Document:

Document

Exhibit 10.2.25
SEPARATION AND RELEASE AGREEMENT
For EXECUTIVE OFFICERS

I, Andrew Martin, whose address is [ ], understand that my employment with Jack in the Box Inc. and/or any past or present subsidiary, affiliate, predecessor, or successor, (Collectively referred to herein as “Company”) will terminate May 7, 2021 (“Termination Date”).  This Separation and Release Agreement (“Agreement”) is entered into in connection with my termination.
Company Offer. Although the Company has no obligation to do so, if I: (i) fulfill the Requirements to Accept Offer; and (ii) comply with all of my legal and contractual obligations to the Company, then the Company will provide me with the following severance benefit (the “Severance Benefit”):
(a)Severance Payment.  The Company will pay me, as severance, a total amount of $390,948 (less required payroll deductions and any other offsets for money I owe the Company), of which  $374,623  represents the Lump Sum Severance Payment and COBRA Payment pursuant to Section 3(a) and 3(c) of the Company’s Severance Plan for Executive Officers (“Separation Payment”), and additional severance of $16,325.  This Separation Payment is in addition to wages or other amounts earned as of the Termination date, and I am entitled to those amounts regardless of whether or not I sign this Agreement.   
The Separation Payment will be paid to me as consideration for my settlement, release, and discharge of any and all known or unknown claims as described below.  In order to receive this Separation Payment, the Requirements to Accept Offer described below must be fulfilled and I must otherwise comply with all of my legal and contractual obligations to the Company.
(b)Annual Incentive Payment.   If I am not eligible to receive an annual incentive payment under the terms of the Company’s Performance Incentive Program (because I am not retirement eligible under that program), I will remain eligible to receive a prorated lump sum cash payment under the Company’s Performance Incentive Program as described in Section 3(b) of the Company’s Severance Plan for Executive Officers (the “Prorated Annual Incentive Payment”).  I understand that no Prorated Annual Incentive Payment is guaranteed and will be calculated and determined by the Company based on fiscal year performance achievement against the applicable performance goals and methodology set forth in the Performance Incentive Payment. The Prorated Annual Incentive Payment, if any, will be made after the end of the fiscal year in which my termination occurs.

(c)Outplacement Support.  The Company will provide me up to (12) months of outplacement support through a provider selected and paid for by the Company.  

If the Requirements to Accept Offer are not fulfilled, the Company Offer automatically terminates.  
Requirements to Accept Offer.  In order to accept the Company Offer I must:

(a)    sign this Agreement and return it to the Company by either:
(i)hand-delivering the Agreement to Peggy Chapman, Director, Human Resources, 9357 Spectrum Center Blvd., San Diego, CA  92123 no later than close of business on May 28, 2021; or
(ii)mailing or sending the Agreement by overnight service such as Federal Express to: Peggy Chapman, Director, Human Resources, 9357 Spectrum Center Blvd., San Diego, CA  92123. If mailed, the envelope must be postmarked no later than May 28, 2021 and must be received within a reasonable time thereafter.  If overnighted, it must be received no later than May 28, 2021.
(iii)faxing the Agreement to Peggy Chapman, Director, Human Resources at [ ] no later than May 28, 2021; or
(iv)sending the Agreement via Electronic Mail (email) to Peggy Chapman, Director, Human Resources at [ ] no later than May 28, 2021. 
(b)    not revoke this Agreement during the seven (7) day Revocation Period.
Time When Payment Will Be Made.  If I fulfill the Requirements to Accept Offer described above, (i) the Separation Payment will be issued to me in a one-time, lump-sum payment (via direct deposit or a mailed check, according to my previously designated preferences) within ten (10) days after the Revocation Period has expired or Termination Date, whichever is later and (ii) any Prorated Annual Incentive Payment to which I become entitled will be paid to me in a one-time, lump-sum payment (via direct deposit or a mailed check, according to my previously designated preferences) following the end of the fiscal year in which my Termination Date occurs and in no event prior to the date the Revocation Period has expired.
Release of Claims.  By signing and returning this Agreement to the Company, I hereby generally and completely settle, release and discharge any and all claims of every type, known or unknown,  which I have or may have against the Company, and its board members, shareholders, directors, officers, employees and representatives (collectively the “Releasees”), whether known or unknown, that arise out of or are in any way related to events, acts, conduct, or omissions of the Releasees occurring prior to or on the date I sign this Agreement.  This is a general release of all claims and includes, without limitation, all claims related to my employment with the Company or the termination of that employment, and all claims arising under any Federal, State, or local laws or regulations pertaining to employment, including, but not limited to claims under the Americans with Disabilities Act of 1990, the Family and Medical Leave Act of 1993, the Employee Retirement Income Security Act of 1974, the Civil Rights Act of 1991, the Fair Labor Standards Act, Title VIII of the Civil Rights Act of 1964, Sections 503 and 504 of the Rehabilitation Act of 1973, the Age Discrimination in Employment Act of 1967, as amended, the California Government Code, the California Fair Employment and Housing Act, California Pregnancy Disability Law, the California Family Rights Act, the California Labor Code, including but not limited to California Labor Code section 132a, any amendments to any of these statutes, and any other federal, state, or local statute, ordinance, regulation, or common law, regardless of whether such claim be based on an action filed by me or by a governmental agency.

