EX-10.34



 Exhibit 10.34 

OXFORD IMMUNOTEC, INC. 
 LOAN AND
SECURITY AGREEMENT 







 This LOAN AND SECURITY AGREEMENT (the “Agreement”) is entered into as of May 24, 2013, by and
between Square 1 Bank (“Bank”) and Oxford Immunotec, Inc. (“Borrower”). 
 RECITALS 

Borrower wishes to obtain credit from time to time from Bank, and Bank desires to extend credit to Borrower. 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, all
capitalized terms shall have the definitions set forth on Exhibit A. Any term used in the Code and not defined herein shall have the meaning given to the term in the Code. 

1.2 Accounting Terms. Any accounting term not specifically defined on Exhibit A shall be construed in accordance with GAAP and all
calculations shall be made in accordance with GAAP (except for non-compliance with FRS 20 in monthly reporting). 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 (I) Borrower may request Advances in an aggregate
outstanding principal amount not to exceed the lesser of (A) the Revolving Line or (B) the Borrowing Base, less any amounts outstanding under the Ancillary Services Sublimit, and (2) amounts borrowed pursuant to this
Section 2.1(b) may be repaid and reborrowed at any time without penalty or premium 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, telephone or email no later than 3:30 p.m. Eastern time (2:30 p.m. Eastern time for wire transfers), on the Business Day that the Advance is to be made. Each such notification shall be promptly confirmed by a Loan
Advance/Paydown Request Form in substantially the form of Exhibit C. Bank is authorized to make Advances 

  
 2 








 
under this Agreement, based upon instructions received from an Authorized Officer or a designee of Authorized 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 or email notice given by a person whom Bank reasonably believes to be an Authorized Officer or a designee thereof, and
Borrower shall indemnify and hold Bank harmless for any damages, loss, costs and expenses 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) Ancillary Services Sublimit. Subject to the availability under the Revolving Line, at any time and from time
to time from the date hereof through the Business Day immediately prior to the Revolving Maturity Date, Borrower may request the provision of Ancillary Services from Bank. The aggregate limit of the Ancillary Services shall not exceed the Ancillary
Services Sublimit, provided that availability under the Revolving Line shall be reduced by the aggregate limits of (i) corporate credit card services provided to Borrower, (ii) the total amount of any Automated Clearing House processing
reserves, (iii) the applicable Foreign Exchange Reserve Percentage, and (iv) any other reserves taken by Bank in connection with other treasury management services requested by Borrower and approved by Bank. In addition, Bank may, in its
sole discretion, charge as Advances any amounts for which Bank becomes liable to third parties in connection with the provision of the Ancillary Services. The terms and conditions (including repayment and fees) of such Ancillary Services shall be
subject to the terms and conditions of the Bank’s standard forms of application and agreement for the applicable Ancillary Services, which Borrower hereby agrees to execute. 

(iv) Collateralization of Obligations Extending Beyond Maturity. If Borrower has not secured to Bank’s satisfaction its
obligations with respect to any Ancillary 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 Ancillary 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 applicable Ancillary Services are outstanding or continue. 
 (c) Term Loans. 

(i) Tranche A Term Loan. 

a) Subject to and upon the terms and conditions of this Agreement, on the Closing Date Bank agrees to make one (I) term loan to
Borrower in an aggregate principal amount of Six Million Dollars ($6,000,000) (the “Tranche A Term Loan”). 
 b) Interest
shall accrue from the date of the Tranche A Term Loan at the rate specified in Section 2.3(a), and prior to May 24, 2014 shall be payable monthly beginning on the 24th date of the month next following such Tranche A Term Loan, and


  
 3 








 
continuing on the same day of each month thereafter. The Tranche A Term Loan that is outstanding on May 24, 2014 shall be payable in 36 equal monthly installments of principal,
plus all accrued interest, beginning on June 24, 2014 and continuing on the same day of each month thereafter through the Tranche A Term Loan Maturity Date, at which time all amounts due in connection with the Tranche A Term Loan shall be
immediately due and payable. 
 (ii) Tranche B Term Loan. 

a) Subject to and upon the terms and conditions of this Agreement and provided that Borrower has achieved the Revenue Milestone, Bank
agrees to make one (1) to Borrower in an aggregate principal amount of One Million Dollars ($1,000,000) (the “Tranche B Term Loan”, and together with the Tranche A Term Loan, each a “Term Loan” and collectively, the
“Term Loans”). Borrower may request the Tranche B Term Loan at any time from January 1, 2014 through the Tranche B Availability End Date. 

b) Interest shall accrue from the date of the Tranche B Term Loan at the rate specified in Section 2.3(a), and prior to the Trench
B Interest Only End Date shall be payable monthly beginning on the 24th date of the month next following such Tranche B Term Loan, and continuing on the same day of each month thereafter. The Tranche B Term Loan that is outstanding on the Tranche B
Interest Only End Date shall be payable in 24 equal monthly installments of principal, plus all accrued interest, beginning on the 24th day of the first month following the Tranche B Interest Only End Date and continuing on the same day of each
month thereafter through the Tranche B Term Loan Maturity Date, at which time all amounts due in connection with the Tranche B Term Loan shall be immediately due and payable. 

(iii) The proceeds of the Term Loans shall be used to supplement growth and working capital. Term Loans, once repaid, may not be
reborrowed. Borrower may prepay any Term Loan without penalty or premium. 
 (iv) When Borrower desires to obtain a Term Loan,
Borrower shall notify Bank (which notice shall be irrevocable) by facsimile transmission to be received no later than 3:30 p.m. Eastern time on the Business Day prior to the date on which the Term Loan is to be made. Such notice shall be
substantially in the form of Exhibit C. The notice shall be signed by an Authorized Officer. 
 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 (the “OverAdvance”), Borrower shall immediately pay to Bank, in cash, the amount the OverAdvance. Bank shall provide at least 10
Business Days prior written notification to Borrower before effecting any reduction in the Advance Rate that causes an OverAdvance which reduction is based solely on Bank’s discretion. 

  
 4 








 2.3 Interest Rates, Payments, and Calculations. 

(a) Interest Rates. 

