Document:

Exhibit 10.6

 

EXECUTION

 

STOCKHOLDERS AGREEMENT

 

STOCKHOLDERS AGREEMENT (this “Agreement”), dated as of March 26, 2009, by and among
Safeguard Delaware, Inc., a Delaware corporation, Safeguard Scientifics, Inc.,
a Pennsylvania corporation, Safeguard Scientifics (Delaware), Inc., a
Delaware corporation (collectively, the “Safeguard  Entities”), and Oak Investment Partners XII, Limited
Partnership, a Delaware limited partnership (“Oak”).  Each of the Safeguard Entities and Oak are
referred to as “Stockholders” herein.

 

WHEREAS, the Safeguard
Entities are, as of the date hereof, collectively the record and beneficial
owners of (i) 46,483,821 shares of the Common Stock, par value $0.01 (“Common Stock”), of Clarient, Inc., a Delaware
corporation (the “Company”), and  (ii) warrants to purchase 2,829,473 shares of Common
Stock (“Warrants”);

 

WHEREAS, the Company and Oak
concurrently herewith are entering into a Stock Purchase Agreement (the “Stock Purchase Agreement”), which provides, among other
things, for the purchase by Oak of an aggregate of 5,263,158 shares the Company’s
Series A Convertible Preferred Stock, par value $0.01 (“Series A Preferred Stock”) at two closings and up to an
additional 1,315,790 shares of the Series A Preferred Stock in one or more
subsequent closings;

 

WHEREAS, all capitalized
terms used herein and not otherwise defined shall have the meanings ascribed to
such terms in the Stock Purchase Agreement;

 

WHEREAS, as a condition
precedent to the Initial Closing of the Stock Purchase Agreement, and in order
to induce Oak to enter into the Stock Purchase Agreement, each Stockholder has
agreed to enter into this Agreement.

 

NOW, THEREFORE, in
consideration of the foregoing and the mutual premises, representations,
warranties, covenants and agreements contained in this Agreement and the other
Transaction Documents, the parties, intending to be legally bound, hereby agree
as follows:

 

SECTION 1.   Representations
and Warranties of the Stockholders. 
Each Stockholder hereby severally, and not jointly, represents and
warrants, as of the date hereof and as of each Closing Date, as follows:

 

(a)           Such
Stockholder is duly organized, validly existing and in good standing under the
laws of its jurisdiction of incorporation, has all requisite corporate, limited
liability company or partnership power and authority, as the case may be, to
enter into this Agreement and to consummate the transactions contemplated by
this Agreement.  The execution and
delivery of this Agreement by such Stockholder and the consummation by such
Stockholder of the transactions contemplated by this Agreement have been duly
authorized by all requisite corporate, limited liability company or partnership
action, as the case may be, on the part of such Stockholder.

 

 

(b)           This
Agreement has been duly executed and delivered by such Stockholder and
constitutes a valid and binding obligation of such Stockholder, enforceable
against such Stockholder in accordance with its terms, except (i) as
limited by applicable bankruptcy, insolvency, reorganization, moratorium and
other laws of general application affecting enforcement of creditors’ rights
generally, and (ii) the availability of the remedy of specific performance
or injunctive or other forms of equitable relief may be subject to equitable
defenses and would be subject to the discretion of the court before which any
proceeding therefor may be brought.

 

(c)           Neither
the execution and delivery of this Agreement nor the consummation by such
Stockholder of the transactions contemplated hereby will result in a violation
of, or a default under, or conflict with, any contract, trust, commitment,
agreement, understanding, arrangement or restriction of any kind to which such
Stockholder is a party or by which it is bound or to which any Securities held
or controlled by such Stockholder are subject. 
Except for any necessary filings under the Securities Act and the
Exchange Act or otherwise disclosed in the Stock Purchase Agreement,
consummation by such Stockholder of the transactions contemplated hereby will
not violate, or require Approval under any Applicable Law applicable to such
Stockholder or such Securities.

 

(d)           Such
Securities and the certificates representing such Securities (if any) will be
held by such Stockholder, or by a nominee or custodian for the benefit of such
Stockholder, free and clear of all Liens (other than Permitted Liens, and
lender liens), proxies, voting trusts or agreements, understandings or other
similar arrangements other than pursuant to this Agreement and any transfer
restrictions set forth in any registration rights agreements and stock purchase
agreements.

 

SECTION 2.   Waiver
of Anti-dilution Protection and Preemptive Rights.  The Safeguard Entities hereby waive all
rights to anti-dilution protection and preemptive rights (or similar rights) in
connection with the issuance of the Series A Preferred Stock to Oak and
the issuance of Common Stock upon the conversion of such Series A
Preferred Stock pursuant to the terms of the Stock Purchase Agreement and/or
the Certificate of Designations, as applicable. 
This is a limited waiver and shall not be deemed to constitute a waiver
of any other rights or protections or be applicable to any other issuance of
securities by the Company.

