Document:

Exhibit 10.4(k)

 

LOAN AND SECURITY MODIFICATION AGREEMENT

 

This Loan and Security Modification Agreement (this “Loan and Security Modification Agreement”) is entered into as of September 26, 2012 by and between Singulex, Inc. (the “Borrower”) and Bridge Bank, National Association (“Bank”).

 

1.             DESCRIPTION OF EXISTING INDEBTEDNESS:  Among other indebtedness which may be owing by Borrower to Bank, Borrower is indebted to Bank pursuant to, among other documents, that certain Amended and Restated Loan and Security Agreement dated as of May 15, 2007 by and between Borrower and Bank, as may be amended from time to time (the “Loan and Security Agreement”).  Capitalized terms used without definition herein shall have the meanings assigned to them in the Loan and Security Agreement.

 

Hereinafter, all indebtedness owing by Borrower to Bank shall be referred to as the “Indebtedness” and the Loan and Security Agreement and any and all other documents executed by Borrower in favor of Bank shall be referred to as the “Existing Documents.”

 

2.             DESCRIPTION OF CHANGE IN TERMS.

 

A.                                   Modifications to Loan and Security Agreement:

 

1.             The following definitions in Section 1.1 are added or amended in their entirety to read as follows:

 

“Amendment Date” means September 26, 2012.

 

“Asset Coverage Ratio” means a ratio of all Cash plus Eligible Accounts divided by all Obligations owed to Bank that are not separately cash collateralized; provided however Eligible Foreign Accounts shall not to exceed 25% of the total numerator of such ratio.

 

“IPO” means Borrower’s initial underwritten public offering of its common stock, registered under the Securities Act of 1933, as amended.

 

“Revolving Line” means a credit extension of up to $10,000,000.

 

“Revolving Maturity Date” means September 26, 2013.

 

2.             Section 2.1(a)(i) is amended and restated in its entirety to read as follows:

 

(i) Subject to and upon the terms and conditions of this Agreement, Borrower may request Advances in an aggregate outstanding amount not to exceed the lesser of (i) the Revolving Line or (ii) the Borrowing Base, minus, the aggregate amount of Cash Management Services; provided, however, Borrower may request Advances without regard to the Borrowing Base in an aggregate amount not to exceed $1,000,000 (the “Non-Formula Sublimit”).  Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable.  Borrower may prepay any Advances without penalty or premium.

 

 

3.             Section 2.2 is amended in its entirety to read as follows:

 

2.2           Overadvances.  If the aggregate amount of the outstanding Advances (including the aggregate outstanding Cash Management Services but excluding any Advances under the Non-Formula Sublimit) exceeds the lesser of the Revolving Line or the Borrowing Base at any time, Borrower shall immediately pay to Bank, in cash, the amount of such excess.

 

4.             Section 2.5(a) is amended in its entirety to read as follows:

 

(a)                                  Fees.

 

(i)            On the Amendment Date, an increased commitment and extension fee equal to $18,750, plus a fee in lieu of warrant equal to $25,000, each of which shall be fully earned and nonrefundable (collectively, the “Amendment Fees”); and

 

(ii)           An unused line fee equal to 0.10% of the difference between the Revolving Line as in effect during the relevant calendar quarter and the Average Quarterly Balance in each calendar quarter, which fee shall be payable quarterly in arrears within ten days after the end of each such quarter and shall be nonrefundable; provided however that for any such quarter in which the Average Quarterly Balance is at least $2,000,000, no unused line fee shall be payable.

 

5.             Section 6.3(b) is amended in its entirety to read as follows:

 

(b) as soon as available, but in any event within 180 days after the end of Borrower’s fiscal year, audited consolidated financial statements of Borrower prepared in accordance with GAAP, consistently applied, together with an unqualified opinion on such financial statements of an independent certified public accounting firm reasonably acceptable to Bank, provided however, that Borrower’s annual financial statements for fiscal year ended December 31, 2011 shall be delivered to Bank no later than September 28, 2012;

 

6.             Section 6.3(b) is amended in its entirety to read as follows:

 

(e)           within 30 days of the end of Borrower’s fiscal year, a Borrower-prepared operating budget for the upcoming fiscal year, in form and substance satisfactory to Bank;

 

7.             Section 6.8 is amended in its entirety to read as follows:

 

6.8           Asset Coverage Ratio.  Borrower shall at all times maintain an Asset Coverage Ratio of at least 1.25 to 1.00 until the earlier to occur of (i) January 31, 2013, (ii) the consummation of the Investor Financing or (iii) the IPO, and maintain an Asset Coverage Ratio of at least 1.75 to 1.00 at all times thereafter, each measured on a monthly basis.

 

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8.             Section 6.12 is amended in its entirety to read as follows:

 

6.12         Equity Event.

 

(a)           On or before December 31, 2012, Borrower shall deliver to Bank a fully executed term sheet from investors acceptable to Bank with respect to an equity or convertible subordinated note financing providing Borrower with cash proceeds of at least $8,000,000, on terms reasonably acceptable to Bank (“Investor Financing”).

 

(b)           On or before January 31, 2013, Borrower shall receive at least $8,000,000 in cash proceeds from the closing of the Investor Financing, or Borrower shall have consummated its IPO.

 

9.             Exhibit C and Exhibit D to the Loan and Security Agreement are replaced in its entirety with the Exhibit C and Exhibit D attached hereto.

 

3.             CONSISTENT CHANGES.  The Existing Documents are each hereby amended wherever necessary to reflect the changes described above.

