Document:

Exhibit 10.2

 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER THE SECURITIES LAWS OF ANY STATES IN THE UNITED STATES. THIS NOTE
IS SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT AND THE
APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. THE ISSUER OF THIS NOTE MAY REQUIRE AN OPINION OF COUNSEL
IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND
ANY APPLICABLE STATE SECURITIES LAWS.

 

THIS NOTE AND THE INDEBTEDNESS EVIDENCED HEREBY
MAY BECOME SUBORDINATED IN RIGHT OF PAYMENT TO SENIOR INDEBTEDNESS (AS DEFINED BELOW) TO THE EXTENT SET FORTH IN AN INTERCREDITOR AGREEMENT
(AS DEFINED BELOW); AND THE HOLDER OF THIS INSTRUMENT, BY ITS ACCEPTANCE HEREOF, IRREVOCABLY AGREES TO EXECUTE AND BE BOUND BY THE PROVISIONS
OF ANY SUCH INTERCREDITOR AGREEMENT.

 

SECURED
PROMISSORY NOTE

 

 

	Date of Note:	August 15, 2022
	 	 
	Principal Amount of Note:	$34,933,500

 

For value received, Accelerate
Diagnostics, Inc., a Delaware corporation (the “Borrower”), promises to pay to the undersigned holder or such
party’s assigns (the “Holder”) the principal amount set forth above with interest on the outstanding principal
amount at a rate equal to 5.0% per annum. Interest shall commence with and include the date hereof and shall continue on the outstanding
principal amount until paid in full (or in part pursuant to Section 1(b)). Interest shall be computed on the basis of a year of 365 days
for the actual number of days elapsed and shall compound quarterly. Subject to any Intercreditor Agreement, all interest and principal,
unless previously prepaid, shall be due and payable upon written demand by Holder on or after the date that is five (5) years from the
date of this Note.

 

This secured promissory note
(this “Note”) is referred to in and is executed and delivered in connection with that certain Security Agreement
dated as of August 15, 2022 and executed by the Borrower in favor of the Secured Parties set forth therein (as the same may from time
to time be amended, modified or supplemented or restated, the “Security Agreement”). Additional rights and obligations
of the Holder are set forth in the Security Agreement. All capitalized terms used herein and not otherwise defined herein shall have the
respective meanings given to them in the Security Agreement.

 

1.                  
Basic Terms.

 

(a)                Payments.
All payments of interest and principal on this Note shall be (i) in lawful money of the United States of America or (ii) at the
election of the Borrower, in the form of common stock of the Borrower; provided that the amount of shares delivered pursuant to
clause (ii) hereof shall be the number of shares of common stock (the “Exchange Shares”) that is obtained
by dividing the total amount of such payment by the closing sale price per share (or if no closing sale price is reported, the
average of the bid and ask prices or, if more than one in either case, the average of the average bid and the average ask prices) on
the trading day immediately preceding the date of this Note, subject to adjustment in accordance with clause (c) below (the
 “Exchange Price”), rounded down to the nearest whole share; provided further that the aggregate amount of
such shares shall not exceed an aggregate amount of shares, inclusive of any shares exercised by Holder pursuant to a warrant issued
in connection with this Note, in excess of 19.99% of the Borrower’s outstanding shares of common stock (calculated prior to
giving effect to such payment or exercise, as applicable), and shall be made to the Holder or, if applicable, to the Holder’s
permitted assigns. All payments shall be applied first to accrued interest, and thereafter to principal.

 

     

     

    

 

(b)              
Prepayment. The Borrower may prepay this Note in whole or in part at any time without the consent of the Holder, together with
all accrued but unpaid interest and the other amounts due hereunder in respect of the amount prepaid, without premium or penalty.

 

(c)               
 Adjustment of Exchange Price and Exchange Shares.

 

(i)                
 In the event of changes in the outstanding common stock of the Borrower by reason of stock dividends, split-ups, recapitalizations,
reclassifications, combinations or exchanges of shares, separations, reorganizations, liquidations, consolidation, acquisition of the
Borrower, or the like, the number, class and type of shares available under the Note in the aggregate and the Exchange Price shall be
correspondingly adjusted to give the Holder, on exchange for the same aggregate Exchange Price, the total number, class, and type of shares
or other property as the Holder would have owned had delivery of the shares under the Note been made prior to the event and had the Holder
continued to hold such shares until the event requiring adjustment. The form of this Note need not be changed because of any adjustment
in the number of Exchange Shares subject to delivery under clause (a).

 

(ii)              
Upon the occurrence of each adjustment pursuant to this clause (c), the Borrower at its expense will, at the written request
of the Holder, promptly compute such adjustment in accordance with the terms of this Note and prepare a certificate setting forth such
adjustment, including a statement of the adjusted Exchange Price and adjusted number or type of Exchange Shares, describing the transactions
giving rise to such adjustments and showing in detail the facts upon which such adjustment is based. Upon written request, the Borrower
will promptly deliver a copy of each such certificate to the Holder and to the Borrower’s transfer agent.

 

2.                  
Representations and Warranties.

 

(a)               
Representations and Warranties of the Borrower. The Borrower hereby represents and warrants to the Holder as of the date this
Note was issued as follows:

 

(i)                
Organization, Good Standing and Qualification. The Borrower is a corporation duly organized, validly existing and in good standing
under the laws of the State of Delaware. The Borrower has the requisite corporate power to own and operate its properties and assets and
to carry on its business as now conducted and as proposed to be conducted. The Borrower is duly qualified and is authorized to do business
and is in good standing as a foreign corporation in all jurisdictions in which the nature of its activities and of its properties (both
owned and leased) makes such qualification necessary, except for those jurisdictions in which failure to do so would not have a material
adverse effect on the Borrower or its business (a “Material Adverse Effect”).

