Document:

Executive Employment Contract

 Exhibit 10.4 
 EXECUTIVE EMPLOYMENT CONTRACT 
 MADE this 17th day of November 2008, by and
between CNB BANK, a state banking institution, with principal office at One South Second Street, P.O. Box 42, Clearfield, Pennsylvania, 16830, (hereinafter “CNB”); 
 AND 
 RICHARD L. SLOPPY, an adult individual, residing at 309
West Market Street, Clearfield, Pennsylvania, 16830, (hereinafter “MR. SLOPPY”). 
 WHEREAS, MR. SLOPPY has been
employed by CNB as a Executive Vice-President for some time; and, 
 WHEREAS, the parties desire to memorialize the terms and
conditions of their relationship in writing and to provide themselves with the additional benefits, certainty and security of a formal contract. 
 NOW WITNESSETH: 
 The parties for themselves, their heirs, successors and assigns, in consideration of their
mutual promises contained herein, intending to be legally bound, hereby agree to the following terms and conditions. 
 1.        EMPLOYMENT: CNB will employ MR. SLOPPY as its Executive Vice-President, and MR. SLOPPY agrees to serve in that capacities. MR. SLOPPY promises that during the term of this Agreement
he shall dedicate his full time, attention and energies to his employment with CNB. MR. SLOPPY further promises that he will report to CNB’s President & CEO, carry out his and the Board of Directors’ decisions and otherwise abide
by and enforce the policies of CNB. 

 MR. SLOPPY shall also perform such other reasonable duties as may hereafter be assigned
to him by CNB consistent with his abilities and position, including but not limited to services to CNB’s parent CNB Financial Corporation and its other subsidiaries. 
 MR. SLOPPY will not engage in any other employment during the term of this Agreement, nor shall he engage in self-employed activities. 
 MR. SLOPPY also recognizes that CNB’s success and recognition depend on his involvement with charitable and social organizations. In
this regard, MR. SLOPPY agrees to engage in such social and charitable activities or organizations as are consistent with his personal responsibilities and with his position with CNB. 
 MR. SLOPPY shall also comply with all other CNB procedures and polices now or hereafter in effect. 
 MR. SLOPPY further agrees that he and the members of his family shall comport themselves at all times in a manner that reflects upon CNB
in a positive fashion. 
 2.        TERM: The term of this Agreement shall be
for one (1) year commencing January 1, 2009, and ending on December 31, 2009, unless terminated sooner pursuant to the other provisions of this Agreement. 
 The parties agree that this contract shall automatically renew itself for successive terms of one (1) year unless either party gives the other ninety (90) days written notice of his or
its intent not to renew the contract prior to the end of the then current term. 
 3.        COMPENSATION: MR. SLOPPY shall be paid a base salary to be established annually by the Board of Directors. MR. SLOPPY shall also receive such annual increases, stock, stock options
and bonuses as may from time to time be awarded by the Board of Directors. 
 CNB will also provide MR. SLOPPY with a family
membership at the Clearfield-Curwensville Country Club. 
 4.        OTHER
BENEFITS: MR. SLOPPY shall also participate in CNB’s retirement plan, health insurance plan, life insurance plan and receive such other benefits as CNB from time to time may provide to its employees. 
 MR. SLOPPY shall also be entitled to vacation, leave for illness and so forth as now or hereafter granted by CNB’s personnel
policies. 
 5.        CONFIDENTIAL INFORMATION: MR. SLOPPY acknowledges and
agrees that as an inducement to CNB to employ him, that he shall not disclose, directly or indirectly, intentionally or unintentionally, during the term of this contract or at any time after its termination, any of CNB’s proprietary
information, account information, customer lists, customer information, policies, pricing, 

