Document:

2006 Stock Incentive Plan Restricted Stock Unit Grant Notice

 Exhibit 10.9 
 OPENWAVE SYSTEMS INC. 
 2006
STOCK INCENTIVE PLAN 
 RESTRICTED STOCK
UNIT GRANT NOTICE 
 (FOR RESTRICTED
STOCK UNIT AWARDS – TIME-BASED VESTING) 

Openwave Systems Inc. (the “Company”), pursuant to its 2006 Stock Incentive Plan (the “Plan”), hereby provides notice (“Grant
Notice”) of the grant to Participant of the number of restricted stock units set forth below (“Award”). This Award is subject to all of the terms and conditions as set forth herein and in the Restricted Stock Unit Agreement and the
Plan, which are attached hereto and incorporated herein in their entirety. 
  

			
	Participant:	 	
  [            ]

	Grant Date:	 	
  [            ]

	Vesting Commencement Date:	 	
  [            ]

	Number of Restricted Stock Units:	 	
  [            ]

 Vesting Schedule:        The Award shall vest in full on
[                    ] 
 Additional
Terms/Acknowledgements: The undersigned Participant acknowledges receipt of, and understands and agrees to, this Grant Notice, the Restricted Stock Unit Agreement and the Plan. Participant further acknowledges that as of the Grant Date, this
Grant Notice, the Restricted Stock Unit Agreement and the Plan set forth the entire understanding between Participant and the Company regarding the acquisition of stock in the Company under the Plan and supersede all prior oral and written
agreements on that subject. 
  

											
	OPENWAVE SYSTEMS INC.	 		 	PARTICIPANT:
	By:	 	  
	 		 	  

		 	Signature	 		 		 		 	Signature
						
	Title:	 	 Secretary
	 		 	Date:	 		 	  

						
	Date:	 	  
	 		 		 		 	

 ATTACHMENTS: Restricted Stock Unit Agreement and 2006 Stock Incentive Plan. 

 Attachment I 
 Restricted Stock Unit Agreement 

 OPENWAVE SYSTEMS INC. 

2006 STOCK INCENTIVE PLAN 

RESTRICTED STOCK UNIT AGREEMENT 

(FOR RESTRICTED STOCK UNIT AWARDS –
TIME-BASED VESTING) 
 Pursuant to the terms of the Restricted Stock Unit Grant
Notice (“Grant Notice”) and this Restricted Stock Unit Agreement (“Agreement”) (collectively, the “Award”), Openwave Systems Inc. (the “Company”) grants you restricted stock units pursuant to the
Company’s 2006 Stock Incentive Plan (“Plan”), subject to the restrictions and conditions contained herein. Defined terms not explicitly defined in this Agreement but defined in the Plan shall have the same definitions as in the Plan.

 The details of your Award are as follows: 
 GRANT OF UNITS. The Company hereby grants to you the aggregate number of restricted stock units (the “Units”) specified in your Grant Notice.
Each Unit represents the right to receive one (1) share of Common Stock upon vesting. 
 PAYMENT;
TAX WITHHOLDING. No cash payment is required for the Units, although you will be required to tender payment in a form acceptable to the Company for the amount of any withholding taxes due, including but not limited
to those amounts due as a result of the award or vesting of the Units or the issuance of any shares of Common Stock following the vesting of the Units. Such amount may be delivered to the Company by any of the following means (in addition to the
Company’s right to withhold from any compensation or other amounts payable to you by the Company) or by a combination of such means: (i) tendering a cash payment; (ii) authorizing the Company to withhold shares of Common Stock from
the shares of Common Stock otherwise issuable to you, provided, however, that no shares of Common Stock are withheld with a value exceeding the minimum amount of tax required to be withheld by law; or (iii) delivering to
the Company owned and unencumbered shares of Common Stock. 
 VESTING. Subject to the limitations
and special acceleration provisions contained herein, the Units will vest as provided in the Grant Notice, provided that vesting will cease upon the termination of your employment with the Company and its Subsidiaries and Affiliates
(“Termination”). A Termination shall be deemed to occur if (i) you are a Consultant or Non-Employee Director at the time of grant (“Grant Date”) and subsequently become an Employee or (ii) you are an Employee on the
Grant Date and subsequently become a Consultant or Non-Employee Director. The unvested portion of your Award will expire upon Termination. 
 CONVERSION OF UNITS AND ISSUANCE OF SHARES. Upon the vesting date (or accelerated vesting
date, if applicable), one (1) share of Common Stock shall be issuable for each whole Unit that vests on such date (the “Shares”), subject to the terms and provisions of the Plan and this Agreement. Thereafter, the Company will
transfer such Shares to you upon satisfaction of any tax withholding obligations. Any fractional Unit shall be settled in cash and shall not be converted into a fractional Share. The number of Units subject to your Award shall be adjusted from time
to time for changes in capitalization, as provided in the Plan. 
 SPECIAL ACCELERATION
AND/OR REDUCTION. Subject to subsection 5(e) below, the vesting of the Units shall be accelerated in the following circumstances: 