(i) Advances. Except as set forth in Section 2.3(b), the Advances shall bear interest, on the outstanding daily balance
thereof, at a variable annual rate equal to the greater of (A) 1.75% above the Prime Rate then in effect, or (B) 5.00%. 
 (ii) Term
Loans. Except as set forth in Section 2.3(b), the Term Loans shall bear interest, on the outstanding daily balance thereof, at a variable annual rate equal to the greater of (A) 2.75% above the Prime Rate then in effect, or
(B) 6.00%; provided, however, that if (i) Borrower achieves the Revenue Milestone and (ii) Bank makes the Tranche B Term Loan in the aggregate principal amount equal to One Million Dollars ($1,000,000), such rate shall be reduced to
the greater of (A) 2.50% above the Prime Rate then in effect, or (B) 5.75%. 
 (b) Late Fee; Default Rate. If any payment is not
made within 15 days after the date such payment is due, Borrower shall pay Bank a late fee equal to the lesser of (i) 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 5 percentage points above the interest rate applicable immediately prior to the occurrence of the Event of Default,

 (c) Payments. Interest under the Revolving Line shall be due and payable on the first calendar 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 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 Term Loans to purchase Collateral, Borrower’s repayment of the Term Loans shall apply on a
“first-in-first-out” basis so that the portion of the Term Loans used to purchase a particular item of Collateral shall be paid in the chronological order the Borrower purchased the Collateral. After the occurrence and during the
continuance 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 Bank may receive 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 

  
 5 








 
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 5:30 p.m. Eastern 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 or before the Closing Date, a fee equal to $20,000, which shall be nonrefundable; 

(b) Unused Fee. Paid quarterly in arrears, a fee in the amount of 0.50% of the average unused availability under the Revolving Line
during the applicable calendar quarter; and 
 (c) Bank Expenses. On the Closing Date, all Bank Expenses incurred through the Closing
Date (provided however, if there have been three (3) or less reasonable turns of the Loan Documents, Bank Expenses for legal fees shall not exceed $40,000 on 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 12.7, shall continue
in full force and effect for so long as any 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. 
  

	3.	CONDITIONS OF LOANS. 

 3.1 Conditions Precedent to Closing. The agreement of Bank
to enter into this Agreement on the Closing Date is subject to the condition precedent that Bank shall have received, in form and substance satisfactory to Bank, each the following items and completed each of the following requirements: 

(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) a financing statement (Form UCC-l); 

(d) the UK Secured Guaranty Documents; 

(e) payment of the fees and Bank Expenses then due specified in Section 2.5, which may be debited from any of Borrower’s
accounts with Bank; 

  
 6 








 (f) current SOS Reports indicating that except for Permitted Liens, there are no other
security interests or Liens of record in the Collateral; 
 (g) current financial statements, including audited statements (or such
other level required by the Investment Agreement) for Parent and Borrower’s most recently ended fiscal year, together with an unqualified opinion (or an opinion qualified only for going concern so long as Parent’s investors provide
additional equity as needed), company prepared consolidated and consolidating balance sheets, income statements and statements of cash flows 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) a Warrant in form and substance satisfactory to Bank; 

(j) a Borrower Information Certificate; 

(k) such other documents or certificates, and completion of such other matters, as Bank may reasonably request; and 

(l) Borrower shall have opened and funded not less than $50,000 in deposit accounts held with Bank. 

3.2 Conditions Precedent to all Credit Extensions. The obligation of Bank to make each Credit Extension, including the initial Credit
Extension, is contingent upon the Borrower’s compliance with Section 3.1 above, and is further subject to the following conditions: 

(a) timely receipt by Bank of the Loan Advance/Paydown Request Form as provided in Section 2.1; 

(b) Borrower and Parent shall have transferred at least $3,000,000 of Cash into operating accounts held with Bank and otherwise be in
compliance with Section 6.6 hereof; 
 (c) an audit of the Collateral, the results of which shall be satisfactory to Bank
(provided however such Condition Precedent shall be applicable only to the first Advance and not any Term Loan); and 
 (d) 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 Loan Advance/Paydown Request 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. 

  
 7 








 3.3 Conditions Precedent to initial Tranche B Term Loan. The obligation of Bank to make
the initial Tranche B Term Loan is contingent upon Parent delivering to Bank a Warrant in form and substance satisfactory to Bank to purchase 17,647 shares of Parent’s Ordinary Shares at a price of $0.12 per share 

 

	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 to secure prompt performance by Borrower of each of its covenants and duties under the Loan Documents. Except for
Permitted Liens or as disclosed in the Schedule (as updated from time to time with the written consent of Bank), 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 not to sell, transfer, assign, mortgage, pledge, lease, grant a security interest in, or encumber any of its Intellectual Property except in connection
with Permitted Liens, Permitted Transfers or as otherwise expressly permitted under this Agreement. Notwithstanding any termination of this Agreement or of any filings undertaken related to Bank’s rights under the Code, Bank’s Lien on the
Collateral shall remain in effect for so long as any 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 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) subject to Section 7.10 below, obtain an acknowledgment, in form and substance satisfactory to Bank, of the bailee that the bailee holds such
Collateral for the benefit of Bank, and (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 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. Borrower shall take such other actions as Bank requests to perfect its security interests granted under this Agreement. 

  
 8 









	5.	REPRESENTATIONS AND WARRANTIES. 

 Borrower represents and warrants as follows: 

5.1 Due Organization and Qualification. Borrower and each Subsidiary is an entity 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 would 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 would 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. Other than movable items of personal property such as laptop computers, all Collateral having an aggregate book value not in excess of $100,000 is
located solely in the Collateral States or such other locations of which Borrower informs Bank in writing. To the best of Borrower’s knowledge, 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 Borrower’s Cash is maintained or invested with a Person other than Bank or Bank’s affiliates, 

5.4 Intellectual Property. Borrower’s Intellectual Property is set forth on Schedule 5.4 hereto. Borrower is the sole owner
of the Intellectual Property, except for licenses granted by Borrower to its customers in the ordinary course of business. To the best of Borrower’s knowledge, Intellectual Property is valid and enforceable, and no part of the 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 the Intellectual Property violates the rights of any third party except to the extent such claim would 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 officer of Borrower is
located in Cambridge, UK and the headquarters of Borrower is located at the address indicated in Section 10 hereof subject to updates provided in accordance with Section 7.2. 

