Document:

Exhibit
10.1

 

SIXTH
AMENDMENT

TO

SECOND
AMENDED AND
RESTATED LOAN AND SECURITY
AGREEMENT

 

This
Sixth Amendment to Second Amended
and Restated Loan and Security
Agreement (this “Amendment”)
is entered into as of April 13, 2020,
by and between Silicon Valley Bank (“Bank”)
and Sensus Healthcare, Inc. (f/k/a Sensus Healthcare, LLC), a Delaware
corporation (“Borrower”),
whose address is 851 Broken Sound
Parkway NW, Suite 215, Boca Raton, FL 33487.

 

Recitals

 

A.
Bank and Borrower have entered into that certain Second Amended and Restated Loan and Security Agreement dated as of September
21, 2016 (as the same has been and may from time to time be further amended, modified, supplemented or restated, the “Loan
Agreement”).

 

B.
Bank has extended credit to Borrower for the purposes permitted in the Loan Agreement.

 

C.
Borrower has requested that Bank amend the Loan Agreement to (i) increase the amount of the Revolving Line, (ii) extend the
maturity date, and (iii) make certain other revisions to the Loan Agreement as more fully set forth herein.

 

D.
Bank has agreed to so amend certain provisions of the Loan Agreement, but only to the extent, in accordance with the terms,
subject to the conditions and in reliance upon the representations and warranties set forth below.

 

Agreement

 

Now,
Therefore, in consideration of the foregoing
recitals and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, and intending to
be legally bound, the parties hereto agree as follows:

 

1.
Definitions. Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan Agreement.

 

2.
Amendments to Loan Agreement.

 

2.1 Section 2.3 (Payment of Interest on the Credit Extensions). Section 2.3(a) is amended in
its entirety and replaced with the following:

 

(a)
Interest Rate.

 

(i)
Advances. Subject to Section 2.3(b), the principal amount outstanding under the Revolving Line (other than Non-Formula
Advances) shall accrue interest at a floating per annum rate equal to (A) during any Streamline Period, the greater of (1) three-quarters
of one percentage point (0.75%) above the Prime Rate and (2) four percent (4.00%), and (B) during any Non-Streamline Period, the
greater of (1) one and one-half percentage points (1.50%) above the Prime Rate and (2) four and three-quarters percent (4.75%),
in any case, which interest shall be payable monthly in accordance with Section 2.3(d) below.

 

    1

     

    

 

(ii)
Non-Formula Advances. Subject to Section 2.3(b), the outstanding principal amount of the Non-Formula Advances shall accrue
interest at a floating per annum rate equal to the greater of (A) one and one-half percentage points (1.50%) above the Prime Rate
and (B) four and three-quarters percent (4.75%), in either case, which interest shall be payable monthly in accordance with Section
2.3(d) below.

 

2.2
Section 2.4 (Fees). Section 2.4(e) is amended in its entirety and replaced with the following:

 

(e)
Revolving Line Facility Fee. A non-refundable facility fee of One Hundred Thousand Dollars ($100,000), fully earned as
of the Sixth Amendment Date, and payable as follows: (i) Fifty Thousand Dollars ($50,000), shall be due and payable on the Sixth
Amendment Date, and (ii) Fifty Thousand Dollars ($50,000), shall be due and payable on the first anniversary of the Sixth Amendment
Date (or any earlier termination of the Revolving Line);

 

2.3
Section 6.6 (Access to Collateral; Books and Records). Section 6.6 is amended by adding the following sentence to the end
thereof:

 

Borrower
hereby acknowledges that such an audit shall be conducted prior to the first Advance after the Sixth Amendment Date.

 

2.4
Section 6.8 (Operating Accounts). Section 6.8(a) is amended in its entirety and replaced with the following:

 

(a)
Borrower and its Subsidiaries shall maintain account balances in any of its accounts at or through Bank representing at least
seventy-five percent (75%) of all deposit account balances of Borrower and such Subsidiaries at any financial institution. Borrower
and its Subsidiaries shall obtain any letters of credit exclusively from Bank.

 

2.5
Section 7.11 (Subsidiary Assets). A new Section 7.11 is added to the Loan Agreement as follows:

 

7.11
Subsidiary Assets. Permit its Subsidiaries’ total cash to exceed One Hundred Thousand Dollars ($100,000) (exclusive
of the One Hundred Thousand Dollars ($100,000) on deposit at Bank Hapoalim as of the Sixth Amendment Date).

