Document:

Co-Development and Distribution Agreement

 Exhibit 10.17 

 

					
	 Co-Development and Distribution Agreement between SurgiVision, Inc. and Brainlab Aktiengesellschaft
	  	 	CONFIDENTIAL	  

  

Co-Development and Distribution Agreement 
 between 
 SurgiVision, Inc. 

and 

Brainlab Aktiengesellschaft 
 This Co-Development and Distribution Agreement (the “Agreement”) is entered into between SurgiVision, Inc., having its principal office located at 5 Musick, Irvine, California
92618, United States (“SurgiVision”), and Brainlab AG, a German corporation having its principal office located at Kapellenstrasse 12, 85622 Feldkirchen, Germany (“Brainlab”), as of April 5, 2011
(“Effective Date”). 
 WHEREAS, SurgiVision is in the business of developing medical devices that provide
guidance for the placement and operation of instruments or devices during the planning and operation of neurological procedures within the magnetic resonance imaging (“MRI”) environment and that are intended to be used as an
integral part of neurological procedures, such as biopsies and catheter and electrode insertion, which have traditionally been performed using other methods, and has licensed and developed proprietary technology and the proprietary and confidential
information, trade secrets and know-how associated therewith; and 
 WHEREAS, Brainlab, in its business of developing and
marketing software-driven medical devices, has licensed and developed proprietary technology and the proprietary and confidential information, trade secrets and know-how associated therewith for computer-assisted planning and navigation of direct
infusion of agents into targeted tissues within the body; and 
 WHEREAS, SurgiVision and Brainlab desire to enter into an
agreement granting Brainlab certain distribution rights for the ClearPoint Products (as defined below); and 
 WHEREAS, the
Parties (as defined below) are interested in developing a relationship pursuant to which they shall jointly develop, market and promote certain products integrating each Party’s technologies for the Fields of Use (as defined below), with
Brainlab acting as the distributor for such products; and 
 WHEREAS, Brainlab desires to make an investment in SurgiVision in
the amount of US$2,000,000, upon the terms and conditions set forth herein; 
 NOW, THEREFORE, in consideration of the premises
and the mutual covenants of the Parties contained herein, the Parties hereto agree as follows: 
  

	I.	Definitions 

 The following terms shall
have the following meanings. 
  

	1.	“Affiliate” means any Person which controls, is controlled by or is under common control with another Person, for so long as such control exists. For
purposes of this section, “control” means (i) in the case of corporate entities, direct or indirect ownership of fifty percent (50%) or more of the stock or shares entitled to vote for the election of directors, and
(ii) in the case of non- corporate entities, direct or indirect ownership of fifty percent (50%) or more of the equity or income interest therein. 

  
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	 Co-Development and Distribution Agreement between SurgiVision, Inc. and Brainlab Aktiengesellschaft
	  	 	CONFIDENTIAL	  

  

 

	2.	“Agreement” means this Co-Development and Distribution Agreement, together with all appendices now and hereafter annexed hereto or incorporated herein
by reference, as it or they may be amended, supplemented, replaced, re-stated or otherwise modified from time to time. 

  

	3.	Applicable Law” means, with respect to any Person, property, transaction, event or other matter, (i) any foreign or domestic constitution, treaty, law,
statute, regulation, code, ordinance, principle of common law or equity, rule, municipal by-law, order or other requirement having the force of law, including all applicable GMPs, and (ii) any policy, practice, protocol, standard or guideline
of any Regulatory Authority which, although not necessarily having the force of law, is regarded by such Regulatory Authority as requiring compliance as if it had the force of law relating or applicable to such Person, property, transaction, event
or other matter and also includes, where appropriate, any interpretation of any of the foregoing (or any part thereof) by any Person having jurisdiction over it, or charged with its administration or interpretation. 

 

	4.	“Brainlab Technology” means Brainlab’s technology incorporated into its BrainSuite product line and any and all disposables associated therewith.

  

	5.	“ClearPoint Customer Account” means any customer site equipped with reusable components of SurgiVision’s ClearPoint System.

  

	6.	“ClearPoint Product” or “ClearPoint Products” means any of the specific reusable hardware components, disposable components or
software components of SurgiVision’s ClearPoint System that are set forth in Appendix A, as the same may be amended from time to time upon mutual agreement of the Parties. 

 

	7.	“CNS” means the human central nervous system. 

  

	8.	“Commercial Use” means, in respect of a Product, use on a commercial, non-trial basis after all necessary Regulatory Approvals have been obtained for
such Product. 

  

	9.	“Commercially Reasonable Efforts” means, with respect to a Party, the efforts and resources normally applied thereby to its other medical device
products of similar commercial potential at a similar stage in its product life, but no less than those normally applied in the medical device industry for products of similar commercial potential at a similar stage in its product life.

  

	10.	“Conversion Date” means the closing date of a Qualified Financing. 

 

	11.	“Conversion Shares” means shares of Qualified Financing Stock issued upon conversion of the Note (as defined herein). 

 

	12.	“Documentation” means user guides, operating manuals, training materials, product descriptions and specifications, technical manuals, product
supporting materials and other similar information provided, or to be provided, by either Party to the other, whether in print, magnetic, electronic or video format. 

 

	13.	“Fields of Use” means, collectively, the MR Guided Stereotactic Placement Field of Use and the Therapeutic Delivery Field of Use.

  
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	 Co-Development and Distribution Agreement between SurgiVision, Inc. and Brainlab Aktiengesellschaft
	  	 	CONFIDENTIAL	  

  

 

	14.	“FDA” means the United States Food and Drug Administration or any successor agency. 

 

	15.	“GMP” means good manufacturing practice requirements of Applicable Law, including the guidelines, policies, codes, requirements and standards from time
to time promulgated or issued by any Regulatory Authority with respect to the manufacture of a Product. 

  

	16.	“Integrated Product” or “Integrated Products” means (a) any product integrating Brainlab Technology and SurgiVision Technology as
contemplated in section II or section III of this Agreement, or (b) any jointly developed product in the Therapeutic Delivery Field of Use as contemplated in section III of this Agreement. 

 

	17.	“MR Guided Stereotactic Placement Field of Use” means stereotactic guidance for the placement and operation of instruments or devices during planning
and operation of neurological procedures within the MRI environment and in conjunction with Real Time MRI. 

  

	18.	“Party” means, as appropriate, SurgiVision or Brainlab, singly and “Parties” means, collectively, SurgiVision and Brainlab.

  

	19.	“Person” is to be broadly interpreted and includes an individual, a corporation, a limited liability corporation, a partnership, a limited partnership,
a trust, an unincorporated association, an unincorporated organization, the government of a country, any political subdivision thereof, or any agency or department of any such government, and the executors, administrators or other legal
representatives of an individual in such capacity. 

  

	20.	“Product” or “Products” means any ClearPoint Product and/or Integrated Product. 

 

	21.	“Project” means the development and Regulatory Approval of the Therapeutic Delivery Field of Use Products as contemplated in section III of this
Agreement. 

  

	22.	“Project Plan” shall have the meaning set out in section III.1. 

 

	23.	“Project Steering Committee” shall have the meaning set out in section III.2. 

 

	24.	“Qualified Financing” means any bona fide, third-party, arms-length negotiated equity financing with net proceeds to the Company of at least
$10,000,000, pursuant to a single transaction or series of related transactions, occurring after the Effective Date in which shares of SurgiVision’s preferred stock are issued in exchange for cash proceeds. 

 

	25.	“Qualified Financing Stock” means shares of a series of SurgiVision’s preferred stock issued in a Qualified Financing after the Effective Date.

  

	26.	“Real Time MRI” means any setting where the patient is physically present in the MRI scanner throughout the entirety of a surgical procedure.

  

	27.	“Regulatory Approval” means any FDA 510(k), CE and equivalent approvals (including supplements, variations, amendments, pre- and post-approvals),
import licenses, registrations or authorizations of Regulatory Authorities necessary for the sale, importation or commercialization of any particular Product in the Territory. 

 

	28.	“Regulatory Authority” means the relevant body or bodies for granting Regulatory Approval in each country in the Territory. 

  
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	 Co-Development and Distribution Agreement between SurgiVision, Inc. and Brainlab Aktiengesellschaft
	  	 	CONFIDENTIAL	  

  

 

	29.	“Regulatory Filings” means all applications, filings, dossiers and the like (excluding routine adverse event expedited or periodic reporting),
submitted to a Regulatory Authority for the purpose of obtaining Regulatory Approval from that Regulatory Authority. 

  

	30.	“Special Rights” means rights granted to any third party with respect to Products beyond the normal course provision of Products and services
contemplated by this Agreement. 

  

	31.	“SurgiVision Technology” means the technology embodied in or incorporated into the ClearPoint Products. 

 

	32.	“Territory” means the United States of America, the European Union and Canada. The Parties will work together collaboratively and, in good faith, to
expand the Territory as they mutually determine to be appropriate and shall modify this Agreement as necessary as a result thereof and any expansion thereof shall be included in the definition of Territory. 

 

	33.	“Therapeutic Agent” means any substance delivered into the central nervous system. 

 

	34.	“Therapeutic Delivery Field of Use” means stereotactic guidance for the placement and operation of instruments or devices during planning and operation
of neurological procedures for the delivery of Therapeutic Agents to the CNS within the MRI environment and in conjunction with Real Time MRI. For the avoidance of doubt, the Therapeutic Delivery Field of Use is a subset of the MR Guided
Stereotactic Placement Field of Use. 

  

	35.	“Validate” or “Validation” means to validate a Product for compliance with Applicable Law, including in accordance with GMP.

  

	II.	Integration of Brainlab Technology and SurgiVision Technology 

  

	1.	Brainlab shall use Commercially Reasonable Efforts to integrate, at its expense, the SurgiVision Technology with the Brainlab Technology to facilitate an optimal
clinical workflow for a neurological procedure using Integrated Products within the MR Guided Stereotactic Placement Field of Use. SurgiVision shall support Brainlab’s integration efforts by providing information and Documentation regarding the
SurgiVision Technology and other usual and customary cooperation as requested by Brainlab that is necessary for its integration work. 

  

	2.	Each Party shall use Commercially Reasonable Efforts to ensure, during the Term (as defined below), an adequate supply of their respective technologies and services for
research and Commercial Use in the MR Guided Stereotactic Placement Field of Use, and for any related support and maintenance service in the Territory. 

  

	3.	During the Term, not less than every six months, the appropriate representatives of each Party shall meet, in person, at a mutually agreeable time and place to discuss
the effectiveness, economics, safety and other relevant characteristics of the Products, the integration of their respective technologies as contemplated in this section II, and applicable sales and marketing strategies, policies and procedures
(each such meeting, a “Commercial Review”). 

