Document:

gern-ex102_100.htm

EXHIBIT 10.2

 

GERON CORPORATION

NON -EMPLOYEE DIRECTOR COMPENSATION POLICY

 

ORIGINALLY ADOPTED BY THE BOARD OF DIRECTORS: MARCH 10, 2014

 

AMENDED BY THE BOARD OF DIRECTORS: FEBRUARY 12, 2015, MAY 6, 2015, FEBRUARY 11, 2016, JANUARY 31, 2018, MAY 15, 2018 AND OCTOBER 1, 2018

 

Each member of the board of directors (the “Board”) of Geron Corporation (the “Company”) who is not an Employee (as defined in the Geron Corporation 2018 Equity Incentive Plan (the “2018 Plan”)) (each, a “Non-Employee Director”) will be eligible to receive cash and equity compensation as set forth in this Geron Corporation Non-Employee Director Compensation Policy (this “Policy”). The cash and equity compensation described in this Policy will be paid or granted, as applicable, automatically and without further action of the Board to each Non-Employee Director who is eligible to receive such cash or equity compensation, unless such Non-Employee Director declines the receipt of such cash or equity compensation by written notice to the Company.

 

This Policy, as amended, is effective as of October 1, 2018, and will remain in effect until it is revised or rescinded by further action of the Board. Capitalized terms not explicitly defined in this Policy but defined in the 2018 Plan will have the same definitions as in the 2018 Plan, except when specific reference is made to the Directors’ Market Value Stock Purchase Plan (the “Market Value Stock Plan”), in which case such terms will have the definitions set forth in the Market Value Stock Plan. 

 

1. CASH COMPENSATION.

 

(a) Annual Retainers. Each Non-Employee Director will be eligible to receive the following annual retainers for service as (i) a member and/or chairperson of the Board and (ii) a member or chairperson of a committee of the Board (“Committee”) set forth below, as applicable.

 

			
	
Board or Committee
	
Type of Retainer*
	
Amount (Per Year)

	
Board
	
Chair
	
$35,000

	
 
	
Member
	
$42,500

	
Audit Committee
	
Chair
	
$25,000

	
 
	
Member (Non-Chair)
	
$12,500

	
Compensation Committee
	
Chair
	
$15,000

	
 
	
Member (Non-Chair)
	
$7,500

	
Nominating and Corporate Governance Committee
	
Chair
	
$10,000

	
 
	
Member (Non-Chair)
	
$5,000

 

	
*
	
The chairperson of the Board is eligible to receive a retainer for service as the chairperson and an additional retainer for service as a member of the Board. The chairperson of each Committee is eligible to receive a retainer for service as the chairperson, but not an additional retainer for service as a member of the Committee.

 

The annual retainers will be paid in arrears in four equal quarterly installments, earned upon the completion of service in each calendar quarter. Notwithstanding the foregoing, each person who is elected or appointed to be a Non-Employee Director or who is appointed to serve on one of the Committees set forth above or as the chairperson of the Board or one of the Committees set forth above, in each case other than on the first day of a calendar quarter, will be eligible to receive a pro rata amount of the annual retainers described above with respect to the calendar quarter in which such person becomes a Non-Employee Director, a member of one of the Committees, or the chairperson of the Board or one of the Committees, as applicable, which pro rata amount reflects a reduction for each day during the calendar quarter prior to the date of such election or appointment.

 

The annual retainers will be paid on a pro-rata basis in arrears after the end of each quarter in the form of cash, or alternatively, subject to each Non-Employee Director’s written election pursuant to the requirements set forth in this paragraph, in the form of fully vested shares of Common Stock on the same date the cash retainer would otherwise have been paid.  Such shares of Common Stock shall be issued under (i) the 2018 Plan based on the Fair 

 

 

Market Value (as defined in the 2018 Plan) for retainers paid for 2018 service and (ii) the Market Value Stock Plan based on the Market Value (as defined in the Market Value Stock Plan) for retainers paid for service in and after 2019; provided, however, that, in connection with the adoption of the Market Value Stock Plan by the Board effective October 1, 2018, any Non-Employee Director may, no later than December 1, 2018, elect in writing to receive shares of Common Stock under the Market Value Stock Plan for retainers paid for service in the quarter ending December 31, 2018 (each, a “Special Election”). 

