Document:

Exhibit 10.4

 

AMENDMENT NO. 1 TO DEVELOPMENT
AGREEMENT AND AMENDMENT NO. 1 TO RESEARCH AND DEVELOPM ENT AGREEMENT

 

This
is Amendment No. 1 dated January 28, 2015 by and between Point Medical, Inc., a Delaware corporation (“PMI”),
and Leveraged Developments LLC, a New Hampshire limited liability company (“LD”), (this “Amendment”)
to the Development Agreement dated October 29, 2014 (the “Development Agreement”) and to the Research and Development
Agreement dated October 29, 2014 (the “R&D Agreement”) (the Development Agreement and the R&D Agreement collectively
the “Collaboration Agreements” and each a “Collaboration Agreement”) to which PMI and LD are
party.

 

WITNESSETH

 

WHEREAS, LD and PMJ are the Parties to the Development
Agreement, which they wish to amend upon the terms set forth herein;

 

WHEREAS, LD and PMI are the Parties to the R&D Agreement,
which they wish to amend upon the terms set forth herein;

 

NOW THEREFORE,
in consideration of the foregoing recitals and for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the Parties agree as follows:

 

1.          Recitals;
Defined Terms. The representations contained in the foregoing “WHEREAS clauses’ are incorporated into this
Agreement as if fully set forth herein. Terms used but not defined herein shall have such meaning as is set forth in the
Collaboration Agreements or in the Asset Purchase and Intellectual Property Assignment Agreement between LD and PMI dated
October 29, 2014 (the “Asset Purchase Agreement”). It is agreed that effective with the execution of this
Amendment, the term “Development Agreement” means the Development Agreement as amended hereby and that the term
the “R&D Agreement” means the R&D Agreement as amended hereby.

 

2.          LD’s
Contractors and Subcontractors. LD represents and warrants that amount set forth on Schedule A opposite the name of each Contractor
and Subcontractor is the amount projected by LD for goods and services provided to LD with respect to the Product as of the most
recent estimate of work required from the respective Contractor and Subcontractor. LD covenants and agrees to pay all amounts owing
to each Contractor and Subcontractor according to their payment terms. The amounts shown on Schedule A are to be seen in
aggregate a maximum outside expense budget for the project.

  

     

     

    

 

3.          Invoices
from Contractors and Subcontractors. For all work hereafter performed pursuant to either Collaboration Agreement , LD agrees
to provide PMI with a copy of each invoice or other account payable received from any contactor, subcontractor or other person
performing design, engineering and/or development work, including from Contactors and Subcontractors (such persons collectively
“Current Contractors and Subcontractors”), not later than five days after receipt by LD, as well as any other
invoice or account payable receive by LD with respect to the Product which is for an amount of $1,000 or more (all of the foregoing,
collectively “Invoices”). LD shall forward copies of Invoices to PMI by fax or electronic mail.

 

Provisions Applicable to the Development
Agreement

 

4.          Services
to Complete the Development of the Product Under the Development Agreement. In order to assist LD in the completion of
its deliverables under the Development Agreement, PMI agrees to extend the Development Plan under the Development Agreement and
to fund additional work and services to be performed under the Development Agreement upon the terms set forth herein. PMI agrees
to remit funds to LD to pay Invoices for work performed pursuant to the Development Plan during the period February 1, 2015 through
May 31, 2015 up to the amount shown in aggregate set forth on Schedule A, not later than 10 days after PMI’s receipt of the respective
Invoice, provided that:

 

4.1           LD
states that it is approving the Invoice for payment, which approval shall be deemed a representation and warranty the payee is
in compliance in all material respects as to its obligations to LD with respect to the goods and services which are the subject
of the Invoice, in terms of quality, scope, adherence to time schedule, and any other parameter reasonably requested by PMI from
time to time; and

 

4.2           The
total amount of funds remitted by PMI in payment of all Invoices from all Current Contractors pursuant to this Section 3 does not
exceed the total amount of funds referenced on Schedule A in the “total” line, unless PMI shall in its sole discretion
agree to pay such overage; and

 

4.3           LD
is not in breach of any of its agreements with PMI including without limitation the Development Agreement and the Asset Purchase
Agreement; and

 

4.4           LD
remits the funds received from PMI directly to the respective Current Contractor and Subcontractor not later than four (4) business
days after receipt from PMI.

 

5.          Funding
of LD Payroll During the Period February 1, 2015 through April 30, 2015. LD
represents and warrants that its payroll obligation for its current employees is approximately $75,000 per month. PMI agrees
to remit $75,000 to LD on February 1, 2015, March 1, 2015 and April 1, 2015 which LD agrees will be used for employee payroll
solely to the extent pertaining to employee time allocated to the development of the Product under the Development Agreement;
provided, however, that as of each such date LD is not then in breach of any its agreements with PMJ including without
limitation the Development Agreement and the Asset Purchase Agreement. PMI may agree to pay amounts in addition to this $75
000, if its sole discretion it agrees to increased LD staffing to accelerate the Development Plan.