  

	4.	Each Party agrees that during the Term such Party will use Commercially Reasonable Efforts to improve its technologies based upon the results of the Commercial Review
and shall work jointly with the other Party to make such changes and adjustments to their respective technologies and marketing and sales policies and procedures, based upon the results of the Commercial Review, as are technically and commercially
reasonable in an effort to maintain the competitiveness of the integrated technologies in the MR Guided Stereotactic Placement Field of Use. 

  
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	 Co-Development and Distribution Agreement between SurgiVision, Inc. and Brainlab Aktiengesellschaft
	  	 	CONFIDENTIAL	  

  

 

	5.	The costs of integration of the Brainlab Technology with the SurgiVision Technology, and any improvements of the Brainlab Technology for use in the MR Guided
Stereotactic Placement Field of Use, shall be borne by Brainlab. 

  

	6.	To the extent determined by either Party to be required by Applicable Law or beneficial for marketing of Integrated Products, the Parties shall jointly Validate such
Integrated Product(s) for the MR Guided Stereotactic Placement Field of Use. Under such circumstances, the Parties shall work together collaboratively and in good faith to determine the appropriate process and procedures for such Validation.

  

	III.	Therapeutic Delivery Field of Use Development 

  

	1.	The Parties shall, within 90 days of the Effective Date, work together collaboratively and in good faith to agree on a written project plan for developing Integrated
Products for the Therapeutic Delivery Field of Use (“Project Plan”). Such Project Plan shall include, among other agreed upon items, listings of the various tasks in the Project, reasonable Project milestones, which can be used to
track the progress of the Project, responsible persons and partners for the tasks, and an estimated duration of the Project along with estimated timelines for achievement of the various Project milestones. Such Project Plan may be amended as
provided for in this Agreement. 

  

	2.	A committee of representatives of each Party (the “Project Steering Committee”) shall be responsible for the management of the Project, including
reviewing and approving the Project Plan, reviewing project reports, escalation of issues and general coordination of the Project among the Parties. The Project Steering Committee shall be made up of four (4) members, including two
(2) members designated by SurgiVision and two (2) members designated by Brainlab. SurgiVision’s initial designees to the Project Steering Committee will be [***] and [***]. Brainlab’s initial designees to the Project Steering
Committee will be [***] and [***]. Meetings of the Project Steering Committee shall be held as provided in the Project Plan or as otherwise deemed necessary or appropriate. 

 

	3.	In addition to (or as part of) the Project Plan, the Parties shall work together collaboratively and in good faith to create a sales and marketing plan for Products in
the Therapeutic Delivery Field of Use. The Project Steering Committee shall be responsible for reviewing, approving and administering such plan. 

  

	4.	Neither Party shall enter into any other collaboration or other cooperative arrangement during the Term for the commercial development, sales or marketing of products
for the Therapeutic Delivery Field of Use. 

  

	IV.	Regulatory Approvals, Adverse Reactions; Product Recalls 

  

	1.	Brainlab shall be responsible for obtaining Regulatory Approvals from all applicable Regulatory Authorities for any Brainlab Technology, whether or not integrated with
SurgiVision Technology, and all Integrated Products. SurgiVision shall support Brainlab’s efforts to obtain such Regulatory Approvals by providing information and Documentation regarding the SurgiVision Technology reasonably requested by
Brainlab. 

  
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	[***]  	Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential
treatment. 

					
	 Co-Development and Distribution Agreement between SurgiVision, Inc. and Brainlab Aktiengesellschaft
	  	 	CONFIDENTIAL	  

  

 

	2.	SurgiVision shall be responsible for obtaining Regulatory Approvals from all applicable Regulatory Authorities for any SurgiVision Technology that is not integrated
with any Brainlab Technology. Brainlab shall support SurgiVision’s efforts to obtain such Regulatory Approvals by providing information and Documentation regarding the Brainlab Technology reasonably requested by SurgiVision.

  

	3.	Brainlab and SurgiVision shall each comply with all applicable regulatory requirements, including the provision of information necessary for each Party to comply with
the requirements of any Regulatory Authority. Brainlab and SurgiVision shall each comply with all applicable health registration and privacy laws, regulations and orders of any Regulatory Authority where marketable Products are sold and with all
other governmental requirements relating to the promotion, marketing and sale of Products in such country to the extent applicable to such Party. Upon request by any properly authorized officer or employee of a Regulatory Authority, the Parties
shall permit such officer or employee, at reasonable times, to have access to and copy and verify any records and reports in the Party’s possession or under the Party’s custody or control relating to the activities of the Parties pursuant
to this Agreement, and shall submit such records or reports (or copies thereof) upon the Regulatory Authority’s request. Upon notification of an impending inspection by a Regulatory Authority at either Party’s premises, the Party receiving
such notification shall notify the other Party immediately. 

  

	4.	Brainlab shall be responsible for reviewing and investigating complaints regarding Brainlab Technology and Integrated Products. SurgiVision shall be responsible for
reviewing and investigation complaints regarding SurgiVision Technology, but not including Integrated Products. SurgiVision and Brainlab will each promptly notify the other Party regarding safety critical complaints and in the event a report is
required to be submitted to a health and safety regulatory agency or body related to the use of the other Party’s product. 

  

	5.	Brainlab and SurgiVision will each promptly notify the other if, to the best of that Party’s belief, a scheduled modification of that Party’s technology (a
“Modified Product”) is likely to affect the intended use, the safety or the effectiveness of the other Party’s technology or of any Integrated Product. Such modifications may include, but are not limited to design changes,
technical changes, modifications of the software or hardware, changes in the product status (i.e. product removed from the market) and changes that affect compliance of the other Party’s technology or any Integrated Product with applicable
health and safety regulations (such as FDA or CE regulations). Such notification shall be made as soon as commercially feasible, but in any event, prior to the manufacture of a Modified Product intended for Commercial Use. 

 

	6.	All communication and exchange of technical data and other information, including any litigation, must be performed in English unless otherwise agreed by both Parties
in writing. 

  

	V.	Intellectual Property 

  

	1.	Brainlab shall maintain such title to, and interest in, all intellectual property and the intellectual property rights therein which it may have and all improvements
and developments authored, invented (as invented is determined under the patent laws of the United States), otherwise made, created or generated by Brainlab related to the Brainlab Technology or otherwise solely developed by Brainlab and the
intellectual property rights therein. Nothing in this Agreement shall be deemed to grant to SurgiVision any right, title or license to any such intellectual property, except for the licenses expressly granted pursuant to this Agreement.

  
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	 Co-Development and Distribution Agreement between SurgiVision, Inc. and Brainlab Aktiengesellschaft
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	2.	SurgiVision shall maintain such title to, and interest in, all intellectual property and the intellectual property rights therein which it may have and all improvements
and developments authored, invented (as invented is determined under the patent laws of the United States), otherwise made, created or generated by SurgiVision related to the SurgiVision Technology or otherwise solely developed by SurgiVision and
the intellectual property rights therein. Nothing in this Agreement shall be deemed to grant to Brainlab any right, title or license to any such intellectual property, except for the licenses expressly granted pursuant to this Agreement.

  

	3.	As among the Parties, all intellectual property which is authored, invented (as invented is determined under the patent laws of the United States), otherwise made,
created or generated by the Parties jointly, shall be owned jointly and equally by such Parties and may be exploited by each of the joint owners, as the case may be, without a duty to account. 

 

	4.	Each of Brainlab and SurgiVision shall promptly provide written notice to the other, of any allegations of which they or their Affiliates become aware that the
activities of either Party undertaken in the performance of this Agreement or otherwise relating to the collaboration established by this Agreement infringes upon any patent or other intellectual property right of any other Person. The Parties shall
thereupon promptly confer and work together collaboratively and in good faith to determine what steps are to be taken in response to such allegations. 

  

	5.	SurgiVision hereby grants to Brainlab a non-exclusive, non-transferable, non-sublicensable license in the Therapeutic Delivery Field of Use to use, during the Term,
such intellectual property owned or controlled by SurgiVision only as may be required for Brainlab to market the Products in the Territory pursuant to the terms of this Agreement or to otherwise perform its obligations under this Agreement.
SurgiVision hereby grants to Brainlab a non-exclusive, non-transferable, non-sublicensable license in the MR Guided Stereotactic Placement Field of Use to use, during the Term, such intellectual property owned or controlled by SurgiVision only as
may be required for the marketing of the Products in the Territory pursuant to the terms of this Agreement. 

  

	VI.	Product Distribution 

  

	1.	Subject to the terms and conditions of this Agreement, SurgiVision hereby appoints Brainlab, and Brainlab hereby accepts appointment, during the Term, as a
non-exclusive distributor of, and an authorized provider of maintenance and support for, Products in the Territory in the MR Guided Stereotactic Placement Field of Use, except for those sites identified in Appendix B (with respect to which
SurgiVision retains all rights). Notwithstanding the non-exclusive nature of this appointment, for any ClearPoint Customer Accounts created through Brainlab’s sales activities (i.e., the customer site purchased the reusable components through
Brainlab), Brainlab shall, during the Term, be the exclusive provider of Products in the MR Guided Stereotactic Placement Field of Use. 

  

	2.	Subject to the terms and conditions of this Agreement, SurgiVision hereby appoints Brainlab, and Brainlab hereby accepts appointment, during the Term, as the exclusive
distributor of, and the authorized provider of maintenance and support for, Products in the Territory in the Therapeutic Delivery Field of Use, except for those sites identified in Appendix B (with respect to which SurgiVision retains all rights).

  

	3.	During the Term, Brainlab agrees to use Commercially Reasonable Efforts to adhere to the agreed-upon Project Plan and to commercialize, market, promote, sell, service
and support Products in the Therapeutic Delivery Field of Use throughout the Territory. SurgiVision may render assistance to Brainlab in optimizing Brainlab’s commercialization activities and user satisfaction in the Therapeutic Delivery Field
of Use. 

  
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	 Co-Development and Distribution Agreement between SurgiVision, Inc. and Brainlab Aktiengesellschaft
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	4.	In furtherance of its Commercially Reasonable Efforts, during the Term, Brainlab shall not anywhere in the Territory develop, market or sell in the Therapeutic Delivery
Field of Use any product that performs substantially the same function as, or competes with, any of the ClearPoint Products, except for Integrated Products as contemplated under this Agreement. In addition, without the prior written consent of
SurgiVision (which consent may be withheld in its sole discretion), Brainlab shall not enter into or become bound by any agreement that restricts in any manner its ability to commercialize Products in the Therapeutic Delivery Field of Use.

  

	5.	In the event that either Party shall fail or refuses to (a) make its respective technology available in the Territory within mutually agreed upon timeframes or
(b) modify its own technology to meet reasonable specifications set forth by end customers, the other Party may, upon written notice to such Party, terminate the exclusivity provisions related to the Therapeutic Delivery Field of Use.

