Document:

EX-10.26

 Exhibit 10.26 

THIS NOTE IS SUBJECT TO THE TERMS OF THE SUBORDINATION AGREEMENT DATED OCTOBER 3, 2014 BETWEEN COMERICA BANK AND HOLDER. 

 

			
	$35,000,000.00	  	October 3, 2014

 PROMISSORY NOTE 

FOR VALUE RECEIVED, and subject to the terms and conditions set forth herein, Bellicum Pharmaceuticals, Inc., a Delaware corporation (the
“Borrower”), hereby unconditionally promises to pay to the order of ARIAD Pharmaceuticals, Inc. or its assigns (the “Noteholder”, and together with the Borrower, the “Parties”), the principal amount
of $35,000,000.00 (the “Loan”), together with all accrued interest thereon, if any, as provided in this Promissory Note (this “Note”). 

1. Definitions. Capitalized terms used herein shall have the meanings set forth in this Section 1. 

“Borrower” has the meaning set forth in the introductory paragraph. 

“Business Day” means a day other than a Saturday, Sunday or other day on which commercial banks in Boston, Massachusetts
are authorized or required by law to close. 
 “Current Agreements” means, collectively, the License Agreement, that certain
Investor Rights Agreement between the Parties, dated July 25, 2006, as amended on March 25, 2009, and the Stock Purchase Agreement. 

“Default” means any of the events specified in Section 7 which constitutes an Event of Default or which, upon
the giving of notice, the lapse of time, or both pursuant to Section 7 would, unless cured or waived, become an Event of Default. 

“Default Rate” means the rate equal to ten percent (10%) per annum or the maximum rate allowed by applicable Law, if
lower. 
 “Definitive Agreement” means that certain Omnibus Amendment Agreement between the Parties, dated as of the date of
this Note, pursuant to which the Current Agreements have been restructured. 
 “Event of Default” has the meaning set
forth in Section 7. 
 “Governmental Authority” means the government of any nation or any political subdivision
thereof, whether at the national, state, territorial, provincial, municipal or any other level, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing,
regulatory or administrative powers or functions of, or pertaining to, government. 

 “Law” as to any Person, means any law (including common law), statute,
ordinance, treaty, rule, regulation, policy or requirement of any Governmental Authority and authoritative interpretations thereon, whether now or hereafter in effect, in each case, applicable to or binding on such Person or any of its properties or
to which such Person or any of its properties is subject. 
 “License Agreement” means that certain Amended and Restated
License Agreement between the Parties, dated March 7, 2011. 
 “Loan” has the meaning set forth in the
introductory paragraph. 
 “Material Adverse Effect” means a material adverse effect on (a) the business, assets,
properties, liabilities (actual or contingent), operations, condition (financial or otherwise) of the Borrower; (b) the validity or enforceability of this Note; (c) the rights or remedies of the Noteholder hereunder; or (e) the
Borrower’s ability to perform any of its material obligations hereunder. 
 “Note” has the meaning set forth in
the introductory paragraph. 
 “Noteholder” has the meaning set forth in the introductory paragraph. 

“Order” as to any Person, means any order, decree, judgment, writ, injunction, settlement agreement, requirement or
determination of an arbitrator or a court or other Governmental Authority, in each case, applicable to or binding on such Person or any of its properties or to which such Person or any of its properties is subject. 

“Parties” has the meaning set forth in the introductory paragraph. 

“Person” means any individual, corporation, limited liability company, trust, joint venture, association, company,
limited or general partnership, unincorporated organization, Governmental Authority or other entity. 
 “Stock Purchase
Agreement” means that certain that certain Stock Purchase Agreement between the Parties, dated July 25, 2006. 
 2. Payment
Dates; Optional Prepayments. 
 2.1 Principal Payment Dates. The principal amount of the Loan shall be payable as follows: 

(a) Pursuant to the Definitive Agreement, a payment of fifteen million dollars ($15,000,000) has been made to the Noteholder on
the date hereof. 

  
 2. 

 (b) A payment of twenty million dollars ($20,000,000) of principal (“Second
Payment”) shall be due and payable on June 30, 2015. 
 (c) A payment of fifteen million dollars ($15,000,000) of
principal (“Third Payment”) shall be due and payable on June 30, 2016. 
 2.2 Optional Prepayment; Repaid
Amounts. The Borrower may prepay the amounts due under Section 2.1(b) or 2.1(c) at any time without penalty or premium by paying the principal amount to be paid thereunder.  

3. Interest. 
 3.1
Default Interest. If any amount payable hereunder is not paid when due, such overdue amount shall bear interest at the Default Rate from the date of such non-payment until such amount is paid in full. 

3.2 Computation of Interest. All computations of interest shall be made on the basis of a year of 360 days and the actual number of
days elapsed. 
 4. Payment Mechanics. 

4.1 Manner of Payments. All payments of interest and principal shall be made in lawful money of the United States of America no later
than 5:00 PM ET on the date on which such payment is due by wire transfer of immediately available funds to the Noteholder’s account at a bank specified by the Noteholder in writing to the Borrower from time to time. 

4.2 Application of Payments. All payments made hereunder shall be applied first to accrued interest, if any, and second to the payment
of the principal amount outstanding under this Note. 
 4.3 Business Day Convention. Whenever any payment to be made hereunder shall
be due on a day that is not a Business Day, such payment shall be made on the last preceding Business Day and adjustment will be taken into account in calculating the amount of interest, if any, payable under this Note. 

4.4 Rescission of Payments. If at any time any payment made by the Borrower under this Note is rescinded or must otherwise be restored
or returned upon the insolvency, bankruptcy or reorganization of the Borrower or otherwise, the Borrower’s obligation to make such payment shall be reinstated as though such payment had not been made. 

  
 3. 

 5. Representations and Warranties. The Borrower hereby represents and warrants to the
Noteholder on the date hereof as follows: 
 5.1 Existence; Compliance With Laws. The Borrower is a corporation duly incorporated,
validly existing and in good standing under the laws of the state of its jurisdiction of organization and has the requisite power and authority, and the legal right, to own, lease and operate its properties and assets and to conduct its business as
it is now being conducted. 
 5.2 Power and Authority. The Borrower has the power and authority, and the legal right, to execute and
deliver this Note and to perform its obligations hereunder. 
 5.3 Authorization; Execution and Delivery. The execution and delivery
of this Note by the Borrower and the performance of its obligations hereunder have been duly authorized by all necessary corporate action in accordance with all applicable Laws. The Borrower has duly executed and delivered this Note. 

5.4 No Approvals. No consent or authorization of, filing with, notice to or other act by, or in respect of, any Governmental Authority
or any other Person is required in order for the Borrower to execute, deliver, or perform any of its obligations under this Note, except for consents previously obtained and any filings with Governmental Authorities which may be made after the date
of this Note. 
 5.5 No Violations. The execution and delivery of this Note and the consummation by the Borrower of the transactions
contemplated hereby do not and will not (a) violate any provision of the Borrower’s organizational documents; (b) violate any Law or Order applicable to the Borrower or by which any of its properties or assets may be bound; or
(c) constitute a default under any material agreement or contract by which the Borrower may be bound. 
 5.6 Enforceability. This
Note is a valid, legal and binding obligation of the Borrower, enforceable against the Borrower in accordance with its terms, except as the enforceability hereof may be limited by bankruptcy, insolvency or other similar laws of general application
relating to or affecting the enforcement of creditors’ rights or by general principles of equity. 
 6. Affirmative Covenants.
Until all amounts outstanding in this Note have been paid in full, the Borrower shall: 
 6.1 Maintenance of Existence.
(a) Preserve, renew and maintain in full force and effect its corporate existence and (b) take all reasonable action to maintain all rights, privileges and franchises necessary or desirable in the normal conduct of its business; except in
each case where the failure to do so could not reasonably be expected to have a Material Adverse Effect. 
 6.2 Compliance. Comply
with (a) all of the terms and provisions of its organizational documents; (b) its obligations under the Current Agreements as modified by the Definitive Agreement; and (c) all Laws and Orders applicable to it and its business; except
in each case where the failure to do so could not reasonably be expected to have a Material Adverse Effect. 

  
 4. 

 6.3 Notice of Defaults and Events of Default. As soon as possible and in any event within
five (5) Business Days after it becomes aware that a Default or an Event of Default has occurred, notify the Noteholder in writing of the nature and extent of such Default or Event of Default and the action, if any, it has taken or proposes to
take with respect to such Default or Event of Default. 
 6.4 Further Assurances. Promptly execute and deliver such further
instruments and do or cause to be done such further acts as may be reasonably necessary or advisable, upon advice of counsel to the Borrower, to carry out the intent and purpose of this Note. 

7. Events of Default. The occurrence and continuance of any of the following shall constitute an Event of Default hereunder: 

7.1 Failure to Pay. The Borrower fails to pay (a) the Second Payment of the Loan plus interest at the Default Rate on or before
June 30, 2016, or (b) the Third Payment of the Loan plus interest at the Default Rate on or before June 30, 2017. 
 7.2
Breach of Representations and Warranties. Any representation or warranty made by the Borrower to the Noteholder herein is incorrect in any material respect on the date as of which such representation or warranty was made, except where the
breach could not reasonably be expected to have a Material Adverse Effect. 
 7.3 Breach of Covenants. The Borrower fails to observe
or perform any covenant, obligation, condition or agreement contained in this Note and such failure continues for 30 days. 
 7.4
Bankruptcy. 
 (a) the Borrower commences any case, proceeding or other action (i) under any existing or future
Law relating to bankruptcy, insolvency, reorganization, or other relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate Borrower as bankrupt or insolvent, or seeking reorganization, arrangement,
adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts or (ii) seeking appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any
substantial part of its assets, or the Borrower makes a general assignment for the benefit of its creditors; 
 (b) there is
commenced against the Borrower any case, proceeding or other action of a nature referred to in Section 7.4(a) above which (i) results in the entry of an order for relief or any such adjudication or appointment or (ii) remains
undismissed, undischarged or unbonded for a period of 30 days; 

  
 5. 

 (c) there is commenced against the Borrower any case, proceeding or other action
seeking issuance of a warrant of attachment, execution or similar process against all or any substantial part of its assets which results in the entry of an order for any such relief which has not been vacated, discharged, or stayed or bonded
pending appeal within 30 days from the entry thereof; 
 (d) the Borrower takes any action in furtherance of, or indicating
its consent to, approval of, or acquiescence in, any of the acts set forth in Section 7.4(a), Section 7.4(b) or Section 7.4(c) above. 

8. Remedies. Upon the occurrence of any Event of Default and at any time thereafter during the continuance of such Event of Default,
the Noteholder may at its option, by written notice to the Borrower (a) declare the entire principal amount of this Note, together with all accrued interest, if any, thereon and all other amounts payable hereunder, immediately due and payable;
and/or (b) exercise any or all of its rights, powers or remedies under applicable Law; provided, however that, if an Event of Default described in Section 7.4 shall occur, the principal of and accrued interest on the Loan
shall become immediately due and payable without any notice, declaration or other act on the part of the Noteholder. 
 9. Continuing
Obligation; Discharge. The Borrower’s obligations under this Note are absolute and unconditional, and will not be affected by the expiration or termination of the Current Agreements, the Definitive Agreement, or any of them, for any reason
other than the valid termination of both the License Agreement and the Definitive Agreement by the Borrower in compliance with Section 2.2 of the Definitive Agreement; in which case this Note shall terminate and all amounts due hereunder by the
Borrower shall be extinguished and all obligations of the Borrower hereunder shall cease and be of no further force or effect. 
 10.
Miscellaneous. 
 10.1 Notices. 

(a) All notices, requests or other communications required or permitted to be delivered hereunder shall be delivered in
writing, in each case to the address specified below or to such other address as such Party may from time to time specify in writing in compliance with this provision: 
  

	 	(i)	If to the Borrower: 

 2130 Holcombe Boulevard 

Suite 850 
 Houston, TX 77030

 Attn: Chief Executive Officer 

Telephone: 1-281-768-7691, Facsimile: 1-832-384-1111 

E-mail: tfarrell@bellicum.com 

  
 6. 