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

  
 9 








 5.7 No Material Adverse Change in Financial Statements. All consolidated and consolidating
financial statements related to Parent and Borrower that are delivered by Borrower to Bank fairly present in all material respects Parent’s and Borrower’s consolidated and consolidating financial condition as of the date thereof and
Parent’s 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 Parent and
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 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 its 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 not violated any statutes, laws, ordinances or rules applicable to it, the violation of which would 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 would 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 would not
reasonably be expected to cause a Material Adverse Effect. 
 5.12 Inbound Licenses. Except as disclosed on the Schedule
subject to updates provided in accordance with Section 7.2, Borrower is not a party to, nor is bound by, any material inbound license or other agreement important for the conduct of Borrower’s business that prohibits or otherwise restricts
Borrower from granting a security interest in Borrower’s interest in such license or agreement or any other property important for the conduct of Borrower’s business, other than this Agreement or the other Loan Documents. 

  
 10 








 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 in light of the circumstances in which they were made, 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 that, until payment in full of all
outstanding Obligations (other than contingent indemnification 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 respective states of formation, shall maintain qualification and good standing in each other jurisdiction in which the failure to so qualify would 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, 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 would reasonably be expected to have a Material Adverse Effect. 

6.2 Financial Statements, Reports, Certificates. Borrower shall deliver to Bank: (i) as soon as available, but in any event within
30 days after the end of each calendar month, a company prepared consolidated and consolidating balance sheet, income statement and statement of cash flows covering Parent’s and its Subsidiaries operations during such period, in a form
reasonably acceptable to Bank and certified by a Responsible Officer; (ii) as soon as available, but in any event within 180 days after the end of Parent’s fiscal year, audited (or such other level as is required by the Investment
Agreement) consolidated and consolidating financial statements of Parent and its Subsidiaries prepared in accordance with GAAP, consistently applied, together with an opinion which is either unqualified, qualified only for going concern so long as
Parent’s investors provide additional equity as needed or otherwise consented to in writing by Bank on such financial statements of an independent certified public accounting firm reasonably acceptable to Bank; (iii) annual budget approved
by Parent’s Board of Directors as soon as available but not later than January 15 of each calendar year during the term hereof; (iv) if applicable, copies of all written statements, reports and notices sent or made available generally
by Parent and Borrower to its security holders or to any holders of Subordinated Debt, in each case, solely in their capacity as holders of Subordinated Debt or security holders, and all reports on Forms 10-K and 10-Q filed with the Securities and
Exchange Commission; (v) promptly upon receipt of notice thereof, a report of any legal actions pending or threatened in writing against  

  
 11 








 
Borrower or any Subsidiary that could reasonably be expected to result in damages or costs to Borrower or any Subsidiary of $250,000 or more; (vi) promptly upon receipt, each management
letter prepared by Borrower’s independent certified public accounting firm regarding Borrower’s management control systems; and (vii) such budgets, sales projections, operating plans or other financial information generally prepared
by Borrower in the ordinary course of business as Bank may reasonably request from time to time. 
 (a) Within 30 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 D hereto, together with aged listings by invoice date of accounts receivable and accounts payable.

 (b) Within 30 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 E hereto. 

(c) As soon as possible and in any event within 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 (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, inspect, audit and appraise the
Collateral at Borrower’s expense in order to verify Borrower’s financial condition or the amount, condition of, or any other matter relating to, the Collateral. Amounts incurred by Bank in connection with such inspection shall be
considered Bank Expenses as defined herein. 
 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.
Borrower shall include a submission date on any certificates and reports to be delivered electronically. 
 6.3 Inventory and
Equipment; Returns. Borrower shall keep all Inventory and Equipment in good and merchantable condition, free from all material defects, other than as a result from ordinary wear and tear, except for Inventory and Equipment (i) sold in the
ordinary course of business, and (ii) for which adequate reserves have been made, in all cases in the United States and such other locations as to which Borrower gives prior written notice. 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 Borrower, established from time to time. Borrower shall promptly notify Bank of all returns and recoveries and of all disputes
and claims involving inventory having a book value of more than $100,000. 

  
 12 








 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 or such Subsidiary. 

6.5 Insurance. Borrower, at its expense, shall (i) keep the Collateral insured against loss or damage, and (ii) maintain
liability and other insurance, in each case in as ordinarily insured against by other owners in businesses similar to Borrower’s. All such policies of insurance shall be in such form, with such companies, and in such amounts as
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 Bank as an additional insured and specify that the insurer must give at least 20 days notice to Bank before canceling its policy for any reason. Within 30 days of the Closing Date, Borrower shall cause to be furnished to Bank a copy of
its policies or certificate of insurance including any endorsements covering Bank or showing Bank as an additional insured. Upon Bank’s request, Borrower shall deliver to Bank certified copies of the policies of insurance and evidence of
all premium payments. Proceeds payable under any casualty policy will, at Borrower’s option, be payable to Borrower to replace the property subject to the claim, provided that any such replacement property shall be deemed Collateral in
which Bank has been granted a first priority security interest, provided that 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 Primary Depository. Subject to the provisions of Section 3.1(1) and 3.2(b), within 60 days of
the Closing Date, Borrower and Parent shall maintain at least 80% of their depository, transaction, and investment accounts with Bank or Bank’s affiliates. 