 

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6.          LD
Payroll for the Month of May 2015. PMI agrees to remit $75  ,0  00 to LD to be use to cover
payroll in the month of May 2015 solely to the extent pertam1ng to employee time allocated to the development of the Product under
the Development Agreement, or such other amount as the Parties may agree; provided, however, that as of each such date LD is not
then in breach of any its agreements with PMI including without limitation the Development Agreement and the Asset Purchase Agreement.
In connection with this, PMI may in its sole discretion elect to accelerate the start date of payments under the R&D Agreement
to May 1, 2015 (in which case such $75,000 shall be deemed on account of PMJ ’s obligations under the R&D Agreement)
, or alternatively, such payment shall be allocated as provided for in Section 7 hereof.

 

7.          Allocation
of Funding Provided Pursuant to Sections 4, 5 and 6 of this Amendment. The obligation of PMI provided for in Section
3.6 of the Development Agreement to make a $40,000 payment in Month 11 (which as a result of earlier payments is actually in the
amount of $30,000) and a $200.000 payment upon the latter of Month 12 or Regulatory Approval is hereby terminated. Payments pursuant
to Sections 4 and 5 of this Amendment (and Section 6, unless PMI shall elect to accelerate the start date of payments due under
the R&D Agreement, as provided for in Section 6) in excess of $30,000 shall be deemed advance payments of Success Fees due
under Section 5.1 of the Development Agreement; provided that each such advance payment shall bear interest at the rate of zero-point-three
Percent (0.3 %) per thirty (30) day period until the date of the first commercial shipment of the Product and accordingly the
amount of the Success Fee which shall be deemed to have been paid shall equal the amount of the advance payment plus the amount
of accrued interest. Upon Regulatory Approval of the Product, PMI will credit $200,000 to LD in the form of reducing the principal
balance of “advance payments of Success Fees” as detailed in this section. PMI shall not have any obligation to make
payment of any Success Fees pursuant to Section 5.1 of the Development Agreement until the aggregate amount credited towards advance
payment of Success Fees pursuant to the foregoing provisions shall be reduced to zero.

 

Provisions Applicable to the R&D Agreement

 

8.          Development
Costs under the R&D Agreement. Section 4.6 of the Development Agreement is deleted in its entirety and in its place and
stead it is agreed as follows:

 

8.1           Commencing
June 1, 2015 and on the first day of each month thereafter during the Term of the R&D Agreement, PMI shall remit to LD up to
$75,000 or such lesser amount as shall then equal LD’s payroll obligation for the ensuing month which shall be used by LD to pay
its payroll solely to the extent pertaining to employee time allocated to the development of the agreed to under the R&D Agreement;
provided prior to the first day of each month LD shall provide PMI with a statement representing to its payrol1 obligation for
the ensuing month, and if such payroll obligation is less than $75,000, then PMI shall remit such lesser amount; provided, further
however, that as of each such date LD is not then in breach of any its agreements with PMI including without limitation the R&D
Agreement, the Development Agreement and the Asset Purchase Agreement. PMI may agree to pay amounts in addition to this $75,000
if in its sole discretion it agrees to increased LD staffing to accelerate the R&D Agreement Development Plan. The total amount
to be paid pursuant to this Section 8.1 shall not exceed One Million Four Hundred Forty Thousand Dollars ($1,440,000), unless PMI
in its sole discretion shall elect to pay any additional amount.

 

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8.2           PMI
agrees to remit funds to LD to pay Invoices for work performed pursuant to each Three Month Rolling R&D Agreement Development
Plan (as hereafter defined), not later than 30 days after PMT ’s receipt of the respective Invoice, provided that:

 

8.2.1           LD
states that it is approving the Invoice for payment, which approval shall be deemed a representation and warranty the payee is
in compliance in all material respects as to its obligations to LD with respect to the goods and services which are the subject
of the Invoice, in terms of quality, scope, adherence to time schedule, and any other parameter reasonably requested by PMI from
time to time: and

 

8.2.2           The
total amount of the Invoice for the period in question does not exceed the amount set forth in the Three Month Rolling R&D
Agreement Development Plan for the such payee for such period in question, unless PMI shall in its sole discretion agree to pay
such overage; and

 

8.2.3           The
total amount of funds remitted by PMI in payment of all Invoices from all Current Contractors and Subcontractors during the period
in question pursuant to the Three Month Rolling R&D Agreement Development Plan does not exceed the total amount indicated for
the period shown as payable in Three Month Rolling R&D Agreement Development Plan, unless PMI shall in its sole discretion
agree to pay such overage; and

 

8.2.4           The
total amount of funds remitted by PMI pursuant to the Three Month Rolling R&D Agreement Development Plan does not exceed the
total amount of funds shown as payable in Three Month Rolling R&D Agreement Development Plan in the “total” line
and the total amount of funds remitted to date pursuant to all Three Month Rolling Development Plans does not exceed One Million
Four Hundred Forty Thousand Dollars ($1,440,000), unless PMI shall in its sole discretion agree to pay such overage; and

 

8.2.5           LD
remits the funds received from PMI directly to the respective Current Contractor and Subcontractor not later than four (4) business
days after receipt from PMI, and LD provides evidence to PMI of such payment, not later than four (4) business days after making
such payment.