    I understand and acknowledge that Title VII of the Civil Rights Act of 1964, the Employee Retirement Income Security Act of 1974, the Americans with Disabilities Act of 1990, the Civil Rights Act of 1991, the Family and Medical Leave Act of 1993, the Fair Labor Standards Act, Sections 503 and 504 of the Rehabilitation Act of 1973, the Age Discrimination in Employment Act of 1967, as amended, the California Fair Employment and Housing Act, the California Family Rights Act, the California Labor Code, as well as any amendments to any of these statues, and common law, provide the right to an individual to bring charges, claims, or complaints against their employer or their former employer if the individual believes they have been discriminated against or harassed, including but not limited to, discrimination or harassment on the basis of pregnancy, race, ancestry, color, religion, sex, marital status, national origin, age, physical or mental disability, or medical condition.  With full understanding of the rights afforded me under these laws, and to the fullest extent permitted by law, agree not to file against Releasees any charges, complaints against Releasees for any alleged violation(s) of any of these acts, statutes, regulations, or the common law regarding events that have occurred in connection with my employment with the Company.
Waiver of Notice Requirements under State and Federal WARN Act.  By signing and returning this Agreement to the Company and in further consideration of receipt of my Separation Package, I agree and understand that I am waiving my right to bring any and all claims which I have or may have relating to the minimum advanced notice requirements as set forth under the Federal or State WARN Act.  I also understand and agree that I am waiving my right to receive pay in lieu of notice under the WARN Act. 
Unknown Claims.   This section shall be governed by California law.  I  I understand that I may have claims of which I may be unaware or unsuspecting which I am giving up by signing this Agreement.  I also expressly waive all rights I might have under Section 1542 of the Civil Code of California which reads as follows:
A general release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release, and that if known by him or her, would have materially affected his or her settlement with the debtor or released party.
Waiver of Age Discrimination Claims.  I received this Agreement on May 7, 2021 and have been given a twenty-one (21) to consider whether to sign it.  I understand that even if I sign and return this Agreement, I can still revoke this Agreement within seven (7) days after it is returned to the Company (the “Revocation Period”) and this Agreement will not become effective or enforceable until the Revocation Period has expired (such date, the “Effective Date”).
I understand and agree that I:
1.    Have carefully read and fully understands all of the provisions of this Agreement;
2.    Am, through this Agreement, releasing the Company from any and all claims I may have against it to date under the Age Discrimination in Employment Act of 1967 (29 U.S.C. § 621, et seq.);

3.    Knowingly and voluntarily agree to all of the terms set forth in this Agreement;
4.    Knowingly and voluntarily intend to be legally bound by the same;
5.    Was advised and hereby am advised in writing to consider the terms of this Agreement and consult with an attorney of my choice prior to executing this Agreement; and,
6.    Understand that rights or claims under the Age Discrimination in Employment Act of 1967 (29 U.S.C. §621, et seq.) that may arise after the date this Agreement is executed are not waived.
7.    [Have been provided with the ADEA disclosure information (under 29 U.S.C. § 626(f)(1)(H)), attached hereto as Exhibit 1.]

