Document:

Exhibit 10.1

 

LOAN DEFERRAL AGREEMENT

 

This Loan Deferral Agreement
(the “Agreement”) is made and entered into as of the 1st day of March, 2016, by and between Clyde
A. Biston (“Lender”), and Cross Environmental Services, Inc. (“Borrower” and collectively
with the Lender the “Parties”).

 

WITNESSETH

 

WHEREAS, Lender is the
holder of certain Notes to Borrower in the total original principal amount of $3,560,000.00 reflected by a Note dated April, 2014
in the original principal amount of $2,800,000.00; a Note dated September 30, 2014 in the original principal amount of $250,000.00;
a Note dated July 10, 2015 in the original principal amount of $160,000.00; a Note dated August 28, 2015 in the original principal
amount of $175,000.00; and a Note dated November 2, 2015 in the original principal amount of $175,000.00 (collectively, the “Notes”);
and

 

WHEREAS, Borrow and Lender
agree the Notes are enforceable obligations between the Parties; and

 

WHEREAS, Borrow and Lender
are entering into this Agreement to confirm an understanding entered by Borrow and Lender on December 30, 2015 (the “Effective
Date”); and

 

WHEREAS, the Parties have
agreed to cooperate to amend terms of the Notes mutually beneficial to each Party;

 

NOW, THEREFORE,
in consideration of the mutual representations, warranties, agreements and covenants contained herein and other consideration,
the sufficiency of which is hereby acknowledged, the Parties hereby agree as follows:

 

1.        Recitals. The above Recitals are true and correct and are incorporated herein by reference.

 

2.        Payment
and Interest Deferral. Lender agrees to defer principal and interest payments due under the Notes from June 2015 through December,
2016. However, Lender does not forgive repayment of any of the principal or interest payments and said principal amounts shall
not be reduced in any manner.

 

3.        Conditions
to Lender’s Obligation. The obligations of Lender herein ae subject to the Borrower’s execution of this Agreement
and approval by accountants as may be necessary.

 

4.       
Miscellaneous.

 

(a)               
Headings. Paragraph headings used herein are for convenience only and shall not be construed as controlling
the scope of any provision hereof.

 

(b)              
Applicable Law. This Agreement shall be governed by and construed in accordance with the laws of the State
of Florida.

    1 

     

    

(c)               
Counterpart Execution. This instrument may be executed in any number of counterparts, each of which, when
executed and delivered, shall be an original, and such counterparts together shall constitute one and the same instrument. Signature
and acknowledgment pages may be detached from the counterparts and attached to a single copy of this document to physically form
one document.

 

(d)              
Binding Effect. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto,
and their respective heirs, personal representatives, successors and assigns.

 

(e)               
Further Assurances. Borrower agrees that at any time, and from time to time, after the execution and delivery
of this Agreement, it shall, upon the request of the Lender, execute and deliver such further documents and do such further acts
and things as the Lender may reasonably request in order to more fully effectuate the purposes of this Agreement.

 

(f)               
Consideration. Each party hereto expressly acknowledges and agrees that (a) it is entering into this Agreement
after consultation with legal counsel, (b) that the agreements on its part contained herein are being voluntarily and knowingly
given, and are given without fraud, duress, undue influence or coercion of any kind exerted by any of the parties hereto or any
other person or entity, (c) it has received full and adequate consideration for all of the obligations on its part contained herein
and that such consideration constitutes more than reasonably equivalent value in exchange for all such obligations, and (d) it
has not entered into this Agreement with the intent to hinder, delay, or defraud any creditor.

 

(g)               
Entire Contract. This Agreement sets forth the entire agreement between the Parties with respect to the matters
addressed herein and supersedes in its entirety any and all other prior agreements, understandings or representations relating
to the subject matter hereof. The Parties represent that in entering this Agreement they do not rely on any statement or fact not
set forth herein.

 

(h)              
Modifications or Amendments. This Agreement may not be modified or amended or any term or provision waived
or discharged except in writing, signed by the party against whom such amendment, modification, waiver or discharge is sought to
be enforced.

 

(i)                
Severability. If any provision of this Agreement shall be held, declared or pronounced void, voidable, invalid,
unenforceable or inoperative, in whole or in part, for any reason by any court of competent jurisdiction, government authority,
arbitrator, arbitration panel or otherwise, such holding, declaration or pronouncement shall not affect adversely any other provision
of this Agreement, which shall otherwise remain in full force and effect and be enforced in accordance with its terms.

 

(j)                
Successors and Assigns. This Agreement shall be binding on and inure to the benefit of each of the Parties
to this Agreement and upon their respective successors and assigns.

    2 

     

    

(k)              
Acknowledgement. Each of the Parties expressly acknowledges, represents and warrants that it has had representation
in the negotiation and preparation of this Agreement by legal counsel of its own choosing. None of the Parties has relied on any
fact or actual or assumed state of affairs not expressly set forth herein, and neither is signing under fraud or duress. Each of
the Parties further acknowledges, represents and warrants to the other that it has read this Agreement in its entirety prior to
the execution hereof and that it has executed this Agreement voluntarily, with competence and capacity to contract, and with full
knowledge of the terms, significance and legal effect of this Agreement.