 

Subject to the following sentence, all written elections (other than any Special Elections) must be submitted (A) with respect to continuing Non-Employee Directors, in January of each calendar year or (B) with respect to any person who first becomes a Non-Employee Director in any calendar year, in the first month of the next quarter following the quarter in which he or she first became a Non-Employee Director (such elections, the “Annual Elections”), and all Annual Elections and any Special Elections must also be submitted during an “open window period” in accordance with the Company’s then-effective Insider Trading Compliance Program or any other policy on trading in Company securities and when the Non-Employee Director submitting the Annual Election or Special Election, as the case may be, is not otherwise aware of any material, nonpublic information with respect to the Company or any of its securities (collectively, each, an “Open Window”). With respect to Annual Elections, if a Non-Employee Director is unable to submit an Annual Election within the applicable timeframe set forth in the preceding sentence due to the fact that there were no Open Windows within such applicable timeframe during which an Annual Election could be submitted, then the Annual Election for that calendar year will be due no later than the tenth business day following the commencement of the next Open Window (provided that an Annual Election is actually submitted during such next Open Window).  If, as a result of the preceding sentence, an Annual Election for any calendar year is submitted after the date that is thirty days prior to the end of the next quarter, then such Annual Election will be applicable only to the quarters ending after the end of such next quarter. Subject to the preceding sentence, an Annual Election to be paid in Common Stock will be applied to each quarter’s payment during the calendar year of such Annual Election. 

 

(b) Expenses. Each Non-Employee Director will be eligible for reimbursement from the Company for all reasonable out-of-pocket expenses incurred by the Non-Employee Director in connection with his or her attendance at Board and Committee meetings.

 

To the extent that any taxable reimbursements are provided to a Non-Employee Director, they will be provided in accordance with Section 409A of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations and other guidance thereunder and any state law of similar effect, including, but not limited to, the following provisions: (i) the amount of any such expenses eligible for reimbursement during the Non-Employee Director’s taxable year may not affect the expenses eligible for reimbursement in any other taxable year; (ii) the reimbursement of an eligible expense must be made no later than the last day of the Non-Employee Director’s taxable year that immediately follows the taxable year in which the expense was incurred; and (iii) the right to any reimbursement may not be subject to liquidation or exchange for another benefit.

 

2. EQUITY COMPENSATION. The options described in this Policy will be granted under the 2018 Plan and will be subject to the terms and conditions of (i) this Policy, (ii) the 2018 Plan and (ii) the forms of Option Agreements approved by the Board for the grant of options to Non-Employee Directors under the 2018 Plan.

 

(a) Initial Grants. Each person who first becomes a Non-Employee Director, whether through election by the stockholders of the Company or appointment by the Board to fill a vacancy, automatically will be granted a Nonstatutory Stock Option to purchase 120,000 shares of Common Stock (a “First Director Option”) on the date of his or her initial election or appointment to be a Non-Employee Director. For the avoidance of doubt, the Executive Chairman of the Board will not be eligible to receive a First Director Option pursuant to this Section 2(a).

 

(b) Annual Grants. On the date of each annual meeting of the Company’s stockholders  each person who is then a Non-Employee Director and will be continuing as a Non-Employee Director following the date of such annual meeting (other than any Non-Employee Director receiving a First Director Option on the date of such annual meeting) automatically will be granted a Nonstatutory Stock Option to purchase 70,000 shares of Common Stock (a “Subsequent Director Option”). For the avoidance of doubt, the Executive Chairman of the Board will not be eligible to receive a Subsequent Director Option pursuant to this Section 2(b).

 

 

 

 

(c) Terms of Options.

 

(i) Exercise Price. The exercise price of each First Director Option and Subsequent Director Option will be equal to 100% of the Fair Market Value of the Common Stock subject to such option (as determined in accordance with the 2018 Plan) on the date such option is granted.

 

(ii) Vesting. Each First Director Option and Subsequent Director Option will vest and become exercisable as follows:

 

(A) Each First Director Option will vest and become exercisable in installments cumulatively as to 33 1/3% of the shares of Common Stock subject to such option on each of the first, second and third anniversaries of the date of grant of such option, subject to the Non-Employee Director’s Continuous Service through such dates.

