Document:

EX-10.14

 Exhibit 10.14 

CAMBIUM CONFIDENTIAL RESTRICTED 
  

***Text Omitted and Filed Separately with the Securities and Exchange 

Commission. Confidential Treatment Requested Under 

17 C.F.R. Sections 200.80(b)(4) and 240.24b-2 
  

					
	

	  	 Document Number
  
	  	
	  	 Revision
  
	  	 V1.0
  

	 Corporate Supply

 
 Agreement
	  	 Application
  
	  	 Global
  

	  	 Effective Date
  
	  	 April 23, 2012

 

	  	 Page
	  	 1 of 33

 Table of Contents 
  

							
	 ABBREVIATIONS
	  	 	2	 
			
	1.	  	SCOPE OF THIS AGREEMENT	  	 	1	 
	2.	  	TERM AND TERMINATION	  	 	4	 
	3.	  	FORECASTING AND ORDERING	  	 	4	 
	4.	  	PRICES, PAYMENT TERMS, AND TAXES	  	 	8	 
	5.	  	PACKAGING, INSPECTION, AND DELIVERY	  	 	10	 
	6.	  	WARRANTIES AND REMEDIES	  	 	10	 
	7.	  	LICENSE GRANTS, OWNERSHIP OF PROPERTY AND SPECIFICATIONS	  	 	11	 
	9.	  	QUALITY AND INSPECTION	  	 	14	 
	10.	  	CONFIDENTIAL INFORMATION	  	 	15	 
	11.	  	INDEMNIFICATION	  	 	16	 
	12.	  	LIMITATION OF LIABILITY	  	 	17	 
	13.	  	SUPPLIER OWNED INVENTORY PROGRAM	  	 	18	 
	14.	  	INSURANCE	  	 	18	 
	15.	  	FORCE MAJEURE	  	 	18	 
	16.	  	GOVERNING LAW AND DISPUTE RESOLUTION	  	 	19	 
	17.	  	OTHER TERMS AND CONDITIONS	  	 	19	 
	18.	  	ETHICS AND COMPLIANCE	  	 	23	 
	19.	  	LEGAL NOTICES AND OTHER DOCUMENTS	  	 	24	 
	20.	  	ENTIRE AGREEMENT	  	 	25	 

  

					
	 Exhibit A to Corporate Supply Agreement
	  	 	1	 
	 Exhibit B to Corporate Supply Agreement
	  	 	2	 
	 Exhibit C to Corporate Supply Agreement
	  	 	3	 

  
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 CAMBIUM CONFIDENTIAL RESTRICTED 

 
 ***Text Omitted and Filed Separately
with the Securities and Exchange 
 Commission. Confidential Treatment Requested Under 

17 C.F.R. Sections 200.80(b)(4) and 240.24b-2 
  

 ABBREVIATIONS 

 

			
	 ALT
	  	 Advance Life Test

	 API
	  	 Application Program Interface

	 BOM
	  	 Bill of Materials

	 DPU
	  	 Defects Per Unit

	 EOL
	  	 End Of Life

	 FAI
	  	 First Article Inspection

	 FCA
	  	 Free Carrier

	 FQA
	  	 Final Quality Assessment

	 PAT
	  	 Process Average Testing

	 PCN
	  	 Process Change Notice

	 PPM
	  	 Parts Per Million

	 RMA
	  	 Return Material Authorization

	 SPC
	  	 Statistical Process Control

	 SYA
	  	 Statistical Yield Analysis

  
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17 C.F.R. Sections 200.80(b)(4) and 240.24b-2 
  

 CORPORATE SUPPLY AGREEMENT 

BETWEEN CAMBIUM NETWORKS LIMITED AND FLEXTRONICS TELECOM SYSTEMS 

This Corporate Supply Agreement (the “Agreement”), dated as of April 23, 2012 (the “Effective Date”), is between Cambium Networks
Limited located at Unit B2, Linhay Business Park, Eastern Road, Ashburton, Devon TQ13 7UP (“Cambium” or “Customer”) and Flextronics Telecom Systems, Ltd., having its registered office at
Level 3, Alexander House, 35 Cybercity, Ebene, Mauritius (“Supplier”). Each may be referred to as a party or they may be collectively known as parties. 

In consideration of the premises and mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which is
hereby mutually acknowledged, the parties hereto agree that Supplier shall supply Products to Cambium under the following terms and conditions: 
  

	1.	SCOPE OF THIS AGREEMENT 

  

	1.1	General Applicability. This Agreement governs the supply relationship between Cambium and Supplier. In addition, Cambium Affiliates may source Products under the terms of this Agreement. This Agreement applies to
all Product(s) provided by Supplier and Affiliates of Supplier.. “Affiliate” means, subsidiaries, partnerships, joint ventures, and any entity(ies) that on the Effective Date of this Agreement or thereafter, directly or indirectly controls
or is controlled by a party, or with which a party shares common control. A party “controls” another entity when the party, through ownership of the voting shares or other ownership interest of that entity or by contract or otherwise, has
the ability to direct its management. 

  

	1.2	Product Schedules. Cambium and Supplier may enter into written and signed product schedules (the “Product Schedules”) to establish additional terms and conditions applicable to one or more Products, or
to establish project-specific terms and conditions required in connection with a particular project (e.g., customer-specific requirements). All Product Schedules must be signed by a Supplier employee having the title of [***]. If the terms and
conditions of a Product Schedule add to or conflict with this Agreement, the applicable Product Schedule will control as to the additional or conflicting term(s). 

 

	1.3	Certain Definitions. As used in this Agreement, the following capitalised terms have the following meanings: 

  

	 	a.	“Aged Inventory” means any Inventory (including Special Inventory) for which there has been [***] consumption over the past [***], which includes any particular item that Supplier has had on hand for more than
[***]. 

  

	 	b.	“Confidential Information” means confidential or proprietary data or information disclosed by one party to the other under this Agreement (i) in written, graphic, machine recognisable, electronic, sample,
or any other visually perceptible form, which is clearly designated as “confidential” or “proprietary” at the time of disclosure, and (ii) in oral form, if it is identified as confidential at the time of disclosure, and
confirmed in a written summary designated as “confidential” or “proprietary” within [***] after disclosure. Notwithstanding the foregoing, all Cambium or Supplier information regarding product specifications, prototypes, designs,
samples, testing processes and results, quality and manufacturing procedures and requirements, customer information, computer software and related documentation, product or technology roadmaps, cost or price information, demand or volume
information, market share, market or financial projections, sourcing information, and other similar information is Cambium Confidential Information without regard to designation or written confirmation as ‘confidential’ or
‘proprietary’. 

  
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 CAMBIUM CONFIDENTIAL RESTRICTED 

 
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with the Securities and Exchange 
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17 C.F.R. Sections 200.80(b)(4) and 240.24b-2 
  

	 	c.	“Customer Controlled Materials” means those Materials provided by Customer or by suppliers with whom Customer has a commercial contractual or non-contractual
relationship. 

  

	 	d.	“DeMinimus Materials” shall have the meaning set forth in Section 3.5(d). 

  

	 	e.	“Documentation” means, in a format as mutually agreed, the user guide, compilation instructions, documents, manuals and computer-readable files, regarding the installation, use, operation, functionality,
troubleshooting and other technical information sufficient to use the Software. 

  

	 	f.	“Economic Order Inventory” means Materials purchased in quantities above the required amount for purchase orders and the Forecast in order to achieve price targets for such Materials. 

 

	 	g.	“End-User(s)” means customers who acquire Cambium product(s) for their use. 

  

	 	h.	“Environmental Regulations” means any hazardous substance content laws and regulations including, but not restricted to and without limitation, those related to the EU Directive 2002/95/EC about the
Restriction of Use of Hazardous Substances (RoHS). 

  

	 	i.	“Excess Materials” shall have the meaning set forth in Section 3.5(c). 

  

	 	j.	“Excessive Failure” occurs when each of the following two conditions are satisfied: 

  

	 	i.	(1) more than [***] of any given Product delivered to Cambium within any rolling [***] period exhibit a failure attributable to a common root cause, or 

(2) there exists a failure rate of more than [***] of any lot, batch, or other separately distinguishable group of Products, and 

 

	 	ii	the failure results from [***]; 

  

	 	k.	“Forecast” means Cambium’s nonbinding (other than for is “material liability obligations” set forth in Section 3. [***] advance calculation of its future requirements. 

 

	 	l.	“Intellectual Property Rights” means all intellectual property rights (whether or not any of these rights are registered, and including applications and the right to apply for registration of any such rights)
including any and all: (i) copyrights, trademarks, trade names, domain names, goodwill associated with trademarks and trade names, designs, utility models, petty patents and patents; (ii) rights relating to innovations, know-how, trade secrets, and confidential, technical, and non-technical information; (iii) moral rights, mask work rights, author’s rights, and rights of publicity;
and (iv) other industrial, proprietary and intellectual property related rights anywhere in the world, that exist as of the Effective Date or hereafter come into existence, and all renewals and extensions of the foregoing, regardless of whether
or not such rights have been registered with the appropriate authorities in such jurisdictions in accordance with the relevant legislation. 

  

	 	m.	“Inventory” means any (a) Materials that are procured by or on-order with Supplier in accordance with the applicable Lead Time for use in the manufacture of
Products pursuant to a Order or Forecast from Cambium; (b) Products that have been manufactured by Supplier pursuant to a Order or Forecast from Cambium; and (c) all
work-in-progress, bonepile and other unfinished Products and Materials that have been altered 

  
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	 	n.	“Lead Time(s)” means the Materials Procurement Lead Time plus the manufacturing cycle time required from the delivery of the Materials at Flextronics’s facility to the completion of the manufacture,
assembly and test processes 

  

	 	o.	“Long Lead Time Materials” means Materials with Lead Times exceeding the period covered by the accepted purchase orders for the Products. 

“Materials” means components, parts, raw materials and subassemblies that comprise the Product and that appear on the bill of
materials for the Product. 
  

	 	p.	“Materials Procurement Lead Time” means the time between the date on which Supplier places a purchase order with a third party Materials vendor and the date on which the Material is delivered to the vendor, as
determined by the third party Materials vendor and communicated to Supplier. 

  

	 	q.	Minimum Order Inventory” means Materials purchased in excess of requirements for purchase orders and Forecast because of minimum lot sizes required by the supplier 

 

	 	r.	“Obsolete Inventory” means Inventory (including Special Inventory) that is any of the following: (a) removed from the bill of materials for a Product by an engineering change; or (b) no longer on an
active bill of material for any of Cambium’s Products. 

  

	 	s.	“Order” means the direction provided by Cambium to Supplier. The term “Order” includes electronic communications made by Cambium under Schedule Sharing and written purchase order forms issued by
Cambium. All purchases of Product by Cambium are governed by this Agreement together with the specific Purchase Orders. 

  

	 	t.	“Order and Supply Period” means any period of time identified in this Agreement (including in any attached Product Schedule) which specifies a particular minimum period of time for Supplier to make any
Product(s) available for Order by and supply to or for Cambium. Supplier shall supply such Products for the period of time identified, unless Cambium agrees in writing to a shorter period of time. 

 

	 	u.	“Product(s)” includes the following items which may be procured directly or indirectly, by or for Cambium, from Supplier: (i) [***], or (ii) [***] under this Agreement, such as [***] and [***].

  

	 	v.	“Production Materials” means Materials that are consumed in the production processes to manufacture Products including without limitation, solder, epoxy, cleaner solvent, labels, flux, and glue. Production
Materials do not include any such production materials that have been specified by the Customer or any Customer Controlled Materials. 

  

	 	w.	“[***]” shall mean Supplier’s use of [***] efforts (not to exceed [***]) to minimize Cambium’s component liability by attempting to return the Material to the vendor (without re-stocking charges if possible), cancelling pending orders without cancellation charges, and/or using such Material for other customers; provided, however, that (i) Supplier shall not be obligated to attempt
to return to the vendor Material which are, on a “line item basis” worth less than [***] in the aggregate and (ii) Cambium shall be entitled to direct Supplier not to attempt [***] if it so chooses. In the event the vendor charges any
restocking or cancellation charges, then Supplier shall advise Cambium and Cambium shall determine whether (a) to return the Material to the vendor and reimburse Supplier for the restocking fees/cancellation charges or(b) to purchase the
Material from Supplier 

  

	 	x.	“Specifications” means the Cambium-provided workmanship, manufacture and test Specifications for the Products. 

  
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	 	y.	“[***]” means any [***], [***] and [***] acquired by Flextronics in excess of [***] to support flexibility or demand requirements. 

 

	 	z.	“Standard Price” shall have the meaning set forth in Section 3.5(c). 