 

8.3           Notwithstanding
anything herein to the contrary, PMI shall have no obligation to make payments under any Three Month Rolling R&D Agreement
Development Plan if at the time that the payment is otherwise due the Parties have not reached agreement on the Three Month Rolling
Development Plan covering the month as to which payment is being made or LD is then in breach of any its agreements with PMI including
without limitation either of the Collaboration Agreements or the Asset Purchase Agreement.

 

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8.4           The
term “Three Month Rolling R&D Agreement Development Plan” shall mean the R&D Agreement Development Plan for
any given three month period, which shall contain the information provided for in the definition of “R&D Agreement Development
Plan” for such three month period, together with the names of all then Current Contractors and Subcontractors, work to be
performed by each such person, and amounts to be paid to each such person on a monthly basis, and such other information as reasonably
required by PMI. The first Three Month Rolling R&D Agreement Development Plan shall be for the period starting June I , 20
1 5 through August 31, 2015, and the second Three Month Rolling R&D Agreement Development Plan shall be for the period September
1, 2015 through November 30, 2015, and further Three Month Rolling R&D Agreement Development Plans shall similarly follow thereafter;
provided, however, that the Parties shall revise a Three Month Rolling R&D Agreement Development Plan whenever reasonably requested
by PMI, upon the occurrence of an unanticipated material development or otherwise. The planning by LD and PMI for each Three Month
Rolling R&D Agreement Development Plan shall occur during the three month period prior to the commencement date of each Plan
and the Parties shall work in good faith together to develop each such Plan and to agree upon the final version of each such Plan
prior to the commencement date of such Plan.

 

8.5           Additional
Termination Right. PMI may terminate the R&D Agreement upon sixty (60) days prior written notice, if, in the opinion of
an Independent Product Design(IPD) firm selected by PMI, LD has failed to deliver on key project deliverables in the previous
or the current Three Month R&D Agreement Development Plan. The termination will not take effect if during this notice period,
LD cures the default in the deliverables to PMI’s satisfaction or as determined by a subsequent review of the IPD firm. This termination
right is in addition to the termination rights under Section 6.2 of the R&D Agreement.

 

Additional Provisions Applicable to Both
Collaboration Agreements

 

9.          Meetings
and Communications with Current Contractors and Subcontractors. LD agrees that PMI may meet with any Current Contractor or
Subcontractor which it requests, with or without LD. and that PMI may communicate directly with any Current Contractor or Subcontractor
on any matter whatsoever pertaining to such person’s or entity’s work with respect to the Product and the Product Development
Plan or Three Month Rolling R&D Agreement Development Agreement Plan and any matter arising under any of the Collaboration
Agreements including without limitation Section 3.10 of the Development Agreement and Section 4.9 of the R&D Agreement. PMI
may also require that each Current Contractor and Subcontractor enter into a earate non-disclosure agreement, assignment of intellectual
property agreement, or any other sunllar agreement contemplated by the Collaboration Agreements or otherwise reasonably required
to protect PMI’s interest in intellectual property protection and ownership, directly with P1or, if detennied by PMI _in its sole
discretion, may request that LD cause existing non- dISclosure and assignment of mtellectual property agreements with Current Contractors
and Subcontractors be modified to add PMI as a party and that PMI be a party together with LD in any new such agreement.

 

[balance of page intentionally blank]

 

10.         Representation
and Warranties.

 

10.1         Representations
and Warranties of Both Parties. Each Party hereby represents, warrants,
and covenants to the other Party, as of the date of the execution of this Amendment, that:

 

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10.1.1           Dulv
Organized and Due Authorization. Each Party is duly organized, validly existing and in good standing under the laws of the
jurisdiction of its incorporation and has full corporate power and authority to enter into this Amendment and to carry out the
provisions hereof. Each Party has taken all necessary action on its part to authorize the execution and delivery of this Amendment
and the performance of its obligations hereunder;

 

10.1.2           Binding
Agreement. This Amendment has been duly executed and delivered on behalf of such Party, and constitutes a legal, valid,
binding obligation, enforceable against it in accordance with the terms hereof. Except as provided for herein, each of the Development
Agreement, the R&Dt Agreement and the Asset Purchase Agreement are in full force and effect and are not modified or amended
;and

 

10.1.3           No
Conflict. The execution, delivery and performance of this Amendment by such Party does not conflict with any agreement, instrument
or understanding, oral or written, to which it is a party or by which it is bound, nor violate any law or regulation of any court,
governmental body or administrative or other agency having jurisdiction over such Party.

 

11.         Miscellaneous.

 

11.1 No
Third Party Beneficiaries. This Amendment shall not confer any rights or remedies upon any Person other than the Parties and
their respective successors and permitted assigns.

