Document:

www.eXFILE.com 888-775-4789 --- NEXX SYSTEMS, INC.  FORM S-1

    EXHIBIT
10.19

    
 

    THIS
SECURED SUBORDINATED CONVERTIBLE PROMISSORY NOTE, THE SECURITIES ISSUABLE UPON
CONVERSION HEREOF AND THE SECURITIES, IF ANY, ISSUABLE UPON CONVERSION OF SUCH
SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “ACT”).  NO SALE,
PLEDGE OR DISPOSITION MAY BE EFFECTED EXCEPT IN COMPLIANCE WITH RULE 144 UNDER
SAID ACT OR AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF
COUNSEL FOR THE HOLDER, REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH
REGISTRATION IS NOT REQUIRED UNDER THE ACT.

     

    THIS
SECURED SUBORDINATED CONVERTIBLE PROMISSORY NOTE AND THE INDEBTEDNESS, RIGHTS
AND OBLIGATIONS EVIDENCED HEREBY ARE SUBORDINATE IN THE MANNER AND TO THE EXTENT
SET FORTH IN THAT CERTAIN SUBORDINATION AGREEMENT (THE “SUBORDINATION AGREEMENT”)
DATED AS OF OCTOBER 31, 2007 AMONG THE COMPANY (AS DEFINED BELOW),  TO
CERTAIN INDEBTEDNESS, RIGHTS, AND OBLIGATIONS OF COMPANY TO THE SENIOR LENDER
(AS DEFINED BELOW) AND THE HOLDERS OF ALL PROMISSORY NOTES ISSUED BY THE COMPANY
IN CONNECTION WITH THE 2007 BRIDGE LOAN FINANCING (AS DEFINED BELOW) AND LIENS
AND SECURITY INTERESTS OF THE SENIOR LENDER SECURING THE SAME ALL AS DESCRIBED
IN THE SUBORDINATION AGREEMENT; AND EACH HOLDER AND TRANSFEREE OF THIS
SUBORDINATED CONVERTIBLE PROMISSORY NOTE, BY ITS ACCEPTANCE HEREOF, IRREVOCABLY
AGREES TO BE BOUND BY THE PROVISIONS OF THE SUBORDINATION
AGREEMENT.

     

     

    SECURED
SUBORDINATED CONVERTIBLE PROMISSORY NOTE

     

    
      	$[_______________]	October 31,
      2007

    

     

    For value
received, NEXX Systems, Inc., a Delaware corporation
(the “Company”),
promises to pay to the order of [_________________] (together with its
successors and assigns, the “Holder”), the principal sum of
[_________________], together with interest accrued but unpaid hereon, upon the
terms of this Secured Subordinated Convertible Promissory Note (the “Note” and, together with the
other notes issued pursuant to the Note Purchase Agreement, the “Notes”).

     

    Interest
shall accrue on the then outstanding principal balance of this Note at a simple
rate of interest per annum equal to nine percent (9%), accruing on a daily
basis.  All computations of interest shall be made on the basis of a
year of 360 days.  All accrued interest shall be payable in cash or in
securities as set forth in Section 4 below, upon conversion of the principal of
the Note in accordance with Section 4 below or at the time any principal due
hereunder is repaid.

     

    Unless
earlier converted or repaid pursuant to the terms hereof, the outstanding
principal and accrued but unpaid interest shall be immediately due and payable
beginning June 30, 2008 (the “Maturity Date”) upon demand by
the holders of a majority of the then outstanding principal amount of the Notes
(the “Lender Majority”)
purchased pursuant to the Note Purchase Agreement (as defined
below).

     

    1. This Note is one of a series of Notes
issued pursuant to the terms of that certain Secured Subordinated Convertible
Note and Warrant Purchase Agreement, dated as of October 31, 2007 (as amended or
otherwise modified from time to time, the “Note Purchase Agreement”)
between the Company and, among others, the Holder.  The Holder is
entitled to the benefit of, and is subject to certain restrictions contained in,
the Note Purchase Agreement and a certain Security Agreement of even date by and
among the Company and each of the Purchasers named in the Note Purchase
Agreement (the “Security
Agreement”).  Capitalized terms not otherwise defined herein
shall have the meanings ascribed to them in the Note Purchase Agreement and the
Security Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    2.        
Whenever
any payment hereunder shall be stated to be due, or whenever any interest
payment date or any other date specified hereunder would otherwise occur, on a
day other than a Business Day (as defined below), then such payment shall be
made, and such interest payment date or other date shall occur, on the next
succeeding Business Day, and such extension of time shall in such case be
included in the computation of payment of interest hereunder.  As used
herein, “Business Day”
means a day (i) other than Saturday or Sunday, and (ii) on which commercial
banks are open for business in Boston, Massachusetts.

