Document:

Exhibit 10.59

 Exhibit 10.59 
 EXECUTION COPY 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (this “Agreement”), between SBA COMMUNICATIONS CORPORATION, a Florida corporation (the
“Company”), and ANTHONY J. MACAIONE (the “Executive”), made and entered into as of this 18th day of September, 2006 (the “Effective Date”). 
 W I T N E S S E T H : 
 WHEREAS, the Company and its subsidiaries (collectively, the
“Company Group”) engage in the business of developing, leasing and maintaining wireless telecommunications tower sites and other related businesses; 
 WHEREAS, the Executive has served as senior vice president and chief financial officer of the Company and its subsidiary, SBA Properties Inc., a Florida corporation (the “Subsidiary”), since
April 19, 2004; and 
 WHEREAS, the Executive and the Company wish to provide for the employment of the Executive by the Company Group
as of the Effective Date on the terms and conditions set forth in this Agreement; 
 NOW, THEREFORE, it is hereby agreed by and between the
parties as follows: 
 1. EMPLOYMENT. The Company hereby agrees to employ the Executive and the Executive hereby agrees to be employed
by the Company on the terms and conditions set forth herein. 
 2. TERM. The term (the “Term”) of employment of the
Executive by the Company Group hereunder shall commence as of the Effective Date and shall end December 31, 2009 (the “End Date”), unless sooner terminated as hereinafter provided. If the Executive continues in the employment
of the Company Group following the expiration of the Term, the Executive’s employment with the Company Group shall be at will, unless and until the parties negotiate and sign a new employment agreement regarding such future employment. Neither
party shall be under any obligation or duty to sign or negotiate any such new employment agreement. 
 3. POSITION AND DUTIES.

 (a) The Executive shall serve as the senior vice president and chief financial officer of the Company. The Executive shall
generally perform the duties of a senior vice president and chief financial officer for the Company and shall have such specific responsibilities, duties and authorities as shall from time to time be assigned by the President, Chief Executive
Officer, or Board of Directors of the Company (the “Board”). 
 (b) The Executive shall also serve, for no
additional consideration, in such other positions in the Company Group as determined from time to time by the Board and shall 

 
have such specific responsibilities, duties and authorities with respect to such positions as shall from time to time be assigned by the President, Chief
Executive Officer, or the Board. 
 (c) The Executive shall devote all his working time and efforts to the business and
affairs of the Company Group. 
 4. COMPENSATION AND RELATED MATTERS. 
 (a) Salary. During the Term, the Executive shall be paid an annual salary at a rate of $247,500 per annum, which amount may
be increased but not decreased by the Board (the “Base Salary”). The Company shall pay the Executive the Base Salary in accordance with its regular payroll practices as in effect from time to time. Compensation of the Executive by
payments of Base Salary shall not be deemed exclusive and shall not prevent the Executive from participating in any other compensation or benefit plan of the Company Group, subject to the eligibility requirements and other terms of such plan.

 (b) Annual Bonus. In addition to the Base Salary, the Executive shall be eligible to earn for each calendar
year ending during the Term an annual incentive bonus (the “Bonus”) based on the achievement of one or more performance goals, targets, measurements and other factors (collectively, the “Performance Goals”)
established for such year by the Compensation Committee of the Board (the “Committee”). The Executive’s target annual bonus (the “Target Bonus”) and the applicable Performance Goals will be established by the
Committee within 90 days of the first day of the year to which such Bonus relates; provided, however, that the minimum Target Bonus for each full year of service shall be 50% of Base Salary (the “Minimum Target
Bonus”). Payment of the Executive’s Bonus for any year will be based upon the achievement of the Performance Goals established by the Committee for that year (including, without limitation, the exercise of the Committee’s negative
discretion in accordance with its past practices with respect to the Performance Goals and related payment schedule established by the Committee for such Performance Goals). The actual bonus paid may be higher or lower than the Target Bonus for
over- or under-achievement of the Performance Goals (including, without limitation, as a result of the exercise by the Committee of negative discretion in accordance with its past practices with respect to the Performance Goals and related payment
schedule established by the Committee for such Performance Goals), as determined by the Committee. Subject to Section 6 hereof, a Bonus, if any, shall be payable by March 15th of the succeeding calendar year or as soon thereafter as may be
administratively practicable. 
 (c) Expenses. During the Term, the Executive shall be entitled to receive
payment or reimbursement for all reasonable expenses incurred by the Executive in performing services hereunder, including all expenses of travel and living expenses while away from home on business or at the request of and in the service of the
Company Group, cell phone expenses and dues and seminar fees; provided that such expenses are incurred and accounted for in accordance with the policies and procedures then established by the Company Group from time to time.

 (d) Other Benefits. The Executive shall be entitled to participate in or receive benefits under any employee
benefit plan or arrangement made available by the Company Group in the future to its executives and key management employees, subject to and on a basis 

  

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consistent with the terms, conditions and overall administration of such plans and arrangements, which benefits shall include disability insurance for as
long as the Company Group generally provides disability insurance to its officers. Any payments, bonuses or benefits payable to the Executive hereunder in respect of any calendar year during which the Executive is employed by the Company Group for
less than the entire such year shall, unless otherwise provided in the applicable plan or arrangement, be prorated in accordance with the number of days in such calendar year during which the Executive is so employed. 
 (e) Group or Family Medical Coverage. The Company shall immediately cause to be provided group or family medical insurance
coverage to the Executive and his dependents under a plan for employees of the Company Group, and such plan shall include reasonable coverage for medical, hospital, surgical and major medical expenses and shall be subject to such deductibles as
applicable to other Company Group employees. In addition, the Executive shall be entitled to participate in the Company’s plan providing supplemental medical expense reimbursement insurance (the “Medical Expense Reimbursement
Plan”) in accordance with the terms of such plan. 
 5. WITHHOLDING. Both the Executive and the Company agree that all
amounts paid pursuant to this Agreement shall be subject to all applicable federal, state, local and foreign withholding requirements. 
 6. TERMINATION. Subject to the provisions set forth in this Section 6, the Company shall have the right to terminate the Executive’s employment hereunder, and the Executive shall have the right to resign his employment with
the Company Group, at any time for any reason or for no stated reason. 
 (a) General. Upon a termination of the
Executive’s employment for any reason, he shall be entitled to receive (collectively, the “Termination Amount”): (i) any accrued and unpaid Base Salary for services performed up to and including the date of his termination
or resignation, as applicable, (ii) a cash payment (calculated on the basis of his Base Salary then in effect) for all unused vacation days that the Executive may have accrued as of his date of termination (subject to the terms of the
Company’s then applicable vacation policies) and (iii) any unpaid reimbursement for business expenses the Executive is entitled to receive under Section 4(c) hereof. 
 (b) Termination for Cause; Resignation Without Good Reason. 
 (i) If, prior to the expiration of the Term, the Executive’s employment with the Company Group is terminated by the Company for Cause
(as defined below) or if the Executive resigns without Good Reason (as defined below), he shall be entitled to receive the Termination Amount. Except to the extent required by the terms of any applicable compensation or benefit plan or program or
otherwise required by applicable law, the Executive shall have no right under this Agreement or otherwise to receive any other compensation or to participate in any other plan, program or arrangement after such termination or resignation of
employment with respect to the year of such termination or resignation and later years. 
  

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 (ii) “Cause” means the occurrence of any of the following events:

 (1) the Executive’s willful, material violation of any law or regulation applicable to the business of the Company
Group; 
 (2) the Executive’s conviction of, or plea of “no contest” to, a felony; 
 (3) any willful perpetration by the Executive of an act involving moral turpitude or common law fraud, whether or not related to his
activities on behalf of the Company Group; 
 (4) any act of gross negligence by the Executive in the performance of his
duties as an employee of the Company Group; 
 (5) any material violation by the Executive of the Company’s Code of
Ethics, as in effect from time to time; 
 (6) the willful and continued failure or refusal of the Executive to
satisfactorily perform the duties reasonably required of him as an employee of the Company Group; 
 (7) the indictment for
any crime, whether a felony or misdemeanor, involving the purchase or sale of any security, mail or wire fraud, theft, embezzlement, moral turpitude, or Company Group property where such indictment has a material adverse impact on the
Executive’s ability to perform his duties under this Agreement; or 
 (8) any willful misconduct by the Executive that
is materially injurious to the financial condition, business, or reputation of, or is otherwise materially injurious to, any member of the Company Group. 
 (iii) Termination of the Executive’s employment for Cause shall be communicated by delivery to the Executive of a written notice from the Board stating that the Executive will be terminated for Cause, specifying
the particulars thereof and the effective date of such termination; provided, however, that upon receipt of such notice, the Executive shall have (1) an opportunity to cure the matter constituting Cause within a measurable period
of time (provided that the event constituting Cause is then susceptible to cure) and (2) an opportunity, together with his counsel, to be heard by the Board. The date of the Executive’s termination for Cause shall be the date of
termination specified by the resolution of the Board; provided, however, that such termination shall not become effective until no earlier than the date of the meeting of the Board described in clause (2) of the preceding
sentence. The date of resignation by the Executive shall be the date specified in a written notice of resignation to the Company. The Executive shall provide at least 30 days’ advance written notice of resignation without Good Reason;
provided, however, that the Company, in its sole discretion, may waive the notice requirement in whole or in part. 
  

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 (c) Termination Without Cause; Resignation for Good Reason. 
 (i) If, prior to the expiration of the Term, the Executive’s employment with the Company Group is terminated by the Company without
Cause or if the Executive resigns from his employment hereunder for Good Reason, then, in addition to the Termination Amount, the Executive shall be entitled to receive: 
 (1) an amount equal to the sum of the following amounts (collectively, the “Severance Amount”): 
 (A) an amount equal to the pro rata portion of the Target Bonus for the year in which the termination or resignation occurs,
calculated by multiplying (x) the Minimum Target Bonus for the year of termination by (y) a fraction, the numerator of which is the number of days the Executive was employed during the year of such termination or resignation and the
denominator of which is 365; plus 
 (B) an amount equal to 2.0 times the sum of: (i) the Base Salary in effect for the
year of termination or resignation and (ii) the Minimum Target Bonus; and 
 (2) continuation of applicable medical,
dental and life insurance benefits (based on the coverage in effect for the Executive and his dependents at the time of such termination or resignation, but excluding the Medical Expense Reimbursement Plan), from the date of termination or
resignation until the earlier to occur of (i) the second anniversary of the date of termination or (ii) the date the Executive becomes eligible for comparable benefits provided by a third party (in either case, the “Continuation
Period”); provided, however, that the continuation of such benefits shall be subject to the respective terms of the applicable plan, as in effect from time to time; 409A Compliance (as defined in Section 10 hereof); and
the timely payment by the Executive of his applicable share of the applicable premiums in effect from time to time during the Continuation Period. 
 (ii) Except as provided for in Section 7(b), the Severance Amount shall be paid in 24 equal monthly installments, commencing with the month following the month in which the Executive’s termination or
resignation becomes effective in accordance with this Section 6(c). 
 (iii) The payment of the Severance Amount and the
continuation of benefits shall each be contingent upon the Executive executing a full release and waiver of claims against the Company Group in a form approved by the Board. 
 (iv) “Good Reason” means the occurrence of any of the following events: 
 (1) the Executive’s position, title, duties, and reporting responsibilities with the Company in effect on the Effective Date become
less favorable in any material respect; 
  

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 (2) a reduction in the Base Salary, Minimum Target Bonus or material benefits, as of the
Effective Date; or 
 (3) the relocation, without the Executive’s consent, of the Executive’s principal place of
business to a location that is more than 60 miles from the Executive’s primary business location on the Effective Date. 
 (v) In order to constitute Good Reason, (1) the Executive must provide written notification of his intention to resign within 30 days after the Executive knows or has reason to know of the occurrence of any such event, (2) such
event or condition is not corrected, in all material respects, by the Company Group within 20 days of its receipt of such notice and (3) the Executive resigns his employment with the Company Group not more than 30 days following the expiration
of the 20-day period described in the foregoing clause (2). 
 (vi) The date of termination of employment without Cause shall
be the date specified in a written notice of termination to the Executive. The date of resignation for Good Reason shall be the date specified in a written notice of resignation from the Executive to the Company; provided, however,
that no such written notice shall be effective unless the cure period specified in Section 6(c)(v) above has expired without the Company having corrected the event or events subject to cure. 
 (d) Disability; Death. 
 (i) If, as a result of the Executive’s incapacity due to physical or mental illness (such incapacity being determined by the Board in its reasonable discretion), the Executive shall have been absent from his
full-time duties as described hereunder for the entire period of 6 consecutive months, the Company may terminate the Executive’s employment hereunder. 
 (ii) Upon a termination pursuant to this Section 6(d) or as a result of the Executive’s death, the Executive (or his estate, as applicable) shall be entitled to receive: 
 (1) the Termination Amount, and 
 (2) an amount equal to the pro rata portion of the Target Bonus for the year in which the termination occurs, calculated by multiplying (x) the Minimum Target Bonus for the year of termination by
(y) a fraction, the numerator of which is the number of days the Executive was employed during the year of termination and the denominator of which is 365. 
 (iii) Except to the extent required by the terms of any applicable compensation or benefit plan or program or otherwise required by
applicable law, the Executive shall have no right under this Agreement or otherwise to receive any other compensation or to participate in any other plan, program or arrangement after such termination. 
  