 
strategy, codes, strategic plan, plans for expansion or business development or other information of a confidential nature (hereinafter referred to as
“Confidential Information”), whatsoever regarding CNB without first obtaining the prior, written consent from CNB’s President & CEO that such disclosure is authorized. Communications with CNB’s employees, customers and
business relations are excepted from the foregoing prohibition during the term of this Agreement to the extent that such communications are consistent with MR. SLOPPY’S duties. 
 Confidential Information shall include but not be limited to all information recorded, memorialized or communicated in any form whether
written, printed, verbal, video, electronic, magnetic, digital or otherwise. 
 Upon termination of this contract for any
reason, MR. SLOPPY promises that he shall promptly return to CNB or its designated representative any Confidential Information, keys, credit cards, or other property, in his possession. 
 MR. SLOPPY further promises that he will not take, keep, or record copies, duplications or reproductions of the Confidential Information
or other property subject to this Agreement after termination of this Agreement. 
 6.        COVENANT NOT TO COMPETE: As additional consideration to CNB for entering this Agreement, and for granting the severance benefits described in paragraph 7 below which are a new
benefit, MR. SLOPPY covenants that he shall not compete against CNB, its parent, affiliates or subsidiaries, either directly or indirectly, by taking employment, gratuitously assisting or serving as an independent contractor, member, investor,
consultant, partner, director or officer with a competitor of CNB, or starting his own business which would compete directly or indirectly with CNB, or have a material interest in any business, corporation, partnership, LLC, savings and loan,
consumer discount company, bank or other venture which competes directly or indirectly with CNB either while he is employed by CNB or for a period of three (3) years following the date on which MR. SLOPPY is last employed by CNB. For the
purpose of defining and enforcing this covenant, CNB’s competitors will be identified at the time it seeks enforcement of this covenant. This determination shall be based on CNB’s market area and CNB’s plans for expansion or
acquisition into other market areas at the time enforcement of this covenant is sought. 
 However, if MR. SLOPPY is already
employed by a Competitor in an area which is not part of CNB’s market area at the time his employment with CNB ends but during the enforcement period of this covenant becomes part of CNB’s market area, then and to that extend only, MR.
SLOPPY shall be excepted from the terms of this provision. 

 The parties also agree that indirect competition shall include the instances stated above
but involving MR. SLOPPY’S spouse, children or in-laws. 
 The parties further agree that MR. SLOPPY’S covenant not
to compete shall apply in the event of his regular retirement or voluntary termination of his employment hereunder. MR. SLOPPY agrees in this regard that the security provided by this agreement is adequate consideration for his covenant not to
compete. 
 7.        SEVERANCE PAY: If MR. SLOPPY’S employment is
terminated without cause, whether or not a change in control of CNB has occurred, MR. SLOPPY shall be entitled to severance benefits equal to 2.50 times his base salary for the year in which his employment ends plus 2.50 times the average of
MR. SLOPPY’S incentive pay bonuses for the three (3) years preceding the year in which his employment is terminated hereunder. This severance pay shall be tendered to MR. SLOPPY in cash within 30 days following the end of his employment
with CNB. MR. SLOPPY shall also be entitled to this severance pay if he voluntarily terminates his employment with CNB after a change in control for any of the following reasons: 
 A.        Reduction in title or responsibilities; 
 B.        Assignment of duties or responsibilities inconsistent with MR. SLOPPY’S status as
Executive Vice-President; 
 C.        A reduction in salary or other benefits; and,
or, 
 D.        Reassignment to a location greater than 25 miles from the location
of MR. SLOPPY’S office on the date of change and control. 
 For the purposes of this Agreement, a “change in
control” shall include but not be limited to the following: 
 1.        Sale of
all or substantially all of CNB’s or CNB Financial Corporation’s stock; 
 2.        Sale of all or substantially all of CNB’s or CNB Financial Corporation’s assets; 
 3.        Acquisition by a third party or group acting in concert of stock sufficient to elect a majority of directors to the Board of CNB or CNB Financial Corporation; or,

 4.        Ownership of more than 50% of CNB
Financial Corporation stock by a single person or entity or more than one person or entity acting as a group. 
 8.        TERMINATION: This Agreement may be terminated on the occurrence of any of the following events and if terminated under this paragraph, MR. SLOPPY shall not be entitled to severance
benefits under Paragraph 7: 
 A.        The execution of a written agreement between
CNB and MR. SLOPPY to terminate this Agreement; 
 B.        MR. SLOPPY’S death;

