Document:

Warrant Certificate dated April 19, 2004

 Exhibit 10.5(d) 
  
 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES
LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED, OR ASSIGNED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT, OR IRIS INTERNATIONAL, INC. (THE
“COMPANY”) SHALL HAVE RECEIVED AN OPINION FROM COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT REGISTRATION OF SUCH SECURITIES UNDER THE SECURITIES ACT AND UNDER THE PROVISIONS OF APPLICABLE FEDERAL AND STATE SECURITIES LAWS IS NOT
REQUIRED. 
  
 IRIS INTERNATIONAL, INC. 
  
 REDEEMABLE WARRANT TO PURCHASE 122,475 SHARES OF COMMON STOCK

  
 Warrant No.: 0-10 
  
 Date of Issuance: April 22, 2004 
  
 Iris International, Inc., a Delaware corporation (the
“Company”), hereby certifies that, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Oppenheimer & Co. Inc., the registered holder hereof or its permitted assigns, is entitled,
subject to the terms and conditions of this Warrant and of that certain Securities Purchase Agreement, dated April 19, 2004 by and between the Company and the other parties thereto (as such agreement may be amended, supplemented and modified from
time to time, the “Purchase Agreement”), to purchase from the Company, upon surrender of this Warrant (as defined below) at its principal office in the United States located at 9172 Eton Avenue, Chatsworth, California 91311 (or such
other location as the Company may advise the holder hereof in writing), at any time or times on or after October 22, 2004, but not after 5:00 p.m., Eastern Standard Time, on the Expiration Date (as defined below), 122,475 fully paid nonassessable
shares of Common Stock (as defined below) of the Company at the Exercise Price per share provided in Section 1 of this Warrant, such Exercise Price and such number of shares of Common Stock to be delivered upon exercise of the Warrant being subject
to adjustment as provided in Section 9 of this Warrant. This Warrant is redeemable by the Company in accordance with the terms and conditions set forth in Section 4 of this Warrant. 
  
 Section 1. Definitions. The following terms as used in this Warrant shall have the following meanings: 
  
 “Business Day” means any day other than Saturday, Sunday or
other day on which commercial banks in the City of New York, New York are required by law to remain closed. 
  
 “Cashless Exercise” has the meaning specified in Section 2(e) hereof. 
  
 “Common Stock” means (i) the common stock, par value $0.01 per share, of the Company, and (ii) any capital
stock into which such Common Stock shall have been changed or any capital stock resulting from a reclassification of such Common Stock. 
  

 1 

 “Exchange Act” means the Securities Exchange Act of 1934, as amended and the rules and
regulations promulgated thereunder. 
  
 “Exercise Delivery
Documents” shall have the meaning specified in Section 2(a) hereof. 
  
 “Exercise Price” shall be equal to $7.80, subject to further adjustment as hereinafter provided. 
  
 “Expiration Date” means April 22, 2009 or, if such date does not fall on a Business Day, then the next Business Day. 
  
 “Person” means an individual, a limited liability company, a
partnership, a joint venture, a corporation, a trust, an unincorporated organization or association and a government or any department or agency thereof. 
  
 “Principal Market” means the Nasdaq National Market (“Nasdaq”) or if the Common Stock is not traded on the Nasdaq, the then
principal securities exchange or trading market for the Common Stock. 
  
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 
  
 “Trading Day” shall mean (x) a day on which the Principal Market is open for business or (y) if the applicable security is not so listed
on a Principal Market or admitted for trading or quotation, a Business Day. 
  
 “Trading Price” of a security on any date of determination means: 
  
 (1) the closing sales price as reported by the Nasdaq National Market on such date; 
  
 (2) if such security is not so reported, the closing sale
price (or, if no closing sale price is reported, the last reported sale price) of such security (regular way) on the New York Stock Exchange on such date; 
  
 (3) if such security is not listed for trading on the New York Stock Exchange on any such date, the closing sale price as reported in the
composite transactions for the principal U.S. securities exchange on which such security is so listed; 
  
 (4) if such security is not listed on a U.S. national or regional securities exchange, the last price quoted by Interactive Data
Corporation for such security on such date or, if Interactive Data Corporation is not quoting such price, a similar quotation service selected by the Company; 
  

(5) if such security is not so quoted, the average of the mid-point of the last bid and ask prices for such security on such date from
at least two dealers recognized as market-makers for such security selected by the Company for this purpose; or 
  

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 (6) if such security is not so quoted, the average of that last bid and ask prices for
such security on such date from a dealer engaged in the trading of convertible securities selected by the Company for this purpose. 
  
 “Transfer Agent” has the meaning specified in Section 2(a) hereof. 
  
 “Warrant” means this Warrant and all warrants issued in exchange, transfer or replacement thereof.

