Document:

Consulting Agreement between Cancer Genetics, Inc. and R.S.K. Chaganti

 Exhibit 10.15 
 

 
  

 CONSULTING AGREEMENT 

THIS CONSULTING AGREEMENT (the “Agreement”), made this 15th day of September, 2010, is entered into by Cancer Genetics, Inc., a Delaware corporation with its principal place of
business at 201 State Route 17, Rutherford, New Jersey, 07070 (the “Company”), and R.S.K. Chaganti, Ph.D., with an address at 235 Pascack Road, Hillsdale, NJ 07642 (the “Consultant”). 

 

	1.	Consulting Services. The Company hereby retains the Consultant, and the Consultant hereby agrees, to provide to the Company consulting and technical support
services in connection with the Company’s technical and business affairs, including oversight of its clinical diagnostic laboratory. In rendering consulting services hereunder, the Consultant shall act solely as an independent contractor and
this Agreement shall not be construed to create any employee-employer relationship between the Consultant and the Company. 

  

	2.	Compensation. In consideration for the Consultant’s services, the Company hereby agrees to provide the Consultant with compensation at the rate of Five
Thousand ($5,000) Dollars per month for consulting on the Company’s behalf, effective as of the date first above executed. 

 The Company will also provide to Consultant a total of 300,000 non-qualified options with a strike price of five (5) dollars per share beginning on October 1, 2010. As described in Exhibit B,
the options will be distributed to the Consultant over the term of the Agreement with 25,000 options vesting to Consultant each quarter with the final distribution on July 1, 2013. 

 

	3.	Freedom to Contract. The Consultant represents that he is not a party to any existing agreement which would prevent this entering into this Agreement.

  

	4.	Location. The Consultant shall perform consulting services under this Agreement at a location to be chosen by the Company, and acceptable to the Consultant.

  

	5.	Termination. This Agreement shall have a term of three (3) years from the date hereof, provided that the Consultant’s consultancy may be earlier
terminated by either the Company or the Consultant for cause or upon the death or permanent disability of the Consultant. 

  

	6.	 Proprietary Information. The Consultant hereby agrees to hold and maintain confidential and private in trust for the benefit of the Company all
papers, plans, drawings, designs, devices, research data, machines or compositions, specifications, methods, processes, techniques, 

  
 Meadows Office
Complex 
 201 Route 17 North 
 Rutherford, NJ 07070 
 Tel: 201-528-9200    Fax: 201-528-9201

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know-how, formulae, customer and supplier lists, personnel and financial data, plans, trade secrets, and all proprietary information to the extent designated as confidential (hereinafter,
“Confidential Information”) belonging to the Company of which the Consultant may acquire knowledge in connection with the furnishing of consulting services to the Company under this Agreement. 

 

	7.	Invention Rights. 

  

	 	7.1.	Subject to the Addendum to this Agreement (Exhibit A attached hereto which is part of the Agreement) the Consultant hereby agrees that any and all inventions,
improvements, ideas, trademarks, and innovations, whether patentable or not, which he may invent discover, originate, make or conceive relating to the fields of cancer cytogenetics and molecular diagnostics for cancer during the course of rendering
consulting services to the Company hereunder, or, either solely or jointly with others while providing services hereunder (“Inventions”), shall be the sole and exclusive property of the Company and shall be assigned by the Consultant to
the Company or to the Company’s nominees. The Consultant and each such other person shall promptly and fully disclose each and all such discoveries, inventions, improvements, ideas, trademarks, or innovations to the Company or to the Company
nominees. 

  

	 	7.1.1.	The Company shall pay to the Consultant a “bonus” of Fifty Thousand ($50,000) Dollars for any discovery or invention by the Company, which is accepted by the
United States Patent and Trademark Office (“PTO”), on which Consultant either was the inventor or one of the inventors. 

  

	 	7.1.2.	Should the Company have an invention accepted by the PTO and a patent issued, the Consultant shall be given credit as “Inventor”, irrespective of ownership
rights resting in the Company, and the Inventor shall be paid one (1%) percent of the net revenues from any licensed sales of a patented invention. 