 C.        MR. SLOPPY’S breach of any term or condition of this Agreement;

 D.        MR. SLOPPY’S failure or refusal to comply with such reasonable
policies, directions, standards and regulations that CNB may establish from time to time; 
 E.        MR. SLOPPY’S inability to fully and competently perform his duties hereunder for a period of 180 continuous days due to physical, mental or psychological illness, injury or condition;
or, 
 F.        MR. SLOPPY ceases to qualify for his offices and responsibilities
under this Agreement pursuant to any statute or regulation, now or hereafter issued by the United States of America, the Federal Reserve, the Office of the Comptroller of Currency or other regulatory agency or body duly invested with authority over
CNB, its parent or affiliate(s). 
 9.        NOTICES: All notices or
communications required by or bearing upon this Agreement or between the parties shall be in writing and sent by First Class Mail to the parties as follows unless otherwise specified above: 
  

			
	 CNB Bank
	  	 Richard L. Sloppy

	 Attention: Chairman of the Board
	  	 309 West Market Street

	 One South Second Street, P.O. Box 42 Clearfield, PA 16830
	  	 Clearfield, PA 16830

 10.        NON-ASSIGNMENT: The
parties acknowledge the unique nature of services to be provided by MR. SLOPPY under this Agreement, the high degree of responsibility borne by him and the personal nature of his relationship to CNB’s Board of Directors and customers.
Therefore, the parties agree that MR. SLOPPY may not assign this Agreement. 

 11.        ARBITRATION: The parties agree
that all disputes or questions arising under this Agreement or because of their employment relationship shall be submitted to arbitration by three (3) arbitrators. Each party shall select one (1) arbitrator, and then those two
(2) arbitrators shall select a third (3) arbitrator. The arbitrators’ decision need not be unanimous. Arbitration shall be conducted at a private location in Clearfield County convenient to the parties. The arbitrators must reach and
give notice of their decision within five (5) days after completion of an arbitration. The Pennsylvania Uniform Arbitration Act, 42 Pa.C.S.A. §§7301 et seq. shall govern arbitrations hereunder. CNB shall compensate the
arbitrators and stenographer if used. CNB shall also pay for the arbitration room. Each party shall pay their attorney fees and other costs. 
 12.        GENERAL PROVISIONS: 
 A.        This Agreement shall be governed by the laws of Pennsylvania; 
 B.        In construing or interpreting this Agreement, “CNB” and “MR. SLOPPY” shall mean, wherever applicable, the singular or plural, the masculine or the feminine, individual,
individuals, partnership or corporation, as the case may be; 
 C.        This
Agreement represents the sole agreement of the parties on these subjects and supersedes all prior communications, representations and negotiations, whether oral or written; 
 D.        This Agreement can only be modified or amended by the prior written consent of both parties hereto; 
 E.        Jurisdiction and venue shall rest in the Court of Common Pleas of Clearfield,
Pennsylvania, for all suits, claims and causes of action whatsoever; 
 F.        Failure by either party to pursue remedies or assert rights under this Agreement shall not be construed as waiver of that party’s rights or remedies, nor shall a party’s failure to
demand strict compliance with the terms and conditions of this Agreement prohibit or stop that party from insisting upon strict compliance in the future; and 
 G.        The parties deem that the terms of this Agreement are unique, and in addition to their other rights and remedies at law, and at equity, either
party shall have the right to specifically enforce the terms of this Agreement. 

 H.        This Agreement shall bind the
parties’ heirs, successors, representatives, related corporations and assigns. 
 IN WITNESS WHEREOF, the parties have
executed this Agreement on the date written above for the purposes herein contained. 
  

							
	 CNB BANK
	 		 	 MR. SLOPPY

				
	 By:
	 	 /s/ William F. Falger
	 		 	 /s/ Richard L. Sloppy

		 	 President
	 		 	 Richard L. Sloppy

				
	 By:
	 	 /s/ Joseph B. Bower, Jr.
	 		 	
		 	 SecretaryFirst Amendment and Waiver to Credit Agreement.

