material respects of good and merchantable quality, free from all
material defects, except for Inventory for which adequate reserves have been made. Except as set forth in the Schedule, none of the Collateral is maintained or invested with a Person other than Bank or Bank’s Affiliates. 

5.4 Intellectual Property. Borrower is the sole owner of its patents, trademarks, copyrights and other intellectual
property, except for non-exclusive licenses granted by Borrower to its customers in the ordinary course of business. To the best of Borrower’s knowledge, each of Borrower’s patents, trademarks and copyrights is valid and enforceable, and
no part of its intellectual property has been judged invalid or unenforceable, in whole or in part, and no claim has been made to Borrower that any part of its intellectual property violates the rights of any third party except to the extent such
claim could not reasonably be expected to cause a Material Adverse Effect. 
 5.5 Name; Location of Chief
Executive Office. Except as disclosed in the Schedule, Borrower has not done business under any name other than that specified on the signature page hereof, and its exact legal name is as set forth in the first paragraph of this Agreement. The
chief executive office of Borrower is located in the Chief Executive Office State at the address indicated in Section 10 hereof. 

  
 17 

 5.6 Litigation. Except as set forth in the Schedule, there are no
actions or proceedings pending by or against Borrower or any Subsidiary before any court or administrative agency in which a likely adverse decision could reasonably be expected to have a Material Adverse Effect. 

5.7 No Material Adverse Change in Financial Statements. All consolidated and consolidating financial statements
related to Borrower and any Subsidiary that are delivered by Borrower to Bank fairly present in all material respects Borrower’s consolidated and consolidating financial condition as of the date thereof and Borrower’s consolidated and
consolidating results of operations for the period then ended. There has not been a material adverse change in the consolidated or in the consolidating financial condition of Borrower since the date of the most recent of such financial statements
submitted to Bank. 
 5.8 Solvency, Payment of Debts. Borrower is able to pay its debts (including trade
debts) as they mature; the fair saleable value of Borrower’s assets (including goodwill minus disposition costs) exceeds the fair value of its liabilities; and Borrower is not left with unreasonably small capital after the transactions
contemplated by this Agreement. 
 5.9 Compliance with Laws and Regulations. Borrower and each Subsidiary
have met the minimum funding requirements of ERISA with respect to any employee benefit plans subject to ERISA. No event has occurred resulting from Borrower’s failure to comply with ERISA that is reasonably likely to result in Borrower’s
incurring any liability that could reasonably be expected to have a Material Adverse Effect. Borrower is not an “investment company” or a company “controlled” by an “investment company” within the meaning of the
Investment Company Act of 1940. Borrower is not engaged principally, or as one of the important activities, in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulations T and U of the
Board of Governors of the Federal Reserve System). Borrower has complied in all material respects with all the provisions of the Federal Fair Labor Standards Act. Borrower is in compliance with all environmental laws, regulations and ordinances
except where the failure to comply is not reasonably likely to have a Material Adverse Effect. Borrower has not violated any statutes, laws, ordinances or rules applicable to it, the violation of which could reasonably be expected to have a Material
Adverse Effect. Borrower and each Subsidiary have filed or caused to be filed all tax returns required to be filed, and have paid, or have made adequate provision for the payment of, all taxes reflected therein except those being contested in good
faith with adequate reserves under GAAP or where the failure to file such returns or pay such taxes could not reasonably be expected to have a Material Adverse Effect. 

5.10 Subsidiaries. Borrower does not own any stock, partnership interest or other equity securities of any Person,
except for Permitted Investments. 
 5.11 Government Consents. Borrower and each Subsidiary have obtained
all consents, approvals and authorizations of, made all declarations or filings with, and given all notices to, all governmental authorities that are necessary for the continued operation of Borrower’s business as currently conducted, except
where the failure to do so could not reasonably be expected to cause a Material Adverse Effect. 

  
 18 

 5.12 Inbound Licenses. Except as disclosed on the Schedule, Borrower
is not a party to, nor is bound by, any inbound license or other agreement with a value in excess of Fifty Thousand Dollars ($50,000) that prohibits or otherwise restricts Borrower from granting a security interest in Borrower’s interest in
such license or agreement or any other property. 
 5.13 Full Disclosure. No representation, warranty or
other statement made by Borrower in any certificate or written statement furnished to Bank taken together with all such certificates and written statements furnished to Bank contains any untrue statement of a material fact or omits to state a
material fact necessary in order to make the statements contained in such certificates or statements not misleading it being recognized by Bank that the projections and forecasts provided by Borrower in good faith and based upon reasonable
assumptions are not to be viewed as facts and that actual results during the period or periods covered by any such projections and forecasts may differ from the projected or forecasted results. 

6. AFFIRMATIVE COVENANTS. 
 Borrower covenants and agrees that, until payment in full of all outstanding Obligations, and for so long as Bank may have any commitment to make a Credit Extension hereunder, Borrower shall do all of the
following: 
 6.1 Good Standing and Government Compliance. Borrower shall maintain its and each of its
Subsidiaries’ corporate existence and good standing in the Borrower State, shall maintain qualification and good standing in each other jurisdiction in which the failure to so qualify could reasonably be expected to have a Material Adverse
Effect, and shall furnish to Bank the organizational identification number issued to Borrower by the authorities of the state in which Borrower is organized, if applicable. Borrower shall meet, and shall cause each Subsidiary to meet, the minimum
funding requirements of ERISA with respect to any employee benefit plans subject to ERISA. Borrower shall comply in all material respects with all applicable Environmental Laws, and maintain all material permits, licenses and approvals required
thereunder where the failure to do so could reasonably be expected to have a Material Adverse Effect. Borrower shall comply, and shall cause each Subsidiary to comply, with all statutes, laws, ordinances and government rules and regulations to which
it is subject, and shall maintain, and shall cause each of its Subsidiaries to maintain, in force all licenses, approvals and agreements, the loss of which or failure to comply with which could reasonably be expected to have a Material Adverse
Effect. 
 6.2 Financial Statements, Reports, Certificates. Borrower shall deliver the following to Bank:
(i) as soon as available, but in any event within twenty (20) days after the end of each calendar month, a company prepared consolidated and consolidating balance sheet and income statement covering Borrower’s operations during such
period prepared in accordance with GAAP, in a form reasonably acceptable to Bank and certified by a Responsible Officer and a report of orders and backlogs; (ii) as soon as available, but in any event no later than August 31 of each year,
audited consolidated and consolidating financial statements of Borrower prepared in accordance with GAAP, consistently applied, together with an opinion which is unqualified or otherwise consented to in writing by Bank on such financial statements
of an independent certified public accounting firm reasonably acceptable to Bank; (iii) if applicable, copies of all statements, reports and notices sent or made available generally by Borrower to its security

  
 19 

 
holders or to any holders of Subordinated Debt and all reports on Forms 10-K and 10-Q filed with the Securities and Exchange Commission; (iv) promptly upon receipt of notice thereof, a
report of any legal actions pending or threatened against Borrower or any Subsidiary that could result in damages or costs to Borrower or any Subsidiary of Two Hundred Fifty Thousand Dollars ($250,000) or more; (v) promptly upon receipt, each
management letter prepared by Borrower’s independent certified public accounting firm regarding Borrower’s management control systems; and (vi) such budgets, sales projections, operating plans or other financial information as Bank
may reasonably request from time to time, including, as soon as available, but any event no later than forty five (45) days prior to the end of Borrower’s fiscal year, annual financial projections approved by Borrower’s board of
directors. 
 (a) Within twenty (20) days after the last day of each month, Borrower shall deliver to Bank a
Borrowing Base Certificate signed by a Responsible Officer in substantially the form of Exhibit C hereto, together with aged listings by invoice date of accounts receivable and accounts payable; provided however if the outstanding amount of Advances
is greater than Two Million Five Hundred Thousand Dollars ($2,500,000), the Borrowing Base Certificate and aged listings by invoice date of accounts receivable and accounts payable shall be delivered no later than the fifteenth (15th) and
thirtieth (30th) days of each month. 
 (b) Within twenty (20) days after the last day of each month,
Borrower shall deliver to Bank with the monthly financial statements a Compliance Certificate certified as of the last day of the applicable month and signed by a Responsible Officer in substantially the form of Exhibit D hereto. 

(c) As soon as possible and in any event within three (3) calendar days after becoming aware of the occurrence or
existence of an Event of Default hereunder, a written statement of a Responsible Officer setting forth details of the Event of Default, and the action which Borrower has taken or proposes to take with respect thereto. 

(d) Bank shall have a right from time to time hereafter to audit Borrower’s Accounts and appraise Collateral at
Borrower’s expense, provided that such audits will be conducted no more often than every six (6) months unless an Event of Default has occurred and is continuing. 
 Borrower may deliver to Bank on an electronic basis any certificates, reports or information required pursuant to this Section 6.2, and Bank shall be entitled to rely on the information contained in
the electronic files, provided that Bank in good faith believes that the files were delivered by a Responsible Officer. If Borrower delivers this information electronically, it shall also deliver to Bank by U.S. Mail, reputable overnight courier
service, hand delivery, facsimile or .pdf file within five (5) Business Days of submission of the unsigned electronic copy the certification of monthly financial statements, the Borrowing Base Certificate and the Compliance Certificate, each
bearing the physical signature of the Responsible Officer. 
 6.3 Inventory; Returns. Borrower shall keep
all Inventory in good and merchantable condition, free from all material defects except for Inventory for which adequate reserves have been made. Returns and allowances, if any, as between Borrower and its account debtors shall be on the same basis
and in accordance with the usual customary practices of 

  
 20 

 
Borrower, as they exist on the Closing Date. Borrower shall promptly notify Bank of all returns and recoveries and of all disputes and claims involving more than Two Hundred Fifty Thousand
Dollars ($250,000). 
 6.4 Taxes. Borrower shall make, and cause each Subsidiary to make, due and timely
payment or deposit of all material federal, state, and local taxes, assessments, or contributions required of it by law, including, but not limited to, those laws concerning income taxes, F.I.C.A., F.U.T.A. and state disability, and will execute and
deliver to Bank, on demand, proof satisfactory to Bank indicating that Borrower or a Subsidiary has made such payments or deposits and any appropriate certificates attesting to the payment or deposit thereof; provided that Borrower or a Subsidiary
need not make any payment if the amount or validity of such payment is contested in good faith by appropriate proceedings and is reserved against (to the extent required by GAAP) by Borrower. 

6.5 Insurance. 
 (a) Borrower, at its expense, shall keep the Collateral insured against loss or damage by fire, theft, explosion, sprinklers, and all other hazards and risks, and in such amounts, as ordinarily insured
against by other owners in similar businesses conducted in the locations where Borrower’s business is conducted on the date hereof. Borrower shall also maintain liability and other insurance in amounts and of a type that are customary to
businesses similar to Borrower’s. 
 (b) All such policies of insurance shall be in such form, with such
companies, and in such amounts as are reasonably satisfactory to Bank. All policies of property insurance shall contain a lender’s loss payable endorsement, in a form satisfactory to Bank, showing Bank as an additional loss payee, and all
liability insurance policies shall show the Bank as an additional insured and shall specify that the insurer must give at least 20 days notice to Bank before canceling its policy for any reason. Upon Bank’s request, Borrower shall deliver to
Bank certified copies of the policies of insurance and evidence of all premium payments. If no Event of Default has occurred and is continuing, proceeds payable under any casualty policy will, at Borrower’s option, be payable to Borrower to
replace the property subject to the claim or to purchase other property useful to Borrower’s business, provided that any such replacement property shall be deemed Collateral in which Bank has been granted a first priority security interest. If
an Event of Default has occurred and is continuing, all proceeds payable under any such policy shall, at Bank’s option, be payable to Bank to be applied on account of the Obligations. 

6.6 Accounts. Borrower shall maintain all its depository and operating accounts with Bank, and all its investment
accounts with Bank or Bank’s Affiliates subject to account control agreements in favor of Bank. 
 6.7
Financial Covenants. Borrower shall at all times maintain the following financial ratios and covenants: 

(a) Adjusted Quick Ratio. Borrower shall at all times, measured on a monthly basis, maintain a ratio of Cash held
at Bank or at Bank’s Affiliates subject to account 

  
 21 

 
control agreements in favor of Bank plus Eligible Accounts to Current Liabilities plus (to the extent not already included therein) all Indebtedness to Bank (excluding any amounts outstanding
under the ACH Sublimit) less the current portion of Deferred Revenue of at least 1.10 to 1.00. 
 (b) Net
Income. Quarterly Net Income of not less than the following: 
  

					
	 Measuring Period
	  	Minimum Net Income	 
	 Quarter Ending 3/31/09
	  	 	($1,750,000	) 
	 Quarter Ending 6/30/09
	  	 	($1,150,000	) 
	 Quarter Ending 9/30/09
	  	 	($475,000	) 
	 Quarter Ending 12/31/09
	  	 	$250,000	  

 Bank and Borrower shall mutually agree upon Quarterly Net Income levels for 2010 on or
prior to December 31, 2009. 
 6.8 Consent of Inbound Licensors. Prior to entering into or becoming
bound by any inbound license or agreement with a value in excess of Fifty Thousand Dollars ($50,000), Borrower shall provide written notice to Bank of the material terms of such license or agreement with a description of its likely impact on
Borrower’s business or financial condition. 
 6.9 Creation/Acquisition of Subsidiaries. In the event
Borrower or any Subsidiary creates or acquires any Subsidiary, Borrower and such Subsidiary shall promptly notify Bank of the creation or acquisition of such new Subsidiary and take all such action as may be reasonably required by Bank to cause such
Subsidiary to guarantee the Obligations of Borrower under the Loan Documents and grant a continuing pledge and security interest in and to the collateral of such Subsidiary (substantially as described on Exhibit A hereto), and Borrower shall grant
and pledge to Bank a perfected security interest in the stock, units or other evidence of ownership of such Subsidiary. 
 6.10 Further Assurances. At any time and from time to time Borrower shall execute and deliver such further instruments and take such further action as may reasonably be requested by Bank to effect
the purposes of this Agreement. 
 7. NEGATIVE COVENANTS. 

Borrower covenants and agrees that, so long as any credit hereunder shall be available and until the outstanding
Obligations are paid in full or for so long as Bank may have any commitment to make any Credit Extensions, Borrower will not do any of the following without Bank’s prior written consent, which shall not be unreasonably withheld: 

7.1 Dispositions. Convey, sell, lease, license, transfer or otherwise dispose of (collectively, to
“Transfer”), or permit any of its Subsidiaries to Transfer, all or any part of its 

  
 22 

 
business or property, including its intellectual property, or move cash balances on deposit with Bank to accounts opened at another financial institution, other than Permitted Transfers.

 7.2 Change in Name, Location, Executive Office, or Executive Management; Change in Business; Change in
Fiscal Year; Change in Control. Change its name or the Borrower State or relocate its chief executive office without thirty (30) days prior written notification to Bank; replace its chief executive officer or chief financial officer without
thirty (30) days prior written notification to Bank; engage in any business, or permit any of its Subsidiaries to engage in any business, other than or reasonably related or incidental to the businesses currently engaged in by Borrower; change
its fiscal year end; suffer or permit a Change in Control. 
 7.3 Mergers or Acquisitions. Merge or
consolidate, or permit any of its Subsidiaries to merge or consolidate, with or into any other business organization (other than mergers or consolidations of a Subsidiary into another Subsidiary or into Borrower), or acquire, or permit any of its
Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person except where (i) such transactions do not in the aggregate exceed Two Hundred Fifty Thousand Dollars ($250,000) during any fiscal year,
(ii) no Event of Default has occurred, is continuing or would exist after giving effect to such transactions, (iii) such transactions do not result in a Change in Control, and (iv) Borrower is the surviving entity. 

7.4 Indebtedness. Create, incur, assume, guarantee or be or remain liable with respect to any Indebtedness, or
permit any Subsidiary so to do, other than Permitted Indebtedness, or prepay any Indebtedness or take any actions which impose on Borrower an obligation to prepay any Indebtedness, except Indebtedness to Bank. 

7.5 Encumbrances. Create, incur, assume or allow any Lien with respect to any of its property, or assign or
otherwise convey any right to receive income, including the sale of any Accounts, or permit any of its Subsidiaries so to do, except for Permitted Liens. Agree with any Person other than Bank not to grant a security interest in, or otherwise
encumber, any of its, or covenant to any other Person that Borrower in the future will refrain from creating, incurring, assuming or allowing any Lien with respect to any of Borrower’s property, or permit any Subsidiary to do so. 

7.6 Distributions. Pay any dividends or make any other distribution or payment on account of or in redemption,
retirement or purchase of any capital stock, except that Borrower may (i) repurchase the stock of former employees, consultants or contractors pursuant to stock repurchase agreements as long as an Event of Default does not exist prior to such
repurchase or would not exist after giving effect to such repurchase, and (ii) repurchase the stock of former employees, consultants or contractors pursuant to stock repurchase agreements by the cancellation of indebtedness owed by such former
employees, consultants or contractors to Borrower regardless of whether an Event of Default exists. 
 7.7
Investments. Directly or indirectly acquire or own, or make any Investment in or to any Person, or permit any of its Subsidiaries so to do, other than Permitted Investments, or maintain or invest any of its property with a Person other than
Bank or Bank’s Affiliates or permit any Subsidiary to do so unless such Person has entered into a control 

  
 23 

 
agreement with Bank, in form and substance satisfactory to Bank, or suffer or permit any Subsidiary to be a party to, or be bound by, an agreement that restricts such Subsidiary from paying
dividends or otherwise distributing property to Borrower. 
 7.8 Transactions with Affiliates. Directly or
indirectly enter into or permit to exist any material transaction with any Affiliate of Borrower except for transactions that are in the ordinary course of Borrower’s business, upon fair and reasonable terms that are no less favorable to
Borrower than would be obtained in an arm’s length transaction with a non-affiliated Person. 
 7.9
Subordinated Debt. Make any payment in respect of any Subordinated Debt, or permit any of its Subsidiaries to make any such payment, except in compliance with the terms of such Subordinated Debt, or amend any provision affecting Bank’s
rights contained in any documentation relating to the Subordinated Debt without Bank’s prior written consent. 
 7.10 Inventory and Equipment. Store the Inventory or the Equipment with a bailee, warehouseman, or similar third party unless the third party has been notified of Bank’s security interest and
Bank (a) has received an acknowledgment from the third party that it is holding or will hold the Inventory or Equipment for Bank’s benefit or (b) is in possession of the warehouse receipt, where negotiable, covering such Inventory or
Equipment. Except for Inventory sold in the ordinary course of business, computers, computer accessories, demo kits and other office equipment held by Borrower’s employees and except for such other locations as Bank may approve in writing,
Borrower shall keep the Inventory and Equipment only at the location set forth in Section 10 and such other locations of which Borrower gives Bank prior written notice and as to which Bank files a financing statement, or takes other action,
where needed to perfect its security interest. 
 7.11 No Investment Company; Margin Regulation. Become or
be controlled by an “investment company,” within the meaning of the Investment Company Act of 1940, or become principally engaged in, or undertake as one of its important activities, the business of extending credit for the purpose of
purchasing or carrying margin stock, or use the proceeds of any Credit Extension for such purpose. 
 8. EVENTS OF
DEFAULT. 
 Any one or more of the following events shall constitute an Event of Default by Borrower under
this Agreement: 
 8.1 Payment Default. If Borrower fails to pay any of the Obligations when due;

 8.2 Covenant Default. 

(a) If Borrower fails to perform any obligation under Section 6.2, 6.4, 6.5, 6.6 and 6.7 or violates any of the
covenants contained in Article 7 of this Agreement; or 
 (b) If Borrower fails or neglects to perform or observe
any other material term, provision, condition, covenant contained in this Agreement, in any of the Loan 

  
 24 

 
Documents, or in any other present or future agreement between Borrower and Bank and as to any default under such other term, provision, condition or covenant that can be cured, has failed to
cure such default within ten (10) days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day period or cannot
after diligent attempts by Borrower be cured within such ten (10) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty
(30) days) to attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of Default but no Credit Extensions will be made; 

8.3 Defective Perfection. If Bank shall receive at any time following the Closing Date an SOS Report indicating
that except for Permitted Liens, Bank’s security interest in the Collateral is not prior to all other security interests or Liens of record reflected in such SOS Report; 

8.4 Material Adverse Effect. If there occurs any circumstance or circumstances that could reasonably be expected to
have a Material Adverse Effect; 
 8.5 Attachment. If any material portion of Borrower’s assets is
attached, seized, subjected to a writ or distress warrant, or is levied upon, or comes into the possession of any trustee, receiver or person acting in a similar capacity and such attachment, seizure, writ or distress warrant or levy has not been
removed, discharged or rescinded within ten (10) days, or if Borrower is enjoined, restrained, or in any way prevented by court order from continuing to conduct all or any material part of its business affairs, or if a judgment or other claim
becomes a lien or encumbrance upon any material portion of Borrower’s assets, or if a notice of lien, levy, or assessment is filed of record with respect to any of Borrower’s assets by the United States Government, or any department,
agency, or instrumentality thereof, or by any state, county, municipal, or governmental agency, and the same is not paid within ten (10) days after Borrower receives notice thereof, provided that none of the foregoing shall constitute an Event
of Default where such action or event is stayed or an adequate bond has been posted pending a good faith contest by Borrower (provided that no Credit Extensions will be made during such cure period); 

