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Exhibit 10.1

 

AGREEMENT BETWEEN SHANDONG YAOHUA MEDICAL INSTRUMENT

CORPORATION AND GUIDED THERAPEUTICS, INC.

CONFIDENTIAL, FINAL 22 JANUARY 2017

 

This
agreement is dated 22 January, 2017 and is between Guided
Therapeutics, Inc., a Georgia, United States of America corporation
(“GTI”), located at 5835 Peachtree Corners East, Suite
D, Norcross, GA 30092, USA and Shandong Yaohua Medical Instrument
Corporation, located at No. 5 Zhuijian Street, High-Tech
Development Zone, Laiwu Shandong, People’s Republic of China
(“SMI”).

 

WHEREAS
GTI has developed a platform technology for the early detection of
disease that leads to cancer;

 

WHEREAS
GTI’s first non-invasive cancer detection product is the
LuViva® Advanced Cervical Scan device (the
“Device”) and the related disposable cervical guides
(the “Disposables” and, with the Device,
“LuViva). LuViva is in use in Canada, Latin America, Europe,
Turkey, Asia and Africa. GTI owns the worldwide manufacturing,
distribution and intellectual property (“IP”) rights to
LuViva. LuViva is designed to:

 

A.

Determine the true
likelihood of treatable cervical disease that may lead to cancer in
women aged 16 years and over who have been screened for cervical
cancer and have an abnormal result.

 

B.

Be used as a
screening tool both in the developed and developing world where the
Papanicolaou test and/or the Human Papillomavirus Virus tests are
not widely available.

 

WHEREAS
GTI asserts that they have the rights to license the global
manufacturing rights, excepting the Disposable Cervical guides for
the Republic of Turkey, for LuViva, and the distribution rights and
sales rights for LuViva in the Peoples Republic of China, Macau,
Hong Kong and Taiwan (hereinafter collectively referred to as the
“Jurisdictions”);

 

WHEREAS
SMI is a medical device company in China with an established
distribution and sales capability and has indicated a capability
and willingness to manufacture for the global market, and
distribute and sell LuViva in the Jurisdictions,

 

WHEREAS
under this agreement between the Parties, SMI is granted exclusive
rights by GTI for global manufacture as the optimum way to achieve
economies in global manufacturing and exclusive commercialization,
both distribution and sales, of LuViva within the Jurisdictions
(“Global Manufacturing License”)

 

IT IS
HEREBY AGREED AS FOLLOWS between SMI and GTI that SMI is granted
exclusive manufacturing rights, excepting the Disposable Cervical
Guides for the Republic of Turkey, and exclusive distribution
rights and sales rights for LuViva in the Jurisdictions, subject to
the following terms and conditions.

 

 

1

 

 

1.

Payments by SMI and Transfer of Stock
to SMI:

 

A.

Payment
Instructions:

 

1. GTI
shall provide payment instructions to SMI for SMI payments to GTI
within 5 business days of signing this Agreement.

2. SMI
shall provide disbursement instructions to GTI for distribution of
GTI stock within 15 business days of signing of this
Agreement.

3. Both
Parties will undertake to ensure that the payment or disbursement
instructions are mutually satisfactory and compliant with all
applicable regulations.

B.

SMI shall make
payments to GTI based on the following schedule

 

●

$50,000 due within
15 business days of signing this Agreement

●

$200,000 due on or
before 20 February 2017*

●

$250,000 due on or
before 30 April 2017

●

$250,000 due on or
before 30 July 2017

●

$250,000 due on or
before 30 October 2017

 

*To be
paid to GTI providing that GTI provides all documents and data,
including manufacturing transfer plan, product production, guidance
documents, product quality standards, relevant patent certificates,
fixed costs of products, personnel data, etc. as reasonably
required by SMI within 10 business days after GTI receives the
initial payment of USD $50,000. During the first quarter of 2017,
GTI and SMI will agree on the plan and schedule for transfer of
manufacturing.