  

	6.	Subject to SurgiVision’s prior written consent (which consent shall not be unreasonably withheld or delayed), Brainlab may appoint one or more third parties as
subagents or subdistributors (individually and collectively, “Subdistributors”) to act on its behalf, provided that Brainlab shall cause all such Subdistributors to abide by the applicable terms and conditions of this Agreement and
Brainlab shall remain responsible for all of its obligations under this Agreement. 

  

	7.	As soon as reasonably practicable following the Effective Date, the Parties will work together collaboratively and in good faith to agree on standard customer
documentation to be used by Brainlab in connection with any sale of ClearPoint Products. 

  

	8.	All rights and interests not expressly granted to Brainlab under this Agreement are reserved and retained by SurgiVision, and SurgiVision may exploit such rights and
interests in any manner. Without limiting the generality of the foregoing, SurgiVision retains all rights (a) to make improvements and modifications to the ClearPoint Products, (b) to enter into collaborative or cooperative agreements with
other Persons regarding the ClearPoint Products in the MR Guided Stereotactic Placement Field of Use, which agreements Brainlab understands could affect the use of the ClearPoint Products in the MR Guided Stereotactic Placement Field of Use,
(c) to market, promote and sell ClearPoint Products to those sites identified in Appendix B, (d) to market and promote, but not to sell other than collaboratively with Brainlab, ClearPoint Products for use in the Therapeutic Delivery Field
of Use, and (e) to collaboratively with Brainlab, enter into research arrangements in the Therapeutic Delivery Field of Use. 

  

	VII.	Service and Support 

  

	1.	 Brainlab shall be responsible for providing service and support for the Brainlab Technology in all Fields of Use. Brainlab shall be responsible for
providing Level 1 and Level 2 service and support to customers for Products sold by Brainlab in the Therapeutic Delivery Field of Use and for Integrated Products sold by Brainlab in the MR Guided Stereotactic Placement Field of Use. Level 1 support
shall include onsite training, help desk services, reseller interfacing, problem isolation and diagnosis, and Level 2 support shall include loading bug fixes, patches, and minor repair services. To the extent relating to SurgiVision Technology,
SurgiVision shall provide Level 3 support, which shall include backup support services to assist Brainlab in meeting Level 1 and Level 2 support obligations by addressing certain technical support issues that are beyond the scope of Brainlab’s
expertise. Brainlab will pay SurgiVision for Level 3 support services at standard rates as described in Appendix C, provided that such services were not required for 

  
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warranty repair as contemplated in section X.3 below. Appendix C may be changed from time to time, as appropriate upon the mutual agreement of Brainlab and SurgiVision. SurgiVision will provide
spare parts and other items for service to Brainlab at a price equal to [***]. Brainlab reserves the right to offer service packages to the end customer at its discretion. 

 

	2.	SurgiVision shall be responsible for providing service and support to customers in the United States for ClearPoint Products sold in the MR Guided Stereotactic
Placement Field of Use; provided, however, that SurgiVision shall be responsible for attending only the initial clinical cases using the ClearPoint Products (to the extent attendance is requested by the customer). For the avoidance of any doubt, the
foregoing obligation does not apply to Integrated Products. To the extent Brainlab has a service package with the end user customer that covers ClearPoint Products (not including Integrated Products), SurgiVision shall be entitled to reasonable
compensation from Brainlab under such arrangement in an amount to be agreed. 

  

	3.	SurgiVision shall provide training on the ClearPoint Products, including joint attendance of SurgiVision and Brainlab personnel in initial clinical cases in the
applicable region, to Brainlab personnel to enable Brainlab personnel to provide service and support to customers outside of the United States. 

  

	VIII. 	Training 

  

	1.	SurgiVision shall provide training on the ClearPoint Products at intervals as reasonably required by Brainlab’s product technical specialists, sales force,
marketing personnel and service and support personnel with each Party paying their own travel expenses. The scope, location, and scheduling of such product training shall be determined by mutual agreement of the Parties. SurgiVision shall provide
Brainlab with sales training manuals and literature for the ClearPoint Products, and shall further provide reasonable quantities of literature, brochures, product specifications and other promotional materials for the ClearPoint Products.
SurgiVision shall have the right to prior review and to approve (or not approve) any copy, layout or other advertising, promotional or other distributed materials, if any, prepared by or on behalf of Brainlab with respect to any ClearPoint Products
or that use any SurgiVision trademarks, service marks or trade names, provided, however, that such approval shall not unreasonably be withheld or delayed. Brainlab shall not use any such material prior to SurgiVision’s approval.

  

	2.	Brainlab shall provide training to customers in the use and operation of the Products it sells. The Parties shall consult on the joint development and funding of
training programs for customers for use of the Products in the Fields of Use. SurgiVision will train Brainlab staff that will provide training to customers. 

 

	IX.	Prices, Payments and Delivery 

  

	1.	During the Term, ClearPoint Products shall be provided by SurgiVision to Brainlab at SurgiVision’s transfer prices defined in Appendix A, [***]. In the event
SurgiVision makes new versions or major modifications to any of the ClearPoint Products, which could include, without limitation, release of a new version of a software product, the Parties will work together in good faith to determine whether an
increase in the transfer price for such product is appropriate. 

  
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	[***]  	Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential
treatment. 

					
	 Co-Development and Distribution Agreement between SurgiVision, Inc. and Brainlab Aktiengesellschaft
	  	 	CONFIDENTIAL	  

  

 

	2.	The transfer prices defined in Appendix A are [***]. Payment terms for sales of ClearPoint Products from SurgiVision to Brainlab shall be as follows: [***]. SurgiVision
will not invoice prior to actual shipment. Brainlab shall ensure that ClearPoint Products shipped are stored and handled in accordance with the specifications SurgiVision shall from time to time provide. 

 

	3.	All payments between Brainlab and SurgiVision will be in U.S. dollars, unless mutually agreed in writing. 

 

	4.	All Brainlab purchase orders for Products shall include all information reasonably required by SurgiVision. SurgiVision shall promptly notify Brainlab of any purchase
orders (or parts of purchase orders) accepted, rejected or delayed. Delivery schedule shall be promulgated by Brainlab from time to time through routine purchase orders. However, the Parties will work together collaboratively and in good faith to
create a 12-month sales forecast, which forecast Brainlab shall thereafter update on a quarterly basis (i.e., a rolling 12-month forecast) and provide to SurgiVision. 

 

	5.	Title and risk of loss or damage to any ClearPoint Product(s) shall pass from SurgiVision to Brainlab upon shipment from SurgiVision’s shipping point in the United
States. 

  

	6.	In no event shall Brainlab distribute, market, sell or otherwise commercialize any Integrated Product unless and until the Parties have agreed on the prices to be paid
to SurgiVision for the SurgiVision Technology involved in such Integrated Product. The Parties will work together in good faith to establish such prices. 

  

	7.	In addition to any other amounts payable under this Agreement, Brainlab and SurgiVision shall meet and, in good faith, determine a proper allocation of any
consideration to be received by Brainlab or any of its Affiliates in exchange for the granting of any Special Rights. Brainlab agrees to notify SurgiVision prior to entering into any binding obligation that will result in the grant of such Special
Rights, and in no event shall Brainlab or any of its Affiliates enter into any such binding obligation unless the parties have agreed to the allocation as contemplated in this paragraph. 

 

	8.	Notwithstanding any of the foregoing to the contrary, upon any termination of this Agreement, Brainlab shall pay in full any amounts then due to SurgiVision.

  

	X.	Warranties and Liability 

  

	1.	Each Party, to the extent that it is the licensor of any intellectual property hereunder, other than jointly owned intellectual property, hereby represents and warrants
that it is the proper owner or licensee of such intellectual property and that it has the proper authority, without consent of any other party, to so license such intellectual property. Each Party, to the extent that it is the licensor of any
intellectual property hereunder, other than jointly owned intellectual property, hereby represents and warrants that such licensed intellectual property does not, and will not, infringe upon the intellectual property rights of third parties.

  

	2.	Each Party warrants and represents that neither it nor any of its employees, agents or representatives who will be rendering any services under this Agreement have ever
been debarred or convicted or a crime for which a person can be debarred under 21 U.S.C. 335a, nor to the 

  
 10 

 

	[***]  	Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential
treatment. 

					
	 Co-Development and Distribution Agreement between SurgiVision, Inc. and Brainlab Aktiengesellschaft
	  	 	CONFIDENTIAL	  

  

 

	3.	knowledge of such Party, threatened to be debarred or indicted for a crime or otherwise engaged in conduct for which a person can be debarred. Each party agrees to
notify the other immediately in the event of any such debarment, conviction, threat or indictment occurring during the term of this Agreement, or the three (3) year period following the termination or expiration of this Agreement.

  

	4.	SurgiVision agrees to extend to Brainlab and to Brainlab’s customers SurgiVision’s standard product warranty for the ClearPoint Products, as the same may be
modified from time to time. EXCEPT AS PROVIDED IN THE PRECEDING SENTENCE, SURGIVISION MAKES NO OTHER WARRANTY, EXPRESS OR IMPLIED, IN CONNECTION WITH THE CLEARPOINT PRODUCTS, INCLUDING, BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF FITNESS FOR A
PARTICULAR PURPOSE AND MERCHANTABILITY. SURGIVISION MAKES NO WARRANTY, EXPRESS OR IMPLIED, WITH RESPECT TO ANY INTEGRATED PRODUCT. 

  

	5.	Neither Party shall be liable to the other party for any indirect, consequential or special damage or the loss of revenue or profit. 

 

	XI.	Indemnification 

  

	1.	Brainlab shall indemnify, defend and hold SurgiVision, its Affiliates and their respective officers, directors, employees, agents and representatives (collectively the
“SurgiVision Indemnitees”) harmless from and against any and all damage, loss, liability, costs and other expenses (including reasonable attorneys’ fees), actions, suits, claims, proceedings, investigations, audits, demands,
assessments, fines or judgments (collectively “Damages”) resulting from or arising out of or in connection with (a) any misrepresentation or breach of any representation, warranty or covenant in this Agreement by Brainlab, or
(b) any violation or non-compliance with Applicable Law by Brainlab. 

  

	2.	SurgiVision shall indemnify, defend and hold Brainlab, its Affiliates and their respective officers, directors, employees, agents and representatives (collectively the
“Brainlab Indemnitees”), harmless from and against any and all Damages (as defined above) resulting from or arising out of or in connection with (a) any misrepresentation or breach of any representation, warranty or covenant in
this Agreement by SurgiVision, or (b) any violation or non-compliance with Applicable Law by SurgiVision. 