	 	(ii)	If to the Noteholder: 

 26 Landsdowne Street 

Cambridge, MA 02139-4234 
 Attn:
Chief Executive Officer 
 Telephone: (617) 494-0400, 

Facsimile: (617) 494-1828 

E-mail: Harvey.berger@ariad.com 

(b) Notices if (i) mailed by certified or registered mail or sent by hand or overnight courier service shall be deemed to
have been given when received; (ii) sent by facsimile during the recipient’s normal business hours shall be deemed to have been given upon confirmation of sending (and if sent after normal business hours shall be deemed to have been given
at the opening of the recipient’s business on the next business day); and (iii) sent by e-mail shall be deemed received upon the sender’s receipt of an acknowledgment from the intended recipient (such as by the “return receipt
requested” function, as available, return e-mail or other written acknowledgment). 
 10.2 Expenses. The Borrower shall reimburse
the Noteholder on demand for all reasonable out-of-pocket costs, expenses and fees (including reasonable expenses and fees of its counsel) incurred by the Noteholder in connection with the enforcement of the Noteholder’s rights hereunder. 

10.3 Governing Law. This Note and any claim, controversy, dispute or cause of action (whether in contract or tort or otherwise) based
upon, arising out of or relating to this Note, and the transactions contemplated hereby shall be governed by the laws of the State of New York. 

10.4 Waiver of Jury Trial. THE BORROWER HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY
HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY RELATING TO THIS NOTE OR THE TRANSACTIONS CONTEMPLATED HEREBY WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY. 

10.5 Counterparts; Integration; Effectiveness. This Note and any amendments, waivers, consents or supplements hereto may be executed in
counterparts, each of which shall constitute an original, but both taken together shall constitute a single contract. This Note, the Definitive Agreement and Current Agreements constitute the entire contract between the

  
 7. 

 
Parties with respect to the subject matter hereof and supersede all previous agreements and understandings, oral or written, with respect thereto. Delivery of an executed counterpart of a
signature page to this Note by facsimile or in electronic (i.e., “pdf” or “tif”) format shall be effective as delivery of a manually executed counterpart of this Note. 

10.6 Successors and Assigns. This Note may be assigned or transferred by the Noteholder to any Person. The Borrower may not assign or
transfer this Note or any of its rights hereunder without the prior written consent of the Noteholder; provided, however, that the Borrower may, without the written consent of the Noteholder, assign this Note in connection with the transfer or sale
of all or substantially all of the Borrower’s assets or, in the event of its merger, consolidation, change in control or similar transaction. Any permitted assignee shall assume all obligations of the Borrower under this Note. This Note shall
inure to the benefit of, and be binding upon, the Parties and their permitted assigns. 
 10.7 Waiver of Notice. The Borrower hereby
waives demand for payment, presentment for payment, protest, notice of payment, notice of dishonor, notice of nonpayment, notice of acceleration of maturity and diligence in taking any action to collect sums owing hereunder. 

10.8 Amendments and Waivers. No term of this Note may be waived, modified or amended except by an instrument in writing signed by both
of the Parties hereto. Any waiver of the terms hereof shall be effective only in the specific instance and for the specific purpose given. 

10.9 Headings. The headings of the various Sections and subsections herein are for reference only and shall not define, modify, expand
or limit any of the terms or provisions hereof. 
 10.10 No Waiver; Cumulative Remedies. No failure to exercise and no delay in
exercising on the part of the Noteholder, of any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further
exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. 

10.11 Electronic Execution. The words “execution,” “signed,” “signature,” and words of similar import in
this Note shall be deemed to include electronic or digital signatures or the keeping of records in electronic form, each of which shall be of the same effect, validity and enforceability as manually executed signatures or a paper-based recordkeeping
system, as the case may be, to the extent and as provided for under applicable law, including the Electronic Signatures in Global and National Commerce Act of 2000 (15 USC § 7001 et seq.), the Electronic Signatures and Records Act of 1999 (N.Y.
State Tech. Law §§ 301-309), or any other similar state laws based on the Uniform Electronic Transactions Act. 

  
 8. 

 10.12 Severability. If any term or provision of this Note is invalid, illegal or
unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Note or invalidate or render unenforceable such term or provision in any other jurisdiction. 

IN WITNESS WHEREOF, the Borrower has executed this Note as of October 3, 2014. 

 

			
	BELLICUM PHARMACEUTICALS, INC.
		
	By	 	/s/ Thomas J. Farrell
	 Name: Thomas J. Farrell

	 Title: President and Chief Executive Officer

  
 9.EX-10.27

 Exhibit 10.27 

BELLICUM PHARMACEUTICALS, INC. 

LOAN AND SECURITY AGREEMENT 

 This LOAN AND SECURITY AGREEMENT (this “Agreement”) is entered into as of December 13, 2012, by
and between COMERICA BANK (“Bank”) and BELLICUM PHARMACEUTICALS, INC., a Delaware corporation (“Borrower”). 

RECITALS 
 Borrower wishes to
obtain credit from time to time from Bank, and Bank desires to extend credit to Borrower. This Agreement sets forth the terms on which Bank will advance credit to Borrower, and Borrower will repay the amounts owing to Bank. 

AGREEMENT 
 The parties agree as
follows: 
  

	1.	DEFINITIONS AND CONSTRUCTION. 

 1.1 Definitions. As used in this Agreement, all
capitalized terms shall have the definitions set forth on Exhibit A. Any term used in the Code and not defined herein shall have the meaning given to the term in the Code. 

1.2 Accounting Terms. Any accounting term not specifically defined on Exhibit A shall be construed in accordance with GAAP and
all calculations shall be made in accordance with GAAP. The term “financial statements” shall include the accompanying notes and schedules. 
  

	2.	LOAN AND TERMS OF PAYMENT. 

 2.1 Credit Extensions. 

(a) Promise to Pay. Borrower promises to pay to Bank, in lawful money of the United States of America, the aggregate unpaid principal
amount of all Credit Extensions made by Bank to Borrower, together with interest on the unpaid principal amount of such Credit Extensions at rates in accordance with the terms hereof. 

(b) Equipment Advances. 

(i) Subject to and upon the terms and conditions of this Agreement, Bank agrees to make Equipment Advances to Borrower. Borrower may request
Equipment Advances at any time from the date hereof through the Equipment Advance Availability End Date. The aggregate outstanding amount of Equipment Advances shall not exceed the Equipment Line. 

(ii) Interest shall accrue from the date of each Equipment Advance at the rate specified in Section 2.3(a), and shall be payable
in accordance with Section 2.3(c). Any Equipment Advances that are outstanding on the Equipment Advance Availability End Date shall be payable in thirty (30) equal monthly installments of principal, plus all accrued interest,
beginning on July 1, 2013, and continuing on the same day of each month thereafter through the Equipment Line Maturity Date, at which time all amounts due in connection with Equipment Advances made under this Section 2.1(b) shall be
immediately due and payable. Borrower may prepay any Equipment Advances in whole or in part without penalty or premium. Partial prepayments hereunder shall be applied to the installments hereunder in the inverse order of their maturities without
reamortization of the repayment schedule for the remaining principal balance. 
 (iii) When Borrower desires to obtain an Equipment
Advance, Borrower shall notify Bank (which notice shall be irrevocable) by facsimile transmission to be received no later than 3:00 p.m. Central time three Business Days before the day on which the Equipment Advance is to be made. Such notice
shall be substantially in the form of Exhibit C. The notice shall be signed by a Responsible Officer or its designee and include a copy of the invoice for any Equipment to be financed. Each Equipment Advance shall not exceed one hundred
percent (100)% of the invoice amount of equipment (which Borrower shall, in any case, have purchased 

 
within ninety (90) days of the date of the corresponding Equipment Advance), excluding taxes, shipping, warranty charges, freight discounts and installation expense. Bank shall be entitled
to rely on any facsimile notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such
reliance. 
 2.2 [Reserved]. 

2.3 Interest Rates, Payments, and Calculations. 

(a) Interest Rate. Except as set forth in Section 2.3(b), the Equipment Advances shall bear interest, on the outstanding
daily balance thereof, as set forth in the Prime Referenced Rate Addendum to Loan and Security Agreement attached hereto as Exhibit D (“Interest Rate Addendum”). 

(b) Late Fee; Default Rate. If any payment is not made within 10 days after the date such payment is due, Borrower shall pay Bank a
late fee equal to the lesser of (i) five percent (5%) of the amount of such unpaid amount or (ii) the maximum amount permitted to be charged under applicable law. All Obligations shall bear interest, from and after the occurrence and
during the continuance of an Event of Default, at a rate equal to five (5) percentage points above the interest rate applicable immediately prior to the occurrence of the Event of Default. 

(c) Payments. Except as set forth in the Interest Rate Addendum, interest hereunder shall be due and payable on the first
(1st) Business Day of each month during the term hereof. Bank shall, at its option, charge such interest, all Bank Expenses, and all Periodic Payments against any of Borrower’s deposit accounts or against the Equipment Line, in which ease
those amounts shall thereafter accrue interest at the rate then applicable hereunder. Any interest not paid when due shall be compounded by becoming a part of the Obligations, and such interest shall thereafter accrue interest at the rate then
applicable hereunder. 
 (d) Computation. In the event the Prime Rate is changed from time to time hereafter, the applicable rate of
interest hereunder shall be increased or decreased, effective as of the day the Prime Rate is changed, by an amount equal to such change in the Prime Rate. All interest chargeable under the Loan Documents shall be computed on the basis of a three
hundred sixty (360) day year for the actual number of days elapsed. 
 2.4 Crediting Payments. Prior to the occurrence of an
Event of Default, Bank shall credit a wire transfer of funds, check or other item of payment to such deposit account or Obligation as Borrower specifies. After the occurrence of an Event of Default, Bank shall have the right, in its sole discretion,
to immediately apply any wire transfer of funds, check, or other item of payment Bank may receive to conditionally reduce Obligations, but such applications of funds shall not be considered a payment on account unless such payment is of immediately
available federal funds or unless and until such check or other item of payment is honored when presented for payment. Notwithstanding anything to the contrary contained herein, any wire transfer or payment received by Bank after 12:00 noon
Central time shall be deemed to have been received by Bank as of the opening of business on the immediately following Business Day. Whenever any payment to Bank under the Loan Documents would otherwise be due (except by reason of acceleration) on a
date that is not a Business Day, such payment shall instead be due on the next Business Day, and additional fees or interest, as the case may be, shall accrue and be payable for the period of such extension. 

2.5 Fees. Borrower shall pay to Bank the following: 

(a) Facility Fee. On the Closing Date, a fee equal to $10,000, which shall be nonrefundable; and 

(b) Bank Expenses. On the Closing Date, all Bank Expenses incurred through the Closing Date, and, after the Closing Date, all Bank
Expenses, as and when they become due. 
 2.6 Term. This Agreement shall become effective on the Closing Date and, subject to
Section 13.8, shall continue in full force and effect for so long as any Obligations remain outstanding or Bank has any obligation to make Credit Extensions under this Agreement. Notwithstanding the foregoing, Bank shall have
the right to terminate its obligation to make Credit Extensions under this Agreement immediately and without notice upon the occurrence and during the continuance of an Event of Default. 

  
 2 

	3.	CONDITIONS OF LOANS. 

 3.1 Conditions Precedent to Initial Credit Extension. The
obligation of Bank to make the initial Credit Extension is subject to the condition precedent that Bank shall have received, in form and substance satisfactory to Bank, the following: 

(a) this Agreement; 
 (b) an
officer’s certificate of Borrower with respect to incumbency and resolutions authorizing the execution and delivery of this Agreement; 

(c) a financing statement (Form UCC-1) naming Borrower as debtor; 

(d) an agreement to furnish insurance; 

(e) for each collateral location or warehouse location of Borrower or any Collateral location not owned by Borrower, a landlord subordination
agreement, collateral access agreement or bailment waiver, executed by the landlord, warehouseman or bailee of such location, as applicable, together with a copy of the lease, warehouse or bailment agreement for each such location, as applicable;

 (f) payment of the fees and Bank Expenses then due specified in Section 2.5; 

(g) current SOS Reports indicating that except for Permitted Liens, there are no other security interests or Liens of record in the
Collateral; 
 (h) current financial statements, including CPA reviewed statements for Borrower’s most recently ended fiscal year,
company prepared consolidated and consolidating (as applicable) balance sheets and income statements for the most recently ended month in accordance with Section 6.2, and such other updated financial information as Bank may reasonably request;

 (i) an Automatic Debit Authorization; and 

(j) such other documents or certificates, and completion of such other matters, as Bank may reasonably deem necessary or appropriate. 