  

	2.	TERM AND TERMINATION 

  

	2.1	Term and Renewal. Subject to Section 2.2, (i) this Agreement has an initial term of two (2) years, starting on the Effective Date and (ii) after the initial term, the Agreement will automatically
renew for additional successive one-year period(s) unless either party provides the other with written notice of its intention not to renew the Agreement at least [***] prior to the expiration of the initial
term or any one-year renewal period. 

  

	2.2	Termination. 

  

	 	a.	Either party may terminate this Agreement upon written notice if the other party breaches a material obligation under this Agreement, and that breach continues uncured for a period of [***] after receiving written
notice of the breach. 

  

	 	b.	Either party may immediately terminate this Agreement upon written notice in the event the other party files a bankruptcy petition of any type or has a bankruptcy petition of any type filed against it, ceases to conduct
business in the normal course, becomes insolvent, enters into suspension of payments, moratorium, reorganization, makes a general assignment for the benefit of creditors, admits in writing its inability to pay debts as they mature, goes into
receivership, or avails itself of or becomes subject to any other judicial or administrative proceeding that relates to insolvency or protection of creditors’ rights. 

 

	 	c.	Either party may terminate for convenience upon [***] prior written notice to Either party. 

  

	2.3	Effect of Termination. Upon the expiration or termination of this Agreement for any reason: 

Each party shall immediately stop using, and return to the other party, or with the other party’s written permission, destroy in lieu of
returning, and certify the destruction of, all items that contain any Confidential Information belonging to the other party (including without limitation all Cambium-consigned inventory and all types of Cambium Property as defined in Section 7
of this Agreement), except Cambium may retain copies of any Confidential Information, Software, and Documentation necessary for the purpose of supporting Products sold to then-existing and subsequently acquired customers. The parties agree that upon
return of any test or other equipment, Supplier shall have no further obligations under Section 6 or otherwise to fulfil any warranty obligations. 

Cambium shall (i) purchase all Materials, Products and work in process in accordance with Section 3 and (ii) pay Supplier all
amounts due hereunder in accordance with their terms. 
  

	3.	FORECASTING AND ORDERING 

  

	3.1	Schedule Sharing. Unless agreed otherwise in writing, the parties will use Cambium’s (or other designated provider’s equivalent system as defined by Cambium) [***] (“Schedule Sharing”).
All electronic communications made by Cambium and Supplier under Schedule Sharing will be considered to be “in writing” and the parties agree not to contest the enforceability of those communications under the provisions of any
applicable law relating to whether certain agreements must be in writing and signed by the party to be bound thereby. Those communications, if introduced as evidence on paper in any judicial, arbitration, mediation, or administrative proceedings,
will be admissible to the same extent as business records originated and maintained in documentary form. 

  
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	3.2	Purchase Orders and Sales Acknowledgments. The parties may exchange purchase orders, sales acknowledgments and invoice forms. All use of forms and Orders are governed by the terms and conditions of this Agreement
(including Exhibits and Product Schedules). No pre-printed terms and conditions (or any terms and conditions which conflict with this Agreement) on purchase order forms issued by Cambium, or any conflicting
terms and conditions contained in Supplier’s quotations, acceptance, sales acknowledgments, and/or invoice forms, will supersede, extinguish, add to, alter or amend the provisions of this Agreement, even if signed by either or both parties. In
addition, any terms or conditions that conflict with or alter this Agreement shall not be enforceable unless they have been approved in writing in a separate document referring to this Agreement. 

 

	3.3	Liability for Forecasted Materials 

  

	 	a.	Authorization to Procure Materials, Inventory and Forecast Inventory. Customer’s accepted Orders and Forecast will constitute authorization for Supplier to procure, without Customer’s prior approval,
(a) Inventory to manufacture the Products covered by such Orders based on the Lead Time and (b) Forecast Inventory based on Customer’s Orders and Forecast. “Forecast Inventory” shall mean and include: [***] as
required [***] when such purchase orders are placed and minimum order quantities (including quantities resulting from tape and reel sizes) as required by the supplier. Flextronics will only purchase [***] (additional quantities of Inventory not
required by any MOQ or tape/reel size acquired for the purpose of lowering the cost of materials) with the prior approval of Customer. 

  

	 	b.	Preferred Supplier. Customer shall provide to Flextronics and maintain an Approved Vendor List (AVL). Flextronics shall purchase from vendors on a current AVL the Materials required to manufacture the Product.
Customer shall give Flextronics every opportunity to be included on AVL’s for Materials that Flextronics can supply, and if Flextronics is competitive with other suppliers with respect to reasonable and unbiased criteria for acceptance
established by Customer, Flextronics shall be included on such AVL’s. If Flextronics is on an AVL and its prices and quality are competitive with other vendors, Customer will raise no objection to Flextronics sourcing Materials from itself. For
purposes of this Section only, the term “Supplier” includes any companies affiliated with Supplier. 

  

	 	c.	Customer Responsibility for Inventory and Special Inventory. Customer is responsible under the conditions provided in this Agreement for all Materials, Inventory and Special Inventory purchased by Flextronics
under this Section 3.. 

  

	 	d.	Materials Warranties. Flextronics shall obtain and pass through to Customer the following warranties with regard to the Materials (other than the Production Materials or Materials procured from Cambium): (i)
conformance of the Materials with the vendor’s specifications and/or with the Specifications; (ii) that the Materials will be free from defects in workmanship; (iii) that the Materials will comply with Environmental Regulations; and
(iv) that the Materials will not infringe the intellectual property rights of third parties. 

  

	3.4	Supplier’s Purchase of Materials 

  

	 	a.	Other than purchases from Cambium, Supplier will purchase all Materials exclusively from suppliers on the applicable AVL. Should Supplier determine that Materials cannot be purchased from suppliers on the AVL, Supplier
will contact Cambium, and the parties will mutually agree upon an alternative supplier, as appropriate, and as approved in accordance with the applicable engineering change requirements. 

  
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	 	b.	The parties acknowledge that some of the Material necessary to manufacture the Products is manufactured to Cambium’s specifications and is likely unusable for other customers (“Unique Material”). [***]
After the Effective Date, Supplier will not enter into any additional non-cancellable, non-reschedulable terms with its suppliers of Standard Materials without
Cambium’s prior written approval. . If Supplier does not obtain this written approval, Cambium will not be liable for any carrying charges, or restocking, cancellation, transportation or other fees required from such suppliers for Standard
Materials. [***] 

  

	 	c.	[***] 

  

	 	d.	For Materials that are subject to import duties and value added taxes (“VAT”), Supplier will pay such costs and Cambium will reimburse Supplier for such all costs. Supplier agrees to supply to Cambium all
reasonable documentation to evidence these costs, and will make commercially reasonable efforts to provide assistance to Cambium in eliminating, reducing and recovering such costs under relevant laws and regulations. Supplier will charge such costs
as separately stated amounts on invoices in connection with the sale of Products to Cambium. Supplier will certify that prices for Products supplied to Cambium do not include such costs. Supplier will not claim reimbursement for any such costs that
are paid by Supplier and subsequently recovered by Supplier. 

  

	3.5	Cambium’s Liability for Materials 

  

	 	a.	Cambium is financially liable for any Materials ordered based on its Purchase Orders or Forecast in accordance with Sections 3.3(a) and 3.4. This liability includes any Materials rendered excess (including excesses
resulting from any downward revisions to its Forecast or for any Forecast for which Cambium fails to issue a Purchase Order) or obsolete (including obsolescence resulting from changes to Cambium’s bill of materials and/or product design).
Supplier’s sole remedy with respect to any Forecast that creates a downward variance in Cambium’s requirements for Products from any prior Forecast (or for any Forecast for which Cambium fails to issue a purchase order), is as set forth in
this Section. 

  

	 	b.	At the end of each month (the “Month-End Date”), the parties will review Supplier’s inventory of Materials, and Cambium’s then-current Forecast. Cambium will
be liable for a carrying charge of [***] per month on all Materials on-hand at the Month-End Date that: (i) Supplier purchased in accordance with Sections 3.3(a)
and 3.4 above, and (ii) are scheduled to be consumed more than [***] days but less than [***] days from the Month-End Date, based on the then-current Forecast. The carrying charges will be calculated and
invoiced [***], with payment due no later than [***] days from the Month-End Date. 

  

	 	c.	If as a result of the monthly review, there are any Materials (other than DeMinimus Material as defined in Section (d)) that (i) Supplier purchased in accordance with Sections 3.3(a) and/or 3.4 above, and
(ii) are scheduled to be consumed more than [***] days from the Month-End Date (“Excess Materials”) or if there is any Aged Material, then, following Supplier’s [***], Cambium shall
purchase the Excess Materials or Aged Material from Supplier at a price equal [***] (as set forth in Supplier’s then-current Bill of Materials) (the “Standard Price”). Cambium shall pay for all Excess Materials and Aged Materials no
later than [***] days from the Month-End Date. Cambium shall not have the right to delay payment for such Excess Materials (or for Materials subject to Section 3.4(b)) by increasing or pushing out its
Forecast in bad faith. 

  
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	 	d.	Notwithstanding section (c), Cambium shall not be required to purchase any Material if (i) the Material constitutes part of a “tape” or “reel” component (e.g., leftover capacitors); (ii) the
Product using such Material is still on Cambium’s Forecast; and (iii) the value of the Material is less than [***] per line item, not to exceed [***]. Material which meets these criteria shall be designated as “DeMinimus
Material”. Cambium shall still be required to pay carrying charges for DeMinimus Material until such DeMinimus Material has been consumed or purchased by Cambium. 

 

	 	e.	On the Month-End Date, Supplier shall provide a list of all Obsolete Materials along with their Standard Price. Following Supplier’s [***], Cambium shall purchase the
Obsolete Materials from Supplier, with payment due no later than [***] days from the Month-End Date. 

  

	 	f.	Supplier will re-purchase from Cambium all Materials that Cambium may have purchased from Supplier under this Section 3.5 before procuring any additional Materials.

  

	 	g.	The parties shall use their respective commercially reasonable efforts to achieve a targeted [***] turns of the Inventory per year. These efforts shall include, but not be limited to, improvements in forecasting
accuracy, negotiating and implementation vendor managed inventory (VMI) programs, implementing manufacturing cycle time reductions through lean programs, and reducing supplier lead-times. The parties shall review the actual Inventory turns during
the [***] business review. If the turns are below the targeted turns, the parties shall outline actions to improve the turns. 

  

	3.6	Upward Variances 

  

	 	a.	Supplier will maintain, at its sole cost and expense, sufficient capacity to manufacture Products in accordance with the requirements set out herein and for all Product. Such capacity will include appropriate
facilities, properly trained personnel, appropriate tools and equipment, and adequate arrangements for the ongoing supply of Materials. Cambium will have no liability to Supplier for any costs and expenses incurred by Supplier to meet or to maintain
required capacity levels, unless otherwise mutually agreed by the parties in writing. Costs associated with any vendor managed inventory (“VMI”) or supplier managed inventory (“SMI”) shall be identified and be subject to prior
mutual written agreement of the Parties prior to implementation of such measures under this Agreement. 

  

	 	b.	Except as otherwise mutually agreed to by the parties in writing under Section 3.6(a) above, Supplier will use [***] efforts, to achieve the percentages for upward capacity for the advance forecast periods set out
in the table below, with no expedite charges, overtime costs, or other additional costs or expenses payable by Cambium; provided, however, that expedite charges incurred by Supplier for Materials will be reimbursed by Cambium, upon Cambium’s
prior written approval, solely for Materials ordered inside the lead-times for such Materials as caused by the upward variance. To be clear, any obligation set forth herein is subject to both capacity at the facility (during normal business hours
and with existing personnel) and Material availability. . 

  

	 	c.	Subject to prior mutual written agreement by the Parties with respect to the different Products under this Product Schedule, Supplier will use [***] efforts, with the current levels of capacity, to achieve the mutually
agreed percentages for premium capacity for the applicable advance forecast periods set out in the table below with reasonable expedite charges, air freight costs, overtime costs, or other additional costs or expenses payable by Cambium.

  

	 	d.	Cambium recognizes it is not be [***] for Supplier to meet upward capacities or premium capacities if Supplier’s inability to meet such upward capacities is due solely to: (i) the unavailability of Materials,
test equipment or custom tooling; (ii) Supplier’s applicable manufacturing site is already currently operating at full capacity ([***] per week) or, if Supplier is not at full capacity, Supplier is unable to hire qualified employees at existing
wages to support the upward capacity (iii) to any event of force majeure; or (iv) due to an act of omission of Cambium. Supplier will be responsible for [***] written reporting of Product capacity, including any issues that may prevent
Supplier from meeting Cambium’s upward capacity requirements (i.e. Assembly Lines capacity, test times and identification of process gating capacity, lack of qualified employees). 

