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EXHIBIT 4.5

                              SETTLEMENT AGREEMENT,
                     MUTUAL RELEASE AND COVENANT NOT TO SUE

         This Settlement Agreement, Mutual Release and Covenant Not To Sue (the
"Settlement Agreement") is entered into this ___ day of September, 2003, between
Cord Camera Centers, Inc. ("Cord") and Island Pacific, Inc. ("IPI") (formerly
SVI Retail Inc.). Cord and IPI are collectively referred to hereinafter as the
"Parties."

         In exchange for the promises and covenants set forth below, the Parties
agree as follows:

SECTION 1. RECITALS

         This Agreement is made with reference to the following recital of
essential facts:

         (A) During or about April 2000 through September 2000, the Parties
entered into the following agreements relating to IPI's licensing to Cord and
upgrading, enhancing, modifying, and customizing certain IPI Point of Sale
Software (the "IPI POS Software"):

         POS License Agreement dated April of 2000
         POS Software Support Agreement dated May 2000
         Modification Agreement dated September of 2000

         (B) A dispute has arisen between the Parties resulting in Cord filing
an action against IPI in the United States District Court for the Southern
District of Ohio, Eastern Division, under Case No. C202859 (the "Action") and
IPI filing a counter-claim against Cord (the "Counterclaim");

         (C) The Parties have agreed to settle all and any disputes between them
on the terms of this Settlement Agreement; and

         (D) IPI has agreed to purchase from Cord, and Cord has agreed to sell
to IPI, the IPI POS Software, Cord's rights under the POS Software Agreements,
and all derivatives, enhancements, modifications, upgrades, and customization
(collectively, "Enhancements") performed with respect to the IPI POS Software.

SECTION 2. CORD'S SETTLEMENT OBLIGATIONS

         (A) Cord shall sell to IPI, and IPI shall purchase from Cord, the IPI
POS Software, including any Enhancements and Cord's rights under the POS
Software Agreements, for the consideration specified in Section 3 below. To
effectuate such sale, Cord shall remove IPI's POS Software program and
Enhancements from all computers and/or computer systems in Cord's possession,
custody, or control, and return to IPI's headquarters all copies of IPI's POS
Software program and Enhancements in Cord's possession, custody, or control, no
later than September 30, 2003. Cord shall also return any manuals associated
with IPI's POS Software program. Cord shall retain copies of all mdb (database)
files solely for use as historical data.

         (B) Cord warrants, represents, and covenants to IPI that (a) except for
the use of the mdb files for Cord's sole use as historical data, Cord shall not
use the IPI POS Software or any Enhancement for any purpose whatsoever, and (b)
Cord presently has no knowledge of any claims against IPI other than those
released in accordance with Section 5(A) INFRA.

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SECTION 3. IPI'S PURCHASE OBLIGATIONS

         IPI shall pay the purchase price for the assets purchased in accordance
with Section 2 above, as follows:

         (A) IPI shall pay Cord the sum of $150,000 within five days of
executing this Settlement Agreement.

         (B) IPI shall write off any amounts IPI believes Cord owes IPI as of
the time of the signing of this Settlement Agreement, as well as all maintenance
billing for the period July 1, 2002, through December 31, 2003. Any payments
Cord owed IPI prior to the signing of this Agreement, for Cord's use of IPI's
HOST or POS Software programs or the service contracts relating to those
programs, shall no longer be due.

         (C) IPI agrees to provide Cord a $150,000 credit. Cord may use this
credit to pay for any license or service offered by IPI and its affiliated
companies, at Cord's sole discretion, subject to the following:

                  (1) This credit may be used to offset fees for IPI's services,
such as yearly maintenance and consulting, but not to offset the cost of any
third-party service or products that IPI would have to purchase or acquire.

                  (2) This credit is subject to set-off, as described infra in
Section 4, subsection (E)(2).

         (D) IPI agrees to deliver to Cord 100,000 shares of IPI stock
(currently trading on the American Stock Exchange as IPI) ("IPI stock") in
accordance with this Section 3(D). IPI's and Cord's obligations with regard to
the sale of the IPI stock are set out INFRA in Section 4. The IPI stock shall be
duly authorized, validly issued, fully paid and non-assessable, and free and
clear of any restrictions on transfer (subject to registration of such shares by
IPI as described INFRA). As soon as practicable but no later than 90 days after
the execution date of this Settlement Agreement, IPI shall either deliver
registered IPI stock to Cord or file a registration statement on Form S-1 or
Form S-3 as determined by IPI in its sole discretion (or any successor or other
appropriate forms) with respect to Cord's IPI stock, and shall use its best
efforts to maintain the effectiveness of such registration statement and the
current status of the prospectus or prospectuses contained therein, for so long
as Cord continues to own the IPI stock.