     

    3.       
 All
payments in respect of this Note shall be in immediately available lawful money
of the United States of America and shall be sent so as to be received no later
than 2 p.m. (Eastern time) on the date of payment, at the address specified in
the Note Purchase Agreement, or at such other address as may be specified from
time to time by the Holder in a written notice delivered to
Company.  Other than upon the occurrence of a closing of the Qualified
Financing (as defined below) or a Company Sale (as defined below), no prepayment
of the Note shall be permitted without the written consent of the Lender
Majority.  Subject to the foregoing, the outstanding principal balance
of this Note and interest accrued thereon may be prepaid by the Company in
whole, but not in part, upon a ten (10) days prior written notice by the Company
to the Holder.

     

    4. The Note shall be convertible into
equity securities of the Company as follows:

     

    (a) The
outstanding principal balance on this Note and any accrued but unpaid interest
hereon shall be automatically converted (i) upon the closing of the Company’s
next equity financing which results in gross proceeds to the Company of at least
U.S. ten million dollars ($10,000,000) (including conversion of the Notes) as a
result of a private placement by the Company, or (ii) immediately prior to the
effectiveness of the Company’s registration statement with the U.S. Securities
and Exchange Commission for an initial public offering of its securities which
results in gross proceeds to the Company of at least U.S. thirty million dollars
($30,000,000) (each of (i) and (ii), a “Qualifying
Financing”).  Upon the occurrence of a Qualifying Financing,
each Holder shall convert all of the outstanding principal balance on this Note
and any accrued but unpaid interest hereon into shares of capital stock of the
Company which shall be issued in a Qualifying Financing (the “New Equity Shares”) at a
purchase price equal to the lowest price per share paid for such New Equity
Shares in the Qualifying Financing.

     

    (b) If a
Qualifying Financing has not occurred on or prior to the Maturity Date, the
outstanding principal balance on this Note and any accrued but unpaid interest
hereon, at the election of the Lender Majority, may be (i) converted into shares
of Series C-1 Preferred Stock of the Company (the “Series C-1 Preferred”) at a
purchase price equal to the lowest price per share paid for the Series C-1
Preferred, (ii) redeemed by the Company or (iii) remain due and payable, with
the maturity date for repayment extended for a period of time as determined by
the Lender Majority (the “Extension
Period”).  If the Note is so extended pursuant to this Section
4(b)(iii), then the outstanding balance on this Note and any accrued but unpaid
interest hereon may be converted into (x) if a Qualifying Financing is
consummated during the Extension Period, New Equity Shares at a purchase price
equal to the lowest price per share paid for such New Equity Shares in the
Qualifying Financing reduced by fifteen percent (15%) or (y) if a Qualifying
Financing is not consummated during the Extension Period, at the option of the
Lender Majority, shares of Series C-1 Preferred at a purchase price equal to the
lowest price per share paid for the Series C-1 Preferred or redeemed for
cash.

     

    (c) The
outstanding principal balance on this Note and any accrued but unpaid interest
hereon may, at the option of the Holder, if not earlier converted, be converted
immediately prior to (i) the initial firm commitment underwritten public
offering of the Company’s common stock pursuant to an
effective  registration statement not constituting a Qualifying
Financing (the “Non-Qualifying
IPO”), (ii) the consolidation, share exchange, reorganization or
recapitalization involving the Company, or issuance, sale or transfer of
capital stock of the Company, in any case in a single transaction or series
of related transactions, which results in the holders of capital stock of
the Company immediately prior to such transaction or series of related
transactions ceasing to hold at least fifty-one percent (51%) of the voting
power of the Company or the surviving entity following such
transaction or series of related transactions, or (iii) the sale, lease,
exclusive license or other disposition of all or substantially all of the assets
of the Company in any case in a single transaction or series of
related transactions (subsections 4(c)(ii) and 4(c)(iii) collectively referred
to herein as the “Company
Sale”).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
               
      

            	
              (i)

            	
              In
      the event of a Non-Qualifying IPO,  this Note may be converted,
      at the option of the Lender Majority, into either (A) shares of capital
      stock of the Company issued and sold in the  Non-Qualifying IPO
      at a purchase price equal to the lowest price per share to the public paid
      for such securities in the Non-Qualifying IPO or (B) shares of Series C-1
      Preferred Stock at a purchase price equal to the lowest price per share
      paid for the Series C-1 Preferred.

            

    

     

    
      	
               
      

            	
              (ii)

            	
              In
      the event of a Company Sale, this Note may be converted, at the option of
      the Lender Majority, into either (A) shares of the Company’s Common Stock
      at a purchase price equal to eighty-five percent (85%) of the per share
      price paid in exchange for each share of the Company’s Common Stock, or
      (B)  shares of the  Series C-1 Preferred Stock at a
      purchase price equal to the lowest price per share paid for the Series C-1
      Preferred.