 

C.

GTI shall issue
shares of its common stock to SMI or as directed by SMI with each
of the five payments equal in value to the amount of the payment
(e.g $50,000, $200,000 or $250,000) within 30 days after receipt of
payments. The number of shares issued will be calculated at the
lesser of the end of day per share price for the average of five
consecutive days preceding the payment or $1.25 per share. The
shares of stock shall be transferred to SMI or as directed by SMI
within 30 days of SMI’s payment.

 

2.

2017 Orders:

a.

Subject to purchase
orders from SMI to GTI, the schedule of minimum orders for 2017
shown in the table below will be maintained in order to maintain
Jurisdiction sales and distribution rights.

 

 

2

 

 

 

 

	

2017

	

Number of LuViva
Devices

	

Price Per
Device

(by air, CIF
BEIJING; by sea CIF QINGDAO

	

Anticipated
Use

	

By 31
March

	

5

	

$13,000

	

-
Chinese FDA Sample (1)

-
Clinical Samples (2)

-
Transfer Manufacturing Sample (1)

- Seed
outside PRC Market (1)

	

By 31
December

	

5

	

$13,000

	

- Seed
PRC Commercial Market (4)*

- Sales
outside of PRC (1)

 

*If
Chinese Food and Drug Administration (CFDA) approval is delayed,
then these four device orders can be moved to Q1 2018. If SMI needs
to order single use Cervical Guides or other supplies directly from
GTI instead of manufacturing them in China, the prices shall be
pursuant to the published price list for international distributors
adjusted by a 10% discount. For clinical trials, GTI agrees to
supply 200 Cervical Guides at no cost.

 

b.

If additional
orders are placed by SMI to GTI prior to SMI having established its
own manufacturing facility, the devices will be priced as
follows:

 

	

Quantity

	

Price (by air,
CIF BEIJING; by sea CIF QINGDAO)

	

11
– 20

	

$12,500

	

21
– 40

	

$12,000

	

41 and
greater

	

International
distributor list price

 

3.
Minimum Sales:
People’s Republic of China (Beginning first full calendar
year following CFDA approval). It is expected that full or partial
manufacturing will occur in China, so that minimum orders will not
necessarily occur, unless agreed by both parties. Notwithstanding
the foregoing, SMI will be responsible for minimum royalty payments
based on the minimum sales of LuViva products as shown in the Table
below.

 

	

Full year
following CFDA Approval

	

Number of
machines placed or sold

	

Number of tests
per day

	

Days per
week

 

	

Weeks per
year

	

1

	

500

	

30

	

5

	

48

	

2

	

1000

	

30

	

5

	

48

	

3

	

2000

	

30

	

5

	

48

 

4.
Cost of CFDA
Approval: SMI shall underwrite the entire cost of securing
approval of LuViva with Chinese FDA.

 

 

3

 

 

5.
Manufacturing:

 

a.

SMI, shall arrange,
at its sole cost, for a manufacturer in China to build tooling to
support manufacture.

b.

The price payable by GTI for each Device and each packet of
Disposables supplied by the manufacturer for resale by GTI outside
of the Territories will be no higher than the then current internal
costs to GTI for manufacturing the Device and the then current
price paid by GTI to its current supplier of
Disposables.

c.

In the event that this is not possible, the Parties agree to
discuss the following options:

a.

SMI retains the
right to manufacture for China, Hong Kong, Macau and Taiwan, where
SMI has distribution and sales rights.

b.

SMI elects to
manufacture just the Cervical Guides which is anticipated to be
able to be at a lower price in China

c.

SMI buys the
devices and Cervical Guides, or just the devices from
GTI

d.

Other options that may be identified and available to find a
mutually satisfactory solution.

 

If SMI
fails to achieve manufacturing capabilities for either the Devices
and Disposables in accordance with ISO 13485 for medical devices by
24 months after the date hereof, SMI shall no longer have any
rights to manufacture, distribute or sell LuViva.