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 (e) Section 409A Compliance. 
 (i) If, at the time of the Executive’s Separation from Service (as defined below) with the Company Group, the Executive is a
Specified Employee (as defined below), then, solely to the extent necessary for Section 409A Compliance, any amounts payable to the Executive pursuant to this Agreement during the period beginning on the date of the Executive’s Separation
from Service and ending on the 6-month anniversary of such date (the “Short-Term Deferral Date”) shall be delayed and not paid to the Executive until the first business day following the Short-Term Deferral Date, at which time such
delayed amounts will be paid to the Executive in a cash lump sum (the “Catch-Up Amount”). 
 (ii) If payment
of an amount is delayed as a result of this Section 6(e), such amount shall be increased with interest from the date on which such amount would otherwise have been paid to the Executive but for this Section 6(e) to the day prior to the
date the Catch-Up Amount is paid. The rate of interest shall be the applicable short-term federal rate applicable under Section 7872(f)(2)(A) of the Internal Revenue Code of 1986, as amended (the “Code”) for the month in which
the date of the Executive’s Separation from Service occurs. Such interest shall be paid at the same time that the Catch-Up Amount is paid. 
 (iii) If the Executive dies on or after the date of the Executive’s Separation from Service and prior to the Short-Term Deferral Date, any amount delayed pursuant to this Section 6(e) shall be paid to the
Executive’s estate or beneficiary, as applicable, together with interest, within 30 days following the date of the Executive’s death. 
 (iv) “Specified Employee” has the meaning set forth in Section 409A(a)(2)(B)(i) of the Code. 
 (v) “Separation from Service” means a “separation from service” from the Company Group as defined in applicable Treasury regulations for purposes of Section 409A of the Code.

 (vi) The provisions of this Section 6(e) shall apply notwithstanding any provision of this Agreement related to the
timing of payments following the Executive’s Separation from Service. 
 7. CHANGE IN CONTROL; PAYMENT OF SEVERANCE AMOUNT.

 (a) If a Change in Control of the Company (as defined below) shall become effective during the Term, the Term shall
automatically be extended for 2 years following the effective date of such Change in Control and the End Date shall be deemed to be the second anniversary of the effective date of such Change in Control. 
 (b) In the event that the Executive’s employment is terminated without Cause or the Executive resigns for Good Reason during the
Term, and such termination or resignation occurs after a Change in Control, then, notwithstanding Section 6(c)(ii) hereof, the Severance 

  

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Amount shall be paid in a lump sum on the last business day of the first month following the month in which such termination or resignation is effective;
provided, however, that if the Executive is a Specified Employee at the time of the Executive’s Separation from Service, then, solely to the extent necessary for Section 409A Compliance, the Severance Amount (increased with
interest in the manner contemplated by Section 6(e)(ii) hereof) shall be paid to the Executive on the first business day following the Short-Term Deferral Date (or, in the event of the Executive’s death after the date of the
Executive’s Separation from Service but prior to the date of payment of the Special Payment, to the Executive’s estate or beneficiary, as applicable, together with interest, within 30 days following the date of the Executive’s death).

 (c) A “Change in Control” shall be deemed to have occurred when: 
 (i) any person is or becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of
securities of the Company representing 35% or more of the combined voting power of the Company’s then-outstanding securities; or 
 (ii) the following individuals cease for any reason to constitute a majority of the number of directors then serving: individuals who constitute the Board as of the Effective Date and any new director (other than a
director whose initial assumption of office is in connection with an actual or threatened election contest, including, but not limited to, a consent solicitation, relating to the election of directors of the Company) whose appointment or election by
the Board or nomination for election by the Company’s shareholders was approved or recommended by a vote of at least a majority of the directors then still in office who either were directors on the Effective Date or whose appointment, election
or nomination for election was previously so approved or recommended; or 
 (iii) there is consummated a merger or
consolidation of the Company, other than (A) a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining
outstanding or by being converted into voting securities of the surviving entity or any parent thereof), in combination with the ownership of any trustee or other fiduciary holding securities under an employee benefit plan of the Company or any
subsidiary, at least 50% of the combined voting power of the securities of the Company or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation, or (B) a merger or consolidation effected to
implement a recapitalization of the Company (or similar transaction) in which no person is or becomes the beneficial owner, directly or indirectly, of securities of the Company (not including in the securities beneficially owned by such person any
securities acquired directly from the Company or its affiliates other than in connection with the securities acquired directly from the Company or its affiliates other than in connection with the acquisition by the Company or its affiliates of a
business) representing 50% or more of the combined voting power of the Company’s then outstanding securities; or 
  

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 (iv) the shareholders of the Company approve a plan of complete liquidation or
dissolution of the Company or there is consummated an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets, other than a sale or disposition by the Company of all or substantially all of the
Company’s assets to an entity, at least 50% of the combined voting power of the voting securities of which are owned by shareholders of the Company in substantially the same proportions as their ownership of the Company immediately prior to
such sale. 
 8. CERTAIN ADDITIONAL PAYMENTS BY THE COMPANY. 
 (a) In the event that any amount or benefit paid, distributed or otherwise provided to the Executive by the Company Group, whether
pursuant to this Agreement or otherwise, but determined without regard to any additional payment required under this Section 8(a) (collectively, the “Covered Payments”), would (x) constitute a “parachute payment”
within the meaning of Section 280G of the Code, and (y) be subject to the excise tax imposed by Section 4999 of the Code or any interest or penalties payable with respect to such excise tax (such excise tax, together with any such
interest and penalties, are hereinafter collectively referred to as the “Excise Tax”), then the Executive shall be entitled to receive from the Company an additional payment (the “Gross-Up Payment,” and any
iterative payments pursuant to this paragraph also shall be “Gross-Up Payments”) in an amount that shall fund the payment by the Executive of any Excise Tax on the Covered Payments, as well as all income and employment taxes on the
Gross-Up Payment, any Excise Tax imposed on the Gross-Up Payment and any interest or penalties imposed with respect to income and employment taxes imposed on the Gross-Up Payment. For this purpose, all income taxes will be assumed to apply to the
Executive at the highest marginal rate. 
 (b) A nationally recognized firm of independent accountants, selected by the
Company after consultation with the Executive, shall perform the foregoing calculations. The Company shall bear all expenses with respect to the determinations by such accounting firm required to be made hereunder. Such accounting firm shall apply
the provisions of this Section 8 in a reasonable manner and in good faith in accordance with then prevailing practices in the interpretation and application of Section 280G of the Code. For purposes of applying the provisions of this
Section 8, the Company shall be entitled to rely on the written advice of legal counsel or such accounting firm as to whether one or more Covered Payments constitute “parachute payments” under Section 280G of the Code.

 (c) The accounting firm engaged to make the determinations hereunder shall provide its calculations, together with detailed
supporting documentation, to the Company and the Executive within 30 calendar days after the date that such accounting firm has been engaged to make such determinations or such other time as requested by the Company or the Executive. If the
accounting firm determines that no Excise Tax is payable with respect to a Covered Payment, it shall furnish the Company and the Executive with an opinion reasonably acceptable to the Executive that no Excise Tax will be imposed with respect to such
Covered Payment. Any good faith determinations of the accounting firm made hereunder shall be final, binding, and conclusive upon the Company and the Executive. 
  

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 (d) If the Executive has not incurred a Separation from Service at the time that a
Gross-Up Payment becomes payable to the Executive hereunder, (i) the Company’s reasonable best estimate of the full amount of the Gross-Up Payment will be paid to the Executive promptly after such amount is determined by the Company in
accordance with the provisions of this Section 8, but in no event later than the 15th day of the third month following the calendar year in which the event described in Section 280G(b)(2)(A)(i) of the Code giving rise to such Gross-Up
Payment obligation occurs, and (ii) any subsequent portions of such Gross-Up Payment (as determined by the Company in accordance with this Section 8) shall be payable to the Executive as of the last business day of the third month
following the month in which any later payment, determination or other event resulting in the Company’s obligation to pay such subsequent portion occurs. If a Gross-Up Payment is payable to the Executive following the Executive’s
Separation from Service, (i) the Company’s reasonable best estimate of the full amount of such Gross-Up Payment (determined by the Company in accordance with the provisions of this Section 8) shall be paid to the Executive on the
first business day following the Short-Term Deferral Date (or, in the event of the Executive’s death, within 30 days following the date of such death) and (ii) any subsequent portion of such Gross-Up Payment (determined by the Company in
accordance with this Section 8) shall be payable to the Executive (or the Executive’s Beneficiary, in the event of the Executive’s death) as of the last business day of the third month following the month in which the later payment,
determination or other event resulting in the Company’s obligation to pay such subsequent portion occurs. 
 9. PROTECTION OF THE
COMPANY GROUP’S INTERESTS. 
 (a) No Competing Employment. During the Term and, in the event the Term ends
prior to the End Date for any reason other than the Executive’s death but including, without limitation, termination without Cause or resignation for Good Reason, for a period of 2 years following the effective date of such termination or
resignation, the Executive shall not, without the prior written consent of the Board, directly or indirectly, own an interest in, manage, operate, join, control, lend money or render financial or other assistance to or participate in or be connected
with, as an officer, employee, partner, stockholder, consultant or otherwise, any individual, partnership, firm, corporation or other business organization or entity that competes with the business of the Company Group by providing any goods or
services provided or under development by the Company Group at the effective date of the Executive’s termination of employment (the “Business”); provided, however, that this Section 9(a) shall not proscribe
the Executive’s ownership, either directly or indirectly, of less than 1% of any class of securities which are listed on a national securities exchange or quoted on the automated quotation system of the National Association of Securities
Dealers, Inc. 
 (b) No Interference. For so long as the Executive is employed by the Company Group and during a
period of 2 years after his employment with the Company Group ends for any reason other than the Executive’s death but including, without limitation, termination without Cause or resignation for Good Reason (the “Restricted
Period”), the Executive shall not, directly or indirectly, whether for his own account or for the account of any other individual, partnership, firm, corporation or other business organization (other than the Company Group),
(i) solicit, or endeavor to entice away from the Company Group, or otherwise interfere with the relationship of the Company Group with, any person or entity who is, or was within the then most recent 12-month period, (A) employed by, or
otherwise engaged to perform 

  

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services for, the Company Group, or (B) a customer or client of the Company Group, (ii) assist or encourage any other person in carrying out,
directly or indirectly, any activity that would be prohibited by the provisions of this Section 9(b) if such activity were carried out by the Executive, and, in particular, the Executive agrees that he will not, directly or indirectly, induce
any employee of the Company Group to carry out any such activity, or (iii) otherwise interfere with the business of the Company Group. 
 (c) Non-Disparagement. During the Restricted Period, the Executive shall not intentionally make any public statement, or publicly release any information, that disparages or defames the Company Group, or
any of its members, officers or directors, and shall not intentionally cause or encourage any other person to make any such statement or publicly release any such information. 
 (d) Confidentiality. The Executive understands and acknowledges that, in the course of his employment, he has had and will
continue to have access to and will learn confidential information regarding the Company Group that concerns the technological innovations, operations and methodologies of the Company Group, including, without limitation, business plans, financial
information, protocols, proposals, manuals, procedures and guidelines, computer source codes, programs, software, know-how and specifications, copyrights, trade secrets, market information, Developments (as hereinafter defined), data and customer
information (collectively, “Proprietary Information”). The Executive recognizes that the use or disclosure of Proprietary Information could cause the Company or any member of the Company Group substantial loss and damages that could
not be readily calculated, and for which no remedy at law would be adequate. Accordingly, the Executive agrees that, during the Restricted Period and thereafter, he shall keep confidential and shall not, directly or indirectly, disclose any such
Proprietary Information to any third party, except as required to fulfill his duties in connection with his employment by the Company Group, and shall not misuse, misappropriate or exploit such Proprietary Information in any way. The restrictions
contained herein shall not apply to any information that the Executive can demonstrate (i) was already available to the public at the time of disclosure, or subsequently became available to the public, otherwise than by breach of this Agreement
or (ii) was the subject of a court order to disclose. 
 “Developments” shall mean all data,
discoveries, findings, reports, designs, inventions, improvements, methods, practices, techniques, developments, programs, concepts and ideas, whether or not patentable, relating to the present or planned activities, or the products and services of
the Company Group. 
 (e) Exclusive Property. The Executive confirms that all Proprietary Information is and
shall remain the exclusive property of the Company. All business records, papers and documents kept or made by him relating to the business of the Company Group shall be and remain the property of the Company. Upon the termination of the
Executive’s employment with the Company Group or upon the request of the Company at any time, he shall promptly deliver to the Company, and shall not, without the consent of the Company, retain copies of any written materials not previously
made available to the public, or records and documents made by the Executive or coming into his possession concerning the business or affairs of the Company Group; provided, however, that subsequent to any such termination, the Company
shall provide the Executive with copies (the cost of which shall be borne by the 

  

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Executive) of any documents that are requested by the Executive and that he has determined in good faith are (i) required to establish a defense to a
claim that the Executive has not complied with his duties hereunder or (ii) necessary to the Executive in order to comply with applicable law. 
 (f) Assignment of Developments. During the Executive’s employment, all Developments that are at any time made, reduced to practice, conceived or suggested by him, whether acting alone or in
conjunction with others, shall be the sole and absolute property of the Company, free of any reserved or other rights of any kind on his part, and the Executive hereby irrevocably assigns, conveys and transfers any and all right, title and interest
that he may have in such Developments to the Company Group. If such Developments were made, conceived or suggested by the Executive during or as a result of his employment relationship with the Company Group, the Executive shall promptly make full
disclosure of any such Developments to the Company and, at the Company’s cost and expense, do all acts and things (including, among others, the execution and delivery under oath of patent and copyright applications and instruments of
assignment) deemed by the Company to be necessary or desirable at any time in order to effect the full assignment to the Company of his right, title and interest, if any, to such Developments. The Executive acknowledges and agrees that any
invention, concept, design or discovery that concretely relates to or is associated with the Executive’s work for the Company Group that is described in a patent application or is disclosed to a third party, directly or indirectly, by the
Executive during the Restricted Period shall be the property of and owned by the Company, and such disclosure by patent application (except by way of a patent application filed by any member of the Company Group) or otherwise shall constitute a
breach of this Section 9. 
 (g) Injunctive Relief. Without intending to limit the remedies available to
the Company, the Executive acknowledges that a breach of any of the covenants contained in this Section 9 may result in material irreparable injury to the Company Group or any of its members for which there is no adequate remedy at law, that it
will not be possible to measure damages for such injuries precisely and that, in the event of such a breach or threat thereof, the Company shall be entitled to obtain a temporary restraining order and/or a preliminary or permanent injunction
restraining the Executive from engaging in activities prohibited by this Section 9 or such other relief as may be required to specifically enforce any of the covenants in this Section 9, without the Company being required to show any
actual damage or to post an injunction bond. 
 (h) Enforceability. Should any of the time periods or the
geographic area set forth in this Section 9 be held to be unreasonable by any court of competent subject matter jurisdiction, the parties hereto agree to petition such court to reduce the time period or geographic area to the maximum time
period or geographic area, as applicable, permitted by governing law. 
 (i) Periods Following the Term.
Other than the provisions of Section 9(a), the provisions of this Section 9 shall continue in effect in accordance with the provisions hereof following the expiration of the Term, including, without limitation, during any period that
the Executive remains an employee-at-will of the Company. 
  

