Document:

Exhibit

Exhibit 10.25

Executive Compensation Notification 
Chairman, Chief Executive Officer and Chief Operating Officer

Fiscal 2018 Compensation Program of Chairman, Chief Executive Officer and Chief Operating Officer

Fiscal 2018 Base Salaries and Annual Incentive Bonus: The table below sets forth the fiscal 2018 base salaries and bonuses for Mr. Horton, Mr. Auld and Mr. Murray.
	
							
	 
	 
	 
	 
	Annual Base Salary
	 
	Annual Incentive Bonus

	Name 
	 
	Office 
	 
	Fiscal 2018
	 
	Fiscal 2018

	Donald R. Horton
	 
	Chairman of the Board
	 
	$1,000,000
	 
	See Below

	David V. Auld
	 
	President and CEO
	 
	$700,000
	 
	See Below

	Michael J. Murray
	 
	Executive Vice President and COO
	 
	$500,000
	 
	See Below

Fiscal 2018 Annual Incentive Bonus: On November 2, 2017, the Compensation Committee approved performance-based goals for measuring short-term performance bonuses that may be earned by Mr. Horton, Mr. Auld and Mr. Murray during fiscal 2018. The fiscal 2018 performance goals were established under the Company’s 2000 Amended and Restated Incentive Bonus Plan. The fiscal 2018 performance goals for Mr. Horton, Mr. Auld and Mr. Murray relates to achieving positive consolidated pre-tax income as set forth below.

Annual Incentive Bonus – Performance Related to Pre-Tax Income:

Mr. Horton. Under the fiscal 2018 incentive bonus program, Mr. Horton has the opportunity to earn the following performance-based bonus: 

		
	(1)
	Up to 0.6% of Pre-Tax Income of the Company for the six-month period ending March 31, 2018, and

		
	(2)
	Up to 0.6% of Pre-Tax Income of the Company for the six-month period ending September 30, 2018.

Mr. Auld. Under the fiscal 2018 incentive bonus program, Mr. Auld has the opportunity to earn the following performance-based bonus:

		
	(1)
	Up to 0.4% of Pre-Tax Income of the Company for the six-month period ending March 31, 2018, and

		
	(2)
	Up to 0.4% of Pre-Tax Income of the Company for the six-month period ending September 30, 2018.

Mr. Murray. Under the fiscal 2018 incentive bonus program, Mr. Murray has the opportunity to earn the following performance-based bonus:

		
	(1)
	Up to 0.15% of Pre-Tax Income of the Company for the six-month period ending March 31, 2018, and

		
	(2)
	Up to 0.15% of Pre-Tax Income of the Company for the six-month period ending September 30, 2018.

“Pre-Tax Income” shall mean income before income taxes, as publicly reported by the Company in its quarterly or annual financial statements, as applicable, prepared in accordance with generally accepted accounting principles. The financial statements shall mean the consolidated financial statements of the Company.

At the end of fiscal 2018, based on the performance of the Company, the Compensation Committee may use its sole discretion to adjust downward, in part or in whole, the Annual Incentive Bonus earned by the participant. Provided that, for the fiscal year ending September 30, 2018 no more than 0.6% of Pre-Tax Income for the year shall be paid to Mr. Horton, no more than 0.4% of Pre-Tax Income for the year shall be paid to Mr. Auld and no more than 0.15% of Pre-Tax Income for the year shall be paid to Mr. Murray.

Performance Restricted Stock Units: On November 2, 2017, the Compensation Committee approved an award of performance restricted stock units (“Performance RSUs”) pursuant to the Company's 2006 Stock Incentive Plan, as amended and restated ("2006 Plan"), to the following executive officers and in the following amounts:
	
					
	Name 
	 
	Office 
	 
	Target Number of Performance
Restricted Stock Units

	Donald R. Horton
	 
	Chairman of the Board
	 
	200,000

	David V. Auld
	 
	President and CEO
	 
	100,000

	Michael J. Murray
	 
	Executive Vice President and COO
	 
	30,000

The Performance RSUs relate to a three-year performance period beginning on October 1, 2017 and ending on September 30, 2020 (the “2020 Performance Period”). The Performance RSUs will vest if four performance goals are satisfied. The four performance goals are relative total shareholder return (“TSR”), relative return on investment (“ROI”), relative selling, general and administrative expense containment (“SG&A”) and relative gross profit (“GP”) (collectively, the “Performance Goals”). Each Performance Goal is weighted twenty-five percent (25%) of the target number of Performance RSUs. The target number of Performance RSUs may be increased to a maximum number of 400,000 for Mr. Horton, 200,000 for Mr. Auld and 60,000 for Mr. Murray upon maximum achievement of each of the four Performance Goals and decreased to a minimum number of zero upon minimum achievement of each of the four Performance Goals based on relative performance to the Company's peer group or the S&P 500 Index TSR, as applicable.