 

SECTION 3.   Right
of First Offer.

 

(a)           Subject
to the terms and conditions specified in this Section 3, the Safeguard
Entities hereby grant to Oak a limited right of first offer with respect to any
Block Transfer proposed to be effected by the Safeguard Entities.  “Block Transfer”
means a privately negotiated Transfer of Common Stock and/or Warrants owned by
the Safeguard Entities or group of related Transfers that are intended for the
same Person, which represents more than five percent (5%) or more of the issued
and outstanding shares of Common Stock (including the shares of Common Stock
issuable upon conversion of the Series A Preferred Stock).  For the avoidance of doubt, a bona fide
public sale (i.e., a registered public offering, a sale effected in accordance
with Rule 144 under the Securities Act or otherwise where purchaser and
seller do not know each other and have no privity of contract, including
through any broker, dealer or underwriter acting in a capacity as such, that
purchase Securities for distribution) shall not be considered a “Block Transfer.”

 

 

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(b)           Each
time the Safeguard Entities propose to effect a Block Transfer, the Safeguard
Entities shall first make an offering of such Securities to Oak in accordance
with the following provisions:

 

(i)            The
Safeguard Entities shall deliver a written notice (the “Block Transfer Notice”) to Oak stating the
Safeguard Entities are contemplating initiating discussions regarding the
private sale of some or all of their Common Stock and/or Warrants.  Such Block Transfer Notice shall state the
portion of such securities which the Safeguard Entities are considering
selling;

 

(ii)           By
written notification received by the Safeguard Entities within fifteen (15)
days after giving of the Block Transfer Notice, Oak may make an offer to
purchase the securities proposed to be Transferred by identifying the
definitive price and other material terms on which it would propose to acquire
such securities;

 

(iii)          The
Safeguard Entities will, within fifteen (15) days of the receipt of any such
Oak proposal, accept or reject such proposal. 
If the Safeguard Entities reject the proposal, they then may proceed to
initiate third party negotiations concerning the identified securities and to
consummate any Transfer which may be thereafter agreed to.

 

(iv)          Notwithstanding
anything to the contrary contained herein, if the Safeguard Entities or any of
them is approached by a third party wishing to acquire some or all of the
Common Stock and/or Warrants held by the Safeguard Entities and such approach
is not the direct result of negotiations with, or solicitations of, such third
party initiated by one or more of the Safeguard Entities, the Safeguard
Entities shall have no obligation to offer such securities to Oak or to notify
Oak of such offer or any matter related thereto.

 

(v)           In
the event that the Safeguard Entities propose to effect a public sale of Common
Stock that would otherwise be a Block Transfer if it were not a public sale but
instead a privately negotiated sale, the Safeguard Entities shall use their
good faith efforts to provide Oak with at least one (1) days’ notice prior
to such Transfer so that Oak can have an opportunity to purchase such shares of
Common Stock in a negotiated private sale. 
If the Safeguard Entities believe that market conditions or other
conditions do not allow such an opportunity to provide Oak with such notice,
then such a determination shall be deemed to satisfy the good faith efforts of
the Safeguard Entities pursuant to this clause (v).

 

(vi)          A
Permitted Transferee Sale shall be exempt from the foregoing provisions.

 

SECTION 4.   Voting
of Securities.

 

(a)           The
Safeguard Entities shall vote the Securities they own of record, or
beneficially own, in favor of the NASDAQ Stockholder Approval (which affirmative
vote may be in the form of a written consent, as may be requested by the
Company).

 

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(b)           Unless
(i) mutually agreed to by Oak and the Safeguard Entities, (ii) the
net proceeds (to the extent consisting of cash or securities listed on a
national securities exchange) per share of Common Stock of the Company received
at the closing of any transaction described in this Section 4(b) will
be equal to or greater than $3.80 (as adjusted for any stock split,
consolidation, reorganization, merger, dissolution and the like with respect to
such shares), or (iii) the transaction is approved by at least two-thirds
(2/3) of the members of the Board of Directors of the Company (each, an “Approved Change in Control”), neither Oak nor any of the
Safeguard Entities shall vote any Securities it owns of record, or beneficially
owns, in favor of a sale of all of substantially all of the consolidated assets
of the Company or any merger, consolidation or similar transaction requiring a
vote of the stockholders of the Company where the holders of capital stock of
the Company immediately prior to such transaction will hold 50% or less of the
voting power of the Company surviving such transaction (or other Person which
is the issuer of the capital stock into which the capital stock of the Company
is converted or exchanged in such transaction). Notwithstanding anything to the
contrary contained herein, this provision shall be of no further force or
effect beyond December 31, 2010.