 

(B) Each Subsequent Director Option will vest and become exercisable as to 100% of the shares of Common Stock subject to such option on the earlier of (i) the date of the next annual meeting of the Company’s stockholders (the “Next Annual Meeting”) or (ii) the first anniversary of the date of grant of such option, subject to the Non-Employee Director’s Continuous Service through such dates. For the sake of clarity, if a Non-Employee Director either (x) does not stand for reelection at the Next Annual Meeting and is a member of the class of directors whose term expires at the Next Annual Meeting or (y) otherwise resigns from the Board effective at or on the date of the Next Annual Meeting and, in either case, the Non-Employee Director’s Continuous Service terminates at or on the date of the Next Annual Meeting, then such Non-Employee Director’s Continuous Service shall be deemed to have continued through the date of the Next Annual Meeting for purposes of this Policy.

 

(C) Notwithstanding Sections 2(c)(ii)(A) and 2(c)(ii)(B) above, the vesting of a First Director Option and Subsequent Director Option will be subject to (i) full acceleration in the event of a Change in Control and (ii) partial acceleration in the event of the Non-Employee Director’s termination of Continuous Service by reason of the Non-Employee Director’s Disability or death pursuant to, and in accordance with, the 2018 Plan and each Option Agreement.Exhibit 10.1

 

FIRST AMENDMENT TO FINANCING AGREEMENT

 

FIRST AMENDMENT, dated as of August 16, 2018 (this
"Amendment"), to the Financing Agreement, dated as of January 31, 2018 (as the same may be amended, restated,
supplemented or otherwise modified from time to time, including any replacement agreement therefor, the "Financing Agreement"),
by and among Harvard Bioscience, Inc., a Delaware corporation (the "Parent" or the "Borrowing Agent"),
each subsidiary of the Parent listed as a "Borrower" on the signature pages thereto (together with the Parent and each
other Person that executes a joinder agreement and becomes a "Borrower" thereunder, each a "Borrower"
and collectively, the "Borrowers"), the Guarantors (as defined therein) from time to time party thereto, the lenders
from time to time party thereto (each a "Lender" and collectively, the "Lenders"), Cerberus Business
Finance, LLC, a Delaware limited liability company, as collateral agent for the Lenders (in such capacity, together with its successors
and assigns in such capacity, the "Collateral Agent"), and PNC Bank, National Association, as administrative agent
for the Lenders (in such capacity, together with its successors and assigns in such capacity, the "Administrative Agent"
and together with the Collateral Agent, each an "Agent" and, collectively, the "Agents").

 

WHEREAS, the Loan Parties have requested, and
the Agents and the Lenders have agreed, subject to the terms and conditions set forth herein, to amend the Financing Agreement
on the terms and conditions set forth below.

 

NOW THEREFORE, in consideration of the premises
and other good and valuable consideration, the parties hereto hereby agree as follows:

 

1. Definitions.
All terms used herein that are defined in the Financing Agreement and not otherwise defined herein shall have the meanings assigned
to them in the Financing Agreement.

 

2. Amendments.

 

(a)          
Section 1.01 of the Financing Agreement is hereby amended by adding the following definition in appropriate alphabetical
order:

 

"'Borrowing Base Limited Option
Period' means the period (x) beginning on the date on which the Administrative Agent receives written notice from the Borrowing
Agent stating that the Loan Parties have elected to limit the Borrowing Base calculation to the assets of the Loan Parties constituting
the Parent and Surviving Borrower located in the United States, which period may commence solely to the extent there does not exist
an Event of Default and Availability (calculated after giving effect to the limitation referred to in this subclause (x)) is not
less than or equal to $2,000,000, and (y) ending upon the earlier of (i) the date on which the Administrative Agent receives written
notice from the Borrowing Agent stating that the Loan Parties have elected to terminate such limitation on the Borrowing Base calculation
and (ii) at the option of the Collateral Agent, at any time during the existence of an Event of Default or if Availability (after
giving effect to the Borrowing Base limitation referred to in subclause (x) above) is less than or equal to $2,000,000. Notwithstanding
the foregoing, the initial Borrowing Base Limited Option Period commenced on April 30, 2018."

