Document:

Sale Leaseback Agreement with Tetra Financial Group

  
 Exhibit 10.2

 SALE AND LEASEBACK AGREEMENT 
 This Sale and Leaseback Agreement (“Agreement”) is dated and effective June 15, 2010 by and between, BIONOVO, INC., 5858 Horton Street, Suite 400, Emeryville, CA 94608 (the
“Seller”) and TFG-COLORADO, L.P., 3165 East Millrock Drive, Suite 400, Salt Lake City, UT 84121 (the “Buyer”). 
 WHEREAS, Seller requests Buyer to purchase from Seller, in one or more Authorizations (defined herein) (collectively, the “Equipment”), and to lease the Equipment to Seller under the terms and
conditions of Lease Schedule No. 001 (“Schedule”) to Master Lease Agreement No. TFG/BI 061510, dated and effective as of June 15, 2010 (“Master Lease”) (the Master Lease and the Schedule are referred to herein
collectively as the “Lease”); and 
 WHEREAS, Buyer is willing to purchase from and lease to Seller the Equipment
under the terms and conditions of this Agreement, the Authorizations and the Lease; 
 NOW, THEREFORE, in consideration of the
mutual promises herein, Seller and Buyer agree as follows: 
 1. Sale and Leaseback. Subject to the terms of the Lease,
Seller agrees to sell and Buyer agrees to purchase the Equipment described in one or more Authorizations signed by Seller under the Lease. Each Authorization upon the execution and delivery thereof, shall be incorporated into this Agreement by this
reference, and collectively, the Authorizations shall comprise the Equipment. Upon Seller’s later execution and delivery to Buyer of an Acceptance Certificate required under the Lease, Buyer shall lease the Equipment to Seller and Seller shall
accept the Equipment under lease from Buyer under the terms and conditions of the Lease. In connection with Seller’s sale of the Equipment to Buyer, Seller assigns to Buyer all manufacturer warranties and indemnities with respect to the
Equipment. 
 2. Purchase Price and Payment; Holdback. Buyer and Seller agree that the purchase price of the Equipment is
$1,352,727.53, which shall be payable to Seller pursuant to the terms and conditions of this Agreement, the Master Lease and the Schedule. Buyer shall pay 50% simultaneously with the full execution and delivery of this Agreement, the Lease, and any
Authorization. Buyer shall hold back 50% (the “Holdback Amount”) which shall be used as a security deposit pursuant to Security Agreement dated June 15, 2010 and subject to the terms of this Agreement and the Lease. Buyer shall pay
the Holdback Amount to Seller upon expiration of the “Base Term” (as that term is defined in the Schedule) and any extensions thereof so long as Lessee has complied with all, and is not in default under any, of the terms and conditions of
the Lease. Buyer may also pay some or all of the Holdback Amount to Seller prior to the expiration of the Base Term and any extensions thereof in its sole and absolute discretion upon the written request of Seller. The Holdback Amount will be held
in an interest bearing account at Republic Bank, 1560 South Renaissance Towne Drive, Bountiful, UT 84010 for the duration of the Base Term. 
 3. Buyer’s possession of the Holdback Amount shall not be deemed to affect title to all of the Property which shall transfer to Buyer upon payment of 50% as set forth in this Section 2 and in
Section 3 below. Buyer’s possession of the Holdback Amount shall not be deemed to impact the “Base Monthly Rental” or the “Lease Rate Factor” (as those terms are defined in the Schedule) or any other terms and
conditions of the Lease. Seller acknowledges that its Base Monthly Rental payments will be based on the Total Leased Property Cost and the Lease Rate Factor as set forth in the Schedule even though Buyer is retaining possession of the Holdback
Amount pursuant to the provisions of this Section 2. In the event of any default by Seller under this Agreement or under the Lease, Buyer may use, offset and apply the Holdback Amount to cure any such defaults, to pay any outstanding payments,
costs, late charge or fees, or to otherwise reimburse Buyer for any other costs or liabilities incurred as a result of such defaults or in connection with Buyer’s exercise of any rights and remedies available to it under this Agreement, or the
Lease, at law or in equity. 
 4. Title. The parties agree that title to and ownership of those items of Equipment
specified in any Authorization signed in connection with the Lease shall pass from Seller to Buyer at the time Buyer signs such Authorization. Seller shall provide insurance coverage for the Equipment from the date title passes to Buyer in
accordance with the terms and conditions of the Master Lease, which terms and conditions are incorporated herein by this reference. 
 5. Buyer’s Purchase and Performance. Seller agrees that Buyer’s obligations hereunder are expressly subject to the following conditions: 

 

  
 6. 

 

	 	a)	Buyer’s receipt of the executed Master Lease and Schedule, Authorizations, if applicable, a Casualty Loss Schedule, a Bill of Sale for the Equipment, UCC searches
showing no security interests, liens or other encumbrances on the Equipment, UCC-1 financing statement(s), and any other documentation reasonably required by Buyer, all in form and substance acceptable to Buyer. 

 

	 	b)	Buyer’s receipt of corporate resolutions and/or incumbency certificates in form and substance acceptable to Buyer evidencing Seller’s authority to enter into
this sale and leaseback transaction with Buyer. 

  

	 	6.	Taxes. Seller represents and warrants that it is responsible for and has paid all sales, use, property and other taxes or fees assessed or due in connection with
Seller’s purchase, use and possession of the Equipment prior to the sale thereof to Buyer hereunder. Seller agrees to pay to Buyer an amount equal to all taxes paid, payable or required to be collected by Buyer, however designated, which are
levied or based on the rental, the Lease or the Equipment or its purchase for lease hereunder, or on the use, lease, operation, control, ownership or value (including, without limitation, state and local privilege or excise taxes based on gross
revenue) of the Equipment, and any penalties or interest in connection therewith or taxes or amounts in lieu thereof paid or payable by Buyer in respect of the foregoing, but excluding taxes based on Buyer’s net income. Buyer shall deliver to
Seller on or before the date of each Authorization a duly executed sales tax exemption certificate for the Equipment, for each applicable jurisdiction, prior to Buyer’s payment of the purchase price. 

 

	 	7.	Seller’s Representations and Warranties. Seller represents and warrants to Buyer that: 

 

	 	a.	If Seller is a corporation or other entity or organization, it is duly organized, validly existing and in good standing under the laws of the state of its incorporation
or formation and in all jurisdictions where such qualification is required for it to conduct its business. 

  

	 	b.	Seller has all requisite power and authority to conduct its business, to own and lease its properties and to enter into and perform all of its obligations under this
Agreement. 

  

	 	c.	This Agreement has been duly authorized by Seller, and upon execution and delivery by the parties thereto, shall constitute the valid, legal and binding obligation of
Seller enforceable in accordance with its terms. 

  

	 	d.	No event has occurred or is continuing which constitutes or would constitute with the passage of time or the giving of notice or both, a default or an event of default
under this Agreement. There is no action, suit or proceeding pending or threatened against or effecting Seller or its properties before or by any court, administrative agency or other governmental authority which brings into question the validity of
the transaction contemplated by this Agreement or which might materially impair the ability of Seller to perform its obligations under this Agreement or the transaction contemplated hereby. 

 

	 	e.	Neither the execution and delivery by the Seller of this Agreement, nor the compliance by the Seller with the provisions of any thereof, conflicts with or results in a
breach of any of the provisions of the Articles of Incorporation or By-Laws or other governing instruments of Seller, or of any applicable law, judgment, order, writ, injunction, decree, rule or regulation of any court, administrative agency or
other governmental authority, or of any agreement or other instrument to which the Seller is a party or by which it is bound, or constitutes or will constitute a default under any thereof. 

 

	 	f.	The transaction contemplated by this Agreement complies with all applicable federal, state and local laws, rules and regulations applicable to Seller.