Additional terms related to the Compensation Programs herewithin are consistent with the programs previously reported by the Company in the Proxy Statement for the Annual Meeting held in January 2017.

Other Long-Term Benefits.
Mr. Horton, Mr. Auld and Mr. Murray may participate in two separate deferred compensation plans. The first plan allows the executive to make voluntary income deferrals. The second plan is a promise by the Company to pay benefits to the executive. If the executive is employed by the Company on the last day of the fiscal year (for example September 30, 2018), then the Company will establish a liability equal to 10% of his annual base salary as of the first day of the fiscal year (for example October 1, 2017). This liability will accrue earnings in future years at a rate established by the administrative committee.Exhibit

Exhibit 10.27

Executive Compensation Notification
Chief Financial Officer

Fiscal 2018 Compensation of Chief Financial Officer

Fiscal 2018 Base Salary and Bonus Plan: The table below sets forth the fiscal 2018 base salary and bonus for Mr. Wheat.

	
							
	 
	 
	 
	 
	Annual Base Salary
	 
	Discretionary Bonus Plan

	Name 
	 
	Office 
	 
	Fiscal 2018
	 
	Fiscal 2018

	Bill W. Wheat
	 
	Executive Vice President and CFO
	 
	$500,000
	 
	See Note II

Note II: Other Long-Term Benefits.  

The Board of Directors may award discretionary bonuses to Mr. Wheat based on his performance in fiscal 2018. In addition, Mr. Wheat may participate in two separate deferred compensation plans. The first plan allows the executive to make voluntary income deferrals. The second plan is a promise by the Company to pay benefits to the executive. If the executive is employed by the Company on the last day of the fiscal year (for example September 30, 2018), then the Company will establish a liability equal to 10% of his annual base salary as of the first day of the fiscal year (for example October 1, 2017). This liability will accrue earnings in future years at a rate established by the administrative committee.

Time Restricted Stock Units: On November 2, 2017, the Compensation Committee approved an award of restricted stock units (“Time Vesting RSUs”) pursuant to the Company's 2006 Stock Incentive Plan, as amended and restated ("2006 Plan"), to Mr. Wheat in the following amount:
	
					
	Name 
	 
	Office 
	 
	Number of Time Vesting
Restricted Stock Units

	Bill W. Wheat
	 
	Executive Vice President and CFO
	 
	40,000

The Time Vesting RSUS vest equally over a three-year period ending November 2, 2020.Exhibit

Exhibit 10.29

Summary of Director, Committee and Chairperson Compensation

On November 2, 2017, the Board of Directors of the Company approved cash director fees, committee member fees and chairperson fees to be paid to non-management directors of the Company in fiscal 2018. Director fees, committee fees and chairperson fees are only paid to non-management directors as summarized below: 

Each non-management director will receive a director fee of $15,000 per Board meeting attended in person or by teleconference, paid quarterly and not to exceed $60,000 per year. 

Each non-management director who serves on a committee of the Board of Directors will receive a fee of $1,250 per committee meeting attended in person or by teleconference, paid quarterly and not to exceed $5,000 per year. 

Each non-management director who serves as the chairperson of a committee of the Board of Directors shall receive a fee of $625 per committee meeting attended in person or by teleconference, paid quarterly and not to exceed $2,500 per year.EX-4.1

 Exhibit 4.1 

AMENDMENT NO. 1 TO REGISTRATION RIGHTS AGREEMENT 

THIS AMENDMENT NO. 1 TO REGISTRATION
RIGHTS AGREEMENT (this “Amendment”) is made as of November 14, 2017, by and among CareDx, Inc., a Delaware corporation with headquarters located at 3260 Bayshore Boulevard,
Brisbane, California 94005 (the “Company”), and the investors listed on the Schedule of Investors attached hereto as EXHIBIT A (individually, an
“Investor” and collectively, the “Investors”). Capitalized terms used and not otherwise defined herein shall have their respective meanings as set forth in that certain Registration Rights Agreement,
entered into as of July 3, 2017, by and among the Company and the Investors (the “Agreement”). 