  

	 	7.2.	The Consultant further agrees to execute at any time, upon the request and at the expense of the Company, for the benefit of the Company or the Company’s nominees,
any and all applications, instruments, assignments, and other documents, which the Company shall deem necessary or desirable to protect its entire right, title, and interest in and to any Inventions. 

 

	 	7.3.	 The Consultant agrees, upon the request and at the expense of the Company or any person to whom the Company may have granted or grants rights, to
execute any and all applications, assignments, instruments and papers, which the Company shall deem 

  
 Meadows Office
Complex 
 201 Route 17 North 
 Rutherford, NJ 07070 
 Tel: 201-528-9200    Fax: 201-528-9201

 2 

 

 
  

	 	
necessary or desirable for the protection or perfection of such rights, including the execution of new, provisional, continuing, and reissue patent applications, to make all rightful oaths, to
testify in any proceeding in the Patent Office or in the courts, and generally and reasonably do everything lawfully possible to aid the Company, its successors, assigns, and nominees to obtain, enjoy, and enforce proper patent or other protection
in the United States and in foreign countries for the discoveries, inventions, improvement, ideas, trademarks, or innovations to the assigned under this Agreement. The Consultant hereby appoints the Company as his attorney-in-fact to execute on his
behalf any assignment or other documents deemed necessary by the Company to protect or perfect its rights to any Inventions. The obligations set forth in this Section 7.3 with respect to such Inventions shall run into perpetuity.

  

	8.	Technical Records. Immediately upon the Company’s request, the Consultant shall deliver to the Company all Confidential Information specified in
Section 6.1 and all Confidential Information shall, during and after the termination of the Agreement, be and shall be deemed to be the property of the Company. 

 

	9.	Noncompetition. During the term of this Agreement and for one year thereafter, the Consultant shall not directly or indirectly (a) engage in any business
relating to the fields of cancer cytogenetics and molecular diagnostics for cancer as it applies to diagnostics and/or the development of fluorescence in situ hybridization nucleic acid probes based on genomic information, or cgh array CHIPs
(“the Field”) that competes with the Company for his own account; (b) enter into the employ of any person engaged in any business related to the Field that competes with the Company or render any services to any person relating to the
field that competes with the Company or render any services to any person for use in competing with the Company; (c) interfere with the business relationships (whether formed heretofore or hereafter) between the Company and its customers or
suppliers; or (d) hire, solicit, or encourage any Company Employee to leave the employment of the Company. If at any time the foregoing provisions shall be deemed to be invalid or unenforceable or are prohibited by the laws of the state or
place where they are to be performed, by reason of being vague or unreasonable as to duration or place of performance, this Section shall be considered divisible and shall become and be immediately amended to include only such time and such area as
shall be determined to be reasonable and enforceable by the court or other body having jurisdiction over this Agreement; the Company and Consultant expressly agree that this Section, as so amended, shall be valid and binding as though any invalid or
unenforceable provisions had not been included herein. Notwithstanding the above this article 9 shall not apply to Consultant performing activities as an employee of MSKCC. 

  
 Meadows Office
Complex 
 201 Route 17 North 
 Rutherford, NJ 07070 
 Tel: 201-528-9200    Fax: 201-528-9201

 3 

 

 
  

	10.	Indemnification. The Company shall indemnify the Consultant against all judgments, fines, settlement payments and expenses, including reasonable attorneys’
fees, paid or incurred in connection with any claim, action, suit, or proceeding, whether civil or criminal, to which he be made a party or with which he may be threatened by reason of his having been a Consultant to the Company. No indemnification
shall be made hereunder (a) with respect to payment and expenses incurred in relation to matters as to which he shall be finally adjudged in such action, suit, or proceeding not to have acted in good faith and in the reasonable belief that his
action was in the best interest of the Company or (b) as otherwise prohibited by law. The foregoing right of indemnification shall not be exclusive of other rights to which the Consultant may otherwise be entitle and shall inure to the benefit
of the executor or administrator of the Consultant. 

  

	11.	Assignment. The rights and obligations of the Agreement are for personal services and may not be assigned or delegated by the Consultant.