 

(l)                
Joint Negotiation. This Agreement has been negotiated between the Parties hereto, which are sophisticated
business entities, and has been prepared in accordance with their joint instruction. To the extent that there is deemed to be any
uncertainty or ambiguity herein hereafter, no party shall be deemed to have caused it and the drafting hereof shall be deemed to
have been joint drafting.

 

IN WITNESS WHEREOF, Borrower
and Lender have executed and delivered this Agreement to be effective for all purposes as of the Effective Date.

 

	
         

        LENDER:

        CLYDE A. BISTON

         

        By:____________________________

         

         

         
	
        Acknowledged and agreed:

        BORROWER:

        CROSS ENVIRONMENTAL SERVICES, INC.,
        a Florida corporation

         

        By:_______________________________

        Print name:_____________________

        As its:_________________________

         

        

        

	 	 

 

 

3EX-10.12

 Exhibit 10.12 

FIRST AMENDMENT TO 

AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT 

THIS FIRST AMENDMENT TO AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT (this “Amendment”) is entered
into this 2nd day of March, 2016, by and between SILICON VALLEY BANK, a California corporation (“Bank”), and APIGEE CORPORATION, a Delaware corporation (“Borrower”). 

RECITALS 

A. Bank and Borrower have entered into that certain Amended and Restated Loan and Security Agreement dated as of November 17, 2014 (as
the same may from time to time be amended, modified, supplemented or restated, the “Loan Agreement”). 
 B. Bank has
extended credit to Borrower for the purposes permitted in the Loan Agreement. 
 C. Borrower has requested that Bank amend the Loan
Agreement to (i) add a non-formula advance sublimit to the Revolving Line, (ii) increase the Revolving Line, (iii) make a supplemental term loan to Borrower in the original principal amount of Two Million Six Hundred Forty-Eight Thousand Two Hundred
Thirty-Two and  72⁄100 Dollars ($2,648,232.72) which will refinance the Term Loan and Existing Equipment Term Loan in their entirety, and (iv) make
certain other revisions to the Loan Agreement as more fully set forth herein. 
 D. Bank has agreed to so amend certain provisions of the
Loan Agreement, but only to the extent, in accordance with the terms, subject to the conditions and in reliance upon the representations and warranties set forth below. 

AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing recitals and other good and valuable consideration, the
receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows: 
 1.
Definitions. Capitalized terms used but not defined in this Amendment, including its preamble and recitals, shall have the meanings given to them in the Loan Agreement. 

2. Amendments to Loan Agreement. 

2.1 Outstanding Obligations under Term Loan and Existing Equipment Term Loan. Borrower and Bank agree that as of the
First Amendment Effective Date, the outstanding principal balance of the (i) Term Loan is One Million Eight Hundred Sixty-Six Thousand Six Hundred Sixty-Six and
 72⁄100 Dollars ($1,866,666.72) and (ii) Existing Equipment Term Loan is Six Hundred Twenty-Five Thousand and
 14⁄100 Dollars ($625,000.14). Borrower represents and warrants to Bank that all of such sums are due and owing Bank, without offset or defense of any
kind or nature and in the event Borrower has any offsets or defenses thereto, Borrower hereby irrevocably waives all such offsets and defenses. Borrower acknowledges and agrees that (i) from and after the First Amendment

 
Effective Date, there is no further availability to borrow under the Term Loan, and (ii) there is no further availability to borrow under the Existing Equipment Term Loan. Borrower shall, on the
First Amendment Effective Date and in conjunction with Borrower’s execution of this Amendment, use the proceeds from the Supplemental Term Loan (as hereinafter defined) to repay in full in cash all of the Obligations owing to Bank under the
Term Loan (including, without limitation, the amount of the “Final Payment” due to Bank under the Term Loan in the amount of One Hundred Fifty-Six Thousand Two Hundred Fifty Dollars ($156,250)) and Existing Equipment Term Loan. 

2.2 Section 2.1.1 (Revolving Advances). 

(a) Section 2.1.1(c) of the Loan Agreement is hereby amended by deleting it in its entirety and replacing it with the following: 

(c) Early Termination. The Revolving Line may be terminated prior to the Revolving Line Maturity Date as
follows: (i) subject to the terms and conditions of Section 12.1, by Borrower, effective three (3) Business Days after written notice of termination is received by Bank; or (ii) by Bank at any time from and after the occurrence and
during the continuance of an Event of Default, without notice, effective immediately. 
 (b) Section 2.1.1 of the Loan Agreement is hereby
amended by adding the following section immediately after Section 2.1.1(c) as Section 2.1.1(d): 
 (d) Non-Formula
Advance Sublimit. Subject to the terms and conditions of this Agreement, as part of the Revolving Line, Bank shall make non-formula advances (each, a “Non-Formula Advance” and collectively, the “Non-Formula
Advances”) available to Borrower in an aggregate amount not to exceed the Non-Formula Amount. The dollar amount of each Non-Formula Advance shall at all times reduce the amount otherwise available for Advances under the Revolving Line.

 2.3 Section 2.1 (Promise to Pay). Section 2.1 of the Loan Agreement is hereby amended by adding the following section
immediately after Section 2.1.3 as Section 2.1.4: 
 2.1.4 Supplemental Term Loan. 

