Document:

Purchase Agreement

 Exhibit 4.1 
 Series F Convertible Preferred Stock Purchase Agreement 
 THIS SERIES F CONVERTIBLE
PREFERRED STOCK PURCHASE AGREEMENT (this “Agreement”) is made and entered into effective as of December 17, 2007, by and among ODYSSEY MARINE EXPLORATION, INC., a Nevada corporation (the “Company”),
and the investor(s) listed on Schedule A attached hereto, each of which is herein individually referred to as an “Investor” and all of which are herein collectively referred to as the “Investors.” 

Background Information: 
 The
Company proposes to authorize, issue, and sell to the Investors, and the Investors propose to purchase and accept from the Company, shares of the Company’s Series F Convertible Preferred Stock, par value $0.0001 per share (the
“Series F Shares”), with the terms and conditions as set forth in the Certificate of Designation in the form attached hereto as Exhibit A (the “Certificate of Designation”). More specifically, the
Company proposes to authorize, issue, and sell to the Investors (a) an aggregate of twenty-two (22) Series F Shares. The purpose of this Agreement is to set forth the terms and conditions upon which the Company will issue and sell the
Series F Shares to the Investors and the Investors will purchase the Series F Shares from the Company, as well as certain other related matters. 
 NOW, THEREFORE, in consideration of the foregoing recitals and the terms, conditions, and provisions hereof, the parties hereto, intending to be legally bound hereby, agree as follows: 
 Article 1 
 Purchase and Sale of
Securities 
 Section 1.1 Sale and Issuance of Series F Shares. 
 (a) The Company has adopted and filed, or shall adopt and file with the Secretary of State of Nevada on or before the Closing (as defined below), the
Certificate of Designation. 
 (b) On or prior to the Closing (as defined below), the Company shall have authorized (i) the sale and
issuance to the Investors of the Series F Shares, and (ii) the issuance of the shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), to be issuable upon conversion of the
Series F Shares (the “Conversion Shares”). The Series F Shares shall have the rights, preferences, privileges and restrictions set forth in the Certificate of Designation. 
 (c) Subject to the terms and conditions of this Agreement, each Investor agrees to purchase at the Closing, and the Company agrees to sell and issue to
each Investor at the Closing, that number of Series F set forth opposite such Investor’s name on Schedule A hereto for $540,000 per Series F Share (the “Series F Purchase Price”), 
 Section 1.2 Closing. The consummation of purchase and sale of the Series F Shares (the “Closing”) shall take place at the
offices of the Company, located at 5215 West Laurel Street, Tampa, Florida, on December ___ , 2007, or at such other time and place as the Company and the Investors acquiring in the aggregate a majority of the Series F Shares sold pursuant to
this Agreement agree upon orally or in writing (as applicable, the “Closing Date”). At the Closing, or as soon as practicable thereafter, the Company shall deliver to each Investor a certificate representing the Series F Shares
that such Investor is purchasing or acquiring against payment of the purchase price therefor by check, wire 

  

 1 

 
transfer, or any combination thereof. Payment by official bank check may be delivered to Odyssey Marine Exploration, Inc. 5215 West Laurel Street, Tampa,
Florida 33607, or payment may be made by wire transfer of immediately available funds to: 
 The Bank of Tampa 

4355 Henderson Boulevard 
 Tampa, Florida 33629 
 ABA# 063108680 
 For the account of Odyssey Marine Exploration, Inc. 
 Account Number: 31413706 
 Article 2 
 Representations and Warranties 
 of the Company 
 The Company hereby represents and warrants to the Investors as follows: 

Section 2.1 Organization. The Company is duly organized, validly existing, and in good standing under the laws of the State of Nevada. The
Company and each of its Subsidiaries (as defined in Rule 405 under the Securities Act of 1933, as amended (the “Securities Act”)) has full power and authority to own, operate and occupy its properties and to conduct its
business as presently conducted and as described in the documents filed by the Company under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including, without limitation, the Company’s Annual Report on
Form 10-K for the fiscal year ended December 31, 2006, the Company’s Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, June 30, and September 30, 2007, the Company’s Proxy Statement on
Schedule 14A for the Annual Meeting of Shareholders held May 18, 2007, and the Company’s Current Reports on Form 8-K, since January 1, 2007 (collectively, the “Exchange Act Documents”), and is registered or qualified
to do business and in good standing in each jurisdiction in which the nature of the business conducted by it or the location of the properties owned or leased by it requires such qualification and where the failure to be so qualified would have a
material adverse effect upon the condition (financial or otherwise), earnings, business or business prospects, properties or operations of the Company and its Subsidiaries, considered as one enterprise (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. 
 Section 2.2 Due Authorization and Valid Issuance. The Company has all requisite corporate power and authority to execute, deliver and perform its
obligations under this Agreement, and this Agreement has been duly authorized and validly executed and delivered by the Company and constitutes a legal, valid and binding agreement of the Company, enforceable against the Company in accordance with
its terms, except as rights to indemnity and contribution may be limited by state or federal securities laws or the public policy underlying such laws, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting creditors’ and contracting parties’ rights generally, and except as enforceability may be subject to general principles of equity (regardless of whether such enforceability is considered in a proceeding
in equity or at law). The Series F Shares have been duly authorized and, upon issuance in accordance with the terms of this Agreement, shall be validly issued and free from all taxes, liens and charges with respect to the issue thereof, and the
Series F Shares shall be fully paid and nonassessable. As of the Closing Date, the Company shall have duly authorized and reserved for issuance a number of shares of Common Stock which equals the number of Conversion Shares. Upon conversion in
accordance with the Certificate of Designation, the Conversion Shares will be validly issued, fully paid and nonassessable and free from all taxes, liens and 

  

 2 

 
charges with respect to the issue thereof, with the holders being entitled to all rights accorded to a holder of Common Stock. 
 Section 2.3 Non-Contravention. The execution and delivery of this Agreement, the issuance and sale of the Series F Shares under this
Agreement, the fulfillment of the terms of this Agreement and the consummation of the transactions contemplated hereby will not (a) conflict with or constitute a violation of, or default (with the passage of time or otherwise) under,
(i) any material bond, debenture, note or other evidence of indebtedness, lease, contract, indenture, mortgage, deed of trust, loan agreement, joint venture or other agreement or instrument to which the Company or any Subsidiary is a party or
by which it or any of its Subsidiaries or their respective properties are bound, (ii) the articles of incorporation, bylaws or other organizational documents of the Company or any Subsidiary, or (iii) any law, administrative regulation,
ordinance or order of any court or governmental agency, arbitration panel or authority applicable to the Company or any Subsidiary or their respective properties, except in the case of clauses (i) and (iii) for any such conflicts,
violations or defaults which are not reasonably likely to have a Material Adverse Effect, or (b) result in the creation or imposition of any lien, encumbrance, claim, security interest or restriction whatsoever upon any of the material
properties or assets of the Company or any Subsidiary or an acceleration of indebtedness pursuant to any obligation, agreement or condition contained in any material bond, debenture, note or any other evidence of indebtedness or any material
indenture, mortgage, deed of trust or any other agreement or instrument to which the Company or any Subsidiary is a party or by which any of them is bound or to which any of the material property or assets of the Company or any Subsidiary is
subject. No consent, approval, authorization or other order of, or registration, qualification or filing with, any regulatory body, administrative agency, or other governmental body in the United States or any other person is required for the
execution and delivery of this Agreement and the valid issuance and sale of the Series F Shares to be sold pursuant to this Agreement, other than such as have been made or obtained, and except for any post-closing securities filings or
notifications required to be made under federal or state securities laws or under the rules of The NASDAQ Stock Market. 
 Section 2.4
Capitalization. As of the date of this Agreement, the authorized capital stock of the Company consists of (a) 100,000,000 shares of Common Stock, of which as of the date of this Agreement, 47,422,701 shares are issued and outstanding,
3,368,024 shares are reserved for issuance pursuant to the Company’s employee incentive plan or plans, and 8,840,000 shares are reserved for issuance pursuant to securities (other than the Series F Shares to be issued and sold pursuant to
this Agreement) exercisable or exchangeable for, or convertible into, shares of Common Stock, and (b) 9,810,000 shares of preferred stock, of which (i) 7,340,000 shares have been designated as Series D Shares, of which 6,900,000 shares are
issued and outstanding as of the date of this Agreement, (ii) 20 shares have been designated as Series E Shares, of which 13 shares are issued and outstanding as of the date of this Agreement, and (iii) 30 shares have been designated
as Series F Shares, none of which are issued and outstanding as of the date of this Agreement (without giving effect to the issuance and sale of the Series F Shares pursuant to this Agreement). All of such outstanding shares have been, or
upon issuance will be, validly issued and are fully paid and nonassessable. Except as disclosed in the Exchange Act Documents: (a) no shares of the Company’s capital stock are subject to preemptive rights or any other similar rights or any
liens or encumbrances suffered or permitted by the Company; (b) there are no outstanding options, warrants, scrip, rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities or rights convertible into,
or exercisable or exchangeable for, any shares of capital stock of the Company or any of its Subsidiaries, or contracts, commitments, understandings or arrangements by which the Company or any of its Subsidiaries is or may become bound to issue
additional shares of capital stock of the Company or any of its Subsidiaries or options, warrants, scrip, rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities or rights convertible into, or exercisable
or exchangeable for, any shares of capital stock of the Company or any of its Subsidiaries; (c) there are no outstanding debt securities, notes, credit agreements, 

  

 3 

 
credit facilities or other agreements, documents or instruments evidencing indebtedness of the Company or any of its Subsidiaries or by which the Company or
any of its Subsidiaries is or may become bound; (d) there are no agreements or arrangements under which the Company or any of its Subsidiaries is obligated to register the sale of any of their securities under the Securities Act except pursuant
to this Agreement; (e) there are no outstanding securities or instruments of the Company or any of its Subsidiaries that contain any redemption or similar provisions, and there are no contracts, commitments, understandings or arrangements by
which the Company or any of its Subsidiaries is or may become bound to redeem a security of the Company or any of its Subsidiaries; (f) there are no securities or instruments containing anti-dilution or similar provisions that will be triggered
by the issuance of the Series F Shares or the Conversion Shares; (g) the Company does not have any stock appreciation rights or “phantom stock” plans or agreements or any similar plan or agreement; and (h) the Company and
its Subsidiaries have no liabilities or obligations required to be disclosed in the Exchange Act Documents but not so disclosed in the Exchange Act Documents, other than those incurred in the ordinary course of the Company’s or any
Subsidiary’s respective businesses and which, individually or in the aggregate, do not or would not have a Material Adverse Effect. 
 Section 2.5 Legal Proceedings. There is no material legal or governmental proceeding pending or, to the knowledge of the Company, threatened to which the Company or any Subsidiary is or may be a party or of which the business or
property of the Company or any Subsidiary is subject that is not disclosed in the Exchange Act Documents. 
 Section 2.6 No
Violations. Neither the Company nor any Subsidiary is in violation of its articles of incorporation, bylaws, or other organizational document, or in violation of any law, administrative regulation, ordinance or order of any court or governmental
agency, arbitration panel or authority applicable to the Company or any Subsidiary, which violation, individually or in the aggregate, would be reasonably likely to have a Material Adverse Effect, or is in default (and there exists no condition
which, with the passage of time or otherwise, would constitute a default) in any material respect in the performance of any bond, debenture, note or any other evidence of indebtedness in any indenture, mortgage, deed of trust or any other material
agreement or instrument to which the Company or any Subsidiary is a party or by which the Company or any Subsidiary is bound or by which the properties of the Company or any Subsidiary are bound, which would be reasonably likely to have a Material
Adverse Effect. 
 Section 2.7 Governmental Permits, Etc. With the exception of the matters which are dealt with separately in
Sections 2.1, 2.12, 2.13, and 2.14, each of the Company and its Subsidiaries has all necessary franchises, licenses, certificates and other authorizations from any foreign, federal, state or local government or governmental agency, department,
or body that are currently necessary for the operation of the business of the Company and its Subsidiaries as currently conducted and as described in the Exchange Act Documents, except where the failure to currently possess such franchises,
licenses, certificates or other authorizations would not reasonably be expected to have a Material Adverse Effect. 
 Section 2.8
Intellectual Property. Except as specifically disclosed in the Exchange Act Documents (a) each of the Company and its Subsidiaries owns or possesses sufficient rights to use all material patents, patent rights, trademarks, copyrights,
licenses, inventions, trade secrets, trade names and know-how (collectively, “Intellectual Property”) described or referred to in the Exchange Act Documents as owned or possessed by it or that are necessary for the conduct of its
business as now conducted or as proposed to be conducted as described in the Exchange Act Documents except where the failure to currently own or possess such rights would not have a Material Adverse Effect, (b) neither the Company nor any of
its Subsidiaries is infringing, or has received any notice of, or has any knowledge of, any asserted infringement by the Company or any of its Subsidiaries of, any rights of a third party with respect to any Intellectual Property that, individually
or in the aggregate, would have a Material Adverse 