  
 “Warrant Date” has the meaning specified in
Section 3 hereof. 
  
 “Warrant Shares” means all
shares of Common Stock issuable upon exercise of this Warrant. 
  
 The definition
of certain other terms are specified in Section 9 hereof. 
  
 Section 2.
Exercise of Warrant. 
  
 (a) Subject to the terms and
conditions hereof, including, without limitation, Section 2(c), this Warrant may be exercised by the holder hereof then registered as such on the books of the Company, in whole or in part, at any time on any Business Day on or after October 22, 2004
and prior to 5:00 p.m., Eastern Standard Time, on the Expiration Date by: (i) delivery of a written notice, in the form of the subscription notice attached as Exhibit A hereto or a reasonable facsimile thereof (the “Exercise
Notice”), to the Company and the Company’s designated transfer agent (the “Transfer Agent”), of such holder’s election to exercise all or a portion of this Warrant on a Cashless Exercise basis in accordance with
Section 2(d) hereof, which notice shall specify the number of Warrant Shares to be received upon such Cashless Exercise; and (ii) the surrender of this Warrant to the Company (the items to be delivered pursuant to clauses (i) and (ii) above
collectively are referred to herein as the “Exercise Delivery Documents”); provided, however, that if such Warrant Shares are to be issued in any name other than that of the registered holder of this Warrant, such issuance
shall be deemed a transfer and the provisions of Section 8 of this Warrant shall be applicable. In the event of any exercise of the rights represented by this Warrant in compliance with this Section 2(a), the Company shall, within 3 Business Days
after receipt of the Exercise Delivery Documents, issue and deliver to the address specified in the Exercise Notice, a certificate or certificates in such denominations as may be requested by the holder in the Exercise Notice, registered in the name
of the holder or its designee, for the number of shares of Common Stock to which the holder shall be entitled upon such exercise. Upon delivery of the Exercise Delivery Documents, the holder of this Warrant shall be deemed for all corporate purposes
to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the certificates evidencing such Warrant Shares. 
  
 (b) Unless the rights represented by this Warrant shall have expired or shall
have been fully exercised, the Company shall, within 3 Business Days after receipt of the Exercise Delivery Documents, and at its own expense, issue a new Warrant identical in all respects to this Warrant exercised except it shall represent rights
to purchase the number of Warrant Shares purchasable immediately prior to such exercise under this Warrant, less the number of Warrant Shares with respect to which this Warrant is exercised. 
  

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 (c) Notwithstanding anything contained in this Warrant to the contrary, the Company shall not be required
to issue fractions of shares of Common Stock upon exercise of this Warrant or to distribute certificates evidencing such fractional shares. If more than one Warrant shall be presented for exercise in full at the same time by the same holder, the
number of full shares of Common Stock shall be issuable upon the exercise thereof shall be computed on the basis of the aggregate number of shares of Common Stock purchasable on exercise of all Warrants so presented. In lieu of any fractional
shares, there shall be paid to the holder an amount of cash equal to the same fraction of the Current Market Value of a share of Common Stock. For purposes of Sections 2(c) and (d), the Current Market Value of a share of Common Stock shall be the
Trading Price of a share of Common Stock for the Trading Day immediately prior to the date of such exercise. 
  
 (d) The holder upon exercise of the Warrant will receive upon such exercise the “Net Number” of shares of Common Stock determined according to
the following formula (a “Cashless Exercise”): 
  

			
	 X =  
	  	Y x (A - B)
	 	  	A

  
 For purposes of the
foregoing formula: 
  

			
	 X =
	  	the Net Number of shares of Common Stock to be issued to the holder.
		
	 Y =
	  	the number of shares of Common Stock subject to this Warrant for which the Warrant is being exercised.
		
	 A =
	  	the Current Market Value of one share of Common Stock on the date this Warrant is being exercised.
		
	 B =
	  	the Exercise Price then in effect for the applicable Warrant Shares at the time of such exercise, as adjusted.

  
 Section 3. Date; Duration. The
issue date of this Warrant is April 22, 2004 (the “Warrant Date”). This Warrant, in all events, shall be wholly void and of no effect at 5:00 pm Eastern Standard Time on the Expiration Date. 
  
 Section 4. Taxes. 
  
 (a) The Company shall pay any and all documentary, stamp, transfer and other similar taxes that may be payable with respect
to the issuance and delivery of Warrant Shares upon exercise of this Warrant. 
  

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 (b) Notwithstanding any other provision of this Warrant, for income tax purposes, the holder or any
assignee or transferee shall agree that the Company and the Transfer Agent shall be permitted to withhold from any amounts payable to such assignee or transferee any taxes required by law to be withheld from such amounts. Unless exempt from the
obligation to do so, each assignee or transferee shall execute and deliver to the Company or the Transfer Agent, as applicable, a properly completed Form W-8 or W-9, indicating that such assignee or transferee is not subject to back-up withholding
for United States federal income tax purposes. Each assignee or transferee that does not deliver such a form pursuant to the preceding sentence shall have the burden of proving to the Company’s reasonable satisfaction that it is exempt from
such requirement. 
  