6.7 Minimum Revenue. Parent and Borrower shall, measured on a combined basis achieve Revenue, measured on a trailing 6 month basis, of
not less than the amounts set forth in the table below for the corresponding reporting period. Revenue covenant levels for 2014 and subsequent years shall be set at 80% of the revenue levels set forth in the plan approved by Borrower’s
board of directors at the end of the applicable preceding year delivered to and approved in writing by Bank. The Borrower’s Board approved operating plan, which shall be provided to Bank on or before January 15 of each calendar
year, and such revenue levels shall be incorporated into this Agreement via a written amendment, which Borrower hereby agrees to execute: 

  
 13 









					
	 Reporting Period Ending
	  	Minimum Revenue	 
	 April 30, 2013
	  	£	6,580,321	  
	 May 31, 2013
	  	£	6,082,843	  
	 June 30, 2013
	  	£	6,729,542	  
	 July 31, 2013
	  	£	6,929,118	  
	 August 31, 2013
	  	£	7,445,780	  
	 September 30, 2013
	  	£	7,837,267	  
	 October 31, 2013
	  	£	8,419,463	  
	 November 30, 2013
	  	£	8,706,625	  
	 December 31, 2013
	  	£	8,960,848	  

 6.8 Consent of Inbound Licensors. Prior to entering into or becoming bound by any material inbound
license or agreement, Borrower shall: (i) 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; and (ii) in good faith
use commercially reasonable efforts to obtain the consent of, or waiver by, any person whose consent or waiver is necessary for Borrower’s interest in such licenses or contract rights to be deemed Collateral and for Bank to have a security
interest in it that might otherwise be restricted by the terms of the applicable license or agreement, whether now existing or entered into in the future, provided, however, that the failure to obtain any such consent or waiver shall not constitute
a default under this Agreement. 
 6.9 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 (other than contingent indemnification 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 business or property, or, subject to the provisions of Section 6.6, 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 state of Borrower’s formation or relocate its chief executive office without 30 days prior written 


  
 14 








 
notification to Bank; replace or suffer the departure of its chief executive officer or chief financial officer without delivering written notification to Bank within 10 days; fail to appoint an
interim replacement or fill a vacancy in the position of chief executive officer or chief financial officer for more than 30 consecutive days; suffer a change on its board of directors, which results in the failure of at least one partner of Clarus
Ventures or its Affiliates to serve as a voting member, or suffer the resignation of one or more directors from its board of directors in anticipation of Borrower’s insolvency, in either case without the prior written consent of Bank which may
be withheld in Bank’s sole discretion; take action to liquidate, wind up, or otherwise cease to conduct business in the ordinary course; 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; have 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 as otherwise consented to by Bank or where (a) each of the following conditions is applicable: (i) the cash consideration paid in connection with such transactions (including assumption of liabilities) does not in the
aggregate exceed $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; or (b) the Obligations are repaid in full concurrently with the closing of any merger or consolidation of Borrower in which Borrower is not the surviving entity; provided, however, that Borrower shall
not, without Bank’s prior written consent, enter into any binding contractual arrangement with any Person to attempt to facilitate a merger or acquisition of Borrower, unless (i) no Event of Default exists when such agreement is entered
into by Borrower, (ii) such agreement does not give such Person the right to claim any fee, payment or damages from any parties, other than from Borrower or Borrower’s investors, in connection with a sale of Borrower’s stock or assets
pursuant to or resulting from an assignment for the benefit of creditors, an asset turnover to Borrower’s creditors (including, without limitation, Bank), foreclosure, bankruptcy or similar liquidation, and (iii) Borrower notifies Bank in
advance of entering into such an agreement (provided, the failure to give such notification shall not be deemed a material breach of this Agreement). 

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 (other than trade payables in the ordinary course of business) 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 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, or covenant to any other Person (other than (i) the licensors of in-licensed property with respect to such
property or (ii) the lessors of specific equipment or lenders financing specific equipment with respect to such leased or financed equipment) that Borrower in the future will refrain from creating, incurring, assuming or allowing any Lien with
respect to any of Borrower’s property. 

  
 15 








 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 directors, officers and employees 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 directors, officers and employees pursuant to stock repurchase agreements by the cancellation of indebtedness owed
by such former directors, officers and employees 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 Investment 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 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 of a book value in excess of $100,000 with a bailee, warehouseman,
collocation facility 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) Bank is in possession of the warehouse receipt, where negotiable, covering such Inventory or Equipment. Except for Inventory sold in the ordinary course of business and for movable items of personal
property having an aggregate book value not in excess of $100,000, and except for such other locations as Bank may approve in writing, Borrower shall keep the Inventory and Equipment only at the location(s) set forth in Section 10, the Schedule
and such other locations of which Borrower gives Bank prior written notice and as to which Bank is able to take such actions as may be necessary to perfect its security interest or to obtain a bailee’s acknowledgment of Bank’s rights in
the Collateral. 
 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. 

  
 16 









	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 Sections 6.2 (financial reporting), 6.4 (taxes), 6.5 (insurance), 6.6 (primary
accounts) or 6.7 (financial covenants), 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 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 15 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 10 day period or cannot after diligent attempts by Borrower be cured within such 15 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 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 Material Adverse Change. If there occurs any circumstance or any circumstances which would reasonably be expected to have
a Material Adverse Effect; 
 8.4 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 15 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 material portion 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 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); 

8.5 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 45 days (provided that no Credit Extensions will be made prior to the dismissal of such Insolvency Proceeding); 

  
 17 








 8.6 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 (a) 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 5250,000, (b) in
connection with any lease of real property, or (c) that would reasonably be expected to have a Material Adverse Effect; 
 8.7
Judgments. If a final, uninsured judgment or judgments for the payment of money in an amount, individually or in the aggregate, of at least $250,000 shall be rendered against Borrower and shall remain unsatisfied and unstayed for a period of 15
days (provided that no Credit Extensions will be made prior to the satisfaction or stay of the judgment); 
 8.8
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; or 
 8.9 Guaranty. If any guaranty of all
or a portion of the Obligations (a “Guaranty”) ceases for any reason to be in full force and effect, or any guarantor fails to perform any obligation under any Guaranty or a security agreement securing any Guaranty (collectively, the
“Guaranty Documents”), or any event of default occurs under any Guaranty Document or any guarantor revokes or purports to revoke a Guaranty, or any material misrepresentation or material misstatement exists now or hereafter in any warranty
or representation set forth in any Guaranty Document or in any certificate delivered to Bank in connection with any Guaranty Document, or if any of the circumstances described in Sections 8.3 through 8.9 occur with respect to any guarantor.

  

	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 8.5 (insolvency), 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; 

  
 18 








 (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; 
 (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. 