If you are designated as an employee that that provides services to both the Mediation Business Unit and Messaging Business Unit of
the Company (a “Whole Company Employee”), the vesting of the Units shall be accelerated in full in the event of the sale, exchange, lease or other disposition of both the Mediation Business Unit and the Messaging Business Unit of the
Company (whether through an asset sale or otherwise and whether in a series of related or unrelated transactions) to a person or group of related persons (as such terms are defined or described in Sections 3(a)(9) and 13(d)(3) of the Exchange Act)
(the “Business Units Sale”), provided, however, that if such Business Units Sale does not occur by June 30, 2012, the Units shall be subject to reduction in accordance with subsection 5(e) below. 

If you are designated as an employee that provides services solely to the Messaging Business Unit of the Company whether by the
Company or an Affiliate (a “Messaging Business Unit Employee”), the vesting of the Units shall be accelerated in full in the event of the sale, exchange, lease or other disposition of the Messaging Business Unit of the Company (whether
through an asset sale or otherwise) to a person or group of related persons (as such terms are defined or described in Sections 3(a)(9) and 13(d)(3) of the Exchange Act) (the “Messaging Business Unit Sale”), provided, however, that if such
Messaging Business Unit Sale does not occur by June 30, 2012, the Units shall be subject to reduction in accordance with subsection 5(e) below. 

 If you are designated as an employee that provides services solely to the Mediation
Business Unit of the Company whether by the Company or an Affiliate (a “Mediation Business Unit Employee”), the vesting of the Units shall be accelerated in full in the event of the sale, exchange, lease or other disposition of the
Mediation Business Unit of the Company (whether through an asset sale or otherwise) to a person or group of related persons (as such terms are defined or described in Sections 3(a)(9) and 13(d)(3) of the Exchange Act) (the “Mediation Business
Unit Sale”), provided, however, that if such Medication Business Unit Sale does not occur by June 30, 2012, the Units shall be subject to reduction in accordance with subsection 5(e) below. 

Notwithstanding the foregoing Sections 5(a), (b) and (c), the vesting of the Units shall be accelerated in full upon the
occurrence of any of the events set forth in subsections d (i), (ii) or (iii) hereof. 
 the sale, exchange,
lease or other disposition of the entire business of the Company and its Affiliates (whether through an asset sale or otherwise and whether in a series of related or unrelated transactions) to a person or group of related persons (as such terms are
defined or described in Sections 3(a)(9) and 13(d)(3) of the Exchange Act); 
 a merger or consolidation involving the
Company in which the voting securities of the Company owned by the shareholders of the Company immediately prior to such merger or consolidation do not represent, after conversion if applicable, more than fifty percent (50%) of the total voting
power of the surviving controlling entity outstanding immediately after such merger or consolidation; provided that any person who (1) was a beneficial owner (within the meaning of Rules 13d-3 and 13d-5 promulgated under the Exchange Act) of
the voting securities of the Company immediately prior to such merger or consolidation, and (2) is a beneficial owner (or is part of a group of related persons that is a beneficial owner) of more than 20% of the securities of the Company
immediately after such merger or consolidation, shall be excluded from the list of “shareholders of the Company immediately prior to such merger or consolidation” for purposes of the preceding calculation); or 