  

	 	g.	No consent, approval or authorization of or by any court, administrative agency or other governmental authority is required in connection with the execution, delivery
or performance by Seller, or the consummation by Seller, of the transaction contemplated by this Agreement. 

  

	 	h.	 Seller is transferring to Buyer good title to the Equipment, free and clear of all liens and encumbrances of any kind or description and the Equipment
is, and at the time of signing of each 

  

	 	 
Authorization will be, located at Seller’s premises identified on the Authorization, in good operating condition and appearance and installed (if applicable) and operating in accordance with
all manufacturer specifications. 

  

	 	8.	Buyer’s Representations and Warranties. Buyer represents and warrants to Seller that: 

 

	 	a.	Buyer is a limited partnership duly organized, validly existing and in good standing under the laws of the State of Utah and in all jurisdictions where such
qualification is required for it to conduct its business. 

  

	 	b.	Buyer has all requisite power and authority to conduct its business, to own and lease its properties and to enter into and perform all of its obligations under this
Agreement. 

  

	 	c.	This Agreement has been duly authorized by Buyer, and upon the execution and delivery by the parties thereto, shall constitute the valid, legal and binding obligation
of Buyer enforceable in accordance with its terms. 

  

	 	9.	Default and Remedies. In the event any of Seller’s representations made hereunder should be false or misleading in any material respect, or in the event
Seller should breach any of its warranties or obligations under this Agreement, Buyer shall be entitled to exercise all rights and remedies available to it at law or in equity together with all of its rights and remedies under the Lease as if they
were set forth in this Agreement, and for purposes hereof all such rights and remedies shall be incorporated herein by this reference. 

  

	 	10.	Successors. Buyer and Seller agree that this Agreement shall inure to the benefit of and shall be binding upon Seller and Buyer and their respective successors
and assigns. Any assignment by Buyer shall not require Seller’s prior written approval provided such assignee agrees to observe Buyer’s covenant of quiet enjoyment under the Lease. Seller shall not assign any interest in this Agreement
without Buyer’s prior written consent. 

  

	 	11.	Survival of Covenants. Buyer and Seller agree that the warranties, covenants and agreements contained in this Agreement shall survive the passing of title to the
Equipment to Buyer. 

  

	 	12.	Miscellaneous. Section titles are not intended to, and shall not limit or otherwise affect the interpretation of this Agreement. If any provision of this
Agreement shall be held to be invalid or unenforceable, the validity and enforceability of the remaining provisions hereof shall not be affected or impaired in any way. Any modifications to this Agreement shall be in writing and shall be signed by
both parties and their last known assignees, if any. Any terms capitalized herein shall have the meanings set forth in the Master Lease and the Schedule, which are incorporated herein by reference. 

 

	 	13.	Entire Agreement. Seller and Buyer agree that this Agreement and the Lease, together with any amendments, riders or supplements thereto, shall constitute the
entire Agreement between the parties with respect to the Equipment and shall supersede all proposals, oral or written, all prior negotiations and all other communications. 

 

	 	14.	Legal and Administrative Expenses. Each party shall be responsible for its own legal and administrative expenses incurred in connection with this sale/leaseback
transaction. 

  

	 	15.	No Brokers Fee. Each party represents to the other that it has retained no brokers in this transaction and it hereby agrees to indemnify the other party against
any brokers’ or other fees which might result from the indemnifying party’s actions. 

  

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

									
	BUYER:	 		 	SELLER:
			
	TFG-COLORADO, L.P.	 		 	BIONOVO, INC.
					
	BY:	 	 /s/ Jordan K. Greenwell
	 		 	BY:	 	 /s/ Tom Chesterman

									
					
	NAME:	 	 Jordan K. Greenwell
	 		 	NAME:	 	 Tom Chesterman

					
	TITLE:	 	 Vice President / Chief Credit Officer
	 		 	TITLE:	 	 Senior Vice President and Chief Financial OfficerMaster Lease Agreement with De Lage Landen

  
 Exhibit 10.3

  

					
	

	  	Master Lease Agreement
	  	PHONE:	 	(800) 275-1415
	  	FAX:	 	(800) 743-0177

  

											
	
 

	  	Full Legal Name	  		  		  		  	Phone Number
	  	Bionovo, Inc.	  		  		  		  	(510) 420-4189
	  	Carrying on Business as (If Any)	  		  		  	Fax Number
	  	  
 Billing Address
	  	City	  	State	  	Zip	  	Send Invoice to Attention of:
	  	12635 E. Montview Blvd., Ste 155	  	Aurora	  	CO	  	80045	  	

 TERMS AND CONDITIONS 

 

 This MASTER LEASE AGREEMENT (“Agreement”) is dated as of
                        , 20    , and is by and between De Lage Landen Financial Services,
Inc., with offices located at 1111 Old Eagle School Road, Wayne, Pennsylvania, 19087-1453, its successors and assigns (“Lessor”) and the above referenced lessee (“Lessee”). The parties hereto for good and valuable consideration
and intending to be legally bound hereby agree as follows: 
 1. LEASE OF SYSTEM: This Agreement establishes the
general terms and conditions under which Lessor may, from time to time, lease Systems (as hereinafter defined) to Lessee. The terms hereof shall be deemed to form a part of each Master Lease Schedule (“Lease”) executed by the parties which
references this Agreement. “Software”, “Equipment” and “Maintenance” shall mean all items of software, equipment and maintenance set out in any Lease and shall be collectively referred to as a “System.” Lessee
hereby requests Lessor to purchase the System from the supplier(s) thereof (hereinafter called “Vendor and/or Manufacturer”, as applicable) and to lease the System to Lessee on the terms and conditions contained herein. Each Lease shall
constitute a separate lease agreement incorporating all the terms hereof. In the event of a conflict between the provisions of any Lease and the provisions hereof, the provisions of the Lease shall prevail. 

The amount of the Lease Payments on each Lease (“Lease Payments”) are based upon the estimated total cost of the System on
the applicable Schedule. The Lease Payments shall be adjusted proportionately upward or downward if the actual total cost of the System on the applicable Lease exceeds or is less than the estimate and Lessee authorizes Lessor to adjust the Lease
Payments by up to fifteen percent (15%) in that event. 
 2. TERM AND RENT: This Agreement shall become effective
upon acceptance and execution by Lessor at its corporate offices, as specified above, and shall remain effective at least until the expiration of the term of the last Lease hereunder. Each Lease shall become effective upon acceptance and execution
by Lessor and shall be for the term provided therein. The term of each Lease shall commence on the Commencement Date, as defined in the Lease with an interim term and Base Term Commencement Date as set forth therein and shall thereafter continue
until all obligations of the Lessee under the Lease shall have been fully performed (“Lease Term”). Interim Rent and Base Term Rent shall be due and payable as set forth in the Lease. All payments made by or on behalf of Lessee hereunder
shall be non-refundable. LESSEE’S OBLIGATION TO PAY SUCH LEASE PAYMENTS SHALL BE ABSOLUTE AND UNCONDITIONAL AND IS NOT SUBJECT TO ANY ABATEMENT, SET-OFF, DEFENSE OR COUNTER-CLAIM FOR ANY REASON WHATSOEVER. All payments hereunder shall be made
to Lessor at its address specified above (or such other place as Lessor, in writing, directs) without notice or demand therefor. If the term of a Lease is extended, “Lease Term” shall be deemed to refer to all extensions thereof. All
provisions of this Agreement shall apply during any extended term except as may be otherwise specifically provided in this Agreement, in a Lease, or in any subsequent written agreement of the parties. If Lessee is required to report the components
of its payments to Lessor hereunder to certain state and/or federal agencies or public health coverage programs such as Medicare, Medicaid, SCHIP or others, Lessor will upon Lessee’s written request, provide Lessee with a detailed outline of
the components of its payment(s)) which may include equipment, software, service and other related components. 
 3.
DELIVERY AND ACCEPTANCE: Delivery and installation arrangements and costs, unless included in the cost of the System to Lessor and upon which the Lease Payments were computed, are the sole responsibility of Lessee. Lessee agrees to accept the
System when delivered, installed and operating to Manufacturer’s specifications and to execute the Delivery and Acceptance Certificate supplied by Lessor as evidence thereof. Lessee agrees to hold Lessor harmless from specific performance of
this Agreement and from damages, if for any reason, the Vendor fails to deliver, or delays in delivery of, the System so ordered or if the System is unsatisfactory for any reason whatsoever. Lessee agrees that any delay in delivery of the System
shall not affect the validity of this Agreement, any Lease or the obligation to make Lease Payments thereunder. Lessee’s execution of the Delivery and Acceptance Certificate shall conclusively establish that the System covered thereby is
acceptable to Lessee for all purposes of the Lease related thereto. 
 The Lessee agrees to provide a suitable installation
environment for the System as specified in the applicable Manufacturer’s manual, if any, and except as otherwise specified by Manufacturer, to furnish all labor required for unpacking and placing each item of System in the desired location.
Without limiting the generality of the foregoing, the foundation or floor on which the System is to be installed, shall be in accordance with the builder’s specifications, and the power for the System shall be in accordance with the
builder’s specifications and the local electrical code. 
 If Lessee has entered into any purchase, licensing or
maintenance agreements with the Vendor and/or the Manufacturer (“Acquisition Agreement”) covering the System or any portion thereof, Lessee transfers and assigns to Lessor all of Lessee’s rights, but none of its obligations (except
for Lessee’s obligation to pay for the System upon Lessor’s acceptance of the Lease) in and to the Acquisition Agreement, including without limitation the right to take title to the System. 