 

(ii)              
Corporate Power. The Borrower has all requisite corporate power to issue this Note and to carry out and perform its obligations
under this Note. The Borrower’s board of directors has approved the issuance of this Note based upon a reasonable belief that the
issuance of this Note is appropriate for the Borrower after reasonable inquiry concerning the Borrower’s financing objectives and
financial situation.

 

(iii)             Authorization.
All corporate action on the part of the Borrower necessary for the issuance and delivery of this Note has been taken. This Note
constitutes a valid and binding obligation of the Borrower enforceable in accordance with its terms, subject to laws of general
application relating to bankruptcy, insolvency, the relief of debtors and, with respect to rights to indemnity, subject to federal
and state securities laws.

 

    2.

     

    

 

(iv)             
Governmental Consents. All consents, approvals, orders or authorizations of, or registrations, qualifications, designations,
declarations or filings with, any governmental authority required on the part of the Borrower in connection with issuance of this Note
has been obtained.

 

(v)               
Compliance with Laws. To its knowledge, the Borrower is not in violation of any applicable statute, rule, regulation, order
or restriction of any domestic or foreign government or any instrumentality or agency thereof in respect of the conduct of its business
or the ownership of its properties, which violation of which would have a Material Adverse Effect.

 

(vi)             
Compliance with Other Instruments. The Borrower is not in violation or default of any term of its certificate of incorporation
or bylaws, or of any provision of any mortgage, indenture or contract to which it is a party and by which it is bound or of any judgment,
decree, order or writ, other than such violation(s) that would not have a Material Adverse Effect. The execution, delivery and performance
of this Note will not result in any such violation or be in conflict with, or constitute, with or without the passage of time and giving
of notice, either a default under any such provision, instrument, judgment, decree, order or writ or an event that results in the creation
of any lien, charge or encumbrance upon any assets of the Borrower (other than pursuant to the Security Agreement) or the suspension,
revocation, impairment, forfeiture or nonrenewal of any material permit, license, authorization or approval applicable to the Borrower,
its business or operations or any of its assets or properties.

 

(vii)           
No “Bad Actor” Disqualification. The Borrower has exercised reasonable care to determine whether any Borrower Covered
Person (as defined below) is subject to any of the “bad actor” disqualifications described in Rule 506(d)(1)(i) through (viii),
as modified by Rules 506(d)(2) and (d)(3), under the Act (“Disqualification Events”). To the Borrower’s
knowledge, no Borrower Covered Person is subject to a Disqualification Event. The Borrower has complied, to the extent required, with
any disclosure obligations under Rule 506(e) under the Act. For purposes of this Note, “Borrower Covered Persons”
are those persons specified in Rule 506(d)(1) under the Act; provided, however, that Borrower Covered Persons do not include (a) the Holder,
or (b) any person or entity that is deemed to be an affiliated issuer of the Borrower solely as a result of the relationship between the
Borrower and the Holder.

 

(viii)         
Offering. Assuming the accuracy of the representations and warranties of the Holder contained in subsection (b) below, the
offer, issue and sale of this Note are and will be exempt from the registration and prospectus delivery requirements of the Act, and have
been registered or qualified (or are exempt from registration and qualification) under the registration, permit or qualification requirements
of all applicable state securities laws.

 

(ix)             
Use of Proceeds. The Borrower shall use the proceeds of this Note solely for the operations of its business, and not for any
personal, family or household purpose.

 

(b)              
Representations and Warranties of the Holder. The Holder hereby represents and warrants to the Borrower as of the date hereof
as follows:

 

(i)                 Purchase
for Own Account. The Holder is acquiring this Note solely for the Holder’s own account and beneficial interest for
investment and not for sale or with a view to distribution of this Note or any part thereof, has no present intention of selling (in
connection with a distribution or otherwise), granting any participation in, or otherwise distributing the same, and does not
presently have reason to anticipate a change in such intention.

 

    3.

     

    

 

(ii)              
Information and Sophistication. Without lessening or obviating the representations and warranties of the Borrower set forth
in subsection (a) above, the Holder hereby: (A) acknowledges that the Holder has received all the information the Holder has requested
from the Borrower and the Holder considers necessary or appropriate for deciding whether to acquire this Note, (B) represents that the
Holder has had an opportunity to ask questions and receive answers from the Borrower regarding the terms and conditions of the offering
of this Note and to obtain any additional information necessary to verify the accuracy of the information given the Holder and (C) further
represents that the Holder has such knowledge and experience in financial and business matters that the Holder is capable of evaluating
the merits and risk of this investment.

 

(iii)            
Ability to Bear Economic Risk. The Holder acknowledges that investment in this Note involves a high degree of risk, and represents
that the Holder is able, without materially impairing the Holder’s financial condition, to hold this Note for an indefinite period
of time and to suffer a complete loss of the Holder’s investment.