8.6 Insolvency. If Borrower becomes insolvent, or if an Insolvency Proceeding is commenced by Borrower, or if an
Insolvency Proceeding is commenced against Borrower and is not dismissed or stayed within thirty (30) days (provided that no Credit Extensions will be made prior to the dismissal of such Insolvency Proceeding); 

8.7 Other Agreements. If there is a default or other failure to perform in any agreement to which Borrower is a
party with a third party or parties resulting in a right by such third party or parties, whether or not exercised, to accelerate the maturity of any Indebtedness in an amount in excess of Two Hundred Fifty Thousand Dollars ($250,000) or that could
reasonably be expected to have a Material Adverse Effect; 
 8.8 Subordinated Debt. If Borrower makes any
payment on account of Subordinated Debt, except to the extent such payment is allowed under any subordination agreement entered into with Bank; 

  
 25 

 8.9 Judgments. If a judgment or judgments for the payment of money in
an amount, individually or in the aggregate, of at least Two Hundred Fifty Thousand Dollars ($250,000) shall be rendered against Borrower and shall remain unsatisfied and unstayed for a period of ten (10) days (provided that no Credit
Extensions will be made prior to the satisfaction or stay of such judgment); or 
 8.10
Misrepresentations. If any material misrepresentation or material misstatement exists now or hereafter in any warranty or representation set forth herein or in any certificate delivered to Bank by any Responsible Officer pursuant to this
Agreement or to induce Bank to enter into this Agreement or any other Loan Document. 
 9. BANK’S RIGHTS AND
REMEDIES. 
 9.1 Rights and Remedies. Upon the occurrence and during the continuance of an Event of
Default, Bank may, at its election, without notice of its election and without demand, do any one or more of the following, all of which are authorized by Borrower: 

(a) Declare all Obligations, whether evidenced by this Agreement, by any of the other Loan Documents, or otherwise,
immediately due and payable (provided that upon the occurrence of an Event of Default described in Section 8.6, all Obligations shall become immediately due and payable without any action by Bank); 

(b) Demand that Borrower (i) deposit cash with Bank in an amount equal to the amount of any Letters of Credit
remaining undrawn, as collateral security for the repayment of any future drawings under such Letters of Credit, and (ii) pay in advance all Letter of Credit fees scheduled to be paid or payable over the remaining term of the Letters of Credit,
and Borrower shall promptly deposit and pay such amounts; 
 (c) Cease advancing money or extending credit to or
for the benefit of Borrower under this Agreement or under any other agreement between Borrower and Bank; 
 (d)
Settle or adjust disputes and claims directly with account debtors for amounts, upon terms and in whatever order that Bank reasonably considers advisable; 
 (e) Make such payments and do such acts as Bank considers necessary or reasonable to protect its security interest in the Collateral. Borrower agrees to assemble the Collateral if Bank so requires, and to
make the Collateral available to Bank as Bank may designate. Borrower authorizes Bank to enter the premises where the Collateral is located, to take and maintain possession of the Collateral, or any part of it, and to pay, purchase, contest, or
compromise any encumbrance, charge, or lien which in Bank’s determination appears to be prior or superior to its security interest and to pay all expenses incurred in connection therewith. With respect to any of Borrower’s owned premises,
Borrower hereby grants Bank a license to enter into possession of such premises and to occupy the same, without charge, in order to exercise any of Bank’s rights or remedies provided herein, at law, in equity, or otherwise; 

(f) Set off and apply to the Obligations any and all (i) balances and deposits of Borrower held by Bank, and
(ii) indebtedness at any time owing to or for the credit or the account of Borrower held by Bank; 

  
 26 

 (g) Ship, reclaim, recover, store, finish, maintain, repair, prepare for
sale, advertise for sale, and sell (in the manner provided for herein) the Collateral. Bank is hereby granted a license or other right, solely pursuant to the provisions of this Section 9.1, to use, without charge, Borrower’s labels,
patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks, service marks, and advertising matter, or any property of a similar nature, as it pertains to the Collateral, in completing production of, advertising for sale,
and selling any Collateral and, in connection with Bank’s exercise of its rights under this Section 9. 1, Borrower’s rights under all licenses and all franchise agreements shall inure to Bank’s benefit; 

(h) Sell the Collateral at either a public or private sale, or both, by way of one or more contracts or transactions, for
cash or on terms, in such manner and at such places (including Borrower’s premises) as Bank determines is commercially reasonable, and apply any proceeds to the Obligations in whatever manner or order Bank deems appropriate. Bank may sell the
Collateral without giving any warranties as to the Collateral. Bank may specifically disclaim any warranties of title or the like. This procedure will not be considered adversely to affect the commercial reasonableness of any sale of the Collateral.
If Bank sells any of the Collateral upon credit, Borrower will be credited only with payments actually made by the purchaser, received by Bank, and applied to the indebtedness of the purchaser. If the purchaser fails to pay for the Collateral, Bank
may resell the Collateral and Borrower shall be credited with the proceeds of the sale; 
 (i) Bank may credit
bid and purchase at any public sale; 
 (j) Apply for the appointment of a receiver, trustee, liquidator or
conservator of the Collateral, without notice and without regard to the adequacy of the security for the Obligations and without regard to the solvency of Borrower, any guarantor or any other Person liable for any of the Obligations; and 

(k) Any deficiency that exists after disposition of the Collateral as provided above will be paid immediately by Borrower.

 Bank may comply with any applicable state or federal law requirements in connection with a disposition of the Collateral and compliance will
not be considered adversely to affect the commercial reasonableness of any sale of the Collateral. 
 9.2
Power of Attorney. Effective only upon the occurrence and during the continuance of an Event of Default, Borrower hereby irrevocably appoints Bank (and any of Bank’s designated officers, or employees) as Borrower’s true and lawful
attorney to: (a) send requests for verification of Accounts or notify account debtors of Bank’s security interest in the Accounts; (b) endorse Borrower’s name on any checks or other forms of payment or security that may come into
Bank’s possession; (c) sign Borrower’s name on any invoice or bill of lading relating to any Account, drafts against account debtors, schedules and assignments of Accounts, verifications of Accounts, and notices to account debtors;
(d) dispose of any Collateral; (e) make, settle, and adjust all claims under and decisions with respect to Borrower’s policies of insurance; (f) settle and adjust disputes and claims respecting the accounts directly with account
debtors, for amounts and upon terms which Bank determines to be reasonable; and (g) to file, in its sole 

  
 27 

 
discretion, one or more financing or continuation statements and amendments thereto, relative to any of the Collateral without the signature of Borrower where permitted by law; provided Bank may
exercise such power of attorney to sign the name of Borrower on any of the documents described in clause (g) above, regardless of whether an Event of Default has occurred. The appointment of Bank as Borrower’s attorney in fact, and each
and every one of Bank’s rights and powers, being coupled with an interest, is irrevocable until all of the Obligations have been fully repaid and performed and Bank’s obligation to provide Credit Extensions hereunder is terminated.

 9.3 Accounts Collection. At any time after the occurrence and during the continuance of an Event of
Default, Bank may notify any Person owing funds to Borrower of Bank’s security interest in such funds and verify the amount of such Account. Borrower shall collect all amounts owing to Borrower for Bank, receive in trust all payments as
Bank’s trustee, and immediately deliver such payments to Bank in their original form as received from the account debtor, with proper endorsements for deposit. 

9.4 Bank Expenses. If Borrower fails to pay any amounts or furnish any required proof of payment due to third
persons or entities, as required under the terms of this Agreement, then Bank may do any or all of the following after reasonable notice to Borrower: (a) make payment of the same or any part thereof; (b) set up such reserves under the
Revolving Line as Bank deems necessary to protect Bank from the exposure created by such failure; or (c) obtain and maintain insurance policies of the type discussed in Section 6.5 of this Agreement, and take any action with respect to
such policies as Bank deems prudent. Any amounts so paid or deposited by Bank shall constitute Bank Expenses, shall be immediately due and payable, and shall bear interest at the then applicable rate hereinabove provided, and shall be secured by the
Collateral. Any payments made by Bank shall not constitute an agreement by Bank to make similar payments in the future or a waiver by Bank of any Event of Default under this Agreement. 

9.5 Bank’s Liability for Collateral. Bank has no obligation to clean up or otherwise prepare the Collateral
for sale. All risk of loss, damage or destruction of the Collateral shall be borne by Borrower. 
 9.6 No
Obligation to Pursue Others. Bank has no obligation to attempt to satisfy the Obligations by collecting them from any other Person liable for them and Bank may release, modify or waive any collateral provided by any other Person to secure any of
the Obligations, all without affecting Bank’s rights against Borrower. Borrower waives any right it may have to require Bank to pursue any other Person for any of the Obligations. 

9.7 Remedies Cumulative. Bank’s rights and remedies under this Agreement, the Loan Documents, and all other
agreements shall be cumulative. Bank shall have all other rights and remedies not inconsistent herewith as provided under the Code, by law, or in equity. No exercise by Bank of one right or remedy shall be deemed an election, and no waiver by Bank
of any Event of Default on Borrower’s part shall be deemed a continuing waiver. No delay by Bank shall constitute a waiver, election, or acquiescence by it. No waiver by Bank shall be effective unless made in a written document signed on behalf
of Bank and then shall be effective only in the specific instance and for the specific purpose for which it was given. Borrower 

  
 28 

 
expressly agrees that this Section may not be waived or modified by Bank by course of performance, conduct, estoppel or otherwise. 

9.8 Demand; Protest. Except as otherwise provided in this Agreement, Borrower waives demand, protest, notice of
protest, notice of default or dishonor, notice of payment and nonpayment and any other notices relating to the Obligations. 

10. NOTICES. 
 Unless otherwise provided in this Agreement, all notices or demands by any party relating to this Agreement or any other agreement entered into in connection herewith shall be in writing and (except for
financial statements and other informational documents which may be sent by first-class mail, postage prepaid) shall be personally delivered or sent by a recognized overnight delivery service, certified mail, postage prepaid, return receipt
requested, or by telefacsimile to Borrower or to Bank, as the case may be, at its addresses set forth below: 
  

			
	 If to Borrower:    
	  	 VOCERA COMMUNICATIONS, INC.

		  	 525 Race St, Suite 150

		  	 San Jose, CA 95126

		  	 Attn: CFO

		  	 FAX: (408) 882-5901

		
	 If to Bank:
	  	 Comerica Bank

		  	 75 East Trimble Road, M/C 4770

		  	 San Jose, California 95131

		  	 Attn: Manager

		  	 FAX: (408) 556-5091

		
	 with a copy to:
	  	 Comerica Bank

		  	 226 Airport Parkway, Suite 100

		  	 San Jose, CA 95110

		  	 Attn: Chris Benioff

		  	 FAX: (408) 451-8568

 The parties hereto may change the address at which they are to receive notices hereunder, by notice in
writing in the foregoing manner given to the other. 
 11. CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER. 

This Agreement shall be governed by, and construed in accordance with, the internal laws of the State of California, without regard to
principles of conflicts of law. Each of Borrower and Bank hereby submits to the exclusive jurisdiction of the state and Federal courts located in the State of California. THE UNDERSIGNED ACKNOWLEDGE THAT THE RIGHT TO TRIAL BY JURY IS A
CONSTITUTIONAL ONE, BUT THAT IT MAY BE WAIVED UNDER CERTAIN CIRCUMSTANCES. TO THE EXTENT PERMITTED BY LAW, EACH PARTY, AFTER CONSULTING (OR HAVING HAD THE OPPORTUNITY TO CONSULT) WITH COUNSEL OF ITS, HIS OR HER CHOICE, KNOWINGLY AND VOLUNTARILY, AND
FOR THE MUTUAL BENEFIT OF ALL PARTIES, WAIVES ANY 

  
 29 

 
RIGHT TO TRIAL BY JURY IN THE EVENT OF LITIGATION ARISING OUT OF OR RELATED TO THIS AGREEMENT OR ANY OTHER DOCUMENT, INSTRUMENT OR AGREEMENT BETWEEN THE UNDERSIGNED PARTIES. 

12. REFERENCE PROVISION. 
 In the event the Jury Trial Waiver set forth above is not enforceable, the parties elect to proceed under this Judicial Reference Provision. 

12.1 Mechanics. 
 (a) With the exception of the items specified in clause (b), below, any controversy, dispute or claim (each, a “Claim”) between the parties arising out of or relating to this Agreement or any
other document, instrument or agreement between the undersigned parties (collectively in this Section, the “Comerica Documents”), will be resolved by a reference proceeding in California in accordance with the provisions of Sections 638 et
seq. of the California Code of Civil Procedure (“CCP”), or their successor sections, which shall constitute the exclusive remedy for the resolution of any Claim, including whether the Claim is subject to the reference proceeding. Except as
otherwise provided in the Comerica Documents, venue for the reference proceeding will be in the state or federal court in the county or district where the real property involved in the action, if any, is located or in the state or federal court in
the county or district where venue is otherwise appropriate under applicable law (the “Court”). 
 (b)
The matters that shall not be subject to a reference are the following: (i) nonjudicial foreclosure of any security interests in real or personal property, (ii) exercise of self-help remedies (including, without limitation, set-off),
(iii) appointment of a receiver and (iv) temporary, provisional or ancillary remedies (including, without limitation, writs of attachment, writs of possession, temporary restraining orders or preliminary injunctions). This reference
provision does not limit the right of any party to exercise or oppose any of the rights and remedies described in clauses (i) and (ii) or to seek or oppose from a court of competent jurisdiction any of the items described in clauses
(iii) and (iv). The exercise of, or opposition to, any of those items does not waive the right of any party to a reference pursuant to this reference provision as provided herein. 

(c) The referee shall be a retired judge or justice selected by mutual written agreement of the parties. If the parties do
not agree within ten (10) days of a written request to do so by any party, then, upon request of any party, the referee shall be selected by the Presiding Judge of the Court (or his or her representative). A request for appointment of a referee
may be heard on an ex parte or expedited basis, and the parties agree that irreparable harm would result if ex parte relief is not granted. Pursuant to CCP § 170.6, each party shall have one peremptory challenge to the referee selected by the
Presiding Judge of the Court (or his or her representative). 
 (d) The parties agree that time is of the essence
in conducting the reference proceedings. Accordingly, the referee shall be requested, subject to change in the time periods specified herein for good cause shown, to (i) set the matter for a status and trial-setting conference within fifteen
(15) days after the date of selection of the referee, (ii) if practicable, try 

  
 30 

 
all issues of law or fact within one hundred twenty (120) days after the date of the conference and (iii) report a statement of decision within twenty (20) days after the matter
has been submitted for decision. 
 (e) The referee will have power to expand or limit the amount and duration of
discovery. The referee may set or extend discovery deadlines or cutoffs for good cause, including a party’s failure to provide requested discovery for any reason whatsoever. Unless otherwise ordered based upon good cause shown, no party shall
be entitled to “priority” in conducting discovery, depositions may be taken by either party upon seven (7) days written notice, and all other discovery shall be responded to within fifteen (15) days after service. All disputes
relating to discovery which cannot be resolved by the parties shall be submitted to the referee whose decision shall be final and binding. 
 12.2 Procedures. Except as expressly set forth herein, the referee shall determine the manner in which the reference proceeding is conducted including the time and place of hearings, the order of
presentation of evidence, and all other questions that arise with respect to the course of the reference proceeding. All proceedings and hearings conducted before the referee, except for trial, shall be conducted without a court reporter, except
that when any party so requests, a court reporter will be used at any hearing conducted before the referee, and the referee will be provided a courtesy copy of the transcript. The party making such a request shall have the obligation to arrange for
and pay the court reporter. Subject to the referee’s power to award costs to the prevailing party, the parties will equally share the cost of the referee and the court reporter at trial. 

12.3 Application of Law. The referee shall be required to determine all issues in accordance with existing case law
and the statutory laws of the State of California. The rules of evidence applicable to proceedings at law in the State of California will be applicable to the reference proceeding. The referee shall be empowered to enter equitable as well as legal
relief, enter equitable orders that will be binding on the parties and rule on any motion which would be authorized in a court proceeding, including without limitation motions for summary judgment or summary adjudication. The referee shall issue a
decision at the close of the reference proceeding which disposes of all claims of the parties that are the subject of the reference. Pursuant to CCP § 644, such decision shall be entered by the Court as a judgment or an order in the same manner
as if the action had been tried by the Court and any such decision will be final, binding and conclusive. The parties reserve the right to appeal from the final judgment or order or from any appealable decision or order entered by the referee. The
parties reserve the right to findings of fact, conclusions of laws, a written statement of decision, and the right to move for a new trial or a different judgment, which new trial, if granted, is also to be a reference proceeding under this
provision. 
 12.4 Repeal. If the enabling legislation which provides for appointment of a referee is
repealed (and no successor statute is enacted), any dispute between the parties that would otherwise be determined by reference procedure will be resolved and determined by arbitration. The arbitration will be conducted by a retired judge or
justice, in accordance with the California Arbitration Act § 1280 through § 1294.2 of the CCP as amended from time to time. The limitations with respect to discovery set forth above shall apply to any such arbitration proceeding.

  
 31 

 12.5 THE PARTIES RECOGNIZE AND AGREE THAT ALL CONTROVERSIES, DISPUTES AND
CLAIMS RESOLVED UNDER THIS REFERENCE PROVISION WILL BE DECIDED BY A REFEREE AND NOT BY A JURY. AFTER CONSULTING (OR HAVING HAD THE OPPORTUNITY TO CONSULT) WITH COUNSEL OF ITS, HIS OR HER OWN CHOICE, EACH PARTY KNOWINGLY AND VOLUNTARILY, AND FOR THE
MUTUAL BENEFIT OF ALL PARTIES, AGREES THAT THIS REFERENCE PROVISION WILL APPLY TO ANY CONTROVERSY, DISPUTE OR CLAIM BETWEEN OR AMONG THEM ARISING OUT OF OR IN ANY WAY RELATED TO, THIS AGREEMENT OR THE OTHER COMERICA DOCUMENTS. 

13. GENERAL PROVISIONS. 
 13.1 Successors and Assigns. This Agreement shall bind and inure to the benefit of the respective successors and permitted assigns of each of the parties and shall bind all Persons who become bound
as a debtor to this Agreement; provided, however, that neither this Agreement nor any rights hereunder may be assigned by Borrower without Bank’s prior written consent, which consent may be granted or withheld in Bank’s sole discretion.
Bank shall have the right without the consent of or notice to Borrower to sell, transfer, negotiate, or grant participation in all or any part of, or any interest in, Bank’s obligations, rights and benefits hereunder. 

13.2 Indemnification. Borrower shall defend, indemnify and hold harmless Bank and its officers, employees, and
agents against: (a) all obligations, demands, claims, and liabilities claimed or asserted by any other party in connection with the transactions contemplated by this Agreement; and (b) all losses or Bank Expenses in any way suffered,
incurred, or paid by Bank, its officers, employees and agents as a result of or in any way arising out of, following, or consequential to transactions between Bank and Borrower whether under this Agreement, or otherwise (including without limitation
reasonable attorneys’ fees and expenses), except for losses caused by Bank’s gross negligence or willful misconduct. 
 13.3 Time of Essence. Time is of the essence for the performance of all obligations set forth in this Agreement. 

13.4 Severability of Provisions. Each provision of this Agreement shall be severable from every other provision of
this Agreement for the purpose of determining the legal enforceability of any specific provision. 
 13.5
Amendments in Writing, Integration. All amendments to or terminations of this Agreement or the other Loan Documents must be in writing. All prior agreements, understandings, representations, warranties, and negotiations between the parties
hereto with respect to the subject matter of this Agreement and the other Loan Documents, if any, are merged into this Agreement and the Loan Documents. 
 13.6 Counterparts. This Agreement may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be
an original, and all of which, when taken together, shall constitute but one and the same Agreement. 

  
 32 

 13.7 Survival. All covenants, representations and warranties made in
this Agreement shall continue in full force and effect so long as any Obligations remain outstanding or Bank has any obligation to make any Credit Extension to Borrower. The obligations of Borrower to indemnify Bank with respect to the expenses,
damages, losses, costs and liabilities described in Section 13.2 shall survive until all applicable statute of limitations periods with respect to actions that may be brought against Bank have run. 