  

 4 

 
Effect and (c) neither the Company nor any of its Subsidiaries has received any notice of, or has any knowledge of, infringement by a third party with
respect to any Intellectual Property rights of the Company or of any Subsidiary that, individually or in the aggregate, would have a Material Adverse Effect. 
 Section 2.9 Exchange Act Documents; Financial Statements. As of their respective dates, the Exchange Act Documents complied in all material respects with the requirements of the Exchange Act and the rules and
regulations of United States Securities and Exchange Commission (the “SEC”) promulgated thereunder applicable to the Exchange Act Documents, and none of the Exchange Act Documents, at the time they were filed or are to be filed with
the SEC, contained or will contain 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 financial statements of the Company and the related notes contained in the Exchange Act Documents present fairly in all material respects, in accordance with generally accepted accounting principles, the financial
position of the Company and its Subsidiaries as of the dates indicated, and the results of its operations and cash flows for the periods therein specified consistent with the books and records of the Company and its Subsidiaries. Such financial
statements (including the related notes) have been prepared in accordance with generally accepted accounting principles applied on a consistent basis throughout the periods therein specified, except as may be disclosed in the notes to such financial
statements, and except as disclosed in the Exchange Act Documents. The other financial information contained in the Exchange Act Documents has been prepared on a basis consistent with the financial statements of the Company. 
 Section 2.10 No Material Adverse Change. Except as disclosed in the Exchange Act Documents, since December 31, 2006, there has not been
(a) any material adverse change in the financial condition of the Company and its Subsidiaries considered as one enterprise, (b) any material adverse event affecting the Company or its Subsidiaries, (c) any obligation, direct or
contingent, that is material to the Company and its Subsidiaries considered as one enterprise, incurred by the Company, except obligations incurred in the ordinary course of business, (d) any dividend or distribution of any kind declared, paid
or made on the capital stock of the Company or any of its Subsidiaries, or (e) any loss or damage (whether or not insured) to the physical property of the Company or any of its Subsidiaries which has been sustained which has had a Material
Adverse Effect. 
 Section 2.11 NASDAQ Stock Market Compliance. The Common Stock is registered pursuant to Section 12(b) or
Section 12(g) of the Exchange Act and is listed or quoted on the NASDAQ Capital Market (the “Principal Market”), and the Company has taken no action designed to, or likely to have the effect of, terminating the registration of
the Common Stock under the Exchange Act or de-listing the Common Stock from the Principal Market, nor, except as disclosed in the Exchange Act Documents, has the Company received any notification that the SEC or the Principal Market is contemplating
terminating such registration or listing. 
 Section 2.12 Reporting Status. The Company has filed in a timely manner all documents
that the Company was required to file under the Exchange Act during the 12 months preceding the date of this Agreement. 
 Section 2.13
Listing. The Company shall comply with all requirements of the Principal Market with respect to the issuance of the Series F Shares and the Conversion Shares and the listing of the Conversion Shares on the Principal Market in accordance
with the terms of the Certificate of Designation. 
 Section 2.14 No Manipulation of Stock. The Company has not taken and will not, in
violation of applicable law, take any action designed to or that would reasonably be expected to cause or result in 

  

 5 

 
stabilization or manipulation of the price of the Common Stock to facilitate the sale or resale of the Series F Shares. 
 Section 2.15 Company not an “Investment Company.” The Company has been advised of the rules and requirements under the Investment
Company Act of 1940, as amended (the “Investment Company Act”). The Company is not, and immediately after receipt of payment for the Series F Shares will not be, an “investment company” or an entity
“controlled” by an “investment company” within the meaning of the Investment Company Act and shall conduct its business in a manner so that it will not become subject to the Investment Company Act. 
 Section 2.16 Foreign Corrupt Practices. Neither the Company nor, to the knowledge of the Company, any agent or other person acting on behalf of
the Company has (a) directly or indirectly, used any corrupt funds for unlawful contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political activity, (b) 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, (c) failed to disclose fully any contribution made by the Company (or made by any person acting on its behalf of which
the Company is aware) which is in violation of law, or (d) violated in any material respect any provision of the Foreign Corrupt Practices Act of 1977, as amended. 
 Section 2.17 Contracts. The contracts described in the Exchange Act Documents that are material to the Company are in full force and effect on the date of this Agreement, and neither the Company nor, to the
Company’s knowledge, any other party to such contracts is in breach of or default under any of such contracts which would have a Material Adverse Effect. 
 Section 2.18 Taxes. The Company has filed all necessary federal, state and foreign income and franchise tax returns and has paid or accrued all taxes shown as due thereon, and the Company has no knowledge of a
tax deficiency which has been or might be asserted or threatened against it which would have a Material Adverse Effect. 
 Section 2.19
Transfer Taxes. On the Closing Date, all stock transfer or other taxes (other than income taxes) which are required to be paid in connection with the sale and transfer of the Series F Shares to be sold to the Investors pursuant to this
Agreement will be, or will have been, fully paid or provided for by the Company and all laws imposing such taxes will be or will have been fully complied with. 
 Section 2.20 Private Offering. Assuming the accuracy and correctness of the representations and warranties of the Investors set forth in Article 3 of this Agreement, the offer and sale of the Series F
Shares pursuant to this Agreement is exempt from registration under the Securities Act. The Company has not distributed and will not distribute prior to the Closing Date any offering material in connection with the offer and sale of the
Series F Shares other than the documents of which this Agreement is a part or the Exchange Act Documents. The Company has not in the past nor will it hereafter take any action to sell, offer for sale or solicit offers to buy any securities of
the Company which would bring the offer, issuance or sale of the Series F Shares, as contemplated by this Agreement, within the provisions of Section 5 of the Securities Act, unless such offer, issuance or sale was or shall be within the
exemptions of Section 4 of the Securities Act. 
 Section 2.21 Internal Accounting and Disclosure Controls. The Company and each
of its Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance that (a) transactions are executed in accordance with management’s general or specific authorizations, (b) transactions
are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain asset and liability accountability, (c) access to assets or incurrence of liabilities is
permitted only in accordance with management’s general or specific 

  

 6 

 
authorization and (d) the recorded accountability for assets and liabilities is compared with the existing assets and liabilities at reasonable
intervals and appropriate action is taken with respect to any difference. The Company maintains disclosure controls and procedures (as such term is defined in Rule 13a-14 under the Exchange Act) that are effective in ensuring that information
required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC, including, without
limitation, controls and procedures designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the Company’s management,
including its principal executive officer or officers and its principal financial officer or officers, as appropriate, to allow timely decisions regarding required disclosure. 
 Section 2.22 Disclosure. The representations and warranties of the Company contained in this Article 2, as of the date of this Agreement
and as of the Closing Date, do not and will not intentionally contain any untrue statement of a material fact or intentionally omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading. 
 Article 3 
 Representations and Warranties 
 of the Investors 
 Each Investor, severally and not jointly, hereby represents and warrants to the Company as follows: 
 Section 3.1 Authorization. Such Investor has full power and authority to enter into this Agreement, and this Agreement constitutes its valid and
legally binding obligation, enforceable in accordance with its terms, except as rights to indemnity and contribution may be limited by state or federal securities laws or the public policy underlying such laws, except as enforceability may be
limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ and contracting parties’ rights generally, and except as enforceability may be subject to general principles of equity
(regardless of whether such enforceability is considered in a proceeding in equity or at law). 
 Section 3.2 Purchase Entirely for Own
Account. This Agreement is made with such Investor in reliance upon such Investor’s representation to the Company, which by such Investor’s execution of this Agreement such Investor hereby confirms, that the Series F Shares to be
received by such Investor and the Conversion Shares (collectively, the “Securities”) will be acquired for investment for such Investor’s own account, not as a nominee or agent, and not with a view to the distribution of any
part thereof, and that such Investor has no present intention of selling, granting any participation in, or otherwise distributing the same. By executing this Agreement, such Investor further represents that such Investor does not have any contract,
undertaking, agreement or arrangement with any person to sell, transfer or grant participations to such person or to any third person, with respect to any of the Securities. 
 Section 3.3 Disclosure of Information. Such Investor believes it has received all the information it considers necessary or appropriate for
deciding whether to purchase the Series F Shares. The Investor further represents that it has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of the Series F
Shares and the business, properties, prospects and financial condition of the Company. The foregoing, however, does not limit or modify the representations and warranties of the Company in Article 2 of this Agreement or the right of such
Investor to rely thereon. 
  

 7 

 Section 3.4 Investment Experience. Such Investor is a sophisticated investor and acknowledges that
it is able to fend for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Securities. If other
than an individual, Investor also represents it has not been organized for the purpose of acquiring the Securities. 
 Section 3.5
Accredited Investor. Such Investor is an “accredited investor” within the meaning of SEC Rule 501 of Regulation D, as presently in effect. 
 Section 3.6 Restricted Securities. Such Investor understands that the Securities will be characterized as “restricted securities” under the federal securities laws inasmuch as they are being acquired
from the Company in a transaction not involving a public offering and that under such laws and applicable regulations such securities may be resold without registration under the Securities Act, only in certain limited circumstances. In this
connection, such Investor represents that it is familiar with SEC Rule 144, as presently in effect, and understands the resale limitations imposed thereby and by the Securities Act. 
 Section 3.7 Further Limitations on Disposition. Without in any way limiting the representations set forth above, such Investor further agrees not
to make any disposition of all or any portion of the Securities unless and until: 
 (a) there is then in effect a registration statement
under the Securities Act covering such proposed disposition and such disposition is made in accordance with such registration statement; or 
 (b) such Investor shall have notified the Company of the proposed disposition and shall have furnished the Company with a detailed statement of the circumstances surrounding the proposed disposition, and, if reasonably requested by the
Company, such Investor shall have furnished the Company with an opinion of counsel, reasonably satisfactory to the Company that such disposition will not require registration of such shares under the Securities Act. 
 Section 3.8 Certain Transactions. Such Investor has not, during the seven (7) days prior to the date of this Agreement, directly or
indirectly traded in the Common Stock or established any hedge or other position in the Common Stock that is outstanding on the Closing Date and that is designed to or could reasonably be expected to lead to or result in a direct or indirect sale,
offer to sell, solicitation of offers to buy, disposition of, loan, pledge or grant of any right with respect to the Common Stock by such Investor or any other person or entity. Such prohibited hedging or other transactions would include, without
limitation, effecting any short sale or having in effect any short position (whether or not such sale or position is against the box and regardless of when such position was entered into) or any purchase, sale or grant of any right (including
without limitation any put or call option) with respect to the Common Stock or with respect to any security (other than a broad-based market basket or index) that includes, relates to or derives any significant part of its value from the Common
Stock. 
 Section 3.9 Legend. Such Investor acknowledges and agrees that the certificates evidencing the Securities may bear the
following legend: 
 These securities have not been registered under the Securities Act of 1933, as amended. They may not be sold, offered
for sale, pledged or hypothecated in the absence of a registration statement in effect with respect to the securities under such Act or an opinion of counsel satisfactory to the Company that such registration is not required or unless sold pursuant
to Rule 144 of such Act. 
  

