Document:

Exhibit

Exhibit 10.2

PLEDGE AGREEMENT
This PLEDGE AGREEMENT, dated as of August 4, 2016 (as may be amended, restated, supplemented, or otherwise modified from time to time, this “Agreement”) made by HARVEST CAPITAL CREDIT CORPORATION, a Delaware corporation (“Pledgor”), in favor of PACIFIC WESTERN BANK, a California state chartered bank, in its capacity as agent (in such capacity, together with its successors and assigns, the “Agent”) on behalf of itself as a Lender (as defined below) and the other Lenders.
W I T N E S S E T H:
WHEREAS, pursuant to that certain Loan and Security Agreement, dated as of October 29, 2013 (as amended by (i) that certain First Amendment to Loan and Security Agreement, dated as of December 30, 2013, (ii) that certain Second Amendment to Loan and Security Agreement, dated as of December 17, 2014, (iii) that certain Third Amendment to Loan and Security Agreement, dated as of September 22, 2015, and (iv) that certain Fourth Amendment to Loan and Security Agreement and Joinder and Limited Waiver and Consent (the “Fourth Amendment”), dated as of the date hereof (as may be further amended, restated, supplemented or otherwise modified from time to time, the “Loan Agreement”), by and among Agent, Pledgor and each other Person party thereto from time to time as “Borrower” thereunder (collectively, the “Borrower”), and the financial institutions party thereto from time to time as lenders (each a “Lender” and collectively, the “Lenders”), Agent and the Lenders have made available to Borrower certain financial accommodations (the “Loan”);
WHEREAS, Pledgor is the record and beneficial direct owner of certain shares of stock, membership interests, partnership interests or other equity interests in the Pledged Entities;
WHEREAS, Pledgor directly benefits from the Loans made available to and continuing to be made available to Borrower under the Loan Agreement and the other Loan Documents;
WHEREAS, in order to induce the Agent and the Lenders to enter into the Fourth Amendment on the date hereof and to continue making the Loans and other financial accommodations in connection therewith, Pledgor has agreed to pledge the Pledged Collateral (as defined below) to Agent, for the benefit of Lenders, in accordance herewith;
NOW, THEREFORE, in consideration of the premises and the covenants hereinafter contained and to induce Agent to enter into the Loan Agreement and to continue to make loans under the Loan Agreement, it is agreed as follows:
1.Definitions.  Unless otherwise defined herein, terms defined in the Loan Agreement are used herein as therein defined and the following shall have (unless otherwise provided elsewhere in this Agreement) the following respective meanings (such meanings being equally applicable to both the singular and plural form of the terms defined):
“Pledged Collateral” has the meaning assigned to such term in Section 2 hereof.
“Pledged Entity” means an issuer of Pledged Equity.
“Pledged Equity” means all shares, membership interests, partnership interests or other equity interests in each of the entities identified on Schedule I attached hereto (as supplemented from time to time as provided herein), whether such shares or interests are identified on Schedule I or not, and whether now owned or hereafter acquired by Pledgor.
“Secured Obligations” has the meaning assigned to such term in Section 3 hereof.
2.
    Pledge.  
(a)
    Pledgor hereby pledges and grants to Agent a first priority and exclusive security interest in all of its right, title and interest in and to the following (collectively, the “Pledged Collateral”):
a.the Pledged Equity and any certificates representing the Pledged Equity, all dividends, distributions, cash, instruments and other property or proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the Pledged Equity; and 
b.such portion, as determined by Agent as provided in Section 6(d) below, of any additional shares of stock, membership interests, partnership interests or other equity interests of a Pledged Entity from time to time acquired by Pledgor in any manner (which shares, membership interests, partnership interests or other equity interests shall be deemed to be part of the Pledged Equity), and any certificates representing such additional shares, membership interests, partnership interests, or other equity interests, and all dividends, distributions, cash, instruments and other property or proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such stock, membership interests, partnership interests or other equity interests.