            

    

     

    
      	
               
      

            	
              (iii)

            	
              Notwithstanding
      the foregoing, if, in the event of a Non-Qualifying IPO or a Company Sale,
      if the Lender Majority does not elect to convert the Notes pursuant to
      this Section 4(c) and a Qualified Financing has not occurred prior to such
      date, the Notes shall remain outstanding and each Holder shall have an
      option to either (x) accelerate the outstanding principal balance on this
      Note and any accrued but unpaid interest hereon, in which case such
      amounts shall become immediately due and payable in full or (y) convert
      the outstanding principal balance on this Note and any accrued but unpaid
      interest hereon (or any portion thereof) into shares of Series C-1
      Preferred, at a purchase price equal to the lowest price per share paid
      for the Series C-1 Preferred immediately prior to such Company
      Sale.

            

    

     

    (d) As
promptly as practicable after any conversion of this Note under Section 4(a),
and the Holder’s surrender of this Note, the Company, at its expense, shall
issue and deliver to the Holder a certificate or certificates evidencing the
number of shares to be issued to the Holder upon any such
conversion.

     

    (e) If the
Lender Majority elects to exercise the conversion rights under Sections 4(b) and
4(c), they shall provide written notice of such election to the Company on or
prior to the later of (i) fifteen (15) Business Days following delivery of
written notice of the Non-Qualifying IPO or Company Sale, as applicable, by the
Company in accordance with Section 9.5 of the Note Purchase Agreement and (ii)
the date that is fifteen (15)  Business Days prior to the expected
closing date of such Non-Qualifying IPO or Company Sale, as applicable, as set
forth in such notice, and the Holder shall specify which equity securities the
Note shall be converted to and the name or names (if other than the name of the
Holder) in which the certificate or certificates for equity securities are to be
issued in respect of this Note.  The Company shall issue and deliver
to the Holder, or to the nominee or nominees of the Holder, a certificate or
certificates for the name and number of equity securities into which this Note,
and any accrued but unpaid interest hereon, shall have been converted as soon as
practicable following the closing of the Non-Qualifying IPO or Company Sale, as
applicable, and surrender of this Note.  All equity securities issued
pursuant hereto shall be issued fully paid and non-assessable.

     

    (f) No
fractional shares shall be issued upon conversion of this Note.  The
Company shall, in lieu of such fractional entitlement, pay to the Holder a sum
in cash equal to such fractional entitlement multiplied by the then effective
conversion price per share pursuant hereto.

     

    (g) This Note
shall not entitle the Holder to any voting or other rights as a stockholder of
the Company prior to conversion hereof.

     

    5.  For
purposes hereof, the occurrence of any of the following shall constitute an
“Event of Default” under this
Note:

     

    (a) The
failure to make any payment of the principal and any accrued but unpaid interest
when due under the Notes, which failure shall remain unremedied for a period of
thirty (30) days after written notice thereof from the Lender
Majority;

     

    (b) Any
representation or warranty by the Company under or in connection with this Note,
the Note Purchase Agreement, the Security Agreement or any of the other
agreements executed in connection herewith and therewith, is incorrect in any
material respect and has a Material Adverse Effect on the Company, which shall
remain unremedied for a period of thirty (30) days after written notice thereof
from the Lender Majority;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (c) The
failure of the Company to perform or observe any term, covenant, condition,
obligation or agreement contained in Section 4 of this Note or Section 7 of the
Note Purchase Agreement, which failure shall remain unremedied for a period of
thirty (30) days after written notice thereof from the Lender
Majority;

     

    (d) The
failure of the Company to perform or observe any other material term, covenant,
condition, obligation or agreement contained in this Note, the Note Purchase
Agreement, the Security Agreement or any other agreement executed in connection
therewith and herewith, which failure shall remain unremedied for a period of
thirty (30) days after written notice thereof from the Lender Majority;
and

     

    (e) The
filing of a petition in bankruptcy or under any similar insolvency law by the
Company, the making of an assignment for the benefit of creditors, or if any
voluntary petition in bankruptcy or under any similar insolvency law is filed
against the Company and such petition is not dismissed within one hundred and
fifty (150) days after the filing thereof.

     

      
Upon the occurrence of the Events of Default in (a) and (e) above, in addition
to any other remedies allowed by law, the unpaid principal amount of this Note,
any accrued and unpaid interest and all other amounts payable hereunder or under
any of the Agreements entered into in connection with the Note Purchase
Agreement may be declared, at the election of the Lender Majority in writing, to
be immediately due and payable, whereupon such acceleration the unpaid principal
amount of this Note, any accrued and unpaid interest and all such other amounts,
shall become immediately due and payable without presentment, demand, protest or
further notice of any kind.  The Holder shall have all rights and may
exercise any remedies available to it under law, successively or concurrently,
including the rights set forth in the Security Agreement.  The Lender
Majority, in their sole discretion, may proceed to enforce all other rights and
remedies available to the Holder and any other Purchaser (as defined in the Note
Purchase Agreement) under applicable law.

