Document:

Exhibit 101

		
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			LOAN AGREEMENT
		

		
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			Dated as of March 11, 2021
		

		
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			by and among
		

		
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			PULSE BIOSCIENCES, INC.
		

		
			as the Borrower,
		

		
			and
		

		
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			ROBERT DUGGAN,
		

		
			as the Lender
		

		
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		TABLE OF CONTENTS
		

		
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			SectionPage
		

		
			ARTICLE I..........................DEFINITIONS AND ACCOUNTING TERMS1
		

		
			SECTION 1.1..................................................................................Certain Defined Terms1
		

		
			SECTION 1.2......................................................................................................Terms Generally5
		

		
			SECTION 1.3............................................................Computation of Time Periods5
		

		
			SECTION 1.4..................................................................................................Accounting Terms6
		

		
			ARTICLE II....................AMOUNTS AND TERMS OF THE ADVANCE6
		

		
			SECTION 2.1................................................................................................................................Advance6
		

		
			SECTION 2.2..............................................................................................................................The Note6
		

		
			SECTION 2.3........................................................................................................................................Interest6
		

		
			SECTION 2.4............................................................................................Costs and Expenses6
		

		
			ARTICLE III.PAYMENTS, PREPAYMENTS, INCREASED COSTS AND TAXES7
		

		
			SECTION 3.1..............................................................Payments and Computations7
		

		
			SECTION 3.2..............................................................................Voluntary Prepayments7
		

		
			SECTION 3.3..............................................................................................................................................Taxes7
		

		
			ARTICLE IV........................................................................CONDITIONS OF LENDING8
		

		
			SECTION 4.1..................................Conditions Precedent to the Advance8
		

		
			ARTICLE V..............................REPRESENTATIONS AND WARRANTIES9
		

		
			SECTION 5.1..............................................................................................................................Existence9
		

		
			SECTION 5.2..........................................................................Power and Authorization9
		

		
			SECTION 5.3............................................................................................Binding Obligations9
		

		
			SECTION 5.4........................................................................................................................No Conflict9
		

		
			SECTION 5.5..........................................................Taxes; Governmental Charges9
		

		
			SECTION 5.6......................................................Licenses; Compliance with Law9
		

		
			SECTION 5.7................................................Absence of Financing Statements9
		

		
			SECTION 5.8..............................................................................................................................Litigation10
		

		
			SECTION 5.9................................................................................................................................Solvency10
		

		
			SECTION 5.10..............................................................................................Material Contracts10
		

		
			SECTION 5.11..................................................................No Material Adverse Effect10
		

		
			SECTION 5.12......................................................No Default or Event of Default10
		

		
			SECTION 5.13......................................................................................Financial Statements10
		

		
			SECTION 5.14........................................................Trademarks, Patents, Licenses11
		

		
			SECTION 5.15........................................................................................................................Disclosure11
		

		
			ARTICLE VI.AFFIRMATIVE COVENANTS OF THE BORROWER11
		

		
			SECTION 6.1......................................................................Compliance with Laws, Etc11
		

		
			SECTION 6.2......................................Reporting and Notice Requirements11
		

		
			SECTION 6.3........................................................................................................Use of Proceeds12
		

		
			SECTION 6.4........................................................................................................Taxes and Liens12
		

		
			SECTION 6.5..........................................................................Maintenance of Property12
		

		
			SECTION 6.6..............................................................................................Right of Inspection12
		

		

		

		 

		

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		SECTION 6.7............................................................................................................................Insurance12
		

		
			SECTION 6.8..............................................................................................Notice of Litigation13
		

		
			SECTION 6.9..............................................................................................................................Existence13
		

		
			SECTION 6.10........................................................................................Further Assurances13
		

		
			ARTICLE VII................................................................................NEGATIVE COVENANTS13
		

		
			SECTION 7.1......................................................................................Impairment of Rights13
		

		
			SECTION 7.2..........................................................................................Restrictions on Debt13
		

		
			SECTION 7.3........................................................................................Restrictions on Liens14
		

		
			SECTION 7.4..................................................................................................Change of Control15
		

		
			SECTION 7.5....................................................................................................................Dispositions15
		

		
			SECTION 7.6................................Changes in Organizational Documents15
		

		
			ARTICLE VIII......................................................................................EVENTS OF DEFAULT15
		

		
			SECTION 8.1....................................................................................................Events of Default15
		

		
			ARTICLE IX......................................................................................................MISCELLANEOUS17
		

		
			SECTION 9.1............Survival of Representations and Warranties17
		

		
			SECTION 9.2....................................................................................................Amendments, Etc17
		

		
			SECTION 9.3......................................................................................................................Notices, Etc17
		

		
			SECTION 9.4......................................................................................No Waiver; Remedies17
		

		
			SECTION 9.5..........................................................................................................Indemnification17
		

		
			SECTION 9.6............................................................................................................Right of Set-off18
		

		
			SECTION 9.7..............................................................................................................Binding Effect18
		

		
			SECTION 9.8......................................................Assignments and Participations18
		

		
			SECTION 9.9......................................................................Limitation on Agreements18
		

		
			SECTION 9.10....................................................................................................................Severability19
		

		
			SECTION 9.11........................................................................................................Governing Law19
		

		
			SECTION 9.12................SUBMISSION TO JURISDICTION; WAIVERS19
		

		
			SECTION 9.13....................................................................Execution in Counterparts20
		

		
			
		

		

		

		 

		

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			SCHEDULES:
		

		
			Schedule A -Wire Instructions
		

		
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			EXHIBITS:
		

		
			Exhibit A -Form of Note
		

		
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		LOAN AGREEMENT
		

		
			This Loan Agreement, dated as of March 11, 2021 (this “Agreement”), is made among Pulse Biosciences, Inc., a Delaware corporation (the “Borrower”), and Robert Duggan (the “Lender”).
		

		
			RECITALS:
		

		
			WHEREAS, Lender has agreed to loan money to the Borrower for general corporate purposes and the payment of fees, costs and expenses related to the transactions contemplated hereby, on the terms and subject to the provisions contained herein.
		

		
			NOW THEREFORE, in consideration of the premises and the mutual promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:
		

		
			

DEFINITIONS AND ACCOUNTING TERMS
		

		
			Certain Defined Terms. As used in this Agreement, the following terms shall have the following meanings:
		

		
			“Advance” means an advance under Section 2.1.
		

		
			“Affiliate” means any Person which, directly or indirectly, controls or is controlled by or is under common control with another Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”), as used with respect to any Person, means the power to direct or cause the direction of the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities or by contract or otherwise.
		

		
			“Agreement” has the meaning specified in the preamble.
		

		
			“Bankruptcy Code” means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, arrangement, receivership, insolvency, administration, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect and permitting a debtor to obtain a stay or a compromise of the claims of its creditors or affecting the rights of creditors generally, including for greater certainty any provisions of corporate statutes of like effect, where such statutes are used by a Person to propose an arrangement.
		

		
			“Borrower” has the meaning in the preamble.
		

		
			“Business Day” means a day of the year on which banks are not required or authorized to close in New York, New York.
		

		

		

		 

		

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		“Capital Lease” means any obligation to pay rent or other amounts under a lease of (or other agreement conveying the right to use) any property (whether real, personal or mixed, immovable or movable) that is required to be classified and accounted for as a capitalized lease obligation under GAAP.
		

		
			“Capital Stock” means any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership interests in a Person (other than a corporation) and any and all warrants, rights or options to purchase any of the foregoing.
		

		
			  “Change of Control” means (a) the transfer (in one transaction or a series of transactions) of all or substantially all of the assets or Capital Stock of the Borrower to any Person or group (as such term is used in Section 13(d)(3) of the Exchange Act); (b) the liquidation or dissolution of the Borrower or the adoption of a plan by the equity holders of the Borrower relating to the dissolution or liquidation of the Borrower; (c) the acquisition by any Person or group (as such term is used in Section 13(d)(3) of the Exchange Act) of beneficial ownership, directly or indirectly, of Capital Stock of the Borrower representing a greater percentage of the voting power of the total outstanding Capital Stock of the Borrower than the Capital Stock of the Borrower beneficially owned by the Lender and its Affiliates; or (d) individuals who as of the date hereof constituted the board of directors of the Borrower (together with any new directors who have been appointed by the Borrower, or whose nomination for election by the equity holders of the Borrower, as the case may be, was approved by a vote of at least a majority of the directors then still in office who were either directors as of the date hereof or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority of the board of directors of the Borrower then still in office.
		

		
			“Code” means the Internal Revenue Code of 1986, as amended from time to time, and any successor statute.
		

		
			“Control” when used with respect to any Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing.
		

		
			“Debt” means (without duplication), for any Person, (a) indebtedness of such Person for borrowed money or arising out of any extension of credit to or for the account of such Person (including, without limitation, extensions of credit in the form of reimbursement or payment obligations of such Person relating to letters of credit issued for the account of such Person) or for the deferred purchase price of property or services; (b) indebtedness of the kind described in clause (a) of this definition which is secured by (or for which the holder of such debt has any existing right, contingent or otherwise, to be secured by) any Lien upon or in Property (including, without limitation, accounts and contract rights) owned by such Person, whether or not such Person has assumed or become liable for the payment of such indebtedness or obligations; (c) all obligations as lessee under any Capital Lease; (d) all contingent liabilities and obligations under direct or indirect guarantees in respect of, and obligations (contingent or otherwise) to purchase or 
		

		 

		

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		otherwise acquire, or otherwise to assure a creditor against loss in respect of, indebtedness or obligations of others of the kinds referred to in clauses (a) through (c) above; and (e) any monetary obligation of a Person under or in connection with a sale-leaseback or similar arrangement.
		

		
			“Debtor Laws” means all applicable liquidation, conservatorship, bankruptcy, moratorium, arrangement, receivership, insolvency, reorganization or similar laws including the Bankruptcy Code, or general equitable principles from time to time in effect affecting the rights of creditors generally.
		

		
			“Default” means any event the occurrence of which does, or with the lapse of time or giving of notice or both would, constitute an Event of Default.
		

		
			“Dollars” and “$” mean dollars in lawful currency of the United States of America.
		

		
			“Events of Default” has the meaning specified in Section 8.1.
		

		
			“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.
		

		
			  “Face Amount” means $41,000,000.
		

		
			“GAAP” shall mean generally accepted accounting principles set forth from time to time in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board (or agencies with similar functions of comparable stature and authority within the U.S. accounting profession) and the Securities and Exchange Commission, which are applicable to the circumstances as of the date of determination.
		

		
			“Governmental Authority” means any (domestic or foreign) federal, state, county, municipal, parish, provincial, or other government, or any department, commission, board, court, agency, or any other instrumentality of any of them or any other political subdivision thereof, and any entity exercising executive, legislative, judicial, regulatory, or administrative functions of, or pertaining to, government, including, without limitation, any arbitration panel, any court, or any commission.
		

		
			  “Highest Lawful Rate” means the maximum nonusurious legal interest rate, if any, that at any time or from time to time may be contracted for, taken, reserved, charged, or received with respect to the Note or on other amounts, if any, due to the Lender pursuant to this Agreement or any other Loan Document under laws applicable to the Lender which are presently in effect or, to the extent allowed by law, under such applicable laws which may hereafter be in effect.
		

		
			“Indemnitee” has the meaning specified in Section 9.5.
		

		
			“Issue Date” means the date on which the Note is issued pursuant to this Agreement.
		

		

		

		 

		

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		“Knowledge”, “knowledge”, or “known” means that Borrower has made such inquiries of the relevant Persons, engaged in appropriate due diligence, and made such reviews of related documents as a reasonable Person would deem prudent, and that in the course of such inquiries, due diligence, and inspections, no information has come to, or would reasonably be expected to come to, the attention of Borrower that causes such Person to believe such representation or warranty to be untrue or misleading in any respect.
		

		
			“Legal Requirement” means any order, constitution, law, ordinance, principle of common law, regulation, rule, statute or treaty of any applicable Governmental Authority.
		

		
			“Lender” has the meaning specified in the preamble.
		

		
			“Lien” means any security interest, mortgage, pledge, hypothecation, charge, claim, option, right to acquire, adverse interest, assignment, deposit arrangement, encumbrance, restriction, statutory or other lien, preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any financing lease involving substantially the same economic effect as any of the foregoing, and the filing of any financing statement under the Uniform Commercial Code or comparable law of any jurisdiction).
		

		
			“Loan Documents” means this Agreement, the Note and any document or instrument executed in connection with any of the foregoing.
		

		
			“Material Adverse Effect” means a material adverse effect on the business, assets, liabilities, operations, results of operations, condition (financial or otherwise) or prospects of the Borrower, if any, that is material to the Borrower, taken as a whole, other than as a result of adverse economic conditions in the United States generally or as a result of any act or omission contemplated by this Agreement, that would reasonably prevent the ability of Borrower to perform its obligations hereunder.
		

		
			“Maturity Date” means the earliest to occur of (a) the Scheduled Maturity Date or (b) such earlier time to which the Obligations may be accelerated under Section 8.1.
		

		
			  “Note” means the promissory note issued under this Agreement pursuant to Section 2.2.
		

		
			“Obligations” means all of the obligations of the Borrower now or hereafter existing under the Loan Documents, whether for principal, interest, fees, expenses, indemnification or otherwise. 
		