 EXHIBIT 10.34 
 [*] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 
 FIRST AMENDMENT 
 AND WAIVER TO CREDIT AGREEMENT 
 This FIRST AMENDMENT AND WAIVER TO CREDIT AGREEMENT (this “Amendment”) is made
and entered into as of December 29, 2008, by and among WELLS FARGO BANK, NATIONAL ASSOCIATION (herein called “Bank”) and CERUS CORPORATION, a Delaware corporation (“Borrower”), with reference to the following facts and
intentions of the parties: 
 RECITALS 
 A. Borrower is currently indebted to Bank pursuant to the terms and conditions of that certain Credit Agreement between Borrower and Bank dated as of June 18, 2008, as such may have been amended or modified from
time to time (the “Loan Agreement”). In connection with the Loan Agreement, Bank provided Borrower a line of credit in the maximum principal amount of Ten Million and No/100 Dollars ($10,000,000.00) (the “Line of Credit”) which
is evidenced by that certain revolving line promissory note executed by Borrower in favor of Bank in the amount of the Line of Credit and dated as of June 18, 2008 (the “Line of Credit Note”). The Line of Credit will mature and become
due and payable in full on June 17, 2009. The Line of Credit shall be referred to herein as the “Loan.” The Line of Credit Note shall be referred to herein as the “Note.” 
 B. For purposes hereof, the term “Obligations” shall mean the Loan, and all other loans, advances, debts, liabilities and obligations, tasks or
duties for the performance of covenants or for payment of monetary amounts (whether or not such performance is then required or contingent, or such amounts are liquidated or determinable) owing by Borrower to Bank, and all covenants and duties
regarding such amounts, of any kind or nature, present or future, whether or not evidenced by any note, agreement or other instrument, arising under the Loan Agreement or any of the other Loan Documents (as defined herein). The term Obligation
includes but is not limited to all principal, interest (including all interest which accrues after the commencement of any case or proceeding in bankruptcy, whether or not allowed in such case or proceeding), fees, charges, expenses, attorneys’
fees and any other sum chargeable to Borrower under the Loan Agreement or any of the other Loan Documents. 
 C. The Obligations are secured
by, among other things, a security interest granted by Borrower to Bank in all of Borrower’s personal property, including, without limitation, accounts, deposit accounts, accounts receivable, chattel paper, instruments, documents, securities,
investment property, general intangibles, equipment, inventory and other rights to payment (collectively, the “Collateral”) pursuant to, among other things, that certain Security Agreement dated June 18, 2008 (the “Security
Agreement). 
 D. This Amendment, the Loan Agreement, the Note, the Security Agreement and any and any of all other documents or instruments
executed in connection with or otherwise related to the Loan are all hereinafter collectively called the “Loan Documents.” Capitalized terms used herein without definition shall have the meanings ascribed to them in the Loan Documents.

 E. Borrower is in default under the Loan Documents due to Borrower’s violation of
Section 4.9(a) of the Loan Agreement occurring on October 31, 2008 (the “Existing Default”). 
 F. Borrower
acknowledges that Borrower is in default under the Loan Documents as a consequence of the Existing Default; that such Existing Default in not subject to being cured, and has not been waived or excused by Bank at any time or in any manner; and that
there are no claims, demands, offsets or defenses at law or in equity that would defeat or diminish Bank’s present and unconditional right to collect any of the Obligations, and to proceed to enforce the rights and remedies available to Bank as
provided in any of the Loan Documents or otherwise at law. 
 G. Borrower has requested that Bank waive the Existing Default and amend the
Loan Agreement and amend and restate the Line of Credit Note, as set forth herein. 
 H. In response to Borrower’s request, and in
reliance upon Borrower’s representations made to Bank in support thereof and the other terms and conditions of this Amendment, Bank is willing to waive the Existing Default and amend the Loan Agreement as set forth herein, upon and subject to
the terms and conditions hereof, all as more particularly set forth and described in this Amendment. 
 AGREEMENT 
 NOW, THEREFORE, Bank and Borrower hereby agree as follows: 
 1. Adoption of Recitals. The recitals set forth above are adopted as a part of the agreement of the parties, and the facts set forth therein are acknowledged and agreed to be true, accurate and complete.