(a) Availability. Bank shall make a single supplemental term loan available to Borrower on or about the First Amendment
Effective Date (the “Supplemental Term Loan”) not exceeding the Supplemental Term Loan Commitment. The proceeds of the Supplemental Term Loan shall be used to refinance and replace the Term Loan (including without limitation, the
Final Payment) and the Existing Equipment Term Loan in their entirety. After repayment, the Supplemental Term Loan may not be reborrowed. 

(b) Repayment. Commencing on April 1, 2016 and continuing on the first (1st) calendar day of each month
thereafter, Borrower shall make twenty-four (24) consecutive equal monthly payments of principal, in an amount which would fully amortize the outstanding Supplemental Term Loan, over the Supplemental Term Loan

  
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Repayment Period, plus accrued and unpaid interest (each, a “Supplemental Term Loan Payment”). All unpaid principal and accrued and unpaid interest on the Supplemental Term Loan
is due and payable in full on the Supplemental Term Loan Maturity Date. 
 (c) Prepayment. 

(i) Mandatory Prepayment Upon an Acceleration. If the Supplemental Term Loan is accelerated following the
occurrence of an Event of Default or otherwise, Borrower shall immediately pay to Bank an amount equal to the sum of (A) all accrued and unpaid interest with respect to the Supplemental Term Loan through the date the prepayment is made, plus (B) all
unpaid principal with respect to the Supplemental Term Loan, plus (C) all other sums, including Bank Expenses, if any, that shall have become due and payable hereunder in connection with the Supplemental Term Loan, including interest at the Default
Rate with respect to any past due amounts. 
 (ii) Permitted Prepayment. So long as an Event of Default has not
occurred and is not continuing, Borrower shall have the option to prepay all, but not less than all, of the Supplemental Term Loan advanced by Bank under this Agreement, provided Borrower (A) delivers written notice to Bank of its election to prepay
the Supplemental Term Loan at least three (3) days prior to such prepayment, and (B) pays, on the date of such prepayment (i) all accrued and unpaid interest with respect to the Supplemental Term Loan through the date the prepayment is made, (ii)
all unpaid principal with respect to the Supplemental Term Loan, and (iii) all other sums, including Bank Expenses, if any, that shall have become due and payable hereunder in connection with the Supplemental Term Loan, including interest at the
Default Rate with respect to any past due amounts. 
 2.4 Section 2.2 (Overadvances). Section 2.2 of the Loan Agreement
is hereby amended by deleting it in its entirety and replacing it with the following: 
 2.2
Overadvances. If, at any time, the outstanding principal amount of any Formula Advances exceeds the lesser of either the Revolving Line or the Borrowing Base, Borrower shall immediately pay to Bank in cash the amount of such excess (such
excess, the “Formula Overadvance”). If, at any time, the outstanding principal amount of any Non-Formula Advances exceeds the Non-Formula Amount, Borrower shall immediately pay to Bank in cash the amount of such excess (such excess,
the “Non-Formula Overadvance”). If, at any time, the outstanding principal amount of any Advances exceeds the lesser of either the Revolving Line or the Borrowing Base, plus the Non-Formula Amount, Borrower shall immediately pay to
Bank in cash such excess (the “Revolving Facility Overadvance”; together with the Formula Overadvance and the Non-Formula Overadvance, collectively, the “Overadvance”). Without limiting Borrower’s obligation to
repay Bank any amount of the Overadvance, Borrower agrees to pay Bank interest on the outstanding amount of any Overadvance, on demand, at the Default Rate. 

  
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 2.5 Section 2.3 (Payment of Interest on the Credit Extensions). 

(a) Section 2.3(a)(i) of the Loan Agreement is hereby amended by deleting it in its entirety and replacing it with the following: 

(i) Advances. Subject to Section 2.3(b), the principal amount outstanding under the Revolving Line shall accrue
interest at a floating per annum rate equal to the Prime Rate, plus one-half of one percent (0.50%), which interest shall be payable monthly in accordance with Section 2.3(d) below. 

(b) Section 2.3 of the Loan Agreement is hereby amended by adding the following section immediately after Section 2.3(a)(iii) as Section
2.3(a)(iv): 
 (iv) Supplemental Term Loan. Subject to Section 2.3(b), the principal amount outstanding
under the Supplemental Term Loan shall accrue interest at a floating per annum rate equal to the Prime Rate, plus one-quarter of one percent (0.25%), which interest shall be payable monthly in accordance with Section 2.1.4(b) above and Section
2.3(d) below. 
 2.6 Section 2.4 (Fees). 