13.8 Confidentiality. In handling any confidential information, Bank and all employees and agents of Bank shall
exercise the same degree of care that Bank exercises with respect to its own proprietary information of the same types to maintain the confidentiality of any non-public information thereby received or received pursuant to this Agreement except that
disclosure of such information may be made (i) to the subsidiaries or Affiliates of Bank in connection with their present or prospective business relations with Borrower, (ii) to prospective transferees or purchasers of any interest in the
Loans, provided that they have entered into a comparable confidentiality agreement in favor of Borrower and have delivered a copy to Borrower, (iii) as required by law, regulations, rule or order, subpoena, judicial order or similar order,
(iv) as may be required in connection with the examination, audit or similar investigation of Bank and (v) as Bank may determine in connection with the enforcement of any remedies hereunder. Confidential information hereunder shall not
include information that either: (a) is in the public domain or in the knowledge or possession of Bank when disclosed to Bank, or becomes part of the public domain after disclosure to Bank through no fault of Bank; or (b) is disclosed to
Bank by a third party, provided Bank does not have actual knowledge that such third party is prohibited from disclosing such information. 
 13.9 Effect of Amendment and Restatement. Except as otherwise set forth herein, this Agreement is intended to and does completely amend and restate, without novation, the Original Agreement. All
security interests granted under the Original Agreement are hereby confirmed and ratified and shall continue to secure all Obligations under this Agreement. 
 [Balance of Page Intentionally Left Blank] 

  
 33 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the
date first above written. 
  

			
	VOCERA COMMUNICATIONS, INC.
		
	By:	 	/s/ Martin J. Silver
	Title:	 	CFO

  

			
	COMERICA BANK
		
	By:	 	/s/ illegible
	Title:	 	SVP

 [Signature Page to Second Amended and Restated Loan and Security Agreement]

DEBTOR                        
                   VOCERA COMMUNICATIONS, INC. 
 SECURED PARTY:                         COMERICA BANK 

EXHIBIT A 

COLLATERAL DESCRIPTION ATTACHMENT 
 TO SECOND AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT 
 All personal property
of Borrower (herein referred to as “Borrower” or “Debtor”) whether presently existing or hereafter created or acquired, and wherever located, including, but not limited to: 

(a) all accounts (including health-care-insurance receivables), chattel paper (including tangible and electronic chattel
paper), deposit accounts, documents (including negotiable documents), equipment (including all accessions and additions thereto), general intangibles (including payment intangibles and software), goods (including fixtures), instruments (including
promissory notes), inventory (including all goods held for sale or lease or to be furnished under a contract of service, and including returns and repossessions), investment property (including securities and securities entitlements), letter of
credit rights, money, and all of Debtor’s books and records with respect to any of the foregoing, and the computers and equipment containing said books and records; 

(b) all common law and statutory copyrights and copyright registrations, applications for registration, now existing or
hereafter arising, in the United States of America or in any foreign jurisdiction, obtained or to be obtained on or in connection with any of the foregoing, or any parts thereof or any underlying or component elements of any of the foregoing,
together with the right to copyright and all rights to renew or extend such copyrights and the right (but not the obligation) of Secured Party to sue in its own name and/or in the name of the Debtor for past, present and future infringements of
copyright; 
 (c) all trademarks, service marks, trade names and service names and the goodwill associated
therewith, together with the right to trademark and all rights to renew or extend such trademarks and the right (but not the obligation) of Secured Party to sue in its own name and/or in the name of the Debtor for past, present and future
infringements of trademark; 
 (d) all (i) patents and patent applications filed in the United States Patent
and Trademark Office or any similar office of any foreign jurisdiction, and interests under patent license agreements, including, without limitation, the inventions and improvements described and claimed therein, (ii) licenses pertaining to any
patent whether Debtor is licensor or licensee, (iii) income, royalties, damages, payments, accounts and accounts receivable now or hereafter due and/or payable under and with respect thereto, including, without limitation, damages and payments
for past, present or future infringements thereof, (iv) right (but not the obligation) to sue in the name of Debtor and/or in the name of Secured Party for past, present and future infringements thereof, (v) rights corresponding thereto
throughout the world in all jurisdictions in which such patents have been issued or applied for, and (vi) reissues, divisions, continuations, renewals, extensions and continuations-in-part with respect to any of the foregoing; and 

(e) any and all cash proceeds and/or noncash proceeds of any of the foregoing, including, without limitation, insurance
proceeds, and all supporting obligations and the security therefor or for any right to payment. All terms above have the meanings given to them in the California Uniform Commercial Code, as amended or supplemented from time to time, including
revised Division 9 of the Uniform Commercial Code-Secured Transactions, added by Stats. 1999, c.991 (S.B. 45), Section 35, operative July 1, 2001. 
 Notwithstanding the foregoing, the Collateral shall not include any copyrights, patents, trademarks, servicemarks and applications therefor, now owned or hereafter acquired, or any claims for damages by
way of any past, present and future infringement of any of the foregoing (collectively, the “Intellectual Property”); provided, however, that the Collateral shall include all accounts and general intangibles that consist of rights to
payment and proceeds from the sale, licensing or disposition of all or any part, or rights in, the foregoing (the “Rights to Payment”). Notwithstanding the foregoing, if a judicial authority (including a U.S. Bankruptcy Court)

 
holds that a security interest in the underlying Intellectual Property is necessary to have a security interest in the Rights to Payment, then the Collateral shall automatically, and effective as
of January 30, 2009, include the Intellectual Property to the extent necessary to permit perfection of Bank’s security interest in the Rights to Payment. 

 EXHIBIT B 
 TECHNOLOGY & LIFE SCIENCES DIVISION 
 LOAN ANALYSIS

 LOAN ADVANCE/PAYDOWN REQUEST FORM 
 DEADLINE FOR SAME DAY PROCESSING IS [3:00* P.M., Pacific Time/ 3:30 P.M. Eastern Time] 
 FORMULA BASED LINES: DEADLINE FOR NEXT DAY PROCESSING IS [3:00* P.M., Pacific Time/ 3:30 P.M. Eastern Time] 
 DEADLINE FOR EQUIPMENT ADVANCES IS [3:00 P.M., Pacific Time/ 3:30 P.M. Eastern Time ]** 
 DEADLINE FOR WIRE TRANSFERS IS [1:30 P.M., Pacific Time/ 3:30 P.M. Eastern Time] 

[*At month end and the day before a holiday, the cut off time is 1:30 P.M., Pacific Time] 

**Subject to 3 day advance notice. 
  

					
	 To: Loan Analysis
	  	DATE:
                                    	  	TIME:
                                    
	 FAX #: (650) 846-6840
	  		  	

  

					
	 FROM:
	 	VOCERA COMMUNICATIONS, INC.	  	TELEPHONE REQUEST (For Bank Use Only):
		 	 	  	
		 	Borrower’s Name	  	
	 FROM:
	 	 	  	  
 The following person is authorized to request the
loan payment transfer/loan advance on the designated account and is known to me.

		 	Authorized Signer’s Name	  
	 FROM:
	 	 	  	 
		 	Authorized Signer’s Name	  	Authorized Request & Phone #
	 PHONE #:
	 	 	  	 
		 		  	Received by (Bank) & Phone #
		
	 FROM ACCOUNT#:

(please include Note number, if applicable)
	  	
	 TO ACCOUNT #:

(please include Note number, if applicable)
	  	Authorized Signature (Bank)

  

					
			
	 REQUESTED TRANSACTION TYPE
	  	REQUESTED DOLLAR AMOUNT	  	For Bank Use Only
			
	 PRINCIPAL INCREASE* (ADVANCE)
	  	$
                                         
       	  	Date Rec’d:
	 PRINCIPAL PAYMENT (ONLY)
	  	$                             
                   	  	Time:
		  		  	Comp. Status:             YES            
NO
	 OTHER INSTRUCTIONS
	  		  	Status Date:
	 	  	Time:
	 	  	Approval:

 All representations and warranties of Borrower stated in the Loan Agreement are true, correct and complete in all
material respects as of the date of the telephone request for and advance confirmed by this Borrowing Certificate, including without limitation the representation that Borrower has paid for and owns the equipment financed by the Bank; provided,
however, that those representations and warranties the date expressly referring to another date shall be true, correct and complete in all material respects as of such date. 

 

	*IS	THERE A WIRE REQUEST TIED TO THIS LOAN ADVANCE? (PLEASE CIRCLE
ONE                YES                NO 

If YES, the Outgoing Wire Transfer Instructions must be completed below. 

 

							
	OUTGOING WIRE TRANSFER INSTRUCTIONS	  	Fed Reference Number	  	Bank Transfer Number
	
	The items marked with an asterisk (*) are required to be completed.
	 *Beneficiary Name
	  	
	 *Beneficiary Account Number
	  	
	 *Beneficiary Address
	  	
	 Currency Type
	  	US DOLLARS ONLY
	 *ABA Routing Number (9 Digits)
	  	
	 *Receiving Institution Name
	  	
	 *Receiving Institution Address
	  	
	 *Wire Account
	  	$	  		  	

 EXHIBIT C 
 BORROWING BASE CERTIFICATE 
  

					
	 Borrower: VOCERA COMMUNICATIONS, INC.
                                         
                   Lender: Comerica Bank

		
	 Commitment Amount: $5,000,000
	  	

  

					
	 ACCOUNTS RECEIVABLE
	  	
	 1.      Accounts Receivable Book Value as of
            
	  		  	$                    
	 2.      Additions (please explain on reverse)
	  		  	$                    
	 3.      TOTAL ACCOUNTS RECEIVABLE
	  		  	$                    
			
	 ACCOUNTS RECEIVABLE DEDUCTIONS (without duplication)
	  		  	
	 4.      Amounts over 90 days due
	  	$                    	  	
	 5.      Balance of 25% over 90 day accounts
	  	$                    	  	
	 6.      Concentration Limits
	  		  	
	 7.      Foreign Accounts
	  	$                    	  	
	 8.      Governmental Accounts
	  	$                    	  	
	 9.      Contra Accounts
	  	$                    	  	
	 10.    Demo Accounts
	  	$                    	  	
	 11.    Intercompany/Employee Accounts
	  	$                    	  	
	 12.    Prebilled Support or Services accounts in excess of $500K
	  	$                    	  	
	 13.    TOTAL ACCOUNTS RECEIVABLE DEDUCTIONS
	  		  	$                    
	 14.    Eligible Accounts (#3 minus #13)
	  		  	$                    
	 15.    LOAN VALUE OF ACCOUNTS (80% of #14)
	  		  	$                    
			
	 BALANCES
	  		  	
	 16.    Maximum Loan Amount
	  		  	$5,000,000
	 17.    Total Funds Available [Lesser of #16 or #15]
	  		  	$                    
	 18.    Present balance owing on Line of Credit
	  		  	$                    
	 19.    Outstanding under ACH Sublimit
	  		  	$                    
	 20.    RESERVE POSITION (#17 minus #18 and #19)
	  		  	$                    

 The undersigned represents and warrants that the foregoing is true, complete and correct, and that the information
reflected in this Borrowing Base Certificate complies with the representations and warranties set forth in the Second Amended and Restated Loan and Security Agreement between the undersigned and Comerica Bank. 

 

			
	VOCERA COMMUNICATIONS, INC.
		
	By:	 	 
		 	 Authorized Signer

 EXHIBIT D 
 COMPLIANCE CERTIFICATE 
  

	TO:	        COMERICA BANK 

  

	FROM:	        VOCERA COMMUNICATIONS, INC. 

 The undersigned authorized officer of VOCERA COMMUNICATIONS, INC. hereby certifies that in accordance with the terms and conditions of the Second Amended and Restated Loan and Security Agreement between
Borrower and Bank (the “Agreement”), (i) Borrower is in complete compliance for the period ending                      with all
required covenants except as noted below and (ii) all representations and warranties of Borrower stated in the Agreement are true and correct as of the date hereof. Attached herewith are the required documents supporting the above
certification. The Officer further certifies that these are prepared in accordance with Generally Accepted Accounting Principles (GAAP) and are consistently applied from one period to the next except as explained in an accompanying letter or
footnotes. 
 Please indicate compliance status by circling Yes/No under “Complies” column. 

 

							
	 Reporting Covenant
	  	 Required
	  	 Complies

	Monthly financial statements, Orders and backlog report	  	Monthly within 20 days	  	Yes	  	No
	Annual (CPA Audited)	  	August 31	  	Yes	  	No
	10K and 10Q	  	(as applicable)	  	Yes	  	No
	A/R & A/P Agings, Borrowing Base Cert.	  	Monthly within 20 days (or bimonthly when more than $2.5MM in Advances outstanding)	  	Yes	  	No
	Compliance Cert.	  	Monthly within 20 days	  	Yes	  	No
	A/R Audit	  	Initial and Semi-Annual	  	Yes	  	No
	Annual Projections	  	45 days prior to FYE	  	Yes	  	No
	 Total amount of Borrower’s cash and investments maintained with Bank and Bank Affiliates
	  	All cash and investments	  	Yes	  	No

  

									
	 Financial Covenant
	  	 Required
	  	 Actual
	  	 Complies

	 Measured on a Monthly Basis:
	  		  		  		  	
	 Minimum Adjusted Quick Ratio
	  	1.10:1.00	  	______:1.00	  	  Yes  	  	  No  
	 Measured on a Quarterly Basis:
	  		  		  		  	
	 Minimum Net Income
	  	See attached chart	  	$_________	  	  Yes  	  	  No  

  

									
	Comments Regarding Exceptions: See Attached.	 		 	BANK USE ONLY
					
		 		 		 	 Received by:
	 	 
		 	 Sincerely,
	 		 		 	AUTHORIZED SIGNER
		 		 		 	 Date:
	 	 
					
		 	 	 		 	 Verified:
	 	 
		 	SIGNATURE	 		 		 	AUTHORIZED SIGNER
		 	 	 		 	 Date:
	 	 
		 	TITLE	 		 		 	
		 	 	 		 	
		 	Date:	 		 	Compliance
Status                                        
Yes            No

 Net Income Requirements 

 

					
	 Measuring Period
	  	Minimum Net Income	 
	 Quarter Ending 3/31/09
	  	 	($1,750,000	) 
	 Quarter Ending 6/30/09
	  	 	($1,150,000	) 
	 Quarter Ending 9/30/09
	  	 	($475,000	) 
	 Quarter Ending 12/31/09
	  	$	250,000	  

 EXHIBIT E 
 DAILY ADJUSTING LIBOR ADDENDUM 

 SCHEDULE OF EXCEPTIONS 
 Permitted Indebtedness (Section 1.1) 
 None. 

Permitted Investments (Section 1.1) 

None. 
 Permitted Liens (Section 1.1)

 None. 
 Prior Names (Section
5.5) 
 None. 
 Litigation
(Section 5.6) 
 None. 
 Inbound
Licenses (Section 5.12) 
 None. 

 Corporation Resolutions and Incumbency Certification 

Authority to Procure Loans 
  

 
 I certify that I am the duly elected and qualified
Secretary of VOCERA COMMUNICATIONS, INC.; that the following is a true and correct copy of resolutions duly adopted by the Board of Directors of the Corporation in accordance with its bylaws and applicable statutes. 

Copy of Resolutions: 
 Be it Resolved,
That: 
  

	1.	Any one (1) of the following CEO, COO, or CFO (insert titles only) of the Corporation are/is authorized, for, on behalf of, and in the name of the
Corporation to: 

  

	 	(a)	Negotiate and procure loans, letters of credit and other credit or financial accommodations from Comerica Bank (“Bank”), a Texas banking association,
including, without limitation, that certain Second Amended and Restated Loan and Security Agreement dated as of January 30, 2009, as may subsequently be amended from time to time. 

 

	 	(b)	Discount with the Bank, commercial or other business paper belonging to the Corporation made or drawn by or upon third parties, without limit as to amount;

  

	 	(c)	Purchase, sell, exchange, assign, endorse for transfer and/or deliver certificates and/or instruments representing stocks, bonds, evidences of Indebtedness or other
securities owned by the Corporation, whether or not registered in the name of the Corporation; 

  

	 	(d)	Give security for any liabilities of the Corporation to the Bank by grant, security interest, assignment, lien, deed of trust or mortgage upon any real or personal
property, tangible or intangible of the Corporation; and 

  

	 	(e)	Execute and deliver in form and content as may be required by the Bank any and all notes, evidences of Indebtedness, applications for letters of credit, guaranties,
subordination agreements, Second Amended and Restated Loan and Security Agreements, financing statements, assignments, liens, deeds of trust, mortgages, trust receipts and other agreements, instruments or documents to carry out the purposes of these
Resolutions, any or all of which may relate to all or to substantially all of the Corporation’s property and assets. 

  

	2.	Said Bank be and it is authorized and directed to pay the proceeds of any such loans or discounts as directed by the persons so authorized to sign, whether so payable
to the order of any of said persons in their individual capacities or not, and whether such proceeds are deposited to the individual credit of any of said persons or not; 

 

	3.	Any and all agreements, instruments and documents previously executed and acts and things previously done to carry out the purposes of these Resolutions are ratified,
confirmed and approved as the act or acts of the Corporation. 

  

	4.	These Resolutions shall continue in force, and the Bank may consider the holders of said offices and their signatures to be and continue to be as set forth in a
certified copy of these Resolutions delivered to the Bank, until notice to the contrary in writing is duly served on the Bank (such notice to have no effect on any action previously taken by the Bank in reliance on these Resolutions).

  

	5.	Any person, corporation or other legal entity dealing with the Bank may rely upon a certificate signed by an officer of the Bank to effect that these Resolutions and
any agreement, instrument or document executed pursuant to them are still in full force and effect and binding upon the Corporation. 

	6.	The Bank may consider the holders of the offices of the Corporation and their signatures, respectively, to be and continue to be as set forth in the Certificate of the
Secretary of the Corporation until notice to the contrary in writing is duly served on the Bank. 

 I further certify that the
above Resolutions are in full force and effect as of the date of this Certificate; that these Resolutions and any borrowings or financial accommodations under these Resolutions have been properly noted in the corporate books and records, and have
not been rescinded, annulled, revoked or modified; that neither the foregoing Resolutions nor any actions to be taken pursuant to them are or will be in contravention of any provision of the articles of incorporation or bylaws of the Corporation or
of any agreement, indenture or other instrument to which the Corporation is a party or by which it is bound; and that neither the articles of incorporation nor bylaws of the Corporation nor any agreement, indenture or other instrument to which the
Corporation is a party or by which it is bound require the vote or consent of shareholders of the Corporation to authorize any act, matter or thing described in the foregoing Resolutions. 
 I further certify that the following named persons have been duly elected to the offices set opposite their respective names, that they continue to hold these offices at the present time, and that the
signatures which appear below are the genuine, original signatures of each respectively: 
 (PLEASE SUPPLY GENUINE SIGNATURES
OF AUTHORIZED SIGNERS BELOW) 
  

											
	 NAME (Type or Print)

 
	 	 	 	 	  	 TITLE

 
	  	 	  	 SIGNATURE

 

	 Robert Zollars
	 		 		  	Chairman & CEO	  		  	/s/ Robert Zollars
	 Brent Lang
	 		 		  	COO & President	  		  	/s/ Brent Lang
	 Martin Silver
	 		 		  	CFO	  		  	/s/ Martin J. Silver
	 	 		 		  	 	  		  	 
	 	 		 		  	 	  		  	 
	 	 		 		  	 	  		  	 

 In Witness Whereof, I have affixed my name as Secretary and have caused the corporate seal (where available) of said
Corporation to be affixed on January 30, 2009. 
  

	
	/s/ Martin J. Silver
	Secretary Martin Silver

  

			
	The Above Statements are Correct.	  	 /s/ Robert Shostak; CTO & Board of Director

		  	 SIGNATURE OF OFFICER OR DIRECTOR OR, IF NONE. A SHAREHOLDER OTHER THAN SECRETARY WHEN SECRETARY IS AUTHORIZED TO SIGN
ALONE.

 Failure to complete the above when the Secretary is authorized to sign alone shall constitute a certification by the
Secretary that the Secretary is the sole Shareholder, Director and Officer of the Corporation. 

 ATTN: VOCERA COMMUNICATIONS, INC. 

USA PATRIOT ACT 
 NOTICE 
 OF 

CUSTOMER IDENTIFICATION 
 IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT 
 To help the
government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. 

WHAT THIS MEANS FOR YOU: when you open an account, we will ask your name, address, date of birth, and other information that will allow
us to identify you. We may also ask to see your driver’s license or other identifying documents. 

 COMERICA BANK 
 Member FDIC 
 ITEMIZATION OF AMOUNT FINANCED 

DISBURSEMENT INSTRUCTIONS 
 (Revolver) 
  

			
	Name(s): VOCERA COMMUNICATIONS, INC.	  	Date: January 30, 2009
		
	 $5,000,000
	  	credited to deposit account No. ___________ when Advances are requested by Borrower
	
	 Amounts paid to others on your behalf:

		
	 $
	  	to Comerica Bank for Loan Fee
		
	 $
	  	to Comerica Bank for Document Fee
		
	 $
	  	to Comerica Bank for accounts receivable audit (estimate)
		
	 $
	  	to Bank counsel fees and expenses
		
	 $
	  	to _______________
		
	 $
	  	to _______________
		
	 $
	  	TOTAL (AMOUNT FINANCED)

 Upon consummation of this transaction, this document will also serve as the authorization for Comerica
Bank to disburse the loan proceeds as stated above. 
  