the direct or indirect acquisition of beneficial ownership of at least fifty percent (50%) of the voting securities of the
Company by a person or group of related persons (as such terms are defined or described in Sections 3(a)(9) and 13(d)(3) of the Exchange Act); provided, that “person or group of related persons” shall not include the Company, a subsidiary
of the Company, or an employee benefit plan sponsored by the Company or a subsidiary of the Company (including any trustee of such plan acting as trustee). 
 Notwithstanding subsections 5(a), (b) and (c), if, by June 30, 2012, the Company has not completed the sale, exchange, lease or other disposition of (i) both its Mediation
Business Unit and Messaging Business Unit (as contemplated by subsection 5(a) above) in the case of Whole Company Employees, (ii) its Messaging Business Unit (as contemplated by subsection 5(b) above) in the case of Messaging Business Unit
Employees, (iii) its Mediation Business Unit (as contemplated by subsection 5(c) above) in the case of Mediation Business Employee, fifty percent (50%) of the number of Units originally granted to you as specified in the Grant Notice shall
be forfeited. 
 For purposes of this Section 5, the Mediation Business Unit of the Company is comprised of the
business units of the Company that develop and market service mediation products, including but not limited to, MAG, Integra, Web Adaptor (Openweb), Mobile Edge Security Suite, Passport, Smart Policy, Web Security, Web Optimization, Media
Optimization, Amplicity and Analytics, and the Messaging Business Unit of the Company is comprised of the business units of the Company that market and develop Email MX, Richmail and Edge GX. 

SECURITIES LAW COMPLIANCE. You will not be issued any Shares upon the
vesting of your Award unless the Shares are either (a) then registered under the Securities Act or (b) the Company has determined that such issuance would be exempt from the registration requirements of the Securities Act. Your Award must
also comply with other applicable laws and regulations governing the Award, and you will not receive such Shares if the Company determines that such receipt would not be in material compliance with such laws and regulations.

 TRANSFERABILITY. None of the Units or any beneficial interest therein may be transferred in any
manner other than by will or by the laws of descent and distribution. Notwithstanding the foregoing, you may designate a beneficiary for the Shares that may be issuable upon the vesting of the Units, in the event of your death, by completing the
Company’s approved beneficiary designation form and filing such form with the Company’s Human Resources Department. The terms of this Agreement shall be binding upon your executors, administrators, heirs, successors, and
transferees. 
 AWARD NOT A SERVICE
CONTRACT. Your Award is not an employment or service contract, and nothing in your Award shall be deemed to create in any way whatsoever any obligation on your part to continue in the employ of the Company or an Affiliate, or on
the part of the Company or an Affiliate to continue your employment. 
 TAX
CONSEQUENCES. You agree that you have had the opportunity to review with your own tax advisors the federal, state, local and foreign income and employment tax consequences of the grant to you of the Award and the vesting of the
Award. You are 

  
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relying solely on the advice of your own advisors and not on statements or representations of the Company or any of its agents. You understand that you (and not the Company) will be
responsible for your own tax liability as a result of the grant or vesting of your Award. 
 NOTICES.
Any notices provided for in your Award or the Plan shall be given in writing and shall be deemed effective upon receipt or, in the case of notices delivered by the Company to you, five (5) days after deposit in the United States mail,
postage prepaid, addressed to you at the last address you provided to the Company. 

MISCELLANEOUS. 
 The rights and obligations of the Company under your Award shall be transferable by the Company to any one or more persons or entities, and all covenants and agreements hereunder shall inure to the
benefit of, and be enforceable by the Company’s successors and assigns. 
 You agree upon request to execute any
further documents or instruments necessary or desirable in the sole determination of the Company to carry out the purposes or intent of your Award. 
 You acknowledge and agree that you have reviewed your Award in its entirety, have had an opportunity to obtain the advice of counsel prior to executing and accepting your Award and fully understand all
provisions of your Award. 
 REPAYMENT/FORFEITURE. Any benefits you may receive
hereunder shall be subject to repayment or forfeiture as may be required to comply with (a) any applicable listing standards of a national securities exchange adopted in accordance with Section 954 of the Dodd-Frank Wall Street Reform and
Consumer Protection Act (regarding recovery of erroneously awarded compensation) and any implementing rules and regulations of the U.S. Securities and Exchange Commission adopted thereunder, (b) similar rules under the laws of any other
jurisdiction and (c) any policies adopted by the Company to implement such requirements, all to the extent determined by the Company in its discretion to be applicable to you. 