 

    

    

    

 

(b)         
The paragraph immediately after the formula set forth in the definition of "Borrowing Base" in
Section 1.01 of the Financing Agreement is hereby amended and restated in its entirety to read as follows:

 

"Notwithstanding anything to the contrary in the defined
term “Borrowing Base” or any other related definition or provision in this Agreement, (A) none of the Eligible Inventory
located at the Foreign Loan Parties' locations in Canada or the United Kingdom shall be included in the Borrowing Base until the
Administrative Agent shall have received field examinations and/or appraisals of such Eligible Inventory, in each case in form
and substance reasonably acceptable to Administrative Agent in its Permitted Discretion, (B) during the Borrowing Base Limited
Option Period, the value attributable to the Eligible Accounts, Eligible Inventory and Eligible Work-in-Process contained in the
determination of the Borrowing Base shall include only such assets of the Loan Parties constituting the Parent and the Surviving
Borrower located in the United States and not any such assets that are not located in the United States or the assets of any other
Loan Party, (C) to the extent that the Borrowing Base Limited Option Period terminates for any reason, the Borrowing Base may include
the Eligible Accounts, Eligible Inventory and Eligible Work-in-Process of Biochrom US, Inc. in the determination of the Borrowing
Base with the aggregate value attributable thereto not to exceed $1,750,000 until the Agents shall have received a Field Survey
and Audit and appraisal of such assets in form and substance satisfactory to the Agents and the Eligible Accounts, Eligible Inventory
and Eligible Work-in-Process of all other Loan Parties and any assets of the Parent and the Surviving Borrower not located in the
United States shall not be included in the determination of the Borrowing Base until the Agents receive a Field Survey and Audit
and appraisal of such assets in form and substance satisfactory to the Agents and (D) during the Borrowing Base Limited Option
Period, certain categories of Collateral that are not eligible for inclusion in the Borrowing Base and the respective amounts thereof
shall be set forth on Schedule 1.01(F), and such categories and amounts may be updated or otherwise changed based on the
results of the most recent Field Survey and Audit as determined by the Administrative Agent in its Permitted Discretion. The Field
Survey and Audits and appraisals referenced in clause (C) above shall be at the expense of the Borrowers and shall be in addition
to those referenced in the last sentence of Section 2.06(c)."

 

(c)          
The last sentence of Section 2.06(c) of the Financing Agreement is hereby amended and restated in its entirety to read as
follows:

 

"The foregoing notwithstanding, so long as no Event
of Default shall have occurred and be continuing, the Borrowers shall not be obligated to reimburse the Agents or Lenders for more
than two Field Survey and Audits and one inventory appraisal in any twelve month period, provided, that, during the Borrowing
Base Limited Option Period, the Borrowers shall only be obligated to reimburse such expenses to the extent attributable to the
Field Survey and Audits and appraisals of the assets and operations of the Parent and the Surviving Borrower located in the United
States."

 

    2

    

    

 

(d)         
Section 7.01(a)(i) of the Financing Agreement is hereby amended and restated in its entirety to read as follows:

 

"within 30 days after the end of each fiscal month
of the Parent and its Subsidiaries commencing with the first fiscal month of the Parent and its Subsidiaries ending after the Effective
Date, internally prepared consolidated and consolidating balance sheets, statements of operations and retained earnings as at the
end of such fiscal month, and for the period commencing at the end of the immediately preceding Fiscal Year and ending with the
end of such fiscal month, setting forth in each case in comparative form the figures for the corresponding date or period set forth
in (A) the financial statements for the immediately preceding Fiscal Year, and (B) the Projections, all in reasonable detail and
certified by an Authorized Officer of the Parent as fairly presenting, in all material respects, the financial position of the
Parent and its Subsidiaries as at the end of such fiscal month and the results of operations and retained earnings of the Parent
and its Subsidiaries for such fiscal month and for such year-to-date period, in accordance with GAAP applied in a manner consistent
with that of the most recent audited financial statements furnished to the Agents and the Lenders, subject to the absence of footnotes
and normal year-end adjustments;"

 

(e)          
The following proviso is hereby added to the end of Section 7.01(a)(v) of the Financing Agreement immediately prior to the
semicolon thereto as follows:

 

"; provided, that, during the Borrowing Base
Limited Option Period, such reports required pursuant to this Section 7.01(a)(v) shall be limited to assets of the Parent and the
Surviving Borrower located in the United States"

 

(f)          
Schedule 1.01(F) set forth in Annex A hereto shall be appended to the end of the Financing Agreement.