		
			“Permitted Liens” has the meaning specified in Section 7.3.
		

		
			“Person” means an individual, partnership, limited liability company (including a business trust or a real estate investment trust), joint stock company, trust, unincorporated association, corporation, joint venture or other entity, or a government or any political subdivision or agency thereof.
		

		

		

		 

		

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		“Policies” has the meaning specified in Section 6.7.
		

		
			“Property” means any interest or right in any kind of property or asset, whether real, personal, or mixed, owned or leased, tangible or intangible, and whether now held or hereafter acquired.
		

		
			“Scheduled Maturity Date” means the fifteen (15) month anniversary of the Issue Date.
		

		
			  “Solvent” means, at any time with respect to any Person, that at such time such Person (a) is able to pay its Debts as they mature and has (and has a reasonable basis to believe it will continue to have) sufficient capital (and not unreasonably small capital) to carry on its business consistent with its practices as of the date hereof, and (b) the assets and properties of such Person at a fair valuation (and including as assets for this purpose at a fair valuation all rights of subrogation, contribution or indemnification arising pursuant to any guarantees given by such Person) are greater than the liabilities of such Person, and including subordinated and contingent liabilities computed at the amount which, such Person has a reasonable basis to believe, represents an amount which can reasonably be expected to become an actual or matured liability (and including as to contingent liabilities arising pursuant to any guarantee the face amount of such liability as reduced to reflect the probability of it becoming a matured liability).
		

		
			“Term Loan” means the term loan consisting of a single term loan in an aggregate principal amount equal to the Face Amount.
		

		
			Terms Generally. The definitions in Section 1.1 apply equally to both the singular and plural forms of the terms defined. Whenever the context requires, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be construed as if followed by the words “without limitation”. The words “herein”, “hereof” and “hereunder” and words of similar import refer to this Agreement (including the Exhibits hereto) in its entirety and not to any part hereof, unless the context otherwise requires. All references herein to Articles, Sections, and Exhibits are references to Articles and Sections of, and Exhibits to, this Agreement unless the context otherwise requires. Unless the context otherwise requires, any references to any agreement or other instrument or statute or regulation are to such agreement, instrument, statute or regulation as amended and supplemented from time to time (and, in the case of a statute or regulation, to any successor provisions). Any reference in this Agreement to a “day” or number of “days” (without the explicit qualification of “business”) shall mean a calendar day or number of calendar days. If any action or notice is to be taken or given on or by a particular day, and such day is not a Business Day, then such action or notice shall be deferred until, or may be taken or given on, the next Business Day.
		

		
			Computation of Time Periods. In this Agreement in the computation of periods of time from a specified date to a later specified date, unless otherwise specified herein the word “from” means “from and including” and the words “to” and “until” each means “to but excluding”.
		

		 

		

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			Accounting Terms. All accounting terms not specifically defined herein shall be construed in accordance with GAAP consistent with those applied in the preparation of the financial statements referred to in Section 6.2.
		

		
			

AMOUNTS AND TERMS OF THE ADVANCE
		

		
			Advance. Lender agrees, on the terms and conditions hereinafter set forth, to make an advance (“Advance”) on the date hereof consisting of the Term Loan in an amount equal to the Face Amount, such that the amount advanced by the Lender will be $41,000,000, less any cost, fees, and expenses to be paid to the Lender as provided herein including without limitation, all legal fees, costs, and expenses incurred by Lender in connection with the Term Loan. The amount outstanding on such Term Loan shall be payable in accordance with Section 3.1 hereof and shall mature and all outstanding principal thereof, together with accrued and unpaid interest thereon, shall be due and payable on the Maturity Date.
		

		
			The Note. The Borrower shall execute and deliver to the Lender to evidence the Advance, a term note (the “Note”) in the amount of the Face Amount. The Note shall be substantially in the form of Exhibit A hereto with the blanks appropriately filled, and shall mature on the Maturity Date, at which time all principal and interest then outstanding thereunder shall become due and payable.
		

		
			Interest. The outstanding principal amount of the Term Loan shall bear interest from and including the Issue Date, at a rate per annum equal to 5.0%, payable quarterly commencing on July 1, 2021 in accordance with Section 3.1; provided that upon the occurrence of (i) an Event of Default described in Section 8.1(a) or (ii) a Material Adverse Effect, the outstanding principal amount of the Term Loan shall bear interest thereafter at a rate per annum equal to 7.0%.
		

		
			All computations of interest hereunder pursuant to this Article II shall be made on the basis of a year of 365 days for the actual number of days (including the first day but excluding the last day) occurring in the period for which such interest is payable; provided, however, that the Lender shall waive any interest after 360 days in any fiscal year.
		

		
			Costs and Expenses. The Borrower agrees to reimburse Lender for all reasonable out-of-pocket costs and expenses, including, without limitation, reasonable legal expenses and documented reasonable attorneys’ fees, incurred by Lender in connection with the (i) due diligence in connection with, and documentation, negotiation and consummation of, the transactions contemplated hereunder and any other transactions between the Borrower and Lender in connection therewith, including, without limitation, Uniform Commercial Code and other public record searches and filings and overnight courier or other express or messenger delivery; (ii) collection, protection or enforcement of any rights in or to the Collateral; (iii) collection of any Obligations; (iv) enforcement of this Agreement or any other Loan Document (including, without limitation, any costs and expenses of any third party provider engaged by Lender for such purpose); (v) services of any third party servicer in connection with the Obligations; and (vi) ongoing monitoring by the Lender in connection with the Loan Documents.
		

		
			

		

		 

		

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PAYMENTS, PREPAYMENTS, INCREASED
COSTS AND TAXES
		

		
			Payments and Computations.
		

		
			The outstanding principal balance of the Term Loan shall be payable in cash on the Maturity Date, when all unpaid principal of, and accrued and unpaid interest on, the Term Loan shall be due and payable in cash.
		

		
			Each quarterly payment of interest due under the Note (other than at the Maturity Date) shall be payable in cash to the Lender by the Borrower in accordance with the wire instructions set forth on Schedule A hereto or as the Lender and the Borrower may otherwise agree.
		

		
			Whenever any payment owed under the Note shall be stated to be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of payment of interest, as the case may be.
		

		
			Voluntary Prepayments. The Borrower may, upon at least five (5) Business Days’ prior written notice to the Lender, prepay all or any portion of the principal balance of the Obligations. Such notice shall be irrevocable and the payment amount specified in such notice shall be due and payable on the prepayment date described in such notice. Any amount of the Term Loan which is prepaid in accordance with this Section may not be reborrowed.
		

		
			Taxes.
		

		
			Any and all payments by the Borrower under the Note shall be made, in accordance with Section 3.1, free and clear of and without deduction for any and all present or future taxes, levies, imposts, deductions, charges or withholdings, and all liabilities with respect thereto, excluding, in the case of the Lender, taxes imposed on its income, and franchise taxes imposed on it, by the jurisdiction under the laws of which the Lender is organized or any political subdivision thereof. If the Borrower shall be required by law to deduct any such amounts from or in respect of any sum payable under the Note to the Lender, (i) the sum payable shall be increased as may be necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section 3.3) the Lender receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Borrower shall make such deductions and (iii) the Borrower shall pay the full amount deducted to the relevant taxation authority or other authority in accordance with applicable law. The Borrower further agrees to pay any present or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies which arise from any payment made under the Note or from the execution, delivery or registration of, or otherwise with respect to, this Agreement or the Note.
		

		
			The Borrower will indemnify the Lender for the full amounts payable pursuant to Section 3.3(a) (including, without limitation, any such amounts imposed by any jurisdiction on amounts payable under this Section 3.3) paid by the Lender and any liability (including penalties, 
		

		 

		

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		interest and expenses) arising therefrom or with respect thereto, whether or not such amounts were correctly or legally asserted.
		

		
			Without prejudice to the survival of any other agreement of the Borrower hereunder, the agreements and obligations of the Borrower contained in this Section 3.3 shall survive the payment in full of principal and interest under the Note.
		

		
			

CONDITIONS OF LENDING
		

		
			Conditions Precedent to the Advance. The obligation of the Lender to make the Advance is subject to the prior satisfaction (or waiver in writing), as determined by Lender, of each of the following conditions precedent as of the date hereof and to the Lender’s continued satisfaction on the date hereof:
		

		
			Lender shall have received in form and substance satisfactory to the Lender:
		

		
			a Note representing the aggregate amount of the Term Loan, duly executed by the Borrower and payable to the order of the Lender;
		

		
			this Agreement, duly executed by the Borrower;
		

		
			confirmation from the Borrower regarding the adoption of resolutions of the board of directors or others performing similar functions with respect to such corporation or other organization, as applicable, of the Borrower approving and authorizing the execution, delivery, and performance by the Borrower of each Loan Document, the notices and other documents to be delivered by the Borrower pursuant to each Loan Document to which it is a party, and the transactions contemplated thereunder; and
		

		
			such other documents and instruments with respect to the transactions contemplated hereby as the Lender may reasonably request.
		

		
			Attorney Costs. The Borrower shall have paid the reasonable fees, charges and disbursements of counsel to Lender to the extent invoiced prior to or on the date hereof (which fees, charges and disbursements may be deducted from the funding of the Advance pursuant to Section 2.1 at the discretion of the Lender).
		

		
			No Material Adverse Effect.  Since September 30, 2020, (a) there has been no Material Adverse Effect, and (b) there has been no circumstance, event or occurrence, and no fact is known to the Borrower that would reasonably be expected to result in a Material Adverse Effect.
		

		
			

		

		 

		

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REPRESENTATIONS AND WARRANTIES
		

		
			In order to induce the Lender to enter into this Agreement, the Borrower represents and warrants to the Lender as of the date hereof that:
		

		
			Existence. The Borrower is duly organized, validly existing, and in good standing under the laws of the jurisdiction in which it is incorporated or organized and is duly qualified or licensed to do business in all jurisdictions where the Property owned or the business transacted by it makes such qualification necessary and where the failure to be so qualified would have a Material Adverse Effect.
		

		
			Power and Authorization. The Borrower is duly authorized and empowered to execute, deliver, and perform its obligations under each Loan Document and all corporate or other action on the part of the Borrower requisite for the due execution, delivery, and performance of each Loan Document has been duly and effectively taken.
		

		
			Binding Obligations. This Agreement and the other Loan Documents to which the Borrower is a party are the legal, valid and binding obligations of the Borrower and is enforceable against the Borrower in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies.
		

		
			No Conflict. The execution, delivery and performance by the Borrower of this Agreement and the other Loan Documents to which the Borrower is or is to become a party and the transactions contemplated hereby and thereby: (i) do not require the approval or consent of, or filing with, any governmental agency or authority other than those already obtained, (ii) do not contravene any Legal Requirement applicable to or binding upon the Borrower, and (iii) are not in contravention of the terms of the articles or certificate of incorporation, bylaws, or other organizational documents of the Borrower or of any contractual obligations.
		

		
			Taxes; Governmental Charges. The Borrower has timely filed or caused to be timely filed all federal, state, province, and foreign income tax returns which are required to be filed, and has paid or caused to be paid all taxes as shown on such returns or on any assessment received by it to the extent that such taxes have become due, except for such taxes and assessments as are being contested in good faith in appropriate proceedings and reserved for in accordance with GAAP.
		

		
			Licenses; Compliance with Law. The Borrower has obtained all governmental, administrative and other licenses, permits and other authorizations required by law to be obtained or made in order to permit the operation of, and as are necessary to the carrying on of, its business. The business and operations of the Borrower, as conducted, are in compliance in all material respects with all Legal Requirements.
		

		
			Absence of Financing Statements. The Borrower has good and marketable title to all Property owned by it. Except as provided herein, there is no financing statement, security agreement, chattel mortgage, real estate mortgage or other document filed or recorded with any filing records, registry or other public office, that purports to cover, affect or give notice of any 
		

		 

		

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		present or possible future Lien on, or security interest in, the Property of the Borrower, or any rights relating thereto.
		

		
			Litigation. Except s disclosed in its reports filed with the Securities and Exchange Commission, there are no actions, suits, proceedings or investigations of any kind pending or threatened against the Borrower before any court, tribunal or administrative agency or board, that, if adversely determined, might, either in any case or in the aggregate, reasonably be expected to materially adversely affect the properties, assets, financial condition or business of the Borrower, or materially impair the right of the Borrower to carry on business substantially as now conducted by it, or result in any substantial liability not adequately covered by insurance, or for which adequate reserves are not maintained on the consolidated balance sheet of the Borrower, or which question the validity of this Agreement or any of the other Loan Documents, or might impair or prevent any action taken or to be taken pursuant hereto or thereto. Notwithstanding the foregoing, this Section 5.8 shall not restrict Borrower’s right to contest any such litigation, and to bond over any matter of record resulting from such litigation as a cure to any default or event of default caused pursuant to this Section 5.8.
		

		
			Solvency. The Borrower is Solvent (which, for this purpose, shall be determined without giving effect to any “balloon” payment or amount owed under the Loan Documents not yet due and payable) and will continue to be Solvent after the creation of the Obligations.
		

		
			Material Contracts. The Borrower is not in breach or in default in any material respect of or under any material contracts to which it is a party and has not received any notice of the intention of any other party thereto to terminate any material contract.
		