 2. Amendments to Loan Agreement. 
 2.1 Section 1.1 of the Loan Agreement is hereby amended by adding the following defined term in appropriate alphabetical order:

 “Cash Burn Amount” means the least of: (1) Borrower’s consolidated net operating income (loss),
determined in accordance with GAAP for the most recently ended fiscal quarter, (B) Borrower’s consolidated net income (loss), determined in accordance with GAAP, for the most recently ended fiscal quarter, and (C) Zero Dollars
($0.00). Borrower’s consolidated net operating (loss) and consolidated net (loss) shall be: (a) determined without taking into account a one-time, non-cash charge up to a maximum of not more than [ * ] with respect to Borrower’s
investment in [ * ], and (b) for avoidance of doubt, deemed to be, and expressed as, negative numbers (i.e. less than $0.00) for purposes of this Agreement. 
  

 [*] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 OF
THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 2.2 Section 3.2 of the Loan Agreement is hereby amended by inserting a new
Section 3.2(c) to read as follows: 
 (c) As of the on the date that any such extension of credit is requested and the
proposed date that such extension of credit is to be made, Borrower shall have Liquidity in an amount not less than the sum of (i) the aggregate amount of outstanding Obligations of Borrower and its consolidated Subsidiaries on such date
(calculated on both a current and pro forma basis after giving effect to the requested extension of credit), plus (ii) an amount equal to the product of (A) [ * ] the Cash Burn Amount at such date, and Borrower shall have
delivered to Bank, not less than five (5) days prior to the proposed date on which such extension of credit is to be made, a Compliance Certificate of the Borrower’s president or chief financial officer certifying that Borrower has
complied with the requirements of this condition and showing in reasonable detail the calculations used in determining compliance. 
 2.3 Section 4.3(b) of the Loan Agreement is hereby amended and restated in its entirety to read as follows: 
 (b)(1) as soon as available, but no later than the earlier of (A) five (5) days after filing with the Securities Exchange Commission or (B) fifty (50) days after the end of each fiscal quarter of Borrower, the
Borrower’s consolidated and consolidating financial statements (to include a balance sheet, income statement, statement of cash flows) prepared in accordance with GAAP consistently applied (other than being subject to normal year-end
adjustments) and Form 10-Q; and 
 (2) as soon as available, but no later than 30 days after the end of each month (including
a month coinciding with the end of a fiscal quarter), the Borrower’s consolidated and consolidating financial statements for such month (to include a balance sheet, income statement, statement of cash flows) prepared in accordance with GAAP
consistently applied (other than being subject to normal year-end adjustments); 
 2.4 Section 4.3(f) of the Loan
Agreement is hereby amended and restated in its entirety to read as follows: 
 (f) not later than 30 days after and as of the
end of each month, a compliance certificate of the president or chief financial officer of Borrower, in the form of Exhibit B or such other form as may be satisfactory to Bank (a “Compliance Certificate”), certifying that, among
other things: (i) the most recently delivered annual, quarterly and monthly financial statements delivered to Bank are complete and correct and fairly present the financial condition of Borrower as of the dates reflected therein and the results
of operations for the periods presented; (ii) that the representations and warranties contained herein and in the other Loan Documents remain true and correct in all material respects as of such date (except for those representations and
warranties, if any, expressly referring to a specific date which shall remain true, accurate and complete in all material respects as of such date); (iii) Borrower, and each of its Subsidiaries, has timely filed all required tax returns and
reports, and Borrower has timely paid all foreign, federal, state and local taxes, assessments, deposits and contributions owed by Borrower except as otherwise permitted pursuant to the terms of this Agreement; (iv) no Liens have been levied or
claims made against Borrower or any 

  

