Document:

Indemnification Agreement, dated as of February 17, 2004

 Exhibit 10.19 
 CONFIDENTIAL TREATMENT REQUESTED 
 INDEMNIFICATION AGREEMENT 
 This Indemnification Agreement (this “Agreement”) is made and entered into effective as of February 17, 2004 (the “Effective
Date”) by and between Asthmatx, Inc., a California corporation (“Asthmatx”), and Broncus Technologies, Inc., a California corporation (“Broncus”). 
 RECITALS 
 A. Broncus and Asthmatx
have previously entered into a certain Corporate Formation Agreement dated as of December 26, 2003 (the “Formation Agreement”). Pursuant to the Formation Agreement, Broncus contributed and assigned to Asthmatx cash and
certain assets, agreements and obligations of Broncus relating to Broncus’ Alair Asthma Treatment System business (the “Alair Business”) in exchange for shares of Asthmatx capital stock and other consideration described
therein and Asthmatx assumed liabilities relating to the Alair Business. 
 B. On December 30, 2003, Broncus distributed all of its
shares of Asthmatx capital stock to its shareholders on a pro rata basis as a dividend (the “Spinoff’). 
 C. Broncus
and Asthmatx are entering into this Agreement pursuant to the provisions of Section 2.3 of the Formation Agreement, under which Broncus and Asthmatx agreed to enter into an agreement providing for certain indemnification obligations between
themselves and setting forth provisions regarding certain insurance held or expected to be obtained by the parties. 
 AGREEMENT

 NOW, THEREFORE, in consideration of the premises and mutual agreements and covenants hereinafter set forth, and for other good and
valuable consideration, the receipt of which is hereby acknowledged, Asthmatx and Broncus hereby agree as follows: 
 1.
CERTAIN DEFINED TERMS. As used herein, the following terms shall have the following meanings: 
 1.1 “Alair” means the Alair Asthma Treatment System which was originally developed by Broncus and which has been contributed and assigned by Broncus to Asthmatx pursuant to the Formation Agreement. 

1.2 “Alair Business” shall have the meaning given to that term in Recital A of this Agreement and includes, without
limitation, the business of developing, testing, marketing, selling and otherwise commercially exploiting Alair and any associated services. 
 1.3 “Alair Insurance” means a “first payor” insurance policy that may be purchased by Asthmatx after the Spinoff Date (as defined below) which will provide liability insurance coverage to Asthmatx
and/or Broncus for Pre-Spinoff Alair Claim Loss (as defined below). 
  
 ****
Certain portions of this exhibit have been omitted and confidential treatment has been requested for these omitted portions pursuant to an application for confidential treatment sent to the Securities and Exchange Commission. 

 1.4 “Broncus Business” means the activities, business and/or operations
engaged in and/or conducted or carried out by Broncus, including the Exhale Business, but excluding the Alair Business. 
 1.5
“Broncus Insurance Policy” means an existing “occurrence-based” liability insurance policy that is owned by Broncus as of the Effective Date, that was issued to Broncus prior to the Spinoff Date and which
provides liability insurance coverage for Pre-Spinoff Alair Claims and/or other matters arising from events or harm occurring with respect to patients who were treated by Broncus during a specified time period (an “Occurrence
Period”). The parties acknowledge that Broncus owns several Broncus Insurance Policies for different Occurrence Periods, and that the coverage limits of each Broncus Insurance Policy vary in amount by Occurrence Period. 
 1.6 “Exhale” means Broncus’ Exhale Airway Bypass System, which is used to treat emphysema in humans and which is
owned and retained by Broncus. 
 1.7 “Exhale Business” means Broncus’ business of developing, testing,
marketing, selling and otherwise commercially exploiting Exhale and any associated services. 
 1.8
“Liabilities” means, collectively, any and all liabilities, losses, claims, debts, duties, obligations (including but not limited to contractual obligations), expenses, claims, deficiencies or guaranties of any type,
whether accrued, absolute, contingent, matured, unmatured or otherwise. 
 1.9 “Loss” means, collectively, all
Liabilities, loss, damages, expense, cost, fines, fees, penalties, obligations or injuries, including without limitation those resulting from any and all claims, actions, suits, demands, assessments, investigations, judgments, awards, arbitrations
or other proceedings, together with reasonable costs and expenses including the reasonable attorneys’ fees and other legal costs and expenses relating thereto. 
 1.10 “Other Claim” means and includes, collectively, a claim, suit, action, arbitration, demand, investigation or other proceeding asserted, brought or made by a third party or parties
to the extent that such third party or parties seeks to recover damages caused or alleged to have been caused as a result of, or arising from: (i) any individual or individuals having been treated with or by Exhale at any time prior to the
Spinoff Date; (ii) any use of Exhale at any time prior to the Spinoff Date; or (iii) any activity, conduct or operations of the Broncus Business occurring at any time prior to the Spinoff Date. The term “Other Claim” shall not
include any Pre-Spinoff Alair Claim. 
 1.11 “Other Claim Loss” means Loss actually suffered or incurred by
Broncus or Asthmatx to the extent that such Loss is caused by, or results or arises from, an Other Claim. 
  
 **** Certain portions of this exhibit have been omitted and confidential treatment has been requested for these omitted portions pursuant to an application for confidential treatment sent to the Securities and
Exchange Commission. 

 1.12 “Pre-Spinoff Alair Claim” means a claim, suit, action, arbitration,
demand, investigation or other proceeding asserted, brought or made by a third party or parties to the extent that such third party or parties seeks to recover damages caused or alleged to have been caused as a result of, or arising from,
(a) any individual or individuals having been treated with or by Alair at any time prior to the Spinoff Date or (b) any use of Alair at any time prior to the Spinoff Date. The term “Pre-Spinoff Alair Claim” shall not include any
Other Claim. 
 1.13 “Pre-Spinoff Alair Claim Loss” means Loss (as defined below) actually suffered or
incurred by Broncus or Asthmatx to the extent that such Loss is caused by, or results or arises from, a Pre-Spinoff Alair Claim. 
 1.14
“Spinoff Date” means December 30, 2003. 
 2. Indemnification by Asthmatx. Except to the extent that
Asthmatx is expressly entitled to be indemnified for such Loss by Broncus pursuant to the provisions of Section 5.2 below, Asthmatx hereby agrees to indemnify Broncus and its successors and assigns, and any present or future officer, director,
employee, affiliate, shareholder or agent of Broncus and/or its successors (collectively, the “Broncus Indemnitees”) against, and hereby agrees to hold each Broncus Indemnitee harmless from, any and all Loss suffered or
incurred by any Broncus Indemnitee arising out of the Alair Business or any of the Assumed Liabilities (as that term is defined in the Formation Agreement), including, but not limited to Liabilities arising under the Assigned Contracts (as that term
is defined in the Formation Agreement), whether based on events occurring before, on or after the Spinoff Date (collectively, “Asthmatx Indemnified Loss”); provided however, that notwithstanding the
foregoing, Asthmatx shall have no obligation to indemnify any Broncus Indemnitee under this Section 2 for any Loss arising in whole or in part from criminal or fraudulent conduct on the part of such Broncus Indemnitee. By way of illustration
and not limitation, Asthmatx Indemnified Loss: (a) shall include any Loss arising from any claim, suit, action, arbitration, demand, investigation or other proceeding asserted, brought or made by a third party or parties to the extent that such
third party or parties seeks to recover damages caused or alleged to have been caused as a result of, or arising from, (i) any individual(s) having been treated with or by Alair at any time or (ii) any use of Alair at any time; and
(b) shall not include any Broncus Indemnified Loss (as defined in Section 3). 
 3. Indemnification by Broncus. Broncus
hereby agrees to indemnify Asthmatx and its successors and assigns, and any present or future officer, director, employee, affiliate, shareholder or agent of Asthmatx and/or its successors (collectively, the “Asthmatx
Indemnitees”) against, and hereby agrees to hold each Asthmatx Indemnitee harmless from, any and all Loss suffered or incurred by any Asthmatx Indemnitee arising out of the Broncus Business, whether based on events occurring before, on
or after the Spinoff Date (collectively, “Broncus Indemnified Loss”); provided however, that notwithstanding the foregoing, Broncus shall have no obligation to indemnify any Asthmatx Indemnitee under this
Section 3 for any Loss arising in whole or in part from criminal or fraudulent conduct on the part of such Asthmatx Indemnitee. By way of illustration and not limitation, Broncus Indemnified Loss: (a) shall include any 
  