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 (j) Reciprocity of Obligations. Notwithstanding anything to the
contrary in this Agreement, in the event the Company is obligated to pay the Severance Amount under Section 6(c) of this Agreement, the Executive’s obligations under Section 9(a) of this Agreement shall be conditioned upon payment of
the Severance Amount at the time and in the manner contemplated by Section 6(c); provided, however, that, without limiting any other remedies available to the Company, in the event of the Executive’s breach of
Section 9(a) or (b) of this Agreement, the Company shall cease to have any obligation as of the date of such breach to make any payments under Section 6(c) of this Agreement. The party alleging a breach described in this
Section 9(j) shall provide prompt written notice of such breach to the other party hereto, and the party receiving such notice shall have 10 days from the date of delivery of such notice (as determined in accordance with Section 11 hereof)
to cure such breach to the reasonable satisfaction of the party delivering such notice. The party delivering the notice shall not be released of its obligations hereunder unless the 10-day cure period shall have expired without the alleged breach
having been cured in the manner described in the previous sentence. 
 10. SECTION 409A COMPLIANCE; AMENDMENTS. If any provision of
this Agreement would, in the reasonable, good faith judgment of the Company, result or likely result in the imposition on the Executive or any other person of a penalty tax under Section 409A of the Code, the Company may reform this Agreement
or any provision hereof, without the Executive’s consent, in the manner that the Company reasonably and in good faith determines to be necessary or advisable to avoid the imposition of such penalty tax (hereinafter “Section 409A
Compliance”); provided, however, that any such reformation shall, to the maximum extent the Company reasonably and in good faith determines to be possible, retain the economic and tax benefits to the Executive hereunder while
not materially increasing the cost to the Company of providing such benefits to the Executive. Except as provided for in the preceding sentence, the provisions of this Agreement may not be amended, supplemented, waived or changed orally, but only by
a writing signed by the party as to whom enforcement of any such amendment, supplement, waiver or modification is sought and making specific reference to this Agreement. 
 11. NOTICE. All notices, requests, consents and other communications required or permitted under this Agreement shall be in writing (including electronic transmission) and shall be (as elected by the person
giving such notice) hand delivered by messenger or courier service, electronically transmitted, or mailed (airmail if international) by registered or certified mail (postage prepaid), return receipt requested, addressed to: 
 If to the Executive: 
 Anthony J. Macaione 
 1162 Fairfield Meadows Drive 
 Weston, Florida 33327-1813 
 If to the Company: 
 SBA COMMUNICATIONS CORPORATION 
 5900 Broken Sound Parkway N.W. 
 Boca Raton, Florida 33487 
 Attn: President 
  

 13 

 With a copy to: 
 Shearman & Sterling LLP 
 599 Lexington Avenue 
 New York, New York 10022 
 Attn: Kenneth J. Laverriere 
 or to such
other address as any party may designate by notice complying with the provisions of this Section 11. Each such notice shall be deemed delivered (a) on the date delivered if by personal delivery; (b) on the date of transmission with
confirmed answer back if by electronic transmission; and (c) on the date upon which the return receipt is signed or delivery is refused or the notice is designated by the postal authorities as not deliverable, as the case may be, if mailed.

 12. ASSIGNMENTS. No party shall assign his or its rights and/or obligations under this Agreement without the prior written consent
of each other party to this Agreement. The Company will require a successor to all or substantially all of the business or assets of the Company to assume expressly and to agree to perform this Agreement in the same manner and to the same extent
that the Company would be required to perform this Agreement if no such succession had taken place. 
 13. COUNTERPARTS. This
Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument. Confirmation of execution by electronic transmission of a facsimile
signature page shall be binding upon any party so confirming. 
 14. ARBITRATION. Any dispute or controversy arising under or in
connection with this Agreement that cannot be mutually resolved by the parties to this Agreement and their respective advisors and representatives shall be settled exclusively by arbitration in Palm Beach County, Florida in accordance with the rules
of the American Arbitration Association before one arbitrator of exemplary qualifications and stature, who shall be selected jointly by an individual to be designated by the Company and an individual to be designated by the Executive, or if such two
individuals cannot agree on the selection of the arbitrator, who shall be selected by the American Arbitration Association. The Company shall pay for the cost of the arbitrator and the successful or prevailing party or parties shall be entitled to
recover reasonable attorneys’ fees, sales and use taxes, costs and all expenses even if not taxable as court costs, incurred in the arbitration proceeding or any legal proceeding to enforce any award granted thereunder, in addition to any other
relief to which such party or parties may be entitled. The parties hereby agree to waive their right to have any dispute between them resolved in a court of law by a judge or jury; provided, however, that this Section 14 will not
prevent the Company Group from seeking equitable or injunctive relief (or any other provisional remedy) from any court having jurisdiction over the parties and the subject matter hereof relating to a breach or violation or threatened breach or
violation of the Executive’s obligations under Section 9 hereof; provided further that this Section 14 will not prevent either party from enforcing any arbitration award granted hereunder in any court having jurisdiction
over the parties. 
 15. SEVERABILITY. If any provision of this Agreement or any other agreement entered into pursuant hereto is
contrary to, prohibited by or deemed invalid under applicable law or regulation, such provision shall be inapplicable and deemed omitted to the extent so contrary, 

  

 14 

 
prohibited or invalid, but the remainder hereof shall not be invalidated thereby and shall be given full force and effect so far as possible. If any
provision of this Agreement may be construed in two or more ways, one of which would render the provision invalid or otherwise voidable or unenforceable and another of which would render the provision valid and enforceable, such provision shall have
the meaning which renders it valid and enforceable. 
 16. ENTIRE AGREEMENT. This Agreement represents the entire understanding and
agreement between the parties with respect to the subject matter hereof, and supersedes all other negotiations, understandings and representations (if any) made by and between such parties; provided, however, that nothing in this
Agreement shall be construed to modify any existing equity award granted to the Executive by the Company prior to the Effective Date. 
 17. GOVERNING LAW. This Agreement and all transactions contemplated by this Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Florida. 
 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date and year first above written. 
  

			
	 SBA COMMUNICATIONS CORPORATION

		
	By:	 	 /s/ Jeffrey A. Stoops

		 	 Jeffrey A. Stoops

		 	 President and Chief Executive Officer

  

	
	 ANTHONY J. MACAIONE

	
	 /s/ Anthony J. Macaione

  

 15Credit Agreement

 EXHIBIT 10.1 
 EXECUTION COPY 
 CREDIT AGREEMENT 
 THIS CREDIT AGREEMENT (this “Agreement”) is entered into as of November 8, 2006, by and between NATUS MEDICAL INCORPORATED, a
Delaware corporation (“Borrower”), and WELLS FARGO BANK, NATIONAL ASSOCIATION (“Bank”). 
 RECITALS

 WHEREAS, Borrower and Bank are party to that certain Credit Agreement, dated as of January 4, 2006 (as amended, restated,
modified and/or supplemented prior to the date hereof, the “Prior Agreement”). 
 WHEREAS, Borrower has requested that Bank
(i) cancel the Prior Agreement and (ii) extend or continue credit to Borrower as described below, and Bank has agreed to provide such credit to Borrower on the terms and conditions contained herein. 
 NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Bank and Borrower hereby agree as follows;
provided that nothing contained herein shall terminate any security interests, guaranties or subordinations granted in favor of Bank pursuant to the Prior Agreement and the transactions contemplated thereby, and all such security interests,
guaranties and subordinations shall continue in full force and effect: 
 ARTICLE I 
 DEFINITIONS 
 As used in this
Agreement, the following terms shall have the meaning set forth below (such meanings to be equally applicable to both the singular and plural forms of the terms defined): 
 “AAA” has the meaning ascribed to such term in Section 8.12(b) hereof. 
 “Adjusted EBITDA” means, with reference to any period, EBITDA for such period plus all amounts deducted in arriving at such EBITDA amount in respect of write-offs of acquired in-process research and development expenses
related to (i) acquisitions entered in to by Borrower prior to the Closing Date and (ii) acquisitions entered in to by Borrower after the Closing Date that constitute Permitted Investments described in clauses (e) and (f) of the
definition of “Permitted Investment”. 
 “Agreement” has the meaning ascribed to such term in the introductory
paragraph hereof. 
 “Bank” has the meaning ascribed to such term in the introductory paragraph hereof. 
 “Bankruptcy Code” means the Bankruptcy Reform Act, Title 11 of the United States Code, as amended or recodified from time to time.

 “Bio-logic” means Bio-logic Systems Corp., a Delaware corporation. 
 “Borrower” has the meaning ascribed to such term in the introductory paragraph hereof. 
 “Closing Date” means November 8, 2006. 
 “Confidential Information” means all non-public, confidential and/or proprietary information of Borrower, now or at any time hereafter provided to Bank by Borrower, or any of Borrower’s officers,
employees, agents or representatives, in connection with Bank’s evaluation of Borrower’s credit request and/or Bank’s ongoing credit accommodations to Borrower, and shall include, without limitation, any and all financial, technical
and/or business information relating to Borrower, including trade secrets, research and development test results, marketing or business plans and strategies, forecasts, budgets, projections, customer and supplier information, and any other analyses,
computations or studies prepared by or for Borrower. 

 “Default” means any event or condition that constitutes an Event of Default or that,
with the giving of notice, the passage of time, or both, would constitute an Event of Default. 
 “Domestic Subsidiary”
means any Subsidiary that is not a Foreign Subsidiary. 
 “EBITDA” means, with reference to any period, Net Income for such
period plus all amounts deducted in arriving at such Net Income amount in respect of (a) Interest Expense for such period, plus (b) federal, state and local income taxes for such period, plus (c) all amounts properly charged for
depreciation of fixed assets and amortization of intangible assets during such period on the books of Borrower and its Subsidiaries. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended or recodified from time to time. 
 “Event of Default” has the meaning ascribed to such term in Article VII hereof. 
 “Foreign
Subsidiary” means any Subsidiary organized under the laws of a country (or political subdivision thereof) other than the United States of America. Each of Natus Neonatal, a company organized under the laws of the United Kingdom,
Fischer-Zoth Diagnosesysteme GmbH, a company organized under the laws of Germany, Fischer-Zoth GmbH, a company organized under the laws of Austria, DeltaMed SA, a société anonyme organized under the laws of France, and Natus Medical
Ireland Ltd., a company organized under the laws of Ireland, are Foreign Subsidiaries of Borrower. 
 “GAAP” means generally
accepted accounting principles applicable in the United States of America set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of
the Financial Accounting Standards Board or such other principles as may be approved by a significant segment of the accounting profession in the United States of America, that are applicable to the circumstances as of the date of determination,
consistently applied. 
 “Guarantor” or “Guarantors” have the meanings ascribed to such terms in
Section 2.5 hereof. 
 “Guaranty” or “Guaranties” have the meanings ascribed to such terms in
Section 2.5 hereof. 
 “Interest Expense” means, with reference to any period, the sum of all interest charges
(including imputed interest charges with respect to capitalized lease obligations and all amortization of debt discount and expense) of Borrower and its Subsidiaries for such period determined in accordance with GAAP. 
 “Investment” means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the
purchase or other acquisition of capital stock or other securities of another Person, (b) a loan, advance or capital contribution to, guarantee or assumption of debt of, or purchase or other acquisition of any other debt or equity participation
or interest in, another Person, including any partnership or joint venture interest in such other Person and any arrangement pursuant to which the investor guarantees Indebtedness of such other Person, or (c) the purchase or other acquisition
(in one transaction or a series of transactions) of assets of another Person that constitute a business unit. For purposes of covenant compliance, the amount of any Investment shall be the amount actually invested, without adjustment for subsequent
increases or decreases in the value of such Investment. 
 “Loan Documents” means this Agreement, the Line of Credit Note,
the Security Agreement, the Guaranties, and each other contract, instrument and document required by or delivered to Bank in connection with this Agreement. 
 “Liquidity” means, as of any date, the sum of Borrower’s unrestricted cash and unrestricted short-term marketable securities. 
 “Material Adverse Effect” means a material adverse effect on (i) the business operations or financial condition of Borrower and its
Subsidiaries taken as a whole, (ii) the ability of Borrower to repay all debt, principal, interest, 
  

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 expenses and other amounts owed to Bank by Borrower pursuant to this Agreement, the Line of Credit Note or any other Loan
Document, or to otherwise perform its material obligations under the Loan Documents, or (iii) Borrower’s interest in, or the value, perfection or priority of Bank’s security interest or lien, as applicable, in the collateral described
in Section 2.4 hereof. 
 “Net Income” means, with reference to any period, the net income (or net loss) of Borrower
and its Subsidiaries for such period computed on a consolidated basis in accordance with GAAP; provided that there shall be excluded from Net Income (a) the net income (or net loss) of any Person accrued prior to the date it becomes a
Subsidiary of, or has merged into or consolidated with, Borrower or another Subsidiary, (b) the net income (or net loss) of any Person (other than a Subsidiary) in which Borrower or any of its Subsidiaries has an equity interest, except to the
extent of the amount of dividends or other distributions actually paid to Borrower or any of its Subsidiaries during such period, and (c) any extraordinary profits and also excluding any taxes on such profits. 
 “Olympic Medical” means Olympic Medical Corp., a Washington corporation. 
 “Permitted Indebtedness” means: 
 (a) the liabilities of Borrower to Bank; 
 (b) any other liabilities of Borrower existing as of, and disclosed to Bank prior to, the Closing Date; 
 (c) unsecured indebtedness to trade creditors incurred in the ordinary course of business; 
 (d) indebtedness secured by Permitted Liens; 
 (d) guaranty obligations of Borrower with respect to indebtedness of Subsidiaries of Borrower permitted under Section 6.6; and 
 (f) extensions, refinancings, modifications, amendments and restatements of any items of Permitted Indebtedness identified in (a) through (e) above, provided that the principal amount is not increased nor the terms modified
to impose more burdensome terms upon Borrower or its Subsidiaries, as the case may be. 
 “Permitted Investments” means: 
 (a) Investments by Borrower existing as of, and disclosed to Bank prior to, the Closing Date; 
 (b) Investments by Borrower in (i) marketable direct obligations issued or unconditionally guaranteed by the United States of America or any agency
or any state thereof maturing within one year from the date of acquisition thereof, (ii) commercial paper maturing no more than one year from the date of creation thereof and currently having rating of at least A-2 or P-2 from either
Standard & Poor’s Corporation or Moody’s Investors Service, (iii) Bank’s certificates of deposit maturing no more than one year from the date of investment therein, and (iv) Bank’s money market accounts;