SEVERABILITY. The provisions of this Agreement are severable and if any one or more provisions are determined to be
illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable. 
 GOVERNING PLAN DOCUMENT. Your Award is subject to all the provisions of the Plan, the provisions of which are hereby made a part of your Award, and is
further subject to all interpretations, amendments, rules and regulations which may from time to time be promulgated and adopted pursuant to the Plan. In the event of any conflict between the provisions of your Award and those of the Plan, the
provisions of the Plan shall control. 
 CHOICE OF LAW;
GOVERNING LAW. The law of the State of California shall govern all questions concerning the construction, validity and interpretation of the Plan, without regard to such state’s conflict of laws rules.
Notwithstanding the foregoing, with respect to matters affecting the Plan that are addressed by the General Corporation Law of the State of Delaware, the laws of the State of Delaware shall control, without regard to such state’s conflict of
laws rules. You hereby agree to submit to the jurisdiction and venue of the courts of the State of California and Federal Courts of the United States of America located within the Northern District of California for all actions relating to the
Units, the Shares, the Notice of Grant, this Agreement, or the Plan. You further agree that service may be made upon you in any such action or proceeding by first class, certified or registered mail, to the last address you provided to the
Company. 

  
 3 

 Attachment II 
 2006 Stock Incentive Plan 

  
 4Amendment No. 6 to Loan and Security Agreement

 Exhibit 10.10 
 AMENDMENT NO. 6 TO 
 LOAN AND SECURITY AGREEMENT 

THIS AMENDMENT NO. 6 TO LOAN AND
SECURITY AGREEMENT (this “Amendment”) is entered into as of this 23rd day of January, 2012, by and between OPENWAVE SYSTEMS INC., a
Delaware corporation (“Borrower”) and SILICON VALLEY BANK (“Bank”). Capitalized terms used herein without definition shall have the
same meanings given them in the Loan Agreement (defined below). 
 RECITALS 

A. Borrower and Bank have entered into that certain Loan and Security Agreement dated as of January 23, 2009 (as amended to
date and as may be further amended, restated, supplement or otherwise modified from time to time, the “Loan Agreement”), pursuant to which the Bank has agreed to extend and make available to Borrower certain advances of
money. 
 B. Borrower desires that Bank amend the Loan Agreement upon the terms and conditions more fully set forth
herein. 
 C. Subject to the representations and warranties of Borrower, and upon the terms and conditions set forth in
this Amendment, Bank is willing to amend the Loan Agreement as specified herein. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing Recitals and intending to be legally bound, the parties hereto agree as follows:

 1. Amendments to Loan Agreement. 
 1.1 Section 13.1 (Definitions). The following definitions in Section 13.1 of the Loan Agreement are hereby amended and restated in their entirety as follows: 

““Borrowing Base” is (i) $15,000,000 plus (ii) the lesser of (a) $10,000,000 and (b) 75% of
Eligible Accounts, as determined by Bank from Borrower’s most recent Borrowing Base Certificate; provided, however, Bank may decrease the foregoing percentage in its good faith business judgment based on events, conditions, contingencies, or
risks which, as determined by Bank, may adversely affect Collateral.” 
 ““Revolving Line” is an
Advance or Advances in an amount equal to Twenty Five Million Dollars ($25,000,000).” 
 ““Revolving Line
Maturity Date” is February 28, 2012.” 
 1.2 Section 13.1 (Definitions). Subsection
(d) of the definition of “Eligible Accounts” is hereby amended and restated in its entirety as follows: 

“(d) Accounts billed and payable outside of the United States unless (i) supported by letter(s) of credit acceptable to Bank,
(ii) owing by Alcatel-Lucent, up to an aggregate maximum of $1,500,000 at any time, (iii) owing by Telecom Italia and Vodafone Italia, up to a combined aggregate maximum of $500,000 at any time, or (iv) are owing by (A) NEC
Corporation and its Subsidiaries up to an aggregate maximum of $1,000,000 at any time, (B) Telstra and its Subsidiaries up to an aggregate maximum of $1,000,000 at any time, and (C) Vodafone and its Subsidiaries up to an aggregate maximum
of $1,000,000 at any time, including but not limited to Vodacom or (v) that Bank otherwise approves of in writing;” 

