Document:

Employee Stock Purchase Plan

 Exhibit 10.1 
 MERIX CORPORATION 
 2007 EMPLOYEE STOCK PURCHASE PLAN 
 The Merix Corporation 2007 Employee Stock Purchase Plan is comprised of two subplans as set forth below: the Merix Corporation U.S. Employee Stock
Purchase Plan and the Merix Corporation International Employee Stock Purchase Plan. 
 A total of 750,000 shares of the Common Stock of Merix
Corporation are reserved for sale and authorized for issuance pursuant to the Merix Corporation 2007 Employee Stock Purchase Plan comprised of the Merix Corporation U.S. Employee Stock Purchase Plan and the Merix Corporation International Employee
Stock Purchase Plan. Such number of shares is subject to adjustment as set forth in Section 9 of each subplan. Shares of Common Stock to be issued under the Plan shall be authorized and unissued shares. 
  

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 MERIX CORPORATION 
 U.S. EMPLOYEE STOCK PURCHASE PLAN 
 SECTION 1. PURPOSE 
 The purpose of this Plan is to provide employees of the Company and its Designated Subsidiaries with an opportunity to purchase Common Stock of the
Company. It is the intention of the Company to have the Plan qualify as an “employee stock purchase plan” under section 423 of the Code. The provisions of this Plan, accordingly, shall be construed so as to extend and limit participation
in a manner consistent with the requirements of that section of the Code. 
 SECTION 2.    DEFINITIONS 

Certain terms used in this Plan have the meanings set forth in Appendix A. 
 SECTION 3.    ELIGIBILITY REQUIREMENTS 
  

	3.1	Initial Eligibility 

 Except as provided in
Section 3.2, each Employee shall become eligible to participate in the Plan in accordance with Section 4 on the first Enrollment Date on or following the later of (a) the Employee’s first day of employment; or (b) the
Effective Date. Participation in the Plan is entirely voluntary. 
  

	3.2	Limitations on Eligibility 

 The following Employees
are not eligible to participate in the Plan: 
 (a) Employees whose customary employment is twenty-four (24) hours or less per week; and

 (b) Employees who, immediately upon purchasing Shares under the Plan, would own directly or indirectly, an aggregate of five percent
(5%) or more of the total combined voting power or value of all outstanding shares of all classes of stock of the Company or any Subsidiary (and for purposes of this paragraph, the rules of Section 424(d) of the Code shall apply, and stock
which the Employee may purchase under outstanding options shall be treated as stock owned by the Employee). 
 SECTION
4.    ENROLLMENT 
 Any Eligible Employee may enroll in the Plan for any Offering Period by completing and signing an
enrollment election form or by such other means as the Committee shall prescribe and submitting such enrollment election to the Company in accordance with procedures established by the Committee on or before the Cut-Off Date with respect to such
Offering Period. Unless otherwise determined by the Committee, the enrollment election and the designated rate of payroll deduction shall continue for future Offering Periods unless the Participant changes or cancels the enrollment election or
designated rate of payroll deduction prior to the Cut-Off Date. 
 SECTION 5.    GRANT OF OPTIONS ON ENROLLMENT 

  

	5.1	Option Grant 

 Enrollment by an Eligible Employee in
the Plan as of an Enrollment Date will constitute the grant by the Company to such Participant of an option on such Enrollment Date to purchase Shares from the Company pursuant to the Plan. 
  

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	5.2	Option Expiration 

 An option granted to a
Participant pursuant to this Plan shall expire, if not terminated for any reason first, on the earliest to occur of: (a) the end of the Offering Period in which such option was granted; (b) the completion of the purchase of Shares under
the option under Section 7; or (c) the date on which participation of such Participant in the Plan terminates for any reason. 
  

	5.3	Purchase of Shares 

 An option granted to a
Participant under the Plan shall give the Participant a right to purchase on a Purchase Date the largest number of whole Shares, as determined by the Committee, which the funds accumulated in the Participant’s Account as of such Purchase Date
will purchase at the applicable Purchase Price; provided, however, that the Committee may, in its discretion, limit the number of Shares purchased by each Participant in any Purchase Period. 
 Notwithstanding anything to the contrary herein, to the extent required by Section 423 of the Code, no Employee shall be granted an option under the
Plan (or any other plan of the Company or a Subsidiary intended to qualify under Section 423 of the Code) which would permit the Employee to purchase Shares under the Plan (and such other plan) in any calendar year with a Fair Market Value
(determined at the time such option is granted) in excess of $25,000 and any payments made by a Participant in excess of this limitation shall be returned to the Participant in accordance with procedures established by the Committee. 
 SECTION 6.    PAYMENT 
 The Committee may designate the time and manner for payment of Shares to be purchased during the Purchase Period, including, but not limited to, through payroll deductions from Eligible Compensation, the terms and conditions of which are
designated by the Committee. Payment amounts shall be credited on a bookkeeping basis to a Participant’s Account under this Plan. All payment amounts may be used by the Company for any purpose and the Company shall have no obligation to
segregate such funds. No interest accrues on payments by Participants. 
 SECTION 7.    PURCHASE OF SHARES

  

	7.1	Option Exercise 

 Any option held by the Participant
which was granted under this Plan and which remains outstanding as of a Purchase Date shall be deemed to have been exercised on such Purchase Date for the number of whole Shares, as determined by the Committee, which the funds accumulated in the
Participant’s Account as of the Purchase Date will purchase at the applicable Purchase Price (but not in excess of the number of Shares for which options have been granted to the Participant pursuant to Section 5.3). Options for other
Shares for which options have been granted which are not purchased on the last Purchase Date during the Offering Period shall terminate. Shares shall not be issued with respect to an option unless the exercise of such option and the issuance and
delivery of such Shares pursuant thereto shall comply with all applicable provisions of law, domestic or foreign, including, without limitation, the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, the rules and
regulations promulgated thereunder, and the requirements of any stock exchange upon which the Shares may then be listed. As a condition to the exercise of an option, the Committee may require the person exercising such option to represent and
warrant at the time of any such exercise that the Shares are being purchased only for investment and without any present intention to sell or distribute such Shares. 
  

	7.2	Refund of Excess Amount 

 If, after a
Participant’s exercise of an option under Section 7.1, an amount remains credited to the Participant’s Account as of a Purchase Date, then the remaining amount shall be (a) if no further Purchase 

  

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Periods are immediately contemplated by the Committee, distributed to the Participant as soon as administratively feasible, or (b) if another Purchase
Period is contemplated by the Committee, carried forward in the Account for application to the purchase of Shares on the next following Purchase Date. 
  

	7.3	Employees of Subsidiary 

 In the case of
Participants employed by a Designated Subsidiary, the Committee may provide for Shares to be sold through the Subsidiary to such Participants, to the extent consistent with Section 423 of the Code. 
  

	7.4	Pro Rata Allocation 

 If the total number of Shares
for which options are or could be exercised on any Purchase Date in accordance with this Section 7, when aggregated with all Shares for which options have been previously exercised under this Plan, exceeds the maximum number of Shares reserved
in Section 12, the Company may, in accordance with Section 12, allocate the Shares available for delivery and distribution in the ratio that the balance in each Participant’s Account bears to the aggregate balances of all
Participants’ Accounts, and the remaining balance of the amount credited to the Account of each Participant under the Plan shall be returned to him or her as promptly as possible. 
  

	7.5	Notice of Disposition 

 If a Participant or former
Participant sells, transfers, or otherwise makes a disposition of Shares purchased pursuant to an option granted under the Plan if such Participant or former Participant is subject to United States federal income tax, then such Participant or former
Participant shall notify the Company or the Employer in writing of such sale, transfer or other disposition within ten (10) days of the consummation of such sale, transfer, or other disposition. Without limitation on the Participant or former
Participant’s ability to sell, transfer or otherwise make a disposition of Shares and without limitation on Section 11.2, Participants and former Participants must maintain any Shares purchased pursuant to an option granted under the Plan
within two (2) years after the date such option is granted or within one (1) year after the date such Shares were transferred to the Participant at the broker designated by the Committee, unless the Committee determines otherwise.

 SECTION 8.    WITHDRAWAL FROM THE PLAN, 
 TERMINATION OF EMPLOYMENT, AND LEAVE OF ABSENCE 
  

	8.1	Withdrawal From the Plan 

 A Participant may
withdraw all funds accumulated in the Participant’s Account from the Plan during any Purchase Period by delivering a notice of withdrawal to the Company or the Employer (in a manner prescribed by the Committee) at any time up to but not
including the thirty (30) days prior to the Purchase Date next following the date such notice of withdrawal is delivered, or at such shorter time in advance of such Purchase Date as the Committee may permit. If notice of complete withdrawal as
described in the preceding sentence is timely received, all funds then accumulated in the Participant’s Account shall not be used to purchase Shares, but shall instead be distributed to the Participant as soon as administratively feasible and
the Company or the Employer will cease the Participant’s payroll withholding for the Plan in accordance with timing and other procedures established by the Committee. An Employee who has withdrawn during a Purchase Period may not return funds
to the Company or the Employer during the same Purchase Period and require the Company or the Employer to apply those funds to the purchase of Shares. Any Eligible Employee who has withdrawn from the Plan may, however, re-enroll in the Plan on the
next subsequent Enrollment Date, if any. 
  

