Document:

EX-10.1

 Exhibit 10.1 

IDENTIV, INC. 
 EAST
WEST BANK 
 AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT 

 This AMENDED AND RESTATED
LOAN AND SECURITY AGREEMENT is entered into as of February 8, 2021, by and between EAST WEST BANK (“Bank”) and IDENTIV, INC., a Delaware
corporation (“Parent”). 
 RECITALS 

Borrowers and Bank are parties to that certain Loan and Security Agreement dated as of February 8, 2017 and as amended from time to time
(the “Original Agreement”). The parties desire to amend and restate the Original Agreement in accordance with the terms of this Amendment. This Agreement sets forth the terms on which Bank will advance credit to Borrowers, and Borrowers
will repay the amounts owing to Bank on and after the Effective Date. 
 AGREEMENT 

The parties agree as follows: 

1. DEFINITIONS AND CONSTRUCTION; AMENDMENT AND
RESTATEMENT. 
 1.1 Definitions. As used in this Agreement, the following terms shall have the following
definitions: 
 “Accounts” means all presently existing and hereafter arising accounts, contract rights, payment intangibles, and
all other forms of obligations owing to a Borrower arising out of the sale or lease of goods (including, without limitation, the licensing of software and other technology) or the rendering of services by a Borrower, whether or not earned by
performance, and any and all credit insurance, guaranties, and other security therefor, as well as all merchandise returned to or reclaimed by a Borrower and such Borrower’s Books relating to any of the foregoing. 

“Advance” or “Advances” means a cash advance or cash advances under the Revolving Facility. 

“Affiliate” means, with respect to any Person, any Person that owns or controls directly or indirectly such Person, any Person that
controls or is controlled by or is under common control with such Person, and each of such Person’s senior executive officers, directors, and partners. 

“Approved Exchange” means the public stock exchange known as (i) NYSE or NASDAQ in the United States, (ii) LSE, Euronext,
Frankfurt Stock Exchange in Europe, (iii) TSX in Canada, (iv) TWSE in Taiwan and (v) TYO in Japan. 
 “Bank
Expenses” means all reasonable costs or expenses (including reasonable attorneys’ fees and expenses, whether generated in-house or by outside counsel) incurred in connection with the preparation,
negotiation, administration, and enforcement of the Loan Documents; reasonable Collateral audit fees; and Bank’s reasonable attorneys’ fees and expenses (whether generated in-house or by outside
counsel) incurred in amending, enforcing or defending the Loan Documents (including fees and expenses of appeal), incurred before, during and after an Insolvency Proceeding, whether or not suit is brought. 

“Beneficial Ownership Certification” means a certification regarding beneficial ownership required by the Beneficial Ownership
Regulation, which certification shall be substantially in form and substance satisfactory to Bank. 
 “Beneficial Ownership
Regulation” means 31 C.F.R. § 1010.230. 
 “Borrower” or “Borrowers” means, individually and collectively,
Parent and any Person added to this Agreement as a borrower hereunder after the Effective Date, by written agreement between Parent, Bank and such Person. 

“Borrower’s Books” means all of a Borrower’s books and records including: ledgers; records concerning a Borrower’s
assets or liabilities, the Collateral, business operations or financial condition; and all computer programs, or tape files, and the equipment, containing such information. 
  

 “Borrowing Base” means an amount equal to (i) eighty five percent (85%) of
Eligible Accounts plus (ii) fifty percent (50%) of Eligible Inventory minus any Reserve, if applicable, as determined by Bank with reference to the most recent Borrowing Base Certificate delivered by Borrowers; provided however, (x) the
total amount of the Borrowing Base with respect to clause (ii) above shall not exceed the lesser of Ten Million Dollars ($10,000,000) or fifty percent (50%) of the total Borrowing Base; (y) any Borrowing Base that is based on an Off-Cycle Borrowing Base Certificate shall retain the amount of Eligible Inventory determined by the most recent Routine Borrowing Base Certificate and any ineligible Accounts stated in such Routine Borrowing Base
Certificate shall also be carried over into the Off-Cycle Borrowing Base Certificate; and (z) the Borrowing Base may be revised from time to time by Bank following each Collateral audit or as Bank deems
necessary in Bank’s reasonable judgment and after commercially reasonable notice thereof to Borrowers. 
 “Business Day”
means any day that is not a Saturday, Sunday, or other day on which banks in the State of California are authorized or required to close. 

“Change in Control” shall mean a transaction in which any “person” or “group” (within the meaning of
Section 13(d) and 14(d)(2) of the Securities Exchange Act of 1934) becomes the “beneficial owner” (as defined in Rule 13d-3 under the Securities Exchange Act of 1934), directly or indirectly, of
a sufficient number of shares of all classes of stock then outstanding of a Borrower ordinarily entitled to vote in the election of directors, empowering such “person” or “group” to elect a majority of the board of directors of a
Borrower, who did not have such power before such transaction. 
 “Closing Date” means the date of the Original Agreement. 

“Code” means the California Uniform Commercial Code, as amended or supplemented from time to time. 

“Collateral” means the property described on Exhibit A attached hereto. 

“Contingent Obligation” means, as applied to any Person, any direct or indirect liability, contingent or otherwise, of that Person
with respect to (i) any indebtedness, lease, dividend, letter of credit or other obligation of another, including, without limitation, any such obligation directly or indirectly guaranteed, endorsed,
co-made or discounted or sold with recourse by that Person, or in respect of which that Person is otherwise directly or indirectly liable; (ii) any obligations with respect to undrawn letters of credit,
corporate credit cards or merchant services issued for the account of that Person; and (iii) all obligations arising under any interest rate, currency or commodity swap agreement, interest rate cap agreement, interest rate collar agreement, or
other agreement or arrangement designed to protect a Person against fluctuation in interest rates, currency exchange rates or commodity prices; provided, however, that the term “Contingent Obligation” shall not include endorsements for
collection or deposit in the ordinary course of business. The amount of any Contingent Obligation shall be deemed to be an amount equal to the stated or determined amount of the primary obligation in respect of which such Contingent Obligation is
made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by such Person in good faith; provided, however, that such amount shall not in any event exceed the maximum amount of the
obligations under the guarantee or other support arrangement. 
 “Conversion Conditions” means the satisfaction of all of the
following conditions (i) at least ten (10) days prior to the Revolving Nonformula Maturity Date, Bank receives evidence satisfactory to Bank that Borrowers’ EBITDA for the twelve month period ending on December 31, 2021 is at
least $5,000,000; (ii) within thirty (30) days prior to the Revolving Nonformula Maturity Date but at least ten (10) days prior to the Revolving Nonformula Maturity Date, Borrowers deliver to Bank a written notice (the “Conversion
Notice”) indicating its election to convert the Nonformula Advances into the Term Advance in accordance with the term set forth in Section 2.1; and (iii) no Event of Default has occurred that is continuing on the date that the
Conversion Notice is delivered to Bank, and no Event of Default has occurred that is continuing on the Revolving Nonformula Maturity Date. 

“Copyrights” means any and all copyright rights, copyright applications, copyright registrations and like protections in each work
of authorship and derivative work thereof, whether published or unpublished and whether or not the same also constitutes a trade secret, now or hereafter existing, created, acquired or held. 

  
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 “Credit Extension” means each Advance, each Nonformula Advance, the Term Advance
(if applicable), or any other extension of credit by Bank for the benefit of Borrowers hereunder. 
 “Daily Balance” means the
amount of the Obligations owed at the end of a given day. 
 “EBITDA” means, as of any particular measurement period,
Borrowers’ earnings (i) before interest, taxes, depreciation and amortization expenses, determined in accordance with GAAP, and excludes provision (benefit) for, net income (loss) attributable to
non-controlling interest, foreign currency losses (gains), impairment of goodwill, stock-based compensation, non-cash expense (gains),
one-time expenses not to exceed $200,000 per fiscal quarter, and restructuring and severance expenses not to exceed (x) $300,000 for quarter ending March 31, 2021, (y) $600,000 for quarter ending
June 30, 2021 and for quarter end September 30, 2021, and (z) $300,000 for each fiscal quarter thereafter; minus (ii) non-operating income resulting from any forgiveness of the PPP Loan; and
plus (iii) the cash proceeds from the sale and issuance of equity securities and/or the Investor Debt or other Subordinated Debt incurred during such measurement period. 

“Effective Date” means the date of this Agreement. 

“Eligible Accounts” means those Accounts that arise in the ordinary course of a Borrower’s business that comply with all of
Borrowers’ representations and warranties to Bank set forth in Section 5.4, but not including any deferred revenue or other Accounts that are subject to any offset; provided, that standards of eligibility may be fixed and revised from time
to time to reflect Collateral audits or other new information with respect to the Accounts by Bank in Bank’s reasonable judgment and after commercially reasonable notice thereof to Borrowers in accordance with the provisions hereof. Unless
otherwise agreed to by Bank, Eligible Accounts shall not include the following: 
 (a) Accounts that the account debtor has failed to
pay within ninety (90) days of invoice date; 
 (b) credit balances over 90 days; 

(c) Accounts with respect to an account debtor, fifty percent (50%) of whose Accounts the account debtor has failed to pay within
ninety (90) days of invoice date, or such lesser percentage as Bank may determine in its sole discretion, taking into account any deterioration in the performance of Borrowers’ Accounts or increased dilution or any other factors effective
no earlier than 30 calendar days from the date of notice provided to the Borrower; 
 (d) Accounts with respect to which the account
debtor is an officer, employee, or agent of Borrower; 
 (e) Accounts with respect to which goods are placed on consignment,
guaranteed sale, sale or return, sale on approval, bill and hold, or other terms by reason of which the payment by the account debtor may be conditional; 

(f) prebillings, prepaid deposits, retention billings, or progress billings; 

(g) offsetable deferred revenue (other than with respect to deferred revenue of 3VR Security, Inc., a California corporation, which
were assumed by Parent upon its merger into Parent); 
 (h) Accounts with respect to which the account debtor is an Affiliate of a
Borrower; 
 (i) Accounts with respect to which the account debtor does not have its principal place of business in the United
States, except for Eligible Foreign Accounts; 
 (j) Accounts with respect to which the account debtor is the United States or any
department, agency, or instrumentality of the United States, except for Accounts of the United States if the payee has assigned its payment rights to Bank, the assignment has been acknowledged under the Assignment of Claims Act of 1940 (31 U.S.C.
Section 3727), and such assignment otherwise complies with the Assignment of Claims Act to Bank’s reasonable satisfaction in the exercise of its reasonable credit judgment; 

  
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 (k) Accounts with respect to which Borrowers are liable to the account debtor for
goods sold or services rendered by the account debtor to a Borrower or for deposits or other property of the account debtor held by a Borrower, but only to the extent of any amounts owing to the account debtor against amounts owed to Borrowers; 

(l) Accounts with respect to an account debtor, including Subsidiaries and Affiliates, whose total obligations to Borrowers exceed
twenty-five percent (25%) of all Accounts, to the extent such obligations exceed the aforementioned percentage, except as approved in writing by Bank; 

(m) Accounts that have not yet been billed to the account debtor or that relate to deposits (such as good faith deposits) or other
property of the account debtor held by a Borrower for the performance of services or delivery of goods which such Borrower has not yet performed or delivered; 

(n) Accounts with respect to which the account debtor disputes liability or makes any claim with respect thereto as to which Bank
believes, in its sole discretion, that there may be a basis for dispute (but only to the extent of the amount subject to such dispute or claim), or is subject to any Insolvency Proceeding, or becomes insolvent, or goes out of business; 

(o) Account with respect to which the account debtor is Stanley Black & Decker and/or its various subsidiaries and affiliates,
that are subject to financing under that certain Supplier Agreement between Borrower and Citibank, N.A. (the “Citibank Supplier Agreement”); provided, however, that in the event that the Liens on such Accounts in favor of Citibank, N.A.
pursuant to the Citibank Supplier Agreement (the “Citibank Liens”) are released and the Citibank Supplier Agreement has been terminated, then such Accounts shall be included as Eligible Accounts; and 

(p) Accounts the collection of which Bank reasonably determines to be doubtful. 

“Eligible Foreign Accounts” means Accounts with respect to which the account debtor does not have its principal place of business in
the United States and (i) the capital stock of the account debtor is publicly traded on an Approved Exchange, or (ii) the account debtor is Grupo Elektra or its Subsidiaries (including Banco Azteca SA), or (iii) such other account
debtor that Bank approves on a case-by-case basis. 

“Eligible Inventory” means finished goods Inventory that meets the requirements set forth in a Borrower’s representations and
warranties in Section 5.5 and nonobsolete raw materials, measured at a Borrower’s cost, as each shall be acceptable to Bank in all respects. Unless otherwise agreed to by Bank, the following shall not be Eligible Inventory: 

(a) consigned Inventory; 

(b) perishable goods; 

(c) returned, obsolete and defective goods; 

(d) any Inventory subject to non-compliance with the Fair Labor Standards Act; 

(e) supplies, shipping material, packaging, custom packaging, and customized Inventory with narrow distribution channels; 

(f) Inventory located outside of the United States; 

(g) in-transit Inventory without insurance, or slow moving inventory (based on Parent’s
evaluation and analysis that is confirmed by Parent’s certified public accountants on a quarterly basis); 

  
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 (h) work in progress; acknowledging that
sub-assembly inventory (i.e. inventory purchased directly from Borrower’s vendors, and not manufactured through Borrower’s assembly process) shall not be considered as work in progress (and shall be
considered as raw materials); and 
 (i) other Inventory that Bank reasonably determines from time to time to be ineligible based on
age, type, category, quality or quantity, or based on its relation to undesirable industries. 
 “Environmental Laws” means all
laws, rules, regulations, orders and the like issued by any federal state, local foreign or other governmental or quasi-governmental authority or any agency pertaining to the environment or to any hazardous materials or wastes, toxic substances,
flammable, explosive or radioactive materials, asbestos or other similar materials. 
 “Equipment” means all present and future
machinery, equipment, tenant improvements, furniture, fixtures, vehicles, tools, parts and attachments in which a Borrower has any interest. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and the regulations thereunder. 

“Event of Default” has the meaning assigned in Article 8. 

“Fixed Charge Coverage Ratio” means, as of any particular measurement date (the “Measurement Date”), a ratio of
(a) EBITDA for the twelve month period ending on the Measurement Date minus (i) the amount of non-financed capital expenditures made during the twelve month period ending on the Measurement Date,
minus (ii) taxes paid (or required to be paid) in cash during the twelve month period ending on the Measurement Date to (b) the sum of (i) all interest payments payable or paid on all Indebtedness (including all Credit Extensions made
hereunder) during the twelve month period ending on the Measurement Date plus (ii) all scheduled payments of principal on account of the Term Advance during the twelve month period immediately following the Measurement Date, with each of the
foregoing determined in accordance with GAAP. 
 “GAAP” means generally accepted accounting principles as in effect from time to
time. 
 “Inactive Subsidiaries” means each Subsidiary existing as of the Effective Date listed as inactive on the Schedule that
(i) has no operations, and (ii) has a total assets of less than $50,000. 
 “Indebtedness” means (a) all
indebtedness for borrowed money or the deferred purchase price of property or services, including without limitation reimbursement and other obligations with respect to surety bonds and letters of credit, (b) all obligations evidenced by notes,
bonds, debentures or similar instruments, (c) all capital lease obligations and (d) all Contingent Obligations. 

“Insolvency Proceeding” means any proceeding commenced by or against any Person under any provision of the United States Bankruptcy
Code, as amended, or under any other bankruptcy or insolvency law, including assignments for the benefit of creditors, formal or informal moratoria, compositions, extensions generally with its creditors, or proceedings seeking reorganization,
arrangement, or other relief. 
 “Intellectual Property” means all of a Borrower’s right, title, and interest in and to the
following: (a) Copyrights, Trademarks and Patents; (b) any and all trade secrets, and any and all intellectual property rights in computer software and computer software products now or hereafter existing, created, acquired or held; (c)
any and all design rights which may be available to a Borrower now or hereafter existing, created, acquired or held; (d) any and all claims for damages by way of past, present and future infringement of any of the rights included above, with
the right, but not the obligation, to sue for and collect such damages for said use or infringement of the intellectual property rights identified above; (e) all licenses or other rights to use any of the Copyrights, Patents or Trademarks, and
all license fees and royalties arising from such use to the extent permitted by such license or rights; (f) all amendments, renewals and extensions of any of the Copyrights, Trademarks or Patents; and (g) all proceeds and products of the
foregoing, including without limitation all payments under insurance or any indemnity or warranty payable in respect of any of the foregoing. 

  
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 “Inventory” means all inventory in which a Borrower has or acquires any interest,
including work in process and finished products intended for sale or lease or to be furnished under a contract of service, of every kind and description now or at any time hereafter owned by or in the custody or possession, actual or constructive,
of a Borrower, including such inventory as is temporarily out of its custody or possession or in transit and including any returns upon any accounts or other proceeds, including insurance proceeds, resulting from the sale or disposition of any of
the foregoing and any documents of title representing any of the above, and a Borrower’s Books relating to any of the foregoing. 

“Investment” means any beneficial ownership of (including stock, partnership interests or limited liability company membership
interests or any other securities) any Person, or any loan, advance or capital contribution or transfer of any assets through advances, equity positions or other avenues to any Person. 

“Investor Subordination Agreement” means that certain Subordination Agreement by and between 21 April Fund, Ltd., 21 April
Fund, LP and Bank and dated as of May 5, 2020 and as amended from time to time. 
 “Lien” means any mortgage, lien, deed of
trust, charge, pledge, security interest or other similar encumbrance. 
 “Loan Documents” means, collectively, this Agreement,
any note or notes, documents or instruments executed or delivered by a Borrower in connection with this Agreement or the Original Agreement, and any other agreement, document, or instrument entered into in connection with this Agreement or the
Original Agreement by a Borrower or any other Person, including any guarantees, consents, waivers, subordination agreements, all as amended or extended from time to time. 

“Material Adverse Effect” means a material adverse effect on (i) the business operations, condition (financial or otherwise) or
prospects of Borrowers and its Subsidiaries taken as a whole or (ii) the ability of Borrowers to repay the Obligations or otherwise perform its obligations under the Loan Documents or (iii) the value or priority of Bank’s security
interests in the Collateral. 
 “Negotiable Collateral” means all letters of credit of which a Borrower is a beneficiary, notes,
drafts, instruments, securities, documents of title, and chattel paper, and each Borrower’s Books relating to any of the foregoing. 