					
			
	/s/ Martin J. Silver / CFO	 		 	  
	Signature	 		 	Signature

 COMERICA BANK 
 Member FDIC 
 ITEMIZATION OF AMOUNT FINANCED 

DISBURSEMENT INSTRUCTIONS 
 (Term Line) 
  

			
	Name(s): VOCERA COMMUNICATIONS, INC.	  	Date: January 30, 2009
		
	 $2,000,000
	  	credited to deposit account No. ___________ when Advances are requested by Borrower
	
	 Amounts paid to others on your behalf:

		
	 $
	  	to Comerica Bank for Loan Fee
		
	 $
	  	to Comerica Bank for Document Fee
		
	 $
	  	to Comerica Bank for accounts receivable audit (estimate)
		
	 $
	  	to Bank counsel fees and expenses
		
	 $
	  	to _______________
		
	 $
	  	to _______________
		
	 $
	  	TOTAL (AMOUNT FINANCED)

 Upon consummation of this transaction, this document will also serve as the authorization for Comerica
Bank to disburse the loan proceeds as stated above. 
  

					
			
	/s/ Martin J. Silver	 		 	  
	Signature	 		 	Signature

 

 
 Agreement to Furnish Insurance 

 
 Heron called “Bank” 

Borrower(s): VOCERA COMMUNICATIONS, INC. 
 I
understand that the Security Agreement or Deed of Trust which I executed in connection with this transaction requires me to provide a physical damage insurance policy including a Lenders Loss Payable Endorsement in favor of the Bank as shown below,
within ten (10) days from the date of this agreement. 
 The following minimum insurance must be provided according to the terms of the security
documents. 
  

							
	  ̈
	 	 AUTOMOBILES, TRUCKS, RECREATIONAL VEHICLES
 Comprehensive &
 Collision
 Lender’s Loss Payable Endorsement
	 	  ̈
	  	 MACHINERY & EQUIPMENT: MISCELLANEOUS PERSONAL PROPERTY

Fire & Extended Coverage
 Lender’s Loss Payable
Endorsement
  ̈   Breach of Warranty
Endorsement

				
	  ̈
	 	 BOATS

All Risk Hull Insurance
 Lender’s Loss Payable Endorsement

 ̈   Breach of Warranty Endorsement
	 	  ̈
	  	 AIRCRAFT
 All Risk Ground & Flight Insurance
 Lender’s Loss Payable
Endorsement
  ̈  Breach of Warranty
Endorsement

				
	  ̈
	 	 MOBILE HOMES 
 Fire;
Theft & Combined Additional Coverage Lender’s Loss Payable Endorsement

 ̈   Earthquake
	 	  ̈
	  	 REAL PROPERTY
 Fine & Extended Coverage
 Lender’s Loss Payable Endorsement

 ̈  All Risk Coverage

 ̈  Special Form Risk Coverage

 ̈  

 ̈   Earthquake

 ̈   Other
                                         
               

				
	  ̈
	 	INVENTORY	 		  	
		
	  ̈
	 	 Other
__________________________________________________________________________________________

            
__________________________________________________________________________________________

            
__________________________________________________________________________________________

 I may obtain the required insurance from any company that is acceptable to the Bank, and will deliver proof of such
coverage with an effective date of January 30, 2009 or earlier. 
 I understand and agree that if I fail to deliver proof of insurance to the
Bank at the address below, or upon the lapse or cancellation of such insurance, the Bank may procure Lender’s Single Interest Insurance or other similar coverage on the properly. If the Bank procures insurance to protect its interest in the
property described in the security documents, the cost for the insurance will be added to my indebtedness as provided in the security documents. Lender’s Single Interest Insurance shall cover only the Bank’s interest as a secured party,
and shall become effective at the earlier of the funding date of this transaction or the date my insurance was canceled or expired. I UNDERSTAND THAT LENDER’S SINGLE INTEREST INSURANCE WILL PROVIDE ME WITH ONLY LIMITED PROTECTION AGAINST
PHYSICAL DAMAGE TO THE COLLATERAL, UP TO THE BALANCE OF THE LOAN, HOWEVER, MY EQUITY IN THE PROPERTY WILL NOT BE INSURED. FURTHER, THE INSURANCE WILL NOT PROVIDE MINIMUM PUBLIC LIABILITY OR PROPERTY DAMAGE INDEMNIFICATION AND DOES NOT MEET THE
REQUIREMENTS OF THE FINANCIAL RESPONSIBILITY LAW. 
 CALIFORNIA CIVIL CODE SECTION 2955.5. HAZARD INSURANCE DISCLOSURE: No lender shall require
a borrower, as a condition of receiving or maintaining a loan secured by real property, to provide hazard insurance coverage against risks to the improvements on that real property in an amount exceeding the replacement value of the improvements on
the property. 
  

	
	Bank Address for Insurance Documents:
	 Comerica Bank – Collateral Operations. Mail Code 4770

	 75 East Trimble Road

	 San Jose, California 95131

 I acknowledge having read the provisions of this agreement, and agree to its terms. I authorize the Bank to
provide to any person (including any insurance agent or company) any information necessary to obtain the insurance coverage required. 
  

									
					
		 	OWNER(S) OF COLLATERAL:	 		 	DATED:	 	 
				
		 	 	 		 	 
				
		 	 	 		 	 

  

	
	 INSURANCE VERIFICATION

	
	Date                             
                                         
                                         
                                         
 
Phone                                        
                         
	
	
Agents Name                     
                                         
                                         
                                 Person Talked To    
                                        

	
	
Agents Address                     
                                         
                                         
                                         
                                         
                                         
 

	
	
Insurance Company                    
                                         
                                         
                                         
                                         
                                   

	
	
Policy Number (s)                   
                                         
                                         
                                         
                                         
                                       

	
	
Effective Dates: From                   
                                         
                                         
   To:                                     
                                         
                         

	
	
Deductible $                     
                                         
                                         
   Comments:                                    
                                         
                            

							
	COMERICA BANK	  	
	 Member FDIC
	  	AUTOMATIC DEBIT AUTHORIZATION

 To: Comerica Bank 
 Re: Loan # __________________________ 
 You are hereby authorized and instructed to charge
account No. 1891576009 in the name of VOCERA COMMUNICATIONS, INC. 

							
	
	for principal, interest and other payments due on above referenced loan as set forth below and credit the loan referenced above.
		
		  	 x         Debit each interest payment as it
becomes due according to the terms of the Second Amended and Restated Loan and Security Agreement and any renewals or amendments thereof.

		
		  	 x         Debit each principal payment as it
becomes due according to the terms of the Second Amended and Restated Loan and Security Agreement and any renewals or amendments thereof.

		
		  	 x         Debit each payment for Bank Expenses
as it becomes due according to the terms of the Second Amended and Restated Loan and Security Agreement and any renewals or amendments thereof.

	
	 This Authorization is to remain in full force and effect until revoked in
writing.

  

							
		
	 Borrower Signature
	 	Date
		
	 /s/ Martin J. Silver / CFO
	 	January 30, 2009
		
		 	January 30, 2009

 COMERICA BANK 
  

					
		  		  	COMERICA BANK
		  		  	CLIENT AUTHORIZATION

 Fax (408) 451-8568 

 
 General Authorization 

I hereby authorize Comerica Bank to use my company name, logo, and information relating to our banking relationship in its marketing and advertising
campaigns which is intended for Comerica Bank’s customers, prospects and shareholders. 
 Comerica Bank will forward any advertising or
article including client for prior review and approval. 
  

	
	/s/ Martin J. Silver
	Signature
	
	Martin J. Silver                     Chief Financial Officer
	Printed Name
                        Title
	
	Vocera Communications, Inc.
	Company
	
	525 Race Street, Ste 150
	Mailing Address
	
	San Jose, CA 95126-3495
	City, State, Zip Code
	
	408-882-5990
	Phone Number
	
	408-882-5901
	Fax Number
	
	msilver@vocera.com
	E-Mail
	
	January 30, 2009

			
	 DEBTOR
	  	VOCERA COMMUNICATIONS, INC.
	  
 SECURED
PARTY:
	  	COMERICA BANK

 EXHIBIT A 
 COLLATERAL DESCRIPTION ATTACHMENT 
 TO UCC NATIONAL FORM FINANCING STATEMENT

 All personal property of Borrower (herein referred to as “Borrower” or “Debtor”) whether presently
existing or hereafter created or acquired, and wherever located, including, but not limited to: 
 (a) all
accounts (including health-care-insurance receivables), chattel paper (including tangible and electronic chattel paper), deposit accounts, documents (including negotiable documents), equipment (including all accessions and additions thereto),
general intangibles (including payment intangibles and software), goods (including fixtures), instruments (including promissory notes), inventory (including all goods held for sale or lease or to be furnished under a contract of service, and
including returns and repossessions), investment property (including securities and securities entitlements), letter of credit rights, money, and all of Debtor’s books and records with respect to any of the foregoing, and the computers and
equipment containing said books and records; 
 (b) all common law and statutory copyrights and copyright
registrations, applications for registration, now existing or hereafter arising, in the United States of America or in any foreign jurisdiction, obtained or to be obtained on or in connection with any of the foregoing, or any parts thereof or any
underlying or component elements of any of the foregoing, together with the right to copyright and all rights to renew or extend such copyrights and the right (but not the obligation) of Secured Party to sue in its own name and/or in the name of the
Debtor for past, present and future infringements of copyright; 
 (c) all trademarks, service marks, trade names
and service names and the goodwill associated therewith, together with the right to trademark and all rights to renew or extend such trademarks and the right (but not the obligation) of Secured Party to sue in its own name and/or in the name of the
Debtor for past, present and future infringements of trademark; 
 (d) all (i) patents and patent
applications filed in the United States Patent and Trademark Office or any similar office of any foreign jurisdiction, and interests under patent license agreements, including, without limitation, the inventions and improvements described and
claimed therein, (ii) licenses pertaining to any patent whether Debtor is licensor or licensee, (iii) income, royalties, damages, payments, accounts and accounts receivable now or hereafter due and/or payable under and with respect
thereto, including, without limitation, damages and payments for past, present or future infringements thereof, (iv) right (but not the obligation) to sue in the name of Debtor and/or in the name of Secured Party for past, present and future
infringements thereof, (v) rights corresponding thereto throughout the world in all jurisdictions in which such patents have been issued or applied for, and (vi) reissues, divisions, continuations, renewals, extensions and
continuations-in-part with respect to any of the foregoing; and 
 (e) any and all cash proceeds and/or noncash
proceeds of any of the foregoing, including, without limitation, insurance proceeds, and all supporting obligations and the security therefor or for any right to payment. All terms above have the meanings given to them in the California Uniform
Commercial Code, as amended or supplemented from time to time, including revised Division 9 of the Uniform Commercial Code- Secured Transactions, added by Stats. 1999, c.991 (S.B. 45), Section 35, operative July 1, 2001. 

Notwithstanding the foregoing, the Collateral shall not include any copyrights, patents, trademarks, servicemarks and
applications therefor, now owned or hereafter acquired, or any claims for damages by way of any past, present and future infringement of any of the foregoing (collectively, the “Intellectual Property”); provided, however, that the
Collateral shall include all accounts and general intangibles that consist of rights to payment and proceeds from the sale, licensing or disposition of all or any part, or rights in, the foregoing (the “Rights to Payment”). Notwithstanding
the foregoing, if a judicial authority (including a U.S. Bankruptcy Court) holds that a 

 
security interest in the underlying Intellectual Property is necessary to have a security interest in the Rights to Payment, then the Collateral shall automatically, and effective as of
January 30, 2009, include the Intellectual Property to the extent necessary to permit perfection of Bank’s security interest in the Rights to Payment. 

 FIRST AMENDMENT TO SECOND AMENDED AND RESTATED LOAN AND SECURITY 

This First Amendment to Second Amended and Restated Loan and Security Agreement (this VOCERA COMMUNICATIONS, INC. (“Borrower”).

 RECITALS 
 Borrower and Bank are parties to that certain Second Amended and Restated Loan and Security Agreement of January 30, 2009, as amended from time to time (the “Agreement”). The parties desire
to amend the Agreement in accordance with the terms of this Amendment. 
 NOW, THEREFORE, the parties agree as follows:

 1. The following defined terms in Section 1.1 of the Agreement hereby are added, amended or restated as follows:

 “Credit Card Services Sublimit” means a sublimit for corporate credit cards and e-commerce or
merchant account services under the Revolving Line not to exceed Five Hundred Thousand Dollars ($500,000), minus any amounts outstanding under the Letter of Credit Sublimit and the outstanding FX Amount. 

“Letter of Credit” means a commercial or standby letter of credit or similar undertaking issued by Bank at
Borrower’s request in accordance with Section 2.1(b)(iii). 
 “Letter of Credit Sublimit”
means a sublimit for Letters of Credit under the Revolving Line not to exceed Five Hundred Thousand Dollars ($500,000), less any amounts outstanding under the Credit Card Services Sublimit and the outstanding FX Amount. 

“Permitted Foreign Accounts” means deposit accounts (but not savings or investment accounts) maintained by
Borrower with financial institutions outside of the United States with aggregate balances not to exceed One Million Dollars ($1,000,000) at any time. 
 “Revolving Maturity Date” means January 28, 2011. 
 2. Subsection
(k) of the defined term “Eligible Accounts” in Section 1.1 of the Agreement is hereby amended and restated in its entirety to read as follows: 

“(k) Intentionally Omitted;” 
 3. The defined term “ACH Sublimit” in Section 1.1 of the Agreement is hereby deleted in its entirety. 
 4. Section 2.1(b)(iii) is hereby amended and restated in its entirety to read as follows: 
 (iii) Letter of Credit Sublimit. Subject to the availability under the Revolving Line, and in reliance on the representations and warranties of Borrower set forth herein, at any time and from time
to time from the date hereof through the Business Day immediately prior to the Revolving Maturity Date, Bank shall issue for the account of Borrower such Letters of Credit as Borrower may request by delivering to Bank a duly executed letter of
credit application on Bank’s standard form; provided, however, that the outstanding and undrawn amounts under all such Letters of Credit (i) shall not at any time exceed the Letter of Credit Sublimit, and (ii) shall be deemed to
constitute Advances for the purpose of calculating availability under the Revolving Line. Any drawn but unreimbursed amounts under any Letter of Credit shall be charged as Advances against the Revolving Line. All Letters of Credit shall be in form
and substance acceptable to Bank in its sole discretion and shall be subject to the terms and conditions of Bank’s form application and letter of credit agreement. Borrower will pay any standard issuance and other fees that Bank notifies
Borrower it will charge for issuing and processing Letters of Credit. 
 5. Section 2,1(b)(iv) is hereby amended and
restated in its entirety to read as follows: 
 “(iv) Credit Card Services Sublimit. Subject to the
terms and conditions of this Agreement, Borrower may request corporate credit cards and standard and e-commerce merchant account services from Bank (collectively, the “Credit Card Services”), The aggregate limit of the corporate credit
cards and merchant credit card processing reserves shall not exceed the Credit Card Services Sublimit, provided that availability under the Revolving Line shall be reduced by the aggregate limits of

  
 1 

 
the corporate credit cards issued to Borrower and merchant credit card processing reserves. In addition, Bank may, in its sole discretion, charge as Advances any amounts that become due or owing
to Bank in connection with the Credit Card Services. The terms and conditions (including repayment and fees) of such Credit Card Services shall be subject to the terms and conditions of the Bank’s standard forms of application and agreement for
the Credit Card Services, which Borrower hereby agrees to execute. 
 6. New Sections 2,1(b)(v) and 2.1(b)(vi) are hereby added
to the Agreement as follows: 
 “(v) Foreign Exchange Sublimit. Subject to and upon the terms and
conditions of this Agreement and any other agreement that Borrower may enter into with the Bank in connection with foreign exchange transactions (“FX Contracts”). Borrower may request Bank to enter into FX Contracts with Borrower due not
later than the Revolving Maturity Date. Borrower shall pay any standard issuance and other fees that Bank notifies Borrower will be charged for issuing and processing FX Contracts for Borrower. The FX Amount shall at all times be equal to or less
than Five Hundred Thousand Dollars ($500,000), less any amounts outstanding under the Letter of Credit Sublimit and the Credit Card Services Sublimit. The “FX Amount” shall equal the amount determined by multiplying (i) the aggregate
amount, in United States Dollars, of FX Contracts between Borrower and Bank remaining outstanding as of any date of determination by (ii) the applicable Foreign Exchange Reserve Percentage as of such date. The “Foreign Exchange Reserve
Percentage” shall be a percentage as determined by Bank, in its sole discretion from time to time. The initial Foreign Exchange Reserve Percentage shall be ten percent (10%). 

(vi) Collateralization of Obligations Extending Beyond Maturity. If Borrower has not secured to Bank’s
satisfaction its obligations with respect to any Letters of Credit, Credit Card Services or Foreign Exchange Contracts by the Revolving Maturity Date, then, effective as of such date, the balance in any deposit accounts held by Bank and the
certificates of deposit or time deposit accounts issued by Bank in Borrower’s name (and any interest paid thereon or proceeds thereof, including any amounts payable upon the maturity or liquidation of such certificates or accounts), shall
automatically secure such obligations to the extent of the then continuing or outstanding and undrawn Letters of Credit, Credit Card Services or Foreign Exchange Contracts. Borrower authorizes Bank to hold such balances in pledge and to decline to
honor any drafts thereon or any requests by Borrower or any other Person to pay or otherwise transfer any part of such balances for so long as the Letters of Credit, Credit Card Services or Foreign Exchange Contracts are outstanding or
continue.” 
 7. Section 2.3(a) is hereby amended and restated in its entirety to read as follows: 

“(a) Interest Rates for Credit Extensions. Except as set forth in Section 2.3(b), the Credit Extensions
shall bear interest, on the outstanding daily balance thereof, as set forth in the Prime Referenced Rate Addendum to Second Amended and Restated Loan & Security Agreement attached as Exhibit E.” 

8. The following is hereby added to the end of Section 4.4 of the Agreement: 

“The foregoing provisions shall not apply to any amounts collected or maintained by Borrower in the Permitted Foreign
Accounts,” 
 9. Section 6.2(vi) is hereby amended and restated in its entirety to read as follows: 

“(vi) such budgets, sales projections, operating plans or other financial information as Bank may reasonably request
from time to time, including, as soon as available, but any event no later than December 31 of each year, annual financial projections approved by Borrower’s board of directors.” 

10. Section 6.6 is hereby amended and restated in its entirety to read as follows: 

“6.6 Accounts. Borrower shall maintain all its depository and operating accounts with Bank, and all its
investment accounts with Bank or Bank’s Affiliates subject to account control agreements in favor of Bank; provided however that Borrower may maintain the Permitted Foreign Accounts outside Bank without obtaining account control agreements with
respect to such accounts.” 
 11. Section 6.7 is hereby amended and restated in its entirety to read as follows:

 “6.7 Financial Covenants. Borrower shall at all times maintain the following financial ratios and
covenants: 
 (a) Adjusted Quick Ratio. Borrower shall at all times, measured on a monthly basis, maintain
a ratio of Cash held at Bank or at Bank’s Affiliates subject to account control agreements in favor of Bank plus Eligible Accounts to 

  
 2 

 
Current Liabilities plus (to the extent not already included therein) all Indebtedness to Bank (excluding any amounts outstanding in connection with Automated Clearing House transactions) less
the current portion of Deferred Revenue of at least 1.25 to 1.00. 
 (b) Net Income. Quarterly Net Income
of not less than the following: 
  

					
	 Measuring Period
	  	Minimum Net Income	 
	 Quarter Ending 3/31/10
	  	 	($700,000	) 
	 Quarter Ending 6/30/10
	  	 	($500,000	) 
	 Quarter Ending 9/30/10
	  	$	100,000	  
	 Quarter Ending 12/31/10
	  	$	500,000	  

 12. All references in the Loan Documents to Bank’s address at 75 East Trimble Road, M/C 4770, San
Jose, California 95131, Attn: Manager shall mean and refer to 39200 Six Mile Road, M/C 7578, Livonia, Michigan 48152, Attn: National Documentation Services. 
 13. Exhibit E to the Agreement is hereby replaced with Exhibit E attached hereto. 

14. No course of dealing on the part of Bank or its officers, nor any failure or delay in the exercise of any right by Bank, shall
operate as a waiver thereof, and any single or partial exercise of any such right shall not preclude any later exercise of any such right. Bank’s failure at any time to require strict performance by Borrower of any provision shall not affect
any right of Bank thereafter to demand strict compliance and performance. Any suspension or waiver of a right must be in writing signed by an officer of Bank. 
 15. Unless otherwise defined, all initially capitalized terms in this Amendment shall be as defined in the Agreement. The Agreement, as amended hereby, shall be and remain in full force and effect in
accordance with its respective terms and hereby is ratified and confirmed in all respects. Except as expressly set forth herein, the execution, delivery, and performance of this Amendment shall not operate as a waiver of, or as an amendment of, any
right, power, or remedy of Bank under the Agreement, as in effect prior to the date hereof. 
 16. Borrower represents and
warrants that the Representations and Warranties contained in the Agreement are true and correct as of the date of this Amendment, and that no Event of Default has occurred and is continuing. 