3.2 Conditions Precedent to all Credit Extensions. The obligation of Bank to make each Credit Extension, including the initial Credit
Extension, is further subject to the following conditions: 
 (a) timely receipt by Bank of the Payment/Advance Form as provided in
Section 2.1; and 
 (b) the representations and warranties contained in Article 5 shall be true and correct in all
material respects on and as of the date of such Payment/Advance Form and on the effective date of each Credit Extension as though made at and as of each such date, and no Event of Default shall have occurred and be continuing, or would exist after
giving effect to such Credit Extension (provided, however, that those representations and warranties expressly referring to another date shall be true, correct and complete in all material respects as of such date). The making of each Credit
Extension shall be deemed to be a representation and warranty by Borrower on the date of such Credit Extension as to the accuracy of the facts referred to in this Section 3.2. 

 

	4.	CREATION OF SECURITY INTEREST. 

 4.1 Grant of Security Interest. Borrower grants
and pledges to Bank a continuing security interest in the Collateral, now existing or hereafter acquired, to secure prompt repayment of any and all Obligations and to 

  
 3 

 
secure prompt performance by Borrower of each of its covenants and duties under the Loan Documents. Except as set forth in the Schedule, such security interest constitutes a valid, first
priority security interest in the presently existing Collateral, and will constitute a valid, first priority security interest in later-acquired Collateral Borrower also hereby agrees not to sell, transfer, assign, mortgage, pledge, lease,
grant a security interest in, or encumber any of its Intellectual Property, except in connection with Permitted Liens and Permitted Transfers. Notwithstanding any termination of this Agreement, Bank’s Lien on the Collateral shall remain in
effect for so long as any Obligations are outstanding. 
 4.2 Perfection of Security Interest. Borrower authorizes Bank to
file at any time financing statements, continuation statements, and amendments thereto that (i) either specifically describe the Collateral or describe the Collateral as all assets of Borrower of the kind pledged hereunder, and
(ii) contain any other information required by the Code for the sufficiency of filing office acceptance of any financing statement, continuation statement, or amendment, including whether Borrower is an organization, the type of organization
and any organizational identification number issued to Borrower, if applicable. Any such financing statements may be filed by Bank at any time in any jurisdiction whether or not Revised Article 9 of the Code is then in effect in that jurisdiction.
Borrower shall from time to time endorse and deliver to Bank, at the request of Bank, all Negotiable Collateral and other documents that Bank may reasonably request, in form satisfactory to Bank, to perfect and continue perfection of Bank’s
security interests in the Collateral and in order to fully consummate all of the transactions contemplated under the Loan Documents. Borrower shall have possession of the Collateral, except where expressly otherwise provided in this Agreement or
where Bank chooses to perfect its security interest by possession in addition to the filing of a financing statement. Where Collateral is in possession of a third party, Borrower shall take such steps as Bank reasonably requests for Bank (i) to
obtain an acknowledgment, in form and substance satisfactory to Bank, that the bailee holds such Collateral for the benefit of Bank; and (ii) to obtain “control” of any Collateral consisting of investment property, deposit accounts,
letter-of-credit rights or electronic chattel paper (as such items and the term “control” are defined in Revised Article 9 of the Code) by causing the securities intermediary or depositary institution or issuing bank to execute a control
agreement in form and substance satisfactory to Bank. Borrower will not create any chattel paper without placing a legend on the chattel paper acceptable to Bank indicating that Bank has a security interest in the chattel paper. Borrower from time
to time may deposit with Bank specific cash collateral to secure specific Obligations; Borrower authorizes Bank to hold such specific balances in pledge and to decline to honor any drafts thereon or any request by Borrower or any other Person to pay
or otherwise transfer any part of such balances for so long as the specific Obligations are outstanding. 
 4.3 Right to Inspect.
Bank (through any of its officers, employees, or agents) shall have the right, upon reasonable prior notice, from time to time during Borrower’s usual business hours but no more than once a year (unless an Event of Default has
occurred and is continuing), to inspect Borrower’s Books and to make copies thereof and to check, test, and appraise the Collateral in order to verify Borrower’s financial condition or the amount, condition of, or any other matter
relating to, the Collateral. 
  

	5.	REPRESENTATIONS AND WARRANTIES. 

 Borrower represents and warrants as follows: 

5.1 Due Organization and Qualification. Borrower and each Subsidiary is an entity duly existing under the laws of the State of Delaware
and qualified and licensed to do business in any state in which the conduct of its business or its ownership of property requires that it be so qualified, except where the failure to do so would not reasonably be expected to cause a Material Adverse
Effect. 
 5.2 Due Authorization; No Conflict. The execution, delivery, and performance of the Loan Documents are within
Borrower’s powers, have been duly authorized, and are not in conflict with nor constitute a breach of any provision contained in Borrower’s organizational documents, nor will they constitute an event of default under any material agreement
by which Borrower is bound. Borrower is not in default under any agreement by which it is bound, except to the extent such default would not reasonably be expected to cause a Material Adverse Effect. 

5.3 Collateral. Borrower has rights in or the power to transfer the Collateral, and its title to the Collateral is free and clear of
Liens, adverse claims, and restrictions on transfer or pledge except for Permitted 

  
 4 

 
Liens. All Collateral is located solely in the Collateral States. All Inventory is in all material respects of good and merchantable quality, free from all material defects, except for Inventory
for which adequate reserves have been made. Except as set forth in the Schedule, none of the Collateral is maintained or invested with a Person other than Bank or Bank’s Affiliates. 

5.4 Intellectual Property. Borrower is the sole owner of the Intellectual Property, except for licenses granted by Borrower to its
customers in the ordinary course of business. To Borrower’s knowledge, each of the Copyrights, Trademarks and Patents is valid and enforceable, and no part of the Intellectual Property has been judged invalid or unenforceable, in whole or in
part, and no claim has been made to Borrower that any part of the Intellectual Property violates the rights of any third party except to the extent such claim could not reasonably be expected to cause a Material Adverse Effect. 

5.5 Name; Location of Chief Executive Office. Except as disclosed in the Schedule, Borrower has not done business under any name other
than that specified on the signature page hereof, and its exact legal name is as set forth in the first paragraph of this Agreement. The chief executive office of Borrower is located in the Chief Executive Office State at the address indicated in
Article 10 hereof. 
 5.6 Actions, Suits, Litigation, or Proceedings. Except as set forth in the Schedule, there are no
actions, suits, litigation or proceedings, at law or in equity, pending by or against Borrower or any Subsidiary of Borrower before any court, administrative agency, or arbitrator in which a likely adverse decision could reasonably be expected to
have a Material Adverse Effect. 
 5.7 No Material Adverse Change in Financial Statements. All consolidated and consolidating
financial statements related to Borrower and any Subsidiary of Borrower that are delivered by Borrower to Bank fairly present in all material respects Borrower’s consolidated and consolidating financial condition as of the date thereof and
Borrower’s consolidated and consolidating results of operations for the period then ended. There has not been a material adverse change in the consolidated or in the consolidating financial condition of Borrower since the date of the most
recent of such financial statements submitted to Bank. 
 5.8 Solvency, Payment of Debts. Borrower is able to pay its debts
(including trade debts) as they mature; the fair saleable value of Borrower’s assets (including goodwill minus disposition costs) exceeds the fair value of its liabilities; and Borrower is not left with unreasonably small capital after the
transactions contemplated by this Agreement. 
 5.9 Compliance with Laws and Regulations. Borrower and each Subsidiary have met the
minimum funding requirements of ERISA with respect to any employee benefit plans subject to ERISA. No event has occurred resulting from Borrower’s failure to comply with ERISA that is reasonably likely to result in Borrower’s incurring any
liability that could reasonably be expected to have a Material Adverse Effect. Borrower is not an “investment company” or a company “controlled” by an “investment company” within the meaning of the Investment Company
Act of 1940. Borrower is not engaged principally, or as one of the important activities, in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulations T and U of the Board of Governors
of the Federal Reserve System). Borrower has complied in all material respects with all the provisions of the Federal Fair Labor Standards Act. Borrower is in compliance with all environmental laws, regulations and ordinances except where the
failure to comply is not reasonably likely to have a Material Adverse Effect. Borrower has not violated any statutes, laws, ordinances or rules applicable to it, the violation of which could reasonably be expected to have a Material Adverse Effect.
Borrower and each Subsidiary of Borrower have filed or caused to be filed all tax returns required to be filed, and have paid, or have made adequate provision for the payment of, all taxes reflected therein except those being contested in good faith
with adequate reserves under GAAP or where the failure to file such returns or pay such taxes could not reasonably be expected to have a Material Adverse Effect. 

5.10 Subsidiaries. Borrower does not own any stock, partnership interest or other equity securities of any Person, except for Permitted
Investments. 
 5.11 Government Consents. Borrower and each Subsidiary of Borrower have obtained all consents, approvals and
authorizations of, made all declarations or filings with, and given all notices to, all governmental authorities that are necessary for the continued operation of Borrower’s business as currently conducted, except where the failure to do so
would not reasonably be expected to cause a Material Adverse Effect. 

  
 5 

 5.12 Inbound Licenses. Except as disclosed on the Schedule, Borrower is not a party to,
nor is bound by, any inbound license agreement, the failure, breach, or termination of which could reasonably be expected to cause a Material Adverse Effect, or that prohibits or otherwise restricts Borrower from granting a security interest in
Borrower’s interest in such license agreement or related property. 
 5.13 Full Disclosure. No representation, warranty or other
statement made by Borrower in any certificate or written statement furnished to Bank taken together with all such certificates and written statements furnished to Bank contains any untrue statement of a material fact or omits to state a material
fact necessary in order to make the statements contained in such certificates or statements not misleading, it being recognized by Bank that the projections and forecasts provided by Borrower in good faith and based upon reasonable assumptions are
not to be viewed as facts and that actual results during the period or periods covered by any such projections and forecasts may differ from the projected or forecasted results. 

 

	6.	AFFIRMATIVE COVENANTS. 

 Borrower covenants that, until payment in full of all
outstanding Obligations, and for so long as Bank may have any commitment to make a Credit Extension hereunder, Borrower shall do all of the following: 

6.1 Good Standing and Government Compliance. Borrower shall maintain its, and each of its Subsidiaries’ limited liability company
or corporate, as applicable, existence and good standing in its respective state or jurisdiction of organization or incorporation, as applicable, shall maintain qualification and good standing in each other jurisdiction in which the failure to so
qualify would reasonably be expected to have a Material Adverse Effect, and shall furnish to Bank the organizational identification number issued to Borrower by the authorities of the state in which Borrower is organized, if applicable. Borrower
shall meet, and shall cause each of its Subsidiaries to meet, the minimum funding requirements of ERISA with respect to any employee benefit plans subject to ERISA. Borrower shall comply in all material respects with all applicable Environmental
Laws, and maintain all material permits, licenses and approvals required thereunder where the failure to do so would reasonably be expected to have a Material Adverse Effect. Borrower shall comply, and shall cause each of its Subsidiaries to comply,
with all statutes, laws, ordinances and government rules and regulations to which it is subject, and shall maintain, and shall cause each of its Subsidiaries to maintain, in force all licenses, approvals and agreements, the loss of which or failure
to comply with which would reasonably be expected to have a Material Adverse Effect. 
 6.2 Financial Statements, Reports,
Certificates. Borrower shall deliver to Bank: (i) as soon as available, but in any event within thirty (30) days after the end of each calendar month, a company-prepared balance sheet, income statement and statement of cash flows
covering Borrower’s and its Subsidiaries’ operations during such period, prepared in accordance with GAAP, and in a form reasonably acceptable to Bank and certified by a Responsible Officer; (ii) as soon as available, but in any event
within one hundred eighty (180) days after the end of Borrower’s fiscal year, financial statements of Borrower prepared in accordance with GAAP, consistently applied, and reviewed by an independent certified public accounting firm
reasonably acceptable to Bank; (iii) if applicable, copies of all statements, reports and notices sent or made available generally by Borrower to its security holders or to any holders of Subordinated Debt and all reports on Forms 10-K and 10-Q
filed with the Securities and Exchange Commission; (iv) promptly upon receipt of notice thereof, a report of any legal actions pending or threatened against Borrower or any Subsidiary that could result in damages or costs to Borrower or any
Subsidiary of One Hundred Thousand Dollars ($100,000) or more; (v) promptly upon receipt, each management letter prepared by Borrower’s independent certified public accounting firm regarding Borrower’s management control systems;
(vi) as soon as available, but in any event not later than January 31 of each calendar year, Borrower’s financial and business projections and budget for the immediately following year, which projections shall include monthly balance
sheets and income statements, with evidence of approval thereof by Borrower’s board of directors; (vii) such budgets, sales projections, operating plans or other financial information generally prepared by Borrower in the ordinary course
of business as Bank may reasonably request from time to time; and (viii) upon Bank’s request, within thirty (30) days of the last day of each fiscal quarter, a report signed by Borrower, in form reasonably acceptable to Bank, listing
any applications or registrations that Borrower has made or filed in respect of any Patents, Copyrights or Trademarks and the status of any outstanding applications or registrations, as well as any material change in Borrower’s Intellectual
Property Collateral. 

