Document:

Promissory Note in favor of AP Stock Company

 Exhibit 10.14 
 PROMISSORY NOTE 
  

			
	 $225,000.00
	 	October 31, 2002

 FOR VALUE RECEIVED, the undersigned, Applied Precision Holdings, LLC, a Delaware limited liability company
(“Borrower”), promises to pay to the order of AP Stock Company, Washington corporation (the “Lender”), at 1040 12th Avenue NW, Issaquah, WA 98027-8929, the principal sum of Two Hundred Twenty-five Thousand
and no/100 Dollars ($225,00.00), or such lesser amount as may be owing hereunder after giving effect to any prepayments hereof, plus any interest pursuant to Section 1.2 of this Promissory Note. All principal and interest due hereunder shall be
due and payable in full in cash on September 30, 2004 (the “Maturity Date”). 
 Section 1. Interest. 
 1.1 Borrower promises to pay interest on the balance of principal unpaid prior to the Maturity Date (whether by lapse of time, acceleration or
otherwise), at the rate per annum equal to the SVB Revolving Rate (as hereinafter defined). Borrower promises to pay interest on the balance of principal remaining from time to time unpaid after the Maturity Date (whether by lapse of time,
acceleration or otherwise), at two percent (2%) over the rate that would otherwise be in effect (such rate being the “Default Rate”). Interest shall be computed on the basis of a year of 360 days for the actual number of days
elapsed and shall be payable upon the Maturity Date. Interest owing after maturity shall be due upon demand. “SVB Revolving Rate” means the rate from time to time in effect with respect to Revolving Loans under and as defined in the
Loan and Security Agreement among Borrower, Applied Precision, LLC and Silicon Valley Bank dated September 30, 2002, as the same may be amended, modified, restated or replaced (the “SVB Loan Agreement”). 
 1.2 Interest on this Promissory Note shall begin to accrue on the date hereof, but shall not be due until the Maturity Date unless permitted by
the Subordination Agreement referred to In Section 4, in which case interest shall be payable on the first day of each month. 
 Section 2.
Events of Default and Their Effect. Each of the following shall constitute an “Event of Default” under this Promissory Note: 
 (a) Default in the payment when due of the principal of or interest on this Promissory Note. 
 (b) An Event of Default exists under
and as defined in the SVB Loan Agreement. 
 Section 3. Mandatory Prepayment. In the event payments of principal are permitted under the
Subordination Agreement, Borrower shall make the following mandatory prepayments of principal: 

 Section 4. Effect of Event of Default. If any Event of Default occurs, Lender may declare this Promissory
Note and all indebtedness, liabilities and obligations evidenced by this Promissory Note to be due and payable, all without presentment, demand or notice of any kind. 
 Section 5. Miscellaneous. 
 Borrower hereby waives presentment and notice of dishonor. No delay
by Lender in the exercise of any right or remedy shall operate as a waiver thereof: and no single or partial exercise by Lender of any right or remedy shall preclude any other or further exercise thereof or the exercise of any other right or remedy.
it is agreed that this Promissory Note and all the rights and remedies of the holder hereof shall be construed in accordance with and governed by the laws of Washington. If any part of this Promissory Note is unenforceable, that will not make any
other part unenforceable. If this Promissory Note is not dated when executed by Borrower, Lender is hereby authorized without notice to Borrower to date this Promissory Note as of the date when the loan evidenced hereby is made. 
 The indebtedness evidenced by this Promissory Note is subordinated to the prior payment in full of the Silicon Debt (as defined in the Subordination
Agreement hereinafter referred to) pursuant to, and to the extent provided in, the Subordination dated September 30, 2002 by Lender in favor of Silicon Valley Bank. This Promissory Note is not subordinated to any other obligations of Borrower.

 ORAL AGREEMENTS OR ORAL COMMITMENTS TO LOAN MONEY, EXTEND CREDIT, MODIFY LOAN TERMS, OR TO FORBEAR FROM ENFORCING REPAYMENT OF A DEBT
ARE NOT ENFORCEABLE UNDER WASHINGTON LAW. 
  