 

3. Acknowledgement.

 

(a)          
Pursuant to Section 5.03(a)(i) of the Financing Agreement, the Loan Parties were required to furnish to the Collateral Agent,
within 90 days after the Effective Date (or such later date as determined by the Agents in their sole discretion), all Cash Management
Agreements that, in the reasonable judgment of the Agents, are required for the Loan Parties to comply with the Loan Documents
as of the Effective Date, each duly executed by, in addition to the applicable Loan Party, the applicable financial institution.
Notwithstanding anything contained in the Financing Agreement, the Agents and the Lenders acknowledge and agree that all Cash Management
Agreements required to be furnished to the Collateral Agent pursuant to Section 5.03(a) of the Financing Agreement have been furnished.

 

(b)         
Pursuant to Section 5.03(a)(ii) of the Financing Agreement, the Loan Parties were required to furnish to the Collateral
Agent, within 90 days after the Effective Date (or such later date as determined by the Agents in their sole discretion), Processor
Letters from each Credit Card Processor set forth on Schedule 6.01(jj) as of the Effective Date. Notwithstanding anything contained
in the Financing Agreement, the Agents and the Lenders acknowledge and agree that the Loan Parties have used commercially reasonable
efforts to obtain such letters.

 

    3

    

    

 

4. Representations
and Warranties. Each Loan Party hereby represents and warrants to the Agents and the Lenders as follows:

 

(a)          
Organization, Good Standing, Etc. Each Loan Party and each of its Subsidiaries
(i) is a corporation, limited company, limited liability company or limited partnership, as applicable, duly organized, validly
existing and in good standing under the laws of the state or jurisdiction of its incorporation or organization, as applicable,
(ii) has all requisite power and authority to conduct its business as now conducted and as presently contemplated and to execute
and deliver this Amendment, and to consummate the transactions contemplated hereby and by the Financing Agreement, as amended hereby,
and (iii) is duly qualified to do business and is in good standing in each jurisdiction in which the character of the properties
owned or leased by it or in which the transaction of its business makes such qualification necessary, except (solely for the purposes
of this subclause (iii)) where the failure to be so qualified or in good standing, individually or in the aggregate, could
not reasonably be expected to result in a Material Adverse Effect.

 

(b)         
Authorization, Etc. The execution, delivery and performance by each Loan Party of this Amendment and the Financing
Agreement, as amended hereby, (i) have been duly authorized by all necessary corporate or other organizational action, (ii) do
not and will not contravene any of its Governing Documents or, in any material respect, any applicable Requirement of Law, (iii)
do not and will not conflict with, result in a breach of, or constitute (with due notice or lapse of time or both) a default under
any Material Contract, (iv) do not and will not result in or require the creation of any Lien (other than pursuant to any
Loan Document) upon or with respect to any of its properties, and (v) do not and will not result in any default, noncompliance,
suspension, revocation, impairment, forfeiture or nonrenewal of any material permit, license, authorization or approval applicable
to its operations or any of its properties.

 

(c)          
Governmental Approvals. No authorization or approval or other action by, and no notice to or filing with, any Governmental
Authority is required in connection with the due execution, delivery and performance by any Loan Party of this Amendment and the
Financing Agreement, as amended hereby, other than (x) authorizations, approvals, notices, filings or other actions that have been
obtained and that are still in force and effect and (y) filing of this Amendment with the SEC following the execution hereof.

 

(d)         
Enforceability of Amendment. Each of this Amendment and the Financing Agreement, as amended hereby, is and each other
Loan Document to which any Loan Party is or will be a party, when delivered hereunder, will be a legal, valid and binding obligation
of such Person which is a party thereto, enforceable against such Person in accordance with its terms, except as enforceability
may be limited by applicable equitable principles or by bankruptcy, insolvency, reorganization, moratorium or other similar laws
affecting the enforcement of creditors' rights generally.