 

(c)           Neither
Oak nor any Safeguard Entity will: (i) grant any proxy, power of attorney
or other authorization or consent in or with respect to Securities; (ii) deposit
Securities into a voting trust or enter into a voting agreement or arrangement
with respect to Securities; or (iii) take any other action with respect to
Securities that would in any way restrict, limit or interfere with the
performance of its obligations hereunder or the transactions contemplated
hereby.

 

SECTION 5.   Further
Assurances.  Each party will, upon
request of the other, execute and deliver any additional documents and take
such further actions as may reasonably be deemed by the other party to be
necessary or desirable to carry out the provisions hereof.

 

SECTION 6.   Termination.  This Agreement, and all rights and
obligations of the parties hereunder, will terminate immediately upon the
earliest to occur of the following: (i) mutual written consent of Oak and
the holders of a majority of the issued and outstanding shares of Common Stock
held by the Safeguard Entities; (ii) consummation of an Approved Change in
Control; (iii) the Company no longer being subject to the reporting
requirements of Sections 13 or 15(d) of the Exchange Act; (iv) either
Oak or the Safeguard Entities beneficially owning less than ten percent (10%)
of the outstanding Common Stock (including, in the case of Oak, Common Stock
issuable upon conversion of the Series A Preferred Stock); or (v) the
fourth (4th) anniversary
of the date hereof.

 

SECTION 7.   Definitions.  For purposes of this Agreement, the following
terms have the following meanings:

 

(a)           An
“Affiliate” of any Person means any other Person directly or indirectly,
through one or more intermediaries, controlling, controlled by or under common
control with such first Person within the meaning of the Exchange Act,
including, any venture capital, private equity or similar fund now or hereafter
existing which is controlled by one or more general partners or managing
members of, or shares the same management company with, such Person.

 

(b)           “Applicable
Law” means, with respect to any Person, any domestic or foreign, federal,
state, provincial or local statute, law, ordinance, rule, administrative
interpretation, regulation, order, writ, injunction, directive, judgment,
decree or other requirement of any Governmental Entity applicable to such
Person or any of their respective properties or assets.

 

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(c)           “Approval”
means any approval, authorization, consent, qualification, order, registration,
or any waiver of any of the foregoing, required by Applicable Law or by
assertion of any Governmental Entity to be obtained from, or any notice,
statement or other communication required to be filed with or delivered to, any
Governmental Entity.

 

(d)           “NASDAQ”
means the NASDAQ Capital Market.

 

(e)           “NASDAQ
Stockholder Approval” means stockholder approval required by NASDAQ in
connection with the transactions contemplated by the Stock Purchase Agreement
and the Certificate of Designation (as defined in the Stock Purchase Agreement)
(including, without limitation, the issuance or potential issuance of a number
of shares of Common Stock which is greater than or equal to twenty percent
(20%) of the number of shares outstanding on the date of the Stock Purchase
Agreement and/or any potential change of control (as currently defined or as
proposed to be defined under the rules and regulations of NASDAQ)).

 

(f)            “Permitted
Transferee Sale” means a Transfer to an Affiliate provided that such
Affiliate executes a customary joinder agreement whereby such Affiliate agrees
to be bound under this Agreement to the same extent as the transferor.

 

(g)           “Person”
means any individual, firm, partnership, corporation, association, group (as
such term is used in Rule 13d-5 promulgated under the Exchange Act as in
effect on the date hereof) or other entity, and shall include any successor (by
merger or otherwise) of such entity.

 

(h)           “Principal Market” means the
principal securities exchange on which the Common Stock may at the time be
listed, or if at such time the Common Stock is not so listed, the NASDAQ, or if
the Common Stock is not traded on the NASDAQ, then the principal securities
exchange or trading market for the Common Stock.

 

(i)            “Securities”
means, collectively, the Series A Preferred Stock, the Common Stock
(including share of Common Stock issued upon conversion of the Series A
Preferred Stock), the Warrants and any other equity securities of the Company
now or subsequently owned of record or beneficially by the parties hereto.

 

(j)            “Transfer”
means transfer, sell, assign or otherwise dispose of.

 

SECTION 8.   Expenses.  All fees and expenses incurred by any one
party hereto will be borne by the party incurring such fees and expenses.

 

SECTION 9.   Public
Disclosure.  Oak and the Safeguard
Entities will consult with each other before issuing any press release or
otherwise making any public statement with respect to the this Agreement and
will not issue any such press release or make any such public statement prior
to such consultation, except as may be required by Applicable Law (including
under the Exchange Act) or any listing agreement with a national securities
exchange, in which case reasonable efforts to consult with the other party will
be made prior to any such release or public statement.

 

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SECTION 10.   Miscellaneous.

 

(a)           All
notices and other communications hereunder shall be in writing and shall be
deemed given on the date of delivery if delivered personally or by commercial
delivery service, or sent via telecopy (receipt confirmed) to the parties at
the following addresses or telecopy numbers (or at such other address or
telecopy numbers for a party as shall be specified by like notice):

 

(i)            if
to any Safeguard Entity, to:

 

Safeguard
Scientifics, Inc.