 

(iv)             
Further Limitations on Disposition. Without in any way limiting the representations set forth above, the Holder further agrees
not to make any disposition of all or any portion of this Note unless and until:

 

(1)               
there is then in effect a registration statement under the Act covering such proposed disposition and such disposition is made
in accordance with such registration statement; or

 

(2)               
the Holder shall have notified the Borrower of the proposed disposition and furnished the Borrower with a detailed statement
of the circumstances surrounding the proposed disposition, and if reasonably requested by the Borrower, the Holder shall have furnished
the Borrower with an opinion of counsel, reasonably satisfactory to the Borrower, that such disposition will not require registration
under the Act or any applicable state securities laws; provided that no such opinion shall be required for dispositions in compliance
with Rule 144 under the Act, except in unusual circumstances.

 

Notwithstanding the provisions
of paragraphs (1) and (2) above, no such registration statement or opinion of counsel shall be necessary for transfers to a trust of the
Holder or transfers by gift, will or intestate succession to any spouse or lineal descendants or ancestors, if all transferees agree in
writing to be subject to the terms hereof to the same extent as if they were the Holders hereunder.

 

(v)               
Accredited Investor Status. The Holder is an “accredited investor” as such term is defined in Rule 501 under the
Act.

 

(vi)             
No “Bad Actor” Disqualification. The Holder represents and warrants that the Holder is not subject to any Disqualification
Event, except for Disqualification Events covered by Rule 506(d)(2)(ii) or (iii) or (d)(3) under the Act and disclosed in writing in reasonable
detail to the Borrower. The Holder represents that the Holder has exercised reasonable care to determine the accuracy of the representation
made by the Holder in this paragraph, and agrees to notify the Borrower if the Holder becomes aware of any fact that makes the representation
given by the Holder hereunder inaccurate.

 

(vii)            Foreign
Investors. If the Holder is not a United States person (as defined by Section 7701(a)(30) of the Internal Revenue Code of 1986,
as amended (the “Code”)), the Holder hereby represents that he, she or it has satisfied itself as to the
full observance of the laws of the Holder’s jurisdiction in connection with any invitation to subscribe for this Note or any
use of this Note, including (A) the legal requirements within the Holder’s jurisdiction for the purchase of this Note, (B) any
foreign exchange restrictions applicable to such purchase, (C) any governmental or other consents that may need to be obtained, and
(D) the income tax and other tax consequences, if any, that may be relevant to the purchase, holding, redemption, sale or transfer
of this Note. The Holder’s subscription, payment for and continued beneficial ownership of this Note will not violate any
applicable securities or other laws of the Holder’s jurisdiction.

 

    4.

     

    

 

(viii)         
Forward-Looking Statements. With respect to any forecasts, projections of results and other forward-looking statements
and information provided to the Holder, the Holder acknowledges that such statements were prepared based upon assumptions deemed reasonable
by the Borrower at the time of preparation. There is no assurance that such statements will prove accurate, and the Borrower has no obligation
to update such statements.

 

3.                  
Events of Default.

 

If
there shall be any Event of Default (as defined below) hereunder, subject to the terms of the Intercreditor Agreement, at the option and
upon the declaration of the Holder and upon written notice to the Borrower (which election and notice shall not be required in the case
of an Event of Default under subsection (ii) or (iii) below), this Note shall accelerate and all principal and unpaid accrued interest
shall become due and payable. The occurrence of any one or more of the following shall constitute an “Event of Default”:

 

(i)                
the Borrower fails to pay timely any of the principal amount due under this Note on the date the same becomes due and payable
or any unpaid accrued interest or other amounts due under this Note on the date the same becomes due and payable;

 

(ii)              
the Borrower files any petition or action for relief under any bankruptcy, reorganization, insolvency or moratorium law or
any other law for the relief of, or relating to, debtors, now or hereafter in effect, or makes any assignment for the benefit of creditors
or takes any corporate action in furtherance of any of the foregoing;

 

(iii)            
an involuntary petition is filed against the Borrower (unless such petition is dismissed or discharged within 60 days under
any bankruptcy statute now or hereafter in effect, or a custodian, receiver, trustee or assignee for the benefit of creditors (or other
similar official) is appointed to take possession, custody or control of any property of the Borrower);

 

(iv)             
an “Event of Default” (as defined in the Security Agreement); or

 

(v)               
the occurrence of a transaction in which (a) any “person” or “group” (within the meaning of Section
13(d) and 14(d)(2) of the Securities Exchange Act of 1934), other than the Holder or its affiliates, becomes the “beneficial owner”
(as defined in Rule 13(d) under the Securities Exchange Act of 1934), directly or indirectly, of a sufficient number of shares of all
classes of stock then outstanding of Borrower ordinarily entitled to vote in the election of directors, empowering such “person”
or “group” to elect a majority of the board of managers of Borrower, who did not have such power before such transaction or
(b) the sale of all or substantially all of the assets of the Company and its subsidiaries (taken as a whole) to any “person”
(as defined in Rule 13(d) under the Securities Exchange Act of 1934) other than the Holder or its affiliates.

 

    5.

     

    

 

4.                  
Miscellaneous Provisions.

 

(a)               
 Waivers. The Borrower hereby waives demand, notice, presentment, protest and notice of dishonor.

 

(b)              
Further Assurances. The Holder agrees and covenants that at any time and from time to time the Holder will promptly execute
and deliver to the Borrower such further instruments and documents and take such further action as the Borrower may reasonably require
in order to carry out the full intent and purpose of this Note and to comply with state or federal securities laws or other regulatory
approvals.