  

	12.	Amendment and Waiver. Neither this agreement nor any term, covenant, condition, or other provision hereof may be changed, waived, discharged, or terminated
except by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge, or termination is sought. 

  

	13.	Government Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New Jersey. 

 

	14.	Entire Agreement. This Agreement embodies the entire agreement between the Company and the Consultant, and, except as otherwise expressly provided herein, this
Agreement shall not be affected by reference to any other document. 

  

	15.	Notices. Any notice required or permitted to be given under this Agreement shall be deemed delivered when given by registered or certified main addressed to the
party to whom such notice is given at the address of such party hereinafter set forth or at such address as such party may provide to the other in writing from time to time. 

 

			
	If to the Company, to:	  	If to the Consultant, to:
		
	Panna Sharma	  	R.S.K. Chaganti, Ph.D.
	201 State Route 17, 2nd floor	  	235 Pascack Road
	Rutherford, NJ 07070	  	Hillsdale, NJ 07642

  
 Meadows Office
Complex 
 201 Route 17 North 
 Rutherford, NJ 07070 
 Tel: 201-528-9200    Fax: 201-528-9201

 4 

 

 
  

 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by an officer duly authorized
and the Consultant has hereunto set his hand and seal, all as of the day and year first written above. 
  

									
	COMPANY	 	 	 	CONSULTANT
					
	By:	 	 /s/ Panna Sharma
	 		 	By:	 	 /s/ R.S.K. Chaganti

		 	Panna Sharma, CEO	 		 		 	R.S.K. Chaganti, Ph.D.
					
	Date:	 	9/15-2010	 		 	Date:	 	9/15/10

  
 Meadows Office
Complex 
 201 Route 17 North 
 Rutherford, NJ 07070 
 Tel: 201-528-9200    Fax: 201-528-9201

 5 

 

 
  

 Exhibit A 
 Addendum to 
 Consulting Agreement 

Between 
 Cancer
Genetics, Inc. (“Company”) 
 and 
 R.S.K. Chaganti, Ph.D. (“Consultant”) 
 Company acknowledges that Consultant’s
primary employment responsibility is to Memorial Sloan-Kettering Cancer Center and/or its affiliates, Sloan-Kettering Institute for Cancer Research and Memorial Hospital for Cancer and Allied Diseases (“MSKCC”) and that Consultant is bound
by MSKCC policies including those related to consulting and extramural activities and that Consultant’s obligations under MSKCC policies take priority over any obligations that Consultant may have to Company by reason of this Agreement. The
parties understand and agree that it is Consultant’s responsibility to ensure that Consultant’s services to Company do not employ proprietary information of MSKCC or make substantial use of MSKCC’s time or resources without the
written agreement of MSKCC. 
 Additionally, the parties understand and agree that it is Consultant’s responsibility to ensure that the
services provided by Consultant hereunder do not restrict or hinder the ability of Consultant to conduct current or foreseeable research assignments with MSKCC, or limit Consultant’s ability to publish work generated at or on the behalf of
MSKCC, or infringe on Consultant’s obligations to MSKCC with respect to academic freedom. 
 Company will have no rights by reason of the
Agreement in any document, material, invention, information, improvement, or other intellectual property whatsoever, whether or not publishable, patentable or copyrightable which is or was generated as a result of Consultant’s activities as an
employee of MSKCC or using the resources or proprietary information of MSKCC. 
 Company further acknowledges that Consultant will serve as a
consultant in the capacity of an individual, and not as an agent, employee or representative of MSKCC. The name of MSKCC or its affiliates may not be used in connection with Consultant’s services, other than in affiliation as his employer,
without the written permission from MSKCC. 
  

									
	Company	 	 	 	Consultant
					
	By:	 	 /s/ Panna Sharma
	 		 	By:	 	 /s/ R.S.K. Chaganti

					
	Date:	 	9/15, 2010	 		 	Date:	 	9/15, 2010

  
 Meadows Office
Complex 
 201 Route 17 North 
 Rutherford, NJ 07070 
 Tel: 201-528-9200    Fax: 201-528-9201

 6 

 

 
  

 Exhibit B 
 Non-qualified options with a five (5) dollar strike price. 
  