435 Devon Park Drive

Building 800

Wayne, Pennsylvania 19087

Attention:  General Counsel

Facsimile:  (610) 293-0601

 

(ii)           if
to Oak, to:

 

Oak Investment Partners XII,
Limited Partnership

One Gorham Island

Westport, Connecticut 06880

Attention:  Ann H. Lamont

Facsimile: (203) 227-0327

 

with a
copy to:

 

Finn Dixon & Herling
LLP

177 Broad Street

Stamford, Connecticut 06901

Attention:  Michael J. Herling, Esq.

Facsimile:  (203) 325-5001

 

(b)           This
Agreement may be executed in one or more counterparts, all of which shall be
considered one and the same agreement and shall become effective when one or
more counterparts have been signed by each of the parties and delivered to the
other party, it being understood that all parties need not sign the same
counterpart.

 

(c)           This
Agreement (and the documents and instruments and other agreements among the
parties hereto as contemplated by or referred to herein), constitute the entire
agreement among the parties with respect to the subject matter hereof and
supersede all prior agreements and understandings, both written and oral, among
the parties with respect to the subject matter hereof and are not intended to
confer upon any other person any rights or remedies hereunder.

 

(d)           In
the event that any provision of this Agreement, or the application thereof,
becomes or is declared by a court of competent jurisdiction to be illegal, void
or unenforceable, the remainder of this Agreement will continue in full force and
effect and the application of such provision to other persons or circumstances
will be interpreted so as reasonably to effect the intent of the parties
hereto.  The parties further agree to
replace such void or unenforceable provision of this Agreement with a valid and
enforceable provision that will achieve, to the extent possible, the economic,
business and other purposes of such void or unenforceable provision.

 

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(e)           Except
as otherwise provided herein, any and all remedies herein expressly conferred
upon a party will be deemed cumulative with and not exclusive of any other
remedy conferred hereby, or by law or equity upon such party, and the exercise
by a party of any one remedy will not preclude the exercise of any other
remedy.  The parties hereto agree that
irreparable damage would occur in the event that any of the provisions of this
Agreement were not performed in accordance with their specific terms or were otherwise
breached.  It is accordingly agreed that
the parties shall be entitled to seek an injunction or injunctions to prevent
breaches of this Agreement and to enforce specifically the terms and provisions
hereof in any court of the United States or any state having jurisdiction, this
being in addition to any other remedy to which they are entitled at law or in
equity.

 

(f)            This
Agreement shall be governed by and construed in accordance with the laws of the
State of Delaware, regardless of the laws that might otherwise govern under
applicable principles of conflicts of law thereof.  Each party hereby irrevocably submits to the
non-exclusive jurisdiction of the state and federal courts sitting in the State
of Delaware for the adjudication of any dispute hereunder or in connection
herewith or with any transaction contemplated hereby or discussed herein, and
hereby irrevocably waives, and agrees not to assert in any suit, action or
proceeding, any claim that it is not personally subject to the jurisdiction of
any such court, that such suit, action or proceeding is brought in an
inconvenient forum or that the venue of such suit, action or proceeding is
improper.  Each party hereby irrevocably
waives personal service of process and consents to process being served in any
such suit, action or proceeding by mailing a copy thereof to such party at the
address for such notices to it under this Agreement and agrees that such
service shall constitute good and sufficient service of process and notice
thereof.  Nothing contained herein shall
be deemed to limit in any way any right to serve process in any manner
permitted by law.  If any provision of
this Agreement shall be invalid or unenforceable in any jurisdiction, such
invalidity or unenforceability shall not affect the validity or enforceability
of the remainder of this Agreement in that jurisdiction or the validity or
enforceability of any provision of this Agreement in any other
jurisdiction.  EACH PARTY HEREBY
IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A
JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION
HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED
HEREBY.

 

(g)           No
party may assign either this Agreement or any of its rights, interests, or
obligations hereunder without the prior written approval of the other
parties.  Subject to the preceding
sentence, this Agreement shall be binding upon and shall inure to the benefit
of the parties hereto and their respective successors and permitted assigns.

 

(h)           This
Agreement may be amended, waived, terminated or otherwise modified only with
the prior written consent of Oak and the holders of a majority of the issued
and outstanding shares of Common Stock held by the Safeguard Entities.

 

(i)            For
all purposes of this Agreement, except as otherwise expressly provided or
unless the context otherwise requires:

 

7

 

(i)            terms include the plural as well as
the singular;

 

(ii)           all references in this Agreement to
designated “Sections” and other subdivisions are to the designated Sections and
other subdivisions of the body of this Agreement;

 

(iii)          the words “herein,” “hereof” and “hereunder”
and other words of similar import refer to this Agreement as a whole and not to
any particular Section or other subdivision;

 

(iv)          “or” is not exclusive; and

 

(v)           “including” and “includes” will be
deemed to be followed by “but not limited to” and “but is not limited to,”
respectively.