(b)
    Notwithstanding the foregoing (and without limiting the effect of Section 8(a) herein below), unless and until an Event of Default shall have occurred and be continuing (and in any event subject to the terms and provisions of the Loan Agreement), Pledgor shall be entitled to (x) exercise any and all voting and/or other consensual rights and powers inuring to an owner of Pledged Equity or any part thereof, and (y) receive and retain, free and clear of the Lien granted hereunder, any and all dividends, interest, principal and other distributions paid on or distributed in respect of the Pledged Equity to the extent and only to the extent that such dividends, interest, principal and other distributions are permitted by, and otherwise paid or distributed in accordance with, the terms and conditions of the Loan Agreement and the other Loan Documents.
3.
    Security for Obligations.  This Agreement secures, and the Pledged Collateral is security for, the prompt payment in full when due, whether at stated maturity, by acceleration or otherwise, and performance of all of the Obligations (collectively, the “Secured Obligations”).  Pledgor acknowledges and agrees that this Agreement is a Security Document.
4.
    Delivery of Pledged Collateral.  All certificates evidencing the Pledged Collateral (together with the applicable transfer powers executed in blank) shall be delivered to and held by or on behalf of Agent pursuant hereto on the date hereof.  All Pledged Equity which are represented by certificates shall be accompanied by duly executed instruments of transfer or assignment in blank, all in form and substance satisfactory to Agent.
5.
    Representations and Warranties.  Pledgor represents and warrants to Agent that:
(a)
    Pledgor is, and at the time of delivery of the Pledged Equity to Agent will be, the sole holder of record and the sole beneficial owner of all shares, membership interests, partnership interests or other equity interests in each Pledged Entity, free and clear of any Lien thereon or affecting the title thereto, except for any Lien created or otherwise permitted by the Loan Documents;
(b)
    all of the Pledged Equity have been duly authorized, validly issued and are fully paid and if applicable, non‐assessable;
(c)
    Pledgor has the right and requisite authority to pledge, assign, transfer, deliver, deposit and set over the Pledged Collateral to Agent as provided herein;
(d)
    none of the Pledged Equity have been issued or transferred in violation of the securities registration, securities disclosure or similar laws of any jurisdiction to which such issuance or transfer may be subject;
(e)
    all of the Pledged Equity are presently owned by Pledgor as set forth in Section 5(a) above and are presently represented by the certificates listed, if any, on Schedule I hereto.  As of the date hereof, there are no existing options, warrants, calls or commitments of any character whatsoever relating to the Pledged Equity;
(f)
    no consent, approval, authorization or other order or other action by, and no notice to or filing with, any Governmental Authority or any other Person is required (i) for the pledge by Pledgor of the Pledged Collateral pursuant to this Agreement or for the execution, delivery or performance of this Agreement by Pledgor, or (ii) for the exercise by Agent of the voting or other rights provided for in this Agreement or the remedies in respect of the Pledged Collateral pursuant to this Agreement, except (x) filings to perfect the security interests created hereby and (y) as has been obtained prior to the date hereof and as may be required in connection with such disposition by laws affecting the offering and sale of securities generally;
(g)
    this pledge, assignment and delivery of the Pledged Collateral pursuant to this Agreement, together with the filing of the appropriate financing statement with the appropriate filing authority, will create a valid, first priority and exclusive Lien on and a first priority, perfected security interest in favor of Agent in the Pledged Collateral and the proceeds thereof, securing the payment of the Secured Obligations, subject to no other Lien other than any Lien created or otherwise permitted by the Loan Documents;
(h)
    this Agreement has been duly authorized, executed and delivered by Pledgor and constitutes a legal, valid and binding obligation of Pledgor enforceable against Pledgor in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium, or other similar laws affecting creditors’ rights generally and subject to equitable principles (regardless of whether enforcement is sought in equity or at law); 
(i)
    the Pledged Equity constitute one-hundred percent (100%) of the issued and outstanding shares of stock, membership interests, partnership interests or other equity interests of the Pledged Entities;
(j)