 **** Certain portions of this exhibit have been omitted and confidential treatment has been
requested for these omitted portions pursuant to an application for confidential treatment sent to the Securities and Exchange Commission. 

 
Loss arising from any claim, suit, action, arbitration, demand, investigation or other proceeding asserted, brought or made by a third party or parties to
the extent that such third party or parties seeks to recover damages caused or alleged to have been caused as a result of, or arising from, (i) any individual(s) having been treated with or by Exhale at any time or (ii) any use of Exhale
at any time; and (b) shall not include any Asthmatx Indemnified Loss (as defined in Section 2). 
 4. Covenants Regarding
Insurance. The parties hereby agree as follows: 
 4.1 Asthmatx; Alair Insurance. Asthmatx shall use diligent, good faith
efforts to purchase and obtain the Alair Insurance, and to have the Alair Insurance become effective, as soon as reasonably practicable after the Effective Date of this Agreement. Asthmatx shall also use diligent, good faith efforts to cause the
Alair Insurance to: (a) have an aggregate coverage limit of **** Dollars ($****); (b) make both Asthmatx and Broncus named insureds of the Alair Insurance; and (c) cause the Alair Insurance to have a coverage period of at least five
(5) years from the date it is issued. Asthmatx shall consult with Broncus regarding the specific terms of such Alair Insurance. Asthmatx shall, at its sole expense, (a) pay all premiums and other charges required to obtain the Alair
Insurance and maintain it in effect at all times during the coverage period of the Alair Insurance and (b) take all other actions reasonably necessary or appropriate to maintain such Alair Insurance in effect at all times during its coverage
period. 
 4.2 Broncus. The parties acknowledge and agree that no further premiums or other payments are required to be paid to
keep the Broncus Insurance Policies in effect and that such “occurrence based” policies apply only to claims based on events occurring during specific Occurrence Periods. Broncus shall, at its sole expense, take all actions reasonably
necessary or appropriate to maintain each Broncus Insurance Policy in effect during the maximum time period during which such Broncus Insurance Policy can remain in effect in accordance with its current terms without the payment of any additional
premium, fee or other charge. 
 5. Insurance Allocations; Special Indemnification. Notwithstanding anything to the contrary in
Section 2, the parties hereby agree as follows: 
 5.1 First Recourse to Alair Insurance. If either Broncus or Asthmatx
incurs or suffers any Pre-Spinoff Alair Claim Loss, then it will first seek to obtain coverage for such Pre-Spinoff Alair Claim Loss from any available Alair Insurance to the maximum extent that coverage for such Pre-Spinoff Alair Claim Loss is
available under the Alair Insurance, before seeking or obtaining any coverage for such Pre-Spinoff Alair Claim Loss under any Broncus Insurance Policy. 
 5.2 Limited Indemnification by Broncus for Pre-Spinoff Alair Claim Loss. Subject to the provisions of this Section 5.2, Broncus agrees to indemnify Asthmatx against, and to hold Asthmatx harmless
from, that amount (and only that amount) of Pre-Spinoff Alair Claim Loss actually suffered or incurred by Asthmatx for which Asthmatx has not been reimbursed or provided coverage under the Alair 
  
 **** Certain portions of this exhibit have been omitted and confidential treatment has been
requested for these omitted portions pursuant to an application for confidential treatment sent to the Securities and Exchange Commission. 

 
Insurance; provided that, notwithstanding the foregoing (i) under no circumstance shall Broncus be obligated to indemnify Asthmatx
for any amount of Pre-Spinoff Alair Claim Loss for which coverage is not actually available and actually provided under an Applicable Broncus Insurance Policy (as defined below) and (ii) in no event shall Broncus have any obligation under this
Section 5.2 to pay any amounts for which it is not provided coverage by a Broncus Insurance Policy. As used herein, the term “Applicable Broncus Insurance Policy” means, with respect to any Pre-Spinoff Alair Claim Loss,
the Broncus Insurance Policy (or Policies) for which insurance coverage is available to pay for liability of Broncus in respect of its obligation to indemnify Asthmatx for such Pre-Spinoff Alair Claim Loss pursuant to this Section 5.2. The
parties acknowledge and agree that the Broncus Insurance Policies also provide Broncus with insurance coverage for Other Claim Loss. The parties further acknowledge and agree that nothing in this Section 5.2 or elsewhere in this Agreement
imposes any restriction upon Broncus’ right and ability to at any time seek, obtain, be paid and retain any coverage, proceeds, reimbursements or other payments available to be paid to Broncus or payable on behalf of Broncus or for the benefit
of Broncus under any Broncus Insurance Policy or Policies as coverage or reimbursement for any Loss, Liabilities or other amounts (including, but not limited to, any Pre-Spinoff Alair Claim Loss or Other Claim Loss) and, except to the extent
expressly provided in Section 5.3, no rights shall accrue to Asthmatx as a result of the payment, for any reason, of proceeds of any Broncus Insurance Policy or Policies to Broncus or a claimant against Broncus, or on behalf of or for the
benefit of Broncus. 
 5.3 Insurance Allocation and Reimbursement. Asthmatx and Broncus acknowledge that the total dollar
amount of claims for insurance coverage that may be made against a Broncus Insurance Policy may exceed the Coverage Limit (as defined below) of that policy. Accordingly the parties desire to agree in this Section 5.3 to a mechanism for
allocating the available insurance coverage under each Broncus Insurance Policy between Pre-Spinoff Alair Claim Loss and Other Claim Loss and, accordingly, hereby agree as follows: 
 (a) Allocation. If the aggregate dollar amount of claims for insurance coverage made against a Broncus Insurance Policy and payable
thereunder exceed the Coverage Limit of such Broncus Insurance Policy, then: (i) the maximum dollar amount of the coverage of such Broncus Insurance Policy that is allocated to cover Pre-Spinoff Alair Claim Loss (the “Alair
Allocation Amount”) shall, in the aggregate, not exceed the greater of (A) **** percent (****%) of the Coverage Limit of such Broncus Insurance Policy or (B) an amount equal to the Coverage Limit of such Broncus Insurance
Policy minus the total amount of Other Claim Loss that is entitled to be paid or covered by such Broncus Insurance Policy; and (ii) the maximum dollar amount of the coverage of such Broncus Insurance Policy that is allocable to cover Other
Claim Loss (the “Other Allocation Amount”) shall, in the aggregate, not exceed the greater of (A) **** percent (****%) of the Coverage Limit of such Broncus Insurance Policy or (B) an amount equal to the Coverage
Limit of such Broncus Insurance Policy minus the total amount of Pre-Spinoff Alair Claim Loss that is entitled to be paid or covered by such Broncus Insurance Policy. 
  