									
	 Distribution Date
	  	Amount Vesting Per Quarter	 	  	Cumulative Options Vested	 
			
	 10/1/2010
	  	 	25,000	  	  	 	25,000	  
			
	 1/1/2011
	  	 	25,000	  	  	 	50,000	  
			
	 4/1/2011
	  	 	25,000	  	  	 	75,000	  
			
	 7/1/2011
	  	 	25,000	  	  	 	100,000	  
			
	 10/1/2011
	  	 	25,000	  	  	 	125,000	  
			
	 1/1/2012
	  	 	25,000	  	  	 	150,000	  
			
	 4/1/2012
	  	 	25,000	  	  	 	175,000	  
			
	 7/1/2012
	  	 	25,000	  	  	 	200,000	  
			
	 10/1/2012
	  	 	25,000	  	  	 	225,000	  
			
	 1/1/2013
	  	 	25,000	  	  	 	250,000	  
			
	 4/1/2013
	  	 	25,000	  	  	 	275,000	  
			
	 7/1/2013
	  	 	25,000	  	  	 	300,000	  

  
 Meadows Office
Complex 
 201 Route 17 North 
 Rutherford, NJ 07070 
 Tel: 201-528-9200    Fax: 201-528-9201

 7Consulting Ageement between Cancer Genetics, Inc. and TSG, LLC

 Exhibit 10.16 

 

			
	EXTREMELY CONFIDENTIAL	  	Page 2
		  	September 23, 2010

 TIMELY AND CONFIDENTIAL 
 Dr. R.S.K Chaganti, Chairman 
 Cancer Genetics, Inc. 

Meadows Office Complex 
 201 Route 17 North, 2nd
Floor 
 Rutherford, NJ 07070 USA 

(201) 528-9200 
 Dear Dr. Chaganti,

 I wanted to thank both you and your team for their time in Rutherford in August and the opportunity to get a more detailed overview of the
latest developments at Cancer Genetics, Inc. Our discussions over the past several weeks have given the TSG team an appreciation of the clinical value and potential differentiation points of the latest DNA probes and microarrays being developed at
CGI – in particular, the FHACTTM test for HPV-associated cancers, and MatBATM, CGI’s lymphoma microarray. 
 We believe TSG is
uniquely positioned to support CGI with the actionable health economics models and strategic pricing and positioning guidance that will be needed to ensure a timely launch for the FHACTTM test this year, as well as the subsequent launch of the
lymphoma chip, MatBATM. This letter can serve as a formal proposal between The Sharma Group, d/b/a TSG (“TSG”) and Cancer Genetics, Inc. (the “Company”). It describes the project streams that TSG can perform to support the
initial launch and marketing of these two tests by the Company. 
 The primary objectives of our proposed engagement –
which is scheduled for a 3 month period ending around December 17th, 2010 will be to: 
  

	 	•	 	 highlight key trends, projected scenarios and value proposition for FHACTTM testing as a reflex test in the cervical cancer diagnostic workflow and
for MatBATM in lymphoma diagnostic workflows; 

  

	 	•	 	 develop targeted health economic models for other HPV-associated cancers which may be diagnosed by FHACTTM, as well as the specific lymphoma
subtypes which may be diagnosed using CGI’s MatBATM microarray 

  

	 	•	 	 develop comprehensive health economic models to quantify the time and dollar savings expected from both tests in the U.S., with implications for
potential partnerships, companion diagnostic use & test pricing 

  

	 	•	 	 deliver two board-ready presentations and white papers on the health economic models for each specific disease indication 

 

	 	•	 	 Identify and contact specific collaborators with strategic relevance to the above CGI diagnostic products 

In order to provide timely and actionable insights in parallel with the Company’s timeline for new product launches, we suggest this process be
broken into two distinct work modules, with regular on-site meetings and workshops to allow us to work closely with CGI’s core team in developing the health economic case as well as the associated deliverables. We have outlined our proposed
process, timeline and suggested activities in detail on the following two pages. 