Claims Not Affected.   This is a general release of all claims, and excludes only (i) any rights or claims for indemnification I may have pursuant to any written indemnification agreement with the Company to which I am a party or under applicable law; (ii) any claims which I may have by reason of any Social Security, Worker’s Compensation, or Unemployment laws, or any benefits earned during my employment which may be payable to me now or in the future under any of the Benefit and/or Welfare Programs of the Company; (iii) any other rights which are not waivable as a matter of law; and (iii) any claims for breach of this Agreement. 
Advice to Consult With Attorney.  I have been (i) advised in writing to consult with an attorney, and (ii) given twenty-one (21) to thoroughly review and discuss all aspects of this Agreement with my attorney before signing this Agreement and I have thoroughly discussed, or in the alternative have freely elected to waive any further opportunity to discuss, this Agreement with my attorney.
Agreement Knowingly and Voluntarily Executed.   I freely and voluntarily entered into this Agreement on my own behalf, in the exercise of my own free act, deed and will, and without any duress or coercion. I understand that in executing this Agreement, it becomes final and conclusive.
Confidentiality. I agree that the terms and conditions of this Release shall remain confidential as between the Company and me and shall not be disclosed to any other person except as provided by law or to my attorney, spouse or significant other, accountant and/or financial advisor.  I also agree that during my employment I may have had access to confidential information and trade secrets concerning products, business plans, marketing strategies and other Company information and that I shall keep these matters completely confidential. I understand that nothing in this Agreement prohibits me from disclosing facts or information that I have the right to disclose under state or federal law, including any facts relating to a claim for sexual harassment or discrimination based on sex.
Continuing Obligations; Non-Disparagement and Non-Solicitation.  I acknowledge and agree that I remain bound by any previous confidentiality, assignment of intellectual property, and restrictive covenant agreements between me and the Company, and will abide by those continuing obligations. I also agree: (a) not to disparage the Company, its officers, directors, employees, shareholders, and agents, in any manner likely to be harmful to its or their business, business reputation, or personal reputation; provided that I may respond accurately and fully to 

any question, inquiry or request for information when required by legal process, but agree to provide the Company with notice of any such inquiry or request for information within two weeks of such request; and (b) for a period of one year following my last day of employment with the Company, not to solicit (directly or indirectly) any employee of the Company to terminate his or her employment relationship with the Company in order to become an employee or consultant to or for any other person or entity.
Notice of Rights Pursuant to Section 7 of the Defend Trade Secrets Act (DTSA). Notwithstanding any provisions in this agreement or the Company policy applicable to the unauthorized use or disclosure of trade secrets, I am hereby notified that, pursuant to Section 7 of the DTSA, I cannot be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that is made (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law.  I also may not be held so liable for such disclosures made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.  In addition, individuals who file a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order.
Reporting to Governmental Agencies.   Nothing in this Agreement prevents me from filing a charge or complaint with the Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission or any other federal, state or local governmental agency or commission (“Government Agencies”).  I understand this Agreement does not limit my ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company.   However, this Agreement and the releases contained herein does mean that I may not collect any monetary damages or receive any other remedies from charges filed with or actions by any Government Agencies.
No Admission of Wrongdoing by the Company.  The Company expressly denies any violation of any federal, state or local law.  Accordingly, while this Agreement resolves all issues referred to in this Agreement, it is not, and shall not be construed as, an admission by the Company of any violation of any federal, state or local law, or of any liability whatsoever. I am unaware of any claims against (or wrongdoing by) the Company.
No Unreported Claims.  I warrant and represent that I am not aware of any claims or proceedings, or threat of claims against the Company or acts or omissions that might lead to a claim against the Company that I have not already reported to the Company.
General Provisions.  This Agreement, including its Exhibits, constitutes the complete, final and exclusive embodiment of the entire agreement between me and the Company with regard to its subject matter. It is entered into without reliance on any promise or representation, written or oral, other than those expressly contained herein, and it supersedes any other such promises, 

warranties or representations.  This Agreement may not be modified or amended except in a writing signed by both me and a duly authorized officer of the Company.  This Agreement will bind the heirs, personal representatives, successors and assigns of both me and the Company, and inure to the benefit of both me and the Company, their heirs, successors and assigns.  The Company may freely assign this Agreement, without my prior written consent.  I may not assign any of my duties hereunder, and I may only assign any of my rights hereunder with the written consent of the Company.  If any provision of this Agreement is held to be contrary to applicable law, it shall be modified or disregarded as necessary and the remainder of the Agreement will remain in full force and effect. This Agreement will be deemed to have been entered into and will be construed and enforced in accordance with the laws of the State of California without regard to conflict of laws principles.  Any ambiguity in this Agreement shall not be construed against either party as the drafter.  Any waiver of a breach of this Agreement shall be in writing and shall not be deemed to be a waiver of any successive breach.  A facsimile, copy or electronic mail (scanned PDF) of this Agreement shall be deemed an original.
I have read and understand all of the provisions of this Agreement and I voluntarily enter into this Agreement by signing it on May 10, 2021.