“Nonformula Advance” means each cash advance or cash advances under the Nonformula Facility. 

“Nonformula Availability Period” means the period beginning on the Effective Date and ending on February 7, 2022. 

“Nonformula Facility” means the facility under which Borrowers may request Bank to issue Nonformula Advances, as specified in
Section 2.1(b) hereof. 
 “Nonformula Line” means a credit extension of up to Four Million Dollars ($4,000,000). 

“Obligations” means all debt, principal, interest, Bank Expenses and other amounts owed to Bank by Borrowers pursuant to this
Agreement or any other agreement, whether absolute or contingent, due or to become due, now existing or hereafter arising, including any interest that accrues after the commencement of an Insolvency Proceeding and including any debt, liability, or
obligation owing from Borrowers to others that Bank may have obtained by assignment or otherwise. 
 “OFAC Lists” means,
collectively, the Specially Designated Nationals and Blocked Persons List maintained by OFAC pursuant to Executive Order No. 13224, 66 Fed. Reg. 49079 (Sept. 25, 2001) and/or any other list of terrorists or other restricted Persons maintained
pursuant to any of the rules and regulations of OFAC or pursuant to any other applicable Executive Orders. 

  
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 “Off-Cycle Borrowing Base Certificate”
means any other Borrowing Base Certificate delivered to Bank aside from a Routine Borrowing Base Certificate. 
 “Patents” means
all patents, patent applications and like protections including without limitation improvements, divisions, continuations, renewals, reissues, extensions and
continuations-in-part of the same. 
 “Performance
Milestone Date” means the date that Bank receives evidence satisfactory to Bank (including financial statements delivered to Bank pursuant to Section 6.3(a) of the Agreement for all months through June 30, 2021) of Borrower’s
compliance of the financial covenants set forth in Section 6.9 of the Agreement from the Effective Date through June 30, 2021. 

“Permitted Acquisition” means any transaction or series of related transactions resulting in the acquisition by Borrower or any
Subsidiary, whether by purchase, merger or otherwise, of all or substantially all of the assets of, all of the equity interests of, or a business line or unit or a division of, any Person that is a field related to the business in which Borrower is
currently engaged as of the Closing Date or reasonably related thereto and such Person is not doing business in any field that would be prohibited by Bank’s credit policies or regulatory schemes (each an “Acquisition”), provided that
(i) no Event of Default has occurred, is continuing, or would exist after giving effect to such Acquisition, (ii) such Acquisition does not result in a Change in Control, (iii) Borrower is the surviving entity following such
Acquisition, (iv) the total consideration paid in connection with any Acquisition (including assumption of liabilities or incurrence of any Indebtedness) does not exceed $50,000,000 in any fiscal year thereafter, (v) any cash consideration
payable in connection with such Acquisition shall be funded solely from the cash proceeds received by Borrower from the sale and issuance of its equity securities substantially concurrent with the closing of such Acquisition, (vi) any assets
acquired in such Acquisition are free and clear of all Liens (other than Permitted Liens), (vii) any Acquisition of the capital stock of any Person shall be subject to Borrower’s compliance with Section 6.11, (viii) Bank has received
Borrower’s financial statements on a pro forma basis, in form and substance satisfactory to Bank, demonstrating Borrower’s compliance with the financial covenants set forth herein after giving effect to such Acquisition, and
(ix) Borrower has given Bank at least ten Business Days’ notice prior to the consummation of such Acquisition and provided such other information as Bank may reasonably request with respect to the foregoing. 

“Permitted Indebtedness” means: 

(a) Indebtedness of Borrowers in favor of Bank arising under this Agreement or any other Loan Document; 

(b) Indebtedness existing on the Effective Date and disclosed in the Schedule; 

(c) Indebtedness secured by a lien described in clause (c) of the defined term “Permitted Liens,” provided (i) such
Indebtedness does not exceed the lesser of the cost or fair market value of the equipment financed with such Indebtedness and (ii) such Indebtedness does not exceed $100,000 in the aggregate at any given time; 

(d) Indebtedness to trade creditors incurred in the ordinary course of business; 

(e) Indebtedness incurred as a result of endorsing negotiable instruments received in the ordinary course of business; 

(f) Indebtedness in connection with the issuance of surety bonds, performance bonds, and similar obligations incurred in the ordinary
course of business; 
 (g) Indebtedness (including Contingent Obligations) with respect to interest rate swap contracts between
Parent and Bank in an aggregate notional amount not to exceed $8,000,000 at any time, in form and substance satisfactory to Bank and in accordance with the standards published by the International Swaps and Derivatives Association, Inc., and subject
to compliance with Section 4.5; 

  
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 (h) unsecured Indebtedness in an original principal amount of $2,914,500 with
respect to the loan provided to Borrower under the Paycheck Protection Program pursuant to the Coronavirus Aid, Relief, and Economic Security Act, dated March 27, 2020 (the “CARES Act”), the proceeds of which are used in compliance
with the CARES Act (the “PPP Loan”); 
 (i) Subordinated Debt (including Indebtedness of up to $4,000,000 owing to
21 April Fund, Ltd. and 21 April Fund, LP (the “Investor Debt”) that is subject to the Investor Subordination Agreement); and 

(j) extensions, refinancings and renewals of any items of Permitted Indebtedness, provided that the principal amount is not increased
or the terms modified to impose more burdensome terms upon a Borrower or its Subsidiary, as the case may be. 
 “Permitted
Investment” means: 
 (a) Investments existing on the Effective Date disclosed in the Schedule; 

(b) Investments consisting of deposit accounts and cash equivalents maintained in accounts in compliance with Section 6.8; 

(c) Investments consisting of the endorsement of negotiable instruments for deposit or collection or similar transactions in the
ordinary course of Borrower; 
 (d) Investments by Borrower in Subsidiaries solely to the extent necessary to support such
Subsidiary’s operations in the ordinary course of business and consistent with past practices; 
 (e) Investments not to exceed
$500,000 in the aggregate in any fiscal year consisting of (i) travel advances and employee relocation loans and other employee loans and advances in the ordinary course of business, and (ii) loans to employees, officers or directors
relating to the purchase of equity securities of Borrower or its Subsidiaries pursuant to employee stock purchase plans or agreements approved by Borrower’s board of directors; 

(f) Investments (including debt obligations) received in connection with the bankruptcy or reorganization of customers or suppliers and
in settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of business; 

(g) other Investments in an amount equal to $500,000 or less during any fiscal year; 

(h) Investments consisting of notes receivable of, or prepaid royalties and other credit extensions, to customers and suppliers who are
not Affiliates, in the ordinary course of business; provided that this paragraph (i) shall not apply to Investments of Borrower in any Subsidiary; 

(i) Investments consisting of Permitted Acquisitions; and 

(j) other Investments with Bank’s consent which shall not be unreasonably withheld or delayed; 

“Permitted Liens” means the following: 

(a) Any Liens existing on the Effective Date and disclosed in the Schedule (excluding Liens to be satisfied with the proceeds of the
initial Credit Extension) 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 and for which a Borrower maintains adequate reserves, provided the same have no priority over any of Bank’s security
interests; 

  
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 (c) Liens (i) upon or in any equipment which was not financed by Bank acquired
or held by Borrowers or any of its Subsidiaries 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) Liens of carriers, warehousemen, suppliers, or other Persons that are possessory in nature arising in the ordinary course of
business which are not delinquent or remain payable without penalty or which are being contested in good faith and by appropriate proceedings which proceedings have the effect of preventing the forfeiture or sale of the property subject thereto;

 (e) Liens to secure payment of workers’ compensation, employment insurance, old-age
pensions, social security and other like obligations incurred in the ordinary course of business (other than Liens imposed by ERISA); 

(f) non-exclusive licenses of Intellectual Property granted to third parties in the ordinary
course of business; 
 (g) deposits to secure the performance of bids, trade contracts (other than Indebtedness) and leases,
statutory obligations, surety bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business; 

(h) Liens arising from attachments or judgments, orders, or decrees in circumstances not constituting an Event of Default; 

(i) 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 
 (j) Liens securing the Investor Debt that is subject to the Investor Subordination Agreement. 

“Person” means any individual, sole proprietorship, partnership, limited liability company, joint venture, trust, unincorporated
organization, association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or governmental agency. 

“Prime Rate” means the Prime Rate published in the Money Rates section of the Western Edition of The Wall Street Journal, or such
other rate of interest publicly announced from time to time by Bank as its Prime Rate. 
 “Responsible Officer” means each of the
Chief Executive Officer, the Chief Operating Officer and the Chief Financial Officer of each Borrower. 
 “Reserve” means any
amount determined by Bank in its sole discretion from time to time for any ineligible slow moving Inventory if the methodology used by Parent’s certified public accountants with respect thereto does not meet Bank’s criteria and
expectations. 
 “Revolving Facility” means the facility under which Borrowers may request Bank to issue Advances, as specified in
Section 2.1(a) hereof. 
 “Revolving Line” means a credit extension of up to Twenty Million Dollars ($20,000,000). 

“Revolving Maturity Date” means February 8, 2023. 

“Revolving Nonformula Maturity Date” means February 8, 2022. 

  
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 “Routine Borrowing Base Certificate” means the Borrowing Base Certificate
delivered to Bank in accordance with Section 6.3(a) of the Agreement, measuring the Borrowing Base as of the last day of the month ended prior to the delivery date of the Borrowing Base Certificate as required under Section 6.3(a) of the
Agreement. 
 “Schedule” means the schedule of exceptions attached hereto and approved by Bank, if any. 

“Shares” means (i) one hundred percent (100%) of the issued and outstanding capital stock, membership units or other securities
owned or held of record by a Borrower or any Subsidiary of a Borrower, in any direct Subsidiary; and (ii) sixty five percent (65%) of the issued and outstanding capital stock, membership units or other securities owned or held of record by a
Borrower or any Subsidiary of a Borrower, in any direct Subsidiary which is not an entity organized under the laws of the United States or any territory thereof. 

“Subordinated Debt” means any debt incurred by Borrowers that is subordinated to the debt owing by Borrowers to Bank on terms
acceptable to Bank (and identified as being such by Borrowers and Bank), pursuant to a subordination agreement in form and substance satisfactory to Bank. 

“Subsidiary” means, as to any Person, a corporation, partnership, limited liability company or other entity of which shares of stock
or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other managers of such
corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries (including any Affiliate), or both, by such Person. Unless the context
otherwise requires, each reference to a Subsidiary herein shall be a reference to a Subsidiary of a Borrower. 
 “Trademarks”
means any trademark and servicemark rights, whether registered or not, applications to register and registrations of the same and like protections, and the entire goodwill of the business of Borrowers connected with and symbolized by such
trademarks. 
 1.2 Accounting Terms. All accounting terms not specifically defined herein shall be construed in accordance with
GAAP and all calculations made hereunder shall be made in accordance with GAAP. When used herein, the terms “financial statements” shall include the notes and schedules thereto. 

1.3 Amendment and Restatement. This Agreement is intended to and does completely amend and restate, without novation, the
Original Agreement. All security interests granted under the Original Agreement are hereby confirmed and ratified and shall continue to secure all Obligations under this Agreement and all financing statements filed in connection with the Original
Agreement continue to perfect Bank’s Lien in the Collateral. All guarantees, promissory notes and other instruments delivered to Bank in connection with the Original Agreement (and as such may be amended in connection with this Agreement) are
hereby confirmed and ratified and shall continue to apply to all Obligations under this Agreement. 
 2. LOAN
AND TERMS OF PAYMENT. 
 2.1 Credit Extensions. Each Borrower
promises to pay to the order of Bank, in lawful money of the United States of America, the aggregate unpaid principal amount of all Credit Extensions made by Bank to Borrowers hereunder. Borrowers shall also pay interest on the unpaid principal
amount of such Credit Extensions at rates in accordance with the terms hereof. 
 (a) Revolving Advances. 

(i) Subject to and upon the terms and conditions of this Agreement, Borrowers may request Advances in an aggregate outstanding amount
not to exceed the lesser of (i) the Revolving Line or (ii) the Borrowing Base. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(a) may be repaid and reborrowed at any time prior to
the Revolving Maturity Date, at which time all Advances under this Section 2.1(a) shall be immediately due and payable. Borrowers shall deliver to Bank a promissory note for the Advances in substantially the form attached hereto as Exhibit B-1. Bank may enforce its rights in respect of the Advances under this Agreement without such note. Borrowers shall use the proceeds of the Advances for working capital purposes. Borrowers may prepay any
Advances without penalty or premium. 

  
 10 

 (ii) Whenever a Borrower desires an Advance, such Borrower will notify Bank no later
than 1:00 p.m. Pacific Time on the Business Day that the Advance is requested to be made. Each such notification shall be made (i) by telephone or in-person followed by delivering to Bank a Revolving
Advance Request Form in substantially the form of Exhibit B hereto written confirmation from Borrower within 24 hours, or (ii) by electronic mail or facsimile transmission of a Revolving Advance Request Form in substantially the form of Exhibit
B hereto. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s discretion such Advances are necessary
to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers shall indemnify and hold Bank
harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section 2.1(a) to Parent’s deposit account with Bank. 

(b) Nonformula Advances. 

(i) Subject to and upon the terms and conditions of this Agreement, Borrowers may request Nonformula Advances at any time during the
Nonformula Availability Period in an aggregate outstanding amount not to exceed the Nonformula Line. Subject to the terms and conditions of this Agreement, amounts borrowed pursuant to this Section 2.1(b) may be repaid and reborrowed at any
time during the Nonformula Availability Period. On the Revolving Nonformula Maturity Date, all Nonformula Advances shall be immediately due and payable; provided however, if, within ten (10) days prior to the Revolving Nonformula Maturity Date,
all Conversion Conditions have been satisfied, then on the Revolving Nonformula Maturity Date, the principal amount of all outstanding Nonformula Advances shall be into a single term loan that is subject to the terms set forth in Section 2.1(c)
below, and all accrued and unpaid interest thereon shall be repaid by Borrowers. 
 (ii) Borrowers shall deliver to Bank a promissory
note for the Nonformula Advances in substantially the form attached hereto as Exhibit B-2. Bank may enforce its rights in respect of the Nonformula Advances under this Agreement without such note.
Borrowers shall use the proceeds of the Nonformula Advances for working capital purposes. Borrowers may prepay any Nonformula Advances without penalty or premium. 

(iii) Whenever a Borrower desires a Nonformula Advance, such Borrower will notify Bank no later than 1:00 p.m. Pacific Time on the
Business Day that the Nonformula Advance is requested to be made. Each such notification shall be made (i) by telephone or in-person followed by delivering to Bank a Revolving Advance Request Form in
substantially the form of Exhibit B hereto written confirmation from Borrower within 24 hours, or (ii) by electronic mail or facsimile transmission of a Revolving Advance Request Form in substantially the form of Exhibit B hereto. Bank is
authorized to make Nonformula Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s discretion such Nonformula Advances are
necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrowers shall indemnify and
hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Nonformula Advances made under this Section 2.1(b) to Parent’s deposit account with Bank.  

(c) Term Advance. 

(i) Provided that all Conversion Conditions have been satisfied, on the Revolving Nonformula Maturity Date, the principal amount of all
Nonformula Advances outstanding on such date shall be converted into a single term loan with a deemed original principal amount equal to the principal amount of all Nonformula Advances outstanding on such date (the “Term Advance”). 

  
 11 

 (ii) Interest shall accrue on the Term Advance for so long as the Term Advance is
outstanding at the rate specified in Section 2.3. Beginning on March 1, 2022 and continuing on the first day of each month thereafter for so long as the Term Advance is outstanding, Borrower shall make
thirty-six (36) equal payments of principal, plus accrued interest. On February 1, 2025 (the “Term Advance Maturity Date”), the Term Advance and all amounts related thereto shall be
immediately due and payable. Borrowers may prepay all but not less than all of the Term Advance without penalty or premium at any time. 

2.2 Overadvances. If (i) the aggregate amount of the outstanding Advances exceeds the lesser of the Borrowing Base or the
Revolving Line at any time; then Borrowers shall immediately pay to Bank, in cash, the amount of such excess. 
 2.3 Interest Rates,
Payments, and Calculations. 
 (a) Interest Rates. 

(i) Advances. Except as set forth in Section 2.3(b), the Advances shall bear interest, on the outstanding Daily Balance thereof,
at a per annum rate equal to one quarter of one percent (0.25%) above the Prime Rate; provided however, that on and after the Performance Milestone Date, and as long as no Event of Default has occurred prior to such date, the Advances shall bear
interest, on the outstanding Daily Balance thereof, at a per annum rate equal to the Prime Rate, subject to Section 2.3(b). 

(ii) Nonformula Advances. Except as set forth in Section 2.3(b), the Advances shall bear interest, on the outstanding Daily
Balance thereof, at a per annum rate equal to one quarter of one percent (0.25%) above the Prime Rate; provided however, that on and after the Performance Milestone Date, and as long as no Event of Default has occurred prior to such date, the
Nonformula Advances shall bear interest, on the outstanding Daily Balance thereof, at a per annum rate equal to the Prime Rate, subject to Section 2.3(b). 

(iii) Term Advance. Except as set forth in Section 2.3(b), the Term Advance shall bear interest, on the outstanding Daily Balance
thereof, at a per annum rate equal to one quarter of one percent (0.25%) above the Prime Rate; provided however, that on and after the Performance Milestone Date, and as long as no Event of Default has occurred prior to such date, the Term Advance
shall bear interest, on the outstanding Daily Balance thereof, at a per annum rate equal to the Prime Rate, subject to Section 2.3(b). 

(b) Late Fee; Default Rate. If any payment is not made within ten (10) days after the date such payment is due, Borrowers
shall pay Bank a late fee equal to the lesser of (i) four percent (4%) of the amount of such unpaid amount or (ii) the maximum amount permitted to be charged under applicable law, not in any case to be less than $25.00. All Obligations
shall bear interest, from and after the occurrence and during the continuance of an Event of Default, at a rate equal to four (4) percentage points above the interest rate applicable immediately prior to the occurrence of the Event of Default.

 (c) Payments. Interest hereunder shall be due and payable on the first calendar day of each month during the term hereof.
Any interest not paid when due shall be compounded by becoming a part of the Obligations, and such interest shall thereafter accrue interest at the rate then applicable hereunder. All payments shall be made free and clear of, and without deduction
or withholding for, any present or future taxes or other charges imposed by any jurisdiction. All payments due and payable hereunder will be made via auto debit from a Borrower’s account at Bank. 