 8 

 The legend set forth above shall be removed and the Company shall issue a certificate or other instruments without such
legend to the holder of the Securities upon which it is stamped, if, unless otherwise required by state securities laws or regulations, (i) such Securities are registered for resale under the Securities Act, (ii) in connection with a sale,
assignment or other transfer, such holder provides the Company with an opinion of counsel, in a form reasonably acceptable to the Company, to the effect that such sale, assignment or transfer of the Securities may be made without registration under
the applicable requirements of the Securities Act, or (iii) such holder provides the Company with an opinion of counsel, in a form reasonably acceptable to the Company, to the effect that the Securities can be sold, assigned or transferred
pursuant to Rule 144 or Rule 144A. 
 Section 3.10 Further Representations by Foreign Investors. If an Investor is not a United States
person, such Investor hereby represents that he or she has satisfied himself or herself as to the full observance of the laws of his or her jurisdiction in connection with any invitation to subscribe for the Securities or any use of this Agreement,
including (a) the legal requirements within his jurisdiction for the purchase of the Securities, (b) any foreign exchange restrictions applicable to such purchase, (c) any governmental or other consents that may need to be obtained,
and (d) the income tax and other tax consequences, if any, that may be relevant to the purchase, holding, redemption, sale, or transfer of the Securities. Such Investor’s subscription and payment for, and its continued beneficial ownership
of the Securities, will not violate any applicable securities or other laws of his or her jurisdiction. 
 Article 4 
 Conditions to the Investors’ 
 Obligations at Closing 
 The obligations of each Investor under subsection 1.1(c) of this Agreement are subject to the
fulfillment on or before the Closing of each of the following conditions, the waiver of which shall not be effective against any Investor who does not consent thereto: 
 Section 4.1 Representations and Warranties. The representations and warranties of the Company contained in Article 2 shall be true on and as of the Closing with the same effect as though such
representations and warranties had been made on and as of the date of such Closing. 
 Section 4.2 Performance. The Company shall have
performed and complied with all agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing. 
 Section 4.3 Compliance Certificate. The President or other appropriate officer of the Company shall deliver to the Investors at the Closing a
certificate stating that the conditions specified in Sections 4.1 and 4.2 have been fulfilled. 
 Section 4.4 Qualifications. All
authorizations, approvals, or permits, if any, of any governmental authority or regulatory body of the United States or of any state that are required in connection with the lawful issuance, sale and purchase of the Series F Shares pursuant to
this Agreement shall be duly obtained and effective as of the Closing. 
 Section 4.5 Proceedings and Documents. All corporate and
other proceedings in connection with the transactions contemplated at the Closing and all documents incident thereto shall be reasonably satisfactory in form and substance to the Investors, and they shall have received all such counterpart original
and certified or other copies of such documents as they may reasonably request. 
  

 9 

 Article 5 
 Conditions to the Company’s 
 Obligations at Closing 
 The obligations of the Company to each Investor under this Agreement are subject to the fulfillment on or before the Closing of each of the following
conditions by that Investor: 
 Section 5.1 Representations and Warranties. The representations and warranties of the Investors
contained in Article 3 shall be true on and as of the Closing with the same effect as though such representations and warranties had been made on and as of the date of such Closing. 
 Section 5.2 Payment of Purchase Price. The Investors shall have delivered the Series F Purchase Price specified in Section 1.1(c).

 Section 5.3 Qualifications. All authorizations, approvals, or permits, if any, of any governmental authority or regulatory body of
the United States or of any state that are required in connection with the lawful issuance, sale and purchase of the Series F Shares pursuant to this Agreement shall be duly obtained and effective as of the Closing. 
 Article 6 
 Registration Rights 

 Section 6.1 Certain Definitions. For purposes of this Article 6: 
 (a) The term “Filing Date” means the date the Registration Statement is filed with the SEC. 
 (b) The term “Filing Deadline” means the date which is ninety (90) calendar days after the Closing Date. 
 (c) The term “Form S-3” means such form under the Securities Act as in effect on the date of this Agreement or any registration form
under the Securities Act subsequently adopted by the SEC that permits inclusion or incorporation of substantial information by reference to other documents filed by the Company with the SEC. 
 (d) The term “Holder” means any person owning or having the right to acquire Registrable Securities or any assignee thereof in accordance
with Section 6.11 of this Agreement. 
 (e) The terms “register,” “registered,” and
“registration” refer to a registration effected by preparing and filing a Registration Statement or similar document in compliance with the Securities Act, and the declaration or ordering of effectiveness of such Registration
Statement or document. 
 (f) The term “Registrable Securities” means (i) the Conversion Shares, but only to the extent
that such Conversion Shares are issuable upon the conversion of Series F Shares that are issued and outstanding at the applicable time, and (ii) any Common Stock of the Company issued as (or issuable upon the conversion or exercise of any
warrant, right or other security that is issued as) a dividend or other distribution with respect to, or in exchange for, or in replacement of, the Conversion Shares. 
 (g) The number of shares of “Registrable Securities” outstanding shall be determined by the number of shares of Common Stock outstanding that are, and the number of shares of Common Stock issuable
pursuant to then exercisable or convertible securities that are, Registrable Securities. 
  

 10 

 (h) The term “Registration Statement” means the registration statement that is filed
with the SEC pursuant to the provisions of this Article 6. 
 (i) The term “Rule 144” shall mean Rule 144 under the
Securities Act. 
 (j) The term “Rule 144(k)” shall mean subsection (k) of Rule 144 under the Securities Act.

 Section 6.2 Registration. 
 (a) The Company shall prepare, and, as soon as practicable but in no event later than the Filing Deadline, file with the SEC the Registration Statement on Form S-3 covering the resale of all of the Registrable Securities. In the event that
Form S-3 is unavailable for such a registration, the Company shall use such other form as is available for such a registration on another appropriate form reasonably acceptable to the Holders of fifty percent or more of the Registrable Securities
(the “Required Holders”), subject to the provisions of Section 6.2(c). 
 (b) Allocation of Registrable
Securities. The initial number of Registrable Securities included in any Registration Statement and any increase in the number of Registrable Securities included therein shall be allocated pro rata among the Investors based on the number of
Registrable Securities held by each Investor at the time the Registration Statement covering such initial number of Registrable Securities or increase thereof is declared effective by the SEC. In the event that an Investor sells or otherwise
transfers any of such Investor’ s Registrable Securities, each transferee shall be allocated a pro rata portion of the then remaining number of Registrable Securities included in such Registration Statement for such transferor. Any shares of
Common Stock included in a Registration Statement and which remain allocated to any person which ceases to hold any Registrable Securities covered by such Registration Statement shall be allocated to the remaining Investors, pro rata based on the
number of Registrable Securities then held by such Investors which are covered by such Registration Statement. In no event shall the Company include any securities other than Registrable Securities on any Registration Statement without the prior
written consent of the Required Holders. 
 (c) Ineligibility for Form S-3. In the event that Form S-3 is not available for the
registration of the resale of Registrable Securities hereunder, the Company shall (i) register the resale of the Registrable Securities on another appropriate form reasonably acceptable to the Required Holders and (ii) undertake to
register the Registrable Securities on Form S-3 as soon as such form is available, provided that the Company shall maintain the effectiveness of the Registration Statement then in effect until such time as a Registration Statement on Form S-3
covering the Registrable Securities has been declared effective by the SEC. 
 Section 6.3 Obligations of the Company. Whenever
required under this Article 6 to effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible: 
 (a) keep each Registration Statement effective pursuant to Rule 415 at all times until the earlier of (i) the date as of which the Investors may sell all of the Registrable Securities covered by such Registration
Statement without restriction pursuant to Rule 144(k) (or any successor thereto) promulgated under the Securities Act or (ii) the date on which the Investors shall have sold all of the Registrable Securities covered by such Registration
Statement (the “Registration Period”); 
 (b) ensure that each Registration Statement (including any amendments or
supplements thereto and prospectuses contained therein) shall not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein, or necessary to make the statements therein (in the case of
prospectuses, in the light of the circumstances in which they were made) not misleading; 
  

 11 

 (c) permit the Investors to review and comment upon (i) a Registration Statement at least five
(5) business days prior to its filing with the SEC and (ii) all amendments and supplements to all Registration Statements (except for Annual Reports on Form 10-K, and Reports on Form 10-Q and any similar or successor reports) within a
reasonable number of days prior to their filing with the SEC, and (B) not file any Registration Statement or amendment or supplement thereto in a form to which any Investor reasonably objects; 
 (d) prepare and file with the SEC such amendments and supplements to such Registration Statement and the prospectus used in connection with such
Registration Statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such Registration Statement; 
 (e) furnish to the Holders such number of copies of a prospectus, including a preliminary prospectus, in conformity with the requirements of the
Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by them; 
 (f) use all commercially reasonable efforts to register and qualify the securities covered by such Registration Statement under such other securities or Blue Sky laws of such jurisdictions as shall be reasonably
requested by the Holders, provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent to service of process in any such states or jurisdictions; 

(g) in the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary
form, with the managing underwriter of such offering; 
 (h) notify each Holder of Registrable Securities covered by such Registration
Statement at any time when a prospectus relating thereto is required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such Registration Statement, as then in effect, includes an
untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing; and 
 (i) cause all such Registrable Securities registered pursuant to this Article 6 to be listed on a national exchange or trading system and on each
securities exchange and trading system on which similar securities issued by the Company are then listed. 
 Notwithstanding the provisions
of this Article 6, the Company shall be entitled to postpone or suspend, for a period of time (each such period, a “Grace Period”), the filing, effectiveness or use of, or trading under, any Registration Statement if the
Company shall determine that any such filing or the sale of any securities pursuant to such Registration Statement would in the good faith judgment of the Board of Directors of the Company: 
 (i) materially impede, delay or interfere with any material pending or proposed financing, acquisition, corporate reorganization, or other
similar transaction involving the Company for which the Board of Directors of the Company has authorized negotiations; 
 (ii)
materially and adversely impair the consummation of any pending or proposed material offering or sale of any class of securities by the Company; or 
  

 12 

 (iii) require disclosure of material nonpublic information that, if disclosed at such
time, would be materially harmful to the interests of the Company and its shareholders; provided, however, that during any such period all executive officers and directors of the Company are also prohibited from selling securities of the
Company (or any security of any of the Company’s subsidiaries or affiliates). 
 No Grace Period shall exceed fifteen
(15) consecutive days and during any three hundred sixty five (365) day period such Grace Periods shall not exceed an aggregate of forty-five days and the first day of any Grace Period must be at least five (5) trading days after the
last day of any prior Grace Period. 
 Section 6.4 Demand Registrations. 
 (a) If, following the date hereof, the Company is unable to file, cause to be effective or maintain the effectiveness of a shelf registration statement as
required under Section 6.2, the Holders shall have the right by delivering a written notice to the Company (a “Demand Notice”) to require the Company to, pursuant to the terms of this Agreement, register (including pursuant to
an underwritten registration) under and in accordance with the provisions of the Securities Act the number of Registrable Securities beneficially owned by the Holders and requested by such Demand Notice to be so registered (a “Demand
Registration”). A Demand Notice shall also specify the expected method or methods of disposition of the applicable Registrable Securities. Following receipt of a Demand Notice, the Company shall use its reasonable best efforts to file, as
promptly as reasonably practicable, but not later than 30 days after receipt by the Company of such Demand Notice (subject to paragraph (d) of this Section 6.4), a Registration Statement relating to the offer and sale of the Registrable
Securities requested to be included therein by the Holders in accordance with the methods of distribution elected by the Holders (a “Demand Registration Statement”) and shall use its reasonable best efforts to cause such
Registration Statement to be declared effective under the Securities Act as promptly as practicable after the filing thereof, provided, however, that the Company shall be required to effect registration pursuant to a request under this
Section 6.4(a) on behalf of the Holders a maximum of one time. Notwithstanding anything to the contrary contained herein, no request may be made under this Section 6.4(a) within 180 days after the effective date of a registration statement
filed by the Company covering a firm commitment underwritten public offering in which the Holders shall have been entitled to join pursuant to Section 6.5. 
 (b) In the event of a Demand Registration, the Company shall be required to maintain the continuous effectiveness of the applicable Registration Statement for a period of at least 180 days after the effective date
thereof or such shorter period in which all Registrable Securities included in such Registration Statement have actually been sold. 
 (c)
The Company shall be entitled to postpone the filing or initial effectiveness of, or suspend the use of, a Demand Registration Statement, for a reasonable time not in excess of fifteen (15) consecutive days and during any three hundred sixty
five (365) day period such Grace Periods shall not exceed an aggregate of forty-five days and the first day of any Grace Period must be at least five (5) trading days after the last day of any prior Grace Period, if the Company delivers to
the Holders a certificate signed by both the Chief Executive Officer and Chief Financial Officer of the Company certifying that, in the good faith judgment of the Board of Directors of the Company, such registration, offering or use would reasonably
be expected to materially adversely affect or materially interfere with any bona fide material financing of the Company or any material transaction under consideration by the Company or would require the disclosure of information that has not been,
and is not otherwise required to be, disclosed to the public, the premature disclosure of which would materially adversely affect the Company. Such certificate shall contain a statement of the reasons for such postponement or suspension and an
approximation of the anticipated delay. 
  