 (c) Investments by Borrower consisting of the endorsement of negotiable instruments for deposit or collection or similar transactions in
the ordinary course of business of Borrower; 
 (d) Investments by Borrower consisting of deposit accounts in which Bank has a first priority
perfected security interest; 
 (e) Investments, in the aggregate not to exceed $10,000,000.00, by Borrower (i) in Subsidiaries formed
or acquired after the Closing Date and/or (ii) constituting the purchase or other acquisition (in one transaction or a series of transactions) of assets of another Person that constitute a business unit; 
 (f) Investments by Borrower not to exceed $250,000.00 in the aggregate in any fiscal year consisting of (i) travel advances and employee relocation
loans and other employee loans and advances in the ordinary course of business, and (ii) loans to employees, officers or directors relating to the purchase of equity securities of Borrower pursuant to employee stock purchase plans or agreements
approved by Borrower’s board of directors; 
  

 - 3 - 

 (g) Investments (including debt obligations) by Borrower not to exceed $50,000.00 in the aggregate
outstanding at any time received in connection with the bankruptcy or reorganization of customers or suppliers and in settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of
business; and 
 (h) Investments by Borrower not to exceed $50,000.00 in the aggregate outstanding at any time consisting of notes receivable
of, or prepaid royalties and other credit extensions, to customers and suppliers who are not affiliates, in the ordinary course of business; provided that this paragraph (h) shall not apply to investments of Borrower in any Subsidiary.

 “Permitted Liens” means: 
 (a) liens and security interests in favor of Bank; 
 (b) liens and security interests existing as of, and disclosed to Bank in
writing prior to, the Closing Date; 
 (c) liens for taxes, fees, assessments or other government charges or levies, either not delinquent or
being contested in good faith and for which Borrower maintains adequate reserves on Borrower’s books; 
 (d) purchase money liens not to
exceed $100,000.00 in the aggregate (i) on equipment acquired or held by Borrower incurred for financing the acquisition of such equipment, or (ii) existing on equipment when acquired, if the lien is confined to the property so acquired
and improvements thereon, and the proceeds of such equipment; 
 (e) statutory liens, not to exceed $100,000.00 in the aggregate, securing
claims or demands of materialmen, mechanics, carriers, warehousemen, landlords and other persons imposed without action of such parties; 
 (f) liens to secure payment of workers’ compensation, employment insurance, old-age pensions, social security and other like obligations incurred in the ordinary course of business; 
 (g) liens incurred in the extension, renewal or refinancing of the indebtedness secured by liens identified in paragraphs (b) and (d) of this
definition, provided that any extension, renewal or replacement lien shall be limited to the property encumbered by the existing lien and the principal amount of the indebtedness being extended, renewed or refinanced does not increase;

 (h) leases or subleases of real property granted in the ordinary course of business, and leases, subleases, non-exclusive licenses or
sublicenses of property (other than real property or intellectual property) granted in the ordinary course of Borrower’s business; 
 (i) non-exclusive licenses of intellectual property granted to third parties in the ordinary course of business; and 
 (j) liens in
favor of financial institutions other than Bank arising in connection with Borrower’s deposit and/or securities accounts held at such institutions, provided that (i) Bank has a first priority perfected security interest in the
amounts held in such deposit and/or securities accounts and (ii) such liens secure Borrower’s payment of normal fees and charges related to the maintenance of such deposit and/or securities accounts and not indebtedness related to credit
extended by such financial institutions to Borrower. 
 “Person” means any natural person, corporation, limited liability
company, trust, joint venture, association, company, partnership, Governmental Authority or other entity. 
 “Plan”
has the meaning ascribed to such term in Section 3.9 hereof. 
  

 - 4 - 

 “Quick Ratio” means, at any time the same is to be determined, the ratio of the
aggregate of unrestricted cash and net accounts receivable of Borrower and its Subsidiaries to current liabilities of Borrower and its Subsidiaries, all as determined on a consolidated basis in accordance with GAAP. 
 “Responsible Officer” means the chief executive officer, the president, the chief financial officer, any vice president, the general
counsel and/or secretary, the assistant secretary, the controller of Borrower, the director of finance of Borrower, or any other officer of Borrower having substantially the same authority and responsibility as any of the foregoing. 
 “Rules” has the meaning ascribed to such term in Section 8.12(b) hereof. 
 “Security Agreement” means that certain Security Agreement, dated as of November 8, 2006, executed by Borrower in favor of Bank.

 “Specified Earn-out Payments” means payments made by Borrower (A) pursuant to its September 2004 purchase of all the
common stock of privately held Fischer-Zoth Diagnosesysteme GmbH and affiliated entities (“Fischer-Zoth”), as well as intangible assets held individually by the owners of Fischer-Zoth, related to the annual results of sales of
Fischer-Zoth during the three twelve-month periods ending September 30, 2007, in an aggregate amount not to exceed 1.5 million Euro in total (approximately $2.0 million based on the USD/EUR exchange rate at December 31, 2004),
(B) pursuant to the Asset Purchase Agreement, dated as of September 11, 2006, between the “Seller,” as named therein, and Borrower, as presented to, and found to be satisfactory to, Bank, in amounts not to exceed $225,000 per
year for each of the three years immediately following the date of effectiveness of such transaction, and (C) pursuant to the Stock Purchase Agreement, dated as of October 16, 2006, by and between the “Stockholders,” as named
therein, and Borrower, as presented to, and found to be satisfactory to, Bank, in an aggregate amount not to exceed $2,622,848 during the period commencing on the Closing Date and ending March 22, 2010. 
 “Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company or other business entity of which a
majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such power only by reason of the happening of a contingency) are at
the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise specified, all references herein to a
“Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of Borrower. 
 “Total Funded Debt” means, at any time the same is to be determined, computed on a consolidated basis in accordance with GAAP, the aggregate of all obligations for borrowed money (including, without limitation, subordinated
debt and indebtedness consisting of capital lease obligations) of Borrower and its Subsidiaries at such time, plus all obligations for borrowed money (including, without limitation, subordinated debt and indebtedness consisting of capital lease
obligations) of any other Person which is directly or indirectly guaranteed by Borrower or any of its Subsidiaries or which Borrower or any of its Subsidiaries has agreed (contingently or otherwise) to purchase or otherwise acquire or in respect of
which Borrower or any of its Subsidiaries has otherwise assured a creditor against loss. 
 “Third Party Obligor” has the
meaning ascribed to such term in Section 7.1(d) hereof. 
 ARTICLE II 
 CREDIT TERMS 
 SECTION 2.1. LINE OF CREDIT. 
 (a) Line of Credit. Subject to the terms and conditions of this Agreement, Bank hereby agrees to make advances to Borrower from time to time up to
and including May 7, 2008, not to exceed at any time the aggregate principal amount of Fifteen Millions Dollars ($15,000,000.00) (the “Line of Credit”), the proceeds of which shall be used for working capital purposes and to
provide bridge financing for acquisitions. Borrower’s obligation to repay 
  

 - 5 - 

 advances under the Line of Credit shall be evidenced by a promissory note dated as of November 8, 2006 (the
“Line of Credit Note”), in the form attached hereto as Exhibit A, all terms of which are incorporated herein by this reference. The initial advance under the Line of Credit, to be made on the Closing Date, shall be used
to repay all outstanding obligations under the Prior Agreement. 
 (b) Borrowing and Repayment. Borrower may from time to time during
the term of the Line of Credit borrow, partially or wholly repay its outstanding borrowings, and reborrow, subject to all of the limitations, terms and conditions contained herein or in the Line of Credit Note; provided that, the total
outstanding borrowings under the Line of Credit shall not at any time exceed the maximum principal amount available thereunder, as set forth above. 
 SECTION 2.2. INTEREST/FEES. 
 (a) Interest. The outstanding principal balance of the Line of Credit shall bear interest at
the rate of interest set forth in the Line of Credit Note. 
 (b) Computation and Payment. Interest shall be computed on the basis of
a 360-day year, actual days elapsed. Interest shall be payable at the times and place set forth in each promissory note or other instrument or document required hereby. 
 (c) Unused Commitment Fee. Borrower shall pay to Bank a fee equal to one-quarter percent (0.25%) per annum (computed on the basis of a 360-day year, actual days elapsed) on the average daily unused amount of
the Line of Credit, which fee shall be calculated on a quarterly basis by Bank and shall be due and payable by Borrower in arrears. 
 (d)
Collateral Examinations. Borrower shall pay to Bank immediately upon demand the full amount of all payments, advances, charges, costs and expenses expended or incurred by Bank in connection with the collateral examinations and inspections of
Borrower, Bio-logic and Olympic Medical described in Section 5.2 hereof. 
 SECTION 2.3. COLLECTION OF PAYMENTS. Borrower authorizes
Bank to collect all principal, interest and fees due under each credit created by the Loan Documents by charging Borrower’s deposit account number 4121261853 with Bank, or any other deposit account maintained by Borrower with Bank, for the full
amount thereof. Should there be insufficient funds in any such deposit account to pay all such sums when due, the full amount of such deficiency shall be immediately due and payable by Borrower. 
 SECTION 2.4. COLLATERAL. 
 As security for
all indebtedness of Borrower to Bank created by the Loan Documents, Borrower hereby grants to Bank security interests of first priority (except for Permitted Liens that are senior to Bank’s security interests), and shall cause each Domestic
Subsidiary to grant to Bank security interests of first priority, in all of Borrower’s and each Domestic Subsidiary’s personal property (including, without limitation, all of Borrower’s ownership interests in Subsidiaries, accounts
receivable, inventory, equipment and intellectual property now owned or hereafter acquired), but excluding interests as a lessee under real property and personal property leases and shares of voting stock of each Foreign Subsidiary that represent
more than 65% of the voting stock of such Foreign Subsidiary. 
 As additional security for all indebtedness of Borrower to Bank created by
the Loan Documents, Borrower shall cause each Domestic Subsidiary and each Foreign Subsidiary to grant to Bank security interests of first priority in all such Domestic Subsidiary’s or Foreign Subsidiary’s ownership interest in any other
Domestic Subsidiary or Foreign Subsidiary, but excluding shares of voting stock of each Foreign Subsidiary that represent more than 65% of the voting stock of such Foreign Subsidiary and, with respect to each Foreign Subsidiary, subject to the time
frames established in Section 5.12(b) hereof. 
 All of the foregoing shall be evidenced by and subject to the terms of such security
agreements, financing statements, deeds or mortgages, and other documents as Bank shall reasonably require, all in form and substance satisfactory to Bank. Borrower shall reimburse Bank immediately upon demand for all costs and expenses incurred by
Bank in connection with any of the foregoing security, including without limitation, filing and recording fees and costs of appraisals, audits and title insurance. 
  

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 SECTION 2.5. GUARANTIES. Subject to the time frames established in Section 5.12(a) hereof, all
indebtedness of Borrower to Bank shall be guaranteed jointly and severally by each Domestic Subsidiary (each a “Guarantor” and, collectively, the “Guarantors”) in the principal amount of Fifteen Million United
States Dollars (U.S. $15,000,000.00) each, as evidenced by and subject to the terms of guaranties (each a “Guaranty” and, collectively, the “Guaranties”) in form and substance satisfactory to Bank. 
 SECTION 2.6. PRIOR AGREEMENT. The Prior Agreement is hereby terminated and is no longer of any force or effect. 
 ARTICLE III 
 REPRESENTATIONS AND
WARRANTIES 
 Borrower makes the following representations and warranties to Bank, which representations and warranties shall survive the
execution of this Agreement and shall continue in full force and effect until the full and final payment, and satisfaction and discharge, of all obligations of Borrower to Bank created by the Loan Documents. 
 SECTION 3.1. LEGAL STATUS. Borrower is a corporation, duly organized and existing and in good standing under the laws of the State of Delaware, and is
qualified or licensed to do business (and is in good standing as a foreign corporation, if applicable) in all jurisdictions in which such qualification or licensing is required or in which the failure to so qualify or to be so licensed could have a
Material Adverse Effect. All of the Subsidiaries of Borrower in existence as of the Closing Date are listed on Schedule 3.1 hereto. 
 SECTION 3.2. AUTHORIZATION AND VALIDITY. This Agreement and each of the Loan Documents have been duly authorized, and upon their execution and delivery in accordance with the provisions hereof will constitute legal, valid and binding
agreements and obligations of Borrower or the party which executes the same, enforceable in accordance with their respective terms. 
 SECTION 3.3. NO VIOLATION. The execution, delivery and performance by Borrower of each of the Loan Documents do not violate any provision of any law or regulation, or contravene any provision of the Certificate of Incorporation or By-Laws
of Borrower, or result in any breach of or default under any contract, obligation, indenture or other instrument to which Borrower is a party or by which Borrower may be bound which violation contravention, breach or default could individually or in
the aggregate reasonably be expected to have a Material Adverse Effect. 
 SECTION 3.4. LITIGATION. There are no pending, or to the best of
Borrower’s knowledge threatened, actions, claims, investigations, suits or proceedings by or before any governmental authority, arbitrator, court or administrative agency which could reasonably be expected to have a Material Adverse Effect,
other than those disclosed by Borrower to Bank in writing prior to the date hereof. 
 SECTION 3.5. CORRECTNESS OF FINANCIAL STATEMENT. The
consolidated financial statement of Borrower dated September 30, 2006, a true copy of which has been delivered by Borrower to Bank prior to the date hereof, (a) is complete and correct and presents fairly the financial condition of
Borrower, (b) discloses all liabilities of Borrower that are required to be reflected or reserved against under GAAP, whether liquidated or unliquidated, fixed or contingent, and (c) has been prepared in accordance with GAAP. Since the
date of such financial statement there has been no material adverse change in the financial condition of Borrower, nor (exclusive of Permitted Liens) has Borrower mortgaged, pledged, granted a security interest in or otherwise encumbered any of its
assets or properties except in favor of Bank or as otherwise permitted by Bank in writing. 
 SECTION 3.6. INCOME TAX RETURNS. Borrower has
no knowledge of any pending assessments or adjustments of its income tax payable with respect to any year. 
 SECTION 3.7. NO SUBORDINATION.
There is no agreement, indenture, contract or instrument to which Borrower is a party or by which Borrower may be bound that requires the subordination in right of payment of any of Borrower’s obligations created by the Loan Documents to any
other obligation of Borrower. 
  