 

4.             NO DEFENSES OF BORROWER/GENERAL RELEASE.  Borrower agrees that, as of this date, it has no defenses against the obligations to pay any amounts under the Indebtedness.  Each of Borrower and its affiliates (each, a “Releasing Party”) acknowledges that Bank would not enter into this Loan and Security Modification Agreement without Releasing Party’s assurance that it has no claims against Bank or any of Bank’s officers, directors, employees or agents.  Except for the obligations arising hereafter under this Loan and Security Modification Agreement, each Releasing Party releases Bank, and each of Bank’s and entity’s officers, directors and employees from any known or unknown claims that Releasing Party now has against Bank of any nature, including any claims that Releasing Party, its successors, counsel, and advisors may in the future discover they would have now had if they had known facts not now known to them, whether founded in contract, in tort or pursuant to any other theory of liability, including but not limited to any claims arising out of or related to the Agreement or the transactions contemplated thereby.  Releasing Party waives the provisions of California Civil Code section 1542, which states:

 

A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER, MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.

 

The provisions, waivers and releases set forth in this section are binding upon each Releasing Party and its shareholders, agents, employees, assigns and successors in interest.  The provisions, waivers and releases of this section shall inure to the benefit of Bank and its agents, employees, officers, directors, assigns and successors in interest.  The provisions of this section shall survive payment in full of the Obligations, full performance of all the terms of this Loan and Security Modification Agreement and the Loan and Security Agreement, and/or Bank’s actions to exercise any remedy available under the Loan and Security Agreement or otherwise.

 

5.             CONTINUING VALIDITY.  Borrower understands and agrees that in modifying the existing Indebtedness, Bank is relying upon Borrower’s representations, warranties, and agreements, as set forth in the Existing Documents.  Except as expressly modified pursuant to this Loan and Security Modification

 

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Agreement, the terms of the Existing Documents remain unchanged and in full force and effect.  Bank’s agreement to modifications to the existing Indebtedness pursuant to this Loan and Security Modification Agreement in no way shall obligate Bank to make any future modifications to the Indebtedness.  Nothing in this Loan and Security Modification Agreement shall constitute a satisfaction of the Indebtedness.  It is the intention of Bank and Borrower to retain as liable parties all makers and endorsers of Existing Documents, unless the party is expressly released by Bank in writing.  No maker, endorser, or guarantor will be released by virtue of this Loan and Security Modification Agreement.  The terms of this paragraph apply not only to this Loan and Security Modification Agreement, but also to any subsequent Loan and Security modification agreements.

 

6.             CONDITIONS TO LOAN AND SECURITY MODIFICATION AGREEMENT.  As a condition to the effectiveness of this Loan and Security Modification Agreement, Bank shall have received, in form and substance satisfactory to Bank, the following:

 

(a)           payment of the Amendment Fees, plus all Bank Expenses incurred through the date of this Loan and Security Modification Agreement;

 

(b)           Affirmation of Subordination with Horizon;

 

(c)           such other documents, and completion of such other matters, as Bank may reasonably deem necessary or appropriate.

 

[SIGNATURE PAGE FOLLOWS]

 

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7.             COUNTERSIGNATURE.  This Loan and Security Modification Agreement shall become effective only when executed by Bank and Borrower.

 

 

	
BORROWER:
    	
 
    	
BANK:
    
	
 
    	
 
    	
 
    
	
SINGULEX,   INC.
    	
 
    	
BRIDGE   BANK, NATIONAL ASSOCIATION
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Philippe Goix
    	
 
    	
By:
    	
/s/   Brian Lewis
    
	
 
    	
 
    	
 
    
	
Name:   Philippe Goix
    	
 
    	
Name:   Brian Lewis
    
	
 
    	
 
    	
 
    
	
Title:   CEO
    	
 
    	
Title:   RM
    
					

 

5

 

EXHIBIT C
 BORROWING BASE CERTIFICATE

 

	
Borrower:   Singulex, Inc.
    	
Bank: Bridge Bank, National Association              
    
	
Commitment   Amount: $10,000,000
    	
 
    

 

	
ACCOUNTS RECEIVABLE
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
1.                         Accounts   Receivable Book Value as of                 
    	
 
    	
 
    	
 
    	
$
    	
 
    	
 
    
	
2.                         Additions   (please explain on reverse)
    	
 
    	
 
    	
 
    	
$
    	
 
    	
 
    
	
3.                         TOTAL   ACCOUNTS RECEIVABLE
    	
 
    	
 
    	
 
    	
$
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
ACCOUNTS RECEIVABLE   DEDUCTIONS (without duplication)
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
4.                         Amounts over   90 days due
    	
 
    	
$
    	
 
    	
 
    	
 
    	
 
    
	
5.                         Accounts with   30% over 90 day accounts
    	
 
    	
$
    	
 
    	
 
    	
 
    	
 
    
	
6.                         Concentration   Limits (30%)
    	
 
    	
$
    	
 
    	
 
    	
 
    	
 
    
	
7.                         CLIA-generated   Accounts (including Eligible CLIA Accounts)
    	
 
    	
$
    	
 
    	
 
    	
 
    	
 
    
	
8.                         Foreign   Accounts (including Eligible Specified Foreign Accounts)
    	
 
    	
$
    	
 
    	
 
    	
 
    	
 
    
	
9.                         Governmental   Accounts
    	
 
    	
$
    	
 
    	
 
    	
 
    	
 
    
	
10.                  Contra   Accounts
    	
 
    	
$
    	
 
    	
 
    	
 
    	
 
    
	
11.                  Demo Accounts
    	
 
    	
$
    	
 
    	
 
    	
 
    	
 
    
	
12.                  Intercompany/Employee   Accounts
    	
 
    	
$
    	
 
    	
 
    	
 
    	
 
    
	
13.                  Progress   billings, retention billings, pre-billings, bill and hold; prepaid deposits
    	
 
    	
$
    	
 
    	
 
    	
 
    	
 
    
	
14.                  Other (please   explain on reverse)
    	
 
    	
$
    	
 
    	
 
    	
 
    	
 
    
	
15.                  TOTAL   ACCOUNTS RECEIVABLE DEDUCTIONS
    	
 
    	