		
			No Material Adverse Effect. Since September 30, 2020, (a) there has been no Material Adverse Effect, and (b) there has been no circumstance, event or occurrence, and no fact is known to the Borrower that would reasonably be expected to result in a Material Adverse Effect.
		

		
			No Default or Event of Default. No event has occurred or is continuing which constitutes a Default or Event of Default hereunder.
		

		
			Financial Statements. The financial statements of the Borrower heretofore furnished to the Lender, are true and complete, have been prepared in accordance with GAAP consistent with the prior fiscal periods of the Borrower, omit no material contingent liabilities of any kind that are not disclosed or otherwise reflected therein, and fairly present the financial condition of the Borrower, as of the date thereof and the results of its operations for the period then ended. Since the date thereof, there has been no material adverse change in the financial condition of the Borrower, or the properties or businesses of the Borrower which has not been disclosed in writing by the Borrower to the Lender or in the Borrower’s public filings with the Securities and Exchange Commission.
		

		
			Trademarks, Patents, Licenses. The Borrower possesses all trademarks, trademark rights, patents, patent rights, licenses, permits, trade names, trade name rights, copyrights and approvals which are required to conduct its business as now conducted without conflicting with the rights of others.
		

		 

		

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			Disclosure. To Borrower’s knowledge, neither this Agreement, nor any of the other Loan Documents, nor any certificate or other document furnished to the Lender by or on behalf of the Borrower pursuant to any Loan Document contains, or will contain, as of its date, any untrue statement of a material fact or omits to state or will omit to state, as of its date, a material fact necessary in order to make the statements contained herein and therein not misleading. There are no facts known to the Borrower which, individually or in the aggregate, materially adversely affect or involve any substantial possibility of materially adversely affecting the condition, business or affairs of the Borrower or its properties and assets considered as an entirety which have not been disclosed herein.
		

		
			

AFFIRMATIVE COVENANTS OF THE BORROWER 
		

		
			So long as any Obligation shall remain unpaid, the Borrower covenants and agrees that, unless the Lender shall otherwise consent in writing:
		

		
			Compliance with Laws, Etc. The Borrower will comply, in all material respects, with all applicable Legal Requirements.
		

		
			Reporting and Notice Requirements.
		

		
			Borrower Reports. The Borrower will furnish to the Lender:
		

		
			as soon as available and in any event within forty-five (45) days after the end of each fiscal quarter of the Borrower, balance sheets (which are to be consolidated, if applicable) of the Borrower as of the end of such fiscal quarter and statements of income (or loss), stockholder’s equity (or deficiency) and cash flow (which are to be consolidated, if applicable) of the Borrower for the period commencing at the end of the previous fiscal year of the Borrower and ending with the end of such fiscal quarter, all in reasonable detail and certified by a Responsible Officer as presenting fairly the financial position (on a consolidated basis, if applicable) of the Borrower and its Subsidiaries, as of the date indicated and the results of its operations and changes in financial position (on a consolidated basis, if applicable) for the period indicated in conformity with GAAP, consistently applied, subject to changes resulting from year-end adjustments; provided, however, that the timely filing by Borrower with the Securities and exchange Commission via EDGAR of its quarterly reports on Form 10-Q and its annual report on Form 10-K shall be deemed to fulfill the requirements of this Section;
		

		
			upon request by Lender, within ten (10) Business Days of filing, copies of the tax returns of the Borrower; and
		

		
			such other reports and as the Lender may from time to time reasonably request.
		

		 

		

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			Notice of Default. Promptly after any officer of the Borrower knows or has reason to know that any Default or Event of Default has occurred, a written statement of such officer of the Borrower setting forth the details of such Default or Event of Default and the action which the Borrower has taken or proposes to take with respect thereto.
		

		
			No Material Adverse Effect. If reasonably requested by the Lender, within ten (10) Business Days of the Borrower’s receipt of such request, a certificate from an officer of the Borrower certifying there has been no material adverse change in the business, assets, liabilities, operations, results of operations, condition (financial or otherwise) or prospects of the Borrower.
		

		
			Use of Proceeds. The proceeds of the Term Loan shall be used solely for the following purposes: (a) the payment of fees, costs and expenses related to the transactions contemplated hereby; and (b) general corporate purposes.
		

		
			Taxes and Liens. The Borrower will pay and discharge, or will cause to be paid and discharged, promptly all taxes, assessments, and governmental charges or levies imposed upon the Borrower upon the income of any Property of the Borrower, as well as all claims of any kind (including, without limitation, claims for labor, materials, supplies, and rent) which, if unpaid, might become a Lien upon any Property of the Borrower, except such taxes, assessments, governmental charges or levies contested in good faith by the Borrower for which adequate reserves have been maintained in accordance with GAAP.
		

		
			Maintenance of Property. The Borrower will at all times maintain, preserve, protect, and keep, or cause to be maintained, preserved, protected, and kept, the Property of the Borrower in good repair, working order, and condition (ordinary wear and tear excepted) and consistent with past practice.
		

		
			Right of Inspection. From time to time upon reasonable notice to the Borrower, the Borrower or will permit any employee of, or agent designated by, the Lender to visit and inspect any of the Properties of the Borrower, examine the corporate books or financial records of the Borrower, take copies and extracts therefrom, and discuss the affairs, finances, and accounts of the Borrower with the applicable entity’s officers or certified public accountants, all as often as the Lender may reasonably desire, provided that such visits and inspections shall be made only during business hours and so as not to interfere unreasonably with the business and operations of the Borrower. Notwithstanding the foregoing, unless there is an Event of Default that has not been cured within applicable cure periods, the Lender shall not request any such inspection of the books or financial records of the Borrower more than once per any six (6) month period.
		

		
			Insurance. The Borrower shall maintain commercial risk insurance (the “Policies”) covering the customary risks for the business that the Borrower is engaged in and all Property that is capable of being insured. The Borrower will maintain insurance of similar types and coverages as maintained on the date hereof and consistent with past practice, with financially sound and reputable insurance companies and associations acceptable to the Lender based on the Lender’s reasonable judgment (or as to workers’ compensation or similar insurance, in an insurance fund or by self-insurance authorized by the jurisdiction in which its operations are carried on).
		

		 

		

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			Notice of Litigation. The Borrower will promptly notify Lender in writing of any litigation, legal proceeding or dispute, other than disputes in the ordinary course of business or, whether or not in the ordinary course of business, involving amounts in excess of $1,000,000, and any investigation of Borrower by any Governmental Authority, adversely affecting the Borrower, whether or not fully covered by insurance, and regardless of the subject matter thereof.
		

		
			Existence. The Borrower will preserve and maintain its legal existence and all of its material rights, privileges, licenses, contracts and property and assets used or useful to its business.
		

		
			Further Assurances. The Borrower will cooperate with the Lender and execute such further instruments and documents as the Lender shall reasonably request to carry out to its satisfaction the transactions contemplated by this Agreement and the other Loan Documents.
		

		
			

NEGATIVE COVENANTS
		

		
			So long as any Obligation shall remain unpaid, the Borrower covenants and agrees that, without the written consent of the Lender:
		

		
			Impairment of Rights. The Borrower will not undertake any action or engage in any transaction or activity to impair the Lender’s rights hereunder.
		

		
			Restrictions on Debt. The Borrower will not create, incur, assume, guarantee, endorse or be or remain liable, contingently or otherwise, with respect to any Debt other than:
		

		
			Debt to the Lender arising under any of the Loan Documents;
		

		
			current liabilities of the Borrower or incurred in the ordinary course of business including as incurred through (i) the borrowing of money, or (ii) the obtaining of credit and for credit on an open account basis customarily extended and in fact extended in connection with normal purchases of goods and services;
		

		
			Debt in respect of taxes, assessments, governmental charges or levies and claims for labor, materials and supplies to the extent that payment therefor shall not at the time be required to be made in accordance with the provisions of Section 6.3;
		

		
			Debt in respect of judgments or awards that have been in force for less than the applicable period for taking an appeal so long as execution is not levied thereunder or in respect of which the Borrower shall at the time in good faith be prosecuting an appeal or proceedings for review and in respect of which a stay of execution shall have been obtained pending such appeal or review; and
		

		
			Customary trade credit incurred in the ordinary course of business, which Debt would be expressly subordinate to the Note, unless otherwise approved by the Lender.
		

		 

		

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			Restrictions on Liens. The Borrower will not (i) create or incur or suffer to be created or incurred or to exist any Lien upon any of their Property, or upon the income or profits therefrom, which is not removed of record, bonded off, or dismissed within fifteen (15) Business Days after the date of notice of such filing; (ii) transfer any of such Property or the income or profits therefrom for the purpose of subjecting the same to the payment of Debt or performance of any other obligation in priority to payment of its general creditors; (iii) acquire, or agree or have an option to acquire, any property or assets upon conditional sale or other title retention or purchase money security agreement, device or arrangement; (iv) suffer to exist for a period of more than thirty (30) days after the same shall have been incurred any Debt or claim or demand against it that if unpaid might by law or upon bankruptcy or insolvency, or otherwise, be given any priority whatsoever over its general creditors; or (v) sell, assign, pledge or otherwise transfer any accounts, contract rights, general intangibles, chattel paper or instruments, with or without recourse; provided that the Borrower may create or incur or suffer to be created or incurred or to exist (the “Permitted Liens”):
		

		
			liens to secure taxes, assessments and other government charges in respect of obligations not overdue or liens on properties to secure claims for labor, material or supplies in respect of obligations not overdue;
		

		
			deposits or pledges made in connection with, or to secure payment of, workmen’s compensation, unemployment insurance, old age pensions or other social security obligations;
		

		
			liens on properties in respect of judgments or awards, the Debt with respect to which is permitted by Section 7.2(d); and
		

		
			encumbrances on real estate consisting of easements, rights of way, zoning restrictions, restrictions on the use of real property and defects and irregularities in the title thereto, landlord’s or lessor’s liens under leases to which the Borrower is a party, and other minor liens or encumbrances none of which in the opinion of the Borrower interferes materially with the use of the Property affected in the ordinary conduct of the business of the Borrower, which defects do not individually or in the aggregate have a materially adverse effect on the business of the Borrower.
		

		
			Change of Control. The Borrower will not enter into any transaction resulting in a Change of Control.
		

		
			Dispositions. The Borrower shall not without the written consent of Lender, voluntarily sell, assign, lease, transfer, trade, withdraw, redeem, substitute or otherwise dispose of any of the material assets of the Borrower or enter into any agreement to do so. The Borrower shall not execute any other document, such as a power of attorney, or similar instrument, in favor of any person to deal with the Borrower’s Property.
		

		
			Changes in Organizational Documents. The Borrower will not amend in any respect its certificate of incorporation (including any provisions or resolutions relating to capital stock), by-laws or other organizational documents in a manner materially adverse to the Lender, without the prior written consent of the Lender; provided that such consent will not be unreasonably withheld.
		

		
			

		

		 

		

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EVENTS OF DEFAULT
		

		
			Events of Default. If any of the following events (“Events of Default”) shall occur and, after written notice thereof by the Lender to the Borrower, shall not have been cured within five (5) calendar days (in the case of monetary defaults) or ten (10) calendar days (in the case of all other defaults capable of being cured) unless a shorter period of time is specified below:
		

		
			the Borrower shall fail to pay principal of or interest on the Note or other amounts due under the Note or this Agreement or any other Loan Document, when the same becomes due and payable under the terms thereunder; or
		

		
			the Borrower shall enter into any agreement or arrangement to sell, dispose, assign, exchange, gift, lease, pledge, hypothecate or otherwise transfer, directly or indirectly, in one transaction or a series of transactions, all or substantially all of the assets of the Borrower in violation of the terms herein or without prior written consent of Lender; or
		

		
			any representation or warranty made by the Borrower under or in connection with any Loan Document to which it is a party shall prove to have been incorrect in any material respect when made or deemed made; or
		

		
			the Borrower shall fail to perform or observe any term, covenant or agreement contained herein or in any other Loan Document to which it is a party within ten (10) days after written notice of the Lender to cure same; or
		

		
			the Borrower shall fail to pay any principal of, or premium or interest on, any Debt when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) unless being contested in good faith, and such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to such Debt; or any other event constituting a default (however defined) shall occur or condition shall exist under any agreement or instrument relating to any such Debt and shall continue after the applicable grace period, if any, specified in such agreement or instrument, which would give rise to a right to accelerate such Debt; or
		

		
			the Borrower shall generally not pay its debts as such debts become due, or shall admit in writing its inability to pay its debts generally, or shall make a general assignment for the benefit of creditors; or any proceeding shall be instituted by or against the Borrower under the Bankruptcy Law or any other Debtor Law seeking to adjudicate it a bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any Debtor Laws, or seeking the entry of an order for relief or the appointment of a receiver, trustee, custodian or other similar official for it or for any substantial part of its Property and, in the case of any such proceeding instituted against it (but not instituted by it), either such proceeding shall remain undismissed 
		

		 

		

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		or unstayed for a period of forty-five (45) days, or any of the actions sought in such proceeding (including, without limitation, the entry of an order for relief against, or the appointment of a receiver, trustee, custodian or other similar official for, it or for any substantial part of its Property) shall occur; or the Borrower shall take any corporate action to authorize any of the actions set forth above in this subsection (f);
		

		
			Any Loan Document or any interest of the Lender thereunder shall for any reason be terminated, invalidated, void or unenforceable or the Borrower, shall fail to perform any obligation thereunder; 
		

		
			a Change of Control of the Borrower; or
		

		
			the Borrower shall attempt to liquidate or dissolve itself or any of its Subsidiaries, without the prior written consent of the Lender;
		

		
			then, and in any such event, Lender (after providing the notice and opportunity to cure set forth in the first clause of this Section) may, by notice to the Borrower, declare the principal amount of the Note, all interest thereon and all other Obligations or amounts payable under this Agreement or any other Loan Document to be forthwith due and payable, whereupon the Note, all such interest and all such amounts shall become and be forthwith due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by the Borrower; provided however, that in the case of any Default pursuant to Subsection (f), (g) or (h) of this Section 8.1, all such interest and all such amounts shall automatically become and be due and payable, without presentment, demand, protest or any notice of any kind, all of which are hereby expressly waived by the Borrower. A late fee equal to two percent (2%) will be applied to any and all payments which are received later than one (1) Business Day after the expiration of the applicable cure period set forth in the first clause of this Section.
		