 

(j)            The
headings contained in this Agreement are for reference purposes only and shall
not affect in any way the meaning or interpretation of this Agreement.

 

(k)           Reference
to the subsidiaries of an entity shall be deemed to include all direct and
indirect subsidiaries of such entity.

 

(l)            The
parties hereto have participated jointly in the negotiation and drafting of
this Agreement.  In the event any
ambiguity or question of intent or interpretation arises, this Agreement shall
be construed as if drafted jointly by all parties hereto, and no presumption or
burden of proof shall arise favoring or disfavoring any party by virtue of the
authorship of any provision of this Agreement.

 

(m)          The
obligations and representations and warranties of the Stockholders under this
Agreement are several and not joint, and are in their capacities as such.

 

(n)           Each
Stockholder agrees that such Stockholder is not relying upon any person, firm,
or corporation, other than the Company and its officers and directors, in
making its investment or decision to invest in the Company.

 

(o)           Solely
for purposes of Section 2 hereof, the Company is an intended third party
beneficiary of this Agreement

 

[Remainder
of Page Intentionally Left Blank]

 

8

 

IN WITNESS WHEREOF, the undersigned have
executed and delivered or caused this Agreement to be duly executed and
delivered as of the date first written above.

 

	
  STOCKHOLDERS:

  	
  OAK INVESTMENT PARTNERS XII,

  
	
   

  	
  LIMITED PARTNERSHIP

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Oak Associates XII, LLC

  
	
   

  	
   

  	
  its General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Ann H. Lamont

  
	
   

  	
   

  	
  Name:

  	
  Ann H. Lamont

  
	
   

  	
   

  	
  Title:

  	
  Managing Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  SAFEGUARD DELAWARE, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Peter J. Boni

  
	
   

  	
   

  	
  Name:

  	
  Peter J. Boni

  
	
   

  	
   

  	
  Title:

  	
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  SAFEGUARD SCIENTIFICS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Peter J. Boni

  
	
   

  	
   

  	
  Name:

  	
  Peter J. Boni

  
	
   

  	
   

  	
  Title:

  	
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  SAFEGUARD SCIENTIFICS (DELAWARE), INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Peter J. Boni

  
	
   

  	
   

  	
  Name:

  	
  Peter J. Boni

  
	
   

  	
   

  	
  Title:

  	
  PresidentExhibit 10.7

 

 

PLEDGE AND SECURITY AGREEMENT

 

 

THIS
PLEDGE AND SECURITY AGREEMENT (“Agreement”) is made as of this 26th day of March, 2009, by the undersigned (“Pledgor”)
in favor of Comerica Bank (“Bank”).

 

RECITALS

 

Pledgor
and Bank have entered into a Standby Letter of Credit Application and
Agreement dated as of August 1, 2005 (said agreement, as it may
hereafter be amended from time to time, being the “Master Agreement”)
pursuant to which Bank has agreed, subject to the terms and conditions set forth
in the Master Agreement, to extend certain credit facilities to Pledgor.
Pledgor has agreed to secure certain of its obligations with the money market
account or accounts described on attached Exhibit A (collectively, the “Money
Market Account”). Unless specifically defined in this Agreement, all
capitalized terms used herein shall have the meaning set forth in the Master
Agreement.

 

NOW,
THEREFORE, Pledgor and Bank agree as follows:

 

1.             Pledge
of Collateral.

 

(a)           Pledgor hereby pledges to Bank and
grants to Bank a security interest in the Money Market Account, together with
all proceeds thereof, all interest paid thereon, and all other cash and noncash
proceeds of the foregoing (all hereinafter called the “Pledged Collateral”),
as security for the prompt performance of all of Pledgor’s obligations (the “Obligation(s)”)
with respect to, or arising out of, the Master Agreement. Pledgor and Bank
hereby also confirm the existence and validity of any prior grant of a security
interest in the Pledged Collateral pursuant to the Master Agreement or any
other agreement previously entered into between the parties.

 

(b)           Pledgor authorizes Bank to file such
financing statements, and take such other actions as Bank determines from time
to time may be necessary or appropriate to perfect the security interest
granted hereunder.

