TRUPANION, INC. (NASDAQ:TRUP) Files An 8-K Entry into a Material Definitive Agreement

TRUPANION, INC. (NASDAQ:TRUP) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry Into a Material Definitive Agreement.

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On September 28, 2017, Trupanion, Inc. (the "Company") and its subsidiary Trupanion Managers USA, Inc., entered into a Second Amendment to the Loan and Security Agreement (the "Loan Amendment") with Pacific Western Bank, a California state chartered bank (the "PWB"), and Western Alliance Bank, an Arizona corporation ("WAB", and together with PWB, the "Lenders"), which amends that certain Loan and Security Agreement, dated as of December 16, 2016, as amended, by and between the Company and the Lenders (the “Original Loan Agreement”). to the terms of the Original Loan Agreement, Lenders agreed to provide the Company with an aggregate credit facility of $30M.

The Loan Amendment amends the Original Loan Agreement by, among other things, (i) requiring that the Company deliver to Administrative Agent a report of all Cash held by APIC within five (5) Business Days after the last day of each month; and (ii) restates Section 7.8 of the Original Loan Agreement to state that the Company may not, without the Administrative Agent’s prior written consent, have Net Capitalized Expenditures of greater than negative One Million Dollars ($1,000,000) in aggregate in any fiscal quarter of Borrower.

The foregoing description of certain terms contained in the Loan Amendment is not complete, and is qualified in its entirety by reference to: (i) the terms and conditions of the actual Loan Amendment, which will be filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the period ending September 30, 2017, (ii) the copy of the Original Loan Agreement, filed as Exhibit 10.15 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 with the Securities and Exchange Commission on February 15, 2017, and (iii) the copy of the First Amendment to the Loan and Security Agreement, filed as Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the period ending March 31, 2017.


About TRUPANION, INC. (NASDAQ:TRUP)

Trupanion, Inc. provides a medical insurance plan for cats and dogs across the United States, Canada and Puerto Rico. The Company operates through two segments: subscription business and other business. The subscription business segment includes monthly subscriptions related to the Company’s medical plan, which are marketed directly to consumers. The other business segment includes all other businesses that are not directly marketed to consumers. The Company’s medical plan pays approximately 90% of actual veterinary costs for accident and illness claims, has no payout limitations, and can be used to cover the costs incurred at any veterinary practice, emergency care center or specialty hospital in the United States, Canada and Puerto Rico. The Company’s software solution, Trupanion Express, integrates with veterinarians’ practice management software. Trupanion Express facilitates the Company’s ability to pay veterinarians’ invoices directly to the veterinarian at the time of service.

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