		
			

MISCELLANEOUS
		

		
			Survival of Representations and Warranties. All representations and warranties in each Loan Document shall survive the delivery of the Note and the making of the Term Loan, and shall continue after the repayment of the Note and the Maturity Date until all Obligations are indefeasibly paid in full, and any investigation at any time made by or on behalf of the Lender shall not diminish the Lender’s right to rely thereon.
		

		
			Amendments, Etc. No amendment or waiver of any provision of this Agreement or the Note, nor consent to any departure by the Borrower therefrom, shall in any event be effective unless the same shall be in writing and signed by the Lender, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given.
		

		
			Notices, Etc. All notices and other communications provided for hereunder shall be in writing and shall be effective when actually delivered, addressed as follows: if to the Borrower, at its address at 3957 Point Eden Way, Hayward, CA 94545, Attention: Chief Financial Officer, with a copy to Wilson Sonsini Goodrich & Rosati, P.C., 650 Page Mill Road, Palo Alto, California 
		

		 

		

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		94304, Attention: Andrew D. Hoffman; if to the Lender, at his address at 611 S. Fort Harrison Ave., Suite 306, Clearwater FL 33756, with a copy to Olshan Frome Wolosky LLP, 1325 Avenue of the Americas, New York, New York 10019, Attention: Adam Finerman, Esq.; or as to the Borrower or the Lender at such other address as shall be designated by such party in a written notice to the other parties.
		

		
			No Waiver; Remedies. No failure on the part of either party to exercise, and no delay in exercising, any right under any Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not exclusive of any remedies provided by law.
		

		
			Indemnification. The Borrower s shall indemnify and hold the Lender and its agents, employees, advisors and counsel and their respective Affiliates (each such person being an “Indemnitee”), harmless from and against any and all losses, claims, damages, liabilities, costs or expenses (including attorneys’ fees and expenses) imposed on, reasonably incurred by or asserted against any of them by a party that is not an Indemnitee in connection with any litigation, investigation, claim or proceeding commenced or threatened related to the negotiation, preparation, execution, delivery, enforcement, performance or administration of this Agreement, any other Loan Document, or any undertaking or proceeding related to any of the transactions contemplated hereby or any act, omission, event or transaction related or attendant thereto (including, without limitation, brokerage commissions alleged to be due on account of the placing of the investment), including amounts paid in settlement (to the extent agreed to in writing by Borrower), court costs, and the reasonable fees and expenses of counsel except that the Borrower shall not have any obligation under this Section 9.5 to indemnify an Indemnitee with respect to a matter covered hereby resulting from the gross negligence or willful misconduct of such Indemnitee as determined pursuant to a final, non-appealable order of a court of competent jurisdiction (but without limiting the obligations of the Borrower as to any other Indemnitee). To the extent that the undertaking to indemnify, pay and hold harmless set forth in this Section may be unenforceable because it violates any law or public policy, the Borrower shall pay the maximum portion which it is permitted to pay under applicable law to the Lender in satisfaction of indemnified matters under this Section. To the extent permitted by applicable law, the Borrower shall not assert, and the Borrower hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any of the other Loan Document or any undertaking or transaction contemplated hereby. All amounts due under this Section shall be payable upon demand. The foregoing indemnity shall survive the payment of the Obligations and the termination or non-renewal of this Agreement.
		

		
			Right of Set-off. Upon the occurrence and during the continuance of any Event of Default, the Lender is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other Debt at any time owing by the Lender to or for the credit or the account of the Borrower against any and all of the obligations of the Borrower now or hereafter existing under any Loan Document, whether or not the Lender shall have made any demand under the Note and although such obligations may be unmatured. Lender agrees promptly to notify the Borrower after any such set-off and application made by such Lender, provided that the failure to 
		

		 

		

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		give such notice shall not affect the validity of such set-off and application. The rights of the Lender under this Section are in addition to other rights and remedies (including, without limitation, other rights of set-off) which such the Lender may have.
		

		
			Binding Effect. This Agreement shall become effective when it shall have been executed by the Borrower and the Lender and thereafter shall be binding upon and inure to the benefit of the Borrower, the Lender and their respective successors and assigns, except that neither the Borrower nor the Lender (except as provided in Section 9.8) shall have the right to assign its rights hereunder or any interest herein without the prior written consent of the other.
		

		
			Assignments and Participations. The Lender may assign all or a portion of its rights and obligations under this Agreement (including, without limitation, all or a portion of the Note held by it) to any Affiliate of Lender.
		

		
			Limitation on Agreements. All agreements between the Borrower or the Lender, whether now existing or hereafter arising and whether written or oral, are hereby expressly limited so that in no contingency or event whatsoever, whether by reason of demand being made in respect of an amount due under any Loan Document or otherwise, shall the amount paid, or agreed to be paid, to the Lender for the use, forbearance, or detention of the money to be loaned under the Note or any other Loan Document or otherwise or for the payment or performance of any covenant or obligation contained herein or in any other Loan Document exceed the Highest Lawful Rate. If, as a result of any circumstance whatsoever, fulfillment of or compliance with any provision hereof or of any of such documents at the time performance of such provision shall be due or at any other time shall involve exceeding the amount permitted to be contracted for, taken, reserved, charged or received by the Lender under applicable usury or similar law, then, ipso facto, the obligation to be fulfilled or complied with shall be reduced (firstly by reducing the stated interest rate and thereafter, if and to the extent required, by reducing any other amount comprising interest) to the limit prescribed by such applicable usury or similar law, and if, from any such circumstance, the Lender shall ever receive interest or anything which might be deemed interest under applicable law which would exceed the Highest Lawful Rate, such amount which would be excessive interest shall be applied to the reduction of the principal amount owing on account of the Note or the amounts owing on other obligations of the Borrower to the Lender under any Loan Document and not to the payment of interest, or if such excessive interest exceeds the unpaid principal balance of the Note and the amounts owing on other obligations of the Borrower to the Lender under any Loan Document, as the case may be, such excess shall be refunded to the Borrower. All sums paid or agreed to be paid to the Lender for the use, forbearance, or detention of the indebtedness of the Borrower to the Lender shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full term of such indebtedness until payment in full of the principal (including the period of any renewal or extension thereof) so that the interest on account of such indebtedness shall not exceed the Highest Lawful Rate. Notwithstanding anything to the contrary contained in any Loan Document, it is understood and agreed that if at any time the rate of interest which accrues on the outstanding principal balance of the Note shall exceed the Highest Lawful Rate, the rate of interest which accrues on the outstanding principal balance of the Note shall be limited to the Highest Lawful Rate, but any subsequent reductions in the rate of interest which accrues on the outstanding principal balance of the Note shall not reduce the rate of interest which accrues on the outstanding principal balance of such Note below the Highest Lawful Rate until the total amount of interest accrued on the outstanding principal balance of the Note, taken 
		

		 

		

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		in the aggregate, equals the amount of interest which would have accrued if such interest rate had at all times been in effect and not been reduced. In the event that any rate of interest under the Note or any Loan Document is reduced due to the effect of this Section 9.9 and there is a subsequent increase in the Highest Lawful Rate prior to the full payment of the Obligations, such interest rate shall, automatically without any action of the Borrower or Lender, be increased to the then applicable Highest Lawful Rate. The terms and provisions of this Section 9.9 shall control and supersede every other provision of all Loan Documents.
		

		
			Severability. In case any one or more of the provisions contained in any Loan Document to which the Borrower is a party or in any instrument contemplated thereby, or any application thereof, shall be invalid, illegal, or unenforceable in any respect, the validity, legality, and enforceability of the remaining provisions contained therein, and any other application thereof, shall not in any way be affected or impaired thereby.
		

		
			Governing Law. This Agreement and the Note shall be governed by, and construed in accordance with, the laws of the State of New York applicable to contracts made and to be performed entirely within such state without regards to the conflicts of laws principles thereof other than mandatory provisions of law.
		

		
			SUBMISSION TO JURISDICTION; WAIVERS. THE BORROWER AND THE LENDER IRREVOCABLY AND UNCONDITIONALLY:
		

		
			SUBMITS FOR ITSELF AND ITS PROPERTY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR FOR RECOGNITION AND ENFORCEMENT OF ANY JUDGMENT IN RESPECT THEREOF, TO THE NON-EXCLUSIVE GENERAL JURISDICTION OF THE FEDERAL AND STATE COURTS LOCATED IN THE STATE OF NEW YORK, AND APPELLATE COURTS FROM ANY THEREOF;
		

		
			WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH PROCEEDING WAS BROUGHT IN AN INCONVENIENT FORUM AND AGREES NOT TO PLEAD OR CLAIM THE SAME; AND
		

		
			AGREES THAT SERVICE OF PROCESS IN ANY SUCH LEGAL ACTION OR PROCEEDING MAY BE EFFECTED BY MAILING OF A COPY THEREOF (BY REGISTERED OR CERTIFIED MAIL OR ANY SUBSTANTIALLY SIMILAR FORM OF MAIL POSTAGE PREPAID) TO THE ADDRESS SET FORTH IN SECTION 9.3 HEREOF OR AT SUCH OTHER ADDRESS OF WHICH THE OTHER PARTIES HERETO SHALL HAVE BEEN NOTIFIED IN WRITING PURSUANT TO SECTION 9.3.
		

		
			THE BORROWER AND THE LENDER EACH WAIVES ITS RIGHT TO A JURY TRIAL WITH RESPECT TO ANY LEGAL ACTION ARISING UNDER THIS AGREEMENT.
		

		
			Execution in Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart 
		

		 

		

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		of a signature page of this Agreement or any other Loan Document (other than the Note) by fax transmission or e-mail transmission (e.g. “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this Agreement or such other Loan Document.
		

		
			 
		

		

		

		 

		

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

			
					
						BORROWER:

					
						PULSE BIOSCIENCES, INC.

				
	
					
						By:

					
					
						/s/ Darrin R. Uecker

				
	
					
						Name:

					
					
						Darrin R. Uecker

				
	
					
						Title:

					
					
						President and Chief Executive Officer

				

		
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			Signature Page to Loan Agreement

		

		

			 

		

 

		
		

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

		
			     LENDER:

		

			
					
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						/s/ Robert Duggan

				
	
					
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						 ROBERT DUGGAN

				

		
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			Signature Page to Loan Agreement

		

		

			 

		

 

		SCHEDULE A
		

		
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			Wire Instructions
		

		
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		EXHIBIT A
		

		
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			NOTE
		

		
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			$41,000,000March 11, 2021
		

		
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			FOR VALUE RECEIVED, the undersigned (the “Borrower”), HEREBY PROMISES TO PAY to the order of ROBERT DUGGAN (the “Lender”), on or before the Maturity Date (as such term is defined in the Loan Agreement), the principal sum of Forty-One Million and No/100 Dollars ($41,000,000.00) in accordance with the terms and provisions of that certain Loan Agreement dated as of the date hereof by and between the Borrower and the Lender (as same may be amended, modified, increased, supplemented and/or restated from time to time, the “Loan Agreement”; capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to such terms in the Loan Agreement).
		

		
			The outstanding principal balance of this Note, together with all accrued and unpaid interest thereon, shall be due and payable on the Maturity Date. The Borrower promises to pay interest on the unpaid principal balance of this Note from the Issue Date until the principal balance thereof is paid in full. Interest shall accrue on the outstanding principal balance of this Note from and including the Issue Date to but not including the Maturity Date at the rate or rates, and shall be due and payable on the dates and paid in accordance with the terms and conditions, set forth in the Loan Agreement.
		

		
			Payments of principal, and all amounts due with respect to costs and expenses pursuant to the Loan Agreement, shall be made in lawful money of the United States of America in immediately available funds, without deduction, set-off or counterclaim to the Lender to the account maintained by the Lender not later than 11:59 a.m. (New York time) on the dates on which such payments shall become due pursuant to the terms and provisions set forth in the Loan Agreement. Payments of interest shall be payable in accordance with the provisions of the Loan Agreement.  
		

		
			If any payment of principal or interest on this Note shall become due on a day that is not a Business Day, such payment shall be made on the next succeeding Business Day and such extension of time shall in such case be included in computing interest in connection with such payment.
		