 (c) The issuance of certificates for shares
of Common Stock upon the exercise of this Warrant shall be made without charge to the holder of this Warrant for any issue tax in respect thereof; provided, however, that the Company shall not be required to pay any tax that may be payable in
respect of any transfer involved in the issuance and delivery of any certificate in a name other than that of the holder hereof, and the Company shall not be required to issue or deliver such certificates or other securities unless and until the
person or persons requesting the issuance thereof shall have paid to the Company the amount of such tax or shall have established to the satisfaction of the Company that such tax has been paid. 
  
 Section 5. Warrant Holder Not Deemed a Stockholder. Except as otherwise specifically
provided herein, prior to the exercise of the Warrants represented hereby, the holder of this Warrant shall not be entitled, as such, to any rights of a stockholder of the Company, including, without limitation, the right to vote or to consent to
any action of the stockholders of the Company, to receive dividends or other distributions, to exercise any preemptive right or to receive any notice of meetings of stockholders of the Company, and shall not be entitled to receive any notice of any
proceedings of the Company. In addition, nothing contained in this Warrant shall be construed as imposing any liabilities on such holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a stockholder of the Company,
whether such liabilities are asserted by the Company or by creditors of the Company. 
  
 Section 6. Compliance with Securities Laws. 
  
 (a) The holder of this Warrant, by the acceptance hereof, represents and warrants that it is acquiring this Warrant and the Warrant Shares issuable upon exercise of this Warrant for its own account for investment only and not with a view
towards, or for resale in connection with, the public sale or distribution thereof, except pursuant to sales registered or exempted under the Securities Act; provided, however, that by making the representations herein, the holder does not
agree to hold this Warrant or any of the Warrant Shares for any minimum or other specific term and reserves the right to dispose of this Warrant and the Warrant Shares at any time in accordance with or pursuant to a registration statement or an
exemption under the Securities Act. The holder of this Warrant further represents, by acceptance hereof, that, as of this date, such holder is an “accredited investor” as such term is defined in Rule 501(a) of Regulation D promulgated by
the Securities and Exchange Commission under the Securities Act and was not organized for the specific purpose of acquiring this Warrant or Warrant Shares. 
  

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 (b) This Warrant and all the Warrant Shares issued upon exercise hereof or conversion thereof shall be
stamped or imprinted with a legend in substantially the following form (in addition to any legend required by state securities laws or any securities exchange upon which such Warrant Shares may, at the time of such exercise, be listed) on the face
thereof unless, in the case of the Warrant Shares, the two-year holding period of the Warrant submitted for exercise has expired: 
  
 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE
SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR AN APPLICABLE EXEMPTION
THEREFROM. 
  
 The legend set forth above shall be removed and the
Company (in the case of Warrants) or the Transfer Agent (in the case of Warrant Shares) shall issue a new Warrant or Warrant(s) of like tenor and aggregate principal amount, or a certificate or certificates representing Warrant Shares, as
appropriate, without such legends to the holder of the Warrant(s) or Warrant Shares upon which they are stamped, (i) if such Warrant Shares are registered for resale under the Securities Act and are transferred or sold pursuant to a registration,
(ii) if, in connection with a sale transaction, such holder provides the Company with an opinion of counsel reasonably acceptable to the Company to the effect that a public sale, assignment or transfer of the Warrant(s) or Warrant Shares may be made
without registration under the Securities Act and that upon such public sale, assignment or transfer that the Warrants or Warrant Shares are no longer “restricted securities” under the meaning of Rule 144, or (iii) upon expiration of the
two-year period under Rule 144(k) promulgated under the Securities Act (or any successor rule). In the event Rule 144(k) (or any successor rule) is amended to change the two-year period, the reference in the preceding sentence shall be deemed to be
a reference to such changed period, provided that such change shall not become effective if it is otherwise prohibited by, or would otherwise cause a violation of, the then applicable federal securities laws. The Company shall not require such
opinion of counsel for the sale of the Warrant(s) or Warrant Shares in accordance with Rule 144 of the Securities Act, provided the Seller provides such representations that the Company shall reasonably request confirming compliance with the
requirements of Rule 144. 
  

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 Section 7. Ownership and Transfer. 
  