 

    2

     

    

 

2.6
Section 13 (Definitions). Clauses (b), (c), (d), (e), (q), and (v) of the defined term “Eligible Accounts” in
Section 13.1 are amended in their entirety and replaced with the following:

 

(b)
Accounts that the Account Debtor has not paid within ninety (90) days (one hundred eighty (180) days for Accounts of SkinCure
Oncology) of invoice date regardless of invoice payment period terms;

 

(c)
Accounts with credit balances over ninety (90) days (one hundred eighty (180) days for Accounts of SkinCure Oncology) from invoice
date;

 

(d)
Accounts owing from an Account Debtor, if fifty percent (50%) or more of the Accounts owing from such Account Debtor have not
been paid within ninety (90) days (one hundred eighty (180) days for Accounts of SkinCure Oncology) of invoice date;

 

(e)
Accounts owing from an Account Debtor which does not have its principal place of business in the United States other than Accounts
owing from Account Debtors approved in writing by Bank on a case-by-case basis in its sole discretion;

 

(q)
Accounts for which Borrower has permitted Account Debtor’s payment to extend beyond ninety (90) days (one hundred eighty
(180) days for Accounts of SkinCure Oncology);

 

(v)
Accounts owing from an Account Debtor, whose total obligations to Borrower exceed twenty-five percent (25%) of all Accounts (except
for SkinCure Oncology, for which such percentage is fifty percent (50%)), for the amounts that exceed that percentage, unless
Bank approves in writing; and

 

2.7
Section 13 (Definitions). The defined term “Permitted Investments” in Section 13.1 is amended by deleting the
word “and” from the end of clause (g), replacing the period at the end of clause (h) with “; and”, and
adding a new clause (i) as follows:

 

(i)
Investments (i) by Borrower in Subsidiaries not to exceed (A) One Million Four Hundred Thousand Dollars ($1,400,000) in the aggregate
for the 2020 fiscal year, and (B) Seven Hundred Fifty Thousand Dollars ($750,000) in the aggregate for the 2021 fiscal year and
for each fiscal year thereafter, and (ii) by Subsidiaries in other Subsidiaries or in Borrower.

 

2.8
Section 13 (Definitions). The following terms and their respective definitions set forth in Section 13.1 are amended in their
entirety and replaced with the following:

 

“Non-Formula
Amount” is an amount equal to (a) at all times that Borrower maintains an Adjusted Quick Ratio, tested monthly, of at
least 1.50 to 1.00, Three Million Dollars ($3,000,000), and (b) at all times that Borrower maintains an Adjusted Quick Ratio,
tested monthly, of less than 1.50 to 1.00, Zero Dollars ($0).

 

“Revolving
Line” is an aggregate principal amount equal to Ten Million Dollars ($10,000,000).

 

“Revolving
Line Maturity Date” means April 1, 2022.

 

    3

     

    

 

2.9
Section 13 (Definitions). The following term and its definition are added to Section 13.1, in appropriate alphabetical order,
as follows:

 

“Sixth
Amendment Date” is April 13, 2020.

 

2.10
Exhibit B (Compliance Certificate). Exhibit B to the Loan Agreement is amended in its entirety and replaced with Exhibit
B attached hereto.

 

3.
Limitation of Amendments.

 

3.1
The amendments set forth in Section 2, above, are effective for the purposes set forth herein and shall be limited precisely
as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition
of any Loan Document, or (b) otherwise prejudice any right or remedy which Bank may now have or may have in the future under or
in connection with any Loan Document.

 

3.2
This Amendment shall be construed in connection with and as part of the Loan Documents and all terms, conditions, representations,
warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed
and shall remain in full force and effect.