	8.2	Termination of Participation 

 Participation in the
Plan terminates immediately following the end of the Purchase Period during which a Participant ceases to be employed by the Company or the Employer for any reason whatsoever or otherwise 

  

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ceases to be an Eligible Employee. Notwithstanding the preceding sentence, such Participant may elect to withdraw from the Plan in accordance with
Section 8.1 and the procedures prescribed by the Committee. 
  

	8.3	Leaves of Absence 

 If a Participant takes a leave
of absence, such Participant shall have the right, in accordance with procedures prescribed by the Committee, to elect to withdraw from the Plan in accordance with Section 8.1. To the extent determined by the Committee or required by
Section 423 of the Code, certain leaves of absence may be treated as cessations of employment for purposes of the Plan. 
 SECTION
9.    ADJUSTMENTS UPON CHANGES IN CAPITALIZATION, 
 DISSOLUTION, LIQUIDATION, MERGER OR ASSET SALE 

 

	9.1	Adjustments Upon Changes in Capitalization 

 Subject
to any required action by the shareholders of the Company, the right to purchase Shares of Common Stock covered by a current Offering Period and the number of Shares which have been authorized for issuance under the Plan for any future Offering
Period, the maximum number of Shares each Participant may purchase each Offering Period (pursuant to Section 5.3 hereof), as well as the price per Share and the number of Shares covered by each right under the Plan which have not yet been
purchased shall be proportionately adjusted in the sole discretion of the Committee for any increase or decrease in the number of issued Shares resulting from a stock split, reverse stock split, stock dividend, extraordinary cash dividend,
combination or reclassification of the Common Stock, or recapitalization, reorganization, consolidation, split-up, spin-off, or any other increase or decrease in the number of Shares effected without receipt of consideration by the Company. Except
as expressly provided otherwise by the Committee, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect
to, the number or price of Shares. 
  

	9.2	Adjustment Upon Dissolution, Liquidation, Merger or Asset Sale 

 Without limitation on the preceding provisions, in the event of any dissolution, liquidation, merger, consolidation, sale of all or substantially all of the Company’s outstanding voting securities, sales, lease,
exchange or other transfer of all or substantially all of the Company’s assets, or any similar transaction as determined by the Committee in its sole discretion, the Committee may make such adjustment it deems appropriate to prevent dilution or
enlargement of rights in the number and class of Shares which may be delivered under Section 12, in the number, class of or price of Shares available for purchase under the Plan and in the number of Shares which a Participant is entitled to
purchase and any other adjustments it deems appropriate. Without limiting the Committee’s authority under this Plan, in the event of any such transaction, the Committee may elect to have the options hereunder assumed or such options substituted
by a successor entity, to terminate all outstanding options either prior to their expiration or upon completion of the purchase of Shares on the next Purchase Date, to shorten the Offering Period by setting a new Purchase Date, or to take such other
action deemed appropriate by the Committee. 
 SECTION 10.    DESIGNATION OF BENEFICIARY 
 Each Participant under the Plan may, from time to time, name any beneficiary or beneficiaries (who may be named contingently or successively) to whom the
amount in his or her Account is to be paid in case of his or her death before he or she receives any or all of such benefit. Each such designation shall revoke all prior designations by the same Participant, shall be in a form prescribed by the
Committee, and will be effective only when filed by the Participant in writing with the Committee during the Participant’s lifetime. In the absence of any such designation, any Account balance remaining unpaid at the Participant’s death
shall be paid to the Participant’s estate. 
  

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 SECTION 11.    ADMINISTRATION 
  

	11.1	Administration by Committee 

 The Plan shall be
administered by the Committee. The Committee shall have the authority to delegate duties to officers, directors or employees of the Company. 
  

	11.2	Authority of Committee 

 The Committee shall have
the full and exclusive discretionary authority to construe and interpret the Plan and options granted under it; to establish, amend, and revoke rules and regulations for administration of the Plan (including, without limitation, the determination
and change of Offering Periods, Purchase Periods and payment procedures, the requirement that Shares be held by a specified broker, and the establishment of the exchange ratio applicable to amounts withheld in a currency other than U.S. dollars); to
determine all questions of eligibility, disputed claims and policy that may arise in the administration of the Plan; to make any changes to the Plan or its operations to reduce or eliminate any unfavorable legal, accounting or other consequences to
the extent deemed appropriate by the Committee; and, generally, to exercise such powers and perform such acts as the Committee deems necessary or expedient to promote the best interests of the Company, including, but not limited to, designating from
time to time which Subsidiaries of the Company shall be part of the Employer. The Committee’s determinations as to the interpretation and operation of this Plan shall be final and conclusive and each action of the Committee shall be binding on
all persons. 
 In exercising the powers described in the foregoing paragraph, the Committee may adopt special or different rules for the
operation of the Plan including, but not limited to, rules which allow employees of any foreign Subsidiary to participate in, and enjoy the tax benefits offered by, the Plan; provided that such rules shall not result in any grantees of options
having different rights and/or privileges under the Plan in violation of Section 423 of the Code nor otherwise cause the Plan to fail to satisfy the requirements of Section 423 of the Code and the regulations thereunder. 
  

	11.3	Administrative Modifications 

 The Plan provisions
relating to the administration of the Plan may be modified by the Committee from time to time as may be desirable to satisfy any requirements of or under the federal securities and/or other applicable laws of the United States, to obtain any
exemption under such laws, or to reduce or eliminate any unfavorable legal, accounting or other consequences or for any other purpose deemed appropriate by the Committee. 
 SECTION 12.    NUMBER OF SHARES 
 Subject to adjustment as set forth in
Section 9,750,000 Shares are reserved for sale and authorized for issuance pursuant to the Merix Corporation 2007 Employee Stock Purchase Plan, and therefore, the number of Shares authorized for issuance pursuant to the Plan is 750,000 Shares
less the number of Shares issued pursuant to the Merix Corporation International Employee Stock Purchase Plan. If any option granted under the Plan shall for any reason terminate without having been exercised, the Shares not purchased under such
option shall again become available for the Merix Corporation 2007 Employee Stock Purchase Plan. If on a given Purchase Date, the number of Shares with respect to which options are to be exercised exceeds the number of Shares then available under
the Plan, the Committee shall make a pro rata allocation of the Shares remaining available for purchase in as uniform a manner as shall be practical and as it shall determine to be equitable. 
 SECTION 13.    MISCELLANEOUS 
  

	13.1	Restrictions on Transfer 

 Options granted under the
Plan to a Participant may not be exercised during the Participant’s lifetime other than by the Participant. Neither amounts credited to a Participant’s Account nor any rights with respect to the 

  

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exercise of an option or to receive stock under the Plan may be assigned, transferred, pledged, or otherwise disposed of in any way by the Participant other
than by will or the laws of descent and distribution. Any such attempted assignment, transfer, pledge, or other disposition shall be without effect, except that the Company may treat such act as an election to withdraw from the Plan in accordance
with Section 8.1. 
  

	13.2	Administrative Assistance 

 If the Committee in its
discretion so elects, it may retain a brokerage firm, bank, or other financial institution to assist in the purchase of Shares, delivery of reports, or other administrative aspects of the Plan. If the Committee so elects, each Participant shall
(unless prohibited by applicable law) be deemed upon enrollment in the Plan to have authorized the establishment of an account on his or her behalf at such institution. Shares purchased by a Participant under the Plan shall be held in the Account in
the Participant’s name, or if the Participant so indicates in the enrollment form, in the Participant’s name together with the name of his or her spouse in joint tenancy with right of survivorship or spousal community property, or in
certain forms of trust approved by the Committee. 
  

	13.3	Treatment of Non-U.S. Participants 

 Participants
who are employed by non-U.S. Designated Subsidiaries, who are paid in foreign currency, and who contribute foreign currency to the Plan through contributions or payroll deductions will have such contributions converted to U.S. dollars. The exchange
rate and method for such conversion will be determined as prescribed by the Committee. In no event will any procedure implemented for dealing with exchange rate fluctuations that may occur during an Offering Period result in a purchase price below
the Purchase Date Price permitted under the Plan. Each Participant shall bear the risk of any currency exchange fluctuations (if applicable) between the date on which any Participant contributions are converted to U.S. dollars and the following
Purchase Date. 
  

	13.4	Withholding 

 The Company or any Employer shall have
the power and the right to deduct or withhold, or require a Participant to remit to the Company or any member of the Employer, an amount sufficient to satisfy federal, state and local taxes, domestic or foreign, required by law or regulation to be
withheld with respect to any taxable event arising as a result of this Plan. 
  