  

	3.	Brainlab will indemnify and hold harmless the SurgiVision Indemnitees, and SurgiVision will indemnify and hold harmless the Brainlab Indemnitees, from any Damages
relating to claims of product liability from the indemnifying Party’s technology, provided that such Damages are not the result of the other Party’s negligent or intentional action or inaction. 

 

	4.	During the Term and for a period of five years thereafter both Parties shall maintain a comprehensive business and product liability insurance in amounts and subject to
conditions generally used in their respective businesses. The Parties shall each provide the other Party with written insurance certificates upon the other Party’s request. 

 

	XII.	Term and Termination. 

  

	1.	Unless terminated in accordance with its terms, the term of this Agreement (the “Term”) will commence on the Effective Date and continue through the
fifth anniversary of the Effective Date. 

  
 11 

					
	 Co-Development and Distribution Agreement between SurgiVision, Inc. and Brainlab Aktiengesellschaft
	  	 	CONFIDENTIAL	  

  

 

	2.	Prior to the expiration of the Term, this Agreement may only be terminated by mutual agreement of the Parties, or as provided in paragraph 3 or 4 below.

  

	3.	Either Party shall have the right to terminate this Agreement in its entirety if: (i) the other Party fails or neglects to perform, keep or observe any term,
provision, condition or covenant contained in this Agreement and the same is not cured or being cured to the non-breaching Party’s reasonable satisfaction within 30 days after the non-breaching Party gives the breaching Party written notice
identifying such default; (ii) an application is made by the other Party for the appointment of a receiver, trustee or custodian for any of the other Party’s assets, a petition under any section or chapter of the federal Bankruptcy Code or
any similar law or regulation is filed by or against the other Party and is not dismissed within 60 days, or the other Party makes an assignment for the benefit of his creditors; or (iii) the other Party files articles of dissolution or
otherwise ceases to conduct its business in the ordinary course. 

  

	4.	In the event that either Party is convicted of a felony by any court of competent jurisdiction, the other Party may terminate this Agreement immediately upon notice
within thirty (30) days following such conviction. 

  

	5.	Except as expressly set out in this Agreement, the licenses for intellectual property granted under this Agreement, and licenses by either Party to the other to use
confidential information or property belonging to it, shall expire upon termination of this Agreement. 

  

	6.	The following provisions of this Agreement shall survive the completion, expiration, termination or cancellation of this Agreement: Sections I, IV (other than
paragraphs 1 and 2), V (other than paragraph 5), IX, XI, XII and XIV. 

  

	XIII. 	Investment in SurgiVision 

  

	1.	On the Effective Date, Brainlab shall make a loan to SurgiVision in the aggregate principal amount of US$2,000,000, which loan shall be evidenced a convertible
promissory note (the “Note”) in the form attached hereto as Appendix D. 

  

	2.	On the Conversion Date, except as otherwise provided in the Note, the principal amount outstanding and all accrued interest then outstanding under the Note shall
automatically convert into that number of Conversion Shares equal to (a) the sum of the outstanding principal amount and accrued interest on the Note on the Conversion Date divided by (b) the price per share paid by investors in the
Qualified Financing for a share of Qualified Financing Stock. 

  

	3.	Brainlab shall be deemed to be the holder of the Conversion Shares as of the Conversion Date. At that time, Brainlab shall cease to have any rights pursuant to the Note
with respect to the principal amount and accrued interest that is converted, but shall have all of the rights granted to it as a holder of the Conversion Shares into which the Note converts. To receive a certificate representing the Conversion
Shares into which the Notes converts, Brainlab shall surrender the Note to SurgiVision. As soon as practicable after the surrender of the Note, SurgiVision shall issue and deliver to Brainlab a certificate for the number of whole shares issuable
upon conversion. Upon conversion of the outstanding principal amount and accrued but unpaid interest on the Note into Conversion Shares as provided herein, the provisions of the Note relating to the obligations of SurgiVision to pay principal and
interest to Brainlab (as set forth therein) shall be null and void and no payment of principal and interest shall be owed or paid by SurgiVision to Brainlab. 

  
 12 

					
	 Co-Development and Distribution Agreement between SurgiVision, Inc. and Brainlab Aktiengesellschaft
	  	 	CONFIDENTIAL	  

  

 

	4.	Brainlab represents and warrants to SurgiVision that: Brainlab is acquiring the Note (and the Conversion Shares) for investment for Brainlab’s own account, not as
nominee or agent, and not with a view to the resale or distribution of any part thereof; Brainlab is an “accredited investor” as defined in Regulation D under the U.S. Securities Act of 1933, as amended (the “Securities
Act”); Brainlab understands that its investment in SurgiVision involves a high degree of risk; Brainlab is experienced in evaluating and investing in securities of companies in a similar stage of development as SurgiVision; Brainlab is able
to fend for itself, it can bear the economic risk of its investment in SurgiVision, and it has the knowledge and experience in financial and business matters to be capable of making an informed decision with respect to its investment in SurgiVision;
and Brainlab has all information and materials relating to SurgiVision’s operations, business and properties that Brainlab deems necessary or appropriate to evaluate its investment in SurgiVision. Brainlab understands that the Note has not
been, and at the time of issuance the Conversion Shares to be acquired on conversion thereof will not be, registered under the Securities Act. Brainlab further understands and agrees that such securities may not be sold, transferred or otherwise
disposed of without registration under the Securities Act or an exemption therefrom. 

  

	XIV. 	Miscellaneous 

  

	1.	The rights and obligations set out in this Agreement are personal to each Party and for this reason, except as expressly set out in this Agreement, this Agreement will
not be assignable by either Party in whole or in part, nor will either Party subcontract any of its obligations hereunder, without the prior written consent of the other Party, which consent shall not be withheld or delayed unreasonably; provided,
however, that the restriction contained herein will in no way limit the rights of either Party to assign this Agreement to any Person that (i) purchases all or substantially all of its assets to which this Agreement relates, (ii) purchases
all or substantially all of the stock of such Party; or (iii) acquires or is combined with such Party in a merger or some other form of business combination. 

 

	2.	This Agreement will be binding upon and will enure to the benefit of the parties hereto and to any permitted assignee or successor of either Party.

  

	3.	Subject to other provisions of this Section XIV, if one Party validly assigns or subcontracts any or all of its obligations hereunder, such assigning or subcontracting
Party agrees to remain bound by all of its responsibilities and obligations hereunder. 

  

	4.	For the avoidance of doubt, nothing with this Agreement shall restrict Brainlab from providing technology compatible with its own frameless, image guided placement
tools, so long as Brainlab complies with its obligations set forth in section VI.4 above. 

  

	5.	Any and all assignments of this Agreement or any interest herein not made in accordance with this Section XIII will be void ab initio. 

 

	6.	This Agreement may be executed in any number of counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same
instrument. 

  

	7.	Each exhibit or appendix hereto is incorporated by reference and made a part of this Agreement. 

 

	8.	This Agreement represents the final understanding of the Parties with respect to its subject matter and supersedes all prior agreements and discussions with respect
thereto. This Agreement shall be governed by Illinois law, without regard to choice of law principles. 

  
 13 

					
	 Co-Development and Distribution Agreement between SurgiVision, Inc. and Brainlab Aktiengesellschaft
	  	 	CONFIDENTIAL	  

  

 

	9.	It is distinctly understood and agreed that the Parties shall at all times be acting as independent contractors hereunder and not as an agent of the other Party. Except
as explicitly set forth herein, nothing herein shall be deemed to constitute either Party as the agent or representative of the other Party, or both Parties as joint venturers or partners for any purpose. Neither Party shall be responsible for the
acts or omissions of the other Party, and neither Party will have authority to speak for, represent or obligate the other Party in any way without prior written authority from the other Party. 

 

	10.	Each Party hereto agrees to execute, acknowledge and deliver such further instruments and do all such further acts as may be necessary or appropriate to carry out the
purposes and intent of this Agreement and that are consistent with the terms hereof. 

  

	11.	No waiver, alteration or modification of any of the provisions hereof shall be binding unless made in writing and signed by the Parties by their respective officers
thereunto duly authorized. 

  

	12.	Any notice or other communication in connection with this Agreement must be in writing and if by mail, by registered mail, return receipt requested, and shall be
effective when delivered to the addressee at the address listed on the signature page hereto or such other address as the addressee shall have specified in a notice actually received by the addressor. 

 

	13.	Except as expressly set out in this Agreement, nothing in this Agreement is intended to or shall confer upon any third party any legal or equitable right, benefit or
remedy of any nature whatsoever. 

  

	14.	The waiver by either Party of a breach or a default of any provision of this Agreement by the other Party shall not be construed as a waiver of any succeeding breach of
the same or any other provision, nor shall any delay or omission on the part of either Party to exercise or avail itself of any right, power or privilege that it has or may have hereunder operate as a waiver of any right, power or privilege by such
Party. 

  

	15.	Each Party shall keep the confidential information of the other Party confidential, except that the receiving Party may disclose or permit the disclosure of any
confidential information to its, and its Affiliates’, directors, officers, employees, consultants and advisors who are obligated to maintain the confidential nature of such confidential information and who need to know such information for the
purposes set forth in this Agreement. The receiving Party shall use all confidential information of the other Party solely for the purposes set forth in, or as permitted by, this Agreement. Each Party will immediately cease using the confidential
information of the other Party upon any termination of this Agreement. 

  

	16.	If the performance of this Agreement or any obligations under this Agreement, except the making of required payments, is prevented, restricted or interfered with by
reason of fire, flood, earthquakes, explosion, or other casualty, accident or act of God; strikes or labor disturbances; war, whether declared or not, or other violence; sabotage; any law, order, proclamation, regulation, ordinance, demand or
requirement of any government agency; or any other event beyond the reasonable control of the Parties, the affected Party, upon giving prompt notice to the other Party, will be excused from such performance to the extent of such prevention,
restriction, or interference. However, the affected Party will use its reasonable efforts to avoid or remove such cause of non-performance or to limit the impact of the event on such Party’s performance and will continue performance with the
utmost dispatch whenever such causes are removed. 

  
 14 

					
	 Co-Development and Distribution Agreement between SurgiVision, Inc. and Brainlab Aktiengesellschaft
	  	 	CONFIDENTIAL	  

  

 

 IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above
written. 
  

			
	SurgiVision, Inc.
		