 **** Certain portions of this exhibit have been omitted and confidential treatment has been requested for these omitted portions pursuant to
an application for confidential treatment sent to the Securities and Exchange Commission. 

 (b) Reimbursement. If for any reason the payments made under a Broncus Insurance Policy in
respect of Pre-Spinoff Alair Claim Loss exceed the Alair Allocation Amount for such policy and the remaining coverage under such policy is insufficient to cover in full all Other Claim Loss that would otherwise be covered by such Broncus Insurance
Policy, then Asthmatx shall reimburse Broncus for that amount of Other Claim Loss for which coverage would otherwise have been (but is not) available under such Broncus Insurance Policy; provided however, that the amount of such
reimbursement by Asthmatx shall not exceed the aggregate amounts paid under such Broncus Insurance Policy in respect of all Pre-Spinoff Alair Claim Loss minus the Alair Allocation Amount for such Broncus Insurance Policy. Likewise, if for any reason
payments made under a Broncus Insurance Policy in respect of Other Claim Loss exceed the Other Allocation Amount for such policy and the remaining coverage under such policy is insufficient to cover in full all Pre-Spinoff Alair Claim Loss that
would otherwise be covered by such Broncus Insurance Policy, then Broncus shall reimburse Asthmatx for that amount of Pre-Spinoff Alair Claim Loss for which coverage would otherwise have been (but is not) available under such Broncus Insurance
Policy; provided however, that the amount of such reimbursement by Broncus shall not exceed the aggregate amounts paid under such Broncus Insurance Policy in respect of all Other Claim Loss minus the Other Allocation Amount for
such Broncus Insurance Policy. Broncus and Asthmatx shall each bear their own cost, and shall not be reimbursed by the other party for, any Pre-Spinoff Alair Claim Loss such party suffers or incurs that is subject to an insurance deductible under a
Broncus Insurance Policy. As used herein, the “Coverage Limit” of a Broncus Insurance Policy means the total dollar amount of insurance coverage available under such policy as of the Effective Date of this Agreement.

 (c) Other Terms. Nothing in this Section 5.3 limits either party’s indemnification obligations set forth in
Sections 2 and 3 above for any Loss incurred after taking into account insurance payments, but rather is intended to set forth how the parties desire to allocate insurance proceeds. The agreements set forth in this Section 5.3 are intended
solely to address the respective rights of the parties and are not intended to modify the terms of any Broncus Insurance Policy. 
 (d)
Examples. Exhibit “A” to this Agreement contains examples that illustrate the operation of this Section 5.3. 
 5.4 Certain Covenants. In the event that either party becomes aware of a claim, demand, suit, action, investigation or proceeding for which it may be entitled to indemnification under Section 2, 3 or 5.2 of this
Agreement, then such party (“Indemnified Party”) shall: 
 (a) provide written notice to the other party
(“Indemnifying Party”) of such claim, demand, suit, action, investigation or proceeding promptly, and in no event later than thirty (30) days, after it has knowledge of such claim, demand, suit, action, investigation or
proceeding; 
  
 **** Certain portions of this exhibit have been omitted and
confidential treatment has been requested for these omitted portions pursuant to an application for confidential treatment sent to the Securities and Exchange Commission. 

 (b) permit the Indemnifying Party (but only if the Indemnifying Party so chooses, in its sole
and absolute discretion) to assume full responsibility to investigate, prepare for, defend against, and/or settle, all at the Indemnifying Party’s own expense, any such claim, demand, suit, action, investigation or proceeding; and 

(c) assist and cooperate with the Indemnifying Party in the investigation of, preparation for, defense of, and/or settlement of any such
claim, demand, suit, action, investigation or proceeding. 
 In no case shall the Indemnified Party or any of its employees, officers,
directors, consultants or agents compromise, settle, and/or admit to, any such claim, demand, suit, action, investigation or proceeding without the Indemnifying Party’s prior written consent, which shall not be unreasonably withheld or delayed.

 6. No Third Party Rights. Except for any third party who is a permitted assignee of this Agreement in accordance with the terms of
Section 7.7 hereof, no third party shall be a beneficiary of this Agreement or any of its provisions, nor shall any third party have any right or ability to enforce this Agreement or any of its provisions, or to assert any rights under,
pursuant to or in connection with this Agreement. 
 7. General Provisions. 
 7.1 Governing Law. This Agreement will be governed by and construed in accordance with the laws of the State of California, without giving
effect to that body of laws pertaining to conflict of laws. 
 7.2 Further Assurances. The parties agree to execute such
further documents and instruments and to take such further actions as may be reasonably necessary to carry out the purposes and intent of this Agreement. 
 7.3 Counterparts; Facsimile Signatures. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered will be deemed an original, and all of which together
shall constitute one and the same agreement. This Agreement may be executed and delivered by facsimile and upon such delivery the facsimile signature will be deemed to have the same effect as if the original signature had been delivered to the other
party. 
 7.4 Severability. If any provision of this Agreement is determined by any court or arbitrator of competent
jurisdiction to be invalid, illegal or unenforceable in any respect, such provision will be enforced to the maximum extent possible given the intent of the parties hereto. If such clause or provision cannot be so enforced, then such provision shall
be stricken from this Agreement and the remainder of this Agreement shall be enforced as if such invalid, illegal or unenforceable clause or provision had (to the extent not enforceable) never been contained in this Agreement. 
  
 **** Certain portions of this exhibit have been omitted and confidential treatment has been
requested for these omitted portions pursuant to an application for confidential treatment sent to the Securities and Exchange Commission. 

 7.5 Notices. Any and all notices required or permitted to be given to a party pursuant to
the provisions of this Agreement will be in writing and will be effective and deemed to provide such party sufficient notice under this Agreement on the earliest of the following: (i) at the time of personal delivery, if delivery is in person;
(ii) one (1) business day after deposit with an express overnight courier for United States deliveries, or two (2) business days after such deposit for deliveries outside of the United States, with proof of delivery from the courier
requested; or (iii) three (3) business days after deposit in the United States mail by certified mail (return receipt requested) for United States deliveries. All notices for delivery outside the United States will be sent by express
courier. All notices not delivered personally will be sent with postage and/or other delivery charges prepaid and properly addressed to the party to be notified at the address set forth on the signature page to this Agreement (or at such other
address as the party to be notified may have designated to the other party by one of the indicated means of notice herein). 
 7.6
Amendment and Waivers. This Agreement may not be altered or amended except by an instrument in writing executed by Broncus and Asthmatx. No rights of a party under this Agreement may be waived, except by an instrument in writing executed
by such party. No waiver of any terms, provision or condition of or failure to exercise or delay in exercising any rights or remedies under this Agreement, in any one or more instances shall be deemed to be, or construed as, a further or continuing
waiver of any such term, provision, condition, right or remedy or as a waiver of any other term, provision or condition of this Agreement. 
 7.7 Successors and Assigns. No party to this Agreement (“Assigning Party”) may assign this Agreement or delegate its rights hereunder except: (a) with the written consent of the other party hereto;
(b) by operation of law pursuant to a statutory merger or consolidation in which such Assigning Party is merged or consolidated with one or more other corporations or other entities; or (c) in connection with a sale of all or substantially
all such Assigning Party’s assets and properties to a third party who expressly agrees in writing with the other party to this Agreement to assume and be obligated and liable for, all of the Assigning Party’s obligations under this
Agreement. 
 [The remainder of this page has intentionally been left blank] 
  
 **** Certain portions of this exhibit have been omitted and confidential treatment has been
requested for these omitted portions pursuant to an application for confidential treatment sent to the Securities and Exchange Commission. 