	13.5	Equal Rights and Privileges 

 All Eligible Employees
shall have equal rights and privileges with respect to the Plan so that the Plan qualifies as an “employee stock purchase plan” within the meaning of Section 423 or any successor provision of the Code and the related regulations.
Notwithstanding the express terms of the Plan, any provision of the Plan which is inconsistent with Section 423 or any successor provision of the Code shall without further act or amendment by the Company or the Committee be reformed to comply
with the requirements of Section 423 of the Code. This Section 13.5 shall take precedence over all other provisions in the Plan. 
  

	13.6	Applicable Law 

 The Plan shall be governed by the
substantive laws (excluding the conflict of laws rules) of the State of Oregon. 
  

	13.7	Amendment and Termination 

 The Board may amend,
alter, or terminate the Plan at any time; provided, however, that (1) the Plan may not be amended in a way which will cause rights issued under the Plan to fail to meet the requirements of Section 423 of the Code; and (2) no amendment
which would amend or modify the Plan in a manner requiring 

  

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stockholder approval under Section 423 of the Code or the requirements of any securities exchange on which the Shares are traded shall be effective
unless such stockholder approval is obtained. In addition, the Committee may amend the Plan as provided in Section 11.3, subject to the conditions set forth in this Section 13.7. 
 If the Plan is terminated, the Committee may elect to terminate all outstanding options either prior to their expiration or upon completion of the
purchase of Shares on the next Purchase Date, or may elect to permit options to expire in accordance with their terms (and participation to continue through such expiration dates). If the options are terminated prior to expiration, all funds
accumulated in Participants’ Accounts as of the date the options are terminated shall be returned to the Participants as soon as administratively feasible. 
  

	13.8	No Right of Employment 

 Neither the grant nor the
exercise of any rights to purchase Shares under this Plan nor anything in this Plan shall impose upon the Company or a member of the Employer any obligation to employ or continue to employ any Employee. The right of the Company or a member of the
Employer to terminate any Employee shall not be diminished or affected because any rights to purchase Shares have been granted to such Employee. 
  

	13.9	Rights as Shareholder 

 No Participant shall have
any rights as shareholder unless and until Shares have been issued to him or her. 
  

	13.10	Governmental Regulation 

 The Company’s
obligation to sell and deliver Shares under this Plan is subject to the approval of any governmental authority required in connection with the authorization, issuance, or sale of such Shares. 
  

	13.11	Gender 

 When used herein, masculine terms shall be
deemed to include the feminine, except when the context indicates to the contrary. 
  

	13.12	Condition for Participation 

 As a condition to
participation in the Plan, Eligible Employees agree to be bound by the terms of the Plan (including, without limitation, the notification and holding requirements of Section 7.5) and the determinations of the Committee. 
  

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 DEFINITIONS 
 As used in the Plan, 
 “Account” means a recordkeeping account maintained for a Participant
to which Participant contributions and payroll deductions, if applicable, shall be credited. 
 “Board” means the Board of
Directors of the Company. 
 “Code” means the Internal Revenue Code of 1986, as amended. 
 “Committee” means the Human Resources and Compensation Committee or any other committee appointed by the Board. 
 “Common Stock” means the Common Stock, no par value, of the Company. 
 “Company” means Merix Corporation, an Oregon corporation. 
 “Cut-Off Date” means the date established by the Committee from time to time by which enrollment forms must be received prior to an Enrollment Date. 
 “Designated Subsidiary” means any Subsidiary which has been designated by the Committee from time to time in its sole discretion as
eligible to participate in the Plan and which has adopted the Plan with the approval of the Committee in its sole and absolute discretion. 
 “Eligible Compensation” means all gross earnings, including such amounts of gross earnings as are deferred by an Eligible Employee (a) under a qualified cash or deferred arrangement described in Section 401(k) of
the Code or (b) to a plan qualified under Section 125 of the Code. 
 “Eligible Employee” means an Employee
eligible to participate in the Plan in accordance with Section 3. 
 “Effective Date” means the date the shareholders
of the Company approve the Merix Corporation 2007 Employee Stock Purchase Plan. 
 “Employee” means any individual who is an
employee of the Employer for tax purposes. 
 “Employer” means the Company or any Designated Subsidiary of the Company by
which an Employee is employed. 
 “Enrollment Date” means the first Trading Day of an Offering Period. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 “Fair Market Value” means, as of any date, the closing sales price for the Common Stock on any given date during regular trading, or if
not trading on that date, such price on the last preceding date on which the Common Stock was traded, unless determined otherwise by the Committee using such methods or procedures as it may establish. 
 “Grant Date” means a date on which an Eligible Employee is granted an option under the Plan pursuant to Section 5. 
 “Grant Price” means the Fair Market Value of a Share on the Grant Date for such option. 
  

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 “Offering Period” means the period beginning on the Effective Date and ending on the
date designated by the Committee and each period, if any, thereafter designated by the Committee; provided, that each period shall in no event end later than twenty-seven (27) months from the Grant Date. The Offering Period may but need not be
the same as the Purchase Period, as determined by the Committee. 
 “Participant” means an Eligible Employee who has
enrolled in the Plan pursuant to Section 4. 
 “Plan” means this Merix Corporation U.S. Employee Stock Purchase Plan.

 “Purchase Date” with respect to a Purchase Period means the last Trading Day in such Purchase Period. 
 “Purchase Date Price” means the Fair Market Value of a Share on the applicable Purchase Date. 
 “Purchase Period” means the period beginning on the Effective Date and ending on the date designated by the Committee and each period,
if any, thereafter designated by the Committee; provided, that each period shall, in no event end later than twenty-seven (27) months from the Grant Date. 
 “Purchase Price” means the price designated by the Committee, at which each Share may be purchased under any option, but in no event less than eighty-five percent (85%) of the lesser of:

  

	 	(1)	The Grant Price and 

  

	 	(2)	The Purchase Date Price. 

 “Shares” means
shares of the Company’s Common Stock. 
 “Subsidiary” means a corporation, domestic or foreign, of which not less than
50% of the combined voting power is held by the Company or a Subsidiary, whether or not such corporation now exists or is hereafter organized or acquired by the Company or a Subsidiary. 
 “Trading Day” means a day on which the New York Stock Exchange, the NASDAQ stock market or other alternative exchange or service on
which the Common Stock is traded, listed or quoted is open for trading. 
  

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 MERIX CORPORATION 
 INTERNATIONAL EMPLOYEE STOCK PURCHASE PLAN 
 SECTION 1.    PURPOSE

 The purpose of this Plan is to provide employees of the Company and its Designated Subsidiaries with an opportunity to purchase Common
Stock of the Company. 
 SECTION 2.    DEFINITIONS 
 Certain terms used in this Plan have the meanings set forth in Appendix A. 
 SECTION 3.    ELIGIBILITY REQUIREMENTS 
  

	3.1	Initial Eligibility 

 Except as provided in
Section 3.2, each Employee shall become eligible to participate in the Plan in accordance with Section 4 on the first Enrollment Date on or following the later of (a) the Employee’s first day of employment; or (b) the
Effective Date. Participation in the Plan is entirely voluntary. 
  

	3.2	Limitations on Eligibility 

 Unless otherwise
determined appropriate by the Committee, Employees whose customary employment is twenty-four (24) hours or less per week are not eligible to participate in the Plan. 
 SECTION 4.    ENROLLMENT 
 Any Eligible Employee may enroll in the Plan for any
Offering Period by completing and signing an enrollment election form or by such other means as the Committee shall prescribe and submitting such enrollment election to the Company in accordance with procedures established by the Committee on or
before the Cut-Off Date with respect to such Offering Period. Unless otherwise determined by the Committee, the enrollment election and the designated rate of payroll deduction shall continue for future Offering Periods unless the Participant
changes or cancels the enrollment election or designated rate of payroll deduction prior to the Cut-Off Date. 
 SECTION
5.    GRANT OF OPTIONS ON ENROLLMENT 
  

	5.1	Option Grant 

 Enrollment by an Eligible Employee in
the Plan as of an Enrollment Date will constitute the grant by the Company to such Participant of an option on such Enrollment Date to purchase Shares from the Company pursuant to the Plan. 
  

	5.2	Option Expiration 

 An option granted to a
Participant pursuant to this Plan shall expire, if not terminated for any reason first, on the earliest to occur of: (a) the end of the Offering Period in which such option was granted; (b) the completion of the purchase of Shares under
the option under Section 7; or (c) the date on which participation of such Participant in the Plan terminates for any reason. 
  