 13 

 (d) The Holders shall have the right to notify the Company that it has determined that the Registration
Statement relating to a Demand Registration be abandoned or withdrawn, in which event the Company shall promptly abandon or withdraw such Registration Statement. 
 Section 6.5 Piggyback Registrations. 
 (a) If, following the date hereof, the Company does not have
an effective shelf registration statement as required under Section 6.3 and the Company proposes or is required to file a registration statement under the Securities Act with respect to an offering of Common Stock, any other of its equity
securities or securities convertible into or exchangeable or exercisable for any of its equity securities, whether or not for sale for its own account (other than a registration statement (i) on Form S-4, Form S-8 or any successor forms thereto
or (ii) filed solely in connection with any employee benefit or dividend reinvestment plan), then the Company shall give prompt written notice of such proposed filing at least 30 days before the anticipated filing date (the “Piggyback
Notice”) to the Holders. The Piggyback Notice shall offer the Holders the opportunity to include in such registration statement the number of Registrable Securities as they may request (a “Piggyback Registration”). The
Company shall include in each such Piggyback Registration all Registrable Securities with respect to which the Company has received written requests for inclusion therein within 15 days after notice has been given to the Holders. The Holders shall
be permitted to withdraw all or part of the Registrable Securities from a Piggyback Registration at any time at least 2 business days prior to the effective date of the Registration Statement relating to such Piggyback Registration. The Company
shall be required to maintain the effectiveness of the Registration Statement for a Piggyback Registration for a period of 180 days after the effective date thereof or such shorter period in which all Registrable Securities included in such
Registration Statement have actually been sold. 
 (b) If any of the securities to be registered pursuant to the registration giving rise to
the Holders’ rights under this Section 6.5 are to be sold in an underwritten offering, the Holders shall be permitted to include all Registrable Securities requested to be included in such registration in such offering on the same terms
and conditions as any other shares, if any, of the Company included therein; provided, however, that if such offering involves a firm commitment underwritten offering and the managing underwriter(s) of such underwritten offering advise
the Company in writing that it is their good faith opinion that the total amount of Registrable Securities requested to be so included, together with all other securities that the Company and any other persons having rights to participate in such
registration intend to include in such offering, exceeds the total number or dollar amount of such securities that can be sold without having an adverse effect on the price, timing or distribution of the Registrable Securities to be so included
together with all other securities, then there shall be included in such firm commitment underwritten offering the number or dollar amount of Registrable Securities and such other securities that in the opinion of such managing underwriter(s) can be
sold without so adversely affecting such offering, and such number of Registrable Securities and other securities shall be allocated for inclusion as follows: 
 (i) first, all other securities being sold by the Company or by any person (other than a Holder) exercising a contractual right to demand
registration; 
 (ii) second, all Registrable Securities requested to be included by the Holders, pro rata (if applicable),
based on the number of Registrable Securities beneficially owned by each such Holder; and 
 (iii) third, among any other
holders of other securities not included in item (i) requesting such registration, pro rata, based on the number of such other securities beneficially owned by each such holder of other securities. 
  

 14 

 Section 6.6 Information from Holder. It shall be a condition precedent to the obligations of the
Company to take any action pursuant to this Article 6 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding itself, the Registrable Securities held by it, and
the intended method of disposition of such securities as shall be reasonably required to effect the registration of such Holder’s Registrable Securities. 
 Section 6.7 Expenses of Registration. All expenses other than (a) fees and disbursements of counsel for any Holder and (b) underwriting discounts and commissions incurred in connection with
registrations, filings or qualifications pursuant to Sections 6.2 and 6.4, including (without limitation) all registration, filing and qualification fees, printers’ and accounting fees, and fees and disbursements of counsel for the Company
shall be borne by the Company. 
 Section 6.8 [Intentionally Omitted.] 
 Section 6.9 Indemnification. In the event any Registrable Securities are included in a Registration Statement under this Article 6: 
 (a) To the extent permitted by law, the Company will indemnify and hold harmless each Holder, the partners, officers, directors and shareholders of each
Holder, legal counsel and accountants for each Holder, any underwriter (as defined in the Securities Act) for such Holder and each person, if any, who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act,
against any losses, claims, damages or liabilities (joint or several) to which they may become subject under the Securities Act, the Exchange Act, any state securities laws or any rule or regulation promulgated under the Securities Act, insofar as
such losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively a “Violation”): (i) any untrue statement or
alleged untrue statement of a material fact contained in such Registration Statement, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto, (ii) any breach of any covenant,
agreement or obligation of the Company contained in herein or any other certificate, instrument or document contemplated hereby or thereby (iii) the omission or alleged omission to state in such Registration Statement a material fact required
to be stated therein, or necessary to make the statements therein not misleading or (iv) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any state securities laws or any rule or regulation promulgated
under the Securities Act, the Exchange Act or any state securities laws, and the Company will reimburse each such Holder, underwriter, controlling person or other aforementioned person for any legal or other expenses reasonably incurred by them in
connection with investigating or defending any such loss, claim, damage, liability or action as such expenses are incurred; provided, however, that the indemnity agreement contained in this Section 6.9(a) shall not apply to amounts paid
in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld), nor shall the Company be liable in any such case for any such
loss, claim, damage, liability or action to the extent that it arises out of or is based upon a Violation that occurs in reliance upon and in conformity with written information furnished expressly for use in connection with such registration by any
such Holder, underwriter, controlling person or other aforementioned person. 
 (b) To the extent permitted by law, each selling Holder will
indemnify and hold harmless the Company, each of its directors, each of its officers who has signed the Registration Statement, each person, if any, who controls the Company within the meaning of the Securities Act, legal counsel and accountants for
the Company, any underwriter, any other Holder selling securities in such Registration Statement and any controlling person of any such underwriter or other Holder, against any losses, claims, damages or liabilities (joint or several) to which any
of the foregoing persons may become subject, under the Securities Act, the Exchange Act, any state securities laws or any rule or regulation promulgated 

  

 15 

 
under the Securities Act, the Exchange Act or any state securities laws, insofar as such losses, claims, damages or liabilities (or actions in respect
thereto) arise out of or are based upon any Violation, in each case to the extent (and only to the extent) that such Violation occurs in reliance upon and in conformity with written information furnished by such Holder expressly for use in
connection with such registration; and each such Holder will reimburse any person intended to be indemnified pursuant to this Section 6.9(b) for any legal or other expenses reasonably incurred by such person in connection with investigating or
defending any such loss, claim, damage, liability or action as such expenses are incurred; provided, however, that the indemnity agreement contained in this Section 6.9(b) shall not apply to amounts paid in settlement of any such loss,
claim, damage, liability or action if such settlement is effected without the consent of the Holder (which consent shall not be unreasonably withheld), and provided that in no event shall any indemnity under this Section 6.9(b) exceed the net
proceeds from the offering received by such Holder. 
 (c) Promptly after receipt by an indemnified party under this Section 6.9 of
notice of the commencement of any action (including any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 6.9, deliver to the indemnifying party a
written notice of the commencement thereof and the indemnifying party shall have the right to participate in and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense
thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party (together with all other indemnified parties that may be represented without conflict by one counsel) shall have the right to retain one
separate counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests
between such indemnified party and any other party represented by such counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action, if prejudicial to its
ability to defend such action, shall relieve such indemnifying party of any liability to the indemnified party under this Section 6.9, but the omission to so deliver written notice to the indemnifying party will not relieve it of any liability
that it may have to any indemnified party otherwise than under this Section 6.9. 
 (d) If the indemnification provided for in this
Section 6.9 is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim, damage or expense referred to herein, then the indemnifying party, in lieu of indemnifying such
indemnified party hereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such loss, liability, claim, damage or expense in such proportion as is appropriate to reflect the relative fault of the
indemnifying party on the one hand and the indemnified party on the other hand in connection with the statements or omissions that resulted in such loss, liability, claim, damage or expense, as well as any other relevant equitable considerations;
provided, however, that no contribution by any Holder, when combined with any amounts paid by such Holder pursuant to Section 6.9(b), shall exceed the net proceeds from the offering received by such Holder. The relative fault of the
indemnifying party and the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to
information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 
 (e) The obligations of the Company and Holders under this Section 6.9 shall survive the completion of any offering of Registrable Securities in a
Registration Statement under this Article 6 and otherwise. 
  

 16 

 Section 6.10 Reports Under the Exchange Act. With a view to making available to the Holders the
benefits of Rule 144 and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form S-3, the Company agrees to: 

(a) make and keep public information available, as those terms are understood and defined in SEC Rule 144; 
 (b) file with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act; and

 (c) furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) a written statement by
the Company that it has complied with the reporting requirements of Rule 144, the Securities Act and the Exchange Act, or that it qualifies as a registrant whose securities may be resold pursuant to Form S-3 (at any time after it so qualifies),
(ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company, and (iii) such other information as may be reasonably requested to avail any Holder of any rule or
regulation of the SEC that permits the selling of any such securities without registration or pursuant to such form. 
 Section 6.11
Assignment of Registration Rights. The rights under this Agreement shall be automatically assignable by the Investors to any transferee of all or any portion of such Investor’s Registrable Securities if: (i) such Investor agrees in
writing with the transferee or assignee to assign such rights and a copy of such agreement is furnished to the Company within a reasonable time after such assignment; (ii) the Company is, within a reasonable time after such transfer or
assignment, furnished with written notice of (a) the name and address of such transferee or assignee and (b) the securities with respect to which such registration rights are being transferred or assigned; (iii) immediately following
such transfer or assignment the further disposition of such securities by the transferee or assignee is restricted under the Securities Act or applicable state securities laws; (iv) at or before the time the Company receives the written notice
contemplated by clause (ii) of this sentence the transferee or assignee agrees in writing with the Company to be bound by all of the provisions contained herein; and (v) such transfer shall have been made in accordance with the applicable
requirements of this Agreement. 
 Section 6.12 Termination of Registration Rights. No Holder shall be entitled to exercise any right
provided for in this Article 6 (a) after the Registration Period. 
 Article 7 
 Miscellaneous 
 Section 7.1 Survival
of Warranties. The warranties, representations and covenants of the Company and the Investors contained in or made pursuant to this Agreement shall survive the execution and delivery of this Agreement and the Closing and shall in no way be
affected by any investigation of the subject matter thereof made by or on behalf of the Investors or the Company. 
 Section 7.2
Successors and Assigns. Except as otherwise provided herein, the terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the parties (including transferees of any
Securities). Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this
Agreement, except as expressly provided in this Agreement. 
  

 17 

 Section 7.3 Governing Law. This Agreement shall be governed by and construed under the laws of the
State of Florida without reference to principles of choice or conflict of law thereunder. 
 Section 7.4 Counterparts. This Agreement
may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 Section 7.5 Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement. 
 Section 7.6 Notices. All notices and other communications given or made pursuant hereto shall be in writing and shall be deemed effectively given:
(a) upon personal delivery to the party to be notified, (b) when sent by confirmed facsimile if sent during normal business hours of the recipient; if not, then on the next business day, (c) five (5) days after having been sent
by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All
communications shall be sent to the Company at 5215 West Laurel Street, Tampa, Florida 33607 (Facsimile 813-876-1777) and to the Investors at the addresses set forth Schedule A attached hereto (or at such other addresses as shall be specified
by notice given in accordance with this Section 7.6). 
 Section 7.7 Finder’s Fee. Each party represents that it neither is
nor will be obligated for any finders’ fee or commission in connection with this transaction. Each Investor agrees to indemnify and to hold harmless the Company from any liability for any commission or compensation in the nature of a
finders’ fee (and the costs and expenses of defending against such liability or asserted liability) for which such Investor or any of its officers, partners, employees, or representatives is responsible. The Company agrees to indemnify and to
hold harmless each Investor from any liability for any commission or compensation in the nature of a finders’ fee (and the costs and expenses of defending against such liability or asserted liability) for which the Company or any of its
officers, partners, employees, or representatives is responsible. 
 Section 7.8 Expenses. Except as contemplated by Section 6.5,
each of the parties to this Agreement shall bear its own expenses in connection with this Agreement and the transactions contemplated by this Agreement. If any action at law or in equity is necessary to enforce or interpret the terms of this
Agreement or the Certificate of Designation, the prevailing party shall be entitled to reasonable attorney’s fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled. 
 Section 7.9 Amendments and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived
(either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and the holders of a majority of the Conversion Shares issued or issuable upon conversion of the Series F
Shares purchased hereunder. Any amendment or waiver effected in accordance with this section shall be binding upon each holder of any securities purchased under this Agreement at the time outstanding (including securities into which such securities
are convertible), each future holder of all such securities, and the Company. 
 Section 7.10 Severability. If one or more provisions
of this Agreement are held to be unenforceable under applicable law, such provision shall be excluded from this Agreement and the balance of the Agreement shall be interpreted as if such provision were so excluded and shall be enforceable in
accordance with its terms. 
  