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 SECTION 3.8. PERMITS, FRANCHISES. Borrower possesses, and will hereafter possess, all permits, consents,
approvals, franchises and licenses required and rights to all trademarks, trade names, patents, and fictitious names, if any, necessary to enable it to conduct the business in which it is now engaged in compliance with applicable law. 
 SECTION 3.9. ERISA. Borrower is in compliance in all material respects with all applicable provisions of ERISA; Borrower has not violated any provision
of any defined employee pension benefit plan (as defined in ERISA) maintained or contributed to by Borrower (each, a “Plan”); no Reportable Event as defined in ERISA has occurred and is continuing with respect to any Plan initiated
by Borrower; Borrower has met its minimum funding requirements under ERISA with respect to each Plan; and each Plan will be able to fulfill its benefit obligations as they come due in accordance with the Plan documents and under GAAP. 
 SECTION 3.10. OTHER OBLIGATIONS. Borrower is not in default on any obligation for borrowed money, any purchase money obligation or any other material
lease, commitment, contract, instrument or obligation. 
 SECTION 3.11. ENVIRONMENTAL MATTERS. Except as disclosed by Borrower to Bank in
writing prior to the date hereof, Borrower is in compliance in all material respects with all applicable federal or state environmental, hazardous waste, health and safety statutes, and any rules or regulations adopted pursuant thereto, which govern
or affect any of Borrower’s operations and/or properties, including without limitation, the Comprehensive Environmental Response, Compensation and Liability Act of 1980, the Superfund Amendments and Reauthorization Act of 1986, the Federal
Resource Conservation and Recovery Act of 1976, and the Federal Toxic Substances Control Act, as any of the same may be amended, modified or supplemented from time to time. None of the operations of Borrower is the subject of any federal or state
investigation evaluating whether any remedial action involving a material expenditure is needed to respond to a release of any toxic or hazardous waste or substance into the environment. Borrower has no material contingent liability in connection
with any release of any toxic or hazardous waste or substance into the environment. 
 SECTION 3.12. CIT FINANCIAL LOAN. There is no
outstanding balance under that certain Loan Agreement #007473897-001, dated June 2, 2005 (the “CIT Loan Agreement”), and referenced in the UCC Financing Statement filed with the Delaware Secretary of State on June 7, 2005
and bearing initial filing number 51736173 (as amended by the UCC Financing Statement Amendment filed with the Delaware Secretary of State on November 9, 2005 and bearing amendment number 53487031, the “CIT Financing
Statement”). 
 ARTICLE IV 
 CONDITIONS 
 SECTION 4.1. CONDITIONS OF INITIAL EXTENSION OF CREDIT. The obligation of Bank to extend any credit
contemplated by this Agreement is subject to the fulfillment to Bank’s satisfaction of all of the following conditions: 
 (a)
Approval of Bank Counsel. All legal matters incidental to the extension of credit by Bank shall be satisfactory to Bank’s counsel. 
 (b) Documentation. Bank shall have received, in form and substance satisfactory to Bank, each of the following, duly executed: 
  

	 	(i)	this Agreement and each promissory note or other instrument or document required hereby; 

  

	 	(ii)	the security agreements duly executed and delivered and describing the personal property collateral referred to in Section 2.4 hereof; 

  

	 	(iii)	each of the Guaranties required pursuant to Section 2.5 hereof; 

  

	 	(iv)	a Corporate Resolution: Borrowing from Borrower; 

  

	 	(v)	an Incumbency Certificate from Borrower; 

  

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	 	(vi)	a certificate of good standing with respect to Borrower from the appropriate governmental agency of the jurisdiction of its formation, dated no earlier than 15 days prior to the
date of this Agreement; 

  

	 	(vii)	a certificate of the secretary or assistant secretary of Borrower attaching and certifying as to (A) the directors’ resolutions in respect of the execution, delivery and
performance by Borrower of each Loan Document to which it is a party, (B) its charter documents and (C) its by-laws; 

  

	 	(viii)	all documentation required to be delivered to be Bank pursuant to Section 5.12(a) hereof as of the Closing Date; and 

  

	 	(ix)	such other documents as Bank may require under any other Section of this Agreement. 

 (c) Financial Condition. There shall have been no material adverse change, as determined by Bank, in the financial condition or business of Borrower, nor any material decline, as determined by Bank, in the
market value of any collateral required hereunder or a substantial or material portion of the assets of Borrower. 
 (d) Insurance.
Borrower shall have delivered to Bank evidence of insurance coverage on all Borrower’s property, in form, substance, amounts, covering risks and issued by companies satisfactory to Bank, and where required by Bank, with loss payable
endorsements in favor of Bank. 
 (e) Payment of Amounts Under Prior Agreement. Bank shall have received payment of all amounts owing
under the Prior Agreement and such documentation and other evidence satisfactory to it confirming that all obligations under the Prior Agreement have been satisfied in full and that such agreement has been terminated and is no longer of any force or
effect. 
 SECTION 4.2. CONDITIONS OF EACH EXTENSION OF CREDIT. The obligation of Bank to make each extension of credit requested by Borrower
hereunder shall be subject to the fulfillment to Bank’s satisfaction of each of the following conditions: 
 (a) Compliance. The
representations and warranties contained herein and in each of the other Loan Documents shall be true on and as of the date of the signing of this Agreement and on the date of each extension of credit by Bank pursuant hereto, with the same effect as
though such representations and warranties had been made on and as of each such date, and on each such date, no Event of Default as defined herein, and no condition, event or act which with the giving of notice or the passage of time or both would
constitute such an Event of Default, shall have occurred and be continuing or shall exist. 
 (b) Documentation. Bank shall have
received all additional documents which may be required in connection with such extension of credit. 
 ARTICLE V 
 AFFIRMATIVE COVENANTS 
 Borrower
covenants that so long as Bank remains committed to extend credit to Borrower pursuant hereto, or any liabilities (whether direct or contingent, liquidated or unliquidated) of Borrower to Bank under any of the Loan Documents remain outstanding, and
until payment in full of all obligations of Borrower created by the Loan Documents, Borrower shall, unless Bank otherwise consents in writing: 
 SECTION 5.1. PUNCTUAL PAYMENTS. Punctually pay all principal, interest, fees or other liabilities due under any of the Loan Documents at the times and place and in the manner specified therein. 
 SECTION 5.2. ACCOUNTING RECORDS; ONE-TIME COLLATERAL EXAMS. Maintain adequate books and records in accordance with GAAP, and permit any representative of
Bank, at any reasonable time, to inspect, audit and examine such books and records, to make copies of the same, and to inspect the properties of Borrower. Borrower will permit, and shall cause each of Bio-logic and Olympic Medical to permit, Bank,
or its employees, accountants, attorneys or agents, to conduct, with respect to each such Person, a one-time examination 
  

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 and inspection, to occur not later than 60 days after the Closing Date, of any collateral required hereby or any other
property of Borrower, Bio-logic and/or Olympic Medical, as applicable. Such examination and inspection shall be conducted during ordinary business hours and upon one Business Day’s advance notice (unless an Event of Default shall have occurred
and be continuing, in which case no notice shall be required). 
 SECTION 5.3. FINANCIAL STATEMENTS. Provide to Bank all of the following, in
form and detail satisfactory to Bank: 
 (a) not later than 90 days after and as of the end of each fiscal year, audited financial statements
examined by, and with the unqualified opinion of, independent certified public accountants selected by Borrower and acceptable to Bank, which annual financial statements shall include Borrower’s balance sheet as at the end of such fiscal year
and the related statements of Borrower’s income, reconciliation of retained earnings and cash flows for the fiscal year then ended, all in reasonable detail and prepared in accordance with GAAP; 
 (b) promptly after the sending or filing thereof, but in no event later than 45 days after the end of each fiscal quarter of Borrower, copies of each
Form 10-Q report filed by Borrower with the United States Securities and Exchange Commission or any successor agency; 
 (c) not later than
10 days prior to the beginning of each fiscal year, projected balance sheets and income statements for each quarter of such year for Borrower, each in reasonable detail, representing Borrower’s good faith projections and certified by the chief
financial officer of Borrower as being Borrower’s good faith projections and identical to the projections to be used by Borrower for internal planning purposes, together with a statement of underlying assumptions and such supporting schedules
and information as Bank may in its discretion require; 
 (d) not later than 30 days after and as of each of June 30 and
December 31 of each fiscal year of Borrower, a list of the names and addresses of all Borrower’s account debtors; and 
 (e) not
later than 45 days after and as of the end of each fiscal quarter, a certificate of the chief financial officer of Borrower, substantially in the form of Exhibit B hereto stating (i) whether or not such officer has knowledge of the
occurrence of any Event of Default, or any condition, event or act which with the giving of notice or the passage of time or both would constitute an Event of Default, in either case not theretofore reported and remedied and, if so, stating in
reasonable detail the facts with respect thereto, and (ii) all relevant facts in reasonable detail to evidence, and the computations as to, whether or not Borrower is compliance with the financial covenants contained in Section 5.9 hereof.

 (f) from time to time such other information as Bank may reasonably request. 
 SECTION 5.4. COMPLIANCE. Preserve and maintain all licenses, permits, governmental approvals, rights, privileges and franchises necessary for the conduct
of its business; and comply with the provisions of all documents pursuant to which Borrower is organized and/or which govern Borrower’s continued existence and with the requirements of all laws, rules, regulations and orders of any governmental
authority applicable to Borrower and/or its business. 
 SECTION 5.5. INSURANCE. Maintain and keep in force insurance of the types and in
amounts customarily carried in lines of business similar to that of Borrower, including but not limited to fire, extended coverage, public liability, flood, property damage and workers’ compensation, with all such insurance carried with
companies and in amounts satisfactory to Bank, and deliver to Bank from time to time at Bank’s request schedules setting forth all insurance then in effect. 
 SECTION 5.6. FACILITIES. Keep all properties useful or necessary to Borrower’s business in good repair and condition, and from time to time make necessary repairs, renewals and replacements thereto so that such
properties shall be fully and efficiently preserved and maintained. 
 SECTION 5.7. TAXES AND OTHER LIABILITIES. Pay and discharge when due
any and all indebtedness, obligations, assessments and taxes, both real or personal, including without limitation federal and state income taxes and state and local property taxes and assessments, except such (a) as Borrower may in good faith
contest or as to which a bona fide dispute may arise, and (b) for which Borrower has made provision, to Bank’s satisfaction, for eventual payment thereof in the event Borrower is obligated to make such payment. 
  

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 SECTION 5.8. LITIGATION. Promptly give notice in writing to Bank of any litigation pending or threatened
against Borrower with a claim in excess of $250,000.00. 
 SECTION 5.9. FINANCIAL CONDITION. Maintain Borrower’s financial condition as
follows using GAAP (except to the extent modified by the definitions herein): 
 (a) Adjusted EBITDA not less than $4,000,000.00 for each
fiscal quarter, measured as of each fiscal quarter end of Borrower. 
 (b) Quick Ratio not less than 1.0 to 1.0 at each fiscal quarter end of
Borrower, commencing with Borrower’s fiscal quarter ending March 31, 2007. 
 (c) Liquidity not less than $8,000,000.00 as of
December 31, 2006. 
 (d) Total Funded Debt to Adjusted EBITDA (based upon the prior four quarters then ended) not greater than 1.0 to
1.0, measured as of each fiscal quarter end of Borrower. 
 SECTION 5.10. NOTICE TO BANK. Promptly (but in no event more than five
(5) business days after a Responsible Officer becomes, or should become, aware of the occurrence of each such event or matter) give written notice to Bank in reasonable detail of: (a) the occurrence of any Event of Default, or any
condition, event or act which with the giving of notice or the passage of time or both would constitute an Event of Default; (b) any change in the name or the organizational structure of Borrower; (c) the occurrence and nature of any
Reportable Event or Prohibited Transaction, each as defined in ERISA, or any funding deficiency with respect to any Plan; or (d) any termination or cancellation of any insurance policy which Borrower is required to maintain, or any uninsured or
partially uninsured loss through liability or property damage, or through fire, theft or any other cause affecting Borrower’s property in excess of an aggregate of $250,000.00. 
 SECTION 5.11. MAINTENANCE OF ACCOUNTS WITH BANK. Borrower shall at all times maintain its primary depository accounts with Bank pursuant to account
agreements and terms mutually acceptable to Borrower and Bank. 
 SECTION 5.12. SUBSIDIARIES. 
 (a) Domestic Subsidiaries. By not later than (i) with respect to each Domestic Subsidiary in existence as of the Closing Date, the Closing
Date, and (ii) with respect to each Domestic Subsidiary formed or acquired on or after the Closing Date, twenty (20) calendar days after the formation or acquisition of such Domestic Subsidiary, Borrower shall cause such Domestic
Subsidiary to execute and deliver to Bank (X) a Guaranty in satisfaction of the requirements of Section 2.5 hereof, (Y) a security agreement in satisfaction of the requirements of Section 2.4 hereof and (Z) such other
documents as Bank shall reasonably request, in form and substance satisfactory to Bank, evidencing the authority of such Domestic Subsidiary to execute and deliver such Guaranty and security agreement, and the incumbency of the Persons executing
such Guaranty and security agreement on behalf of such Domestic Subsidiary. 
 (b) Foreign Subsidiaries. By not later than
(i) with respect to each Foreign Subsidiary in existence as of the Closing Date, ten (10) calendar days after the Closing Date, and (ii) with respect to each Foreign Subsidiary formed or acquired on or after the Closing Date,
forty-five (45) calendar days after the formation or acquisition of such Foreign Subsidiary, Borrower shall execute, or cause to be executed, such further agreements, documents or instruments, or take such other actions, as Bank reasonably
deems necessary in order to effectuate the pledge to Bank of security interests in Borrower’s, and/or Borrower’s Subsidiaries’, ownership interest in such Foreign Subsidiary (such pledge exclusive of shares of voting stock of such
Foreign Subsidiary that represent more than 65% of the voting stock of such Foreign Subsidiary, as described in Section 2.4 hereof), including, without limitation, (A) executing and delivering to each such Foreign Subsidiary, a notice of
the pledge of Borrower’s and/or Borrower’s Subsidiaries’ interests therein to Bank, and (B) causing such Foreign Subsidiary to execute and deliver to Bank an acknowledgment of pledge related to Borrower’s and/or such
Subsidiaries’ pledge of its or their interest in such Foreign Subsidiary, in each case, in form in substance satisfactory to Bank. 
  