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	5.3	Purchase of Shares 

 An option granted to a
Participant under the Plan shall give the Participant a right to purchase on a Purchase Date the largest number of whole Shares, as determined by the Committee, which the funds accumulated in the Participant’s Account as of such Purchase Date
will purchase at the applicable Purchase Price; provided, however, that the Committee may, in its discretion, limit the number of Shares purchased by each Participant in any Purchase Period. 
 SECTION 6.    PAYMENT 
 The Committee may designate the time
and manner for payment of Shares to be purchased during the Purchase Period, including, but not limited to, through payroll deductions from Compensation, the terms and conditions of which are designated by the Committee. Payment amounts shall be
credited on a bookkeeping basis to a Participant’s Account under this Plan. All payment amounts may be used by the Company for any purpose and the Company shall have no obligation to segregate such funds. No interest accrues on payments by
Participants. 
 SECTION 7.    PURCHASE OF SHARES 
  

	7.1	Option Exercise 

 Any option held by the Participant
which was granted under this Plan and which remains outstanding as of a Purchase Date shall be deemed to have been exercised on such Purchase Date for the number of whole Shares, as determined by the Committee, which the funds accumulated in the
Participant’s Account as of the Purchase Date will purchase at the applicable Purchase Price (but not in excess of the number of Shares for which options have been granted to the Participant pursuant to Section 5.3). Options for other
Shares for which options have been granted which are not purchased on the last Purchase Date during the Offering Period shall terminate. Shares shall not be issued with respect to an option unless the exercise of such option and the issuance and
delivery of such Shares pursuant thereto shall comply with all applicable provisions of law, domestic or foreign, including, without limitation, the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, the rules and
regulations promulgated thereunder, and the requirements of any stock exchange upon which the Shares may then be listed. As a condition to the exercise of an option, the Committee may require the person exercising such option to represent and
warrant at the time of any such exercise that the Shares are being purchased only for investment and without any present intention to sell or distribute such Shares. 
  

	7.2	Refund of Excess Amount 

 If, after a
Participant’s exercise of an option under Section 7.1, an amount remains credited to the Participant’s Account as of a Purchase Date, then the remaining amount shall be (a) if no further Purchase Periods are immediately
contemplated by the Committee, distributed to the Participant as soon as administratively feasible, or (b) if another Purchase Period is contemplated by the Committee, carried forward in the Account for application to the purchase of Shares on
the next following Purchase Date. 
  

	7.3	Employees of Subsidiary 

 In the case of
Participants employed by a Designated Subsidiary, the Committee may provide for Shares to be sold through the Subsidiary to such Participants. 
  

	7.4	Pro Rata Allocation 

 If the total number of Shares
for which options are or could be exercised on any Purchase Date in accordance with this Section 7, when aggregated with all Shares for which options have been previously 

  

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exercised under this Plan, exceeds the maximum number of Shares reserved in Section 12, the Company may, in accordance with Section 12, allocate
the Shares available for delivery and distribution in the ratio that the balance in each Participant’s Account bears to the aggregate balances of all Participants’ Accounts, and the remaining balance of the amount credited to the Account
of each Participant under the Plan shall be returned to him or her as promptly as possible. 
 SECTION 8.    WITHDRAWAL
FROM THE PLAN, 
 TERMINATION OF EMPLOYMENT, AND LEAVE OF ABSENCE 
  

	8.1	Withdrawal From The Plan 

 A Participant may
withdraw all funds accumulated in the Participant’s Account from the Plan during any Purchase Period by delivering a notice of withdrawal to the Company or the Employer (in a manner prescribed by the Committee) at any time up to but not
including the thirty (30) days prior to the Purchase Date next following the date such notice of withdrawal is delivered, or at such shorter time in advance of such Purchase Date as the Committee may permit. If notice of complete withdrawal as
described in the preceding sentence is timely received, all funds then accumulated in the Participant’s Account shall not be used to purchase Shares, but shall instead be distributed to the Participant as soon as administratively feasible and
the Company or the Employer will cease the Participant’s payroll withholding for the Plan in accordance with timing and other procedures established by the Committee. An Employee who has withdrawn during a Purchase Period may not return funds
to the Company or the Employer during the same Purchase Period and require the Company or the Employer to apply those funds to the purchase of Shares. Any Eligible Employee who has withdrawn from the Plan may, however, re-enroll in the Plan on the
next subsequent Enrollment Date, if any. 
  

	8.2	Termination of Participation 

 Participation in the
Plan terminates immediately following the end of the Purchase Period during which a Participant ceases to be employed by the Company or the Employer for any reason whatsoever or otherwise ceases to be an Eligible Employee. Notwithstanding the
preceding sentence, such Participant may elect to withdraw from the Plan in accordance with Section 8.1 and the procedures prescribed by the Committee. 
  

	8.3	Leaves of Absence 

 If a Participant takes a leave
of absence, such Participant shall have the right, in accordance with procedures prescribed by the Committee, to elect to withdraw from the Plan in accordance with Section 8.1. To the extent determined by the Committee, certain leaves of
absence may be treated as cessations of employment for purposes of the Plan. 
 SECTION 9.    ADJUSTMENTS UPON CHANGES
IN CAPITALIZATION, 
 DISSOLUTION, LIQUIDATION, MERGER OR ASSET SALE 
  

	9.1	Adjustments Upon Changes in Capitalization 

 Subject
to any required action by the shareholders of the Company, the right to purchase Shares of Common Stock covered by a current Offering Period and the number of Shares which have been authorized for issuance under the Plan for any future Offering
Period, the maximum number of Shares each Participant may purchase each Offering Period (pursuant to Section 5.3 hereof), as well as the price per Share and the number of Shares covered by each right under the Plan which have not yet been
purchased shall be proportionately adjusted in the sole discretion of the Committee for any increase or decrease in the number of issued Shares resulting from a stock split, reverse stock split, stock dividend, extraordinary cash dividend,
combination or reclassification of the Common Stock, or recapitalization, reorganization, consolidation, split-up, spin-off, or any other increase or decrease in the number of Shares effected without receipt of consideration by the Company. Except
as expressly 

  

 13 

 
provided otherwise by the Committee, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class,
shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of Shares. 
  

	9.2	Adjustments Upon Dissolution, Liquidation, Merger or Sale of Assets 

 Without limitation on the preceding provisions, in the event of any dissolution, liquidation, merger, consolidation, sale of all or substantially all of the Company’s outstanding voting securities, sales, lease,
exchange or other transfer of all or substantially all of the Company’s assets, or any similar transaction as determined by the Committee in its sole discretion, the Committee may make such adjustment it deems appropriate to prevent dilution or
enlargement of rights in the number and class of Shares which may be delivered under Section 12, in the number, class of or price of Shares available for purchase under the Plan and in the number of Shares which a Participant is entitled to
purchase and any other adjustments it deems appropriate. Without limiting the Committee’s authority under this Plan, in the event of any such transaction, the Committee may elect to have the options hereunder assumed or such options substituted
by a successor entity, to terminate all outstanding options either prior to their expiration or upon completion of the purchase of Shares on the next Purchase Date, to shorten the Offering Period by setting a new Purchase Date, or to take such other
action deemed appropriate by the Committee. 
 SECTION 10.    DESIGNATION OF BENEFICIARY 
 Each Participant under the Plan may, from time to time, name any beneficiary or beneficiaries (who may be named contingently or successively) to whom the
amount in his or her Account is to be paid in case of his or her death before he or she receives any or all of such benefit. Each such designation shall revoke all prior designations by the same Participant, shall be in a form prescribed by the
Committee, and will be effective only when filed by the Participant in writing with the Committee during the Participant’s lifetime. In the absence of any such designation, any Account balance remaining unpaid at the Participant’s death
shall be paid to the Participant’s estate. 
 SECTION 11.    ADMINISTRATION 
  

	11.1	Administration by Committee 

 The Plan shall be
administered by the Committee. The Committee shall have the authority to delegate duties to officers, directors or employees of the Company. 
  

	11.2	Authority of Committee 

 The Committee shall have
the full and exclusive discretionary authority to construe and interpret the Plan and options granted under it; to establish, amend, and revoke rules and regulations for administration of the Plan (including, without limitation, the determination
and change of Offering Periods, Purchase Periods and payment procedures, the requirement that Shares be held by a specified broker, and the establishment of the exchange ratio applicable to amounts withheld in a currency other than U.S. dollars); to
determine all questions of eligibility, disputed claims and policy that may arise in the administration of the Plan; to make any changes to the Plan or its operations to reduce or eliminate any unfavorable legal, accounting or other consequences to
the extent deemed appropriate by the Committee; and, generally, to exercise such powers and perform such acts as the Committee deems necessary or expedient to promote the best interests of the Company, including, but not limited to, designating from
time to time which Subsidiaries of the Company shall be part of the Employer. The Committee’s determinations as to the interpretation and operation of this Plan shall be final and conclusive and each action of the Committee shall be binding on
all persons. The Committee may adopt special or different rules for the operation of the Plan for different Participants, including, but not limited to, rules designed to accommodate the practices of the applicable jurisdiction. 
  