    the execution, delivery and performance by Pledgor of this Agreement and the consummation of the transactions contemplated hereby and the creation and granting of the security interests and Liens contemplated hereby do not and will not (to the best of Pledgor’s knowledge and except as permitted by the Loan Documents) (i) conflict with or violate any provision of any Applicable Law, statute, rule, regulation, ordinance, license or tariff or any judgment, decree or order of any court or other Governmental Authority binding on or applicable to Pledgor or any of its properties or assets in effect on the date hereof, except to the extent that such conflict or violation could not, individually or in the aggregate, be expected to have a Material Adverse Effect; (ii) conflict with, result in a breach of, constitute a default of or an event of default under, require any consent not obtained under, or result in or require the acceleration of any Indebtedness pursuant to, any indenture, agreement or other instrument to which Pledgor or any entity whose securities or other ownership interests constitute part of the Pledged Collateral is a party or by which it or they, or any of its or their respective properties or assets are bound or subject; (iii) if applicable, conflict with or violate any provision of the articles of incorporation or formation, by-laws, limited liability company agreement or similar documents of Pledgor or any agreement by and between Pledgor or any Pledged Entity and its shareholders, members, partners or other equity owners or among any such shareholders, members, partners or other equity owners; or (iv) result in the creation or imposition of any Lien of any nature whatsoever upon any of the properties or assets of Pledgor (except as contemplated herein); and
(k)
    there is no action, suit, proceeding or investigation pending or, to Pledgor’s knowledge, threatened against or affecting the Pledged Collateral, Pledgor, this Agreement or the transactions contemplated hereby, that questions or could reasonably be expected to prevent the validity of this Agreement or the right or ability of Pledgor to enter into this Agreement or to consummate the transactions contemplated hereby.
The representations and warranties set forth in this Section 5 shall survive the execution and delivery of this Agreement.
6.
    Covenants.  Pledgor covenants and agrees that until the termination of the Loan Agreement and release of the Collateral thereunder in accordance with the terms of the Loan Agreement:
(a)
    Without the prior written consent of Agent, Pledgor shall not sell, assign, transfer, pledge, or otherwise encumber any of its rights in or to the Pledged Collateral, or any unpaid dividends, interest or other distributions or payments with respect to the Pledged Collateral or grant a Lien in the Pledged Collateral, unless otherwise expressly permitted by the Loan Documents;
(b)
    Pledgor will, at its expense, promptly execute, acknowledge and deliver all such instruments and take all such actions as Agent from time to time may reasonably request in order to ensure to Agent and the Lenders the benefits of the Liens in and to the Pledged Collateral intended to be created by this Agreement, including the delivery of any necessary control agreements and the filing of any necessary UCC financing statements, which may be filed by Agent with or (to the extent permitted by law) without the signature of Pledgor, and will cooperate with Agent, at Pledgor’s expense, in obtaining all necessary approvals and making all necessary filings under federal, state, local or foreign law in connection with such Liens or any sale or transfer of the Pledged Collateral;
(c)
    Pledgor has and will defend the title to the Pledged Collateral and the Liens of Agent in the Pledged Collateral against the claim of any Person and will maintain and preserve such Liens;
(d)
    Pledgor will, upon obtaining ownership of any additional stock, membership interests, partnership interests or other equity interests of any other Person joined to the Loan Agreement as a Borrower, which stock, membership interests, partnership interests or other equity interests are not already Pledged Collateral, promptly (and in any event within five (5) Business Days) deliver to Agent a Pledge Amendment, duly executed by Pledgor, in substantially the form of Schedule II hereto (a “Pledge Amendment”) in respect of any such additional stock, membership interests, partnership interests or other equity interests pursuant to which Pledgor shall pledge to Agent all of such additional stock, membership interests, partnership interests or other equity interests.  Pledgor hereby authorizes Agent to attach any Pledge Amendment to this Agreement and agrees that all Pledged Equity listed on any Pledge Amendment delivered to Agent shall for all purposes hereunder be considered Pledged Collateral; and
(e)
    Pledgor will not permit any Pledged Entity to amend or otherwise modify any of its organizational documents in any manner, except (x) to the extent such amendment or modification could not be reasonably expected to have a Material Adverse Effect, and (y) as otherwise permitted under the Loan Documents.  
7.