(d) Computation. The applicable rate of interest hereunder shall be computed daily on the basis of a 360 day year and actual
days elapsed, and shall be increased or decreased effective as of the day the Prime Rate is changed as provided in the definition thereof, by an amount equal to such change in the Prime Rate. 

2.4 Lockbox and Special Depository Account. Borrowers shall cause all account debtors to deposit all checks to such lockbox
account as Bank shall specify or to wire any amounts owing to Borrowers to such account as Bank shall specify (the “Special Depository Account”) and pursuant to the terms of such lockbox agreements entered into by Borrowers as required by
Bank time to time (the “Lockbox Agreements”). Borrowers shall use the Special Depository Account address as the remit to and payment address for all proceeds of Accounts. Bank shall have sole authority to collect such payments and deposit
them to the Special Depository Account. If a Borrower 

  
 12 

 
receives any amount despite such instructions, such Borrower shall immediately deliver such payment to Bank in the form received, except for an endorsement to the order of Bank and, pending such
delivery, shall hold such payment in trust for Bank. Within one (1) Business Day after clearance of any deposits into the Special Depository Account, Bank shall credit all amounts paid into the Special Depository Account to Borrowers’
operating account maintained at Bank, provided however that following an Event of Default, Bank may, in its discretion credit any amounts paid into the Special Depository Account first against any amounts outstanding under the Revolving Facility,
with any remaining balance of such amount to a Borrower’s operating account maintained with Bank. 
 2.5 Crediting
Payments. Prior to the occurrence of an Event of Default, Bank shall credit a wire transfer of funds, check or other item of payment to such deposit account or Obligation as Borrowers specify. After the occurrence of an Event of Default, the
receipt by Bank of any wire transfer of funds, check, or other item of payment shall be immediately applied to conditionally reduce Obligations, but shall not be considered a payment on account unless such payment is of immediately available federal
funds or unless and until such check or other item of payment is honored when presented for payment. Notwithstanding anything to the contrary contained herein, any wire transfer or payment received by Bank after 12:00 noon Pacific time shall be
deemed to have been received by Bank as of the opening of business on the immediately following Business Day. Any wire transfer or other payment received by Bank before 12:00 noon Pacific time shall be deemed to have been received by Bank as of the
opening of business on such Business Day. Whenever any payment to Bank under the Loan Documents would otherwise be due (except by reason of acceleration) on a date that is not a Business Day, such payment shall instead be due on the next Business
Day, and additional fees or interest, as the case may be, shall accrue and be payable for the period of such extension. 
 2.6 Fees
and Expenses. 
 (a) Facility Fees. Borrowers shall pay to Bank on the Effective Date and on the first anniversary of the
Effective Date, a facility fee equal to one quarter of one percent (0.25%) of the Revolving Line plus a facility fee equal to one quarter of one percent (0.25%) of the Nonformula Line, each of which are fully earned and nonrefundable. 

(b) Bank Expenses. Borrowers shall pay to Bank on the Effective Date, all Bank Expenses incurred through the Effective Date and,
after the Effective Date, all Bank Expenses, as and when they are incurred by Bank. Borrower authorizes Bank, at its sole option, to (i) debit the proceeds from any Advance made to Borrower, (ii) debit any Borrower’s deposit account
with Bank or (iii) make demand upon Borrower, for payment of all attorneys’ fees and expenses incurred by Bank in connection with the negotiation and documentation of the Agreement, which attorney’s fees and expenses become due
through the Effective Date and/or after the Effective Date. 
 (c) Early Termination Fee. If this Agreement is terminated on
or prior to the first anniversary of the Effective Date, Borrowers shall pay a cash fee in the amount of two percent (2.0%) of the Revolving Line; and if this Agreement is terminated after the first anniversary of the Effective Date but prior to the
Revolving Maturity Date, then Borrower shall pay to Bank a cash fee in the amount of one percent (1.0%) of the Revolving Line (the foregoing fees being referred to as the “Early Termination Fee”).The Early Termination Fee shall be due and
payable on the effective date of such termination and thereafter shall bear interest at a rate equal to the highest rate applicable to any of the Obligations. Notwithstanding the foregoing, Bank agrees to waive the Early Termination Fee if Bank
closes on the refinancing and re-documentation of the Obligations under this Agreement with the Bank or another division or an affiliate of Bank. 

2.7 Term. This Agreement shall become effective on the Effective Date and, subject to Section 13.7, shall continue in full
force and effect for so long as any Obligations remain outstanding or Bank has any obligation to make Credit Extensions under this Agreement. Notwithstanding the foregoing, Bank shall have the right to terminate its obligation to make Credit
Extensions under this Agreement immediately and without notice upon the occurrence and during the continuance of an Event of Default. Notwithstanding termination, Bank’s Lien on the Collateral shall remain in effect for so long as any
Obligations are outstanding. 

  
 13 

 3. CONDITIONS OF LOANS. 

3.1 Conditions Precedent to Effectiveness. The effectiveness of this Agreement is subject to the condition precedent that Bank
shall have received, in form and substance satisfactory to Bank, the following: 
 (a) this Agreement; 

(b) a certificate of the Secretary of each Borrower with respect to incumbency and resolutions authorizing the execution and delivery
of this Agreement and certified copies of each Borrower’s formation documents; 
 (c) establishment and funding of the Separate
Account (as defined and set forth in Section 6.9(a)); 
 (d) certificate(s) of insurance naming Bank as loss payee and
additional insured; 
 (e) Beneficial Ownership Certification; 

(f) payment of the fees and Bank Expenses then due specified in Section 2.6 hereof; 

(g) current financial statements of Borrowers and such other updated financial information as Bank may reasonably request; and 

(h) such other documents, and completion of such other matters, as Bank may reasonably deem necessary or appropriate. 

3.2 Conditions Precedent to all Credit Extensions. The obligation of Bank to make each Credit Extension, including the initial
Credit Extension, is further subject to the following conditions: 
 (a) timely receipt by Bank of the Payment/Advance Request Form
as provided in Section 2.1; and, in the event Borrowers are requesting an Advance to be made based on the Eligible Accounts as of a measurement date that is more recent than that which is reflected in the Routine Borrowing Base Certificate most
recently delivered to Bank, Borrowers shall also deliver to Bank an Off-Cycle Borrowing Base Certificate to Bank, along with Borrowers’
month-to-date sales, collections, purchases, and non-cash charges reports; 

(b) the representations and warranties contained in Section 5 shall be true and correct in all material respects on and as of the
date of such Payment/Advance Request Form and on the effective date of each Credit Extension as though made at and as of each such date, and no Event of Default shall have occurred and be continuing, or would exist after giving effect to such Credit
Extension. The making of each Credit Extension shall be deemed to be a representation and warranty by a Borrower on the date of such Credit Extension as to the accuracy of the facts referred to in this Section 3.2; and 

(c) in Bank’s sole discretion, there has not been any material impairment in the Accounts, general affairs, management, results of
operation, financial condition or the prospect of repayment of the Obligations. 
 4. CREATION OF
SECURITY INTEREST. 
 4.1 Grant of Security Interest. Each Borrower grants and pledges to
Bank a continuing security interest in all presently existing and hereafter acquired or arising Collateral in order to secure prompt repayment of any and all Obligations and in order to secure prompt performance by such Borrower of each of its
covenants and duties under the Loan Documents. Such security interest constitutes a valid, first priority security interest in the presently existing Collateral, and will constitute a valid, first priority security interest in Collateral acquired
after the date hereof. 

  
 14 

 4.2 Delivery of Additional Documentation Required. Borrowers shall from time
to time execute and deliver to Bank, at the request of Bank, all Negotiable Collateral, all financing statements and other documents that Bank may reasonably request, in form satisfactory to Bank, to perfect and continue the perfection of
Bank’s security interests in the Collateral and in order to fully consummate all of the transactions contemplated under the Loan Documents. Borrowers from time to time may deposit with Bank specific time deposit accounts to secure specific
Obligations. Each Borrower authorizes Bank to hold such balances in pledge and to decline to honor any drafts thereon or any request by a Borrower or any other Person to pay or otherwise transfer any part of such balances for so long as the
Obligations are outstanding. 
 4.3 Right to Inspect. Bank (through any of its officers, employees, or agents) shall have the
right, upon reasonable prior notice, from time to time during Borrowers’ usual business hours but no more than twice a year (unless an Event of Default has occurred and is continuing), to inspect a Borrower’s Books and to make copies
thereof and to check, test, and appraise the Collateral in order to verify each Borrower’s financial condition or the amount, condition of, or any other matter relating to, the Collateral. 

4.4 Pledge of Shares. Each Borrower hereby pledges, assigns and grants to Bank, a security interest in all the Shares, together
with all proceeds and substitutions thereof, all cash, stock and other moneys and property paid thereon, all rights to subscribe for securities declared or granted in connection therewith, and all other cash and noncash proceeds of the foregoing, as
security for the performance of the Obligations. Within ten (10) Business Days following Bank’s request, the certificate or certificates for the Shares will be delivered to Bank, accompanied by an instrument of assignment duly executed in
blank by Borrowers. To the extent required by the terms and conditions governing the Shares, Borrowers shall cause the books of each entity whose Shares are part of the Collateral and any transfer agent to reflect the pledge of the Shares. Upon the
occurrence of an Event of Default hereunder, Bank may effect the transfer of any securities included in the Collateral (including but not limited to the Shares) into the name of Bank and cause new (as applicable) certificates representing such
securities to be issued in the name of Bank or its transferee. Borrowers will execute and deliver such documents, and take or cause to be taken such actions, as Bank may reasonably request to perfect or continue the perfection of Bank’s
security interest in the Shares. Unless an Event of Default shall have occurred and be continuing, Borrowers shall be entitled to exercise any voting rights with respect to the Shares and to give consents, waivers and ratifications in respect
thereof, provided that no vote shall be cast or consent, waiver or ratification given or action taken which would be inconsistent with any of the terms of this Agreement or which would constitute or create any violation of any of such terms. All
such rights to vote and give consents, waivers and ratifications shall terminate upon the occurrence and continuance of an Event of Default. 

4.5 Cash Collateral. Without limiting any of the other provisions of this Agreement, as security and collateral for the prompt
performance of all of Borrowers’ Obligations owing to Bank with respect to clause (k) of Permitted Indebtedness (the “Interest Rate Swap Obligations”), Pledgor pledges and grants to Bank a security interest in the restricted
deposit account number maintained at Bank designated by Bank (the “Pledged Account”), together with all monies at any time held therein, all renewals, replacements, proceeds and substitutions thereof, all interest paid thereon, and all
other cash and noncash proceeds of the foregoing (all hereinafter called the “Pledged Collateral”). For so long as any Interest Rate Swap Obligations are outstanding, (i) Borrowers shall cause the Pledged Account’s balance to be
maintained in such amounts as are required under the contracts between the Bank and the Borrower governing the Interest Rate Swap Obligations, (ii) Bank shall have sole “control” (as defined in the Code) over the Pledged Account and
the Pledged Collateral, and Borrowers shall have no access to the Pledged Collateral and no right to withdraw funds from the Pledged Account, and (iii) Borrowers authorize Bank to hold such balances in pledge and to decline to honor any drafts
thereon or any requests by Borrowers or any other Person to pay or otherwise transfer any part of such balances. 
 5.
REPRESENTATIONS AND WARRANTIES. 
 Each Borrower represents and warrants as follows: 

5.1 Due Organization and Qualification. Each Borrower and each Subsidiary is a corporation duly existing under the laws of its
state of incorporation and qualified and licensed to do business in any state in which the conduct of its business or its ownership of property requires that it be so qualified. 

  
 15 

 5.2 Due Authorization; No Conflict. The execution, delivery, and performance
of the Loan Documents are within each Borrower’s powers, have been duly authorized, and are not in conflict with nor constitute a breach of any provision contained in a Borrower’s formation documents (including any Certificate/Article of
Incorporation or Bylaws or similar document), nor will they constitute an event of default under any material agreement to which a Borrower is a party or by which a Borrower is bound. No Borrower is in default under any material agreement to which
it is a party or by which it is bound to the extent such default could reasonably be expected to cause a Material Adverse Effect. 

5.3 Collateral. Each Borrower has rights in or the power to transfer the Collateral, and its title to the Collateral is free and
clear of Liens, adverse claims, and restrictions on transfer or pledge except for Permitted Liens. All Collateral is located solely in the United States. Except as set forth in the Schedule, none of the Collateral is maintained or invested with a
Person other than Bank or Bank’s Affiliates. 
 5.4 No Prior Encumbrances. Each Borrower has good and marketable title to
its property, free and clear of Liens, except for Permitted Liens. 
 5.5 Merchantable Inventory. All Inventory is in all
material respects of good and marketable quality, free from all material defects, except for Inventory for which adequate reserves have been made. For any item of Inventory to be considered as part of the “Eligible Inventory”, such
Inventory is not subject to any Liens, except the first priority Liens granted in favor of Bank under this Agreement; and is located at Borrower’s headquarters or such other Borrower operated facility as to which Bank has received a landlord
waiver, inventory holder’s acknowledgment or other waiver or written acknowledgment in form satisfactory to Bank. 
 5.6
Intellectual Property. Each Borrower is the sole owner of the Intellectual Property, except for non-exclusive licenses granted by a Borrower to its customers or other third parties in the ordinary
course of business. Each of the Patents is valid and enforceable, and no part of the Intellectual Property has been judged invalid or unenforceable, in whole or in part, and no claim has been made that any part of the Intellectual Property violates
the rights of any third party. Except as set forth in the Schedule, each Borrower’s rights as a licensee of intellectual property do not give rise to more than five percent (5%) of its gross revenue in any given quarter, including without
limitation revenue derived from the sale, licensing, rendering or disposition of any product or service. Except as set forth in the Schedule, no Borrower is a party to, or bound by, any agreement that restricts the grant by such Borrower of a
security interest in such Borrower’s rights under such agreement. Except as disclosed on the Schedule, no Borrower is a party to, nor is bound by, any license or other agreement that prohibits or otherwise restricts such Borrower from granting
a security interest in such Borrower’s interest in such license or agreement or any other property. 
 5.7 Names;
Locations. Except as disclosed in the Schedule, no Borrower has done business under any name other than that specified on the signature page hereof, and its exact legal name is as set forth in the first paragraph of this Agreement. The chief
executive office of each Borrower is located at the address indicated in Section 10 hereof. All of Borrowers’ Inventory and Equipment is located only at the locations set forth in Section 10 hereof. 

5.8 Litigation. Except as disclosed to the Bank in writing on the Schedule, there are no actions or proceedings pending by or
against a Borrower or any Subsidiary before any court or administrative agency. 
 5.9 No Material Adverse Change in Financial
Statements. All consolidated and consolidating financial statements related to Borrowers and any Subsidiary that Bank has received from Borrowers fairly present in all material respects Borrowers’ financial condition as of the date thereof
and Borrowers’ consolidated and consolidating results of operations for the period then ended. There has not been a material adverse change in the consolidated or the consolidating financial condition of Borrowers since the date of the most
recent of such financial statements submitted to Bank. 
 5.10 Solvency, Payment of Debts. Each Borrower is able to pay its
debts (including trade debts) as they mature; the fair saleable value of Borrower’s assets (including goodwill minus disposition costs) exceeds the fair value of its liabilities; and Borrower is not left with unreasonably small capital after
the transactions contemplated by this Agreement, in Bank’s good faith business judgment. 

  
 16 

 5.11 Compliance with Laws and Regulations. Each Borrower and each Subsidiary
have met the minimum funding requirements of ERISA with respect to any employee benefit plans subject to ERISA. No event has occurred resulting from a Borrower’s failure to comply with ERISA that is reasonably likely to result in such
Borrower’s incurring any material liability. No Borrower is an “investment company” or a company “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940. No Borrower is
engaged principally, or as one of the important activities, in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulations T and U of the Board of Governors of the Federal Reserve
System). Each Borrower has complied in all material respects with all the provisions of the Federal Fair Labor Standards Act. Each Borrower is in compliance with all Environmental Laws, regulations and ordinances. No Borrower has violated any
material statutes, laws, ordinances or rules applicable to it. 
 5.12 Taxes. Each Borrower and each Subsidiary have filed or
caused to be filed all tax returns required to be filed, and have paid, or have made adequate provision for the payment of, all taxes reflected therein, except those being contested in good faith with adequate reserves under GAAP. 

5.13 Subsidiaries. Except as set forth on the Schedule, no Borrower owns any stock, partnership interest or other equity
securities of any Person, except for Permitted Investments. None of Borrowers’ domestic Subsidiaries (other than any Subsidiary that is a coborrower hereunder) are operating companies or own any material assets or other property. All Inactive
Subsidiaries in existence on the Effective Date are listed on the Schedule. 
 5.14 Government Consents. Each Borrower and each
Subsidiary have obtained all material consents, approvals and authorizations of, made all declarations or filings with, and given all notices to, all governmental authorities that are necessary for the continued operation of such Borrower’s
business as currently conducted. 
 5.15 Bona Fide Accounts. The Accounts are bona fide existing obligations. The property
giving rise to such Accounts has been delivered to the account debtor or to the account debtor’s agent for immediate shipment to and unconditional acceptance by the account debtor. No Borrower has received notice of actual or imminent
Insolvency Proceeding of any account debtor that is included in any Borrowing Base Certificate as an Eligible Account. 
 5.16
Operating, Depository and Investment Accounts. Each Borrower and each Subsidiary maintains its accounts in accordance with Section 6.8. 

5.17 Shares. Each Borrower has full power and authority to create a first lien on the Shares and no disability or contractual
obligation exists that would prohibit such Borrower from pledging the Shares pursuant to this Agreement. To Borrowers’ knowledge, there are no subscriptions, warrants, rights of first refusal or other restrictions on transfer relative to, or
options exercisable with respect to the Shares. The Shares have been and will be duly authorized and validly issued, and are fully paid and non-assessable. To Borrowers’ knowledge, the Shares are not the
subject of any present or threatened suit, action, arbitration, administrative or other proceeding, and Borrower knows of no reasonable grounds for the institution of any such proceedings. 