 (a) The Company shall maintain at its principal office designated on the first page of this Agreement or such other office
or agency of the Company as it may designate by notice to the holder hereof (provided that such other designated office shall be located in the United States) (a “Designated Office”), a register for this Warrant (the
“Warrant Register”), in which the Company shall record the name and address of the person in whose name this Warrant has been issued. Upon the transfer of any Warrants in accordance with the provisions of clause (b) below, the
Company shall record the name and address of such new holder(s) as well as the name and address of each transferee. The Company may treat the person in whose name any Warrant is registered on the Warrant Register as the owner and holder thereof for
all purposes, notwithstanding any notice to the contrary, but in all events recognizing any transfers made in accordance with the terms of this Warrant. 
  
 (b) This Warrant and all rights hereunder shall be assignable and transferable by the holder hereof to a Permitted Transferee upon surrender of this
Warrant with a properly executed assignment (in the form of Exhibit B hereto) at the Company’s Designated Office. For the purposes of this Warrant, a “Permitted Transferee” shall mean any person who delivers to the
Company his, her or its written agreement to accept and be bound by all of the terms and conditions contained in this Warrant. 
  
 Section 8. Adjustment of Exercise Price and Number of Shares Issuable Upon Exercise. 
  
 The Exercise Price and the number of Warrant Shares issuable upon the exercise of each Warrant are subject to adjustment
from time to time upon the occurrence of the events enumerated in this Section 9. 
  
 (a) In case the Company shall hereafter pay a dividend or make a distribution to all holders of the outstanding Common Stock in shares of Common Stock, the Exercise Price in effect at the opening of business on the
date following the date fixed for the determination of stockholders entitled to receive such dividend or other distribution shall be reduced by multiplying such Exercise Price by a fraction of which (i) the numerator shall be the number of shares of
Common Stock outstanding at the close of business on the record date of this Warrant fixed for such determination and (ii) the denominator shall be the sum of such number of shares and the total number of shares referred to in (i) above constituting
such dividend or other distribution. Such reduction in the Exercise Price shall become effective immediately after the opening of business on the day following the record date. If any dividend or distribution of the type described in this Section
9(a) of this Warrant is declared but not so paid or made, the Exercise Price shall again be adjusted to the Exercise Price that otherwise then be in effect if such dividend or distribution had not been declared. 
  
 (b) In case the outstanding shares of Common Stock shall be subdivided into a
greater number of shares of Common Stock, the Exercise Price in effect at the opening of business on the day following the day upon which such subdivision becomes effective shall be proportionately reduced, and conversely, in case the outstanding
shares of Common Stock shall be combined into a smaller number of shares of Common Stock, the Exercise Price in effect at the opening of business on the day following the day upon which such combination becomes effective shall be 

  

 7 

 
proportionately increased, such reduction or increase, as applicable, to become effective immediately after the opening of business on the day following the
day upon which such subdivision or combination becomes effective. 
  
 (c) The Company may make such reductions in the Exercise Price, in addition to those required by Sections 9(a) or (b) of this Warrant, as the Board of Directors considers to be advisable to avoid or diminish any income tax to holders of
Common Stock or rights to purchase Common Stock resulting from any dividend or distribution of stock (or rights to acquire stock) or from any event treated as such for income tax purposes. 
  
 (d) No adjustment in the Exercise Price shall be required under this Section
9 unless such adjustment would require an increase or decrease of at least 1% in the Exercise Price; provided, however, that any adjustments which by reason of this Section 9(d) are not required to be made shall be carried forward and taken
into account in any subsequent adjustment. All calculations under this Section 9 shall be made by the Company and shall be made to the nearest cent or to the nearest one hundredth of a share, as the case may be. No adjustment need be made for a
change in the no par value of the Common Stock. 
  
 (e) Notice
to Holders of Warrants Prior to Certain Actions. In case: 
  
 (1) the Company shall declare a dividend (or any other distribution) on its Common Stock that would require an adjustment in the Exercise Price pursuant to this Section 9; 
  
 (2) of any reclassification of the Common Stock of the Company (other than a subdivision or combination of its outstanding
Common Stock, a change in par value, a change from par value to no par value or a change from no par value to par value), or any merger, consolidation, statutory share exchange or combination to which the Company is a party and for which approval of
any stockholders of the Company is required, or the sale, transfer or conveyance of all or substantially all of the assets of the Company; or 
  
 (3) of the voluntary or involuntary dissolution, liquidation or winding-up of the Company; 
  
 the Company shall cause to be provided to the holder of this Warrant at such address appearing in the Warrant Register at least ten (10)
days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, rights or warrants, or, if a record is not to be taken, the
date as of which the holders of shares of Common Stock of record to be entitled to such dividend, distribution, rights or warrants are to be determined, or (y) the date on which such reclassification, merger, consolidation, statutory share exchange,
combination, sale, transfer, conveyance, dissolution, liquidation or winding-up is expected to become effective, and the date as of which it is expected that holders of Common Stock of record shall be entitled to exchange their shares of Common
Stock for securities, cash or other property deliverable upon such reclassification, merger, consolidation, statutory share exchange, combination, sale, transfer, dissolution, liquidation or winding-up. Failure to give such notice, or any defect
therein, shall not affect the legality or validity of the proceedings or actions described in clauses (1) through (4) of this Section 9(e). In addition, whenever the Exercise Price is 