SECTION 4. RESTRICTIONS/OBLIGATIONS WITH REGARD TO THE SALE OF IPI STOCK

         Cord's sale of the 100,000 shares of IPI stock referenced SUPRA is
subject to the following terms and conditions:

         (A) Cord may begin selling its shares of IPI stock immediately upon
receipt, if such stock is registered.

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         (B) Cord may not, however, sell more than 5,000 shares of IPI stock in
any single day.

         (C) The sale of IPI stock by Cord shall produce a minimum price of $3
per share of IPI stock, net of costs, for any IPI stock Cord sells, as provided
in Section 4(E)(1) below, and shall be sold within 30 trading days of receiving
the registered stock, subject to the following conditions:

                  (1) Cord must act in a commercially reasonable manner.

                  (2) Before Cord sells any of its shares of IPI stock for less
than $3 per share, it must provide IPI 24 hours written notice via e-mail of its
intention to sell.

         (D) Cord shall provide an accounting and copies of any documentation
relating to its sales of the IPI stock within one week of each sale of such
stock, unless earlier notice is required under another portion of this
Settlement Agreement.

         (E) Within 7 days following the sale of the last 5,000 shares of IPI
stock owned by Cord, Cord shall provide to IPI a final accounting of its sales
of the IPI stock.

                  (1) If Cord's net proceeds from the sale of the IPI stock,
exclusive of any and all costs associated with such sales, including, but not
limited to brokerage commissions, is less than $300,000, then IPI will pay an
amount in cash or cash equivalents equal to the difference between the $300,000
and Cord's net proceeds. Any payment under this subsection will be made within 7
days of receipt of the final accounting mentioned SUPRA.

                  (2) If Cord's net proceeds from the sale of the IPI stock,
exclusive of any and all costs associated with such sales, including, but not
limited to brokerage commissions, is greater than $300,000, then the credit to
be provided to Cord by IPI under Section 3, subsection (C)(2), SUPRA, shall be
reduced by an amount equal to 50% of the difference between Cord's net proceeds
and $300,000.

         (F) Notwithstanding subsection (A) of this Section 4, IPI shall at all
times retain the right to suspend the sales of Cord's IPI stock if, in its sole
discretion, such suspension is necessary to comply with the federal and state
securities laws applicable to IPI. In the event of such suspension by IPI of the
sale of Cord's IPI stock, IPI shall take any and all such actions or steps as
are necessary to regain compliance with the federal and state securities laws in
order to allow Cord to proceed with the sales of IPI stock and in any event, IPI
shall obtain compliance within 14 days.

         (G) If Cord (a) has not received 100,000 shares of registered IPI stock
within 180 days of the execution date of this Settlement Agreement, or (b)
becomes unable to sell all 100,000 shares of the IPI stock within 30 trading
days of receiving the registered stock due to a suspension of sales under
Section 4, subsection (F), SUPRA, IPI will pay Cord $3 for each share of IPI
stock that Cord is unable to sell. Payments under this subsection (G) are due
within ten days after IPI receives from Cord any IPI stock Cord is unable to
sell under this subsection (G).

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SECTION 5. MUTUAL RELEASE AND COVENANT NOT TO SUE

         (A) Cord. In consideration for the promises and payments contained
herein, Cord, on behalf of itself and all of its affiliates, partners,
employees, agents, successors, assigns, predecessors, attorneys, and any other
person or persons whose claim may arise by and/or through it, hereby RELEASES
any and all claims, actions, causes of action, and demands, of any nature or
kind whatsoever, however arising, known or unknown, which Cord now has or
hereafter may have or claim to have against IPI, its affiliates, independent
contractors, officers, directors, shareholders, agents, successors, assigns,
predecessors, and attorneys, that, directly or indirectly, involve, arise out
of, or are in any way related to Cord's purchase of the IPI POS Software,
including, without limitation, any Enhancements related thereto, the POS
Software Agreements, and any of the facts asserted in the Action, PROVIDED
HOWEVER, that nothing in this provision shall preclude any claim that hereafter
may arise by virtue of a breach of an undertaking or promise set forth in this
Settlement Agreement.