 

(c)           Prior to the maturity (if any) of any
Pledged Collateral held by Bank pursuant hereto, Pledgor and Bank shall agree
upon a security or instrument similar in form, quality, and substance to the original
Pledged Collateral in which the proceeds of the Pledged Collateral can be
reinvested on maturity. Upon maturity of the Pledged Collateral in accordance
with its terms, or in the event the Pledged Collateral otherwise becomes
payable during the term of this Agreement, such maturing Pledged Collateral may
be presented for payment, exchange, or otherwise marketed by Bank on behalf of
Pledgor and the proceeds therefrom used to purchase the security or instrument
agreed to by Pledgor and Bank in accordance with the immediately preceding
sentence. If no agreement has been made, such proceeds shall be placed into an
interest bearing account offered by the Bank until such time as an agreement as
to the security replacing the original Pledged Collateral can be reached. Bank
may retain any such successor collateral and the proceeds therefrom as Pledged
Collateral in accordance with the terms of this Agreement.

 

(d)           The pledge of a security interest in
the Pledged Collateral hereunder remains in effect for the term of this
Agreement notwithstanding any release by Bank of any other collateral in
connection with the Master Agreement or any other agreement in effect between
the Bank and the Pledgor, now or hereafter arising.

 

2.             Representations,
Warranties and Covenants. Pledgor represents and warrants to and covenants
with Bank that:

 

(a)           The Pledged Collateral is owned by
Pledgor free and clear of any security interests, liens, encumbrances, options
or other restrictions created by Pledgor;

 

(b)           Pledgor has full power and authority
to create a first lien on the Pledged Collateral in favor of Bank and no
disability or contractual obligation exists that would prohibit Pledgor from
pledging the Pledged Collateral pursuant to this Agreement, and Pledgor will
not assign, create or permit to exist any other claim to, lien or encumbrance
upon, or security interest in any of the Pledged Collateral;

 

(c)           The Pledged Collateral is not the
subject of any present or threatened suit, action, arbitration, administrative
or other proceeding, and Pledgor knows of no reasonable grounds for the
institution of any such proceedings; and

 

(d)           Pledgor shall not transfer, encumber,
dispose of, withdraw, or otherwise direct the payment of any proceeds,
interest, or amounts payable with respect to the Pledged Collateral for so long
as it is subject to this Agreement.

 

All
the above representations and warranties shall survive the making of this
Agreement.

 

 

1

 

3.             Events of Default. Each of
the following shall constitute an event of default (“Event of Default”)
hereunder:

 

(a)           The occurrence and continuance of an
Event of Default under the Master Agreement; or

 

(b)           The breach of any provision of this
Agreement by Pledgor or the failure by Pledgor to observe or perform any of the
provisions of this Agreement.

 

4.             Bank’s Remedies Upon Default.

 

Upon
the occurrence of an Event of Default, Bank shall have the right to exercise
all such rights as a secured party under the California Uniform Commercial Code
as it, in its sole judgment, shall deem necessary or appropriate. After the
disposal of any of the Pledged Collateral, Bank may deduct all reasonable legal
and other expenses and attorney’s fees for protecting its interests and
enforcing its remedies under the Master Agreement and this Agreement and shall
apply the residue of the proceeds to, or hold as a reserve against, the
Obligations in such manner as Bank in its sole discretion shall determine, and
shall pay the balance, if any, to Pledgor or otherwise, in accordance with
applicable law.

 

5.             Waivers; Indemnification.

 

(a)           Demand; Protest. Except as
otherwise provided in this Agreement, Pledgor waives demand, protest, notice of
protest, notice of default or dishonor, notice of payment and nonpayment and
any other notices relating to the Obligations.

 

(b)           Indemnification. Pledgor
agrees to defend, indemnify and hold harmless Bank and its officers, employees,
and affiliates against all losses or expenses in any way suffered, incurred, or
paid by Bank as a result of or in any way arising out of, following, or
consequential to transactions between Bank and Pledgor, under this Agreement
(including without limitation reasonable attorneys’ fees and expenses), except
for losses caused by Bank’s gross negligence or willful misconduct.

 

6.             Notices. Unless otherwise
later agreed to in writing, all notices or demands by any party regarding this
Agreement shall be in writing and shall be personally delivered or sent by
certified mail, postage prepaid, return receipt requested, or by telefacsimile
to Pledgor or to Bank, as the case may be, at its addresses set forth in the
Master Agreement, with a copy of such document sent to the Bank’s account
officer at the following address: 11921 Freedom Drive, Ste 920, Reston, VA
20190 Mail Code:  5270.

 

7.             Choice of Law and Venue; Jury
Trial Waiver. This Agreement shall be governed by, and construed in
accordance with, the internal laws of the State of California, without regard
to principles of conflicts of laws. Each of Pledgor and Bank hereby submits to
the exclusive jurisdiction of the state and Federal courts located in
California. THE UNDERSIGNED ACKNOWLEDGE THAT THE RIGHT TO TRIAL BY JURY IS A
CONSTITUTIONAL ONE, BUT THAT IT MAY BE WAIVED UNDER CERTAIN CIRCUMSTANCES.
TO THE EXTENT PERMITTED BY LAW, EACH PARTY, AFTER CONSULTING (OR HAVING HAD THE
OPPORTUNITY TO CONSULT) WITH COUNSEL OF ITS, HIS OR HER CHOICE, KNOWINGLY AND
VOLUNTARILY, AND FOR THE MUTUAL BENEFIT OF ALL PARTIES, WAIVES ANY RIGHT TO
TRIAL BY JURY IN THE EVENT OF LITIGATION ARISING OUT OF OR RELATED TO THIS
AGREEMENT OR ANY OTHER DOCUMENT, INSTRUMENT OR AGREEMENT BETWEEN THE
UNDERSIGNED PARTIES.