 14 

	11.3	Administrative Modification 

 The Plan provisions
relating to the administration of the Plan may be modified by the Committee from time to time as may be desirable to satisfy any requirements of or under the securities or other applicable laws of the United States or other jurisdiction, to obtain
any exemption under such laws, or to reduce or eliminate any unfavorable legal, accounting or other consequences or for any other purpose deemed appropriate by the Committee. 
 SECTION 12.    NUMBER OF SHARES 
 Subject to adjustment as
set forth in Section 9, 750,000 Shares are reserved for sale and authorized for issuance pursuant to the Merix Corporation 2007 Employee Stock Purchase Plan, and therefore, the number of Shares authorized for issuance pursuant to the Plan is
750,000 Shares less the number of Shares issued pursuant to the Merix Corporation U.S. Employee Stock Purchase Plan. If any option granted under the Plan shall for any reason terminate without having been exercised, the Shares not purchased under
such option shall again become available for the Merix Corporation 2007 Employee Stock Purchase Plan. If on a given Purchase Date, the number of Shares with respect to which options are to be exercised exceeds the number of Shares then available
under the Plan, the Committee shall make a pro rata allocation of the Shares remaining available for purchase in as uniform a manner as shall be practical and as it shall determine to be equitable. 
 SECTION 13.    MISCELLANEOUS 
  

	13.1	Restrictions on Transfer 

 Options granted under the
Plan to a Participant may not be exercised during the Participant’s lifetime other than by the Participant. Neither amounts credited to a Participant’s Account nor any rights with respect to the exercise of an option or to receive stock
under the Plan may be assigned, transferred, pledged, or otherwise disposed of in any way by the Participant other than by will or the laws of descent and distribution. Any such attempted assignment, transfer, pledge, or other disposition shall be
without effect, except that the Company may treat such act as an election to withdraw from the Plan in accordance with Section 8.1. 
  

	13.2	Administrative Assistance 

 If the Committee in its
discretion so elects, it may retain a brokerage firm, bank, or other financial institution to assist in the purchase of Shares, delivery of reports, or other administrative aspects of the Plan. If the Committee so elects, each Participant shall
(unless prohibited by applicable law) be deemed upon enrollment in the Plan to have authorized the establishment of an account on his or her behalf at such institution. Shares purchased by a Participant under the Plan shall be held in the Account in
the Participant’s name, or if the Participant so indicates in the enrollment form, in the Participant’s name together with the name of his or her spouse in joint tenancy with right of survivorship or spousal community property, or in
certain forms of trust approved by the Committee. 
  

	13.3	Treatment of Non-U.S. Participants 

 Participants
who are employed by non-U.S. Designated Subsidiaries, who are paid in foreign currency, and who contribute foreign currency to the Plan through contributions or payroll deductions will have such contributions converted to U.S. dollars. The exchange
rate and method for such conversion will be determined as prescribed by the Committee. Each Participant shall bear the risk of any currency exchange fluctuations (if applicable) between the date on which any Participant contributions are converted
to U.S. dollars and the following Purchase Date. 
  

 15 

	13.4	Withholding 

 The Company or any Employer shall have
the power and the right to deduct or withhold, or require a Participant to remit to the Company or any member of the Employer, an amount sufficient to satisfy taxes, domestic or foreign, required by law or regulation to be withheld with respect to
any taxable event arising as a result of this Plan. 
  

	13.5	Applicable Law 

 The Plan shall be governed by the
substantive laws (excluding the conflict of laws rules) of the State of Oregon. 
  

	13.6	Amendment and Termination 

 The Board may amend,
alter, or terminate the Plan at any time; provided, however, that no amendment which would amend or modify the Plan in a manner requiring stockholder approval under the requirements of any securities exchange on which the Shares are traded shall be
effective unless such stockholder approval is obtained. In addition, the Committee may amend the Plan as provided in Section 11.3, subject to the conditions set forth in this Section 13.6. 
 If the Plan is terminated, the Committee may elect to terminate all outstanding options either prior to their expiration or upon completion of the
purchase of Shares on the next Purchase Date, or may elect to permit options to expire in accordance with their terms (and participation to continue through such expiration dates). If the options are terminated prior to expiration, all funds
accumulated in Participants’ Accounts as of the date the options are terminated shall be returned to the Participants as soon as administratively feasible. 
  

	13.7	No Right of Employment 

 Neither the grant nor the
exercise of any rights to purchase Shares under this Plan nor anything in this Plan shall impose upon the Company or a member of the Employer any obligation to employ or continue to employ any Employee. The right of the Company or a member of the
Employer to terminate any Employee shall not be diminished or affected because any rights to purchase Shares have been granted to such Employee. 
  

	13.8	Rights as Shareholder 

 No Participant shall have
any rights as shareholder unless and until Shares have been issued to him or her. 
  

	13.9	Governmental Regulation 

 The Company’s
obligation to sell and deliver Shares under this Plan is subject to the approval of any governmental authority required in connection with the authorization, issuance, or sale of such Shares. 
  

	13.10	Gender 

 When used herein, masculine terms shall be
deemed to include the feminine, except when the context indicates to the contrary. 
  

	13.11	Condition for Participation 

 As a condition to
participation in the Plan, Eligible Employees agree to be bound by the terms of the Plan and the determinations of the Committee. 
  

 16 

 DEFINITIONS 
 As used in the Plan, 
 “Account” means a recordkeeping account maintained for a Participant
to which Participant contributions and payroll deductions, if applicable, shall be credited. 
 “Board” means the Board of
Directors of the Company. 
 “Code” means the Internal Revenue Code of 1986, as amended. 
 “Committee” means the Human Resources and Compensation Committee or any other committee appointed by the Board. 
 “Common Stock” means the Common Stock, no par value, of the Company. 
 “Company” means Merix Corporation, an Oregon corporation. 
 “Compensation” means all gross earnings, including such amounts of gross earnings as are deferred by an Eligible Employee (a) under a qualified cash or deferred arrangement described in
Section 401(k) of the Code or (b) to a plan qualified under Section 125 of the Code. 
 “Cut-Off Date” means
the date established by the Committee from time to time by which enrollment forms must be received prior to an Enrollment Date. 
 “Designated Subsidiary” means any Subsidiary which has been designated by the Committee from time to time in its sole discretion as eligible to participate in the Plan and which has adopted the Plan with the approval of the
Committee in its sole and absolute discretion. 
 “Eligible Employee” means an Employee eligible to participate in the Plan
in accordance with Section 3. 
 “Effective Date” means the date the shareholders of the Company approve the Merix
Corporation 2007 Employee Stock Purchase Plan. 
 “Employee” means any individual who is an employee of the Employer for
purposes of the Plan as determined by the Committee. 
 “Employer” means the Company or any Designated Subsidiary of the
Company by which an Employee is employed. 
 “Enrollment Date” means the first Trading Day of an Offering Period.

 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 “Fair Market Value” means, as of any date, the closing sales price for the Common Stock on any given date during regular trading, or if
not trading on that date, such price on the last preceding date on which the Common Stock was traded, unless determined otherwise by the Committee using such methods or procedures as it may establish. 
 “Grant Date” means a date on which an Eligible Employee is granted an option under the Plan pursuant to Section 5. 
  

 17 

 “Grant Price” means the Fair Market Value of a Share on the Grant Date for such option.

 “Offering Period” means the period beginning on the Effective Date and ending on the date designated by the Committee and
each period, if any, thereafter designated by the Committee; provided, that each period shall in no event end later than twenty-seven (27) months from the Grant Date. The Offering Period may but need not be the same as the Purchase Period, as
determined by the Committee. 
 “Participant” means an Eligible Employee who has enrolled in the Plan pursuant to
Section 4. 
 “Plan” means this Merix Corporation International Employee Stock Purchase Plan. 
 “Purchase Date” with respect to a Purchase Period means the last Trading Day in such Purchase Period. 
 “Purchase Date Price” means the Fair Market Value of a Share on the applicable Purchase Date. 
 “Purchase Period” means the period beginning on the Effective Date and ending on the date designated by the Committee and each period,
if any, thereafter designated by the Committee; provided, that each period shall, in no event end later than twenty-seven (27) months from the Grant Date. 
 “Purchase Price” means the price designated by the Committee, at which each Share may be purchased under any option, but in no event less than eighty-five percent (85%) of the lesser of:

  

	 	(1)	The Grant Price and 

  

	 	(2)	The Purchase Date Price. 

 “Shares” means
shares of the Company’s Common Stock. 
 “Subsidiary” means a corporation, domestic or foreign, of which not less than
50% of the combined voting power is held by the Company or a Subsidiary, whether or not such corporation now exists or is hereafter organized or acquired by the Company or a Subsidiary. 
 “Trading Day” means a day on which the New York Stock Exchange, the NASDAQ stock market or other alternative exchange or service on
which the Common Stock is traded, listed or quoted is open for trading. 
  