If Lessee cancels or terminates a Lease prior to delivery of the System or if Lessee fails or refuses to sign the Delivery and
Acceptance Certificate within a reasonable time, not to exceed five (5) business days, after the System has been delivered, installed and is operating to Manufacturer’s specifications, Lessor shall have the option of treating the Lease as
cancelled by Lessee and Lessee shall automatically assume all of Lessor’s rights and obligations as purchaser of the System, whether under an Acquisition Agreement or otherwise. 

IT IS HEREBY AGREED THAT LESSOR IS NOT RESPONSIBLE FOR THE PERFORMANCE, MAINTENANCE OR SERVICING OF THE SYSTEM AND LEASES SAME
“AS-IS.” 
 4. SELECTION OF SYSTEM AND DISCLAIMER OF WARRANTY: Lessee has selected both the System and the
Vendor and/or Manufacturer from whom Lessor covenants to purchase the System at Lessee’s request. LESSEE ACKNOWLEDGES THAT LESSOR HAS NO EXPERTISE OR SPECIAL FAMILIARITY ABOUT OR WITH RESPECT TO THE SYSTEM. LESSEE AGREES THAT THE SYSTEM LEASED
HEREUNDER IS LEASED “AS-IS” AND IS OF A SIZE, DESIGN AND CAPACITY SELECTED BY LESSEE AND THAT LESSEE IS SATISFIED THAT THE SAME IS SUITABLE FOR LESSEE’S PURPOSES, AND THAT LESSOR HAS MADE NO REPRESENTATION OR WARRANTY WITH RESPECT TO
THE SUITABILITY OR DURABILITY OF SAID SYSTEM FOR THE PURPOSES AND USES OF LESSEE, OR ANY OTHER REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, WITH RESPECT THERETO, INCLUDING THE IMPLIED WARRANTIES OF MERCHANTABILITY, or FITNESS FOR A PARTICULAR
PURPOSE. LESSOR FURTHER DISCLAIMS ANY LIABILITY FOR LOSS, DAMAGE OR INJURY TO LESSEE OR THIRD PARTIES AS A RESULT OF ANY DEFECTS, LATENT OR OTHERWISE, IN THE SYSTEM WHETHER ARISING FROM THE APPLICATION OF THE LAWS OF STRICT LIABILITY OR OTHERWISE.
If the System is not properly installed, does not operate as represented or warranted by the Vendor and/or Manufacturer, or is unsatisfactory for any reason, Lessee shall make any claim on account thereof solely against the Vendor and/or
Manufacturer and shall, nevertheless, pay Lessor all Lease Payments under the Lease and shall not set up against Lessee’s obligations any such claims as a defense, counterclaim, set-off or otherwise. So long as Lessee is not in breach or
default of this Agreement or any Lease hereunder, Lessor hereby assigns to Lessee, solely for the purpose of making and prosecuting any such claim, any rights which Lessor may have against the Vendor and/or Manufacturer for breach of warranty or
other representation respecting any item of the System. All proceeds of any warranty recovery by Lessee from the Vendor and/or Manufacturer of any item of the System shall first be used to repair or replace the affected item. 

LESSEE ACKNOWLEDGES THAT NEITHER THE VENDOR NOR ANY SALESPERSON, EMPLOYEE, REPRESENTATIVE OR AGENT OF THE VENDOR AND/OR MANUFACTURER IS
AN AGENT OR REPRESENTATIVE OF LESSOR, AND THAT NONE OF THE ABOVE IS AUTHORIZED TO WAIVE OR ALTER ANY TERM, PROVISION

 
OR CONDITION OF THIS AGREEMENT OR ANY LEASE HEREUNDER, OR MAKE ANY REPRESENTATION OR WARRANTY WITH RESPECT TO THIS AGREEMENT, ANY LEASE HEREUNDER OR THE SYSTEM LEASED HEREUNDER. Lessee further
acknowledges and agrees that Lessee, in executing this Agreement and each Lease hereunder, has relied solely upon the terms, provisions and conditions contained herein and therein, and any other statements, warranties, or representations, if any, by
the Vendor and/or Manufacturer, or any salesperson, employee, representative or agent of the Vendor and/or Manufacturer, have not been relied upon, and shall not in any way affect Lessee’s obligation to make the Lease Payments and otherwise
perform as set forth in this Agreement and each Lease. 
 REGARDLESS OF CAUSE, LESSEE WILL NOT ASSERT ANY CLAIM WHATSOEVER
AGAINST LESSOR FOR LOSS OF ANTICIPATORY PROFITS OR ANY OTHER INDIRECT, SPECIAL OR CONSEQUENTIAL DAMAGES, NOR SHALL LESSOR BE RESPONSIBLE FOR ANY DAMAGES OR COSTS WHICH MAY BE ASSESSED AGAINST LESSEE IN ANY ACTION FOR INFRINGEMENT OF ANY UNITED
STATES LETTERS PATENT OR COPYRIGHT. LESSOR MAKES NO WARRANTY AS TO THE TREATMENT OF THIS AGREEMENT OR ANY LEASE HEREUNDER FOR TAX OR ACCOUNTING PURPOSES. 
 NOTWITHSTANDING ANY PROVISION CONTAINED HEREIN TO THE CONTRARY, LESSEE DOES NOT WAIVE ANY RIGHTS OR REMEDIES IT MAY HAVE AGAINST THE VENDOR AND/OR MANUFACTURER OF THE SYSTEM. 

5. TITLE, PERSONAL PROPERTY AND LOCATION: Except for Leases with a $1.00 purchase option or Leases where the Lessee is required
to purchase the Equipment at the end of the Lease Term (“Put Option”), the Equipment is, and shall at all times be and remain the sole and exclusive property of Lessor, and Lessee, notwithstanding any trade-in or down payment made by
Lessee or on its behalf with respect to the Equipment, shall have no right, title or interest therein or thereto, except as to the use thereof subject to the terms and conditions of this Agreement and the related Lease hereunder. To the extent that
the license for the Software (“License”) allows title to Software to pass to Lessee, such title shall vest and remain in Lessor. To the extent such vesting requires a specific written conveyance, Lessee hereby conveys to Lessor any title
it has or may hereafter acquire in the Software and relinquishes any subsequent claim of title in the Software, including any rights to purchase the Software and to retain rights to use the same beyond the Lease Term. If any provision of this
paragraph requires for its effectiveness Licensor’s prior written consent because the License limits transfers, encumbrance or assignment of the Software, then Lessee shall assist Lessor, if so requested, in obtaining such consent. 