  
 19 








 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. Bank shall not send any notices of exclusive or sole control pursuant to the terms of any control agreement
relating to any deposit account included in the Collateral unless an Event of Default has occurred and is continuing. 
 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) file, in its sole discretion, one or more financing or continuation statements and amendments thereto, relative to any of the Collateral; 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 advances hereunder is terminated. 

9.3 Accounts Collection. At any time after the occurrence and during the continuation 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. 

  
 20 








 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 expressly agrees that this
Section 9.7 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:    	  	 Oxford Immunotec, Inc.
 2 Mount Royal Avenue,
Suite 100
 Marlborough, Massachusetts 01752
 Attn: Chief
Financial Officer
 FAX: 508-481-4672

		
	With a copy to	  	 Oxford Immunotec, Inc.
 2 Mount Royal Avenue,
Suite 100
 Marlborough, Massachusetts 01752
 Attn: General
Counsel




  
 21 









			
	If to Bank:	  	 Square 1 Bank
 406 Blackwell Street, Suite
240
 Durham, North Carolina 27701
 Attn: Loan Operations
Manager
 FAX: (919) 314-3080

		
	with a copy to:    	  	 Square 1 Bank
 890 Winter Street, Suite 110

Waltham, Massachusetts 02451
 Attn: Phil Gager

FAX: (781) 547-0848



 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 North Carolina, without regard to principles of conflicts of law. Jurisdiction shall lie in the State of North Carolina. All disputes, controversies, claims, actions and similar
proceedings arising with respect to Borrower’s account or any related agreement or transaction shall be brought in the General Court of Justice of North Carolina sitting in Durham County, North Carolina or the United States District Court for
the Middle District of North Carolina, except as provided below with respect to arbitration of such matters, BANK AND BORROWER EACH ACKNOWLEDGE THAT THE RIGHT TO TRIAL BY JURY IS A CONSTITUTIONAL ONE, BUT THAT IT MAY BE WAIVED. EACH OF THEM,
AFTER CONSULTING OR HAVING HAD THE OPPORTUNITY TO CONSULT, WITH COUNSEL OF THEIR CHOICE, KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT ANY OF THEM MAY HAVE TO A TRIAL BY JURY IN ANY LITIGATION BASED UPON OR ARISING OUT OF THIS AGREEMENT
OR ANY RELATED INSTRUMENT OR LOAN DOCUMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT OR ANY COURSE OF CONDUCT, DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN), OR ACTION OF ANY OF THEM. THESE PROVISIONS SHALL NOT BE DEEMED TO
HAVE BEEN MODIFIED IN ANY RESPECT OR RELINQUISHED BY BANK OR BORROWER, EXCEPT BY A WRITTEN INSTRUMENT EXECUTED BY EACH OF THEM. If the jury waiver set forth in this Section 11 is not enforceable, then any dispute, controversy, claim,
action or similar proceeding arising out of or relating to this Agreement, the Loan Documents or any of the transactions contemplated therein shall be settled by final and binding arbitration held in Durham County, North Carolina in accordance with
the then current Commercial Arbitration Rules of the American Arbitration Association by one arbitrator appointed in accordance with those rules. The arbitrator shall apply North Carolina law to the resolution of any dispute, without
reference to rules of conflicts of law or rules of statutory arbitration. Judgment upon any award resulting from arbitration may be entered into and enforced by any state or federal court having jurisdiction thereof. Notwithstanding
the foregoing, the parties may apply to any court of competent jurisdiction for preliminary or interim equitable relief, or to compel arbitration in accordance with this Section. The costs and expenses of the arbitration, including without
limitation, the arbitrator’s fees and expert witness fees, and  

  
 22 








 
reasonable attorneys’ fees, incurred by the parties to the arbitration may be awarded to the prevailing party, in the discretion of the arbitrator, or may be apportioned between the
parties in any manner deemed appropriate by the arbitrator. Unless and until the arbitrator decides that one party is to pay for all (or a share) of such costs and expenses, both parties shall share equally in the payment of the
arbitrator’s fees as and when billed by the arbitrator. 
  

	12.	GENERAL PROVISIONS. 

 12.1 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, assign, transfer, negotiate, or
grant participation in all or any part of, or any interest in, Bank’s obligations, rights and benefits hereunder. 
 12.2
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. 

12.3 Time of Essence. Time is of the essence for the performance of all obligations set forth in this Agreement. 

12.4 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. 
 12.5 Amendments in Writing, Integration. All
amendments to or terminations of this Agreement or the other Loan Documents must be in writing signed by the parties. 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. 

12.6 Correction of Loan Documents. Bank may correct patent errors and fill in any blanks in this Agreement and the other Loan Documents
consistent with the agreement of the parties. 
 12.7 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. Executed copies of
the signature pages of this Agreement sent by facsimile or transmitted electronically in Portable Document Format (“PDF”), or any similar format, shall be treated as originals, fully binding and with full legal force and effect, and the
parties waive any rights they may have to object to such treatment. 

  
 23 








 12.8 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 12.2 shall survive until all applicable statute of limitations periods with respect to actions that may be brought against Bank have run. 

12.9 Confidentiality. In handling any confidential information, Bank and Borrower and all employees and agents of such party shall
exercise the same degree of care that such party 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) in the case of Bank, to the subsidiaries or Affiliates of Bank or Borrower in connection with their present or prospective business relations with Borrower, (ii) in the case of Bank, to
prospective transferees or purchasers of any interest in the Credit Extensions, 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) in the case of Bank, 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 the receiving party when disclosed to such party,
or becomes part of the public domain after disclosure to such receiving party through no fault of such receiving party; or (b) is disclosed to the receiving party by a third party, provided such receiving party does not have actual knowledge
that such third party is prohibited from disclosing such information. 
 [Balance of Page Intentionally Left Blank] 


  
 24 








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

			
	OXFORD IMMUNOTEC, INC.
		
	 By:
	 	 /s/ Richard Altieri

	 Title:
	 	 Chief Financial Officer

	
	 SQUARE 1 BANK

		
	 By:
	 	 /s/ David B. Kho

	 Title:
	 	 David B. Kho



 [Signature Page to Loan and Security Agreement] 







 EXHIBIT A 

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 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. 
 “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 general partners. 