 

4.
Representations and Warranties. To induce Bank to enter into this Amendment, Borrower hereby represents and warrants to Bank
as follows:

 

4.1
Immediately after giving effect to this Amendment (a) the representations and warranties contained in the Loan Documents are
true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties
relate to an earlier date, in which case they are true and correct as of such date), and (b) no Event of Default has occurred
and is continuing;

 

4.2
Borrower has the power and authority to execute and deliver this Amendment and to perform its obligations under the Loan Agreement,
as amended by this Amendment;

 

4.3
The organizational documents of Borrower most recently delivered to Bank remain true, accurate and complete and have not been
amended, supplemented or restated and are and continue to be in full force and effect;

 

4.4
The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan
Agreement, as amended by this Amendment, have been duly authorized;

 

4.5
The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan
Agreement, as amended by this Amendment, do not and will not contravene (a) any law or regulation binding on or affecting Borrower,
(b) any contractual restriction with a Person binding on Borrower, (c) any order, judgment or decree of any court or other governmental
or public body or authority, or subdivision thereof, binding on Borrower, or (d) the organizational documents of Borrower;

 

    4

     

    

 

4.6
The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan
Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of,
or filing, recording or registration with, or exemption by any governmental or public body or authority, or subdivision thereof,
binding on Borrower, except as already has been obtained or made; and

 

4.7
This Amendment has been duly executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against
Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization,
liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’
rights.

 

5.
Integration. This Amendment and the Loan Documents represent the entire agreement about this subject matter and supersede
prior negotiations or agreements. All prior agreements, understandings, representations, warranties, and negotiations between
the parties about the subject matter of this Amendment and the Loan Documents merge into this Amendment and the Loan Documents.

 

6.
Counterparts. This Amendment may be executed in any number of counterparts and all of such counterparts taken together shall
be deemed to constitute one and the same instrument.

 

7.
Electronic Execution of Documents. Each party hereto may execute this Amendment by electronic means and recognizes
and accepts the use of electronic signatures and records by any other party hereto in connection with the execution and storage
hereof.

 

8.
Effectiveness. This Amendment shall be deemed effective upon (a) the due execution and delivery to Bank of this Amendment
by each party hereto, (b) Borrower’s payment of the facility fee in an amount equal to Fifty Thousand Dollars ($50,000)
pursuant to Section 2.4(e)(i) of the Loan Agreement (as amended hereby), and (c) payment of Bank’s legal fees and expenses
in connection with the negotiation and preparation of this Amendment.

 

[Signature
page follows.]

 

    5

     

    

 

In
Witness Whereof, the parties hereto have caused
this Amendment to be duly executed and delivered as of the date first written above.

 

	BANK	 	BORROWER
	 	 	 
	Silicon Valley Bank	 	Sensus Healthcare, Inc.
	 	 	 
	By:	/s/
    Dan Greaney	 	By:	/s/
    Javier Rampolla
	Name:	Dan Greaney	 	Name:	Javier Rampolla
	Title:	Vice President I, Life Sciences	 	Title:	CFO

 

[Signature
Page to Sixth Amendment to

Second
Amended and Restated Loan and Security Agreement]

 

     

     

    

 

EXHIBIT
B

 

COMPLIANCE
CERTIFICATE

 

	TO:	SILICON VALLEY BANK	Date: ________________
	FROM:	SENSUS HEALTHCARE, INC.	 

 

 

The
undersigned authorized officer of SENSUS
HEALTHCARE, INC. (“Borrower”)
certifies that under the terms and
conditions of the Second Amended and Restated
Loan and Security Agreement between Borrower
and Bank (the “Agreement”),
(1) Borrower is in complete compliance for
the period ending
_______________ with all required
covenants except as noted below,
(2) there are no Events of Default, (3)
all representations and warranties in
the Agreement are true and correct in all material
respects on this date except as
noted below; provided, however, that such materiality
qualifier shall not be applicable
to any representations and warranties that already
are qualified or modified by
materiality in the
text thereof; and provided, further
that those representations
and warranties expressly referring
to a specific date shall be true,
accurate and complete in all material
respects as of such date, (4) Borrower, and
each of its Subsidiaries, has
timely filed all required tax
returns and reports, and Borrower
has timely paid all foreign,
federal, state and local taxes, assessments,
deposits and contributions owed
by Borrower except as otherwise
permitted pursuant to the terms of Section
5.9 of the Agreement, and (5) no Liens have
been levied or claims made against
Borrower or any
of its Subsidiaries relating to
unpaid employee payroll or benefits of
which Borrower has not previously
provided written notification to Bank.
Attached are the required documents
supporting the certification. The undersigned
certifies that these are prepared
in accordance with GAAP consistently
applied from one period to the next
except as explained in an accompanying
letter or footnotes. The undersigned acknowledges
that no borrowings may be requested
at any time or date of determination
that Borrower is not in compliance with
any of the terms of the Agreement, and
that compliance is determined not just
at the date this certificate is delivered.
Capitalized terms used but not otherwise
defined herein shall have the meanings
given them in the Agreement.