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 SECTION 5.13. CIT LOAN AGREEMENT. Borrower will not request any advances or otherwise incur any
indebtedness under the CIT Loan Agreement and agrees to execute such further agreements, documents or instruments, or take such other commercially reasonable actions, to terminate the CIT Loan Agreement and the CIT Financing Statement. 

ARTICLE VI 
 NEGATIVE COVENANTS

 Borrower further covenants that so long as Bank remains committed to extend credit to Borrower pursuant hereto, or any liabilities
(whether direct or contingent, liquidated or unliquidated) of Borrower to Bank under any of the Loan Documents remain outstanding, and until payment in full of all obligations of Borrower created by the Loan Documents, Borrower will not without
Bank’s prior written consent: 
 SECTION 6.1. USE OF FUNDS. Use any of the proceeds of any credit extended hereunder except for the
purposes stated in Article II hereof. 
 SECTION 6.2. CAPITAL EXPENDITURES. Make any additional investment in fixed assets in any fiscal year
in excess of an aggregate of $3,000,000.00. 
 SECTION 6.3. LEASE EXPENDITURES. Incur operating lease expense in any fiscal year in excess of
an aggregate of $3,000,000.00. 
 SECTION 6.4. OTHER INDEBTEDNESS. Create, incur, assume or permit to exist any indebtedness resulting from
borrowings, loans or advances, whether secured or unsecured, matured or unmatured, liquidated or unliquidated, joint or several, other than Permitted Indebtedness. 
 SECTION 6.5. MERGER, CONSOLIDATION, TRANSFER OF ASSETS. Merge into or consolidate with any other entity, other than pursuant to a Permitted Investment; make any substantial change in the nature of Borrower’s
business as conducted as of the date hereof; acquire all or substantially all of the assets of any other entity, other than pursuant to a Permitted Investment; nor sell, lease, transfer or otherwise dispose of all or a substantial or material
portion of Borrower’s assets except in the ordinary course of its business. 
 SECTION 6.6. GUARANTIES. Guarantee or become liable in
any way as surety, endorser (other than as endorser of negotiable instruments for deposit or collection in the ordinary course of business), accommodation endorser or otherwise for, nor pledge or hypothecate any assets of Borrower as security for,
any liabilities or obligations of any other person or entity, except any of the foregoing in favor of Bank and guaranties by Borrower of real property lease obligations of its Subsidiaries not exceeding in the aggregate $100,000.00 outstanding at
any time. 
 SECTION 6.7. LOANS, ADVANCES, INVESTMENTS. Make any loans or advances to or investments in any person or entity, other than
Permitted Investments; provided that, so long as no Event of Default shall have occurred and be continuing, Borrower shall not be prohibited from making Specified Earn-out Payments. 
  

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 SECTION 6.8. DIVIDENDS, DISTRIBUTIONS. Declare or pay any dividend or distribution either in cash, stock
or any other property on Borrower’s stock now or hereafter outstanding, nor redeem, retire, repurchase or otherwise acquire any shares of any class of Borrower’s stock now or hereafter outstanding. 
 SECTION 6.9. PLEDGE OF ASSETS. Mortgage, pledge, grant or permit to exist a security interest in, or lien upon, all or any portion of Borrower’s
assets now owned or hereafter acquired, other than Permitted Liens. 
 SECTION 6.10. SALE AND LEASEBACKS. Enter into any arrangement,
directly or indirectly, with any other Person whereby Borrower shall sell or transfer any real or personal property, whether now owned or hereafter acquired, and then or thereafter rent or lease as lessee such property or any part thereof or any
other property which Borrower intends to use for substantially the same purpose or purposes as the property being sold or transferred. 
 ARTICLE VII 
 EVENTS OF DEFAULT 
 SECTION 7.1. The occurrence of any of the following shall constitute an “Event of Default” under this Agreement: 
 (a) Borrower shall fail to pay when due any principal, interest, fees or other amounts payable under any of the Loan Documents. 
 (b) Any financial statement or certificate furnished to Bank in connection with, or any representation or warranty made by Borrower or any other party under this Agreement or any other Loan Document shall prove to be
incorrect, false or misleading in any material respect when furnished or made. 
 (c) Any default in the performance of or compliance with
any obligation, agreement or other provision contained herein or in any other Loan Document (other than those referred to in subsections (a) and (b) above), and with respect to any such default which by its nature can be cured, such
default shall continue for a period of twenty (20) days from the date Borrower receives notice thereof or any Responsible Officer of Borrower becomes aware thereof; provided that if the default cannot by its nature be cured within the
twenty (20) day period or cannot after diligent attempts by Borrower be cured within such twenty (20) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period
(which shall not in any case exceed twenty (20) days) to attempt to cure such default; provided, further, that during such additional reasonable time period the failure to have cured such default shall not be deemed an Event of Default,
however, no further advances under the Line of Credit will be made; 
 (d) Any default in the payment or performance of any material
obligation, or any defined event of default, under the terms of any contract or instrument (other than any of the Loan Documents) pursuant to which Borrower, any guarantor hereunder or any general partner or joint venturer in any Borrower which is a
partnership or joint venture (with each such guarantor, general partner and/or joint venturer referred to herein as a “Third Party Obligor”) has incurred any debt or other material liability to any person or entity, including Bank,
and such default or event shall continue for a period of time without cure sufficient to permit the acceleration of the maturity of any such indebtedness or the enforcement of remedies with respect to such liability. 
 (e) The filing of a notice of judgment lien against Borrower or any Third Party Obligor; or the recording of any abstract of judgment against Borrower or
any Third Party Obligor in any county in which Borrower or such Third Party Obligor has an interest in real property; or the service of a notice of levy and/or of a writ of attachment or execution, or other like process, against the assets of
Borrower or any Third Party Obligor; or the entry of a judgment against Borrower or any Third Party Obligor; and, in any such case, the same shall remain unsatisfied, unvacated and unstayed pending appeal for a period of twenty (20) days after
the entry thereof. 
  

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 (f) Borrower or any Third Party Obligor shall become insolvent, or shall suffer or consent to or apply
for the appointment of a receiver, trustee, custodian or liquidator of itself or any of its property, or shall generally fail to pay its debts as they become due, or shall make a general assignment for the benefit of creditors; Borrower or any Third
Party Obligor shall file a voluntary petition in bankruptcy, or seeking reorganization, in order to effect a plan or other arrangement with creditors or any other relief under the Bankruptcy Code, or under any state or federal law granting relief to
debtors, whether now or hereafter in effect; or any involuntary petition or proceeding pursuant to the Bankruptcy Code or any other applicable state or federal law relating to bankruptcy, reorganization or other relief for debtors is filed or
commenced against Borrower or any Third Party Obligor and is not dismissed within 45 days after its filing, or Borrower or any Third Party Obligor shall file an answer admitting the jurisdiction of the court and the material allegations of any
involuntary petition; or Borrower or any Third Party Obligor shall be adjudicated a bankrupt, or an order for relief shall be entered against Borrower or any Third Party Obligor by any court of competent jurisdiction under the Bankruptcy Code or any
other applicable state or federal law relating to bankruptcy, reorganization or other relief for debtors. 
 (g) There shall exist or occur
any event or condition which Bank in good faith believes could reasonably be expected to have a Material Adverse Effect. 
 (h) The
dissolution or liquidation of any Borrower or Third Party Obligor which is a corporation, partnership, joint venture or other type of entity; or Borrower or any such Third Party Obligor, or any of its directors, stockholders or members, shall take
action seeking to effect the dissolution or liquidation of such Borrower or Third Party Obligor. 
 (i) There shall exist a material
deficiency in any collateral required hereunder, as identified by Bank pursuant to one or more of the collateral examinations and inspections referenced in Section 5.2 hereof. 
 SECTION 7.2. REMEDIES. Upon the occurrence of any Event of Default: (a) all indebtedness of Borrower under each of the Loan Documents, any term
thereof to the contrary notwithstanding, shall at Bank’s option and without notice become immediately due and payable without presentment, demand, protest or notice of dishonor, all of which are hereby expressly waived by each Borrower;
(b) the obligation, if any, of Bank to extend any further credit under any of the Loan Documents shall immediately cease and terminate; and (c) Bank shall have all rights, powers and remedies available under each of the Loan Documents, or
accorded by law, including without limitation the right to resort to any or all security for any credit created by the Loan Documents and to exercise any or all of the rights of a beneficiary or secured party pursuant to applicable law. All rights,
powers and remedies of Bank may be exercised at any time by Bank and from time to time after the occurrence of an Event of Default, are cumulative and not exclusive, and shall be in addition to any other rights, powers or remedies provided by law or
equity. 
 ARTICLE VIII 
 MISCELLANEOUS 
 SECTION 8.1. NO WAIVER. No delay, failure or discontinuance of Bank in exercising any right, power or remedy
under any of the Loan Documents shall affect or operate as a waiver of such right, power or remedy; nor shall any single or partial exercise of any such right, power or remedy preclude, waive or otherwise affect any other or further exercise thereof
or the exercise of any other right, power or remedy. Any waiver, permit, consent or approval of any kind by Bank of any breach of or default under any of the Loan Documents must be in writing and shall be effective only to the extent set forth in
such writing. 
 SECTION 8.2. NOTICES. All notices, requests and demands which any party is required or may desire to give to any other party
under any provision of this Agreement must be in writing delivered to each party at the following address: 
 BORROWER: NATUS MEDICAL
INCORPORATED 
 1501 Industrial Road 
 San Carlos, California 94070 
  

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 BANK: WELLS FARGO BANK, NATIONAL ASSOCIATION 
 Peninsula Commercial Banking Office 
 400
Hamilton Avenue, P.O. Box 150 
 Palo Alto, California 94302 
 Attention: Michelle Proehl 
 or to such other address as any party may designate by written notice to all other parties.
Each such notice, request and demand shall be deemed given or made as follows: (a) if sent by hand delivery, upon delivery; (b) if sent by mail, upon the earlier of the date of receipt or three (3) days after deposit in the U.S. mail,
first class and postage prepaid; and (c) if sent by telecopy, upon receipt. 
 SECTION 8.3. COSTS, EXPENSES AND ATTORNEYS’ FEES.
Borrower shall pay to Bank immediately upon demand the full amount of all payments, advances, charges, costs and expenses, including reasonable attorneys’ fees (to include outside counsel fees and all allocated costs of Bank’s in-house
counsel), expended or incurred by Bank in connection with (a) the negotiation and preparation of this Agreement and the other Loan Documents, Bank’s continued administration hereof and thereof, and the preparation of any amendments and
waivers hereto and thereto, (b) the enforcement of Bank’s rights and/or the collection of any amounts which become due to Bank under any of the Loan Documents, and (c) the prosecution or defense of any action in any way related to any
of the Loan Documents, including without limitation, any action for declaratory relief, whether incurred at the trial or appellate level, in an arbitration proceeding or otherwise, and including any of the foregoing incurred in connection with any
bankruptcy proceeding (including without limitation, any adversary proceeding, contested matter or motion brought by Bank or any other person) relating to any Borrower or any other person or entity. 
 SECTION 8.4. SUCCESSORS, ASSIGNMENT. This Agreement shall be binding upon and inure to the benefit of the heirs, executors, administrators, legal
representatives, successors and assigns of the parties; provided that Borrower may not assign or transfer its interest hereunder without Bank’s prior written consent. Bank reserves the right to sell, assign, transfer, negotiate or grant
participations in all or any part of, or any interest in, Bank’s rights and benefits under each of the Loan Documents. 
 SECTION 8.5.
CONFIDENTIALITY. The Confidential Information will be used by Bank solely for the purpose of evaluating Borrower’s credit request and/or Bank’s ongoing credit accommodations to Borrower. Bank will keep all the Confidential Information
confidential, and will not disclose any of the Confidential Information to any person or entity, except disclosures: (a) to federal and state bank examiners, and other regulatory officials having jurisdictions over Bank; (b) to Bank’s
legal counsel and auditors; (c) to other professional advisors to Bank; (d) to Bank’s representatives (which shall include, without limitation, all other banks and companies affiliated with Wells Fargo & Company) who need to
know the Confidential Information for the purpose of evaluating Borrower’s credit request and/or Bank’s ongoing credit accommodations to Borrower, it being expressly understood and agreed that such representatives shall be informed of the
confidential nature of the Confidential Information, and shall be required by Bank to treat the Confidential Information as confidential in accordance with the terms and conditions hereof; (e) as otherwise required by law or legal process; or
(f) as otherwise authorized by Borrower in writing. In the event that Bank or any of its representatives becomes legally compelled to disclose any of the Confidential Information pursuant to clause (e) of the preceding sentence, then Bank,
except as otherwise required by law, will provide notice thereof to Borrower so that Borrower, at its sole option (but without obligation to do so), may attempt to seek a protective order or other appropriate remedy and/or waive compliance with the
provisions of this Agreement. The confidentiality requirement set forth herein shall not extend to any portion of the Confidential Information that: (x) is or becomes generally available to the public other than as a result of a disclosure by
Bank or its representatives; (y) is or becomes available to Bank on a non-confidential basis by Borrower or any officer, employee, agent or representative of Borrower prior to its disclosure by Bank; or (z) is or becomes available to Bank
on a non-confidential basis from a source other than Borrower. 
 SECTION 8.6. ENTIRE AGREEMENT; AMENDMENT. This Agreement and the other Loan
Documents constitute the entire agreement between Borrower and Bank with respect to each credit created by the Loan Documents and supersede all prior negotiations, communications, discussions and correspondence concerning the subject matter hereof.
This Agreement may be amended or modified only in writing signed by each party hereto. 
  