	By:	 	/s/ Kimble Jenkins
	Name:	 	Kimble Jenkins
	Title:	 	CEO

 Notice Address: 

SurgiVision, Inc. 
 One Commerce Square

 Suite 2550 
 Memphis, TN (USA) 38103

 Attention: Vice President, Business Affairs 
 Fax: +901.522.9400 
  

			
	Brainlab AG
		
	By:	 	/s/ Joseph Doyle
	Name:	 	Joseph Doyle
	Title:	 	CFO

 Notice Address: 

Legal Department 
 Attention: General Counsel

 Kapellenstr. 12, 
 85622 Feldkirchen,
Germany 
 Fax: +49.89.991.568-497 

  
 15 

 APPENDIX A TO THE 

CO-DEVELOPMENT AND DISTRIBUTION AGREEMENT 
 Transfer Price List 
 [***] 

 

  

	[***]  	Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential
treatment. 

 APPENDIX B TO THE 

CO-DEVELOPMENT AND DISTRIBUTION AGREEMENT 
 [***] 

  

	[***]  	Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential
treatment. 

 APPENDIX C TO THE 

CO-DEVELOPMENT AND DISTRIBUTION AGREEMENT 
 Service Price List 
 [***] 

 

  

	[***]  	Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential
treatment. 

 FIRST AMENDMENT TO 

CO-DEVELOPMENT AND DISTRIBUTION AGREEMENT 
 This First Amendment to Co-Development and Distribution Agreement (this “Amendment”) is entered into between MRI Interventions, Inc. f/k/a SurgiVision, Inc. (“MRI
Interventions”) and Brainlab AG (“Brainlab”), as of July 18, 2011. 
 WHEREAS, MRI Interventions
and Brainlab entered into that certain Co-Development and Distribution Agreement dated as of April 5, 2011 (the “Agreement”); and 
 WHEREAS, MRI Interventions and Brainlab desire to amend the terms of the Agreement as set forth below; 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, MRI Interventions and Brainlab hereby agree as follows: 

1. Defined Terms. Capitalized terms used in this Amendment without definition shall have the same meanings ascribed to such terms
in the Agreement. 
 2. SurgiVision Name Change. Each reference in the Agreement to “SurgiVision” will mean and
be a reference to “MRI Interventions”. 
 3. Amendment of Section IV. Section IV of the Agreement (Regulatory
Approvals, Adverse Reactions; Product Recalls) is hereby amended by adding the following new paragraph at the end thereof: 
  

	 	“7.	Notwithstanding any provision herein to the contrary, Brainlab hereby covenants that it will be responsible as the first point of contact for technical support with the
customer and/or end-users for ClearPoint Products it sells in the European Union, and Brainlab will provide a line of communication to MRI Interventions and MRI Interventions’ Authorized Representative in Europe (see contact information below)
directly in matters of vigilance and post-market surveillance (early warning) in accordance with the European Commission Guidelines on a Medical Device Vigilance System. Brainlab will further provide this technical support on the usage of ClearPoint
Products to the customers based on information supplied by MRI Interventions. Brainlab reporting should follow the European Commission Guidelines on a Medical Device Vigilance System. 

Contact Details: 
 Authorized Representative in Europe 
 (Regulatory affairs only) 

Emergo Europe 

Molenstraat 15 

2513 BH The Hague 

The Netherlands 

Tel: (31) (0) 70 345-8570 
 Fax: (31) (0) 70 346-7299” 

  
 1 

 4. Ratification and Confirmation. The terms and provisions of the Agreement, as
modified by the terms of this Amendment, are hereby ratified and confirmed in all respects. On and after the date hereof, each reference in the Agreement to “this Agreement,” “hereunder,” “hereof,” “herein” or
words of like import referring to the Agreement will mean and be a reference to the Agreement as amended by this Amendment. 

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

 

			
	 MRI Interventions, Inc.

		
	 By:
	 	 /s/ Oscar Thomas

			
	 Name:
	 	 Oscar L. Thomas

			
	 Title:
	 	 Vice President, Business Affairs

			
	
	 Brainlab AG

			
		
	 By:
	 	 /s/ Joseph Doyle

			
	 Name:
	 	 Joseph Doyle

			
	 Title:
	 	 CFO

  
 2Master Security Agreement

 Exhibit 10.18 
 Execution Copy 
 MASTER SECURITY
AGREEMENT 
  
  

THIS MASTER SECURITY AGREEMENT (this “Agreement”) is made and entered into effective as of April 5, 2011,
between SURGIVISION, INC., a Delaware corporation (the “Company”) and BRAINLAB AG, a corporation organized under the laws of the Federal Republic of Germany (the “Secured Party”). 

Background Information: 
 As of April 5, 2011, the Company has issued to the Secured Party that certain 10% Subordinated Secured Convertible Note in the original principal amount of Two Million Dollars (U.S. $2,000,000) (the
“Note”). The Secured Party has required the execution and delivery of this Agreement by the Company as a material inducement for the Secured Party to purchase the Note and to otherwise consummate the transactions contemplated
thereby. 
 NOW THEREFORE, in consideration of the foregoing background information, the mutual covenants and agreements
set forth in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged, the parties to this Agreement, intending to be legally bound, hereby agree as follows: 

Article 1 

Grant of Security Interest; Etc. 
 The Company hereby grants to the Secured Party a continuing second priority security interest in and lien on the properties, assets, and rights of the Company, as set forth on Exhibit A attached
hereto and incorporated herein by this reference, wherever located and whether now owned or hereafter acquired or arising, and all proceeds and products thereof (all such properties, assets, rights, proceeds and products hereinafter sometimes
called, collectively, the “Collateral”). 
 Article 2 

Obligations Secured 
 The Collateral hereunder constitutes and will constitute continuing security for all the obligations of the Company to the Secured Party and its successors and assigns, now existing or hereafter arising
or created, direct, indirect or secondary, absolute or contingent, due or to become due, matured or unmatured, liquidated or unliquidated, under (a) this Agreement, (b) the Note and any and all modifications, extensions or renewals thereof
from time to time, including, without limitation, any increase in the principal amount of the Note, and (c) any and all other indebtedness, liabilities or obligations of the Company to the Secured Party for borrowed money, and any and all
modifications, extensions or renewals thereof (all of the foregoing hereinafter collectively referred to as the “Obligations”). 
 Article 3 
 Pro Rata Security; 

Application of Proceeds of Collateral 
 All amounts owing with respect to the Obligations shall be secured by the Collateral without distinction as to whether some Obligations are then due and payable and other Obligations are not then due and
payable. Subject to the subordination provisions contained in the Note with respect to the Senior 

  
 Master Security Agreement
(SurgiVision) 

 
Debt and the Senior Debt Documents (as such terms are defined in the Note), upon any realization upon the Collateral by the Secured Party, the Company and the Secured Party agree that the
proceeds thereof shall be applied (a) first, to the payment of expenses incurred with respect to maintenance and protection of the Collateral pursuant to Article 4 and of expenses incurred pursuant to Article 11 with respect to the
sale of or realization upon, any of the Collateral or the perfection, enforcement or protection of the rights of the Secured Party (including reasonable attorneys’ fees and expenses of every kind, including, without limitation, reasonable
allocated costs of staff counsel) and (b) second, to all amounts of interest, expenses, and fees outstanding which constitute the Obligations, and (c) third, to the unpaid principal amount of the Obligations. The Company and the Secured
Party agree that all amounts received with respect to any of the Obligations, whether by realization on the Collateral or otherwise, shall be applied to the payment of the Obligations in accordance with the provisions of this Article 3.

 Article 4 
 Representations, Warranties, 
 and Covenants of the Company

 Section 4.1. Real Property. The Company represents and warrants to the Secured Party that the real property
listed in Section II of the Perfection Certificate, attached hereto as Exhibit B (the “Perfection Certificate”), constitutes all of the real property that the Company leases and that the Company owns no real property.
The Company agrees to notify the Secured Party of any other real property that it may hereafter acquire or lease. The Company agrees that it will execute and deliver to the Secured Party mortgages and other instruments and file the same in the
appropriate recording offices at such times as any mortgageable right, title or interest is acquired in the future by the Company in any other real property and, if requested by the Secured Party, will use its best efforts to obtain landlords’
waivers with respect to any real property the Company leases in the future. All such mortgages and other instruments shall secure all of the Obligations pro rata and shall be on terms and conditions satisfactory to the Secured Party as evidenced by
its written consent thereto. 
 Section 4.2. Certificates of Title; Location of Collateral. The Company represents
and warrants to the Secured Party that Collateral for which certificates of title are required will be titled in the jurisdictions listed in Section II(G) of the Perfection Certificate. Collateral for which no certificate of title is required
but for which registration under motor vehicle laws is required will be registered in the jurisdictions listed in Section II(G) of the Perfection Certificate. Collateral for which no registration or certificate of title is required will be
located at the facilities of the Company listed on Section II(A) of the Perfection Certificate. The Company will not permit any Collateral to be removed from the locations specified on Section II of the Perfection Certificate without
the prior written consent of the Secured Party, other in the ordinary course of the Company’s business. 
 Section
4.3. Locations of Chief Executive Office. The Company represents and warrants to the Secured Party that the location of the Company’s executive offices and the location where the books and records of the Company are kept are listed
in Section II of the Perfection Certificate. The Company agrees that it will not change the location of its chief executive office or the location where its books and records are kept without giving the Secured Party thirty (30) days
prior written notice of its relocation address. 
 Section 4.4. Ownership of Collateral. 

(a) The Company represents and warrants to the Secured Party that it is the owner of the Collateral free from any adverse lien, security
interest or encumbrance, other than Permitted Encumbrances (as identified in the Note). 