  
 6 

 (a) Within thirty (30) days after the last day of each month, Borrower shall deliver to Bank
with the monthly financial statements a Compliance Certificate certified as of the last day of the applicable month and signed by a Responsible Officer in substantially the form of Exhibit E hereto. 

(b) Immediately after the occurrence or existence of an Event of Default hereunder, a written statement of a Responsible Officer setting forth
details of the Event of Default, and the action which Borrower has taken or proposes to take with respect thereto. 
 (c) Bank shall have a
right from time to time hereafter to audit Borrower’s Accounts and appraise Collateral at Borrower’s expense, provided that such audits will be conducted no more often than every twelve (12) months unless an Event of Default has
occurred and is continuing. 
 Borrower may deliver to Bank on an electronic basis any certificates, reports or information required
pursuant to this Section 6.2, and Bank shall be entitled to rely on the information contained in the electronic files, provided that Bank in good faith believes that the files were delivered by a Responsible Officer. If Borrower delivers
this information electronically, it shall also deliver to Bank by U.S. Mail, reputable overnight courier service, hand delivery, facsimile or .pdf file within five (5) Business Days of submission of the unsigned electronic copy the
certification of monthly financial statements, the intellectual property report, the Borrowing Base Certificate and the Compliance Certificate, each bearing the physical signature of the Responsible Officer. 

6.3 Inventory; Returns. Borrower shall keep all Inventory in good and merchantable condition, free from all material defects except for
Inventory for which adequate reserves have been made. Returns and allowances, if any, as between Borrower and its account debtors shall be on the same basis and in accordance with the usual customary practices of Borrower, as they exist on the
Closing Date. Borrower shall promptly notify Bank of all returns and recoveries and of all disputes and claims involving more than One Hundred Thousand Dollars ($100,000). 

6.4 Taxes. Borrower shall make, and cause each of its Subsidiaries to make, due and timely payment or deposit of all material federal,
state, and local taxes, assessments, or contributions required of it by law, including, but not limited to, those laws concerning income taxes, F.I.C.A., F.U.T.A. and state disability, and will execute and deliver to Bank, on demand, proof
satisfactory to Bank indicating that Borrower or a Subsidiary of Borrower has made such payments or deposits and any appropriate certificates attesting to the payment or deposit thereof; provided that Borrower or a Subsidiary of Borrower need not
make any payment if the amount or validity of such payment is contested in good faith by appropriate proceedings and is reserved against (to the extent required by GAAP) by Borrower or its Subsidiary, as applicable. 

6.5 Insurance. 
 (a)
Borrower, at its expense, shall keep the Collateral insured against loss or damage by fire, theft, explosion, sprinklers, and all other hazards and risks, and in such amounts, as ordinarily insured against by other owners in similar businesses
conducted in the locations where Borrower’s business is conducted on the date hereof. Borrower shall also maintain liability and other insurance in amounts and of a type that are customary to businesses similar to Borrower’s. 

(b) All such policies of insurance shall be in such form, with such companies, and in such amounts as reasonably satisfactory to Bank. All
policies of property insurance shall contain a lender’s loss payable endorsement, in a form satisfactory to Bank, showing Bank as an additional loss payee, and all liability insurance policies shall show Bank as an additional insured and
specify that the insurer must give at least twenty (20) days notice to Bank before canceling its policy for any reason. Upon Bank’s request, Borrower shall deliver to Bank certified copies of the policies of insurance and evidence of all
premium payments. If no Event of Default has occurred and is continuing, proceeds payable under any casualty policy will, at Borrower’s option, be payable to Borrower to replace the property subject to the claim, provided that any such
replacement property shall be deemed 

  
 7 

 
Collateral in which Bank has been granted a first priority security interest. If an Event of Default has occurred and is continuing, all proceeds payable under any such policy shall, at
Bank’s option, be payable to Bank to be applied on account of the Obligations. 
 6.6 Accounts. Borrower shall maintain all its
primary depository and operating accounts with Bank and its primary investment accounts with Bank or Bank’s Affiliates (covered by satisfactory control agreements). 

6.7 [Reserved]. 
 6.8
Registration of Intellectual Property Rights. 
 (a) Borrower shall register or cause to be promptly registered (to the extent not
already registered) with the United States Patent and Trademark Office or the United States Copyright Office, as the case may be, those registrable intellectual property rights now owned or hereafter developed or acquired by Borrower, but only to
the extent that Borrower, in its sole reasonable business judgment, deems it appropriate to so protect such intellectual property rights. 

(b) Borrower shall (i) protect, defend and maintain the validity and enforceability of its material Trademarks, Patents, Copyrights, and
trade secrets, (ii) use commercially reasonable efforts to detect infringements of its material Trademarks, Patents and Copyrights and promptly advise Bank in writing of material infringements detected and (iii) not allow any material
Trademarks, Patents or Copyrights to be abandoned, forfeited or dedicated to the public without the written consent of Bank, which shall not be unreasonably withheld. 

6.9 Consent of Inbound Licensors. Within ten (10) days after entering into or becoming bound by any material license agreement,
Borrower shall provide written notice to Bank of the material terms of such license agreement with a description of its likely impact on Borrower’s business or financial condition. 

6.10 Further Assurances. At any time and from time to time Borrower shall execute and deliver such further instruments and take such
further action as may reasonably be requested by Bank to effect the purposes of this Agreement. 
  

	7.	NEGATIVE COVENANTS. 

 Borrower covenants and agrees that, so long as any credit hereunder
shall be available and until the outstanding Obligations are paid in full or for so long as Bank may have any commitment to make any Credit Extensions, Borrower will not do any of the following without Bank’s prior written consent: 

7.1 Dispositions. Convey, sell, lease, license, transfer or otherwise dispose of (collectively, to “Transfer”), or permit any
of its Subsidiaries to Transfer, all or any part of its business or property, or subject to Section 6.6 of the Agreement, move cash balances on deposit with Bank to accounts opened at another financial institution, other than Permitted
Transfers. 
 7.2 Change in Name, Location, Executive Office, or Executive Management Change in Business; Change in Fiscal Year; Change
in Control. Change its name or the Borrower State or relocate its chief executive office without thirty (30) days prior written notification to Bank; replace its chief executive officer or chief financial officer without thirty
(30) days prior written notification to Bank; engage in any business, or permit any of its Subsidiaries to engage in any business, other than or reasonably related or incidental to the businesses currently engaged in by Borrower; change its
fiscal year end; or have a Change in Control. 
 7.3 Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries
to merge or consolidate, with or into any other business organization (other than mergers or consolidations of a Subsidiary into another Subsidiary or into Borrower), or acquire, or permit any of its Subsidiaries to acquire, all or substantially all
of the capital stock or property of another Person, or enter into any agreement to do any of the same. 

  
 8 

 7.4 Indebtedness. Create, incur, assume, guarantee or be or remain liable with respect to
any Indebtedness, or permit any of its Subsidiaries to do so, other than Permitted Indebtedness, or prepay any Indebtedness or take any actions which impose on Borrower an obligation to prepay any Indebtedness, except Indebtedness to Bank. 

7.5 Encumbrances. Create, incur, assume or allow any Lien with respect to any of its property, or assign or otherwise convey any right
to receive income, including the sale of any Accounts, or permit any of its Subsidiaries so to do, except for Permitted Liens, or covenant to any other Person that Borrower in the future will refrain from creating, incurring, assuming or allowing
any Lien with respect to any of Borrower’s property. 
 7.6 Distributions. Pay any dividends or make any other distribution or
payment on account of or in redemption, retirement or purchase of any capital stock other than Permitted Stock Repurchases. 
 7.7
Investments. Directly or indirectly acquire or own, or make any Investment in or to any Person, or permit any of its Subsidiaries so to do, other than Permitted Investments, or, except as provided in Section 6.6 of this Agreement,
maintain or invest any of its property with a Person other than Bank or Bank’s Affiliates or permit any of its Subsidiaries to do so unless such Person has entered into a control agreement with Bank, in form and substance satisfactory to Bank,
or suffer or permit any of its Subsidiaries to be a party to, or be bound by, an agreement that restricts such Subsidiary of Borrower from paying dividends or otherwise distributing property to Borrower. Further, Borrower shall not enter into any
license or agreement with any Prohibited Territory or with any Person organized under or doing business in a Prohibited Territory. 
 7.8
Transactions with Affiliates. Directly or indirectly enter into or permit to exist any material transaction with any Affiliate of Borrower except for transactions that are in the ordinary course of Borrower’s business, upon fair and
reasonable terms that are no less favorable to Borrower than would be obtained in an arm’s length transaction with a non-affiliated Person. 

7.9 Subordinated Debt. Make any payment in respect of any Subordinated Debt, or permit any of its Subsidiaries to make any such
payment, except in compliance with the terms of such Subordinated Debt and the terms of the subordination agreement relating to such Subordinated Debt, or amend any provision of any document evidencing such Subordinated Debt, except in compliance
with the terms of the subordination agreement relating to such Subordinated Debt, or amend any provision affecting Bank’s rights contained in any documentation relating to the Subordinated Debt without Bank’s prior written consent. 

7.10 Inventory and Equipment. Store the Inventory or the Equipment with a bailee, warehouseman, or similar third party unless the third
party has been notified of Bank’s security interest and Bank (a) has received an acknowledgment from the third party that it is holding or will hold the Inventory or Equipment for Bank’s benefit or (b) is in possession of the
warehouse receipt, where negotiable, covering such inventory or Equipment. Except for Inventory sold in the ordinary course of business and except for such other locations as Bank may approve in writing, Borrower shall keep the Inventory and
Equipment only at the location set forth in Section 10 and such other locations of which Borrower gives Bank prior written notice and as to which Bank files a financing statement where needed to perfect its security interest. 

7.11 No Investment Company; Margin Regulation. Become or be controlled by an “investment company,” within the meaning of the
Investment Company Act of 1940, or become principally engaged in, or undertake as one of its important activities, the business of extending credit for the purpose of purchasing or carrying margin stock, or use the proceeds of any Credit Extension
for such purpose. 
  

	8.	EVENTS OF DEFAULT. 

 Any one or more of the following events shall constitute an Event of
Default by Borrower under this Agreement: 
 8.1 Payment Default. If Borrower fails to pay any of the Obligations when due; 

  
 9 

 8.2 Covenant Default. 

(a) If Borrower fails to perform any obligation under Article 6, or violates any of the covenants contained in Article 7 of this
Agreement; or 
 (b) If Borrower fails or neglects to perform or observe any other material term, provision, condition, covenant contained
in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Bank and as to any default under such other term, provision, condition or covenant that can be cured, has failed to cure such default
within ten (10) days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day period or cannot after diligent
attempts by Borrower be cured within such ten (10) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not without Bank’s consent exceed thirty
(30) days) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of Default but no
Credit Extensions will be made; 
 8.3 Material Adverse Change. If there occurs any circumstance or circumstances that could
reasonably he expected to have a Material Adverse Effect; 
 8.4 Defective Perfection. If Bank shall receive at any time following
the Closing Date an SOS Report indicating that except for Permitted Liens, Bank’s security interest in the Collateral is not prior to all other security interests or Liens of record reflected in the report; 