 18Non-Exclusive License Agreement By Precision Therapeutics & University of Pgh

 Exhibit 10.13 
 ***Text Omitted and Filed Separately 
 Confidential Treatment Requested 
 Under 17 CFR §§ 200. 80(b)(4) and 230.406 
 NON-EXCLUSIVE LICENSE AGREEMENT 
 This Agreement is made and entered into as of the 1st day of
November, 2007 (“Effective Date”), by and between the University of Pittsburgh – Of the Commonwealth System of Higher Education, a non-profit corporation, organized and existing under the laws of the Commonwealth of Pennsylvania,
having an office at 200 Gardner Steel Conference Center, Thackeray and O’Hara Street, Pittsburgh, Pennsylvania 15260 (“University”), and Precision Therapeutics, Inc, having its principal office at 2516 Jane Street, Pittsburgh, PA
15203 (“Licensee”). 
 WHEREAS, University is the joint owner by assignment with Carnegie Mellon University of certain Patent
Rights, entitled “A Method and Apparatus for Holding Cells (Case 00113),” developed by Dr. Joel Greenberger of University Faculty and Drs. Michael Domach and Paul DiMilla of Carnegie Mellon University, and University has the right to
grant licenses under such Patent Rights; 
 WHEREAS, University desires to have the Patent Rights utilized in the public interest;

 WHEREAS, Licensee has represented to University, to induce University to enter into this Agreement, that Licensee is experienced in the
development, production, manufacture, marketing and sale of products and/or the use of similar products to the Licensed Technology and that Licensee shall commit itself to a thorough, vigorous and diligent program of exploiting the Patent Rights so
that public utilization results therefrom; and 
 WHEREAS, Licensee desires to obtain a non-exclusive license under the Patent Rights upon
the terms and conditions hereinafter set forth. 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants contained
herein, the parties hereto, intending to be legally bound, agree as follows: 
 ARTICLE 1 
 Definitions 
 For purposes of this
Agreement, the following words and phrases shall have the following meanings: 
  

 -1- 

 1.1 “Affiliate(s)” shall mean, with respect to University, any clinical or research entity that
is operated or managed as a facility under the UPMC Health System, whether or not owned by University and with respect to Licensee any corporation or other business entity controlled by, controlling, or under common control with Licensee. For this
purpose, “control” means direct or indirect beneficial ownership of at least fifty percent (50%) of the voting stock, or at least fifty percent (50%) interest in the income of such corporation or other business. 
 1.2 “Cancer Diagnostics Field” shall mean diagnostic assays to determine therapeutic efficacy of then-available chemotherapeutics or biologics
on cancer or screening assays for the detection of cancer. 
 1.3 “Commercially Reasonable Best Efforts” shall mean that Licensee
shall use commercially reasonable efforts consistent with those used by comparable companies of similar size at a similar stage in the United States in research and development projects for methods or compositions reasonably considered to have
commercial value and risk reasonably comparable to the Licensed Technology. 
 1.4 “Drug Development Field” shall mean research
conducted to measure the effect of pre-clinical, clinical or commercial stage cancer agents on primary or early passage cell strains. 
 1.5
“Field” shall mean human and veterinary cellular imaging in the Cancer Diagnostics Field and the Drug Development Field. 
 1.6
“Licensed Technology” shall mean any product or part thereof or service which is: 
 (a) Covered in whole or in part
by an issued, unexpired or pending claim contained in the Patent Rights in the country in which any such product or part thereof is made, used or sold or in which any such service is used or sold; or 
 (b) Manufactured by using a process or is employed to practice a process which is covered in whole or in part by an issued, unexpired
claim or a pending claim contained in the Patent Rights in the country in which any such process that is 

  

 -2- 

 
included in Licensed Technology is used or in which such product or part thereof is used or sold. 
 1.7 “Licensee” shall mean Precision Therapeutics, Inc., and its Affiliate(s). 
 1.8 “Net Sales” shall mean Licensee’s and sublicensee’s invoice price for products or processes included in Licensed Technology and
produced hereunder less the sum of the following: 
 (a) Third party payor credit or allowance amounts associated with
revenues of Licensed Technology; 
 (b) Actual cost of freight charges or freight absorption, separately stated in such
invoice; 
 (c) Actual trade, quantity, volume-based or cash discounts, allowances and credits that are allowed, if any; and

 (d) Sales taxes, tariff duties and/or use taxes separately stated on each invoice. 
 Each of the deductions set forth above shall be reasonable and customary, and shall be determined on an accrual basis in accordance with United States
Generally Accepted Accounting Principles (GAAP). 
 1.9 “Non-Commercial Research and Education Purposes” shall mean use of Patent
Rights (including distribution of biological materials covered by the Patent Rights) for academic research or other not-for-profit scholarly purposes which are undertaken at a non-profit or governmental institution that does not use the Patent
Rights in the production or manufacture of products for sale or the performance of services for a fee. 
 1.10 “Patent Rights”
shall mean University intellectual property described below: 
 (a) The United States and foreign patents and/or patent
applications listed in Exhibit A; 
  

 -3- 

 (b) United States and foreign patents issued from the applications listed in Exhibit A
and from divisionals, continuations, continuations-in-part, reexaminations, extensions and reissues of the patents and/or applications listed in Exhibit A; 
 (c) Claims of all U.S. and foreign continuation, continuation-in-part, reexamination, reissue, extension and divisional applications, and of the resulting patents, which are directed to subject matter specifically
described in the U.S. and foreign applications listed in Exhibit A; 
 (d) Claims of all foreign patent applications, and of
the resulting patents, which are directed to subject matter specifically described in the United States patents and/or patent applications described in (a), (b) or (c) above. 
 ARTICLE 2 
 Grant 
 2.1 University hereby grants to Licensee, the right and worldwide non-exclusive license (with the right to grant sublicenses in accordance with
Section 2.3) in the Field to make, have made, use, sell, offer for sale, and import the Licensed Technology and to practice under the Patent Rights to the end of the term for which the Patent Rights are granted, unless this Agreement is
terminated sooner as provided herein. The license granted hereby is subject to the rights of the United States government, if any, as set forth in 35 U.S.C. §200, et seq. 
 2.2 University reserves the royalty-free, non-exclusive right to practice under the Patent Rights and to use the Licensed Technology for its own
Non-Commercial Research and Education Purposes. 
 2.3 Licensee shall have the right to sublicense the Patent Rights to third party
sublicensees and end-user customers of Licensee when the sale or license of Licensee’s products, services or intellectual property require the practice of the Patent Rights. Such sublicensees shall have no further rights to sublicense, and
Licensee agrees that any sublicense granted in connection with this Section 2.3 shall be consistent with all Licensee’s obligations to the University contained in this Agreement. 
  

 -4- 

 2.4 The license granted hereunder shall not be construed to confer any rights upon Licensee or any
sublicense under Section 2.3 by implication, estoppel or otherwise as to any Patent Rights or technology not specifically set forth in Exhibit A hereof. 
 2.5 Any sublicense granted under this Agreement shall survive termination of this Agreement provided that the applicable sublicensee agrees in writing to assume all of the obligations of this Agreement including:
(i) the obligation to pay to University all payments that would have been payable to the University by Licensee under the Agreement had the Agreement not terminated; and (ii) compliance with all other non-financial terms of the Agreement.

 ARTICLE 3 
 Due Diligence

 3.1 Licensee shall use Commercially Reasonable Best Efforts to bring the Licensed Technology to market through a thorough, vigorous
and diligent program for exploitation of the Patent Rights and to continue active, diligent marketing efforts for the Licensed Technology throughout the pendency of this Agreement. 
 3.2 Licensee’s failure to perform in accordance with Section 3.1 shall be grounds for University to terminate this Agreement pursuant to
Article 9 and upon termination all rights and interest to the Licensed Technology and Patent Rights shall revert to University. 
 ARTICLE 4

 Royalties and Other License Consideration 
 4.1 In consideration of the rights, privileges and license granted by University hereunder, Licensee shall pay royalties and other monetary consideration as follows: 
 (a) Initial license fee, nonrefundable and noncreditable against royalties, of [***] due immediately upon execution of this Agreement;

  

	***	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions.

  