 
    	
 
    	
$
    	
 
    	
 
    
	
16.                  Eligible   Accounts (#3 minus #15)
    	
 
    	
 
    	
 
    	
$
    	
 
    	
 
    
	
17.                  LOAN VALUE OF   ACCOUNTS (80% of #16)
    	
 
    	
 
    	
 
    	
$
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
ELIGIBLE SPECIFIED FOREIGN   ACCOUNTS RECEIVABLE
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
18a.           Total   Eligible Specified Foreign Accounts
    	
 
    	
 
    	
 
    	
$
    	
 
    	
 
    
	
18b.           LOAN VALUE OF   ELIGIBLE SPECIFIED FOREIGN ACCOUNTS (the lesser of 50% of #18a or 25% of #24)
    	
 
    	
 
    	
 
    	
$
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
ELIGIBLE CLIA ACCOUNTS   RECEIVABLE
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
19a.           Total CLIA   Accounts
    	
 
    	
 
    	
 
    	
$
    	
 
    	
 
    
	
19b.           Accounts over   120 days past due
    	
 
    	
$
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
19c.            Accounts with   50% over 120 days past due
    	
 
    	
$
    	
 
    	
 
    	
 
    	
 
    
	
19d.           Direct   patient Billings
    	
 
    	
$
    	
 
    	
 
    	
 
    	
 
    
	
19e.            Accounts from   states which do not recognize Borrower as an approved provider and the   account debtor is Medicare and/or Medicaid;
    	
 
    	
$
    	
 
    	
 
    	
 
    	
 
    
	
19f.             ELIGIBLE CLIA   ACCOUNTS (#19a minus #19b, #19c, #19d, #19e)
    	
 
    	
 
    	
 
    	
$
    	
 
    	
 
    
	
19g.            LOAN VALUE OF   ELIGIBLE CLIA ACCOUNTS (70% of #19f)
    	
 
    	
 
    	
 
    	
$
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
BALANCES
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
20.                  Maximum Loan   Amount ($10,000,000 minus Advances under Non-Formula Sublimit)
    	
 
    	
 
    	
 
    	
$
    	
 
    	
 
    
	
21.                  Total Funds   Available [Lesser of #20 or (#17 + #18b + #19g)]
    	
 
    	
 
    	
 
    	
$
    	
 
    	
 
    
	
22.                  Present   balance owing on Line of Credit
    	
 
    	
 
    	
 
    	
$
    	
 
    	
 
    
	
23.                  Outstanding under   Cash Mgmt Sublimit
    	
 
    	
 
    	
 
    	
$
    	
 
    	
 
    
	
24.                  RESERVE   POSITION (#21 minus #22 and #23)
    	
 
    	
 
    	
 
    	
$
    	
 
    	
 
    
									

 

The undersigned represents and warrants that the foregoing is true, complete and correct, and that the information reflected in this Borrowing Base Certificate complies with the representations and warranties set forth in the Loan and Security Agreement between the undersigned and Bridge Bank, National Association.

 

Singulex, Inc.

 

	
By:
    	
 
    	
 
    
	
 
    	
Authorized Signer
    	
 
    

 

 

EXHIBIT D
 COMPLIANCE CERTIFICATE

 

	
TO:
    	
BRIDGE   BANK, NATIONAL ASSOCIATION
    
	
FROM:
    	
SINGULEX, INC.
    

 

The undersigned authorized officer of Singulex, Inc. hereby certifies that in accordance with the terms and conditions of the Amended and Restated Loan and Security Agreement dated May 15, 2007 between Borrower and Bank, as amended from time to time (the “Agreement”), (i) Borrower is in complete compliance for the period ending                              with all required covenants except as noted below and (ii) all representations and warranties of Borrower stated in the Agreement are true and correct as of the date hereof.  Attached herewith are the required documents supporting the above certification.  The undersigned authorized officer further certifies that these are prepared in accordance with Generally Accepted Accounting Principles (GAAP) and are consistently applied from one period to the next except as explained in an accompanying letter or footnotes.

 

Please indicate compliance status by circling Yes/No under “Complies” column.

 

	
Reporting Covenants
    	
 
    	
Required
    	
 
    	
Complies
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Monthly   financial statements, Compliance Certificate &
    	
 
    	
Monthly   within 30 days
    	
 
    	
Yes
    	
 
    	
No
    
	
Deferred   Revenue Schedule
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
A/R &   A/P Agings, Borrowing Base Certificate
    	
 
    	
Monthly   within 30 days
    	
 
    	
Yes
    	
 
    	
No
    
	
Annual   Financial Statements (CPA Audited)
    	
 
    	
FYE   within 180 days
    	
 
    	
Yes
    	
 
    	
No
    
	
Operating   Budget
    	
 
    	
Within   30 days of FYE
    	
 
    	
Yes
    	
 
    	
No
    
	
A/R   Audit
    	
 
    	
Initial   and Annual
    	
 
    	
Yes
    	
 
    	
No
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Total   Cash balances
    	
 
    	
$                  
    	
 
    	
 
    	
 
    	
 
    
	
Cash   balance maintained outside of Bank
    	
 
    	
$                  
    	
 
    	
Yes
    	
 
    	
No
    

 

	
Financial Covenants
    	
 
    	
Required
    	
 
    	
Actual
    	
 
    	
Complies
    
	
Cash   Balance with Bank
    	
 
    	
at   least 75% of total Cash
    	
 
    	
              %
    	
 
    	
Yes
    	
 
    	
No
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Asset   Coverage Ratio (monthly) until 1/31/12 the earlier to occur of IPO or   Investor Financing
    	
 
    	
1.25:1.00
    	
 
    	
         :1.00
    	
 
    	
Yes
    	
 
    	
No
    
	
Asset   Coverage Ratio (monthly) after the IPO or Investor Financing
    	
 
    	
1.75:1.00
    	
 
    	
         :1.00
    	
 
    	
Yes
    	
 
    	
No
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Performance   to Plan (3/31/12 and beyond)
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Quarterly Revenue:
    	
 
    	
negative   deviation not more than 30% from approved plan
    	
 
    	
              %
    	
 
    	
Yes
    	
 
    	
No
    
	
Quarterly Net Loss:
    	
 
    	
negative   deviation not more than 30% from approved plan
    	
 
    	
              %
    	
 
    	
Yes
    	
 
    	
No
    
	
Quarterly Revenue/Net Loss:
    	
 
    	
Aggregate   YTD negative deviation not more than 30% from approved plan
    	
 
    	
              %
    	
 
    	
Yes
    	
 
    	
No
    

 

	
Comments Regarding Exceptions: See   Attached.
    	