(a) Section 2.4(a) of the Loan Agreement is hereby amended by deleting it in its entirety and replacing it with the following: 

(a) Revolving Line Anniversary Fee. A fully earned, non-refundable anniversary fee of Twenty-Five Thousand Dollars
($25,000) upon each anniversary of the First Amendment Effective Date; 
 (b) Section 2.4(c) of the Loan Agreement is hereby amended by
deleting it in its entirety and replacing it with the following: 
 (c) Reserved; 

(c) Section 2.4(e) of the Loan Agreement is hereby amended by deleting it in its entirety and replacing it with the following: 

(e) Unused Revolving Line Facility Fee. Payable monthly in arrears on the last day of each month occurring prior to the
Revolving Line Maturity Date, and on the Revolving Line Maturity Date, a fee (the “Unused Revolving Line Facility Fee”) in an amount equal to one-tenth of one percent (0.10%) per annum of the average unused portion of the Revolving
Line, as determined by Bank. The unused portion of the Revolving Line, for purposes of this calculation, shall be calculated on a calendar year basis and shall equal the difference between (i) the Revolving Line, and (ii) the average for the
period of the daily closing balance of the Revolving Line outstanding; and 

  
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 2.7 Section 6.2 (Financial Statements, Reports,
Certificates). Sections 6.2(a), (b), (c), and (d) of the Loan Agreement are hereby amended by deleting them in its entirety and replacing them with the following: 

(a) Borrowing Base Reports. Within forty-five (45) days after the last day of each (i) fiscal quarter when
Borrower’s Adjusted Quick Ratio is greater than or equal to the AQR Threshold and there are no outstanding Advances and (ii) month at all other times, aged listings of accounts receivable and accounts payable (by invoice date) (the
“Borrowing Base Reports”); 
 (b) Borrowing Base Certificate. Within forty-five (45) days after the
last day of each (i) fiscal quarter when Borrower’s Adjusted Quick Ratio is greater than or equal to the AQR Threshold and there are no outstanding Advances and (ii) month at all other times, and together with the Borrowing Base Reports, a duly
completed Borrowing Base Certificate signed by a Responsible Officer; 
 (c) Periodic Financial Statements; Bookings
Report. (1) Within forty-five (45) days after the last day of each (i) fiscal quarter when Borrower’s Adjusted Quick Ratio is greater than or equal to the AQR Threshold and there are no outstanding Advances and (ii) month at all other
times, a company prepared consolidated balance sheet and income statement covering Borrower’s consolidated operations for such month, certified by a Responsible Officer and in a form acceptable to Bank (the “Periodic Financial
Statements”) and (2) within forty-five (45) days after the last day of each fiscal quarter, a Bookings report, certified by a Responsible Officer and in a form acceptable to Bank; 

(d) Periodic Compliance Certificate. Within forty-five (45) days after the last day of each (i) fiscal quarter when
Borrower’s Adjusted Quick Ratio is greater than or equal to the AQR Threshold and there are no outstanding Advances and (ii) month at all other times, and together with the Periodic Financial Statements, a duly completed Compliance Certificate
signed by a Responsible Officer, certifying that as of the end of such month, Borrower was in full compliance with all of the terms and conditions of this Agreement, and setting forth calculations showing compliance with the financial covenants set
forth in this Agreement and such other information as Bank may reasonably request; 
 2.8 Section 6.7 (Financial
Covenants). Section 6.7 of the Loan Agreement is hereby amended by deleting it in its entirety and replacing it with the following: 

6.7 Financial Covenants. Maintain at all times on a consolidated basis with respect to Borrower and its
Subsidiaries: 
 (a) Adjusted Quick Ratio. Tested as of the last day of each (i) fiscal quarter when Borrower’s
Adjusted Quick Ratio is greater than or equal to the AQR Threshold and there are no outstanding Advances and (ii) month at all other times, an Adjusted Quick Ratio of at least 1.75 to 1.00. 

  
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 (b) Minimum Revenue. Tested as of the last day of each fiscal
quarter, minimum revenue under GAAP, measured for the trailing period specified below, of at least the following amounts at the following times: 
  

					
	 Trailing Period
	  	Minimum Revenue	 
	 Trailing 6 month period ending January 31, 2016
	  	$	35,000,000	  
	 Trailing 9 month period ending April 30, 2016
	  	$	54,000,000	  
	 Trailing 12 month period ending July 31, 2016
	  	$	74,750,000	  

 Commencing with the quarter ending October 31, 2016 and as of the last day of each quarter
thereafter, the minimum revenue financial covenant set forth in this Section shall be calculated based on Borrower’s projected performance as set forth in Borrower’s annual financial projections approved by Borrower’s Board of
Directors and delivered to Bank in accordance with Section 6.2(i), and subject to the terms and conditions herein, such covenant shall be set in a manner (but not in amounts) consistent with the covenant set as of First Amendment Effective Date
through the fiscal quarter ending on July 31, 2016 (the “Updated Minimum Revenue Covenant”). In furtherance of the immediately preceding sentence, Borrower hereby acknowledges and agrees that the criteria used to calculate the
Updated Minimum Revenue Covenant may be adjusted by Bank in its good faith business judgment to take into consideration any material circumstances which could reasonably be expected to have a material impact on the financial condition of the
Borrower and its Subsidiaries, taken as a whole. Borrower’s failure to reach an agreement with Bank on the Updated Minimum Revenue Covenant and to execute and deliver to Bank an amendment to this Agreement which provides the terms for such
Updated Minimum Revenue Covenant no later than October 31, 2016 shall constitute an immediate Event of Default under this Agreement. 