 1.3 Exhibit B (Borrowing Base Certificate). The form of Borrowing Base Certificate
(Exhibit B to the Loan Agreement) is amended and restated in its entirety and attached hereto as Exhibit B. 
 2.
BORROWER’S REPRESENTATIONS AND WARRANTIES. Borrower represents and warrants that: 

(a) immediately upon giving effect to this Amendment (i) the representations and warranties contained in the Loan Documents
are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date), and (ii) no Event of
Default has occurred and is continuing; 
 (b) Borrower has the corporate power and authority to execute and deliver
this Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment; 
 (c) the
certificate of incorporation and by-laws of Borrower (collectively, “Organizational Documents”) delivered to Bank on or prior to the date hereof are true, accurate and complete and have not been amended, supplemented or
restated and are and continue to be in full force and effect as of the date hereof, and Borrower shall promptly deliver to Bank any amendments, supplements, restatements or other modifications to such Organizational Documents; 

(d) the execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan
Agreement, as amended by this Amendment, have been duly authorized by all necessary corporate action on the part of Borrower; 

(e) this Amendment has been duly executed and delivered by the Borrower and is the binding obligation of Borrower, enforceable
against it in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting
creditors’ rights; and 
 (f) as of the date hereof, Borrower has no defenses against the obligations to pay any
amounts under the Obligations. Borrower acknowledges that Bank has acted in good faith and has conducted in a commercially reasonable manner its relationships with Borrower in connection with this Amendment and in connection with the Loan Documents.

 Borrower understands and acknowledges that Bank is entering into this Amendment in reliance upon, and in partial consideration for, the above
representations and warranties, and agrees that such reliance is reasonable and appropriate. 
 3.
LIMITATION. The amendments set forth in this Amendment shall be limited precisely as written and shall not be deemed (a) to be a forbearance, waiver or modification of any other term or condition of the Loan
Agreement or of any other instrument or agreement referred to therein or to prejudice any right or remedy which Bank may now have or may have in the future under or in connection with the Loan Agreement or any instrument or agreement referred to
therein; (b) to be a consent to any future amendment or modification, forbearance or waiver to any instrument or agreement the execution and delivery of which is consented to 

 
hereby, or to any waiver of any of the provisions thereof; or (c) to limit or impair Bank’s right to demand strict performance of all terms and covenants as of any date. Except as
expressly amended hereby, the Loan Agreement shall continue in full force and effect. 
 4.
EFFECTIVENESS. This Amendment shall be deemed effective upon the satisfaction of all the following conditions precedent: 
 4.1 Amendment. Borrower and Bank shall have duly executed and delivered this Amendment to Bank. 
 4.2 Amendment Fee. Borrower shall have paid Bank an amendment fee in the amount of $6,500. 
 4.3 Payment of Bank Expenses. Borrower shall have paid all Bank Expenses (including all reasonable attorneys’ fees and reasonable expenses) incurred through the date of this Amendment

 5. COUNTERPARTS. This Amendment may be signed in any number of counterparts, and by
different parties hereto in separate counterparts, with the same effect as if the signatures to each such counterpart were upon a single instrument. All counterparts shall be deemed an original of this Amendment. 

6. INTEGRATION. This Amendment and any documents executed in connection herewith or pursuant hereto
contain the entire agreement between the parties with respect to the subject matter hereof and supersede all prior agreements, understandings, offers and negotiations, oral or written, with respect thereto and no extrinsic evidence whatsoever may be
introduced in any judicial or arbitration proceeding, if any, involving this Amendment; except that any financing statements or other agreements or instruments filed by Bank with respect to Borrower shall remain in full force and effect. 

7. GOVERNING LAW; VENUE. THIS AMENDMENT SHALL BE GOVERNED BY AND SHALL BE CONSTRUED
AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA. Borrower and Bank each submit to the exclusive jurisdiction of the State and Federal courts in Santa Clara County, California. 

[SIGNATURE PAGE FOLLOWS] 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of the
date first written above. 
  