 
    	
BANK USE ONLY
    
	
 
    	
 
    	
 
    
	
Sincerely,
    	
 
    	
Received by:
    	
 
    
	
 
    	
 
    	
 
    	
AUTHORIZED SIGNER
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Date:
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Verified:
    	
 
    
	
SIGNATURE
    	
 
    	
 
    	
AUTHORIZED SIGNER
    
	
 
    	
 
    	
 
    	
 
    
	
TITLE
    	
 
    	
Date:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Compliance Status
    	
 Yes                 No
    
	
DATEExhibit 10.6

 

[***] Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission.  Confidential treatment has been requested with respect to the omitted portions.

 

SALES AGREEMENT

 

This Sales Agreement (the “Agreement”) is effective this 1st day of June, 2010 (the “Effective Date”) by and between Singulex, Inc., a Delaware corporation (“Company”), and BlueWave Healthcare Consultants, Inc., an Alabama corporation (“Contractor”).  In exchange for the covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which each Party acknowledges, Company and Contractor do hereby agree as follows:

 

1.                                      Appointment.  Company hereby appoints Contractor as its exclusive, independent contractor to sell the Singulex panel of tests set forth on Exhibit A attached hereto and made a pert hereof (the “Panel”) for Company to physicians and medical groups specializing in cardiology and other disease management specialties (the “Services”) in the Territory.  Contractor accepts the appointment and agrees to render the Services to Company in accordance with the terms of this Agreement.  Contractor’s sales territory shall be restricted to the following states: [***] (the “Territory”).  This appointment shall be exclusive in that the Company will not use any other sales agents in the Territory, and Contractor will not offer for sale for any third party testing services similar to the Panel in the Territory.  Provided however, if Contractor fails to attain an average of at least [***] of the Sales Goals set from time to time by mutual agreement of Company and Contractor over any eighteen month period, unless the failure is due to action or lack of action of Company, the Company shall have the option to convert this appointment to a non-exclusive arrangement upon written notice to Contractor.  If Contractor is meeting an average of at least [***] of the Sales Goals set from time to time by mutual agreement of Company and Contractor, the Contractor shall have a right of first negotiation to expand the Territory into other states, other than [***], in which the Company plans to do business; provided, however, the Contractor must be willing to offer for sale the fill panel of tests the Company contemplates offering in such other state or states.  The Company shall give written notice to Contractor of its plan(s) to do business in another state or states prior to doing business in such states  In order to exercise its right of first negotiation, Contactor must reasonably demonstrate that it can procide in a timely manner the resources needed to fulfill the plan(s) of the Company in the respective state or states.

 

2.                                      Duties of Contractor.  Contractor shall:

 

a.                                      Provide a sufficient number of sales personnel in the Territory who will diligently and loyally apply their skills and best efforts to performance of the Contractor’s duties hereunder;

 

b.                                      perform the Services in accordance with the highest standards of skill and care in Contractor’s business and sales profession;

 

c.                                       use its best efforts to maximize the Sales Goals set from time to time by mutual agreement of Parties.

 

3.                                      Duties of Company.  Company shall:

 

a.                                      provide, solely at the Company’s option and discretion, the services of a clinical health educator in the Territory to support Contractor’s sales efforts;

 

b.                                      provide processing and handling fees to physicians in the range of [***] and processing and handling fees to outside labs in the range of [***], provided that any fee change shall be mutually agreed upon by the Parties;

 

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c.                                       provide clinical support training and sales and marketing materials to include, but not limited to, Physician Reference Binders, Treatment Cards and Clinical Implications Manuals;

 

d.                                      provide Contractor with an interface to the Company’s LIS software;

 

e.                                       provide zero balance billing in the Territory for Medicare, Medicaid, PPOs, POSs and HMOs, except as otherwise mutually agreed to by the Company and Contractor; and

 

f.                                        provide all materials needed to collect specimens to include, but not limited to, tubes, ice packs, shipping containers, pre-paid shipping costs, processing instructions and a turn-around time for lab results, to include a complete report on all diagnostics requested by physicians, not to exceed ten (10) days.

 

4.                                      Relationship Management Committee.

 

a.                                      Each Party will designate two (2) of its employees to serve on a relationship management committee” (“RMC”).  The initial members of the RMC shall be Cal Dent and Brad Johnson from Contractor and Philippe Goix and Gary Tom from Company.  Either Party may change its RMC members at any time and from time to time by giving the other Party written notice consistent with this Agreement.

 

b.                                      The RMC will form the primary point of contact between the Parties in their dealings under this Agreement; provided however, that this Agreement may only be amended, in writing, by authorized representatives of the Parties.  The RMC will be responsible for generally overseeing the business operations that are the subject of this Agreement, overseeing the performance of each party’s obligations pursuant to this Agreement, reviewing the tests that comprise the Panel, assisting with the setting of Sales Goals on a year-to-year basis and assessing the Parties compliance with applicable laws, rules and regulations.  The Sales Goals, as established from time to time by the RMC, shall be attached to this Agreement as Exhibit B.