 18 

 Section 7.11 Aggregation of Stock. All shares of the Series F Preferred Stock held or
acquired by affiliated entities or persons shall be aggregated together for the purpose of determining the availability of any rights under this Agreement. For purposes of Article 6, all shares of Registrable Securities held or acquired by
affiliated entities (including affiliated venture capital funds) or persons shall be aggregated together for the purpose of determining the availability of any rights under this Agreement. 
 Section 7.12 Entire Agreement. This Agreement and the documents referred to herein constitute the entire agreement among the parties and no party
shall be liable or bound to any other party in any manner by any warranties, representations, or covenants except as specifically set forth herein or therein. 
 [Signatures on following page.] 
  

 19 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.

  

			
	ODYSSEY MARINE EXPLORATION, INC.
		
	By:	 	 
		 	 Michael J. Holmes,
 Chief Financial Officer

	
	
	
	
	STRATA FUND LP 
		
	By:	 	 
		
	Name:	 	 
		
	Title:	 	 
	
	
	
	
	STRATA FUND (QP) LP
		
	By:	 	 
		
	Name:	 	 
		
	Title:	 	 
	
	
	
	
	STRATA OFFSHORE FUND LTD
		
	By:	 	 
		
	Name:	 	 
		
	Title:	 	 

  

 20 

 SCHEDULE A 
 Schedule of Investors 
  

						
	 Name and Address
	  	 Number of
 Series F Shares Purchased
	  	Total Purchase Price
	 Strata Fund LP
 9665 Wilshire Blvd., Suite 505
 Beverly Hills, California 90212
 Facsimile: (310) 860-0838
	  	4	  	$	2,160,000
			
	 Strata Fund (QP) LP
 9665 Wilshire Blvd., Suite 505
 Beverly Hills, California 90212
 Facsimile: (310) 860-0838
	  	4	  	$	2,160,000
			
	 Strata Offshore Fund Ltd
 9665 Wilshire Blvd., Suite 505
 Beverly Hills, California 90212
 Facsimile: (310) 860-0838
	  	14	  	$	7,560,000

  

 21 

 EXHIBIT A 
 Certificate of Designation 
 See attached Certificate of Designation. 
  

 22Consulting and Manufacturing Agreement

 Exhibit 10.23 
 CONSULTING AND MANUFACTURING AGREEMENT 
 This Consulting and Manufacturing Agreement (the
“Agreement”) is made and entered into by and between Broncus Technologies, Inc., a California corporation (“Company”) and Stellartech Research Corporation (“Consultant”) effective December 8, 1997 (the
“Effective Date”). Whereas the Company and Consultant desire to create an “independent contractor” relationship in connection with certain consulting and manufacturing services to be provided by Consultant to the Company, as
described below, the parties agree to the following terms of this engagement. 
  

	1.	CONSULTING AND MANUFACTURING 

 Consultant, as an
independent contractor, agrees to provide the consulting and manufacturing services to the Company as set forth in Exhibit A (“Services”). 
  

	2.	TERM 

 2.1 Completion of Services. This Agreement will
become effective on the Effective Date and shall continue in effect until December 31, 2000, unless terminated earlier as set forth in Section 2.2. This Agreement can be renewed for additional periods upon written agreement by Company and
Consultant. 
 2.2 Termination. This Agreement may be terminated as follows: 
 (a) by either party by giving the other party written notice of termination if any of the following events should occur: (i) if the other party
becomes insolvent or admits in writing its inability to pay its debts as they mature or makes an assignment for the benefit of creditors; (ii) if a petition under the United State Bankruptcy Act, as it now exists or as it may be amended, or any
similar law of any other jurisdiction, is filed by the other party; or (iii) if a petition is filed by any third party, or an application for a receiver of the other party, is made by anyone and such petition or application is not resolved
favorably to that party within sixty (60) days. 
 (b) If either party defaults in the performance of any obligation or provision of
this Agreement and, assuming such default is capable of cure, fails to cure such default within thirty (30) days after written notice specifying the default, the nondefaulting party giving notice may, at its option, terminate this Agreement
immediately upon written notice to the defaulting party. 
 (c) at any time, upon the mutual written consent of the parties. 
  

 Page 1 of 18 

 (d) If the electrosurgical generators contain Consultant’s Technology (as defined in Exhibit B),
then at the option of the Company, with sixty (60) days prior written notice to Consultant, after the Company has purchased $1,000,000.00 worth (the “Minimum Purchase Amount”) of electrosurgical generators (“Products”) in
accordance with Exhibit B hereto or made the payment contemplated by Section B (4) of Exhibit B. 
 (e) If the design of the
electrosurgical generators do not contain Consultant’s Technology, then at the option of Company, with sixty (60) days prior written notice to Consultant, after the Company has purchased $500,000.00 worth (the “Minimum Purchase
Amount”) of Products in accordance with Exhibit B hereto or made the payment contemplated by Section B(4) of Exhibit B. 
 (f) at the
time that Consultant and Company can not come to agreement on changes to the Product Specifications. 
 At any time, before its
then-scheduled termination date this Agreement may be extended for such period of time, and upon such terms, as the Company and Consultant agree upon in writing. 
 In the event of termination the Company will pay Consultant for any services rendered up to the date of termination in accordance with Exhibit B and all licenses granted hereunder shall terminate, except as expressly
set forth in Exhibit B hereto. 
  

	3.	COMPENSATION 

 Consultant shall be paid compensation in the
amount and at the times set forth in Exhibit B. 
  

	4.	REIMBURSEMENT 

 Consultant shall be reimbursed for
Consultant’s out-of-pocket expenses, if any, in connection with the performance of Consultant’s responsibilities under Paragraph 5 only to the extent previously authorized in writing by an officer of the Company and reasonably incurred in
the performance of Consultant’s duties under this Agreement. Expenses will be reimbursed at cost plus 15%. 
 Estimate of out-of-pocket
expenses requiring reimbursement: 
 Auto mileage: $30.00 per month cost. 
 Airfare: $600.00 per trip cost. Two trips per the term of this agreement. 
  

	5.	RESPONSIBILITIES 

 (a) Consultant shall use its reasonable
best efforts to perform and promptly complete the Services set forth in Exhibit A. 
  

 Page 2 of 18 

 (b) Consultant will determine the method, details and means of performing the Services described above,
but shall not employ any agents or consultants in these matters without the prior written consent of the Company. 
 (c) Consultant agrees to
accept exclusive liability for the payment of payroll taxes, self-employment taxes, and social security and other contributions that are based on the compensation to be paid to Consultant under this Agreement and on the wages or other compensation
paid to any agents or employees of Consultant which the Company has authorized Consultant to engage. Consultant agrees to indemnify and defend the Company against all such taxes or contributions. Consultant shall also make all necessary
workman’s compensation payments. 
  

	6.	OWNERSHIP OF INVENTIONS: GRANT OF LICENSE 

 6.1 Invention
and Original Works Assigned to the Company. Consultant will promptly make full disclosure to the Company in writing, will hold in trust for the sole right and benefit of the Company, and will assign, and does hereby assign, to the Company all
Consultant’s world wide right, title, and interest in and to any and all inventions, original works of authorship, developments, designs, improvements, or trade secrets developed in the course of Consultant’s performance of the Services
(collectively “Inventions”) which Consultant may solely or jointly conceive or make or reduce to practice, at any time during the term of Consultant’s consulting agreement with the Company, together with all patent and other rights
therein Consultant has or may acquire in all countries. Consultant will require all of its employees and consultants, if any, to enter into similar agreements with Consultant. 
 6.2 Obtaining Letters Patent and Copyright Registration. Consultant agrees to assist the Company in every lawful way to obtain, prepare and prosecute
applications for, to perfect the Company’s title to, and to protect and enforce the Company’s rights in the United States or foreign countries, letters patent, and copyright registrations covering Inventions, assigned hereunder to the
Company. Such obligations shall continue beyond the termination of Consultant’s engagement, but the Company shall compensate Consultant at a reasonable rate for time actually spent by Consultant at the Company’s request on such assistance
after such termination. If the Company is unable for any reason to secure Consultant’s signature to apply for or to pursue any application for an United States or foreign letters patent, or copyright registrations covering Inventions assigned
to the Company, then Consultant hereby irrevocably designates and appoints the Company and its duly authorized officers and agents as Consultant’s agent and attorney-in-fact, to act for and in Consultant’s behalf and stead to execute and
file any such application and to do all other lawfully permitted acts to further the prosecution and issuance of letters patent, copyright, or mask work registrations with the same legal force and effect as if executed by Consultant. 
  

 Page 3 of 18 

 6.3 Grant of Licenses. It is understood by and between the parties that Consultant owns and may in the
future own certain intellectual property rights to certain intellectual properties, design, know-how, trade secrets, patents and/or inventions other than the Inventions, including, without limitation, Consultant’s proprietary technology in the
field of RF and electrosurgical generators for medical applications commonly referred to as the Stellartech RF Generator (collectively, the “Consultant’s Technology”) that it may utilize in the provision of the Service and the
Products to be manufactured in connection therewith. Consultant shall notify the Company in writing in advance of using any of Consultant’s Technology and will define what technology is being used. To the extent that said intellectual
properties are so utilized, Consultant shall retain all right, title and interest therein. 
 Subject to, and in accordance with, the terms
of this Agreement, including Exhibit B, Consultant grants to the Company a nonexclusive, irrevocable, nontransferable, worldwide, royalty-free license to use the Consultant’s Technology solely in connection with the use, sale and distribution
of Products manufactured by Consultant; provided that such license shall be exclusive to the Company in the field of the treatment of Obstructive Pulmonary Diseases or Asthma during the term of this Agreement. Except as specifically set forth in
Exhibit B hereto, the Company shall not be entitled to use, license or otherwise commercially exploit the Consultant’s Technology without the Consultant’s prior written consent, which may be withheld in Consultant’s sole discretion.

 The Company hereby grants to Consultant an unlimited nonexclusive, irrevocable, worldwide, royalty-free license to use, license,
sublicense, incorporate into products, manufacture or otherwise commercially exploit any Inventions related to Consultant’s RF generators commonly referred to by Consultant as the Stellartech RF Generators; provided, however, that such license
shall not extend to use in connection with products primarily designed for the treatment of Obstructive Pulmonary Diseases or Asthma. 
  

	7.	WARRANTIES: LIMITATION OF LIABILITY: INDEMNIFICATION OF CONSULTANT 

 CONSULTANT MAKES NO WARRANTIES OF ANY KIND, WHETHER EXPRESS OR IMPLIED, WITH RESPECT TO THIS AGREEMENT, THE CONSULTANT’S TECHNOLOGY OR ANY SERVICES, GOODS OR DEVELOPMENTS TO BE PROVIDED BY CONSULTANT TO THE COMPANY IN CONNECTION WITH
THIS AGREEMENT, INCLUDING, BUT NOT LIMITED, TO THE IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS OR DESCRIPTION, OR THE ABSENCE OF INFRINGEMENT UPON ANY THIRD PARTY’S INTELLECTUAL PROPERTY RIGHTS. EXCEPT AS EXPRESSLY SET FORTH IN THIS
AGREEMENT AND THE EXHIBITS HERETO, INCLUDING, WITHOUT LIMIT, EXHIBIT A 
 IN NO EVENT SHALL EITHER PARTY BE LIABLE FOR ANY SPECIAL, INDIRECT, INCIDENTAL,
CONSEQUENTIAL OR EXEMPLARY DAMAGES 

  

 Page 4 of 18 

 
ARISING OUT OF, PURSUANT TO OR IN CONNECTION WITH THIS AGREEMENT, INCLUDING, BUT NOT LIMITED TO, LOSS OF PROFIT OR OTHER MONETARY LOSS, EVEN IF SUCH PARTY IS
ADVISED IN WRITING IN ADVANCE OF THE POSSIBILITY OF SUCH DAMAGES. EITHER PARTY’S LIABILITY FOR DAMAGES TO FROM ANY CAUSE WHATSOEVER, EXCLUDING THE INTENTIONAL MISAPPROPRIATION OF TECHNOLOGY OR INFORMATION BY EITHER PARTY, AND REGARDLESS OF
FORM, WHETHER IN CONTRACT OR IN TORT, INCLUDING NEGLIGENCE, SHALL IN NO EVENT EXCEED THE LESSOR OF THE TOTAL AMOUNT OF MONIES PAID BY THE COMPANY TO CONSULTANT PURSUANT TO THIS AGREEMENT OR $100,000. 
 The Company will indemnify Consultant and hold it harmless from and against all claims, damages, losses and expenses (including reasonable
attorneys’ fees) arising out of or resulting from or otherwise related to the performance of the services to be provided by Consultant pursuant to this Agreement (including, without limitation, claims related to patent or other intellectual
property infringement, product liability, fraud, breach of warranty, etc.), except to the extent any such claims, damages, losses and expenses are attributable to a breach by Consultant of any of its express obligations pursuant to this Agreement or
Consultant’s negligence or willful misconduct. 
  