 7.8 Entire Agreement. This Agreement and the documents referred to herein and exhibits
hereto constitute the entire agreement and understanding of the parties with respect to the subject matter of this Agreement, and supersede all prior understandings and agreements, whether oral or written, between or among the parties hereto with
respect to the specific subject matter hereof. 
 IN WITNESS WHEREOF, the parties hereto
have executed this INDEMNIFICATION AGREEMENT as of the Effective Date set forth in the first paragraph of this Agreement. 
  

									
	ASTHMATX, INC.	 		 	BRONCUS TECHNOLOGIES, INC.
					
	By:	 	 /s/ Glen French
	 		 	By:	 	 /s/ Cary Cole

		 	Glen French, President	 		 		 	Cary Cole, President
			
	 Address:
  
 1340 Space Park Way
 Mountain View, CA 94043
	 		 	 Address:
  
 1400 North Shoreline Blvd, Suite A8
 Mountain View, CA
94043

 Attachments: 
 Exhibit “A”: Certain Examples of the Operation of Section 5.3 
  
 **** Certain portions of this exhibit have been omitted and confidential treatment has been requested for these omitted portions pursuant to an application for confidential treatment sent to the Securities and Exchange Commission.

 Exhibit “A” 
 Certain Examples of the Operation of Section 5.3 
 The following hypothetical examples
are intended to illustrate the operation of Section 5.3 of this Indemnification Agreement. 
 Example 1: Assume that a Broncus Insurance
Policy has a $**** Coverage Limit and that (i) a $**** payment is made under such policy in respect of Pre-Spinoff Alair Claim Loss, and (ii) subsequently, $**** of Other Claim Loss is incurred by Broncus that would otherwise have been
(but is not) covered by such Broncus Insurance Policy. In this example, Asthmatx would be obligated to reimburse Broncus for $**** of the $**** that was paid from such Broncus Insurance Policy in respect of Pre-Spinoff Alair Claim Loss and the
remaining $**** of such Other Claim Loss would be the responsibility of Broncus (either because it was direct liability of Broncus or because Broncus is obligated to indemnify Broncus for such $**** of Other Claim Loss under Section 3 of this
Agreement). 
 Section 5.3 limits the amount of Asthmatx’s reimbursement for uncovered Other Claim Loss to the aggregate amounts paid under
such Broncus Insurance Policy in respect of all Pre-Spinoff Alair Claim Loss (in this example $****) minus the Alair Allocation Amount for such Broncus Insurance Policy (in this example $****). In this example, the Alair Allocation Amount is
$**** because that is the greater of (i) ****% of the $**** Coverage Limit of the Broncus Insurance Policy or (ii) the $**** Coverage Limit of such Broncus Insurance Policy minus the $**** of Other Claim Loss entitled to be paid or covered
by such Broncus Insurance Policy. 
 Example 2: Assume that a Broncus Insurance Policy has a $**** Coverage Limit and that (i) a $****
payment is made under such policy in respect of Other Claim Loss, (ii) a $**** payment is also made under such policy in respect of Pre-Spinoff Alair Claim Loss, and (iii) subsequently, an additional $**** of Pre-Spinoff Alair Claim Loss
is incurred (such $**** of Pre-Spinoff Alair Claim Loss is referred to in this example as the “Remaining Alair Claim Loss”). In this example, Broncus would be obligated to reimburse Asthmatx for $**** of the $**** that was
paid from such Broncus Insurance Policy in respect of Other Claim Loss. Such $**** payment would reduce the Remaining Alair Claim Loss to $****, of which (i) $**** could be covered by the Broncus Insurance Policy and (ii) $**** would be
the responsibility of Asthmatx (either because it was direct liability of Asthmatx or because Asthmatx is obligated to indemnify Broncus for such $**** of Loss under Section 2 of this Agreement). 
 Section 5.3 limits the amount of Broncus’ reimbursement for uncovered Pre-Spinoff Alair Claim Loss to the aggregate amounts paid under such Broncus Insurance
Policy in respect of all Other Claim Loss (in this example $****) minus the Other Allocation Amount for such Broncus Insurance Policy (in this example $****). In this 
  
 **** Certain portions of this exhibit have been omitted and confidential treatment has been requested for these omitted portions pursuant to
an application for confidential treatment sent to the Securities and Exchange Commission. 

 
example, the Other Allocation Amount is $**** because that is the greater of (i) ****% of the $**** Coverage Limit of the Broncus Insurance Policy or
(ii) the $**** Coverage Limit of such Broncus Insurance Policy minus the $**** of Pre-Spinoff Alair Claim Loss entitled to be paid or covered by such Broncus Insurance Policy. 
 Example 3: Assume that a Broncus Insurance Policy has a $**** Coverage Limit and that (i) a $**** payment is made under such policy in respect of Pre-Spinoff Alair Claim
Loss, and (ii) no other claims for coverage are made against such Broncus Insurance Policy. In this example, neither Broncus nor Asthmatx would have any obligation to reimburse the other for any amounts under Section 5.3.

  
 **** Certain portions of this exhibit have been omitted and confidential
treatment has been requested for these omitted portions pursuant to an application for confidential treatment sent to the Securities and Exchange Commission.Royalty Based Consulting Agreement, dated as of October 12, 1999

 Exhibit 10.20 
 CONFIDENTIAL TREATMENT REQUESTED 
 ROYALTY BASED CONSULTING AGREEMENT 
 THIS ROYALTY BASED CONSULTING AGREEMENT (hereinafter the “Agreement”), is made effective as of October 12, 1999, by and between BRONCUS
TECHNOLOGIES, INC., a California corporation (“Broncus”), and JOEL COOPER, M.D., a resident of the state of Missouri (“Dr. Cooper”), and SURGICAL RESEARCH, INC., a Missouri corporation (“SRI”). 
 WITNESSETH: 
 WHEREAS, Broncus and
Dr. Cooper have had prior discussions pertaining to the development and evaluation of products and/or procedures for the treatment of lung diseases as further defined and limited herein; and 
 WHEREAS, Dr. Cooper has formed SRI to handle all current and future development of information, knowledge and products that may be used in the
biomedical industry; and 
 WHEREAS, Broncus is aware that SRI is working with another company on research and development, evaluation and
use of an external vent tube assembly for creating a conduit from the lung to open air outside the lung through the chest wall; and 
 WHEREAS*, Broncus and SRI desire to formalize a relationship to develop and use products and procedures for the treatment of lung diseases
as further defined herein. 
 NOW, THEREFORE, in consideration of the foregoing, the mutual agreements and promises contained herein and for
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 
 1. Retention of
Consultant and Term. Broncus hereby retains SRI to provide consulting services pursuant to the terms of this Agreement. The term of this Agreement shall begin on the above stated effective date (the “Effective Date”) and shall
remain in effect until terminated as provided herein. 
 2. Duties of the Parties. 
 A. Consulting Services. SRI agrees that Dr. Cooper will use his best efforts to help Broncus develop and test an apparatus which will
facilitate the departure of gasses from a diseased portion of an emphysematous lung through the walls of airways in the lung and/or leading to the lung (the “Apparatus”). Additionally, if the apparatus is to be implanted in a human body,
Dr. Cooper will use his best efforts to help Broncus develop and test a device for implanting the Apparatus in a human body (“the Implanting Device”), as well as procedures for using the Apparatus and, if applicable, the Implanting
Device (the “Procedures”). After the Implanting Device (if applicable), the Apparatus (collectively, the “Products”), and the Procedures are developed, Dr. Cooper will continue to use his best efforts to improve the Products
and Procedures and to provide technical support and guidance for using the Products 