 

(c)               
Transfers of Note. This Note may be transferred only upon its surrender to the Borrower for registration of transfer, duly
endorsed, or accompanied by a duly executed written instrument of transfer in form reasonably satisfactory to the Borrower. Thereupon,
this Note shall be reissued to, and registered in the name of, the transferee, or a new Note for like principal amount and interest shall
be issued to, and registered in the name of, the transferee. Interest and principal as well as any fees provided herein shall be paid
solely to the registered holder of this Note. Such payment shall constitute full discharge of the Borrower’s obligation to pay such
interest and principal. Notwithstanding the foregoing, the Holder may not assign this Note, whether by operation of law or otherwise,
or any rights or duties hereunder without the prior written consent of the Borrower, and any prohibited assignment will be void and of
no force or effect; provided that the Holder may assign its right, title and interest in this Note to any person that is controlled by,
controls or is under common control with the Holder.

 

(d)              
Amendment and Waiver. Any term of this Note may be amended or waived with the written consent of the Borrower and the Holder.
Upon the effectuation of such waiver or amendment with the consent of the Holder in conformance with this paragraph, such amendment or
waiver shall be effective as to, and binding against any future holder of this Note.

 

(e)               
Governing Law. This Note shall be governed by, and construed in accordance with, the laws of the State of Delaware. In any
action among or between any of the parties arising out of or relating to this Note, including any action seeking equitable relief, each
of the parties irrevocably and unconditionally consents and submits to the exclusive jurisdiction and venue of the state and federal courts
located in Delaware. Each party hereby irrevocably waives all right to trial by jury in any action, proceeding or counterclaim (whether
based on contract, tort or otherwise) arising out of or relating to this Note, the transactions contemplated hereby and thereby or the
actions of such parties in the negotiation, administration, performance and enforcement hereof and thereof.

 

(f)                
Binding Agreement. The terms and conditions of this Note shall inure to the benefit of and be binding upon the respective successors
and assigns of the parties. Nothing in this Note, expressed or implied, is intended to confer upon any third party any rights, remedies,
obligations or liabilities under or by reason of this Note, except as expressly provided in this Note.

 

(g)               
Counterparts; Manner of Delivery. This Note may be executed in two or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including
pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act or other applicable
law) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid
and effective for all purposes.

 

(h)              
Titles and Subtitles. The titles and subtitles used in this Note are used for convenience only and are not to be considered
in construing or interpreting this Note.

 

(i)                 Notices.
All notices required or permitted hereunder shall be in writing and shall be deemed effectively given: (i) upon personal
delivery to the party to be notified, (ii) when sent by confirmed electronic mail or facsimile if sent during normal business
hours of the recipient, if not, then on the next business day, (iii) five days after having been sent by registered or
certified mail, return receipt requested, postage prepaid, or (iv) one day after deposit with a nationally recognized overnight
courier (or two days after deposit with a recognized international overnight courier with respect to international delivery),
specifying next day delivery, with written verification of receipt. All communications to a party shall be sent to the party’s
address set forth on the signature page hereto or at such other address(es) as such party may designate by 10 days’ advance
written notice to the other party hereto.

 

    6.

     

    

 

(j)                
Expenses. The Borrower and the Holder shall each bear its respective expenses and legal fees incurred with respect to the negotiation,
execution and delivery of this Note and the transactions contemplated herein.

 

(k)              
Delays or Omissions. It is agreed that no delay or omission to exercise any right, power or remedy accruing to the Holder,
upon any breach or default of the Borrower under this Note shall impair any such right, power or remedy, nor shall it be construed to
be a waiver of any such breach or default, or any acquiescence therein, or of or in any similar breach or default thereafter occurring;
nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring.
It is further agreed that any waiver, permit, consent or approval of any kind or character by the Holder of any breach or default under
this Note, or any waiver by the Holder of any provisions or conditions of this Note, must be in writing and shall be effective only to
the extent specifically set forth in writing and that all remedies, either under this Note, or by law or otherwise afforded to the Holder,
shall be cumulative and not alternative. This Note shall be void and of no force or effect in the event that the Holder fails to remit
the full principal amount to the Borrower within five calendar days of the date of this Note.

 

(l)                
Entire Agreement. This Note constitutes the full and entire understanding and agreement between the parties with regard to
the subjects hereof, and no party shall be liable or bound to any other party in any manner by any representations, warranties, covenants
and agreements except as specifically set forth herein.

 

(m)             
Security Interest. The full amount of this Note is secured by the Collateral identified and described as security therefor
in the Security Agreement executed by and delivered by the Borrower to the Holder.

 

(n)              
Subordination.

 

(i)                
As of the date hereof, the indebtedness evidenced by this Note is not subordinated. From and after the date hereof, the indebtedness
evidenced by this Note shall be expressly subordinated, to the extent and in the manner hereinafter set forth, in right of lien priority
to, and in right of payment to the prior payment in full of, any Senior Indebtedness. “Senior Indebtedness”
shall mean, unless expressly subordinated to or made on a parity with the amounts due under this Note, the principal of, unpaid interest
on and amounts reimbursable, fees, expenses, costs of enforcement and other amounts due in connection with (a) indebtedness of the Borrower
to banks or commercial finance or other lending institutions regularly engaged in the business of lending money (including venture capital,
investment banking, debt funds, “BDCs” or similar institutions and their affiliates which sometimes engage in lending activities
but which are primarily engaged in investments in equity securities), whether or not secured, and (b) any such indebtedness or any debentures,
notes or other evidence of indebtedness issued in exchange for such Senior Indebtedness, or any indebtedness arising from the satisfaction
of such Senior Indebtedness by a guarantor.

 

    7.