  

 8 

 
adjusted as provided in this Section 9, the Company shall prepare a notice of such adjustment of the Exercise Price setting forth the adjusted Exercise Price
and the date on which each adjustment becomes effective and shall mail such notice of such adjustment of the Exercise Price to the holder of each Warrant at his last address in the Warrant Register within twenty (20) days of the effective date of
such adjustment. Failure to deliver such notice nor any defect therein shall not effect the legality or validity of any such adjustment. 
  
 (f) In any case in which this Section 9 provides that an adjustment shall become effective immediately after a record date for an event, the Company may
defer until the occurrence of such event (i) issuing to the holder of any Warrant exercised after such record date and before the occurrence of such event the additional shares of Common Stock issuable upon such exercise by reason of the adjustment
required by such event over and above the Common Stock issuable upon such exercise before giving effect to such adjustment and (ii) paying to such holder any amount in cash in lieu of any fraction pursuant to Section 2(c) of this Warrant.

  
 (g) Upon each adjustment of the Exercise Price pursuant to
this Section 9, each Warrant shall thereupon evidence the right to purchase that number of Warrant Shares (calculated to the nearest hundredth of a share) obtained by multiplying the number of Warrant Shares purchasable immediately prior to such
adjustment upon exercise of the Warrant by the Exercise Price in effect immediately prior to such adjustment and dividing the product so obtained by the Exercise Price in effect immediately after such adjustment. The adjustment pursuant to this
Section 9(g) to the number of Warrant Shares purchasable upon exercise of a Warrant shall be made each time an adjustment of the Exercise Price is made pursuant to this Section 9. 
  
 Section 9. Lost, Stolen, Mutilated or Destroyed Warrants. If this Warrant is lost, stolen, mutilated or destroyed, the Company shall
promptly, on receipt of an indemnification undertaking or other form of security reasonably acceptable to the Company (or in the case of a mutilated Warrant, the Warrant), issue a new Warrant of like denomination and tenor as this Warrant so lost,
stolen, mutilated or destroyed. 
  
 Section 10. Notice. All notices,
requests, consents and other communications hereunder shall be in writing, shall be mailed (A) if within United States by first-class registered or certified airmail, or nationally recognized overnight express courier, postage prepaid, or by
facsimile, or (B) if delivered from outside the United States, by International Federal Express or facsimile, and shall be deemed given (i) if delivered by first-class registered or certified mail domestic, three business days after so mailed, (ii)
if delivered by nationally recognized overnight carrier, one business day after so mailed, (iii) if delivered by International Federal Express, two business days after so mailed, and (iv) if delivered by facsimile, upon electric confirmation of
receipt, and shall be delivered as addressed as follows: 
  

	
	 If to the Company:

	
	 Iris International, Inc.

	 9172 Eton Avenue

	 Chatsworth, California 91311

	 Attn: Mr. Martin G. Paravato

	 Tel: 818-709-1244

	 Fax: 818-349-0622

  

 9 

			
	       with a copy to:

		
	 	  	 Sheppard Mullin Richter & Hampton, LLP

	 	  	 800 Anacapa Street

	 	  	 Santa Barbara, CA 93101

	 	  	 Attn: Joseph E. Nida, Esq.

	 	  	 Tel: (805) 879-1811

	 	  	 Fax: (805) 568-1955

	
	       If to the Transfer Agent:

		
	 	  	 Continental Stock and Transfer Co.

	 	  	 17 Battery Place

	 	  	 New York, New York 10004

	 	  	 Telephone: (212) 509-4000

	 	  	 Facsimile: (212) 616-7608

	 	  	 Attention: Richard Biscovich

  
 If to a holder of this
Warrant, to it at the address and facsimile number set forth below or at such other address and facsimile as shall be delivered to the Company upon the issuance or transfer of this Warrant. 
  

			
	 	  	 Oppenheimer & Co. Inc.

	 	  	 125 Broad Street, 16th Floor

	 	  	 New York, NY 10004

	 	  	 Attention: Kee Colen

	 	  	 Telephone: (212) 668-8124

	 	  	 Facsimile: (212) 425-2028

	
	       with a copy to:

		
	 	  	 Brown Raysman Millstein Felder & Steiner LLP

	 	  	 900 Third Avenue

	 	  	 New York, NY 10022

	 	  	 Attention: Michael D. Maline

	 	  	 Telephone: (212) 895-2111

	 	  	 Facsimile: (212) 895-2900

  
 Section 11. Amendments. This
Warrant and any term hereof may be amended, changed, waived, discharged, or terminated only by an instrument in writing signed by the Company and holders of a majority of Warrant Shares represented by this Warrant. Such amendment, change, waiver,

  

 10 

 
discharge or termination shall be binding on the Company and all of the Warrant holder’s assignees and transferees. No waivers of any term, condition or
provision of this Warrant in any one or more instances shall be deemed to be or construed as a further or continuing waiver of any such term, condition or provision. 
  