	*	In recognition of Dr. Cooper’s concept for a method and/or apparatus to facilitate the departure of gasses from emphysematous lungs, through the walls of airways in the
lung and or leading to the lung, 

  

 **** Confidential portions of this exhibit have been omitted and confidential treatment has been requested for
these omitted portions pursuant to an application for confidential treatment sent to the Securities and Exchange Commission. 

 
and Procedures. Broncus acknowledges and agrees that SRI and Dr. Cooper will not help Broncus develop devices and procedures for creating a conduit from
the lung to open air outside the body through the chest wall (the “Chest Wall Devices and Procedures”). 
 B. Right of First
Refusal. During the term of this Agreement, Broncus shall have a right of first refusal to license or purchase any of SRI’s or Dr. Cooper’s inventions relating to diseases of the lung and/or airways in or leading to the lung
(“Lung Inventions”), except for the Products and Procedures (which are assigned to Broncus under this Agreement) and for the Chest Wall Devices and Procedures. SRI and Dr. Cooper shall disclose to Broncus in writing, subject to the
confidentiality provisions of Section 6 of this Agreement, all Lung Inventions that SRI and/or Dr. Cooper plan on commercializing either alone or in collaboration with another party. If SRI and/or Dr. Cooper intend to offer or have
offered another party the opportunity to commercialize the disclosed invention, SRI and/or Dr. Cooper shall also disclose in writing all terms on which SRI and/or Dr. Cooper intend to offer or have offered another party such opportunity
(or all terms that have been offered by a third party). SRI and/or Dr. Cooper shall also provide Broncus with additional information about the Lung Inventions that Broncus reasonably requests. Broncus shall have sixty (60) days after
receipt of such information to inform SRI and/or Dr. Cooper in writing as to whether it desires to acquire the rights to such Lung Inventions on the terms set forth. If Broncus elects to acquire the rights then the parties shall work in good
faith to enter into definitive agreements. If Broncus does not elect to acquire the right to the Lung Inventions then SRI and/or Dr. Cooper may enter into an agreement with a third party for such Lung Inventions on terms no more favorable to
such third party than those offered to Broncus. If no such agreement is entered into within two hundred seventy (270) days then the Lung Invention shall again be subject to this paragraph. 
 C. Ownership and Intellectual Property Assignments. The Products and Procedures, and any improvements and modifications thereto, will be
the sole and exclusive property of Broncus. SRI and Dr. Cooper hereby assign and transfer and agree to assign and transfer to Broncus all right, title, and interest, including but not limited to all patent rights, trade secrets, copyrights,
trademarks, and any other intellectual property rights they have or will have in the Products and Procedures (whether developed prior to or after the date hereof, including, without limitation, that certain provisional patent entitled Methods and
Devices for Creating Colluteral Channels in the Lungs filed August 5, 1999), in any improvements or modifications thereto, and related technology developed in accordance with SRI’s consulting obligations under this Agreement. SRI and
Dr. Cooper will provide reasonable assistance and cooperation to Broncus to acquire, transfer, maintain, perfect, and enforce the intellectual property rights in the Products and Procedures and any improvements or modifications thereto,
including assisting in the preparation and prosecution of patent applications on the Products and Procedures. 
 D. Academic
Freedom. Subject to the provisions of Section 6 of this Agreement and Broncus’ consent, which consent shall not be unreasonably withheld, SRI and Dr. Cooper shall have the right to present and publish results of
Dr. Cooper’s research relating to the Products and Procedures. SRI and Dr. Cooper acknowledge and agree that it is reasonable for Broncus to withhold such consent in order to protect Broncus’ U.S. and foreign patent rights in the
Products and Procedures and any improvements and modifications thereto. 
  
 ****
Confidential portions of this exhibit have been omitted and confidential treatment has been requested for these omitted portions pursuant to an application for confidential treatment sent to the Securities and Exchange Commission. 
  

 2 

 E. Broncus Performance. Broncus will use diligent commercial efforts to commercialize the
Products. In the event Broncus decides not to commercialize the Products, SRI may purchase all right, title, and interest in any patents on the Products and Procedures naming Dr. Cooper as an inventor for an amount equal to Broncus’ cost
associated with obtaining the patents. Notwithstanding the foregoing, if any such patent contains claims for one or more inventions for which Dr. Cooper was not a significant inventor, then Broncus may elect to retain the patent and exclusively
license, royalty-free to SRI those claims on inventions for which Dr. Cooper was a significant inventor. SRI shall have no other remedy in the event of Broncus’ failure to commercialize the Products. In the event SRI purchases the patents
or is provided with an exclusive license, SRI, at Broncus’ option, shall grant Broncus a non-exclusive, world-wide license under the patents or license in any field of use. Such license shall bear a royalty of **** percent (****%) of the net
sales (as defined in Section 3 below) of any Product or Procedure covered by the licensed claims, for the duration of the term of such patent. Commercializing the Products includes, but is not limited to, selling the Products directly or
indirectly to customers, licensing the right to make, use and/or sell the Products, and selling all right, title, and interest in the Products to a third party. 
 3. Royalty. 
  

	 	A.	Royalty for Consulting Services and Intellectual Property Assignment(s): 

 1. In consideration for the consulting services and intellectual property assignments, Broncus shall pay to SRI a royalty in the amount of: (i) **** percent (****%) of the net sales of the Products and Procedures
received by Broncus and any company controlling, controlled by or under common control with Broncus (an “Affiliate”) from sales of such Products and Procedures by Broncus and its Affiliates; and, (ii) if rights to manufacture and sell
the Products and Procedures are licensed by Broncus or its Affiliates to a third party, then Broncus shall pay to SRI the lesser of **** percent (****%) of the net sales of the Products and Procedures received by such third-party licensees, or ****
percent (****%) of the net licensing revenues received by Broncus and its Affiliates prior to April 1, 2001, and **** percent (****%) of the net licensing revenues received by Broncus and its Affiliates on or after April 1, 2001 from such
licensees (collectively for both “net sales” and “net licensing revenue”, “Royalty”); unless the Royalty is reduced as provided in Paragraph D below. Additionally, the parties agree that SRI shall only be entitled to
Royalties on Products and Procedures that Dr. Cooper helps develop, invent and/or design. 
 2. “Net sales” shall mean the
total sales price received by Broncus and its Affiliates, or its licensees, as appropriate, for all sales to third-parties, less taxes, tariffs, duties, commissions, freight and destination charges, discounts, rebates, and the amount of credits
actually given for Products sold and returned or determined to be defective, including delivery charges actually incurred in connection with replacement and return of defective Products. “Net licensing revenues” shall mean the total
licensing revenue received by Broncus and its Affiliates, less commissions. Broncus shall inform SRI of the date of the first commercial sale of each Product and Procedure subject to this Agreement. 
 3. Royalty payments shall be made on a quarterly basis to SRI. SRI acknowledges that Broncus currently does not expect to receive revenue from the
Procedures. 
  
 **** Confidential portions of this exhibit have been omitted and
confidential treatment has been requested for these omitted portions pursuant to an application for confidential treatment sent to the Securities and Exchange Commission. 
  