 [*] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 OF
THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 
of its Subsidiaries relating to unpaid employee payroll or benefits of which Borrower has not previously provided written notification to Bank;
(v) Borrower is in complete compliance with the financial covenants and ratios set forth herein (together with all supporting documentation showing in reasonable detail the calculations used in determining such compliance); and (vi) there
exists no Event of Default nor any condition, act or event which with the giving of notice or the passage of time or both would constitute an Event of Default; 
 2.5 Section 4.9 of the Loan Agreement is hereby amended and restated in its entirety to read as follows: 
 SECTION 4.9 FINANCIAL CONDITION. Maintain Borrower’s consolidated financial condition as follows, using GAAP consistently applied and
used consistently with prior practices (except to the extent modified by the definitions herein), with compliance determined commencing with Borrower’s financial statements for the period ending June 30, 2008 or based on any other
information available to Bank: 
 (a) At all times while any Obligations are outstanding and on the date each advance is
requested or funded, Liquidity in an amount not less than the sum of (i) the aggregate amount of outstanding Obligations of Borrower and its consolidated Subsidiaries on such date, plus (ii) an amount equal to the product of
(A) [ * ] the Cash Burn Amount at such date. 
 (b) At all times, a balance of domestic unrestricted cash and domestic
unrestricted marketable securities, in one or more accounts maintained with Bank as to which Bank has a perfected first priority Lien, of not less than [ * ] Dollars [ * ]. 
 (c) As of the last day of each fiscal quarter for the quarter then ended, a consolidated net operating (loss), expressed as a positive
number, as determined in accordance with GAAP, of not more than: (i) [ * ] Dollars [ * ] for any fiscal quarter ending on or prior to December 31, 2008, and (ii) thereafter, [ * ] Dollars [ * ]. 
 2.6 Section 4.10 of the Loan Agreement is hereby amended and restated in its entirety to read as follows: 
 SECTION 4.10 OPERATING ACCOUNTS. (a) Maintain all of its and its Subsidiaries’ primary domestic operating, deposit and
securities accounts with Bank and Bank’s Affiliates; provided that Borrower may maintain its existing deposit accounts with Silicon Valley Bank disclosed on Schedule 5(f) to the Security Agreement (the “Existing SVB Accounts”) through
December 31, 2008, so long as the aggregate amount on deposit in such accounts does not exceed [ * ] at any time. (b) Provide Bank five (5) days prior written notice before establishing any deposit account, securities account,
investment account, commodities account or similar account at or with any bank or financial institution other than Bank or Bank’s Affiliates. For each such account that Borrower at any time maintains, Borrower shall cause the applicable bank or
financial institution (other than Bank) at or with which any such account is maintained to execute and deliver a control agreement or other appropriate instrument with respect to such account to perfect Bank’s Lien in such account in accordance
with the terms of this Agreement and the other Loan Documents (each an “Account Control Agreement”). Notwithstanding the foregoing, Borrower may maintain the Existing SVB Accounts for up to fifteen (15) days after the Effective Date,
without being subject to Account Control Agreements. 
  

 [*] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 OF
THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 2.7 The Loan Agreement is hereby amended by adding a new Exhibit B in the form of
Exhibit B hereto. 
 3. Representations and Warranties. Borrower hereby represents and warrants that: (i) other
than the Existing Default, no default, event of default, breach or failure of condition has occurred or exists, or would exist with notice or lapse of time, or both, under any of the Loan Documents; (ii) the parties and signatories hereto have
the authority to execute this Amendment; (iii) all representations and warranties of Borrower in this Amendment and the other Loan Documents including those contained in the Recitals to this Amendment continue to be true and correct as of the
time of execution of this Amendment and shall survive the execution of this Amendment; and (iv) Bank’s liens and security interests with respect to the Collateral are of the priority required under the Loan Documents and are valid and
enforceable in accordance with their terms. 
 4. Waiver. Bank hereby waives the Existing Default. Bank does not waive any
other failure by Borrower to perform its Obligations under the Loan Documents, and Bank does not waive any obligations Borrower may have under the Loan Agreement, including without limitation Section 4.9 thereof, other than as expressly set
forth above. This waiver is not a continuing waiver with respect to any failure to perform any Obligation after the date hereof. Nothing contained herein shall be deemed a waiver of (or otherwise affect Bank’s ability to enforce) any other
default or Event of Default, including without limitation (i) any default or Event of Default as may now or hereafter exist and arise from or otherwise be related to Section 4.9 of the Loan Agreement, and (ii) any default or Event of
Default arising at any time after the Effective Date. 
 5. Conditions Precedent. The following are conditions precedent to
Bank’s obligations under this Amendment, each of which must have been (and remain) satisfied or waived (as determined by Bank in its sole discretion) no later than December 29, 2008. 
 2.1 Approval of Bank Counsel. All legal matters incidental to the forbearance by Bank shall be satisfactory to Bank’s counsel.