RECITALS 

WHEREAS, the Company has entered into a Fourth Amendment to Conditional Share Purchase Agreement and
Conversion Agreement with each Investor dated November 14, 2017 (the “Fourth Amendments”); 

WHEREAS, the Fourth Amendments will amend the Amendments to provide, among other things, that the Company
shall not be obligated thereunder to issue additional shares of Common Stock to each Investor, and the Company and each Investor therefore desire to amend the Agreement to reflect that the registration rights provided thereunder apply only to the
restricted shares of Common Stock that were issued by the Company to each Investor on July 3, 2017 pursuant to those certain Third Amendment to Conditional Share Purchase Agreement and Conversion Agreements by and between each Investor and the
Company dated July 1, 2017; 
 WHEREAS, Section 4.5 of the Agreement provides, among other
things, that no provision of the Agreement may be waived or amended except in a written instrument signed, in the case of an amendment, by the Company and each of the Investors; and 

WHEREAS, the Company and the Investors desire to amend the Agreement as set forth herein. 

NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants and
conditions set forth below, and in reliance on the recitals set forth above, and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties to this Amendment hereby agree as follows: 

AGREEMENT 
  

	1.	Amendments to Agreement. 

  

	 	(a)	Paragraphs A, B and C in the Background in the Agreement are hereby amended and restated in their entirety as follows (and corresponding changes to the defined terms therein shall be deemed to made): 

“A. Each Investor, severally and not jointly, has acquired from the Company such number of shares of common stock of the Company, par
value $0.001 per share (“Common Stock”), set forth opposite such Investor’s name on EXHIBIT A, in each case pursuant to a Third Amendment to Conditional
Share Purchase Agreement and Conversion Agreement, dated July 1, 2017, by and between such Investor and the Company (the “Third Amendments”). 

  
 1 

 B. In connection with the execution and delivery of (i) a Fourth Amendment to Conditional
Share Purchase Agreement and Conversion Agreement, dated November 14, 2017, by and between such Investor and the Company (the “Fourth Amendments”), and (ii) the Third Amendments, the Company has agreed to grant the
Investors certain registration rights as set forth below. 
 C. The shares of Common Stock issued to the Investors pursuant to the Third
Amendments are collectively referred to herein as the “Registrable Securities.” 
  

	 	(b)	The definition of “Initial Required Effectiveness Date” in Section 1.1 of the Agreement is hereby amended and restated in its entirety to read as follows: 

“Initial Required Effectiveness Date” means December 29, 2017. 

 

	 	(c)	Each reference in the Agreement to “the Amendments” in the definitions of “Closing” and “Closing Date” shall be replaced with a reference to “the Fourth Amendments”.

  

	 	(d)	“Exhibit A” to the Agreement is hereby amended and restated in its entirety as set forth on Exhibit A hereto. 

  

	 	(e)	Subject to Sections 1(a) and 1(b) hereof, each reference in the Agreement to “the Amendment” or “the Amendments” shall be replaced with a reference to “the Third Amendment” or “the
Third Amendments,” as applicable. 

  

	2.	Ratification; Continuing Effectiveness. Except as expressly modified by this Amendment, the Agreement shall remain in full force and effect in accordance with its terms. This Amendment shall be deemed an
amendment to the Agreement and shall become effective when executed and delivered by the Company and the Investors. Upon the effectiveness of this Amendment, all references in the Agreement to “the Agreement” or “this Agreement,”
as applicable, shall refer to the Agreement, as modified by this Amendment. 

  

	3.	 Governing Law. ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY, ENFORCEMENT AND INTERPRETATION OF THIS
AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. THE COMPANY AND THE INVESTORS HEREBY IRREVOCABLY SUBMIT TO THE NON-EXCLUSIVE JURISDICTION OF THE STATE AND
FEDERAL COURTS SITTING IN THE CITY OF NEW YORK, BOROUGH OF MANHATTAN FOR THE ADJUDICATION OF ANY DISPUTE BROUGHT BY THE COMPANY OR ANY INVESTOR HEREUNDER, IN CONNECTION HEREWITH OR WITH ANY TRANSACTION CONTEMPLATED HEREBY OR DISCUSSED HEREIN
(INCLUDING WITH RESPECT TO THE 