“Ancillary Services” means any of the following products or services requested by Borrower and approved by Bank under the Revolving Line, including,
without limitation, Automated Clearing House transactions, corporate credit card services, FX Contracts, or other treasury management services. 

“Ancillary Services Sublimit” means a sublimit for Ancillary Services under the Revolving Line not to exceed $250,000. 

“Authorized Officer” means someone designated as such in the corporate resolution provided by Borrower to Bank in which this Agreement and
the transactions contemplated hereunder are authorized by Borrower’s board of directors. If Borrower provides subsequent corporate resolutions to Bank after the Closing Date, the individual(s) designated as “Authorized
Officer(s)” in the most-recently provided resolution shall be the only “Authorized Officers” for purposes of this Agreement. 

“Bank of America” means Bank of America, N.A. 

“Bank of America LC” means the letter of credit issued by Bank of America on Borrower’s behalf to OMC Investment Venture in the face amount of
$360,000; provided that the same is transferred to Bank within 60 days of the Closing Date. 
 “Bank of America LC Account” means Borrower’s
account number ending in 7552 maintained at Bank of America supporting the Bank of America LC provided that the aggregate value of funds in such account does not, and shall not at any time, exceed $360,000; provided that the same is transferred to
Bank within 60 days of the Closing Date. 
 “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 

  
 1 








 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; provided that (i) Bank Expenses consisting of attorneys’ fees up to and including the Closing Date shall be capped at
$40,000 provided there have been 3 or less reasonably turns of the Loan Documents, and (ii) Bank Expenses consisting of collateral audit fees shall be capped at $15,000 annually, provided no Event of Default has occurred and is continuing. 

“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 (i) 80% (the “Advance Rate”) of Eligible Accounts of Borrower plus (ii) 80% of the
Eligible Accounts of Guarantors (capped at $1,500,000), as determined by Bank with reference to the most recent Borrowing Base Certificate delivered by Borrower. 

“Business Day” means any day that is not a Saturday, Sunday, or other day on which banks in the State of North Carolina are authorized or required
to close. 
 “Cash” means unrestricted cash and cash equivalents. 

“Change in Control” shall mean a transaction other than a bona fide equity financing or series of financings on terms and from investors reasonably
acceptable to Bank 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. 
 “Closing
Date” means the date of this Agreement. 
 “Code” means the North Carolina Uniform Commercial Code as amended or supplemented from time to
time. 
 “Collateral” means the property described on Exhibit B attached hereto and all Negotiable Collateral to the extent not described on
Exhibit B, 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, §25-9-406 and §25-9-408 of the Code), (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, (iii) constitutes the capital stock of a controlled foreign corporation (as defined in the IRC), in excess of 65% of the voting power of all classes of capital stock of such controlled
foreign corporations entitled to vote, or (iv) property (including any attachments, accessions or replacements) that is subject to a Lien that is permitted pursuant to clause (c) of the definition of Permitted Liens, if the grant of a


  
 2 








 
security interest with respect to such property pursuant to this Agreement would be prohibited by the agreement creating such Permitted Lien or would otherwise constitute a default thereunder,
provided, that such property will be deemed “Collateral” hereunder upon the termination and release of such Permitted Lien. 
 “Collateral
State” means the state or states where the Collateral is located, which are Massachusetts and Tennessee. 
 “Comerica LC” means the letter of
credit issued by Comerica Bank in favor of Normandy Nickerson Road LLC in the face amount of $112,000; provided that the same is transferred to Bank within 60 days of the Closing Date. 

“Comerica LC Account” means Borrower’s account number ending in 4185 maintained at Comerica Bank supporting the Comerica LC provided that the
aggregate value of funds in such account does not, and shall not at any time, exceed $162,000; provided that the same is transferred to Bank within 60 days of the Closing Date. 

“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. 

“Copyrights” means any and all copyright rights, copyright applications, copyright registrations and like protections in each work or authorship and
derivative work thereof, whether published or unpublished and whether or not the same also constitutes a trade secret, now or hereafter existing, created, acquired or held. 

“Credit Extension” means each Advance, Term Loan, or any other extension of credit by Bank, to or for the benefit of Borrower hereunder. 

“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 Advance Rate (as defined in the definition of “Borrowing Base”) and the standards of eligibility based on the results of Bank’s
collateral audits by giving Borrower 10 Business Days prior written notice. Unless otherwise agreed to by Bank, Eligible Accounts shall not include the following: 

  
 3 








 (a) Account balances that the account debtor has failed to pay in full within 120 days of
invoice date; 
 (b) Account credit balances greater than 120 days from invoice date; 

(c) Accounts with respect to an account debtor, 25% of whose Accounts the account debtor has failed to pay within 120 days of invoice
date; 
 (d) Accounts with respect to an account debtor, including the account debtor’s subsidiaries and Affiliates, whose total
obligations to Borrower exceed 25% of all 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 the account debtor is an officer, employee, agent, Subsidiary or Affiliate of Borrower; 
 (i) 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; 

(j) “Advanced Billings,” i.e., 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) 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; 

(l) Accounts the collection of which Bank reasonably determines after inquiry and consultation with Borrower to be doubtful; 

  
 4 








 (m) Retentions and hold-backs; and 

(n) “Progress Billings,” i.e., accounts that are billed based on project milestones and not on an actual time and materials
basis. 
 “Eligible Foreign Accounts” means Accounts: (x) with respect to which the account debtor does not have its principal place
of business in the United States; and (y) which do not otherwise fall within any of subsections (a) through (d) and (f) through (n) of the definition of “Eligible Accounts,” and that are generated by Guarantor and
subject to a first priority security interest in favor of Bank. All Eligible Foreign Accounts must be calculated in U.S. Dollars and must be billed by Guarantor from a location within the United Kingdom. 

“Equipment” means all present and future machinery, equipment, tenant improvements, furniture, fixtures, vehicles, tools, parts and attachments in
which Borrower has any interest. 
 “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. 

“FX Contracts” means contracts between Borrower and Bank for foreign exchange transactions. 

