Document:

Exhibit 10.3

 

AMENDMENT NO. 6 TO LOAN AND SECURITY AGREEMENT

 

This AMENDMENT NO. 6 TO LOAN AND SECURITY AGREEMENT (this “Amendment”), is entered into as of October 1, 2018, by and among (a) QUANTERIX CORPORATION, a Delaware corporation (“Borrower”), (b) the several banks and other financial institutions or entities from time to time parties to the Loan Agreement (as defined below) (collectively referred to as “Lender”), and (c) HERCULES CAPITAL, INC. (formerly known as Hercules Technology Growth Capital, Inc.), a Maryland corporation, in its capacity as administrative agent for itself and the Lender (in such capacity, “Agent”).

 

WHEREAS, Borrower, Lender and Agent are parties to a certain Loan and Security Agreement dated as of April 14, 2014, as amended by a certain Amendment No. 1 to Loan and Security Agreement dated as of March 4, 2015, among Borrower, Lender and Agent, as amended by a certain Amendment No. 2 to Loan and Security Agreement dated as of January 29, 2016, among Borrower, Lender and Agent, as amended by a certain Amendment No. 3 to the Loan and Security Agreement dated as of March 31, 2017, among Borrower, Lender and Agent, as amended by a certain Amendment No. 4 to Loan and Security Agreement dated as of July 24, 2017, among Borrower, Lender and Agent, and as further amended by a certain Amendment No. 5 to Loan and Security Agreement dated August 29, 2018, among Borrower, Lender and Agent (as amended, and as the same may from time to time be further amended, supplemented, restated, amended and restated or otherwise modified form time to time in accordance with its terms, the “Loan Agreement”); and

 

WHEREAS, in accordance with Section 11.3 of the Loan Agreement, Borrower, Lender and Agent desire to amend the Loan Agreement as provided herein.

 

NOW THEREFORE, in consideration of the mutual agreements contained in the Loan Agreement and herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

1.             Defined Terms.  Terms not otherwise defined herein which are defined in the Loan Agreement shall have the same respective meanings herein as therein.

 

2.             Amendments to Loan Agreement.  Subject to the satisfaction of the conditions set forth in Section 3 of this Amendment, the Loan Agreement is hereby amended as follows:

 

(a)           Clause (vii) in the definition of “Permitted Indebtedness” in Section 1.1 (Definitions and Rules of Construction) is amended in its entirety and replaced with the following:

 

“(vii) reimbursement obligations in connection with letters of credit that are secured by cash or cash equivalents and issued on behalf of the Borrower or a Subsidiary thereof in an amount not to exceed $1,000,000 at any time outstanding,”

 

(b)           The following sentence is hereby added to the end of Section 3 of the Loan Agreement:

 

“Notwithstanding the foregoing, the Collateral does not include the certificate of deposit number 2050206339 in the initial amount of $1,000,000, maintained with or issued by Wells Fargo Bank, National Association (“Wells Fargo”), all interest earned thereon, all funds added thereto, all renewals and replacements thereof and all proceeds thereof so long as that certain irrevocable standby letter of credit dated October 1, 2018 issued by Wells Fargo remains outstanding.”

 

3.             Conditions to Effectiveness.  Agent, Lender and Borrower agree that this Amendment shall become effective upon Agent’s receipt a fully-executed counterpart of this Amendment signed by Borrower.

 

4.             Representations and Warranties.  The Borrower hereby represents and warrants to Agent and Lender as follows:

 

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(a)           Representations and Warranties in the Agreement.  The representations and warranties of Borrower set forth in Section 5 of the Loan Agreement are true and correct in all material respects on and as of the date hereof with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date.

 

(b)           Authority, Etc.  The execution and delivery by Borrower of this Amendment and the performance by Borrower of all of its agreements and obligations under the Loan Agreement and the other Loan Documents, as amended hereby, are within the corporate authority of Borrower and have been duly authorized by all necessary corporate action on the part of Borrower.  With respect to Borrower, the execution and delivery by Borrower of this Amendment does not and will not require any registration with, consent or approval of, or notice to any Person (including any governmental authority).

 

(c)           Enforceability of Obligations.  This Amendment, the Loan Agreement and the other Loan Documents, as amended hereby, constitute the legal, valid and binding obligations of Borrower enforceable against Borrower in accordance with their terms, except as enforceability is limited by bankruptcy, insolvency, reorganization, moratorium, general equitable principles or other laws relating to or affecting generally the enforcement of, creditors’ rights and except to the extent that availability of the remedy of specific performance or injunctive relief is subject to the discretion of the court before which any proceeding therefor may be brought.

 

(d)           No Default.  Before and after giving effect to this Amendment (i) no fact or condition exists that would (or would, with the passage of time, the giving of notice, or both) constitute an Event of Default, and (ii) no event that has had or could reasonably be expected to have a Material Adverse Effect has occurred and is continuing.