 

11.2 Entire
Agreement. Except as agreed to by the parties in writing, this Amendment and Schedules hereto, and the Collaboration Agreements
together with the Asset Purchase Agreement and their respective attachments and schedules, constitute the entire agreement among
the Parties and supersedes any prior understandings, agreements or representations by or among the Parties, whether written or
oral, with respect to the subject matter hereof.

 

11.3 Counterparts.
This Amendment may be executed in one or more counterparts, each of which shall be deemed an original but all of which together
shall constitute one and the same instrument, notwithstanding variations in format or file designation which may result from the
electronic transmission, storage and printing of copies of this Amendment from separate computers or printers. Facsimile signatures
and signatures transmitted via PDF shall or by any other electronic means shall be treated as original signatures.

 

11.4 Headings.
The Section headings contained in this Amendment are inserted for convenience only and shall not affect in any way the meaning
or interpretation of this Amendment.

 

11.5 Governing
Law. This Amendment shall be governed by and construed in accordance with the domestic laws of the State of Delaware without
giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that
would cause the application of the laws of any jurisdiction other than the State of Delaware. The Parties hereto submit to the
exclusive jurisdiction of the State and Federal courts in the State of Delaware and New Castle County with respect to any dispute.

 

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IN WITNESS WHEREOF , PMI and LD
intending legally to be bound hereby have caused this Amendment to be duly executed as of the date first above written.

 

	POINT MEDICAL, INC.	 
	 	 
	By:	 /s/ Jerry Ruddle	 
	 	 	 
	Name:	Jerry Ruddle	 
	 	 	 
	Title:	President and COO	 
	 	 	 
	Date:	 	 

 

	LEVERAGED DEVELOPMENTS LLC	 
	 	 	 
	By:	 /s/
                                         Jeffrey Carlisle

	 
	Name:	Jeffrey Carlisle	 
	Title:	Member	 
	 	 	 
	Date:	1 /29 /15	 

 

Schedule A

 

     

     

    

 

Breeze Cash Planning

 

	 	 	Feb	 	 	Mar	 	 	Apr	 	 	May	 
	Eclipse	 	$	12	 	 	$	20	 	 	$	10	 	 			 
	Continuum	 	$	30	 	 	$	30	 	 	$	20	 	 	 	 	 
	Kelly	 	$	18	 	 	$	18	 	 	$	18	 	 	 	 	 
	Protolabs	 	$	18	 	 	$	12	 	 	$		 	 	 	 	 
	Branson	 	$	4	 	 	$	4	 	 	$		 	 	 	 	 
	Intertech	 	$	 	 	 	$		 	 	$	20	 	 	 	 	 
	C&C Plaistow	 	$	8	 	 	$	8	 	 	$	8	 	 	 	 	 
	McMaster	 	$	5	 	 	$	5	 	 	$	5	 	 	 	 	 
	Ethox	 	$	 	 	 	 	15	 	 	$	 	 	 	 	 	 
	Bbraun	 	$	3	 	 	$	3	 	 	$	3	 	 	 	 	 
	Bellowstech	 	$	7	 	 	$	4	 	 	$	4	 	 	 	 	 
	Lee
    Valve	 	$	2	 	 	$	2	 	 	$		 	 	 	 	 
	Electrocraft	 	$	2	 	 	$	3	 	 	$		 	 	 	 	 
	JN
    White	 	$	12	 	 	$	20	 	 	$	6	 	 	 	 	 
	Magnetyze	 	$	3	 	 	$	3	 	 	$		 	 	 	 	 
	New
    England Electropolish	 	$	 	 	 	$	4	 	 	$	3	 	 	 	 	 
	Tenergy	 	$	 	 	 	$	3	 	 	$	 	 	 	 	 	 
	Unallocated	 	$	2	 	 	$	21	 	 	$	2	 	 	$	60	 
	 	 	 	123	 	 	$	154	 	 	$	98	 	 	$	0	 
	Total
    non-payroll oudget	 	 	125	 	 	 	175	 	 	 	100	 	 	 	60Exhibit
10.5

 

ASSIGNMENT AND
ASSUMPTION, CONSENT AND MODI FICATJON AGREEMENT

 

This
Assignment and Assumption, Consent and Modification Agreement (this “Agreement") dated as of February 24, 2015
(the "Effective .Date"), is made by and among Leveraged Developments LLC, a New Hampshire limited liability company
("LD"), TurnPoint Medical Devices, lnc., a Delaware corporation formerly known as Point Medical, lnc.
("TPMD") and Mack Molding Company, a Vermont corporation ("Mack").

 

Preliminary Statement.

 

A.           Mack
and LD are parties to a Loan and Security Agreement dated as of December 1, 2012 (the "Loan Agreement"), pursuant to
which LD has borrowed $600,000 from Mack (the "Loan'').

 

B.           The
Loan is evidenced by the Loan Agreement dated December 6, 2012 and a Promissory Note dated as of December 1, 2012 issued by LD
to Mack (the "Note"). LD is also obligated under the Loan Agreement to make certain Revenue Participation Payments (as
defined in the Loan Agreement) to Mack for a period of 25 years that runs through 2017,

 

C.           The
Loan and revenue Participation Payments are secured by security interest in all LD assets and a pledge of all membership interests
in LD.