2.9 Section 6.10 (Access to Collateral; Books and Records). Section 6.10 of the Loan Agreement is hereby amended by
deleting the reference therein to “Three Thousand Dollars ($3,000)” and replacing it with “Five Thousand Dollars ($5,000)”. 

2.10 Section 7.2 (Changes in Business, Management, Ownership, or Business Locations). Clause (i) of Section 7.2(c) of
the Loan Agreement is hereby amended by deleting it in its entirety and replacing it with the following: 
 (c)(i)
[Reserved]; or 
 2.11 Section 7.7 Distributions; Investments. Clause (a)(iii) of Section 7.7 is hereby amended
by deleting it in its entirety and replacing it with the following: 
 (iii) Borrower may repurchase the stock of former employees or
consultants pursuant to stock repurchase agreements so long as an Event of Default does not exist at the time of such repurchase and would not exist after giving effect to such repurchase, provided such

  
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repurchase does not exceed in the aggregate of Four Hundred Thousand Dollars ($400,000) per fiscal year, and Borrower may repurchase capital stock to the extent that is deemed to occur in
connection with the exercise of stock options or warrants by way of cashless exercise or in connection with the satisfaction of withholding tax obligations; and 

2.12 Section 8.1 (Payment Default). Section 8.1 of the Loan Agreement is hereby amended by deleting it in its entirety
and replacing it with the following: 
 8.1 Payment Default. Borrower fails to (i) make any payment of
principal or interest on any Credit Extension when due, or (ii) pay any other Obligations within three (3) Business Days after such Obligations are due and payable (which three (3) Business Day cure period shall not apply to payments due on the
Revolving Line Maturity Date, Existing Equipment Term Loan Maturity Date, Term Loan Maturity Date, or the Supplemental Term Loan Maturity Date). During the cure period, the failure to make or pay any payment specified under clause (ii)
hereunder is not an Event of Default (but no Credit Extension will be made during the cure period); 
 2.13 Section 8.6 (Other
Agreements). Clause (b) of Section 8.6 of the Loan Agreement is hereby amended by deleting it in its entirety and replacing it with the following: 

(b) [Reserved]; 
 2.14
Section 13 (Definitions). 
 (a) The following terms and their respective definitions set forth in Section 13.1 of the Loan Agreement
are hereby amended in their entirety and replaced with the following: 
 “Adjusted Quick Ratio” is the ratio
of (a) Quick Assets to (b) Current Liabilities minus Deferred Revenue. 
 “Advance” or
“Advances” means an advance (or advances) under the Revolving Line including any Formula Advance and Non-Formula Advance. 

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

“Borrowing Base” is (a) eighty percent (80%) of Eligible Accounts, plus (b) the greater of
(i) thirty percent (30%) of Eligible Foreign Accounts or (ii) Six Million Dollars ($6,000,000), as determined by Bank from Borrower’s most recent Borrowing Base Certificate; provided, however, that Bank has the right to decrease the foregoing
percentages in its good faith business judgment to mitigate the impact of events, conditions, contingencies, or risks which may adversely affect the Collateral or its value. 

  
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 “Credit Extension” is any Advance, Overadvance, Existing
Equipment Term Loan Advance, Term Loan Advance, the Supplemental Term Loan, or any other extension of credit by Bank for Borrower’s benefit. 

“Permitted Acquisition” means any Acquisition(s) in which: (a) the Borrower’s board of directors has
approved the Acquisition; (b) the Person so acquired (the “Target”) is in a similar line of business of Borrower or a business reasonably related thereto; (c) after the consummation of the Acquisition, either (i) the Borrower is the
sole surviving and controlling corporation, or (ii) the surviving corporation is a wholly-owned Subsidiary of Borrower or becomes a wholly-owned Subsidiary of Borrower and in either case complies with the requirements set forth in Section 6.11
above; (d) the Acquisition is not a hostile acquisition; (e) at the time of the Acquisition and after giving effect to the Acquisition, there shall not exist any Event of Default under this Agreement or any of the Loan Documents; and (f) after
giving effect to such Acquisition, the Borrower will remain in compliance with any financial covenants set forth in this Agreement on a pro-forma basis. 

“Quick Assets” is, on any date, Borrower’s unrestricted cash not subject to any Lien securing
Indebtedness (other than Obligations owing to Bank) and Cash Equivalents and net billed accounts receivable. 

“Revolving Line” is an aggregate principal amount equal to Twenty-Five Million Dollars ($25,000,000). 

“Revolving Line Maturity Date” is October 31, 2019. 

(b) Clause (v) of the definition of “Eligible Accounts” is hereby amended in its entirety and replaced with the following:

 (v) Accounts owing from an Account Debtor, whose total obligations to Borrower exceed twenty-five percent (25%) of all
Accounts, for the amounts that exceed that percentage, unless Bank approves in writing in its sole discretion on a case-by-case basis; and 

(c) The following terms and their respective definitions are hereby added in alphabetical order to Section 13.1 to the Loan Agreement as
follows: 
 “AQR Threshold” means an Adjusted Quick Ratio of 2.25 to 1.00, as determined by Bank in its sole
discretion. 
 “First Amendment Effective Date” is March 2, 2016. 

“Formula Advance” or “Formula Advances” means any Advance (or advances) under the Revolving
Line other than Non-Formula Advances. 
 “Formula Overadvance” is defined in Section 2.2. 