8.5 Attachment. If any material portion of Borrower’s or any of its Subsidiaries’ assets is attached, seized, subjected to a
writ or distress warrant, or is levied upon, or comes into the possession of any trustee, receiver or person acting in a similar capacity and such attachment, seizure, writ or distress warrant or levy has not been removed, discharged or rescinded
within five (5) days, or if Borrower or any of it Subsidiaries is enjoined, restrained, or in any way prevented by court order from continuing to conduct all or any material part of its business affairs, or if a judgment or other claim becomes
a lien or encumbrance upon any material portion of Borrower’s or any of its Subsidiaries’ assets, or if a notice of lien, levy, or assessment is filed of record with respect to any of Borrower’s or any of its Subsidiaries’ assets
by the United States Government, or any department, agency, or instrumentality thereof, or by any state, county, municipal, or governmental agency, and the same is not paid within five (5) days after Borrower or Subsidiary of Borrower, as
applicable, receives notice thereof, provided that none of the foregoing shall constitute an Event of Default where such action or event is stayed or an adequate bond has been posted pending a good faith contest by Borrower or a Subsidiary of
Borrower, as applicable (provided that no Credit Extensions will be made during such cure period); 
 8.6 Insolvency. If Borrower or
any Subsidiary of Borrower becomes insolvent, or if an Insolvency Proceeding is commenced by Borrower or any Subsidiary of Borrower, or if an Insolvency Proceeding is commenced against Borrower or any Subsidiary of Borrower and is not dismissed or
stayed within 30 days (provided that no Credit Extensions will be made prior to the dismissal of such Insolvency Proceeding); 
 8.7
Other Agreements. If there is a default or other failure to perform in any agreement to which Borrower or any Subsidiary of Borrower is a party with a third party or parties resulting in a right by such third party or parties, whether or not
exercised, to accelerate the maturity of any Indebtedness in an amount in excess of One Hundred Thousand Dollars ($100,000) or that would reasonably be expected to have a Material Adverse Effect; 

8.8 Subordinated Debt. If Borrower or any of its Subsidiaries makes any payment on account of Subordinated Debt, except to the extent
such payment is allowed under the terms of any subordination agreement entered into with Bank; 
 8.9 Judgments; Settlements. If a
judgment or judgments for the payment of money in an amount, individually or in the aggregate, of at least One Hundred Thousand Dollars ($100,000) shall be rendered against Borrower and shall remain unsatisfied and unstayed for a period of ten
(10) days (provided that no Credit Extensions will be made prior to the satisfaction or stay of the judgment); or if a settlement or settlements is agreed upon for an amount individually or in the aggregate of at least One Hundred Thousand
Dollars ($100,000); or 
 8.10 Misrepresentations. If any material misrepresentation or material misstatement exists now or hereafter
in any warranty or representation set forth herein or in any certificate delivered to Bank by any Responsible Officer pursuant to this Agreement or to induce Bank to enter into this Agreement or any other Loan Document. 

  
 10 

	9.	BANK’S RIGHTS AND REMEDIES. 

 9.1 Rights and Remedies. Upon the occurrence
and during the continuance of an Event of Default, Bank may, at its election, without notice of its election and without demand, do any one or more of the following, all of which are authorized by Borrower: 

(a) Declare all Obligations, whether evidenced by this Agreement, by any of the other Loan Documents, or otherwise, immediately due and
payable (provided that upon the occurrence of an Event of Default described in Section 8.6 (insolvency), all Obligations shall become immediately due and payable without any action by Bank); 

(b) [Reserved]; 
 (c) Cease
advancing money or extending credit to or for the benefit of Borrower under this Agreement or under any other agreement between Borrower and Bank; 

(d) Settle or adjust disputes and claims directly with account debtors for amounts, upon terms and in whatever order that Bank reasonably
considers advisable; 
 (e) Make such payments and do such acts as Bank considers necessary or reasonable to protect its security interest
in the Collateral. Borrower agrees to assemble the Collateral if Bank so requires, and to make the Collateral available to Bank as Bank may designate. Borrower authorizes Bank to enter the premises where the Collateral is located, to take and
maintain possession of the Collateral, or any part of it, and to pay, purchase, contest, or compromise any encumbrance, charge, or lien which in Bank’s determination appears to be prior or superior to its security interest and to pay all
expenses incurred in connection therewith. With respect to any of Borrower’s owned premises, Borrower hereby grants Bank a license to enter into possession of such premises and to occupy the same, without charge, in order to exercise any of
Bank’s rights or remedies provided herein, at law, in equity, or otherwise; 
 (f) Set off and apply to the Obligations any and all
(i) balances and deposits of Borrower held by Bank, and (ii) indebtedness at any time owing to or for the credit or the account of Borrower held by Bank; 

(g) Ship, reclaim, recover, store, finish, maintain, repair, prepare for sale, advertise for sale, and sell (in the manner provided for
herein) the Collateral. Bank is hereby granted a license or other right, solely pursuant to the provisions of this Section 9.1, to use, without charge, Borrower’s labels, patents, copyrights, rights of use of any name, trade secrets, trade
names, trademarks, service marks, and advertising matter, or any property of a similar nature, as it pertains to the Collateral, in completing production of, advertising for sale, and selling any Collateral in connection with Bank’s exercise of
its rights under this Section 9.1, Borrower’s rights under all licenses and all franchise agreements shall inure to Bank’s benefit; 

(h) Sell the Collateral at either a public or private sale, or both, by way of one or more contracts or transactions, for cash or on terms, in
such manner and at such places (including Borrower’s premises) as Bank determines is commercially reasonable, and apply any proceeds to the Obligations in whatever manner or order Bank deems appropriate. Bank may sell the Collateral without
giving any warranties as to the Collateral. Bank may specifically disclaim any warranties of title or the like. This procedure will not be considered adversely to affect the commercial reasonableness of any sale of the Collateral. If Bank sells any
of the Collateral upon credit, Borrower will be credited only with payments actually made by the purchaser, received by Bank, and applied to the indebtedness of the purchaser. If the purchaser fails to pay for the Collateral, Bank may resell the
Collateral and Borrower shall be credited with the proceeds of the sale; 

  
 11 

 (i) Bank may credit bid and purchase at any public sale; 

(j) Apply for the appointment of a receiver, trustee, liquidator or conservator of the Collateral, without notice and without regard to the
adequacy of the security for the Obligations and without regard to the solvency of Borrower, any guarantor or any other Person liable for any of the Obligations; and 

(k) Any deficiency that exists after disposition of the Collateral as provided above will be paid immediately by Borrower. 

Bank may comply with any applicable state or federal law requirements in connection with a disposition of the Collateral and compliance will not be considered
adversely to affect the commercial reasonableness of any sale of the Collateral. 
 9.2 Power of Attorney. Effective only upon the
occurrence and during the continuance of an Event of Default, Borrower hereby irrevocably appoints Bank (and any of Bank’s designated officers, or employees) as Borrower’s true and lawful attorney to: (a) send requests for
verification of Accounts or notify account debtors of Bank’s security interest in the Accounts; (b) endorse Borrower’s name on any checks or other forms of payment or security that may come into Bank’s possession; (c) sign
Borrower’s name on any invoice or bill of lading relating to any Account, drafts against account debtors, schedules and assignments of Accounts, verifications of Accounts, and notices to account debtors; (d) dispose of any Collateral;
(e) make, settle, and adjust all claims under and decisions with respect to Borrower’s policies of insurance; (f) settle and adjust disputes and claims respecting the accounts directly with account debtors, for amounts and upon terms
which Bank determines to be reasonable; and (g) file, in its sole discretion, one or more financing or continuation statements and amendments thereto, relative to any of the Collateral without the signature of Borrower where permitted by law;
provided Bank may exercise such power of attorney to sign the name of Borrower on any of the documents described in clause (g) above, regardless of whether an Event of Default has occurred. The appointment of Bank as Borrower’s attorney in
fact, and each and every one of Bank’s rights and powers, being coupled with an interest, is irrevocable until all of the Obligations have been fully repaid and performed and Bank’s obligation to provide advances hereunder is terminated.

 9.3 Accounts Collection. At any time after the occurrence and during the continuation of an Event of Default, Bank may notify any
Person owing funds to Borrower of Bank’s security interest in such funds and verify the amount of such Account. Borrower shall collect all amounts owing to Borrower for Bank, receive in trust all payments as Bank’s trustee, and immediately
deliver such payments to Bank in their original form as received from the account debtor, with proper endorsements for deposit. 
 9.4
Bank Expenses. If Borrower fails to pay any amounts or furnish any required proof of payment due to third persons or entities, as required under the terms of this Agreement, then Bank may do any or all of the following after reasonable notice
to Borrower: (a) make payment of the same or any part thereof; (b) set up such reserves under the Equipment Line as Bank deems necessary to protect Bank from the exposure created by such failure; or (c) obtain and maintain insurance
policies of the type discussed in Section 6.5 of this Agreement, and take any action with respect to such policies as Bank deems prudent. Any amounts so paid or deposited by Bank shall constitute Bank Expenses, shall be immediately due
and payable, and shall bear interest at the then applicable rate hereinabove provided, and shall be secured by the Collateral. Any payments made by Bank shall not constitute an agreement by Bank to make similar payments in the future or a waiver by
Bank of any Event of Default under this Agreement. 
 9.5 Bank’s Liability for Collateral. Bank has no obligation to clean up or
otherwise prepare the Collateral for sale. All risk of loss, damage or destruction of the Collateral shall be borne by Borrower. 
 9.6
No Obligation to Pursue Others. Bank has no obligation to attempt to satisfy the Obligations by collecting them from any other person liable for them and Bank may release, modify or waive any collateral provided by any other Person to secure
any of the Obligations, all without affecting Bank’s rights against Borrower. Borrower waives any right it may have to require Bank to pursue any other Person for any of the Obligations. 

  
 12 

 9.7 Remedies Cumulative. Bank’s rights and remedies under this Agreement, the Loan
Documents, and all other agreements shall be cumulative. Bank shall have all other rights and remedies not inconsistent herewith as provided under the Code, by law, or in equity. No exercise by Bank of one right or remedy shall be deemed an
election, and no waiver by Bank of any Event of Default on Borrower’s part shall be deemed a continuing waiver. No delay by Bank shall constitute a waiver, election, or acquiescence by it. No waiver by Bank shall be effective unless made in a
written document signed on behalf of Bank and then shall be effective only in the specific instance and for the specific purpose for which it was given. Borrower expressly agrees that this Section 9.7 may not be waived or modified by
Bank by course of performance, conduct, estoppel or otherwise. 
 9.8 Demand; Protest. Except as otherwise provided in this
Agreement, Borrower waives demand, protest, notice of protest, notice of default or dishonor, notice of payment and nonpayment and any other notices relating to the Obligations. 

 

	10.	NOTICES. 

 Unless otherwise provided in this Agreement, all notices or demands by any
party relating to this Agreement or any other agreement entered into in connection herewith shall be in writing and (except for financial statements and other informational documents which may be sent by first-class mail, postage prepaid) shall be
personally delivered or sent by a recognized overnight delivery service, certified mail, postage prepaid, return receipt requested, or by telefacsimile to Borrower or to Bank, as the case may be, at its addresses set forth below: 

 

			
	If to Borrower:	  	 Bellicum Pharmaceuticals, Inc.
 2130 West
Holcombe Blvd.
 Suite 850
 Houston, TX 77030

Attn: Thomas J. Farrell
 FAX:
(832) 384-1150

		
	If to Bank:	  	 Comerica Bank
 M/C 7578

39200 Six Mile Rd.
 Livonia, MI 48152

Attn: National Documentation Services

		
	with a copy to:	  	 Comerica Bank
 300 W. Sixth St.

Suite 1300
 Austin, TX 78701

Attn: Steven J. DiPasquale
 FAX: (512) 427-7178

 The parties hereto may change the address at which they are to receive notices hereunder, by notice in writing
in the foregoing manner given to the other. 
  

	11.	CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER. 

 This Agreement shall be governed by, and
construed in accordance with, the internal laws of the State of California, without regard to principles of conflicts of law. Each of Borrower and Bank hereby submits to the exclusive jurisdiction of the State and Federal courts located in the State
of California. THE UNDERSIGNED ACKNOWLEDGE THAT THE RIGHT TO TRIAL BY JURY IS A CONSTITUTIONAL ONE, BUT THAT IT MAY BE WAIVED UNDER CERTAIN CIRCUMSTANCES. TO THE EXTENT PERMITTED BY LAW, EACH PARTY, AFTER CONSULTING (OR HAVING HAD THE OPPORTUNITY TO
CONSULT) WITH COUNSEL 

  
 13 

 
OF ITS, HIS OR HER CHOICE, KNOWINGLY AND VOLUNTARILY, AND FOR THE MUTUAL BENEFIT OF ALL PARTIES, WAIVES ANY RIGHT TO TRIAL BY JURY IN THE EVENT OF LITIGATION ARISING OUT OF OR RELATED TO THIS
AGREEMENT OR ANY OTHER DOCUMENT, INSTRUMENT OR AGREEMENT BETWEEN THE UNDERSIGNED PARTIES. 
  