	8.	INDEPENDENT CONTRACTOR STATUS 

 Consultant acknowledges
that the Services rendered under this Agreement are for a specified fee for certain intended results, and that Consultant is under the control of the Company only as to the result of the Services and not as to the means by which this result is
accomplished. As such, Consultant acknowledges that Consultant is an independent contractor and accepts the legal consequences of this status, including without limitation that (1) Consultant is excluded from the benefits of any applicable
state worker’s compensation insurance and acknowledges that Consultant must maintain his own desired levels of medical, disability, life and other insurance benefits, whether or not he is injured while performing Services for the Company,
(2) Consultant is excluded from receiving state employment and disability insurance benefits, (3) the Company will not deduct from Consultant’s compensation any amounts for federal or state income tax withholding, “FICA”
contributions, contributions to state disability funds or similar withholding, and (4) Consultant is excluded from coverage of state and federal labor laws that may regulate the payment of overtime wages or other matters affecting employees.

  

	9.	COOPERATION AFTER TERMINATION 

 Following any notice of
termination of this Agreement given pursuant to Paragraph 2.2 above or upon expiration of the term of this Agreement, Consultant shall fully cooperate with the Company in all matters relating to the winding up of Consultant’s pending work on
behalf of the Company and the orderly transfer of any work or documents to the Company or a manufacturer other than the Company at the rates set forth in Exhibit B; provided that such obligations shall be contingent upon the Company 

  

 Page 5 of 18 

 
having paid to Consultant all amounts owing to Consultant hereunder. In the event that the Company has purchased the Minimum Purchase Amount of Products from
Consultant or made the payments contemplated by Section B(4) of Exhibit B and the Company desires to use a manufacturer other than Consultant for the Products, Consultant will aid the Company in initiating manufacturing of Products by the Company or
a third party with no additional compensation other than normal consulting fees as shown in Exhibit B. Without the prior written consent of the Company, Consultant shall not be entitled to retain and shall not retain copies of any information owned
by the Company at any time designated by the Company as confidential or proprietary. 
 Consultant agrees that, at the time of terminating
Consultant’s agreement with the Company and at any other time the Company requests, Consultant will deliver to the Company (and will not keep in Consultant’s possession or deliver to anyone else) any and all devices, materials, records,
data, notes, reports, proposals, lists, correspondence, specifications, drawings, blueprints, sketches, equipment, other documents or property, or reproductions of any aforementioned items belonging to the Company, its successors, or assigns.
Consultant will not, during or after Consultant’s engagement with the Company, deliver or transfer to any person, or use, without authorization by the Company any property owned by the Company. 
  

	10.	ASSIGNMENT 

 The rights and obligations of the parties
hereto are personal in nature and may not be assigned without the other party’s prior written consent, which consent will not be unreasonably withheld provided, however, that the Company may assign its rights hereunder in connection with an
acquisition of the Company or the Product line to which this pertains. The rights and obligations of the Company under this Agreement shall insure to the benefit of and shall be binding upon the permitted successors and assignees of the Company.

  

	11.	CONFIDENTIAL INFORMATION 

 The parties hereby agree that:
(a) any Confidential Information received by either party (the ‘Receiving Party”) from the other (the “Disclosing Party”) under this Agreement, whether for the Receiving Party’s own internal use or otherwise, and
whether provided orally, in writing or in any other medium, is and shall be treated as the confidential property of the Disclosing Party; (b) the Receiving Party shall hold such Confidential Information in strictest confidence and shall
exercise at least the same degree of care to safeguard the confidentiality of the Confidential Information as it does with its own confidential information; and (c) except as provided in this Agreement, the Confidential Information shall not be
duplicated or in any way disclosed to others in whole or in part without the prior express written permission of Disclosing Party. As used herein, the term “Confidential Information” means, collectively, the Products and any documentation,
information and intellectual property rights related thereto, or any part or component thereof, as well as all specifications, processes, drawings, memoranda, data, technical or business information or trade secrets, confidential knowledge, data or
other 

  

 Page 6 of 18 

 
proprietary information relating to products, processes, inventions, developments, improvements, know-how, designs, formulas, developmental or experimental
work, computer programs, data bases, other original works or authorship, customer lists, business plans, financial information or other subject matter pertaining to or of possible use in any present or prospective business of either party or any of
either party’s other clients, consultants, or licensees. Notwithstanding the foregoing, Consultant agrees to cooperate with the Company’s preparation of service manuals and other necessary and appropriate Product-related documents which do
not contain Confidential Information. 
 The prohibition on disclosure set forth above shall not apply to disclosures by the Receiving Party
based on a need to know provided such disclosures are reasonably necessary to the Receiving Party’s performance hereunder or use of products delivered hereunder in accordance with this Agreement, and provided further that the Receiving Party
shall take all reasonable steps to insure that such persons or entities to whom disclosure is made shall have been advised of the confidential nature thereof and shall be under an express written obligation to maintain such confidentiality and to be
bound by the obligations of this Section. 
 Consultant agrees not to disclose that it is working on this project, or with the Company, or
use Company’s name or other identifying characteristics in any publicity without written consent from the President of Broncus Technologies, Inc. which will not be unreasonably withheld. 
 Each Receiving Party agrees to indemnify and hold harmless the Disclosing Party from and against any expenses (including court costs and reasonable fees
of attorneys, accountants and expert witnesses), claim, costs, action, demand, proceeding, award, liability, loss and damages suffered by the Disclosing Party in connection with any failure by the Receiving Party to (a) satisfy any of their
obligations under this Section and (b) to undertake whatever reasonable action is necessary to remedy any such failure. 
 This Section
shall not apply to information received from the Disclosing Party which (a) is or becomes publicly available through no fault of Receiving Party (b) is declared not confidential by the Disclosing Party in writing (c) is lawfully
obtained without violation of any confidentiality obligations from third parties or (d) is required by law to be disclosed by Receiving Party. 
  

	12.	CONFLICTING ENGAGEMENTS 

 Consultant agrees that, during
the term of Consultant’s engagement with the Company, Consultant, including, without limitation, Roger Stern, will not, without the Company’s prior written consent, engage in any consulting, or other business activity in the field of the
treatment of Obstructive Pulmonary Diseases or Asthma. Additionally, the Company has a first right of refusal on any technology invented by Consultant in the area of Obstructive Pulmonary Diseases or Asthma for five years following Consultant’s
engagement. 
  

 Page 7 of 18 

	13.	GOVERNING LAW: DISPUTE RESOLUTION 

 This Agreement shall be
governed by and interpreted in accordance with the laws of the State of California applicable to contracts between residents of and to be performed entirely within that state. In the event of a dispute between the parties to this Agreement, the
parties agree to promptly meet and confer with the goal of settling such dispute. If the parties are unable to reach a prompt, amicable agreement concerning such dispute, the parties agree to submit the matter to non-binding mediation. If the
parties cannot agree on a mediator, the Judicial Arbitration and Mediation Service, Inc., San Francisco, California office (“J.A.M.S.”) will be requested to provide a mediator with expertise in technology license agreements. The mediation
fee, if any, shall be divided equally between the parties. Failing the resolution of their dispute by mediation, each party hereto hereby submits to the jurisdiction of any state or federal court located in Santa Clara County, California. If any
action at law or in equity is necessary to enforce or interpret the terms of this Agreement, the prevailing party shall be entitled to reasonable attorneys’ fees, costs and necessary disbursements in addition to any other relief to which such
party may be entitled. Nothing in this Section 13 shall be deemed to prohibit either party from seeking equitable relief in a court at any time. 
  

	14.	ENTIRE AGREEMENT 

 This Agreement constitutes the entire
agreement between the parties respecting the Services expected to be rendered by Consultant to the Company, and there are no representations, warranties, or commitments which may be relied upon by either party except as specifically set forth in
this Agreement. This Agreement supersedes all prior or contemporaneous agreements, commitments, representations, writings, and discussions between the Company and Consultant, whether oral or written. This Agreement may be amended only by an
instrument in writing executed by the parties hereto. Consultant expressly acknowledges that Consultant has read the terms of this Agreement, has had the opportunity to discuss those terms with his own legal counsel, and understands that this is a
legally binding contract. All references to the Agreement include the exhibits hereto. 
  

	15.	NOTICES 

 Any notice, request, demand or other
communication hereunder shall be in writing and shall be deemed to be duly given when personally delivered to an officer of the Company or to Consultant, as the case may be, or one day after delivery to an express courier service or three days after
deposit in the United States Mail with postage prepaid addressed, if to the Company, at 1400 N. Shoreline Blvd., Building A, Suite 8, Mountain View, CA 94043 or if to Consultant, at 2665 Marine Way, Mountain View, California 94043, or to such other
address as either party may specific by notice to the other as provided in the Paragraph. 
  

 Page 8 of 18 

	16.	SAVINGS CLAUSE 

 Should any valid federal or state law or
final determination of any administrative agency or court of competent jurisdiction invalidate or otherwise affect any provision of this Agreement, the provision or provisions so affected shall be conformed automatically and to the extent possible
to the law or determination in question with the goal of effecting the intent of the parties to the greatest extent possible, and in all events the remaining provisions of this Agreement shall continue in full force and effect. 
  

	17.	COUNTERPARTS 

 This Agreement and the other agreements
referred to above may be executed in counterparts, each of which shall be deemed to be an original. 
  

 Page 9 of 18 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the first date written above.

  

			
	Broncus Technologies, Inc.
		
	By:	 	 /s/ Glendon E. French

	Name:	 	Glendon E. French
	Title:	 	President and CEO
	
	Stellartech Research Corporation
		
	By:	 	 /s/ Roger Stern 12/8/97

	Name:	 	Roger Stern
	Title:	 	President

  

 Page 10 of 18 

 Exhibit A 
 Services 
 A. Engineering and design services 
 Engineering, design, prototype development, and manufacture of Products specifically for treatment of the lungs and other specifically agreed indications
for laboratory testing, testing in animals and human clinical trials, including documentation and controls suitable for obtaining IDE approval, FDA approval to market, CE mark, UL approval, and CSA approval. 
 Consulting with Company on design of disposable instruments to be used in conjunction with Products specifically for treatment of the lungs and other
specifically agreed indications. 
 B. Manufacture of Products 
 Consultant will manufacture Products in the USA for the Company as ordered by the Company. This will include purchasing and stocking of raw materials;
design, installation, validation, calibration and maintenance of an assembly line; hiring and training personnel; creation and maintenance of all necessary documentation including a quality system, device master record, and device history records;
stocking and managing a finished goods inventory; and all other tasks normally associated with being a contract manufacturer of a medical device. The specifics of how the preceding items are handled are up to Consultant and should be adequate to
handle demand expressed elsewhere in this document. 
 C. Warranty and repair of Products 
 1. Consultant warrants that the Products will use best efforts to manufacture in compliance with FDA requirements and other laws. Additionally, that no
technology provided by consultant infringes on another party’s intellectual property. 
 2. Products manufactured prior to validation of
Consultant’s manufacturing line are not warranted by Consultant. 
 3. Product not under warranty. Products returned within the warranty
period that can be shown to have malfunctioned for non-Product quality related reasons will not be investigated, serviced or repaired under warranty. Any costs associated with this Product will be borne by Company. 
 4. Warranty of reusable Product: Consultant hereby warrants all Products to be free of defects in design and workmanship and to meet the revision of the
specification stated in the device history record of the Product for fifteen months after date of manufacture or one year after sale to a distributor or end user, whichever comes first. Product in breach of warranty will be replaced or repaired by
Consultant within thirty (30) days of delivery to Consultant. All warranty repair or replacement costs including shipping to the Company or end user will be borne by Consultant. Additionally, 

  

 Page 11 of 18 

 
Consultant will maintain a “loaner pool” of Products for the intention of allowing the user to continue providing treatments while their Product is
being serviced. Quantity of Products in the pool will be reviewed and determined approximately semi-annually. Quantity of products in the pool is expected to be based on the following formula 
 (Number of units within warranty in the field) × (mean repair time) 
 (Mean
time between failures) 
 5. Warranty of disposable Product: Consultant will warrant all Products to be free of defects in design and
workmanship and to meet the revision of the specification stated in the device history record of the Product for a period of fifteen months from date of manufacture or one year after sale to a distributor or end user, whichever comes first. Failure
of Product to function for its intended use within the warranty period will trigger replacement within thirty (30) days by a new unit at no charge to Company. 
  