									
			/s/ Andrew Martin
	Witness Signature		Andrew MartinDocument

SECOND AMENDMENT AND WAIVER TO LOAN AND SECURITY AGREEMENT

This SECOND AMENDMENT AND WAIVER TO LOAN AND SECURITY AGREEMENT (this “Agreement”) is entered into as of December 28, 2020, by and between PULMONX CORPORATION, a Delaware corporation (“Borrower”), and CANADIAN IMPERIAL BANK OF COMMERCE (“Lender”).
W I T N E S S E T H:

WHEREAS, Borrower and Lender are parties to that certain Loan and Security Agreement dated as of February 20, 2020 (as amended, restated, supplemented or otherwise modified from time to time, the “Loan Agreement”), pursuant to which Lender committed to make loans and other financial accommodations to Borrower upon the terms and conditions set forth therein; and
WHEREAS, Borrower has requested that certain terms and conditions of the Loan Agreement be amended; 
NOW THEREFORE, in consideration of the foregoing premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
1.Limited Waiver. Borrower acknowledges that Borrower is currently in default of the Loan Agreement as a result of Borrower’s failure to (i) deliver evidence to Lender of the dissolution of Pulmonx International Development, a Cayman Islands company, and Pulmonx Global B.V., a limited company (besloten vennootschap) organized under the laws of the Netherlands and (ii) deliver to Lender duly executed signatures to the Swiss Share Pledge Documents, in each case on or before August 18, 2020 (the “Waived Defaults”).  Bank hereby waives filing any legal action or instituting or enforcing any rights and remedies it may have against Borrower with respect to the Waived Defaults.  
2.Amendments to the Loan Agreement.  With effect from the Effective Date, the Loan Agreement (including Exhibit D thereto) will be amended as set forth in the changes attached as Exhibit A to this Agreement, with text marked in blue double underline indicating additions to the Loan Agreement and with text marked in red strikethrough indicating deletions to the Loan Agreement.
3.No Other Amendments, Consents or Waivers.  Except for the waiver expressly set forth above, the execution, delivery and effectiveness of this Agreement shall not operate as a waiver of any right, power or remedy of Lender under the Loan Agreement or any of the other Loan Documents, nor constitute a waiver of any provision of the Loan Agreement or any of the other Loan Documents.  Except for the amendments expressly set forth above, the text of the Loan Agreement and the other Loan Documents shall remain unchanged and in full force and effect and Borrower hereby ratifies and confirms its obligations thereunder.  This Agreement shall not constitute a modification of the Loan Agreement or any other Loan Documents or a course of dealing with Lender at variance with the Loan Agreement or the other Loan Documents such as to require further notice by Lender to require strict compliance with the terms of the Loan Agreement and the other Loan Documents in the future, except as expressly set forth herein.  Borrower acknowledges and expressly agrees that Lender reserves the right to, and does in fact, require strict compliance with all terms and provisions of the Loan Agreement, as amended herein, and the other Loan Documents.  Borrower has no knowledge of any challenge to claims by Lender (a) arising under the Loan Agreement or any of the other Loan Documents or (b) to the effectiveness of the Loan Agreement or the other Loan Documents.