 

Please
indicate
compliance status
by circling Yes/No
under “Complies” column.

 

	Reporting Covenant	 	Required	 	Complies
	 	 	 	 	 
	Monthly financial statements with Compliance Certificate	 	Monthly within 30 days	 	Yes No
	Annual financial statement (CPA Audited) + CC	 	FYE within 150 days	 	Yes No
	10-Q, 10-K and 8-K	 	Monthly within 30 days	 	Yes No
	Borrowing Base Report	 	Monthly within 30 days	 	Yes No
	A/R & A/P Agings, Deferred Revenue report	 	Monthly within 30 days	 	Yes No
	Annual Financial Projections	 	FYE within 30 days and as updated	 	Yes No

 

	Financial Covenant	 	Required	 	Actual	 	Complies
	 	 	 	 	 	 	 
	Maintain on a Monthly Basis:	 	 	 	 	 	 
	Minimum Adjusted Quick Ratio	 	1.35:1.00	 	____:1.00	 	Yes No

 

	Lockbox; Streamline Period; Non-Formula Availability	 	Applies
	AQR ≥ 2.00:1.00*	 	No Lockbox Required; Streamline Period; Non-Formula = $3,000,000	 	Yes No
	2.00:1.00 > AQR ≥ 1.50:1.00*	 	Lockbox Required; Streamline Period; Non-Formula = $3,000,000	 	Yes No
	AQR < 1.50:1.00	 	Lockbox Required; Non-Streamline Period; Non-Formula = $0	 	Yes No

 

		*	At
all times
during the applicable
Testing Month

 

     

     

    

 

The
following financial covenant analysis and information set forth
in Schedule 1 attached hereto
are true and accurate as of the
date of this Certificate.

 

The
following are the exceptions with respect
to the certification above: (If no exceptions
exist, state “No exceptions
to note.”)

 

 

 

 

 

 

 

	Sensus Healthcare, Inc.	 	BANK USE ONLY
	 	 	 
	By:	        	 	Received by:	 
	Name:	 	 	 	AUTHORIZED SIGNER
	Title:	 	 	
	 	 	Date:	 
	 	 	 
	 	 	Verified:	                  
	 	 	 	AUTHORIZED SIGNER
	 	 	 	 
	 	 	Date:	 
	 	 	 	 
	 	 	Compliance Status: Yes No

 

     

     

    

 

Schedule
1 to Compliance Certificate

 

Financial
Covenants of Borrower

 

In
the event of a conflict
between this Schedule and the Loan
Agreement, the terms of the Loan Agreement shall govern.

 

Dated:
____________________

 

		I.	Adjusted
Quick Ratio

 

	Required:	1.35:1.00
    (For financial covenants) 
	 	2.00:1.00 (For Lockbox
    to not be required) 
	 	1.50:1.00
    (For Streamline Period eligibility (at all times during the applicable Testing Month) and Non-Formula availability)

 

Actual:

 

	A. 	Aggregate
    value of the unrestricted cash and Cash Equivalents of Borrower maintained with Bank 	$_________ 
	 	 	 
	B. 	Aggregate
    value of the net billed accounts receivable of Borrower 	$ _________ 
	 	 	 
	C. 	Quick
    Assets (the sum of lines A and B) 	$ _________ 
	 	 	 
	D. 	Aggregate
    value of Obligations to Bank 	$ _________ 
	 	 	 
	E. 	Aggregate
    value of liabilities that should, under GAAP, be classified as liabilities on Borrower’s consolidated balance sheet,
    including all Indebtedness and the current portion of Subordinated Debt, and not otherwise reflected in line D above that
    matures within one (1) year 	$ _________ 
	 	 	 
	F. 	Current
    Liabilities (the sum of lines D and E) 	$ _________ 
	 	 	 
	G. 	Aggregate
                                                value of all amounts received or invoiced by Borrower in advance of performance under contracts and not yet recognized as
                                                revenue
	$ _________ 
	 	 	 
	H. 	Line
    F minus line G 	$ _________ 
	 	 	 
	I. 	Adjusted
    Quick Ratio (line C divided by line H) 	____:1.00 

 

Is
line I equal to or greater than 1.35:1.00?