 

6.
Technical Assistance for
Manufacturing and Sales:

 

a.

Both GTI and SMI
recognize the need for technical assistance to set up manufacturing
and to establish sales protocols and marketing materials. To that
end, both parties pledge cooperation in helping to establish the
manufacturing and sales in China.

b.

GTI shall provide
the Curricula Vitae or Resume (personal data) of the inventor of
the LuViva technology to SMI

c.

SMI shall send over
its manufacturing expert to GTI at SMI’s expense to learn the
manufacturing process. GTI will be responsible for all in-country
(US) expenses.

d.

GTI shall send over
its technical expert within 10 days of a request or as soon as
reasonably possible from SMI to SMI at GTI’s expense to
assist with the establishment of the manufacturing and sales
protocols in China. SMI will be responsible for all in-country
(China) expenses.

e.

GTI shall provide
technical support and training for product upgrades consistent with
the technical support provided to other international distributors
of LuViva.

 

7.
Royalties:

 

a.

For each single-use
Cervical Guide chip sold by SMI in the Jurisdictions, SMI shall
transfer funds to the Escrow Agent at a rate of $1.90 per chip.in
the amount equaling the number of chips sold. Funds shall be
transferred monthly.

 

 

 

4

 

 

b.

The Parties agree
to reassess these royalty amounts at the end of the second year of
commercial sales in China to determine if an adjustment to the
royalty amounts, up or down, is warranted. Any adjustments to the
royalty amounts must be mutually agreeable.

 

8.
Commercialization:
If within 18 months of this License’s Effective Date, SMI
fails to achieve commercialization of LuViva (as defined below) in
China. SMI shall no longer have any rights to manufacture,
distribute or sell LuViva.

 

Commercialization
of LuViva is defined as SMI achieving all of the
following:

 

a.

Filing an
application with the CFDA for approval of LuViva

 

b.

Any assembly or
manufacture of the Device or Disposables that begins in
China

 

c.

Purchase of at
least 10 Devices and associated Disposables for clinical
evaluations and regulatory use and or sales in the Jurisdictions,
according to the schedule described in Section 2.
above.

 

9.
Best Efforts: The
Rights described herein must be maintained by diligent development
and commercial efforts. SMI agrees to use its best efforts to
maximize the royalty payments contemplated herein. Both parties
agree to conduct quarterly reviews to mark progress and agree on
forecasts for orders.

 

10.
Breach or Failure to
Perform: Under the following circumstances, SMI shall
forfeit this License and shall no longer have any rights to
manufacture, distribute or sell LuViva in the Jurisdictions if SMI
is unable to cure in a timely manner:

 

a.

A material breach
of any of SMI’s obligations set forth in this
section.

 

b.

Failure to achieve
CFDA approval within 30 months from the date of this
agreement.

 

In the
event of Breach or Failure to Perform,

 

c.

GTI shall provide
written notification of the breach or failure to
perform.

d.

SMI shall be given
a 45 day period in which to cure the breach or failure to
perform.

e.

If the breach or
failure to perform is not cured, SMI shall return to GTI, at
SMI’s cost, all samples, data, hardware, software, regulatory
documents, bench and clinical test results and all other
information pertaining to LuViva in the Jurisdictions

 

11.
Notices and
Communications: All notices and other communications
required by this Agreement will be effective upon deposit in the
mail, postage prepaid and addressed to the parties at their
respective addresses set forth below until such notice that a
different person or address shall have been
designated:

 

 

5

 

 

If to
SMI:

No. 5
Zhuijian Street, High-Tech Development Zone, Laiwu
Shandong,

People’s
Republic of China

 

 

If to
GTI:

5835
Peachtree Corners East, Suite D,

Norcross, GA 30092,
USA

 

12.
Relationship of
Parties: The Parties to this Agreement are and shall remain
independent contractors and nothing herein shall be construed to
create a partnership, agency or joint venture between the parties.
Each party shall be responsible for wages, hours and conditions of
employment of its personnel during the term of, and under this
Agreement.