4.Conditions Precedent to Effectiveness.  This Agreement will become effective on the date (the “Effective Date”) on which Lender receives the following documents and other evidence, in form and substance satisfactory to Lender:
(a)receipt by Lender of:
(i) the approval of this Agreement and the transactions contemplated hereby from its primary credit authority,
(ii) one or more counterparts of this Agreement, duly executed and delivered by Borrower, and
(iii) such other documents and agreements as Lender may reasonably require;
(b)in Lender’s sole but reasonable discretion, there has not been any event or circumstance that has had or could reasonably be expected to have a Material Adverse Effect; and
(c)completion of due diligence review by Lender and its counsel.  
5.Representations and Warranties of Borrower.  In consideration of the execution and delivery of this Agreement by Lender, Borrower hereby represents and warrants that: (a) this Agreement has been duly executed and delivered by Borrower, and this Agreement constitutes the legal, valid and binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or other laws affecting, creditors’ rights generally and the effects of general principles of equity; (b) the execution, delivery and performance of this Agreement (i) are within Borrower’s corporate powers, have been duly authorized by all necessary corporate action, (ii) do not and will not contravene, conflict with, constitute a default under or violate any material Requirement of Law, (iii) do not and will not contravene in any material respect any applicable order, writ, judgment, injunction, decree, determination or award of any Governmental Authority by which Borrower or any of its Subsidiaries or any of their property or assets may be bound or affected, (iv) do not and will not violate, conflict with, result in a breach of, or constitute a default (with due notice or lapse of time or both) under any Operating Documents or other organizational documents of Borrower or any material agreement of Borrower, and (v) will not require the consent, approval, authorization or order of, or filing, registration or qualification with, any Governmental Authority or any other Person; (c) after giving effect to this Agreement, no Default or Event of Default has occurred and is continuing under the Loan Agreement or any other Loan Document; (d) as of the date hereof, all representations and warranties of Borrower set forth in the Loan Agreement and the other Loan Documents are true and correct in all material respects (other than such representations and warranties that are already qualified by materiality, Material Adverse Effect or similar language, in which case such representations and warranties shall be true and correct in all respects), except that that those representations and warranties expressly referring to a specific date shall be true and correct in all material respects (other than such representations and warranties that are already qualified by materiality, Material Adverse Effect or similar language, in which case such representations and warranties shall be true and correct in all respects) as of such date; (e) the Loan Agreement and the other Loan Documents constitute the legal, valid and binding obligations of Borrower, each enforceable against Borrower in accordance with their respective terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or other laws affecting, creditors’ rights generally and the effects of general principles of equity; and (f) there has not been any event or circumstance that has had or could reasonably be expected to have a Material Adverse Effect.
6.Counterparts.  This Agreement may be executed in multiple counterparts, each of which shall be deemed to be an original and all of which, taken together, shall constitute one and the same 
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agreement.  In proving this Agreement in any judicial proceedings, it shall not be necessary to produce or account for more than one such counterpart signed by the party against whom such enforcement is sought.  Any signatures delivered by a party by facsimile transmission or by other electronic transmission shall be deemed an original signature hereto.
7.Reference to and Effect on the other Loan Documents.  Upon the effectiveness of this Agreement, on and after the date hereof, each reference in the Loan Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Loan Agreement, and each reference in the other Loan Documents to “the Loan Agreement”, “thereunder,” “thereof” or words of like import referring to the Loan Agreement, shall mean and be a reference to the Loan Agreement as amended hereby. Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to such terms in the Loan Agreement. Unless otherwise stated, references in this Agreement to Section are to sections of the Loan Agreement.
8.Costs, Expenses and Taxes.  Borrower agrees to pay on demand all costs and expenses in connection with the preparation, execution, and delivery of this Agreement and the other instruments and documents to be delivered hereunder.  Furthermore, Borrower agrees to pay any and all stamp and other taxes payable or determined to be payable in connection with the execution and delivery of this Agreement and the other instruments and documents to be delivered hereunder, and agrees to save Lender harmless from and against any and all liabilities with respect to or resulting from any delay in paying or omission to pay such taxes.
9.Release.  In  consideration of Lender entering into this Agreement, Borrower hereby releases Lender, and Lender’s respective officers, employees, representatives, agents, counsel and directors from any and all actions, causes of action, claims, demands, damages and liabilities of whatever kind or nature, in law or in equity, now known or unknown, suspected or unsuspected to the extent that any of the foregoing arises from any action or failure to act under the Loan Agreement or the other Loan Documents on or prior to the date hereof.
10.Headings.  The heading of each provision of this Agreement is for descriptive purposes only and shall not be deemed to modify or qualify any of the rights or obligations described in each such provision.
11.Severability.  Each provision of this Agreement is severable from every other provision in determining the enforceability of any provision.
12.Construction.  The parties acknowledge that each party and its counsel have reviewed this Agreement and that 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 this Agreement or any Agreements, schedules or exhibits thereto.
13.Entire Agreement.  This Agreement, the Loan Agreement and the other Loan Documents constitute the entire agreement and understanding between the parties hereto with respect to the transactions contemplated hereby and thereby and supersede all prior negotiations, understandings and agreements between such parties with respect to such transactions.
14.GOVERNING LAW.  THIS AGREEMENT IS INTENDED TO TAKE EFFECT AS A SEALED INSTRUMENT AND SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.
15.Loan Document.  This Agreement is a Loan Document.
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    IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the day and year first written above.