         (B) IPI. In consideration for the promises and payments contained
herein, IPI, on behalf of itself and all of its affiliates, partners, employees,
agents, successors, assigns, predecessors, attorneys, and any other person or
persons whose claim may arise by and/or through it, hereby RELEASES any and all
claims, actions, causes of action, and demands, of any nature or kind
whatsoever, however arising, known or unknown, which IPI now has or hereafter
may have or claim to have against Cord, its officers, directors, shareholders,
agents, successors, assigns, predecessors, and attorneys, that directly or
indirectly, involve, arise out of, or are in any way related to (i) moneys
allegedly owed IPI before or as of the day this Settlement Agreement is executed
or (ii) Cord's alleged unauthorized use of IPI's intellectual property prior to
September 30, 2003; PROVIDED HOWEVER, that nothing in this provision shall
preclude any claim that hereafter may arise by virtue of a breach of an
undertaking or promise set forth in this Settlement Agreement.

SECTION 6. DISMISSAL ENTRIES

         (A) Within ten days of receipt of the consideration set forth above in
Section 3, Cord shall file with the United States District Court for the
Southern District of Ohio, Eastern Division, a Stipulation to Dismiss dismissing
with prejudice the Action.

         (B) Within ten days of receipt of the consideration set forth above in
Sections 3 and 4, IPI shall file with the United States District Court for the
Southern District of Ohio, Eastern Division, a Stipulation to Dismiss dismissing
with prejudice the Counterclaim.

SECTION 7. REPRESENTATIONS AND CONSTRUCTION

         (A) Each Party hereto represents and warrants with respect to itself
that (i) such Party is duly authorized to execute this Settlement Agreement,
(ii) this Settlement Agreement is a valid and binding agreement of such Party
and enforceable against such Party in accordance with its terms, and (iii) such
Party has not previously assigned any of the claims such Party has purported to
release under this Settlement Agreement.

         (B) Each Party hereto understands and agrees that neither this
Settlement Agreement nor any of the payments or releases contained herein shall
be construed as an admission of liability or fault as to any claim or allegation
made against a Party or their attorneys, partners, employers, employees, agents,
successors, predecessors, or assigns.

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         (C) Each Party hereto understands and agrees that this Settlement
Agreement shall be governed by and construed in accordance with the laws of the
State of Ohio. The spirit and intent of this Settlement Agreement is to
terminate with finality the Action and the Counterclaim and all controversies
and disputes that were raised or that could have been raised by any of the
Parties to the Action and the Counterclaim. This Settlement Agreement shall be
interpreted in accordance with such spirit and intent.

          (D) Each Party hereto understands and agrees that any action to
enforce rights and/or obligations granted and/or mandated by this Settlement
Agreement shall be brought in the Court of Common Pleas for Franklin County,
Ohio.

         (E) Each Party represents that before signing this Settlement Agreement
it has carefully read this Settlement Agreement and received the advice of its
own counsel concerning the meaning and legal effect of its terms. Each Party
further acknowledges that it is freely and voluntarily signing this Settlement
Agreement and intends to be fully bound hereby.

SECTION 8. HEIRS, SUCCESSORS AND ASSIGNS

         This Settlement Agreement and all of the provisions hereof shall be
binding upon and inure to the benefit of the Parties hereto and their respective
heirs, successors, and assigns by law or in interest.

SECTION 9. REMEDIES FOR BREACH

         The Parties hereby agree that they may enforce any provision of this
Settlement Agreement, and consent to suit as to any breach thereof. Upon the
breach of any term or condition of this Settlement Agreement by any Party, the
non-breaching Party shall have full recourse for all damages, to specifically
include costs and attorneys' fees.

SECTION 10. CONFIDENTIALITY

         The Parties agree that they and their respective directors, officers,
shareholders, partners, employees, agents, successors, assigns, and attorneys
shall keep the existence and terms of this Settlement Agreement confidential
except to the extent any Party makes disclosures to his or its auditors or
attorneys, and to the extent that any Party is compelled to make disclosures to
any federal, state, or other regulatory agency, or to the extent otherwise
required by law.