		
			This Note is the Note provided for in, and is entitled to the benefits of the Loan Agreement, which Loan Agreement, among other things, contains provisions for acceleration of the maturity hereof upon the happening of certain stated events, for prepayments on account of principal hereof prior to the maturity hereof upon the terms and conditions and with the effect therein specified, and provisions to the effect that no provision of the Loan Agreement or this Note shall require the payment or permit the collection of interest in excess of the Highest Lawful Rate.
		

		
			The Borrower and any and all endorsers, guarantors and sureties severally waive grace, demand, presentment for payment, notice of dishonor or default, protest, notice of protest, notice of intent to accelerate, notice of acceleration and diligence in collecting and bringing of suit against 
		

		 

		

			 

		

 

		any party hereto, and agree to all renewals, extensions or partial payments hereon and to any release or substitution of security hereof, in whole or in part, with or without notice, before or after maturity.
		

		
			This Note shall be binding upon the Borrower and its successors and assigns and the terms hereof shall inure to the benefit of the Lender and its successors and assigns including subsequent holders hereof (collectively, “Assignees”), except that the Borrower may not assign or transfer any of its rights or obligations under this Note without the prior written consent of the Lender (which consent shall be in the sole and absolute discretion of the Lender). The term “Lender” as used in this Note shall be deemed to include the Lender and its Assignees. The Lender shall, upon notice to the Borrower, have the unrestricted right at any time or from time to time, and without the Borrower’s consent, to assign all or any portion of its rights and obligations hereunder to any other person, which shall thereupon become vested with all the powers and rights above given to the Lender in respect thereof; provided, however, that any such assignment or transfer of this Note shall be made in accordance with all applicable securities laws. The Lender agrees that it shall execute, or cause to be executed, such documents, including without limitation, amendments to this Note and to any other documents, instruments and agreements executed in connection herewith as the Lender shall reasonably deem necessary to effect the foregoing. In addition, at the request of the Lender and any such Assignee, the Borrower shall issue one or more new promissory notes, as applicable, to any such Assignee (provided that such issuance shall be at no additional cost or liability to Borrower then existing prior to such assignment to Assignee). Upon the execution and delivery of appropriate assignment documentation, amendments and any other documentation reasonably required by the Lender in connection with such assignment, and the payment by the Assignee of the purchase price agreed to by the Lender and such Assignee, such Assignee shall be a holder of this Note shall have all of the rights and obligations of the Lender hereunder (and any other guaranties, documents, instruments and agreements executed in connection herewith) to the extent that such rights and obligations have been assigned by the Lender pursuant to the assignment documentation between the Lender and such Assignee, and the Lender shall be released from any obligations it may have hereunder arising after such assignment and thereunder to a corresponding extent.
		

		
			THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED WHOLLY WITHIN SUCH STATE.
		

		

		

		 

		

			 

		

 

		
		

		
			IN WITNESS WHEREOF, the Borrower has caused this Note to be duly executed and delivered effective as of the date first above written.
		

			
					
						﻿

					
					
						 

				
	
					
						PULSE BIOSCIENCES, INC.

				
	
					
						By:

					
					
						 

				
	
					
						Name:

					
					
						Darrin R. Uecker

				
	
					
						Title:

					
					
						President and Chief Executive Officer

				

		
			﻿
		

		
			﻿
		

		 

		

			Signature Page to NoteEX-10.1

 Exhibit 10.1 

SECURITIES PURCHASE AGREEMENT 

This Securities Purchase Agreement (this “Agreement”) is dated as of March 11, 2021, between Xeris Pharmaceuticals,
Inc., a Delaware corporation (the “Company”), and each purchaser identified on the signature pages hereto (each, including its successors and permitted assigns, a “Purchaser” and collectively the
“Purchasers”). 
 WHEREAS, the Company desires to sell to Purchasers, and Purchasers desire to purchase from the Company,
the securities of the Company as more fully described in this Agreement. 
 NOW, THEREFORE, IN CONSIDERATION of the mutual covenants
contained in this Agreement, and for other good and valuable consideration the receipt and adequacy of which are hereby acknowledged, the Company and each Purchaser agree as follows: 

ARTICLE I. 
 DEFINITIONS

 1.1 Definitions. In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following
terms have the meanings set forth in this Section 1.1: 
 “Action” shall have the meaning ascribed to
such term in Section 3.1(j). 
 “Affiliate” means any Person that, directly or indirectly through one
or more intermediaries, controls or is controlled by or is under common control with a Person as such terms are used in and construed under Rule 405 under the Securities Act. 

“Applicable Laws” means, with respect to any Person, the common law and any federal, provincial, state,
territorial, local, foreign, multinational or international laws, statutes, codes, treaties, standards, rules and regulations, guidelines, ordinances, orders, judgments, writs, injunctions, decrees or settlement agreements (including administrative
or judicial precedents or authorities) and the interpretation or administration thereof by, and other determinations, directives, requirements or requests of, any Governmental Authority, including all Health Care Laws, in each case whether or not
having the force of law and, in each case, that are applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject. 

“Board of Directors” means the board of directors of the Company. 

“Business Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of
New York are authorized or required by Applicable Law to remain closed; provided, however, for clarification, commercial banks shall not be deemed to be authorized or required by Applicable Law to remain closed due to “stay at
home”, “shelter-in-place”, “non-essential employee” or any other similar orders or restrictions or
the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York generally are open for use by
customers on such day. 

  
 1 

 “Closing” means the closing of the purchase and sale of the
Shares pursuant to Section 2.1. 
 “Closing Date” means the Trading Day on which all of the Transaction
Documents have been executed and delivered by the applicable parties thereto, and all conditions precedent to (i) the Purchasers’ obligations to pay the Subscription Amount and (ii) the Company’s obligations to deliver the
Shares, in each case, have been satisfied or waived, but in no event later than March 15, 2021. 
 “Common
Stock” means the common stock of the Company, $0.0001 par value per share, and any other class of securities into which such securities may hereafter be reclassified or changed. 

“Common Stock Equivalents” means any securities of the Company or the Subsidiaries which would entitle the
holder thereof to acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles
the holder thereof to receive, Common Stock. 
 “Company Counsel” means Goodwin Procter LLP. 

“Disclosure Schedules” shall have the meaning ascribed to such term in Section 3.1. 

“Disclosure Time” means 8:00 a.m. (New York City time) on March 11, 2021. 

“DWAC” shall have the meaning ascribed to such term in Section 2.1. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder. 
 “FCPA” means the Foreign Corrupt Practices Act of 1977, as amended. 

“Form 10-K” shall have the meaning ascribed to such term in
Section 3.1. 
 “Fundamental Representations” means the representations and warranties made by the
Company in Sections 3.1(a), 3.1(b), 3.1(c), 3.1(d), 3.1(e), 3.1(f), 3.1(g), 3.1(h), 3.1(n), 3.1(o), 3.1(p), 3.1(q), 3.1(r), 3.1(t), 3.1(u), and 3.1(v). 

“GAAP” shall have the meaning ascribed to such term in Section 3.1(h). 

“Governmental Authority” means any federal, state, foreign or international government, regulatory or
administrative agency, any state or other political subdivision thereof having jurisdiction over the Company or any Subsidiary, any central bank (or similar monetary or regulatory authority) thereof, any entity exercising executive, legislative,
judicial, regulatory or administrative functions of or pertaining to government, and any corporation or other entity owned or controlled, through stock or capital ownership or otherwise, by any of the foregoing. For the avoidance of doubt,
Governmental Authority shall include the SEC, the Principal Market, the Financial Industry Regulatory Authority and any agency, branch or other governmental body, entity or panel charged with the responsibility and/or vested with the authority to
administer and/or enforce any Health Care Laws, including any Medicare or Medicaid administrators, contractors, intermediaries or carriers. 

  
 2 

 “Health Care Laws” means all Applicable Laws relating to
the provision and/or administration of, and/or payment for, health care services, items and supplies including, without limitation, Applicable Laws related to: (a) fraud and abuse, including, without limitation, the federal Anti-Kickback
Statute (42 U.S.C. §1320a-7b(b)), the Eliminating Kickbacks in Recovery Act of 2018 (18 U.S.C. § 220), the Stark Law (42 U.S.C. §1395nn), the civil False Claims Act (31 U.S.C. §§ 3729
et seq.), the criminal False Claims Act 18 U.S.C. § 287, the False Statements Relating to Health Care Matters Act (18 U.S.C. § 1035), the Health Care Fraud Act (18 U.S.C. § 1347), the Program Fraud Civil Remedies Act (31 U.S.C.
§§ 3801-3812), the Anti-Kickback Act of 1986 (41 U.S.C. §§ 51-58), the Laws regarding Exclusion and Civil Monetary Penalties (42 U.S.C. §§
1320a-7, 1320a-7a and 1320a-7b), the Medicare Prescription Drug, Improvement, and Modernization Act of 2003 (Pub. L. No. 108-173), and any state, commonwealth or local laws similar to any of the foregoing; (b) the Patient Protection and Affordable Care Act (Pub. L.
No. 111-148) and the Health Care and Education Reconciliation Act of 2010 (Pub. L. No. 111-152); (c) Medicare, Medicaid, CHAMPVA, TRICARE, the State
Children’s Health Insurance Program (Title XXI of the Social Security Act), and any other Third Party Payor Programs; (d) the licensure, permitting, registration or regulation of healthcare providers, suppliers, professionals, facilities
or payors; (e) patient health care; (f) quality, safety certification and accreditation standards and requirements; (g) billing, coding or the submission or payment of claims or collection of accounts receivable or refund of
overpayments; (h) HIPAA; (i) the practice of medicine and other health care professions or the organization of medical or professional entities; (j) state kickback, fee-splitting, false claims, or
self-referral prohibitions; (k) the Federal Controlled Substances Act (21 U.S.C. 801 § et. seq., and all rules and regulations of the United States Drug Enforcement Administration), the federal Food Drug and Cosmetic Act (21 U.S.C.
§§ 301 et seq.), including current Good Manufacturing Practices, and similar standards of the United States Food and Drug Administration, and any related state laws and regulations; (l) the Clinical Laboratory Improvement Amendments
and the regulations promulgated thereunder and similar state laws; (m) the provision of free or discounted care or services; (n) laws and regulations regulating the generation, transportation, treatment, storage, disposal and other
handling of medical or radioactive waste; and (o) any and all other applicable health care laws, regulations, and manual provisions, policies and administrative guidance, each of clauses (a) through (o) as may be
amended, modified or supplemented from time to time and any successor statutes thereto and regulations promulgated thereunder from time to time. 

“HIPAA” means the (a) Health Insurance Portability and Accountability Act of 1996; (b) the Health
Information Technology for Economic and Clinical Health Act (Title XIII of the American Recovery and Reinvestment Act of 2009); and (c) any Applicable Law regulating the privacy and/or security of individually identifiable health information,
including, without limitation, state laws providing for notification of breach of privacy or security of individually identifiable health information, in each case with respect to the Applicable Laws described in clauses (a), (b) and (c) of
this definition, as the same may be amended, modified or supplemented from time to time, any successor statutes thereto, any and all rules or regulations promulgated from time to time thereunder. 

  
 3 

 “Incorporated Documents” means the documents or portions
thereof filed with the SEC on or prior to the Effective Date that are incorporated by reference in the Registration Statement or the Prospectus and any documents or portions thereof filed with the SEC after the Effective Date and prior to the date
hereof that are deemed to be incorporated by reference in the Registration Statement or the Prospectus. 

“Liens” means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right
or other restriction. 
 “Material Adverse Effect” shall have the meaning assigned to such term in
Section 3.1(b). 
 “Material Permits” shall have the meaning ascribed to such term in
Section 3.1(l). 
 “Per Share Purchase Price” means $4.12. 

“Person” means an individual or corporation, partnership, trust, incorporated or unincorporated association,
joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind. 

“Principal Market” means the Nasdaq Global Select Market. 

“Proceeding” means an action, claim, suit, investigation or proceeding (including, without limitation, an
informal investigation or partial proceeding, such as a deposition), whether commenced or threatened. 

“Prospectus” means the base prospectus contained in the Registration Statement at the first time that the
Registration Statement became effective on the Effective Date. 
 “Prospectus Supplement” means the
supplement to the Prospectus with respect to the Shares complying with Rule 424(b) of the Securities Act that is filed with the SEC. 

“Purchaser Party” shall have the meaning ascribed to such term in Section 4.5. 

“Registration Statement” means the shelf registration statement filed with the SEC (file No. 333-233061), which registers Common Stock, preferred stock, debt securities, warrants and units of the Company, including the Incorporated Documents, exhibits and financial statements, and the Prospectus
Supplement. 
 “Required Approvals” shall have the meaning ascribed to such term in Section 3.1(e).

  
 4 

 “Rule 144” means Rule 144 promulgated by the SEC pursuant
to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the SEC having substantially the same purpose and effect as such Rule. 

“Rule 424” means Rule 424 promulgated by the SEC pursuant to the Securities Act, as such Rule may be amended
or interpreted from time to time, or any similar rule or regulation hereafter adopted by the SEC having substantially the same purpose and effect as such Rule. 

“SEC” means the United States Securities and Exchange Commission. 