 

13.
Dispute Resolution:
In the event a dispute arises out of or in connection with this
Agreement, the parties will attempt to resolve the dispute through
friendly consultation. If the dispute is not resolved within a
reasonable period then any or all outstanding issues may be
submitted to mediation in accordance within any statutory rules of
mediation. If mediation is not successful in resolving he entire
dispute or is unavailable, any outstanding issues will be submitted
to final and binding arbitration in accordance with the laws of the
State of Georgia, United States of America. The arbitrator’s
award will be final, and judgment may be entered upon it by any
Court having jurisdiction within the State of Georgia, United
States of America.  Each party shall choose one (1) arbitrator
and the two (2) chosen arbitrators shall select a third arbitrator,
who shall be the Chairman of the Arbitration Panel.  As soon
as the mediation process has been unsuccessful, either party may
select an arbitrator by sending the name of the arbitrator, in
writing, to the other party.  The party receiving the name of
the said arbitrator shall, within fifteen (15) days of receipt,
select their arbitrator and shall send their selection, in writing,
to the other party.  Should that party fail to select their
arbitrator within fifteen (15) days of receipt of the name of the
first party’s arbitrator, the initial party may seek Court
appointment of the receiving party’s arbitrator and the
latter shall be responsible for the initial party’s
reasonable attorney’s fees and costs in connection with the
Court appointment.  If the two (2) appointed arbitrators fail
to select the third arbitrator within thirty (30) days from
the appointment of the second arbitrator, either party, or the
parties jointly, may seek Court appointment of the third
arbitrator.

 

14.
Applicable Law: All
questions concerning the validity, operation, interpretation and
construction of this Agreement will be governed by and determined
in accordance with the laws of the State of Georgia, United States
of America.

 

15.
Waivers of Breach:
No waiver by either Party of any breach of any provision shall
constitute a waiver of any other breach of that provision or any
other provision hereof.

 

 

6

 

 

16.
Warrants and
Representations: Each Party represents and warrants that the
terms of this Agreement are not inconsistent with any other
contractual or legal obligations it may have or with the policies
of any institution or company with which such Party is
associated.

 

17.
Interpretation: The
Parties have participated jointly in the negotiation and drafting
of this Agreement. In the event of an ambiguity or question of
intent or interpretation arises, this Agreement shall be construed
as if drafted jointly by the parties and no presumption or burden
of proof shall arise favoring or disfavoring any Party by virtue of
the authorship of any the provisions of this
agreement.

 

18.
Assignment: SMI may
not assign this Agreement in whole or in part, other than
manufacturing, without GTI’s consent, that shall not be
unreasonably be withheld. SMI may outsource all or parts of the
manufacturing at their discretion, provided that SMI is able to
maintain and verify that the quality of the manufacturing maintains
CFDA, ISO 14485 and other regulatory standards that GTI may rely
upon in sourcing LuViva.

 

19.
Effective
Agreement: This Agreement may be signed by the parties via
facsimile or electronic signatures. This Agreement will constitute
an effective Agreement when signed by both Parties.

 

20.
Entire Agreement:
This Agreement, sets forth the entire agreement and understanding
between the parties as to the subject matter hereof and merges all
prior discussions between them; and neither party shall be bound by
any conditions, definitions, warranties, understandings or
representations with respect to such subject matter other than as
expressly provided herein. This Agreement may not be modified or
altered except in writing by an instrument duly executed by
authorized officers of both parties.

 

IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be duly executed by their duly authorized officers as
of the 22 day of
January, 2017.

 

	
 

GTI

 

/s/ Gene
Cartwright                                                        

Gene Cartwright

Chief Executive Officer, Guided Therapeutics Inc.