  
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7 

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 ***Text Omitted and Filed Separately
with the Securities and Exchange 
 Commission. Confidential Treatment Requested Under 

17 C.F.R. Sections 200.80(b)(4) and 240.24b-2 
  

													
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	  	 [***]
	  	 [***]
	  	 [***]

  

	4.	PRICES, PAYMENT TERMS, AND TAXES 

  

	4.1	General. Pricing for Product(s) (the “Price”) is as stated in the applicable Product Schedule or Order or, if omitted, the Price calculated under this section 4. If the parties agree to a Price change
for any Product, the new Price is applicable to all Product units received on or after the effective date of the price change, including Products in transit to Cambium, in a Hub (as that term is defined in Section 13 below), or in a non-Cambium-owned stockroom, as of the effective date of the price change, even if the applicable Product Schedule has not yet been formally amended or an Order is subsequently issued at the previous Price provided,
however, that (i) to the extent that a price change reflects a decrease in the price of Materials, the price change will not go into effect until Cambium has “bought down” all Inventory in Supplier’s possession and all Inventory
“on order” by Supplier at the higher price and (ii) to the extent that a price change reflects an increase in the price of Materials, the price change will not go into effect until Supplier has “bought up” all Inventory in
Supplier’s possession and all Inventory “on order” by Supplier at the lower price or Supplier has consumed all of the Inventory at the lower price. All Prices are stated in US dollars unless agreed and specifically noted otherwise in
the applicable Product Schedule and Order. Upon request from Cambium, Supplier shall invoice and accept payment in other currencies at prevailing currency exchange rates. The parties shall review Prices on a quarterly basis. In the event the parties
fail to agree on a Price, Supplier shall have the right to reject a purchase order. 

  

	4.2	Changes to Pricing. The Price of the Products excludes (i) [***], (ii) [***] and (iii) [***]. In addition, Cambium is responsible for additional fees and costs due to: (i) [***]; or (ii) [***]; and (iii) [***]. In
addition, Supplier can change the Price of the Products within any given quarter in the event the exchange rate between the currency(ies) in which Supplier incurs its costs and the currency(ies) in which Supplier sets its prices changes by more than
[***]. 

  

	4.3	Ongoing Cost Reduction. Unless the parties agree to use an alternate cost reduction process, Supplier shall use [***] efforts to reduce the cost of the Material for the Material Supplier controls and to reduce
the cost of the Product transformation. Supplier’s Prices will be driven by a fact-based cost review process, At Cambium’s request, Supplier shall actively cooperate with Cambium to identify and implement cost reduction opportunities.

  

	4.4	Payment Terms. For all Products which have been shipped [***] from Supplier’s facility of manufacture, Supplier shall invoice Cambium upon delivery of the Products to the common carrier. Supplier agrees to
submit electronic invoices in accordance with Cambium’s electronic invoice and payment process. Payment is due [***] calendar days from the date of the invoice issued in accordance with the first or second sentence of this paragraph Other than
the designation of the party responsible for generating the invoice, all other payment terms specified in this Agreement will govern. 

  
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	4.5	Ownership of Product. For all Products which have been shipped [***] from Supplier’s facility of manufacture, Title transfers to Cambium upon delivery of the Products to the common carrier.

  

	4.6	If Cambium fails to pay amounts due in accordance with the foregoing, Cambium shall pay [***] percent ([***]%) monthly interest on all late payments. Furthermore, if Cambium is late with payments or Supplier has
reasonable cause to believe Cambium may not be able to pay, then Supplier may (a) stop all services under this Agreement until assurances of payment satisfactory to Supplier are received or payment is received; (b) demand prepayment for
Orders; (c) delay shipments; and (d) to the extent that Supplier’s personnel cannot be reassigned to other billable work during such stoppage or in the event restart cost are incurred, invoice Cambium for additional fees before the
services can resume; provided, however, that Supplier shall provide to Cambium [***] notice prior to exercising the remedies in clauses (a), (b) or (c) for the first time that Cambium is late with any payment within any twelve-month period and
shall provided to Cambium [***] notice prior to exercising these remedies for the second time that Cambium is late with any payment twelve-month period. Supplier shall have no obligation to provide any notice to Cambium prior to exercising these
remedies in the event Cambium is late more than [***] in any twelve-month period. Cambium agrees to provide all reasonable financial information required by Supplier from time to time in order to make a proper assessment of the creditworthiness of
Cambium. 

  

	4.7	Credit Terms/Security Interest Supplier’s credit department shall provide Cambium with an initial credit limit, which shall be reviewed (and, if necessary, adjusted) periodically; Cambium shall provide
information reasonably requested by Supplier in support of such credit reviews. Supplier shall have the right to reduce Cambium’s credit limit Supplier shall have the right to suspend performance (e.g., cease ordering Material based on
Cambium’s Forecast and/or cease making Product deliveries) until Cambium either makes a payment to bring its account within the revised credit limit and/or makes other arrangements satisfactory to Supplier. Cambium grants Supplier a security
interest in the Products delivered to Cambium until Cambium has paid for the Products and all Product-related charges. Cambium agrees to promptly execute any documents requested by Supplier to perfect and protect such security interest

  

	4.8	Taxes and Tax Exempt Orders. Supplier shall separately state on each applicable invoice (and not include them in the purchase price), any import duties or sales, use, value added, excise or similar tax. Supplier
shall not charge tax if Cambium is exempt from such taxes and furnishes Supplier with the applicable government certificate of exemption or other verification of such exemption. Cambium will be responsible for any sales, use, VAT, or similar taxes,
customs duties or any other such assessment however designated; provided, however, that Cambium will not be responsible for any taxes imposed on the income of Supplier. Accordingly, all payments due under this Agreement will be made without
deduction or withholding.\ 

  

	4.9	In addition to all rights of setoff or recoupment provided by law, Cambium may, with Supplier’s agreement, apply any amounts payable or other amounts due or owing by Supplier or any affiliate of the Supplier,
whether arising under this Agreement or any other Order, contract, obligation or undertaking (“Cambium Receivables”) to reduce any amounts payable or other amounts due or owing by Cambium, whether arising under this Agreement, any other
Order, contract, obligation or undertaking (“Cambium Payables”), and without regard to which of Supplier or its affiliates are parties to the transactions. Except as permitted under law, neither Supplier nor its affiliates may exercise
rights of set-off or recoupment with respect to Cambium Receivables or Cambium Payables without Cambium’s prior written consent. 

  
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	5.	PACKAGING, INSPECTION, AND DELIVERY 

  

	5.1	Packaging. Supplier shall pack and ship all Products according to instructions or specifications provided by Cambium, which may include use of designated carriers and recycled packaging materials. In the absence
of any Cambium instructions or specifications, Supplier shall comply with all applicable laws, regulations, directives, and commercially reasonable practices to ensure safe arrival at destination at the lowest total cost. 

 

	5.2	Delivery. Unless otherwise stated in a Product Schedule or an SOI Agreement (as that term is defined in Section 13 below), the delivery term for all deliveries is [***] Supplier’s facility of
manufacture. Cambium will pay all applicable freight and transportation charges from the delivery point. Supplier’s invoice must itemize any and all other applicable charges. No charge will be allowed for packing, labelling, commissions,
customs, duties, storage, crating, express handling or travel, unless specifically indicated on an Order or under a mutually agreed separate logistics support program. Supplier is responsible for loss or damage caused by Supplier and discovered
after transfer of title. 

  

	5.3	RETURN MATERIAL AUTHORISATION PROCESS FOR NON-CONFORMANCE AND/OR DEFECTS 

  

	5.3.1	Return Material Authorisation Process. The Products delivered by Supplier shall be inspected and tested as required by Cambium within [***] days of receipt at the “ship to” location on the applicable
Order. Cambium may return Products that it reasonably determines are defective or non-conforming with the express limited warranty set forth in Section 6.1 below. Title to Products designated for return
by Cambium will revert to Supplier at the time of such designation by or for Cambium. Products not designated for return during the [***]-day period shall be deemed accepted. Supplier shall promptly issue a
return material authorisation (“RMA”) to Cambium for such Products. At Supplier’s request, Cambium will provide samples of defective or nonconforming Products. Supplier shall promptly evaluate the samples to identify the root cause of
the defect or non-conformance, and shall provide Cambium with a detailed analysis. The return of the Products will not affect Cambium’s other rights and remedies under this Agreement or applicable law,
including, without limitation, the right to reject or revoke acceptance of defective or non-conforming Products. Supplier shall pay all freight expenses for Products returned under this Section 5.3;
provided, however, that if Supplier determines that the Products conform with the Warranty provided in Section 6 (and, therefore, are not defective), Cambium shall reimburse Supplier for all such freight expenses (return and redelivery).
Nothing contained in this Section 5.3 relieves Supplier of its testing, inspection and quality control obligations.. 

  

	5.4	Late Delivery. 

  

	5.4.1	Time is of the essence with respect to all deliveries and performance. If Supplier fails to timely perform or deliver, and such failure is due solely to causes within Supplier’s control and responsibility, Supplier
shall pay for all overtime and expedite fees to deliver the Products to Cambium as quickly as possible. [***] The foregoing states Cambium’s sole and exclusive remedy for Supplier’s failure to timely deliver Products. 

 

	6.	WARRANTIES AND REMEDIES 

  

	6.1	Express Limited Warranty. 

  

	 	(a)	Supplier warrants that the Products will have been manufactured in accordance with the applicable Specifications and will be free from defects in workmanship for a period of [***] from the date of shipment. In addition,
Supplier warrants that Production Materials are in compliance with Environmental Regulations. 

  
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	 	(b)	Notwithstanding anything else in this Agreement, this express limited warranty does not apply to, and Supplier makes no representations or warranties whatsoever with respect to: (i) defects resulting from the
Specifications or the design of the Products; (iii) Product that has been abused, damaged, altered or misused by any person or entity after title passes to Cambium; (iv) first articles, prototypes,
pre-production units, test units or other similar Products; (v) defects resulting from tooling, designs or instructions produced or supplied by Cambium; (vi) Materials; (vii) the infringement of any
Materials of any third party Intellectual Property rights, or (viii) the compliance of Materials or Products with any Environmental Regulations. Cambium shall be liable for costs or expenses incurred by Supplier related to the foregoing
exclusions to Supplier’s express limited warranty. 

  

	 	(c)	Upon any failure of a Product to comply with this express limited warranty, Supplier’s sole obligation, and Cambium’s sole remedy, is for Supplier, at its option, to promptly repair or replace such unit and
return it to Cambium freight prepaid. Cambium shall return Products covered by this warranty freight prepaid after completing a failure report and obtaining a return material authorization number from Supplier to be displayed on the shipping
container. Cambium shall bear all of the risk, and all costs and expenses, associated with Products that have been returned to Flextronics for which there is no defect found. 

 

	 	(d)	Cambium will provide its own warranties directly to any of its end users or other third parties. Cambium will not pass through to end users or other third parties the warranties made by Supplier under this Agreement.
Furthermore, Cambium will not make any representations to end users or other third parties on behalf of Supplier, and Customer will expressly indicate that the end users and third parties must look solely to Cambium in connection with any problems,
warranty claim or other matters concerning the Product. 

  

	6.2	Supplier represents and warrants that it has implemented and will maintain appropriate and robust internal financial controls, functions, and processes to ensure full compliance with all applicable financial accounting
laws, regulations, and industry standards and practices. 

  

	6.3	Supplier agrees that its representations and warranties are reaffirmed with each shipment or delivery of Products. 

  

	6.4	In addition to the other rights and remedies provided in this Agreement, if at any time there is an Excessive Failure, then: (i) Cambium, at its option, may reschedule or cancel all Orders and Forecasts for the
affected Product subject to its liability under Section 3; (ii) the parties shall jointly determine the appropriate remedial action necessary for any affected and potentially affected Products; and (iii) Supplier shall be liable for the
costs of implementing the remedy in (ii) up to a maximum of [***]. 

  

	6.5	SUPPLIER MAKES NO REPRESENTATIONS AND NO OTHER WARRANTIES OR CONDITIONS ON THE PERFORMANCE OF THE WORK, OR THE PRODUCTS, EXPRESS, IMPLIED, STATUTORY, OR IN ANY OTHER PROVISION OF THIS AGREEMENT OR COMMUNICATION WITH
CAMBIUM, AND FLEXTRONICS SPECIFICALLY DISCLAIMS ANY IMPLIED WARRANTY OR CONDITION OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR NON-INFRINGEMENT. 