     

    6.  The terms
of this Note shall be construed in accordance with the laws of the State of
Delaware, as applied to contracts entered into by Delaware residents within the
State of Delaware, which contracts are to be performed entirely within the State
of Delaware.  Notwithstanding any provision of this Note to the
contrary, the rate of interest due on this Note shall not exceed the maximum
rate permitted by applicable law.  To the extent that any interest
otherwise paid or payable by the Company to the Holder shall have been finally
adjudicated to exceed the maximum amount permitted by applicable law, such
interest shall be retroactively deemed to have been a required repayment of
principal (and any such amount paid in excess of the outstanding principal
amount shall be promptly returned to the Company).

     

    7.  Any term
of this Note may be amended, and the observance of any term of this Note may be
waived as set forth in Section 9.6 of the Note Purchase Agreement.

     

    8.  In
connection with the conversion of this Note under Section 4 above, the Holder
agrees to accede to the investor rights and related stockholder agreements and
other related agreements entered by the other purchasers of equity securities in
the Qualifying Financing, to which such Holder is not already a
party.

     

    9.  No remedy
herein conferred upon the Holder or the Purchasers is intended to be exclusive
of any other remedy, and each and every such remedy shall be cumulative and
shall be in addition to every right other remedy now or hereafter existing at
law or in equity or by statute or otherwise.

     

    10.   
 No course
of dealing between the Company and the Holder or the Purchasers or any delay on
the part of the Holder or the Purchasers in exercising any rights or remedies
shall operate as a waiver of any such right or remedy of the Holder or the
Purchasers.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    11.   
 This Note
shall be binding on and inure to the benefit of and be enforceable by the
Company, the Holder and the Purchasers and their respective successors and
assigns.

     

    12.     Whenever
possible, each provision of this Note shall be interpreted in such manner as to
be effective and valid under all applicable laws and regulations.  If,
however, any provision of this Note shall be prohibited by or invalid under any
such law or regulation in any jurisdiction, it shall, as to such jurisdiction,
be deemed modified to conform to the minimum requirements of such law or
regulation, or, if for any reason it is not deemed so modified, it shall be
ineffective and invalid only to the extent of such prohibition or invalidity
without affecting the remaining provisions of this Note, or the validity or
effectiveness of such provision in any other jurisdiction.

     

    13.    
The
Company agrees to pay on demand all reasonable costs and expenses of the Holder
and the other Purchasers, and all reasonable fees and disbursements of one
counsel to the Purchasers as selected by the Lender Majority, in connection
with  the enforcement or attempted enforcement of, and preservation of
any rights under, this Note.

     

    14.    
Notwithstanding
anything to the contrary contained herein, in the Note Purchase Agreement or in
any other document executed or delivered in connection herewith, this Note, the
Security Agreement and such other documents are subject to the provisions set
forth in the Subordination Agreement.

     

    

     

    [Remainder
of page intentionally left blank]

     

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    This Note has been issued in reliance
upon the representations of the Holder set forth in the Note Purchase
Agreement.

     

    COMPANY:

    

    NEXX SYSTEMS, INC.

    

    

    By:    __________________________________

            Name:  Stanley
D. Piekos

    Title:    Vice
President, Finance and

    Chief Financial Officerwww.eXFILE.com 888-775-4789 --- NEXX SYSTEMS, INC.  FORM S-1

    EXHIBIT
10.20

     

    THIS
WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “ACT”), OR ANY STATE SECURITIES LAWS, HAS BEEN ACQUIRED FOR INVESTMENT, AND
MAY NOT BE SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED UNLESS A
REGISTRATION STATEMENT UNDER THE ACT AND APPLICABLE STATE LAW IS IN EFFECT WITH
REGARD THERETO OR UNLESS AN EXEMPTION FROM SUCH REGISTRATION IS
AVAILABLE.

     

    THE
SALE, TRANSFER OR ASSIGNMENT OF THIS WARRANT IS SUBJECT TO RESTRICTIONS ON
TRANSFER AND OTHER TERMS AND CONDITIONS CONTAINED IN A CERTAIN AMENDED AND
RESTATED RIGHT OF FIRST REFUSAL AND CO-SALE AGREEMENT, AND MAY NOT BE SOLD,
PLEDGED OR OTHERWISE TRANSFERRED WITHOUT COMPLIANCE WITH THE TERMS
THEREOF.  THE COMPANY WILL FURNISH A COPY OF THE FULL TEXT OF SUCH
RESTRICTIONS TO THE HOLDER OF RECORD OF THIS WARRANT UPON WRITTEN REQUEST AND
WITHOUT CHARGE.

     

    

       

      
        	No.
    W-D-[____]	For the Purchase
      of
	Date of Issuance:
      [______]	[____] Shares
      of
	 	Series D Convertible
      Preferred Stock

      

       

    

    

    WARRANT
FOR THE PURCHASE OF

    [____]
SHARES OF

    SERIES
D CONVERTIBLE PREFERRED STOCK

    OF

    NEXX
SYSTEMS, INC.