Lessee will not directly or indirectly create, incur, assume or suffer to exist any lien on or with respect to the System or
Lessor’s title thereto, except such liens as may arise through the independent acts or omissions of the Lessor. Lessee, at its own expense, will promptly pay, satisfy or otherwise take such actions as may be necessary to keep the System free
and clear of any and all such liens. The System is, and at all times shall remain, personal property notwithstanding that the System or any item thereof may now be, or hereafter become, in any manner affixed or attached to, or imbedded in, or
permanently resting upon real property or any improvement thereof or attached in any manner to what is permanent. If requested by Lessor prior to or at any time during the Lease Term, Lessee will obtain and deliver to Lessor waivers of interest or
liens in recordable form, satisfactory to Lessor, from all persons claiming any interest in the real property on which an item of the System is installed or located. 
 The System shall be kept at the address designated in each Lease and shall not be removed therefrom without the prior written consent of the Lessor, which consent shall not be unreasonably withheld.
Lessor may require plates or markings to be affixed to or placed on the Equipment indicating the Lessor’s ownership of the Equipment. 
 6. USE AND MAINTENANCE: Lessee shall use the System solely in the conduct of its business and in a careful and proper manner consistent with the requirements of all applicable insurance policies;
shall only permit qualified personnel to operate the System and shall not discontinue the use of the System during the Lease Term. Lessee will not modify the System in any way without the prior written consent of Lessor, which consent shall not be
unreasonably withheld. Lessee shall not attach or incorporate the Equipment to or in any other item of equipment or software in such a manner that the Equipment becomes or may be deemed to have become an accession to or a part of such other item of
equipment or software. 
 At its own expense, Lessee will cause the System to be kept, used and maintained as recommended by
the Manufacturer and Manufacturer’s maintenance manuals and plans by competent and duly qualified personnel only approved by the Manufacturer, in accordance with applicable governmental regulations, if any, and for business purposes only and in
as good operating condition as when delivered to Lessee hereunder, ordinary wear and tear resulting from proper use alone excepted, and will provide all maintenance and service and make all repairs or replacements reasonably necessary for such
purpose. Lessee shall record in a log book all maintenance and repair performed on the System and deliver the same to Lessor from time to time as requested by Lessor and upon termination of the Lease. 

If any parts or accessories forming part of the System become worn out, lost, destroyed, damaged beyond repair or otherwise permanently
rendered unfit for use, Lessee, at its own expense, shall within a reasonable time cause such parts or accessories to be replaced by replacement parts or accessories which are free and clear of all liens, encumbrances or rights of others and have a
utility at least equal to the parts or accessories replaced. All equipment, software accessories, upgrades, parts and replacements for or which are added to or become attached to the System, which are essential to the operation of the System or
which cannot be detached from the System without materially interfering with the operation of the System or adversely affecting the value and utility which the System would have had without the addition thereof, shall immediately become the property
of Lessor, and shall be deemed incorporated in the System and subject to the terms of this Agreement and the related Lease as if originally leased hereunder. Lessee shall not make any material alterations to the System without the prior written
consent of Lessor, which consent shall not be unreasonably withheld. 
 Upon reasonable advance notice, Lessor shall have the
right to inspect the System, log book and all other maintenance records with respect thereto, if any, at any reasonable time during normal business hours. 
 In the event the Lease Payments include the cost of maintenance and/or service being provided by Vendor and/or Manufacturer, Lessee acknowledges that Lessor is not responsible for providing any required
maintenance and/or service for the System. Lessee shall make all claims for service and/or maintenance solely to the Vendor and/or Manufacturer and Lessee’s obligation to make all required Lease Payments shall remain unconditional. 

7. ASSIGNMENT: LESSEE MAY NOT ASSIGN THIS AGREEMENT, ANY LEASE OR THE RIGHTS HEREUNDER, NOR SHALL THE LESSEE SUBLEASE OR LEND
THE SYSTEM OR SUBMIT IT TO BE USED BY ANYONE OTHER THAN LESSEE’S EMPLOYEES WITHOUT THE PRIOR WRITTEN CONSENT OF LESSOR, WHICH CONSENT SHALL NOT BE UNREASONABLY WITHHELD. Lessor may at any time assign all or part of any interest in this
Agreement or any Lease and in each item of the System and monies to become due to Lessor hereunder; and, Lessor may grant security interests in the System, subject to the Lessee’s rights therein. In such events, all the provisions of this
Agreement or any Lease hereunder for the benefit of Lessor shall inure to the benefit of and be exercised by or on behalf of such assignee, but the assignee shall not be liable for or be required to perform any of Lessor’s obligations to
Lessee. The Lessor may direct that all Lease Payments due and to become due under this Agreement or any Lease hereunder and assigned by Lessor shall be paid directly to assignee, upon notice of such assignment to Lessee. The right of the assignee to
the payment of the assigned Lease Payments, the performance of all of Lessee’s obligations and to exercise any other of Lessor’s 

  

  

					
		  	Page 1 of 3	  	Lessee Initials                 

 
rights hereunder shall not be subject to any defense, counterclaim or set-off which the Lessee may have or assert against the Lessor, and the Lessee hereby agrees that it will not assert any such
defenses, set-offs, counterclaims and claims against the assignee. No such assignment by Lessor shall relieve Lessor of its obligations or limit or otherwise affect Lessee’s rights and/or obligations hereunder. 

8. RETURN OF SYSTEM, STORAGE: The Lessee shall, at its sole expense, surrender each item of the System then subject to any Lease
hereunder at the expiration or earlier termination of the Lease Term by delivering the item to the Lessor at a location accessible by common carrier and designated by the Lessor within the Continental United States or, if specified by the Lessor,
into the custody of a carrier designated by the Lessor. In the case of Software, Lessee shall destroy all intangible items constituting such Software and shall deliver to Lessor all tangible items constituting such Software. At Lessor’s
request, Lessee shall also certify in a form acceptable to Lessor that: (i) Lessee has complied with the above Software return provisions; (ii) Lessee will not use the Software after the expiration or earlier termination of the Lease Term;
and (iii) Lessee shall permit Lessor and/or the Vendor of the Software to inspect Lessee’s locations to verify compliance with the terms hereof. 
 If the item of the System is delivered into the custody of a carrier, the Lessee shall arrange for the shipping of the item and its insurance in transit in accordance with the Lessor’s instructions
and at the Lessee’s sole expense. The Lessee, at its sole expense, shall completely sever and disconnect the System from the Lessee’s property, all without liability of the Lessor to the Lessee, or to any person claiming through or under
the Lessee, for damage or loss caused by such severance and disconnection. The Lessee, at its sole expense, shall pack or crate the System or its component parts carefully and in accordance with any recommendations of the Manufacturer with respect
to similar new software or equipment before surrendering the System to the Lessor. The Lessee shall deliver to the Lessor the plans, specifications, operation manuals and other warranties and documents furnished by the Manufacturer or Vendor of the
System and such other documents in the Lessee’s possession relating to the maintenance and methods of operation of such System. 
 When an item of Software or Equipment is surrendered to the Lessor it shall be in the condition and repair required to be maintained under this Agreement. It will also be free of all evidence of
advertising or insignia placed on it by the Lessee and meet all legal and regulatory conditions necessary for the Lessor to sell or lease it to a third party and be free of all liens. If Lessor reasonably determines that an item of Software or
Equipment, once it is returned, is not in the condition required hereby, Lessor may cause the repair, service, upgrade, modification or overhaul of the item of Software or Equipment to achieve such condition and upon demand, Lessee shall promptly
reimburse Lessor for all amounts reasonably expended in connection with the foregoing. 
 Should Lessee not return the System
at the end of the Lease Term, Lessee shall continue to make Lease Payments to Lessor in the sum equal to the last Lease Payment and at the same intervals as set out in the Lease as a month-to-month lease term (or other term as designated by Lessor)
until returned by Lessee or until returned upon demand therefor by Lessor. The acceptance of said Lease Payments by Lessor shall not waive Lessor’s right to have the System promptly returned to Lessor pursuant to the provisions hereof, nor
shall the acceptance of said Lease Payments be deemed to be an extension of the Lease Term. 
 Upon written request of the
Lessor, the Lessee shall provide free storage for any item of System for a period not to exceed 60 days after expiration of its Lease Term before returning it to the Lessor. The Lessee shall arrange for the insurance described to continue in full
force and effect with respect to such item during its storage period and the Lessor shall reimburse the Lessee on demand for the incremental premium cost of providing such insurance. 