 Page 12 of 18 

 Exhibit B 
 A. Engineering, design. and prototyping fees 
 The consulting engagement will be broken into discrete parts. The Company and
Consultant will work together to frame and agree on the scope of each part. Consultant will then provide to Company an estimate of the cost to complete the defined part of the project. If the estimate is acceptable, Company will provide Consultant
with a purchase order to execute the defined part of the project. If Consultant subsequently anticipates that the cost to complete the work may exceed that which was outlined in the purchase order, then Consultant will notify Company as soon as
practicable. 
 All Consultant invoices must reference a valid purchase order. No payment will be made to Consultant for services or products
not covered by a Company approved purchase order. 
 Consultant will bill for services at the following rates. 
  

									
	Administrative Services	  	$25/hr	  		  	Assembly	  	$35/hr
	Technician	  	$50/hr	  		  	Graphic Design	  	$50/hr
	Documentation/Drafting	  	$55/hr	  		  	Engineer	  	$75/hr
	Senior Engineer	  	$95/hr	  		  	Senior Manager	  	$135/hr

 Estimate: 
 Typical fees may lie in the range of $5,000 to $30,000 per month. Typical projects range from three months to twelve months. Hours typically break down by these approximate percentages: 
  

									
	Administrative Services	  	5%	 		  	Assembly	  	5%
	Technician	  	15%	 		  	Graphic Design	  	2%
	Documentation/Drafting	  	10%	 		  	Engineer	  	20%
	Senior Engineer	  	40%	 		  	Senior Manager	  	3%

 It is currently estimated that this engagement will involve design, development, validation, set
up of manufacturing, and the manufacture of an RF Generator similar to the one described in Broncus Draft Specification Document l0089rev1. The cost of these activities is estimated below. Consultant will promptly notify Company in the event that
actual costs are projected to significantly exceed these estimates. 
 1. Design and development starting with generic Stellartech RF
Generator, (please note that the mechanical specifications are significantly different than our current generic design and will require redesign to fit in the enclosure size specified.) Delivery of one prototype. Estimated at $60,000. 
 2. Preliminary design validation to FDA and IEC requirements. Software validation. Estimated at $30,000. 
  

 Page 13 of 18 

 3. Manufacture of 5 pilot units. Estimated at $30,000. 
 4. Design validation to FDA and IEC requirements for electrical safety, EMC, environmental, shipping. Includes TUV type testing to IEC601. Estimated at
$30,000. 
 5. Set up for manufacturing including fully released Rev. A Device Master Record and construction or procurement of all test
fixtures. Estimated at $30,000. 
 Estimated total cost = $180,000. 
 Notes: 
 1. Consultant agrees to hold these prices constant through the duration of this Product’s
design cycle or one year, whichever is earlier. 
 2. Out-of-town trips are charged at 10 hours per day and Consultant will work exclusively
for Company during this time or charges will be reduced accordingly. 
 3. Project manager will be Jerry Smith. 
 B. Manufacturing Costs; Prices and Licenses 
 1. Direct labor
rates are defined as follows: 
  

				
	 	  	Per Hour
	 Senior Engineer
	  	$	47.50
	 Engineer
	  	$	27.50
	 Technician
	  	$	17.50
	 Assembler
	  	$	13.00

 2. Price 
 a. Standard Price and Cost are defined as follows. All prices and costs are for a single Product.: 
 Standard
Price = Cost + Standard Gross Margin + Special Demand Cost 
 Cost = Materials Cost + Materials Burden + Direct Labor + Overhead 

Special Demand Cost = Carrying Cost ÷ Minimum Yearly Order Quantity 
 Carrying Cost = Materials Cost + Material Burden × Prime Rate × Number of Special Demand Units Carried 
  

 Page 14 of 18 

 Where: 
 “Standard Gross Margin” is 35% of Transfer Price 
 “Material Burden” is 20% of material
cost 
 Overhead is 200% of direct labor 
 b. Transfer price. Consultant will sell to Company each Product for the Standard Price except those listed in “c.,” below. 
 Example: 
 The following is given to clarify the calculation and is not an estimate of Transfer Price. 
 If: 
  

					
	 Materials cost
	 	=	 	 $1000
	 Direct labor
	 	=	 	 $  400
	 Prime Rate
	 	=	 	         8.5%
	 Minimum expected yearly order quantity
	 	=	 	     100 units
	 Number of Special Demand Units Carried
	 	=	 	       10 units
	 then,
	 		 	
	 Material Burden
	 	=	 	 $1000 × 0.2 = $200
	 Overhead
	 	=	 	 $  400 × 2 = $800
	 Carrying Cost
	 	=	 	($1000 + $200) × 0.085 × 10 = $1020
	 and,
	 		 	
	 Cost
	 	=	 	   1000 + 200 + 400 + 800 = $2400
	 Std Gross Margin
	 	=	 	 $2400 ÷ (1 – 0.35) = $3692 – $2400 = $1292
			
	 and,
	 		 	
	 Transfer Price
	 	=	 	 $3692
	 Special Demand Cost
	 	=	 	 $1020 / 100 = $10.20
	 Standard Price
	 	=	 	 $2400 + $1292 + $10.20 = $3702.20

 c. Reduced Price. Consultant will sell to Company each Product for Cost if this Product meets all
three of these requirements: No more than 25% of any written purchase order, no more than 25 units for the term of this contract unless mutually decided upon by the parties, and Company’s intention is not to sell the individual Products
obtained at the Reduced Price. 
 Example: 
  

					
	 Reduced Price
	 	=	 	$2400.00

 Consultant will be provide Company with access to audit Consultant’s relevant cost
information, no more than twice per calendar year at the Company’s expense. Consultant will provide Company with full access to observe manufacturing. 
  

 Page 15 of 18 

 3. Delivery 
 Consultant will provide the following delivery times to Company: 
 a. Standard Lead-Time. Standard Lead-Time
for delivery to Company of Products is ninety days after receipt by Consultant of a written purchase order. 
 b. Special Demand. Up to once
per every three months, Consultant must be able to deliver ten Products to Company thirty days after receipt by Consultant of a written purchase order that specifies “Special Demand.” 
 4. Definition of Consultant’s Technology 
 Consultant’s proprietary technology includes a generic RF system for medical applications consisting of a mechanical enclosure design, RF power generation and measurement PC board, CPU board and software, and front panel board,
including all documentation associated with this design. 
 Consultant also owns several other designs that can be used as starting points to
expedite development of alternate configurations. These other designs include circuitry to generate and measure RF energy in the following configurations: 15 watts, 100 watts, and circuitry to measure one or more thermocouples or thermistors.
Included is the software to work with such systems, and all documentation associated with such systems. 
 5. Minimum Purchase Amount 

 a. In consideration of the Consultant’s contributions to the development of the Products and such Consultant’s assignment of any
right, title and interest in and to any Inventions related to the provision of the Services as set forth in Section 6 of the Agreement, the Company agrees to purchase not fewer than $1,000,000 worth of Products if the Products contain
Consultant’s Technology (the “Minimum Purchase Amount”) or $500,000 worth of Products if Products do not contain Consultant’s Technology (the “Minimum Purchase Amount”) of Products from Consultant before it purchases
any such Products from a manufacturer other than Consultant. 
 b. If the Company has purchased fewer than half of the Minimum Purchase
Amount of Products from Consultant and desires to use a manufacturer other than Consultant for the manufacture of Products, the Company shall pay to Consultant a fee (“Alternate Manufacturer Fee”) of one tenth of the Minimum Purchase
Amount, whereupon the license granted by Consultant to the Company in Section 6.3 shall continue and be extended to include the manufacture of the Products by the Company or its contractors and shall survive any termination of this Agreement.

 Examples: 
 If the
Consultant’s Technology is used in the Product, and Company has purchased $450,000.00 worth of Products by the time production is transferred to a manufacturer other than the Consultant, then the Alternate Manufacturer Fee amount will be (0.1
× 1,000,000) = $100,000. 
 If the Consultant’s Technology is not used in the Product, and Company has purchased $200,000.00 worth
of Products by the time production is transferred to a manufacturer other than the Consultant, then the Alternate Manufacturer Fee amount will be (0.1 × 500,000) = $50,000. 
  

 Page 16 of 18 

 c. If the Company has purchased more than half but less than the entire Minimum Purchase Amount of
Products from Consultant and desires to use a manufacturer other than Consultant for the manufacture of Products, the Company shall pay to Consultant an Alternate Manufacturer Fee, whereupon the license granted by Consultant to the Company in
Section 6.3 shall continue and be extended to include the manufacture of the Products by the Company or its contractors and shall survive any termination of this Agreement. The Alternate Manufacturer Fee will be equal to one fifth of the
difference between the Minimum Purchase Amount and the amount of Products already purchased. 
 Example: 
 If the Consultant’s Technology is used in the Product, and Company has purchased $850,000.00 worth of Products by the time production is transferred
to a manufacturer other than the Consultant, then the Alternate Manufacturer Fee amount will be (1,000,000 – 850,000) / 5 = $30,000.00. 
 Notwithstanding the provisions of this Section B (“Manufacturing Costs, Prices and Licenses”), in the event that the Company does not purchase the Minimum Purchase Amount of Products from Consultant due to an act or omission on
the part of Consultant or the failure of Consultant to deliver Products reasonably acceptable to the Company, the Company shall not be liable to Consultant for any such fee. The license granted by Consultant to the Company in Section 6.3 shall
continue and be extended to include the manufacture of the Products by the Company or its contractors. 
 In the event that this Agreement is
terminated by the Company pursuant to Section 2.2(a), 2.2(b), or 2.2(d) of this Agreement, or upon expiration of the Agreement, the license granted by Consultant to the Company in Section 6.3 shall continue and be extended to include the
manufacture of the Products by the Company or its contractors. 
 C. Payments; Late Fees 
 All payments shall be due within thirty (30) days of invoicing. The Company shall pay a late fee equal to the lesser of 12% per annum or the
maximum amount permitted by law upon any amounts that have not been received within sixty (60) days of invoicing. 
 D. Equity and milestones 

 Company will grant Consultant an option for 20,000 shares of common Broncus Technologies, Inc. shares, subject to approval by the Board of
Directors, at the board meeting following the signing of this contract. The exercise price will be at the fair market value of the shares on the date of grant. The options will only vest upon completion of milestones listed below. The options may be
exercised up to ten years from the date of grant. If this agreement is terminated prior to achievement of any milestone, those options not already vested will be deemed unexercisable. The option will be subject to the terms of the Company’s
stock option plan. 
  

 Page 17 of 18 

 Milestones: 
 1. 5,000 options will vest upon the successful clinical experience using Consultant’s design. 
 2.
5,000 options will vest upon sale of the first Product that uses Consultant’s design. 
 3. 5,000 options will vest upon sale of the
50th Product that uses Consultant’s design. 
 4. 5,000 options will vest upon Company’s receipt of the 100th Product from
Consultant if the 50th through 100th Products meet the Company’s incoming acceptance and standard delivery time criteria with no more than one late or returned shipment. 
 E. Product: 
 Product will be composed of an electrosurgical generator that may contain or utilize
Consultant’s Technology as defined in section 6.3 of the Agreement. A detail definition of Product is contained in written specifications held by Company (“Specifications”). For the purposes of this Agreement, Price and Cost are
specifically excluded from the definition “Specifications.” All revisions to Specifications must be reasonable, and require the approval of Consultant prior to their effectivity. This approval is not to be unreasonably withheld. If
Consultant does not approve of changes and no agreement can be met between Consultant and Company, the Agreement can be terminated by Company. 
 In the event that this Agreement is terminated pursuant to Section 22(f) of this Agreement, the license granted by Consultant to the Company in Section 6.3 shall continue and be extended to include the manufacture of the Products
by the Company or its contractors. 
  

 Page 18 of 18 

 Broncus Technologies 
 Addendum to Consulting and Manufacturing Agreement 
  

	1.	PURPOSE 

 This agreement is made between Broncus
Technologies, Inc. (Broncus) and Stellartech Research Corporation (SRC), is effective November 11, 1998, and specifies the general requirements regarding Broncus labeled, CE Marked Medical Devices. 
  

	2.	SCOPE 

  

	 	2.1	These requirements apply to Broncus labeled Medical Devices (including accessories), which are designed and manufactured by SRC for sale by Broncus in the European Union with
a CE Mark. These requirements do not apply in full to materials, components or spare parts. 

  

	 	2.2	As appropriate, specific application and/or clarification of these requirements may need to be negotiated between Broncus and SRC. MDD Device Classification will impact these
requirements. 