 

D.           Mack
and LD also entered into a Manufacturing Agreement dated December 6, 2012 (tbc ''Manufacturing Agreement"), pursuant to which
(i) Mack agreed to manufacture certain products on an exclusive basis for LD and (ii) LD granted Mack an exclusive license to
use certain intellectual property owned by LD.

 

E.           The
Loan Agreement, Note and Manufacturing Agreement, together with any transaction documents referred to therein are collectively
referred to herein as the "Transaction Agreements." The term "Transaction Agreements" specifically excludes
the Membership interest Pledge Agreement given by Jeffrey Carlisle in favor of Mack (the '"Carlisle Membership Pledge'')
from and after the Assignment Date (as hereinafter defined).

 

F.           LD
and TPMD entered into Asset Purchase and Intellectual Property Assignment Agreement dated as of October 29, 2014 (the "Purchase
Agreement'') pursuant to which TPMD agreed to purchase the Transferred Assets (as defined therein, and hereafter, the 'Transferred
Assets"). That purchase, which closed on January19, 2015, requires the approval of Mack to the transfer of the LD assets.

 

G.           LD
and TPMD entered into a Development Agreement dated as of October 29, 20 14 (the "Development Agreement" and together
the Purchase Agreement , the "TPMD Agreements") which provides, among other things, for the payment by
TPMD of certain development work with respect to the Product (as defined therein) to be performed by LD and the ownership
by TPMD of all Intellectual Property Rights (as defined !herein and hereafter, the ''lntellectual Property Rights") created
by LD since March 28, 2014 .

 

H.           LD
and TPMD have requested that Mack give its consent to the transfer of the Transferred Assets to TPMD, and Mack is willing to do
so provided that TPM D assumes all obligations under Transaction Agreements, and the parties are entering into this Agreement
to reflect the terms of their Agreements.

 

     

     

    

 

Agreement.
For and in consideration of the premises and the mutual covenants contained herein, and for other good and valuable consideration,
the receipt, adequacy and legal suffic1ency of which are hereby acknowledged, the parties do hereby agree as follows:

 

1.            Capitalized
terms. Capitalized terms used herein and not defined shall have the meanings ascribed to them in the Loan Agreement.

 

2.            Assignment
and Assumption.

 

		a.	Effective
                                         as of January l 9, 2015 (the "Assignment Date"), LD hereby assigns, sells,
                                         transfers and sets over to TPMD all of LD's right, title, benefit, privileges and interest
                                         in and to, and all of LD's burdens, obligations and liabilities in connection with and
                                         under the Transaction Agreements.

 

b.           .Effective
as of the Assignment Date, TPM D accepts the assignment of the Transaction Agreements and assumes and agrees to observe and perform
all of the duties, obligations, terms, provisions and covenants with respect to the Transaction Agreements from and after the
Assignment Date, and to pay and discharge all of the liabilities of LD to be observed, performed, paid or discharged in connection
with or under the Mack Contracts from and after the Assignment Date, including without limitation, all obligations under the Note
and all Revenue Participation Payments required under the Loan Agreement, subject in all instances to the modification and amendment
of the Transaction Agreements as provided for by Section 5 hereof

 

c.           LD
shall remain liable for all obligations and liabilities under the Transaction Agreements from the effective date of the Transaction
Agreements through and up to the Assignment Date and the Carlisle Membership Pledge shall remain in effect only insofar as to
secure such LD obligations and liabilities, but shall not secure any obligations under the Transaction Agreements accruing from
and after the Assignment Date.

 

3.            Representations
and Warranties.

 

a.            
LD represents and warrants that as of the Assignment Date, it (i) has not previously assigned the Transaction Agreements to any
third party, except to TPM D to the extent provided by the terms of the binding letter of intent which LD and TPMD entered into
on March 28, 2014 (the “LOI”), (ii) has full power, capacity and authority to sell, transfer and assign its rights
in connection with the Transaction Agreements as provided in this Agreement, ( iii) owned all of the Transferred Assets up to
and including the Assignment Date except to the extent arising m connection with the LOI; (iv) it is not retaining any rights
to the Transferred Assets under the TPMD Agreements, other than the license to make products outside of the Field (as defined
in the Development Agreement); and ( v) is not in default under the Transaction Agreements except to the extent (x) arising in
connection with the LOI and (y) that the sale of the Transferred Assets to TPMD required Mack s prior consent. 

 

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b.            
LD and TPMD represent and warrant that true and correct copies of (i) the fully executed Purchase Agreement, including all exhibits
thereto, is attached hereto as Exhibit A; (11) the fully executed Development Agreement, including all exhibits
thereto, is attached hereto as Exhibit B·(iii) the fully executed Assignment of Patents and Patent Applications
by LD is attached hereto as Exhibit C,; (iv) the fully executed copy of the Assignment of Trademarks and Service
Marks is at1ached hereto as Exhibit D and (v) the fully executed copy of the bill of sale or transfer document for
the Tangible Assets, as defined in the Purchase Agreement, is attached hereto as Exhibit E.