  
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 “Non-Formula Advance” or “Non-Formula
Advances” is defined in Section 2.1.1(d). 
 “Non-Formula Amount” is an aggregate principal
amount equal to Seven Million Five Hundred Thousand Dollars ($7,500,000). 
 “Non-Formula Overadvance” is
defined in Section 2.2. 
 “Revolving Facility Overadvance” is defined in Section 2.2. 

“Supplemental Term Loan” is defined in Section 2.1.4(a). 

“Supplemental Term Loan Commitment” is an aggregate original principal amount of up to Two Million Six
Hundred Forty-Eight Thousand Two Hundred Thirty-Two and  72⁄100 Dollars ($2,648,232.72). 

“Supplemental Term Loan Maturity Date” is March 1, 2018. 

“Supplemental Term Loan Payment” is defined in Section 2.1.4(b). 

“Supplemental Term Loan Repayment Period” is a period of time equal to twenty-four (24) consecutive months
commencing on April 1, 2016. 
 “Unused Revolving Line Facility Fee” is defined in Section 2.4(e).

 (c) The defined terms “Early Termination Fee”, “Good Faith Deposit”, “Key Person”,
“Liquidity Ratio” and “Monthly Financial Statements”, and their respective definitions as set forth in Section 13.1 of the Loan Agreement are hereby deleted in their entirety and all occurrences of and references to
such terms in the Loan Agreement are hereby deleted in their entirety and from and after the date hereof shall be of no further force and effect under the Loan Agreement. 

2.15 Borrowing Base Certificate. Exhibit B of the Loan Agreement is replaced in its entirety with Exhibit B
attached hereto. From and after the First Amendment Effective Date, all references in the Loan Agreement to the Borrowing Base Certificate shall be deemed to refer to Exhibit B attached hereto. 

2.16 Compliance Certificate. Exhibit C of the Loan Agreement is replaced in its entirety with Exhibit C
attached hereto. From and after the First Amendment Effective Date, all references in the Loan Agreement to the Compliance Certificate shall be deemed to refer to Exhibit C attached hereto. 

3. Limitation of Amendments. 

3.1 The amendments set forth in Section 2, above, are effective for the purposes set forth herein and shall be limited precisely
as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Bank may now have or may have in the
future under or in connection with any Loan Document. 

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

3.3 In addition to those Events of Default specifically enumerated in the Loan Documents, the failure to comply with the terms of any
covenant or agreement contained herein shall constitute an Event of Default and shall entitle the Bank to exercise all rights and remedies provided to the Bank under the terms of any of the other Loan Documents as a result of the occurrence of the
same. 
 4. Representations and Warranties. To induce Bank to enter into this Amendment, Borrower hereby represents and
warrants to Bank as follows: 
 4.1 Immediately after giving effect to this Amendment (a) the representations and warranties
contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such
date), and (b) no Event of Default has occurred and is continuing; 
 4.2 Borrower has the power and authority to execute and
deliver this Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment; 
 4.3 The
organizational documents of Borrower delivered to Bank on the Effective Date remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect; 

4.4 The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan
Agreement, as amended by this Amendment, have been duly authorized; 
 4.5 The execution and delivery by Borrower of this Amendment
and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not and will not contravene (a) any law or regulation binding on or affecting Borrower, (b) any contractual restriction with a
Person binding on Borrower, (c) any order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (d) the organizational documents of Borrower; 

4.6 The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan
Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body or authority, or subdivision
thereof, binding on Borrower, except as already has been obtained or made; and 
 4.7 This Amendment has been duly executed and
delivered by Borrower and is the binding obligation of Borrower, enforceable against Borrower in accordance with its terms, 

  
 10 

 
except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to
or affecting creditors’ rights. 
 5. Integration. This Amendment and the Loan Documents represent the entire
agreement about this subject matter and supersede prior negotiations or agreements. All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of this Amendment and the Loan
Documents merge into this Amendment and the Loan Documents. 
 6. Counterparts. This Amendment may be executed in any
number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument. 
 7.
Effectiveness. This Amendment shall be deemed effective upon (a) the due execution and delivery to Bank of this Amendment by each party hereto, (b) Borrower’s payment of a fully earned, non-refundable, amendment fee in an
amount equal to Twenty-Two Thousand Seven Hundred Seventy-Seven and  78⁄100 Dollars ($22,777.78), and (c) payment of Bank’s legal fees and expenses
in connection with the negotiation and preparation of this Amendment. 
 [Signature page follows.] 