9. LOSS OR DAMAGE: Lessee hereby assumes and shall bear the entire risk of loss (including theft, requisition of use, erasure or
inoperability) or destruction of or damage to the System from any and every cause whatsoever, whether or not insured, until the System is returned to Lessor. No such loss or damage shall relieve Lessee from any obligation under this Agreement or any
Lease hereunder, which shall continue in full force and effect. In the event of damage to or loss or destruction of the System (or any item thereof), Lessee shall promptly notify Lessor in writing of such fact and shall, at the option of Lessor:
(a) place the same in good repair, condition and working order; (b) replace the Software and/or Equipment with like Software and/or Equipment in good repair, condition and working order, acceptable to Lessor and transfer clear title to or
a right to use, as appropriate, such Software and/or replacement Equipment to Lessor, whereupon such Software and/or Equipment shall be subject to the Lease and be deemed the System for purposes hereof; or (c) on the due date for the next Lease
Payment or upon the expiration of the Lease, whichever first occurs, pay to Lessor: (i) the Stipulated Loss Value therefor as may be specified in the Lease plus all Lease Payments then due; or (ii) if the Lease does not provide for
Stipulated Loss Values, the present value of the total of all unpaid Lease Payments for the entire Lease Term plus the estimated fair market value of the System at the end of the originally scheduled Lease Term or the agreed upon purchase option
price, if any, all of which shall be discounted to the date of payment by Lessee at the lesser of (i) a per annum interest rate equivalent to that of a U.S. Treasury constant maturity obligation (as reported by the U.S. Treasury Department)
that would have a repayment term equal to the remaining Lease term, all as reasonably determined by Lessor; or (ii) 3% per annum (“Present Value Rate”), whereupon the Lease shall terminate with respect thereto. All proceeds of
insurance received by Lessor as a result of such loss or damage shall, where applicable, be applied toward the replacement or repair of the System or the payment of the obligations of Lessee hereunder. 

10. INSURANCE: Prior to the Lease Commencement Date, Lessee shall obtain, maintain and keep the System insured against all risks
of loss or damage from every cause whatsoever including, without limitation, loss by fire, theft, “mysterious disappearance”, collision, earthquake, flood and such other risks of loss as are customarily insured against on the type of
System leased hereunder by businesses of the type in which Lessee is engaged, in an amount not less than the replacement cost or Stipulated Loss Value of the System, whichever is greater, without deductible and without co-insurance. Lessee shall
maintain such insurance coverage for the entire Lease Term. Lessee shall also obtain and maintain for the entire Lease Term, comprehensive public liability insurance covering liability for bodily injury, including death, and property damage
resulting from the purchase, ownership, leasing, maintenance, use, operation or return of the System with a combined single limit of not less than Two Million Dollars ($2,000,000.00) per occurrence. If Lessee is a doctor, hospital or other health
care provider, Lessee shall furnish Lessor with evidence of sufficient professional liability insurance. All said insurance shall be in a form and an amount and with companies reasonably satisfactory to Lessor. Lessor, its successors or assigns,
shall be the sole named loss payee with respect to insurance for damage to or loss of the System and shall be named as an additional insured on the public liability insurance. Lessee shall pay all premiums for such insurance and shall deliver to
Lessor the original policy or policies of insurance, certificates of insurance, or other evidence satisfactory to Lessor evidencing the insurance required thereby, along with proof, satisfactory to Lessor, of the payment of the premiums for such
insurance policies. All insurance shall provide for at least sixty (60) days advance written notice to Lessor before any cancellation, expiration or material modification thereof and also provide that no act or default of any person other than
Lessor, its agents or those claiming under Lessor, will affect Lessor’s right to recover under such policy or policies in case of loss. Lessee hereby irrevocably appoints Lessor as Lessee’s attorney-in-fact (which power shall be deemed
coupled with an interest) to make claim for, receive payment of, and execute and endorse all documents, checks or drafts received in payment for loss or damage under any such insurance policy. Unless Lessee is in default, Lessee may with the prior
written approval of Lessor, settle and adjust all such claims. Lessee agrees if Lessee shall fail to procure, maintain, and pay for such insurance, Lessor shall have the right, but not the obligation, to obtain such insurance on behalf of and at the
expense of Lessee. In the event Lessor does obtain such insurance, Lessee agrees that Lessor has the right but not the obligation to obtain such insurance, and add an insurance fee to the amount due from Lessee on which Lessor makes a profit.

 11. WAIVER AND INDEMNITY: Lessee assumes and agrees to indemnify, defend and keep harmless Lessor, its agents and
employees, from and against any and all losses, damages, injuries, claims, demands and expenses, including legal, consulting and expert expenses (other than such as may directly and proximately result from the gross negligence or willful misconduct
of Lessor, its agents or employees), arising on account of the ordering (whether by Acquisition Agreement or otherwise), acquisition, delivery, installation or rejection of the System, the possession, maintenance, use, condition (including without
limitation, latent and other defects and whether or not discoverable by Lessor or Lessee, any claim in tort for strict liability, and any claim for patent, trademark or copyright infringement) or operation of any item of the System, and by
whomsoever used or operated, during the Lease Term with respect to that item of the System, the loss, damage, destruction, environmental impact, removal, return, surrender, sale or other disposition of the System, or any item thereof. Lessor shall
give Lessee prompt notice of any claim or liability hereby indemnified against. Lessee shall be entitled to control the defense thereof, so long as Lessee is not in Default hereunder; provided, however, that Lessor shall have the right to approve
defense counsel selected by Lessee. The obligations contained in this paragraph continue beyond the termination of the Lease. 

12. TAX TREATMENT AND INDEMNIFICATION: Unless otherwise provided for in a specific Lease, (a) it is acknowledged and agreed
by the parties that they are entering into this Agreement and each Lease on the following income tax assumptions: (i) that Lessor and the consolidated group of which Lessor is a member

			
	 (all references to Lessor in this Section include such consolidated group) will be treated for all federal income tax purposes (and to
the extent allowable, for state and local tax purposes) as the owner of all Equipment leased pursuant to this Agreement and each Lease; (ii) that, for federal and state income tax purposes, each Lease will be treated as a “true lease”
of the Equipment; (iii) that Lessor will be entitled to take (x) accelerated depreciation deductions under applicable state law (“Depreciation Deductions”), and (y) accelerated cost recovery deductions (“Recovery
Deductions”) under Section 167(a) and Section 168 (b)(1) of the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder (the “Code”); and (iv) that Lessor will have the maximum federal and
state income tax rate applicable to corporations in effect as of the date of Lessor’s Lease execution (“Determination Date”) during each applicable Lease term (which maximum federal and state income tax rate shall remain constant
during such term).
  