SECTION 11. COUNTERPARTS

         This Settlement Agreement may be signed separately by each Party. Each
signed copy of the Settlement Agreement shall be deemed an original, and both
signed copies together shall constitute one and the same instrument.

SECTION 12. ENTIRE AGREEMENT

         This Settlement Agreement embodies the entire agreement and
understanding of the Parties hereto with regard to the subject matter contained
herein. There are no restrictions, promises, representations, warranties,
covenants, or undertakings other than those expressly set forth or referred to
herein.

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         IN WITNESS HEREOF, the Parties hereto have caused this Settlement
Agreement to be duly executed as of the day and year set forth opposite their
signatures and, further, agree that signatures transmitted by facsimile are and
shall be binding as the original signatures to this Settlement Agreement.

                                             ISLAND PACIFIC, INC.

Date: 9/30/03                                By: /s/ Ran Furman
      ---------------------------                -------------------------------

Witness: Tricia Skoda                        Position:  CFO

                                             CORD CAMERA CENTERS, INC.

Date: 9-30-03                                By: /s/ Steven Q. Cordle
      ---------------------------                -------------------------------

Witness: Karen Hartman                       Position: PresidentQuickLinks
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Exhibit 10.1  

THIS
WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE
REGISTRATION THEREOF UNDER SUCH ACT OR PURSUANT TO RULE 144 OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE CORPORATION AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED. 

FORM OF WARRANT TO PURCHASE STOCK  

	Corporation:	 	Immunicon Corporation, a Delaware corporation
	Number of Shares:	 	[                        ]
	Class of Stock:	 	[                        ]
	Initial Exercise Price	 	[                        ]
	Issue Date:	 	[                        ]
	Expiration Date:	 	[                        ]

        THIS
WARRANT CERTIFIES THAT, for the agreed upon value of [            ] and for other good and valuable consideration,
[                        ] ("Holder") is entitled to purchase the number of fully paid and nonassessable shares of the class of
securities (the "Shares") of the corporation (the
"Company") at the initial exercise price per Share (the "Warrant Price") all as
set forth above and as adjusted pursuant to Article 2 of this Warrant, subject to the provisions and upon the terms and conditions set forth in this Warrant. 

        ARTICLE
1.    EXERCISE.    

        1.1    Method of Exercise.    Holder may exercise this Warrant by delivering a duly executed Notice of Exercise in
substantially the form attached as Appendix 1 to the principal office of the Company. Unless Holder is exercising the conversion right set forth in Section 1.2, Holder shall also deliver
to the Company a check for the aggregate Warrant Price for the Shares being purchased. 

        1.2    Conversion Right.    In lieu of exercising this Warrant as specified in Section 1.1, Holder may from
time to time convert this Warrant, in whole or in part, into a number of Shares determined by dividing (a) the aggregate fair market value of the Shares or other securities otherwise issuable
upon exercise of this Warrant minus the aggregate Warrant Price of such Shares by (b) the fair market value of one Share. The fair market value of the Shares shall be determined pursuant to
Section 1.4. 

        1.3    Intentionally Omitted.    

        1.4    Fair Market Value.    If the Shares are traded in a public market, the fair market value of the Shares shall be
the closing price of the Shares (or the closing price of the Company's stock into which the Shares are convertible) reported for the business day immediately before Holder delivers its Notice of
Exercise to the Company. If the Shares are not traded in a public market, the Board of Directors of the Company shall determine fair market value in its reasonable good faith judgment but in no event
less than the price at which Shares were last issued in an arms-length transaction in which atleast $500,000 of the Shares were sold. 

        1.5    Delivery of Certificate and New Warrant.    Promptly after Holder exercises or converts this Warrant, the
Company shall deliver to Holder certificates for the Shares acquired and, if this Warrant has not been fully exercised or converted and has not expired, a new Warrant representing the Shares not so
acquired. 

        1.6    Replacement of Warrants.    On receipt of evidence reasonably satisfactory to the Company of the loss, theft,
destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form and amount to the Company or, in the
case of mutilation, on surrender and cancellation of this Warrant, the Company at its expense shall execute and deliver, in lieu of this Warrant, a new warrant of like tenor. 