17. As a condition to the effectiveness of this Amendment, Bank shall have received, in form and substance satisfactory to Bank, the
following: 
 (a) this Amendment, duly executed by Borrower; 

(b) an officer’s certificate of Borrower with respect to incumbency and resolutions authorizing the execution and
delivery of this Amendment; 
 (c) a renewal fee in the amount of Ten Thousand Dollars ($10,000), which may be
debited from any of Borrower’s accounts; 
 (d) all reasonable Bank Expenses incurred through the date of
this Amendment, which may be debited from any of Borrower’s accounts; and 
 (e) such other documents, and
completion of such other matters, as Bank may reasonably deem necessary or appropriate. 
 18. This Amendment may be executed in
two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one instrument. 

  
 3 

 IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the first date above
written. 
  

			
	VOCERA COMMUNICATIONS, INC.
		
	By:	 	/s/ Martin J. Silver
	Title:	 	Martin J. Silver / Chief Financial Officer
	
	COMERICA BANK
		
	By:	 	/s/ Robert Shott
	Title:	 	SVP

 [Signature Page to First Amendment to Second Amended and Restate Loan & Security
Agreement] 

  
 4 

 EXHIBIT D 
 COMPLIANCE CERTIFICATE 
  

			
	 TO:
	  	COMERICA BANK
		
	 FROM:
	  	VOCERA COMMUNICATIONS, INC.

 The undersigned authorized officer of VOCERA COMMUNICATIONS, INC. hereby certifies that in accordance
with the terms and conditions of the Second Amended and Restated Loan and Security Agreement between Borrower and Bank (the “Agreement”), (i) Borrower is in complete compliance for the period ending
                    with all required covenants except as noted below and (ii) all representations and warranties of Borrower stated in
the Agreement are true and correct as of the date hereof. Attached herewith are the required documents supporting the above certification. The Officer further certifies that these are prepared in accordance with Generally Accepted Accounting
Principles (GAAP) and are consistently applied from one period to the next except as explained in an accompanying letter or footnotes. 
 Please indicate compliance status by circling Yes/No under “Complies” column. 
  

							
	 Reporting Covenant
	  	Required	  	Complies
			
	Monthly financial statements, Orders and backlog report	  	Monthly within 20 days	  	Yes     No
	Annual (CPA Audited)	  	August 31	  	Yes     No
	10K and 10Q	  	(as applicable)	  	Yes     No
	A/R & A/P Agings, Borrowing Base Cert.	  	Monthly within 20 days (or bimonthly when more than $2.5MM in Advances outstanding)	  	Yes     No
	Compliance Cert.	  	Monthly within 20 days	  	Yes     No
	A/R Audit	  	Initial and Semi-Annual	  	Yes     No
	Annual Projections	  	12/31 of each year	  	Yes     No
	Total amount of Borrower’s cash and investments maintained with Bank and Bank Affiliates	  	All cash and investments other than the Permitted Foreign Account	  	Yes     No

  

							
	 Financial Covenant
	  	Required	  	Actual	  	Complies
				
	Measured on a Monthly Basis:	  		  		  	
	 Minimum Adjusted Quick Ratio
	  	1.25:1.00	  	_____:1.00	  	Yes No
				
	Measured on a Quarterly Basis:	  		  		  	
	 Minimum Net Income
	  	See
attached
chart	  	$______	  	Yes No

  

									
	Comments Regarding Exceptions: See Attached.	 		 	BANK USE ONLY
					
	Sincerely,    	 	 	 		 	Received by:	 	 
		 	SIGNATURE	 		 		 	AUTHORIZED SIGNER
					
		 	 	 		 	DATE:	 	 
					
		 	TITLE	 		 	Verified:	 	 
		 	 	 		 		 	AUTHORIZED SIGNER
					
		 	DATE	 		 	DATE:	 	 
		 		 		 	
		 		 		 	Compliance Status                        
                     Yes         No

  

 Net Income Requirements 

 

					
	 Measuring Period
	  	Minimum Net Income	 
	 Quarter Ending 3/31/10
	  	 	($700,000	) 
	 Quarter Ending 6/30/10
	  	 	($500,000	) 
	 Quarter Ending 9/30/10
	  	$	100,000	  
	 Quarter Ending 12/31/10
	  	$	500,000	  

 EXHIBIT E 
 PRIME REFERENCED RATE ADDENDUM 
 [please see attached]

 Corporation Resolutions and Incumbency Certification 

Authority to Procure Loans 

I certify that I am the duly elected and qualified Secretary of VOCERA COMMUNICATIONS, INC.; that the following is a true and correct copy of resolutions
duly adopted by the Board of Directors of the Corporation in accordance with its bylaws and applicable statutes. 
 Copy of Resolutions:

 Be it Resolved, That: 
  

	1.	Anyone (1) of the following Chairman, CEO, COO, CFO (insert titles only) of the Corporation are/is authorized, for, on behalf of, and in the name of the
Corporation to: 

  

	 	(a)	Negotiate and procure loans, letters of credit and other credit or financial accommodations from Comerica Bank (“Bank”), a Texas banking association,
including, without limitation, that certain Second Amended and Restated Loan and Security Agreement dated as of January 30, 2009, as may subsequently be amended from time to time, including by that certain First Amendment to Amended and
Restated Loan and Security Agreement dated as of February 19, 2010; 

  

	 	(b)	Discount with the Bank, commercial or other business paper belonging to the Corporation made or drawn by or upon third parties, without limit as to amount;

  

	 	(c)	Purchase, sell, exchange, assign, endorse for transfer and/or deliver certificates and/or instruments representing stocks, bonds, evidences of Indebtedness or other
securities owned by the Corporation, whether or not registered in the name of the Corporation; 

  

	 	(d)	Give security for any liabilities of the Corporation to the Bank by grant, security interest, assignment, lien, deed of trust or mortgage upon any real or personal
property, tangible or intangible of the Corporation; and 

  

	 	(e)	Execute and deliver in form and content as may be required by the Bank any and all notes, evidences of Indebtedness, applications for letters of credit, guaranties,
subordination agreements, Second Amended and Restated Loan and Security Agreements, financing statements, assignments, liens, deeds of trust, mortgages, trust receipts and other agreements, instruments or documents to carry out the purposes of these
Resolutions, any or all of which may relate to all or to substantially all of the Corporation’s property and assets. 

  

	2.	Said Bank be and it is authorized and directed to pay the proceeds of any such loans or discounts as directed by the persons so authorized to sign, whether so payable
to the order of any of said persons in their individual capacities or not, and whether such proceeds are deposited to the individual credit of any of said persons or not; 

 

	3.	Any and all agreements, instruments and documents previously executed and acts and things previously done to carry out the purposes of these Resolutions are ratified,
confirmed and approved as the act or acts of the Corporation. 

  

	4.	These Resolutions shall continue in force, and the Bank may consider the holders of said offices and their signatures to be and continue to be as set forth in a
certified copy of these Resolutions delivered to the Bank, until notice to the contrary in writing is duly served on the Bank (such notice to have no effect on any action previously taken by the Bank in reliance on these Resolutions).

  

	5.	Any person, corporation or other legal entity dealing ‘with the Bank may rely upon a certificate signed by an officer of the Bank to effect that these Resolutions
and any agreement, instrument or document executed pursuant to them are still in full force and effect and binding upon the Corporation. 

  

	6.	The Bank may consider the holders of the offices of the Corporation and their signatures, respectively, to be and continue to be as set forth in the Certificate of the
Secretary of the Corporation until notice to the contrary in writing is duly served on the Bank. 

 I further
certify that the above Resolutions are in full force and effect as of the date of this Certificate; that these Resolutions and any borrowings or financial accommodations under these Resolutions have been properly noted in the corporate books and
records, and have not been rescinded, annulled, revoked or modified; that neither the foregoing Resolutions nor any 

 
actions to be taken pursuant to them are or will be in contravention of any provision of the articles of incorporation or bylaws of the Corporation or of any agreement, indenture or other
instrument to which the Corporation is a party or by which it is bound; and that neither the articles of incorporation nor by laws of the Corporation nor any agreement, indenture or other instrument to which the Corporation is a party or by which it
is bound require the vote or consent of shareholders of the Corporation to authorize any act, matter or thing described in the foregoing Resolutions. 
 I further certify that the following named persons have been duly elected to the offices set opposite their respective names, that they continue to hold these offices at the present time, and that the
signatures which appear below are the genuine, original signatures of each respectively: 
 (PLEASE SUPPLY GENUINE SIGNATURES
OF AUTHORIZED SIGNERS BELOW) 
 NAME (Type or Print) TITLE SIGNATURE 

 

					
	NAME (Type or Print)	 	TITLE	 	SIGNATURE
			
	Robert Zollars	 	Chairman	 	/s/ Robert Zollars
			
	Brent Lang	 	COO	 	/s/ Brent Lang
			
	Martin Silver	 	CFO	 	/s/ Martin Silver

 In Witness Whereof, I have affixed my name as Secretary and have caused the corporate seal (where available) of said
Corporation to be affixed on February 26, 2010. 
  

	
	/s/ Martin J. Silver
	Secretary Martin J. Silver; Corporate Secretary

  

			
	 The Above Statements are Correct.    
	 	/S/ illegible
		 	 SIGNATURE OF OFFICER OR DIRECTOR OR, IF NONE. A
 SHAREHOLDER OTHER THAN SECRETARY WHEN SECRETARY IS
 AUTHORIZED TO SIGN ALONE.

 Failure to complete the above when the Secretary is authorized to sign alone shall constitute a certification by the
Secretary that the Secretary is the sole Shareholder, Director and Officer of the Corporation. 

 Prime Referenced Rate Addendum To 

Second Amended and Restated Loan and Security Agreement 

This Prime Referenced Rate Addendum to Second Amended and Restated Loan and Security Agreement (this “Addendum”) is entered
into as of February 19, 2010, by and between Comerica Bank (“Bank”) and VOCERA COMMUNICATIONS, INC. (“Borrower”). This Addendum supplements the terms of the Second Amended and Restated Loan and Security Agreement dated as of
January 30, 2009, as amended from time to time, including by that certain First Amendment to Second Amended and Restated Loan and Security Agreement dated as of the date hereof (as the same may be amended, modified, supplemented, extended or
restated from time to time, collectively, the “Agreement”). 
 1. Definitions. As used in this Addendum, the
following terms shall have the following meanings. Initially capitalized terms used and not defined in this Addendum shall have the meanings ascribed thereto in the Agreement. 
 a. “Applicable Margin” means (i) one percent (l.00%) per annum with respect to Advances and (ii) two percent (2.00%) per annum with respect to Term Advances. 

b. “Business Day” means any day, other than a Saturday, Sunday or any other day designated as a holiday under Federal or
applicable State statute or regulation, on which Bank is open for all or substantially all of its domestic and international business (including dealings in foreign exchange) in San Jose, California, and, in respect of notices and determinations
relating the Daily Adjusting LIBOR Rate, also a day on which dealings in dollar deposits are also carried on in the London interbank market and on which banks are open for business in London, England. 

c. “Daily Adjusting LIBOR Rate” means, for any day, a per annum interest rate which is equal to the quotient of the following:

  

	 	(1)	for any day, the per annum rate of interest determined on the basis of the rate for deposits in United States Dollars for a period equal to one (1) month appearing
on Page BBAM of the Bloomberg Financial Markets Information Service as of 8:00 a.m. (California time) (or as soon thereafter as practical) on such day, or if such day is not a Business Day, on the immediately preceding Business Day. In the event
that such rate does not appear on Page BBAM of the Bloomberg Financial Markets Information Service (or otherwise on such Service) on any day, the “Daily Adjusting LIBOR Rate” for such day shall be determined by reference to such other
publicly available service for displaying eurodollar rates as may be reasonably selected by Bank, or in the absence of such other service, the “Daily Adjusting LIBOR Rate” for such day shall, instead, be determined based upon the average
of the rates at which Bank is offered dollar deposits at or about 8:00 a.m. (California time) (or as soon thereafter as practical), on such day, or if such day is not a Business Day, on the immediately preceding Business Day, in the interbank
eurodollar market in an amount comparable to the outstanding principal amount of the Obligations and for a period equal to one (1) month; 

 divided by 
  

	 	(2)	l.00 minus the maximum rate (expressed as a decimal) on such day at which Bank is required to maintain reserves on “Euro-currency Liabilities” as defined in
and pursuant to Regulation D of the Board of Governors of the Federal Reserve System or, if such regulation or definition is modified, and as long as Bank is required to maintain reserves against a category of liabilities which includes eurodollar
deposits or includes a category of assets which includes eurodollar loans, the rate at which such reserves are required to be maintained on such category. 

 d. “LIBOR Lending Office” means Bank’s office located in the Cayman Islands, British West Indies, or such other branch of Bank, domestic or foreign, as it may hereafter designate as its
LIBOR Lending Office by notice to Borrower. 
 e. “Prime Rate” means the per annum interest rate established by Bank
as its prime rate for its borrowers, as such rate may vary from time to time, which rate is not necessarily the lowest rate on loans made by Bank at any such time. 
 f. “Prime Referenced Rate” means, for any day, a per annum interest rate which is equal to the Prime Rate in effect on such day, but in no event and at no time shall the Prime Referenced Rate be
less than the sum of the Daily Adjusting LIBOR Rate for such day plus two and one-half percent (2.50%) per annum. If, at any time, Bank determines that it is unable to determine or ascertain the Daily Adjusting LIBOR Rate for any day, the Prime
Referenced Rate for each such day shall be the Prime Rate in effect at such time, but not less than two and one-half percent (2.50%) per annum. 

  
 1 

 2. Interest Rate. Subject to the terms and conditions of this Addendum, the
Obligations under the Agreement shall bear interest at the Prime Referenced Rate plus the Applicable Margin. 
 3. Payment of
Interest. Accrued and unpaid interest on the unpaid balance of the Obligations outstanding under the Agreement shall be payable monthly, in arrears, on the first Business Day of each month, until maturity (whether as stated herein, by
acceleration, or otherwise). In the event that any payment under this Addendum becomes due and payable on any day which is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day, and, to the extent applicable,
interest shall continue to accrue and be payable thereon during such extension at the rates set forth in this Addendum. Interest accruing hereunder shall be computed on the basis of a year of 360 days, and shall be assessed for the actual number of
days elapsed, and in such computation, effect shall be given to any change in the applicable interest rate as a result of any change in the Prime Referenced Rate on the date of each such change. 

4. Bank’s Records. The amount and date of each advance under the Agreement, its applicable interest rate, and the amount and
date of any repayment shall be noted on Bank’s records, which records shall be conclusive evidence thereof, absent manifest error; provided, however, any failure by Bank to make any such notation, or any error in any such notation, shall not
relieve Borrower of its obligations to repay Bank all amounts payable by Borrower to Bank under or pursuant to this Addendum and the Agreement, when due in accordance with the terms hereof. 

5. Default Interest Rate. From and after the occurrence of any Event of Default, and so long as any such Event of Default remains
unremedied or uncured thereafter, the Obligations outstanding under the Agreement shall bear interest at a per annum rate of five percent (5%) above the otherwise applicable interest rate hereunder, which interest shall be payable upon demand.
In addition to the foregoing, a late payment charge equal to five percent (5%) of each late payment hereunder may be charged on any payment not received by Bank within ten (10) calendar days after the payment due date therefor, but
acceptance of payment of any such charge shall not constitute a waiver of any Event of Default under the Agreement. In no event shall the interest payable under this Addendum and the Agreement at any time exceed the maximum rate permitted by law.

 6. Prepayment. Borrower may prepay all or part of the outstanding balance of any Obligations at any time without
premium or penalty. Any prepayment hereunder shall also be accompanied by the payment of all accrued and unpaid interest on the amount so prepaid. Borrower hereby acknowledges and agrees that the foregoing shall not, in any way whatsoever, limit,
restrict, or otherwise affect Bank’s right to make demand for payment of all or any part of the Obligations under the Agreement due on a demand basis in Bank’s sole and absolute discretion. 

7. Regulatory Developments or Other Circumstances Relating to the Daily Adjusting LIBOR Rate. 

a. If the adoption after the date hereof, or any change after the date hereof in, any applicable law, rule or regulation (whether
domestic or foreign) of any governmental authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance by Bank with any request or directive (whether or not having the force of law) made by any
such authority, central ban1e or comparable agency after the date hereof: (a) shall subject Bank to any tax, duty or other charge with respect to this Addendum or any Obligations under the Agreement, or shall change the basis of taxation of
payments to Bank of the principal of or interest under this Addendum or any other amounts due under this Addendum in respect thereof (except for changes in the rate of tax on the overall net income of Bank or its LIBOR Lending Office imposed by the
jurisdiction in which Bank’s principal executive office or LIBOR Lending Office is located); or (b) shall impose, modify or deem applicable any reserve (including, without limitation, any imposed by the Board of Governors of the Federal
Reserve System), special deposit or similar requirement against assets of, deposits with or for the account of, or credit extended by Bank, or shall impose on Bank or the foreign exchange and interbank markets any other condition affecting this
Addendum or the Obligations hereunder; and the result of any of the foregoing is to increase the cost to Bank of maintaining any part of the Obligations hereunder or to reduce the amount of any sum received or receivable by Bank under this Addendum
by an amount deemed by the Bank to be material, then Borrower shall pay to Bank, within fifteen (15) days of Borrower=s receipt of written notice from Bank demanding such compensation, such additional amount or amounts as will compensate Bank
for such increased cost or reduction. A certificate of Bank, prepared in good faith and in reasonable necessary to compensate Bank shall be conclusive and binding for all purposes, absent manifest error. 

b. In the event that any applicable law, treaty, rule or regulation (whether domestic or foreign) now or hereafter in authority (whether
or not having the force of law), including any risk-based capital guidelines, affects or would affect the amount of such capital is increased by or based upon the existence of any obligations of Bank hereunder or the maintaining of any Obligations
hereunder, and such increase has the effect of reducing the rate of return on Bank’s (or such controlling corporation’s) capital as a (15) days of Borrower’s receipt of written notice from Bank demanding such compensation,
additional amounts as are sufficient to compensate Bank (or such controlling corporation) for any increase in the amount of capital and reduced rate of return which Bank reasonably determines to be allocable to the existence ,of any obligations of
the Bank hereunder or to maintaining any Obligations hereunder. A certificate of Bank as to the amount of such compensation, prepared in 

  
 2 

 
good faith and in reasonable detail by the Bank and submitted by Bank to the undersigned, shall be conclusive and binding for all purposes absent manifest error. 

8. Legal Effect. Except as specifically modified hereby, all of the terms and conditions of the Agreement remain in full force and
effect. 
 9. Conflicts. As to the matters specifically the subject of this Addendum, in the event of any conflict
between this Addendum and the Agreement, the terms of this Addendum shall control. 
 IN WITNESS WHEREOF, the parties have
agreed to the foregoing as of the date first set forth above. 
  

									
	COMERICA BANK	 		 	VOCERA COMMUNICATIONS, INC.
					
	By:	 	/s/ Robert Shott	 		 	By:	 	/s/ Martin J. Silver
	Name:	 	Robert Shott	 		 	Name:	 	Martin J. Silver
	Title:	 	SVP	 		 	Title:	 	Chief Financial Officer

  
 3 

 SECOND AMENDMENT TO SECOND AMENDED AND 

RESTATED LOAN AND SECURITY AGREEMENT 
 This Second Amendment to Second Amended and Restated Loan and Security Agreement (this “Amendment”) is entered into as of December 13, 2010, by and between COMERICA BANK (“Bank”)
and VOCERA COMMUNICATIONS, INC. (“Borrower”). 
 RECITALS 

Borrower and Bank are parties to that certain Second Amended and Restated Loan and Security Agreement dated as of January 30, 2009,
as amended from time to time, including by that certain First Amendment to Second Amended and Restated Loan and Security Agreement dated as of February 9, 2010 (the “Agreement”). The parties desire to amend the Agreement in accordance with
the terms of this Amendment. 
 NOW, THEREFORE, the parties agree as follows: 

1. The following defined terms in Section 1.1 of the Agreement hereby are added, amended or restated as follows: 

“Revolving Maturity Date” means January 28, 2012. 