  
 2 

	 	
ENFORCEMENT OF ANY OF THE TRANSACTION DOCUMENTS), AND HEREBY IRREVOCABLY WAIVE, AND AGREE NOT TO ASSERT IN ANY SUIT, ACTION OR PROCEEDING BROUGHT BY THE COMPANY OR ANY INVESTOR, ANY CLAIM THAT IT
IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF ANY SUCH COURT, OR THAT SUCH SUIT, ACTION OR PROCEEDING IS IMPROPER. EACH PARTY HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF PROCESS AND CONSENTS TO PROCESS BEING SERVED IN ANY SUCH SUIT, ACTION OR
PROCEEDING BY MAILING A COPY THEREOF VIA REGISTERED OR CERTIFIED MAIL OR OVERNIGHT DELIVERY (WITH EVIDENCE OF DELIVERY) TO SUCH PARTY AT THE ADDRESS IN EFFECT FOR NOTICES TO IT UNDER THIS AMENDMENT AND AGREES THAT SUCH SERVICE SHALL CONSTITUTE GOOD
AND SUFFICIENT SERVICE OF PROCESS AND NOTICE THEREOF. NOTHING CONTAINED HEREIN SHALL BE DEEMED TO LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS IN ANY MANNER PERMITTED BY LAW. THE COMPANY AND INVESTORS HEREBY WAIVE ALL RIGHTS TO A TRIAL BY JURY.

  

	4.	Persons Entitled to Benefit of Agreement. This Amendment shall inure to the benefit of and be binding upon the Company and each Investor and their respective successors and permitted assigns. 

 

	5.	Execution. This Amendment may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed
by each party and delivered to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or email attachment, such signature shall create a valid
and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or email-attached signature page were an original thereof. 

[Signature Pages Follow] 

  
 3 

 IN WITNESS WHEREOF, the
parties hereto have executed this AMENDMENT NO. 1 TO REGISTRATION RIGHTS AGREEMENT as of the date first above written.

  

			
	THE COMPANY:
	
	CAREDX, INC.
		
	By:	 	/s/ Peter Maag, Ph.D. 
	Name:	 	Peter Maag, Ph.D.
	Title:	 	President and Chief Executive Officer

  

	
	 Address for Notices:
 3260 Bayshore Blvd

Brisbane, CA 94005
 Facsimile No.:

Telephone No.:
 Attn: Chief Executive Officer

	
	With a copy to (which shall not constitute notice): Paul Hastings LLP
	 1117 S. California Avenue
 Palo Alto, CA
94304
 Facsimile: (650) 320-1904

Telephone: (650) 320-1804

Attn: Jeffrey T. Hartlin

 [Signature Page to Amendment No. 1 to Registration Rights Agreement] 

 IN WITNESS WHEREOF, the
parties hereto have executed this AMENDMENT NO. 1 TO REGISTRATION RIGHTS AGREEMENT as of the date first above written.

  

			
	INVESTORS:
	
	FASTPARTNER AB
		
	By:	 	/s/ Sven-Olof Johansson

 
			
	Name:	 	Sven-Olof Johansson
	Title:	 	CEO

  

			
	Address for Notices:
	 
	 
	Facsimile No.:	 	 
	Telephone No.:	 	 

 
			
	Attn:	 	 

 [Signature Page to Amendment No. 1 to Registration Rights Agreement] 

 IN WITNESS WHEREOF, the
parties hereto have executed this AMENDMENT NO. 1 TO REGISTRATION RIGHTS AGREEMENT as of the date first above written.

  

			
	INVESTORS:
	
	MIDROC INVEST AB

 
					
			
	By:	 	/s/ Göran Linder	 	/s/ David Sundin
	Name:	 	Göran Linder	 	David Sundin
	Title:	 	CEO	 	Authorized Signatory

  

			
	Address for Notices:
	P.O. Box 3002
	SE 16903 Solna, SWE
	Facsimile No.:	 	+4687331945
	Telephone No.:	 	+46104707060

 
			
	Attn:	 	G. Linder

 [Signature Page to Amendment No. 1 to Registration Rights Agreement] 

 IN WITNESS WHEREOF, the
parties hereto have executed this AMENDMENT NO. 1 TO REGISTRATION RIGHTS AGREEMENT as of the date first above written.

  

			
	INVESTORS:
	
	XENELLA HOLDING AB

 
					
			
	By:	 	/s/ Sven-Olof Johansson	 	/s/ Oscar Ahigren

 
					
	Name:	 	Sven-Olof Johansson	 	Oscar Ahigren
	Title:	 	Chairman	 	Director

  

			
	Address for Notices:
	 
	 
	Facsimile No.:	 	 
	Telephone No.:	 	 

 
			
	Attn:	 	 

 [Signature Page to Amendment No. 1 to Registration Rights Agreement] 

 EXHIBIT A 

SCHEDULE OF INVESTORS 

 

					
	 Investor
	  	Shares of Common Stock	 
	 FastPartner AB
	  	 	424,184	 
	 Midroc Invest AB
	  	 	476,463	 
	 Xenella Holding AB
	  	 	121,897	 
		  	  
	  
	 
	 TOTAL
	  	 	1,022,544	 
		  	  
	  
	 

  
 A-1

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