 3 

 4. If any of the Products or Procedures (or rights therein) are licensed or sold as a bundle with other
products and/or procedures (or rights therein) not developed under this Agreement, Broncus shall pay SRI a royalty on only those portions of the net sales or net licensing revenue of the bundle that correspond to the relative fair market value of
the Products and Procedures compared to any other products or procedures sold as part of the bundle. 
 B. Duration of Royalty
Payments. Broncus will pay SRI Royalties for each Product and/or Procedure for the longer of (i) the term of any Broncus patent on such Product and/or Procedure that names Dr. Cooper as an inventor; or (ii) ten years from the
date of first sale of such Product and/or Procedure developed under this Agreement. 
 C. Company Books and Records. Broncus
shall keep and maintain and cause its Affiliates to keep and maintain records of sales of the Products that are subject to Royalty payments hereunder. Such records shall be open to inspection at reasonable times, upon reasonable advance notice by a
certified public accountant chosen by SRI for the sole purpose of determining whether the books and records accurately reflect the Royalty owed to SRI. Prior to such inspection, the selected certified public accountant shall enter into a written
agreement preserving the confidentiality of all information subject to the inspection, including the names and addresses of Broncus’ customers, market data, and pricing strategies. Such inspection shall be made at SRI’s sole expense and on
no more than one occasion each year during the term of this Agreement; provided, however that Broncus will bear the cost of the audit if the audit reveals any underpayment of Royalties to SRI which, in the aggregate, is more than five percent
(5.0%) of the amount which was actually due for the period being audited. The records required by this paragraph shall be maintained and available for inspection for three years following their creation. 
 D. Royalty Reduction: 
 (i)
Early Termination: If either party terminates this Agreement, pursuant to Section 5.A, prior to two years after the first sale of the Products, SRI’s Royalty on future net sales and/or licensing revenues by Broncus will be reduced
to 50% of what it would otherwise be entitled to under this Agreement. 
 (ii) No Patent Issues: Broncus will use reasonable efforts to
obtain a patent(s) encompassing the Products and Procedures. In the event that Broncus is unable, using reasonable efforts, to obtain a patent on the Products and Procedures and another party enters the market with a product or procedure
substantially equivalent to the Products or Procedures, respectively, SRI’s Royalty on future net sales and/or net licensing revenues shall be reduced to 50% of what it would otherwise be entitled to. 
 (iii) Reductions Cumulative: The royalty reductions set forth in this Section 3.D are cumulative; thus, in the event that both subparagraphs
(i) and (ii) of this Section 3.D are invoked, SRI’s royalty would be twenty-five percent (25%) of what it otherwise would be. 
 E. Expenses. In the event that Broncus requires Dr. Cooper to travel outside the St. Louis, Missouri metropolitan area in order to fulfill any of his or SRI’s obligations under this 

 
 **** Confidential portions of this exhibit have been omitted and confidential treatment
has been requested for these omitted portions pursuant to an application for confidential treatment sent to the Securities and Exchange Commission. 
  

 4 

 
Agreement, Broncus shall reimburse SRI for Dr. Cooper’s reasonable transportation, lodging, meals and other similar expenses incurred incident to
providing consulting services under this Agreement. All such expenses will be documented and supported by receipts. 
 4. Representations and
Warranties. The parties make the following representations and warranties: 
 A. Broncus. Broncus is a California
corporation duly organized and in good standing in such state and is authorized to do business in all jurisdictions where it routinely conducts business. Broncus has taken all necessary corporate action to enter into this Agreement, is authorized to
do so, and shall be bound by this Agreement according to its terms. 
 B. SRI. SRI is a Missouri corporation duly organized and
in good standing in such state and is authorized to do business in all jurisdictions where it routinely conducts business. SRI has taken all necessary corporate action to enter into this Agreement, is authorized to do so, and shall be bound by this
Agreement according to its terms. 
 C. SRI and Dr. Cooper. SRI and Dr. Cooper represent that no third party has or
will have any right, title, or interest in the Products and Procedures or other intellectual property being assigned to Broncus hereunder. Attached hereto, and incorporated herein by this reference, is a letter from the Washington University Office
of Technology Management confirming that Washington University in St. Louis claims no interest in the Products or Procedures or this Agreement. 
 D. Limitation. THE ONLY WARRANTIES OF EACH PARTY ARE THOSE SET FORTH HEREIN AND EACH PARTY EXPLICITLY DISCLAIMS ALL OTHER WARRANTIES, INCLUDING WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH
RESPECT TO THE SERVICES OF SUCH PARTY. 
 5. Termination. This Agreement shall automatically terminate upon the expiration of Broncus’
obligation to make any present or future Royalty payments to SRI pursuant to Section 3 hereof. 
 A. Early Termination.
SRI may terminate the consulting relationship for any reason on thirty (30) days advance written notice to Broncus. If Broncus, in good faith, reasonably believes that SRI or Dr. Cooper is not using its best efforts to perform the
consulting services described in Section 2, Broncus may terminate this Agreement upon thirty (30) days written notice. In the event of any termination under this Paragraph, Broncus will continue to pay the Royalties to which SRI is
entitled in accordance with Section 3 above. The parties acknowledge and agree that the services to be provided hereunder by SRI are intended to be provided by Dr. Cooper, and the failure of Dr. Cooper to provide such services for any
reason, including death and disability, shall be an acceptable reason for Broncus to terminate this Agreement. 
  
 **** Confidential portions of this exhibit have been omitted and confidential treatment has been requested for these omitted portions pursuant to an application for confidential treatment sent to the Securities and
Exchange Commission. 
  

 5 

 B. Bankruptcy. This Agreement shall terminate upon the filing of any voluntary petition for
protection under any provision of law for debtor relief or upon the filing of any involuntary petition in bankruptcy which has not been withdrawn after ninety (90) days. 
 C. Survival. The provisions of Section 2.0 shall forever survive any termination of this Agreement. The provisions of Section 6
shall survive any termination of this Agreement for a period of three (3) years after termination. 
 6. Confidentiality. 
 A. Confidential Information of Broncus. All business, technical and other information about the technology, processes, products, services,
sales, and marketing of Broncus and any of its subsidiaries, including, without limitation, information relating to research, development, manufacturing, purchasing, accounting, engineering, customers, suppliers, sales, marketing, and technology
assigned to Broncus or developed under this Agreement (“Confidential Information”), disclosed to SRI or Dr. Cooper, or to which SRI or Dr. Cooper obtains access, or. which arises from services rendered by SRI pursuant to this
Agreement or otherwise shall be treated by SRI and Dr. Cooper as confidential and proprietary information of Broncus, and such information shall not be disclosed to any third parties without prior written consent of Broncus or used for any
purpose other than as contemplated by this Agreement. 
 B. Confidential Information of SRI and Dr. Cooper. All business,
technical and other information about the technology, processes, products, services, sales, and marketing of SRI, Dr. Cooper, and any other SRI agents or licensees, including information relating to research, development, manufacturing,
purchasing, accounting, engineering, customers, suppliers, sales, and marketing, but not including information relating to technology assigned to Broncus or developed hereunder (“Confidential Information”) disclosed to Broncus, or to which
Broncus obtains access, shall be treated by Broncus as confidential and proprietary information of SRI and Dr. Cooper, and such information shall not be disclosed to any third parties without prior written consent of SRI or Dr. Cooper (as
the circumstances may require) or used for any purpose other than as contemplated by this Agreement. 
 C. This Agreement. The
provisions of this Agreement are confidential and will not be disclosed by any party without the prior written consent of an authorized representative of the other parties. Notwithstanding the foregoing, either party may disclose the terms of this
Agreement to potential investors or as required by law, including SEC regulations. 
 D. Exceptions. A party (the
“Receiving Party”) shall have no liability with regard to Confidential Information belonging to the other party (the “Disclosing Party”) or any portions thereof, as the case may be, which (i) is or has become at any time in
the future generally available to the public other than as a result of the disclosure by the Receiving Party or any recipient of such Confidential Information from the Receiving Party or (ii) is, at the time of disclosure, as evidenced in
writing, known to the Receiving Party (provided that nothing herein limits SRI’s or Dr. Cooper’s obligation to maintain the confidentiality of information and technology assigned to Broncus hereunder), or (iii) is subsequently
disclosed without restriction to the Receiving Party by the Disclosing Party or, if a restriction is imposed, following the expiration of such restriction or (iv) is subsequently disclosed to the Receiving Party on a non- 
  