    Waiver of Transfer Restrictions.  Pledgor hereby consents to the terms and conditions contained in this Agreement, to the transactions contemplated thereby and to all future amendments hereto, notwithstanding any limitations or restrictions on such transactions set forth in the governing documents of the Pledged Entities or otherwise with respect to the transfer of the Pledged Equity.  Without limiting the foregoing, Pledgor agrees that any rights of first refusal, options to purchase or other conditions or restrictions affecting the transfer of the Pledged Equity shall not be triggered by, or otherwise in any respect be applicable to, the execution and delivery of this Agreement or the exercise of Agent’s rights and remedies under this Agreement, as amended from time to time, and upon Agent’s exercise of its rights and remedies under this Agreement (as amended from time to time), Agent, any other Lender, a purchaser at a foreclosure sale of the Pledged Equity or such party’s designee shall be immediately and automatically admitted as an owner of the applicable Pledged Entity with all ownership rights accruing to it (including, without limitation, all rights to distributions and voting) without the need to obtain the consent of any owner or a Pledged Entity or to provide or comply with a right of first refusal or option to purchase with the respect to the Pledged Equity in favor of any owner, a Pledged Entity or any other Person, notwithstanding anything in the governing documents of a Pledged Entity, any agreement amongst one or more of the Pledgor with respect to the Pledged Equity or otherwise to the contrary or in conflict thereof.
8.
    Defaults and Remedies; Proxy.
(a)
    Upon the occurrence of an Event of Default and during the continuation of such Event of Default, and concurrently with written notice to Pledgor, Agent (personally or through an agent) is hereby authorized and empowered to transfer and register in its name or in the name of its nominee the whole or any part of the Pledged Collateral, to exercise all rights, powers, options and remedies provided for in the Loan Agreement or any other Loan Documents or under the applicable Uniform Commercial Code or other Applicable Law, to exchange certificates or  instruments representing or evidencing Pledged Collateral for certificates or instruments of smaller or larger denominations, to exercise the voting and all other rights as a holder with respect thereto, to collect and receive all cash dividends, interest, principal and other distributions made thereon, to sell in one or more sales after ten (10) days’ notice of the time and place of any public sale or of the time at which a private sale is to take place (which notice Pledgor agrees is commercially reasonable) the whole or any part of the Pledged Collateral and to otherwise act with respect to the Pledged Collateral as though Agent was the outright owner thereof.  All rights and remedies under this Agreement and the other Loan Documents are cumulative and are not alternative to or exclusive of any other rights or remedies Agent may have.  The partial or complete exercise of any right or remedy shall not preclude any other further exercise of such or any other right or remedy.  Any sale shall be made at a public or private sale at Agent’s place of business, or at any place to be named in the notice of sale, either for cash or upon credit or for future delivery at such price as Agent may reasonably deem fair and Agent may be the purchaser of the whole or any part of the Pledged Collateral so sold and hold the same thereafter in its own right free from any claim of Pledgor or (to the maximum extent permitted by Applicable Law) any right of redemption.  