  
 11 

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

									
	BANK:	 		 	BORROWER:
			
	SILICON VALLEY BANK	 		 	APIGEE CORPORATION
					
	By:	 	 /s/ Sean Thompson
	 		 	By:	 	 /s/ Tim Wan

	Name:	 	 Sean Thompson
	 		 	Name:	 	 Tim Wan

	Title:	 	 VP
	 		 	Title:	 	 CFO

 [Signature Page to First Amendment to Amended and Restated Loan and Security Agreement] 

 EXHIBIT B - BORROWING BASE
CERTIFICATE 
  
  

Borrower: Apigee Corporation 
 Lender: Silicon Valley Bank

 Commitment Amount: $25,000,000 (with up to $7,500,000 available under Non-Formula Sublimit) 

 

					
	 ACCOUNTS RECEIVABLE
	  			
	 1. Accounts Receivable (invoiced) Book Value as of
                    
	  	$	 	  
	 2. Additions (Please explain on next page)
	  	$	 	  
	 3. Less: Intercompany / Employee / Non-Trade Accounts
	  	$	 	  
	 4. NET TRADE ACCOUNTS RECEIVABLE
	  	$	 	  
		
	 ACCOUNTS RECEIVABLE DEDUCTIONS (without duplication)
	  			
	 5. 90 Days Past Invoice Date
	  	$	 	  
	 6. Credit Balances over 90 Days
	  	$	 	  
	 7. Balance of 50% over 90 Day Accounts (Cross-Age or Current Affected)
	  	$	 	  
	 8. Foreign Account Debtor Accounts (other than Eligible Foreign Accounts up to greater of (i) 30% of Eligible Foreign Accounts or (ii)
$6,000,000)
	  	$	 	  
	 9. Foreign Invoiced and/or Collected Accounts
	  	$	 	  
	 10. Contra / Customer Deposit Accounts
	  	$	 	  
	 11. U.S. Government Accounts
	  	$	 	  
	 12. Promotion or Demo Accounts; Guaranteed Sale or Consignment Sale Accounts
	  	$	 	  
	 13. Accounts with Memo or Pre-Billings
	  	$	 	  
	 14. Contract Accounts; Accounts with Progress / Milestone Billings
	  	$	 	  
	 15. Accounts for Retainage Billings
	  	$	 	  
	 16. Trust / Bonded Accounts
	  	$	 	  
	 17. Bill and Hold Accounts
	  	$	 	  
	 18. Unbilled Accounts
	  	$	 	  
	 19. Non-Trade Accounts (If not already deducted above)
	  	$	 	  
	 20. Accounts with Extended Term Invoices (Net 90+)
	  	$	 	  
	 21. Chargebacks Accounts / Debit Memos
	  	$	 	  
	 22. Product Returns / Exchanges
	  	$	 	  
	 23. Disputed Accounts; Insolvent Account Debtor Accounts
	  	$	 	  
	 24. [Reserved]
	  	$	 	  
	 25. Concentration Limits (25%)
	  	$	 	  
	 26. TOTAL ACCOUNTS RECEIVABLE DEDUCTIONS
	  	$	 	  
		
	 27. Eligible Accounts [#4 minus #26]
	  	$	 	  
	 28. ELIGIBLE AMOUNT OF ACCOUNTS [80% of #27]
	  	$	 	  
		
	 BALANCES
	  			
	 29. Maximum Loan Amount under Revolving Line
	  	$	25,000,000	  
	 30. Present outstanding principal balance of all Non-Formula Advances (not to exceed $7,500,000)
	  	$	 	  
	 31. Maximum Loan Amount available after reduction of outstanding Non-Formula Advances [#29 minus #30]
	  	$	 	  
	 32. Total Funds Available [Lesser of #31 or #28]
	  	$	 	  
	 33. Present outstanding principal balance of all Formula Advances
	  	$	 	  
	 34. RESERVE POSITION FOR FORMULA ADVANCES [#32 minus #33]
	  	$	 	  

  
 [Continued on following
page.] 

 Explanatory comments from previous page: 

 
  
  

 
  
  

 
 The undersigned represents and warrants that this
is true, complete and correct, and that the information in this Borrowing Base Certificate complies with the representations and warranties in the Amended and Restated Loan and Security Agreement between the undersigned and Silicon Valley Bank.

  

  

			
	COMMENTS:
		
	By:	 	  

		 	Authorized Signer
		
	Date:	 	  

 

			
	BANK USE ONLY
		
	Received by:	 	  

		 	AUTHORIZED SIGNER

			
		
	Date:	 	  

	Verified:	 	  

		 	AUTHORIZED SIGNER

			
		
	Date:	 	  

	Compliance Status:
                                         
   Yes            No  

 
 

 EXHIBIT C 

COMPLIANCE CERTIFICATE 

 

							
	TO:	 	SILICON VALLEY BANK	 	Date:	 	  

				
	FROM:	 	APIGEE CORPORATION	 		 	

 The undersigned authorized officer of Apigee Corporation (“Borrower”) certifies that under the terms
and conditions of the Amended and Restated Loan and Security Agreement between Borrower and Bank (the “Agreement”): 

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

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

 

					
	 Reporting Covenant
	 	 Required
	 	 Complies

			
	Periodic financial statements with Compliance Certificate (“CC”)	 	 Within 45 days after the last day of each (i) fiscal quarter

when Borrower’s Adjusted Quick Ratio is greater than
 or
equal to the AQR Threshold and there are no
 outstanding Advances, and (ii) month at all other times
	 	Yes    No
	Bookings Report	 	Within 45 days after the last day of each fiscal quarter	 	Yes    No
	Annual financial statement (CPA Audited) + CC	 	FYE within 180 days	 	Yes    No
	10-Q, 10-K and 8-K	 	With next Compliance Certificate	 	Yes    No
	Borrowing Base Certificate; A/R & A/P Agings	 	 Within 45 days after the last day of each (i) fiscal

quarter when Borrower’s Adjusted Quick Ratio is greater
 than
or equal to the AQR Threshold and there are no
 outstanding Advances, and (ii) month at all other times
	 	Yes    No
	Annual Board Approved financial projections	 	Annually within 7 days after board approval or more frequently as updated	 	Yes    No