 (b) The Lessee acknowledges and
agrees that each Lease has been executed by Lessor based upon the following representations and warranties of Lessee: (i) at the time the Lessee accepts each item of Equipment under each Lease, each such item of Equipment shall have been placed
in service within the meaning of Code Section 167 and Code Section 168, but not prior thereto, and the “original use” (as the term is used under the Code) of such item shall commence with Lessor; (ii) Lessor shall be
entitled to (x) the maximum available Depreciation Deductions applicable to corporations (determined as of the Determination Date) based on the cost of each item of Equipment as specified in the applicable Lease (“Cost”), and
(y) Recovery Deductions; (iii) for purposes of determining the amount of the Recovery Deductions, Lessor’s basis for the Equipment will at least equal Lessor’s Equipment Cost; (iv) no item of Equipment is limited use
property within the meaning of Rev. Proc. 76-30; (v) for federal income tax purposes, all amounts included in the gross income of Lessor with respect to each item of Equipment will be treated as derived from or allocable to sources within the
United States; and (vi) all Equipment information furnished by Lessee in writing to Lessor or Lessor’s agents was accurate at the time given.
  

(c) If by reason of (1) the breach or inaccuracy in law or in fact of any of the representations or warranties set forth in
Subsection (b) of this Section, or (2) the Lessee, an Affiliate (defined below), assignee or sublessee of Lessee or any user or person or entity in possession of any Equipment (x) committing any act, or (y) failing or omitting to
take any action required under this Agreement, or any Lease or otherwise, Lessor will (i) lose the right to claim, will not have the right to claim or shall not claim as the result of its good faith determination that such claim is not properly
allowable, or shall suffer a disallowance or deferral of, or shall be required to recapture all or any portion of the Recovery Deductions, and/or Depreciation Deductions as to any item of the Equipment, or (ii) suffer a decrease in
Lessor’s net return over the then remaining portion of the Lease Term (any such occurrence referred to hereinafter as “Loss”), then at Lessor’s option either (x) the rent will, on and after the next succeeding date for the
payment thereof upon notice to Lessee by Lessor that a Loss has occurred, and describing the amount as to which Lessor intends to claim indemnification and the reason for such adjustment in reasonable detail, be increased by such amount, which will
cause Lessor’s net return over the then remaining portion of the Lease Term (taking into account the tax effect from deferred utilization of tax basis resulting from changes in the method of calculating Recovery Deductions and Depreciation
Deductions) to equal the net return that would have been available if such loss had not occurred, or (y) in lieu of a rent increase, Lessee shall pay to Lessor on such next succeeding date for the payment of rent such sum as will cause
Lessor’s net return over the term of the Lease in respect of the Equipment to equal to the net return that would have been available if such Loss had not occurred (all such net return computations to as determined by Lessor). If such Loss
occurs after the expiration or termination of a Lease, Lessor will notify Lessee of such Loss and Lessee will, within sixty (60) days after such notice, pay to Lessor such sum as required by the preceding clause (y). Lessee will forthwith pay
on demand to Lessor an amount on an after-tax basis which will be equal to the amount of any interest and/or penalties which may be assessed by the United States or any state against Lessor as a result of the Loss.

 
 (d) Lessee agrees that neither it nor any person controlled by
it, in control of it, or under common control with it, directly or indirectly (an “Affiliate”), will at any time file any Federal, state or local income tax return in the United States that is inconsistent with the assumptions set forth in
Subsection (a) of this Section or with the representations and warranties set forth in Subsection (b) of this Section or file any other document in a manner that causes a Loss. Lessee and each Affiliate will file such returns, execute such
documents and take such actions as may be reasonable and necessary to facilitate accomplishment of the intent hereof. Lessee will maintain sufficient records to enable the Lessor to determine and verify its federal and state income tax liability
with respect to the transactions contemplated by each Lease and to determine and verify its potential tax liability with respect to each other taxing jurisdiction. In addition, within 30 days after notice Lessee shall provide such information as
Lessor may reasonably request to enable Lessor to fulfill its tax return filing obligation, to respond to requests for information, to verify information in connection with any income tax audit and to participate effectively in any tax
contest.
  
 (e) For purposes of this Section, a Loss
will occur upon the earliest of (1) the happening of any event which may cause such Loss, (2) the payment by Lessor to the Internal Revenue Service of the tax increase resulting from such Loss, or (3) the adjustment of the tax return
of Lessor to reflect such Loss. Lessor will be responsible for, and will not be entitled to a payment under this Section on account of any Loss due solely to one or more of the following events: (i) the failure of Lessor to have sufficient
taxable income to benefit from the Recovery Deductions and/or Depreciation Deductions; (ii) any disposition of the Equipment by Lessor prior to an Event of Default which has occurred and is continuing under the Lease; or (iii) the failure
of Lessor to timely or properly claim the Recovery Deductions and/or Depreciation Deductions on its tax returns, unless Lessor shall have previously determined, based upon a written opinion of tax counsel to Lessor, that substantial authority does
not exist in favor of making such claim or such failure is due to Lessee not timely providing Lessor with information required by Subsection (d).
  

(f) The indemnities and assumptions of liability provided herein and all Lessor’s rights and privileges herein will inure to the
benefit of Lessor’s successors and assigns and will continue in full force and effect notwithstanding the expiration or termination of the Lease.
  

13. EVENTS OF DEFAULT: The term “Event of Default” shall mean any one or more of the following:

 
 (a) Lessee shall fail to make any Lease Payment, or any
other payment, as it becomes due and such failure is not cured within 10 days; or
  
 (b) Lessee shall fail to perform or observe any of the covenants set forth in Paragraph 10; or
  

(c) Lessee shall fail to perform or observe any other covenant, condition or agreement to be performed or observed by it
hereunder or in any Lease and such failure is not cured within 30 days after the date of notice thereof by Lessor to Lessee; or
  

(d) Lessee shall enter into any transaction of merger or consolidation in which it is not the surviving entity or sell, transfer
or otherwise dispose of all or substantially all of its assets (“Assets”) unless the surviving entity or the entity acquiring such Assets assumes all the duties and obligations of Lessee hereunder and which merger, consolidation, sale or
transfer must be approved in writing by Lessor; or
  

(e) (i) Lessee or any guarantor of Lessee’s obligations hereunder (“Guarantor”) shall commence any action:
(A) for relief under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors; or (B) seeking appointment of a receiver, custodian or other similar
official for it or for its Assets or making a general assignment for the benefit of its creditors; or (ii) there shall be commenced against Lessee any action: (A) of a nature referred to in clause (i) which results in the entry of an
order for relief or any such other relief and remains undismissed or undischarged for a period of 30 days; or (B) seeking attachment, execution or similar process against its assets which results in the entry of an order for any such relief
which shall not be vacated or discharged within 30 days from the entry thereof; or (iii) Lessee shall generally not, or be unable to, pay its debts as they come due; or

 
 (f) Lessee or any Guarantor shall die or (if an entity)
liquidate or dissolve itself or be liquidated or terminated; or
  
 (g) Any representation or warranty made by Lessee herein or otherwise furnished Lessor in connection with this Agreement or any Lease hereunder shall prove at any time to have been untrue or
misleading in any material respect; or
  

(h) Lessee or any Guarantor defaults on any indebtedness for borrowed money, lease, or installment sale obligation, in each case
when any applicable grace period for such obligation has expired and the lender, lessor or creditor has commenced to exercise any remedy, but only if the indebtedness or other obligation is in an amount equal to or in excess of $50,000;
or
  
 (i) Lessor shall reasonably deem itself
insecure as a result of a material adverse change in Lessee’s financial condition or operations; or
  

(j) Lessee shall default in its obligations under a License.