 

c.                                       The RMC will meet on a quarterly basis (unless otherwise mutually agreed by the Parties) during the term of this Agreement.  Such meetings may be conducted by telephone conference or in person, as mutually agreed upon by the Parties.  Each Party shall bear its own expenses for their participation in RMC meetings.

 

5.                                      Compensation.

 

a.                                      Fees.  Contractor shall be paid a commission equal to [***].  For purposes of this Agreement, [***].  Commission payments shall be paid [***].  Commission payments shall be made to Contractor on the 15th day of the month following the month in which payment for services is received by Company.  Company will [***].  For example if Contractor’s earned commissions [***].  If Contractor’s earned commissions [***].  If Contractor’s earned commissions [***].  The [***] shall be paid on or before [***].  Earned commissions will be paid on or before [***].

 

b.                                      [***]

 

c.                                       Records.  Contractor shall permit the United States Department of Health and Human Services and General Accounting Office to review appropriate books and records relating to the performance hereunder to the extent required under Section 1861(v)(1) of the Social Security Act or any successor law or regulation.

 

[***] Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission.  Confidential treatment has been requested with respect to the omitted portions.

 

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d.                                      Consideration; Inducement, Anti-Kickback.  All payment made or to be made under the terms of this Agreement represent fair market value of the Services performed and have been negotiated in an arms-length transaction.

 

e.                                       Audit.  Company shall engage an independent third party who specializes in Anti-Kickback Laws and Stark Laws to perform an annual compliance audit for the parties.  The parties agree to use commercially reasonable efforts to keep complete, true, and accurate records in connection with the Services.  Such records will be available for inspection by an independent compliance audit firm appointed by Company, at Company’s sole expense, for a period of twelve (12) months after the date on which the applicable Services have been completed (or longer period as required by law).  Such audits shall take place no more than once each calendar year during ordinary business hours and on reasonable prior written notice.

 

6.                                      Confidential Information.

 

a.                                      Definition.  In the course of performing its duties hereunder, Contractor will have access to and acquire knowledge of confidential information owned by Company, including the confidential information of others that has been entrusted to Company in confidence (“Confidential Information”).  Confidential Information includes any information, of whatever nature, not generally known outside of Company and its authorized third parties, and not otherwise available to Contractor from other sources.  Company will clearly identify to Contractor all information that Company considers confidential.  Confidential Information does not include any information that: (i) is or becomes generally known; (ii) is disclosed to Contractor by a third party not under an obligation of confidentiality with respect to such information; (iii) Company specifies is not confidential; (iv) was lawfully known to Contractor at the time of disclosure; or (y) is required to be publicly disclosed by law or regulation, to the extent actually so required to be disclosed.

 

b.                                      Confidentiality Obligations.  Contractor shall treat all information received from Company and clearly identified as Confidentia1 Information as Confidential Information owned by Company.  Contractor shall use Confidential Information only as reasonably necessary to perform Contractor’s duties under this Agreement.  During the Term (as defined in section 6 below) and at all times after any termination or expiration of this Agreement, Contractor shall not disclose such Confidential Information to any third party without Company’s express prior written consent.  Contractor shall take all steps practicable to preserve Confidential Information in confidence.

 

c.                                       Obligations Upon Termination.  Upon termination or expiration of this Agreement, Contractor shall deliver to Company or, at Company’s sole option, destroy all Confidential Information supplied to Contractor by Company.  Contractor shall not retain any copies or derivations of any Confidential Information.

 

d.                                      Survival.  The foregoing confidentiality obligations of Contractor and any agents of Contractor shall survive the termination or expiration of this Agreement.

 

7.                                      Duration.

 

a.                                      Term.  Unless sooner terminated, the initial term of this Agreement shall remain in effect for a period of seven (7) years from the Effective Date (the “Term”).  The Term shall automatically renew for one year periods unless either party gives the other written notice of termination at least one hundred eighty (180) days prior to the end of the Term or any renewal term.

 

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b.                                      Termination.  Either party may terminate this agreement upon the material breach by the other by giving the other thirty (30) days prior written notice of termination, specifying the breach and injury with reasonable particularity.  Termination shall become effective at the end of such notice period unless the cited breach is cured to the satisfaction of the party giving notice.

 

The Company may terminate this Agreement on thirty (30) days prior written notice if Contractor fails to meet the following:

 

[***] of Sales Goals in Year 1;

 

[***] of Sales Goals in Year 2; or

 

[***] of Sales Goals in Year 3 and beyond.

 

During such 30-day period the parties will negotiate in good faith to determine if reasonable changes can be made to the Agreement to cure the default and allow the Agreement to continue; provided, however, that if the applicable percentage of the Sale Goals is not thereafter met during the two fiscal quarters after such amendment, the Company shall have the right to terminate the Agreement on written notice to Contractor.

 

In addition, the Company may immediately terminate the Agreement if the Contractor: (1) makes unauthorized use or disclosure of the Confidential Information; (2) commits an act of fraud, embezzlement or theft; (3) becomes insolvent; makes or attempts to make a general assignment for the benefit of creditors; becomes the subject of a bankruptcy or similar proceeding; or (4) ceases to do business.  The Company may terminate this Agreement in the event the Company is sold, including by merger or acquisition (a “Sales Event”).

 

If the Company terminates this Agreement without cause, it will not actively solicit existing clients of Contractor to receive Panel testing services from the Company for [***] after such termination; provided, however, that if existing customers continue to send specimens to the Company for testing services without any active solicitation on the part of the Company, Company shall pay to Contractor the applicable fee, in accordance with Section 5 of this Agreement, for any such specimens during the [***] period following termination.  In consideration of Company’s compliance with this paragraph, Contractor agrees not to bring any claim, action or proceeding against Company alleging any improper termination of this Agreement.