 

    4

    

    

 

5. Conditions
to Effectiveness. This Amendment shall become effective only upon satisfaction in full, in a manner satisfactory to the Collateral
Agent, of the following conditions precedent (the first date upon which all such conditions shall have been satisfied being herein
called the "First Amendment Effective Date"):

 

(a)          
Delivery of Documents. The Collateral Agent shall have received this Amendment duly executed and delivered by the
Loan Parties, the Agents and the Lenders.

 

(b)         
Representations and Warranties. The representations and warranties contained in ARTICLE VI of the Financing Agreement
(as amended hereby) and in each other Loan Document, certificate or other writing delivered to any Secured Party pursuant hereto
or thereto on or prior to the First Amendment Effective Date shall be true and correct in all material respects (except that such
materiality qualifier shall not be applicable any representations or warranties that already are qualified or modified as to "materiality"
or "Material Adverse Effect" in the text thereof, which representations and warranties shall be true and correct in all
respects subject to such qualification) on and as of the First Amendment Effective Date as though made on and as of the First Amendment
Effective Date, except to the extent that any such representation or warranty expressly relates solely to an earlier date (in which
case such representation or warranty shall be true and correct in all material respects (except that such materiality qualifier
shall not be applicable to any representations or warranties that already are qualified or modified as to "materiality"
or "Material Adverse Effect" in the text thereof, which representations and warranties shall be true and correct in all
respects subject to such qualification) on and as of such earlier date).

 

(c)          
No Default or Event of Default. After giving effect to this Amendment, no Default or Event of Default shall have
occurred and be continuing on the First Amendment Effective Date or would result from this Amendment becoming effective in accordance
with its terms.

 

(d)         
Payment of Fees, Etc. The Loan Parties shall have paid all fees, costs and expenses then due and payable by the Loan
Parties pursuant to the Loan Documents, including, without limitation, the Fee Letter and Sections 2.06 and 12.04 of the Financing
Agreement, so long as with respect to third party items they have been invoiced to the Loan Parties at least thirty (30) days prior
to the First Amendment Effective Date.

 

6. Continued
Effectiveness of the Financing Agreement and Other Loan Documents. Each Loan Party hereby (i) acknowledges and consents to
this Amendment, (ii) confirms and agrees that the Financing Agreement and each other Loan Document to which it is a party
is, and shall continue to be, in full force and effect and is hereby ratified and confirmed in all respects except that on and
after the First Amendment Effective Date all references in any such Loan Document to "the Financing Agreement", the "Agreement",
"thereto", "thereof", "thereunder" or words of like import referring to the Financing Agreement shall
mean the Financing Agreement as amended by this Amendment, and (iii) confirms and agrees that to the extent that any such
Loan Document purports to assign or pledge to the Collateral Agent for the benefit of the Agents and the Lenders, or to grant to
the Collateral Agent for the benefit of the Agents and the Lenders a security interest in or Lien on, any Collateral as security
for the Obligations from time to time existing in respect of the Financing Agreement (as amended hereby) and the other Loan Documents,
such pledge, assignment and/or grant of the security interest or Lien is hereby ratified and confirmed in all respects. This Amendment
does not and shall not affect any of the obligations of the Loan Parties, other than as expressly provided herein, including, without
limitation, the Loan Parties' obligations to repay the Loans in accordance with the terms of Financing Agreement, or the obligations
of the Loan Parties under any Loan Document to which they are a party, all of which obligations shall remain in full force and
effect, and nothing herein contained shall be construed as a substitution or novation of the obligations outstanding under the
Financing Agreement or instruments securing the same. Nothing expressed or implied
in this Amendment shall be construed
as a release or other discharge of any Loan Party under the Financing Agreement,
or the other Loan Documents, as amended
hereby, from any of its obligations and liabilities as a "Borrower",
"Guarantor" or "Loan Party" thereunder. Except as expressly provided
herein, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy
of the Agents or any Lender under the Financing Agreement or any other Loan Document, nor constitute a waiver of any provision
of the Financing Agreement or any other Loan Document.

 

    5

    

    

 

7. Miscellaneous.

 

(a)          
This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each
of which shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. Delivery
of an executed counterpart of this Amendment by facsimile or electronic mail shall be equally effective as delivery of an original
executed counterpart of this Amendment.