Each sale shall be made to the highest bidder, but Agent reserves the right to reject any and all bids at such sale which, in its reasonable discretion, it shall deem inadequate.  Demands of performance, except as otherwise herein specifically provided for, notices of sale, advertisements and the presence of property at sale are hereby waived and any sale hereunder may be conducted by an auctioneer or any officer or agent of Agent.  PLEDGOR HEREBY IRREVOCABLY CONSTITUTES AND APPOINTS AGENT AS THE PROXY AND ATTORNEY‐IN‐FACT OF PLEDGOR WITH RESPECT TO THE PLEDGED COLLATERAL, INCLUDING THE RIGHT TO VOTE THE PLEDGED EQUITY, WITH FULL POWER OF SUBSTITUTION TO DO SO; PROVIDED, THAT SUCH PROXY AND ATTORNEY-IN-FACT SHALL ONLY BE EXERCISED BY AGENT DURING THE EXISTENCE AND CONTINUANCE OF AN EVENT OF DEFAULT UPON WRITTEN NOTICE OF SAID EVENT OF DEFAULT TO PLEDGOR.  THE APPOINTMENT OF AGENT AS PROXY AND ATTORNEY-IN-FACT IS COUPLED WITH AN INTEREST AND SHALL BE IRREVOCABLE UNTIL (I) THE SECURED OBLIGATIONS HAVE BEEN INDEFEASIBLY PAID IN FULL, IN CASH AND OTHERWISE FULLY SATISFIED AND (II) AGENT SHALL HAVE NO FURTHER OBLIGATIONS, AND PLEDGOR SHALL HAVE NO FURTHER RIGHTS, UNDER THE LOAN DOCUMENTS.  IN ADDITION TO THE RIGHT TO VOTE THE PLEDGED EQUITY, THE APPOINTMENT OF AGENT AS PROXY AND ATTORNEY-IN-FACT SHALL INCLUDE THE RIGHT TO EXERCISE ALL OTHER RIGHTS, POWERS, PRIVILEGES AND REMEDIES TO WHICH A HOLDER OF THE PLEDGED EQUITY WOULD BE ENTITLED (INCLUDING GIVING OR WITHHOLDING WRITTEN CONSENTS OF SHAREHOLDERS, MEMBERS AND PARTNERS, CALLING SPECIAL MEETINGS OF SHAREHOLDERS, MEMBERS AND PARTNERS AND VOTING AT SUCH MEETINGS) AND TO TAKE ALL ACTIONS AS AGENT MAY CONSIDER NECESSARY IN ITS SOLE DISCRETION TO PROTECT, PERFECT AND REALIZE UPON ITS LIEN AND SECURITY INTEREST IN THE PLEDGED COLLATERAL. SUCH PROXY SHALL BE EFFECTIVE, AUTOMATICALLY AND WITHOUT THE NECESSITY OF ANY ACTION (INCLUDING ANY TRANSFER OF ANY PLEDGED EQUITY ON THE RECORD BOOKS OF THE ISSUER THEREOF) BY ANY PERSON (INCLUDING THE ISSUER OF THE PLEDGED EQUITY OR ANY OFFICER OR AGENT THEREOF), UPON THE OCCURRENCE AND DURING THE CONTINUANCE OF AN EVENT OF DEFAULT UPON WRITTEN NOTICE OF SAID EVENT OF DEFAULT TO PLEDGOR.  NOTWITHSTANDING THE FOREGOING, AGENT SHALL NOT HAVE ANY DUTY TO EXERCISE ANY SUCH RIGHT OR TO PRESERVE THE SAME AND SHALL NOT BE LIABLE FOR ANY FAILURE TO DO SO OR FOR ANY DELAY IN DOING SO.
(b)
    If, at the original time or times appointed for the sale of the whole or any part of the Pledged Collateral, the highest bid, if there be but one sale, shall be inadequate to discharge in full all the Secured Obligations, or if the Pledged Collateral be offered for sale in lots, if at any of such sales, the highest bid for the lot offered for sale would indicate to Agent, in its reasonable discretion, that the proceeds of the sales of the whole of the Pledged Collateral would be unlikely to be sufficient to discharge all the Secured Obligations, Agent may, on one or more occasions and in its sole discretion, postpone any of said sales by public announcement at the time of sale or the time of previous postponement of sale, and no other notice of such postponement or postponements of sale need be given, any other notice being hereby waived; provided, however, that any sale or sales made after such postponement shall be after ten (10) days’ notice to Pledgor.
(c)
    [Intentionally omitted].
(d)
    [Intentionally omitted].