     

    

 

(ii)              
 By acceptance of this Note, the Holder agrees to execute and deliver a customary subordination or intercreditor agreement
(the “Intercreditor Agreement”) reasonably requested from time to time by the holders of Senior Indebtedness
and, as a condition to the Holder’s rights hereunder, the Borrower may require that the Holder execute such Intercreditor Agreement.

 

[Signature pages
follow]

 

    8.

     

    

 

The parties have executed
this Secured Promissory Note as of the date first noted above.

 

	 	BORROWER:
	 	 
	 	ACCELERATE DIAGNOSTICS, INC.
	 	 
	 	By:	/s/ Jack Phillips
	 	 	Name:	Jack Phillips
	 	 	Title:	President and Chief Executive Officer
	 	 	 
	 	E-mail:	jphillips@axdx.com
	 	 
	 	Address:	Accelerate Diagnostics, Inc.

    3950 South Country Club Road, Suite 470

    Tucson, AZ 85714

 

     

     

    

 

The parties have executed
this Secured Promissory Note as of the date first noted above.

 	 	HOLDER:
	 	 
	 	/s/ Jack W.
    Schuler
	 	Jack W. Schuler,
    Trustee of the JACK W. SCHULER LIVING TRUST
	 	7
	 	E-mail:	jack@schulerprogram.org
	 	 
	 	Address:	100 North Field Drive,
    Suite 360
	 	 	Lake Forest, IL 60045Exhibit 10.3

 

THIS WARRANT AND THE UNDERLYING SECURITIES
HAVE NOT 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”), OR ANY APPLICABLE STATE SECURITIES
LAWS 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 COMPLIANCE
WITH APPLICABLE STATE SECURITIES LAWS OR BLUE SKY LAWS.

 

ACCELERATE DIAGNOSTICS, INC.

WARRANT TO PURCHASE COMMON STOCK

 

August 15, 2022

 

Void After August 15, 2029

 

THIS CERTIFIES THAT, for value
received, the JACK W. SCHULER LIVING TRUST, or it permitted registered assigns (the “Holder”), is entitled to
subscribe for and purchase at the Exercise Price (defined below) from ACCELERATE DIAGNOSTICS, INC., a Delaware corporation (the “Company”)
up to 2,471.710 shares of the common stock of the Company, par value $0.001 per share (the “Common Stock”),
subject to Section 2.1. This Warrant has been issued in connection with that certain Secured Promissory Note issued by the Company in
favor of the Holder dated of even date herewith (the “Note”).

 

1. DEFINITIONS.

 

Capitalized terms used herein
but not otherwise defined herein shall have their respective meanings as set forth in the Note. As used herein, the following terms shall
have the following respective meanings:

 

(a) “Business Day”
means a day, other than a Saturday or Sunday, on which banks in New York City are open for the general transaction of business.

 

(b) “Exercise Period”
shall mean the period commencing on the date that is six months after the date hereof and ending at 5:30 p.m. New York City time on the
seventh (7th) anniversary of the date hereof.

 

(c) “Exercise Price”
shall mean $2.12 per share, subject to adjustment pursuant to Section 4 below.

 

(d) “Exercise Date”
shall have the meaning set forth in Section 2.1(b) hereof.

 

(e) “Exercise Shares”
shall mean the shares of Common Stock issuable upon exercise of this Warrant.

(f) “Expiration
Date” shall mean 5:30 p.m. New York City time on the seventh (7th) anniversary of the date hereof.

 

2. EXERCISE OF WARRANT.

 

2.1. Exercise of Warrant.

 

(a) The rights represented
by this Warrant may be exercised in whole or in part at any time during the Exercise Period upon (i) delivery of an executed Notice
of Exercise in the form attached hereto to the Company at its address set forth on the signature page hereto (or at such other
address as it may designate by notice in writing to the Holder), (ii) surrender of this Warrant and (iii) payment of the Exercise
Price for the number of Exercise Shares as to which this Warrant is being exercised. Notwithstanding the foregoing, this Warrant
shall not be exercisable, and upon such exercise the Holder shall not have the right to receive, Exercise Shares, inclusive of any
Common Shares delivered to Holder pursuant to the Note, in excess of 19.99% of the Borrower’s outstanding shares of Common
Stock (calculated prior to giving effect to such exercise or delivery, as applicable). The delivery by (or on behalf of) the Holder
of the Exercise Notice and the applicable Exercise Price as provided above shall constitute the Holder’s certification to the
Company that his/its representations contained in Section 2(b) of the Note are true and correct as of the Exercise Date as if remade
in their entirety (or, in the case of any transferee Holder that is not a party to the Note, such transferee Holder’s
certification to the Company that such representations are true and correct as to such assignee Holder as of the Exercise Date).

 

     

     

    

 

(b) With respect to each exercise
of this Warrant pursuant to Section 2.1(a) above, the Exercise Date shall be deemed to be the date the Exercise Price is received by the
Company. The Exercise Shares shall be deemed to have been issued, and Holder or any other person so designated to be named therein shall
be deemed to have become a holder of record of such shares for all purposes, as of the Exercise Date. The person in whose name any certificate
or certificates for Exercise Shares are to be issued upon exercise of this Warrant shall be deemed to have become the holder of record
of such shares on the Exercise Date, irrespective of the date of delivery of such certificate or certificates, except that, if the date
of such surrender and payment is a date when the stock transfer books of the Company are closed, such person shall be deemed to have become
the holder of such shares at the close of business on the next succeeding date on which the stock transfer books are open.