 
 14 REMEDIES: Upon the occurrence of any Event of Default,
Lessor may declare this Agreement or any Lease hereunder to be in default and exercise any one or more of the following remedies:
  

(a) Declare the entire unpaid balance of Lease Payments for the unexpired term of the Lease hereunder
	 	

  

					
		  	Page 2 of 3	  	Lessee Initials                 

 immediately due and payable and similarly accelerate the balances due under any other Leases between Lessor
and Lessee without notice or demand; (b) (i) sue for and recover all Lease Payments and other monies due and to become due under the Lease hereunder, plus the estimated fair market value of the System at the end of the originally scheduled
Lease Term or any agreed upon Purchase Option, all of which shall be discounted to the date of default at the Present Value Rate (defined in Section 9 hereof), but only to the extent permitted by law, or (ii) if the Lease provides for
Stipulated Loss Values, Sue for and recover all accrued Lease Payments and other monies then due under the Lease hereunder, plus the Stipulated Loss Value as specified in the Lease, but only to the extent permitted by law; (c) Charge Lessee
interest on all monies due Lessor at the rate of eighteen percent (18%) per annum from the date of default until paid but in no event more than the maximum rate permitted by law; (d) Charge Lessee a returned-check or non-sufficient funds
charge (“NSF Charge”) to reimburse Lessor for the time and expense incurred with respect to each check that is returned for any reason including non-sufficient or uncollected funds, such NSF Charge is stipulated and liquidated at $25.00;
(e) Require Lessee to assemble all Equipment and Software at Lessee’s expense, at a place reasonably designated by Lessor; (f) Remove any physical obstructions for removal of the Equipment from the place where the Equipment is located
and take possession of any or all items of System, without demand or notice, wherever same may be located, disconnecting and separating all such items of the System from any other property, with or without any court order or pre-taking hearing or
other process of law, it being understood that facility of repossession in the event of default is a basis for the financial accommodation reflected by this Agreement or any Lease hereunder. Lessee hereby waives any and all damages occasioned by
such retaking except such damages as may be caused by Lessor’s gross negligence or willful misconduct. Lessor may, at its option, use, ship, store or repair any or all items of the System so removed and shall sell, lease or otherwise dispose of
any such System at a private or public sale. Lessor may expose the System and resell or lease the System at Lessee’s premises during reasonable business hours without being required to remove the System. In the event Lessor disposes of the
System, Lessor shall give Lessee credit for any sums received by Lessor from the sale or lease of the System after deduction of the expenses of sale or lease. The credit for any sums to be received by Lessor from such lease during the remaining
portion of the Lease Term shall be discounted to the commencement date of such lease at an annual rate equal to the implicit rate of interest of such lease. Lessee shall also be liable for and shall pay to Lessor: (i) all expenses incurred by
Lessor in connection with the enforcement of any of Lessor’s remedies, including all expenses of repossessing, storing, shipping, repairing and selling the System; and (ii) Lessor’s reasonable attorney’s fees. Lessor and Lessee
acknowledge the difficulty in establishing a value for the unexpired Lease Term and owing to such difficulty agree that the provisions of this paragraph represent an agreed measure of damages and are not to be deemed a forfeiture or penalty.

 In the case of Software, it is acknowledged and agreed that the unauthorized use, disclosure or transfer of the Software
could cause Lessor incalculable and irreparable harm. Therefore, if Lessee is found to be using (in whatever manner) any portion of the Software after the applicable Lease Term or after an Event of Default and Lessor’s written demand for Lessee
to return the Software or if the licensor of the Software terminates a License or Lessee’s right to use the Software thereunder, then liquidated damages shall immediately be payable to Lessor in an amount equal to two (2) times the license
fees paid or payable with respect to the Software being used. 
 Whenever any payment is not made by Lessee when due
hereunder, Lessee agrees to pay to Lessor, within one month, a late charge of five percent (5%) for each delayed payment, with a minimum charge of $10.00, but only to the extent permitted by law. Such amount shall be payable in addition to all
amounts payable by Lessee as a result of the exercise of any of the remedies herein provided. 
 All remedies of Lessor
hereunder are cumulative, are in addition to any other remedies provided for by law, and may, to the extent permitted by law, be exercised concurrently or separately. The exercise of any one remedy shall not be deemed to be an election of such
remedy or to preclude the exercise of any other remedy. No failure on the part of the Lessor to exercise and no delay in exercising any right or remedy shall operate as a waiver thereof or modify the terms of this Agreement or any Lease hereunder. A
waiver of default shall not be a waiver of any other or subsequent default. Lessor’s recovery hereunder shall in no event exceed the maximum recovery permitted by law. 
 15. LAWS, REGULATIONS AND TAXES: Lessee shall comply with all laws, regulations and orders relating or pertaining to the System, this Agreement or any Lease hereunder and Lessee shall be
responsible for, as and when due, and shall indemnify and hold Lessor harmless from and against all present and future taxes and other governmental charges, or any increases therein (including, without limitation, sales, use, leasing and stamp taxes
and license and registration fees) and amounts in lieu of such taxes and charges and any penalties or interest on any of the foregoing, imposed, levied upon, in connection with, or as a result of the purchase, ownership, delivery, leasing,
possession or use of the System, or based upon or measured by the Lease Payments or receipt with respect to this Agreement or any Lease hereunder. Lessee shall not, however, be obligated to pay any taxes on or measured by Lessor’s net income.
Lessee authorizes Lessor to add to the amount of each Lease Payment any sales, use or leasing tax that may be imposed on or measured by such Lease Payment. Lessee shall pay Lessor on demand, as additional rent, the amount of the personal property
tax required to be paid by Lessor as owner of the System, plus a fee for Lessor collecting and administering any taxes, assessments or fees and remitting them to the appropriate authorities and interest thereon at the highest legal rate allowed,
from the date due until fully paid. In the event Lessee does not pay all sums specified above, Lessor has the right, but not the obligation, to pay the same. If Lessor shall so pay any of the aforementioned, then the Lessee shall remit such amount
with the next Lease Payment plus a fee for Lessor collecting and administering any taxes, assessments or fees and remitting them to the appropriate authorities. 
 The obligations contained in this Section continue beyond the termination of the Lease if the obligations occurred during the Lease Term. 

16. UCC FILINGS AND FINANCIAL STATEMENTS: Lessee authorizes Lessor to file a financing statement with respect to the System
signed only by the Lessor where permitted by the Uniform Commercial Code or other applicable law. Lessee hereby appoints Lessor as Lessee’s attorney-in-fact to execute such financing statement on Lessee’s behalf and to do all acts or
things which Lessor may deem necessary to protect Lessor’s title and interest hereunder. Lessor and Lessee further agree that a carbon, photographic or other reproduction of this Agreement or any Lease hereunder may be filed as a financing
statement and shall be sufficient as a financing statement under the Uniform Commercial Code or other applicable law. It is the intent of the parties that this is a true lease, and the filing of a financing statement under the Uniform Commercial
Code or other applicable law shall not be construed as evidence that any security interest was intended to be created, but only to give public notice of Lessor’s ownership of the System. For any Lease where Lessee has a $1.00 purchase option or
a Put Option or if this Agreement or any Lease hereunder is otherwise deemed at any time to be one intended as security, then Lessee grants Lessor a security interest in the 
 System and the proceeds from the sale, lease or other disposition of the System. Lessee agrees to pay Lessor a fee to reimburse Lessor’s expenses for the preparation and filing of all such financing
statements, Lessor’s other documentation costs and all ongoing administration costs during the term of each Lease. 

Lessee agrees to submit financial statements or tax returns if its financial statements are unaudited within 90 days from the end of
its fiscal year and Lessee warrants to Lessor that all financial statements furnished and to be furnished have been and will be prepared in accordance with generally accepted accounting principles, are an accurate reflection of Lessee’s
financial condition and that there has been no material adverse change in the financial condition of Lessee or any guarantor of Lessee’s obligations since the dates of preparation and submission of the financial statements submitted to Lessor.
Lessee agrees to deliver to Lessor at any time or times hereafter such information or documents, including, without limitation, certified resolutions, financial statements and legal opinions, as Lessor may request. 