 

c.            LD
and TPMD represent and warrant that as of the Assignment Date, and subject. to Mack's consent hereunder, all of the Transferred
Assets, as defined in the Purchase Agreement, were duly conveyed to and are the property of TPMD.

 

4.           Grant
of Security Interest. By its execution below, TPMD confirms that to secure prompt payment of all Obligations under the Transaction
Agreements, it grants, sells, assigns, conveys, mortgages, pledges, hypothecates and transfers to the Mack a continuing security
interest i n and lien on all of the TPMD's right. title and interest in and to the following as of the Assignment Date, whether
now existing or hereafter developed or acquired (the ''Collateral"):

 

Accounts;
Chattel Paper, including Electronic Chattel Paper; Equipment, including computer programs embedded in goods, machinery, fixtures,
furniture., tools, parts, vehicles, and materials relating to the use, operation or structure of any of the foregoing; Deposit
Accounts; Documents; Fixtures; intellectual property and General Intangibles (including, without limitation, Patents, Patent Applications
and Patent Licenses, and Trademarks, Trademark Applications and Trademark Licenses), including business name(s), website(s), telephone
numbers, customer lists, computers and Software and further including all rights under the Manufacturing Agreement dated December
6, 2012 by and between TPMD (as assignee of LD) and Mack; as well as any intellectual property developed by LD for TPMD under
the Development Agreement dated as of October 29. 2014 and any intellectual property related to infusion pump technology, whether
now existing or hereafter developed or acquired, relating to the Transferred Assets and the Intellectual Property Rights (as such
terms are defined in the Asset Purchase and Intellectual Property Assignment Agreement dated as of October 29, 2014 between LD
and TPMD); instruments, including Promissory Notes; Inventory; Investment Property, including Securities Accounts; Letter-of-Credit
Rights; Money; Supporting Obligations; and all Proceeds and Products of any of the foregoing to the extent not listed above as
original collateral, including money and cash proceeds, deposit accounts, securities accounts, insurance proceeds, and proceeds
i n the form of any of the types of property included in this collateral description.

 

5.            Modification
of Transaction Agreements.

 

a.             
References to Borrower.  From and after the Assignment
Date, all references to “Borrower” and/or “LD” in the Transaction Agreements shall mean TPMD, and references
to the Borrower’s chief executive office shall mean 665 Martinsville R d., Suite 219, Basking Ridge, NJ 07920.

 

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b.           Amendments
to Loan Agreement. From and after the Assignment Date, the Loan Agreement shall be amended as follows:

 

i.             Numbering.
The parties hereto acknowledge and agree that the automatic numbering on the Loan Agreement executed at closing did not print
properly. The parties acknowledge and agree that the Loan Agreement numbering shall be corrected as marked in the copy of the
executed Loan Agreement attached hereto as Exhibit F.

 

ii.             References
to “Manufactured". All references to the defined term "Manufactured" in the Loan Agreement shall be changed
to "Sold."

 

iii.            Section
1.d. Section 1.d of the Loan Agreement is deleted in its entirety and replaced with the following:

 

'”d.           The
Obligations as defined in Section 4, shall be secured by this Loan Agreement."

 

iv.            Section
2.b. Section. 2.b. i s deleted in its ent irety and replaced with the following:

 

“Revenue Participation
Payments shall be paid quarterly in arrears beginning on April 1, 2013, within fifteen (15) days of the end of each fiscal quarter.
Borrower shall provide Lender with a Compliance Certificate in the form attached hereto as Exhibit A on a quarterly basis,
certifying as to the Devices Sold, at the earlier of the (0 date that the Revenue Participation Payments are due, or (ii) the
date for delivery of the financial statements and the other deliverables required under Section 8 hereof "

 

v.            Section
2.c.v. The first line of Section 2.c.v. of the Loan Agreement (definition of "Manufactured") is deleted in its entirety,
and replaced with the following:

 

“ ''Sold"
means the transfer, distribution, shipment, sale, license or lease of a Device to Lender or a third party1 by Borrower, Lender,
or by any third party that has received or acquired, directly or indirectly, from Borrower, or any successor in interest to Borrower,
a license, assign men t, or any other transfer of any rights in any of the Technology."

 

vi.          Section
7.a. Section 7.a. of the Loan Agreement is deleted in its entirety and replaced with the following:

 

''a.
Organization, Etc. The Borrower is duly organized, validly existing and in good standing under the law of the State of
Delaware and its legal name is TurnPoint Medical Devices, Inc. and that this is not a trade name. Borrower does not conduct
business through any other business entity or name except as set forth in this Agreement. Borrower possesses full power and
authority to conduct business in its name and as now conducted. The execution, delivery and performance of the Transaction
Agreements has been duly authorized by Borrower each of the Transaction Agreements has been executed by a duly authorized
agent of Borrower, and the execution, delivery and performance of the Transaction Agreements by Borrower will not violate any
provision of Borrower's organizational documents, in each case as the. Transaction Agreements have been modified and
amended by the Assignment and Assumption, Consent and Modification Agreement dated as of February 24, 2015 by and among
Borrower, Leveraged Developments LLC and Lender."