						
		BORROWER:

		PULMONX CORPORATION 

By:    /s/ Derrick Sung, Ph.D________________
Name:  Derrick Sung, Ph.D
Title:    Chief Financial Officer

		
		LENDER:

		CANADIAN IMPERIAL BANK OF COMMERCE

By:    /s/ Jeff Chapman                
Name:  Jeff Chapman 
Title:    Authorized Signatory

By:      /s/ Corey Perlmutter            
Name:  Corey Perlmutter
Title:    Authorized Signatory

Exhibit A

written notice to Lender together with certified copies of the Operating Documents for such Subsidiary, and (b) promptly, and in any event within 10 days of such formation or creation: take all such action as may be reasonably required by Lender to cause such new Subsidiary to (i) either, at the option of Lender in its discretion, (A) provide 
to Lender a joinder to this Agreement pursuant to which such Subsidiary becomes a Borrower or a Guarantor hereunder, or (B) guarantee the Obligations under the Loan Documents pursuant to a separate Guaranty and (ii) 
grant a security interest in and to the assets of such Subsidiary (substantially as described on Exhibit B), in each 
case together with such Account Control Agreements and other documents, instruments and agreements reasonably requested by Lender, all in form and substance satisfactory to Lender (including being sufficient to grant Lender a first priority Lien, subject to Permitted Liens) in and to the assets of such newly formed or acquired Subsidiary and 
to pledge all of the direct or beneficial Equity Interests in such new Subsidiary.  Any document, agreement, or instrument executed or issued pursuant to this Section 6.11 shall be a Loan Document.  Notwithstanding the 
foregoing, compliance with this Section 6.11 shall not be deemed a cure or waiver of any breach of Section 7.3.
6.12    Property Locations.
(a)    Provide to Lender at least 30 days' prior written notice before adding any new offices or business or Collateral locations, including warehouses (unless such new offices or business or Collateral locations 
(i) qualify as Excluded Locations under clause (a) of the definition thereof or (ii) contain less than $500,000 in 
assets or property of any Loan Party).
(b)    With respect to any property or assets of a Loan Party located with a third party, 
including a bailee, datacenter or warehouse (other than Excluded Locations), Loan Parties shall cause such third 
party to execute and deliver a Collateral Access Agreement for such location, including an acknowledgment from each of the third parties that it is holding or will hold such property for Lender's benefit. Loan Parties shall deliver 
to Lender each warehouse receipt, where negotiable, covering any such property.
(c)    With respect to any property or assets of a Loan Party located on leased premises (other than Excluded Locations), Loan Parties shall cause such third party to execute and deliver a Collateral Access Agreement for such location.
6.13    Further Assurances.
(a)    Execute any further instruments and take further action as Lender reasonably requests to perfect or continue Lender's Lien in the Collateral or to effect the purposes of this Agreement and the other Loan Documents.