 

	6.6	Except as set forth in Section 11.1(i), THE FOREGOING REMEDIES SET FORTH SUPPLIER’S SOLE AND EXCLUSIVE WARRANTIES AND CAMBIUM’S SOLE AND EXCLUSIVE REMEDIES WITH RESPECT TO A BREACH BY SUPPLIER OF ANY SUCH
WARRANTY AND/OR CLAIM FOR EXCESSIVE FAILURE. 

  

	7.	LICENSE GRANTS, OWNERSHIP OF PROPERTY AND SPECIFICATIONS 

  
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	7.1	Intellectual Property Rights. All of the Cambium’s Intellectual Property Rights and all of Cambium’s s product-related designs, trade dress, methods, processes,
know-how, specifications, documentation, and materials and all improvements, modification and derivatives of any of the foregoing, shall be and remain the exclusive property of Cambium, and no rights are
granted to Supplier with respect to such Intellectual Property Rights except as expressly set forth herein. All Work Product developed, designed, conceived, invented and/or created by Supplier, alone or with others, under the Agreement shall be
owned exclusively by Cambium (including any and all patent, copyright, trademark, trade secret and other intellectual property rights therein and thereto). The parties agree that such Work Product shall constitute a “work made for hire”
under the U.S. Copyright Act, 17 U.S.C. 101 et seq. To the extent such Work Product is not a “work made for hire,” Supplier hereby assigns and transfers to Cambium all right, title and interest in such Work Product (including any and all
patent, copyright, trademark, trade secret and other intellectual property rights therein and thereto). Supplier shall execute any and all documents, and take all other actions, reasonably requested by Cambium to evidence Cambium’s ownership of
all such Work Product and to secure and enforce Cambium’s rights in such Work Product. To the extent any applicable law or treaty prohibits the transfer or assignment of any moral rights or rights of restraint Supplier has in such Work Product,
Supplier hereby waives those rights as to Cambium, its licensees, successors and assigns. As used herein, the term “Work Product” shall mean all inventions, original works of authorship, software, developments, concepts, improvements,
designs, discoveries, ideas, trademarks, and trade secrets, whether or not patentable or registerable under applicable intellectual property or similar laws. 

  

	7.2	All trademarks, service marks, insignia, symbols, or decorative designs, trade names and other words, names, symbols and devices associated with Cambium and Cambium’s products and services (“Cambium
Marks”) are the sole property of Cambium. Supplier acknowledges and agrees that it: (i) has no right to use the Cambium Marks without Cambium’s prior written consent; (ii) shall take no action which might derogate from
Cambium’s rights in, ownership of, or the goodwill associated with such Cambium Marks; and (iii) shall remove all Cambium Marks from any Products (including associated scrap and excess materials) not purchased by Cambium.

  

	7.3	All tools, equipment, dies, gauges, models, drawings, or other materials paid for or furnished or bailed by Cambium to Supplier (“Cambium Supplied Property”) are, and will remain, the sole property of Cambium.
Supplier shall: (i) safeguard all Property while it is in Supplier’s custody and control; (ii) be liable for any loss or damage to the Property; (iii) keep the Property free from all mechanic’s, materialmen’s and other
similar liens or charges; (iv) use the Property only for Cambium orders; and (v) return the Property to Cambium upon request without further bond or action. Supplier agrees to waive and hereby does waive any lien it may have in regard to
the Property and to ensure that subcontractors waive all liens to Cambium Supplied Property. 

  

	7.4	For the term of this Agreement, Cambium grants to Supplier a royalty-free, non-transferable, non-exclusive license to use [***]
(“Cambium Supplied Software”) for internal use by Supplier’s employees at Supplier’s facilities for the sole purpose of manufacturing, testing and supplying Products or Materials thereof to or for Cambium pursuant to this
Agreement. Supplier may make a reasonable number of copies of the Cambium Supplied Software as necessary for Supplier’s internal use permitted under the foregoing license. Supplier will have no further right or license in the Cambium Supplied
Software other than as provided in this Section and Supplier agrees that all Cambium Supplied Software will be deemed to be Confidential Information of Cambium that is subject to the terms and conditions of Section 10 of this Agreement.

  

	7.5	Co-development between Supplier and Cambium, if any, will be addressed in a separate agreement. 

  
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	7.6	Cambium will retain ownership of all Specifications for the Products (“Specifications”) provided by Cambium to Supplier under this Agreement, and will be the owner of all modifications or enhancements made by
or for Cambium or by Supplier to such Specifications, including any modifications or enhancements made by Cambium to the Specifications based on Supplier’s “Feedback” as that term is defined below. Supplier will retain ownership of
all modifications or enhancements made to the manufacturing processes, including any modifications or enhancements made by Supplier to these processes based on Cambium’s Feedback. At a party’s request and expense, the other party shall
execute all papers and provide reasonable assistance to such party necessary to vest ownership in such party of all such modifications or enhancements and to enable Cambium to obtain Intellectual Property Rights in any such modifications or
enhancements. Supplier agrees to treat the Specifications as Confidential Information of Cambium that shall not be disclosed in whole or part to or used for any third party, without Cambium’s prior written consent. 

 

	7.6.1	A party may from time to time provide suggestions, comments or other feedback (“Feedback”) to the other party with respect to Specifications or Confidential Information provided originally by the other party.
Each party agrees that any Feedback will be given entirely voluntarily and grants the other party the right to use, have used, disclose, reproduce, license, distribute, or exploit the Feedback for any purpose, entirely without obligation or
restriction on use or disclosure of any kind; provided, however, that nothing herein shall grant a party any rights to the other party trade secrets, patents or patent applications. Supplier retains the right to use the information it provides in
such Feedback for its other customers provided that it can do so without disclosing any Cambium Confidential Information. 

  

	8.	PROCESS AND PRODUCT CHANGE, PRODUCT DISCONTINUANCE, NEW TECHNOLOGY, SERVICE AND SUPPORT 

  

	8.0	Process Change (PCN) 

  

	 	a.	Supplier shall not make changes to fit, form or function of the Products or changes to the Process, BOM, materials, content, design, tools, or locations used to manufacture, assemble, or package the Products without
Cambium’s prior written approval. 

  

	 	b.	Supplier shall provide Cambium with prior written notice of any intent to make any change covered by this Section and request Cambium’s approval, by submitting a Process Change Notice (”PCN”). Unless a
longer period is specified in the applicable Product Schedule, Supplier shall provide Cambium the PCN a minimum of [***] days ([***] days prior to any intended change to: (i) the design, content, form, fit, or function of any Product;
(ii) the location of manufacture, assembly, or packaging of the Product; or (iii) the part number(s) of any Product. Cambium may request a reasonable amount of additional time to complete qualification of a proposed change, and Supplier
must allow for this contingency in its change implementation timing. 

  

	 	c.	Cambium may upon sufficient notice make changes within the general scope of this Agreement. Such changes may include, but are not limited to changes in (1) drawings, plans, designs, procedures, Specifications, test
specifications or bill of material (“BOM”), (2) methods of packaging and shipment, (3) quantities of Product to be furnished, (4) delivery schedule, or the Product design and related specifications, applicable regulatory
requirements, equipment, tooling, Material or documentation (5) All changes other than changes in quantity of Products to be furnished shall be requested pursuant to an Engineering Change Notice (“ECN”) and finalized in an Engineering
Change Order (“ECO”). 

  
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	 	d.	If any such change causes either an increase or decrease in Supplier’s cost or the time required for performance of any part of the work under this Agreement (whether changed or not changed by any ECO) the Prices
and/or delivery schedules shall be adjusted in a manner which would adequately compensate the Parties for such change. In addition, all Material obsolescence shall be handled in accordance with Section (f). 

 

	 	e.	Supplier will respond to [***] ECN requests per product per month without a non-recurring administrative fee; responses to additional ECN’s will incur an administrative fee
of $[***] each. Within [***] business days after an ECN is received, Supplier shall advise Cambium in writing (a) of any change in Prices or delivery schedules resulting from the ECN and (b) the cost of any Product, Work-in-Process or Material (including the respective MOH) rendered excess or obsolete as a result of the ECN (collectively the “ECN Charge”) in accordance with the
parameters of Section 3 hereof. Unless otherwise stated, ECN Charges to VA or Part Price are subject to the Quarterly Price Review. 

  

	 	f.	In the event Cambium desires to proceed with the Supplier driven or Cambium driven change after receiving the ECN Charge, Cambium shall advise Supplier in writing and shall immediately pay the portion of the ECN Charge
set forth in Section (e). In the event Cambium does not desire to proceed with the Change after receiving the ECN Charge, it shall so notify Supplier. In the event Supplier does not receive written confirmation of Cambium’s desire to proceed
with the change within [***] days after Supplier provides Cambium with the ECN Charge, the ECN shall be deemed cancelled. 

  

	8.1	Status Meetings, Reports, and Reviews. Supplier shall provide Cambium information about, and participate in regular meetings with Cambium to discuss, the status of outstanding deliverables, and any actual or
potential issues that may arise related to Supplier’s performance under this Agreement. 

  

	9.	QUALITY AND INSPECTION 

  

	9.1	All Product(s) must: 

  

	 	a.	be in conformity with all applicable schedules, Specifications, drawings, documentation, and Cambium instruction books or service manuals 

 

	 	b.	comply with Cambium’s test and quality standards and processes (as per specification shown separate Product Schedule; 

  

	 	c.	meet applicable industry quality, safety and IPC Manufacturing standards; 

  

	9.2	At Cambium’s request, Supplier shall provide to Cambium the quality data described in Exhibit B, for Products supplied during the prior [***] days. The average of the total defects per unit (“DPU”) will
be tracked continuously on a [***] basis for the term of this Agreement and for each Product. Additionally, Supplier shall provide a [***] Pareto analysis of defects found with root causes identified and a corrective action plan. Additionally, in
the event that Supplier’s DPU or defect rates increase, Supplier will have a period of [***] from the date of notice by Cambium to take containment action (“Containment Action”) and a period of [***] days from the date of notice
by Cambium to take permanent corrective action. If the quality reports during the corrective [***] day period indicate that the defect rates have not been reduced to acceptable levels, then Cambium may at its option reject shipments of the
affected Product, and reschedule or cancel all open Orders for the affected Product subject to its liability for Materials under Section 3. In the event Containment Action is triggered under this Section 9.1, Cambium has the right at
Supplier’s expense to have a third party inspect Supplier’s Products for non-conformance and/or defects. 

  
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	9.3	Supplier shall cooperate with Cambium, as requested, in the implementation by Supplier of a Quality Assurance/Reliability program satisfactory to Cambium 

 

	9.4	Supplier shall engage in continuous improved quality performance including but not limited to adherence to the following items: 

  

	 	a.	Drive to delivery of zero (0) Product defects; 

  

	 	b.	Improved corrective action response time; 

  

	 	c.	Implement industry appropriate statistical process control and statistical product control methods, including but not limited to, Statistical Process Control (“SPC”), Support Process Average Testing
(“PAT”) and Statistical Yield Analysis (“SYA”); 

  

	 	d.	New product safe-launch planning; and 

  

	 	e.	Cambium has adopted [***] as its quality systems standard and requires all suppliers to be [***] registered. Supplier agrees to meet this standard and any additional certification requested by Cambium. Business
units within Cambium that service specific industry segments may require suppliers to attain additional certificates. 

  

	9.5	Supplier should provide to Cambium cross reference information which enables Cambium to establish the month of manufacture from information visible on the outside of the product. 

 

	9.6	Cambium’s sole remedy for a breach of Section 9 shall be as set forth in Warranties and Remedies (Section 6). 

  

	10.	CONFIDENTIAL INFORMATION 

  

	10.1	Confidential Information is, and at all times will remain, the property of the disclosing party. The parties shall: (i) maintain the confidentiality of each other’s Confidential Information and not disclose it
to any third party, except as authorised by the original disclosing party in writing; (ii) restrict disclosure of, and access to, Confidential Information to employees, contractors and agents who have a “need to know” in order for the
party to perform its obligations or exercise its rights under this Agreement, and who are bound to maintain the confidentiality of the Confidential Information by terms of nondisclosure no less restrictive than those contained herein;
(iii) handle Confidential Information with the same degree of care the receiving party applies to its own confidential information, but in no event, less than reasonable care; (iv) use Confidential Information only for the purpose of
performing, and to the extent necessary, to fulfil their respective obligations under this Agreement; and (v) promptly notify each other upon discovery of any unauthorised use, access, or disclosure of the Confidential Information, take
reasonable steps to regain possession and protection of the Confidential Information, and prevent further unauthorised action or breach of this Agreement. 