(e)
    Pledgor recognizes that, by reason of certain prohibitions contained in the applicable securities laws, Agent may be compelled, with respect to any sale of all or any part of the Pledged Collateral conducted without prior registration of such Pledged Collateral under the applicable securities laws, to restrict such sale to a purchaser who is an “accredited investor” under the applicable securities laws and who will represent and agree that such purchaser is purchasing for its own account, for investment and not with a view to the distribution or sale of such Pledged Collateral or any part thereof.  In addition, Agent shall not be required to effect any registration of the Pledged Collateral under the applicable securities laws or cause the same to be effected but, in its discretion (subject only to applicable requirements of law), may require that any sale hereunder (including a sale at auction) be conducted subject to restrictions: 
(i)
    as to the financial sophistication and ability of any Person permitted to bid or purchase at any such sale; 
(ii)
    as to the content of legends to be placed upon any certificates representing the Pledged Collateral sold in such sale, including restrictions on future transfer thereof;
(iii)
    as to the representations required to be made by each Person bidding or purchasing at such sale relating to that Person’s access to financial information about Pledgor and such Person’s intentions as to the holding of the Pledged Collateral so sold for investment for its own account and not with a view to the distribution thereof; and 
(iv)
    as to such other matters as Agent may, in its discretion, deem necessary or appropriate in order that such sale (notwithstanding any failure so to register) may be affected in compliance with the United States Bankruptcy Code and other laws affecting the enforcement of creditors’ rights and the Act and all applicable state securities laws.
(f)
    Pledgor recognizes that Agent may be unable to effect a public sale of any or all the Pledged Collateral and may be compelled to resort to one or more private sales thereof in accordance with clause (e) above.  Pledgor also acknowledges that any such private sale may result in prices and other terms less favorable to the seller than if such sale were a public sale and, notwithstanding such circumstances, agrees that any such private sale shall not be deemed to have been made in a commercially unreasonable manner solely by virtue of such sale being private.  Agent shall be under no obligation to delay a sale of any of the Pledged Collateral for the period of time necessary to permit any Pledged Entity to register such securities for public sale under applicable state securities laws, even if Pledgor and such Pledged Entity would agree to do so.
(g)
    Pledgor agrees, to the maximum extent permitted by Applicable Law, that following the occurrence and during the continuance of an Event of Default it will not at any time plead, claim or take the benefit of any appraisal, valuation, stay, extension, or moratorium law now or hereafter in force in order to prevent or delay the enforcement of this Agreement, or the absolute sale of the whole or any part of the Pledged Collateral or the possession thereof by any purchaser at any sale hereunder, and Pledgor waives the benefit of all such laws to the extent it lawfully may do so.  Moreover, Pledgor agrees that Agent may sell the Pledged Collateral in the exercise of its rights hereunder free and clear of any right of redemption.  Pledgor agrees that it will not interfere with any right, power and remedy of Agent provided for in this Agreement or now or hereafter existing at law or in equity or by statute or otherwise, or the exercise or beginning of the exercise by Agent of any one or more of such rights, powers or remedies.  No failure or delay on the part of Agent to exercise any such right, power or remedy and no notice or demand which may be given to or made upon Pledgor by Agent with respect to any such remedies shall operate as a waiver thereof, or limit or impair Agent’s right to take any action or to exercise any power or remedy hereunder, without notice or demand, or prejudice its rights as against Pledgor in any respect.
(h)
    Pledgor further agrees that a breach of any of the covenants contained in this Section 8 will cause irreparable injury to Agent, that Agent shall have no adequate remedy at law in respect of such breach and, as a consequence, agrees that each and every covenant contained in this Section 8 shall be specifically enforceable against Pledgor, and Pledgor hereby waives and agrees not to assert any defenses against Agent in an action for specific performance of such covenants except for a defense that no Event of Default has then occurred and is continuing or that the Secured Obligations are not then due and payable in accordance with the agreements and instruments governing and evidencing such obligations.
9.
    Waiver.  No delay on Agent’s part in exercising any power of sale, Lien, option or other right hereunder, and no notice or demand which may be given to or made upon Pledgor by Agent with respect to any power of sale, Lien, option or other right hereunder, shall constitute a waiver thereof, or limit or impair Agent’s right to take any action or to exercise any power of sale, Lien, option, or any other right hereunder, without notice or demand, or prejudice Agent’s rights as against Pledgor in any respect.
10.
    Assignment.  Agent may assign, indorse or transfer any instrument evidencing all or any part of the Secured Obligations as provided in, and in accordance with, the Loan Agreement, and the holder of such instrument shall be entitled to the benefits of this Agreement.
11.