  
 2 

Master Security Agreement (SurgiVision) 

 (b) Except for the security interests herein granted and the Permitted Encumbrances (as
identified in the Note), the Company is and shall at all times be the owner of the Collateral free of any lien, security interest or encumbrance, and the Company shall defend the same against all claims and demands of all persons at any time
claiming the same or any interest therein adverse to the Secured Party. 
 Section 4.5. Sale or Disposition of the
Collateral. Except for sales from inventories of finished goods in the ordinary course of the Company’s business, the Company will not sell or offer to sell or otherwise transfer the Collateral or any interest therein without the prior
written consent of the Secured Party. 
 Section 4.6. Insurance. The Company shall have and maintain at all times
with respect to the Collateral such insurance as is customarily held by similarly situated businesses, but in any event, such insurance coverage shall not be less than the coverage set forth in the insurance policies held by the Company as of the
date hereof. All policies of insurance shall provide for thirty (30) calendar days’ written minimum cancellation notice to the Secured Party. In the event of failure to provide and maintain insurance as herein provided, the Secured Party
may, at its option, provide such insurance, and the Company hereby promises to pay to the Secured Party on demand the amount of any disbursements made by the Secured Party for such purpose. The Company shall furnish to the Secured Party certificates
or other evidence satisfactory to the Secured Party of compliance with the foregoing insurance provisions. 
 Section
4.7. Acknowledgement. The Company acknowledges receipt of the following notice: “Unless you [the Company] provide evidence of the insurance coverage required by your agreement with us [the Secured Party], we may purchase insurance at
your expense to protect our interests in your collateral. This insurance may, but need not, protect your interests. The coverage that we purchase may not pay any claim that you make or any claim that is made against you in connection with the
collateral. You may later cancel any insurance purchased by us, but only after providing evidence that you have obtained insurance as required by our agreement. If we purchase insurance for the collateral, you will be responsible for the costs of
that insurance, including the insurance premium, interest and any other charges we may impose in connection with the placement of the insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance
may be added to your total outstanding balance or obligation. The costs of the insurance may be more than the cost of insurance you may be able to obtain on your own.” 
 Section 4.8. Maintenance of Collateral. The Company will keep the Collateral in good order and repair and will not use the same in violation of law or any policy of insurance thereon. The
Secured Party may inspect the Collateral at any reasonable time, wherever located. The Company will pay promptly when due all taxes and assessments upon the Collateral, the use or operation of the Collateral, or as a result of this Agreement. In its
discretion, the Secured Party may discharge taxes and other encumbrances at any time levied or placed on the Collateral which remain unpaid and make repairs thereof and pay any necessary filing fees. The Company agrees to reimburse the Secured Party
on demand for any and all expenditures so made, and until paid the amount thereof shall be a debt secured by the Collateral. The Secured Party shall have no obligation to the Company to make any such expenditures, nor shall the making thereof
relieve the Company of any default. 
 Section 4.9. Other Covenants Regarding Collateral. The Company makes the
following covenants with Secured Party regarding the Collateral: 
 (a) the Company shall use the Collateral only in the
ordinary course of its business and will not permit the Collateral to be used in violation of any applicable law or policy of insurance; 

  
 3 

Master Security Agreement (SurgiVision) 

 (b) the Company, as agent for Secured Party, shall defend the Collateral against all claims
and demands of all Persons, except for Permitted Encumbrances; 
 (c) the Company shall, at Secured Party’s reasonable
request, use its best efforts to obtain and deliver to Secured Party such waivers as Secured Party may require waiving the landlord’s, mortgagee’s or other lienholder’s enforcement rights against the Collateral and assuring Secured
Party’s access to the Collateral in exercise of its rights hereunder; 
 (d) the Company shall not sell, assign or discount
any of its Accounts, Chattel Paper or any promissory notes other than the discount of such Accounts, Chattel Paper or any promissory notes in the ordinary course of business for collection; 

(e) subject to the subordination provisions contained in the Note with respect to the Senior Debt and the Senior Debt Documents (as such
terms are defined in the Note), the Company shall promptly deliver to Secured Party all promissory notes, drafts, trade acceptances, chattel paper, instruments or documents of title which are Collateral, appropriately endorsed to Secured
Party’s order; 
 (f) except for sales of Inventory in the ordinary course of business, the Company shall not sell, assign,
lease, transfer, pledge, hypothecate or otherwise dispose of or encumber any Collateral or any interest therein; 
 (g) the
Company shall promptly notify Secured Party of any future patents, trademarks or copyrights owned by the Company and any license agreements entered into by the Company authorizing the Company to use any patents, trademarks or copyrights owned by
third parties; and 
 (h) the Company shall not, unless it shall have given thirty (30) days’ advance written notice
thereof to Secured Party, (a) change its name or use any new trade or fictitious name, or (b) change the location of its chief executive office or other office where books or records are kept. 

Section 4.10. Further Assurances by the Company. The Company agrees to execute and deliver to the Secured Party from time
to time at its request all documents and instruments, including financial statements, and to take all action as the Secured Party may reasonably deem necessary or proper to perfect or otherwise protect the security interest and lien created hereby.

 Section 4.11. Ordinary Course Activities. Notwithstanding any provision of this Agreement to the contrary, the
Company shall be permitted, without consent from the Secured Party, to conduct ordinary course activities with respect to the Collateral, including, without limitation, (a) abandoning, terminating, canceling, releasing or making alterations in
or substitutions of any leases or contracts subject to the security interest and lien of this Agreement, (b) surrendering or modifying any franchise, license or permit subject to the security interest or lien of this Agreement that the Company
may own or under which it may be operating, (c) altering, repairing, replacing, changing the location or position of or adding to the Company’s structures, machinery, systems, equipment, fixtures and appurtenances; (d) granting a
license of any intellectual property; (e) selling, transferring or otherwise disposing of inventory in the ordinary course of business; (f) collecting accounts receivable in the ordinary course of business; (g) making payments
(including for the repayment of trade payables) from cash that is at any time part of the Collateral in the ordinary course of business; and (h) abandoning any intellectual property that is no longer used or useful in the Company’s
business, provided, however, that any of the foregoing would not reasonably be expected to have a materially adverse impact on the Secured Party’s overall security provided for hereby. 

  
 4 

Master Security Agreement (SurgiVision) 

 Article 5 
 Concerning Financing Statement 
 The Company shall do, make, execute, and
deliver all such additional and further acts, things, deeds, assurances and instruments the Secured Party may reasonably require more completely to vest in and assure to the Secured Party its rights under or in any of the Collateral, including
without limitation execution and delivery of financing statements which the Secured Party deems appropriate to perfect and continue the security interests hereby granted; and the Company irrevocably authorizes the Secured Party or its designee, at
the Company’s expense, to file such financing statements with respect hereto, with or without the Company’s signature, as the Secured Party may deem appropriate, and appoint the Secured Party as the Company’s attorney-in-fact to
execute such financing statements. Subject to the subordination provisions contained in the Note with respect to the Senior Debt and the Senior Debt Documents (as such terms are defined in the Note), the Company expressly agrees to deliver to the
Secured Party any and all certificates of title, together with fully completed applications for title, issued under any motor vehicle registration or like law with respect to any Collateral. The Company hereby authorizes the Secured Party to record
its lien upon each such certificate of title and appoints the Secured Party as its attorney-in-fact to take whatever action is necessary (including, but not limited to, the execution and recordation of any lien notice) to cause such lien to appear
on each such certificate of title. The Company also ratifies their authorization for the Secured Party to have filed in any UCC jurisdiction any initial financing statements or amendments thereto if filed prior to the date hereof. 

Article 6 

Securities as Collateral 
 Subject to the subordination provisions contained in the Note with respect to the Senior Debt and the Senior Debt Documents (as such terms are defined in the Note), the Company agrees that all securities
constituting Collateral shall be delivered to and held by or on behalf of Secured Party pursuant hereto and shall be in suitable form for transfer by delivery or, as applicable, shall be accompanied by the Company’s endorsement, where
necessary, or duly executed instruments of transfer or assignments in blank, all in form and substance reasonably satisfactory to the Secured Party. So long as no Event of Default (as defined below) shall have occurred and be continuing,
(a) the Company shall be entitled to exercise any and all voting and other consensual rights pertaining to such securities or any part thereof for any purpose not prohibited by the terms of this Agreement or the Note; provided, that the Company
shall not exercise or refrain from exercising any such right if the Secured Party shall have notified the Company that, in Secured Party’s judgment, such action would have a material adverse effect on the value of such securities or any part
thereof; and (b) the Company shall be entitled to receive and retain any and all dividends, other distributions, principal and interest paid in respect of such securities. 
 Article 7 
 Remedies 

Section 7.1. Events of Default. The Secured Party shall be entitled to exercise the remedies provided by Section 7.2
hereof in accordance with the terms thereof if one or more of the following events (each an “Event of Default”) shall occur: 
 (a) there shall have occurred any “Event of Default” (as such term is defined in the Note); or 
 (b) the Company shall fail to perform or observe any covenant set forth in this Agreement and such failure shall not be cured to the satisfaction of Secured Party within thirty (30) calendar days
after written notice from Secured Party. 

  
 5 

Master Security Agreement (SurgiVision) 

 Section 7.2. Remedies. Upon the occurrence of any Event of Default under
Section 7.1 hereof and after acceleration of the maturity of the amount due in respect of any of the Obligations shall have occurred, subject to the subordination provisions of the Note with respect to the Senior Debt and the Senior Debt
Documents (as such terms are defined in the Note), to the fullest extent permitted by applicable law: 
 (a) The Secured Party
shall have, in addition to all other rights and remedies given it by any instrument or other agreement evidencing, or executed and delivered in connection with any of the Obligations or otherwise allowed by law, the rights and remedies of a secured
party under the Uniform Commercial Code as enacted in any jurisdiction in which the Company is organized or in which the Collateral may be located, and without limiting the generality of the foregoing, the Secured Party may, without (to the fullest
extent permitted by law) demand of performance or advertisement or notice of intention to sell or of time or place of sale or of redemption or other notice or demand whatsoever, (except that the Secured Party shall give to the Company at least ten
(10) days’ notice of the time and place of any proposed sale or other disposition), all of which are hereby expressly waived to the fullest extent permitted by law, sell at public or private sale or otherwise realize upon the whole or from
time to time any part of the Collateral in or upon which the Secured Party shall have a security interest or lien hereunder or any interest which the Company may have therein. Such sale shall be at such locations as the Secured Party may designate
in such notice. The Secured Party shall have the right to conduct such sales on the Company’s premises. All public or private sales may be adjourned from time to time in accordance with applicable law. The Secured Party shall have the right to
sell, lease, or otherwise dispose of the Collateral, or any part thereof, for cash, credit or any combination thereof. After deducting from the proceeds of sale or other disposition of the Collateral all expenses (including all reasonable expenses
for legal services) as provided in Article 11, the Secured Party shall apply the residue of such proceeds toward the payment of the Obligations in accordance with Article 3 of this Agreement, the Company remaining liable for any deficiency
remaining unpaid after such application. If notice of any sale or other disposition is required by law to be given to the Company, the Company hereby agrees that a notice given as provided herein shall be reasonable notice of such sale or other
disposition. The Company also agrees to assemble the Collateral at such place or places as the Secured Party reasonably designates by written notice. At such sale or other disposition the Secured Party may itself, and any other person or entity owed
any Obligation may itself, purchase the whole or any part of the Collateral sold, free from any right of redemption on the part of the Company, which right is hereby waived and released to the fullest extent permitted by law. Any purchaser owed any
Obligation may set-off the amount of the purchase price against such Obligations. 
 (b) Furthermore, without limiting the
generality of any of the rights and remedies conferred upon the Secured Party under Section 7.2(a) hereof, the Secured Party, to the fullest extent permitted by law, may enter upon the premises of the Company, exclude the Company therefrom and
take immediate possession of the Collateral, either personally or by means of a receiver appointed by a court therefor, using all necessary force to do so, and may, at its option, use, operate, manage and control the Collateral in any lawful manner
and may collect and receive all rents, income, revenue, earnings, issues and profits therefrom, and may maintain, repair, renovate, alter or remove the Collateral as the Secured Party may determine in its discretion, and any such moneys so collected
or received by the Secured Party shall be applied to, or may be accumulated for application upon, the Obligations in accordance with this Agreement. 
 (c) The Secured Party may, upon written notice to the Company (unless, in the Secured Party’s sole discretion, providing notice may prejudice or impair the Secured Party’s rights or remedies),
(i) proceed to protect and enforce rights by suit in equity, action at law, and/or other appropriate proceeding either for specific performance of any covenant, provision or condition contained or