  
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	10.2	The receiving party has no obligation to preserve the confidentiality of the disclosing party’s Confidential Information that is: (i) previously known by the receiving party prior to receipt of the disclosing
party’s Confidential Information; (ii) received rightfully by the receiving party without any obligation to keep it confidential; (iii) distributed to third parties by the disclosing party without restriction; (iv) explicitly
approved for release by written authorisation of the disclosing party; (v) publicly available or becomes publicly available other than by unauthorised disclosure by the receiving party; (vi) independently developed by the receiving party
without the use of any of the disclosing party’s Confidential Information or breach of this Agreement; or (vii) for the avoidance of doubt, Open Source Software. 

 

	10.3	If a receiving party is required to disclose the disclosing party’s Confidential Information under applicable law, court order, or other governmental authority lawfully requesting such Confidential Information, the
receiving party will give the disclosing party prompt written notice of the request and a reasonable opportunity to object to the disclosure and to seek a protective order or other appropriate remedy, and then use reasonable efforts to limit
disclosure only to such Confidential Information specifically required and only to the extent compelled to do so, and continue to maintain confidentiality after the required disclosure. 

 

	10.4	Except as otherwise provided in this Agreement, no use of any Confidential Information of the disclosing party is permitted, and no grant under any Intellectual Property Rights of the disclosing party is given or
intended, including any license implied or otherwise. Supplier shall not reverse engineer, de-compile, or disassemble any Cambium Confidential Information. Neither party shall export or re-export, directly or indirectly, any of the other party’s Confidential Information to any country for which any applicable government, at the time of export or
re-export, requires an export license or other governmental approval, without first obtaining the license or approval. 

  

	10.5	The receiving party acknowledges that Confidential Information may contain information that is proprietary and valuable to the disclosing party and that unauthorised dissemination or use of the Confidential Information
may cause irreparable harm to the disclosing party. 

  

	10.6	Unless otherwise agreed by the parties in writing, the parties’ obligations under Section 10 of this Agreement will survive for [***] years (provided, however, that confidential information constituting a
trade secret shall survive [***]) following the date of this Agreement’s expiration or termination. 

  

	10.7	The existence of this Agreement, and its terms and conditions, are Confidential Information, and the parties shall not now or hereafter divulge any part thereof to any third party except: (i) with the prior written
consent of the other party; or (ii) to any requesting court or governmental authority under Section 10.3; or (iii) as may be required by law or legal processes, for a party’s defence of a Claim, or to assert or enforce a
party’s rights under this Agreement; or (iv) to auditors and accountants representing either party, or (v) to its employees, officers, directors, agents, representatives or affiliates having a need to know; provided that, to the
extent permissible by law, such divulging party shall impose equivalent confidentiality obligations on the recipient in writing prior to any such divulgence. 

  

	11.	INDEMNIFICATION 

  

	11.1	Supplier shall defend, indemnify, and hold harmless Cambium and all of its past, present, and future affiliates, customers, distributors, officers, directors, employees, contractors, successors, assigns, agents,
attorneys, and insurers (the “Cambium lndemnitees“) against any and all third party claims, damages, costs, expenses (including, without limitation, court costs and attorneys’ fees), suits, losses, or liabilities (“Third Party
Claims”) (i) for any death, injury, or property damage caused by or arising from acts or omissions of the Supplier Indemnitees (as defined herein) arising from or connected with the performance of this Agreement (including any breach of
warranty) or (ii) that the process used by Supplier to manufacture the Product (other than the process specified by Cambium) infringes any Intellectual Property Right. Supplier shall reimburse the Cambium Indemnitees for all losses, costs, and
expenses the Cambium lndemnitees incur as a result of such Claims, including court costs and reasonable legal fees. 

  
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	11.2	Cambium shall defend, indemnify, and hold harmless Supplier and all of its past, present, and future affiliates, customers, distributors, officers, directors, employees, contractors, successors, assigns, agents,
attorneys, and insurers (the “Supplier Indemnitees“) against any and all Third Party Claims (i) for any death, injury, or property damage caused by or arising from acts or omissions of Cambium or the Cambium Indemnitees arising from
or connected with the performance of this Agreement or (ii) based on any allegation that the Product (other than the non-designated manufacturing process for which Supplier is responsible under
Section 11.1) or any Material contained therein infringes any Intellectual Property Rights. Cambium shall reimburse the Supplier Indemnitees for all losses, costs, and expenses the Supplier Indemnitees incur as a result of such Claims,
including court costs and reasonable legal fees. 

  

	11.3	With respect to any Third-Party Claims, the indemnified party shall give the indemnifying party prompt notice of any Third-Party Claim and cooperate with the indemnifying party at its expense. The indemnifying party
shall have the right to assume the defense (at its own expense) of any such claim through counsel of its own choosing by so notifying the party seeking indemnification within [***] days or such shorter period as may be necessary to adequately defend
the Third Party Claim, from the date of the first receipt of such notice. The indemnified party shall have the right to participate in the defence thereof and to employ counsel, at its own expense, separate from the counsel employed by the
indemnifying party. The indemnifying party shall not, without the prior written consent of the indemnified party, agree to the settlement, compromise or discharge of such Third-Party Claim 

 

	11.3.1	Notwithstanding anything to the contrary, the indemnifying party shall not enter into any settlement agreement that affects the indemnified party without the indemnified party’s prior written consent (which cannot
be unreasonably refused, conditioned or delayed). Each party may, at its sole expense, actively participate in any suit or proceeding, through its own counsel. 

If a party is required to indemnify, defend and/or hold harmless the indemnified party under this Section 11 and fails to do so within [***] days
after written notice, then (i) the indemnified party shall be entitled to specific performance to enforce the indemnifying party’s obligations under this Section 11, and (ii) the indemnified party may undertake the defence and/or
settlement of such Claim, with all costs of defence and settlement being the responsibility of the indemnifying party. The obligations set forth in this Section 11 will survive termination or expiration of this Agreement. 

 

	12.	LIMITATION OF LIABILITY 

 IN NO EVENT SHALL EITHER PARTY BE LIABLE TO THE OTHER FOR 

 

	 	(I)	ANY INDIRECT, CONSEQUENTIAL, INCIDENTAL, PUNITIVE OR SPECIAL DAMAGES, OR ANY DAMAGES WHATSOEVER RESULTING FROM LOSS OF USE, DATA OR PROFITS; 

	 	(II)	LOST PROFITS, LOST REVENUE OR DAMAGES RESULTING FROM VALUE ADDED TO THE PRODUCT BY CUSTOMER; 

	 	(III)	COSTS OF PROCUREMENT OF SUBSTITUTE PRODUCT BY CUSTOMER; OR 

	 	(IV)	THE VALUE OF THE INTERNAL TIME OF CUSTOMER’S EMPLOYEES TO REMEDY A BREACH 

 ARISING OUT OF
OR RELATING TO THIS AGREEMENT OR THE SALE OF PRODUCTS, WHETHER SUCH LIABILITY IS ASSERTED ON THE BASIS OF CONTRACT, TORT (INCLUDING THE POSSIBILITY OF NEGLIGENCE OR STRICT LIABILITY), OR OTHERWISE, EVEN IF THE PARTY HAS BEEN WARNED OF THE
POSSIBILITY OF ANY SUCH LOSS OR DAMAGE, AND EVEN IF ANY OF THE LIMITED REMEDIES IN THIS AGREEMENT FAIL OF THEIR ESSENTIAL PURPOSE. IN ADDITION, IN NO EVENT SHALL EITHER PARTY’S LIABILITY FOR ALL CLAIMS ARISING OUT OF OR RELATING TO THIS
AGREEMENT EXCEED [***]. NOTWITHSTANDING THE FOREGOING, THE DOLLAR CAPS SET FORTH 

  
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HEREIN SHALL NOT APPLY TO LIMIT (I) CUSTOMER’S OBLIGATION HEREUNDER FOR PAYMENTS FOR PRODUCT, MATERIAL OR OTHER CHARGES, (II) A PARTY’S OBLIGATIONS UNDER SECTION 10
(CONFIDENTIALITY) OR 11 (INDEMNITY) OR (III) SUPPLIER’S WARRANTY OBLIGATIONS HEREUNDER. 
  

	13.	SUPPLIER OWNED INVENTORY PROGRAM 

 Supplier shall participate in Cambium’s supplier owned
inventory program (the “SOI Program”) pursuant to which Supplier will retain both title to and risk of loss for the Products during transit to and storage in the Cambium or third-party warehouses (“Hubs”) provided that the
Parties agree on the specific terms and conditions applicable thereto. 
  

	14.	INSURANCE 

  

	14.1	Supplier shall maintain at its own expense the following insurance policies: (1) statutory Worker’s Compensation in all jurisdictions where services are performed in connection with this Agreement;
(2) Employer’s Liability of at minimum, US $[***] per occurrence; (3) Broad Form Commercial General Liability, including Contractual Liability for liability incurred under this Agreement, of at minimum, US $[***] per occurrence;
(4) Business Automobile Liability of at minimum, US $[***] per occurrence; (5) Umbrella/Excess Liability of at minimum, US $[***] per occurrence on behalf of Supplier and its subcontractors; and (6) insurance covering its assets and
operations in an amount sufficient to fund the costs of compliance with the Business Resilience and Power Assurance Program required by this Agreement. Additionally: (1) the Commercial General Liability policy must name Cambium as an additional
insured and include a cross-liability endorsement; (2) the Workers Compensation and Employers’ Liability policies must provide a waiver of subrogation in favour of Cambium; (3) Supplier shall cause all of its insurance to be
designated as primary and provide prior notice of cancellation to Cambium; and (4) at Cambium’s request, Supplier shall furnish Certificates of Insurance from a locally licensed insurance provider reasonably acceptable to Cambium

  

	14.2	Nothing contained within these insurance requirements will be deemed to limit or expand the scope, application and/or limits of the coverage afforded, which coverage will apply to each insured to the full extent
provided by the terms and conditions of the policies. Nothing contained within this provision will affect and/or alter the application of any other provision contained with this Agreement. The deductible and/or self-insured retention of the policies
will not limit or apply to the Supplier’s liability to Cambium and will be the sole responsibility of the Supplier. At Cambium’s request, Supplier shall fully pre-pay its premiums for the insurance
policies required under this Section 14. 

  

	15.	FORCE MAJEURE 

 Neither party will be liable for failure to timely perform under this Agreement
to the extent that its performance is delayed by a “Force Majeure” event to the extent caused by any of the following events, provided that they are beyond the party’s reasonable control, without the party’s fault or negligence
and could not have been avoided by the party’s use of due care: acts of God including hurricanes, tornadoes, earthquakes, volcanoes and floods; acts of terrorism; civil unrest; interference by civil or military authority, including war and
embargoes; fires; epidemics; and labour strikes (other than labour strikes by the work force of the delayed party) or the failure of a Material supplier to timely deliver Materials (assuming that the Materials were ordered, processed and expedited
in accordance with the supplier’s applicable Lead Time and purchasing processes). The party claiming force majeure has the burden of establishing that a Force Majeure event has delayed performance and shall use commercially reasonable efforts
to minimize the delay. The party claiming Force Majeure shall provide the other party with written notice of the Force Majeure event, 

  
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including the cause of delay, the estimated time of delay, and the actions taken or planned to avoid or minimize the impact of delay. If Supplier claims a Force Majeure event that delays its
performance by more than [***] days, Cambium may cancel any further performance or terminate this Agreement with no liability. 
  

	16.	GOVERNING LAW AND DISPUTE RESOLUTION 

  

	16.1	Governing Law. The laws of New York, disregarding its conflict of laws provisions, exclusively govern this Agreement and the construction of it, all transactions and conduct related to this Agreement, and all
disputes and causes of action between the parties (in contract, warranty, tort, strict liability, by statute, regulation, or otherwise). The parties agree and acknowledge that the Convention on International Sale of Goods (CISG) is not applicable to
this Agreement or the interpretation or enforcement thereof. 