 

(c) Certificates for shares
purchased hereunder shall be transmitted by the transfer agent of the Company to the Holder by crediting the account of the Holder’s
prime broker with the Depository Trust Company through its Deposit Withdrawal Agent Commission system if the Company is a participant
in such system, and otherwise by physical delivery to the address specified by the Holder in the Notice of Exercise within three business
days from the delivery to the Company of the Notice of Exercise, surrender of this Warrant and payment of the aggregate Exercise Price
as set forth above.

 

(d) On any exercise of this
Warrant, in lieu of payment of the aggregate Exercise Price in the manner as specified in Section 2.1(a) above, but otherwise in accordance
with the requirements of Section 2.1, Holder may elect to receive Exercise Shares equal to the value of this Warrant, or portion hereof
as to which this Warrant is being exercised. Thereupon, the Company shall issue to the Holder such number of fully paid and non-assessable
Exercise Shares as are computed using the following formula:

 

		X =	Y(A-B)/A

 

where:

 

		X =	the number of shares to be issued to the Holder;

 

		Y =	the number of Exercise Shares with respect to which this Warrant is being exercised (inclusive of the
shares surrendered to the Company in payment of the aggregate Exercise price);

 

		A =	the Fair Market Value (as determined pursuant to clause (e) below) of one share; and

 

		B =	the Exercise Price.

 

(e)       If
the Company’s Common Stock is then traded or quoted on a nationally recognized securities exchange, inter-dealer quotation system
or over-the-counter market (a “Trading Market”), the fair market value of a share of Common Stock shall be the
closing price or last sale price of a share of Common Stock reported for the Business Day immediately before the date on which Holder
delivers this Warrant together with its Notice of Exercise to the Company. If the Company’s common stock is not traded in a Trading
Market, the board of directors of the Company shall determine the fair market value of a share of Common Stock in its reasonable good
faith judgment.

 

2.2. Issuance of New
Warrants. Upon any partial exercise of this Warrant, the Company, at its expense, will forthwith and, in any event within five
business days, issue and deliver to the Holder a new warrant or warrants of like tenor, registered in the name of the Holder,
exercisable, in the aggregate, for the balance of the number of shares of Common Stock remaining available for purchase under the
Warrant.

 

     

     

    

 

2.3. Payment of Taxes and
Expenses. The Company shall pay any recording, filing, stamp or similar tax which may be payable in respect of any transfer involved
in the issuance of, and the preparation and delivery of certificates (if applicable) representing, (i) any Exercise Shares purchased upon
exercise of this Warrant and/or (ii) new or replacement warrants in the Holder’s name or the name of any transferee of all or any
portion of this Warrant.

 

2.4 Treatment of Warrant
Upon Acquisition of Company.

 

(a)       Acquisition.
For the purpose of this Warrant, “Acquisition” means any transaction or series of related transactions involving:
(i) the sale, lease, exclusive license, or other disposition of all or substantially all of the assets of the Company (ii) any merger
or consolidation of the Company into or with another person or entity (other than a merger or consolidation effected exclusively to change
the Company’s domicile), or any other corporate reorganization, in which the stockholders of the Company in their capacity as such
immediately prior to such merger, consolidation or reorganization, own less than a majority of the Company’s (or the surviving or
successor entity’s) outstanding voting power immediately after such merger, consolidation or reorganization; or (iii) any sale or
other transfer by the stockholders of the Company of shares representing at least a majority of the Company’s then-total outstanding
combined voting power.

 

(b)       Treatment
of Warrant at Acquisition. In the event of an Acquisition in which the consideration to be received by the Company’s stockholders
consists solely of cash, solely of Marketable Securities or a combination of cash and Marketable Securities (a “Cash/Public
Acquisition”), either (i) Holder shall exercise this Warrant pursuant to Section 2.1 and such exercise will be deemed
effective immediately prior to and contingent upon the consummation of such Acquisition or (ii) if Holder elects not to exercise the Warrant,
this Warrant will expire immediately prior to the consummation of such Acquisition.

 

(c)       The
Company shall provide Holder with written notice of its request relating to the Cash/Public Acquisition (together with such reasonable
information as Holder may reasonably require regarding the treatment of this Warrant in connection with such contemplated Cash/Public
Acquisition giving rise to such notice), which is to be delivered to Holder not less than seven (7) Business Days prior to the closing
of the proposed Cash/Public Acquisition. In the event the Company does not provide such notice, then if, immediately prior to the Cash/Public
Acquisition, the fair market value of one share of Common Stock as determined in accordance with Section 2.1(e) above would be greater
than the Exercise Price in effect on such date, then this Warrant shall automatically be deemed on and as of such date to be exercised
pursuant to Section 2.1 above as to all shares for which it shall not previously have been exercised, and the Company shall promptly
notify the Holder of the number of Exercise Shares issued upon such exercise to the Holder.

 

(d)       Upon
the closing of any Acquisition other than a Cash/Public Acquisition defined above, the acquiring, surviving or successor entity shall
assume the obligations of this Warrant, and this Warrant shall thereafter be exercisable for the same securities and/or other property
as would have been paid for the Shares issuable upon exercise of the unexercised portion of this Warrant as if such Shares were outstanding
on and as of the closing of such Acquisition, subject to further adjustment from time to time in accordance with the provisions of this
Warrant.