  

	3.	APPLICABILITY 

 This agreement applies to the
following configurations of SRC manufactured/Broncus distributed product: 
  

	 	3.1.	Broncus label; Broncus CE Mark; Broncus design; SRC manufactured; Broncus distributed. 

  

	 	3.2.	Broncus label; Broncus CE Mark; SRC design; SRC manufactured; Broncus distributed. 

  

	 	3.3.	Broncus label; Broncus CE Mark based upon SRC CE Mark; SRC design; SRC manufactured; Broncus distributed. 

  

	 	3.4.	Broncus label; Broncus CE Mark; SRC design; Broncus manufactured; Broncus distributed. 

  

	4.	REFERENCES 

  

	 	4.1.	International Standard for Quality Systems, ISO 9001 : 1994 

  

	 	4.2.	European Std. for Quality Systems for Medical Devices, EN 46001 : 1997 

  

	 	4.3.	European Commission Medical Device Directive, Council Directive 93/42/EEC (EU MDD) 

  

	5.	PRODUCT DESIGN/TECHNICAL FILES 

  

	 	5.1.	For Broncus designed products, Broncus must establish and maintain product design specifications. Broncus must prepare and maintain a Technical File for product CE Marking.
SRC must provide to Broncus, upon request, all documentation necessary to describe production processes, inspection/test procedures, labeling and other information as needed to prepare the technical file for Broncus product.

  

	 	5.2.	For SRC designed products, Broncus must approve and maintain a Technical File for product CE Marking. SRC must either: 

  

	 	•	 	 prepare the Technical File or 

  

			
	11/11/98	 	Page 1 of 4

 Broncus Technologies 
 Addendum to Consulting and Manufacturing Agreement 
  

	 	•	 	 provide to Broncus upon request, all necessary product design specifications, design test data, production process, inspection/test procedure, labeling, clinical
data, post market performance data, and other information needed for Broncus to prepare the Technical File for Broncus product. 

  

	 	5.3.	In case of SRC proprietary design or production processes, SRC must grant access to requested information concerning Broncus product to Broncus’ Notified Body and/or to
EU Competent Authorities, as necessary, to comply with MDD requirements. 

  

	6.	PRODUCTION CONTROLS 

  

	 	6.1.	SRC must have in place and maintain a Quality System that meets the appropriate requirements of ISO 9001/2, EN46001/2, and EU MDD for the production of Broncus product.

  

	 	6.1.1.	If the SRC Quality System is certified, SRC must provide Broncus with copy of certificates. 

  

	 	6.1.2.	If the SRC Quality System is not certified or registered, Broncus must evaluate the SRC Quality System per Broncus Assessment procedures. 

  

	 	6.2.	SRC must grant access for inspection/audit of its facilities, its Quality System, and its production/inspection/test processes used for the production of Broncus product to Broncus,
to Broncus’ Notified Body, and to other Regulatory Authorities/Organizations. Where appropriate and upon Broncus request, SRC must ensure that access for inspection/audit of its Sub-Contractors involved in the production of Broncus product is
also granted. 

  

	 	6.3.	Broncus may review SRC production methods and inspection/test procedures for Broncus product and specify for which, if any, Broncus approval is required. 

 

	 	6.4.	SRC must inform Broncus in advance of any substantial changes to product specifications, product indications for use, product safety, product sterilization, materials,
production processes, inspection procedures, and product labeling. SRC must obtain written approval from Broncus for such changes. 

  

	7.	LABELING 

  

	 	7.1.	All Broncus labeling must be reviewed and approved by Broncus prior to use. 

  

	 	7.2.	All Labeling must comply with EU MDD requirements. Labeling must carry the Broncus CE Mark, Broncus must be identified as the “Manufacturer” on product labeling,
and labeling must contain the address of Broncus’ Authorized EU Representative. 

  

			
	11/11/98	 	Page 2 of 4

 Broncus Technologies 
 Addendum to Consulting and Manufacturing Agreement 
  

	8.	POST MARKET VIGILANCE 

  

	 	8.1.	Complaints 

  

	 	8.1.1.	Broncus must receive and process all Customer technical, service, and complaint calls concerning Broncus product. SRC must immediately inform Broncus of any complaints concerning
Broncus product that it may receive. As appropriate, Broncus must inform SRC of complaint information relevant to SRC’s product design and/or production/inspection processes. SRC must investigate, determine appropriate SRC corrective action,
and inform Broncus of the results in writing. 

  

	 	8.2.	Medical Events 

  

	 	8.2.1.	Broncus must process and report all MDRs concerning Broncus product, per U.S. 21 CFR Section 803 and 804, to the FDA. SRC must assist as needed and as requested by Broncus.
Broncus must notify SRC of any MDR report submissions. 

  

	 	8.2.2.	For products with a Broncus CE Mark, Broncus must process and report all incidents/near incidents per European Community Vigilance Requirements. SRC must assist as needed and
requested by Broncus. Broncus must notify SRC of any incident/near incident submissions. 

  

	 	8.3.	Field Action 

  

	 	8.3.1.	If the need arises, Broncus must determine the need for and coordinate any Product Field Action activities of Broncus distributed product. SRC must assist as needed and requested by
Broncus. If, at any time, information should come into the possession of the SRC, which would indicate the need or the necessity for a review of possible field action, the SRC must notify Broncus immediately and abide by Broncus’ current
product field action policy and procedure. 

  

	9.	SERVICE AND REPAIR 

  

	 	9.1.	Product returned from the field for repair or routine service must be received by Broncus for preliminary evaluation and documentation per the Broncus Returned Product Procedure. If
it is determined that repair or service will be required, Broncus will document general repair/service and disposition instructions (as well as cost guidelines if required) on its Returned Product Record for the unit in question. The unit, along
with a copy of the Returned Product Record will be transported to SRC for service. 

  

	 	9.2.	If requested, SRC will determine the cost of service and notify Broncus before work begins. Service will be performed per SRC documented procedures followed by the testing
necessary to ensure that the serviced unit meets all product and final release requirements. 

  

	 	9.3.	All serviced units will be transported to Broncus with a copy of the SRC Service Report describing the work and testing performed. 

  

			
	11/11/98	 	Page 3 of 4

 Broncus Technologies 
 Addendum to Consulting and Manufacturing Agreement 
  

	10.	DOCUMENTATION 

  

	 	10.1.	Product Design Records (Design History Records) and/or Technical Files 

 For SRC designed product, SRC must maintain all Product Design records for Broncus product for a period of time consistent with EU MDD and other regulatory requirements. 
  

	 	10.2.	Device Master Records and Device History Records 

 For SRC produced product, SRC must maintain, unless otherwise specified, all Device Master and History Records (e.g. product drawings and specifications; raw material and component specifications and purchase orders; production, inspection,
test and packaging procedures; product lot records; traceability records; labeling; etc.) for Broncus product for a period of time consistent with EU MDD and other regulatory requirements. SRC must provide copies of documentation and/or records to
Broncus upon request. 
  

	 	10.3.	Quality System Records 

 For SRC designed and/or
produced product, SRC must maintain all Quality System records (general procedures and documentation of activities not specific to a product) for Broncus product for a period of time consistent with EU MDD and other regulatory requirements. SRC must
provide documentation and/or records to Broncus upon request. 
  

	 	10.4.	Distribution Records 

 Broncus must maintain all
distribution records for Broncus distributed products for a period of time consistent with EU MDD and other regulatory requirements. 
 This agreement will
remain in force after mutual approval unless notification is given in writing by either Broncus or SRC to the other party at the address of record. The following representatives have been authorized to sign this agreement and hereby agree to the
provisions listed in this agreement. 
  

					
	 For Stellartech Research Corporation
	 		 	For Broncus Technologies, Inc.
			
	 /s/ Gary A. Seeger
	 		 	 /s/ Gary Kaplan

	 Authorized Signature
	 		 	Authorized Signature
			
	 GARY A. SEEGER
	 		 	 GARY KAPLAN

	 Name (print)
	 		 	Name (print)
			
	 VP QA/RA
	 		 	 VP, OPERATIONS

	 Title
	 		 	Title
			
	 11/11/98
	 		 	 11/11/98

	 Date
	 		 	Date

  

			
	11/11/98	 	Page 4 of 4

 

 
 September 13, 2001 
 Roger Stern, PhD 
 President 
 Stellartech Research
Corporation 
 1346 Bordeaux Drive 
 Sunnyvale, CA 94089

 Dear Roger: 
 Thank you for your voice message last week
regarding our Consulting and Manufacturing Agreement, effective date December 8, 1997, and Addendum dated November 11, 1998. We have been functioning under the Agreement and Addendum (herein after the “Agreement”), and only
recently recognized that the term of the Agreement has expired. The purpose of this letter is to formally extend (per Section 2.1) and amend (per Section 14) this Agreement. 
 We agree to extend the Agreement from December 31, 2000 to December 31, 2005, unless terminated by either party as provided for in the Agreement. 
 We also agree to the following amendments to the Agreement: 
  

	 	1.	Section 4, delete lines 6, 7, and 8 

  

	 	2.	Section 5(a), line 2, change “Exhibit A.” to “Exhibit A and the Addendum to Consulting and Manufacturing Agreement signed by Gary Kaplan and Gary Seeger on
11/11/98.” 

  

	 	3.	Section 9, line 9, change “B(4)” to “B(5)” 

  

	 	4.	Section 10, line 5, change “insure” to “inure”. 

  

	 	5.	Section 15, line 6, change Stellartech address to the one listed above. 

  

	 	6.	Exhibit A, Section C.1., change first sentence to read: “Consultant warrants that the Consultant will use best efforts to manufacture Product in conformance with FDA
requirements, the MDD, and other applicable laws.” 

  

	 	7.	Exhibit B, Section A, lines 12 through 15 and section B. 1. — Broncus agrees to pay Stellartech its current standard consulting rates and manufacturing labor rates.

  

	 	8.	Exhibit B, Section A, delete notes 1 and 3. 

 Please indicate your
acceptance of this extension and these amendments by signing below. 
  

					
	 /s/ Glendon E. French
	 		 	 /s/ Roger A. Stern

	Glendon E. French	 		 	Roger A. Stern
	President and CEO	 		 	President
		 		 	Stellartech Research Corporation

  

 1400 N. SHORELINE BLVD. BLDG. A, SUITE 8 MOUNTAIN VIEW, CA 94043    TEL:
650/428-1600    FAX: 650/428-1542 

							
	

	  		  	 Broncus Technologies, Inc.
 1400 N.
Shoreline Blvd.
 Building A, Suite 8
 Mountain View, CA 94043

 www.broncus.com
	  	 (650) 428-1600
 (650) 428-1542 fax

 Consulting and Manufacturing Agreement, Amendment 3 
 January 20, 2006 
 Roger A. Stern, Ph.D., President 
 Stellartech Research Corporation 
 1346 Bordeaux Dr. 
 Sunnyvale, CA 94089 
 Dear Roger: 
 As you are aware, the Consulting and Manufacturing Agreement between Broncus Technologies and Stellartech Research Corporation is about to expire. This agreement is made
up of the following documents: Agreement effective date December 8,1997, and Addendum dated November 11, 1998, and extension amendment dated, September 13, 2001, and second amendment dated, March 1, 2004. This document will be
the third Amendment to the agreement. The purpose of this letter is to formally extend (per section 2.2) and amend (per Section 14) this Agreement. 
 We agree to extend the Agreement from December 31, 2005 to December 31, 2007, unless terminated by either party as provided for in the Agreement. 
 We also agree to the following amendments to the Agreement: 
  

	 	1.	Section 12 “Conflicting Engagements”, this section changed to “Consultant agrees that, during the term of Consultant’s engagement with the Company,
Consultant will not, without providing prior written notification to the Company, engage in any consulting, or other business activity that contributes to the use of Doppler in the human lung. Upon such activities, Company may exercise the option to
terminate this agreement and will be excused of the Alternate Manufacturer Fee described in Exhibit B, section 5.” 

  

	 	2.	Exhibit A, Section C.3, the last sentence changed to “Consultant will investigate, service, and repair Product outside of warranty with all costs associated with this borne by
Company.” 

  

	 	3.	Exhibit A, Section C.4, delete lines 8 through 14. 

  

	 	4.	Exhibit B, delete Section A and replace with Standard Rates (attached). 

  

	 	5.	Exhibit B, delete Sections B.1, B.2, B.3 lines 4 through 6. 

 Please
indicate your acceptance of this extension and these amendments by signing below. 
  

					
	 /s/ Cary Cole 2/6/06
	 	 	 	 /s/ Roger A. Stern, PhD. 2/6/06

	Cary Cole	 		 	Roger A. Stern, PhD.
	President and CEO	 		 	President
	Broncus Technologies, Inc.	 		 	Stellartech Research Corporation

  

 Page 1 of 1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00134-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00134-of-00352.parquet"}]]