  

	16.2	Dispute Resolution. The parties hereby consent to the personal and exclusive jurisdiction and venue of the New York state courts and the Federal courts located in the Southern District of New York. Notwithstanding the
foregoing, except with respect to enforcing claims for injunctive or equitable relief, any dispute, claim or controversy arising from or related in any way to this Agreement or the interpretation, application, breach, termination or validity
thereof, including any claim of inducement of this Agreement by fraud will be submitted for resolution by binding arbitration before the American Arbitration Association (“AAA”) in accordance with the AAA Rules of Arbitration. The
arbitration will be held in New York, and it shall be conducted in the English language. Judgment on any award in arbitration may be entered in any court of competent jurisdiction. Notwithstanding the above, each party shall have recourse to any
court of competent jurisdiction to enforce claims for injunctive and other equitable relief. IN THE EVENT OF ANY DISPUTE BETWEEN THE PARTIES, WHETHER IT RESULTS IN PROCEEDINGS IN ANY COURT IN ANY JURISDICTION OR IN ARBITRATION, THE PARTIES HEREBY
KNOWINGLY AND VOLUNTARILY, AND HAVING HAD AN OPPORTUNITY TO CONSULT WITH COUNSEL, WAIVE ALL RIGHTS TO TRIAL BY JURY, AND AGREE THAT ANY AND ALL MATTERS SHALL BE DECIDED BY A JUDGE OR ARBITRATOR WITHOUT A JURY TO THE FULLEST EXTENT PERMISSIBLE UNDER
APPLICABLE LAW. To the extent applicable, in the event of any lawsuit between the parties arising out of or related to this Agreement, the parties agree to prepare and to timely file in the applicable court a mutual consent to waive any
statutory or other requirements for a trial by jury. 

  

	17.	OTHER TERMS AND CONDITIONS 

  

	17.1	Assignment. Except as otherwise provided in this Section 17.1, neither party may assign this Agreement or any of its rights or obligations under this Agreement, without the prior written approval of the
other party, which will not be unreasonably withheld. Any attempted assignment, delegation, or transfer without the necessary approval will be void. Unless otherwise agreed in writing by Cambium, in the event of an intended sale or transfer of
Supplier’s business or assets, whether by operation of law or otherwise, Supplier shall give notice to Cambium and, at Cambium’s request, shall make assumption of its obligations under this Agreement a condition of the sale or transfer.
Notwithstanding the foregoing, (1) Supplier may, without the prior written consent of Cambium, assign this Agreement to any Affiliate, acquisition, merger, consolidation, reorganisation, or similar transaction, or any spin-off, divestiture, or other separation and (2) for any Cambium acquisition, merger, consolidation, reorganisation, or similar transaction, or any spin-off,
divestiture, or other separation of a Cambium business, Cambium may, without the prior written consent of Supplier and at no additional cost to Cambium or to the assignee entity(ies): (i) assign its rights and obligations under this Agreement,
in whole or in part, or (ii) split and assign its rights and obligations under this Agreement so as to retain the benefits of this Agreement for both Cambium and the assignee entity(ies) (and their respective affiliates) following the split
provided that Supplier receives appropriate assurances that the assignee is able to perform under this Agreement. Supplier will work cooperatively with Cambium and the assignee entity(ies) to ensure a smooth and orderly transition.

  
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	17.2	Authority. Each party represents and warrants that: (i) it has obtained all necessary approvals, consents and authorisations to enter into this Agreement and to perform and carry out its obligations under
this Agreement; (ii) the person executing this Agreement on such party’s behalf has express authority to do so and to bind such party; (iii) the execution, delivery and performance of this Agreement does not violate any provision of
any memorandum and/or articles of association, bylaw, charter, regulation, or any other governing authority of the party and is duly authorised by all necessary partnership or corporate action; and (iv) this Agreement is a valid and binding
obligation of such party. 

  

	17.3	Non Solicitation. As of the Effective Date, and for a period of [***] after termination, except as provided herein and subject to local law, each party shall not actively recruit, induce, or solicit for hire or
employment, or cause, allow, permit, or aid others to recruit, induce, or solicit for hire, any of the other party’s employees assigned to work under this Agreement. The phrase “actively recruit, induce, or solicit” will not include
any employment of the other party’s personnel through the means of advertisements, job postings, job fairs and the like. 

  

	17.4	Each party shall be responsible for ensuring that each Affiliate complies with the terms of this Agreement as if they were a party to this Agreement and each party shall be liable for the acts and omissions of the
Affiliates and the acts and omissions of those employed or engaged by them as if they were its own. 

  

	17.5	BUSINESS RESILIENCE AND POWER ASSURANCE PROGRAM REQUIREMENTS 

  

	 	a.	At Cambium’s request, and by the date specified (which can be no sooner than [***] days following such request), Supplier will provide Cambium with the following Business Resilience Program documentation for each
site at which Services are to be provided or Products are to be manufactured: Risk Assessment, Business Impact Analysis, Business Continuity Plan, Transfer Plan, Crisis Management Plan, and IT Disaster Recovery Plan. If Cambium, acting reasonably
identifies any deficiency in a submission, Supplier must fully resolve the deficiency to Cambium’s satisfaction by the date mutually agreed to by the parties. 

 

	 	b.	At Cambium’s request and by the date specified (which can be no sooner than [***] days following such request), Supplier will participate with Cambium to update a comprehensive, written Business Impact Analysis,
Risk Assessment, Business Continuity Plan, Transfer Plan, and IT Disaster Recovery Plan for the Services and Products, and establish a schedule for quarterly maintenance reviews, annual program and documentation updates, and annual program testing
of all business resilience program requirements set out in this Section 17. If Cambium, acting reasonably, identifies any deficiency in a submission, Supplier must fully resolve the deficiency to Cambium’s satisfaction by the date mutually
agreed to by the parties. 

  

	 	c.	At Cambium’s request and by the date(s) specified, Supplier will provide Cambium with [***], written updates for each site where Cambium business is conducted evidencing that the Risk Assessment, Business Impact
Analysis, Business Continuity Plan, Transfer Plan, Crisis Management Plan, and IT Disaster Recovery Plan are in effect, have been maintained and tested, and cover all Cambium operations, including any new Cambium Products or Services. If Cambium
identifies any deficiency in a submission, Supplier must fully resolve the deficiency to Cambium’s satisfaction by the date mutually agreed to by the parties. 

  
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	 	d.	Supplier will maintain standby power and UPS of sufficient capacity to provide uninterrupted support of manufacturing operations in the event of power spikes or outages so that Cambium continues to receive its Products
and Services. Power assurance provisions will be included in both the Business Continuity and IT Disaster Recovery Plans. 

  

	17.6	Counterparts and Signatures. This Agreement may be executed in one or more counterparts, all of which will be considered one and the same Agreement. This Agreement is fully executed when each party has signed one
or more counterparts and delivered the counterparts to the other party. Facsimile or electronic (pdf) signatures will be binding to the same degree as original signatures. 

 

	17.7	Cumulative Remedies. Unless specifically prohibited by this Agreement, all rights and remedies under this Agreement are cumulative, and if either party breaches this Agreement, the
non-breaching party has the right to assert all available legal and equitable remedies. 

  

	17.8	No Right to Financial Disclosure. Except as specifically provided herein (e.g, Section 4.7), tThis Agreement does not grant either party any right to inspect or examine any of the other party’s data,
documents, instruments, financial statements, balance sheets, business records, software, or business systems. 

  

	17.9	Express License Grants. Except as expressly set forth herein, no license, implied or express, under any either party’s Intellectual Property Rights, including any license to use, exercise, or incorporate any
Intellectual Property Rights is conveyed by Cambium to Supplier or Supplier to Cambium under this Agreement. 

  

	17.10	Headings and Interpretation. The headings in this Agreement are for convenience and do not form a part of this Agreement. The parties negotiated this Agreement at arm’s length with independent advice from
qualified legal counsel and jointly participated in drafting this Agreement. Accordingly, any court or other governmental authority or arbitrator construing or interpreting the language of this Agreement shall do so in accordance to its fair
meaning, without any presumption, rule of construction, or burden of proof favouring or disfavouring a party because that party drafted any part of this Agreement. 

 

	17.11	Priority of Documents. Except as set forth in Section 1.2 regarding Product Schedules, the terms set forth in the body of this Agreement control over all inconsistent terms in all other documents executed,
exchanged, created, referenced, or relied on in connection with this Agreement or the parties’ performance of their obligations under this Agreement, including, without limitation, technical information, and Product Specifications. In the event
that varying or conflicting standards, requirements, processes, or procedures are set forth in documents that relate to the Product or this Agreement, including, without limitation, Specifications, quality standards or procedures, support or
maintenance, or manufacturing processes, the most stringent of the applicable standards, requirements, processes, or procedures will apply, as mutually agreed between the parties. 

 

	17.12	Publicity. Neither party shall issue a press release or make any other disclosure regarding this Agreement, the parties’ business relationship, or, or any other aspect of the other party’s business,
without the other party’s prior written consent. 

  

	17.13	Records and Inspections. Supplier shall maintain all records related to the manufacture of the Products, as required by law, rule, or regulation. Cambium may inspect Supplier’s facilities, equipment,
materials, records, and the Products that pertain to this Agreement, and may audit with agreed notice for compliance with this Agreement during normal business hours upon reasonable notice. Upon expiration or termination of this Agreement, at
Cambium’s request, Supplier shall transfer all records that pertain to this Agreement to Cambium, but retain a copy of any records required to be kept by law, rule, regulation, or in connection with any legal process or proceeding, subject at
all times to applicable confidentiality obligations. Notwithstanding the foregoing, Cambium’s inspection of any financial data will be limited solely to publicly available information of the Supplier. 

  
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	17.14	Relationship. Supplier will perform under this Agreement solely as an independent contractor. Under no circumstances will any of Supplier’s personnel be considered employees or agents of Cambium. Nothing in
this Agreement grants either party the right or authority to make commitments of any kind for the other, implied or otherwise, without the other party’s prior written approval. This Agreement does not constitute or create, in any manner, a
joint venture, partnership, or formal business organisation of any kind. 

  

	17.15	Scrap/WIP/Raw Materials/Finished Goods Disposal. Supplier shall not sell, recycle, or otherwise dispose of excess, obsolete, scrap, work in progress, raw materials, or finished goods associated with any Product
or any Order by or for Cambium, without Cambium’s prior written approval which shall not be reasonable withheld. All such excess, obsolete, scrap, work in progress, raw materials, or finished goods will be managed in accordance with all
applicable laws, regulations, and directives, and in an environmentally responsible and secure manner, protective of the environment and the Cambium brand and reputation. 

 

	17.16	Security. Each party agrees that, when employees or agents of the visiting party are on the premises of the host party, they shall at all times comply with all security rules and regulations in effect. Cambium
and Supplier specifically agree not to disclose to any third party any proprietary information, systems, equipment, ideas, processes or methods of operation observed by visiting employees or agents, at either party’s facilities, all of which is
Confidential Information as defined herein. 

  

	17.17	Severability. If a provision of this Agreement is held to be unenforceable under applicable law, the unenforceable provision will not affect any other provision in this Agreement, and this Agreement will be
construed as if the unenforceable provision was not present. The parties shall negotiate in good faith to replace the unenforceable provision with an enforceable provision with effect nearest to that of the provision being replaced.

  

	17.18	Subcontracting. Supplier shall not subcontract any of its obligations under this Agreement (other than to its Affiliates) without Cambium’s prior written consent. 

 

	17.19	Successors. Except to the extent provided otherwise, this Agreement is binding upon, inures to the benefit of, and is enforceable by the parties and their respective permitted successors and permitted assigns.

  

	17.20	Survival. A provision of this Agreement will survive expiration or termination of this Agreement if the context of the provision indicates that it is intended to survive. 

 

	17.21	Waiver. Failure of either party to insist upon the performance of any term, covenant, or condition in this Agreement, or to exercise any rights under this Agreement, will not be construed as a waiver or
relinquishment of the future performance of any such term, covenant, or condition, or the future exercise of any such right. The obligation of each party with respect to such future performance will continue in full force and effect. Any waiver is
enforceable only if in writing and signed by an authorised representative of the waiving party. 

  

	17.22	Calendar Days. Unless expressly defined otherwise, all references to “day” or “days” in this Agreement will mean calendar days. 

  
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	18.	ETHICS AND COMPLIANCE. 

  

	18.1	Each party at all times shall conduct itself, directly through its employees and officers, and indirectly through third parties, in the performance of this Agreement honestly and fairly, using the highest ethical
standards, and treat its employees, agents, contractors and customers with dignity. 

  

	18.2	Supplier agrees to comply with the Electronic Industries’ Code of Conduct as it may be modified from time to time and Sections 5, 6, 7 and 8 of the Cambium Supplier Code of Conduct attached hereto as Exhibit and to
communicate and use commercially reasonable efforts flow down the requirements of this Section 18.2 to its Affiliates and subcontractors. 