	12.	REFERENCE PROVISION. 

 12.1 In the event the jury Trial Waiver set forth above is not
enforceable, the parties elect to proceed under this Judicial Reference Provision. 
 12.2 With the exception of the items specified in
Section 12.3, below, any controversy, dispute or claim (each, a “Claim”) between the parties arising out of or relating to this Agreement or any other document, instrument or agreement between the undersigned parties
(collectively in this Section, the “Loan Documents”), will be resolved by a reference proceeding in California in accordance with the provisions of Sections 638 et seq. of the California Code of Civil Procedure (“CCP”), or their
successor sections, which shall constitute the exclusive remedy for the resolution of any Claim, including whether the Claim is subject to the reference proceeding. Except as otherwise provided in the Loan Documents, venue for the reference
proceeding will be in the Superior Court in the County where the real property involved in the action, if any, is located or in a County where venue is otherwise appropriate under applicable law (the “Court”). 

12.3 The matters that shall not be subject to a reference are the following: (i) foreclosure of any security interests in real or
personal property, (ii) exercise of selfhelp remedies (including, without limitation, set off), (iii) appointment of a receiver and (iv) temporary, provisional or ancillary remedies (including, without limitation, writs of attachment,
writs of possession, temporary restraining orders or preliminary injunctions). This Agreement does not limit the right of any party to exercise or oppose any of the rights and remedies described in clauses (i) and (ii) or to seek or oppose
from a court of competent jurisdiction any of the items described in clauses (iii) and (iv). The exercise of or opposition to, any of those items does not waive the right of any party to a reference pursuant to this Agreement. 

12.4 The referee shall be a retired Judge or Justice selected by mutual written agreement of the parties. If the parties do not agree within
ten (10) days of a written request to do so by any party, then, upon request of any party, the referee shall be selected by the Presiding Judge of the Court (or his or her representative). A request for appointment of a referee may be heard on
an ex parte or expedited basis, and the parties agree that irreparable harm would result if ex parte relief is not granted. 
 12.5 The
parties agree that time is of the essence in conducting the reference proceedings. Accordingly, the referee shall be requested, subject to change in the time periods specified herein for good cause shown, to (i) set the matter for a status and
trial-setting conference within fifteen (15) days after the date of selection of the referee, (ii) if practicable, try all issues of law or fact within one hundred twenty (120) days after the date of the conference and
(iii) report a statement of decision within twenty (20) days after the matter has been submitted for decision. 
 12.6 The referee
will have power to expand or limit the amount and duration of discovery. The referee may set or extend discovery deadlines or cutoffs for good cause, including a party’s failure to provide requested discovery for any reason whatsoever. Unless
otherwise ordered based upon good cause shown, no party shall be entitled to “priority” in conducting discovery, depositions may be taken by either party upon seven (7) days written notice, and all other discovery shall be responded
to within fifteen (15) days after service. All disputes relating to discovery which cannot be resolved by the parties shall be submitted to the referee whose decision shall be final and binding. 

12.7 Except as expressly set forth in this Agreement, the referee shall determine the manner in which the reference proceeding is conducted
including the time and place of hearings, the order of presentation of evidence, and all other questions that arise with respect to the course of the reference proceeding. All proceedings and hearings conducted before the referee, except for trial,
shall be conducted without a court reporter, except that when any party so requests, a court reporter will be used at any heating conducted before the referee, and the referee will be provided a courtesy copy of the transcript. The party making such
a request shall have the obligation to arrange for and pay the court reporter. Subject to the referee’s power to award costs to the prevailing party, the parties will equally share the cost of the referee and the court reporter at trial. 

  
 14 

 12.8 The referee shall be required to determine all issues in accordance with existing case law
and the statutory laws of the State of California. The rules of evidence applicable to proceedings at law in the State of California will be applicable to the reference proceeding. The referee shall be empowered to enter equitable as well as legal
relief, enter equitable orders that will be binding on the parties and rule on any motion which would be authorized in a court proceeding, including without limitation motions for summary judgment or summary adjudication. The referee shall issue a
decision at the close of the reference proceeding which disposes of all claims of the parties that are the subject of the reference. Pursuant to CCP § 644, such decision shall be entered by the Court as a judgment or an order in the same manner
as if the action had been tried by the Court and any such decision will be final, binding and conclusive. The parties reserve the right to appeal from the final judgment or order or from any appealable decision or order entered by the referee. The
parties reserve the right to findings of fact, conclusions of laws, a written statement of decision, and the right to move for a new trial or a different judgment, which new trial, if granted, is also to be a reference proceeding under this
provision. 
 12.9 If the enabling legislation which provides for appointment of a referee is repealed (and no successor statute is
enacted), any dispute between the parties that would otherwise be determined by reference procedure will be resolved and determined by arbitration. The arbitration will be conducted by a retired judge or Justice, in accordance with the California
Arbitration Act §1280 through §1294.2 of the CCP as amended from time to time. The limitations with respect to discovery set forth above shall apply to any such arbitration proceeding. 

12.10 THE PARTIES RECOGNIZE AND AGREE THAT ALL CONTROVERSIES, DISPUTES AND CLAIMS RESOLVED UNDER THIS REFERENCE PROVISION WILL BE DECIDED BY A
REFEREE AND NOT BY A JURY. AFTER CONSULTING (OR HAVING HAD THE OPPORTUNITY TO CONSULT) WITH COUNSEL OF ITS, HIS OR HER OWN CHOICE, EACH PARTY KNOWINGLY AND VOLUNTARILY, AND FOR THE MUTUAL BENEFIT OF ALL PARTIES, AGREES THAT THIS REFERENCE PROVISION
WILL APPLY TO ANY CONTROVERSY, DISPUTE OR CLAIM BETWEEN OR AMONG THEM ARISING OUT OF OR IN ANY WAY RELATED TO, THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS. 
  

	13.	GENERAL PROVISIONS. 

 13.1 Successors and Assigns. This Agreement shall bind and
inure to the benefit of the respective successors and permitted assigns of each of the parties and shall bind all persons who become bound as a debtor to this Agreement; provided, however, that neither this Agreement nor any rights hereunder may be
assigned by Borrower without Bank’s prior written consent, which consent may be granted or withheld in Bank’s sole discretion. Bank shall have the right without the consent of or notice to Borrower to sell, transfer, negotiate, or grant
participation in all or any part of, or any interest in, Bank’s obligations, rights and benefits hereunder. 
 13.2
Indemnification. Borrower shall defend, indemnify and hold harmless Bank and its officers, employees, and agents against: (a) all obligations, demands, claims, and liabilities claimed or asserted by any other party in connection with the
transactions contemplated by this Agreement and/or the Loan Documents; and (b) all losses or Bank Expenses in any way suffered, incurred, or paid by Bank, its officers, employees and agents as a result of or in any way arising out of,
following, or consequential to transactions between Bank and Borrower whether under this Agreement, or otherwise (including without limitation reasonable attorneys fees and expenses), except for losses caused by Bank’s gross negligence or
willful misconduct. 
 13.3 Time of Essence. Time is of the essence for the performance of all obligations set forth in this
Agreement. 
 13.4 Severability of Provisions. Each provision of this Agreement shall be severable from every other provision of this
Agreement for the purpose of determining the legal enforceability of any specific provision. 
 13.5 Correction of Loan Documents.
Bank may correct patent errors and fill in any blanks in this Agreement and the other Loan Documents consistent with the agreement of the parties. 

  
 15 

 13.6 Amendments in Writing, Integration. All amendments to or terminations of this
Agreement or the other Loan Documents must be in writing signed by the parties. All prior agreements, understandings, representations, warranties, and negotiations between the parties hereto with respect to the subject matter of this Agreement and
the other Loan Documents, if any, are merged into this Agreement and the Loan Documents. 
 13.7 Counterparts. This Agreement may be
executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same
Agreement. 
 13.8 Survival. All covenants, representations and warranties made in this Agreement shall continue in full force and
effect so long as any Obligations remain outstanding or Bank has any obligation to make any Credit Extension to Borrower. The obligations of Borrower to indemnify Bank with respect to the expenses, damages, losses, costs and liabilities described in
Section 13.2 shall survive until all applicable statute of limitations periods with respect to actions that may be brought against Bank have run. 

13.9 Confidentiality. In handling any confidential information, Bank and all employees and agents of Bank shall exercise the same
degree of care that Bank exercises with respect to its own proprietary information of the same types to maintain the confidentiality of any non-public information thereby received or received pursuant to this Agreement except that disclosure of such
information may be made (i) to the subsidiaries or Affiliates of Bank in connection with their present or prospective business relations with Borrower, (ii) to prospective transferees or purchasers of any interest in the Obligations,
(iii) as required by law, regulations, rule or order, subpoena, judicial order or similar order, (iv) as may be required in connection with the examination, audit or similar investigation of Bank, (v) to Bank’s accountants,
auditors and regulators, and (vi) as Bank may determine in connection with the enforcement of any remedies hereunder. Confidential information hereunder shall not include information that either: (a) is in the public domain or in the
knowledge or possession of Bank when disclosed to Bank, or becomes part of the public domain after disclosure to Bank through no fault of Bank; or (b) is disclosed to Bank by a third party, provided Bank does not have actual knowledge that such
third party is prohibited from disclosing such information. 
 [signatures on following page] 

  
 16 

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

			
	 BELLICUM PHARMACEUTICALS, INC.,

a Delaware corporation

		
	By:	 	 /s/ Thomas J. Farrell

		
	Name:	 	 Thomas J. Farrell

		
	Title:	 	 President & CEO

	
	COMERICA BANK
		
	By:	 	 /s/ Steven J. DiPasquale

		
	Name:	 	 Steven J. DiPasquale

		
	Title:	 	 Vice President

  
 17 

 EXHIBIT A 

DEFINITIONS 
 “Accounts” means all presently existing
and hereafter arising accounts, contract rights, payment intangibles and all other forms of obligations owing to Borrower arising out of the sale or lease of goods (including, without limitation, the licensing of software and other technology) or
the rendering of services by Borrower and any and all credit insurance, guaranties, and other security therefor, as well as all merchandise returned to or reclaimed by Borrower and Borrower’s Books relating to any of the foregoing. 

“Affiliate” means, with respect to any Person, any Person that owns or controls directly or indirectly such Person, any Person that controls or is
controlled by or is under common control with such Person, and each of such Person’s senior executive officers, directors, and partners. 
 “Bank
Expenses” means all reasonable costs or expenses (including reasonable attorneys’ fees and expenses, whether generated in-house or by outside counsel) incurred in connection with the preparation, negotiation, administration, and
enforcement of the Loan Documents; reasonable Collateral audit fees; and Bank’s reasonable attorneys’ fees and expenses (whether generated in-house or by outside counsel) incurred in amending, enforcing or defending the Loan Documents
(including fees and expenses of appeal), incurred before, during and after an Insolvency Proceeding, whether or not suit is brought. 
 “Borrower
State” means Delaware, the state under whose laws Borrower is organized. 
 “Borrower’s Books” means all of Borrower’s books and
records including: ledgers; records concerning Borrower’s assets or liabilities, the Collateral, business operations or financial condition; and all computer programs, or tape files, and the equipment, containing such information. 

“Business Day” means any day that is not a Saturday, Sunday, or other day on which banks in the State of California are authorized or required to
close. 
 “Cash” means unrestricted cash and cash equivalents. 

“Change in Control” shall mean a transaction in which any “person” or “group” (within the meaning of Section 13(d) and
14(d)(2) of the Securities Exchange Act of 1934) becomes the “beneficial owner” (as defined in Rule 13d-3 under the Securities Exchange Act of 1934), directly or indirectly, of a sufficient number of shares of all classes of stock then
outstanding of Borrower ordinarily entitled to vote in the election of directors, empowering such “person” or “group” to elect a majority of the Board of Directors of Borrower, who did not have such power before such transaction.

 “Chief Executive Office State” means Texas, where Borrower’s chief executive office is located. 

“Closing Date” means the date of this Agreement. 

“Code” means the California Uniform Commercial Code as amended or supplemented from time to time. 

“Collateral” means the property described on Exhibit B attached hereto and all Negotiable Collateral to the extent not described on
Exhibit B, except to the extent any such property (i) is nonassignable by its terms without the consent of the licensor thereof or another party (but only to the extent such prohibition on transfer is enforceable under applicable law,
including, without limitation, Sections 9406 and 9408 of the Code), (ii) the granting of a security interest therein is contrary to applicable law, provided that upon the cessation of any such restriction or prohibition, such property shall
automatically become part of the Collateral, or (iii) constitutes the capital stock of a controlled foreign corporation (as defined in the IRC), in excess of 65% of the voting power of all classes of capital stock of such controlled foreign
corporations entitled to vote. 
 “Collateral State” means the state or states where the Collateral is located, which is Texs. 