													
	 Financial Covenants
	  	 Required
	 	  	 Actual
	 	  	 Complies
	 
				
	 Maintain (tested (i) quarterly when Borrower’s Adjusted Quick Ratio is greater than or equal to the AQR Threshold and there are no
outstanding Advances, and (ii) monthly at all other times):
	  				  				  			
	 Adjusted Quick Ratio
	  	 	>1.75:1.00	  	  	 	    :1.00	  	  	 	Yes    No	  
	 Maintain (tested quarterly):
	  				  				  			
	 Minimum Revenue
	  				  				  			
	 Trailing 6 month period ending January 31, 2016
	  	$	35,000,000	  	  	$	            	  	  	 	Yes    No	  
	 Trailing 9 month period ending April 30, 2016
	  	$	54,000,000	  	  	$	 	  	  	 	Yes    No	  
	 Trailing 12 month period ending July 31, 2016
	  	$	74,750,000	  	  	$	 	  	  	 	Yes    No	  

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

 

					
	Have there been any amendments of or other changes to the capitalization table of Borrower (prior to the date on which an initial public offering of Borrower’s common stock has been consummated) and to the Operating
Documents of Borrower or any of its Subsidiaries? If yes, provide copies of any such amendments or changes with this Compliance Certificate.	  	        Yes	  	        No
			
	Have there been any 10-Q, 10-K and 8-K filings by Borrower with the SEC (or any Governmental Authority succeeding to any or all of the functions of
the SEC), or distributed to its shareholders, as the case may be? If yes, provide copies of any such filings.	  	        Yes	  	        No

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

 
  

 

			
	  APIGEE CORPORATION
		 	
	  By:	 	  

		
	  Name:	 	  

		
	  Title:	 	  

 

			
	BANK USE ONLY
	Received by:	 	  

		 	AUTHORIZED SIGNER
		
	Date:	 	  

		
	Verified:	 	  

		 	AUTHORIZED SIGNER
		
	Date:	 	  

 

			
	    Compliance Status:	 	      Yes      No

 
 

 Schedule 1 to Compliance Certificate 

Financial Covenants of Borrower 

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

 

			
	Dated:	 	     

 I. Adjusted Quick Ratio (Section 6.7(a) of the Loan Agreement) 

Required: Tested as of the last day of each (i) fiscal quarter when Borrower’s Adjusted Quick Ratio is greater than or equal to the AQR Threshold
and there are no outstanding Advances and (ii) monthly at all other times, an Adjusted Quick Ratio of at least 1.75 to 1.00. 

Actual:     
  

							
	 A.
	  	Aggregate value of Borrower’s unrestricted cash not subject to any Lien securing Indebtedness	  	$	            	  
			
	 B.
	  	Aggregate value of Borrower’s Cash Equivalents	  	$	 	  
			
	 C.
	  	Aggregate value of net billed accounts receivable	  	$	 	  
			
	 D.
	  	Quick Assets (the sum of lines A, B, and C)	  	$	 	  
			
	 E.
	  	Aggregate value of all obligations and liabilities of Borrower to Bank	  	$	 	  
			
	 F.
	  	Without duplication to line E, the aggregate amount of obligations that should, under GAAP, be classified as liabilities on Borrower’s consolidated balance sheet, including all Indebtedness, and current portion of Subordinated
Debt permitted by Bank to be paid by Borrower, but excluding all Subordinated Debt, that mature within one year	  	$	 	  
			
	 G.
	  	Current Liabilities (the sum of lines E and F)	  	$	 	  
			
	 H.
	  	Aggregate value of all amounts received or invoiced in advance of performance under contracts and not yet recognized as revenue	  	$	 	  
			
	 I.
	  	Adjusted Quick Ratio (line D divided by line G, minus H)	  	 	    :    	  

 Is line I at least 1.75 to 1.00? 
  

			
	     No, not in compliance	  	     Yes, in compliance

 [Schedule 1 to Exhibit C] 

 II. Minimum Revenue (Section 6.7(b) of the Loan Agreement) 

Required: Tested as of the last day of each fiscal quarter, minimum revenue under GAAP, measured for the trailing period specified below, of at least
the following amounts at the following times: 
  

					
	 Trailing Period
	  	Minimum Revenue	 
	 Trailing 6 month period ending January 31, 2016
	  	$	35,000,000	  
	 Trailing 9 month period ending April 30, 2016
	  	$	54,000,000	  
	 Trailing 12 month period ending July 31, 2016
	  	$	74,750,000	  

 Actual: 
  

							
	 A.
	  	 Revenue
	  	$	            	  

 Is the value of line A equal to or greater than the required amount? 

 

			
	     No, not in compliance	  	     Yes, in compliance

 [Schedule 1 to Exhibit C]

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