 -5- 

 (b) Annual maintenance fee, non-refundable and non-creditable against royalties of [***]
due on each yearly anniversary of the Effective Date of this Agreement; 
 (c) Royalties in an amount equal to either
(i) [***] of Net Sales for Licensed Technology in the Cancer Diagnostics Field; or (ii) [***] of Net Sales for Licensed Technology in the Drug Development Field; and 
 (d) Beginning with the first commercial sale of a product using the Licensed Technology, a minimum royalty in the amount of [***] per
calendar year, but only to the extent such minimum royalty is greater than the aggregate annual royalty computed in accordance with Section 4.1(c), (annually) calculated initially on the first anniversary of the execution of this Agreement for
the previous twelve (12) month period. 
 In the event that Licensed Technology is sold or sublicensed as a combination product with
other products and services of Licensee (a “Combination Product”), the Net Sales for purposes of royalty payments on the Combination Product shall be determined by multiplying the total Net Sales of the Combination Product by the fraction
A/(A+B), where “A” is the average Net Sales of the product or service covered by a Licensed Technology when sold separately in finished form in such country during the applicable calendar quarter; and “B” is the net sales of the
other product(s) or service(s) making up the Combination Product when sold separately during the calendar quarter. In the event that such average invoice price cannot be determined for both the Licensed Technology and the other products and
services, the Parties will negotiate in good faith regarding the calculation of Net Sales, as applicable, for the applicable Licensed Technology, based on the relative value contributed by each product and/or service. 
 4.2 Royalty payments, pursuant to Section 4.1(c) above, shall be paid to University in United States dollars and directed to the address set forth
in Section 12 hereof within forty-five (45) days after each March 31, June 30, September 30 and December 31. The minimum royalty, pursuant to Section 4.1(d) above, if any, shall be paid to University
within forty- 
  

	***	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions.

  

 -6- 

 
five (45) days of the anniversary date of this Agreement each year during the pendency of this Agreement. Licensee’s royalty payment obligations
shall continue on a Licensed Technology-by-Licensed Technology basis and a country-by-country basis until the expiration of the last-to-expire issued claim of the Patent Rights that, but for the licenses granted in this Agreement, would be infringed
by the sale of such Licensed Technology in such country. 
 4.3 Payments pursuant to this Agreement which are overdue shall bear interest
calculated from the due date until payment is received at the higher of: (a) the rate of eight percent (8%) per annum; or (b) “prime” plus two percent (2%). Interest shall be compounded annually, and the “prime”
rate used to calculate interest shall be the rate published in the “Wall Street Journal” on the first business day of each year for which such payments are due. 
 4.4 Licensee shall sell Licensed Technology to University and its Affiliates upon request at such price(s) and on such terms and conditions as such products and/or processes are made available to Licensee’s
similarly situated most favored customer. 
 ARTICLE 5 
 Reports 
 5.1 Within forty-five (45) days after each
March 31, June 30, September 30 and December 31 of each year during the term of this Agreement, Licensee shall deliver to University true, accurate and detailed reports of the following information in a form acceptable
to University: 
 (a) Number of Licensed Technology products manufactured and sold by Licensee; 
 (b) Total billings for all such products; 
 (c) Accounting for all Licensed Technology processes used or sold by Licensee; 
 (d)
Deductions set forth in Section 1.8; and 
 (e) Total royalties due. 
  

 -7- 

 5.2 If no royalties shall be due hereunder, Licensee shall so advise University in writing within thirty
(30) days after the end of any calendar quarter for which no royalties are due. 
 5.3 Licensee shall keep full, true and accurate books
of account, in accordance with generally accepted accounting principles, containing all information that may be necessary for the purpose of determining amounts payable to University hereunder. Such books of account shall be kept at Licensee’s
principal place of business. Such books and the supporting data related thereto shall be open at all reasonable times for three (3) years following the end of the calendar year to which they pertain to the inspection of University or its agents
for the purpose of verifying Licensee’s royalty statement or compliance in other respects with this Agreement. The fees and expenses of University’s representatives shall be borne by University, however, if an error of more than five
percent (5%) of the total payments due or owing for any year is discovered, then Licensee shall bear the fees and expenses of University’s representatives. 
 5.4 Any reports provided by Licensee pursuant to this Article 5 will be held in strict confidence by the University and not disclosed to any third party and the University will use such reports only for the purpose of
this Agreement. Each party shall treat as confidential and not disclose the terms of this Agreement or information related thereto, except to the extent such information is required to be disclosed by any applicable laws or regulations, including
the rules of any applicable security exchange; provided, however, that the disclosing party shall provide such other party with notice of such disclosure in advance thereof to the extent practicable. 
 ARTICLE 6 
 Patent Prosecution and
Infringement Actions 
 6.1 University has or may apply for, seek prompt issuance of and shall use reasonable efforts to maintain during
the term of this Agreement, the Patent Rights. In the event University desires to cease paying maintenance fees for, or otherwise abandons, any of the Patent Rights in any country, University shall provide Licensee with written notice thereof, which
notice shall be provided to Licensee at least thirty (30) days before the 

  

 -8- 

 
maintenance fees in question are due. In such event, Licensee shall have the right, but not the obligation, to pay any such maintenance fees on behalf of
University. 
 6.2 Licensee shall inform University promptly in writing of any alleged infringement of the Patent Rights by a third party and
of any available evidence thereof. 
 6.3 In any infringement suit University may institute to enforce the Patent Rights pursuant to this
Agreement, Licensee shall, at the request of University, cooperate in all respects and, to the extent possible, have its employees testify when requested and make available relevant records, papers, information, samples, specimens, and the like.

 6.4 Licensee shall be responsible for no greater than Fifty Percent (50.0%) of all fees and costs, including attorneys’ fees,
relating to the filing, prosecution and maintenance of the Patent Rights incurred prior to or after the Effective Date and not otherwise reimbursed by a third party to University. Additionally, Licensee shall be liable for no greater than Fifty
Percent (50.0%) of University’s out-of-pocket filing, prosecution, and maintenance costs (including all attorneys’ fees and costs), for any and all patent prosecution and maintenance actions that will be taken by patent counsel after
the term of this Agreement but in response to any instructions that were sent during the term of this Agreement from University to patent counsel relating to the Patent Rights. Fees and costs incurred after the Effective Date shall be paid by
Licensee within forty-five (45) days after receipt of University’s invoice therefore. Payments pursuant to this Section 6.4 are not creditable against royalties. 
 6.5 If University enters into another Non-Exclusive License Agreement for the Patent Rights with any third party (“Other Licensee”),
Licensee’s obligation to reimburse University under Section 6.4 shall be reduced such that Licensee and such Other Licensee(s) shall pay a pro-rata share of all future patent costs incurred after the execution of said agreement. The
pro-rata share shall be equal to the total future patent costs incurred divided by the number of licensees for the Patent Rights at the time such costs are incurred. 
  

 -9- 

 6.6 Notwithstanding the obligations set forth in Sections 6.4 and 6.5 above, in no event shall Licensee
be required to reimburse patent costs incurred by the University in excess of Twelve Thousand Dollars ($12,000) per calendar year. 
 ARTICLE
7 
 Indemnification/Insurance/Limitation of Liability 
 7.1 Licensee shall at all times during the term of this Agreement and thereafter indemnify, defend and hold University, its trustees, officers, employees and affiliates harmless against all third party claims and
expenses, including legal expenses and reasonable attorneys’ fees, arising out of the death of or injury to any person or persons or out of any damage to property or the environment, and against any other claim, proceeding, demand, expense and
liability of any kind whatsoever resulting from the production, manufacture, sale, use, lease, consumption or advertisement of the Licensed Technology or arising from any obligation of Licensee hereunder. Licensee’s agreement to indemnify,
defend and hold University harmless is conditioned on University: (i) providing written notice to the Licensee of any third party claim arising out of the indemnified activities within forty-five (45) days after University has knowledge of
such claim; (ii) permitting Licensee to assume full responsibility to investigate, prepare for and defend against any such claim; and (iii) assisting Licensee, at Licensee’s reasonable expense, in the investigation of, preparation for
and defense of any claim; and (iv) not compromising or settling such claim without Licensee’s written consent, such consent not to be unreasonably withheld. 
 7.2 Licensee shall obtain and carry in full force and effect, liability insurance which shall protect Licensee and University in regard to events covered by Section 7.1 above, as provided below: 
  

							
	COVERAGE	 		  	LIMITS
				
	(a)	 	Commercial General Liability, including but not limited to, Products, Contractual, Fire, Legal and Personal Injury	 	            	  	$1,000,000 Combined Single Limits for Bodily Injury and Property Damage
				
	(b)	 	Products Liability	 		  	$5,000,000

  