 

c.                                       Sales Event.  Within thirty (30) days after the date of this Agreement, and subject to approval by the Company’s Board of Directors, the Company shall grant to Contractor stock options to purchase [***] shares of the Company’s Common Stock.  The stock options shall have an exercise price equal to the fair market value per share of the Common Stock on the date of grant, shall have no expiration date, and shall vest and become exercisable immediately prior to the consummation by the Company of a Sales Event.  Notwithstanding anything herein to the contrary, if this Agreement is terminated (and not assumed) under a Sales Event, the Company shall pay to Contractor an amount equal to [***] the commissions (not including any commission advances) paid to Contractor over the [***] immediately preceding the date of termination (such amount defined as the “Sales Transaction Amount”) with payment to be made on or before closing of the Sales Event.  If the Agreement is assumed by the successor entity, the Sales Transaction Amount will not be owed by the Company.

 

8.                                      Company’s Remedies.  Parties acknowledge that any violation of this Agreement may cause irreparable injury not fully compensable in monetary damages, and that parties are entitled to seek whatever remedies are available to it at law or in equity.  Parties further consent to court enforcement of the specific language of this Agreement.

 

[***] Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission.  Confidential treatment has been requested with respect to the omitted portions.

 

4

 

9.                                      Compliance With Applicable Laws.  Contractor shall observe, abide by and perform all services in compliance with the laws, rules and regulations of all jurisdictions having authority over Contractor or its work.  Without limiting the foregoing, the parties acknowledge that Company is a “covered entity” and Contractor is a “business associate” as defined in the Health Insurance Portability and Accountability Act and the regulations promulgated thereunder, including, without limitation, the provisions of the Health Information Technology for Economic and Clinical Health Act, enacted as part of the American Recovery and Reinvestment Act of 2009, and the regulations promulgated thereunder relating to the privacy and security of certain information (collectively, “HIPAA”).  The parties will enter into a Business Associate Addendum, setting forth their respective rights, responsibilities and obligations to comply with the applicable HIPAA provisions.

 

10.                               Independent Contractor Relationship.  Contractor shall act as and be deemed to be an independent contractor for all purposes of this Agreement and shall not act, nor shall Contractor be deemed to be, an agent, employee or servant of Company.  This Agreement is not intended to be one of hiring under the provisions of any workers’ compensation or any other law, and shall not be so construed.  Contractor has sole responsibility for making any payment for local, state, federal or international tax purposes.

 

11.                               No Assignment By Contractor.  This Agreement is personal to Contractor, and Contractor may not assign (by operation of law or otherwise), subcontract, or transfer in any way any of Contractor’s rights and obligations under this Agreement without the express, prior written permission of Company.

 

12.                               No Inconsistent Obligations or Constraints; No Impairment; No Conflict.  During the term of this Agreement, Contractor represents and warrants that it will not enter into any agreement to provide services which would in any way materially impair its ability to complete the Services in a timely fashion.  Contractor further represents and warrants that it is qualified and permitted to enter into this Agreement and that the terms of this Agreement are not inconsistent with its other contractual arrangements, including but not limited to [***].  Contractor represents and warrants that it is not constrained by any existing agreement in providing the Services to be performed under this Agreement.

 

13.                               Indemnification.

 

a.                                      Contractor shall indemnify, defend, and hold harmless Company, its employees, affiliates, directors, officers, and agents from and against any and all damages, liabilities, losses, fines, penalties, settlement amounts, cost and expenses of any kind or nature whatsoever, including, without limitation, reasonable attorneys’ fees (collectively, “Losses”) incurred in connection with any claim, demand, action, proceeding, investigation or hearing brought by a third party arising from (1) the negligence, gross negligence or intentional misconduct on the part of Contractor, its employees, affiliates, directors, officers, and agents during the performance of the Services, (2) a material breach of any of Contractor’s obligations under this Agreement, (3) a breach of any of Contractor’s representations and warranties made pursuant to this Agreement; or (4) [***]; provided, however, that Contractor shall have no obligation of indemnity hereunder with respect to any Losses to the extent that such Losses arises from (i) the negligence, gross negligence or intentional misconduct on the part of the Company, or (ii) a material breach of any of Company’s obligations under this Agreement.

 

b.                                      Company shall indemnify, defend and hold harmless Contractor, its employees, affiliates, directors, officers and agents from and against any and all Losses incurred in connection with any claim, demand, action, proceeding, investigation or hearing brought by a third party arising from the performance of Services by Contractor hereunder in strict compliance with the terms of this Agreement; provided however, that Company shall have no obligation of indemnity hereunder with respect to any 

 

[***] Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission.  Confidential treatment has been requested with respect to the omitted portions.

 

5

 

Losses to the extent that such Losses arises from (i) the negligence, gross negligence or intentional misconduct on the part of Contractor, its employees, affiliates, directors, officers, and agents during the performance of the Services, or (ii) a material breach of any of Contractor’s obligations under this Agreement.

 

c.                                       Each party’s agreement to indemnify, defend, and hold harmless the other party and its respective indemnitees is conditioned upon the indemnified party: (1) providing written notice to the indemnifying party of any claim, demand, or action arising out of the indemnified activities within thirty (30) days after the indemnified party has knowledge of such claim, demand, or action (to the extent permitted by applicable law to provide such notice within such time frame); (2) permitting the indemnifying party to assume full responsibility and authority to investigate, prepare for, and defend against any such claim, demand, or action; (3) assisting the indemnifying party, at the indemnifying party’s reasonable expense, in the investigation of, preparation for and defense of any such claim, demand, or action; and (4) not compromising or settling such claim, demand, or action without the indemnified party’s written consent; provided, however, such consent is not required if such settlement does not involve or require any admission of liability, payments or changes in practice by the indemnified party.