    (A
Delaware corporation)

    

    VOID
AFTER 5:00 P.M., BOSTON, MASSACHUSETTS TIME,

    ON
OCTOBER 26, 2015

     

    NEXX Systems, Inc., a Delaware
corporation (the “Company”), hereby certifies that [______], or its registered
assigns (the “Registered Holder”), are entitled, subject to the terms set forth
below, to acquire from the Company upon exercise or conversion of this Warrant,
at any time or from time to time on or before October 26, 2015 (the “Expiration
Date”) at not later than 5:00 p.m., Boston, Massachusetts Time, [_______] shares
of the Company’s Series D Convertible Preferred Stock, $.001 par value per
share  (the “Shares”), at a purchase price of $0.01 per
Share.  The number of Shares purchasable upon exercise of this
Warrant, and the purchase price per Share, each as adjusted from time to time
pursuant to the provisions of this Warrant, are hereinafter referred to as the
“Shares” and the “Purchase Price,” respectively.

    

    1.           Exercise.

     

    (a)           This
Warrant may be exercised by the Registered Holder, in whole or in part, at any
time on or before the Expiration Date (provided that if such date shall fall on
a weekend or United States holiday, this Warrant may be exercised on the next
succeeding business day), in each case by surrendering this Warrant, with the
exercise form attached hereto as Exhibit A duly
executed by such Registered Holder, at the principal office of the Company, or
at such other office or agency as the Company may designate, accompanied by
payment in full, in lawful money of the United States, of the Purchase Price
payable in respect of the number of Shares purchased upon such
exercise.

     

    (b)           Each
exercise of this Warrant shall be deemed to have been effected immediately prior
to the close of business on the day on which this Warrant shall have been
surrendered to the Company as provided in

     

     

    
      
         

      

      
        - 1
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    subsection
1(a) above (the "Exercise Date").  At such time, the person or persons
in whose name or names any certificates for Shares are to be issuable as
provided in subsection 1(c) below shall become the holder or holders of record
of the Shares so required to be represented by such certificates.

     

    (c)           As
soon as practicable after the exercise of this Warrant in part and in compliance
with subsection 1(a) above, and in any event within ten (10) days thereafter,
the Company at its expense will cause to be issued in the name of, and delivered
to, the Registered Holder, or, subject to the terms and conditions hereof, to
such other person or place as such Registered Holder (upon payment by such
Registered Holder of any applicable transfer taxes) may direct, a new warrant or
warrants (dated the date hereof) of like tenor, calling in the aggregate on the
face or faces thereof for the number of Shares equal (without giving effect to
any adjustment therein) to the number of such Shares called for on the face of
this Warrant minus the number of such Shares purchased by the Registered Holder
upon such exercise as provided in subsection 1(a) above.

     

    
      	
              2.        
        

            	
              Adjustments.

            

    

     

    
      (a)          If
the Company’s outstanding Shares shall be subdivided into a greater Number of
Shares or a dividend in Shares or any security convertible into Shares shall be
paid in respect of Shares, the Purchase Price in effect immediately prior to
such subdivision or at the record date of such dividend shall simultaneously
with the effectiveness of such subdivision or immediately after the record date
of such dividend be proportionately reduced.  If outstanding Shares
shall be combined into a smaller Shares, the Purchase Price in effect
immediately prior to such combination shall, simultaneously with the
effectiveness of such combination, be proportionately increased.  When
any adjustment is required to be made in the Purchase Price, the number of
Shares purchasable upon the exercise of this Warrant shall be changed to the
number determined by dividing (i) an amount equal to the number of Shares
issuable upon the exercise of this Warrant immediately prior to such adjustment,
multiplied by the Purchase Price in effect immediately prior to such adjustment,
by (ii) the Purchase Price in effect immediately after such
adjustment.

    

    

    (b)           If
there shall occur any capital reorganization or reclassification of the
Company’s Shares (other than a subdivision or combination as provided for in
subsection 2(a) above), then, as part of any such reorganization or
reclassification, lawful provision shall be made so that the Registered Holder
of this Warrant shall have the right thereafter to receive upon the exercise
hereof the kind and number of Shares or other securities or property which such
Registered Holder would have been entitled to receive if, immediately prior to
any such reorganization or reclassification, such Registered Holder had held the
number of Shares which were then purchasable upon the exercise of this
Warrant.  In any such case, appropriate adjustment (as reasonably
determined by the Board of Directors of the Company) shall be made in the
application of the provisions set forth herein with respect to the rights and
interests thereafter of the Registered Holder of this Warrant such that the
provisions set forth in this Section 2 (including provisions with respect to
adjustment of the Purchase Price) shall thereafter be applicable, as nearly as
is reasonably practicable, in relation to any Shares or other securities or
property thereafter deliverable upon the exercise of this Warrant.