 “Contingent Obligation” means, as applied to any Person, any direct or indirect liability, contingent
or otherwise, of that Person with respect to (i) any indebtedness, lease, dividend, letter of credit or other obligation of another, including, without limitation, any such obligation directly or indirectly guaranteed, endorsed, co-made or
discounted or sold with recourse by that Person, or in respect of which that Person is otherwise directly or indirectly liable; (ii) any obligations with respect to undrawn letters of credit, corporate credit cards or merchant services issued
for the account of that Person; and (iii) all obligations arising under any interest rate, currency or commodity swap agreement, interest rate cap agreement, interest rate collar agreement, or other agreement or arrangement designated to
protect a Person against fluctuation in interest rates, currency exchange rates or commodity prices; provided, however, that the term “Contingent Obligation” shall not include endorsements for collection or deposit in the ordinary course
of business. The amount of any Contingent Obligation shall be deemed to be an amount equal to the stated or determined amount of the primary obligation in respect of which such Contingent Obligation is made or, if not stated or determinable, the
maximum reasonably anticipated liability in respect thereof as determined by such Person in good faith; provided, however, that such amount shall not in any event exceed the maximum amount of the obligations under the guarantee or other support
arrangement. 
 “Copyrights” means any and all copyright rights, copyright applications, copyright registrations and like protections in each work
or authorship and derivative work thereof, whether published or unpublished and whether or not the same also constitutes a trade secret, now or hereafter existing, created, acquired or held. 

“Credit Extension” means each Equipment Advance or any other extension of credit by Bank to or for the benefit of Borrower hereunder. 

“Environmental Laws” means all laws, rules, regulations, orders and the like issued by any federal state, local foreign or other governmental or
quasi-governmental authority or any agency pertaining to the environment or to any hazardous materials or wastes, toxic substances, flammable, explosive or radioactive materials, asbestos or other similar materials. 

“Equipment” means all present and future machinery, equipment, tenant improvements, furniture, fixtures, vehicles, tools, parts and attachments in
which Borrower has any interest. 
 “Equipment Advance(s)” means a cash advance or cash advances under the Equipment Line. 

“Equipment Advance Availability End Date” means June 13, 2013. 

“Equipment Line” means a Credit Extension of up to One Million Dollars ($1,000,000). 

“Equipment Line Maturity Date” means December 13, 2015. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and the regulations thereunder. 

“Event of Default” has the meaning assigned in Article 8. 

“GAAP” means generally accepted accounting principles, consistently applied, as in effect from time to time. 

“Guarantor” means a Person that guarantees the Obligations under the terms of a guaranty acceptable to Bank. 

“Indebtedness” means (a) all indebtedness for borrowed money or the deferred purchase price of property or services, including without
limitation reimbursement and other obligations with respect to surety bonds and letters of credit, (b) all obligations evidenced by notes, bonds, debentures or similar instruments, (c) all capital lease obligations, and (d) all
Contingent Obligations. 
 “Insolvency Proceeding” means any proceeding commenced by or against any Person or entity under any provision of the
United States Bankruptcy Code, as amended, or under any other bankruptcy or insolvency law, including assignments for the benefit of creditors, formal or informal moratoria, compositions, extension generally with its creditors, or proceedings
seeking reorganization, arrangement, or other relief. 

  
 2 

 “Intellectual Property” means all of Borrower’s right, title, and interest in and to the
following: 
 (a) Copyrights, Trademarks and Patents; 

(b) Any and all trade secrets, and any and all intellectual property rights in computer software and computer software products now or
hereafter existing, created, acquired or held; 
 (c) Any and all design rights which may be available to Borrower now or hereafter
existing, created, acquired or held; 
 (d) Any and all claims for damages by way of past, present and future infringement of any of the
rights included above, with the right, but not the obligation, to sue for and collect such damages for said use or infringement of the intellectual property rights identified above; 

(e) All licenses or other rights to use any of the Copyrights, Patents or Trademarks, and all license fees and royalties arising from such use
to the extent permitted by such license or rights; and 
 (f) All amendments, renewals and extensions of any of the Copyrights, Trademarks
or Patents. 
 “Interest Rate Addendum” has the meaning set forth for such term in Section 2.3(a) of this Agreement. 

“Inventory” means all present and future inventory in which Borrower has any interest. 

“Investment” means any beneficial ownership of (including stock, partnership or limited liability company interest or other securities) any Person,
or any loan, advance or capital contribution to any Person. 
 “IRC” means the Internal Revenue Code of 1986, as amended, and the regulations
thereunder. 
 “Lien” means any mortgage, lien, deed of trust, charge, pledge, security interest or other encumbrance. 

“Loan Documents” means, collectively, this Agreement, any note or notes executed by Borrower, and any other document, instrument or agreement
entered into in connection with this Agreement, all as amended or extended from time to time. 
 “Material Adverse Effect” means (i) a
material adverse change in Borrower’s, a Guarantor’s or a Pledgor’s prospects, business or financial condition (including without limitation, evidence of a lack of investor support and/or Borrower’s inability to attract
sufficient additional equity financing from its investors), (ii) a material impairment in the prospect of repayment of all or any portion of the Obligations or in otherwise performing Borrower’s obligations under the Loan Documents, or
(iii) a material impairment in the perfection, value or priority of Bank’s security interests in the Collateral. 
 “Negotiable
Collateral” means all of Borrower’s present and future letters of credit of which it is a beneficiary, drafts, instruments (including promissory notes), securities, documents of title, and chattel paper, and Borrower’s Books relating
to any of the foregoing. 
 “Obligations” means all debt, principal, interest, Bank Expenses and other amounts owed to Bank by Borrower pursuant
to this Agreement or any other agreement, whether absolute or contingent, due or to become due, now existing or hereafter arising, including any interest that accrues after the commencement of an Insolvency Proceeding and including any debt,
liability, or obligation owing from Borrower to others that Bank may have obtained by assignment or otherwise. 

  
 3 

 “Patents” means all patents, patent applications and like protections including without limitation
improvements, divisions, continuations, renewals, reissues, extensions and continuations-in-part of the same. 
 “Periodic Payments” means all
installments or similar recurring payments that Borrower may now or hereafter become obligated to pay to Bank pursuant to the terms and provisions of any instrument, or agreement now or hereafter in existence between Borrower and Bank. 

“Permitted Indebtedness” means: 
 (a)
Indebtedness of Borrower in favor of Bank arising under this Agreement or any other Loan Document; 
 (b) Indebtedness existing on the
Closing Date and disclosed in the Schedule; 
 (c) Indebtedness not to exceed One Hundred Thousand Dollars ($100,000) in the aggregate in
any fiscal year of Borrower secured by a lien described in clause (c) of the defined term “Permitted Liens,” provided such Indebtedness does not exceed the lesser of the cost or fair market value of the equipment financed with such
Indebtedness; 
 (d) Subordinated Debt; 

(e) Indebtedness to trade creditors incurred in the ordinary course of business; and 

(f) Extensions, refinancings and renewals of any items of Permitted Indebtedness, provided that the principal amount is not increased or the
terms modified to impose more burdensome terms upon Borrower or its Subsidiary, as, the case may be. 
 “Permitted Investment” means: 

(a) Investments existing on the Closing Date disclosed in the Schedule; 

(b) (i) Marketable direct obligations issued or unconditionally guaranteed by the United States of America or any agency or any State
thereof maturing within one (1) year from the date of acquisition thereof, (ii) commercial paper maturing no more than one (1) year from the date of creation thereof and currently having rating of at least A-2 or P-2 from either
Standard & Poor’s Corporation or Moody’s Investors Service, (iii) Bank’s certificates of deposit maturing no more than one (1) year from the date of investment therein, and (iv) Bank’s money market
accounts; 
 (c) Investments accepted in connection with Permitted Transfers; 

(d) Investments of Subsidiaries in or to other Subsidiaries or Borrower and Investments by Borrower in Subsidiaries not to exceed One Hundred
Thousand Dollars ($100,000) in the aggregate in any fiscal year; 
 (e) Investments not to exceed One Hundred Thousand Dollars ($100,000) in
the aggregate in any fiscal year consisting of (i) travel advances and employee relocation loans and other employee loans and advances in the ordinary course of business, and (ii) loans to employees, officers or directors relating to the
purchase of equity securities of Borrower or its Subsidiaries pursuant to employee stock purchase plan agreements approved by Borrower’s Board of Directors; 

(f) Investments (including debt obligations) received in connection with the bankruptcy or reorganization of customers or suppliers and in
settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of Borrower’s business; 

  
 4 

 (g) Investments consisting of notes receivable of, or prepaid royalties and other credit
extensions, to customers and suppliers who are not Affiliates, in the ordinary course of business, provided that this subparagraph (h) shall not apply to Investments of Borrower in any Subsidiary; and 

(h) Joint ventures or strategic alliances in the ordinary course of Borrower’s business consisting of the non-exclusive licensing of
technology, the development of technology or the providing of technical support, provided that any cash Investments by Borrower do not exceed One Hundred Thousand Dollars ($100,000) in the aggregate in any fiscal year 

“Permitted Liens” means the following: 

(a) Any Liens existing on the Closing Date and disclosed in the Schedule (excluding Liens to be satisfied with the proceeds of the Advances)
or arising under this Agreement or the other Loan Documents; 
 (b) Liens for taxes, fees, assessments or other governmental charges or
levies, either not delinquent or being contested in good faith by appropriate proceedings and for which Borrower maintains adequate reserves, provided the same have no priority over any of Bank’s security interests; 

(c) Liens securing obligations not to exceed One Hundred Thousand Dollars ($100,000) in the aggregate (i) upon or in any Equipment (other
than Equipment financed by a Credit Extension) acquired or held by Borrower or any of its Subsidiaries to secure the purchase price of such Equipment or indebtedness incurred solely for the purpose of financing the acquisition or lease of such
Equipment, or (ii) existing on such Equipment at the time of its acquisition, provided that the Lien is confined solely to the property so acquired and improvements thereon, and the proceeds of such Equipment; 

(d) Liens incurred in connection with the extension, renewal or refinancing of the indebtedness secured by Liens of the type described in
clauses (a) through (c) above, provided that any extension, renewal or replacement Lien shall be limited to the property encumbered by the existing Lien and the principal amount of the indebtedness being extended, renewed or refinanced
does not increase; 
 (e) Liens arising from judgments, decrees or attachments in circumstances not constituting an Event of Default under
Sections 8.5 (attachment) or 8.9 (judgments); and 
 (f) Liens in favor of other financial institutions arising in connection with
Borrower’s deposit accounts held at such institutions to secured standard fees for deposit services charged by, but not financing made available by such institutions, provided that Bank has a perfected security interest in the amounts held in
such deposit accounts. 
 “Permitted Stock Repurchases” means repurchases of stock from former employees or directors of Borrower under the terms
of applicable repurchase agreements (i) in an aggregate amount not to exceed One Hundred Thousand Dollars ($100,000) in any fiscal year, provided that no Event of Default has occurred, is continuing or would exist after giving effect to the
repurchases, or (ii) in any amount where the consideration for the repurchase is the cancellation of indebtedness owed by such former employees to Borrower regardless of whether an Event of Default exists. 

“Permitted Transfer” means the conveyance, sale, lease, transfer or disposition by Borrower or any Subsidiary of: 

(a) Inventory in the ordinary course of business; 

(b) Non-exclusive licenses and similar arrangements for the use of the property of Borrower or its Subsidiaries in the ordinary course of
business; 
 (c) Worn-out or obsolete Equipment not financed with the proceeds of a Credit Extension; or 

(d) Other assets of Borrower or its Subsidiaries that do not in the aggregate exceed One Hundred Thousand Dollars ($100,000) during any fiscal
year. 

  
 5 

 “Person” means any individual, sole proprietorship, partnership, limited liability company, joint
venture, trust, unincorporated organization, association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or governmental agency. 

“Pledgor” means a Person that has granted a security interest in its assets in favor of Bank to secure the Obligations. 

“Prime Rate” means the variable rate of interest, per annum, most recently announced by Bank, as its “prime rate,” whether or not such
announced rate is the lowest rate available from Bank. 
 “Prohibited Territory” means any person or country listed by the Office of Foreign
Assets Control of the United States Department of Treasury as to which transactions between a United States Person and that territory are prohibited. 