 **** Confidential portions of this exhibit have been omitted and confidential treatment has
been requested for these omitted portions pursuant to an application for confidential treatment sent to the Securities and Exchange Commission. 
  

 6 

 
confidential basis from a third party not in violation of a confidentiality restriction imposed on such third party or (v) is subject to disclosure
pursuant to a requirement of law, an administrative or regulatory mandate or in compliance with an order or judgment issued by a court of competent jurisdiction. 
 7. Covenant not to Compete. During the Term of this Agreement, neither SRI nor Dr. Cooper will perform any consulting or other services relating to products or procedures which will facilitate the departure of gasses from
a diseased portion of an emphysematous lung through the walls of airways in the lung and/or leading to the lung other than for Broncus, provided however that SRI and Dr. Cooper may continue to take all necessary action in order to fulfill
SRI’s existing contractual obligations to develop Chest Wall Devices and Procedures. 
 8. Indemnification/Limitation of Liability.

 A. By Broncus. Broncus agrees to indemnify Dr. Cooper and SRI and hold Dr. Cooper and SRI harmless against any
and all liabilities, demands, damages, expenses or losses arising from (i) the manufacture, development, use or sale of the Products or Procedures by Broncus, and any of its subsidiaries or a licensee of Broncus; (ii) a third party’s
use of the Products or Procedures purchased from Broncus, any subsidiary or licensee of Broncus; (iii) any third party’s manufacture and use of the Products or Procedures at the request of Broncus; and (iv) any breach of any warranty
or representation made herein by Broncus, except for matters covered by Section 8(B). 
 B. By SRI. SRI agrees to
indemnify Broncus and hold Broncus harmless against any and all liabilities, demands, damages, expenses or losses arising from (i) SRI’s activities in developing the Products or Procedures; and (ii) breach of any warranty or
representation made herein by SRI or Dr. Cooper. SRI agrees to also indemnify Broncus and hold Broncus harmless from and against all claims, damages, losses and expenses, including reasonable fees and expenses of attorneys and other
professionals, relating to any obligation imposed by law on Broncus to pay any withholding taxes, social security, unemployment or disability insurance, or similar items in connection with compensation received by SRI pursuant to this Agreement.

 C. Limitation of Liability. NOT WITHSTANDING THE FOREGOING, IN NO EVENT WILL EITHER PARTY BE LIABLE FOR ANY FORM OF SPECIAL,
INDIRECT, OR CONSEQUENTIAL DAMAGES OF ANY KIND (WHETHER OR NOT FORESEEABLE), EVEN IF INFORMED IN ADVANCE OF THE POSSIBILITY OF SUCH DAMAGES. 
 9.
Miscellaneous Provisions. 
 A. Fees. Each party shall be responsible to pay the cost, disbursements and attorneys
fees incurred by it in connection with the negotiation and preparation of this Agreement and consummation of the transactions contemplated hereby. 
 B. No Waiver; Remedies Cumulative. No failure on the part of any party hereunder to exercise and no delay in exercising the rights hereunder shall operate as a waiver thereof nor shall any single or partial exercise of any
rights hereunder preclude any other or further exercise thereof or the exercise of any other right. Remedies herein provided are cumulative and not exclusive of any other remedy provided by law or in equity. 
  
 **** Confidential portions of this exhibit have been omitted and confidential treatment has
been requested for these omitted portions pursuant to an application for confidential treatment sent to the Securities and Exchange Commission. 
  

 7 

 C. Independent Contractors. SRI and Broncus are and shall remain independent contractors,
and none of the provisions hereof shall be construed to create a partnership or joint venture between the parties. Each party shall be and remain solely responsible for wages, hours, taxes, tax withholdings, and all other conditions of employment of
its own personnel during the term of this Agreement. Nothing contained herein shall be construed as implying that employees of either party are employees of the other party for any purpose whatsoever. 
 D. Captions. The headings in this Agreement are provided for convenience only and do not affect this Agreement’s interpretation.

 E. Amendment. No amendment or waiver of any provision of this Agreement or document referred to or contemplated hereby shall
be effective unless the same shall be in writing and signed by all the parties, and such waiver shall only be effective in the specific instance and for the specific purpose for which it was given. 
 F. Assignment. This Agreement is not transferrable or assignable by SRI, Dr. Cooper or Broncus without the expressed written consent
of the other, which consent shall not unreasonably be withheld. This prohibition shall not apply to the transfer by Broncus of all or substantially all of its assets or equity to a third party who assumes all of the obligations hereunder. This
prohibition shall not apply to the transfer by SRI of all or substantially all of its assets or equity to a third party who assumes all of the obligations hereunder. This Agreement is binding on and inures to the benefit of each of the party’s
respective heirs, successors and assigns. 
 G. Governing Law. This Agreement shall be construed, governed by and enforced in
accordance with the laws of the State of Missouri. 
 H. Construction. Wherever possible, each provision of this Agreement
shall be interpreted so that it is valid under applicable law. If any provision of this Agreement is to any extent invalid under applicable law, that provision will still be effective to the extent that it remains valid. The remainder of this
Agreement will also continue to be valid, and the entire Agreement will continue to be valid in other jurisdictions. 
 I. Entire
Agreement. This Agreement contains the entire agreement of the parties hereto and supersedes all prior and contemporaneous agreements and understandings oral or written between the parties hereto with respect to the subject matter hereof.

 J. Notices. All notices and other communications required or submitted under this Agreement shall be made in writing and
shall be hand delivered, sent by registered or certified first class mail postage prepaid, or sent by fees prepaid overnight courier, and shall be effective upon delivery if hand delivered, three (3) days after mailing if mailed, or one
(1) business day after delivery to the courier if sent by overnight courier, at the following addresses which may be changed at any time by like notice: 
  
 **** Confidential portions of this exhibit have been omitted and confidential treatment has been requested for these omitted portions pursuant to an application for
confidential treatment sent to the Securities and Exchange Commission. 
  