     

    (c)           The
Company will not, by amendment of its Certificate of Incorporation or through
any reorganization, recapitalization, transfer of assets, consolidation, merger,
dissolution, issue or sale of securities or any other voluntary action, avoid or
seek to avoid the observance or performance of any of the terms to be observed
or performed hereunder by the Company, but will at all times in good faith
assist in the carrying out of all the provisions of this Section 2 and in the
taking of all such action as may be necessary or appropriate in order to protect
the rights of the holder of this Warrant against impairment.

     

    (d)           When
any adjustment is required to be made in the Purchase Price, the Company shall
promptly mail to the Registered Holder a certificate setting forth the Purchase
Price after such adjustment and setting forth a brief statement of the facts
requiring such adjustment.  Such certificate shall also set forth the
kind and amount of Shares or other securities or property into which this
Warrant shall be exercisable following the occurrence of any of the events
specified in this Section 2.

     

    3.           Fractional
Shares.  The Company shall not be required upon the exercise or
conversion of this Warrant to issue any fractional Shares, but shall make an
adjustment therefor in cash on the basis of the then Fair Market Value of the
Shares, as determined pursuant to subsection 1(b) above.

     

    
      
         

      

      
        - 2
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    4.           Limitation on Sales,
etc.

     

    (a)            Each
holder of this Warrant acknowledges that this Warrant and the Shares have not
been registered under the Act, and agrees not to sell, pledge, distribute, offer
for sale, transfer or otherwise dispose of this Warrant or any Shares issued
upon its exercise in the absence of (i) an effective registration statement
under the Act as to this Warrant or such Shares and registration or
qualification of this Warrant or such Shares under any applicable state
securities or “blue sky” law then in effect, or (ii) the delivery to the Company
of an opinion of counsel, satisfactory to the Company, that such registration
and qualification are not required.

     

    (b)            Notwithstanding
the foregoing, no registration or opinion of counsel shall be required for
(i) a transfer by a Registered Holder which is a corporation to a wholly
owned subsidiary of such corporation, a transfer by a Registered Holder which is
a partnership to a partner of such partnership or a retired partner of such
partnership or to the estate of any such partner or retired partner, or a
transfer by a Registered Holder which is a limited liability company to a member
of such limited liability company or a retired member or to the estate of any
such member or retired member, provided that the transferee in each case agrees
in writing to be subject to the terms of this Section 4, or (ii) a
transfer made in accordance with Rule 144 under the Act.

     

    (c)            Each
certificate representing Shares shall bear a legend substantially in the
following form:

     

    “These
Shares have not been registered under the Securities Act of 1933, as amended
(the “Act”), or any state securities laws, has been acquired for investment, and
may not be sold, pledged, hypothecated or otherwise transferred unless a
registration statement under the Act and applicable state law is in effect with
regard thereto or unless an exemption from such registration is
available.”

     

    The
foregoing legend shall be removed from the certificates representing any Shares,
at the request of the holder thereof, at such time as they become eligible for
resale pursuant to Rule 144(k) under the Act.

     

    (d)            In
addition, without limiting the generality of the foregoing, the Company may
delay for not more than thirty (30) days issuance of the Shares until completion
of any action or obtaining of any consent, which, in the opinion of counsel to
the Company, is required under any applicable law (including without limitation
state securities or “blue sky” laws), provided that the Company shall use its
best efforts to complete such action or obtain such consent as soon as
possible.

    

    5.           Investment
Purpose.  The holder of this Warrant, by acceptance hereof,
represents and warrants that this Warrant has been acquired for investment only
and not with a view to, or for sale in connection with, a distribution thereof
and not with a view to its resale, and that this Warrant has been acquired for
the holder’s own account and not with a view to its division among others, and
that no other person has any direct or indirect beneficial interest in this
Warrant.

     

    6.           Liquidating
Dividends.  If the Company pays a dividend or makes a
distribution on the Shares payable otherwise than in cash out of earnings or
earned surplus (determined in accordance with generally accepted accounting
principles) except for a dividend payable in Shares (a “Liquidating Dividend”),
then the Company will pay or distribute to the Registered Holder of this
Warrant, upon the exercise or conversion hereof, in addition to the Shares
purchased upon such exercise or conversion, the Liquidating Dividend which would
have been paid to such Registered Holder if it had been the owner of record of
such Shares immediately prior to the date on which a record is taken for such
Liquidating Dividend or, if no record is taken, the date as of which the record
holders of Shares entitled to such dividends or distribution are to be
determined.

     

    7.            No
Impairment.  The Company will not, by amendment of its
Certificate of Incorporation or through any reorganization, transfer of assets,
consolidation, merger, dissolution, issue or sale of securities or any other
voluntary action, avoid or seek to avoid the observance or performance of any of
the terms of this Warrant, but will at all times in good faith assist in the
carrying out of all such terms and in the taking of all such action as may be
necessary or appropriate in order to protect the rights of the holder of this
Warrant against impairment.