“SEC Reports” shall have the meaning ascribed to such term in Section 3.1(h). 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder. 
 “Shares” means the Common Stock issued or issuable to each Purchaser pursuant to this
Agreement. 
 “Short Sales” means all “short sales” as defined in Rule 200 of Regulation SHO under
the Exchange Act (but shall not be deemed to include locating and/or borrowing Common Stock).
 “Subscription
Amount” means, as to each Purchaser, the aggregate amount to be paid for Shares purchased hereunder as specified on Exhibit 1 attached hereto and next to the heading “Subscription Amount,” in United States dollars and in
immediately available funds. 
 “Subsidiary” means any majority-owned subsidiary of the Company. 

“Trading Day” means a day on which the Principal Market is open for trading. 

“Transaction Documents” means this Agreement, all exhibits and schedules hereto and any other documents or
agreements executed by the Company in connection with the transactions contemplated hereunder. 
 “Transfer
Agent” means Computershare Trust Company, N.A., the current transfer agent of the Company, with a mailing address of 250 Royall Street, Canton, Massachusetts 02021, and any successor transfer agent of the Company. 

ARTICLE II. 
 PURCHASE AND
SALE 
 2.1 Closing. On the Closing Date, upon the terms and subject to the conditions set forth herein, the Company agrees to sell,
and the Purchasers, severally and not jointly, agree to purchase, an aggregate of 6,553,398 Shares at the Per Share Purchase Price and allocated in the amounts set forth on Exhibit 1. Each Purchaser’s Subscription Amount as set forth on
Exhibit 1 shall be made available for “Delivery Versus Payment” settlement with the Company or its designee. The Company shall deliver to each Purchaser its respective Shares as determined pursuant to Section

  
 5 

 
2.2(a), and the Company and each Purchaser shall deliver the other items set forth in Section 2.2 deliverable at the Closing. Upon satisfaction or waiver of the covenants and conditions set
forth in Sections 2.2 and 2.3, the Closing shall occur at the offices of Katten Muchin Rosenman LLP or such other location as the parties shall mutually agree. Settlement of the Shares shall be effected by crediting the account of each
Purchaser’s prime broker with The Depositary Trust Company, through its Deposit/Withdrawal at Custodian (“DWAC”) system, with the Shares purchased by such Purchaser. 

2.2 Deliveries. 

(a) On or prior to the Closing Date, the Company shall deliver or cause to be delivered to each Purchaser the following: 

(i) a legal opinion of Company Counsel in a form reasonably acceptable to the Purchasers; 

(ii) the Company’s wire instructions, on Company letterhead and executed by the Company’s Chief Executive Officer or
Chief Financial Officer; 
 (iii) a copy of the irrevocable instructions to the Transfer Agent instructing the Transfer Agent
to deliver the Shares on an expedited basis via DWAC as provided in Section 2.1; and 
 (iv) the Prospectus and
Prospectus Supplement. 
 (b) On or prior to the Closing Date, each Purchaser shall deliver or cause to be delivered to the
Company such Purchaser’s Subscription Amount, which shall be made available for “Delivery Versus Payment” settlement with the Company or its designee. 

2.3 Closing Conditions.  

(a) The obligations of the Company hereunder in connection with the Closing are subject to the following conditions being met
or waived: 
 (i) the accuracy in all material respects (or, to the extent representations or warranties are qualified by
materiality or Material Adverse Effect, in all respects) on the Closing Date of the representations and warranties of the Purchasers contained herein (unless made as of a specific date therein in which case they shall be accurate as of such date);

 (ii) all obligations, covenants and agreements of each Purchaser required to be performed at or prior to the Closing Date
shall have been performed in all material respects; and 
 (iii) the delivery by each Purchaser of the items set forth in
Section 2.2(b) of this Agreement. 

  
 6 

 (b) The respective obligations of the Purchasers hereunder in connection
with the Closing are subject to the following conditions being met or waived: 
 (i) the accuracy in all material respects
(or, to the extent representations or warranties are qualified by materiality or Material Adverse Effect, in all respects) when made and on the Closing Date of the representations and warranties of the Company contained herein (unless made as of a
specific date therein in which case they shall be accurate as of such date); 
 (ii) all obligations, covenants and
agreements of the Company required to be performed at or prior to the Closing Date shall have been performed in all material respects; 

(iii) the delivery by the Company of the items set forth in Section 2.2(a) of this Agreement; 

(iv) there shall have been no Material Adverse Effect with respect to the Company since the date hereof; and 

(v) from the date hereof to the Closing Date, trading in the Common Stock shall not have been suspended by the SEC or the
Company’s Principal Market, and, at any time from the date hereof to the Closing Date, trading in securities generally as reported by Bloomberg L.P. shall not have been suspended or limited, or minimum prices shall not have been established on
securities whose trades are reported by such service, or on any national securities exchange, nor shall a banking moratorium have been declared either by the United States or New York State authorities nor shall there have occurred any material
outbreak or escalation of hostilities or other national or international calamity of such magnitude in its effect on, or any material adverse change in, any financial market which, in each case, in the reasonable judgment of such Purchaser, makes it
impracticable or inadvisable to purchase the Shares at the Closing. 
 ARTICLE III. 

REPRESENTATIONS AND WARRANTIES 

3.1 Representations and Warranties of the Company. Except (a) other than for purposes of the Fundamental Representations, as
specifically disclosed in the Company’s annual report on Form 10-K for the year ended December 31, 2020 (the “Form 10-K”), as filed with the SEC
on March 9, 2021 (excluding any disclosures set forth under the heading “Risk Factors” or disclosure of risks set forth in any “forward-looking statements” disclaimer, or disclosures in any other statements that are
similarly cautionary or predictive in nature), or (b) as set forth in the Disclosure Schedules delivered by the Company to the Purchasers concurrently herewith (the “Disclosure Schedules”), which Disclosure Schedules shall be
deemed a part hereof and shall qualify any representation made herein to the extent of the disclosure contained in the corresponding section of the Disclosure Schedules and any other representation to the extent that the applicability of any such
disclosure contained in the Disclosure Schedules is reasonably apparent on its face (notwithstanding the absence of a specific cross reference), the Company hereby represents and warrants as of the date hereof and the Closing Date (except for the
representations and warranties that speak as of a specific date, which shall be made as of such date), to the Purchasers: 

  
 7 

 (a) Subsidiaries. All of the direct and indirect subsidiaries of the
Company required to be disclosed in an exhibit to the Company’s Annual Report on Form 10-K are set forth on an exhibit to the Company’s most recent Annual Report on Form 10-K filed with the SEC. Except as set forth in the Registration Statement , the Company owns, directly or indirectly, all of the capital stock or other equity interests of each Subsidiary free and clear of any
Liens (except for Liens pursuant to the Company’s senior secured loan facility disclosed in the Form 10-K), and all of the issued and outstanding shares of capital stock of each Subsidiary are validly
issued and are fully paid, non-assessable and free of preemptive and similar rights to subscribe for or purchase securities. If the Company has no subsidiaries, all other references to the Subsidiaries or any
of them in the Transaction Documents shall be disregarded. 
 (b) Organization and Qualification. The Company and each
of the Subsidiaries is an entity duly incorporated or otherwise organized, validly existing and in good standing (or its foreign equivalent) under the Applicable Law of the jurisdiction of its incorporation or organization (as applicable), with the
requisite power and authority to own and use its properties and assets and to carry on its business as currently conducted, except where the failure to be in good standing (or its foreign equivalent) would not have or reasonably be expected to
result in a Material Adverse Effect (as defined below). Neither the Company nor any Subsidiary is in violation nor default of any of the provisions of its certificate of incorporation or other similar organizational documents, as applicable. Each of
the Company and the Subsidiaries is duly qualified to conduct business and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such
qualification necessary, except where the failure to be so qualified or in good standing, as the case may be, would not reasonably be expected to have or result in: (i) a material adverse effect on the legality, validity or enforceability of
any Transaction Document, (ii) a material adverse effect on the results of operations, assets, business or condition (financial or otherwise) of the Company and the Subsidiaries, taken as a whole, or (iii) a material adverse effect on the
Company’s ability to perform in any material respect on a timely basis its obligations under any Transaction Document (any of (i), (ii) or (iii), a “Material Adverse Effect”) and no Proceeding has been instituted in any such
jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification. 

(c) Authorization; Enforcement. The Company has the requisite corporate power and authority to enter into and to
consummate the transactions contemplated by this Agreement and each of the other Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of this Agreement and each of the other
Transaction Documents by the Company and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of the Company and no further action is required by the Company, the
Board of Directors or the Company’s stockholders (under Applicable Law, the rules of the Principal Market or otherwise) in connection with the Required Approvals. 

  
 8 

 
This Agreement and each other Transaction Document to which it is a party has been (or upon delivery will have been) duly executed by the Company and, when delivered in accordance with the terms
hereof and thereof, will constitute the valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except (i) as limited by general equitable principles and applicable bankruptcy, insolvency,
reorganization, moratorium and other Applicable Law of general application affecting enforcement of creditors’ rights generally, (ii) as limited by Applicable Law relating to the availability of specific performance, injunctive relief or
other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by Applicable Law. 

(d) No Conflicts. The execution, delivery and performance by the Company of this Agreement and the other Transaction
Documents to which it is a party, the issuance and sale of the Shares and the consummation by the Company of the transactions contemplated hereby and thereby do not and will not (i) conflict with or violate any provision of the Company’s
or any Subsidiary’s certificate of incorporation or other similar organizational documents, or (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, result in the
creation of any Lien upon any of the properties or assets of the Company or any Subsidiary, or give to others any rights of termination, amendment, anti-dilution or similar adjustments, acceleration or cancellation (with or without notice, lapse of
time or both) of, any agreement, credit facility, debt or other instrument (evidencing a Company or Subsidiary debt or otherwise) or other understanding to which the Company or any Subsidiary is a party or by which any property or asset of the
Company or any Subsidiary is bound or affected, or (iii) subject to the Required Approvals, conflict with or result in a violation of any Applicable Law of any Governmental Authority to which the Company or a Subsidiary is subject (including
federal and state securities laws and regulations), or by which any property or asset of the Company or a Subsidiary is bound or affected; except in the case of each of clauses (ii) and (iii), such as could not reasonably be expected to result
in a Material Adverse Effect. 
 (e) Filings, Consents and Approvals. The Company is not required to obtain any
consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other Governmental Authority or other Person in connection with the execution, delivery and performance by the Company of the
Transaction Documents, other than: (i) the filings required pursuant to Section 4.1 of this Agreement, (ii) the filing with the SEC of the Prospectus Supplement, (iii) the filing of application(s) to, and approval by, the
Principal Market for the listing of the Shares for trading thereon in the time and manner required thereby, and (iv) the filing of Form D with the SEC (collectively, the “Required Approvals”). 

(f) Issuance of the Shares; Registration. The Shares are duly authorized and, when issued and paid for in accordance
with the terms hereof, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the Company, will not have been issued in violation of, and will not be subject to, any preemptive or similar rights, will
not be subject to any restrictive legends or stop transfer instructions and will be freely tradeable by Persons that are not Affiliates of the Company. The Company has reserved from its duly authorized capital stock a sufficient number of Shares
issuable 

  
 9 

 
pursuant to this Agreement. The Company has prepared and filed the Registration Statement in conformity with the requirements of the Securities Act, which became effective on August 21,
2019 (the “Effective Date”), including the Prospectus, and such amendments and supplements thereto as may have been required to the date of this Agreement. The Registration Statement is effective under the Securities Act and no stop
order preventing or suspending the effectiveness of the Registration Statement or suspending or preventing the use of the Prospectus has been issued by the SEC and no proceedings for that purpose have been instituted or, to the knowledge of the
Company, are threatened by the SEC. The Company, if required by the rules and regulations of the SEC, shall file the Prospectus Supplement with the SEC pursuant to Rule 424(b). At the time the Registration Statement and any amendments thereto became
effective, at the date of this Agreement and at the Closing Date, the Registration Statement and any amendments thereto conformed and will conform in all material respects to the requirements of the Securities Act and did not and will not contain
any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading; and the Prospectus and any amendments or supplements thereto, at the time the
Prospectus or any amendment or supplement thereto was issued and at the Closing Date, conformed and will conform in all material respects to the requirements of the Securities Act and did not and will not contain an untrue statement of a material
fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The Company was at the time of the filing of the Registration Statement eligible
to use Form S-3. The Company is eligible to use Form S-3 under the Securities Act and it meets the transaction requirements with respect to the aggregate market value of the Shares being sold pursuant to this
offering and during the twelve (12) months prior to this offering, as set forth in Form S-3. 
 (g)
Capitalization. The authorized and outstanding capitalization of the Company consists of 150,000,000 authorized shares of Common Stock, of which 59,764,999 shares are issued and outstanding and 10,000,000 authorized shares of preferred stock,
none of which are outstanding (all as set forth in the Form 10-K). The Shares, upon issuance, will represent less than ten percent (10%) of the issued and outstanding shares of Common Stock. The Company has
not issued any capital stock since the date of filing of the Form 10-K with the SEC, other than pursuant to the exercise or settlement of equity awards under the Company’s equity incentive plans, the
issuance of Common Stock to employees pursuant to the Company’s employee stock purchase plans and pursuant to the conversion and/or exercise of Common Stock Equivalents outstanding as of the date of filing of its Form 10-K with the SEC. No Person has any right of first refusal, preemptive right, right of participation, or any similar right to participate in the transactions contemplated by the Transaction Documents. Except for
awards outstanding or reserved for issuance under the Company’s equity incentive plans, the warrants disclosed in the Form 10-K and the convertible notes disclosed in the Form 10-K, there are no outstanding options, warrants, scrip rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations convertible into or exercisable or
exchangeable for, or giving any Person any right to subscribe for or acquire, any Shares, or contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to issue additional Common Stock