 2.2 Documentation. Bank shall have received, in form and substance satisfactory to Bank, duly executed counterparts
of each of the following: 
 (i) This Amendment; 
 (ii) The Amended and Restated Revolving Line Note. 
 2.3 Amendment Fee. Borrower shall have paid to Bank a fully-earned and nonrefundable amendment fee in the amount of $25,000.00,
which may be debited from any of Borrower’s accounts together with an amount equal to all Bank Expenses incurred through the date hereof. 
 2.4 Representations and Warranties. The representations and warranties contained herein are true and correct. 
  

 [*] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 OF
THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 2.5 No Default. Other than the Existing Default, no Default or Event of Default
shall have occurred and be continuing. 
 2.6 Other Documents. Bank shall have received such other documents, and
evidence of completion of such other matters, as Bank may reasonably deem necessary or appropriate. 
 6. Ratification and
Incorporation of Loan Documents. Except as expressly modified by this Amendment, (a) Borrower hereby acknowledges, confirms and ratifies all of the terms and conditions set forth in, and all of its obligations under, the Loan Agreement
and the other Loan Documents, and (b) all of the terms and conditions set forth in the Loan Agreement and the other Loan Documents are incorporated herein by this reference as if set forth in full herein. Borrower represents that it has no
offset, defense, counterclaim, dispute or disagreement of any kind or nature whatsoever with respect to the its liabilities, obligations and indebtedness arising under or in connection with any Loan Documents. 
 7. No Novation. Except as expressly provided above, the execution, delivery, and effectiveness of this Amendment shall not (a) limit,
impair, constitute a waiver of, or otherwise affect any right, power, or remedy of Bank under the Loan Agreement or any other Loan Document, (b) constitute a waiver of any provision in the Loan Agreement or in any of the other Loan Documents,
or (c) alter, modify, amend, or in any way affect any of the terms, conditions, obligations, covenants, or agreements contained in the Loan Agreement, all of which are ratified and affirmed in all respects and shall continue in full force and
effect. 
 8. Counterparts. This Amendment may be executed in any number of counterparts, each of which when executed and
delivered to Bank will be deemed to be an original and all of which, taken together, will be deemed to be one and the same instrument. 
 9.
Non-Impairment. Except as expressly provided herein, nothing in this Amendment shall alter or affect any provision, condition or covenant contained in the Note or other Loan Documents, or affect or impair any rights, powers, or
remedies thereunder, it being the intent of the parties hereto that the provisions of the Note and the other Loan Documents shall continue in full force and effect except as expressly modified hereby. 
 10. Course of Dealing; Waivers. No course of dealing on the part of Bank or its officers, nor any failure or delay in the exercise of any
right by Bank, shall operate as a waiver thereof, and any single or partial exercise of any such right shall not preclude any later exercise of any such right. Bank’s failure at any time to require strict performance by Borrower of any
provision shall not affect any right of Bank thereafter to demand strict compliance and performance. Any suspension or waiver of a right must be in writing signed by an officer of Bank. 
 11. Miscellaneous. This Amendment and the other Loan Documents shall be governed by and interpreted in accordance with the laws of the
State of California, except if preempted by Federal law. The headings used in this Amendment are for convenience only and shall be disregarded in interpreting the substantive provisions of this Amendment. Except as expressly provided otherwise
herein, all terms used herein shall have the meaning given to them in the other Loan Documents. Time is of the essence of each term of the Loan Documents, including this Amendment. If any provision of this Amendment or any of the other Loan
Documents shall be determined by a court of competent jurisdiction to be invalid, illegal or unenforceable, that portion shall be deemed severed therefrom, and the remaining parts shall remain in full force as though the invalid, illegal or
unenforceable portion had never been a part thereof. 
  

 [*] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 OF
THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 12. Integration; Interpretation. The Loan Documents, including this Amendment, contain or
expressly incorporate by reference the entire agreement of the parties with respect to the matters contemplated therein, and supersede all prior negotiations. The Loan Documents shall not be modified except by written instrument executed by all
parties. Any reference to the Loan Documents in any of the Loan Documents includes any amendments, renewals or extensions approved by Bank in writing. 
 IN WITNESS WHEREOF, the undersigned have caused this Amendment to be duly executed as of the day and year first above written. 
  