 

(e)       As
used in this Warrant, “Marketable Securities” means securities meeting all of the following requirements: (i)
the issuer thereof is then subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act
of 1934, as amended (the “Exchange Act”), and is then current in its filing of all required reports and other
information under the Act and the Exchange Act; (ii) the class and series of shares or other security of the issuer that would be received
by Holder in connection with the Acquisition were Holder to exercise this Warrant on or prior to the closing thereof is then traded in
Trading Market, and (iii) Holder would be able to publicly re-sell, within six (6) months following the closing of such Acquisition, all
of the issuer’s shares and/or other securities that would be received by Holder in such Acquisition were Holder to exercise this
Warrant in full on or prior to the closing of such Acquisition.

 

     

     

    

 

3. COVENANTS OF THE COMPANY.

 

3.1. Covenants as to Exercise
Shares. The Company covenants and agrees that all Exercise Shares that may be issued upon the exercise of the rights represented by
this Warrant will, upon issuance, be validly issued and outstanding, fully paid and nonassessable, and free from all taxes, liens and
charges with respect to the issuance thereof. The Company further covenants and agrees that the Company will at all times during the Exercise
Period, have authorized and reserved, free from preemptive rights, a sufficient number of shares of Common Stock to provide for the exercise
of the rights represented by this Warrant. If at any time during the Exercise Period the number of authorized but unissued shares of Common
Stock shall not be sufficient to permit exercise of this Warrant, the Company will take such corporate action as may, in the opinion of
its counsel, be necessary to increase its authorized but unissued shares of Common Stock to such number of shares as shall be sufficient
for such purposes.

 

3.2. No Impairment. Except
to the extent as waived or consented to by the Holder, the Company will not, by amendment of 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 to be observed or performed hereunder by the Company, but will
at all times in good faith assist in the carrying out of all the provisions of this Warrant and in the taking of all such action as may
be necessary or appropriate in order to protect the exercise rights of the Holder against impairment.

 

3.3. Notices of Record
Date and Certain Other Events. In the event of any taking by the Company of a record of the holders of any class of securities for
the purpose of determining the holders thereof who are entitled to receive any dividend (other than a cash dividend which is the same
as cash dividends paid in previous quarters) or other distribution, the Company shall mail to the Holder, at least 10 days prior to the
date on which any such record is to be taken for the purpose of such dividend or distribution, a notice specifying such date.

 

4. ADJUSTMENT OF EXERCISE
PRICE AND EXERCISE SHARES.

 

(a) In the event of changes
in the outstanding Common Stock of the Company by reason of stock dividends, split-ups, recapitalizations, reclassifications, combinations
or exchanges of shares, separations, reorganizations, liquidations, consolidation, acquisition of the Company, or the like, the number,
class and type of shares available under the Warrant in the aggregate and the Exercise Price shall be correspondingly adjusted to give
the Holder of the Warrant, on exercise for the same aggregate Exercise Price, the total number, class, and type of shares or other property
as the Holder would have owned had the Warrant been exercised prior to the event and had the Holder continued to hold such shares until
the event requiring adjustment. The form of this Warrant need not be changed because of any adjustment in the number of Exercise Shares
subject to this Warrant.

 

(b) If at any time following
delivery by Holder to the Company of a Notice of Exercise but prior to issuance of the applicable Exercise Shares, the holders of Common
Stock of the Company (or any shares of stock or other securities at the time receivable upon the exercise of this Warrant) shall have
received or become entitled to receive, without payment therefor:

 

(i) Common Stock or
any shares of stock or other securities which are at any time directly or indirectly convertible into or exchangeable for Common Stock,
or any rights or options to subscribe for, purchase or otherwise acquire any of the foregoing by way of dividend or other distribution
(other than a dividend or distribution covered in Section 4(a) above),

 

(ii) any cash paid
or payable otherwise than as a cash dividend, or

 

(iii) Common Stock
or additional stock or other securities or property (including cash) by way of spinoff, split-up, reclassification, combination of shares
or similar corporate rearrangement (other than shares of Common Stock pursuant to Section 4(a) above),

 

then and in each such case, the Holder hereof
will be entitled to receive, in addition to the number of shares of Common Stock receivable pursuant to the Notice of Exercise, and without
payment of any additional consideration therefor, the amount of stock and other securities and property (including cash in the cases referred
to in clauses (ii) and (iii) above) which such Holder would hold on the date of such exercise had such Holder been the holder of record
of such Common Stock as of the date on which holders of Common Stock received or became entitled to receive such shares or all other additional
stock and other securities and property.

 

     

     

    

 

(c) Upon the occurrence of each
adjustment pursuant to this Section 4, the Company at its expense will, at the written request of the Holder, promptly compute such adjustment
in accordance with the terms of this Warrant and prepare a certificate setting forth such adjustment, including a statement of the adjusted
Exercise Price and adjusted number or type of Exercise Shares or other securities issuable upon exercise of this Warrant (as applicable),
describing the transactions giving rise to such adjustments and showing in detail the facts upon which such adjustment is based. Upon
written request, the Company will promptly deliver a copy of each such certificate to the Holder and to the Company’s transfer agent.

 

5. FRACTIONAL SHARES.

 

No fractional shares shall
be issued upon the exercise of this Warrant as a consequence of any adjustment pursuant hereto. All Exercise Shares (including fractions)
issuable upon exercise of this Warrant may be aggregated for purposes of determining whether the exercise would result in the issuance
of any fractional share. If, after aggregation, the exercise would result in the issuance of a fractional share, the Company shall, in
lieu of issuance of any fractional share, pay the Holder otherwise entitled to such fraction a sum in cash equal to the product resulting
from multiplying the then current fair market value of an Exercise Share by such fraction.