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 SECTION 8.7. NO THIRD PARTY BENEFICIARIES. This Agreement is made and entered into for the sole
protection and benefit of the parties hereto and their respective permitted successors and assigns, and no other person or entity shall be a third party beneficiary of, or have any direct or indirect cause of action or claim in connection with, this
Agreement or any other of the Loan Documents to which it is not a party. 
 SECTION 8.8. TIME. Time is of the essence of each and every
provision of this Agreement and each other of the Loan Documents. 
 SECTION 8.9. SEVERABILITY OF PROVISIONS. If any provision of this
Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity without invalidating the remainder of such provision or any remaining provisions of this
Agreement. 
 SECTION 8.10. COUNTERPARTS. This Agreement may be executed in any number of counterparts, each of which when executed and
delivered shall be deemed to be an original, and all of which when taken together shall constitute one and the same Agreement. 
 SECTION
8.11. GOVERNING LAW. This Agreement shall be governed by and construed in accordance with the laws of the State of California. 
 SECTION
8.12. ARBITRATION. 
 (a) Arbitration. The parties hereto agree, upon demand by any party, to submit to binding arbitration all claims,
disputes and controversies between or among them (and their respective employees, officers, directors, attorneys, and other agents), whether in tort, contract or otherwise arising out of or relating to in any way (i) the loan and related Loan
Documents which are the subject of this Agreement and its negotiation, execution, collateralization, administration, repayment, modification, extension, substitution, formation, inducement, enforcement, default or termination; or (ii) requests
for additional credit. 
 (b) Governing Rules. Any arbitration proceeding will (i) proceed in a location in California selected
by the American Arbitration Association (“AAA”); (ii) be governed by the Federal Arbitration Act (Title 9 of the United States Code), notwithstanding any conflicting choice of law provision in any of the documents between the
parties; and (iii) be conducted by the AAA, or such other administrator as the parties shall mutually agree upon, in accordance with the AAA’s commercial dispute resolution procedures, unless the claim or counterclaim is at least
$1,000,000.00 exclusive of claimed interest, arbitration fees and costs in which case the arbitration shall be conducted in accordance with the AAA’s optional procedures for large, complex commercial disputes (the commercial dispute resolution
procedures or the optional procedures for large, complex commercial disputes to be referred to, as applicable, as the “Rules”). If there is any inconsistency between the terms hereof and the Rules, the terms and procedures set forth
herein shall control. Any party who fails or refuses to submit to arbitration following a demand by any other party shall bear all costs and expenses incurred by such other party in compelling arbitration of any dispute. Nothing contained herein
shall be deemed to be a waiver by any party that is a bank of the protections afforded to it under 12 U.S.C. §91 or any similar applicable state law. 
 (c) No Waiver of Provisional Remedies, Self-Help and Foreclosure. The arbitration requirement does not limit the right of any party to (i) foreclose against real or personal property collateral;
(ii) exercise self-help remedies relating to collateral or proceeds of collateral such as setoff or repossession; or (iii) obtain provisional or ancillary remedies such as replevin, injunctive relief, attachment or the appointment of a
receiver, before during or after the pendency of any arbitration proceeding. This exclusion does not constitute a waiver of the right or obligation of any party to submit any dispute to arbitration or reference hereunder, including those arising
from the exercise of the actions detailed in sections (i), (ii) and (iii) of this paragraph. 
 (d) Arbitrator Qualifications
and Powers. Any arbitration proceeding in which the amount in controversy is $5,000,000.00 or less will be decided by a single arbitrator selected according to the Rules, and who shall not render an award of greater than $5,000,000.00. Any
dispute in which the amount in controversy exceeds $5,000,000.00 shall be decided by majority vote of a panel of three arbitrators; provided that all three arbitrators must actively participate in all hearings and deliberations. The
arbitrator will be a neutral attorney licensed in the State of California or a neutral retired judge of the state or federal judiciary of California, in either case with a minimum of 
  

 - 16 - 

 ten years experience in the substantive law applicable to the subject matter of the dispute to be arbitrated. The
arbitrator will determine whether or not an issue is arbitratable and will give effect to the statutes of limitation in determining any claim. In any arbitration proceeding the arbitrator will decide (by documents only or with a hearing at the
arbitrator’s discretion) any pre-hearing motions which are similar to motions to dismiss for failure to state a claim or motions for summary adjudication. The arbitrator shall resolve all disputes in accordance with the substantive law of
California and may grant any remedy or relief that a court of such state could order or grant within the scope hereof and such ancillary relief as is necessary to make effective any award. The arbitrator shall also have the power to award recovery
of all costs and fees, to impose sanctions and to take such other action as the arbitrator deems necessary to the same extent a judge could pursuant to the Federal Rules of Civil Procedure, the California Rules of Civil Procedure or other applicable
law. Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction. The institution and maintenance of an action for judicial relief or pursuit of a provisional or ancillary remedy shall not constitute a waiver
of the right of any party, including the plaintiff, to submit the controversy or claim to arbitration if any other party contests such action for judicial relief. 
 (e) Discovery. In any arbitration proceeding discovery will be permitted in accordance with the Rules. All discovery shall be expressly limited to matters directly relevant to the dispute being arbitrated and
must be completed no later than 20 days before the hearing date and within 180 days of the filing of the dispute with the AAA. Any requests for an extension of the discovery periods, or any discovery disputes, will be subject to final determination
by the arbitrator upon a showing that the request for discovery is essential for the party’s presentation and that no alternative means for obtaining information is available. 
 (f) Class Proceedings and Consolidations. The resolution of any dispute arising pursuant to the terms of this Agreement shall be determined by a
separate arbitration proceeding and such dispute shall not be consolidated with other disputes or included in any class proceeding. 
 (g)
Payment Of Arbitration Costs And Fees. The arbitrator shall award all costs and expenses of the arbitration proceeding. 
 (h)
Real Property Collateral; Judicial Reference. Notwithstanding anything herein to the contrary, no dispute shall be submitted to arbitration if the dispute concerns indebtedness secured directly or indirectly, in whole or in part, by any real
property unless (i) the holder of the mortgage, lien or security interest specifically elects in writing to proceed with the arbitration, or (ii) all parties to the arbitration waive any rights or benefits that might accrue to them by
virtue of the single action rule statute of California, thereby agreeing that all indebtedness and obligations of the parties, and all mortgages, liens and security interests securing such indebtedness and obligations, shall remain fully valid and
enforceable. If any such dispute is not submitted to arbitration, the dispute shall be referred to a referee in accordance with California Code of Civil Procedure Section 638 et seq., and this general reference agreement is intended to be
specifically enforceable in accordance with said Section 638. A referee with the qualifications required herein for arbitrators shall be selected pursuant to the AAA’s selection procedures. Judgment upon the decision rendered by a referee
shall be entered in the court in which such proceeding was commenced in accordance with California Code of Civil Procedure Sections 644 and 645. 
 (i) Miscellaneous. To the maximum extent practicable, the AAA, the arbitrators and the parties shall take all action required to conclude any arbitration proceeding within 180 days of the filing of the dispute with the AAA. No
arbitrator or other party to an arbitration proceeding may disclose the existence, content or results thereof, except for disclosures of information by a party required in the ordinary course of its business or by applicable law or regulation. If
more than one agreement for arbitration by or between the parties potentially applies to a dispute, the arbitration provision most directly related to the Loan Documents or the subject matter of the dispute shall control. This arbitration provision
shall survive termination, amendment or expiration of any of the Loan Documents or any relationship between the parties. 
 SECTION 8.13.
OTHER INTERPRETIVE PROVISIONS. For purposes of this Agreement (a) the meanings of defined terms are equally applicable to the singular and plural forms of the defined terms, (b) the words “hereof,” “herein,”
“hereunder” and similar words refer to this Agreement as a whole and not to any particular provision of this Agreement, and subsection, Section, Schedule and Exhibit references are to this Agreement unless otherwise specified, (c) the
term “documents” includes any and all instruments, documents, agreements, certificates, indentures, notices and other writings, however evidenced, (d) the term “including” is not limiting and means “including without
limitation” and (e) the captions and headings of this Agreement are for convenience of reference only and shall not affect the interpretation of this Agreement. 
 [Continues with Signatures on Next Page] 
  

 - 17 - 

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

									
	NATUS MEDICAL INCORPORATED	 		 	WELLS FARGO BANK, NATIONAL ASSOCIATION
					
	By:	 	 /s/ STEVEN J. MURPHY
	 		 	By:	 	 /s/ MICHELLE PROEHL

		 	Steven J. Murphy	 		 		 	Michelle Proehl
		 	Chief Financial Officer	 		 		 	Vice President

  

 - 18 - 

 EXHIBIT A 
 FORM OF LINE OF CREDIT NOTE 
 [See attached] 
  

 - 19 - 

 REVOLVING LINE OF CREDIT NOTE 
  

			
	$15,000,000.00	 	Palo Alto, California
		 	November 8, 2006

 FOR VALUE RECEIVED, the undersigned NATUS MEDICAL INCORPORATED (“Borrower”) promises to
pay to the order of WELLS FARGO BANK, NATIONAL ASSOCIATION (“Bank”) at its office at 400 Hamilton Avenue, Palo Alto, California, or at such other place as the holder hereof may designate, in lawful money of the United States of America and
in immediately available funds, the principal sum of Fifteen Million Dollars ($15,000,000.00), or so much thereof as may be advanced and be outstanding, with interest thereon, to be computed on each advance from the date of its disbursement as set
forth herein. 
 DEFINITIONS: 
 As used herein, the following terms shall have the meanings set forth after each, and any other term defined in this Note shall have the meaning set forth at the place defined: 
 (a) “Business Day” means any day except a Saturday, Sunday or any other day on which commercial banks in California are authorized or required
by law to close. 
 (b) “Fixed Rate Term” means a period commencing on a Business Day and continuing for one (1) month, two
(2) months or three (3) months, as designated by Borrower, during which all or a portion of the outstanding principal balance of this Note bears interest determined in relation to LIBOR; provided however, that no Fixed Rate Term may be
selected for a principal amount less than One Million Dollars ($1,000,000.00); and provided further, that no Fixed Rate Term shall extend beyond the scheduled maturity date hereof. If any Fixed Rate Term would end on a day which is not a Business
Day, then such Fixed Rate Term shall be extended to the next succeeding Business Day. 
 (c) “LIBOR” means the rate per annum and
determined pursuant to the following formula: 
  

					
	LIBOR =  	  	Base LIBOR	  	
		  	100% - LIBOR Reserve Percentage	  	

 (i) “Base LIBOR” means the rate per annum for United States dollar deposits quoted by
Bank as the Inter-Bank Market Offered Rate, with the understanding that such rate is quoted by Bank for the purpose of calculating effective rates of interest for loans making reference thereto, on the first day of a Fixed Rate Term for delivery of
funds on said date for a period of time approximately equal to the number of days in such Fixed Rate Term and in an amount approximately equal to the principal amount to which such Fixed Rate Term applies. Borrower understands and agrees that Bank
may base its quotation of the Inter-Bank Market Offered Rate upon such offers or other market indicators of the Inter-Bank Market as Bank in its discretion deems appropriate including, but not limited to, the rate offered for U.S. dollar deposits on
the London Inter-Bank Market. 
 (ii) “LIBOR Reserve Percentage” means the reserve percentage prescribed by the Board of Governors
of the Federal Reserve System (or any successor) for “Eurocurrency Liabilities” (as defined in Regulation D of the Federal Reserve Board, as amended), adjusted by Bank for expected changes in such reserve percentage during the applicable
Fixed Rate Term. 
 (d) “Prime Rate” means at any time the rate of interest most recently announced within Bank at its principal
office as its Prime Rate, with the understanding that the Prime Rate is one of Bank’s base rates and serves as the basis upon which effective rates of interest are calculated for those loans making reference thereto, and is evidenced by the
recording thereof after its announcement in such internal publication or publications as Bank may designate. 
  