5.18 Beneficial Ownership. The information included in the Beneficial Ownership Certification is true and correct in all
respects. 
 5.19 Full Disclosure. No representation, warranty or other statement made by any Borrower in any certificate or
written statement furnished to Bank taken together with all such certificates and written statements furnished to Bank contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements
contained in such certificates or statements not misleading (it being recognized by Bank that the projections and forecasts provided by Borrower in good faith and based upon reasonable assumptions are not viewed as facts and that actual results
during the period or periods covered by such projections and forecasts may differ from the projected or forecasted results). 

  
 17 

 6. AFFIRMATIVE COVENANTS. 

Each Borrower shall do all of the following: 

6.1 Good Standing. Each Borrower shall maintain its and each of its Subsidiaries’ corporate existence and good standing in
its jurisdiction of incorporation and maintain qualification in each jurisdiction in which it is required under applicable law. Borrowers shall maintain, and shall cause each of its Subsidiaries to maintain, in force all licenses, approvals and
agreements, the loss of which could have a Material Adverse Effect. 
 6.2 Government Compliance. Each Borrower shall meet, and
shall cause each Subsidiary to meet, the minimum funding requirements of ERISA with respect to any employee benefit plans subject to ERISA. Each Borrower shall comply, and shall cause each Subsidiary to comply, with all statutes, laws, ordinances
and government rules and regulations to which it is subject, noncompliance with which could have a Material Adverse Effect. 
 6.3
Financial Statements, Reports, Certificates. Borrowers shall deliver the following to Bank: 
 (a) as soon as available, but
in any event within twenty (20) days after the last day of each month, (i) a Borrowing Base Certificate signed by a Responsible Officer in substantially the form of Exhibit C hereto (ii) aged listings of accounts receivable and
accounts payable by invoice date, (iii) an inventory report and (iv) a Compliance Certificate signed by a Responsible Officer in substantially the form of Exhibit D hereto; 

(b) as soon as available, but in any event within thirty (30) days after the end of each calendar month, a company prepared
consolidated and consolidating balance sheet, income statement, and cash flow statement covering Borrowers’ consolidated and consolidating operations during such period, prepared on a consistent basis from period to period (which may not be in
accordance with GAAP), in a form acceptable to Bank and certified by a Responsible Officer; 
 (c) as soon as available, but in any
event within one hundred eighty (180) days after the end of a Borrower’s fiscal year, audited consolidated financial statements of Borrowers prepared in accordance with GAAP, consistently applied, together with an unqualified opinion on
such financial statements of an independent certified public accounting firm; 
 (d) as soon as available, but in any event no later
than thirty (30) days prior to the beginning of each fiscal year, an annual operating budget and financial projections (including income statements, balance sheets and cash flow statements) for the upcoming fiscal year, presented in a quarterly
format, approved by Parent’s board of directors, and in a form and substance acceptable to Bank; 
 (e) within thirty
(30) days following the end of each year, a contact/address list of Borrowers’ account debtors; 
 (f) copies of all
statements, reports and notices sent or made available generally by a Borrower to its security holders or to any holders of Subordinated Debt, including reports filed publicly with the Securities and Exchange Commission (on Form 10K, 10Q or
otherwise), which shall deemed as delivered to Bank once such reports are made available via posting and/or links on Borrower’s website; 

(g) promptly upon receipt of notice thereof, a report of any legal actions pending or threatened against a Borrower or any Subsidiary
that could result in damages to a Borrower or any Subsidiary of Two Hundred Fifty Thousand Dollars ($250,000) or more; 
 (h)
promptly following any request therefor, Borrower shall provide to Bank any information and documentation reasonably requested by Bank for purposes of compliance with applicable “know your customer” requirements under the USA Patriot Act,
Title III of Pub. L. 107-56 (signed into law on October 26, 2001) (the “Patriot Act”), the Beneficial Ownership Regulation or other applicable anti-money laundering laws, including but not
limited to a Beneficial Ownership Certification form acceptable to Bank; 

  
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 (i) immediate notice if a Borrower or any Subsidiary has knowledge that a Borrower,
or any Subsidiary or Affiliate of a Borrower, is listed on the OFAC Lists or (i) is convicted on, (ii) pleads nolo contendere to, (iii) is indicted on, or (iv) is arraigned and held over on charges involving money laundering or
predicate crimes to money laundering. 
 (j) as soon as possible and in any event within three (3) Business Days after becoming
aware of the occurrence or existence of an Event of Default or event described in Section 8 which, with the giving of notice or passage of time, or both, would constitute an Event of Default hereunder, a written statement of a Responsible
Officer setting forth details of the Event of Default, and the action which a Borrower has taken or proposes to take with respect thereto; 

(k) if a Borrower shall acquire a commercial tort claim (as defined in the Code), in an amount in excess of Two Hundred Fifty Thousand
Dollars ($250,000), such Borrower shall promptly notify Bank in writing of the general details thereof (including the case name and docket number and the court in which such case has been filed) and such notice shall be deemed as Borrower’s
grant of a security interest therein and in the proceeds thereof; and 
 (l) such budgets, sales projections, operating plans or
other financial information as Bank may reasonably request from time to time. 
 Borrowers may deliver to Bank on an electronic basis any
certificates, reports or information required pursuant to this Section 6.3, and Bank shall be entitled to rely on the information contained in the electronic files, provided that Bank in good faith believes that the files were delivered by a
Responsible Officer. If a Borrower delivers this information electronically, it shall also deliver to Bank by U.S. Mail, reputable overnight courier service, hand delivery, facsimile or .pdf or other image file within 5 Business Days of submission
of the unsigned electronic copy the certification of monthly financial statements, the Borrowing Base Certificate and the Compliance Certificate, each bearing the physical or imaged signature of the Responsible Officer. 

6.4 Audits. Bank shall have a right from time to time hereafter to audit a Borrower’s Accounts and appraise Collateral at
such Borrower’s expense, provided that such audits will be conducted no more often than once every twelve (12) months unless an Event of Default has occurred and is continuing. 

6.5 Inventory; Returns. Borrowers shall keep all Inventory in good and merchantable condition, free from all material defects
except for Inventory for which adequate reserves have been made. Borrowers shall cause all returns by their customers and terminations of customer agreements to be on the same basis and in accordance with the usual customary practices of Borrowers,
as they exist from time to time. Borrowers shall promptly notify Bank of all terminations of customer agreements, and of all customer disputes and customer claims, where the termination, dispute or claim involves more than One Hundred Thousand
Dollars ($100,000). 
 6.6 Taxes. Borrowers shall make, and cause each Subsidiary to make, due and timely payment or deposit of
all material federal, state, and local taxes, assessments, or contributions required of it by law, including, but not limited to, those laws concerning income taxes, F.I.C.A., F.U.T.A. and state disability, and will execute and deliver to Bank, on
demand, proof satisfactory to Bank indicating that a Borrower or a Subsidiary has made such payments or deposits and any appropriate certificates attesting to the payment or deposit thereof; provided that a Borrower or a Subsidiary need not make any
payment if the amount or validity of such payment is contested in good faith by appropriate proceedings and is reserved against (to the extent required by GAAP) by Borrowers. 

6.7 Insurance. 

(a) Borrowers, at their expense, shall keep the Collateral insured against loss or damage by fire, theft, explosion, sprinklers, and
all other hazards and risks, and in such amounts, as ordinarily insured against by other owners in similar businesses conducted in the locations where a Borrower’s business is conducted on the date hereof. Borrowers shall also maintain
insurance relating to Borrowers’ business, ownership and use of the Collateral in amounts and of a type that are customary to businesses similar to Borrowers’. 

  
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 (b) All such policies of insurance shall be in such form, with such companies, and
in such amounts as are reasonably satisfactory to Bank. All such policies of property insurance shall contain a lender’s loss payable endorsement, in a form satisfactory to Bank, showing Bank as an additional loss payee thereof, and all
liability insurance policies shall show the Bank as an additional insured and shall specify that the insurer must give at least twenty (20) days’ notice to Bank before canceling its policy for any reason. Upon Bank’s request,
Borrowers shall deliver to Bank certified copies of such policies of insurance and evidence of the payments of all premiums therefor. All proceeds payable under any such policy shall, at the option of Bank, be payable to Bank to be applied on
account of the Obligations; provided that so long as no Event of Default has occurred and is continuing, Borrowers shall have the option of applying the proceeds of any casualty policy up to Two Hundred Fifty Thousand Dollars ($250,000) in the
aggregate for all losses under all casualty policies in any one year, toward the replacement or repair of destroyed or damaged property; provided that any such replaced or repaired property (i) shall be of equal or like value as the replaced or
repaired Collateral and (ii) shall be deemed Collateral in which Bank has been granted a first priority security interest (subject to Permitted Liens). 

6.8 Accounts. On and after the Closing Date, at least eighty five percent (85%) of Borrowers’ total aggregate domestic cash,
cash equivalents, and investment balances shall be maintained in their accounts with Bank. Borrowers shall (i) maintain and shall cause each of their domestic Subsidiaries to maintain their primary depository, operating, and investment accounts
with Bank and (ii) endeavor to utilize and shall cause each of their domestic Subsidiaries to endeavor to utilize Bank’s International Banking Division for any international banking services required by Borrowers, including, but not
limited to, foreign currency wires, hedges, swaps, foreign exchange contracts, and letters of credit. For each account that a Borrower or any domestic Subsidiary maintains outside of Bank, such Borrower shall cause the applicable bank or financial
institution at or with which any such account is maintained to execute and deliver an account control agreement or other appropriate instrument in form and substance satisfactory to Bank. The aggregate balance maintained in accounts outside of the
United States by Borrower and all Subsidiaries shall not exceed $2,000,000 at any time. 
 6.9 Financial Covenants. 

(a) Minimum Cash. Borrowers shall maintain a minimum of Five Million Dollars ($5,000,000) in unrestricted cash in two or more
accounts at Bank at all times, with at least Four Million Dollars ($4,000,000) of Borrowers’ unrestricted cash maintained at all times in a new separate, segregated account at Bank (the “Separate Account”). 

(b) Minimum EBITDA. Measured on a monthly basis, Borrowers’ minimum trailing
six-month EBITDA shall be (i) at least $600,000 through June 30, 2021, and (ii) at least $1,200,000 measured as of July 31, 2021 and at the end of each month thereafter. 

(c) Fixed Charge Coverage Ratio. At all times that the Term Advance is outstanding, Borrowers shall maintain a Fixed Charge
Coverage Ratio of at least 1.35 : 1.00, measured on a quarterly basis beginning with the quarter ending March 31, 2022. 
 6.10
Intellectual Property Rights. 
 (a) Borrowers shall (i) protect, defend and maintain the validity and enforceability of the
trade secrets, Trademarks, Patents and Copyrights material to Borrower’s business in a manner consistent with sound commercial practice, (ii) use commercially reasonable efforts to detect infringements of the Trademarks, Patents and
Copyrights material to Borrower’s business and promptly advise Bank in writing of material infringements detected and (iii) not allow any material Trademarks, Patents or Copyrights material to Borrower’s business to be abandoned,
forfeited or dedicated to the public. 

  
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 (b) Borrowers shall promptly give Bank written notice of any applications or
registrations of intellectual property rights filed with the United States Patent and Trademark Office, including the date of such filing and the registration or application numbers, if any. 

(c) Borrowers shall (i) give Bank not less than 30 days prior written notice of the filing of any applications or registrations
with the United States Copyright Office, including the title of such intellectual property rights to be registered, as such title will appear on such applications or registrations, and the date such applications or registrations will be filed, and
(ii) prior to the filing of any such applications or registrations, shall execute such documents as Bank may reasonably request for Bank to maintain its perfection in such intellectual property rights to be registered by Borrowers, and upon the
request of Bank, shall file such documents simultaneously with the filing of any such applications or registrations. Upon filing any such applications or registrations with the United States Copyright Office, Borrowers shall promptly provide Bank
with (i) a copy of such applications or registrations, without the exhibits, if any, thereto, (ii) evidence of the filing of any documents requested by Bank to be filed for Bank to maintain the perfection and priority of its security
interest in such intellectual property rights, and (iii) the date of such filing. 
 (d) Bank may audit Borrowers’
Intellectual Property Collateral to confirm compliance with this Section 6.10, provided such audit may not occur more often than twice per year, unless an Event of Default has occurred and is continuing. Bank shall have the right, but not the
obligation, to take, at Borrowers’ sole expense, any actions that a Borrower is required under this Section 6.10 to take but which such Borrower fails to take, after 10 days’ notice to such Borrower. Borrowers shall reimburse and
indemnify Bank for all reasonable costs and reasonable expenses incurred in the reasonable exercise of its rights under this Section 6.10. 

6.11 Formation or Acquisition of Subsidiaries. Notwithstanding and without limiting the negative covenants contained in Sections
7.3 and 7.7 hereof, at the time that a Borrower forms any direct or indirect Subsidiary or acquires any direct or indirect Subsidiary after the Effective Date, such Borrower shall (a) cause such new Subsidiary to provide to Bank a joinder to
this Agreement to cause such Subsidiary to become a co-borrower hereunder, together with such appropriate financing statements and/or control agreements, all in form and substance satisfactory to Bank
(including being sufficient to grant Bank a first priority Lien (subject to Permitted Liens) in and to the assets of such newly formed or acquired Subsidiary), (b) provide to Bank appropriate certificates and powers and financing statements,
pledging all of the direct or beneficial ownership interest in such new Subsidiary, in form and substance satisfactory to Bank, and (c) provide to Bank all other documentation in form and substance satisfactory to Bank that in its opinion is
appropriate with respect to the execution and delivery of the applicable documentation referred to above. 
 6.12 Further
Assurances. At any time and from time to time Borrowers shall execute and deliver such further instruments and take such further action as may reasonably be requested by Bank to effect the purposes of this Agreement. 

7. NEGATIVE COVENANTS. 

Borrowers will not do any of the following: 

7.1 Dispositions. Convey, sell, lease, license, transfer or otherwise dispose of (collectively, a “Transfer”), or
permit any of its Subsidiaries to Transfer, all or any part of its business or property, or move cash balances on deposit with Bank to accounts opened at another financial institution, other than: (i) Transfers of Inventory in the ordinary
course of business; (ii) Transfers of non-exclusive licenses and similar arrangements for the use of the property of a Borrower or its Subsidiaries in the ordinary course of business; (iii) Transfers
of worn-out, obsolete or unneeded Equipment which was not financed by Bank; (iv) consisting of Permitted Liens and Permitted Investments; (v) consisting of Borrower’s use or transfer of money or
cash in a manner that is consistent with Borrower’s board approved financial plan and not prohibited by the terms of this Agreement or the other Loan Documents; (vi) of non-exclusive licenses for the
use of the property of Borrower or its Subsidiaries in the ordinary course of business and licenses that could not result in a legal transfer of title of the licensed property but that may be exclusive in respects other than territory and that may
be exclusive as to territory only as to discreet geographical areas outside of the United States, and (vii) other Transfers not otherwise permitted by this Section 7.1 in an amount to exceed 500,000 in the aggregate in any fiscal year.

  
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 7.2 Change in Business or Executive Office. Engage in any business, or permit
any of its Subsidiaries to engage in any business, other than the businesses currently engaged in by Borrowers and any business substantially similar or related thereto (or incidental thereto); or experience a change in Responsible Officer; or cease
to conduct business in the manner conducted by Borrowers as of the Closing Date; or without thirty (30) days prior written notification to Bank, relocate its chief executive office or state of incorporation or change its legal name; or without
Bank’s prior written consent, change the date on which its fiscal year ends. 
 7.3 Change in Control; Mergers or
Acquisitions. Suffer or permit a Change in Control; or merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with or into any other business organization, or acquire, or permit any of its Subsidiaries to acquire, all
or substantially all of the capital stock or any material portion of property of another Person, other than Permitted Acquisitions. Notwithstanding the foregoing, any Inactive Subsidiary may at any time be merged into the Parent with prior written
notice to Bank. 
 7.4 Indebtedness. Create, incur, assume, guarantee or be or remain liable with respect to any Indebtedness,
or permit any Subsidiary so to do, other than Permitted Indebtedness. 
 7.5 Encumbrances. Create, incur, assume or suffer to
exist any Lien with respect to any of its property, or assign or otherwise convey any right to receive income, including the sale of any Accounts, or permit any of its Subsidiaries so to do, except for Permitted Liens, or enter into any agreement
with any Person other than Bank that prohibits or otherwise restricts a Borrower from encumbering any of its property other than restrictions in equipment leases or equipment financing documents on Liens on the specific equipment being leased or
financed. 
 7.6 Distributions. Pay any dividends or make any other distribution or payment on account of or in redemption,
retirement or purchase of any capital stock, or permit any of its Subsidiaries to do so, other than (i) dividends solely in common stock; (ii) conversion of its convertible securities into other securities pursuant to the terms of such
convertible securities or otherwise in exchange thereof (iii) de minimis amounts of cash in lieu of fractional shares upon conversion of convertible securities or upon any stock split or consolidation, and (iv) stock repurchases from
former officers, directors, employees or consultants pursuant to stock repurchase agreements so long as an Event of Default does not exist at the time of such repurchase and would not exist after giving effect to such repurchase and the aggregate
amount of such repurchases in any fiscal year does not exceed $250,000. 
 7.7 Investments. Directly or indirectly acquire or
own, or make any Investment in or to any Person, or permit any of its Subsidiaries so to do, other than Permitted Investments; or suffer or permit any Subsidiary to be a party to, or be bound by, an agreement that restricts such Subsidiary from
paying dividends or otherwise distributing property to Borrowers. 
 7.8 Transactions with Affiliates. Directly or indirectly
enter into or permit to exist any material transaction with any Affiliate of Borrowers except for Permitted Investments in Subsidiaries (under clause (d) of the definition of Permitted Investments) and transactions that are in the ordinary
course of Borrowers’ business, upon fair and reasonable terms that are no less favorable to Borrowers than would be obtained in an arm’s length transaction with a non-affiliated Person. 

7.9 Subordinated Debt. Make any payment in respect of any Subordinated Debt, or permit any of its Subsidiaries to make any such
payment, except in compliance with the terms of the subordination agreement governing such Subordinated Debt, or amend any provision contained in any documentation relating to the Subordinated Debt without Bank’s prior written consent. Without
limiting the foregoing, and for the sake of clarity, Borrowers shall not make any payments on account of the Investor Debt if any Event of Default has occurred that is continuing or would exist after giving effect to such payment. 