 

	_______  No:
    Not in compliance	 	_______  Yes:
    In Compliance
	 	 	 
	Has line
    I been equal to or greater than 2.00:1.00 at all times during the term of this Agreement?
	 	 	 
	_______  No: Lockbox is
    required	 	_______  Yes:
                                Lockbox is not required

	 	 	 
	Was
                                         line I equal to or greater than 1.50:1.00 at all times during the applicable Testing
                                         Month?

	 	 	 
	_______  No: Non-Streamline
    Period; Non-Formula = $0	 	_______  Yes: Streamline
    Period; Non-Formula = $3,000,000Exhibit 4.2

 

QUALCOMM INCORPORATED

 

OFFICERS’ CERTIFICATE PURSUANT TO

SECTIONS 2.02, 10.04 AND 10.05 OF THE INDENTURE

 

May 8, 2020

 

Akash Palkhiwala and Erin Polek do hereby
certify that they are the Executive Vice President and Chief Financial Officer, and the Senior Vice President, Corporate Controller
and Chief Accounting Officer, respectively, of QUALCOMM Incorporated, a Delaware corporation (the “Company”),
and do further certify, pursuant to resolutions of the Board of Directors of the Company adopted on May 7, 2018 and March 9, 2020
and a certified extract of the minutes of the Board of Directors of the Company, dated May 4, 2020 (collectively, the “Board
Resolutions”), and in accordance with Sections 2.02, 10.04 and 10.05 of the Indenture (the “Indenture”)
dated as of May 20, 2015 between the Company and U.S. Bank National Association, as trustee (the “Trustee”),
as follows:

 

1.                 
There is hereby established (i) a series of Securities entitled the “2.150% Notes due 2030” and the form,
terms and provisions of the 2.150% Notes due 2030 shall be as set out in Annex A and (ii) a series of Securities entitled
the “3.250% Notes due 2050” (together with the 2.150% Notes due 2030, the “Notes”) and the form, terms
and provisions of the 3.250% Notes due 2050 shall be as set out in Annex B.

 

2.                 
In addition to the covenants set forth in Article IV of the Indenture, the Notes shall be subject to the following additional
covenants, and such additional covenants shall be subject to the defeasance provisions set forth in Article VIII of the Indenture:

 

(a)              
Limitation on Liens.

 

The Company will not, and will not permit
any Restricted Subsidiary to, directly or indirectly, incur or permit to exist any Lien securing Indebtedness (the “Initial
Lien”) on any Principal Property, whether owned at the Issue Date or thereafter acquired, other than Permitted Liens,
without effectively providing that the Notes (together with, at the option of the Company, any other Indebtedness of the Company
or any of its Subsidiaries ranking equally in right of payment with the Notes) are secured equally and ratably with (or prior to)
the obligations so secured for so long as such obligations are so secured.

 

Notwithstanding the foregoing, the Company
or its Restricted Subsidiaries may, without equally and ratably securing the applicable series of Notes, create or incur Liens
which would otherwise be subject to the restrictions set forth in the preceding paragraph, if after giving effect thereto, Aggregate
Debt does not exceed the greater of (1) 25% of Consolidated Net Worth calculated as of the date of the creation or incurrence
of the Lien and (2) 25% of Consolidated Net Worth calculated as of the Issue Date.

 

Any such Lien thereby created in favor of
the Notes will be automatically and unconditionally released and discharged upon (1) the release and discharge of each Initial
Lien to which it relates, or (2) any sale, exchange or transfer to any Person that is not an affiliate of the Company of the
property or assets secured by such Initial Lien.

 

     

    2 

    

 

(b)              
Limitation on Sale and Leaseback Transactions.