 - 20 - 

 INTEREST: 
 (a) Interest. The outstanding principal balance of this Note shall bear interest (computed on the basis of a 360-day year, actual days elapsed) either (i) at a fluctuating rate per annum one-quarter
percent (0.25%) below the Prime Rate in effect from time to time, or (ii) at a fixed rate per annum determined by Bank to be two percent (2.00%) above LIBOR in effect on the first day of the applicable Fixed Rate Term. When interest is
determined in relation to the Prime Rate, each change in the rate of interest hereunder shall become effective on the date each Prime Rate change is announced within Bank. With respect to each LIBOR selection hereunder, Bank is hereby authorized to
note the date, principal amount, interest rate and Fixed Rate Term applicable thereto and any payments made thereon on Bank’s books and records (either manually or by electronic entry) and/or on any schedule attached to this Note, which
notations shall be prima facie evidence of the accuracy of the information noted. 
 (b) Selection of Interest Rate Options. At any
time any portion of this Note bears interest determined in relation to LIBOR, it may be continued by Borrower at the end of the Fixed Rate Term applicable thereto so that all or a portion thereof bears interest determined in relation to the Prime
Rate or to LIBOR for a new Fixed Rate Term designated by Borrower. At any time any portion of this Note bears interest determined in relation to the Prime Rate, Borrower may convert all or a portion thereof so that it bears interest determined in
relation to LIBOR for a Fixed Rate Term designated by Borrower. At such time as Borrower requests an advance hereunder or wishes to select a LIBOR option for all or a portion of the outstanding principal balance hereof, and at the end of each Fixed
Rate Term, Borrower shall give Bank notice specifying: (i) the interest rate option selected by Borrower; (ii) the principal amount subject thereto; and (iii) for each LIBOR selection, the length of the applicable Fixed Rate Term. Any
such notice may be given by telephone (or such other electronic method as Bank may permit) so long as, with respect to each LIBOR selection, (A) if requested by Bank, Borrower provides to Bank written confirmation thereof not later than three
(3) Business Days after such notice is given, and (B) such notice is given to Bank prior to 10:00 a.m. on the first day of the Fixed Rate Term, or at a later time during any Business Day if Bank, at it’s sole option but without
obligation to do so, accepts Borrower’s notice and quotes a fixed rate to Borrower. If Borrower does not immediately accept a fixed rate when quoted by Bank, the quoted rate shall expire and any subsequent LIBOR request from Borrower shall be
subject to a redetermination by Bank of the applicable fixed rate. If no specific designation of interest is made at the time any advance is requested hereunder or at the end of any Fixed Rate Term, Borrower shall be deemed to have made a Prime Rate
interest selection for such advance or the principal amount to which such Fixed Rate Term applied. 
 (c) Taxes and Regulatory Costs.
Borrower shall pay to Bank immediately upon demand, in addition to any other amounts due or to become due hereunder, any and all (i) withholdings, interest equalization taxes, stamp taxes or other taxes (except income and franchise taxes)
imposed by any domestic or foreign governmental authority and related in any manner to LIBOR, and (ii) future, supplemental, emergency or other changes in the LIBOR Reserve Percentage (without duplication), assessment rates imposed by the
Federal Deposit Insurance Corporation, or similar requirements or costs imposed by any domestic or foreign governmental authority or resulting from compliance by Bank with any request or directive (whether or not having the force of law) from any
central bank or other governmental authority and related in any manner to LIBOR to the extent they are not included in the calculation of LIBOR. In determining which of the foregoing are attributable to any LIBOR option available to Borrower
hereunder, any reasonable allocation made by Bank among its operations shall be conclusive and binding upon Borrower. 
 (d) Payment of
Interest. Interest accrued on this Note shall be payable on the last day of each month, commencing November 30, 2006. 
 (e)
Default Interest. From and after the maturity date of this Note, or such earlier date as all principal owing hereunder becomes due and payable by acceleration or otherwise, the outstanding principal balance of this Note shall bear interest
until paid in full at an increased rate per annum (computed on the basis of a 360-day year, actual days elapsed) equal to four percent (4%) above the rate of interest from time to time applicable to this Note. 
  

 - 21 - 

 BORROWING AND REPAYMENT: 
 (a) Borrowing and Repayment. Borrower may from time to time during the term of this Note borrow, partially or wholly repay its outstanding
borrowings, and reborrow, subject to all of the limitations, terms and conditions of this Note and of any document executed in connection with or governing this Note; provided however, that the total outstanding borrowings under this Note shall not
at any time exceed the principal amount stated above. The unpaid principal balance of this obligation at any time shall be the total amounts advanced hereunder by the holder hereof less the amount of principal payments made hereon by or for
Borrower, which balance may be endorsed hereon from time to time by the holder. The outstanding principal balance of this Note shall be due and payable in full on May 7, 2008. 
 (b) Advances. Advances hereunder, to the total amount of the principal sum stated above, may be made by the holder at the oral or written request
of (i) James B. Hawkins or Steven J. Murphy, any one acting alone, who are authorized to request such advance and direct the disposition of such advance until written notice of the revocation of such authority is received by the holder at the
office designated above, or (ii) any person, with respect to advances deposited to the credit of any deposit account of Borrower, which advances, when so deposited, shall be conclusively presumed to have been made to or for the benefit of
Borrower regardless of the fact that persons other than those authorized to request advances may have authority to draw against such account. The holder shall have no obligation to determine whether any person requesting an advance is or has been
authorized by Borrower. 
 (c) Application of Payments. Each payment made on this Note shall be credited first, to any interest then
due and second, to the outstanding principal balance hereof. All payments credited to principal shall be applied first, to the outstanding principal balance of this Note which bears interest determined in relation to the Prime Rate, if any, and
second, to the outstanding principal balance of this Note which bears interest determined in relation to LIBOR, with such payments applied to the oldest Fixed Rate Term first. 
 PREPAYMENT: 
 (a) Prime
Rate. Borrower may prepay principal on any portion of this Note which bears interest determined in relation to the Prime Rate at any time, in any amount and without penalty. 
 (b) LIBOR. Borrower may prepay principal on any portion of this Note which bears interest determined in relation to LIBOR at any time and in the
minimum amount of One Hundred Thousand Dollars ($100,000.00); provided however, that if the outstanding principal balance of such portion of this Note is less than said amount, the minimum prepayment amount shall be the entire outstanding principal
balance thereof. In consideration of Bank providing this prepayment option to Borrower, or if any such portion of this Note shall become due and payable at any time prior to the last day of the Fixed Rate Term applicable thereto by acceleration or
otherwise, Borrower shall pay to Bank immediately upon demand a fee which is the sum of the discounted monthly differences for each month from the month of prepayment through the month in which such Fixed Rate Term matures, calculated as follows for
each such month: 
  

	 	(i)	Determine the amount of interest which would have accrued each month on the amount prepaid at the interest rate applicable to such amount had it remained outstanding until
the last day of the Fixed Rate Term applicable thereto. 

  

	 	(ii)	Subtract from the amount determined in (i) above the amount of interest which would have accrued for the same month on the amount prepaid for the remaining term of such
Fixed Rate Term at LIBOR in effect on the date of prepayment for new loans made for such term and in a principal amount equal to the amount prepaid. 

  

	 	(iii)	If the result obtained in (ii) for any month is greater than zero, discount that difference by LIBOR used in (ii) above. 

 Borrower acknowledges that prepayment of such amount may result in Bank incurring additional costs, expenses and/or liabilities, and that it is difficult to ascertain
the full extent of such costs, expenses and/or liabilities. Borrower, therefore, agrees to pay the above-described prepayment fee and agrees that said amount represents a 
  

 - 22 - 

 reasonable estimate of the prepayment costs, expenses and/or liabilities of Bank. If Borrower fails to pay any prepayment
fee when due, the amount of such prepayment fee shall thereafter bear interest until paid at a rate per annum four percent (4.00%) above the Prime Rate in effect from time to time (computed on the basis of a 360-day year, actual days elapsed).
Each change in the rate of interest on any such past due prepayment fee shall become effective on the date each Prime Rate change is announced within Bank. 
 EVENTS OF DEFAULT: 
 This
Note is made pursuant to and is subject to the terms and conditions of that certain Credit Agreement between Borrower and Bank dated as of November 8, 2006, as amended from time to time (the “Credit Agreement”). Any default in the
payment or performance of any obligation under this Note, or any defined event of default under the Credit Agreement, shall constitute an “Event of Default” under this Note. 
 MISCELLANEOUS: 
 (a)
Remedies. Upon the occurrence of any Event of Default, the holder of this Note, at the holder’s option, may declare all sums of principal and interest outstanding hereunder to be immediately due and payable without presentment, demand,
notice of nonperformance, notice of protest, protest or notice of dishonor, all of which are expressly waived by Borrower, and the obligation, if any, of the holder to extend any further credit hereunder shall immediately cease and terminate.
Borrower shall pay to the holder immediately upon demand the full amount of all payments, advances, charges, costs and expenses, including reasonable attorneys’ fees (to include outside counsel fees and all allocated costs of the holder’s
in-house counsel), expended or incurred by the holder in connection with the enforcement of the holder’s rights and/or the collection of any amounts which become due to the holder under this Note, and the prosecution or defense of any action in
any way related to this Note, including without limitation, any action for declaratory relief, whether incurred at the trial or appellate level, in an arbitration proceeding or otherwise, and including any of the foregoing incurred in connection
with any bankruptcy proceeding (including without limitation, any adversary proceeding, contested matter or motion brought by Bank or any other person) relating to Borrower or any other person or entity. 
 (b) Obligations Joint and Several. Should more than one person or entity sign this Note as a Borrower, the obligations of each such Borrower shall
be joint and several. 
 (c) Governing Law. This Note shall be governed by and construed in accordance with the laws of the State of
California. 
  

 - 23 - 

 IN WITNESS WHEREOF, the undersigned has executed this Note as of the date first written above.

  

			
	NATUS MEDICAL INCORPORATED
		
	By:	 	  

		 	Steven J. Murphy
		 	Chief Financial Officer

  

 - 24 - 

 EXHIBIT B 
 FORM OF FINANCIAL COVENANT COMPLIANCE CERTIFICATE 
  

	TO:	WELLS FARGO BANK, NATIONAL ASSOCIATION (“BANK”) under that certain Credit
Agreement, dated as of November 8, 2006 (as amended, restated, modified and/or supplemented from time to time, the “Credit Agreement”), between NATUS MEDICAL INCORPORATED, a
Delaware corporation (the “Borrower”), and Bank. 

 This Compliance Certificate is delivered this
     day of                     , 20    , by the undersigned, as a senior financial
officer of Borrower to Bank in accordance with Section 5.3(e) of the Credit Agreement. 
 The undersigned hereby
certifies that: 
 1. Attached hereto are the [consolidated annual audited] [consolidating quarterly unaudited] financial statements of
Borrower presented fairly in accordance with GAAP that are required to be delivered pursuant to Section [5.3(a)] [5.3(b)] of the Credit Agreement for the period ending
                    ,      (the “End Date”). 
 2. As of the date of this Compliance Certificate, no Default or Event of Default had occurred and was continuing. 
 3. The financial condition covenants and other compliance calculations and information set forth on Schedule 1 attached hereto are true,
complete and accurate on and as of the date of this Compliance Certificate. 
 The foregoing certifications, together with the computations
set forth in Schedule 1 hereto, are made and delivered, and the financial statements referenced above are made or posted, as applicable, this      day of
            , 200    , pursuant to the provisions of the Credit Agreement. 
  

			
	By:	 	  

	Name:	 	  

	Title:	 	  

		 	of NATUS MEDICAL INCORPORATED

  

 - 25 - 

 SCHEDULE 1 
 TO COMPLIANCE CERTIFICATE 
  

	A.	Adjusted EBITDA not less than $4,000,000 for each fiscal quarter, measured as of each fiscal quarter end of Borrower. 

  

							
	 1.
	  	Adjusted EBITDA:	  		  	
		  	a. net income	  	 $                    
	  	
		  	b. plus interest expense	  	 $                    
	  	
		  	c. plus income tax expense	  	 $                    
	  	
		  	d. plus depreciation and amortization expense	  	 $                    
	  	
		  	e. plus writeoff of acquired in-process R&D expenses	  	 $                    
	  	
	 2.
	  	Adjusted EBITDA (1a+1b+1c+1d+1e):	  		  	 $                    

	 3.
	  	 In compliance (yes / no)?
	  		  	                     

  

	B.	Quick Ratio not less than 1.0 to 1.0 at each fiscal quarter end of Borrower, commencing with the fiscal quarter ending March 31, 2007. 

  

							
	 1.
	  	Quick Ratio:	  		  	
		  	a. unrestricted cash	  	 $                    
	  	
		  	b. net accounts receivable	  	 $                    
	  	
		  	c. current liabilities	  	 $                    
	  	
	 2.
	  	Quick Ratio ((1a+1b)/1c):	  		  	                     

	 3.
	  	In compliance (yes / no)?	  		  	                     

  

	C.	Liquidity not less than $8,000,000 as of December 31, 2006. 

  

							
	 1.
	  	Liquidity	  		  	
		  	a. unrestricted cash	  	 $                    
	  	
		  	b. plus unrestricted short-term marketable securities	  	 $                    
	  	
	 2.
	  	Liquidity (1a+1b)	  		  	 $                    

	 3.
	  	In compliance (yes / no)?	  		  	                     

  

	D.	Total Funded Debt to Adjusted EBITDA (based on the prior four quarters then ended) not greater than 1.0 to 1.0, measured as of each fiscal quarter end of Borrower.

  

							
	 1.
	  	Total Funded Debt	  	$                    	  	
	 2.
	  	Adjusted EBITDA (prior four quarters):	  		  	
		  	a. net income	  	 $                    
	  	
		  	b. plus interest expense	  	 $                    
	  	
		  	c. plus income taxes	  	 $                    
	  	
		  	d. plus depreciation and amortization expense	  	 $                    
	  	
		  	e. plus writeoff of acquired in-process R&D expenses	  	 $                    
	  	
		  	f. Adjusted EBITDA (2a+2b+2c+2d+2e)	  	 $                    
	  	
	 3.
	  	Total Funded Debt to Adjusted EBITDA (1 / 2f):	  		  	                     

	 4.
	  	In compliance (yes / no)?	  		  	                     

  

 - 26 - 

 SCHEDULE 3.1 
 SUBSIDIARIES 
  

	1.	Domestic Subsidiaries 

  

	 	a.	Bio-logic Systems Corp., a Delaware corporation 

  

	 	b.	Natus Acquisition Corporation, a Delaware corporation 

  

	 	c.	Olympic Medical Corp., a Washington corporation 

  

	2.	Foreign Subsidiaries 

  

	 	a.	Natus Neonatal, a company organized under the laws of the United Kingdom 

  

	 	b.	Fischer-Zoth Diagnosesysteme GmbH, a company organized under the laws of Germany 

  

	 	c.	Fischer-Zoth GmbH, a company organized under the laws of Austria 

  

	 	d.	DeltaMed SA, a société anonyme organized under the laws of France 

  

	 	e.	Natus Medical Ireland Ltd., a company organized under the laws of Ireland 

  

 - 27 -

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