7.10 Inventory and Equipment. Store the Inventory or the Equipment located in the United States with a bailee, warehouseman, or
other third party unless the third party has been notified of Bank’s security interest and Bank (a) has received an acknowledgment from the third party that it is holding or will hold the Inventory or Equipment for Bank’s benefit or
(b) is in pledge possession of the warehouse receipt, where negotiable, covering such Inventory or Equipment. Store or maintain any Equipment or Inventory at a location other than the location set forth in Section 10 of this Agreement.

  
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 7.11 Compliance. Become an “investment company” or be controlled by
an “investment company,” within the meaning of the Investment Company Act of 1940, or become principally engaged in, or undertake as one of its important activities, the business of extending credit for the purpose of purchasing or
carrying margin stock, or use the proceeds of any Credit Extension for such purpose. Fail to meet the minimum funding requirements of ERISA, permit a Reportable Event or Prohibited Transaction, as defined in ERISA, to occur, fail to comply with the
Federal Fair Labor Standards Act or violate any law or regulation, which violation could have a Material Adverse Effect, or a material adverse effect on the Collateral or the priority of Bank’s Lien on the Collateral, or permit any of its
Subsidiaries to do any of the foregoing. 
 7.12 Anti-Terrorism; OFAC Lists. Neither Borrower nor any of its Subsidiaries
shall, nor shall Borrower or any of its Subsidiaries permit any Affiliate to, directly or indirectly, knowingly enter into any documents, instruments, agreements or contracts with any Person listed on the OFAC Lists. Neither Borrower nor any of its
Subsidiaries shall, nor shall Borrower or any of its Subsidiaries, permit any Affiliate to, directly or indirectly, knowingly (i) conduct any business or engage in any transaction or dealing with any Blocked Person, including, without
limitation, the making or receiving of any contribution of funds, goods or services to or for the benefit of any Blocked Person, (ii) deal in, or otherwise engage in any transaction relating to, any property or interests in property blocked
pursuant to Executive Order No. 13224 or any similar executive order or other Anti-Terrorism Law, or (iii) engage in or conspire to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to
violate, any of the prohibitions set forth in Executive Order No. 13224 or other Anti-Terrorism Law. 
 8. EVENTS
OF DEFAULT. 
 Any one or more of the following events shall constitute an Event of Default by Borrowers
under this Agreement: 
 8.1 Payment Default. If a Borrower fails to pay any of the Obligations when due. 

8.2 Covenant Default. 

(a) If a Borrower fails to perform any obligation under Article 6 (other than Section 6.1, 6.2, 6.4, 6.10(a), or 6.10(b)) or
violates any of the covenants contained in Article 7 of this Agreement; or 
 (b) If a Borrower fails or neglects to perform or
observe any obligation under Section 6.1, 6.2, 6.4, 6.10(a) or 6.10(b) or any other material term, provision, condition, or covenant contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between
a Borrower and Bank and as to any default under such other term, provision, condition or covenant that can be cured, has failed to cure such default within ten days after a Borrower receives notice thereof or any officer of a Borrower becomes aware
thereof; provided, however, that if the default cannot by its nature be cured within the ten day period or cannot after diligent attempts by Borrowers be cured within such ten day period, and such default is likely to be cured within a reasonable
time, then Borrowers shall have an additional reasonable period (which shall not in any case exceed 30 days) to attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event
of Default but no Credit Extensions will be made. 
 8.3 Material Adverse Effect. If there occurs any circumstance or
circumstances that has a Material Adverse Effect. 
 8.4 Attachment. If any portion of a Borrower’s assets is attached,
seized, subjected to a writ or distress warrant, or is levied upon, or comes into the possession of any trustee, receiver or person acting in a similar capacity and such attachment, seizure, writ or distress warrant or levy has not been removed,
discharged or rescinded within ten (10) days, or if a Borrower is enjoined, restrained, or in any way prevented by court order from continuing to conduct all or any material part of its business affairs, or if a judgment or other claim becomes
a lien or encumbrance upon any portion of a Borrower’s assets, or if a notice of lien, levy, or assessment is filed of record with respect to any of a Borrower’s assets by the United States Government, or any department, agency, or
instrumentality thereof, or by any state, county, municipal, or governmental agency, and the same is not paid within ten (10) days after a Borrower receives notice thereof, provided that none of the foregoing shall constitute an Event of
Default where such action or event is stayed or an adequate bond has been posted pending a good faith contest by Borrowers (provided that no Credit Extensions will be required to be made during such cure period). 

  
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 8.5 Insolvency. If a Borrower is unable to pay its debts (including trade
debts) as they become due, or if an Insolvency Proceeding is commenced by a Borrower, or if an Insolvency Proceeding is commenced against a Borrower and is not dismissed or stayed within thirty (30) days (provided that no Credit Extensions will
be made prior to the dismissal of such Insolvency Proceeding). 
 8.6 Other Agreements. If there is a default or other failure
to perform in any agreement to which a Borrower is a party or by which it is bound resulting in a right by a third party or parties, whether or not exercised, to accelerate the maturity of any Indebtedness in an amount in excess of Two Hundred Fifty
Thousand Dollars ($250,000) or which could have a Material Adverse Effect. 
 8.7 Judgments; Settlements; Fines; Penalties. If
a judgment or judgments for the payment of money in an amount, individually or in the aggregate, of at least Fifty Thousand Dollars ($50,000) shall be rendered against a Borrower, or if a Borrower enters into any settlement agreement with respect to
any litigation matters that results in payment obligations or liabilities incurred by such Borrower in excess of Two Hundred Fifty Thousand Dollars ($250,000); or if one or more fines, penalties or orders or decrees for the payment of money in
excess of Two Hundred Fifty Thousand Dollars ($250,000) shall be rendered against a Borrower by any governmental authority; and the foregoing shall remain unsatisfied and unstayed for a period of ten (10) days (provided that no Credit
Extensions will be made prior to the satisfaction or stay of such judgment, settlement, fine, penalty or orders or decree). 
 8.8
Misrepresentations. If any material misrepresentation or material misstatement exists now or hereafter in any warranty or representation set forth herein or in any certificate delivered to Bank by any Responsible Officer pursuant to this
Agreement or to induce Bank to enter into this Agreement or any other Loan Document. 
 8.9 Guaranty. If any guaranty of all or
a portion of the Obligations (a “Guaranty”) ceases for any reason to be in full force and effect, or any guarantor fails to perform any obligation under any Guaranty or a security agreement securing any Guaranty (collectively, the
“Guaranty Documents”), or any event of default occurs under any Guaranty Document or any guarantor revokes or purports to revoke a Guaranty, or any material misrepresentation or material misstatement exists now or hereafter in any warranty
or representation set forth in any Guaranty Document or in any certificate delivered to Bank in connection with any Guaranty Document, or if any of the circumstances described in Sections 8.3 through 8.8 occur with respect to any guarantor or any
guarantor dies or becomes subject to any criminal prosecution, or any circumstances arise causing Bank, in good faith, to become insecure as to the satisfaction of any of any guarantor’s obligations under the Guaranty Documents. 

9. BANK’S RIGHTS AND REMEDIES. 

9.1 Rights and Remedies. Upon the occurrence and during the continuance of an Event of Default, Bank may, at its election,
without notice of its election and without demand, do any one or more of the following, all of which are authorized by Borrowers: 

(a) Declare all or any portion of Obligations, whether evidenced by this Agreement, by any of the other Loan Documents, or otherwise,
immediately due and payable (provided that upon the occurrence of an Event of Default described in Section 8.5, all Obligations shall become immediately due and payable without any action by Bank); 

(b) Cease advancing money or extending credit to or for the benefit of Borrowers under this Agreement or under any other agreement
between Borrowers and Bank; 
 (c) Settle or adjust disputes and claims directly with account debtors for amounts, upon terms and in
whatever order that Bank reasonably considers advisable; 

  
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 (d) Make such payments and do such acts as Bank considers necessary or reasonable to
protect its security interest in the Collateral. Borrowers agree to assemble the Collateral if Bank so requires, and to make the Collateral available to Bank as Bank may designate. Each Borrower authorizes Bank to enter the premises where the
Collateral is located, to take and maintain possession of the Collateral, or any part of it, and to pay, purchase, contest, or compromise any encumbrance, charge, or lien which in Bank’s determination appears to be prior or superior to its
security interest and to pay all expenses incurred in connection therewith. With respect to any of a Borrower’s owned premises, each Borrower hereby grants Bank a license to enter into possession of such premises and to occupy the same, without
charge, in order to exercise any of Bank’s rights or remedies provided herein, at law, in equity, or otherwise; 
 (e) Set off
and apply to the Obligations any and all (i) balances and deposits of Borrowers held by Bank, or (ii) indebtedness at any time owing to or for the credit or the account of Borrowers held by Bank; 

(f) Ship, reclaim, recover, store, finish, maintain, repair, prepare for sale, advertise for sale, and sell (in the manner provided for
herein) the Collateral. Bank is hereby granted a license or other right, solely pursuant to the provisions of this Section 9.1, to use, without charge, a Borrower’s labels, patents, copyrights, rights of use of any name, trade secrets,
trade names, trademarks, service marks, and advertising matter, or any property of a similar nature, as it pertains to the Collateral, in completing production of, advertising for sale, and selling any Collateral and, in connection with Bank’s
exercise of its rights under this Section 9.1, Borrowers’ rights under all licenses and all franchise agreements shall inure to Bank’s benefit; 

(g) Dispose of the Collateral at either a public or private sale, or both, by way of one or more contracts or transactions, for cash or
on terms, in such manner and at such places (including Borrowers’ premises) as Bank determines is commercially reasonable, and apply any proceeds to the Obligations in whatever manner or order Bank deems appropriate. Bank may sell the
Collateral without giving any warranties as to the Collateral; 
 (h) Bank may credit bid and purchase at any public sale; and 

(i) Apply for the appointment of a receiver, trustee, liquidator or conservator of the Collateral, without notice and without regard to
the adequacy of the security for the Obligations and without regard to the solvency of Borrowers, any guarantor or any other Person liable for any of the Obligations; and 

(j) Any deficiency that exists after disposition of the Collateral as provided above will be paid immediately by Borrowers. 

Bank may comply with any applicable state or federal law requirements in connection with a disposition of the Collateral and compliance will not be considered
adversely to affect the commercial reasonableness of any sale of the Collateral. 
 9.2 Power of Attorney. Effective only upon
the occurrence and during the continuance of an Event of Default, each Borrower hereby irrevocably appoints Bank (and any of Bank’s designated officers, or employees) as such Borrower’s true and lawful attorney to: (a) send requests
for verification of Accounts or notify account debtors of Bank’s security interest in the Accounts; (b) endorse such Borrower’s name on any checks or other forms of payment or security that may come into Bank’s possession;
(c) sign such Borrower’s name on any invoice or bill of lading relating to any Account, drafts against account debtors, schedules and assignments of Accounts, verifications of Accounts, and notices to account debtors; (d) dispose of
any Collateral; (e) make, settle, and adjust all claims under and decisions with respect to such Borrower’s policies of insurance; (f) settle and adjust disputes and claims respecting the accounts directly with account debtors, for
amounts and upon terms which Bank determines to be reasonable; (g) demand, collect, receive, sue, and give releases to any account debtor for the monies due or which may become due upon or with respect to the Accounts and to compromise,
prosecute, or defend any action, claim, case or proceeding relating to the Accounts; (h) sell, assign, transfer, pledge, compromise, discharge or otherwise dispose of any Collateral; (i) enter into a short-form intellectual property
security agreement consistent with the terms of this Agreement for recording purposes only or modify, in its sole discretion, any intellectual property security agreement entered into between Borrowers and Bank without first obtaining
Borrowers’ approval of or signature to 

  
 25 

 
such modification by amending Exhibits A, B, and C thereof, as appropriate, to include reference to any right, title or interest in any Copyrights, Patents or Trademarks acquired by Borrowers
after the execution hereof or to delete any reference to any right, title or interest in any Copyrights, Patents or Trademarks in which Borrowers no longer has or claims to have any right, title or interest; (j) execute on behalf of Borrowers
any and all instruments, documents, financing statements and the like to perfect Bank’s interests in the Accounts and Collateral and file, in its sole discretion, one or more financing or continuation statements and amendments thereto, relative
to any of the Collateral; and (k) file, in its sole discretion, one or more financing or continuation statements and amendments thereto, relative to any of the Collateral without the signature of Borrowers where permitted by law; provided Bank
may exercise such power of attorney to sign the name of a Borrower on any of the documents described in clauses (i), (j) and (k) above, regardless of whether an Event of Default has occurred. The appointment of Bank as each Borrower’s
attorney in fact, and each and every one of Bank’s rights and powers, being coupled with an interest, is irrevocable until all of the Obligations have been fully repaid and performed and Bank’s obligation to provide Credit
Extensions hereunder is terminated. 
 9.3 Accounts Collection. At any time after the occurrence of an Event of Default, Bank
may notify any Person owing funds to Borrowers of Bank’s security interest in such funds and verify the amount of such Account. Borrowers shall collect all amounts owing to Borrowers for Bank, receive in trust all payments as Bank’s
trustee, and immediately deliver such payments to Bank in their original form as received from the account debtor, with proper endorsements for deposit. 

9.4 Bank Expenses. If Borrowers fail to pay any amounts or furnish any required proof of payment due to third persons or
entities, as required under the terms of this Agreement, then Bank may do any or all of the following: (a) make payment of the same or any part thereof; (b) set up such reserves under a loan facility in Section 2.1 as Bank deems
necessary to protect Bank from the exposure created by such failure; or (c) obtain and maintain insurance policies of the type discussed in Section 6.7 of this Agreement, and take any action with respect to such policies as Bank deems
prudent. Any amounts so paid or deposited by Bank shall constitute Bank Expenses, shall be immediately due and payable, and shall bear interest at the then applicable rate hereinabove provided, and shall be secured by the Collateral. Any payments
made by Bank shall not constitute an agreement by Bank to make similar payments in the future or a waiver by Bank of any Event of Default under this Agreement. 

9.5 Bank’s Liability for Collateral. So long as Bank complies with reasonable banking practices, Bank shall not in any way
or manner be liable or responsible for: (a) the safekeeping of the Collateral; (b) any loss or damage thereto occurring or arising in any manner or fashion from any cause; (c) any diminution in the value thereof; or (d) any act
or default of any carrier, warehouseman, bailee, forwarding agency, or other person whomsoever. All risk of loss, damage or destruction of the Collateral shall be borne by Borrowers. 

9.6 Shares. Borrowers recognize that Bank may be unable to effect a public sale of any or all the Shares, by reason of certain
prohibitions contained in federal securities laws and applicable state and provincial securities laws or otherwise, and may be compelled to resort to one or more private sales thereof to a restricted group of purchasers which will be obliged to
agree, among other things, to acquire such securities for their own account for investment and not with a view to the distribution or resale thereof. Borrowers acknowledge and agree that any such private sale may result in prices and other terms
less favorable than if such sale were a public sale and, notwithstanding such circumstances, agrees that any such private sale shall be deemed to have been made in a commercially reasonable manner. Bank shall be under no obligation to delay a sale
of any of the Shares for the period of time necessary to permit the issuer thereof to register such securities for public sale under federal securities laws or under applicable state and provincial securities laws, even if such issuer would agree to
do so. Upon the occurrence of an Event of Default which continues, Bank shall have the right to exercise all such rights as a secured party under the Code as it, in its sole judgment, shall deem necessary or appropriate, including without limitation
the right to liquidate the Shares and apply the proceeds thereof to reduce the Obligations. Effective only upon the occurrence and during the continuance of an Event of Default, each Borrower hereby irrevocably appoints Bank (and any of Bank’s
designated officers, or employees) as such Borrower’s true and lawful attorney to enforce such Borrower’s rights against any Subsidiary, including the right to compel any Subsidiary to make to the Bank or a Borrower any payments or
distributions respecting the Shares which are owing to such Borrower. 

  
 26 

 9.7 Remedies Cumulative. Bank’s rights and remedies under this Agreement,
the Loan Documents, and all other agreements shall be cumulative. Bank shall have all other rights and remedies not inconsistent herewith as provided under the Code, by law, or in equity. No exercise by Bank of one right or remedy shall be deemed an
election, and no waiver by Bank of any Event of Default on a Borrower’s part shall be deemed a continuing waiver. No delay by Bank shall constitute a waiver, election, or acquiescence by it. No waiver by Bank shall be effective unless made in a
written document signed on behalf of Bank and then shall be effective only in the specific instance and for the specific purpose for which it was given. Each Borrower expressly agrees that this Section 9.6 may not be waived or modified by Bank
by course of performance, conduct, estoppel or otherwise. 
 9.8 Demand; Protest. Each Borrower waives demand, protest, notice
of protest, notice of default or dishonor, notice of payment and nonpayment, notice of any default, nonpayment at maturity, release, compromise, settlement, extension, or renewal of accounts, documents, instruments, chattel paper, and guarantees at
any time held by Bank on which Borrowers may in any way be liable. 
 10. NOTICES. 

All notices, consents, requests, approvals, demands, or other communication by any party to this Agreement or any other Loan Document must be
in writing and shall be deemed to have been validly served, given, or delivered: (a) upon the earlier of actual receipt and three (3) Business Days after deposit in the U.S. mail, first class, registered or certified mail return receipt
requested, with proper postage prepaid; (b) upon transmission, when sent by electronic mail or facsimile transmission; (c) one (1) Business Day after deposit with a reputable overnight courier with all charges prepaid; or (d) when
delivered, if hand-delivered by messenger, all of which shall be addressed to the party to be notified and sent to the address, facsimile number, or email address indicated below. 

 

					
	        	 	If to Borrowers:	 	IDENTIV, INC.
		 		 	2201 Walnut Avenue, Suite 100
		 		 	Fremont, CA 94538
		 		 	Attn: Steven Humphreys—CEO
		 		 	EMAIL: shumphreys@identiv.com
			
		 	If to Bank:	 	EAST WEST BANK
		 		 	Technology & Commercial Banking Group
		 		 	2350 Mission College Blvd., Suite 988
		 		 	Santa Clara, CA 95054
		 		 	Attn: Kelvin Chan
		 		 	Fax: (408) 588-9688

 The parties hereto may change the address at which they are to receive notices hereunder, by notice in writing
in the foregoing manner given to the other. 
 11. CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER. 