 

(b)         
Section and paragraph headings herein are included for convenience of reference only and shall not constitute a part of
this Amendment for any other purpose.

 

(c)          
This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York.

 

(d)         
Each Loan Party hereby acknowledges and agrees that this Amendment constitutes a "Loan Document" under the Financing
Agreement. Accordingly, it shall be an Event of Default under the Financing Agreement if (i) any representation or warranty made
by a Loan Party under or in connection with this Amendment shall have been incorrect in any material respect when made, or (ii)
any Loan Party shall fail to perform or comply with any covenant or agreement contained in this Amendment.

 

(e)          
Any provision of this Amendment that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining portions hereof or affecting
the validity or enforceability of such provision in any other jurisdiction.

 

[remainder of page intentionally left blank]

 

    6

    

    

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to
be executed and delivered as of the date set forth on the first page hereof.

 

BORROWERS:

 

HARVARD BIOSCIENCE, INC.

 

By: /s/ Robert E. Gagnon

Name: Robert E. Gagnon

Title: Chief Financial Officer

 

DATA SCIENCES INTERNATIONAL, INC.

 

By: Harvard Bioscience, Inc., its sole shareholder

 

By: /s/ Robert E. Gagnon

Name: Robert E. Gagnon

Title: Chief Financial Officer

 

    
[First Amendment to Financing Agreement]

    

    

 

GUARANTORS:

 

HOEFER, INC.

 

By: Harvard Bioscience, Inc., its sole shareholder

 

By: /s/ Robert E. Gagnon

Name: Robert E. Gagnon

Title: Chief Financial Officer

WARNER INSTRUMENTS LLC

 

By: Harvard Bioscience, Inc., its sole member

 

By: /s/ Robert E. Gagnon

Name: Robert E. Gagnon

Title: Chief Financial Officer

 

TRIANGLE BIOSYSTEMS, INC.

 

By: Harvard Bioscience, Inc., its sole shareholder

 

By: /s/ Robert E. Gagnon

Name: Robert E. Gagnon

Title: Chief Financial Officer

 

DENVILLE SCIENTIFIC, INC.

 

By: Harvard Bioscience, Inc., its sole shareholder

 

By: /s/ Robert E. Gagnon

Name: Robert E. Gagnon

Title: Chief Financial Officer

 

    
[First Amendment to Financing Agreement]

    

    

 

COULBOURN INSTRUMENTS, LLC

 

By: Denville Scientific, Inc., its sole member

By: Harvard Bioscience, Inc., its sole shareholder

 

By: /s/ Robert E. Gagnon

Name: Robert E. Gagnon

Title: Chief Financial Officer

BIOCHROM US, INC.

 

By: Harvard Bioscience, Inc., its sole shareholder

 

By: /s/ Robert E. Gagnon

Name: Robert E. Gagnon

Title: Chief Financial Officer

BIOCHROM LIMITED

 

By: /s/ Robert E. Gagnon

Name: Robert E. Gagnon

Title: Director

 

EALING SCIENTIFIC LIMITED /

LA COMPAGNIE SCIENTIFIQUE EALING LIMITÉE

By: Harvard Bioscience, Inc., its sole shareholder

 

By: /s/ Robert E. Gagnon

Name: Robert E. Gagnon

Title: Chief Financial Officer

 

    
[First Amendment to Financing Agreement]

    

    

 

DATA SCIENCES UK (MN) LIMITED

By: Data Sciences International, Inc., its sole shareholder

 

By: /s/ Robert E. Gagnon

Name: Robert E. Gagnon

Title: Director

 

    
[First Amendment to Financing Agreement]

    

    

 

COLLATERAL AGENT:

 

CERBERUS BUSINESS FINANCE, LLC

 

		By:	/s/ Authorized Signatory

Name: Authorized Signatory

Title: Authorized Signatory

 

    
[First Amendment to Financing Agreement]

    

    

 

 

	 	ADMINISTRATIVE AGENT AND A LENDER:

         

        PNC BANK, NATIONAL ASSOCIATION

        

         

        By: /s/ Matthew Leighton

        Name: Matthew Leighton

        Title: Vice President

	 	 

 

 

    
[First Amendment to Financing Agreement]