 

SMI

 

/s/ Yaohua
Li                                                                 

Yaohua Li

Chairman, Shandong Yaohua Medical Instrument
Corporation

 

 

 

 

 7EX-10.19

 Exhibit 10.19 

SEVENTH AMENDMENT TO CREDIT AGREEMENT 

This Seventh Amendment to Credit Agreement (this “Amendment”) is entered into as of November 3, 2016, by and between WELLS
FARGO BANK, NATIONAL ASSOCIATION (“Bank”) and NIMBLE STORAGE, INC., a Delaware corporation (“Borrower”). 
 RECITALS

 Borrower and Bank are parties to that certain Credit Agreement dated as of October 1, 2013 (as amended from time to time,
including, without limitation, by that certain First Amendment to Credit Agreement dated as of April 23, 2014, that certain Second Amendment to Credit Agreement dated as of June 17, 2014, that certain Third Amendment to Credit Agreement
dated as of September 19, 2014, that certain Fourth Amendment to Credit Agreement dated as of April 6, 2015, that certain Fifth Amendment to Credit Agreement dated as of December 9, 2015, and that certain Sixth Amendment to Credit
Agreement dated as of July 29, 2016, collectively, the “Agreement”). The parties desire to amend the Agreement in accordance with the terms of this Amendment. 

NOW, THEREFORE, the parties agree as follows: 

1.    Section 1.1(c) of the Agreement hereby is amended and restated in its entirety to read as follows: 

“(c)    Letter of Credit Subfeature. As a subfeature under the Line of Credit, Bank agrees from
time to time during the term thereof to issue or cause an affiliate to issue standby letters of credit for the account of Borrower (each, a “Letter of Credit” and collectively, “Letters of Credit”); provided however, that the
aggregate undrawn amount of all outstanding Letters of Credit (the “Letters of Credit Sublimit”) shall not at any time exceed Seven Million Dollars ($7,000,000). The form and substance of each Letter of Credit shall be subject to approval
by Bank, in its sole discretion. If on the Line of Credit maturity date (or the effective date of any termination of this Agreement) there are any outstanding Letters of Credit, Borrower shall provide to Bank cash collateral in an amount equal to at
least one hundred percent (100%) of the face amount of any such Letter of Credit, plus all interest, fees and costs due or to become due in connection therewith to secure the obligations related to such Letter of Credit. The undrawn amount of all
Letters of Credit shall be reserved under the Line of Credit and shall not be available for borrowings thereunder. Each Letter of Credit shall be subject to the additional terms and conditions of the Letter of Credit agreements, applications and any
related documents required by Bank in connection with the issuance thereof. Each drawing paid under a Letter of Credit shall be deemed an advance under the Line of Credit and shall be repaid by Borrower in accordance with the terms and conditions of
this Agreement applicable to such advances; provided however, that if advances under the Line of Credit are not available, for any reason, at the time any drawing is paid, then Borrower shall immediately pay to Bank the full amount drawn, together
with interest thereon from the date such drawing is paid to the date such amount is fully repaid by Borrower, at the rate of interest applicable to advances under the Line of Credit. In such event Borrower agrees that Bank, in its sole discretion,
may debit any account maintained by Borrower with Bank for the amount of any such drawing.” 
 2.    Section 1.5 of
the Agreement hereby is amended and restated in its entirety to read as follows: 
 “SECTION
1.5.    SUBORDINATION OF DEBT. All indebtedness and other obligations of Borrower, other than Permitted Indebtedness, to any other creditor shall be subordinated in right of repayment to all indebtedness and other obligations of
Borrower to Bank, as evidenced by and subject to the terms of subordination agreements in form and substance satisfactory to Bank. 