  

	18.3	Each party shall, and shall ensure that any person associated with such party shall: 

  

	 	a.	comply with all applicable laws, regulations, codes and sanctions relating to anti-bribery and anti-corruption including (as applicable) but not limited to the Bribery Act 2010 in the United Kingdom, the U.S. Foreign
Corrupt Practices Act and all national and local anti-corruption laws (“Relevant Requirements”) and Cambium’s policies and procedures relating thereto as may be updated from time to time; 

 

	 	b.	have and shall maintain in place its own policies and procedures, including but not limited to adequate procedures under the Bribery Act 2010, the U.S. Foreign Corrupt Practices Act and all national and local
anti-corruption laws, to ensure compliance with the Relevant Requirements, and will enforce them where appropriate; 

  

	 	c.	promptly report to the other party any request or demand for any undue financial or other advantage of any kind received by it and/or any persons associated with it in connection with the performance of the Order; and

  

	 	d.	promptly report to the other party any payment suspected to have been received or made for any undue financial or other advantage by it, its employees, or any persons performing services in connection with the Order.

  

	 	e.	For the purpose of this Condition 18.3 (UK Bribery Act 2010 and US Foreign Corrupt Practices Act), the meaning of “adequate procedures” and whether a person is associated with another person shall be
determined in accordance with the Bribery Act 2010 (and any guidance issued under section 9 of that Act). 

  

	18.4	In order to ensure compliance with this Section 18: 

  

	 	a.	Each party shall establish and maintain policy compliance programs designed to govern such party’s business activities globally. These programs will include an officer responsible for compliance, communications to
and training of employees, anonymous and confidential reporting of misconduct, appropriate disciplinary measures, and monitoring and reporting of effectiveness. 

  

	 	b.	Upon request, and at its own cost, each party shall provide a copy of its compliance policies, procedures, and documents to the other party. 

 

	 	c.	Cambium (and its designated agents) may conduct upon reasonable justification for audits, unannounced inspections or audits for compliance with Section 18 of this Agreement, and upon request, Supplier shall provide
a list of the entities that make up its Supply Chain. 

  

	18.5	In the event of any breach of Section 18, Cambium’s sole remedy is to require Supplier to remedy the breach and reimburse it for their reasonable audit costs. In the event Supplier fails to remedy the breach,
Cambium shall have the right to terminate this Agreement. Cambium shall not be entitled to obtain any other monetary damages for any breach of the obligations in Section 18. . 

  
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	18.6	Supplier shall use [***] efforts to ensure that Products are produced, manufactured, assembled, packaged and labeled and services are rendered in compliance with applicable laws, rules, regulations and standards,
including compliance with Exhibit C. In the event Supplier learns of any non-compliance, it shall use [***] efforts to immediately correct any non-compliance with the
foregoing requirements. 

  

	19.	LEGAL NOTICES AND OTHER DOCUMENTS 

 All notices and other required communications will be in
writing, in the English language and will be transmitted to the addresses shown below (or any updated addresses provided by notice in writing) either by: (i) personal delivery; (ii) expedited delivery service; (iii) registered or
certified mail, postage prepaid and return receipt requested; or (iv) electronic facsimile with confirmed receipt. Notices under this Section 19 will be effective and deemed given as of the day received or at such time as delivery is
refused by addressee upon presentation. 
 Cambium will send notices to Supplier as follows: 

Attn: Legal Department 

Flextronics 
 847 Gibraltar Drive

 Milpitas 
 CA 95035 

Supplier will send notices to Cambium as follows: 

Vice President Supply Chain 

Cambium Networks Limited 
 Unit
B2, Linhay Business Park 
 Eastern Road, Asburton 

Devon, United Kingdom 
 TQ13 7UP

 Facsimile: 01364 654625 

with a copy to: 
 Chief
Financial Officer 
 Cambium Networks Limited 

Unit B2, Linhay Business Park 

Eastern Road, Ashburton 
 Devon,
United Kingdom 
 TQ13 7UP 

Facsimile: 01364 654625 

  
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	20.	ENTIRE AGREEMENT 

 This Agreement, including any attached Exhibits, is the entire understanding
between the parties concerning the subject matter hereof and supersedes all prior discussions, agreements and representations, whether oral or written, express or implied. No alterations or modifications of this Agreement will be binding upon either
party unless made in writing and signed by an authorised representative of each party. 

  
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 ***Text Omitted and Filed Separately
with the Securities and Exchange 
 Commission. Confidential Treatment Requested Under 

17 C.F.R. Sections 200.80(b)(4) and 240.24b-2 
  

 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed as of the Effective Date. 

 

							
	CAMBIUM NETWORKS LIMITED	 	SUPPLIER
				
	By: 	  	/s/ David Lightfoot	 	By: 	  	/s/ Manny Marimuthu

							
				
	Name:	  	David Lightfoot	 	Name:	  	Manny Marimuthu
				
	Title:	  	VP — Supply Chain	 	Title:	  	Senior V.P. Finance, Asia

							
				
	Date:	  	24 Aug 2012	 	Date:	  	31 August 2012

  
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 Cambium Networks Confidential Restricted. 

26 

 CAMBIUM CONFIDENTIAL RESTRICTED 

 
 ***Text Omitted and Filed Separately
with the Securities and Exchange 
 Commission. Confidential Treatment Requested Under 

17 C.F.R. Sections 200.80(b)(4) and 240.24b-2 
  

 Exhibit A to Corporate Supply Agreement 

 

	1.	Definitions: 

  

	 	a.	“Acceptable status” means Cambium’s inventory of a Product is either between the Minimum and Maximum Levels specified by Cambium, or higher than the Maximum Level but less than the Backlog plus the
current week requirement plus the midpoint of the Minimum and Maximum Inventory Levels. 

  

	 	b.	“Available Inventory” means the inventory available at a Cambium facility and/or in a Hub (if applicable), to be used to satisfy Backlog and Gross Demand. 

 

	 	c.	“Backlog” means Cambium’s current demand for a Product in excess of the current week’s Gross Demand that is also projected to be consumed in the current week. 

 

	 	d.	“Gross Demand” means Cambium’s current or future demand for a Product, forecasted to be consumed during the relevant period. 

 

	 	e.	“High status” means the inventory for a Product is higher than the Maximum Inventory Level. 

  

	 	f.	“Lead Time” means the period of time required for Supplier to fulfil an Order for Cambium, starting from date of receipt of the Order and ending at date of delivery to Cambium. 

 

	 	g.	“Low status” means the inventory for a Product is less than the Minimum Inventory Level. 

  

	 	h.	“Manufacturing Cycle Time” for any Product means the period of time that it takes under normal conditions to manufacture the Product, starting from the date the raw materials start in production at the
factory and ending at final test and packaging. 

  

	 	i.	“Minimum and Maximum Inventory Levels” means the calculated range of Available Inventory specified by Cambium as desired to support production without risk of a Stock Out, and without risk of
inflating the inventory. The Minimum and Maximum Inventory Levels are recalculated by Cambium at least once per week based on average Gross Demand. 

  

	 	j.	“Net Demand” means the expected delivery quantities for the week, and it is calculated as follows: [***]. 

  

	 	k.	“Stock out” means the inventory on-hand at Cambium is less than [***] of the Backlog plus the current week requirement. 

 

	 	l.	Schedule Sharing Generic system for Cambium’s forecast and Blanket Order process 

  
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 Cambium Networks Confidential Restricted. 

1 

 CAMBIUM CONFIDENTIAL RESTRICTED 

 
 ***Text Omitted and Filed Separately
with the Securities and Exchange 
 Commission. Confidential Treatment Requested Under 

17 C.F.R. Sections 200.80(b)(4) and 240.24b-2 
  

 Exhibit B to Corporate Supply Agreement 

QUALITY REPORTING 
 [***] 

[***] 
  

	 	•	 	[***] 

  

	 	•	 	[***] 

  

	 	•	 	[***] 

  

	 	•	 	[***] 

  

	 	•	 	[***] 

  

	 	•	 	[***] 

 [***] 

[***] 

  
 Printed versions of this
document are considered non-controlled. Verify latest version before use. 
 Cambium Networks Confidential Restricted. 

2 

 CAMBIUM CONFIDENTIAL RESTRICTED 

 
 ***Text Omitted and Filed Separately
with the Securities and Exchange 
 Commission. Confidential Treatment Requested Under 

17 C.F.R. Sections 200.80(b)(4) and 240.24b-2 
  

 Exhibit C to Corporate Supply Agreement 

SUPPLIER CODE OF CONDUCT 
 1. Cambium
depends on product quality and superiority, combined with outstanding support capability, to sell its products and to support the value of its brand. Accordingly, Supplier agrees to conduct its business with the highest ethical standards. Cambium
will not do business with any entity or person engaged in unlawful or unethical business practices. Cambium expects its suppliers to abide by these requirements and not to have a relationship with another entity or person, or engage in any activity
that results or may result in noncompliance, a conflict of interest, or embarrassment to Cambium, or harm to Cambium’s reputation and brand. If Supplier fails to comply in any respect with all of these requirements, then Cambium may immediately
and without liability terminate this Agreement. Cambium’s requirements for Supplier’s business conduct are as follows: 
 a.
Compliance: Supplier will maintain compliance systems and be able to demonstrate a satisfactory record of compliance with the law in its business conduct. 

b. Anti-corruption: Supplier will conduct its business without engaging in corrupt practices, including public or private bribery or
kickbacks. Supplier will maintain integrity, transparency and accuracy in corporate record keeping. 
 c. No unfair business
practices: Supplier will act with integrity and lawfully in the proper handling of competitive data, proprietary information and other intellectual property, and comply with legal requirements regarding fair competition, antitrust, and accurate
and truthful marketing. 
 d. Anti-discrimination: Supplier will employ workers on the basis of their ability to do the job, rather
than on the basis of their personal characteristics, conditions or beliefs. 
 e. No harsh or inhumane treatment: Supplier
will prohibit the physical abuse and harassment of employees, as well as the threat of either. 
 f. Freely chosen employment:
Supplier will not use forced, prison or indentured labour, including debt bondage. Supplier will ensure that terms of employment are voluntary. If Supplier recruits contract or migrant workers, Supplier will pay agency recruitment fees and will
ensure there are no unreasonable employment or relocation expenses. Supplier will not require any worker to remain in employment for any period of time against his or her will, or adopt practices that restrict worker’s ability to terminate
employment. Workers will not be required to lodge “deposits” or hand over government-issued identification, passports or work permits as a condition of employment, unless required by law. 

g. No child labour: Supplier will ensure that its hiring practices are in conformance with International Labour Organization
(ILO) Conventions for minimum age (Convention 138) and child labour (Convention 182). Supplier is encouraged to develop lawful workplace apprenticeship programs for the educational benefit of their workers, provided that all participants meet
the minimum age requirements. Workers under the age of 18 should not perform hazardous work and should be restricted from night work if it interferes with educational needs. 

h. Freedom of association and collective bargaining: Supplier will recognize the right of workers to join or to refrain from joining
associations of their own choosing and the right to collective bargaining, unless otherwise prohibited by law. In all cases, worker rights to open communication, direct engagement, and humane and equitable treatment must be respected. 

  
 Printed versions of this
document are considered non-controlled. Verify latest version before use. 
 Cambium Networks Confidential Restricted. 

3 

 CAMBIUM CONFIDENTIAL RESTRICTED 

 
 ***Text Omitted and Filed Separately
with the Securities and Exchange 
 Commission. Confidential Treatment Requested Under 

17 C.F.R. Sections 200.80(b)(4) and 240.24b-2 
  

 i. Fair working hours: While it is understood that overtime is often required,
Supplier will manage operations in compliance with the law and ensure that overtime does not exceed levels that create inhumane working conditions. Supplier will not require, on a regularly scheduled basis, work in excess of 60 hours per week or in
excess of six consecutive days without a rest day. 
 j. Wages and benefits: Wages and benefits paid will meet, at a minimum,
applicable legal requirements. In any event, wages and benefits should be enough to meet basic needs. For each pay period, Supplier will provide workers with an understandable wage statement that includes sufficient information to verify accurate
compensation for work performed. Supplier will not permit deductions from wages as a disciplinary measure. 
 k. Safe and healthy working
conditions: Supplier will operate a safe and healthy work environment. If Supplier provides housing or eating facilities, Supplier will operate and maintain them in a safe, sanitary and dignified manner. 

l. Environmental sustainability: Environmental Management System: Suppliers of goods will have an Environmental Management System
(EMS) in accordance with ISO 14001 or equivalent. The EMS must be implemented and functioning. Third-party registration is strongly recommended but not required. 

i. Environmentally Preferred Products: Cambium values environmentally preferred products. We work with and encourage our suppliers to
create products that are energy efficient, highly recyclable and contain significant amounts of recycled materials and low amounts of hazardous materials. To enable us to evaluate Supplier’s components and products for environmental
performance, Supplier must provide material disclosures 
 ii Ozone-Depleting Substances: It
is Cambium’s policy to eliminate from Cambium products any components — including components provided by our suppliers — that contain or that are manufactured with a process that uses any Class I
ozone-depleting substance. Supplier shall provide certification that products supplied to Cambium, do not contain or are not manufactured with a process that uses any Class I ozone-depleting chemicals. 
 m. Management system: Supplier shall adopt or establish a
management system that supports the content of this code. The management system will be designed to ensure (a) compliance with applicable laws, regulations and customer requirements related to supplier’s operations and products;
(b) conformance with this code; and (c) identification and mitigation of operational risks related to the areas covered by this code. The management system should also drive continual improvement. 