 

The Company will not, and will not permit
any Restricted Subsidiary to, enter into any Sale/Leaseback Transaction with respect to any Principal Property unless:

 

(1)              
the Company or such Restricted Subsidiary would be entitled to incur Indebtedness secured by a mortgage on the property
to be leased in an amount equal to Attributable Liens with respect to such Sale/Leaseback Transactions without equally and ratably
securing the Notes of such series pursuant to the first paragraph of Section 2(a) above;

 

(2)              
the net proceeds of the sale of the Principal Property to be leased are applied within 365 days of the effective date of
the Sale/Leaseback Transaction to the purchase, construction, development or acquisition of another Principal Property or to the
repayment of any series of Notes or Indebtedness of the Company that ranks equally with the Notes or any Indebtedness of one or
more Restricted Subsidiaries; provided that in lieu of applying such amount to such retirement, the Company may deliver Notes to
the Trustee for cancellation, such Notes to be credited at the cost thereof to the Company;

 

(3)              
such transaction was entered into prior to the Issue Date;

 

(4)              
such transaction involves a lease for not more than three years (or which may be terminated by the Company or a Restricted
Subsidiary within a period of not more than three years); or

 

(5)              
such Sale/Leaseback Transaction with respect to any Principal Property was between only the Company and a Subsidiary of
the Company or only between Subsidiaries of the Company.

 

Notwithstanding the foregoing, the Company
and its Restricted Subsidiaries may enter into Sale/Leaseback Transactions, without complying with the requirements of the preceding
paragraph, if, after giving effect thereto, the Aggregate Debt does not exceed the greater of (i) 25% of Consolidated Net
Worth calculated as of the closing date of the Sale/Leaseback Transaction and (ii) 25% of Consolidated Net Worth calculated
as of the Issue Date.

 

3.                 
In addition to the definitions set forth in Article I of the Indenture, the Notes shall be interpreted in accordance with
the following additional definitions, which, in the event of a conflict with the definition of terms in the Indenture, shall control:

 

“Aggregate Debt” means the sum
of the following as of the date of determination: (1) the aggregate principal amount of the Company’s and its Restricted
Subsidiaries’ Indebtedness incurred after the Issue Date and secured by Liens not permitted by the first paragraph under
Section 2(a) above and (2) the Company’s and its Restricted Subsidiaries’ Attributable Liens in respect of Sale/Leaseback
Transactions entered into after the Issue Date pursuant to the second paragraph of Section 2(b) above.

 

“Attributable Liens” means
in connection with a Sale/Leaseback Transaction the lesser of: (1) the fair market value of the assets subject to such
transaction, as determined in good faith by the Board of Directors; and (2) the present value (discounted at a rate of
7.5% per annum compounded monthly) of the obligations of the lessee for rental payments during the term of the related
lease.

 

     

    3 

    

 

“Capital Lease” means any Indebtedness
represented by a lease obligation of a Person incurred with respect to real property or equipment acquired or leased by such Person
and used in its business that is required to be recorded as a capital lease in accordance with GAAP.

 

“Capital Stock” of any Person
means any and all shares, interests (including partnership interests), rights to purchase, warrants, options, participations or
other equivalents of or interests in (however designated) equity of such Person, including any preferred stock, but excluding any
debt securities convertible into such equity.

 

“Consolidated Net Worth” means,
as of any date of determination, the Stockholder’s Equity of the Company and its Restricted Subsidiaries on that date.

 

“Hedging Obligations” means:

 

		(1)	interest rate swap agreements and other agreements designed to hedge or reduce the risk of interest rate fluctuations; and

 

		(2)	agreements or arrangements designed to hedge or reduce the risk of fluctuations in currency exchange rates or commodity prices,

 

in each case, not entered into for speculative purposes.

 

“Indebtedness” means, with respect
to any Person on any date of determination: the principal in respect of (1) indebtedness of such Person for money borrowed,
including, without limitation, indebtedness for money borrowed evidenced by notes, debentures, bonds or other similar instruments
or letters of credit (or reimbursement agreements with respect thereto) or representing any balance deferred and unpaid portion
of the purchase price of any Principal Property (including pursuant to Capital Leases) and (2) all guarantees in respect of
such indebtedness of another Person (it being understood, however, that indebtedness for money borrowed shall in no event include
any amounts payable or other liabilities to trade creditors (including undrawn letters of credit) arising in the ordinary course
of business). For the avoidance of doubt, Hedging Obligations are not Indebtedness.

 

“Issue Date” means May 8,
2020.