 8 

			
	 For Broncus:
	  	Broncus Technologies, Inc.
		  	Attn: Glendon E. French, President
		  	1400 North Shoreline Blvd.
		  	Building A, Suite 8
		  	Mountain View, CA 94043
		
	With a copy to:	  	Barry J. Kramer, Esq.
		  	Fenwick & West LLP
		  	Two Palo Alto Square
		  	Palo Alto, CA 94306
		
	For Dr. Cooper:	  	Joel D. Cooper, M.D.
		  	2708 Turnberry Park Lane
		  	St. Louis, MO 63131
		
	For SRI:	  	Surgical Research, Inc.
		  	Attn: Joel D. Cooper, M.D., President
		  	2708 Turnberry Park Lane
		  	St. Louis, MO 63131
		
	With a copy to:	  	Bradford L. Stevens, Esq.
		  	Dankenbring Greiman Osterholt & Hoffmann, P.C.
		  	120 S. Central, 5th Floor
		  	St. Louis, MO 63105

 K. Force Majeure. Neither SRI, Dr. Cooper nor Broncus shall be responsible for
any delay or failure of performance hereunder resulting either from acts or omissions beyond such party’s control, including but not limited to acts of God or of a public enemy, acts of any federal or state government agency in either its
sovereign or contractual capacity, fires, floods, epidemics, quarantine restrictions, electrical power failures, unusually severe weather, war, riots, embargoes, strikes, shortages of labor or materials , accident or casualty, unavailability of data
transmission instrumentalities, and all other occurrences recognized under the legal principle of Force Majeure. If a party’s failure to perform is caused by the default of a subcontractor, and if such default arises out of causes beyond the
control of both the party and the subcontractor, such party shall not be liable unless the supplies or services to be furnished by such subcontractor were obtainable from other sources in sufficient time to permit such party to fulfill its
obligations hereunder. 
 L. Stock Option Grant. The parties agree that as a material inducement for Dr. Cooper to enter
into this Agreement, Broncus shall grant to Dr. Cooper an option to purchase fifteen thousand (15,000) shares of the common stock of Broncus at an option price of $0.24 per share, vesting at the rate of two hundred fifty (250) shares
per month over sixty (60) months pursuant to Broncus’ 1997 Stock Option Plan and a certain Stock Option Agreement to be executed by Broncus and Dr. Cooper. 
  

 **** Confidential portions of this exhibit have been omitted and confidential treatment has been requested for these omitted portions pursuant to an
application for confidential treatment sent to the Securities and Exchange Commission. 
  

 9 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above
written. 
  

			
	BRONCUS TECHNOLOGIES, INC.
		
	By:	 	 /s/ Glendon E. French

		 	Glendon E. French, President
		
		 	 /s/ Joel Cooper

		 	Joel D. Cooper, M.D.
	
	SURGICAL REASEARCH, INC.
		
	By:	 	 /s/ Joel Cooper

		 	Joel D. Cooper, M.D., President

  
 **** Confidential portions of
this exhibit have been omitted and confidential treatment has been requested for these omitted portions pursuant to an application for confidential treatment sent to the Securities and Exchange Commission. 
  

 10 

 September 26, 2001 
 Re: Amendment to Consulting Agreement 
 Dear Dr. Cooper and Surgical Research, Inc.: 
 First and foremost, I want to thank you for your continued efforts on behalf of Broncus. 
 As we discussed, your efforts have been substantially more extensive than were originally anticipated under the Royalty Based Consulting Agreement dated
October 12, 1999 (the “Current Agreement”). To recognize and compensate your extraordinary efforts, we have agreed as follows: 
 (i) Broncus will pay you a consulting fee of $8,333.33 per month commencing September 1, 2001. Such amount will be payable monthly in arrears. 
 (ii) You will continue providing assistance to Broncus at approximately your current level of assistance. Without limiting the foregoing, your assistance will include design and organization of clinical trials for the
testing and evaluation of endobronchial devices and procedures to facilitate the departures of gases from the diseased portion of emphysematous lungs, explanation of Broncus’ research to investors in the medical community, assisting and
providing liaison to other professionals regarding Broncus’ projects, and providing support for Broncus’ research and development programs. 
 (iii) You shall be responsible for all taxes and other amounts due in connection with your receipt of these payments from Broncus. 
 (iv) All other provisions of the Current Agreement will remain in full force and effect. 
 (v) The amounts
paid hereunder are non-refundable. However, any future amounts payable by Broncus to SRI under the Current Agreement shall be reduced by the amounts paid under this letter agreement; provided that in no event will Broncus be entitled to reduce the
total royalties otherwise payable under the Current Agreement by more than 10% in any given year, on account of this provision. 
 (vi)
Either party may terminate this letter agreement at any time, upon 30 days written notice to the other party. Termination of this letter agreement will not affect either parties obligations under the Current Agreement in any way, or the right of
Broncus to offset royalties set forth in (v) above. 
 (vii) For the avoidance of doubt, it is understood and expected that this letter
agreement would be terminated if the demands on Dr. Cooper’s time by Broncus are significantly reduced from its current level. In the event of termination of this letter agreement, Dr. Cooper will remain obligated to provide the level
of services contemplated by the Current Agreement. 
  

 **** Confidential portions of this exhibit have been omitted and confidential treatment has been requested for
these omitted portions pursuant to an application for confidential treatment sent to the Securities and Exchange Commission. 

 Dr. Cooper, we look forward to continuing to build Broncus with your very valuable assistance.

 If the foregoing accurately sets forth our agreement, please sign below where indicated. 
  

			
	BRONCUS TECHNOLOGIES, INC.
		
	By:	 	 /s/ Glen French

		 	Glen French, President and CEO

 The foregoing is agreed: 
  

			
	By:	 	 /s/ Joel Cooper

		 	Joel D. Cooper, M.D.
	
	SURGICAL RESEARCH
		
	By:	 	 /s/ Joel Cooper

		 	Joel D. Cooper, M.D., President

  
 **** Confidential portions of this
exhibit have been omitted and confidential treatment has been requested for these omitted portions pursuant to an application for confidential treatment sent to the Securities and Exchange Commission. 
  

 2 

 NONDISCLOSURE AGREEMENT 
 THIS AGREEMENT is made by and between Broncus Technologies, Inc., a California company, and Joel
Cooper to assure the protection and preservation of the confidential an r proprietary nature of information to be disclosed or made available to each other in connection with discussions to be held between the parties. In these discussions it is
necessary and desirable that certain Confidential Information (defined below) be disclosed. 
 The term “Confidential Information”
shall mean confidential knowledge, data or any other proprietary information of Provider that is treated as confidential by Provider. By way of illustration but not limitation, “Confidential Information” includes inventions, designs, data,
trade secrets, ideas, processes, formulas, source codes, other works of authorship, know-how, unpublished financial information, business plans, contractual relationships with third parties and operating strategies. Any Confidential Information
received in the course of discussions shall be held confidential by both parties, and shall not be used by either party without the prior written consent of the disclosing party. 
 Notwithstanding the foregoing, “Confidential Information” does not include information which (a) is now, or hereafter becomes, through no act or failure to act on the part of the receiving party,
generally known or available; (b) is known by the receiving party at the time of receiving such information, as evidenced by its records; or (c) is hereafter furnished to the receiving party by a third party, as a matter of right and
without restriction on disclosure. 
 M. This Agreement shall be effective as of this 6th day of July, 1998, and shall continue in
full force and effect for two years thereafter. 
  

									
	AGREED TO:	 		 	AGREED TO:
			
	BRONCUS TECHNOLOGIES, INC.	 		 	 JOEL COOPER

		 		 	[Print name of party]
					
	By:	 	 /s/ Bryan Loomas
	 		 	By:	 	 /s/ Joel Cooper

					
	Title:	 	 VP, Product Devel.
	 		 	Title:	 	  

  

 **** Confidential portions of this exhibit have been omitted and confidential treatment has been requested for
these omitted portions pursuant to an application for confidential treatment sent to the Securities and Exchange Commission.

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