 

(e)           Event of Default.  By its signature below, Borrower hereby agrees that it shall constitute an Event of Default if any representation or warranty made herein should be false or misleading in any material respect when made.

 

5.             Reaffirmations.  Except as expressly provided in this Amendment, all of the terms and conditions of the Loan Agreement and the other Loan Documents remain in full force and effect.  Nothing contained in this Amendment shall in any way prejudice, impair or affect any rights or remedies of Agent or Lender under the Loan Agreement and the other Loan Documents.  Except as specifically amended hereby, Borrower hereby ratifies, confirms, and reaffirms all covenants contained in the Loan Agreement and the other Loan Documents.  The Loan Agreement, together with this Amendment, shall be read and construed as a single agreement.  All references in the Loan Documents to the Loan Agreement or any other Loan Document shall hereafter refer to the Loan Agreement or any other Loan Document as amended hereby.

 

6.             Execution in Counterparts.  This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but which together shall constitute one instrument

 

7.             Miscellaneous.

 

(a)           THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF CALIFORNIA, EXCLUDING CONFLICT OF LAWS PRINCIPLES THAT WOULD CAUSE THE APPLICATION OF LAWS OF ANY OTHER JURISDICTION.

 

(b)           The captions in this Amendment are for convenience of reference only and shall not define or limit the provisions hereof.

 

(c)           This Amendment expresses the entire understanding of the parties with respect to the transactions contemplated hereby. No prior negotiations or discussions shall limit, modify, or otherwise affect the provisions hereof.

 

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(d)           Any determination that any provision of this Amendment or any application hereof is invalid, illegal or unenforceable in any respect and in any instance shall not affect the validity, legality, or enforceability of such provision in any other instance, or the validity, legality or enforceability of any other provisions of this Amendment.

 

(e)           The provisions of Section 11 of the Loan Agreement, not otherwise addressed in this Amendment, shall be deemed incorporated by reference, mutatis mutandis.

 

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IN WITNESS WHEREOF, Borrower, Agent and Lender have duly executed and delivered this Amendment as of the day and year first above written.

 

 

	
 
    	
BORROWER:
    
	
 
    	
 
    
	
 
    	
QUANTERIX CORPORATION
    
	
 
    	
 
    
	
 
    	
Signature:
    	
/s/ Brian Keane
    
	
 
    	
Print Name:
    	
Brian Keane
    
	
 
    	
Title:
    	
General Counsel
    
	
 
    	
 
    
	
 
    	
 
    
	
Accepted in Palo Alto,   California:
    	
 
    
	
 
    	
AGENT:
    
	
 
    	
 
    
	
 
    	
HERCULES   CAPITAL, INC. (formerly known as Hercules Technology Growth   Capital, Inc.)
    
	
 
    	
 
    
	
 
    	
Signature:
    	
/s/ Jennifer Choe
    
	
 
    	
Print Name:
    	
Jennifer Choe
    
	
 
    	
Title:
    	
Assistant General   Counsel
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
LENDER:
    
	
 
    	
 
    
	
 
    	
HERCULES   CAPITAL, INC.  (formerly known as   Hercules Technology Growth Capital, Inc.)
    
	
 
    	
 
    
	
 
    	
Signature:
    	
/s/ Jennifer Choe
    
	
 
    	
Print Name:
    	
Jennifer Choe
    
	
 
    	
Title:
    	
Assistant General Counsel
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
HERCULES CAPITAL   FUNDING TRUST 2014-1
    
	
 
    	
 
    
	
 
    	
By: HERCULES   CAPITAL, INC., its servicer
    
	
 
    	
 
    
	
 
    	
Signature:
    	
/s/ Jennifer Choe
    
	
 
    	
Print Name:
    	
Jennifer Choe
    
	
 
    	
Title:
    	
Assistant General   CounselExhibit 10.4

 

Quanterix Corporation

2018 Non-Employee Director Compensation Policy

 

Effective as of January 1, 2018(1)

 

I.                                        Overview

 

The Board of Directors (the “Board”) of Quanterix Corporation (the “Company”) has approved this 2018 Non-Employee Director Compensation Policy (the “Policy”) to provide an inducement to attract and retain the services of qualified persons to serve as directors.

 

II.            Eligibility

 

This Policy shall apply to each director of the Board who is not an employee of, or compensated consultant to, the Company or any of its Affiliates (as defined in the 2017 Employee, Director and Consultant Equity Incentive Plan (“the Plan”)) (a “Non-Employee Director”).  Employees of the Company and their Affiliates are not eligible to receive compensation under this Policy.

 

III.                              Director Compensation

 

The following is a description of the compensation arrangements under which our Non-Employee Directors are compensated for their service as directors, including as members of the various committees of our Board, consisting of the cash retainers described in Section III.A and the equity awards described in Section III.B.