This Agreement shall be governed by, and construed in accordance with, the internal laws of the State of California, without regard to
principles of conflicts of law. Jurisdiction shall lie in the State of California. BANK AND BORROWERS EACH ACKNOWLEDGE THAT THE RIGHT TO TRIAL BY JURY IS A CONSTITUTIONAL ONE, BUT THAT IT MAY BE WAIVED. EACH OF THEM, AFTER CONSULTING OR HAVING HAD
THE OPPORTUNITY TO CONSULT, WITH COUNSEL OF THEIR CHOICE, KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT ANY OF THEM MAY HAVE TO A TRIAL BY JURY IN ANY LITIGATION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY RELATED INSTRUMENT OR
LOAN DOCUMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT OR ANY COURSE OF CONDUCT, DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN), OR ACTION OF ANY OF THEM. THESE PROVISIONS SHALL NOT BE DEEMED TO HAVE BEEN MODIFIED IN ANY RESPECT OR
RELINQUISHED BY BANK OR BORROWERS, EXCEPT BY A WRITTEN INSTRUMENT EXECUTED BY EACH OF THEM. 
 WITHOUT INTENDING IN ANY WAY TO LIMIT THE
PARTIES’ AGREEMENT TO WAIVE THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY, if the waiver of the right to a trial by jury is not enforceable, the parties hereto agree that any and all disputes or controversies of any nature between them arising at
any time shall be 

  
 27 

 
decided by a reference to a private judge, who shall be a retired state or federal court judge, mutually selected by the parties or, if they cannot agree, then any party may seek to have a
private judge appointed in accordance with California Code of Civil Procedure §§ 638 and 640 (or pursuant to comparable provisions of federal law if the dispute falls within the exclusive jurisdiction of the federal courts). The reference
proceedings shall be conducted pursuant to and in accordance with the provisions of California Code of Civil Procedure §§ 638 through 645.1, inclusive. The private judge shall have the power, among others, to grant provisional relief,
including without limitation, entering temporary restraining orders, issuing preliminary and permanent injunctions and appointing receivers. All such proceedings shall be closed to the public and confidential and all records relating thereto shall
be permanently sealed. If during the course of any dispute, a party desires to seek provisional relief, but a judge has not been appointed at that point pursuant to the judicial reference procedures, then such party may apply to the court for such
relief. The proceeding before the private judge shall be conducted in the same manner as it would be before a court under the rules of evidence applicable to judicial proceedings. The parties shall be entitled to discovery which shall be conducted
in the same manner as it would be before a court under the rules of discovery applicable to judicial proceedings. The private judge shall oversee discovery and may enforce all discovery rules and orders applicable to judicial proceedings in the same
manner as a trial court judge. The parties agree that the selected or appointed private judge shall have the power to decide all issues in the action or proceeding, whether of fact or of law, and shall report a statement of decision thereon pursuant
to California Code of Civil Procedure § 644(a). The private judge shall also determine all issues relating to the applicability, interpretation, and enforceability of this paragraph. The parties agree that time is of the essence in conducting
the referenced proceedings. The parties shall promptly and diligently cooperate with one another and the referee, and shall perform such acts as may be necessary to obtain prompt and expeditious resolution of the dispute or controversy in accordance
with the terms hereof. Nothing in this section shall limit the right of any party at any time to exercise self-help remedies, foreclose against Collateral or obtain provisional remedies, and Bank may bring suit or taking other legal action in any
other jurisdiction to realize on the Collateral or any other security for the Obligations, or to enforce a judgment or other court order in favor of Bank. Notwithstanding any provision of this Agreement, Bank may bring suit or taking other legal
action in any other jurisdiction to realize on the Collateral or any other security for the Obligations, or to enforce a judgment or other court order in favor of Bank. 

12. GENERAL PROVISIONS. 

12.1 Successors and Assigns. This Agreement shall bind and inure to the benefit of the respective successors and permitted
assigns of each of the parties; provided, however, that neither this Agreement nor any rights hereunder may be assigned by a Borrower without Bank’s prior written consent, which consent may be granted or withheld in Bank’s sole discretion.
Bank shall have the right without the consent of or notice to Borrowers to sell, transfer, negotiate, or grant participation in all or any part of, or any interest in, Bank’s obligations, rights and benefits hereunder. 

12.2 Indemnification. Each Borrower shall defend, indemnify and hold harmless Bank and its officers, employees, and agents
against: (a) all obligations, demands, claims, and liabilities claimed or asserted by any other party in connection with the transactions contemplated by this Agreement; and (b) all losses or Bank Expenses in any way suffered, incurred, or
paid by Bank, its officers, employees and agents as a result of or in any way arising out of, following, or consequential to the transactions between Bank and Borrower whether under this Agreement, or otherwise (including without limitation
attorneys’ fees and expenses), except for losses caused by Bank’s gross negligence or willful misconduct. 
 12.3 Time of
Essence. Time is of the essence for the performance of all obligations set forth in this Agreement. 
 12.4 Correction of Loan
Documents. Bank may, with notice to the Borrowers, correct patent errors and fill in any blanks in this Agreement and the other Loan Documents consistent with the agreement of the parties. 

12.5 Severability of Provisions. Each provision of this Agreement shall be severable from every other provision of this Agreement
for the purpose of determining the legal enforceability of any specific provision. 

  
 28 

 12.6 Amendments in Writing, Integration. All amendments to or terminations of
this Agreement or the other Loan Documents must be in writing. All prior agreements, understandings, representations, warranties, and negotiations between the parties hereto with respect to the subject matter of this Agreement and the other Loan
Documents, if any, are merged into this Agreement and the Loan Documents. 
 12.7 Counterparts. This Agreement may be executed
in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same Agreement.
In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party
executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original thereof. 

12.8 Survival. All covenants, representations and warranties made in this Agreement shall continue in full force and effect so
long as any Obligations remain outstanding or Bank has any obligation to make Credit Extensions to Borrowers. The obligations of each Borrower to indemnify Bank with respect to the expenses, damages, losses, costs and liabilities described in
Section 13.2 shall survive until all applicable statute of limitations periods with respect to actions that may be brought against Bank have run. 

12.9 Confidentiality. In handling any confidential information, Bank and all employees and agents of Bank shall exercise the same
degree of care that Bank exercises with respect to its own proprietary information of the same types to maintain the confidentiality of any non-public information thereby received or received pursuant to this
Agreement except that disclosure of such information may be made (i) to the subsidiaries or Affiliates of Bank in connection with their present or prospective business relations with Borrower, (ii) to prospective transferees or purchasers
of any interest in the Credit Extensions, provided that they have entered into a comparable confidentiality agreement in favor of Borrowers, (iii) as required by law, regulations, rule or order, subpoena, judicial order or similar order,
(iv) as may be required in connection with the examination, audit or similar investigation of Bank and (v) as Bank may determine in connection with the enforcement of any remedies hereunder. Confidential information hereunder shall not
include information that either: (a) is in the public domain or in the knowledge or possession of Bank when disclosed to Bank, or becomes part of the public domain after disclosure to Bank through no fault of Bank; or (b) is disclosed to
Bank by a third party, provided Bank does not have actual knowledge that such third party is prohibited from disclosing such information. 

12.10 Patriot Act Notice. Bank hereby notifies Borrowers that, pursuant to the requirements of the USA Patriot Act, Title
III of Pub. L. 107-56 (signed into law on October 26, 2001) (the “Patriot Act”), it is required to obtain, verify and record information that identifies the Borrowers, which information includes
names and addresses and other information that will allow Bank, as applicable, to identify the Borrowers in accordance with the Patriot Act. Borrowers shall, promptly following a request by Bank, provide all documentation and other information that
Bank requests in order to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act, and Borrower is required to provide identifying information
about each beneficial owner and/or individuals who have significant responsibility to control, manage or direct any Borrower. 
 13.
CO-BORROWERS. 
 13.1
Co-Borrowers. Borrowers are jointly and severally liable for the Obligations and Bank may proceed against one Borrower to enforce the Obligations without waiving its right to proceed against any other
Borrower. This Agreement and the Loan Documents are a primary and original obligation of each Borrower and shall remain in effect notwithstanding future changes in conditions, including any change of law or any invalidity or irregularity in the
creation or acquisition of any Obligations or in the execution or delivery of any agreement between Bank and any Borrower. Each Borrower shall be liable for existing and future Obligations as fully as if all of the Credit Extensions were advanced to
such Borrower. Bank may rely on any certificate or representation made by any Borrower as made on behalf of, and binding on, all Borrowers, including without limitation advance request forms and compliance certificates. Each Borrower appoints each
other Borrower as its agent with all necessary power and authority to give and receive notices, certificates or demands for and on behalf of all Borrowers, to act as disbursing agent for receipt of any Credit Extensions on behalf of each Borrower
and to apply to Bank on behalf of each Borrower for any Credit Extension, any waivers and any consents. This authorization cannot be revoked, and Bank need not inquire as to one Borrower’s authority to act for or on behalf of another Borrower.

  
 29 

 13.2 Subrogation and Similar Rights. Notwithstanding any other provision of
this Agreement or any other Loan Document, each Borrower irrevocably waives, until all Obligations are paid in full and Bank has no further obligation to make Credit Extensions to Borrowers, all rights that it may have at law or in equity
(including, without limitation, any law subrogating a Borrower to the rights of Bank under the Loan Documents) to seek contribution, indemnification, or any other form of reimbursement from any other Borrower, or any other Person now or hereafter
primarily or secondarily liable for any of the Obligations, for any payment made by a Borrower with respect to the Obligations in connection with the Loan Documents or otherwise and all rights that it might have to benefit from, or to participate
in, any security for the Obligations as a result of any payment made by a Borrower with respect to the Obligations in connection with the Loan Documents or otherwise. Any agreement providing for indemnification, reimbursement or any other
arrangement prohibited under this Section shall be null and void. If any payment is made to a Borrower in contravention of this Section, such Borrower shall hold such payment in trust for Bank and such payment shall be promptly delivered to Bank for
application to the Obligations, whether matured or unmatured. 
 13.3 Waivers of Notice. Each Borrower waives, to the extent
permitted by law, notice of acceptance hereof; notice of the existence, creation or acquisition of any of the Obligations; notice of an Event of Default except as set forth herein; notice of the amount of the Obligations outstanding at any time;
notice of any adverse change in the financial condition of any other Borrower or of any other fact that might increase a Borrower’s risk; presentment for payment; demand; protest and notice thereof as to any instrument; and all other notices
and demands to which a Borrower would otherwise be entitled by virtue of being a co-borrower or a surety. Each Borrower waives any defense arising from any defense of any other Borrower, or by reason of the
cessation from any cause whatsoever of the liability of any other Borrower. Bank’s failure at any time to require strict performance by any Borrower of any provision of the Loan Documents shall not waive, alter or diminish any right of Bank
thereafter to demand strict compliance and performance therewith. Each Borrower also waives any defense arising from any act or omission of Bank that changes the scope of a Borrower’s risks hereunder. Each Borrower hereby waives any right to
assert against Bank any defense (legal or equitable), setoff, counterclaim, or claims that such Borrower individually may now or hereafter have against another Borrower or any other Person liable to Bank with respect to the Obligations in any manner
or whatsoever. 
 13.4 Subrogation Defenses. Until all Obligations are paid in full and Bank has no further obligation to make
Credit Extensions to Borrowers, each Borrower hereby waives any defense based on impairment or destruction of its subrogation or other rights against any other Borrower and waives all benefits which might otherwise be available to it under
California Civil Code Sections 2809, 2810, 2819, 2839, 2845, 2848, 2849, 2850, 2899, and 3433 and California Code of Civil Procedure Sections 580a, 580b, 580d and 726, as those statutory provisions are now in effect and hereafter amended, and under
any other similar statutes now and hereafter in effect. 
 13.5 Right to Settle, Release. 

(a) The liability of Borrowers hereunder shall not be diminished by (i) any agreement, understanding or representation that any of
the Obligations is or was to be guaranteed by another Person or secured by other property, or (ii) any release or unenforceability, whether partial or total, of rights, if any, which Bank may now or hereafter have against any other Person,
including another Borrower, or property with respect to any of the Obligations. 
 (b) Without notice to any given Borrowers and
without affecting the liability of any given Borrowers hereunder, Bank may (i) compromise, settle, renew, extend the time for payment, change the manner or terms of payment, discharge the performance of, decline to enforce, or release all or
any of the Obligations with respect to any other Borrower by written agreement with such other Borrower, (ii) grant other indulgences to another Borrower in respect of the Obligations, (iii) modify in any manner any documents relating to
the Obligations with respect to any other Borrower by written agreement with such other Borrower, (iv) release, surrender or exchange any deposits or other property securing the Obligations, whether pledged by a Borrower or any other Person, or
(v) compromise, settle, renew, or extend the time for payment, discharge the performance of, decline to enforce, or release all or any obligations of any guarantor, endorser or other Person who is now or may hereafter be liable with respect to
any of the Obligations. 

  
 30 

 13.6 Subordination. All indebtedness of a Borrower now or hereafter arising
held by another Borrower is subordinated to the Obligations and a Borrower holding the indebtedness shall take all actions reasonably requested by Bank to effect, to enforce and to give notice of such subordination. 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 

  
 31 

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

			
	BORROWERS:
	
	IDENTIV, INC. 
		
	By:	 	 /s/ Sandra Wallach

	Name: Sandra Wallach
	Title: CFO
	
	BANK:
	
	EAST WEST BANK 
		
	By:	 	 /s/ Kelvin Chan

	Name: Kelvin Chan
	Title: Managing Director

  
 32 

 EXHIBIT A 
  

			
	DEBTOR:	  	IDENTIV, INC.
		
	SECURED PARTY:	  	EAST WEST BANK

 COLLATERAL DESCRIPTION ATTACHMENT 

TO AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT 

The Collateral consists of all right, title and interest of the above named debtor (“Borrower” or “Debtor”) in and to all
of the property of such Borrower, whether presently existing or hereafter created or acquired, and wherever located, including, but not limited to: 

(a) all accounts (including health-care-insurance receivables), chattel paper (including tangible and electronic chattel paper), commercial
tort claims, deposit accounts, documents (including negotiable documents), equipment (including all accessions and additions thereto), general intangibles (including payment intangibles and software), goods (including fixtures), instruments
(including promissory notes), inventory (including all goods held for sale or lease or to be furnished under a contract of service, and including returns and repossessions), investment property (including securities and securities entitlements),
letter of credit rights, money, and all of such Debtor’s books and records with respect to any of the foregoing, and the computers and equipment containing said books and records; 

(b) all common law and statutory copyrights and copyright registrations, applications for registration, now existing or hereafter arising, in
the United States of America or in any foreign jurisdiction, obtained or to be obtained on or in connection with any of the forgoing, or any parts thereof or any underlying or component elements of any of the forgoing, together with the right to
copyright and all rights to renew or extend such copyrights and the right (but not the obligation) of Secured Party to sue in its own name and/or in the name of the Debtor for past, present and future infringements of copyright; 

(c) all trademarks, service marks, trade names and service names and the goodwill associated therewith, together with the right to trademark
and all rights to renew or extend such trademarks and the right (but not the obligation) of Secured Party to sue in its own name and/or in the name of the Debtor for past, present and future infringements of trademark; 

(d) all (i) patents and patent applications filed in the United States Patent and Trademark Office or any similar office of any foreign
jurisdiction, and interests under patent license agreements, including, without limitation, the inventions and improvements described and claimed therein, (ii) licenses pertaining to any patent whether Debtor is licensor or licensee,
(iii) income, royalties, damages, payments, accounts and accounts receivable now or hereafter due and/or payable under and with respect thereto, including, without limitation, damages and payments for past, present or future infringements
thereof, (iv) right (but not the obligation) to sue in the name of Debtor and/or in the name of Secured Party for past, present and future infringements thereof, (v) rights corresponding thereto throughout the world in all jurisdictions in
which such patents have been issued or applied for, and (vi) reissues, divisions, continuations, renewals, extensions and continuations-in-part with respect to any
of the foregoing; and 
 (e) any and all cash proceeds and/or noncash proceeds of any of the foregoing, including, without limitation,
insurance proceeds, and all supporting obligations and the security therefor or for any right to payment. All terms above have the meanings given to them in the California Uniform Commercial Code, as amended or supplemented from time to time. 

 EXHIBIT B-1 

AMENDED AND RESTATED REVOLVING FACILITY NOTE 
  

			
	$20,000,000	  	February 8, 2021
		  	Santa Clara, California

 For Value Received, the undersigned, IDENTIV, INC., on behalf of itself and all other Borrowers, Hereby Promises To Pay to the
order of East West Bank (the “Bank”) at its Principal Office located at 2350 Mission College Blvd., Suite 988, Santa Clara, CA 95054, or at such other place as Bank may from time to time designate in writing, in lawful money of the United
States and in immediately available funds, the principal amount of Twenty Million Dollars ($20,000,000.00) or so much of the Advances (as defined in the Loan Agreement (defined below)) as may be advanced from time to time, together with interest
from the date of disbursement computed on the principal balances hereof from time to time outstanding as set forth in the Amended and Restated Loan and Security Agreement dated the date hereof by and between Bank and Borrowers, and as amended from
time to time (the “Loan Agreement”). The Loan Agreement is incorporated herein by this reference in its entirety. Capitalized terms used but not otherwise defined herein have the meaning given to them in the Loan Agreement. 

This Amended and Restated Revolving Facility Note amends and restates (without novation) that certain Revolving Facility Note issued by Borrower to Bank on
February 8, 2017. 
 This Amended and Restated Revolving Facility Note is entitled to the benefits of, the Loan Agreement. The Loan Agreement, among
other things, contains provisions for acceleration of the maturity of this Amended and Restated Revolving Facility Note upon the happening of certain stated events and also for prepayments on account of principal hereof prior to the maturity of this
Amended and Restated Revolving Facility Note upon the terms and conditions specified in the Loan Agreement. This Amended and Restated Revolving Facility Note is also secured by the Collateral described in the Loan Agreement, and reference to the
Loan Agreement is hereby made for a description of the rights of Borrowers and Bank in respect to such Collateral. 
 Borrowers further promise to pay
interest on the unpaid principal amount hereof outstanding from time to time from the date hereof until payment in full hereof at the rate (or rates) from time to time applicable to the Advances as determined in accordance with the Loan Agreement.
Interest shall be calculated on the basis of a three hundred sixty (360)-day year for the actual days elapsed. 