 

d.                                      Each Party will maintain, for the duration of the Agreement, insurance with coverage amounts that are commercially reasonable to cover its obligations hereunder, and upon request, each Party will provide to the other Party a certificate of insurance showing that such insurance is in effect.

 

14.                               Severability.  The provisions of this Agreement are severable, and if any one provision is finally determined by a court of competent jurisdiction to be void, unenforceable, or contrary to law or public policy, the remainder of this Agreement will remain valid and enforceable.  If any of the restrictions contained in any paragraphs of this Agreement are found to be unenforceable in whole or in part, Contractor and Company agree that the restriction or portion thereof should be enforced to the fullest extent allowed by law.

 

15.                               Survivability.  The parties agree that the provisions of Sections 5(c) (Records), 6 (Confidentiality), 7(b) (Termination), 7(c) (Sales Event), and 13 (Indemnification) of this Agreement shall survive the expiration or termination of this Agreement.

 

16.                               Waiver.  Waiver by one party of any breach of any provision of this Agreement shall not operate or be construed as a waiver by that party of any subsequent breach.

 

17.                               Entire Agreement.  This Agreement supersedes any prior agreements or understandings, whether oral or in writing, and constitutes the entire agreement between the parties relating to the subject matters hereof.  This Agreement can be modified only in writing signed by authorized officers of both Contractor and Company.

 

18.                               Governing Law, Jurisdiction, and Venue.  Notwithstanding principles of conflicts of law of any jurisdiction to the contrary, the parties agree that all terms and provisions of this Agreement are to be construed and governed exclusively by the laws of the State of [Delaware].  Any action on or other legal proceeding arising out of or relating to this Agreement shall be brought exclusively in the federal courts whose jurisdiction and venue are in the State of Delaware, and Contractor and Company hereby each agree and submit to the personal jurisdiction and venue of any court therein.

 

19.                               Compliance.  This Agreement shall be construed to be in accordance with any and all federal and state laws, including laws relating to Medicare, Medicaid, and other third-party payors.  In the event that:

 

6

 

(a) there is a change in such laws, whether by statute, regulation, agency or judicial decision, that has any material effect on any term of this Agreement, including, without limitation, changes to the profitability expectations of a party; (b) counsel to one party determines that any term of this Agreement poses a risk of violating such laws; or (c) the compliance audit to be conducted in accordance with Section 5(e) of this Agreement identifies significant compliance concerns, then, in each case, the parties shall negotiate in good faith the necessary amendments to this Agreement to allow it to continue, as revised; provided, however, if it is not reasonably possible to negotiate such changes, or if the parties have negotiated for more than ninety (90) days without reaching agreement, either party can terminate this Agreement.  In the interim, both Company and Contractor shall perform their obligations in full compliance with applicable law.

 

20.                               Advice of Counsel.  The parties acknowledge that they have reviewed carefully all provisions contained in this Agreement prior to its execution and have had the advice of an attorney of the party’s choice.  Each party has executed this Agreement freely and voluntarily and believes this Agreement to be equitable, just, and reasonable.

 

21.                               Notice.  All notices will be in writing and delivered either (1) by actual delivery into the hands of the other party; or (2) by mailing the notice in the U. S. Mail to the last known address of the other party, certified mail, return receipt requested.  Notice will be deemed to be received in case (1) on the date of its actual receipt by the other party and in case (2) on the date of its mailing.

 

7

 

	
BlueWave Healthcare Consultants, Inc.
    	
 
    	
Singulex, Inc.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:  
    	
/s/ Brad Johnson
    	
 
    	
By:
    	
/s/ Philippe Goix
    
	
Its:
    	
President
    	
 
    	
Its: 
    	
CEO
    
	
Date:
    	
5-27-10
    	
 
    	
Date:
    	
5-15-2010
    
	
 
    	
 
    	
 
    
	
Address:
    	
 
    	
Address:
    
	
307 Commercial Street SE
    	
 
    	
1650 Harbor Bay Parkway, Suite 200
    
	
Hanceville, AL 35077
    	
 
    	
Alameda, CA 94502
    
	
Attn: Brad Johnson / Cal Dent
    	
 
    	
Attn: Philippe J. Goix, Ph.D.
    
	
Facsimile: (803) 544-9202
    	
 
    	
Facsimile: (510) 814-9018
    
	
Email: bjohnson@bluewavehealth.com
    	
 
    	
Email:p.goix@singulex.com
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/   F. Cal Dent III
    	
 
    	
 
    
	
F.   Cal Dent III
    	
 
    	
 
    
	
6/1/2010
    	
 
    	
 
    
	
cdent@bluewavehealth.com
    	
 
    	
 
    

 

8

 

Exhibit A

 

The Singulex Panel as of June 2010*

 

Singulex “Molecular”

 

Cardiac Troponin I (cTnI)

IL6

TSH

T3

T4

T3 Free

T4 Free

Uric Acid

IL-17a (up to 50 tests per day can be submitted to Company prior to August 1, 2010)

 

* Singulex may offer additional tests to specific physicians as mutually agreed upon by Singulex and BlueWave

 

 

Exhibit B

 

Sales Goals

 

 

[***]

 

[***] Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission.  Confidential treatment has been requested with respect to the omitted portions.

 

 

Stand Alone Agreement /s/ PG

 

Singulex Advanced (BlueWave) Panel

 

Cardiac troponin I (cTnI)

Sgx IL-6

Sgx IL-17A

Sgx TNF-alpha

Leptin

Adiponectin

Parathyroid (PTH)

Ferritin

Cortisol

 

Thyroid-related:

 

TSH

T3

T4

T3 Free

T4 Free

Uric acid blood

 

Other offerings:

 

Post-stress cTnI

 

 

	
BLUE WAVE HEALTHCARE CONSULTANTS, INC.
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
By:
    	
/s/   Brad Johnson
    	
 
    	
 
    
	
Name:
    	
President
    	
 
    	
 
    
	
Title:
    	
Brad   Johnson
    	
 
    	
 
    
	
Date:
    	
7-21-11
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
SINGULEX, INC.
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
By:
    	
/s/   Philippe Goix
    	
 
    	
 
    
	
Name:
    	
Philippe   Goix
    	
 
    	
/s/Gary   S. Tom
    
	
Title:
    	
CEO
    	
 
    	
 
    
	
Date:
    	
07-21-11
    	
 
    	
7-21-11
    

 

 

Stand Alone Agreement /s/ PG

 

SALES GOALS

 

The Sales Goals for the 2011 calendar year shall be a minimum of [***] for such calendar year.