  
  

TSG 

Atlanta | Boston | New York, 
 Laura White – laura@tsg-partners.com 

			
	EXTREMELY CONFIDENTIAL	  	Page 3
		  	September 23, 2010

  

	1.	Suggested Timeline, Activities & Process; 

 Based on your team’s feedback to-date, we propose to focus our time specifically on the development of health economic models and supporting materials for the following CGI tests, with applications
to the specific disease indications outlined below: 
  

							
	 CGI TEST
	  	 DISEASE INDICATIONS
	  	 CGI TEST
	  	 DISEASE INDICATIONS

				
	FHACTTM Probe for HPV-associated Cancers	  	Cervical cancer	  	MatBATM Array	  	Chronic lymphocytic leukemia / small lymphocytic lymphoma
	  	Ovarian cancer	  	  	Diffuse large B-cell lymphoma
	  	Anogenital cancer	  	  	Follicular lymphoma
	  	Oropharyngeal cancer	  	  	Marginal zone lymphoma
	  	Head & neck cancer	  	  	Mantle cell lymphoma
	  	  	  	Multiple myeloma

 Our workplan below for this project has been grouped into two types of activities – those which we will complete for
each disease indication (e.g., diffuse large B-cell lymphoma, HPV-associated anogenital cancer) and those which will occur on a per test basis. 
 For Each Disease Indication: 
  

	 	•	 	 Identify relevant test inputs (samples) and outputs (potential prognostic or diagnostic readouts) via consultation with CGI team

  

	 	•	 	 Understand placement of test in clinical workflow for each disease indication and identify major unmet needs or gaps in diagnostic workflows today

  

	 	•	 	 Identify, select and validate relevant sources for epidemiological data, risk factors, and procedure/treatment costs 

 

	 	•	 	 Create a first-pass health economic model from publically available data which captures: 

 

	 	•	 	 Overall cost of disease and/or burden to system 

  

	 	•	 	 Epidemiological statistics, including incidence rates 

 

	 	•	 	 Cost of disease by stage, intervention or subtype 

  

	 	•	 	 Implications of therapy selection, treatment failure, and/or misdiagnosis 

 

	 	•	 	 Implications for patient stratification/companion diagnostic use 

 

	 	•	 	 Validate initial model via informal conversation with clinical opinion leader(s) 

For Each Test: 
  

	 	•	 	 Work with CGI team to develop targeted content/presentations highlighting the specific value proposition of each test 

 

	 	•	 	 Draft a 1300 word article or white paper for placement in trade publications (e.g., Genetic Engineering News) or adaptation to press release,
promotional literature, or building awareness among key opinion leaders 

  

	 	•	 	 Review the competitive landscape and identify potential partners – including biopharma, diagnostic, and payer organizations – for
collaboration, investment, or data leveraging 

  

	 	•	 	 Develop targeted letters of introduction to select potential strategic partners or collaborators (~3-5 per test) focusing on CGI tests and health
economic model 

  
  

TSG 

Atlanta | Boston | New York, 
 Laura White – laura@tsg-partners.com 

			
	EXTREMELY CONFIDENTIAL	  	Page 4
		  	September 23, 2010

  

 We have outlined our expected timeline of activities for this project in the figure below. 

 Figure 1: Proposed Timeline & Workplan 
 

 
 This work would be conducted both at TSG’s Atlanta, GA offices and through multiple on-site meetings and
workshops with CGI personnel at the Company’s facility in Rutherford, NJ. TSG will work closely the CGI core team and other personnel during four weeks of on-site support throughout the duration of this project. In particular, we suggest
regular on-site workshops with the company’s sales and R&D team, as well as outreach to CGI’s Clinical Advisory Board, in order to leverage key clinical insights and expertise and help validate and stress-test the health economic
model. 
  