Borrowers waive demand, presentment and protest, and notice of demand, presentment, protest and nonpayment. Except as otherwise provided in the Loan Agreement
or other Loan Documents, Borrowers waive all rights to notice and hearing of any kind upon the occurrence of an Event of Default prior to the exercise by Bank of its rights to repossess the Collateral without judicial process or to replevy, attach
or levy upon the Collateral without notice or hearing. 
 If this Amended and Restated Revolving Facility Note is not paid when due, whether at its
specified or accelerated maturity date, Borrowers promise to pay all costs of collection and enforcement of this Amended and Restated Revolving Facility Note, including, but not limited to, reasonable attorneys’ fees and costs, incurred by Bank
hereof on account of such collection or enforcement, whether or not suit is filed hereon. 
 This Amended and Restated Revolving Facility Note shall be
governed and construed in accordance with the laws of the State of California. 
 [REMAINDER OF
THIS PAGE INTENTIONALLY LEFT BLANK] 

 IN WITNESS WHEREOF, the undersigned has executed and delivered
this Amended and Restated Revolving Facility Note as of the date and year first above written. 
  

			
	IDENTIV, INC.
		
	By:	 	 /s/ Sandra Wallach

	Name:	 	Sandra Wallach
	Title:	 	CFO

  
 2 

 EXHIBIT B-2 

NONFORMULA FACILITY NOTE 
  

			
	$4,000,000	  	February 8, 2021
		  	Santa Clara, California

 For Value Received, the undersigned, IDENTIV, INC., on behalf of itself and all other Borrowers, Hereby Promises To Pay to the
order of East West Bank (the “Bank”) at its Principal Office located at 2350 Mission College Blvd., Suite 988, Santa Clara, CA 95054, or at such other place as Bank may from time to time designate in writing, in lawful money of the United
States and in immediately available funds, the principal amount of Four Million Dollars ($4,000,000.00) or so much of the Nonformula Advances (as defined in the Loan Agreement (defined below)) as may be advanced from time to time, together with
interest from the date of disbursement computed on the principal balances hereof from time to time outstanding as set forth in the Amended and Restated Loan and Security Agreement dated the date hereof by and between Bank and Borrowers, and as
amended from time to time (the “Loan Agreement”). The Loan Agreement is incorporated herein by this reference in its entirety. Furthermore, in the event that the Nonformula Advances are converted into the Term Advance pursuant to the terms
set forth in the Loan Agreement, this Nonformula Facility Note shall automatically represent Borrowers’ obligations to repay such Term Advance along with all accrued and unpaid interest thereon, Capitalized terms used but not otherwise defined
herein are used in this Nonformula Facility Note as defined in the Loan Agreement. 
 This Nonformula Facility Note is entitled to the benefits of, the Loan
Agreement. The Loan Agreement, among other things, contains provisions for acceleration of the maturity of this Nonformula Facility Note upon the happening of certain stated events and also for prepayments on account of principal hereof prior to the
maturity of this Nonformula Facility Note upon the terms and conditions specified in the Loan Agreement. This Nonformula Facility Note is also secured by the Collateral described in the Loan Agreement, and reference to the Loan Agreement is hereby
made for a description of the rights of Borrowers and Bank in respect to such Collateral. 
 Borrowers further promise to pay interest on the unpaid
principal amount hereof outstanding from time to time from the date hereof until payment in full hereof at the rate (or rates) from time to time applicable to the Nonformula Advances (or the Term Advance, if applicable) as determined in accordance
with the Loan Agreement. Interest shall be calculated on the basis of a three hundred sixty (360)-day year for the actual days elapsed. 

Borrowers waive demand, presentment and protest, and notice of demand, presentment, protest and nonpayment. Except as otherwise provided in the Loan Agreement
or other Loan Documents, Borrowers waive all rights to notice and hearing of any kind upon the occurrence of an Event of Default prior to the exercise by Bank of its rights to repossess the Collateral without judicial process or to replevy, attach
or levy upon the Collateral without notice or hearing. 
 If this Nonformula Facility Note is not paid when due, whether at its specified or accelerated
maturity date, Borrowers promise to pay all costs of collection and enforcement of this Nonformula Facility Note, including, but not limited to, reasonable attorneys’ fees and costs, incurred by Bank hereof on account of such collection or
enforcement, whether or not suit is filed hereon. 
 This Nonformula Facility Note shall be governed and construed in accordance with the laws of the State
of California. 
 [REMAINDER OF THIS PAGE INTENTIONALLY
LEFT BLANK] 

 IN WITNESS WHEREOF, the undersigned has executed and delivered
this Nonformula Facility Note as of the date and year first above written. 
  

			
	IDENTIV, INC.
		
	By:	 	 /s/ Sandra Wallach

	Name:	 	Sandra Wallach
	Title:	 	CFO

  
 2Document

Exhibit 4.20
 
BRIXMOR PROPERTY GROUP INC.

DESCRIPTION OF COMMON STOCK
 
The following summary of the terms of our common stock and of certain provisions of Maryland law and of our charter and bylaws is a summary and is qualified in its entirety by reference to our charter and bylaws, copies of which are filed as exhibits to this Annual Report on Form 10-K, and the Maryland General Corporation Law, or “MGCL.” Under “Material Provisions of Maryland Law and of Our Charter and Bylaws,” “we,” “us,” “our” and “our company” refer to Brixmor Property Group Inc. and not to any of its subsidiaries.
 
General
Our charter authorizes us to issue up to 3,000,000,000 shares of common stock, $0.01 par value per share. Our charter authorizes our board of directors, without common stockholder approval, to amend our charter to increase or decrease the aggregate number of shares of stock that we are authorized to issue or the number of authorized shares of any class or series. Under Maryland law, a stockholder generally is not liable for a corporation’s debts or obligations solely as a result of the stockholder’s status as a stockholder.
Common Stock
Subject to the restrictions on ownership and transfer of our stock discussed below under the caption “- Restrictions on Ownership and Transfer” and the voting rights of holders of outstanding shares of any other class or series of our stock, holders of our common stock are entitled to one vote for each share held of record on all matters on which stockholders are entitled to vote generally, including the election or removal of directors. The holders of our common stock do not have cumulative voting rights in the election of directors.
Holders of our common stock are entitled to receive dividends if, as and when authorized by our board of directors and declared by us out of assets legally available for the payment of dividends. Upon our liquidation, dissolution or winding up and after payment in full of all amounts required to be paid to creditors and to the holders of outstanding shares of any other class or series of our stock having a liquidation preference, if any, the holders of our common stock will be entitled to receive pro rata our remaining assets available for distribution. Holders of our common stock do not have preemptive, subscription, redemption or conversion rights. There are no sinking fund provisions applicable to the common stock. Holders of our common stock generally have no appraisal rights. All shares of our common stock outstanding as of the date of this prospectus are fully paid and nonassessable and have equal dividend and liquidation rights. The preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications and terms and conditions of redemption of our common stock are subject to those of the holders of any shares of any other class or series of stock we may authorize and issue in the future.
Under Maryland law, a Maryland corporation generally cannot amend its charter, consolidate, merge, convert, sell all or substantially all of its assets, engage in a statutory share exchange or dissolve unless the action is declared advisable by its board of directors and approved by the affirmative vote of stockholders entitled to cast at least two-thirds of the votes entitled to be cast on the matter. As permitted by Maryland law, our charter provides that any of these actions may be approved by the affirmative vote of stockholders entitled to cast a majority of all of the votes entitled to be cast on the matter. See “Material Provisions of Maryland Law and of our Charter and Bylaws.” In addition, because many of our operating assets are held by our subsidiaries, these subsidiaries may be able to merge or sell all or substantially all of their assets without the approval of our stockholders.
Power to Reclassify and Issue Stock
Our board of directors may, without approval of holders of our common stock, classify and reclassify any unissued shares of our stock into other classes or series of stock, including one or more classes or series of stock that have priority over our common stock with respect to dividends or upon liquidation, or have voting rights and other rights that differ from the rights of the common stock, and authorize us to issue the newly-classified shares. Before authorizing the issuance of shares of any new class or series, our board of directors must set, subject to the provisions in our charter relating to the restrictions on ownership and transfer of our stock, the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications and terms and conditions of redemption for each class or series of stock. These actions may be taken without the approval of holders of our common stock unless such approval is required by applicable law, 
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the terms of any other class or series of our stock or the rules of any stock exchange or automated quotation system on which any of our stock is listed or traded.
Restrictions on Ownership and Transfer
In order for us to qualify as a REIT for U.S. federal income tax purposes, our stock must be beneficially owned by 100 or more persons during at least 335 days of a taxable year of 12 months (other than the first year for which an election to be a REIT has been made) or during a proportionate part of a shorter taxable year. Also, not more than 50% of the value of the outstanding shares of our stock may be owned, directly or indirectly, by five or fewer individuals (as defined in the Internal Revenue Code (the “Code”) to include certain entities such as qualified pension plans) during the last half of a taxable year (other than the first year for which an election to be a REIT has been made).
Our charter contains restrictions on the ownership and transfer of our stock. Subject to the exceptions described below, no person or entity may beneficially own, or be deemed to own by virtue of the applicable constructive ownership provisions of the Code, more than 9.8% (in value or by number of shares, whichever is more restrictive) of our outstanding common stock or 9.8% in value of our outstanding capital stock. We refer to these restrictions, collectively, as the “ownership limit.” 
The constructive ownership rules under the Code are complex and may cause stock owned actually or constructively by a group of related individuals and/or entities to be owned constructively by one individual or entity. As a result, the acquisition of less than 9.8% of our outstanding common stock or 9.8% of our outstanding capital stock, or the acquisition of an interest in an entity that owns our stock, could, nevertheless, cause the acquiror or another individual or entity to own our stock in excess of the ownership limit.
Our board of directors may, upon receipt of certain representations and agreements and in its sole discretion, prospectively or retroactively, waive the ownership limit and may establish or increase a different limit on ownership, or excepted holder limit, for a particular stockholder if the stockholder’s ownership in excess of the ownership limit would not result in our being “closely held” under Section 856(h) of the Code (without regard to whether the ownership interest is held during the last half of a taxable year) or otherwise failing to qualify as a REIT. As a condition of granting a waiver of the ownership limit or creating an excepted holder limit, our board of directors may, but is not required to, require an opinion of counsel or Internal Revenue Service (“IRS”) ruling satisfactory to our board of directors as it may deem necessary or advisable to determine or ensure our status as a REIT and may impose such other conditions or restrictions as it deems appropriate.
In connection with granting a waiver of the ownership limit or creating or modifying an excepted holder limit, or at any other time, our board of directors may increase or decrease the ownership limit unless, after giving effect to any increased or decreased ownership limit, five or fewer persons could beneficially own, in the aggregate, more than 49.9% in value of the shares of our stock then outstanding, or we would otherwise fail to qualify as a REIT. A decreased ownership limit will not apply to any person or entity whose percentage of ownership of our stock is in excess of the decreased ownership limit until the person or entity’s ownership of our stock equals or falls below the decreased ownership limit, but any further acquisition of our stock will be subject to the decreased ownership limit.
Our charter also prohibits:
•any person from beneficially or constructively owning shares of our stock that would result in our being “closely held” under Section 856(h) of the Code (without regard to whether the ownership interest is held during the last half of a taxable year) or otherwise cause us to fail to qualify as a REIT; and
•any person from transferring shares of our stock if the transfer would result in shares of our stock being beneficially owned by fewer than 100 persons; and
•any person from beneficially owning shares of our stock to the extent such ownership would result in our failing to qualify as a “domestically controlled qualified investment entity” within the meaning of Section 897(h) of the Code.

Any person who acquires or attempts or intends to acquire beneficial or constructive ownership of shares of our stock that will or may violate the ownership limit or any of the other restrictions on ownership and transfer of our stock, and any person who is the intended transferee of shares of our stock that are transferred to a trust for the benefit of one or more charitable beneficiaries described below, must give immediate written notice to us of such an event or, in the case of a proposed or attempted transfer, give at least 15 days’ prior written notice to us and must provide us with such other information as we may request in order to determine the effect of the transfer on our status as a REIT. The provisions of our charter relating to the 
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restrictions on ownership and transfer of our stock will not apply if our board of directors determines that it is no longer in our best interests to attempt to qualify, or to continue to qualify, as a REIT, or that compliance is no longer required in order for us to qualify as a REIT.
Any attempted transfer of our stock that, if effective, would result in our stock being beneficially owned by fewer than 100 persons will be null and void. Any attempted transfer of our stock that, if effective, would result in a violation of the ownership limit (or other limit established by our charter or our board of directors), our being “closely held” under Section 856(h) of the Code (without regard to whether the ownership interest is held during the last half of a taxable year) or our otherwise failing to qualify as a REIT or as a “domestically controlled qualified investment entity” within the meaning of Section 897(h) of the Code will cause the number of shares causing the violation (rounded up to the nearest whole share) to be transferred automatically to a trust for the exclusive benefit of one or more charitable beneficiaries, and the proposed transferee will not acquire any rights in the shares. The automatic transfer will be effective as of the close of business on the business day before the date of the attempted transfer or other event that resulted in a transfer to the trust. If the transfer to the trust as described above is not automatically effective, for any reason, to prevent a violation of the applicable restrictions on ownership and transfer of our stock, then the attempted transfer that, if effective, would have resulted in a violation of the ownership limit (or other limit established by our charter or our board of directors), our being “closely held” under Section 856(h) of the Code (without regard to whether the ownership interest is held during the last half of a taxable year) or our otherwise failing to qualify as a REIT or as a “domestically controlled qualified investment entity,” will be null and void.
Shares of our stock held in the trust will be treated as issued and outstanding shares. The proposed transferee will not benefit economically from ownership of any shares of our stock held in the trust and will have no rights to dividends and no rights to vote or other rights attributable to the shares of our stock held in the trust. The trustee of the trust will exercise all voting rights and receive all dividends and other distributions with respect to shares held in the trust for the exclusive benefit of the charitable beneficiary of the trust. Any dividend or other distribution paid before we discover that the shares have been transferred to a trust as described above must be repaid by the recipient to the trustee upon demand. Subject to Maryland law, effective as of the date that the shares have been transferred to the trust, the trustee will have the authority to rescind as void any vote cast by a proposed transferee before our discovery that the shares have been transferred to the trust and to recast the vote in the sole discretion of the trustee. However, if we have already taken irreversible corporate action, then the trustee may not rescind or recast the vote.
Within 20 days of receiving notice from us of a transfer of shares to the trust, the trustee must sell the shares to a person that would be permitted to own the shares without violating the ownership limit or the other restrictions on ownership and transfer of our stock in our charter. After the sale of the shares, the interest of the charitable beneficiary in the shares transferred to the trust will terminate and the trustee must distribute to the proposed transferee an amount equal to the lesser of:
•the price paid by the proposed transferee for the shares or, if the event that resulted in the transfer to the trust did not involve a purchase of such shares at market price, which will generally be the last sales price reported on the NYSE, the market price on the last trading day before the day of the event that resulted in the transfer of such shares to the trust; and
•the sales proceeds (net of commissions and other expenses of sale) received by the trust for the shares.

The trustee must distribute any remaining funds held by the trust with respect to the shares to the charitable beneficiary. If the shares are sold by the proposed transferee before we discover that they have been transferred to the trust, the shares will be deemed to have been sold on behalf of the trust and the proposed transferee must pay to the trustee, upon demand, the amount, if any, that the proposed transferee received in excess of the amount that the proposed transferee would have received had the shares been sold by the trustee.
Shares of our stock held in the trust will be deemed to be offered for sale to us, or our designee, at a price per share equal to the lesser of:
•the price per share in the transaction that resulted in the transfer to the trust or, if the event that resulted in the transfer to the trust did not involve a purchase of such shares at market price, the market price on the last trading day before the day of the event that resulted in the transfer of such shares to the trust; and
•the market price on the date we accept, or our designee accepts, such offer.

We may accept the offer until the trustee has otherwise sold the shares of our stock held in the trust. Upon a sale to us, the interest of the charitable beneficiary in the shares sold will terminate and the trustee must distribute the net proceeds of the 
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sale to the proposed transferee and distribute any dividends or other distributions held by the trustee with respect to the shares to the charitable beneficiary.
Every owner of 5% or more (or such lower percentage as required by the Code or the regulations promulgated thereunder) of our stock, within 30 days after the end of each taxable year, must give us written notice stating the person’s name and address, the number of shares of each class and series of our stock that the person beneficially owns and a description of the manner in which the shares are held. Each such owner also must provide us with any additional information that we request in order to determine the effect, if any, of the person’s beneficial ownership on our status as a REIT and to ensure compliance with the ownership limit. In addition, any person or entity that is a beneficial owner or constructive owner of shares of our stock and any person or entity (including the stockholder of record) who is holding shares of our stock for a beneficial owner or constructive owner must, on request, disclose to us in writing such information as we may request in order to determine our status as a REIT or to comply, or determine our compliance, with the requirements of any governmental or taxing authority.
If our board of directors authorizes any of our shares to be represented by certificates, the certificates will bear a legend referring to the restrictions described above.
These restrictions on ownership and transfer of our stock could delay, defer or prevent a transaction or a change of control of us that might involve a premium price for our common stock or otherwise be in the best interests of our stockholders.
Transfer Agent and Registrar
The transfer agent and registrar for our common stock is Computershare Trust Company, N.A.
Listing
Our common stock is listed on the New York Stock Exchange under the symbol “BRX.”