 

A.            Cash Compensation

 

1.              Terms for Cash Payment

 

Subject to Section III.A.2, each Non-Employee Director shall receive the following annual cash compensation for his or her service on the Board and committees of the Board:

 

	
Base Board Retainer
    	
 
    	
$
    	
35,000
    	
 
    
	
Additional Lead   Director/Non-Employee Board Chairman Retainer
    	
 
    	
$
    	
20,000
    	
 
    
	
Additional Audit   Committee Chairman Retainer
    	
 
    	
$
    	
20,000
    	
 
    
	
Additional   Compensation Committee Chairman Retainer
    	
 
    	
$
    	
12,000
    	
 
    
	
Additional   Nominating and Governance Committee Chairman Retainer
    	
 
    	
$
    	
10,000
    	
 
    
	
Additional Audit   Committee Member Retainer
    	
 
    	
$
    	
7,500
    	
 
    
	
Additional   Compensation Committee Member Retainer
    	
 
    	
$
    	
6,000
    	
 
    
	
Additional   Nominating and Governance Committee Member Retainer
    	
 
    	
$
    	
5,000
    	
 
    

 

Cash payments to Non-Employee Directors shall be paid quarterly in arrears on the first Company payroll date following the end of the fiscal quarter to which service relates (each, a “Payment Date”).

 

(1)  Approved August 7, 2018.

 

 

Each Non-Employee Director: (i) who is elected or appointed to the Board after the date hereof or (ii) ceases to be a Non-Employee Director during a fiscal quarter, shall receive a prorated cash retainer for the portion of such partial fiscal quarter during which he or she served on the Board or a committee of the Board (the “Prorated Retainer”). The Prorated Retainer shall be an amount equal to the product of (A) the aggregate amount payable in respect of such Non-Employee Director’s service for a full fiscal quarter multiplied by (B) a fraction, the numerator of which is (x) the number of days during such fiscal quarter which the Non-Employee Director served on the Board or committees, and the denominator of which is (y) the total number of days during such fiscal quarter.  The Prorated Retainer shall be paid on first Payment Date following such fiscal quarter.

 

B.            Equity Compensation

 

1.              Annual Equity Awards

 

Each Non-Employee Director will automatically be granted, without any further action by the Board, on the first trading day of each fiscal year, (A) a non-qualified stock option (the “Options”) to purchase 7,900 shares of Common Stock at an exercise price equal to the Fair Market Value as of such grant date and (B) 2,270 restricted stock units (each RSU relating to one (1) share of Common Stock) (“RSUs”) (collectively, the “Annual Awards”).  The Annual Awards shall become vested in full on December 31st of the year in which such awards were granted, provided that the Non-Employee Director is a director of the Company on the applicable vesting date.

 

2.              Initial Equity Awards for Newly Elected Directors

 

Upon initial election or appointment of a Non-Employee Director to the Board, such Non-Employee Director will automatically be granted, on his or her election or appointment date, without any further action by the Board, (A) 15,800 Options at an exercise price equal to the Fair Market Value as of such grant date and (B) 4,540 RSUs (collectively, the “Initial Awards”). The Options granted pursuant to Initial Awards shall vest over a three-year period, with one-third vesting on the first anniversary of the applicable grant date, and the remainder vesting over the following two years in 24 successive equal monthly installments at the end of each month until the third anniversary of such grant date, provided that the Non-Employee Director is a director of the Company on the applicable vesting date.  The RSUs granted pursuant to Initial Awards shall vest over a three-year period, with one-third vesting on each of the first, second, and third anniversaries of the applicable grant date, provided that the Non-Employee Director is a director of the Company on the applicable vesting date.

 

All Annual Awards and Initial Awards granted to Non-Employee Directors under this Policy shall be granted under the Plan, and will be subject to the terms and conditions set forth in the Plan, and the form of Stock Option Agreement and form of Restricted Stock Unit Agreement, each as approved by the Board.

 

C.            Expense Reimbursement

 

Upon presentation of documentation of such expenses reasonably satisfactory to the Company, each Non-Employee Director shall be reimbursed for his or her reasonable out-of-pocket business

 

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expenses incurred in connection with attending meetings of the Board and its committees or in connection with other business related to the Board.  Each Non-Employee Director shall also be reimbursed for his or her reasonable out-of-pocket business expenses authorized by the Board or one of its committees that are incurred in connection with attendance at meetings with the Company’s management. Each Non-Employee Director shall abide by the Company’s travel and other policies applicable to Company personnel.

 

IV.                               Policy Review / Amendments

 

The Compensation Committee or the Board shall review this Policy from time to time to assess whether any amendments in the type and amount of compensation provided herein should be adjusted in order to fulfill the objectives of this Policy.  This Policy may only be amended by the Board.

 

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