					
	        BORROWER:	 	 OPENWAVE SYSTEMS INC.,

a Delaware corporation

			
		 	By	 	 /s/Anne Brennan

		 	Name:	 	  

		 	 Title:
	 	 CFO

		
	        BANK:	 	SILICON VALLEY BANK
			
		 	By	 	 /s/ Tom Smith

		 	Name:	 	  

		 	Title:	 	 Managing Director

 EXHIBIT B - BORROWING BASE CERTIFICATE 

Borrower: OPENWAVE SYSTEMS INC. 
 Lender:        SILICON VALLEY BANK 

Commitment Amount: $25,000,000 
  

							
	 ACCOUNTS RECEIVABLE
	  			
			
	 1.
	 	 Accounts Receivable (invoiced) Book Value as of
                    
	  	$	                    	  
			
	 2.
	 	 Additions (please explain on reverse)
	  	$	 	  
			
	 3.
	 	 TOTAL ACCOUNTS RECEIVABLE
	  	$	 	  
		
	 ACCOUNTS RECEIVABLE DEDUCTIONS (without duplication)
	  			
			
	 4.
	 	Accounts that the Account Debtor has not paid within ninety (90) days of invoice date regardless of invoice payment period terms	  	$	 	  
			
	 5.
	 	Accounts owing from an Account Debtor, fifty percent (50%) or more of whose Accounts have not been paid within ninety (90) days of invoice date	  	$	 	  
			
	 6.
	 	Accounts billed in the United States and owing from an Account Debtor which does not have its principal place of business in the United States or Canada (other than the Province of
Quebec) unless such Accounts are otherwise Eligible Accounts and (i) covered in full by credit insurance satisfactory to Bank, less any deductible, (ii) supported by letter(s) of credit acceptable to Bank, (iii) supported by a
guaranty from the Export-Import Bank of the United States, (iv) are owing by (A) Alcatel-Lucent, up to an aggregate maximum of $1,500,000 at any time, and (B) Telecom Italia and Vodafone Italia, up to a combined aggregate maximum of
$500,000 at any time, or (v) that Bank otherwise approves of in writing	  	$	 	  
			
	 7.
	 	Accounts billed and payable outside of the United States unless (i) supported by letter(s) of credit acceptable to Bank, (ii) owing by Alcatel-Lucent, up to an aggregate
maximum of $1,500,000 at any time, (iii) owing by Telecom Italia and Vodafone Italia, up to a combined aggregate maximum of $500,000 at any time, or (iv) are owing by (A) NEC Corporation and its Subsidiaries up to an aggregate maximum
of $1,000,000 at any time, (B) Telstra and its Subsidiaries up to an aggregate maximum of $1,000,000 at any time, and (C) Vodafone and its Subsidiaries up to an aggregate maximum of $1,000,000 at any time, including but not limited to
Vodacom or (v) that Bank otherwise approves of in writing	  	$	 	  
			
	 8.
	 	Accounts owing from an Account Debtor to the extent that Borrower is indebted or obligated in any manner to the Account Debtor (as creditor, lessor, supplier or otherwise -
sometimes called “contra” accounts, accounts payable, customer deposits or credit accounts), with the exception of customary credits, adjustments and/or discounts given to an Account Debtor by Borrower in the ordinary course of its
business	  	$	 	  
			
	 9.
	 	Accounts for which the Account Debtor is Borrower’s Affiliate, officer or employee	  	$	 	  
			
	 10.
	 	Accounts with credit balances over ninety (90) days from invoice date, provided that, notwithstanding the foregoing, in the case of Accounts owing from Alcatel-Lucent, Telecom
Italia or Vodafone Italia, Eligible Accounts shall not include Accounts with credit balances over ninety (90) days from the last day of the calendar month during which the applicable invoice was issued	  	$	 	  
			
	 11.
	 	Accounts owing from an Account Debtor, including Affiliates, whose total obligations to Borrower exceed twenty-five (25%) of all Accounts (other than Sprint, which shall not
exceed 50%), for the amounts that exceed that percentage, unless Bank approves in writing	  	$	 	  

  
 9 

							
	12.	 	Accounts owing from an Account Debtor which is a United States government entity or any department, agency,
or instrumentality thereof unless Borrower has assigned its
payment rights to Bank and the assignment has been
acknowledged under the Federal Assignment of Claims Act of 1940, as amended	  	$                    	 
			