(b)    Deliver to Lender, within five days after the same are sent or received, copies of all 
material correspondence, reports, documents and other filings with any Governmental Authority that could 
reasonably be expected to have a material adverse effect on any of the Governmental Approvals material to any 
Loan Party's business or otherwise could reasonably be expected to have a Material Adverse Effect.
6.14    Use of Proceeds.  Use the proceeds of (a) a portion of the Term A Loan to repay the Indebtedness and other obligations owed by Borrowers to Oxford Finance, LLC and to fund payment of the fees, costs and 
expenses associated with the closing of the transactions contemplated hereunder and (b) the remaining portion of 
the Term A Loan and the other Term Loans advanced after the Closing Date for general working capital purposes to the extent consistent with the terms of the Loan Documents and applicable law, and, in each case, not for personal, family, household or agricultural purposes.
6.15    Post-Closing Covenant.
(a) Deliver to Lender duly executed signatures to the Account Control Agreement required under Section 6.6(b) with respect to the Collateral Accounts maintained with Silicon Valley Bank on or before February 
24, 2020.
(b) Deliver to Lender duly executed signatures to the Account Control Agreements required under Section 6.6(131 with respect to the Collateral Accounts maintained with US Bank, National Association, and Capital  Advisors Group on or before March 20, 2020, or such later date as Lender may agree to in writing in its discretion.
(c) Use commercially reasonable efforts to deliver duly executed signatures to Collateral Access Agreements for all locations of Pulmonx other than any Excluded Locations on or before April 20, 2020.
(d) Except as otherwise permitted in the last sentence of Section 6.6(b) and Section 7.12(b), 
deliver evidence to Lender of the closure of all Deposit Accounts and lockbox arrangements maintained by any 
Loan Party with any institution other than CIBC Bank USA on or before August 18, 2020.
(a)    (e) Deliver evidence to Lender of the dissolution of Pulmonx International Development, a Cayman Islands company, and Pulmonx Global B.V., a limited company (besloten vennootschap) organized 
under the laws of the Netherlands, on or before August 18June 30, 20202021.
(b)    (f) Deliver to Lender duly executed signatures to the Swiss Share Pledge Documents on 
or before August 18June 30, 20202021.
(g) On or before the date that is 10 calendar days after the First Amendment Date, or such later date as Lender may agree in writing in its sole discretion, Pulmonx shall receive and deposit into its Deposit Accounts maintained with CIBC Bank USA net proceeds from the issuance of the initial Convertible Notes in an 
aggregate amount of at least $1,500,000, which amount shall be in addition to the amount of net proceeds required 

to be deposited into such Deposit Accounts on the First Amendment Date pursuant to the First Amendment.
6.16    Convertible Notes.  In connection with any Convertible Notes issued by Pulmonx after the First Amendment Date, Borrowers shall cause any holders of such Convertible Notes to sign and deliver to Lender a Subordination Agreement, which shall be in form and substance satisfactory to Lender (or substantively identical to the Convertible Note Subordination Agreement), and the Indebtedness evidenced by any such Convertible Notes 
shall thereafter constitute Subordinated Debt permitted hereunder. The proceeds of all Convertible Notes shall be deposited by Pulmonx into a Deposit Account maintained with CIBC Bank USA.
7.    NEGATIVE COVENANTS 
No Loan Party shall, or shall cause or permit any of its Subsidiaries to, do any of the following:
7.1    Dispositions.  Convey, sell, lease, transfer, assign, or otherwise dispose of (collectively, 
"Transfer") all or any part of its business or property, except for Permitted Transfers.
7.2    Changes in Business, Management, Ownership, or Organization.  (a) Engage in any business other than the businesses currently engaged in by such Person, as applicable, or reasonably related thereto; (b) cease doing business, or liquidate or dissolve (except as provided in Section 6.15(d) and that a Subsidiary may liquidate 
or dissolve so long as such Subsidiary does not have any liabilities at the time of such liquidation or dissolution and, simultaneously with such liquidation or dissolution, all of its assets are transferred to a Borrower or another Loan Party that is a Domestic Subsidiary or, if such Subsidiary is a Foreign Subsidiary, another Loan Party that is a 
Foreign Subsidiary); (c) fail to provide notice to Lender of any Key Person departing from or ceasing to be 
employed by Borrower Representative within five days after departure from Borrower Representative; (d) permit or suffer a Change in Control; or (e) without at least 30 days prior written notice to Lender (i) change its jurisdiction of organization, (ii) change its organizational structure or type, (iii) change its legal name, or (iv) change its organizational number (if any) assigned by its jurisdiction of organization.
7.3    Mergers or Acquisitions.  Merge or consolidate with any other Person, or acquire, or permit any of its Subsidiaries to acquire all or substantially all of the capital stock or property of another Person (including by 
the creation or formation of any Subsidiary, except to the extent in compliance with Section 6.11) or enter into any agreement to do any of the same, unless such transaction is a Permitted Investment, provided that, so long as no 
Event of Default is occurring prior thereto or arises as a result therefrom, a Subsidiary may merge or consolidate 
into another Subsidiary that is a Loan Party or into a Borrower.

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