 Section 12. Obligations Binding on Successors. This Warrant will be binding upon any entity succeeding to the Company in one or a
series of transactions by merger, consolidation or acquisition of all or substantially all of the Company’s assets or other similar transactions and shall inure to the benefit of the holder hereof and its successors, permitted assigns and legal
representatives. 
  
 Section 13. Governing Law; Consent to Jurisdiction.
This Warrant shall be governed by, and construed in accordance with, the internal laws of the State of New York, without giving effect to the principles of conflicts of law. The Company, and by its acceptance hereof, the holder of this Warrant each
irrevocably submits to the exclusive jurisdiction of the courts of the State of New York located in New York County and the United States District Court for the Southern District of New York for the purpose of any suit, action, proceeding or
judgment relating to or arising out of this Warrant and the transactions contemplated hereby. Service of process in connection with any such suit, action or proceeding may be served on the Company and such holder anywhere in the world by the same
methods as are specified for the giving of notices under this Warrant. The Company, and by its acceptance hereof, the holder of this Warrant each irrevocably consents to the jurisdiction of any such court in any such suit, action or proceeding and
to the laying of venue in such court. The Company, and by its acceptance hereof, the holder of this Warrant each irrevocably waives any objection to the laying of venue of any such suit, action or proceeding brought in such courts and irrevocably
waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. 
  
 Section 14. Descriptive Headings. The headings of this Warrant are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

  

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 IN WITNESS WHEREOF, the Company has caused this Warrant to be duly executed as of day and year
first above written. 
  

			
	COMPANY
	
	IRIS INTERNATIONAL, INC.
		
	 By:
	 	 /s/ Martin G. Paravato

	 Its:
	 	 Chief Financial Officer

  

 12 

 EXHIBIT A TO WARRANT 
  
 FORM OF EXERCISE NOTICE 
  
 The undersigned holder hereby exercises the right to purchase              of the
shares of Common Stock (“Warrant Shares”) of Iris International, Inc., a Delaware corporation (the “Company”), evidenced by the attached Warrant (the “Warrant”). Capitalized terms used herein and
not otherwise defined shall have the respective meanings set forth in the Warrant. 
  
 The undersigned holder hereby represents and warrants to the Company as follows: 
  
 (a) The undersigned holder is (i) making a “Cashless Exercise” with respect to
             Warrant Shares underlying the Warrant (to the extent permitted by the terms of the Warrant) or (ii) purchasing with immediately available funds
             Warrant Shares underlying the Warrant; and 
  
 (b) The undersigned holder has sold or will sell the shares of common stock issuable pursuant to this Notice pursuant to a registration statement or an
exemption from registration under the Securities Act. 
  
 Date:
                    ,      
  

			
	  

	 	  

	 Name of Registered Holder
	 	 Tax ID of Registered Holder

	 	 	 (if applicable)

  

			
	 By:
	 	  

	 Its:
	 	  

 ACKNOWLEDGMENT 
  
 The Company hereby acknowledges this Exercise Notice and hereby directs Continental Stock and Transfer Co. to issue the above indicated number of shares
of Common Stock issuable upon exercise of the Warrant to the designated holder. 
  

			
	IRIS INTERNATIONAL, INC.
		
	 By:
	 	  

	 Its:
	 	  

 EXHIBIT B TO WARRANT 
  
 FORM OF ASSIGNMENT 
  
 FOR VALUE RECEIVED, the undersigned does hereby assign and transfer to
                            , Federal Identification No.
            , a warrant to purchase              shares of the common stock of IRIS INTERNATIONAL, INC., a Delaware
corporation, represented by warrant certificate no.             , standing in the name of the undersigned on the books of said corporation. The undersigned does hereby irrevocably
constitute and appoint                             , attorney to transfer the warrants of said
corporation, with full power of substitution in the premises. 
  
 Dated:
                    , 200   
  

			
	  

		
	 By:
	 	  

	 Its:Change in Terms Agreement

 Exhibit 10.8(c) 
  
 CHANGE IN TERMS AGREEMENT 
  

															
	 Principal

	 	 Loan Date

	 	 Maturity

	 	 Loan No

	 	 Call / Coll

	 	 Account

	 	 Officer

	 	 Initials

	$6,500,000.00	 	05-25-2004	 	06-30-2006	 	932900001-1	 	 	 	932900001-1	 	22163	 	 

  
 References in the
shaded area are for Lender’s use only and do not limit the applicability of this document to any particular loan or item. Any item above containing “***” has been omitted due to text length limitations. 
  