 

“Lien” means any mortgage or
deed of trust, charge, pledge, lien, privilege, security interest, assignment, easement, hypothecation, claim, preference, priority
or other similar encumbrance upon or with respect to any property of any kind (including any conditional sale, capital lease or
other title retention agreement, any lease in the nature thereof and any agreement to give any security interest); provided, however,
that in no event shall an operating lease be deemed to constitute a Lien.

 

     

    4 

    

 

“Permitted Liens” means, with
respect to any Person:

 

		(1)	Liens on any assets, created solely to secure obligations incurred to finance the refurbishment, improvement or construction
of such asset, which obligations are incurred no later than 12 months after completion of such refurbishment, improvement or construction;

 

		(2)	Liens existing on the Issue Date;

 

		(3)	Liens granted after the Issue Date in favor of the Holders;

 

		(4)	Liens on assets (including shares of Capital Stock) of another Person at the time such other Person becomes a Subsidiary of
such Person (other than a Lien incurred in connection with, or to provide all or any portion of the funds or credit support utilized
to consummate, the transaction or series of transactions pursuant to which such Person becomes such a Subsidiary); provided, however,
that the Liens may not extend to any other categories of assets owned by such Person or any of its Subsidiaries (other than assets
and property affixed or appurtenant thereto);

 

		(5)	(i) Liens given to secure the payment of the purchase price incurred in connection with the acquisition (including acquisition
through merger or consolidation) of any Principal Property, including Capital Lease transactions in connection with any such acquisition,
and (ii) Liens existing on any Principal Property at the time of acquisition thereof or at the time of acquisition by the
Company of any Person then owning such property whether or not such existing Liens were given to secure the payment of the purchase
price of the property to which they attach; provided that with respect to clause (i), the Liens shall be given within 12 months
after such acquisition and shall attach solely to the Principal Property acquired or purchased and any improvements then or thereafter
placed thereon and any proceeds thereof;

 

		(6)	pre-existing Liens on assets acquired after the Issue Date;

 

		(7)	Liens in favor of the Company or one of its Restricted Subsidiaries;

 

		(8)	Liens on any Principal Property in favor of the United States or any State thereof or any political subdivision thereof to
secure progress or other payments or to secure Indebtedness incurred for the purpose of financing the cost of acquiring, constructing
or improving such Principal Property;

 

		(9)	Liens incurred in connection with an acquisition of assets or a project financed on a non-recourse basis;

 

		(10)	Liens incurred to secure cash management services in the ordinary course of business or on insurance policies and the proceeds
thereof securing the financing of the premiums with respect thereto;

 

     

    5 

    

 

		(11)	Liens created to secure the Notes and Liens in favor of the Trustee granted in accordance with the Indenture;

 

		(12)	Liens for taxes, assessments or other governmental charges not yet due or payable or subject to penalties for non- payment
or which are being contested in good faith by appropriate proceedings;

 

		(13)	purported Liens evidenced by the filing of precautionary UCC financing statements; and

 

		(14)	any extensions, renewals or replacements of any Lien referred to in clauses (1) through (13) without increase of the principal
of the Indebtedness secured by such Lien (except to the extent of any fees, premiums or other costs associated with any such extension,
renewal or replacement); provided, however, that any Liens permitted by any of clauses (1) through (13) shall not extend to or
cover any property of the Company or any of its Restricted Subsidiaries, as the case may be, other than the property specified
in such clauses and improvements to such property.

 

“Principal Property” means the
Company’s principal offices in San Diego, California, and each manufacturing and research and development facility (including
associated office facilities) located within the territorial limits of the States of the United States of America owned by the
Company or any of its Restricted Subsidiaries, except such as the Company’s Board of Directors by resolution determines in
good faith (taking into account, among other things, the importance of such property to the business, financial condition and earnings
of the Company and its Restricted Subsidiaries taken as a whole) not to be of material importance to the business of the Company
and its Restricted Subsidiaries, taken as a whole.

 

“Restricted Subsidiary” means
any Subsidiary other than:

 

		(1)	any Subsidiary primarily engaged in financing receivables or in the finance business; or

 

		(2)	any Subsidiary that is not a significant subsidiary within the meaning of Rule 1-02 of Regulation S-X.

 

“Sale/Leaseback Transaction”
means an arrangement relating to property owned by the Company or a Restricted Subsidiary on the Issue Date or thereafter acquired
by the Company or a Restricted Subsidiary whereby the Company or a Restricted Subsidiary transfers such property to a Person and
the Company or a Subsidiary leases it from such Person.