  
 6 

Master Security Agreement (SurgiVision) 

 
incorporated by reference in this Agreement or the Note, (ii) exercise any other remedy or right available to the Secured Party under this Agreement or the Note, or at law or equity or
(iii) (unless the unpaid balance of the Note shall automatically become due and payable pursuant to the terms thereof) may, subject to the terms of the Note, declare all or any part of the unpaid principal amount of the Note, then outstanding
to be forthwith due and payable, and thereupon such unpaid principal amount or part thereof, together with interest accrued thereon shall become so due and payable without presentation, presentment, protest or further demand or notice of any kind,
all of which are hereby expressly waived, and proceed to enforce payment of such amount or part thereof in such manner as it may elect. 
 Section 7.3. Waivers. In connection with the occurrence of any Event of Default or the exercise of any remedy available to the Secured Party, the Company hereby waives, to the extent not
prohibited by applicable law, (a) all presentments, demands for performance and notices of nonperformance (except to the extent specifically required by the provisions hereof), (b) any requirement of diligence or promptness on the part of
any holder of the Note in the enforcement of its rights under the provisions thereof or this Agreement, and (c) any and all notices of every kind and description that may be required to be given by any statute or rule of law. 

Section 7.4. Course of Dealing. No course of dealing between the Company on the one hand, and the Secured Party on the
other hand, shall operate as a waiver of any rights under this Agreement or the Note. No delay or omission in exercising any right under this Agreement shall operate as a waiver of such right or any other right. A waiver on any one occasion shall
not be construed as a bar to or waiver of any right or remedy on any other occasion. 
 Section 7.5. Remedies Not
Exclusive. Each of the remedies hereunder that are available to the Secured Party, are cumulative and not exclusive, and the Secured Party may exercise any or all such remedies at such time and in such manner in its sole discretion. Nothing
herein shall limit any right or remedy set forth in the Note. 
 Section 7.6. Notice of Enforcement Action. The
Secured Party agrees that it will give notice to the Company of any enforcement action taken by it pursuant to this Article 7 promptly after commencing such action. 
 Article 8 
 Marshalling 

The Secured Party shall not be required to marshal any present or future security for (including but not limited to this Agreement and
the Collateral subject to the security interest created hereby), or guaranties of, the Obligations or any of them, or to resort to such security or guaranties in any particular order; and all of its rights hereunder and in respect of such securities
and guaranties shall be cumulative and in addition to all other rights, however existing or arising. To the extent that it lawfully may, each of the Company hereby agrees that it will not invoke any law relating to the marshaling of collateral which
might cause delay in or impede the enforcement of the Secured Party’s rights under this Agreement or under any agreement under which any of the Obligations is outstanding or under any agreement under which any of the Obligations is secured or
guaranteed, and to the extent that it lawfully may, each of the Company hereby irrevocably waives the benefits of all such laws. 

  
 7 

Master Security Agreement (SurgiVision) 

 Article 9 
 Company’s Obligations Not Affected 
 To the extent permitted by law,
the obligations of the Company under this Agreement shall remain in full force and effect without regard to, and shall not be impaired by (a) any bankruptcy, insolvency, reorganization, arrangement, readjustment, composition, liquidation or the
like of the Company, to the extent permitted by law; (b) any exercise or nonexercise, or any waiver, by the Secured Party of any right, remedy, power or privilege under or in respect of any of the Obligations or any security therefor (including
this Agreement); (c) any amendment to or modification of this Agreement, the Note or any instrument evidencing any of the Obligations or pursuant to which any of them were issued; (d) any amendment to or modification of any instrument or
agreement (other than this Agreement) securing any of the Obligations; or (e) the taking of additional security for or any guaranty of any of the Obligations or the release or discharge or termination of any security or guaranty for any of the
Obligations; and whether or not the Company shall have notice or knowledge of any of the foregoing. 
 Article 10

 No Waiver 
 No failure on the part of the Secured Party to exercise, and no delay in exercising, any right, remedy or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise by the
Secured Party of any right, remedy or power hereunder preclude any other or future exercise of any other right, remedy or power. Each and every right, remedy and power hereby granted to the Secured Party or the future holders of any of the
Obligations or allowed to any of them by law or other agreement, including without limitation, the Note or any other document evidencing security therefor, shall be cumulative and not exclusive of any other, and, subject to the provisions of this
Agreement, may be exercised by the Secured Party or the future holders of any of the Obligations from time to time. 
 Article
11 
 Expenses 
 The Company agrees to pay, on demand, all reasonable costs and expenses (including reasonable attorneys’ fees and expenses for legal services of every kind, including, without limitation, reasonable
allocated costs of staff counsel) of the Secured Party incidental to the sale of or realization upon, any of the Collateral or in any way relating to the perfection, enforcement or protection of the rights of the Secured Party hereunder. The Secured
Party may at any time apply to the payment of all such costs and expenses all moneys of the Company or other proceeds arising from its possession or disposition of all or any portion of the Collateral. 

Article 12 

Consents, Amendments, Waivers 
 Any term of this Agreement may be amended and the performance or observance by the Company of any term of this Agreement may be waived (either generally or in a particular instance and either
retroactively or prospectively) only by a written instrument signed by the Company and the Secured Party. 
 Article 13

 Applicable Law; Dispute Resolution 
 This Agreement shall be construed and enforced in accordance with, and all questions concerning the construction, validity, interpretation and performance of this Agreement shall be governed by, the
internal laws of the State of Delaware, without giving effect to provisions thereof regarding conflict of laws, and the laws of the State of Delaware shall govern the perfection of security interests in the Collateral or realization upon the
Collateral. The dispute resolution provisions of the Note are incorporated herein by reference. 

  
 8 

Master Security Agreement (SurgiVision) 

 Article 14 
 Parties in Interest 
 No party may assign any of its rights or delegate any
of its obligations under this Agreement without the prior written consent of the other party, except that Secured Party may assign, in writing, any of its rights and delegate any of its obligations under this Agreement to any of its subsidiaries or
affiliates. Subject to the preceding sentence, this Agreement will apply to, be binding in all respects upon and inure to the benefit of the successors and permitted assigns of the parties. Nothing expressed or referred to in this Agreement will be
construed to give any Person other than the parties to this Agreement any legal or equitable right, remedy or claim under or with respect to this Agreement or any provision of this Agreement, except such rights as shall inure to a successor or
permitted assignee pursuant to this Article 14. 
 Article 15 

Termination 
 Upon payment in full, or other satisfaction, of all of the Obligations, including without limitation the principal balance of the Note and all accrued unpaid interest thereon in accordance with their
terms, and the termination of the Note pursuant to its terms, this Agreement shall terminate, the security interest and lien created by this Agreement shall be released, the Company shall be entitled to the return, at their expense, of such
Collateral in the possession or control of the Secured Party as has not theretofore been disposed of pursuant to the provisions hereof, and the Secured Party shall execute and deliver, at the Company’s expense, such instruments to evidence the
release of the Collateral as the Company may reasonably request. 
 Article 16 

Notices 

All notices, consents, waivers and other communications required or permitted by this Agreement shall be in writing and shall be deemed
given to a party when (a) delivered to the appropriate address by hand, (b) one (1) business day following delivery to a nationally recognized overnight courier service (costs prepaid), or (c) received or rejected by the
addressee, if sent by certified mail, return receipt requested, in each case to the following addresses and marked to the attention of the person (by name or title) designated below (or to such other address or person as a party may designate by
notice to the other party): 
  

			
	 the Company:
	  	 SurgiVision, Inc.

Attention: Chief Financial Officer
 One Commerce
Square
 Suite 2550
 Memphis, TN
38103

		
	 With copy to:
	  	 SurgiVision, Inc.

Attention: VP, Business Affairs
 One Commerce
Square
 Suite 2550
 Memphis, TN
38103

  
 9 

Master Security Agreement (SurgiVision) 

			
	 Brainlab:
	  	 Brainlab AG.
 Attention:
Chief Financial Officer
 Kapellenstr. 12,
 85622 Feldkirchen, Germany

		
	 With copy to:
	  	 Legal Department
 Attention:
General Counsel, Brainlab AG
 Kapellenstr. 12,
 85622 Feldkirchen, Germany

 Article 17 
 Counterparts; Delivery by Facsimile 
 Any number of counterparts of this
Agreement may be executed and each such executed counterpart shall be deemed an original. This Agreement and each other agreement or instrument entered into in connection herewith or therewith or contemplated hereby or thereby, and any amendments
hereto or thereto, to the extent such agreement or instrument is originally signed and delivered by means of a facsimile machine or email, shall be treated in all manner and respects and for all purposes as an original agreement or instrument and
shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. At the request of any party hereto or to any such agreement or instrument, each other party hereto or thereto shall
re-execute original forms thereof and deliver them to all other parties. No party hereto or to any such agreement or instrument shall raise the use of a facsimile machine or email to deliver an original signature or the fact that any original
signature or agreement or instrument was transmitted or communicated through the use of a facsimile machine or email as a defense to the formation or enforceability of a contract and each such party forever waives any such defense. 

Article 18 

Subordination 
 Notwithstanding any provision of this Agreement to the contrary, the Secured Party agrees that, until such time as all amounts owing by the Company under the Senior Debt have been indefeasibly converted
into equity of the Company or paid in full in cash, the Secured Party’s security interest and lien in the Collateral shall be subordinate and inferior to the security interest and lien of Senior Lender under the Senior Debt Documents. The
priorities set forth in this Article 18 are applicable irrespective of the order or time of attachment, or the order, time or manner of perfection, or the order or time of filing or recordation of any document or instrument, or other method of
perfecting the security interest or lien, and notwithstanding any conflicting terms or conditions which may be contained in any of the Senior Debt Documents or any other documents. The terms “Senior Debt”, “Senior Debt Documents”
and “Senior Lender” shall have the meanings ascribed to such terms in the Note. 
 [The remainder of this page
intentionally has been left blank.] 

  
 10 

Master Security Agreement (SurgiVision) 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed
by their authorized representatives as of the date first above written. 
  