  
 10 

 
or Common Stock Equivalents. The issuance and sale of the Common Stock will not obligate the Company or any Subsidiary to issue Common Stock or other securities to any Person (other than the
Purchasers). There are no outstanding securities or instruments of the Company or any Subsidiary with any provision that adjusts the exercise, conversion, exchange or reset price of such security or instrument upon an issuance of the Shares. Except
for awards outstanding or reserved for issuance under the Company’s equity incentive plans, the warrants disclosed in the Form 10-K and the convertible notes disclosed in the Form 10-K, there are no outstanding securities or instruments of the Company or any Subsidiary with any provision that adjusts the exercise, conversion, exchange or reset price of such security or instrument upon an
issuance of securities by the Company or any Subsidiary. Except for the convertible notes disclosed in the Form 10-K, there are no outstanding securities or instruments of the Company or any Subsidiary that
contain any redemption or similar provisions, and there are no contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to redeem a security of the Company or such Subsidiary. Except for
the Company’s equity incentive plans, the Company does not have any stock appreciation rights or “phantom stock” plans or agreements or any similar plan or agreement. All of the outstanding shares of capital stock of the Company are
duly authorized, validly issued, fully paid and nonassessable, have been issued pursuant to registration under, or applicable exemptions from the registration requirements of, U.S. federal and state securities laws, and none of such outstanding
shares was issued in violation of any preemptive rights or similar rights to subscribe for or purchase securities. No further approval or authorization of the stockholders or the Board of Directors is required for the issuance and sale of the Common
Stock. There are no stockholders agreements, voting agreements or other similar agreements with respect to the Company’s capital stock to which the Company is a party or, to the knowledge of the Company, between or among any of the
Company’s stockholders. 
 (h) SEC Reports; Financial Statements. The Company has filed all reports, schedules,
forms, statements and other documents required to be filed by the Company under the Securities Act and the Exchange Act since January 1, 2020 (the foregoing materials, as amended, including the exhibits thereto and documents incorporated by
reference therein, together with the Prospectus and the Prospectus Supplement, being collectively referred to herein as the “SEC Reports”) on a timely basis or has received a valid extension of such time of filing and has filed any
such SEC Reports prior to the expiration of any such extension. As of their respective dates, the SEC Reports complied in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable, and none of the SEC
Reports, when filed, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were
made, not misleading. The Company has never been an issuer subject to Rule 144(i) under the Securities Act. The consolidated financial statements of the Company incorporated by reference in the Registration Statement comply in all material respects
with applicable accounting requirements and the rules and regulations of the SEC with respect thereto as in effect at the time of filing or as amended or corrected in a subsequent filing. Such financial statements have been prepared in accordance,
in all material respects, with United States generally accepted accounting principles (“GAAP”), except as may be 

  
 11 

 
otherwise specified in such financial statements or the notes thereto and except that unaudited financial statements may not contain all footnotes required by GAAP, and fairly present in all
material respects the financial position of the Company and its consolidated Subsidiaries as of and for the dates thereof and the results of operations and cash flows for the periods presented, subject, in the case of unaudited statements, to
normal, year-end audit adjustments. 
 (i) Material Changes; Undisclosed Events,
Liabilities or Developments. Since December 30, 2020, (i) there has been no event, occurrence or development that has had or that could reasonably be expected to result in a Material Adverse Effect, (ii) the Company has not incurred
any material liabilities (contingent or otherwise) other than (A) fees, expenses and other liabilities incurred in connection with the transactions contemplated hereby, (B) trade payables and other expenses incurred in the ordinary course
of business consistent with past practice and (C) liabilities not required to be reflected in the Company’s financial statements pursuant to GAAP or required to be disclosed in filings made with the SEC, (iii) the Company has not
altered its method of accounting, (iv) the Company has not declared or made any dividend or distribution of cash or other property to its stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital
stock and (v) the Company has not issued any equity securities to any officer, director or Affiliate, except pursuant to existing Company equity incentive plans or the exercise of Common Stock Equivalents. The Company does not have pending
before the SEC any request for confidential treatment of information. 
 (j) Litigation. There is no action, suit,
inquiry, notice of violation, Proceeding or investigation pending or, to the knowledge of the Company, threatened against or affecting the Company, any Subsidiary or any of their respective properties before or by any Governmental Authority
(federal, state, county, local or foreign) (collectively, an “Action”). No Action (i) adversely affects or challenges the legality, validity or enforceability of any of the Transaction Documents or the Shares or
(ii) could, if there were an unfavorable decision, have or reasonably be expected to result in a Material Adverse Effect. There has not been, and to the knowledge of the Company, there is not pending or contemplated, any investigation by the
SEC involving the Company or any current or former director or officer of the Company. 
 (k) Compliance. Neither the
Company nor any Subsidiary: (i) is in default under or in violation of (and no event has occurred that has not been waived that, with notice or lapse of time or both, would result in a default by the Company or any Subsidiary under), nor has
the Company or any Subsidiary received notice of a claim that it is in default under or that it is in violation of, any indenture, loan or credit agreement or any other agreement or instrument to which it is a party or by which it or any of its
properties is bound (whether or not such default or violation has been waived), (ii) is in violation of any judgment, decree or order of any court, arbitrator or other governmental authority or (iii) is or has been (during the preceding five
years) in violation of any Applicable Laws, including without limitation all foreign, federal, state and local laws relating to taxes, environmental protection, occupational health and safety, product quality and safety and employment, labor
matters, and Health Care Laws, except in each case as could not reasonably be expected to have or result in a Material Adverse Effect. 

  
 12 

 (l) Regulatory Permits. The Company and the Subsidiaries possess all
certificates, authorizations and permits issued by the appropriate federal, state, local or foreign regulatory authorities necessary to conduct their respective businesses as described in the SEC Reports, except where the failure to possess such
permits could not reasonably be expected to result in a Material Adverse Effect (“Material Permits”), and neither the Company nor any Subsidiary has received any notice of proceedings relating to the revocation or modification of
any Material Permit. 
 (m) Sarbanes-Oxley; Internal Accounting Controls. The Company is in material compliance with
any and all applicable requirements of the Sarbanes-Oxley Act of 2002 that are effective as of the date hereof and as of the Closing Date. The Company and the Subsidiaries maintain a system of internal accounting controls sufficient to provide
reasonable assurance that: (i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with
GAAP and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management’s general or specific authorization, and (iv) the recorded accountability for assets is compared with the existing
assets at reasonable intervals and appropriate action is taken with respect to any differences. The Company has established disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company and designed such disclosure controls and procedures to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is
recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. 
 (n)
Certain Fees. Except as set forth in the Prospectus Supplement, no brokerage or finder’s fees or commissions are or will be payable by the Company or any Subsidiary to any broker, financial advisor or consultant, finder, placement agent,
investment banker, bank or other Person with respect to the transactions contemplated by the Transaction Documents. The Purchasers shall have no obligation with respect to any fees or with respect to any claims made by or on behalf of other Persons
for fees of a type contemplated in this Section that may be due in connection with the transactions contemplated by the Transaction Documents. 

(o) Investment Company. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the
Shares, will not be or be an Affiliate of, an “investment company” within the meaning of the Investment Company Act of 1940, as amended. 

(p) Listing and Maintenance Requirements. The Common Stock is listed on the Principal Market and the issuance and sale
of the Shares by the Company as contemplated in this Agreement does not contravene the rules and regulations of the Principal Market other than with respect to the filing of application(s) to, and approval by, the Principal Market for the listing of
the Shares for trading thereon in the time and manner required thereby. The Common Stock is registered pursuant to Section 12(b) or 12(g) of the Exchange Act, and the Company has taken no action designed to, or which to its knowledge is likely
to have the effect of, terminating the registration of the Common Stock 

  
 13 

 
under the Exchange Act nor has the Company, in the 12 months preceding the date hereof, received any notification that the SEC is contemplating terminating such registration. The Company has not,
in the 12 months preceding the date hereof, received notice from any Principal Market on which the Common Stock is or has been listed or quoted to the effect that the Company is not in compliance with the listing or maintenance requirements of the
Principal Market. The Company is in compliance with all such listing and maintenance requirements. The Common Stock is currently eligible for electronic transfer through the Depository Trust Company or another established clearing corporation and
the Company is current in payment of the fees to the Depository Trust Company (or such other established clearing corporation) in connection with such electronic transfer. 

(q) Application of Takeover Protections. The Company and the Board of Directors have taken all necessary action, if any,
in order to render inapplicable any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or other similar anti-takeover provision under the
Company’s certificate of incorporation or the laws of the State of Delaware that is or could become applicable to the Purchasers as a result of the Purchasers and the Company fulfilling their obligations or exercising their rights under the
Transaction Documents, including without limitation as a result of the Company’s issuance of the Shares and the Purchasers’ ownership of the Shares. 

(r) Disclosure. Except with respect to the material terms and conditions of the transactions contemplated by the
Transaction Documents, the Company confirms that neither it nor any other Person acting on its behalf has provided any of the Purchasers or their agents or counsel with any information that it believes constitutes material information which is not
otherwise disclosed in the Form 10-K. The Company understands and confirms that the Purchasers will rely on the foregoing representation in effecting transactions in securities of the Company. The Company
acknowledges and agrees that no Purchaser makes or has made any representations or warranties with respect to the transactions contemplated hereby other than those specifically set forth in Section 3.2 hereof. 

(s) Foreign Corrupt Practices. Neither the Company nor any Subsidiary, nor to the knowledge of the Company or any
Subsidiary, any agent or other person acting on behalf of the Company or any Subsidiary, has (i) directly or indirectly, used any funds for unlawful contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic
political activity, (ii) made any unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic political parties or campaigns from corporate funds, (iii) failed to disclose fully any contribution
made by the Company or any Subsidiary (or made by any person acting on its behalf of which the Company is aware) which is in violation of law, or (iv) violated in any material respect any provision of FCPA. 

  
 14 

 (t) Acknowledgment Regarding Purchasers’ Purchase of the Shares.
The Company understands that each of the Purchasers is acting solely in the capacity of an arm’s length purchaser with respect to the Transaction Documents and the transactions contemplated thereby. The Company further acknowledges that no
Purchaser is acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect to the Transaction Documents and the transactions contemplated thereby and any advice given by any Purchaser or any of their respective
representatives or agents in connection with the Transaction Documents and the transactions contemplated thereby is merely incidental to the Purchasers’ purchase of the Shares. The Company further represents to each Purchaser that the
Company’s decision to enter into this Agreement and the other Transaction Documents has been based solely on the independent evaluation of the transactions contemplated hereby by the Company and its representatives. 

(u) Acknowledgment Regarding Purchaser’s Trading Activity. It is understood and acknowledged by the Company that:
(i) none of the Purchasers has been asked by the Company to agree, nor has any Purchaser agreed, to desist from purchasing or selling, long and/or short, securities of the Company, or “derivative” securities based on securities issued
by the Company or to hold the Shares for any specified term; (ii) past or future open market or other transactions by any Purchaser, specifically including, without limitation, Short Sales or “derivative” transactions, before or after
the closing of this or future private placement transactions, may negatively impact the market price of the Company’s publicly-traded securities; (iii) any Purchaser, and counter-parties in “derivative” transactions to which any
such Purchaser is a party, directly or indirectly, presently may have a “short” position in the Common Stock, and (iv) each Purchaser shall not be deemed to have any affiliation with or control over any arm’s length counter-party
in any “derivative” transaction. The Company further understands and acknowledges that (y) one or more Purchasers may engage in hedging activities at various times during the period that the Shares are outstanding, and (z) such
hedging activities (if any) could reduce the value of the existing stockholders’ equity interests in the Company at and after the time that the hedging activities are being conducted. The Company acknowledges that such aforementioned
hedging activities do not constitute a breach of any of the Transaction Documents. 
 (v) Regulation M
Compliance. The Company has not, and to its knowledge no one acting on its behalf has, (i) taken, directly or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of
the Company to facilitate the sale or resale of any of the Shares, (ii) sold, bid for, purchased, or, paid any compensation for soliciting purchases of, any of the Shares, or (iii) paid or agreed to pay to any Person any compensation for
soliciting another to purchase any other securities of the Company. 
 (w) Office of Foreign Assets Control. Neither
the Company nor any Subsidiary nor, to the Company’s knowledge, any director, officer, agent, employee or affiliate of the Company or any Subsidiary is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control
of the U.S. Treasury Department. 
 (x) Money Laundering. The operations of the Company and its Subsidiaries are and
have been conducted at all times in compliance with applicable financial record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, applicable money laundering statutes and applicable rules
and regulations thereunder (collectively, the “Money Laundering Laws”), and no Action or Proceeding by or before any court or Governmental Authority or any arbitrator involving the Company or any Subsidiary with respect to the Money
Laundering Laws is pending or, to the knowledge of the Company or any Subsidiary, threatened. 