 

8.             General Provisions.

 

(a)           Successors and Assigns. This
Agreement shall bind and inure to the benefit of the respective successors and
permitted assigns of each of the parties; provided, however, that neither this
Agreement nor any rights hereunder may be assigned by Pledgor without Bank’s
prior written consent, which consent may be granted or withheld in Bank’s sole
discretion. Bank shall have the right without the consent of or notice to
Pledgor to sell, transfer, negotiate, or grant participation in all or any part
of, or any interest in, Bank’s obligations, rights and benefits hereunder.

 

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

 

(c)           Severability of Provisions.
Each provision of this Agreement shall be severable from every other provision
of this Agreement for the purpose of determining the legal enforceability of
any specific provision.

 

(d)           Amendments in Writing, Integration.
This Agreement cannot be amended or terminated orally. All prior agreements,
understandings, representations, warranties, and negotiations between the
parties hereto with respect to the subject matter of this Agreement, if any,
are merged into this Agreement and with any other written agreement concerning
the Obligations previously entered into by the parties.

 

(e)           Counterparts. This Agreement
may be executed in any number of counterparts and by different parties on
separate counterparts, each of which, when executed and delivered, shall be deemed
to be an original, and all of which, when taken together, shall constitute but
one and the same Agreement.

 

 

2

 

(f)            Survival. All covenants, representations and
warranties made in this Agreement shall continue in full force and effect so
long as any Obligations remain outstanding. The obligations of Pledgor to
indemnify Bank with respect to the expenses, damages, losses, costs and
liabilities described in Section 5(b) shall survive until all
applicable statute of limitations periods with respect to actions that may be
brought against Bank have run.

 

(g)           Term. This Agreement shall remain in effect so
long as any Obligation, whether or not contingent or unliquidated, now or
hereafter arising, remains in existence.

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement the day and
year first above written.

 

	
   

  	
  Bank:

  
	
   

  	
   

  
	
   

  	
  Comerica Bank 

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Todd Mc Donald

  
	
   

  	
  Title:

  	
  Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Pledgor:

  
	
   

  	
   

  
	
   

  	
  Clarient, Inc.,

  a Delaware corporation

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Raymond Land

  
	
   

  	
  Title:

  	
  Senior Vice President and CFO

  

 

 

3

 

EXHIBIT A

 

Money
Market Account No. 1894162872, held at Comerica Bank, in an amount equal
to at least 100% of the obligations under the Master Agreement, in the name of
Clarient, Inc. and any and all subsequent replacements thereof.

 

 

4

 

 

 

March 26,
2009

 

 

Clarient, Inc.

31 Columbia

Aliso Viejo, CA
92656

 

This
Letter Agreement is entered into by and between Comerica Bank (“Bank”) and the
undersigned party as of this 26th day of March, 2009.

 

The
undersigned and Bank agree that the following Reference Provision shall be made
a part of any agreement, instrument, or document made or entered into by the
undersigned with or in favor of Bank (collectively, the “Agreement”) and is
hereby incorporated into any such Agreement by this reference.

 

Reference Provision.

 

a.             In the event that the Jury Trial
Waiver provision contained in the Agreement is not enforceable, the parties
elect to proceed under this Reference Provision.

 

b.             With the exception of the items
specified in clause (c), below, any controversy, dispute or claim (each, a “Claim”)
between the parties arising out of or relating to the Agreement will be
resolved by a reference proceeding in California in accordance with the
provisions of Section 638 et seq. of the
California Code of Civil Procedure (“CCP”), or their successor sections, which
shall constitute the exclusive remedy for the resolution of any Claim,
including whether the Claim is subject to the reference proceeding. Except as
otherwise provided in the Agreement, venue for the reference proceeding will be
in the state or federal court in the county or district where venue is
otherwise appropriate under applicable law (the “Court”).

 

c.             The matters that shall not be
subject to a reference are the following: (i) foreclosure of any security
interests in real or personal property, (ii) exercise of self-help
remedies (including, without limitation, set-off), (iii) appointment of a
receiver and (iv) temporary, provisional or ancillary remedies (including,
without limitation, writs of attachment, writs of possession, temporary
restraining orders or preliminary injunctions). This Agreement does not limit
the right of any party to exercise or oppose any of the rights and remedies
described in clauses (i) and (ii) or to seek or oppose from a court
of competent jurisdiction any of the items described in clauses (iii) and
(iv). The exercise of, or opposition to, any of those items does not waive the
right of any party to a reference pursuant to this Agreement.