17. SECURITY DEPOSIT: Lessor shall retain any security deposit set forth on each Lease as security for the performance by Lessee
of its obligations hereunder. Any security deposit so taken shall be non-interest bearing. Lessor may, but shall not be obligated to, apply any security deposit to cure any Event of Default hereunder, in which event Lessee shall promptly restore any
amount so applied. If Lessee is not in default in any of Lessee’s obligations hereunder, any security deposit will be returned to Lessee at the termination of the Lease related thereto. Lessee hereby grants to Lessor a security interest in the
cash comprising the security deposit from time to time together with the proceeds thereof to secure the prompt performance as and when due of all obligations of Lessee hereunder. 

18. WARRANTY OF BUSINESS PURPOSE: Lessee hereby warrants and represents that the System will be used for business purposes, and
not for personal, family or household purposes. Lessee acknowledges that Lessor has relied upon this representation in entering into this Agreement and each Lease hereunder. 

 

 19. LESSEE REPRESENTATIONS AND WARRANTIES: Lessee hereby represents, warrants and
covenants to Lessor the following with respect to each Lease as of the date Lessee executes the Delivery and Acceptance Receipt related thereto: (a) Lessee is organized and validly existing under the laws of the state of its organization, with
adequate power and capacity to enter into the Lease, all documents related to the purchase of the System and any other documents required to be delivered in connection with the Lease or the System (hereinafter “Documents”) and is duly
qualified to do business wherever necessary to carry on its present business, including all states where the System is to be located; (b) the Documents have been duly authorized, executed and delivered by Lessee and constitute valid, legal and
binding agreements, enforceable in accordance with their terms, except to the extent that the enforcement of remedies therein provided may be limited under applicable bankruptcy and insolvency laws; (c) no approval, consent or withholding of
objections is required from any federal, state or local governmental authority or instrumentality with respect to the entry into or performance by Lessee of the Documents, except such as have already been obtained; (d) the entry into and
performance by Lessee of its obligations under the Documents will not: (i) violate any judgment, order, law or regulation applicable to Lessee; or (ii) result in any breach of, constitute a default under or result in the creation of any
lien, charge, security interest or other encumbrance upon any item of the System pursuant to any indenture, mortgage, deed of trust, bank loan or credit agreement or other instrument (other than the Lease or any purchase money security interest
retained by any supplier) to which Lessee is a party; (e) there are no suits or proceedings pending or threatened in court or before any regulatory commission, board or other administrative governmental agency against or affecting Lessee, which
will have a material adverse effect on the ability of Lessee to fulfill its obligations under the Lease; (f) the balance sheet and statement of income of Lessee, or of any consolidated group of which Lessee is a member, heretofore delivered to
Lessor have been prepared in accordance with generally accepted accounting principles and fairly present the financial position of Lessee or the consolidated group of companies of which Lessee is a member on and as of the date thereof and the
results of its or their operations for the period or periods covered thereby. Since the date of such balance sheet and statement of income there has been no material adverse change in the financial or operating condition of Lessee or of its
consolidated group. 
 20. MISCELLANEOUS: All obligations of the Lessee, if more than one, shall be joint and several.
All paragraph headings are inserted for reference purposes only and shall not affect the interpretation or meaning of this Agreement or any Lease hereunder. Lessee agrees to execute or obtain and deliver to Lessor at Lessor’s request such
additional documents as Lessor may reasonably deem necessary to protect Lessor’s interest in the System, this Agreement and any Lease. 
 21. NOTICE: Written notices to be given hereunder shall be deemed to have been given when delivered personally or deposited in the United States mails, postage prepaid, addressed to such party at
its address set forth above or at such other address as such party may have subsequently provided in writing. 
 22.
SUPPLIER’S CONTRACT: Lessor and Lessee agree that each Lease is a Finance Lease as that term is defined in Article 2A of the Uniform Commercial Code. Lessee acknowledges that Lessor has apprised Lessee of the identity of the System
supplier. Lessor hereby notifies Lessee that Lessee may have rights pursuant to the contract with the supplier and the Lessee may contact the supplier for a description of any rights or warranties that Lessee may have under this contract.

 23. LESSEE’S WAIVERS: Lessee hereby waives any and all rights and remedies granted Lessee by Sections 508
through 522 of Article 2A of the Uniform Commercial Code including, by way of example only and not as a limitation, the right to repudiate any Lease and reject the System; the right to cancel any Lease; the right to revoke acceptance of the System;
the right to grant a security interest in the System in Lessee’s possession and control for any reason; the right to recover damages thereunder for any breach of warranty or for any other reason deduct all or any part of the claimed damages
resulting from Lessor’s default, if any, under any Lease; the right to accept partial delivery of the System; the right to “cover” by making any purchase or leases of or contract to purchase or lease System in substitution for those
due from Lessor; the right to recover any general, special, incidental or consequential damages, for any reason whatsoever; and the right to specific performance, replevin, detinue, sequestration, claim and delivery and the like for the System. The
waivers contained herein shall not constitute a waiver by Lessee of any of its rights or remedies against the Vendor and/or Manufacturer of the System. 
 24. CHOICE OF LAW: This Agreement and each Lease hereunder shall be binding and effective when accepted by Lessor at its corporate office in Wayne, Pennsylvania, shall be deemed to have been made
in Wayne, Pennsylvania and, except for local filing requirements and laws relating to conflict of laws, shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania. Lessee hereby consents and agrees that
non-exclusive jurisdiction, personal or otherwise, over Lessee and over the System shall be with the courts of the Commonwealth of Pennsylvania or the Federal District Court for the Eastern District of Pennsylvania, solely at Lessor’s option,
with respect to any provision of this Agreement or any Lease hereunder. Lessee agrees that service of process in any action or proceeding may be duly effected upon Lessee by mailing such process via certified mail, return receipt requested. Lessee
also agrees to waive its right to a trial by jury. 
 25. ENTIRE AGREEMENT, NON-WAIVER AND SEVERABILITY: This Agreement
and each Lease hereunder contain the entire agreement and understanding between Lessee and Lessor relating to the subject matter of each Lease. No agreements or understandings shall be binding on the parties hereto unless set forth in writing and
signed by the parties. Time is of the essence in this Agreement and each Lease hereunder. No waiver by Lessor of any breach or default shall constitute a waiver of any additional or subsequent breach or default by Lessor nor shall it be a waiver of
any of Lessor’s rights. Any provision of this Agreement or any Lease hereunder which for any reason may be held unenforceable in any one jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such unenforceability without
invalidating the remaining provisions of this Agreement or any Lease hereunder, and any such unenforceability in any one jurisdiction shall not render such provision unenforceable in any other jurisdiction. 

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

							
	

	  	You agree to all of the Terms and Conditions contained in this Agreement, and in any attachments to same (all of which are included by reference) and become part of
this Agreement. You acknowledge to have read and agreed to all the Terms and Conditions and understand that the Leases are non-cancelable for the full term shown therein. This Agreement shall not be binding upon Lessor or become effective unless and
until Lessor executes the Agreement. The Equipment subject to this Agreement and the Leases is not for home or personal use.
	  	  
 Signature  /s/ Tom Chesterman
	  	Date	 	
	  	  
 Print Name  Tom Chesterman
	  		 	
	  	  
 Title
 Senior Vice President and Chief Financial Officer
	 	
	  	  
 Legal Name of Corporation or
Partnership

	  	  
 Bionovo, Inc.
	  		 	
				
	

	  	Lessor Signature	  	Date	 	

	  	  
 Print Name
	  		 
	  	  
 Title
	  		 
	  	  
 For
	  		 
	  	DE LAGE LANDEN FINANCIAL SERVICES, INC.	 
	  	Vendor ID Number	 

 ©2010 All Rights Reserved. Printed in the U.S.A. 08HCDOC194v3 7/10 

  

					
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