 

6. NO STOCKHOLDER RIGHTS.

 

Other than as provided in
Section 2.1(a) or otherwise herein, this Warrant in and of itself shall not entitle the Holder to any voting rights or other rights as
a stockholder of the Company.

 

7. TRANSFER OF WARRANT.

 

Subject to applicable laws
and the restrictions on transfer set forth on the first page of this Warrant, this Warrant and all rights hereunder are transferable,
by the Holder in person or by duly authorized attorney, upon delivery of this Warrant and the form of assignment attached hereto to any
transferee designated by Holder. The transferee shall sign an investment letter in form and substance reasonably satisfactory to the Company
and its counsel.

 

8. LOST, STOLEN, MUTILATED
OR DESTROYED WARRANT.

 

If this Warrant is lost, stolen,
mutilated or destroyed, the Company may, on such terms as to indemnity or otherwise as it may reasonably impose (which shall, in the case
of a mutilated Warrant, include the surrender thereof), issue a new Warrant of like denomination and tenor as the Warrant so lost, stolen,
mutilated or destroyed. Any such new Warrant shall constitute an original contractual obligation of the Company, whether or not the allegedly
lost, stolen, mutilated or destroyed Warrant shall be at any time enforceable by anyone.

 

9. NOTICES, ETC.

 

All notices required or permitted
hereunder shall be in writing and shall be deemed effectively given: (a) upon personal delivery to the party to be notified, (b) when
sent by confirmed telex or facsimile if sent during normal business hours of the recipient, if not, then on the next business day, (c)
five days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one day after deposit
with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications
shall be sent to the Company at the address listed on the signature page hereto and to Holder at the applicable address set forth on the
applicable signature page to the Note or at such other address as the Company or Holder may designate by 10 days advance written notice
to the other parties hereto.

10. ACCEPTANCE.

 

Receipt of this Warrant by
the Holder shall constitute acceptance of and agreement to all of the terms and conditions contained herein.

 

     

     

    

 

11. GOVERNING LAW.

 

This Warrant and all rights,
obligations and liabilities hereunder shall be governed by the laws of the State of Delaware.

 

12. AMENDMENT OR WAIVER.

 

Any term of this Warrant may
be amended or waived (either generally or in a particular instance and either retroactively or prospectively) with the written consent
of the Company and the Holder. No waivers of any term, condition or provision of this Warrant, in any one or more instances, shall be
deemed to be, or construed as, a further or continuing waiver of any such term, condition or provision.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

     

     

    

 

IN WITNESS WHEREOF, the Company
has caused this Warrant to be executed by its duly authorized officer as of August 15, 2022.

 

	 	
    ACCELERATE DIAGNOSTICS, INC.

	 	 	 
	 	By:	/s/ Jack Phillips
	 	 	Name: Jack Phillips
	 	 	Title: President and Chief Executive Officer 

 

     

     

    

 

NOTICE OF EXERCISE

 

TO: ACCELERATE DIAGNOSTICS, INC.

 

(1) The undersigned hereby
elects to purchase shares of the Common Stock of ACCELERATE DIAGNOSTICS, INC. (the “Company”) pursuant
to the terms of the attached Warrant, and tenders herewith payment of the exercise price in full, together with all applicable transfer
taxes, if any.

 

(2) Please issue a certificate
or certificates representing said shares of Common Stock of the Company in the name of the undersigned or in such other name as is specified
below:

 

(Name)

 

(Address)

 

(3) The undersigned represents
that (i) the aforesaid shares of Common Stock are being acquired for the account of the undersigned and not with a view to, or for resale
in connection with, the distribution thereof and that the undersigned has no present intention of distributing or reselling such shares;
(ii) the undersigned is aware of the Company’s business affairs and financial condition and has acquired sufficient information
about the Company to reach an informed and knowledgeable decision regarding his/its investment in the Company; (iii) the undersigned is
experienced in making investments of this type and has such knowledge and background in financial and business matters that the undersigned
is capable of evaluating the merits and risks of this investment and protecting the undersigned’s own interests; (iv) the undersigned
understands that the shares of Common Stock issuable upon exercise of this Warrant have not been registered under the Securities Act of
1933, as amended (the “Securities Act”), by reason of a specific exemption from the registration provisions
of the Securities Act, which exemption depends upon, among other things, the bona fide nature of the investment intent as expressed herein,
and, because such securities have not been registered under the Securities Act, they must be held indefinitely unless subsequently registered
under the Securities Act or an exemption from such registration is available; (v) the undersigned is aware that the aforesaid shares of
Common Stock may not be sold pursuant to Rule 144 adopted under the Securities Act unless certain conditions are met and until the undersigned
has held the shares for the number of years prescribed by Rule 144, that among the conditions for use of the Rule is the availability
of current information to the public about the Company; and (vi) the undersigned agrees not to make any disposition of all or any part
of the aforesaid shares of Common Stock unless and until there is then in effect a registration statement under the Securities Act covering
such proposed disposition and such disposition is made in accordance with said registration statement, or the undersigned has provided
upon the Company’s reasonable request, an opinion of counsel satisfactory to the Company, stating that such registration is not
required.

 

	(Date)	(Signature)
	 	 
	 	(Print name)

 

     

     

    

 

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)

 

Dated: , 20___

 

Holder’s Signature:

 

Holder’s Address:

 

NOTE: The signature to this Assignment Form must
correspond with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatever. Officers
of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the
foregoing Warrant.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00347-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00347-of-00352.parquet"}]]