    

    

 

LENDERS:

 

CERBERUS ASRS FUNDING LLC

 

By: /s/ Daniel E. Wolf

Name: Daniel E. Wolf

Title: Vice President

 

CERBERUS CAVALIERS LEVERED LOAN OPPORTUNITIES FUND,
LLC       

 

By: /s/ Daniel E. Wolf

Name: Daniel E. Wolf

Title: Vice President

 

CERBERUS ICQ OFFSHORE LEVERED LP

By: Cerberus ICQ Offshore GP LLC

Its: General Partner

 

By: /s/ Daniel E. Wolf

Name: Daniel E. Wolf

Title: Senior Managing Director

 

CERBERUS LOAN FUNDING XX L.P.

By: Cerberus LFGP XX, LLC

Its: General Partner

 

By: /s/ Daniel E. Wolf

Name: Daniel E. Wolf

Title: Senior Managing Director

 

CERBERUS LOAN FUNDING XXII L.P.

By: Cerberus LFGP XXII, LLC

Its: General Partner

 

By: /s/ Daniel E. Wolf

Name: Daniel E. Wolf

Title: Senior Managing Director

 

    
[First Amendment to Financing Agreement]

    

    

 

CERBERUS LOAN FUNDING XXIII L.P.

By: Cerberus LFGP XXIII, LLC

Its: General Partner

 

By: /s/ Daniel E. Wolf

Name: Daniel E. Wolf

Title: Senior Managing Director

 

CERBERUS LOAN FUNDING XXIV L.P.

By: Cerberus LFGP XXIV, LLC

Its: General Partner

 

By: /s/ Daniel E. Wolf

Name: Daniel E. Wolf

Title: Senior Managing Director

 

CERBERUS N-1 FUNDING LLC

 

By: /s/ Daniel E. Wolf

Name: Daniel E. Wolf

Title: Vice President

 

CERBERUS ND LEVERED LLC

 

By: /s/ Daniel E. Wolf

Name: Daniel E. Wolf

Title: Vice President

 

CERBERUS OFSHORE LEVERED LOAN OPPORTUNITIES MASTER FUND III, L.P.

By: Cerberus Offshore Levered Opportunities III GP, LLC

Its: General Partner

 

By: /s/ Daniel E. Wolf

Name: Daniel E. Wolf

Title: Senior Managing Director

 

    
[First Amendment to Financing Agreement]

    

    

 

CERBERUS PSERS LEVERED LLC

 

By: /s/ Daniel E. Wolf

Name: Daniel E. Wolf

Title: Vice President

 

CERBERUS REDWOOD LEVERED A LLC

 

By: /s/ Daniel E. Wolf

Name: Daniel E. Wolf

Title: Vice President

 

CERBERUS REDWOOD LEVERED LOAN OPPORTUNITIES FUND B,
L.P.

By: Cerberus Redwood Levered Opportunities GP B, LLC

Its: General Partner

 

By: /s/ Daniel E. Wolf

Name: Daniel E. Wolf

Title: Senior Managing Director

 

CERBERUS SWC LEVERED HOLDINGS II LP

By: CSL Holdings II GP LLC

Its: General Partner

 

By: /s/ Daniel E. Wolf

Name: Daniel E. Wolf

Title: Senior Managing Director

 

    
[First Amendment to Financing Agreement]

    

    

ANNEX A

 

SCHEDULE 1.01(F)

 

INELIGIBLE CATEGORIES

 

	 	 	 	Total	HAI US	DSI 
	Sales Clearing	 	$47,700.00	$47,700.00	$0.00
	Trade Clearing	 	$74,100.00	$74,100.00	$0.00
	Deferred Revenue	 	$424,500.00	$14,500.00	$410,000.00
	Warranties Contra	 	$246,300.00	$65,600.00	$180,700.00
	FOB Destination	 	 	$197,000.00	$0.00	$197,000.00
	Customer Replacement Unit Liab	 	$429,000.00	$0.00	$429,000.00
	Debit Memos	 	$0.00	$0.00	$0.00
	Tooling Bills	 	$0.00	$0.00	$0.00
	Other	 	 	$0.00	$0.00	$0.00

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00288-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00288-of-00352.parquet"}]]