									
	Borrower:	  	 IRIS International, Inc.
 9172 Eton
Avenue
 Chatsworth, CA 91311-5805
	  	 	  	Lender:	  	 California Bank & Trust
 Los Angeles Commercial Banking
 550 South Hope Street, Suite 300 Los Angeles, CA 90071

  

					
	Principal Amount: $6,500,000.00	 	Initial Rate: 5.000%	 	Date of Agreement: May 25, 2004

  
 DESCRIPTION OF EXISTING
INDEBTEDNESS. 
  
 The Business Loan Agreement (Asset Based) and Promissory
Note each dated February 7, 2002, in the original amount of $6,500,000.00, as amended by those certain Change In Terms Agreements dated March 11, 2002, April 24, 2003 and October 8, 2003, from International Remote Imaging Systems, Inc. to Lender.

  
 DESCRIPTION OF COLLATERAL. 
  
 1) All inventory, equipment, accounts (including but not limited to all
health-care-insurance receivables), chattel paper, instruments (including but not limited to all promissory notes), letter-of-credit rights, letters of credit, documents, deposit accounts, investment property, money, other rights to payment and
performance, and general intangibles (including but not limited to all software and all payment intangibles); all fixtures; all attachments, accessions, accessories, fittings, increases, tools, parts, repairs, supplies, and commingled goods relating
to the foregoing property, and all additions, replacements of and substitutions for all or any part of the foregoing property; all insurance refunds relating to the foregoing property; all good will relating to the foregoing property; all records
and data and embedded software relating to the foregoing property, and all equipment, inventory and software to utilize, create, maintain and process any such records and data on electronic media; and all supporting obligations relating to the
foregoing property; all whether now existing or hereafter arising, whether now owned or hereafter acquired or whether now or hereafter subject to any rights in the foregoing property; and all products and proceeds (including but not limited to all
insurance payments) of or relating to the foregoing property. 
  
 DESCRIPTION
OF CHANGE IN TERMS. 
  
 1) The Maturity date is hereby amended from June 30,
2004 to June 30, 2006. 
  
 2) The Borrower’s Name is hereby changed from
International Remote Imaging Systems, Inc. to IRIS International, Inc. 
  
 3) The
Commercial Guarantees executed by Statspin, Inc. and Advanced Digital Imaging Research, LLC are each hereby increased from $8,000,000.00 to $16,500,000.00. 
  
 4) Excess Availability Covenant and Working Capital Covenants are hereby deleted in their entirety. 
  
 5) Borrower covenants and agrees with Lender that, while this Agreement is in effect, Borrower will permit employees or agents of Lender at
any reasonable time, but at least annually, to inspect any and all Collateral for the Loan or Loans, as well as Borrower’s other properties and to examine or audit Borrower’s books, accounts, and records and to make copies and memoranda of
Borrower’s books, accounts, and records as may be deemed necessary. Any such inspection or examination shall be at Borrower’s expense. 
  
 6) Covenant to provide Lender a Profit & Loss Statement, as soon as available, but in no event later than twenty (20) days after month end, on a monthly basis is
hereby deleted in its entirety. 
  
 7) Current Ratio. Borrower covenants
and agrees with Lender that, while this Agreement is in effect, Borrower shall maintain a minimum Current Ratio of 1.500 to 1.000, monitored on a quarterly basis. 
  
 8) Tangible Net Worth. Borrower covenants and agrees with Lender that, while this Agreement is in effect, Borrower shall maintain a
minimum Tangible Net Worth of not less than $17,500,000.00. 
  
 9) Pre-Tax
Profitability. Borrower covenants and agrees with Lender that, while this Agreement is in effect, Borrower shall maintain a minimum pre-tax profitability of $1,500,000.00 for December 31, 2004 and December 31, 2005. 
  
 10) Borrower covenants and agrees with Lender that, while this Agreement is in effect,
Borrower shall not incur losses for two consecutive quarters. 
  
 11) Interest
Rate. See Pricing Matrix Addendum attached hereto. 
  
 12) Letter of Credit
Subline and Foreign Exchange Subline. See Letter of Credit Subline and Foreign Exchange Subline attached hereto. 
  
 13) Usage Fee. Borrower covenants and agrees with Lender that, while this Agreement is in effect, Borrower shall be assessed quarterly, a 18% fee on the
undisbursed balance of the line of credit. Such fee shall be waived if the combined quarterly average usage exceeds 60% of the respective commitment amounts. 
  
 14) All other terms and conditions remain the same. 
  