     

    
      
         

      

      
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    8.           Notices of Record Date,
etc.  In case:

     

    (a)           the
Company shall take a record of the holders of its Shares (or other securities at
the time deliverable upon the exercise of this Warrant) for the purpose of
entitling or enabling them to receive any dividend or other distribution, or to
receive any right to subscribe for or purchase any Shares of any class or any
other securities, or to receive any other right or for determining which
stockholders are entitled to notice of a meeting of stockholders or to execute
an action by written consent without a meeting; or

     

    (b)           of
any capital reorganization of the Company, any reclassification of the Shares of
the Company, any consolidation or merger of the Company with or into another
corporation (other than a consolidation or merger in which the Company is the
surviving entity), or any transfer of all or substantially all of the assets of
the Company; or

     

    (c)           of
the voluntary or involuntary dissolution, liquidation or winding-up of the
Company;

     

    then, and
in each such case, the Company will mail or cause to be mailed to the Registered
Holder of this Warrant a notice specifying, as the case may be, (i) the date on
which a record is to be taken for the purpose of such dividend, distribution,
right, meeting or action without a meeting, and stating the amount and character
of such dividend, distribution or right, or (ii) the effective date on which
such reorganization, reclassification, consolidation, merger, transfer,
dissolution, liquidation or winding-up is to take place, and the time, if any is
to be fixed, as of which the holders of record of Shares (or such other
securities at the time deliverable upon the exercise or conversion of this
Warrant) shall be entitled to exchange their Shares (or such other securities)
for securities or other property deliverable upon such reorganization,
reclassification, consolidation, merger, transfer, dissolution, liquidation or
winding-up.  Such notice shall be mailed at least ten (10) days prior
to the record date or effective date for the event specified in such
notice.

     

    9.           Reservation of
Shares.  The Company will at all times reserve and keep
available, solely for issuance and delivery upon the exercise or conversion of
this Warrant, such Shares and other securities and property as from time to time
shall be issuable upon the exercise or conversion of this Warrant.

     

    10.         Replacement of
Warrants.  Upon receipt of evidence reasonably satisfactory to
the Company of the loss, theft, destruction or mutilation of this Warrant and
(in the case of loss, theft or destruction) upon delivery of an indemnity
agreement (with surety if reasonably required) in an amount reasonably
satisfactory to the Company, or (in the case of mutilation) upon surrender and
cancellation of this Warrant, the Company will issue, in lieu thereof, a new
Warrant of like tenor.

     

    11.         Warrant Register;
Transfers

     

    (a)           The
Company will maintain a register containing the names and addresses of the
Registered Holders of this Warrant.  Any Registered Holder may change
its, his or her address as shown on the warrant register by written notice to
the Company requesting such change.

     

    (b)           Until
any transfer of this Warrant is made in the warrant register, the Company may
treat the Registered Holder of this Warrant as the absolute owner hereof for all
purposes; provided, however, that if and
when this Warrant is properly assigned in blank, the Company may (but shall not
be obligated to) treat the bearer hereof as the absolute owner hereof for all
purposes, notwithstanding any notice to the contrary.

     

    12.         Termination Upon Certain
Events.  In the event that the Company proposes at any time (a)
to effect a sale of all or substantially all of the assets of the Company to,
(b) to effect a merger or consolidation of the Company with or into, any other
entity (other than (i) a merger in which the sole consideration delivered to the
securityholders (including the Registered Holder) of the Company consists of
equity securities of the surviving corporation, or (ii) a merger, the sole
purpose of which is to change the state of incorporation of the Company), (c) to
effect a dissolution or the adoption of a plan of liquidation of the Company, or
(d) to effect  an underwritten public offering of the Company’s Common
Stock (or other securities)  (the “IPO”), then, in connection with
each such event, the Company shall give the Registered Holder (1) at least 20
days prior written notice of the date on 

     

     

    
      
         

      

      
        - 4
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    which the
same will take place (and specifying the date on which the holders of Shares (or
other securities) of the Company will be entitled to exchange their Shares (or
others securities) of the Company for securities or other property deliverable
upon the occurrence of such event), with respect to the matters referred to in
(a) through (c); and (2) in the case of the matter referred to in (d) above, to
exercise all or a portion of this Warrant prior to the IPO.  In the
event that the Registered Holder does not exercise its rights under this Warrant
within said twenty (20) day period, then, upon the expiration of such time
period, this Warrant shall terminate and become null and void.