“Foreign Exchange Reserve Percentage” means a percentage of reserves for FX Contracts as determined by Bank, in its sole discretion from time to
time. 
 “GAAP” means generally accepted accounting principles, consistently applied, as in effect from time to time in the United Kingdom. 

“Guarantor” or “Parent” means Oxford Immunotec, Ltd., the parent company of Borrower formed under the laws of the United Kingdom. 

“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, and (d) all
Contingent Obligations, including but not limited to any sublimit contained herein. 
 “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. 

  
 5 








 “Intellectual Property” means all of Borrower’s right, title, and interest in and to the
following: 
 (a) Copyrights, Trademarks and Patents; 

(b) Any and all trade secrets, and any and all intellectual property rights in computer software and computer software products now or
hereafter existing, created, acquired or held; 
 (c) Any and all design rights which may be available to Borrower now or hereafter
existing, created, acquired or held; 
 (d) Any and all claims for damages by way of past, present and future infringement of any of
the rights included above, with the right, but not the obligation, to sue for and collect such damages for said use or infringement of the intellectual property rights identified above; 

(e) All licenses or other rights to use any of the Copyrights, Patents or Trademarks, and all license fees and royalties arising from
such use to the extent permitted by such license or rights; 
 (f) All amendments, renewals and extensions of any of the Copyrights,
Trademarks or Patents; and 
 (g) All proceeds and products of the foregoing, including without limitation all payments under
insurance or any indemnity or warranty payable in respect of any of the foregoing. 
 “Inventory” means all present and future inventory
consisting of finished goods in which Borrower has any interest. 
 “Investment” means any beneficial ownership of (including stock, partnership
or limited liability company interest or other securities) any Person, or any loan, advance or capital contribution to any Person. 
 “Investment
Agreement” means, collectively, Borrower’s stock purchase and other agreement(s) pursuant to which Borrower most recently issued its preferred stock. 

“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, the UK Secured Guaranty Documents, and any other
document, instrument or agreement entered into in connection with this Agreement, all as amended or extended from time to time. 

  
 6 








 “Material Adverse Effect” means a material adverse effect on (i) the operations, business or
financial condition 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. 
 “Patents” means all of Borrower’s patents, patent applications
and like protections including without limitation improvements, divisions, continuations, renewals, reissues, extensions and continuations-in-part of the same. 

“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; 

(c) Indebtedness not to exceed $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 at the time it is incurred 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; The Bank of America LC; 

(f) The Comerica LC; 

(g) Indebtedness arising from judgments, decrees or attachments in circumstances not constituting an Event of Default under Sections 8.4
(attachment) or 8.7 (judgments) and appeal bonds in respect of judgments which would not constitute an Event of Default; 
 (h)
Indebtedness that constitutes a Permitted Investment; 

  
 7 








 (i) Surety bonds issued in the ordinary course of business; 

(j) to the extent constituting Indebtedness, deferred compensation payable in the ordinary course of business to directors, officers or
employees of the Borrower and the Subsidiaries in circumstances not constituting an Event of Default; 
 (k) cash management
obligations and Indebtedness not involving the borrowing of money incurred by the Borrower or any Subsidiary in respect of overdraft protections and similar arrangements, in each case entered into in the ordinary course of business solely in
connection with cash management and deposit accounts and not in any way involving the borrowing of money and provided Bank has a perfected security interest in the amounts held in such cash management and deposit accounts; 

(l) deposits and advances for real property leases and subleases entered into in the ordinary course of Borrower’s business; 

(m) Intercompany Indebtedness between Borrower and Parent; 

(n) Other unsecured Indebtedness not otherwise permitted above, in an aggregate amount outstanding not to exceed $100,000 at any time;
and 
 (o) 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; 

(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 year from the date of acquisition thereof, (ii) commercial paper maturing no more than one 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; (v) Investments in
regular deposit or checking accounts held with Bank or subject to a control agreement in favor of Bank; (vi) Investments consisting of cash and (vii) Investments consistent with any investment policy adopted by the Borrower’s board of
directors; 
 (c) Repurchases of stock from former officers, employees or directors of Borrower under the terms of applicable
repurchase agreements (i) in an aggregate amount not to exceed $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 officers, employees or directors to Borrower regardless of whether an Event of Default exists; 

(d) Investments accepted in connection with Permitted Transfers; 

  
 8 








 (e) Investments of Subsidiaries in or to other Subsidiaries or Borrower and Investments by
Borrower in Subsidiaries not to exceed $250,000 in the aggregate in any fiscal year; 
 (f) Investments not to exceed $250,000
outstanding in the aggregate at any time 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; 

(g) Investments in unfinanced capital expenditures in any fiscal year, not to exceed $250,000; 

(h) 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; 

(i) 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; 

(j) 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 $250,000 in the aggregate in any fiscal year; 

(k) Other Investment not to exceed $100,000 in any fiscal year; 

(l) Investments by the Parent in Borrower; 

(m) Investments permitted under Section 7.3. 

“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
Credit Extensions) or arising under this Agreement, the other Loan Documents, or any other agreement in favor of Bank; 
 (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; 

(c) Liens not to exceed $250,000 in the aggregate in any fiscal year (i) upon or in any Equipment (other than Equipment financed by
a Credit Extension) 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


  
 9 








 
Equipment, or (ii) existing on such Equipment at the time of its acquisition, in each case 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 securing Subordinated Debt; 