 

    4

     

    

 

vii           Section
7.b. Section 7.b. of the Loa n Agreement is deleted in its entirety and replaced with the following:

 

“ b.      Chief
Office. Borrower's chief executive office is located at 665 Martinsville Rd, Suite 219, Basking Ridge, NJ 07920, and that
is the Borrower’s only place of business."

 

viii.           Section
8.f.(i) and (ii). Sections 8.f.(i) and (ii) of the Loan Agreement are amended by adding the following at the end of each clause
(ii): ", together with a Compliance Certificate certified by an officer of the Borrower in the form attached hereto as Exhibit
A."

 

ix.           Section
8.g. Section 8.g. of the Loan Agreement is deleted in its entirety and replaced with the following:

 

"g.           Change
of Control Transaction; Name Change; Capitalization. Not to complete a Change of Control Transaction without Lender' prior
written consent, ,which will not be un reasonably conditioned, delayed or withheld; or change the name of Borrower or conduct
business under any other name other than Borrower' s name except upon sixty (60) days prior written notice to Lender. "Change
of Control Transaction" means (i) the acquisition by any person of Borrower if, after the acquisition, the acquiring person
is entitled to exercise more than thirty percent (30%) of the voting rights of Borrower; (ii) the merger or consolidation with
one or more persons or entities as a result of which the shift in voting rights referenced in the foregoing Section 8.g.i has
occurred or (iii) the sale of all or substantially all of the assets or Borrower. For clarity, Lender's consent shall not be required
if Borrower sells less than thirty percent (30%) of its voting rights in one or more transactions to a person or entity."

 

x.            Section
8.i. A new Section 8.i. shall be added to the Loan Agreement as follows

 

“i.            TPMD
Agreements. To comply with all provisions in the TPMD Agreements and .to use reasonable
commercial efforts to cause Leveraged Developments LLC to comply with all provisions in the TPMD Agreements, and provide Lender
with prompt written notice of any defaults under the TPMD Agreements.”

 

    5

     

    

  

xi.            Section
9.a Subject to the terms of Section 9 below, Section 9.a. of the Loan Agreement is amended to provide that the collateral
also may be kept at the LD location at 75 Congress Street, Portsmouth, New Hampshire.

 

xii.         Section
9.c. Section 9.c. of the Loan Agreement is deleted in its entirety and replaced with the following:

 

"c.           No
Other Liens Except Permitted Liens. To keep the Collateral free and clear of all claims, liens, charges, encumbrances, taxes
and assessments, other than Permitted Liens. ''Permitted Liens" means any mortgage, pledge, hypothecation, assignment, deposit
arrangement, security interest, encumbrance, lien (statutory or otherwise), preference, priority or charge of any kind, which
is junior in lien priority to the security interest and l ien of Lender; provided, however, that no lien or security interest
which would otherwise be a Permitted Lien shall be held by any person who not a bank or institutional lender or other provider
of working capital or term loan indebtedness to Borrower. "

 

xiii.         Section
11e. Section 11.e. of the Loan Agreement is deleted in its entirety and replaced with the following:

 

''e.           Receipt
of evidence indicating that Lender's security interest i s not prior to all other security interests, or if a security interest
in or other encumbrance on any of the Collateral, other than Permitted Liens, is granted by Borrower, or any tax lien is filed
against Borrower."

 

xiv.          Section11f.
Section 11.f. of the Loan Agreement is deleted in its entirety and replaced with the following:

 

"f.            Upon
failure of Borrower to maintain its entity registration with the State of Delaware, business failure or cessation of business
operations of Borrower, or any change for any reason whatsoever in the ownership or control of Borrower, except as permitted hereunder."

 

xv.           Compliance
Certificate. A new Exhibit A is added to the Loan Agreement, attaching the form, of Compliance Certificate are attached hereto
as Schedule 1as Loan Agreement Exhibit A.

 

6.          Affirmation
of Transaction Agreements. TPMD does hereby (i) affirm and ratify the Transaction Agreements and (ii) affirm that the representations
and warranties set forth in the Transaction Agreements are true and correct as of the date hereof: and were true and correct as
of the Assignment Date, in each case as modified or amended herein. TPMD further agrees and affirms that the Loan Agreement as
modified or amended hereby shall continue to secure to Mack the Loan, including repayment of the indebtedness as evidenced by
the Note, together with The Revenue Participation Payments, interest and all other obligations arising under said Note and the
Transaction Agreements.