 

        1.7    Repurchase on Sale, Merger, or Consolidation of the Company.    

        1.7.1.    "Acquisition".    For the purpose of this Warrant, "Acquisition" means any sale, license, or other
disposition of all or substantially all of the assets of the Company, or any reorganization, consolidation, or merger of the Company where the holders of the Company's securities before the
transaction beneficially own less than 50% of the outstanding voting securities of the surviving entity after the transaction. 

        1.7.2.    Assumption of Warrant.    Upon the closing of any Acquisition the Holder of the Warrant shall thereafter be
entitled to receive, upon the exercise thereof in whole or in part, the securities or other property to which (and upon the same terms and with the same rights as) a holder of the number of Shares
then deliverable upon the exercise thereof would have been entitled upon such consolidation or merger (subject to adjustments under Article 2 hereof), and the Company shall take such steps in
connection with such consolidation or merger as may be necessary to assure such Holder that the provisions of the Warrant shall thereafter be applicable in relation to any securities or property
thereafter deliverable upon the exercise of this Warrant, including, but not limited to, obtaining a written acknowledgment from the continuing corporation of its obligation to supply such securities
or property upon such exercise and to be so bound by the Warrant. A sale, transfer or lease (in one, or a series of related, transactions) of all or substantially all of the assets of the Company to
another person shall be deemed a consolidation or merger for the foregoing purposes. 

        1.8    Subsequent Equity Financing.    If at any time after the Issue Date, the Company closes on a subsequent series
of preferred stock (the "Financing Round") and the purchase price and related conversion price per share of such subsequent series of preferred stock are lower than the Warrant Price, the Company
agrees that this Warrant may, upon request of the Holder, be exchanged for or converted into a warrant to purchase that number of shares of preferred stock offered by the Company in the Financing
Round equal to the aggregate Warrant Price divided by the purchase price per share of the preferred shares offered in the Financing Round paid by the lead investor and the initial exercise price for
such warrant shall be the price per share of the preferred shares offered in the Financing Round paid by the lead investor. Such warrant will be identical to this Warrant in all other material terms. 

        ARTICLE
2.    ADJUSTMENTS TO THE SHARES.    

        2.1    Stock Dividends, Splits, Etc.    If the Company declares or pays a dividend on its common stock (or the Shares
if the Shares are securities other than common stock) payable in common stock, or other securities, subdivides the outstanding common stock into a greater amount of common stock, or, if the Shares are
securities other than common stock, subdivides the Shares in a transaction that increases the amount of common stock into which the Shares are convertible, then upon exercise of this Warrant, for each
Share acquired, Holder shall receive, without cost to Holder, the total number and kind of securities to which Holder would have been entitled had Holder owned the Shares of record as of the date the
dividend or subdivision occurred. 

        2.2    Reclassification, Exchange or Substitution.    Upon any reclassification, exchange, substitution, or other
event that results in a change of the number and/or class of the securities issuable upon exercise or conversion of this Warrant, Holder shall be entitled to receive, upon exercise or conversion of
this Warrant, the number and kind of securities and property that Holder would have received for the Shares if this Warrant had been exercised immediately before such reclassification, exchange,
substitution, or other event. Such an event shall include any automatic conversion of the outstanding or issuable securities of the Company of the same class or series as the Shares to common stock
pursuant to the terms of the Company's Certificate of Incorporation upon the closing of a registered public offering of the Company's common stock. The Company or its successor shall promptly issue to
Holder a new Warrant for such new securities or other property. The new Warrant shall provide for 

2

 

adjustments
which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article 2 including, without limitation, adjustments to the Warrant Price and to
the number of securities or property issuable upon exercise of the new Warrant. The provisions of this Section 2.2 shall similarly apply to successive reclassifications, exchanges,
substitutions, or other events. 

        2.3    Adjustments for Combinations, Etc.    If the outstanding Shares are combined or consolidated, by
reclassification or otherwise, into a lesser number of shares, the Warrant Price shall be proportionately increased. 

        2.4    Adjustments for Diluting Issuances.    The number of shares of common stock issuable upon conversion of the
Shares, shall be subject to adjustment, from time to time in accordance with the Company's Second Amended and Restated Certificate of Incorporation. 