			
	COMPANY:
	
	SURGIVISION, INC., a Delaware corporation
		
	By:	 	/s/ Oscar L. Thomas
	Name:	 	Oscar L. Thomas
	Title:	 	Vice President, Business Affairs
	
	SECURED PARTY:
	
	BRAINLAB AG
		
	By:	 	/s/ Joseph Doyle
	Name:	 	Joseph Doyle
	Title:	 	CFO

  
 11 

Master Security Agreement (SurgiVision) 

 EXHIBIT A 
 Description of Collateral 
 This financing statement covers all of the
Company’s (as that term is defined in this Master Security Agreement) right, title and interest in and to the following types (or items) of property, whether now owned or existing or hereafter acquired or arising (the
“Collateral”): 
 Accounts; Chattel Paper; Commercial Tort Claims; Controlled Property; Data Processing Records
and Systems; Deposit Accounts; Documents; Equipment and Fixtures; General Intangibles; Goods; Instruments; Inventory; Investment Property; Letter-of-Credit Rights; Proceeds (whether cash or non-cash Proceeds, including Insurance Proceeds and
non-cash Proceeds of all types); Products of all the foregoing; and Supporting Obligations. 
 For purposes of this financing
statement, the following items shall have the following meanings: 
 “Accounts” shall have the meaning provided
in the UCC. 
 “Chattel Paper” shall have the meaning provided in the UCC and shall include, without
limitation, all Electronic Chattel Paper and Tangible Chattel Paper. 
 “Commercial Tort Claim” shall have the
meaning provided in the UCC. 
 “Controlled Property” shall mean property of every kind and description in
which Debtor has or may acquire any interest, now or hereafter at any time in the possession or control of Secured Party for any reason and all dividends and distributions on or other rights in connection with such property. 

“Data Processing Records and Systems” shall mean all of Debtor’s now existing or hereafter acquired electronic data
processing and computer records, software (including, without limitation, all “Software” as defined in the UCC), systems, manuals, procedures, disks, tapes and all other storage media and memory. 

“Deposit Accounts” shall have the meaning provided in the UCC and shall include, without limitation, any demand, time,
savings, passbook or similar account maintained with a bank. 
 “Document” shall have the meaning provided in
the UCC. 
 “Electronic Chattel Paper” shall have the meaning provided in the UCC. 

“Equipment” shall have the meaning provided in the UCC. 

“Fixtures” shall have the meaning provided in the UCC. 

“General Intangibles” shall have the meaning provided in the UCC and shall include, without limitation, all Payment
Intangibles. 
 “Goods” shall have the meaning provided in the UCC and shall include embedded
“Software” to the extent included in “Goods” as defined in the UCC. 
 “Instruments” shall
have the meaning provided in the UCC. 

  
 A-1

 Master Security Agreement (SurgiVision) 

 EXHIBIT A 
 Description of Collateral 
 “Insurance Proceeds” shall
mean all proceeds of any and all insurance policies payable to Debtor with respect to any Collateral, or on behalf of any Collateral, whether or not such policies are issued to or owned by Debtor. 

“Inventory” shall have the meaning provided in the UCC. 

“Investment Property” shall have the meaning provided in the UCC. 

“Letter-of-Credit Rights” shall have the meaning provided in the UCC. 

“Payment Intangibles” shall have the meaning provided in the UCC. 

“Proceeds” shall have the meaning provided in the UCC. 

“Products” shall mean any goods now or hereafter manufactured, processed or assembled with any of the Collateral.

 “Supporting Obligations” shall have the meaning provided in the UCC. 

“Tangible Chattel Paper” shall have the meaning provided in the UCC. 

“UCC” shall mean the Uniform Commercial Code as enacted in the State of Delaware, as amended from time to time;
provided, however, that: (a) to the extent that the UCC is used to define any term herein, and such term is defined differently in different Articles of the UCC, the definition of such term contained in Article 9 shall govern; and (b) if,
by reason of mandatory provisions of law, any or all of the attachment, perfection or priority of, or remedies with respect to, the Secured Party’s security interest in any Collateral is governed by the Uniform Commercial Code as enacted and in
effect in a jurisdiction other than the State of Delaware, the term “UCC” shall mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction solely for purposes of the provisions thereof relating to such attachment,
perfection or priority of, or remedies with respect to, the Secured Party’s security interest and for purposes of definitions related to such provisions. 

  
 A-2

 Master Security Agreement (SurgiVision) 

 EXHIBIT B 
 Perfection Certificate 
 The undersigned officer of SURGIVISION
INC., a Delaware corporation (the “Company”), hereby certifies, with reference to the Security Agreement dated as of April [        ], 2011, between the Company and BRAINLAB AG
(“Secured Party”) (terms defined therein being used herein as therein defined), to Secured Party as follows: 
  

	I.	Names. 

  

	 	A.	The exact corporate name of the Company as it appears in its certificate of incorporation is as follows: SurgiVision, Inc. 

 

	 	B.	Set forth below is each other corporate name the Company has had since its organization, together with the date of the relevant change: Surgi-Vision, Inc. (March 12,
1998 until November 12, 2008) 

  

	 	C.	The following is a list of all other names (including trade names or similar appellations) used by the Company or any of its divisions or other business units at any
time during the past five years: None 

  

	 	D.	Except as set forth in Schedule 1 to this Certificate, the Company has not changed its identity or corporate structure in any way within the past five years. N/A

  

	II.	Current Locations. 

  

	 	A.	The chief executive office of the Company is located at the following address: 

 

							
	Street Address	  	County	  	State	  	 

 One Commerce Square, Suite 2550, Memphis, Shelby County, TN 38103

  

	 	B.	The following are all the places of business of the Company not identified above: 

 

							
	Street Address	  	County	  	State	  	 

 5 Musick, Irvine, Orange County, CA 92618 

1101 East 33rd St., Suite B307, Baltimore, Baltimore County, MD 21218 

  
 Master Security Agreement
(SurgiVision) 

	 	C.	The following are all the locations where the Company maintains any books or records relating to any of the Collateral: 

 

							
	Street Address	  	County	  	State	  	 

 See II.A and II.B above. 

 

	 	D.	The following are all the locations not identified above where the Company maintains any Inventory, Equipment, Instruments, documents of title, warehouse receipts or
other tangible Collateral: 

  

									
	 Street Address
	  	County	  	State	  	Collateral Description	  	Does Collateral
Include Fixtures?

The Company has loaned, on an interim basis, certain Inventory to certain hospitals to enable those hospitals to clinically evaluate the
products. 
  

	 	E.	The following are the names and addresses of all Persons other than the Company that have possession of any of the Company’s Inventory, Equipment, Instruments,
documents of title, warehouse receipts or other tangible Collateral: 

  

									
	 Name
	  	Street Address	  	County	  	State	  	Collateral
Description

See II.D above 
  

	 	F.	The following are the names and jurisdictions of incorporation of each company with respect to which the Company holds uncertificated securities: None

  

	 	G.	The following are all items of Collateral with respect to which a certificate of title has been issued by any jurisdiction or with respect to which the Company has or
intends to file an application for title. Attached hereto as Schedule 2(G) are all certificates of title, applications for title or similar evidence of ownership of such Collateral. Collateral for which certificates of title are required will
be titled in the jurisdictions listed in Schedule 2(G). Collateral for which no certificate of title is required but for which registration under motor vehicle laws is required will be registered in the jurisdictions listed in Schedule
2(G): None 

  

	III.	Prior Locations. 

  

	 	A.	Set forth below is the information required by subparagraphs (a), (b) and (c) of paragraph 2 with respect to each location or place of business maintained by
the Company at any time during the past five years: 

 200 N. Cobb Parkway, Suite 140, Marietta, Cobb County, GA
30062 

  
 2 

Master Security Agreement (SurgiVision) 

	 	B.	Set forth below is the information required by subparagraphs (d), (e) and (f) of paragraph 2 with respect to each location or bailee where or with whom
Collateral has been lodged at any time during the past four months: N/A 

  

	IV.	Unusual Transactions. Except as set forth in Schedule 1 to this Certificate, all Accounts have been originated by the Company and all
Inventory and Equipment has been acquired by the Company in the ordinary course of its business from a dealer in goods of that type. 

  

	V.	Existing Liens. As of the date hereof, there are no (i) UCC financing statements naming the Company as debtor or seller and covering any of
the Collateral, (ii) notices of the filing of any federal tax lien (filed pursuant to section 6323 of the Code) or any lien of the PBGC (filed pursuant to Section 4068 of ERISA) covering any of the Collateral or (iii) judgment liens
filed against the Company, except as set forth in Schedule 5 hereto. 

  

	VI.	Patents, Trademarks, Copyrights and Software. All patents, trademarks, copyrights and software owned by the Company as of the date hereof and all
patent licenses, trademark licenses, copyright licenses and software licenses to which the Company is a party, as licensor or licensee, as of the date hereof are listed on Schedule 6 hereto. 

IN WITNESS WHEREOF, I have hereunto set my hand this 5th day of April, 2011. 

 

			
	COMPANY:
	
	SURGIVISION, INC., a Delaware corporation
		
	By:	 	/s/ Oscar L. Thomas
	Name:	 	Oscar L. Thomas
	Title:	 	Vice President, Business Affairs

  
 3 

Master Security Agreement (SurgiVision) 

 SCHEDULE 1 TO PERFECTION CERTIFICATE 

CHANGES OF NAME, IDENTITY OR CORPORATE STRUCTURE; 
 UNUSUAL TRANSACTIONS 
 None 

  
 Master Security Agreement
(SurgiVision) 

 SCHEDULE 2(G) TO PERFECTION CERTIFICATE 

CERTIFICATES OF TITLE 
 None 

  
 Master Security Agreement
(SurgiVision) 

 SCHEDULE 5 TO PERFECTION CERTIFICATE 

LIST OF EXISTING LIENS 
 UCC-1 filed with the Delaware Secretary of State naming the Company as the debtor and Boston Scientific Corporation as the secured party. 

UCC-1 filed with the Delaware Secretary of State naming the Company as the debtor and Landmark Community Bank, as Collateral Agent, as
the secured party. 

  
 Master Security Agreement
(eHealth) 

 SCHEDULE 6 TO PERFECTION CERTIFICATE 

LIST OF PATENTS, TRADEMARKS, COPYRIGHTS AND SOFTWARE 
 [***] 

  

	[***]  	Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential
treatment. 

 [***] 

  

	[***]  	Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential
treatment. 

 ATTACHMENT A 
 OWNED U.S. PATENTS 
 [***] 

  

	[***]  	Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential
treatment. 

 ATTACHMENT B 
 OWNED U.S. PATENT APPLICATIONS 
 [***] 

  

	[***]  	Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential
treatment. 

 ATTACHMENT C 
 LICENSED U.S. PATENTS 
 [***] 

  

	[***]  	Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential
treatment. 

 ATTACHMENT D 
 LICENSED U.S. PATENT APPLICATIONS 
 [***]

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