			
	APPLIED PRECISION HOLDINGS, LLC
	
	 /s/ Bruce Holdren

	 Name:
	 	 Bruce Holdren

	 Title:
	 	 Chief Financial OfficerAmendment to Promissory Note in favor of AP Stock Company

 Exhibit 10.15 
 Applied Precision Holdings, LLC 
 AMENDMENT TO PROMISSORY NOTE 
 December 28, 2004 
 Reference is made to
the Promissory Note (“Note”) granted by Applied Precision Holdings, LLC (“APHLLC”) to AP Stock Co. dated October 31, 2002, in the amount of $225,000.00. 
 The Note stated that all principal and interest due under the Note was due and payable in full in cash on September 30, 2004 (the “Maturity
Date”). 
 The parties to the Note hereby agree that the Maturity Date is hereby amended to September 30, 2006. All other terms and
conditions of the Note are unchanged, and shall continue in full force and effect. 
  

			
	Applied Precision Holdings, LLC
		
	 By:   
	 	 /s/ Bruce Holdren

	 Bruce Holdren

	 Chief Financial Officer

	
	 AP Stock Co.

		
	 By:
	 	 /s/ Ronald C. Seubert

	 Ronald C. Seubert

	 PresidentForm of Secured Promissory Note with Lakeside Management Financial, LLC

 Exhibit 10.16 
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”) OR THE SECURITIES LAWS OF ANY STATE, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED OR HYPOTHECATED UNLESS PURSUANT TO SEC RULE 144 OR
UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT AND THE SECURITIES LAWS OF ANY STATE COVERING SUCH SECURITIES OR THE COMPANY RECEIVES AN OPINION OF COUNSEL FOR THE HOLDER OF THE SECURITIES REASONABLY SATISFACTORY TO THE
COMPANY, STATING THAT SUCH SALE, TRANSFER, ASSIGNMENT OR HYPOTHECATION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF THE 1933 ACT AND THE SECURITIES LAWS OF ANY STATE. 
 Lakeside Management Financial, LLC 
 SECURED
PROMISSORY NOTE 
  

			
	$                                	  	[Issuance Date]

 FOR VALUE RECEIVED, the undersigned (the “Borrower”) promises to pay to the order
of LAKESIDE MANAGEMENT FINANCIAL, LLC (“Lakeside”), at 1040 12th Avenue NW, Issaquah, WA 98027-8929, or at such other address as the holder of this Note shall direct, the principal sum of
                                       
                  DOLLARS ($                    
), or such lesser amount as may be outstanding from time to time hereunder. 
 The principal amount of this Note shall be payable in [#]
monthly installments of principal payable on the first day of each month (commencing [Commencement Date], with the first [#] installments of principal being in the amount of $
                     and the [#] and final installment of all unpaid principal due on [Due Date]. 
 In the event a member of Lakeside is entitled to a return of capital (a “Capital Return Event”) pursuant to Section 3.2.b of the limited
liability company agreement of Lakeside dated as of even date herewith (and without giving effect to any amendments thereto), Borrower agrees that it shall not make any dividend, distribution, redemption, contribution, payment or other transaction
involving the equity interests of the Borrower to Borrower’s members until Borrower makes payments to Lakeside after such Capital Return Event sufficient to return capital to such member of Lakeside as required by Section 3.2.b.

 This Note shall bear interest on the unpaid principal balance hereof from time to time outstanding at a rate equal to
        % per annum. Interest during an Event of Default 