        2.5    No Impairment.    The Company shall not, by amendment of its Certificate of Incorporation or through a
reorganization, transfer of assets, consolidation, merger, dissolution, issue, or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the
terms to be observed or performed under this Warrant by the Company, but shall at all times in good faith assist in carrying out of all the provisions of this Article 2 and in taking all such
action as may be necessary or appropriate to protect Holder's rights under this Article against impairment. If the Company takes any action affecting the Shares or its common stock other than as
described above that adversely affects Holder's rights under this Warrant, the Warrant Price shall be adjusted downward and the number of
Shares issuable upon exercise of this Warrant shall be adjusted upward in such a manner that the aggregate Warrant Price of this Warrant is unchanged. 

        2.6    Fractional Shares.    No fractional Shares shall be issuable upon exercise or conversion of the Warrant and the
number of Shares to be issued shall be rounded down to the nearest whole Share. If a fractional share interest arises upon any exercise or conversion of the Warrant, the Company shall eliminate such
fractional share interest by paying Holder amount computed by multiplying the fractional interest by the fair market value of a full Share. 

        2.7    Certificate as to Adjustments.    Upon each adjustment of the Warrant Price, the Company at its expense shall
promptly compute such adjustment, and furnish Holder with a certificate of its Chief Financial Officer setting forth such adjustment and the facts upon which such adjustment is based. The Company
shall, upon written request, furnish Holder a certificate setting forth the Warrant Price in effect upon the date thereof and the series of adjustments leading to such Warrant Price. 

        ARTICLE
3.    REPRESENTATIONS AND COVENANTS OF THE COMPANY.    

        3.1    Representations and Warranties.    The Company hereby represents and warrants to the Holder as follows: 

        (a)   The
initial Warrant Price referenced on the first page of this Warrant is not greater than the price per share at which the Shares were last issued in an
arms-length transaction in which at least $500,000 of the Shares were sold. 

        (b)   All
Shares which may be issued upon the exercise of the purchase right represented by this Warrant, and all securities, if any, issuable upon conversion of the Shares,
shall, upon issuance, be duly authorized, validly issued, fully paid and nonassessable, and free of any liens and encumbrances except for restrictions on transfer provided for herein or under
applicable federal and state securities laws. 

        (c)   The
Capitalization table attached hereto is true and correct. 

        3.2    Notice of Certain Events.    If the Company proposes at any time (a) to declare any dividend or
distribution upon its common stock, whether in cash, property, stock, or other securities and whether or not a regular cash dividend; (b) to offer for subscription pro rata to the holders of
any class or 

3

 

series
of its stock any additional shares of stock of any class or series or other rights; (c) to effect any reclassification or recapitalization of common stock; (d) to merge or
consolidate with or into any other corporation, or sell, lease, license, or convey all or substantially all of its assets, or to liquidate, dissolve or wind up; or (e) offer holders of
registration rights the opportunity to participate in an underwritten public offering of the company's securities for cash, then, in connection with each such event, the Company shall give Holder
(1) at least 20 days prior written notice of the date on which a record will be taken for such dividend, distribution, or subscription rights (and specifying the date on which the
holders of common stock will be entitled thereto) or for determining rights to vote, if any, in respect of the matters referred to in (c) and (d) above; (2) in the case of the
matters referred to in (c) and (d) above at least 20 days prior written notice of the date when the same will take place (and specifying the date on which the holders of common
stock will be entitled to exchange their common stock for securities or other property deliverable upon the occurrence of such event); and (3) in the case of the matter referred to in
(e) above, the same notice as is given to the holders of such registration rights. 

        3.3    Information Rights.    So long as the Holder holds this Warrant and/or any of the Shares, the Company shall
deliver to the Holder (a) promptly after mailing, copies of all notices or other written communications to the shareholders of the Company, (b) within ninety (90) days after the
end of each fiscal year of the Company, the annual audited financial statements of the Company certified by independent public accountants of recognized standing and (c) such other financial
statements required under and in accordance with any loan documents between Holder and the Company (or if there are no such requirements or if the subject loan(s) no longer are outstanding), then
within forty-five (45) days after the end of each of the first three quarters of each fiscal year, the Company's quarterly, unaudited financial statements. 

        3.4    Registration Under Securities Act of 1933, as amended.    The Company agrees that the Shares or, if the Shares
are convertible into common stock of the Company, such common stock, shall be subject to the registration rights set forth in that certain Registration Rights Agreement by and between the Company and
the Holder of even date herewith. 

        ARTICLE
4.    MISCELLANEOUS.    