“Term Availability End Date” means June 3, 2011. 
 “Term Line” means a Credit Extension of up to Five Million Dollars ($5,000,000). 
 “Term Line Maturity Date” means December 13, 2013. 
 2.
Section 2.1(d)(i) is hereby amended and restated in its entirety to read as follows: 
 “(i) Subject to and upon the
terms and conditions of this Agreement, Bank agrees to make Term Advances to Borrower. On December 13, 2010, Bank shall be deemed to have made a Term Advance to Borrower in the amount of Nine Hundred Sixty Two Thousand Nine Hundred Sixty Three
and 02/100 Dollars ($962,963.02) which shall be used to refinance all outstanding Obligations owing from Borrower to Bank. Thereafter, Borrower may request Term Advances at any time until the Term Availability End Date. The aggregate outstanding
amount of Term Advances shall not exceed the Term Line.” 
 3. Section 2.1(d)(ii) is hereby amended and restated in
its entirety to read as follows: 
 “(ii) Interest shall accrue from the date of each Term Advance at the rate specified in
Section 2.3(a), and shall be payable in accordance with Section 2.3(c). Any Term Advances that are outstanding on the Term Availability End Date shall be payable in thirty (30) equal monthly installments of principal, plus all accrued
interest, beginning on June 30, 2011 and continuing on the same day of each month thereafter through the Term Maturity Date, at which time all amounts due in connection with Term Advances made under this Section 2.1(d) shall be immediately
due and payable. Term Advances, once repaid, may not be reborrowed. Borrower may prepay any Term Advances without penalty or premium.” 
 4. Section 6.2(vi) is hereby amended and restated in its entirety to read as follows: 
 “(vi) such budgets, sales projections, operating plans or other financial information as Bank may reasonably request from time to time, including, upon request annual financial projections approved
by Borrower’s board of directors.” 
 5. Section 6.2(a) is hereby amended and restated in its entirety to read as
follows: 

  
 - 1 -

 “(a) Within twenty (20) days after the last day of each month,
Borrower shall deliver to Bank a Borrowing Base Certificate signed by a Responsible Officer in substantially the form of Exhibit C hereto, together with aged listings by invoice date of accounts receivable and accounts payable;”

 6. Section 6.7 is hereby amended and restated in its entirety to read as follows: 

“6.7 Financial Covenants. Borrower shall at all times maintain the following financial ratios and covenants:

 (a) Adjusted Quick Ratio. Borrower shall at all times, measured on a monthly basis, maintain a ratio of Cash held at
Bank or at Bank’s Affiliates subject to account control agreements in favor of Bank plus Eligible Accounts to Current Liabilities plus (to the extent not already included therein) all Indebtedness to Bank (excluding any amounts outstanding in
connection with Automated Clearing House transactions) less the current portion of Deferred Revenue of at least 1.10 to 1.00. 

(b) Net Income. Quarterly Net Income of not less than the following: 

 

					
	 Measuring Period
	  	Minimum Net Income	 
	 Quarter Ending 9/30/10
	  	$	100,000	  
	 Quarter Ending 12/31/10
	  	$	200,000	  
	 Quarter Ending 3/31/11
	  	$	100,000	  
	 Quarter Ending 6/30/11
	  	$	250,000	  
	 Quarter Ending 9/30/11
	  	$	500,000	  
	 Quarter Ending 12/31/11
	  	$	500,000	  

 Bank reserves the right to reset covenant levels for 2012 and beyond based on Borrower’s financial
performance.” 
 7. Exhibit D to the Agreement is hereby replaced with Exhibit D attached hereto. 

8. The defined term “Applicable Margin” in Exhibit E to the Agreement is hereby amended and restated in its entirety to read as
follows: 
 “Applicable Margin” means (i) one percent (1.00%) per annum with respect to Advances and
(ii) one and one half percent (1.50%) per annum with respect to Term Advances. 
 9. Bank hereby consents to Borrower
acquiring one hundred percent (100%) of the issued and outstanding equity securities of Wallace Wireless for an aggregate purchase price not to exceed Two Million Five Hundred Thousand Dollars ($2,500,000) and hereby waives any violation of
Section 7.3 of the Agreement that may occur in connection therewith. 
 10. No course of dealing on the part of Bank or its
officers, nor any failure or delay in the exercise of any right by Bank, shall operate as a waiver thereof, and any single or partial exercise of any such right shall not preclude any later exercise of any such right. Bank’s failure at any time
to require strict performance by Borrower of any provision shall not affect any right of Bank thereafter to demand strict compliance and performance. Any suspension or waiver of a right must be in writing signed by an officer of Bank. 

  
 - 2 -

 11. Unless otherwise defined, all initially capitalized terms in this Amendment shall be as
defined in the Agreement. The Agreement, as amended hereby, shall be and remain in full force and effect in accordance with its respective terms and hereby is ratified and confirmed in all respects. Except as expressly set forth herein, the
execution, delivery, and performance of this Amendment shall not operate as a waiver of, or as an amendment of, any right, power, or remedy of Bank under the Agreement, as in effect prior to the date hereof. 

12. Borrower represents and warrants that the Representations and Warranties contained in the Agreement are true and correct as of the
date of this Amendment, and that no Event of Default has occurred and is continuing. 
 13. As a condition to the effectiveness
of this Amendment, Bank shall have received, in form and substance satisfactory to Bank, the following: 
 (a)
this Amendment, duly executed by Borrower; 
 (b) an officer’s certificate of Borrower with respect to
incumbency and resolutions authorizing the execution and delivery of this Amendment; 
 (c) a renewal fee in the
amount of Ten Thousand Dollars ($10,000) with respect to the Revolving Line, which may be debited from any of Borrower’s accounts; 
 (d) a facility fee in the amount of Fifteen Thousand Dollars ($15,000) with respect to the Term Line, which may be debited from any of Borrower’s accounts; 

(e) all reasonable Bank Expenses incurred through the date of this Amendment, which may be debited from any of
Borrower’s accounts; and 
 (f) such other documents, and completion of such other matters, as Bank may
reasonably deem necessary or appropriate. 
 14. This Amendment may be executed in two or more counterparts, each of which shall
be deemed an original, but all of which together shall constitute one instrument. 

  
 - 3 -

 IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the first date above
written. 
  

			
	VOCERA COMMUNICATIONS, INC.
		
	By:.	 	/s/ Martin J. Silver
	Title:	 	Chief Financial Officer
	
	COMERICA BANK
		
	By:.	 	/s/ illegible
	Title:	 	SVP

 [Signature Page to Second Amendment to Second Amended and Restated Loan & Security

 Agreement] 

 EXHIBIT D 
 COMPLIANCE CERTIFICATE 
  

			
	TO:	  	COMERICA BANK
		
	FROM:	  	VOCERA COMMUNICATIONS, INC.

 The undersigned authorized officer of VOCERA COMMUNICATIONS, INC. hereby certifies that in accordance
with the terms and conditions of the Second Amended and Restated Loan and Security Agreement between Borrower and Bank (the “Agreement”), (i) Borrower is in complete compliance for the period ending
                     with all required covenants except as noted below and (ii) all representations and warranties of Borrower stated in
the Agreement are true and correct as of the date hereof. Attached herewith are the required documents supporting the above certification. The Officer further certifies that these are prepared in accordance with Generally Accepted Accounting
Principles (GAAP) and are consistently applied from one period to the next except as explained in an accompanying letter or footnotes. 
 Please indicate compliance status by circling Yes/No under “Complies” column. 
  

											
	 Reporting Covenant
	  	 Required
	  	Complies	 
	 Monthly financial statements, Orders and backlog report
	  	Monthly within 20 days	  	 	Yes	  	  	 	No	  
	 Annual (CPA Audited)
	  	August 31	  	 	Yes	  	  	 	No	  
	 10K and 10Q
	  	(as applicable)	  	 	Yes	  	  	 	No	  
	 A/R & A/P Agings, Borrowing Base
	  	Monthly within 20 days	  	 	Yes	  	  	 	No	  
	 Cert. Compliance Cert.
	  	Monthly within 20 days	  	 	Yes	  	  	 	No	  
	 A/R Audit
	  	Initial and Semi-Annual	  	 	Yes	  	  	 	No	  
	 Annual Projections
	  	Upon Request	  	 	Yes	  	  	 	No	  
	 Total amount of Borrower’s cash and investments maintained with Bank and Bank Affiliates
	  	All cash and investments other than the Permitted Foreign Accounts	  	 	Yes	  	  	 	No	  

  

															
	 Financial Covenant
	  	Required	  	Actual	 	  	Complies	 
	 Measured on a Monthly Basis:
	  		  				  				  			
	 Minimum Adjusted Quick Ratio
	  	1.10:1.00	  	 	______:1.00	  	  	 	Yes	  	  	 	No	  
	 Measured on a Quarterly Basis:
	  		  				  				  			
	 Minimum Net Income
	  	See attached chart	  	$	_________	  	  	 	Yes	  	  	 	No	  

  

									
	 Comments Regarding Exceptions: See

Attached.
	  	BANK USE ONLY
		  	 Received by:
	  	 
	 Sincerely,
	  		  	AUTHORIZED SIGNER
			
		  	 Date:
	  	 
			
	 	  	 Verified:
	  	 
	 SIGNATURE
	  		  	AUTHORIZED SIGNER
			
	 	  	 Date:
	  	 
	 TITLE
	  		  		  		  	
				
	 	  	Compliance Status	  	Yes	  	No
	 DATE
	  		  		  		  	

  
 Exihibit D
– Page 1 

 Net Income Requirements 

 

					
	 Measuring Period
	  	Minimum Net Income	 
	 Quarter Ending 9/30/10
	  	$	100,000	  
	 Quarter Ending 12/31/10
	  	$	200,000	  
	 Quarter Ending 3/31/11
	  	$	100,000	  
	 Quarter Ending 6/30/11
	  	$	250,000	  
	 Quarter Ending 9/30/11
	  	$	500,000	  
	 Quarter Ending 12/31/11
	  	$	500,000	  

  
 Exihibit D
– Page 2 

 Corporation Resolutions and Incumbency Certification 

Authority to Procure Loans 

 
 I certify that I am the duly elected and qualified
Secretary of VOCERA COMMUNICATIONS, INC.; that the following is a true and correct copy of resolutions duly adopted by the Board of Directors of the Corporation in accordance with its bylaws and applicable statutes. 

Copy of Resolutions: 
 Be it Resolved,
That: 
  

	15.	Any one (1) of the following Chairman , CEO , CFO (insert titles only) of the Corporation are/is authorized, for, on behalf of, and in the name of the
Corporation to: 

  

	 	(a)	Negotiate and procure loans, letters of credit and other credit or financial accommodations from Comerica Bank (“Bank”), a Texas banking association,
including, without limitation, that certain Second Amended and Restated Loan and Security Agreement dated as of January 30, 2009, as may subsequently be amended from time to time, including by that certain First Amendment to Amended and
Restated Loan and Security Agreement dated as of February 19, 2010 and that certain Second Amendment to Amended and Restated Loan and Security Agreement dated as of December 13, 2010; 

 

	 	(b)	Discount with the Bank, commercial or other business paper belonging to the Corporation made or drawn by or upon third parties, without limit as to amount;

  

	 	(c)	Purchase, sell, exchange, assign, endorse for transfer and/or deliver certificates and/or instruments representing stocks, bonds, evidences of Indebtedness or other
securities owned by the Corporation, whether or not registered in the name of the Corporation; 

  

	 	(d)	Give security for any liabilities of the Corporation to the Bank by grant, security interest, assignment, lien, deed of trust or mortgage upon any real or personal
property, tangible or intangible of the Corporation; and 

  

	 	(e)	Execute and deliver in form and content as may be required by the Bank any and all notes, evidences of Indebtedness, applications for letters of credit, guaranties,
subordination agreements, Second Amended and Restated Loan and Security Agreements, financing statements, assignments, liens, deeds of trust, mortgages, trust receipts and other agreements, instruments or documents to carry out the purposes of these
Resolutions, any or all of which may relate to all or to substantially all of the Corporation’s property and assets. 

  

	16.	Said Bank be and it is authorized and directed to pay the proceeds of any such loans or discounts as directed by the persons so authorized to sign, whether so payable
to the order of any of said persons in their individual capacities or not, and whether such proceeds are deposited to the individual credit of any of said persons or not; 

 

	17.	Any and all agreements, instruments and documents previously executed and acts and things previously done to carry out the purposes of these Resolutions are ratified,
confirmed and approved as the act or acts of the Corporation. 

  

	18.	These Resolutions shall continue in force, and the Bank may consider the holders of said offices and their signatures to be and continue to be as set forth in a
certified copy of these Resolutions delivered to the Bank, until notice to the contrary in writing is duly served on the Bank (such notice to have no effect on any action previously taken by the Bank in reliance on these Resolutions).

  
 - 1 -

	19.	Any person, corporation or other legal entity dealing with the Bank may rely upon a certificate signed by an officer of the Bank to effect that these Resolutions and
any agreement, instrument or document executed pursuant to them are still in full force and effect and binding upon the, Corporation. 

  

	20.	The Bank may consider the holders of the offices of the Corporation and their signatures, respectively, to be and continue to be as set forth in the Certificate of the
Secretary of the Corporation until notice to the contrary in writing is duly served on the Bank. 

 I further certify that the
above Resolutions are in full force and effect as of the date of this Certificate; that these Resolutions and any borrowings or financial accommodations under these Resolutions have been properly noted in the corporate books and records, and have
not been rescinded, annulled, revoked or modified; that neither the foregoing Resolutions nor any actions to be taken pursuant to them are or will be in contravention of any provision of the articles of incorporation or bylaws of the Corporation or
of any agreement, indenture or other instrument to which the Corporation is a party or by which it is bound; and that neither the articles of incorporation nor bylaws of the Corporation nor any agreement, indenture or other instrument to which the
Corporation is a party or by which it is bound require the vote or consent of shareholders of the Corporation to authorize any act, matter or thing described in the foregoing Resolutions. 
 I further certify that the following named persons have been duly elected to the offices set opposite their respective names, that they continue to hold these offices at the present time, and that the
signatures which appear below are the genuine, original signatures of each respectively: 
 (PLEASE SUPPLY GENUINE SIGNATURES
OF AUTHORIZED SIGNERS BELOW) 
  

					
	NAME (Type or Print)	 	TITLE	 	SIGNATURE
			
	Robert Zollars	 	Chairman & CEO	 	/s/ Robert Zollars
			
	Martin Silver	 	Secretary & CFO	 	/s/ Martin J. Silver

 In Witness Whereof, I have affixed my name as Secretary and have caused the corporate seal (where available) of said
Corporation to be affixed on December 13, 2010. 
  

	
	/s/ Martin J. Silver
	Secretary Martin J. Silver

  

			
	 The Above Statements are Correct.    
	 	/s/ Vice President, Operations
		 	SIGNATURE OF OFFICER OR DIRECTOR OR, IF NONE. A SHAREHOLDER OTHER THAN SECRETARY WHEN SECRETARY IS AUTHORIZED TO SIGN ALONE.

 Failure to complete the above when the Secretary is authorized to sign alone shall constitute a certification by the
Secretary that the Secretary is the sole Shareholder, Director and Officer of the Corporation. 

  
 - 2 -

 THIRD AMENDMENT TO SECOND AMENDED AND RESTATED LOAN AND SECURITY 

AGREEMENT 

This Third Amendment to Second Amended and Restated Loan and Security Agreement (this “Amendment”) is entered into as of
August 8, 2011, by and between COMERICA BANK (“Bank”) and VOCERA COMMUNICATIONS, INC. (“Borrower”). 

RECITALS 

Borrower and Bank are parties to that certain Second Amended and Restated Loan and Security Agreement dated as of January 30, 2009,
as amended from time to time, including by that certain First Amendment to Second Amended and Restated Loan and Security Agreement dated as of February 19, 2010 and that certain Second Amendment to Amended and Restated Loan and Security
Agreement dated as of December 13, 2010 (the “Agreement”). The parties desire to amend the Agreement in accordance with the terms of this Amendment. 
 NOW, THEREFORE, the parties agree as follows: 

1.        Section 6.7(b) is hereby amended and restated in its entirety to read as follows:

 “(b)        Net Income. Quarterly Net Income of not less than the
following: 
  

			
	 Measuring
Period
  
	 	
Minimum Net Income

 

	 Quarter Ending
9/30/11
  
	 	
($1,000,000)
  

	 Quarter Ending
12/31/11
  
	 	
($1,000,000)
  

 Bank reserves the right to reset covenant levels for 2012 and beyond based on Borrower’s financial
performance and such covenant levels shall be set no later than January 31, 2012.” 

2.        The chart titled “Net Income Requirements” attached to Exhibit D to the
Agreement is hereby replaced with the chart attached hereto. 
 3.        Bank hereby
waives Borrower’s violation of Section 6.7(b) of the Agreement as in effect prior to the date hereof for the measuring period ending June 30, 2011. 
 4.        No course of dealing on the part of Bank or its officers, nor any failure or delay in the exercise of any right by Bank, shall operate as a waiver
thereof, and any single or partial exercise of any such right shall not preclude any later exercise of any such right. Bank’s failure at any time to require strict performance by Borrower of any provision shall not affect any right of Bank
thereafter to demand strict compliance and performance. Any suspension or waiver of a right must be in writing signed by an officer of Bank. 
 5.        Unless otherwise defined, all initially capitalized terms in this Amendment shall be as defined in the Agreement. The Agreement, as amended hereby, shall
be and remain in full force and effect in accordance with its respective terms and hereby is ratified and confirmed in all respects. Except as expressly set forth herein, the execution, delivery, and performance of this Amendment shall not operate
as a waiver of, or as an amendment of, any right, power, or remedy of Bank under the Agreement, as in effect prior to the date hereof. 
 6.        Borrower represents and warrants that the Representations and Warranties contained in the Agreement are true and correct as of the date of this Amendment,
and that except as explicitly waived hereby no Event of Default has occurred and is continuing. 

7.        As a condition to the effectiveness of this Amendment, Bank shall have received, in
form and substance satisfactory to Bank, the following: 

  
 - 1 -

 (a)        this Amendment, duly executed by
Borrower; 
 (b)        all reasonable Bank Expenses incurred through the date of this
Amendment, which may be debited from any of Borrower’s accounts; and 

(c)        such other documents, and completion of such other matters, as Bank may reasonably
deem necessary or appropriate. 
 8.        This Amendment may be executed in two or
more counterparts, each of which shall be deemed an original, but all of which together shall constitute one instrument. 

  
 - 2 -

 IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the first date above
written. 
  

			
	VOCERA COMMUNICATIONS, INC.
	
	By: /s/ Martin J.
Silver                                        
    
	
	Title: Chief Financial
Officer                                      

	
	COMERICA BANK
	
	By: /s/
illegible                                        
                
	
	Title:
illegible                                       
                   

 [Signature Page to Third Amendment to Second Amended and Restated Loan & Security
Agreement] 

 Net Income Requirements 

 

			
	 Measuring
Period
  
	 	
Minimum Net Income

 

	 Quarter Ending
9/30/11
  
	 	
($1,000,000)
  

	 Quarter Ending
12/31/11
  
	 	
($1,000,000)
  

 FOURTH AMENDMENT TO SECOND AMENDED AND RESTATED LOAN AND SECURITY 

AGREEMENT 

This Fourth Amendment to Second Amended and Restated Loan and Security Agreement (this “Amendment”) is entered into as of
October 19, 2011, by and between COMERICA BANK (“Bank”) and VOCERA COMMUNICATIONS, INC. (“Borrower”). 

RECITALS 

Borrower and Bank are parties to that certain Second Amended and Restated Loan and Security Agreement dated as of January 30, 2009,
as amended from time to time, including by that certain First Amendment to Second Amended and Restated Loan and Security Agreement dated as of February 19, 2010, that certain Second Amendment to Amended and Restated Loan and Security Agreement
dated as of December 13, 2010 and that certain Third Amendment to Second Amended and Restated Loan and Security Agreement dated as of August 8, 2011 (the “Agreement”). The parties desire to amend the Agreement in accordance with
the terms of this Amendment. 
 NOW, THEREFORE, the parties agree as follows: 

1.        Section 6.7(a) of the Agreement hereby is amended and restated in its entirety to
read as follows: 
 “(a)        Adjusted Quick Ratio. Borrower shall at all
times, measured on a monthly basis, maintain a ratio of Cash held at Bank or at Bank’s Affiliates subject to account control agreements in favor of Bank plus Eligible Accounts to Current Liabilities plus (to the extent not already included
therein) all Indebtedness to Bank (excluding any amounts outstanding in connection with Automated Clearing House transactions) less the current portion of Deferred Revenue of at least (i) 1.00 to 1.00 from the reporting period ended
September 30, 2011 through December 31, 2011 and (ii) 1.10 to 1.00 at all times thereafter.” 

2.        The following defined terms hereby are added to Section 1.1 of the Agreement as
follows: 
 “Fourth Amendment Effective Date” means October 19, 2011. 

“Net Income” means the consolidated net income (or deficit) of Borrower, after deduction of all expenses, taxes, and other
proper charges, determined in accordance with GAAP, but excluding in any event (a) all extraordinary nonrecurring items of income, (b) any non-cash preferred stock warrant expense, (c) any non-cash employee stock compensation expense
and (d) any amortization expense related to intangibles, including but not limited to goodwill, created in connection with Borrower’s acquisition of Wallace Wireless. 

3.        Exhibit D to the Agreement hereby is replaced with Exhibit D attached hereto.

 4.        Bank hereby waives Borrower’s violation of Section 6.7(a) of the
Agreement as in effect prior to the Fourth Amendment Effective Date solely for the measuring period ended August 31, 2011. 

5.        No course of dealing on the part of Bank or its officers, nor any failure or delay in
the exercise of any right by Bank, shall operate as a waiver thereof, and any single or partial exercise of any such right shall not preclude any later exercise of any such right. Bank’s failure at any time to require strict performance by
Borrower of any provision shall not affect any right of Bank thereafter to demand strict compliance and performance. Any suspension or waiver of a right must be in writing signed by an officer of Bank. 

6.        Unless otherwise defined, all initially capitalized terms in this Amendment shall be as
defined in the Agreement. The Agreement, as amended hereby, shall be and remain in full force and effect in accordance with its respective terms and hereby is ratified and confirmed in all respects. Except as expressly set forth herein, the
execution, delivery, and performance of this Amendment shall not operate as a waiver of, or as an amendment of, any right, power, or remedy of Bank under the Agreement, as in effect prior to the date hereof. 