    Waivers.  Pledgor hereby waives setoff, counterclaim, recoupment, demand, presentment, protest, all defenses with respect to any and all instruments and all notices (other than such notices expressly required by this Agreement or any other Loan Document) and demands of any description (including, without limitation, notice of acceptance hereof, notice of any Loan or Loan Advance made, letter of credit issued, credit extended, collateral received or delivered) and the pleading of any statute of limitations as a defense to any demand under any Loan Document, it being the intention that Pledgor shall remain liable under the Loan Documents until the full amount of all Secured Obligations shall have been indefeasibly paid in cash and performed and satisfied in full and the Loan Agreement terminated, notwithstanding any act, omission or anything else which might otherwise operate as a legal or equitable discharge of Pledgor.
12.
    [Reserved].  
13.
    [Reserved].  
14.
    Reinstatement.  This Agreement shall remain in full force and effect and continue to be effective should any petition be filed by or against Pledgor or any Pledged Entity for liquidation or reorganization, should Pledgor or any Pledged Entity become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be appointed for all or any significant part of Pledgor’s or a Pledged Entity’s assets, and shall continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Secured Obligations, or any part thereof, is, pursuant to Applicable Law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee of the Secured Obligations, whether as a “voidable preference”, “fraudulent conveyance”, or otherwise, all as though such payment or performance had not been made.  In the event that any payment, or any part thereof, is rescinded, reduced, restored or returned, the Secured Obligations shall be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned.  This paragraph shall survive the repayment of the Secured Obligations and the termination of the Loan Agreement.
15.
    Miscellaneous.  
(a)
    Agent may execute any of its duties hereunder by or through agents or employees and shall be entitled to advice of counsel concerning all matters pertaining to its duties hereunder.
(b)
    Pledgor agrees to promptly reimburse Agent for actual out‐of‐pocket expenses, including, without limitation, reasonable counsel fees, incurred by Agent in connection with the administration and enforcement of this Agreement.
(c)
    Neither Agent nor any of its respective officers, directors, employees, agents or counsel shall be liable for any action lawfully taken or omitted to be taken by it or them hereunder or in connection herewith, except to the extent of its own gross negligence or willful misconduct as finally determined by a court of competent jurisdiction.
(d)
    THIS AGREEMENT SHALL BE BINDING UPON PLEDGOR AND ITS SUCCESSORS AND ASSIGNS (INCLUDING A DEBTOR-IN-POSSESSION ON BEHALF OF PLEDGOR), AND SHALL INURE TO THE BENEFIT OF, AND BE ENFORCEABLE BY, AGENT AND ITS SUCCESSORS AND ASSIGNS.  
(e)
    THIS AGREEMENT SHALL BE GOVERNED BY THE LAWS OF THE UNITED STATES OF AMERICA (“FEDERAL LAW”) AND, FOR THE PURPOSES OF EXPORTATION OF INTEREST AND INTEREST FEES UNDER FEDERAL LAW, AGENT RELIES ON CALIFORNIA LAW.  TO THE EXTENT THAT STATE LAW APPLIES AND IS NOT PREEMPTED BY FEDERAL LAW, THEN PURSUANT TO NEW YORK GENERAL OBLIGATIONS LAW SECTION 5-1401 THE LAWS OF THE STATE OF NEW YORK SHALL GOVERN THIS AGREEMENT WITHOUT GIVING EFFECT TO ITS CHOICE OF LAW PROVISIONS THAT WOULD RESULT IN APPLICATION OF THE LAWS OF A DIFFERENT JURISDICTION.  TO THE EXTENT THAT AGENT OR ANY LENDER HAS GREATER RIGHTS OR REMEDIES UNDER FEDERAL LAW, WHETHER AS A NATIONAL BANK OR OTHERWISE, THIS PARAGRAPH SHALL NOT BE DEEMED TO DEPRIVE AGENT OR SUCH LENDER OF SUCH RIGHTS AND REMEDIES AS MAY BE AVAILABLE UNDER FEDERAL LAW; PROVIDED, THAT AT ALL TIMES THE PROVISIONS FOR THE CREATION, PERFECTION, AND ENFORCEMENT OF THE LIEN AND SECURITY INTEREST CREATED PURSUANT TO THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAW OF THE STATE IN WHICH THE PLEDGED COLLATERAL IS LOCATED.  TO THE FULLEST EXTENT PERMITTED BY LAW, PLEDGOR HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERN THIS AGREEMENT.