        4.1    Term; Notice of Expiration.    This Warrant is exercisable, in whole or in part, at any time and from time to
time on or before the Expiration Date set forth above. Notwithstanding the foregoing, the Company shall have the right to require that the Warrant be exercised in its entirety upon the effective date
(the "Effective Date") of an initial public offering (an "IPO") of the common stock, without par value ("Common Stock"), of the Company which meets all
of the following requirements: (A) proceeds (net of underwriting discounts and commissions) to the Company of at least $20,000,000, (B) a price per share of at least $1.50 (as adjusted
for stock splits, stock dividends, recapitalizations and similar events) and (C) a pre-offering valuation of the Company's Common Stock of not less than $90,000,000. In the event
that the Company desires to exercise the right set forth in the preceding sentence, it shall so notify the Holder at least 20 days prior to the Effective Date of the IPO. If the Company fails
to provide the notice provided for herein, the Expiration Date shall automatically be extended until 30 days after the date the Company delivers the notice to Holder. After such notice, the
Holder shall exercise this Warrant in its entirely by presentation and surrender of this Warrant to the Company at its principal executive offices with a Cashless Exercise Form in the form annexed
hereto as Appendix 3 duly executed (a "Cashless Exercise"). In the event of a Cashless Exercise, the Warrant shall be exchanged for that number
of shares of Common Stock determined by multiplying the number of Shares that can be acquired upon exercise of this Warrant by a fraction, the numerator of which shall be the difference between the
initial price per share of Common Stock in the IPO and the Exercise Price, and the denominator of which shall be the initial price per share of Common Stock in the IPO. In the event that the IPO does
not proceed, or the Common Stock does not have a valuation in excess of $90,000,000 as contemplated above, the Company shall promptly return the Warrant to the Holder 

4

 

and
destroy the Cashless Exercise Form. In the event that the Holder fails to surrender its Warrant and deliver a Cashless Exercise Form on or before the Effective Date, or make other arrangements
with respect thereto that are satisfactory to the Company, the Warrant and all rights hereunder shall expire at the opening of business on the Effective Date. 

        4.2    Legends.    This Warrant and the Shares (and the securities issuable, directly or indirectly, upon conversion
of the Shares, if any) shall be imprinted with a legend in substantially the following form: 

THIS
SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR
PURSUANT TO RULE 144 OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE CORPORATION AND ITS COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED. 

        4.3    Compliance with Securities Laws on Transfer.    This Warrant and the Shares issuable upon exercise of this
Warrant (and the securities issuable, directly or indirectly, upon conversion of the Shares, if any) may not be transferred or assigned in whole or in part without compliance with applicable federal
and state securities laws by the transferor and the transferee (including, without limitation, the delivery of investment representation letters and legal opinions reasonably satisfactory to the
Company, as reasonably requested by the Company). The Company shall not require Holder to provide an opinion of counsel if the transfer is to an affiliate of Holder or if there is no material question
as to the
availability of current information as referenced in Rule 144(c). Holder represents that it has complied with Rule 144(d) and (e) in reasonable detail, the selling broker
represents that it has complied with Rule 144(f), and the Company is provided with a copy of Holder s notice of proposed sale. 

        4.4    Transfer Procedure.    Subject to the provisions of Section 4.3 Holder may transfer all or part of this
Warrant or the Shares issuable upon exercise of this Warrant (or the securities issuable, directly or indirectly, upon conversion of the Shares, if any) at any time to Silicon Valley Bancshares or The
Silicon Valley Bank Foundation, or, to any other transferee by giving the Company notice of the portion of the Warrant being transferred setting forth the name, address and taxpayer identification
number of the transferee and surrendering this Warrant to the Company for reissuance to the transferee(s) (and Holder if applicable). Unless the Company is filing financial information with the SEC
pursuant to the Securities Exchange Act of 1934, the Company shall have the right to refuse to transfer any portion of this Warrant to any person who directly competes with the Company. 

        4.5    Notices.    All notices and other communications from the Company to the Holder, or vice versa, shall be deemed
delivered and effective when given personally or mailed by first-class registered or certified mail, postage prepaid, at such address as may have been furnished to the Company or the Holder, as the
case may be, in writing by the Company or such holder from time to time. 

        4.6    Waiver.    This Warrant and any term hereof may be changed, waived, discharged or terminated only by an
instrument in writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought. 