  
 15 

 3.2 Representations and Warranties of the Purchasers. Each Purchaser, for itself and
for no other Purchaser, hereby represents and warrants as of the date hereof and as of the Closing Date to the Company as follows (unless made as of a specific date therein, in which case they shall be accurate as of such date): 

(a) Organization; Authority. Such Purchaser is an entity duly organized, validly existing and in good standing under the
laws of the jurisdiction of its incorporation or formation with full right, partnership power and authority to enter into and to consummate the transactions contemplated by the Transaction Documents and otherwise to carry out its obligations
hereunder and thereunder. The execution and delivery of the Transaction Documents and performance by such Purchaser of the transactions contemplated by the Transaction Documents have been duly authorized by all necessary corporate, partnership,
limited liability company or similar action, as applicable, on the part of such Purchaser, and no further consent or authorization is required by such Purchaser. Each Transaction Document to which it is a party has been duly executed by such
Purchaser, and when delivered by such Purchaser in accordance with the terms hereof, will constitute the valid and legally binding obligation of such Purchaser, enforceable against it in accordance with its terms, except: (i) as limited by
general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other Applicable Laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by Applicable Laws
relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by Applicable Laws. 

(b) Experience of Such Purchaser. Such Purchaser, either alone or together with its representatives, has such knowledge,
sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Shares, and has so evaluated the merits and risks of such investment. Such Purchaser is able
to bear the economic risk of an investment in the Shares and, at the present time, is able to afford a complete loss of such investment. 

(c) Access to Information. Such Purchaser acknowledges that it has had the opportunity to review the Transaction
Documents (including all exhibits and schedules thereto), the Registration Statement and the SEC Reports and has been afforded, (i) the opportunity to ask such questions as it has deemed necessary of, and to receive answers from,
representatives of the Company concerning the terms and conditions of the offering of the Shares and the merits and risks of investing in the Shares; (ii) access to information about the Company and its financial condition, results of
operations, business, properties, management and prospects sufficient to enable it to evaluate its investment; and (iii) the opportunity to obtain such additional information that the Company possesses or can acquire without unreasonable effort
or expense that is necessary to make an informed investment decision with respect to the investment. Such Purchaser understands that nothing in this Agreement, any of the other Transaction Documents or any other materials presented by the
Company to such Purchaser in connection with the purchase and sale of the Shares constitutes legal, tax or investment advice. 

  
 16 

 The Company acknowledges and agrees that neither the representations of any Purchaser contained in this
Section 3.2 nor any due diligence, inquiry or investigation by such Purchaser shall modify, amend or affect such Purchaser’s right to rely on the Company’s representations, warranties, covenants and agreements contained in this
Agreement or any representations and warranties contained in any other Transaction Document or any other document or instrument executed and/or delivered in connection with this Agreement or the consummation of the transactions contemplated hereby.
Notwithstanding the foregoing, for the avoidance of doubt, nothing contained herein shall constitute a representation or warranty, or preclude any actions, with respect to locating or borrowing shares in order to effect Short Sales or similar
transactions in the future. 
 ARTICLE IV. 

OTHER AGREEMENTS OF THE PARTIES 

4.1 Securities Laws Disclosure; Publicity. The Company shall by the Disclosure Time, file a Form
8-K with the SEC disclosing the material terms of the transactions contemplated hereby and attaching this Agreement (without redaction) as an exhibit thereto. The Company represents and warrants to each of the
Purchasers that, from and after the filing of such Form 8-K, the Company shall have publicly disclosed all material, non-public information delivered or made available
to any of the Purchasers by the Company or any of its Subsidiaries, or any of their respective officers, directors, employees or agents in connection with the transactions contemplated by the Transaction Documents or otherwise prior to such filing.
In addition, effective upon the issuance of such press release, the Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement, whether written or oral, between the Company, any of its Subsidiaries or
any of their respective officers, directors, agents, employees or Affiliates on the one hand, and any of the Purchasers or any of their Affiliates on the other hand, shall terminate. The Company and each Purchaser shall consult with each other in
issuing any other press releases with respect to the transactions contemplated hereby, and neither the Company nor any Purchaser shall issue any such press release nor otherwise make any such public statement without the prior consent of the
Company, with respect to any press release of any Purchaser, or without the prior consent of each Purchaser, with respect to any press release of the Company, which consent shall not unreasonably be withheld or delayed, except if such disclosure is
required by law, in which case the disclosing party shall promptly provide the other party with prior notice of such public statement or communication. 

4.2 Shareholder Rights Plan. No claim will be made or enforced by the Company or, with the consent of the Company, any other Person,
that any Purchaser is an “Acquiring Person” under any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or similar anti-takeover plan or arrangement in effect or hereafter
adopted by the Company, or that any Purchaser could be deemed to trigger the provisions of any such plan or arrangement, in each case by virtue of receiving the Shares under the Transaction Documents. 

  
 17 

 4.3 Non-Public Information. Except with
respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, which shall be disclosed pursuant to Section 4.1, the Company covenants and agrees that neither it, nor any other Person acting on its
behalf will provide any Purchaser or its agents or counsel with any information that constitutes, or the Company reasonably believes constitutes, material non-public information, unless prior thereto such
Purchaser shall have consented to the receipt of such information and agreed with the Company to keep such information confidential. To the extent that the Company, any of its Subsidiaries, or any of their respective officers, directors, agents,
employees or Affiliates delivers any material, non-public information to a Purchaser without such Purchaser’s consent or to the extent the Company fails to publicly disclose any material, non-public information as required by Section 4.1, the Company hereby acknowledges and agrees that such Purchaser shall not have any duty of trust of confidence to the Company, any of its Subsidiaries, or any
of their respective officers, directors, agents, employees or Affiliates, or a duty to the Company, any of its Subsidiaries or any of their respective officers, directors, agents, employees or Affiliates not to trade in any securities while aware
of, such material, non-public information. The Company understands and confirms that each Purchaser shall be relying on the foregoing covenants in effecting transactions in securities of the Company. 

4.4 Use of Proceeds. The Company shall use the net proceeds from the sale of the Share hereunder (i) to pay fees, costs and
expenses in connection with the transactions contemplated hereby, and (ii) for working capital purposes, expanding existing businesses or acquiring or investing in businesses, debt reduction or debt refinancing, capital expenditures and other
general corporate purposes. 
 ARTICLE V. 

MISCELLANEOUS 
 5.1
Termination. This Agreement may be terminated by any Purchaser, as to such Purchaser’s obligations hereunder only and without any effect whatsoever on the obligations between the Company and the other Purchasers, by written notice
to the other parties, if the Closing has not been consummated on or before the fifth (5th) Trading Day following the date hereof; provided, however, that no such termination will affect the right of any party to sue for any breach by
any other party (or parties). 
 5.2 Fees and Expenses. On the Closing Date, the Company shall reimburse the Purchasers for their fees
and expenses (including reasonable legal fees and expense) incurred by them in connection with the negotiation of, and entry into, this Agreement and the other Transaction Documents and the consummation of the transactions contemplated hereby and
thereby. The Company shall pay all Transfer Agent fees (including, without limitation, any fees required for same-day processing of any instruction letter delivered by the Company and any exercise notice
delivered by a Purchaser), stamp taxes and other taxes and duties levied in connection with the delivery of any Shares to the Purchasers. 

5.3 Entire Agreement. The Transaction Documents, together with the exhibits and schedules thereto, the Prospectus and the Prospectus
Supplement, contain the entire understanding of the parties with respect to the subject matter hereof and thereof and supersede all prior agreements, representations, warranties and understandings, oral or written, with respect to such matters,
which the parties acknowledge have been merged into such documents, exhibits and schedules. 

  
 18 

 5.4 Notices. Any and all notices or other communications or deliveries required or
permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of: (a) the time of transmission, if such notice or communication is delivered via facsimile at the facsimile number or email
attachment at the email address as set forth on the signature pages attached hereto at or prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the time of transmission, if such notice or communication is
delivered via facsimile at the facsimile number or email attachment at the email address as set forth on the signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day,
(c) the second (2nd) Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service or (d) upon actual receipt by the party to whom such
notice is required to be given. The address for such notices and communications shall be as follows: 
  

			
	If to the Company:	  	 Xeris Pharmaceuticals, Inc.
 180 N. LaSalle
Street, Suite 1600
 Chicago, Illinois 60601
 Attn: Legal
Department

		
	With a copy to (which shall not be deemed to constitute notice):	  	 Goodwin Procter LLP
 100 Northern Avenue

Boston, MA 02210
 Email: JTheis@goodwinlaw.com

Attn: Joseph C. Theis

		
	If to either Purchaser:	  	 c/o Deerfield Management Company, L.P.
 345 Park
Avenue South
 New York, NY 10010
 E-mail: dclark@deerfield.com
 Attn: David J. Clark

		
	With a copy to (which shall not be deemed to constitute notice):	  	 Katten Muchin Rosenman LLP
 525 West Monroe
Street
 Chicago, Il 60661
 Email: mark.wood@katten.com

Attn: Mark D. Wood

 5.5 Amendments; Waivers. No provision of this Agreement may be waived, modified, supplemented or
amended except in a written instrument signed by the Company and the Purchasers, or, in the case of a waiver, by the party against whom enforcement of any such waived provision is sought. No waiver of any default with respect to any provision,
condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any
party to exercise any right hereunder in any manner impair the exercise of any such right. 

  
 19 

 5.6 Headings. The headings herein are for convenience only, do not constitute a part
of this Agreement and shall not be deemed to limit or affect any of the provisions hereof. 
 5.7 Successors and Assigns. This
Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of each Purchaser
(other than by merger). Any Purchaser may assign any or all of its rights under this Agreement to any Person to whom such Purchaser assigns or transfers any Shares, provided that such transferee agrees in writing to be bound, with respect to the
transferred Shares, by the provisions of the Transaction Documents that apply to the “Purchasers.” 
 5.8 No Third-Party
Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except as
otherwise set forth in this Section 5.8. 
 5.9 Governing Law. All questions concerning the construction, validity, enforcement
and interpretation of the Transaction Documents shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all
legal Proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto or its respective affiliates, directors,
officers, stockholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and
federal courts sitting in the City of New York, borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement
of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any Action or Proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such Action or Proceeding is improper
or is an inconvenient venue for such Proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such Action or Proceeding by mailing a copy thereof via registered or certified mail or
overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained
herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law.    If any party shall commence an Action or Proceeding to enforce any provisions of the Transaction Documents, then the
prevailing party in such Action or Proceeding shall be reimbursed by the non-prevailing party for its reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation
and prosecution of such Action or Proceeding. 
 5.10 Survival. The representations and warranties contained herein shall survive the
Closing and the delivery of the Shares. 

  
 20 

 5.11 Execution. This Agreement may be executed in two or more counterparts, all of
which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to each other party, it being understood that the parties need not sign the same
counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of
the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original thereof. 

5.12 Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be
invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall
use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be
the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 

5.13 Remedies. In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages,
each of the Purchasers and the Company will be entitled to specific performance under the Transaction Documents. The parties agree that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations
contained in the Transaction Documents and hereby agree to waive and not to assert in any Action for specific performance of any such obligation the defense that a remedy at law would be adequate. 

5.14 Construction. The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to revise
the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of the Transaction Documents or any amendments
thereto. Unless the context otherwise requires, (a) all references to Sections, Schedules or Exhibits are to Sections, Schedules or Exhibits contained in or attached to this Agreement, (b) words in the singular or plural include the
singular and plural, and pronouns stated in either the masculine, the feminine or neuter gender shall include the masculine, feminine and neuter, and (c) the use of the word “including” or “includes” in this Agreement shall
be by way of example rather than limitation. 
 5.15 WAIVER OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN
ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY
JURY.  
 (Signature Pages Follow) 

  
 21 

 IN WITNESS WHEREOF, the undersigned have caused this Agreement to be duly executed by their
respective authorized signatories as of the date first indicated above. 
  

							
	COMPANY:	 		  	PURCHASERS:
			
	XERIS PHARMACEUTICALS, INC.	 		  	DEERFIELD PRIVATE DESIGN FUND III, L.P.
				
	By:	 	 /s/ Barry Deutsch
	 		  	By: Deerfield Mgmt III, L.P., its General Partner
	 Name:
 Title:
	 	 Barry Deutsch
 Chief Financial Officer
	 		  	  
 By: J.E. Flynn Capital III, LLC, its General Partner

				
		 		 		  	By: /s/ David J. Clark                            
		 		 		  	Name: David J. Clark
		 		 		  	Title: Authorized Signatory
				
		 		 		  	DEERFIELD PARTNERS, L.P.
				
		 		 		  	By: Deerfield Mgmt, L.P., its General Partner
				
		 		 		  	By: J.E. Flynn Capital, LLC, its General Partner
				
		 		 		  	By: /s/ David J. Clark                            
		 		 		  	Name: David J. Clark
		 		 		  	Title: Authorized Signatory

  
 22 

 Exhibit 1 
  

									
	 	  	Subscription Amount	 	  	Shares	 
	 DEERFIELD PRIVATE DESIGN FUND III, L.P.
	  	$	15,001,200	 	  	 	3,641,068	 
	 DEERFIELD PARTNERS, L.P.
	  	$	11,998,800	 	  	 	2,912,330

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