 CONTINUING VALIDITY. Except as expressly changed by this Agreement, the terms of the original obligation or obligations, including all agreements evidenced or
securing the obligation(s), remain unchanged and in full force and effect. Consent by Lender to this Agreement does not waive Lender’s right to strict performance of the obligation(s) as changed, nor obligate Lender to make any future change in
terms. Nothing in this Agreement will constitute a satisfaction of the obligation(s). It is the intention of Lender to retain as liable parties all makers and endorsers of the original obligation(s), including accommodation parties, unless a party
is expressly released by Lender in writing. Any maker or endorser, including accommodation makers, will not be released by virtue of this Agreement. If any person who signed the original obligation does not sign this Agreement below, then all
persons signing below acknowledge that this Agreement is given conditionally, based on the representation to Lender that the non-signing party consents to the changes and provisions of this Agreement or otherwise will not be released by it. This
waiver applies not only to any initial extension, modification or release, but also to all such subsequent actions. 
  
 FINANCIAL STATEMENT CERTIFICATIONS. The undersigned hereby certifies to California Bank & Trust (“Bank”) that all financial information
(“Information”) submitted to Bank now and at all times during the terms of this loan does, and will, fairly and accurately represent the financial condition of the undersigned, all Borrowers and Guarantors. Financial Information includes,
but is not limited to all Business Financial Statements (including Interim and Year-End financial statements that are company prepared and/or CPA-prepared), Business Income Tax Returns, Borrowing Base Certificates, Accounts Receivable and Accounts
Payable Agings, Personal Financial Statements and Personal Income Tax Returns. The undersigned understands that the Bank will rely on all financial information, whenever provided, and that such information is a 

  

					
	 	  	CHANGE IN TERMS AGREEMENT	  	 
	Loan No: 932900001-1	  	(Continued)	  	Page 2

  

 
material inducement to Bank to make, to continue to make, or otherwise extend credit accommodations to the undersigned. The undersigned covenants and agrees
to notify Bank of any adverse material changes in her/his/its financial condition in the future. The undersigned further understands and acknowledges that there are criminal penalties for giving false financial information to federally insured
financial institutions. 
  
 DEPOSIT AGREEMENT SECURITY. Borrower hereby
grants a security interest to Lender in any and all deposit accounts (checking, savings, money market or time) of Borrower at Lender, now existing or hereinafter opened, to secure its Indebtedness hereunder. This includes all deposit accounts
Borrower holds jointly with someone else. 
  
 REAFFIRMATION OF GUARANTY
OBLIGATIONS. An exhibit, titled “REAFFIRMATION OF GUARANTY OBLIGATIONS,” is attached to this Agreement and by this reference is made a part of this Agreement just as if all the provisions, terms and conditions of the Exhibit had been
fully set forth in this Agreement. 
  
 LETTER OF CREDIT SUBLINE EXHIBIT. An
exhibit, titled “Letter of Credit Subline Exhibit,” is attached to this Agreement and by this reference is made a part of this Agreement just as if all the provisions, terms and conditions of the Exhibit had been fully set forth in this
Agreement. 
  
 FOREIGN EXCHANGE SUBLINE EXHIBIT. An exhibit, titled
“Foreign Exchange Subline Exhibit,” is attached to this Agreement and by this reference is made a part of this Agreement just as if all the provisions, terms and conditions of the Exhibit had been fully set forth in this Agreement.

  
 PRIOR TO SIGNING THIS AGREEMENT, BORROWER READ AND UNDERSTOOD ALL THE
PROVISIONS OF THIS AGREEMENT. BORROWER AGREES TO THE TERMS OF THE AGREEMENT. 
  
 BORROWER: 
  

									
	IRIS INTERNATIONAL, INC.	 	 	 	 
					
	By:	 	/s/ CESAR GARCIA	 	 	 	By:	 	/s/ MARTIN PARAVATO
	 	 	Cesar Garcia, President/CEO of IRIS International, Inc.	 	 	 	 	 	Martin Paravato, CFO/Secretary of IRIS International, Inc.

  
 LASER PRO Lending, Ver.
5.23.30.004 Copr. Harland Financial Solutions, Inc. 1997, 2004. All Rights Reserved. Ÿ CA 
  

  
 PRICING MATRIX ADDENDUM

  
 Debt to Tangible Net Worth 
  

			
	Between 1.01:1.00 and 1.25:1.00	  	Prime + .25% or 3 Month Libor + 2.250%
	Less than 1.00:1.00	  	Prime + 0% or 3 Month Libor + 2.000%

  

	
	IRIS International, Inc.
	
	/s/ CESAR GARCIA
	By: Cesar Garcia, President/CEO
	
	/s/ MARTIN PARAVATO
	By: Martin Paravato, CFO/Secretary

  
 Subject: IRIS International $10MM
NR/TL 
  

  
 Commercial Security
Agreement

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