 
shall be         % per annum. Interest shall be calculated on the basis of a 360-day year for the
actual number of days elapsed. 
 Accrued interest on this Note shall be payable monthly in arrears on the first day of each month,
commencing [Commencement Date]. Any accrued interest not paid when due shall bear interest at the same rate as the principal hereof. 
 Principal of and interest on this Note shall be payable in lawful money of the United States of America. If a payment hereunder becomes due and payable on a Saturday, Sunday or legal holiday, the due date thereof shall be extended to the
next succeeding business day, and interest shall be payable thereon during such extension. 
 During an Event of Default (defined below)
Lakeside may, at its option, at any time thereafter, declare the entire unpaid principal balance of this Note plus all accrued interest to be immediately due and payable, without notice or demand. The acceptance of any installment of principal or
interest by Lakeside after the time when it becomes due, as herein specified, shall not be held to establish a custom, or to waive any rights of Lakeside to enforce payment when due of any further installments or any other rights, nor shall any
failure or delay to exercise any rights be held to waive the same. 
 “Event of Default” means the occurrence of one or more of the
following: (a) default in the payment when due for a period of 10 days (whether by lapse of time, acceleration or otherwise) of any principal or interest on this Note (except that a failure to make a Prepayment not permitted by SVB under the
SVB Credit Agreement defined below shall not be an Event of Default hereunder); (b) default in the observance or performance of any other provision hereof or of the Security Agreement (defined below) which is not remedied within thirty
(30) days after written notice thereof to Borrower by Lender; (d) any representation or warranty made by Lender herein or in the Security Agreement proves untrue in any material respect as of the date of the issuance or making thereof; or
(e) an Event of Default exists under the Loan and Security Agreement among Borrower, Applied Precision Holdings, LLC and Silicon Valley Bank dated as of September 30, 2002, as amended from time to time (the “SVB Credit
Agreement”). 
 All payments hereunder are to be applied first to costs and fees referred to hereunder, second to the payment of accrued
interest and the remaining balance to the payment of principal. Lakeside shall have the continuing and exclusive right to apply or reverse and reapply any and all payments hereunder. 
 The Borrower agrees to pay all costs and expenses (including without limitation attorney’s fees) incurred by Lakeside in connection with or related
to this Note, or its enforcement, whether or not suit be brought. The Borrower hereby waives presentment, demand for payment, notice of dishonor, notice of nonpayment, protest, notice of protest, and any and all other notices and demands in
connection with the delivery, acceptance, performance, default, or enforcement of this Note, and the Borrower hereby waives the 

  

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benefits of any statute of limitations with respect to any action to enforce, or otherwise related to, this Note. 
 This Note is secured by that certain Security Agreement dated as of even date herewith, (as the same may be amended from time to time, the “Security
Agreement”). Nothing herein shall be deemed to limit any of the terms or provisions of the Security Agreement, and all of Lakeside’s rights and remedies hereunder and thereunder are cumulative. 
 In the event any one or more of the provisions of this Note shall for any reason be held to be invalid, illegal or unenforceable, the same shall not
affect any other provision of this Note and the remaining provisions of this Note shall remain in full force and effect. 
 No waiver or
modification of any of the terms or provisions of this Note shall be valid or binding unless set forth in a writing signed by a duly authorized representative of Lakeside, and then only to the extent therein specifically set forth. 
 This Note is subject to the terms of that certain Mutual Subordination Agreement among Lender, Silicon Valley Bank (“SVB”), Borrower and
Applied Precisions Holdings, LLC. Borrower will provide Lakeside copies of any notices sent to or received from SVB pursuant to the SVB Credit Agreement respecting an Event of Default thereunder. 
 LAKESIDE AND BORROWER EACH HEREBY WAIVE THE RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING BASED UPON, ARISING OUT OF, OR IN ANY WAY RELATING TO:
(i) THIS NOTE; OR (ii) ANY OTHER PRESENT OR FUTURE INSTRUMENT OR AGREEMENT BETWEEN LAKESIDE AND BORROWER; OR (iii) ANY CONDUCT, ACTS OR OMISSIONS OF LAKESIDE OR BORROWER OR ANY OF THEIR DIRECTORS, OFFICERS, EMPLOYEES, AGENTS,
ATTORNEYS OR ANY OTHER PERSONS AFFILIATED WITH LAKESIDE OR BORROWER; IN EACH OF THE FOREGOING CASES, WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE. 
 This Note is payable in, and shall be governed by the laws of, the State of Washington. 
  

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 ORAL AGREEMENTS OR ORAL COMMITMENTS TO LOAN MONEY, EXTEND CREDIT OR TO FORBEAR FROM ENFORCING
REPAYMENT OF A DEBT ARE NOT ENFORCEABLE UNDER WASHINGTON LAW. 
 Applied Precision, LLC 
  

			
	 By: 
	 	Applied Precision Holdings, LLC, its sole member
		
	By	 	  
	Title 	 	  

  

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