 As used herein, “Permitted Indebtedness” means (a) Indebtedness of
Borrower in favor of Bank arising under this Agreement or any other Loan Document; (b) Indebtedness existing on the Closing Date and disclosed in writing to and approved by Bank; (c) Indebtedness secured by a lien described in clause
(c) of the defined term “Permitted Liens,” provided such Indebtedness does not exceed the lesser of the cost or fair market value of the equipment financed with such Indebtedness and in the aggregate does not exceed One Million
Dollars ($1,000,000); (d) Indebtedness owed or hereafter incurred to trade creditors and incurred in the ordinary course of business, and (e) other unsecured Indebtedness, not otherwise permitted in this Section 1.5, in an amount not to
exceed Two Million Dollars ($2,000,000) in the aggregate at any time outstanding. 
 As used herein, “Permitted
Liens” means the following, which shall secure obligations in the aggregate not to exceed Two Hundred Fifty Thousand Dollars ($250,000) (excluding any obligations secured by liens described in subsections (a), (c) or (f) below): (a) any
liens existing on the Closing Date and disclosed in writing to and approved by Bank or arising under this Agreement or the other Loan Documents; (b) liens for taxes, fees, assessments or other governmental charges or levies, either not
delinquent or being contested in good faith by appropriate proceedings with adequate reserves under generally accepted accounting principles; (c) liens securing obligations in the aggregate not to exceed One Million Dollars ($1,000,000) (i)
upon or in any equipment which was not financed by Bank acquired or held by Borrower to secure the purchase price of such equipment or indebtedness incurred solely for the purpose of financing the acquisition of such equipment, or (ii) existing
on such equipment at the time of its acquisition, provided that the lien is confined solely to the property so acquired and improvements thereon, and the proceeds of such equipment; (d) deposits to secure real property lease obligations in the
ordinary course of business; (e) liens incurred in connection with the extension, renewal or refinancing of the indebtedness secured by liens of the type described in clauses (a) through (d) above, provided that any extension, renewal or
replacement lien shall be limited to the property encumbered by the existing lien and the principal amount of the indebtedness being extended, renewed or refinanced does not increase, and (f) other liens, not otherwise permitted in this
Section 1.5, securing obligations in an amount not to exceed Two Million Dollars ($2,000,000) in the aggregate at any time outstanding.” 

3.    No course of dealing on the part of Bank or its officers, nor any failure or delay in the exercise of any right by
Bank, shall operate as a waiver thereof, and any single or partial exercise of any such right shall not preclude any later exercise of any such right. Bank’s failure at any time to require strict performance by Borrower of any provision shall
not affect any right of Bank thereafter to demand strict compliance and performance. Any suspension or waiver of a right must be in writing signed by an officer of Bank. 

4.    Unless otherwise defined, all initially capitalized terms in this Amendment shall be as defined in the Agreement.
The Agreement, as amended hereby, shall be and remain in full force and effect in accordance with its respective terms and hereby is ratified and confirmed in all respects. Except as expressly set forth herein, the execution, delivery, and
performance of this Amendment shall not operate as a waiver of, or as an amendment of, any right, power, or remedy of Bank under the Agreement, as in effect prior to the date hereof. 

5.    Borrower represents and warrants that the Representations and Warranties contained in the Agreement are true and
correct in all material respects as of the date of this Amendment, and that no Event of Default has occurred and is continuing; provided, however, that any Representations and Warranties which speak to an earlier date or time period are true and
correct in all material respects as of such date or with respect to such time period. 

  
 2 

 6.    As a condition to the effectiveness of this Amendment, Bank shall have
received, in form and substance satisfactory to Bank: 
 (a)    this Amendment, duly executed by Borrower; and 

(b)    all fees and expenses incurred through the date of this Amendment, which may be debited from Borrower’s
account at Bank. 
 7.    This Amendment may be executed in two or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one instrument. 
 [Balance of Page Intentionally Left Blank]

  
 3 

 IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the first date above
written. 
  

			
	NIMBLE STORAGE, INC.
		
	By:	 	 /s/ David Chung

	Name:	 	David Chung
	Title:	 	VP Controller
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION
		
	By:	 	 /s/ Nicole Heller

	Name:	 	Nicole Heller
	Title:	 	Vice President

  
 [Signature
Page to Seventh Amendment to Credit Agreement]

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