     

    13.         Mailing of Notices,
etc.  All notices and other communications hereunder must be
given in writing and either (a) delivered in person, (b) sent by a
reputable courier service guaranteeing delivery within one business day,
(c) telecopied, provided electronic confirmation of successful transmission
is received by the sending party and a confirmation copy is sent on the same day
as the telecopy transmission by certified mail, return receipt requested, or (d)
mailed by certified or registered mail, postage prepaid, receipt requested as
follows:

     

    If
to Company, addressed to:

     

    NEXX
Systems, LLC

    900
Middlesex Turnpike, Building #6

    Billerica,
MA 01821-3904

    Attention:
President

    Fax:  978-932-2099

    

     

    With
a copy to:

     

    Mintz,
Levin, Cohn, Ferris, Glovsky & Popeo, P.C.

    One
Financial Center

    Boston,
MA 02110

    Attn:
Neil H. Aronson, Esq.

    Fax:
(617) 542-2241

     

    If
to Registered Holder, addressed to:

     

    [_____]

    

    15.           No Rights as
Stockholder.  Until the exercise or conversion of this Warrant,
the Registered Holder of this Warrant shall not have or exercise any rights by
virtue hereof as a stockholder of the Company.

     

    16.           Change or
Waiver.  Any term of this Warrant may be changed or waived only
by an instrument in writing signed by the party against which enforcement of the
change or waiver is sought.

     

    17.           Headings.  The
headings in this Warrant are for purposes of reference only and shall not limit
or otherwise affect the meaning of any provision of this Warrant.

     

    18.           Governing
Law.  This Warrant will be governed by and construed in
accordance with the laws of the State of Delaware without giving effect to the
conflict of law principles hereof.

     

    

     

    

     

    

     

    [THIS
SPACE INTENTIONALLY LEFT BLANK]

     

    
      
         

      

      
        - 5
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    IN
WITNESS WHEREOF, the Company has caused this Warrant to be issued as of the date
first set forth above.

     

    

     

    NEXX
Systems, Inc.

    

    

    By:    ________________________________

                   
Name:  Stanley D. Piekos

    Title:  Vice President,
Finance

    

    

    Warrant
Number: [_____]

    Series D
Shares: [_____]

     
 

     

     

     

     

     

     

     

     

     

     

     

     

    
 

    
      
         

      

      
        - 6
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    EXHIBIT
A

     

    EXERCISE
FORM

     

    Date:  __________________

     

    To:           NEXX
System, Inc.

    

    The undersigned, pursuant to the
provisions set forth in the attached Warrant (No. W-64), hereby irrevocably (a)
__elects to purchase ____________ Shares (the “Shares”) covered by
such Warrant and herewith makes payment of $__________, representing the full
purchase price for such Shares at the price per Share provided for in such
Warrant or (b) __elects to convert such Warrant into __ Shares pursuant to the
terms of the Warrant.

    

    The undersigned is aware that the
Shares have not been registered under the Securities Act of 1933, as amended
(the “1933 Act”), or any state securities laws.  The undersigned
understands that the reliance by the Company on exemptions under the 1933 Act is
predicated in part upon the truth and accuracy of the statements of the
undersigned in this Purchase Form.

     

    The undersigned represents and warrants
that (a) it has been furnished with all information which it deems necessary to
evaluate the merits and risks of acquiring the Shares; (b) it has had the
opportunity to ask questions concerning the Shares and the Company and all
questions posed have been answered to its satisfaction; (c) it has been given
the opportunity to obtain any additional information it deems necessary to
verify the accuracy of any information obtained concerning the Shares and the
Company; and (d) it has such knowledge and experience in financial and business
matters that it is able to evaluate the merits and risks of purchasing the
Shares and to make an informed investment decision relating
thereto.

     

    The undersigned hereby represents and
warrant that it is acquiring the Shares for its own account for investment and
not with a view to the sale or distribution of all or any part of the
Shares.

     

    The undersigned understands that
because the Shares have not been registered under the 1933 Act, it must continue
to bear the economic risk of the investment for an indefinite time and the
Shares cannot be sold unless the Shares are subsequently registered under
applicable federal and state securities laws or an exemption from such
registration is available.

     

      The undersigned agrees that
it will in no event sell or distribute or otherwise dispose of all or any part
of the Shares  unless (a) there is an effective registration statement
under the 1933 Act and applicable state securities laws covering any such
transaction involving the Shares or (b) the Company receives an opinion of legal
counsel to the undersigned stating that such transaction is exempt from
registration or the Company otherwise satisfies itself that such transaction is
exempt from registration.  The undersigned consents to the placing of
a legend on its certificate, if any, for the Shares stating that the Shares have
not been registered. and setting forth or referring to the restrictions on
transfer described herein and to the placing of a stop transfer order on the
books of the Company and with any transfer agents against the Shares until the
Shares may be legally transferred or resold in accordance with the terms of such
restrictions.

     

    The undersigned has considered the
Federal and state income tax implications of the exercise of the Warrant and the
purchase and subsequent sale of the Shares.

     

    Signature:  __________________________________

     

    Title: ______________________________________

    

    Date:   _____________________________________

     

     

     

     

     

    
      
         

      

      
        - 7
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