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 The University of Pittsburgh is to be named as an additional insured with respect to
insurance policies identified in Sections 7.2(a) and 7.2(b) above. 
 Certificates of insurance evidencing the coverage
required above shall be filed with University’s Office of Risk Management, 1817 Cathedral of Learning, Pittsburgh, PA 15260, no later than fifteen (15) days after execution of this Agreement and on or before July 1 of each subsequent
year during the pendency of this Agreement. Such certificates shall provide that the insurer will give University not less than thirty (30) days advance written notice of any material changes in or cancellation of coverage. 
 7.3 The University represents to Licensee that: (a) it is the joint owner with Carnegie Mellon University by assignment from the inventors of the
Patent Rights; (b) it has the right and authority to grant the licenses in this Agreement under such Patent Rights; (c) as of the Effective Date of this License Agreement, the University’s Office of Technology Management has not been
served with a complaint alleging infringement of a third party’s patent rights arising from the University’s use or practice of the Patent Rights; and (d) it has complied with all obligations to elect rights in the Patent Rights from
the United States government, if any, as set forth in 35 U.S.C. §200, et seq. or comparable state law. 
 7.4 EXCEPT AS SET FORTH UNDER
SECTION 7.3, ABOVE, UNIVERSITY MAKES NO REPRESENTATIONS AND EXTENDS NO WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND VALIDITY OF PATENT RIGHTS
CLAIMS, ISSUED OR PENDING. NOTHING IN THIS AGREEMENT SHALL BE CONSTRUED AS A REPRESENTATION OR WARRANTY GIVEN BY UNIVERSITY THAT THE PRACTICE BY LICENSEE OF THE LICENSE GRANTED HEREUNDER SHALL NOT INFRINGE THE PATENT RIGHTS OF ANY THIRD PARTY.
UNIVERSITY ADDITIONALLY DISCLAIMS ALL OBLIGATIONS AND LIABILITIES ON THE PART OF UNIVERSITY FOR DAMAGES, INCLUDING, BUT NOT LIMITED TO, DIRECT, INDIRECT, SPECIAL AND CONSEQUENTIAL DAMAGES, 

  

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ATTORNEYS’ AND EXPERTS’ FEES, AND COURT COSTS (EVEN IF UNIVERSITY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, FEES OR COSTS), ARISING OUT
OF OR IN CONNECTION WITH THE MANUFACTURE, USE OR SALE OF THE PRODUCT(S) AND SERVICE(S) BY LICENSEE, ITS AFFILIATES OR SUBLICENSEES LICENSED UNDER THIS AGREEMENT. SUBJECT TO THE TERMS OF THIS AGREEMENT, LICENSEE ASSUMES ALL RESPONSIBILITY AND
LIABILITY FOR LOSS OR DAMAGE CAUSED BY A PRODUCT THAT IS MANUFACTURED, USED OR SOLD BY LICENSEE WHICH IS LICENSED TECHNOLOGY HEREUNDER. 
 ARTICLE 8 
 Assignment 
 8.1 This Agreement is not assignable without the prior written consent of University, which shall not be unreasonably withheld, and any attempt to assign without such consent shall be null and void. Notwithstanding the foregoing, Licensee
may assign this Agreement, without prior consent, to its Affiliates and to a third party in connection with any merger or sale of all or substantially all of its assets or capital stock. 
 ARTICLE 9 
 Termination 
 9.1 University shall have the right to terminate this Agreement, upon written notice, if: 
 (a) Licensee defaults in the performance of any of the obligations herein contained and such default has not been cured within forty-five
(45) days after receiving written notice thereof from University; 
 (b) Licensee ceases to carry out its business,
becomes bankrupt or legally insolvent, applies for or consents to the appointment of a trustee, receiver or liquidator of its assets or seeks relief under any law for the aid of debtors; or 
 (c) Licensee directly or indirectly challenges or causes to be challenged the validity or enforceability of Licensor’s Patent Rights
or Licensor’s ownership of the Patent Rights anywhere in the world (except in the defense of any action initiated by Licensor). 
  

 -12- 

 9.2 Licensee may terminate this Agreement upon six (6) months prior written notice to University and
upon payment of all amounts due University through the effective date of termination. 
 9.3 Upon termination of this Agreement, neither
party shall be released from any obligation that matured prior to the effective date of such termination. Licensee may, however, after the effective date of such termination, sell all products under the Licensed Technology which Licensee produced
prior to the effective date of such termination, provided that Licensee shall pay to University the royalties thereon as required by Article 4 hereof and submit the reports required by Article 5 hereof. The provisions of Article 1, 2.5, 5.4, 7, 9,
and 11 shall survive termination of this Agreement. 
 ARTICLE 10 
 Notices 
 Any notice or communication pursuant to this Agreement shall be
sufficiently made or given if sent by certified or registered mail, postage prepaid, or by overnight carrier, with proof of delivery by receipt, addressed to the address below or as either party shall designate by written notice to the other party.

 In the case of University: 
 Associate Vice Chancellor for Technology 
 Management and Commercialization 
 Office of Technology Management 
 University of Pittsburgh 
 200 Gardner Steel Conference Center 
 Thackeray & O’Hara Streets 
 Pittsburgh, PA 15260 
 In the case of Licensee: 
 Precision Therapeutics, Inc. 
 2516 Jane Street 
 Pittsburgh, PA 15203 
 Attention: Chief Executive Officer 
  

 -13- 

 ARTICLE 11 
 Miscellaneous 
 11.1 This Agreement may not be amended or modified except by the execution of a
written instrument signed by the parties hereto. 
 11.2 This Agreement shall be construed and interpreted in accordance with the laws of the
Commonwealth of Pennsylvania. The forum for any action relating to this Agreement shall be the Courts of Allegheny County, Pennsylvania, or, if in a federal proceeding, the United States District Court for the Western District of Pennsylvania.

 11.3 The parties acknowledge that this Agreement and the Exhibits hereto set forth the entire understanding and intentions of the parties
hereto as to the subject matter hereof and supersedes all previous understandings between the parties, written or oral, regarding such subject matter. 
 11.4 Nothing contained in this Agreement shall be construed as conferring upon either party any right to use in advertising, publicity or other promotional activities any name, trade name, trademark, or other
designation of the other party, including any contraction, abbreviation, or simulation of any of the foregoing. Without the express written approval of the other party, neither party shall use any designation of the other party in any promotional
activity associated with this Agreement or the Licensed Technology. Neither party shall issue any press release or make any public statement in regard to this Agreement without the prior written approval of the other party, except as required by
applicable laws or regulations, including the rules of any applicable securities exchange. 
 11.5 If one or more of the provisions of this
Agreement shall be held invalid, illegal or unenforceable, the remaining provisions shall not in any way be affected or impaired thereby. In the event any provision is held illegal or unenforceable, the parties shall use reasonable efforts to
substitute a valid, legal and enforceable provision which, insofar as is practical, implements purposes of the provision held invalid, illegal or unenforceable. 
 11.6 Failure at any time to require performance of any of the provisions herein shall not waive or diminish a party’s right thereafter to demand compliance therewith or with any other provision. Waiver of any
default shall not waive any other default. A party shall not be 

  

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deemed to have waived any rights hereunder unless such waiver is in writing and signed by a duly authorized officer of the party making such waiver.

 11.7 This Agreement is intended for the parties hereto and no other party may claim rights hereunder, whether as a third party beneficiary
or otherwise. 
 [remainder of page intentionally left blank] 
  

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 IN WITNESS WHEREOF, the parties have set their hands and seals as of the date set forth on the first page
hereof. 
  

			
	UNIVERSITY OF PITTSBURGH – OF THE COMMONWEALTH SYSTEM OF HIGHER EDUCATION
		
	By	 	/s/ Jerome Cochran
		 	 Jerome Cochran
 Executive Vice
Chancellor

	
	Precision Therapeutics, Inc.
		
	By	 	/s/ Sharon Kim
		 	Name Sharon Kim
		 	Title VP, Business Development

  

 -16- 

 EXHIBIT A 
 Patent Rights 
  

					
		 	 METHOD AND APPARATUS FOR HOLDING CELLS
 US Patent
6,008,010
 Filed: November 1, 1996.
 Issued:
December 28, 1999
	 	
			
		 	 A METHOD AND APPARATUS FOR HOLDING CELLS
 Australian Patent 742909
 Filed: October 31, 1997
 Issued: May 2, 2002
 Priority: November 1, 1996
	 	
			
		 	 A METHOD AND APPARATUS FOR HOLDING CELLS
 Australian Divisional Patent 772487
 Filed: February 2, 2002
 Issued: June 21, 2004
 Priority: November 1, 1996
	 	
			
		 	 METHOD AND APPARATUS FOR HOLDING CELLS
 US
continuation application 09/292,056
         Filed: April 14, 1999
 Pending
 Priority: November 1, 1996
	 	
			
		 	 METHOD AND APPARATUS FOR HOLDING CELLS
         US continuation II application 10/114,892
 Filed: April 2, 2002
 Pending
 Priority: November 1, 1996
	 	
			
		 	 METHOD AND APPARATUS FOR HOLDING CELLS
         EPO patent application 97946422.9
 Filed: October 31, 1997
 Pending
 Priority: November 1, 1996
	 	
			
		 	 A METHOD AND APPARATUS FOR HOLDING CELLS
         Canadian patent application 2,239,815
 Filed: October 31, 1997
 Pending
 Priority: November 1, 1996
	 	
			
		 	 METHOD AND APPARATUS FOR HOLDING CELLS
         Japanese patent application HEI. 10-521601
 Filed: October 31, 1997
 Pending
 Priority: November 1, 1996.
	 	
			
		 	 METHOD AND APPARATUS FOR HOLDING CELLS
         PCT/US97/19834
 Expired
 Priority: November 1, 1996.

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