 

    6

     

    

 

7.          Covenant
Regarding Filing Patent Assignment. Each of TPMand LD covenant and agree that they shall cause the Patent Assignment to
be filed with the United States Patent and Trademark Office (''US PTO") on or before March 6, 2015, together with documentation
reflecting the name change of Point Medical Inc. to TPMD, and provide Mack with written evidence of such filing. In addition,
TPMD and LD covenant and agree that they shall provide Mack with prompt notice of the US PTO's acceptance of such filing, together
with a copy of the correspondence regarding such acceptance from
the US PTO.

 

8.          Mack
Consent. Effective upon receipt of executed signature pages to this Agreement from both LD and TPMD, Mack, by
its execution hereof, hereby consents to the assignment of the Transaction Agreements by
LD to TPMD, such assignment to be effective as of the Assignment Date. Notwithstanding the foregoing, in the event that
Mack has not received signature pages from each of LD and TPMD to this Agreement on or before March 6, 2015, together with evidence
that the Patent Assignment and documentation of the name change of Point Medical Inc. to TPMD has been filed with the United States
Patent and Trademark Office, Mack's consent to the assignment shall be automatically revoked with no further action by Mack.

 

9.          No
Novation or Extinguishment. TPMD does not intend for the substitution and replacement of the Note and nothing in this Agreement
shall constitute, nor shall such be deemed to constitute a novation or extinguishment of the said Note and any obligations of
any kind or nature accruing or due thereunder, and the amendments and modifications effected hereby shall in no event impair,
limit, reduce or otherwise discharge the liability of TPMD or any obligor of the Note, which liability is hereby reaffirmed by
TPMD.

 

10.         LD
Waiver With Respect to Collateral. Mack understands that LD and TPMD have entered into the Development Agreement pursuant
to which LD shall continue to assist TPMD with product development and in connection therewith, LD is in possession of certain
of the Collateral. In consideration of the consents and releases granted herein, LD agrees as follows:

 

a. To the extent that
any Collateral may be located on any of LD’s premises, LD waives any right it may now have or hereafter have, whether such
right arises by operation of law, by contract or otherwise, to distrain or levy upon, or to attach, seize or otherwise assert
ant security interest, lien or other claim with respect to, any of the Collateral.

 

b. LD further
agrees that subject to the provision set forth in Section 9.c. below Mack shall have the right from time to time to enter upon
the LD premises in order to inspect, remove, take possession of, sell, or otherwise deal with the Collateral, and LD agrees not
to interfere with any sale or other disposition of the Collateral conducted by or at the direction of Mack under the terms of
the Transaction Documents.

 

c. In the exercise
of its rights under the Transaction Agreements, Mack shall have no liability with respect to any LD premises except for physical
damage to such premises actually caused by Mack. In no event shall Mack be responsible to cure or otherwise satisfy all unpaid
or unperformed obligations of TPMD to LD.

 

    7

     

    

 

11.          No
Other Amendments: Except as expressly provided in this Agreement, the terms and conditions of the Transaction Agreements shall
remain unchanged and continue in full force and effect. Mack's agreement as set forth herein does not constitute a waiver of any
rights under the Transaction Agreements, including without limitation waiver of rights and remedies for any defaults that may
currently exist except to the extent expressly set forth herein.

 

12.         Conflicts.
In the event of a conflict between the terms and conditions of this Agreement, the Transaction Agreements and the terms and conditions
of the Purchase Agreement, the terms and conditions of this Agreement shall govern, supersede and prevail. This Agreement (including
the documents referred to herein, to the extent they have related in any way to the subject matter hereof) constitutes the entire
agreement between the parties and supersedes any prior understandings, agreements, or representations by or between the patties,
written or oral.

 

13.         Further
Assurances; Subordination. Each of the patties hereto covenants and agrees, at its own expense, to execute and deliver, at
the request of the other patty hereto, such further instruments of transfer and assignment and to take such other action as such
other party may reasonably request to more effectively consummate the assignments contemplated by this Agreement. At any time
and from time to time, as reasonably requested by Mack, TPMD will, at its own expense, take such further actions and execute,
acknowledge, deliver and record or file such further documents to create, maintain, or confirm the lien or security interest in
the Collateral. TPMD further agrees that upon request of the Mack, it shall take all necessary steps to subordinate any other
debt between TPMD and third-party lenders to the Loan, and obtain all necessary evidence of such subordinations, including written
subordination agreements from any other lienholders.

 

[Signature pages
follow.]

 

    8

     

    

 

IN WlTNESS WHEREOF, the undersigned
have executed this Assignment and Assumption. Consent and Modification Agreement as of the date first above written.

 

	TURNPOINT MEDICAL DEVICES, INC.

 

	By:	/s/ Jerry C. Ruddle	 
	 	Name:	JERRY C. RUDDLE	 
	 	Title:	PRESIDENT AND COO	 

 

	LEVERAGED
    DEVE LDPMENTS LLC

 

	By:	/s/ Jeffrey A. Carlisle	 
	 	Name:	Jeffrey A. Carlisle	 
	 	Title:	Founder, Member	 

 

	MACK MOLDING COMPANY	 
	 	 	 	 
	By:	/s/ Florence M. Belnap	 
	 	Name:	Florence M. Belnap	 
	 	Title:	Secretary

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