“Responsible Officer” means each of the Chief Executive Officer, the Chief Operating Officer, the Chief Financial Officer and the Controller of
Borrower. 
 “Schedule” means the schedule of exceptions attached hereto and approved by Bank. 

“SOS Reports” means the official reports from the Secretaries of State of each Collateral State, Chief Executive Office State and the Borrower State
and other applicable federal, state or local government offices identifying all current security interests filed in the Collateral and Liens of record as of the date of such report. 

“Subordinated Debt” means any debt incurred by Borrower that is subordinated in writing to the debt owing by Borrower to Bank on terms reasonably
acceptable to Bank (and identified as being such by Borrower and Bank). 
 “Subsidiary” means any corporation, partnership or limited liability
company or joint venture in which (i) any general partnership interest or (ii) more than 50% of the stock, limited liability company interest or joint venture of which by the terms thereof ordinary voting power to elect the Board of
Directors, managers or trustees of the entity, at the time as of which any determination is being made, is owned by Borrower, either directly or through an Affiliate. 

“Trademarks” means any trademark and servicemark rights, whether registered or not, applications to register and registrations of the same and like
protections, and the entire goodwill of the business of Borrower connected with and symbolized by such trademarks. 

  
 6 

			
	DEBTOR:	  	BELLICUM PHARMACEUTICALS, INC.
		
	SECURED PARTY:	  	COMERICA BANK

 EXHIBIT B 

COLLATERAL DESCRIPTION ATTACHMENT TO LOAN AND SECURITY AGREEMENT 

All personal property of Debtor of every kind, whether presently existing or hereafter created or acquired, and wherever located, including
but not limited to: (a) all accounts (including health-care-insurance receivables), chattel paper (including tangible and electronic chattel paper), deposit accounts, documents (including negotiable documents), equipment (including all
accessions and additions thereto), general intangibles (including payment intangibles and software), goods (including fixtures), instruments (including promissory notes), inventory (including all goods held for sale or lease or to be furnished under
a contract of service, and including returns and repossessions), investment property (including securities and securities entitlements), letter of credit rights, money, and all of Debtor’s books and records with respect to any of the foregoing,
and the computers and equipment containing said books and records; and (b) any and all cash proceeds and/or noncash proceeds thereof, including, without limitation, insurance proceeds, and all supporting obligations and the security
therefor or for any right to payment. All terms above have the meanings given to them in the California Uniform Commercial Code, as amended or supplemented from time to time. 

Notwithstanding the foregoing, the Collateral shall not include any copyrights, patents, trademarks, servicemarks and applications therefor,
now owned or hereafter acquired, or any claims for damages by way of any past, present and future infringement of any of the foregoing (collectively, the “Intellectual Property”); provided, however, that the Collateral shall include all
accounts and general intangibles that consist of rights to payment from the sale, licensing or disposition of all or any part of or rights in, the Intellectual Property (the “Rights to Payment”). Notwithstanding the foregoing, if a
judicial authority (including a U.S. Bankruptcy Court) holds that a security interest in the underlying Intellectual Property is necessary to have a security interest in the Rights to Payment, then the Collateral shall automatically, and effective
as of December 13, 2012, include the Intellectual Property to the extent necessary to permit perfection of Bank’s security interest in the Rights to Payment. 

  
 1 

 EXHIBIT C 

TECHNOLOGY & LIFE SCIENCES DIVISION 

LOAN ANALYSIS 
 LOAN
ADVANCE/PAYDOWN REQUEST FORM 
 DEADLINE FOR SAME DAY PROCESSING IS 3:00* P.M. C.S.T. 

DEADLINE FOR CREDIT EXTENSIONS IS 3:00 P.M., C.S.T.** 

DEADLINE FOR WIRE TRANSFERS IS 1.30 P.M, C.S.T. 

*At month end and the day before a holiday, the cut off time is 1:30 P.M, C.S.T. 

** Subject to 3 day advance notice. 
  

													
	TO: Loan Analysis	  	        DATE:                    	 		 		 	TIME:                    
	FAX #: (650) 462-6061	  		 		 	     	 		 	

  

													
	 	 	 	 	 
	FROM:	  	 BELLICUM PHARMACEUTICALS, INC.
	 	 	 		 	TELEPHONE REQUEST (For Bank Use Only):
	 	  	Borrower’s Name	 	 	 		 		 	 
	FROM:	  	  
	 	 	 		 	The following person is authorized to request the loan payment transfer/loan advance on the designated account and is known to me.
	 	  	Authorized Signer’s Name	 	 	 		 	 
	 		 			 
	FROM:	  	  
	 	 	 		 		 	  

	 	  	Authorized Signature (Borrower)	 	 	 		 		 	Authorized Requested & Phone #
	 		 			 
	PHONE #	  	  
	 	 	 		 		 	  

	 	  		 	 	 		 		 	Received by (Bank) & Phone #
	 		 			 
	FROM ACCOUNT#:	  	  
	 	 	 		 		 	  

	(please include Note number, if applicable)	 	 	 		 		 	Authorized Signature (Bank)
	 		 			 
	TO ACCOUNT#:	  	  
	 	 	 		 		 	 
	(please include Note number, if applicable)	 	 	 		 		 	 
	 	 	 	  	 	 	 	 	 	 	 	 	 

  

											
	REQUESTED TRANSACTION TYPE	 	REQUESTED DOLLAR AMOUNT	 	  	  	For Bank Use Only
	 			 	 
	PRINCIPAL INCREASE* (ADVANCE)	 	$	 	  
	 	 	  	Date Rec’d:
	PRINCIPAL PAYMENT (ONLY)	 	$	 	  
	 	 	  	Time:
	 	 		 		 		 	 	  	Comp. Status:          YES          NO    
      
	OTHER INSTRUCTIONS:	 		 		 		 	 	  	Status Date:
	  
	 	     	  	Time:
	  
	 	 	  	Approval:
	  
	 	 	  	 
	 	 	 	 	 	 	 	 	 	  	 

 All representations and warranties of Borrower stated in the Loan and Security Agreement are true, correct and complete in all
material respects as of the date of the telephone request for and advance confirmed by this Borrowing Certificate, including without limitation the representation that Borrower has paid for and owns the equipment financed by Bank; provided, however,
that those representations and warranties expressly referring to another date shall be true, correct and complete in all material respects as of such date. 

*IS THERE A WIRE REQUEST TIED TO THIS LOAN ADVANCE? (PLEASE CIRCLE ONE) YES NO 

If YES, the Outgoing Wire Transfer Instructions must be completed below. 

  

							
	OUTGOING WIRE TRANSFER INSTRUCTIONS	 	Fed Reference Number	 	 	 	Bank Transfer Number
	 			 
	 	 	  
	 		 	     

	 
	The items marked with an asterisk(*) are required to be
completed.
	*Beneficiary Name	 	 	 	 	 	 
	*Beneficiary Account Number	 	 	 	 	 	 
	*Beneficiary Address	 	 	 	 	 	 
	Currency Type	 	US DOLLARS ONLY	 	 	 	 
	*ABA Routing Number (9 Digits)	 	 	 	 	 	 
	*Receiving Institution Name	 	 	 	 	 	 
	*Receiving Institution Address	 	 	 	 	 	 
	*Wire Amount	 	$        	 	 	 	 

  

  
 Exhibit C - Page 1

 EXHIBIT D 

INTEREST RATE ADDENDUM 

(See Attached) 

  
 Exhibit D - Page 1

 EXHIBIT E 

COMPLIANCE CERTIFICATE 
  

			
	Please send all Required Reporting to:	  	Comerica Bank
		  	Technology & Life Sciences Division
		  	Loan Analysis Department
		  	300 W. Sixth St.
		  	Suite 1300
		  	Austin, TX, 78701
		  	Fax: (512) 427-7178

 FROM: BELLICUM PHARMACEUTICALS, INC. 

The undersigned authorized Officer of Bellicum Pharmaceuticals, Inc. (“Borrower”), hereby certifies that in accordance with the terms and conditions
of the Loan and Security Agreement between Borrower and Bank (the “Agreement”), (i) Borrower is in complete compliance for the period ending             ,
201     with all required covenants, including without limitation the ongoing registration of intellectual property rights in accordance with Section 6.8, except as noted below and (i) all representations and warranties
of Borrower stated in the Agreement are true and correct in all material respects as of the date hereof; provided, however, that those representations and warranties expressly referring to another date shall be true, correct and complete in all
material respects as of such date. Attached herewith are the required documents supporting the above certification (“Supporting Documents”). The Officer further certifies the Supporting Documents are prepared in accordance with Generally
Accepted Accounting Principles (GAAP) and are consistently applied from one period to the next except as explained in an accompanying letter or footnotes. 

Please indicate compliance status by circling Yes/No under “Complies” or “Applicable” column. 

 

									
	 REPORTING COVENANTS
	 	 REQUIRED
	 	 COMPLIES
	 	 NA

					
	Company Prepared Monthly F/S	 	Monthly, within 30 days	 	YES	  	NO	 	
	Compliance Certificate	 	Monthly, within. 30 days	 	YES	  	NO	 	
	CPA Reviewed F/S	 	Annually, within 180 days of FYE	 	YES	  	NO	 	
	Annual Business Plan	 	Annually, by 1/31	 	YES	  	NO	 	
	Intellectual Property Report	 	Upon Bank’s request, quarterly, within 30 days	 	YES	  	NO	 	
	Audit	 	Annual	 	YES	  	NO	 	
					
	If Public:	 		 		  		 	
	10-Q	 	Quarterly, within 5 days of SEC filing (50 days)	 	YES	  	NO	 	
	10-K	 	Annually, within 5 days of SEC filing (95 days)	 	YES	  	NO	 	
					
	Total amount of Borrower’s cash and investments	 	Amount $        	 	YES	  	NO	 	
	Total amount of Borrower’s cash and investments maintained with Bank	 	Amount $        	 	YES	  	NO	 	

  

							
	 	  	 DESCRIPTION
	 	 APPLICABLE

				
	Legal Action > $100,000 (Sect. 6.2(iv))	  	Notify promptly upon notice            	 	YES	  	NO
	Inventory Disputes> $100,000 (Sect. 6.3)	  	Notify promptly upon notice            	 	YES	  	NO
	Mergers & Acquisitions> $100,000 (Sect. 7.3)	  	Notify promptly upon notice            	 	YES	  	NO
	Cross default with other agreements >$100,000 (Sect. 8.7)	  	Notify promptly upon notice            	 	YES	  	NO
	Judgments > $100,000 {Sect. 8.9)	  	Notify promptly upon notice            	 	YES	  	NO

  

											
	FINANCIAL COVENANTS	  	REQUIRED        	 	 	 	ACTUAL	 	 COMPLIES

	Permitted Indebtedness for equipment leases	  	<$100,000        	 		 	$            	 	YES	  	NO
	Permitted Investments for stock repurchase	  	<$100,000        	 		 	$            	 	YES	  	NO
	Permitted Investments for subsidiaries	  	<$100,000        	 		 	$            	 	YES	  	NO
	Permitted Investments for employee loans	  	<$100,000        	 		 	$            	 	YES	  	NO
	Permitted Investments for joint ventures	  	<$100,000        	 		 	$            	 	YES	  	NO
	Permitted Liens for equipment leases	  	<$100,000        	 		 	$            	 	YES	  	NO
	Permitted Transfers	  	<$100,000        	 		 	$            	 	YES	  	NO
	
	 Please Enter Below Comments Regarding Violations:

  
 Exhibit E - Page 1

 The undersigned further acknowledges that at any time Borrower is not in compliance with all the terms set forth
in the Agreement, including, without limitation, the financial covenants, no credit extensions will be made. 
  

	
	Very truly yours,
	
	  

	Authorized Signer
	
	  

	Name
	
	  

	Title

  
 Exhibit E - Page 2

 SCHEDULE OF EXCEPTIONS 

TO LOAN AND SECURITY AGREEMENT 

Permitted Indebtedness (Exhibit A) 
 None 

Permitted Investments (Exhibit A) 
 None 

Permitted Liens (Exhibit A) 
 None 

Prior Names (Section 5.5) 
 None 

Litigation (Section 5.6) 
 None 

Inbound Licenses (Section 5.12) 
 Ariad Pharmaceuticals,
Inc. license 
 Baylor College of Medicine license 
 Takara Bio
license

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00237-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00237-of-00352.parquet"}]]