	2.	TSG’s Sector Expertise Will Enable Rapid & Detailed Model Development: 

TSG closely monitors key players, technologies and market trends in diagnostics, and has built a knowledge database for the molecular oncology sector. We
see both women’s health and cancer-specific diagnostics as fast-growing fields whose future trajectory is being fueled by a convergence of global drivers. In particular, the current workflow for cervical cancer diagnosis presents significant
opportunity for CGI’s FHACTTM test to become the standard of care in reflux testing, as a follow-on to positive Pap smear or other HPV testing (see Figure 2, on the following page). 
 In conjunction with our history of successful mandates for CGI over the past 18 months, TSG’s unique sector expertise will allow us to quickly engage with the CGI team, identify and prioritize action
items and provide the rapid, actionable insights, materials and health economic data which will be critical to supporting FHACTTM test’s launch this fall and the upcoming launch of the MatBA array. 

  
  

TSG 

Atlanta | Boston | New York, 
 Laura White – laura@tsg-partners.com 

			
	EXTREMELY CONFIDENTIAL	  	Page 5
		  	September 23, 2010

  

 Figure 2: FHACTTM Will Provide Unique Value To Cervical Cancer Diagnostic Workflows

 

 
 TSG has developed several detailed models in the past 18 months which will allow us to synthesize validated market and
healthcare data with immediately actionable relevance to this mandate. Our recent mandates in cytogenetics and oncology have included analyses of the mix of diagnostic technologies in clinical use today, a review of oncology-focused disease
management business models, bottoms-up analysis of next-generation cancer microarray companies, and competitive analysis of leading players and recent transactions and partnership activity in molecular oncology and adjacent categories. 

 

	3.	Team Structure: 

 This engagement
will be comprised of a cross functional team, with day to day management of the project from our Atlanta, GA office as well as on-site at CGI’s Rutherford, NJ facilities. 
 The team will be led by TSG senior analyst Laura White, with assistance from other key TSG associates as needed to provide support for other data needs as determined by the client and TSG team. We expect
to be closely involved with the Company’s management, and other operating personnel throughout the course of the mandate. 

  
  

TSG 

Atlanta | Boston | New York, 
 Laura White – laura@tsg-partners.com 

			
	EXTREMELY CONFIDENTIAL	  	Page 6
		  	September 23, 2010

  

	4.	Compensation for TSG Work 

 As
compensation for TSG’s services, the Company shall pay or cause to be paid to TSG as follows: 
  

	1.	Payment Amount & Structure – We propose a typical payment structure of 3 payments of the principal consulting fees. The principal consulting fees for this
mandate would be a total value of $60,000 USD in a combination of cash ($45,000) and warrants ($15,000). 

  

	 	a.	Upfront payment – Upon contract acceptance and prior to project kickoff 1/2 of the total above, to be paid as $22,000 in cash and $7,500 in the form of warrants.

  

	 	b.	 At 8 weeks – Upon successful receipt of deliverables outlined above, expected to be on or around November 15th, CGI shall pay a milestone payment of 25% the total cash component
above ($11,000 in cash). 

  

	 	c.	 Final payment – The remaining balances of the cash and warrants will be payable within 7 days of final acceptance of the deliverables; this will
be $12,000 in cash and $7,500 in the form of warrants. We expect this to be on or around the week of
December 17th. 

 

	2.	In advance of the final payment, TSG will also submit any and all expenses, which we do not expect to exceed $5,000 for the work as outlined in the prior sections.
Reimbursement of TSG travel, communications and other out of pocket expenses for the project shall be governed by the T&E policies of the Company. 

  

	5.	Indemnification 

 The Company
agrees to indemnify and reimburse TSG and any controlling person, shareholder, affiliate, director, officer, employee or agent of TSG (collectively and individually, as the context requires, the “Agent”) against and for any losses, claims,
damages, expenses or liabilities (“Loss”) to which Agent may become subject or which Agent may suffer or incur in connection with any matter arising out of this letter, except to the extent that any such Loss is finally judicially
determined by a court of competent jurisdiction (“Determined”) to have resulted solely from Agent’s knowing breach of this letter or the gross negligence or willful misconduct of Agent in performing services which are the subject of
this letter. 
 If, in connection with the services or matters that are the subject of this letter, Agent becomes involved in any capacity in
any lawsuit, claim or other proceeding (“Action”) for which indemnity and reimbursement may be sought in accordance with this letter, the Company shall promptly reimburse Agent upon request for any and all legal or other expenses
reasonably incurred by such Agent in connection with investigating, preparing to defend or defending such Action or exercising its rights to indemnification under this letter. 
 Agent agrees to notify the Company promptly of the assertion against it of any claim or the commencement of any action or proceeding related to the transactions and activities contemplated this letter.
Agent’s failure to so notify the Company shall not relieve the Company from any obligation or liability that it would otherwise have except to the extent that it has been materially prejudiced by such failure. 