 

“Stockholders’ Equity”
means, as of any date of determination, stockholders’ equity as reflected on the Company’s most recent consolidated
balance sheet prepared in accordance with GAAP.

 

     

    6 

    

 

“Subsidiary” means, with respect
to any Person, any corporation, association, partnership or other business entity of which more than 50% of the total voting power
of shares of Voting Stock is at the time owned or controlled, directly or indirectly, by:

 

		(1)	such Person;

 

		(2)	such Person and one or more Subsidiaries of such Person; or

 

		(3)	one or more Subsidiaries of such Person.

 

“Voting Stock” of a Person means
all classes of Capital Stock of such Person then outstanding and normally entitled (without regard to the occurrence of any contingency)
to vote in the election of directors, managers or trustee thereof.

 

4.                 
Notwithstanding the notice of redemption requirements set forth in Article III of the Indenture, at least 10 days but not
more than 60 days before a date for redemption of the Notes, the Company shall mail a notice of redemption by first-class mail
to each Holder of the Notes to be redeemed at such Holder’s registered address, or in the case of Global Securities, delivered
according to the procedures of the Depositary.

 

5.                 
Notwithstanding the notice requirements set forth in Article X of the Indenture, delivery of electronically executed notices,
approvals, consents, requests and any communications hereunder or otherwise in respect of the Notes by facsimile, electronically
in portable document format (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic
Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com or any
provider identified by the Company to the Trustee in writing) or in any other format will be effective as delivery of a manually
executed notice, approval, consent, request or communication. The Company agrees to assume all risks arising out of the use of
using electronic signatures and electronic methods to submit communications to the Trustee, including without limitation the risk
of the Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties.

 

6.                 
The initial public offering prices of the 2.150% Notes due 2030 and the 3.250% Notes due 2050 were 99.596% and 99.202% of
the respective principal amounts thereof.

 

7.                 
The Company may, without the consent of the holders, issue additional notes under the Indenture in the future with the same
terms and with the same CUSIP number as any series of Notes in an unlimited aggregate principal amount.

 

8.                 
The Notes shall be issued as registered Global Securities (subject to exchange for definitive certificated Notes under the
circumstances provided in the Indenture).

 

9.                 
Each of the undersigned is authorized to approve the form, terms and conditions of the Notes pursuant to the Board Resolutions.

 

10.                 Attached
hereto as Annex C is a true and correct copy of the letter addressed to the Trustee entitling the Trustee to rely on
certain paragraphs of the Opinion of Counsel attached thereto, which Opinion relates to the Notes and is delivered in
compliance with Sections 2.03, 10.04(2) and 10.05 of the Indenture.

 

     

    7 

    

 

11.                
Each of the undersigned has reviewed the provisions of the Indenture, including the conditions precedent pertaining to the
authentication and issuance of the Notes.

 

12.                
In connection with this certificate, each of the undersigned has examined documents, corporate records and certificates
and has spoken with other officers of the Company.

 

13.                
I, Akash Palkhiwala, and I, Erin Polek, have made such examination and investigation as is necessary to enable me to express
an informed opinion as to whether or not such conditions precedent of the Indenture pertaining to the authentication and issuance
of the Notes have been satisfied.

 

14.                
In each of our respective opinions all of the conditions precedent provided for in the Indenture for the authentication
and issuance of the Notes have been satisfied.

 

Terms used herein that are not otherwise
defined but that are defined in the Indenture or the Notes shall have the meanings ascribed thereto in the Indenture or the Notes,
as the case may be.

 

Any electronic signature hereof shall be
of the same legal effect, validity or enforceability as a manually executed signature, to the extent and as provided for in any
applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic
Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

 

[Signature Page Follows]

 

     

     

    

 

IN WITNESS WHEREOF, each of the undersigned
officers has executed this certificate as of the date first written above.

 

	 	QUALCOMM INCORPORATED
	 	 
	 	By:	/s/ Akash Palkhiwala
	 	 	Akash Palkhiwala
	 	 	Executive Vice President and 

Chief Financial Officer
	 	 	 
	 	By:	/s/ Erin Polek
	 	 	Erin Polek
	 	 	Senior Vice President, Corporate Controller and 

Chief Accounting Officer

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