									
	“BANK”	 		 	“BORROWER”
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION	 		 	CERUS CORPORATION
					
	By:	 	/s/ Jennifer Schellenberg	 		 	By:	 	/s/ William J. Dawson
	Name: Jennifer Schellenberg	 		 	Name: William J. Dawson
	Title: SVP	 		 	Title: Chief Financial Officer

  

 [*] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 OF
THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 EXHIBIT B 
 {FORM OF} COMPLIANCE CERTIFICATE 
  

	TO:	WELLS FARGO BANK, NATIONAL ASSOCIATION 

	    	400 Hamilton Avenue, Suite 210 

	    	MAC A0429-020 

	    	Palo Alto, CA 94301 

	    	Attn: Charles M. Goldberg and Jennifer Schellenberg 

 I
hereby certify that I am acting and incumbent {President} {Chief Financial Officer} of CERUS CORPORATION, a Delaware corporation (“Borrower”). Under the terms of that certain Credit Agreement between Borrower and WELLS FARGO BANK, NATIONAL
ASSOCIATION (“Bank”) dated as of June 18, 2008, as amended, modified, supplemented or restated from time to time (the “Agreement”), I hereby certify that: 
 1. The financial statements delivered to Bank in connection herewith, are complete and correct and fairly present the financial condition of Borrower as
of the dates reflected therein and the results of operations for the periods presented. The undersigned certifies that these are prepared in accordance with GAAP consistently applied from one period to the next except as explained in an accompanying
letter or footnotes, and subject, in the case of unaudited financial statements, to normal year-end audit adjustments and the absence of footnotes. 
 2. Borrower is in complete compliance as of, and for the period ending, _______________ with all required covenants, including all required financial covenants and ratios, except as noted below. 
 3. All representations and warranties in the Agreement and the other Loan Documents are true and correct in all material respects on this date except as
noted below; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those representations
and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date. 
 4.
Borrower, and each of its Subsidiaries, has timely filed all required federal, foreign, state and local tax returns and reports, and Borrower has timely paid all federal, foreign, state and local taxes, assessments, deposits and contributions owed
by Borrower except as otherwise permitted pursuant to the terms the Agreement 
 5. No Liens have been levied or claims made against Borrower
or any of its Subsidiaries relating to unpaid employee payroll or benefits of which Borrower has not previously provided written notification to Bank. 
 6. There exists no Event of Default nor any condition, act or event which with the giving of notice or the passage of time or both would constitute an Event of Default. 
  

 [*] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 OF
THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 7. The calculations regarding each financial covenant below (with capitalized terms not otherwise defined
having the meanings given to them in the Agreement), as of the Statement Date, and regardless of whether Borrower must be in compliance with each covenant as of the Statement Date, are as follows: 
  

								
	 SECTION
	  	 COVENANT
	  	ACTUAL	  	 REQUIRED

	4.9(a)	  	 Liquidity to Obligations plus [ * ] Cash Burn Amount
	  	 	_____ to 1.0	  	 Not less than 1.0 to 1.0

	4.9(b)	  	 Minimum Cash at Bank
	  	$	________	  	 Not less than [ * ]

	4.9(c)	  	 Maximum Net Operating Loss
	  	$	________	  	 Not more than [ * ]*

  

	*	[ * ] through 12/31/2008; in each case (loss) is expressed as a positive number. 

 Attached are the required documents supporting this certification. The undersigned acknowledges that no borrowings may be requested at any time or date of determination that Borrower is not in compliance with any of
the terms of the Agreement, and that compliance is determined not just at the date this certificate is delivered. Capitalized terms used but not otherwise defined herein shall have the meanings given them in the Agreement. The following financial
covenant analyses and information set forth in Schedule 1 attached hereto are true and accurate as of the date of this Certificate. 
 The
following are the exceptions with respect to the certification above: (If no exceptions exist, state “No exceptions to note.”) 
  
  
  
  
  
  
  
  
  

									
	CERUS CORPORATION	 		 	
				
	By:	 	 	 		 	Date:
                                    
	Title:	 	 	 		 		 	

  

 [*] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 OF
THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

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