The Company shall be entitled to participate in any Action and to assume the defense thereof; provided, however, that in the event that any such
Action includes both Agent and the Company, and Agent reasonably concludes that there may be legal defenses available to it that are different from or in addition to those available to the Company, or if the Company fails to assume the defense of

  
  

TSG 

Atlanta | Boston | New York, 
 Laura White – laura@tsg-partners.com 

			
	EXTREMELY CONFIDENTIAL	  	Page 7
		  	September 23, 2010

  

 
the Action, in either case in a timely manner, then such Agent may employ separate counsel to represent or defend it in any such Action, and the Company will pay the reasonable fees and
disbursements of such counsel; and provided, further that the Company will not be required to pay the fees and disbursements of more than one separate counsel for all such Agents (and one separate local counsel). In any Action, the defense of
which the Company assumes, the Agent will have the right to participate in such litigation and to retain its own counsel at such Agent’s own expense. 
  

	6.	Sole Use by Company 

 All opinions
and advice provided to the Company in connection with TSG’s engagement are intended solely for the benefit and use of the Company in connection with the matters described in this agreement, and accordingly such opinions or advice shall not be
relied upon by any person or entity other than the Company. The Company and its management will not make any other use of any such opinions or advice. 
  

	7.	Information / Confidentiality 

 All
materials shared by the Company with TSG will be considered strictly confidential. In that respect, the Company will provide all the necessary documents to TSG for it to fully execute and complete the deliverables and outline, TSG adheres to the
strictest confidentiality regulations in the advisory business, and no details of the mandate, strategy, or targets will be shared with non TSG personnel or advisors unless approved by the Company. 

 

	8.	Miscellaneous 

 This letter may not
be amended or modified except in writing signed by each of the parties hereto and shall be governed by and construed in accordance with the laws of the State of Delaware. This letter incorporates the entire understanding of the parties with respect
to the subject matter hereof and supersedes all previous agreements should they exist with respect thereto and shall be binding upon and inure to the benefit of the Company, TSG, the Agents, and their respective successors, assigns, heirs and
personal representatives. 
 * * * 
 If the foregoing proposal correctly sets forth our agreement and meets with your approval, we will create a final version to be signed by both parties. 

We look forward to working with you on this timely market assessment. If you should have any questions, please do not hesitate to contact us. 

Best regards, 
 Laura K. White 

Senior Analyst, TSG 
 Office: +1-404-607-6954

 E-Fax: +1-212-202-4546 
 E-Mail:
laura@tsg-partners.com 

  
  

TSG 

Atlanta | Boston | New York, 
 Laura White – laura@tsg-partners.com 

			
	EXTREMELY CONFIDENTIAL	  	Page 8
		  	September 23, 2010

  

 THIS SIGNATURE BLOCK BELOW GOVERNS: 

THE CONTRACT BY AND BETWEEN CGI AND TSG FOR WORK RELATING TO THE HEALTH ECONOMIC & PRICING / POSITIONING MODELS TO SUPPORT THE
PRODUCT LAUNCHES BY CGI 
 Approved & Agreed To By: 

 

									
	x	 	/s/ Laura White	 		 	x	 	/s/ R.S.K. Chaganti
	Laura White,	 		 	Dr. R.S.K. Chaganti,
			
	TSG	 		 	Cancer Genetics, Inc.
	September 23rd, 2010 	 		 	September 23rd, 2010

  
  

TSG 

Atlanta | Boston | New York, 
 Laura White – laura@tsg-partners.com

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