(f) Liens arising from judgments, decrees or attachments in circumstances not constituting an Event of Default under Sections 8.4
(attachment) or 8.7 (judgments); 
 (g) Carriers’, warehouseman’s, landlord’s, mechanic’s or other like Liens
arising in the ordinary course of business that are not overdue for a period of more than 60 days or that are being contested in good faith proceedings provided that adequate reserves are maintained on the books of Borrower or the applicable
Subsidiary; 
 (h) Liens to secure payment of workers’ compensation, employment insurance, old-age pensions, social security and
other like obligations incurred in the ordinary course of business (other than Liens imposed by ERISA); 
 (i) Leases or subleases of
real property granted in the ordinary course of Borrower’s business (or, if referring to another Person, in the ordinary course of such Person’s business), and leases, subleases, non-exclusive licenses or sublicenses of personal property
(other than Intellectual Property) granted in the ordinary course of Borrower’s business (or, if referring to another Person, in the ordinary course of such Person’s business), if the leases, subleases, licenses and sublicenses do not
prohibit granting Bank a security interest therein; 
 (j) Liens on the Bank of America LC Account securing Borrower’s
obligations under the Bank of America LC; 
 (k) Liens on the Comerica LC Account securing Borrower’s obligations under the
Comerica LC; 
 (l) Liens to secure the performance of tenders, bids, surety or performance bonds, sales or servicing contracts and
other similar obligations incurred in the ordinary course of business; 
 (m) Security deposits and similar deposits in connection
with leases or similar obligations made in the ordinary course of business; and 
 (n) Liens in favor of other financial institutions
arising in connection with Borrower’s deposit accounts held at such institutions to secure standard fees for deposit services charged by, but not financing made available by such institutions, provided that Bank has a perfected security
interest in the amounts held in such deposit accounts. 

  
 10 








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

(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, surplus or obsolete Equipment not financed with the proceeds of Credit Extensions; 

(d) grants of security interests and other Liens that constitute Permitted Liens; 

(e) any property by Parent to Borrower or by Borrower to Parent; 

(f) machinery and equipment to the extent that such machinery or equipment is exchanged for similar machinery and equipment or for
credit against the purchase price of similar replacement machinery or equipment or the proceeds of such Transfer are applied against the purchase price of such replacement machinery or equipment; and 

(g) other assets of Borrower or its Subsidiaries that do not in the aggregate exceed $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, Treasurer, Vice
President-Controller of Borrower, as well as any other officer or employee identified as an Authorized Officer in the corporate resolution delivered by Borrower to Bank in connection with this Agreement. 

“Revenue” means revenue recognized in accordance with GAAP (as defined in the United Kingdom). “Revenue Milestone” means
Parent achieving Revenue of at least £17,651,700 for Parent’s 2013 fiscal year. 
 “Revolving Line” means a Credit Extension of
up to $5,000,000 (inclusive of any amounts outstanding under the Ancillary Services Sublimit). 
 “Revolving Maturity Date” means May 24,
2015. 
 “Schedule” means the schedule of exceptions attached hereto (as updated by Borrower from time to time with the written consent of Bank)
and approved by Bank, if any. 

  
 11 








 “SOS Reports” means the official reports from the Secretaries of State of each Collateral State, the
state where Borrower’s chief executive office is located, the state of Borrower’s formation 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 50% of the stock, limited liability company interest or joint venture of which by the terms thereof
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 Loan” or “Term Loans” has the meaning assigned in Section 2.1(c)(ii). 

“Trademarks” means any trademark and servicemark rights, whether registered or not, applications to register and registrations of the same and like
protections, and the entire goodwill of the business of Borrower connected with and symbolized by such trademarks. 
 “Tranche A Term Loan” has
the meaning assigned in Section 2.1(b)(i). 
 “Tranche A Term Loan Maturity Date” means May 24, 2017. 

“Tranche B Availability End Date” means January 31, 2014. 

“Tranche B Interest Only End Date” means the date this is 12 months from the funding date of the Tranche B Term Loan. 

“Tranche B Term Loan” has the meaning assigned in Section 2.1(b)(ii). 

“Tranche B Term Loan Maturity Date” means the date that is 36 months from the funding date of the Tranche B Term Loan. 

“UK Secured Guaranty Documents” means those certain (i) composite guarantee and debenture; (ii) board resolutions for Guarantor in respect
of the guarantee and debenture; (iii) shareholder resolutions in respect of the guarantee and debenture from Guarantor, and (iv) any other documents reasonably required by Bank to be executed in connection therewith. 

 

			
	DEBTOR	  	OXFORD IMMUNOTEC, INC.
		
	SECURED PARTY:	  	SQUARE 1 BANK


  
 12 








 EXHIBIT B 

COLLATERAL DESCRIPTION ATTACHMENT TO 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), financial assets, general intangibles (including patents,
trademarks, copyrights, goodwill, payment intangibles, domain names 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) 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 North Carolina Uniform Commercial Code, as
amended or supplemented from time to time, including revised Division 9 of the Uniform Commercial Code-Secured Transactions. 

Notwithstanding the foregoing, the Collateral shall not include (a) any of the Intellectual Property, (b) general intangibles of
Debtor (whether owned or held as licensee or lessee, or otherwise) that (i) are 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 Section 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, or (c) property that constitutes the capital stock of a controlled foreign corporation (as defined in the IRC), in excess of 65% of the voting power of all classes of capital
stock of such controlled foreign corporations entitled to vote; provided further, 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 of, or rights in, the Intellectual Property (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 May 24, 2013, include the Intellectual Property to the extent and only to the extent necessary 

  
 1 








 
to permit perfection of Bank’s security interest in the Rights to Payment, and further provided, however, that Bank’s enforcement rights with respect to any security interest in the
Intellectual Property shall be absolutely limited to the Rights to Payment only, and Bank shall have no recourse whatsoever with respect to the underlying Intellectual Property. 

  
 2 








 EXHIBIT C 

LOAN ADVANCE / PAYDOWN REQUEST FORUM 

[Please refer to New Borrower Kit] 

  
 1 








 EXHIBIT D 

BORROWING BASE CERTIFICATE 

[Please refer to New Borrower Kit] 

  
 1 








 EXHIBIT E 

COMPLIANCE CERTIFICATE 

[Please refer to New Borrower Kit] 

  
 1 








 SCHEDULE OF EXCEPTIONS 

Permitted Indebtedness (Exhibit A) — 

Indebtedness in an aggregate amount not to exceed $8,500 in connection with Copier Leases dated October 25, 2011, September 27,
2012, February 2, 2013, and May 6, 2013 between Oxford Immunotec, Inc. and CoreTrust Purchasing Group 
 Permitted Investments
(Exhibit A) — None. 
 Permitted Liens (Exhibit A) — None. 

Intellectual Property (Section 5.4) — None. 

Prior Names (Section 5.5) — None. 

Litigation (Section 5.6) — None. 
 Inbound
Licenses (Section 5.12) — None. 

  
 1