 

d.             The referee shall be a retired
judge or justice selected by mutual written agreement of the parties. If the
parties do not agree within ten (10) days of a written request to do so by
any party, then, upon request of any party, the referee shall be selected by
the Presiding Judge of the Court (or his or her representative). A request for
appointment of a referee may be heard on an ex parte or
expedited basis, and the parties agree that irreparable harm would result if ex parte relief is not granted. Pursuant to CCP § 170.6,
each party shall have one peremptory challenge to the referee selected by the
Presiding Judge of the Court (or his or her representative).

 

e.             The parties agree that time is of
the essence in conducting the reference proceedings. Accordingly, the referee
shall be requested, subject to change in the time periods specified herein for
good cause shown, to (a) set the matter for a status and trial-setting
conference within fifteen (15) days after the date of selection of the referee,
(b) if practicable, try all issues of law or fact within one hundred
twenty (120) days after the date of the conference and (c) report a
statement of decision within twenty (20) days after the matter has been
submitted for decision.

 

f.              The referee will have power to
expand or limit the amount and duration of discovery. The referee may set or
extend discovery deadlines or cutoffs for good cause, including a party’s
failure to provide requested discovery for any reason whatsoever. Unless
otherwise ordered, no party shall be entitled to “priority” in conducting
discovery, depositions may be taken by either party upon seven (7) days
written notice, and all other discovery shall be responded to within fifteen
(15) days after service. All disputes relating to discovery which cannot be
resolved by the parties shall be submitted to the referee whose decision shall
be final and binding.

 

g.             Except as expressly set forth in
this Agreement, the referee shall determine the manner in which the reference
proceeding is conducted including the time and place of hearings, the order of
presentation of evidence, and all other questions that arise with respect to
the course of the reference proceeding. All proceedings and hearings conducted
before the referee, except for trial, shall be conducted without a court
reporter, except that when any party so requests, a court reporter will be used
at any hearing conducted before the referee, and the referee will be provided a
courtesy copy of the transcript. The party making such a request shall have the
obligation to arrange for and pay the court reporter. Subject to the referee’s
power to award costs to the prevailing party, the parties will equally share
the cost of the referee and the court reporter at trial.

 

 

 

h.             The referee shall be required to determine
all issues in accordance with existing case law and the statutory laws of the
State of California. The rules of evidence applicable to proceedings at
law in the State of California will be applicable to the reference proceeding.
The referee shall be empowered to enter equitable as well as legal relief,
enter equitable orders that will be binding on the parties and rule on any
motion which would be authorized in a trial, including without limitation
motions for summary judgment or summary adjudication. The referee shall issue a
decision at the close of the reference proceeding which disposes of all claims
of the parties that are the subject of the reference. Pursuant to CCP § 644,
such decision shall be entered by the Court as a judgment or an order in the
same manner as if the action had been tried by the Court and any such decision
will be final, binding and conclusive. The parties reserve the right to appeal
from the final judgment or order or from any appealable decision or order
entered by the referee. The parties reserve the right to findings of fact,
conclusions of laws, a written statement of decision, and the right to move for
a new trial or a different judgment, which new trial, if granted, is also to be
a reference proceeding under this provision.

 

i.              If the enabling legislation which
provides for appointment of a referee is repealed (and no successor statute is
enacted), any dispute between the parties that would otherwise be determined by
reference procedure will be resolved and determined by arbitration. The
arbitration will be conducted by a retired judge or Justice, in accordance with
the California Arbitration Act §1280 through §1294.2 of the CCP as amended from
time to time. The limitations with respect to discovery set forth above shall
apply to any such arbitration proceeding.

 

j.              THE PARTIES RECOGNIZE AND AGREE
THAT ALL DISPUTES RESOLVED UNDER THIS REFERENCE PROVISION WILL BE DECIDED BY A
REFEREE AND NOT BY A JURY. AFTER CONSULTING (OR HAVING HAD THE OPPORTUNITY TO
CONSULT) WITH COUNSEL OF THEIR OWN CHOICE, EACH PARTY KNOWINGLY AND
VOLUNTARILY, AND FOR THE MUTUAL BENEFIT OF ALL PARTIES, AGREES THAT THIS
REFERENCE PROVISION WILL APPLY TO ANY CONTROVERSY, DISPUTE OR CLAIM BETWEEN OR
AMONG THEM WHICH ARISES OUT OF OR IS RELATED TO THE AGREEMENT.

 

COMERICA
BANK

 

	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Todd Mc Donald

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
  Senior Vice President

  	
   

  	
   

  

 

CLARIENT,
INC.,

a Delaware
corporation

 

	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Raymond Land

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
  Senior Vice President and CFO

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