Material Provisions of Maryland Law and of Our Charter and Bylaws
Election and Removal of Directors
Our charter and bylaws provide that the number of our directors may be established only by our board of directors but may not be more than 15 or fewer than the minimum number permitted by Maryland law, which is one. There will be no cumulative voting in the election of directors, and a director will be elected by a majority of votes cast in uncontested elections, and in the event that an incumbent director fails to receive a majority of votes cast in an uncontested election, such incumbent director is required to submit his or her resignation to our board of directors, which will decide what action to take on the resignation, and the decision will be publicly disclosed. A director will be elected by a plurality of the votes cast in contested elections.
Our charter provides that any vacancy on our board of directors may be filled only by the affirmative vote of a majority of the remaining directors in office, even if the remaining directors do not constitute a quorum of the board of directors. Our charter provides that a director may be removed with or without cause by the affirmative vote of stockholders entitled to cast a majority of the votes entitled to be cast generally in the election of directors.
Amendment to Charter and Bylaws
Except as described below and as provided in the MGCL, amendments to our charter must be advised by our board of directors and approved by the affirmative vote of our stockholders entitled to cast a majority of all of the votes entitled to be cast on the matter. 
Our bylaws may be amended, altered or repealed, or new bylaws may be adopted, by our board of directors or by the affirmative vote of holders of our shares representing not less than a majority of all votes entitled to be cast on the matter at a meeting of stockholders duly called and at which a quorum is present.  In addition, any amendment to the provision of our bylaws prohibiting our board of directors from revoking, altering or amending its resolution exempting any business combination from the “business combination” provisions of the MGCL without the approval of our stockholders and the provision exempting any acquisition of our stock from the “control share” provisions of the MGCL must be approved by the affirmative vote of a majority of the votes cast on the matter by our stockholders entitled to vote generally in the election of directors.
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Business Combinations
Under the MGCL, certain “business combinations” between a Maryland corporation and an interested stockholder or an affiliate of an interested stockholder are prohibited for five years after the most recent date on which the interested stockholder becomes an interested stockholder. These business combinations include a merger, consolidation, statutory share exchange, and, in circumstances specified in the statute, an asset transfer or issuance or reclassification of equity securities. An interested stockholder is defined as:
•any person who beneficially owns 10% or more of the voting power of the corporation’s outstanding voting stock; or
•an affiliate or associate of the corporation who, at any time within the two-year period before the date in question, was the beneficial owner of 10% or more of the voting power of the corporation’s then outstanding voting stock.

A person is not an interested stockholder under the MGCL if the corporation’s board of directors approves in advance the transaction by which the person otherwise would have become an interested stockholder. In approving the transaction, the board of directors may provide that its approval is subject to compliance, at or after the time of approval, with any terms and conditions determined by the board.
After the five-year prohibition, any business combination between the Maryland corporation and the interested stockholder generally must be recommended by the corporation’s board of directors and approved by the affirmative vote of at least:
•80% of the votes entitled to be cast by holders of outstanding shares of voting stock of the corporation; and
•two-thirds of the votes entitled to be cast by holders of outstanding shares of voting stock of the corporation other than shares held by the interested stockholder with whom or with whose affiliate the business combination is to be effected or held by an affiliate or associate of the interested stockholder.

These super-majority vote requirements do not apply if the corporation’s common stockholders receive a minimum price, as defined under the MGCL, for their shares in the form of cash or other consideration in the same form as previously paid by the interested stockholder for its shares.
The MGCL permits various exemptions from its provisions, including business combinations that are exempted by the board of directors before the time that the interested stockholder becomes an interested stockholder. Pursuant to the statute, our board of directors has adopted a resolution exempting any transactions between us and any other person. Consequently, the five-year prohibition and the super-majority vote requirements will not apply to business combinations involving us. Our bylaws provide that this resolution or any other resolution of our board of directors exempting any business combination from the business combination provisions of the MGCL may only be revoked, altered or amended, and our board of directors may only adopt any resolution inconsistent with this resolution, with the affirmative vote of a majority of the votes cast on the matter by our stockholders entitled to vote generally in the election of directors. In the event that our board of directors amends or revokes this resolution, business combinations between us and an interested stockholder or an affiliate of an interested stockholder that are not exempted by our board of directors would be subject to the five-year prohibition and the super-majority vote requirements.
Control Share Acquisitions
The MGCL provides that a holder of control shares of a Maryland corporation acquired in a control share acquisition has no voting rights with respect to the control shares except to the extent approved by a vote of two-thirds of the votes entitled to be cast on the matter. Shares owned by the acquiror, by officers or by employees who are directors of the corporation are excluded from shares entitled to vote on the matter. Control shares are voting shares of stock that, if aggregated with all other shares of stock owned by the acquiror or in respect of which the acquiror is able to exercise or direct the exercise of voting power (except solely by virtue of a revocable proxy), would entitle the acquiror to exercise voting power in electing directors within one of the following ranges of voting power:
•one-tenth or more but less than one-third;
•one-third or more but less than a majority; or
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•a majority or more of all voting power.

Control shares do not include shares the acquiror is then entitled to vote as a result of having previously obtained stockholder approval or shares acquired directly from the corporation. A control share acquisition means the acquisition of issued and outstanding control shares, subject to certain exceptions.
A person who has made or proposes to make a control share acquisition may compel the board of directors of the corporation to call a special meeting of stockholders to be held within 50 days of demand to consider the voting rights of the shares. The right to compel the calling of a special meeting is subject to the satisfaction of certain conditions, including an undertaking to pay the expenses of the meeting. If no request for a meeting is made, the corporation may itself present the question at any stockholders meeting.
If voting rights are not approved at the meeting or if the acquiror does not deliver an acquiring person statement as required by the statute, then the corporation may, subject to certain limitations and conditions, redeem for fair value any or all of the control shares, except those for which voting rights have previously been approved. Fair value is determined, without regard to the absence of voting rights for the control shares, as of the date of the last control share acquisition by the acquiror or of any meeting of stockholders at which the voting rights of the shares are considered and not approved. If voting rights for control shares are approved at a stockholders meeting and the acquiror becomes entitled to exercise or direct the exercise of a majority of the voting power, all other stockholders may exercise appraisal rights. The fair value of the shares as determined for purposes of appraisal rights may not be less than the highest price per share paid by the acquiror in the control share acquisition.
The control share acquisition statute does not apply (a) to shares acquired in a merger, consolidation or share exchange if the corporation is a party to the transaction or (b) to acquisitions approved or exempted by the charter or bylaws of the corporation.
Our bylaws contain a provision exempting any acquisition of our stock by any person from the foregoing provisions on control shares, and this provision of our bylaws cannot be amended without the affirmative vote of a majority of the votes cast on the matter by our stockholders entitled to vote generally in the election of directors. In the event that our bylaws are amended to modify or eliminate this provision, acquisitions of our common stock may constitute a control share acquisition.
Subtitle 8
Subtitle 8 of Title 3 of the MGCL permits a Maryland corporation with a class of equity securities registered under the Exchange Act and at least three independent directors to elect, by provision in its charter or bylaws or a resolution of its board of directors and notwithstanding any contrary provision in the charter or bylaws, to be subject to any or all of five provisions, including:
•a classified board;
•a two-thirds vote of outstanding shares to remove a director;
•a requirement that the number of directors be fixed only by vote of the board of directors;
•a requirement that a vacancy on the board of directors be filled only by the affirmative vote of a majority of the remaining directors and for the remainder of the full term of the class of directors in which the vacancy occurred and until a successor is elected and qualifies; and
•a provision that a special meeting of stockholders must be called upon stockholder request only on the written request of stockholders entitled to cast a majority of the votes entitled to be cast at the meeting.

We have elected in our charter to be subject to the provision of Subtitle 8 that provides that vacancies on our board of directors may be filled only by the remaining directors. We have not elected to be subject to any of the other provisions of Subtitle 8, including the provisions that would permit us to classify our board of directors or increase the vote required to remove a director without stockholder approval. Moreover, our charter provides that, without the affirmative vote of a majority of the votes cast on the matter by our stockholders entitled to vote generally in the election of directors, we may not elect to be subject to any of these additional provisions of Subtitle 8. We do not currently have a classified board and a director may be removed with or without cause by the affirmative vote of a majority of the votes entitled to be cast generally in the election of directors.
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Through provisions in our charter and bylaws unrelated to Subtitle 8, we (1) vest in our board of directors the exclusive power to fix the number of directors and (2) require the request of stockholders entitled to cast a majority of the votes entitled to be cast at the meeting to call a special meeting (unless the special meeting is called either by our board of directors, the chairman of our board of directors or our president, chief executive officer or secretary as described below under the caption “-Special Meetings of Stockholders”).
Special Meetings of Stockholders
Our board of directors, the chairman of our board of directors or our president, chief executive officer or secretary may call a special meeting of our stockholders. Our bylaws provide that a special meeting of our stockholders to act on any matter that may properly be considered at a meeting of our stockholders must also be called by our secretary upon the written request of stockholders entitled to cast a majority of all the votes entitled to be cast on such matter at the meeting and containing the information required by our bylaws.
Stockholder Action by Written Consent
The MGCL generally provides that, unless the charter of the corporation authorizes stockholder action by less than unanimous consent, stockholder action may be taken by consent in lieu of a meeting only if it is given by all stockholders entitled to vote on the matter. Our charter permits stockholder action by consent in lieu of a meeting to the extent permitted by our bylaws. Our bylaws provide that, so long as our pre-IPO owners (as defined in the stockholders’ agreement) and their affiliates together continue to beneficially own at least 40% of the total Outstanding Brixmor Interests, stockholder action may be taken without a meeting if a consent, setting forth the action so taken, is given by the stockholders entitled to cast not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares of our stock entitled to vote thereon were present and voted. 
Competing Interests and Activities of Our Non-Employee Directors
Our charter, to the maximum extent permitted from time to time by Maryland law, renounces any interest or expectancy that we have in, or any right to be offered an opportunity to participate in, any business opportunities that are from time to time presented to or developed by our directors or their affiliates, other than to those directors who are employed by us or our subsidiaries, unless the business opportunity is expressly offered or made known to such person in his or her capacity as a director.
Our charter provides that, to the maximum extent permitted from time to time by Maryland law, any director who is not employed by us or any of his or her affiliates, will not have any duty to refrain from (1) engaging in similar lines of business in which we or our affiliates now engage or propose to engage or (2) otherwise competing with us or our affiliates and each of our non- employee directors, and any of their respective affiliates, may (a) acquire, hold and dispose of shares of our stock, shares of common stock of BPG Subsidiary, our majority-owned subsidiary or OP Units for his, her or its own account or for the account of others, and exercise all of the rights of a stockholder of us or BPG Subsidiary, or a limited partner of our Operating Partnership, to the same extent and in the same manner as if he, she or it were not our director or stockholder, and (b) in his, her or its personal capacity, or in his or her capacity as a director, officer, trustee, stockholder, partner, member, equity owner, manager, advisor or employee of any other person, have business interests and engage, directly or indirectly, in business activities that are similar to ours or compete with us, that we could seize and develop or that include the acquisition, syndication, holding, management, development, operation or disposition of interests in mortgages, real property or persons engaged in the real estate business. In addition, our charter provides that, to the maximum extent permitted from time to time by Maryland law, in the event that any non-employee director or any of his or her affiliates acquires knowledge of a potential transaction or other business opportunity, no such person will have any duty to communicate or offer such transaction or business opportunity to us or any of our affiliates and such person may take any such opportunity for himself, herself or itself or offer it to another person or entity unless the business opportunity is expressly offered to such person in his or her capacity as our director. Furthermore, our charter contains a provision intended to eliminate the liability of any director who is not employed by us or any of his or her affiliates to us or our stockholders for money damages in connection with any benefit received, directly or indirectly, from any transaction or business opportunity that we have renounced in our charter or otherwise and permit our directors and officers to be indemnified and advanced expenses, notwithstanding his or her receipt, directly or indirectly, of a personal benefit from any such transaction or opportunity. 
Advance Notice of Director Nomination and New Business
Our bylaws provide that nominations of individuals for election as directors and proposals of business to be considered by stockholders at any annual meeting may be made only (1) pursuant to our notice of the meeting, (2) by or at the direction of 
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our board of directors or any duly authorized committee of our board of directors or (3) by any stockholder who was a stockholder of record at the time of provision of notice and at the time of the meeting, who is entitled to vote at the meeting in the election of the individuals so nominated or on such other proposed business and who has complied with the advance notice procedures of our bylaws. Stockholders generally must provide notice to our secretary not earlier than the 150th day or later than the close of business on the 120th day before the first anniversary of the date our proxy statement for the preceding year’s annual meeting is first sent or given to our stockholders.
Only the business specified in the notice of the meeting may be brought before a special meeting of our stockholders. Nominations of individuals for election as directors at a special meeting of stockholders may be made only (1) by or at the direction of our board of directors or any duly authorized committee of our board of directors or (2) if the special meeting has been called in accordance with our bylaws for the purpose of electing directors, by a stockholder who is a stockholder of record both at the time of provision of notice and at the time of the special meeting, who is entitled to vote at the meeting in the election of each individual so nominated and who has complied with the advance notice procedures of our bylaws. Stockholders generally must provide notice to our secretary not earlier than the 120th day before such special meeting and or later than the later of the close of business on the 90th day before the special meeting or the tenth day after the first public announcement of the date of the special meeting and the nominees of our board of directors to be elected at the meeting.
A stockholder’s notice must contain certain information specified by our bylaws about the stockholder, its affiliates and any proposed business or nominee for election as a director, including information about the economic interest of the stockholder, its affiliates and any proposed nominee in us.
Effect of Certain Provisions of Maryland Law and our Charter and Bylaws
The restrictions on ownership and transfer of our stock discussed under the caption “Description of Common Stock- Restrictions on Ownership and Transfer” prevent any person from acquiring more than 9.8% (in value or by number of shares, whichever is more restrictive) of our outstanding common stock or 9.8% in value of our outstanding capital stock without the approval of our board of directors. These provisions may delay, defer or prevent a change in control of us. Further, our board of directors has the power to increase the aggregate number of authorized shares and classify and reclassify any unissued shares of our stock into other classes or series of stock, and to authorize us to issue the newly-classified shares, as discussed under the captions “Description of Common Stock-Common Stock” and “Description of Common Stock-Power to Reclassify and Issue Stock,” and could authorize the issuance of shares of common stock or another class or series of stock that could have the effect of delaying, deferring or preventing a change in control of us. We believe that the power to increase the aggregate number of authorized shares and to classify or reclassify unissued shares of common stock, without approval of holders of our common stock, provides us with increased flexibility in structuring possible future financings and acquisitions and in meeting other needs that might arise.
Our charter and bylaws also provide that the number of directors may be established only by our board of directors, which prevents our stockholders from increasing the number of our directors and filling any vacancies created by such increase with their own nominees. The provisions of our bylaws discussed above under the captions “-Special Meetings of Stockholders” and “-Advance Notice of Director Nomination and New Business” require stockholders seeking to call a special meeting, nominate an individual for election as a director or propose other business at an annual meeting to comply with certain notice and information requirements. We believe that these provisions will help to assure the continuity and stability of our business strategies and policies as determined by our board of directors and promote good corporate governance by providing us with clear procedures for calling special meetings, information about a stockholder proponent’s interest in us and adequate time to consider stockholder nominees and other business proposals. However, these provisions, alone or in combination, could make it more difficult for our stockholders to remove incumbent directors or fill vacancies on our board of directors with their own nominees and could delay, defer or prevent a change in control, including a proxy contest or tender offer that might involve a premium price for our common stockholders or otherwise be in the best interest of our stockholders.
Exclusive Forum
Our bylaws provide that, unless we consent in writing to the selection of an alternative forum, the Circuit Court for Baltimore City, Maryland, or, if that court does not have jurisdiction, the United States District Court for the District of Maryland, Baltimore Division, will be the sole and exclusive forum for (a) any derivative action or proceeding brought on our behalf, (b) any action asserting a claim of breach of any duty owed by any of our directors, officers or other employees to us or to our stockholders, (c) any action asserting a claim against us or any of our directors, officers or other employees arising pursuant to any provision of the MGCL or our charter or bylaws or (d) any action asserting a claim against us or any of our directors, officers or other employees that is governed by the internal affairs doctrine. Any person or entity purchasing or 
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otherwise acquiring any interest in shares of our stock will be deemed to have notice of and consented to the provisions of our charter and bylaws, including the exclusive forum provisions in our bylaws. 
Limitation of Liability and Indemnification of Directors and Officers
Maryland law permits us to include a provision in our charter eliminating the liability of our directors and officers to us and our stockholders for money damages, except for liability resulting from (a) actual receipt of an improper benefit or profit in money, property or services or (b) active and deliberate dishonesty that is established by a final judgment and is material to the cause of action. Our charter contains a provision that eliminates our directors’ and officers’ liability to us and our stockholders for money damages to the maximum extent permitted by Maryland law.
The MGCL requires us (unless our charter were to provide otherwise, which our charter does not) to indemnify a director or officer who has been successful, on the merits or otherwise, in the defense of any proceeding to which he or she is made a party by reason of his or her service in that capacity. The MGCL permits us to indemnify our present and former directors and officers, among others, against judgments, penalties, fines, settlements and reasonable expenses actually incurred by them in connection with any proceeding to which they may be made or threatened to be made a party by reason of their service in those or certain other capacities unless it is established that:
•the act or omission of the director or officer was material to the matter giving rise to the proceeding and (a) was committed in bad faith or (b) was the result of active and deliberate dishonesty;
•the director or officer actually received an improper personal benefit in money, property or services; or
•in the case of any criminal proceeding, the director or officer had reasonable cause to believe that the act or omission was unlawful.

The MGCL prohibits us from indemnifying a director or officer who has been adjudged liable in a suit by us or on our behalf or in which the director or officer was adjudged liable on the basis that a personal benefit was improperly received. A court may order indemnification if it determines that the director or officer is fairly and reasonably entitled to indemnification, even though the director or officer did not meet the prescribed standard of conduct or was adjudged liable on the basis that personal benefit was improperly received; however, indemnification for an adverse judgment in a suit by us or on our behalf, or for a judgment of liability on the basis that personal benefit was improperly received, is limited to expenses.
In addition, the MGCL permits us to advance reasonable expenses to a director or officer upon our receipt of (a) a written affirmation by the director or officer of his or her good faith belief that he or she has met the standard of conduct necessary for indemnification and (b) a written undertaking by him or her or on his or her behalf to repay the amount paid or reimbursed if it is ultimately determined that the standard of conduct was not met.
To the maximum extent permitted by Maryland law, our charter authorizes us to indemnify any person who serves or has served, and our bylaws obligate us to indemnify any individual who is made or threatened to be made a party to or witness in a proceeding by reason of his or her service:
•as our director or officer; or
•while a director or officer and at our request, as a director, officer, partner, manager, member or trustee of another corporation, real estate investment trust, partnership, joint venture, limited liability company, trust, employee benefit plan or other enterprise, from and against any claim or liability to which he or she may become subject or that he or she may incur by reason of his or her service in any of these capacities, and to pay or reimburse his or her reasonable expenses in advance of final disposition of a proceeding. Our charter and bylaws also permit us to indemnify and advance expenses to any individual who served any of our predecessors in any of the capacities described above and any employee or agent of us or any of our predecessors.

Indemnification Agreements
We have entered into indemnification agreements with each of our directors and executive officers. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors or executive officers, we have been informed that, in the opinion of the SEC, such indemnification is against public policy and is therefore unenforceable.
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