  
 - 1 -

 7.        Borrower represents and warrants that the
Representations and Warranties contained in the Agreement are true and correct as of the date of this Amendment, and that except as explicitly waived hereby no Event of Default has occurred and is continuing. 

8.        As a condition to the effectiveness of this Amendment, Bank shall have received, in
form and substance satisfactory to Bank, the following: 
 (a)        this Amendment,
duly executed by Borrower; 
 (b)        all reasonable Bank Expenses incurred through
the date of this Amendment, which may be debited from any of Borrower’s accounts; and 

(c)        such other documents, and completion of such other matters, as Bank may reasonably
deem necessary or appropriate. 
 9.        This Amendment may be executed in two or
more counterparts, each of which shall be deemed an original, but all of which together shall constitute one instrument. 

[Balance of page intentionally left blank] 

  
 - 2 -

 IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the first date above written.

  

			
	VOCERA COMMUNICATIONS, INC.
	
	By: /s/ Robert
Zollars                                        
     
	
	Title: Chairman &
CEO                                        
  
	
	COMERICA BANK
	
	By: /s/
illegible                                       
                  
	
	Title:
illegible                                       
                     

 [Signature Page to Fourth Amendment to Second Amended and Restated Loan & Security
Agreement] 

 EXHIBIT D 
 COMPLIANCE CERTIFICATE 
  

	TO:                	COMERICA BANK 

  

	FROM:	          VOCERA COMMUNICATIONS, INC. 

The undersigned authorized officer of VOCERA COMMUNICATIONS, INC. hereby certifies that in accordance with the terms and conditions of the
Second Amended and Restated Loan and Security Agreement between Borrower and Bank (the “Agreement”), (i) Borrower is in complete compliance for the period ending
                         with all required covenants except as noted below and (ii) all representations and
warranties of Borrower stated in the Agreement are true and correct as of the date hereof. Attached herewith are the required documents supporting the above certification. The Officer further certifies that these are prepared in accordance with
Generally Accepted Accounting Principles (GAAP) and are consistently applied from one period to the next except as explained in an accompanying letter or footnotes. 
 Please indicate compliance status by circling Yes/No under “Complies” column. 
  

									
	 Reporting Covenant
	  	  	  	 Required
	  	 	  	 Complies

					
	 Monthly financial statements, Orders and

backlog report
	  		  	Monthly within 20 days	  	                      Yes	  	No
	 Annual (CPA Audited)
	  		  	August 31	  	                      Yes	  	No
	 10K and 10Q
	  		  	(as applicable)	  	                      Yes	  	No
	 A/R & A/P Agings, Borrowing Base Cert.
	  		  	Monthly within 20 days	  	                      Yes	  	No
	 Compliance Cert.
	  		  	Monthly within 20 days	  	                      Yes	  	No
	 A/R Audit
	  		  	Initial and Semi-Annual	  	                      Yes	  	No
	 Annual Projections
	  		  	Upon Request	  	                      Yes	  	No
	 Total amount of Borrower’s cash and

investments maintained with Bank and Bank

Affiliates
	  		  	 All cash and investments other than the
 Permitted Foreign Accounts
	  	                      Yes	  	No
					
	 Financial Covenant
	  	  	  	 Required
	  	 Actual
	  	 Complies

					
	 Measured on a Monthly Basis:
	  		  		  		  	
	 Minimum Adjusted Quick Ratio
	  		  	1.00:1.00*	  	        :1:00        Yes	  	No
					
	 Measured on a Quarterly Basis:
	  		  		  		  	
	 Minimum Net Income
	  		  	See attached chart	  	$                      Yes	  	No
					
	*1.00:1.00 through 12/31/11 and 1.10:1.00 at all times	  		  		  	                        Yes	  	No

  

									
	Comments Regarding Exceptions: See Attached.	  	  	  	    BANK USE ONLY
			 
	Sincerely,	  		  	    Received by:          
                                         
                                         
            
		  		  	AUTHORIZED SIGNER
	  	  	  	  	    Date:            
                                         
                                         
                       
	 SIGNATURE

 
	  		  	  
     Verified:                            
                                         
                                         
 

	TITLE	  		  	AUTHORIZED SIGNER
		  		  	
    Date:                    
                                         
                                         
               
  

	DATE	  		  	    Compliance Status
                                        Yes
        No
		  		  	 
		  		  	 

  

 Net Income Requirements 

 

			
	 Measuring Period
	 	Minimum Net 
Income
	 	 	 
	
                Quarter Ending
9/30/11
	 	                
($1,000,000)
	 	 	 
	
                    Quarter
Ending 12/31/11
	 	                
($1,000,000)
	 	 	 

 FIFTH AMENDMENT TO SECOND AMENDED AND RESTATED LOAN AND SECURITY 

AGREEMENT 

This Fifth Amendment to Second Amended and Restated Loan and Security Agreement (this “Amendment”) is entered into as of
December 31, 2011, by and between COMERICA BANK (“Bank”) and VOCERA COMMUNICATIONS, INC. (“Borrower”). 

RECITALS 

Borrower and Bank are parties to that certain Second Amended and Restated Loan and Security Agreement dated as of January 30, 2009,
as amended from time to time, including by that certain First Amendment to Second Amended and Restated Loan and Security Agreement dated as of February 19, 2010, that certain Second Amendment to Amended and Restated Loan and Security Agreement
dated as of December 13, 2010, that certain Third Amendment to Second Amended and Restated Loan and Security Agreement dated as of August 8, 2011 and that certain Fourth Amendment to Second Amended and Restated Loan and Security Agreement
dated as of October 19, 2011 (the “Agreement”). The parties desire to amend the Agreement in accordance with the terms of this Amendment. 
 NOW, THEREFORE, the patties agree as follows: 

1.         The following defined term in Section 1.1 of the Agreement hereby is amended and
restated as follows: 
     “Revolving Maturity Date” means April 28, 2012. 

2.         Section 6.7 of the Agreement hereby is amended and restated in its entirety to
read as follows: 
 “6.7         Financial Covenants. Borrower shall at all
times maintain the following financial ratios and covenants: 
 (a)         Adjusted
Quick Ratio. Borrower shall at all times, measured on a monthly basis, maintain a ratio of Cash held at Bank or at Bank’s Affiliates subject to account control agreements in favor of Bank plus Eligible Accounts to Current Liabilities less the
current portion of Deferred Revenue less any non-cash preferred stock warrant expense of at least 1.10 to 1.00. 

“(b)         Net Income. Quarterly Net Income of not less than the following:

  

			
	 Measuring Period
	 	
Minimum Net Income

 

	 Quarter Ending 12/31/11
  
	 	 ($1,500,000)

 

	 Quarter Ending 3/31/12
	 	 ($1,750,000)

 

	 Quarter Ending 6/30/12
	 	 ($1,500,000)

 

	 Quarter Ending 9/30/12
	 	 ($500,000)

 

	 Quarter Ending 12/31/12
	 	 $0

 

 provided, the foregoing Net Income covenant shall not be applicable if Borrower’s domestic unrestricted cash is
greater than Twenty Million Dollars ($20,000,000) at all times during the applicable quarter or if the Term Advances have been repaid in full.” 
 3.         Exhibit D to the Agreement hereby is replaced with Exhibit D attached hereto. 

 4.         No course of dealing on the part of Bank
or its officers, nor any failure or delay in the exercise of any right by Bank, shall operate as a waiver thereof, and any single or partial exercise of any such right shall not preclude any later exercise of any such right. Bank’s failure at
any time to require strict performance by Borrower of any provision shall not affect any right of Bank thereafter to demand strict compliance and performance. Any suspension or waiver of a right must be in writing signed by an officer of Bank.

 5.         Unless otherwise defined, all initially capitalized terms in this
Amendment shall be as defined in the Agreement. The Agreement, as amended hereby, shall be and remain in full force and effect in accordance with its respective terms and hereby is ratified and confirmed in all respects. Except as expressly set
forth herein, the execution, delivery, and performance of this Amendment small not operate as a waiver of, or as an amendment of, any right, power, or remedy of Bank under the Agreement, as in effect prior to the date hereof. 

6.         Borrower represents and warrants that the Representations and Warranties contained in
the Agreement are true and correct as of the date of this Amendment, and that no Event of Default has occurred and is continuing. 
 7.         As a condition to the effectiveness of this Amendment, Bank shall have received, in form and substance satisfactory to Bank, the following: 

(a)         this Amendment, duly executed by Borrower; 

(b)         an officer’s certificate of Borrower with respect to incumbency and resolutions
authorizing the execution and delivery of this Amendment; 
 (c)         all reasonable
Bank Expenses incurred through the date of this Amendment, which may be debited from any of Borrower’s accounts; and 

(d)         such other documents, and completion of such other matters, as Bank may reasonably
deem necessary or appropriate. 
 8.         This Amendment may be executed in two or
more counterparts, each of which shall be deemed an original, but all of which together shall constitute one instrument. 

[Balance of page intentionally left blank] 

  
 2 

 EXHIBIT D 
 COMPLIANCE CERTIFICATE 
  

	TO:                	COMERICA BANK 

  

	FROM:	          VOCERA COMMUNICATIONS, INC. 

The undersigned authorized officer of VOCERA COMMUNICATIONS, INC. hereby certifies that in accordance with the terms and conditions of the
Second Amended and Restated Loan and Security Agreement between Borrower and Bank (the “Agreement”), (i) Borrower is in complete compliance for the period ending
                             with all required covenants except as noted below and (ii) all
representations and warranties of Borrower stated in the Agreement are true and correct as of the date hereof. Attached herewith are the required documents supporting the above certification. The Officer further certifies that these are prepared in
accordance with Generally Accepted Accounting Principles (GAAP) and are consistently applied from one period to the next except as explained in an accompanying letter or footnotes. 

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

											
	  	 	 Reporting Covenant
	 	  	  	 Required
	 	 	  	 Complies

						
		 	 Monthly financial statements, Orders and

backlog report
	 		  	Monthly within 20 days	 	    Yes	  	No
		 	 Annual (CPA Audited)
	 		  	August 31	 	    Yes	  	No
		 	 10K and 10Q
	 		  	(as applicable)	 	    Yes	  	No
		 	 A/R & A/P Agings, Borrowing Base Cert.
	 		  	Monthly within 20 days	 	    Yes	  	No
		 	 Compliance Cert.
	 		  	Monthly within 20 days	 	    Yes	  	No
		 	 A/R Audit
	 		  	Initial and Semi-Annual	 	    Yes	  	No
		 	 Annual Projections
	 		  	Upon Request	 	    Yes	  	No
		 	 Total amount of Borrower’s cash and

investments maintained with Bank and Bank

Affiliates
	 		  	All cash and investments other than the

Permitted Foreign Accounts
	 	    Yes	  	No
						
	  	 	 Financial Covenant
	 	  	  	 Required
	 	 Actual
	  	 Complies

						
		 	 Measured on a Monthly Basis:
	 		  		 		  	
		 	 Minimum Adjusted Quick Ratio
	 		  	1.10:1.10	 	        :1:00    Yes	  	No
						
		 	 Measured on a Quarterly Basis:
	 		  		 		  	
		 	 Minimum Net Income*
	 		  	See attached chart	 	$                  Yes	  	No
						
		 	* provided, the Net Income covenant shall not be applicable if Borrower’s domestic unrestricted cash is greater than Twenty Million Dollars ($20,000,000) at all times during
the applicable quarter or if the Term Advances have been repaid in full.	 		  		 		  	

											
	Comments Regarding Exceptions: See Attached.	 	  	  	    BANK USE ONLY
			 
	Sincerely,	 		  	    Received by:             
                                         
                                         
             
		 		 		  	AUTHORIZED SIGNER
		 	  	 	  	  	    Date:                
                                         
                                         
                          
		 	 SIGNATURE

 
	 		  	  

    Verified:                   
                                         
                                         
                

		 	TITLE	 		  	AUTHORIZED SIGNER
		 		 		  	    Date:                
                                         
                                         
                         
 

		 	DATE	 		  	    Compliance Status
                                        Yes
        No
		 		 		  	 
		 		 		  	 

 Net Income Requirements 

 

			
	 Measuring Period
	 	
Minimum Net Income

 

	 Quarter Ending 12/31/11
	 	 ($1,500,000)

 

	 Quarter Ending 3/31/12
	 	 ($1,750,000)

 

	 Quarter Ending 6/30/12
	 	 ($1,500,000)

 

	 Quarter Ending 9/30/12
	 	 ($500,000)

 

	 Quarter Ending 12/31/12
	 	 $0

 

 IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the first date above
written. 
  

			
	VOCERA COMMUNICATIONS, INC.
	
	By: /s/
Robert Zollars                                      
            
		 	 Robert Zollars, Chairman and CEO

	
	COMERICA BANK
	
	By: /s/
illegible                                        
                    
	Title: illegible                        
                                        

 [Signature Page to Fifth Amendment to Second Amended and Restated Loan & Security
Agreement]Form of Change of Control Severance Agreement

 Exhibit 10.15 
 CHANGE OF CONTROL SEVERANCE AGREEMENT 
 This Change of Control Severance Agreement
(this “Agreement”), dated as of ___________ __, 201__ (the “Effective Date”), is made by and between Vocera Communications, Inc., a Delaware corporation (the “Company”), and _________________, an
executive officer or other key employee of the Company or one of the Company’s subsidiaries (the “Employee”). 
 RECITALS 
 WHEREAS, the Company considers it to be in the best interests of the
Company and its stockholders to foster the continuous employment of key management personnel; 
 WHEREAS, the Board of Directors
of the Company (the “Board”) recognizes that, as is the case with many corporations, the possibility of a Change of Control (as defined below) exists and that such possibility, and the uncertainty and questions which it may raise
among management, could result in the departure or distraction of management personnel to the detriment of the Company and its stockholders; and 
 WHEREAS, the Board has determined that appropriate steps should be taken to reinforce and encourage the continued attention and dedication of members of the Company’s management, including the
Employee, to their assigned duties and responsibilities without distraction in light of the possibility of a Change of Control. 

NOW THEREFORE, in consideration of the premises and the mutual covenants herein contained, the Company and the Employee hereby agree as
follows. 
 ARTICLES 
 1.         Definitions. The following terms referred to in this Agreement shall have the following meanings. 

“Bankruptcy/Insolvency Event” shall mean any proceeding that is brought or filed by or against the Company seeking
liquidation, dissolution or similar relief under any bankruptcy, insolvency or similar law now or hereafter in effect, and, in the event of a proceeding filed on an involuntary basis, such proceeding is not dismissed or discharged within ninety
(90) days. 
 “Cause” shall mean (i) repeated gross negligence or willful misconduct in the
performance of the Employee’s duties to the Company where such repeated gross negligence or willful misconduct has resulted or is likely to result in substantial and material damage to the Company, (ii) failure or inability to perform any
assigned duties after written notice from the Company to the Employee of, and a reasonable opportunity to cure, such failure or inability, (iii) commission of any act of fraud with respect to the Company or any of its affiliates causing
material harm to the business, assets or reputation of the Company or any of its affiliates, (iv) conviction (including any plea of no contest) of a felony or a crime involving moral turpitude, (v) the Employee’s unauthorized use or
disclosure of the confidential information or trade secrets of the Company or any of its affiliates which use causes material harm to the Company or any of its affiliates or (vi) the Employee’s material breach of any contractual obligation
to the Company or any written policy of the Company, which breach is not remedied within fourteen days of written notice. 

“Change of Control” shall mean the first to occur of any of the following events after the date hereof: 

  
 1 

 (i)         the consummation of a merger or
consolidation of the Company with any other entity, other than a merger or consolidation where the stockholders of the Company immediately before such transaction obtain or retain, directly or indirectly, at least a majority of the beneficial
interest in the voting securities of the acquiring entity or surviving entity immediately after such merger or consolidation; or 
 (ii)         the consummation of the sale or disposition (or the last in a series of sales or dispositions) by the Company of all or substantially all of the
Company’s assets, other than a sale or disposition to a wholly-owned direct or indirect subsidiary of the Company and other than a sale or disposition where the stockholders of the Company immediately before such transaction obtain or retain,
directly or indirectly, at least a majority of the beneficial interest in the voting securities of the acquiring entity or surviving entity to which such sale or disposition was made after such sale or disposition; or 

(iii)         any “person” (as such term is used in Sections 13(d) and 14(d) of
the Securities Exchange Act of 1934, as amended) or group of persons becoming the “beneficial owner” (as defined in Rule 13d-3 under said Act), directly or indirectly, of securities of the Company representing fifty percent
(50%) or more of the total voting power represented by the Company’s then outstanding voting securities; or 
 (iv)
        during any one (1) consecutive year period after the Effective Date, Incumbent Directors cease for any reason to constitute a majority of the Board. 

“Compensation Continuation Period” shall mean for the purposes of Section 4, the period of time
commencing with the date of the Employee’s Involuntary Termination at any time and ending with the expiration of _________________1 following the date of the Employee’s Involuntary Termination, and for the purposes of Section 5, the period
of time commencing with the date of the Employee’s Involuntary Termination at any time within the period beginning two (2) months before a Change of Control and ending twelve (12) months after a Change of Control, and ending with the
expiration of _________________2 following the date of the
Employee’s Involuntary Termination. 
 “Good Reason” shall mean the occurrence of any of the following:
(i) without the Employee’s express written consent, a material reduction of the Employee’s duties, title or responsibilities relative to the Employee’s duties, title or responsibilities in effect immediately prior to such
reduction; (ii) a reduction by the Company of the Employee’s base salary as in effect immediately prior to such reduction (other than as part of an across-the-board, proportional reduction); (iii) a reduction by the Company of the
Employee’s target bonus opportunity as in effect immediately prior to such reduction (other than as part of an across-the-board, proportional reduction); (iv) without the Employee’s express written consent, the relocation of the
Employee to a facility or a location more than fifty (50) miles from his or her current facility, which is more than fifty (50) miles from the Employee’s current residence; (v) the Company’s material breach of any
contractual obligation to the Employee or any written policy applicable to the Employee, which breach is not remedied within fourteen days of written notice; or (vi) the failure of the Company to obtain the assumption of this Agreement by a
successor. Notwithstanding anything else contained herein, in the event of the occurrence of a condition listed above, the Employee must provide written notice to the Company within ninety (90) days of the occurrence of a condition listed above
and allow the Company thirty (30) days in which to cure such condition. Additionally, in the event the 
  

1
 Insert the applicable period: Tier 1 (CEO): 12 months, Tier 2 (COO and CFO): 9 months, Tier 3 (All other officers not included in Tier 1 or Tier 2 who are designated by the CEO (“Other Key
Execs”): 6 months. 
 2 Insert the applicable period: Tier 1 (CEO): 18 months, Tier 2 (COO and CFO): 12 months, Tier 3 (Other Key Execs): 9
months. 

  
 2 

 
Company fails to cure the condition within the cure period provided, the Employee must terminate employment with the Company within thirty (30) days of the end of the cure period.

 “Incumbent Directors” shall mean directors who either (i) are directors of the Company as of the
Effective Date, or (ii) are elected, or nominated for election, to the Board with the affirmative votes of at least a majority of those directors then still in office who either were directors on the Effective Date or whose election or
nomination for election was so approved, but excluding any director who was elected in connection with any actual or threatened proxy contest. 
 “Involuntary Termination” shall mean a termination of the Employee by the Company without Cause or a resignation by the Employee within ninety (90) days of any event constituting
Good Reason[; provided, however, that for the purposes of Section 4, Involuntary Termination shall not mean a resignation by the Employee within ninety (90) days of any event constituting Good Reason]3. 

2.         Term of Agreement. This Agreement shall be in effect for the period commencing
on the Effective Date and ending on the thirty-six (36) month anniversary of the Effective Date (the “Original Term”); provided that at the end of the Original Term and for each one-year period thereafter (each year a
“Renewal Term”), this Agreement shall be automatically extended for successive additional one-year Renewal Terms unless the Company has provided six (6) months prior notice to the Employee of non-renewal prior to the end of the
Original Term or the applicable Renewal Term; and provided further that (i) if a Change of Control shall have occurred during an Original Term or a Renewal Term or (ii) if the Company enters into a definitive agreement during an Original
Term or a Renewal Term that would result in a Change of Control (even though still subject to approval by the Company’s stockholders and other conditions and contingencies) and such definitive agreement is not subsequently terminated, this
Agreement shall remain in effect for a period of twelve (12) months following the date of the consummation of such Change in Control, and this Agreement shall remain in effect to give effect to its provisions. Notwithstanding the forgoing, this
Agreement shall terminate immediately upon a Bankruptcy/Insolvency Event. 
 3.
        At-Will Employment. The Company and the Employee acknowledge that the Employee’s employment is and shall continue to be at-will, as defined under applicable law. 