        4.7    Attorneys Fees.    In the event of any dispute between the parties concerning the terms and provisions of this
Warrant, the party prevailing in such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including reasonable attorneys' fees. 

5

 

        4.8    Governing Law.    This Warrant shall be governed by and construed in accordance with the laws of the
Commonwealth of Pennsylvania, without giving effect to its principles regarding conflicts of law. 

	 	 	"COMPANY"
	

 	
 	

Immunicon Corporation
	

 	
 	

By:	
 	

/s/ [                        ]

	 	 	 	 	Name:	 	[                        ]
	 	 	 	 	Title:	 	[                        ]
	

 	
 	

By:	
 	

/s/ [                        ]

	 	 	 	 	Name:	 	[                        ]
	 	 	 	 	Title:	 	[                        ]

6

 
 

APPENDIX 1    
    
    NOTICE OF EXERCISE    
    

        1.     The
undersigned hereby elects to purchase                        shares of the Preferred Series    Stock of
Immunicon Corporation pursuant to the terms of the
attached Warrant, and tenders herewith payment of the purchase price of such shares in full. 

        1.     The
undersigned hereby elects to convert the attached Warrant into Shares/cash [strike one] in the manner specified in the Warrant. This
conversion is exercised with respect to                        of the Shares covered by the Warrant. 

        [Strike
paragraph that does not apply.] 

        2.     Please
issue a certificate or certificates representing said shares in the name of the undersigned or in such other name as is specified below: 

	 	 	    
    (Name)	 	 
	

 	
 	

    
	
 	

 
	 	 	    
    (Address)	 	 

        3.     The
undersigned represents it is acquiring the shares solely for its own account and not as a nominee for any other party and not with a view toward the resale or
distribution thereof except in compliance with applicable securities laws. 

	 	 	    
    (Signature)
	

    
    (Date)	
 	

 

 
 

APPENDIX 2    
    
    Notice that Warrant Is About to Expire    
    
               ,
               
    

(Name
of Holder) 

(Address
of Holder) 

Attn:
Chief Financial Officer 

Dear:            

        This
is to advise you that the Warrant issued to you described below will expire on                        ,
20    . 

        Issuer:

        Issue
Date: 

        Class
of Security Issuable: 

        Exercise
Price per Share: 

        Number
of Shares Issuable: 

        Procedure
for Exercise: 

        Please
contact [name of contact person at (phone number)] with any questions you may have concerning exercise of the Warrant. This is your only notice of pending
expiration. 

	 	 	    
 (Name of Issuer)
	

 	
 	

By:

	

 	
 	

Its:

 
 

APPENDIX 3    
    
    Cashless Exercise Form    
    
               ,               

   

(Name
of Holder) 

        The
undersigned hereby elects to Exchange its Warrant for such shares of Common Stock pursuant to the Cashless Exercise provisions of the within Warrant provided for in
Section 4.1 of such Warrant. 

        Please
issue a certificate or certificates for such Common Stock in the name of, and pay cash for fractional share to: 

	 	 	Name:	    

	 	 	Address:	    

	 	 	 	    

	 	 	 	    

	 	 	Social Security No:	    

	 	 	Signature:	    

 
 

Schedule for Form of Warrant to Purchase Stock issued to Silicon Valley Bank    
    

	Name of Holder
 
	 	Warrant Date
	 	Class/Series of

Stock
	 	Number of Shares*
	 	Expiration Date
	 	Exercise Price*

	Silicon Valley Bank	 	May 1999	 	Series D	 	19,420	 	April 2010	 	$0.3218 per share
	Silicon Valley Bank	 	January 2000	 	Series D	 	15,538	 	April 2010	 	$0.3218 per share
	Silicon Valley Bank	 	December 2000	 	Series E	 	7,384	 	April 2010	 	$4.74 per share
	Silicon Valley Bank	 	April 2003	 	Series F	 	13,750	 	April 2010	 	$4.00 per share
	Silicon Valley Bank	 	April 2002	 	Series F	 	25,000	 	April 2010	 	$4.00 per share

	*
	Split
adjusted 

QuickLinks

APPENDIX 1 NOTICE OF EXERCISE

APPENDIX 2 Notice that Warrant Is About to Expire ,

APPENDIX 3 Cashless Exercise Form ,

Schedule for Form of Warrant to Purchase Stock issued to Silicon Valley Bank

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