2. Conflict Minerals 
 The mining and processing of raw
materials is an integral stage in Cambium’s global supply chain. Cambium and its customers strongly discourage and seek to avoid the sourcing of raw materials from areas where proceeds from the sale of raw materials fund social unrest and
political repression, violence, or conflict (“Conflict Minerals”). Upon request, Supplier must certify that the products and materials provided to Cambium do not contain Conflict Minerals. 

3. Imports and Customs 
 Supplier shall comply with all import
and customs laws, regulations and administrative determinations of the importing country. Supplier shall comply with the security criteria of the importing country’s government security program. If Supplier is providing Products to be delivered
to, or Services to support delivery to, the U.S., Supplier shall comply with the security criteria of the U.S. Customs and Border Protection’s Customs-Trade Partnership against Terrorism (C-TPAT)
Program (available on http://www.cbp.gov). 

  
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 Cambium Networks Confidential Restricted. 

4 

 CAMBIUM CONFIDENTIAL RESTRICTED 

 
 ***Text Omitted and Filed Separately
with the Securities and Exchange 
 Commission. Confidential Treatment Requested Under 

17 C.F.R. Sections 200.80(b)(4) and 240.24b-2 
  

 5. Export Restriction 

If Supplier is the exporter of record for any shipments, Supplier shall obtain all export authorizations from the U.S. government or other governments
that may be required to lawfully make such shipments. 
 6. Utilization of Small Business Concerns 

If applicable, Supplier shall comply with the provisions of U.S. Federal Acquisition Regulation
(FAR) 52.219-8 pertaining to Utilization of Small Business Concerns, as well as any other state and local, small and other business utilization laws. 

7. Equal Opportunity 
 If applicable, Supplier shall comply with
the provisions of FAR 52.222-21, 52.222-26, 52.222-35, 52.222-36, and 52.222-50 pertaining to Segregated Facilities, Equal Opportunity, Equal Opportunity for Veterans, Affirmative Action for Workers with Disabilities, and Human Trafficking. If applicable, Supplier shall maintain, at
each establishment, affirmative action programs required by the rules of the U.S. Secretary of Labour (41 CFR 60-1 and 60-2). 

8. Product Safety and Regulatory Compliance 
 Supplier shall
ensure that all Products and services provided comply with all applicable regulations and laws, including all applicable product safety, environmental, and recycling regulations and laws. 

  
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document are considered non-controlled. Verify latest version before use. 
 Cambium Networks Confidential Restricted. 

5bioc-ex41_7.htm

 

 

EXHIBIT 4.1

 

NEITHER THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.  THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

SERIES C COMMON STOCK PURCHASE WARRANT 

 

 BIOCEPT, INC.

Warrant Shares: _______Initial Exercise Date: May [30], 2019

Warrant Number: ___ 

 

 

THIS SERIES C COMMON STOCK PURCHASE WARRANT CERTIFICATE (the “Warrant”) certifies that, for value received, ________ or its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date hereof (the “Initial Exercise Date”) and on or prior to 5:00 p.m. (New York City time) on [December 2], 20241 (the “Termination Date”) but not thereafter, to subscribe for and purchase from Biocept, Inc., a Delaware corporation (the “Company”), up to __,___,___ shares (as subject to adjustment hereunder, the “Warrant Shares”) of Common Stock. The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).  

Section 1.Definitions.  Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Warrant Exercise Agreement (the “Purchase Agreement”), dated May 28, 2019, among the Company and the purchasers signatory thereto.

Section 2.Exercise.

a)Exercise of Warrant.  Subject to the provisions of Section 2(e) herein, exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed facsimile copy or PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form 

	
	 

	
1 
	
 Insert the date that is the 5.5 year anniversary of the Initial Exercise Date, provided that, if such date is not a Trading Day, insert the immediately following Trading Day.

 

 

annexed hereto (the “Notice of Exercise”). Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the Warrant Shares specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required.  Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased.  The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within one (1) Trading Day of receipt of such notice.  The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof. 

b)Exercise Price.  The exercise price per share of Common Stock under this Warrant shall be $1.31, subject to adjustment hereunder (the “Exercise Price”). 

c)Cashless Exercise.  If at any time after the six-month anniversary of the  Closing Date, there is no effective registration statement registering, or no current prospectus available for, the resale of the Warrant Shares by the Holder, then this Warrant may also be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

	
 
	
 (A) = as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the Common Stock on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading Day and is 
	

2

 

 (A) = as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the Common Stock on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours” on such Trading Day;

 

(B) = the Exercise Price of this Warrant, as adjusted hereunder; and 

 

(X) = the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.

 

If Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act, the Warrant Shares shall take on the characteristics of the Warrants being exercised, and the holding period of the Warrant Shares being issued may be tacked on to the holding period of this Warrant.  The Company agrees not to take any position contrary to this Section 2(c).

 

“VWAP” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported in the “Pink Sheets” published by OTC Markets, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

“Bid Price” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading Market, the bid price of the Common Stock for the time in question (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar 

3

 

organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Purchasers of a majority in interest of the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

	
 
	
d)
	
Mechanics of Exercise. 

i.Delivery of Warrant Shares Upon Exercise.  The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by the Holder or (B) the Warrant Shares are eligible for resale by the Holder without volume or manner-of-sale limitations pursuant to Rule 144 (assuming cashless exercise of the Warrants), and otherwise by physical delivery of a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is the earliest of (i) two (2) Trading Days after the delivery to the Company of the Notice of Exercise, (ii) one (1) Trading Day after delivery of the aggregate Exercise Price to the Company and (iii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise (such date, the “Warrant Share Delivery Date”).   Upon delivery of the Notice of Exercise the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares; provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise.  If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Stock on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth (5th) Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise.  The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as this 

4

 

Warrant remains outstanding and exercisable.  .  As used herein, “Standard Settlement Period” means the standard settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect to the Common Stock as in effect on the date of delivery of the Notice of Exercise.

ii.Delivery of New Warrants Upon Exercise.  If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant.

iii.Rescission Rights.  If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

iv.Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise.  In addition to any other rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date (other than any such failure that is solely due to any action or inaction by the Holder with respect to such exercise), and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder.  For example, if the Holder purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately 

5

 

preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss.  Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof.

v.No Fractional Shares or Scrip.  No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant.  As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Exercise Price or round up to the next whole share.

vi.Charges, Taxes and Expenses.  Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto.  The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares.

vii.Closing of Books.  The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this Warrant, pursuant to the terms hereof.

e)Holder’s Exercise Limitations.  The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below).  For purposes of the foregoing sentence, 

6

 

the number of shares of Common Stock beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other  Common Stock Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties.  Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith.   To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination.   In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder.  For purposes of this Section 2(e), in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding.  Upon the written or oral request of a Holder, the Company shall within one Trading Day confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding.  In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding shares of Common Stock was reported.  The “Beneficial Ownership Limitation” shall be 4.99% (or, upon election by a Holder prior to the issuance of any Warrants, 9.99%) of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant.  The Holder, upon notice to the 

7

 

Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply.  Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered to the Company.  The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.

Section 3.Certain Adjustments.

a)Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares or (iv) issues by reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged.  Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re‐classification.

b)[Reserved]

c)Subsequent Rights Offerings.  In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to all (or substantially all) of the record holders of any class of shares of Common Stock (the “Purchase Rights”), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the 

8

 

date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, to the extent that the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation). 

d)Pro Rata Distributions.  During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to all (or substantially all) of holders of shares of Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution (provided, however, to the extent that the Holder's right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation.

e)Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock 

9

 

or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant).  For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration.  If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 3(e) pursuant to written agreements prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction). Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant with the same effect as if such Successor Entity had been named as the 

10

 

Company herein. For the avoidance of doubt, if, at any time while this Warrant is outstanding, a Fundamental Transaction occurs, pursuant to the terms of this Section 5(e), the Holder shall not be entitled to receive more than one of (i) the consideration receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction, or (ii) the assumption by the Successor Entity of all of the obligations of the Company under this Warrant and the option to receive a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant.

f)Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

g)Notice to Holder.  

i.Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly deliver to the Holder by facsimile or e-mail a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment. 

ii.Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile or e-mail to the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register of the Company, at least twenty (20) calendar days prior to the applicable record or effective date hereinafter specified, a notice (unless such information is filed with the Commission, in which case a notice shall not be required) stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be 

11

 

entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice.  To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K.  The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice  except as may otherwise be expressly set forth herein.

Section 4.Transfer of Warrant.

a)Transferability.  Subject to compliance with any applicable securities laws and the conditions set forth in Section 4(d) hereof and to the provisions of Section 2.3 of the Purchase Agreement, this Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer.  Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled.  Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full.  The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

b)New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney.  Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued 

12

 

on transfers or exchanges shall be dated the original Issue Date and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto. 

c)Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time.  The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

d)Transfer Restrictions. If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant, the transfer of this Warrant shall not be either (i) registered pursuant to an effective registration statement under the Securities Act and under applicable state securities or blue sky laws or (ii) eligible for resale without volume or manner-of-sale restrictions or current public information requirements pursuant to Rule 144, the Company may require, as a condition of allowing such transfer, that the Holder or transferee of this Warrant, as the case may be, comply with the provisions of Section 2.3 of the Purchase Agreement.

e)Representation by the Holder.  The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant and, upon any exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to or for distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable state securities law, except pursuant to sales registered or exempted under the Securities Act.

Section 5.Miscellaneous.

a)No Rights as Stockholder Until Exercise; No Settlement in Cash.  This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3. Without limiting the rights of a Holder to receive Warrant Shares on a “cashless exercise,” and to receive the cash payments contemplated pursuant to Sections 2(d)(i) and 2(d)(iv), in no event will the Company be required to net cash settle a Warrant exercise.

b)Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.

c)Saturdays, Sundays, Holidays, etc.  If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business 

13

 

Day, then, such action may be taken or such right may be exercised on the next succeeding Business Day.

d)Authorized Shares.  

The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant.  The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant.  The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be listed.  The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).  

Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment.  Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.

Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof.

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e)Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance with the provisions of the Purchase Agreement.

f)Restrictions.  The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

g)Nonwaiver and Expenses.  No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies.  Without limiting any other provision of this Warrant, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

h)Notices.  Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered in accordance with the notice provisions of the Purchase Agreement.

i)Limitation of Liability.  No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.

j)Remedies.  The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant.  The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.

k)Successors and Assigns.  Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder.  The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares.

l)Amendment.  This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company, on the one hand, and the Holder, on the other hand.

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m)Severability.  Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.

n)Headings.  The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.

 

********************

 

(Signature Page Follows)

16

 

IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

 

  

	
	
BIOCEPT, INC.

 

 

	
 

	
By:__________________________________________

     Name:

     Title:

 

 

 

 

17

 

 

 

NOTICE OF EXERCISE

 

To:BIOCEPT, INC.

 

(1)The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

(2)Payment shall take the form of (check applicable box):

[  ] in lawful money of the United States; or

[ ] if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c).

(3)Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

_______________________________

 

 

The Warrant Shares shall be delivered to the following DWAC Account Number:

 

_______________________________

 

_______________________________

 

_______________________________

 

(4)  Accredited Investor.  The undersigned is an “accredited investor” as defined in Regulation D promulgated under the Securities Act of 1933, as amended.

 

[SIGNATURE OF HOLDER]

 

Name of Investing Entity: ________________________________________________________________________

Signature of Authorized Signatory of Investing Entity: _________________________________________________

Name of Authorized Signatory: ___________________________________________________________________

Title of Authorized Signatory: ____________________________________________________________________

Date: ________________________________________________________________________________________

 

 

 

 

 

EXHIBIT B

 

ASSIGNMENT FORM

 

 (To assign the foregoing Warrant, execute this form and supply required information.  Do not use this form to purchase shares.)

FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

		
	
Name:
	
 

	
 
	
(Please Print)

	
Address:
	
 

	
 
	
(Please Print)

	
Phone Number:

 

Email Address:

Dated: _______________ __, ______
	
______________________________________

 

______________________________________

	
Holder’s Signature:
	
 

	
Holder’s Address:

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