4.         Severance Benefits (except Change of Control Severance Benefits);
Non-Solicitation. 
 (a) Involuntary Termination. If the Employee’s employment with the Company terminates as a
result of an Involuntary Termination (except at any time within the period beginning two (2) months before a Change of Control and ending twelve (12) months after a Change of Control which is addressed by Section 5), then the Employee
shall be entitled to receive from the Company the following benefits, contingent upon the Employee’s execution, delivery and non-revocation of a release and waiver of claims satisfactory to the Company (the “Release”) within
forty-five (45) days from the Employee’s “separation from service” (within the meaning of Section 409A); provided, however, that in any case where the period during which the Employee has discretion to execute
or revoke the Release straddles two taxable years of the Employee, any payments required to be made to the Employee that are conditioned on the Release and are treated as nonqualified deferred compensation for purposes of Section 409A shall be
made in the later taxable year.
  
  

3 Insert the bracketed language for all
executives other than the CEO. 

  
 3 

 (i)         Cash Severance
Payments. Employee shall receive an aggregate amount (the “Severance Amount”) equal to [(A)]
_____4 times the Employee’s annual base salary in
effect on the date of termination [plus (B) _____5
times the greater of (x) the Employee’s annual target bonus amount for the year of termination assuming a one hundred percent (100%) payout on all objectives under the Company’s bonus plan in effect on the date of termination or
(y) the Employee’s actual annual bonus paid to the Employee in the most recently completed fiscal year preceding the date of termination]6. Subject to the terms of the Release, the Company shall pay the Severance Amount to the Employee in a lump sum within
sixty (60) days from the Employee’s separation from service; provided the Release has been timely executed and delivered to the Company, and not revoked prior to such date. 

(ii)         Health Benefits Continuation7. During
the Compensation Continuation Period, through COBRA or otherwise, the Company shall continue to make available to the Employee and Employee’s spouse and dependents covered under any group health plans of the Company on the date of such
termination of employment, all group health insurance plans in which Employee or such covered dependents participate on the date of the Employee’s termination at the same cost to the Employee as the Employee paid for such benefits prior to
termination of employment. 
 (iii)         Forfeiture upon Breach of
Covenants. Notwithstanding any of the foregoing, if the Employee breaches his or her obligations under paragraph (d) or (e) of this Article 4, from and after the date of such breach, (x) the Employee will no longer be entitled to,
and the Company will no longer be obligated to pay, any remaining unpaid portion of the Severance Amount and (y) the Employee will no longer be entitled to, and the Company will no longer be obligated to make available to Employee or
Employee’s spouse or dependents, any group health insurance plans or any payment in respect of such plans. 
 (iv)
        Equity Acceleration. The vesting and exercisability of each option, restricted stock award, restricted stock unit or other stock based award (each, a “Stock Award”) shall be
accelerated and the forfeiture provisions and/or Company right of repurchase of each Stock Award shall automatically lapse accordingly with respect to an additional twelve (12) months of vesting commencing from the date of the Employee’s
termination of employment. 
 (b)         Other Termination. If the
Employee’s employment with the Company terminates other than as a result of an Involuntary Termination , then the Employee shall not be entitled to receive the Severance Amount or other benefits under this Section 4, but may be eligible
for those benefits (if any) as may then be established under the Company’s then existing severance and benefits plans and policies at the time of such termination. 
 (c)         Accrued Wages and Vacation; Expenses. Without regard to the reason for, or the timing of, Employee’s termination of employment: (i) the
Company shall pay the Employee any unpaid base salary due for periods prior to the date of termination and any earned but unpaid bonuses from a prior fiscal year; (ii) the Company shall pay the Employee all of the Employee’s accrued and
unused vacation through the date of termination; and (iii) following submission of proper expense reports by the Employee, the Company shall reimburse the Employee for all expenses reasonably and necessarily incurred by the Employee in
connection with the business of the Company prior to the date of 
  

 
 4 Insert the applicable benefit: Tier 1 (CEO): 1.0x base salary, Tier 2
(COO and CFO): 0.75x base salary, Tier 3 (Other Key Execs): 0.5x base salary. 
 5 Insert the applicable benefit: Tier 1 (CEO): 1.0x bonus target.

 6 Delete the bracketed language for all executives other than the CEO. 

7
 Please see footnote #1 for applicable benefits. 

  
 4 

 
termination. These payments shall be made promptly upon termination and within the period of time mandated by law. 
 (d)         Non-Solicitation. In consideration of the benefits and protections conferred under this Agreement, Employee agrees that for the Non-solicit
Period (as defined below), the Employee shall not either directly or indirectly solicit, induce, recruit or encourage any of the Personnel (as defined below) to leave their employment, or take away such Personnel, or attempt to solicit, induce,
recruit, encourage or take away such Personnel, either for the Employee or for any other person or entity. “Personnel” means any of the Company’s employees and any former employees who have terminated their employment with the
Company within six months of the date of the purported solicitation, in each case excluding the Employee’s administrative assistant. “Non-solicit Period” means the Compensation Continuation Period. 

(e)         Confidentiality. In consideration of the benefits and protections conferred
under this Agreement, the Employee agrees that he or she will continue to abide by the confidentiality provisions in the Company’s Employment, Confidential Information and Invention Assignment Agreement, or similar agreement, as executed by the
Employee. 
 5.         Change of Control and Severance Benefits;
Non-Solicitation. 
 (a)         Involuntary Termination Following Change of
Control. If the Employee’s employment with the Company terminates as a result of an Involuntary Termination at any time within the period beginning two (2) months before a Change of Control and ending twelve (12) months after a
Change of Control, then the Employee shall be entitled to receive from the Company the following benefits, contingent upon the Employee’s execution, delivery and non-revocation of the Release within forty-five (45) days from the
Employee’s “separation from service” (within the meaning of Section 409A); provided, however, that in any case where the period during which the Employee has discretion to execute or revoke the Release straddles two
taxable years of the Employee, any payments required to be made to the Employee that are conditioned on the Release and are treated as nonqualified deferred compensation for purposes of Section 409A shall be made in the later taxable year.

 (i)         Cash Severance Payments. Employee shall
receive a Severance Amount equal to (A) _____8 times
the Employee’s annual base salary in effect on the date of termination plus (B) _____9 times the greater of (x) the Employee’s annual target bonus amount for the year of termination assuming a one hundred percent (100%) payout on all objectives under the Company’s bonus
plan in effect on the date of termination or (y) the Employee’s actual annual bonus paid to the Employee in the most recently completed fiscal year preceding the date of termination. Subject to the terms of the Release, the Company shall
pay the Severance Amount to the Employee in a lump sum within sixty (60) days from the Employee’s separation from service; provided the Release has been timely executed and delivered to the Company, and not revoked prior to such
date. 
 (ii)         Health Benefits Continuation10.
During the Compensation Continuation Period, through COBRA or otherwise, the Company shall continue to make available to the Employee and Employee’s spouse and dependents covered under any group health plans of the Company on the date of such
termination of employment, all group health insurance plans in which Employee or such covered 
  

 
 8 Insert the applicable benefit: Tier 1 (CEO): 1.5x base salary, Tier 2
(COO and CFO): 1.0x base salary, Tier 3 
 (Other Key Execs): 0.75x base salary. 

9 Insert the applicable benefit: Tier 1 (CEO):
1.5x bonus target, Tier 2 (COO and CFO): 1.0x bonus target, Tier 3 
 (Other Key Execs): 0.75x bonus target. 

10
 Please see footnote #2 for applicable benefits. 

  
 5 

 
dependents participate on the date of the Employee’s termination at the same cost to the Employee as the Employee paid for such benefits prior to termination of employment. 

(iii)         Forfeiture upon Breach of Covenants. Notwithstanding any of the foregoing,
if the Employee breaches his or her obligations under paragraph (e) or (f) of this Article 5, from and after the date of such breach, (x) the Employee will no longer be entitled to, and the Company will no longer be obligated to pay,
any remaining unpaid portion of the Severance Amount and (y) the Employee will no longer be entitled to, and the Company will no longer be obligated to make available to Employee or Employee’s spouse or dependents, any group health
insurance plans or any payment in respect of such plans. 
 (iv)
        Equity Acceleration. The vesting and exercisability of each Stock Award shall be automatically accelerated _____11 and the forfeiture provisions and/or Company right of repurchase of each Stock Award shall automatically lapse
accordingly. 
 (b)         Other Termination in Connection with a Change of
Control. If the Employee’s employment with the Company terminates other than as a result of an Involuntary Termination at any time within the period beginning two (2) months before a Change of Control and ending twelve (12) months
after a Change of Control, then the Employee shall not be entitled to receive the Severance Amount or other benefits under this Section 5, but may be eligible for those benefits (if any) as may then be established under the Company’s then
existing severance and benefits plans and policies at the time of such termination. 
 (c)
        Termination Apart from a Change of Control. If the Employee’s employment with the Company terminates for any or no reason other than within the period beginning two (2) months before a
Change of Control and ending twelve (12) months after a Change of Control, then the Employee shall not be entitled to receive the Severance Amount or other benefits under this Section 5, but may be eligible for those benefits (if any) as
may then be established under the Company’s then existing severance and benefits plans and policies at the time of such termination. 
 (d)         Accrued Wages and Vacation; Expenses. Without regard to the reason for, or the timing of, Employee’s termination of employment: (i) the
Company shall pay the Employee any unpaid base salary due for periods prior to the date of termination and any earned but unpaid bonuses from a prior fiscal year; (ii) the Company shall pay the Employee all of the Employee’s accrued and
unused vacation through the date of termination; and (iii) following submission of proper expense reports by the Employee, the Company shall reimburse the Employee for all expenses reasonably and necessarily incurred by the Employee in
connection with the business of the Company prior to the date of termination. These payments shall be made promptly upon termination and within the period of time mandated by law. 

(e)         Non-Solicitation. In consideration of the benefits and protections conferred
under this Agreement, Employee agrees that for the Non-solicit Period, the Employee shall not either directly or indirectly solicit, induce, recruit or encourage any of the Personnel to leave their employment, or take away such Personnel, or attempt
to solicit, induce, recruit, encourage or take away such Personnel, either for the Employee or for any other person or entity. 

(f)         Confidentiality. In consideration of the benefits and protections conferred
under this Agreement, the Employee agrees that he or she will continue to abide by the confidentiality 
  

 
 11 Insert the applicable percentage: Tier 1 (CEO): 100%, Tier 2 (COO
and CFO): 100%, Tier 3 (Other Key Execs): 50%. 

  
 6 

 
provisions in the Company’s Employment, Confidential Information and Invention Assignment Agreement, or similar agreement, as executed by the Employee. 

6.        No Benefits if Bankruptcy/Insolvency Event. In the event of a
Bankruptcy/Insolvency Event, the Employee shall not be entitled to receive any Severance Amount or other benefits under this Agreement, but may be eligible for those benefits (if any) as may then be established under the Company’s then existing
severance and benefits plans and policies at the time of such Bankruptcy/Insolvency Event. 
 7.
        Limitation on Benefits. 
 (a)
        Notwithstanding anything contained in this Agreement to the contrary, to the extent that the payments and benefits provided under this Agreement and benefits provided to, or for the benefit of, the
Employee under any other employer plan or agreement (such payments or benefits are collectively referred to as the “Benefits”) would be subject to the excise tax (the “Excise Tax”) imposed under Section 4999 of
the Internal Revenue Code of 1986, as amended (the “Code”), the Benefits shall be reduced (but not below zero) if and to the extent that a reduction in the Benefits would result in the Employee retaining a larger amount, on an
after-tax basis (taking into account federal, state and local income taxes and the Excise Tax), than if the Employee received all of the Benefits (such reduced amount is hereinafter referred to as the “Limited Benefit Amount”).
Unless the Employee shall have given prior written notice specifying a different order to the Company to effectuate the Limited Benefit Amount, the Company shall reduce or eliminate the Benefits, by first reducing or eliminating those payments or
benefits which are not payable in cash and then by reducing or eliminating cash payments, in each case in reverse order beginning with payments or benefits which are to be paid the farthest in time from the “Determination” (as
defined below), and in each case, by first eliminating amounts that are subject to Section 409A. Any notice given by the Employee pursuant to the preceding sentence shall take precedence over the provisions of any other plan, arrangement or
agreement governing the Employee’s rights and entitlements to any benefits or compensation. 
 (b)
        A determination as to whether the Benefits shall be reduced to the Limited Benefit Amount pursuant to this Agreement and the amount of such Limited Benefit Amount shall be made by the Company’s
independent public accountant or another certified public accounting firm of national reputation designated by the Company (the “Accounting Firm”) at the Company’s expense. The Accounting Firm shall provide its determination
(the “Determination”), together with detailed supporting calculations and documentation to the Company and the Employee within five (5) days of the date of termination of the Employee’s employment, if applicable, or such
other time as requested by the Company or by the Employee (provided the Employee reasonably believes that any of the Benefits may be subject to the Excise Tax) and if the Accounting Firm determines that no Excise Tax is payable by the Employee with
respect to any Benefits, it shall furnish the Employee with an opinion reasonably acceptable to Employee that no Excise Tax will be imposed with respect to any such Benefits. Within ten (10) days of the delivery of the Determination to the
Employee, the Employee shall have the right to dispute the Determination (the “Dispute”). If there is no Dispute, the Determination shall be binding, final and conclusive upon the Company and the Employee. 

(c)         For purposes of this Agreement, a termination of employment will be determined
consistent with the rules relating to a “separation from service” as defined in Section 409A of the Code and the regulations thereunder (“Section 409A”). Notwithstanding anything else provided herein, to the extent
any payments provided under this Agreement in connection with your termination of employment constitute deferred compensation subject to Section 409A, and you are deemed at the time of such termination of employment to be a “specified
employee” under Section 409A, then such payment shall not be made or commence until the earlier of (i) the expiration of the six (6) month period measured from 

  
 7 

 
your separation from service from the Company or (ii) the date of your death following such a separation from service; provided, however, that such deferral shall only be effected to the
extent required to avoid adverse tax treatment to you including, without limitation, the additional tax for which you would otherwise be liable under Section 409A(a)(1)(B) in the absence of such a deferral. The first payment thereof will
include a catch-up payment covering the amount that would have otherwise been paid during the period between your termination of employment and the first payment date but for the application of this provision, and the balance of the installments (if
any) will be payable in accordance with their original schedule. To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A, the provision will be read in such a manner so that all payments hereunder
comply with Section 409A. To the extent any payment under this Agreement may be classified as a “short-term deferral” within the meaning of Section 409A, such payment shall be deemed a short-term deferral, even if it may also
qualify for an exemption from Section 409A under another provision of Section 409A. Payments pursuant to this Section are intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations.

 8.         Successors. 

(a)         Company’s Successors. Any successor to the Company (whether direct or
indirect) to all or substantially all of the Company’s business and/or assets shall assume the Company’s obligations under this Agreement and agree expressly to perform the Company’s obligations under this Agreement in the same manner
and to the same extent as the Company would be required to perform such obligations in the absence of a succession. For all purposes under this Agreement, the term “Company” shall include any successor to the Company’s business
and/or assets. 
 (b)         Employee’s Successors. Without the written
consent of the Company, the Employee shall not assign or transfer this Agreement or any right or obligation under this Agreement to any other person or entity. Notwithstanding the foregoing, the terms of this Agreement and all rights of the Employee
hereunder shall inure to the benefit of, and be enforceable by, the Employee’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. 

9.         Notices. 

(a)         General. Notices and all other communications contemplated by this Agreement
shall be in writing and shall be deemed to have been duly given when personally delivered or when mailed by U.S. registered or certified mail, return receipt requested and postage prepaid. In the case of the Employee, mailed notices shall be
addressed to him or her at the home address that he or she most recently communicated to the Company in writing. In the case of the Company, mailed notices shall be addressed to its corporate headquarters, and all notices shall be directed to the
attention of its General Counsel, or to the Chief Financial Officer if the notice to the Company is from the General Counsel. 

(b)         Notice of Termination. Any termination by the Company or by the Employee shall
be communicated by a notice of termination to the other party hereto given in accordance with this Article. 
 10.
        Arbitration. 
 (a)         Any
dispute or controversy arising out of, relating to, or in connection with this Agreement, or the interpretation, validity, construction, performance, breach, or termination thereof, shall be settled by binding arbitration to be held in San Jose,
California, in accordance with the National Rules for the Resolution of Employment Disputes then in effect of the American Arbitration Association (the “Rules”). The arbitrator(s) may grant injunctions or other relief in such
dispute or controversy. The 

  
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decision of the arbitrator shall be final, conclusive and binding on the parties to the arbitration. Judgment may be entered on the arbitrator’s decision in any court having jurisdiction.

 (b)         The arbitrator(s) shall apply California law to the merits of any dispute
or claim, without reference to conflicts of law rules. The arbitral proceedings shall be governed by federal arbitration law and by the Rules, without reference to state arbitration law. Employee hereby consents to the personal jurisdiction of the
state and federal courts located in California for any action or proceeding arising from or relating to this Agreement or relating to any arbitration in which the parties are participants. 

(c)         EMPLOYEE HAS READ AND UNDERSTANDS THIS ARTICLE, WHICH DISCUSSES ARBITRATION. EMPLOYEE
UNDERSTANDS THAT SUBMITTING ANY CLAIMS ARISING OUT OF, RELATING TO, OR IN CONNECTION WITH THIS AGREEMENT, OR THE INTERPRETATION, VALIDITY, CONSTRUCTION, PERFORMANCE, BREACH OR TERMINATION THEREOF TO BINDING ARBITRATION, CONSTITUTES A WAIVER OF
EMPLOYEE’S RIGHT TO A JURY TRIAL AND RELATES TO THE RESOLUTION OF ALL DISPUTES RELATING TO ALL ASPECTS OF THE EMPLOYER/EMPLOYEE RELATIONSHIP, INCLUDING BUT NOT LIMITED TO, THE FOLLOWING CLAIMS: 

(i)         ANY AND ALL CLAIMS FOR WRONGFUL DISCHARGE OF EMPLOYMENT; BREACH OF CONTRACT, BOTH
EXPRESS AND IMPLIED; BREACH OF THE COVENANT OF GOOD FAITH AND FAIR DEALING, BOTH EXPRESS AND IMPLIED; NEGLIGENT OR INTENTIONAL INFLICTION OF EMOTIONAL DISTRESS; NEGLIGENT OR INTENTIONAL MISREPRESENTATION; NEGLIGENT OR INTENTIONAL INTERFERENCE WITH
CONTRACT OR PROSPECTIVE ECONOMIC ADVANTAGE; AND DEFAMATION. 
 (ii)         ANY AND ALL
CLAIMS FOR VIOLATION OF ANY FEDERAL, STATE OR MUNICIPAL STATUTE, INCLUDING, BUT NOT LIMITED TO, TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, THE CIVIL RIGHTS ACT OF 1991, THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, THE AMERICANS WITH
DISABILITIES ACT OF 1990, THE FAIR LABOR STANDARDS ACT, THE CALIFORNIA FAIR EMPLOYMENT AND HOUSING ACT, AND LABOR CODE SECTION 201, et seq.; 
 (iii)         ANY AND ALL CLAIMS ARISING OUT OF ANY OTHER LAWS AND REGULATIONS RELATING TO EMPLOYMENT OR EMPLOYMENT DISCRIMINATION. 

11.         Miscellaneous Provisions. 

(a)         No Duty to Mitigate. The Employee shall not be required to mitigate the amount
of any payment contemplated by this Agreement, nor shall any such payment be reduced by any earnings that the Employee may receive from any other source. 
 (b)         Waiver. No provision of this Agreement may be modified, waived or discharged unless the modification, waiver or discharge is agreed to in writing
and signed by the Employee and by an authorized officer of the Company other than the Employee. No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party shall be considered a
waiver of any other condition or provision or of the same condition or provision at another time. 

(c)        Entire Agreement. This Agreement represents the entire agreement and
understanding between the parties as to the subject matter herein and supersedes all prior or 

  
 9 

 
contemporaneous agreements, whether written or oral, concerning such subject matter, including the Company’s employment offer letter to the Employee and the letter agreement between the
Company and the Employee regarding accelerated vesting of shares. 
 (d)        
Choice of Law. The validity, interpretation, construction and performance of this Agreement shall be governed by the internal substantive laws, but not the conflicts of law rules, of the State of California. 

(e)         Severability. The invalidity or unenforceability of any provision or
provisions of this Agreement shall not affect the validity or enforceability of any other provision hereof, which shall remain in full force and effect. 
 (f)         Withholding Taxes. All payments made pursuant to this Agreement shall be subject to withholding of applicable income and employment taxes.

 (g)         Counterparts. This Agreement may be executed in counterparts, each
of which shall be deemed an original, but all of which together will constitute one and the same instrument. 
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this page intentionally left blank] 

  
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 By signing below, the Employee agrees to waive any rights the Employee may have in
connection with any change of control or severance benefits that may be contained in the Company’s employment offer letter to the Employee or the letter agreement between the Company and the Employee regarding accelerated vesting of shares.

 IN WITNESS WHEREOF, each of the parties has executed and delivered this Change of Control Severance Agreement, in the case of
the Company by its duly authorized officer, as of the day and year first above written. 
  

			
	VOCERA COMMUNICATIONS, INC.
	
	By:
                                         
                                   
	
	Name:
                                         
                             
	
	Title:
                                         
                               

  

			
	EMPLOYEE
	
	By:
                                         
                                   
	
	Name:
                                         
                              

  
 11

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