SEC Contract Filing

Filing Date: 2016-09-08

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>exhibit1.htm
<DESCRIPTION>EX-10.1
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<P align="left" style="font-size: 10pt"><FONT style="font-size: 10pt"><B>Exhibit&nbsp;10.1</B>
</FONT>

<P align="center" style="font-size: 10pt"><B>FIFTH AMENDMENT TO<BR>
AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT</B>

<P align="left" style="font-size: 10pt; text-indent: 4%">This <B>FIFTH AMENDMENT TO AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT </B>(this &#147;<B>Amendment</B>&#148;) is
entered into as of September&nbsp;7, 2016, by and among OXFORD FINANCE LLC, a Delaware limited liability
company with an office located at 133 North Fairfax Street, Alexandria, Virginia 22314 (&#147;<B>Oxford</B>&#148;),
as collateral agent (in such capacity, the &#147;<B>Collateral Agent</B>&#148;), the Lenders listed on <U>Schedule
1.1</U> of the Loan Agreement (as defined below) or otherwise a party thereto from time to time
including Oxford in its capacity as a Lender and SILICON VALLEY BANK, a California corporation with
an office located at 3005 Carrington Mill Boulevard, Suite&nbsp;530, Morrisville, North Carolina 27560
(each a &#147;<B>Lender</B>&#148; and collectively, the &#147;<B>Lenders</B>&#148;), and TRANSENTERIX, INC., a Delaware corporation
(&#147;<B>Parent</B>&#148;), TRANSENTERIX SURGICAL, INC., a Delaware corporation (&#147;<B>TransEnterix Surgical</B>&#148;),
SAFESTITCH LLC, a Virginia limited liability company (&#147;<B>SafeStitch</B>&#148;), and TRANSENTERIX
INTERNATIONAL, INC., a Delaware corporation (&#147;<B>TransEnterix International</B>&#148;, and together with
Parent, TransEnterix Surgical, and SafeStitch, individually and collectively, jointly and
severally, &#147;<B>Borrower</B>&#148;), each with offices located at 635 Davis Drive, Suite&nbsp;300, Morrisville, North
Carolina 27560.

<P align="center" style="font-size: 10pt"><FONT style="font-variant: SMALL-CAPS"><B>Recitals</B></FONT>

<P align="left" style="font-size: 10pt; text-indent: 4%"><B>A.&nbsp;</B>Collateral Agent, Lenders and Borrower have entered into that certain Amended and Restated
Loan and Security Agreement dated as of September&nbsp;26, 2014 (as amended by that certain First
Amendment to Amended and Restated Loan and Security Agreement dated as of August&nbsp;14, 2015, that
certain Consent and Second Amendment to Amended and Restated Loan and Security Agreement dated as
of September&nbsp;18, 2015, that certain Third Amendment to Amended and Restated Loan and Security
Agreement dated as of November&nbsp;13, 2015, and that certain Consent and Fourth Amendment to Amended
and Restated Loan and Security Agreement dated as of April&nbsp;19, 2016, the &#147;<B>Loan Agreement</B>&#148;).

<P align="left" style="font-size: 10pt; text-indent: 4%"><B>B.&nbsp;</B>Lenders have extended credit to Borrower for the purposes permitted in the Loan Agreement.

<P align="left" style="font-size: 10pt; text-indent: 4%"><B>C.&nbsp;</B>Borrower and Lenders desire to amend the Loan Agreement to (i)&nbsp;amend certain covenants and
(ii)&nbsp;make certain other revisions as more fully set forth below.

<P align="left" style="font-size: 10pt; text-indent: 4%"><B>D.&nbsp;</B>Collateral Agent and Lenders have agreed to 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.

<P align="center" style="font-size: 10pt"><FONT style="font-variant: SMALL-CAPS"><B>Agreement</B></FONT>

<P align="left" style="font-size: 10pt; text-indent: 4%"><FONT style="font-variant: SMALL-CAPS"><B>Now, Therefore</B></FONT>, 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:

<P align="left" style="font-size: 10pt; text-indent: 4%"><B>1.&nbsp;Definitions</B>. Capitalized terms used but not defined in this Amendment shall have the
meanings given to them in the Loan Agreement.

<P align="left" style="font-size: 10pt; text-indent: 4%"><B>2.&nbsp;Amendments to Loan Agreement</B>.

<P align="left" style="font-size: 10pt; text-indent: 8%"><B>2.1 Section&nbsp;6.6 (Operating Accounts)</B>. Section&nbsp;6.6(d) of the Loan Agreement is amended and
restated to read in full as follows:

<P align="left" style="margin-left:4%; margin-right:4%; font-size: 10pt; text-indent: 4%">&#147;(d) Notwithstanding the foregoing provisions of this Section&nbsp;6.6, any Foreign
Subsidiary may maintain Collateral Accounts with Persons who are not Silicon Valley
Bank (or its Affiliates) and outside of the United States, and no Foreign Subsidiary
shall be required to deliver a Control Agreement or other instrument granting
Collateral Agent a lien in or control over of any Collateral Account maintained by
such Foreign Subsidiary.&#148;

<P align="left" style="font-size: 10pt; text-indent: 8%"><B>2.2 Section&nbsp;6.10 (Minimum Cash)</B>. Section&nbsp;6.10 of the Loan Agreement is amended and restated
as follows:

<P align="left" style="margin-left:4%; margin-right:4%; font-size: 10pt; text-indent: 4%">&#147;<B>6.10 Minimum Cash</B>. Borrower shall maintain at all times at least Ten Million
Dollars ($10,000,000.00) in cash and Cash Equivalents in Collateral Accounts at
Bank.&#148;

<P align="left" style="font-size: 10pt; text-indent: 8%"><B>2.3 Section&nbsp;6.12 (Creation/Acquisition of Subsidiaries)</B>. Section&nbsp;6.12 of the Loan Agreement
is amended and restated as follows:

<P align="left" style="margin-left:4%; margin-right:4%; font-size: 10pt; text-indent: 4%">&#147;<B>6.12 Creation/Acquisition of Subsidiaries</B>. In the event Borrower, or an