 

TERRITORY

 

[***]

*Subject to mutual confirmation by Bluewave & Singulex  /s/ GT

 

	
BLUE WAVE HEALTHCARE CONSULTANTS, INC.
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
By:
    	
/s/   Brad Johnson
    	
 
    	
 
    
	
Name:
    	
President
    	
 
    	
 
    
	
Title:
    	
Brad   Johnson
    	
 
    	
 
    
	
Date:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
SINGULEX, INC.
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
By:
    	
/s/   Philippe Goix
    	
 
    	
Gary   S. Tom
    
	
Name:
    	
 
    	
 
    	
7-21-11
    
	
Title:
    	
 
    	
 
    	
 
    
	
Date:
    	
7-21-11
    	
 
    	
 
    

 

[***] Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission.  Confidential treatment has been requested with respect to the omitted portions.

 

 

Singulex Inc. - BlueWave Healthcare Consultants, Inc.
 Addendum #1 to Sales Agreement of June 1, 2010

 

December 1, 2011

 

Singulex, Inc. and BlueWave Healthcare Consultants, Inc. agree to the terms in this Addendum #1 to the Sales Agreement of June 1, 2010 (the “Original Agreement”) for the 2012 calendar year:

 

Sales goal for 2012:  [***]

 

Additional Incentive Program:

 

[***]

 

Where:

 

(1) the [***] is calculated from [***] received from (i) the Territory described in the Stand Alone Agreement of July 21, 2011 (attached) and (ii) [***], as described in Addendum #2 (combined, the “19 State Territory”); and

 

(2) the Commission Rate/Level corresponding to the [***] achieved would apply to all [***] for the 2012 calendar year from Territory but not  [***].  Commission on [***] from [***] are not subject to any commission adjustment and are paid [***] according to Addendum #2 to the Original Agreement.

 

Provided the actual [***] exceeds [***] by December 31, 2012, [***] will be applied to all [***] from the “Territory” for 2012.  Upon goal attainment all retroactive payments will be received on the following commission check.

 

	
BLUEWAVE HEALTHCARE   CONSULTANTS, INC.  
    	
 
    	
SINGULEX, INC.  
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Signature: 
    	
/s/ R. Brad Johnson
    	
 
    	
Signature: 
    	
/s/ Philippe Goix
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Printed Name: 
    	
R. Brad Johnson
    	
 
    	
Printed Name: 
    	
PHILIPPE GOIX
    
	
Date: 
    	
12-20-11  
    	
 
    	
 
    	
 
    
	
Title: 
    	
President  
    	
 
    	
Date: 
    	
2011-12-28  
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Signature: 
    	
/s/ F. Cal Dent III
    	
 
    	
Title: 
    	
President & CEO
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Printed Name: 
    	
F. CAL DENT III
    	
 
    	
 
    	
 
    
	
Date: 
    	
12-23-2011  
    	
 
    	
 
    	
 
    
	
Title: 
    	
V. President / Secretary
    	
 
    	
 
    	
 
    

 

[***] Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission.  Confidential treatment has been requested with respect to the omitted portions.

 

CONFIDENTIAL

 

 

Singulex Inc. - BlueWave Healthcare Consultants, Inc.
 Addendum #2 to Sales Agreement of June 1, 2010

 

December 1, 2011

 

Singulex, Inc. (“Singulex”) and BlueWave Healthcare Consultants, Inc. (“BlueWave”) agree to the terms in this Addendum #2 to the Sales Agreement of June 1, 2010 (the “Original Agreement”):

 

Starting January 1, 2012, Singulex and BlueWave agree to add the following three (3) states to the Territory described in the Stand Alone Agreement of July 21, 2011 (attached), and the combined Territory and additional states shall be referred to as the “19 State Territory”.  Such states shall be added to Territory for the term of the Original Agreement:

 

States

[***]

 

For the remainder of the term of the Original Agreement, [***] shall be paid [***], “commission” defined as in the Original Agreement.

 

[***] received from [***] during 2012 will be counted towards the [***] described in Addendum #1 to the Original Agreement.

 

The 2012 estimated volume from the three additional states is [***] per week by the end of 2012.  The projected volume from the three additional states is for projection purposes only and is not contractually binding.

 

 

	
BLUEWAVE HEALTHCARE   CONSULTANTS, INC.  
    	
 
    	
SINGULEX, INC.
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Signature: 
    	
/s/ R. Brad Johnson
    	
 
    	
Signature: 
    	
/s/ Philippe Goix
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Printed Name: 
    	
R. Brad Johnson
    	
 
    	
Printed Name: 
    	
PHILIPPE GOIX
    
	
Date: 
    	
12-20-11  
    	
 
    	
 
    	
 
    
	
Title: 
    	
President  
    	
 
    	
Date: 
    	
2011-12-28  
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Signature: 
    	
/s/ F. Cal Dent III
    	
 
    	
Title: 
    	
President & CEO
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Printed Name:
    	
F. CAL DENT III
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Date: 
    	
12/23/2011  
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Title: 
    	
V. President / Secretary
    	
 
    	
 
    	
 
    

 

[***] Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission.  Confidential treatment has been requested with respect to the omitted portions.

 

CONFIDENTIAL

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