	 13.
	 	Accounts for demonstration or promotional equipment, or in which goods are consigned, or sold on a “sale guaranteed”, “sale or return”, “sale on
approval”, or other terms if Account Debtor’s payment may be conditional	  	$	 	  
			
	 14.
	 	Accounts owing from an Account Debtor that has not been invoiced or where goods or services have not yet been rendered to the Account Debtor (sometimes called memo billings or
pre-billings)	  			
			
	 15.
	 	Accounts subject to contractual arrangements between Borrower and an Account Debtor where payments shall be scheduled or due according to completion or fulfillment requirements
where the Account Debtor has a right of offset for damages suffered as a result of Borrower’s failure to perform in accordance with the contract (sometimes called contracts accounts receivable, progress billings, milestone billings, or
fulfillment contracts)	  	$	 	  
			
	 16.
	 	Accounts owing from an Account Debtor the amount of which may be subject to withholding based on the Account Debtor’s satisfaction of Borrower’s complete performance (but
only to the extent of the amount withheld; sometimes called retainage billings)	  	$	 	  
			
	 17.
	 	Accounts subject to trust provisions, subrogation rights of a bonding company, or a statutory trust	  	$	 	  
			
	 18.
	 	Accounts owing from an Account Debtor that has been invoiced for goods that have not been shipped to the Account Debtor unless Bank, Borrower, and the Account Debtor have entered
into an agreement acceptable to Bank in its sole discretion wherein the Account Debtor acknowledges that (i) it has title to and has ownership of the goods wherever located, (ii) a bona fide sale of the goods has occurred, and
(iii) it owes payment for such goods in accordance with invoices from Borrower (sometimes called “bill and hold” accounts)	  	$	 	  
			
	 19.
	 	Accounts for which the Account Debtor has not been invoiced	  	$	 	  
			
	 20.
	 	Accounts that represent non-trade receivables or that are derived by means other than in the ordinary course of Borrower’s business	  	$	 	  
			
	 21.
	 	Intentionally deleted	  	$	 	  
			
	 22.
	 	Accounts subject to chargebacks or others payment deductions taken by an Account Debtor (but only to the extent the chargeback is determined invalid and subsequently collected by
Borrower)	  	$	 	  
			
	 23.
	 	Accounts in which the Account Debtor disputes liability or makes any claim (but only up to the disputed or claimed amount), or if the Account Debtor is subject to an Insolvency
Proceeding, or becomes insolvent, or goes out of business; and	  	$	 	  
			
	 24.
	 	Accounts for which Bank in its good faith business judgment determines collection to be doubtful	  	$	 	  
			
	 25.
	 	TOTAL ACCOUNTS RECEIVABLE DEDUCTIONS (the sum of #4 through #24)	  	$	 	  
			
	 26.
	 	Eligible Accounts (#3 minus #25)	  	$	 	  
			
	 27.
	 	ELIGIBLE AMOUNT OF ACCOUNTS (75% of #26)	  	$	 	  
			
	 28.
	 	BORROWING BASE ($15,000,000 plus the lesser of $10,000,000 and #27)	  	$	 	  
			
		 	BALANCES	  			
			
	 29.
	 	Maximum Loan Amount	  	$	25,000,000	  

  
 10 

					
			
	30.	 	Total Funds Available [the lesser of #29 or #28]	  	$                    
			
	31.	 	Present balance owing on Line of Credit	  	$
			
	32.	 	Outstanding under Sublimits	  	$
			
	33.	 	RESERVE POSITION (#30 minus #31 and #32)	  	$

 The undersigned represents and warrants that this is true, complete and correct, and that the
information in this Borrowing Base Certificate complies with the representations and warranties in the Loan and Security Agreement between the undersigned and Silicon Valley Bank. 

 

													
		 		 		 		 	BANK USE ONLY
		 	COMMENTS:	 		 	Received by:	 	  

		 		 		 		 		 	AUTHORIZED SIGNER  
						
		 		 		 		 	Date:	 	  

		 	By:	 	  
	 		 	Verified:	 	  

		 		 	Authorized Signer	 		 		 	AUTHORIZED SIGNER  
						
		 	Date:	 	  
	 		 	Date:	 	  

		 		 		 		 	Compliance Status:	 	Yes         No  

  
 11

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00198-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00198-of-00352.parquet"}]]