16.
    Severability.  If for any reason any provision or provisions hereof are determined to be invalid and contrary to any existing or future law, such invalidity shall not impair the operation of or affect those portions of this Agreement which are valid.
17.
    Notices.  All notices hereunder shall be provided as set forth in the Loan Agreement.  Any notices to Agent or Pledgor shall be at the address set forth in the Loan Agreement or at such other address as Agent or Pledgor may designate pursuant thereto.  
18.
    Section Titles.  The Section titles contained in this Agreement are and shall be without substantive meaning or content of any kind whatsoever and are not a part of the agreement between the parties hereto.
19.
    Phrases.  When used in this Agreement, wherever the context of this Agreement may so require, the gender shall include the masculine, feminine and neuter, and the singular shall include the plural and vice versa.
20.
    Counterparts.  This Agreement may be executed in any number of counterparts (which shall, collectively and separately, constitute one agreement) and delivered by facsimile, portable document format (.pdf), or other electronic means, which facsimile, portable document format (.pdf), or other electronic signatures shall be considered original executed counterparts.
21.
    Benefit of Agent and the Lenders.  All security interests granted or contemplated hereby shall be for the benefit of Agent and the Lenders, and all proceeds or payments realized from the Pledged Collateral in accordance herewith shall be applied to the Secured Obligations in accordance with the terms of the Loan Agreement.
22.
    Waiver of Jury Trial.  
(a)EACH PARTY HEREBY (i) EXPRESSLY, KNOWINGLY AND VOLUNTARILY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION ARISING UNDER THIS AGREEMENT OR IN ANY WAY CONNECTED WITH OR INCIDENTAL TO THE DEALINGS OF THE PARTIES WITH RESPECT TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AND (ii) AGREES AND CONSENTS THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION AS WRITTEN EVIDENCE OF THE CONSENTS OF THE PARTIES TO THE WAIVER OF THEIR RESPECTIVE RIGHTS TO TRIAL BY JURY.
(b)IN THE EVENT ANY SUCH CLAIM OR CAUSE OF ACTION IS BROUGHT OR FILED IN ANY UNITED STATES FEDERAL COURT SITTING IN THE STATE OF CALIFORNIA OR IN ANY STATE COURT OF THE STATE OF CALIFORNIA, AND THE WAIVER OF JURY TRIAL SET FORTH IN CLAUSE (a) ABOVE IS DETERMINED OR HELD TO BE INEFFECTIVE OR UNENFORCEABLE, THE PARTIES AGREE THAT ALL CLAIMS AND CAUSES OF ACTION SHALL BE RESOLVED BY REFERENCE TO A PRIVATE JUDGE SITTING WITHOUT A JURY, PURSUANT TO CALIFORNIA CODE OF CIVIL PROCEDURE SECTION 638, BEFORE A MUTUALLY ACCEPTABLE REFEREE OR, IF THE PARTIES CANNOT AGREE, A REFEREE SELECTED BY THE PRESIDING JUDGE OF THE LOS ANGELES COUNTY, CALIFORNIA. SUCH PROCEEDING SHALL BE CONDUCTED IN LOS ANGELES COUNTY, CALIFORNIA, WITH CALIFORNIA RULES OF EVIDENCE AND DISCOVERY APPLICABLE TO SUCH PROCEEDING. IN THE EVENT CLAIMS OR CAUSES OF ACTION ARE TO BE RESOLVED BY JUDICIAL REFERENCE, ANY PARTY MAY SEEK FROM ANY COURT HAVING JURISDICTION THEREOVER ANY PREJUDGMENT ORDER, WRIT OR OTHER RELIEF AND HAVE SUCH PREJUDGMENT ORDER, WRIT OR OTHER RELIEF ENFORCED TO THE FULLEST EXTENT PERMITTED BY LAW NOTWITHSTANDING THAT ALL CLAIMS AND CAUSES OF ACTION ARE OTHERWISE SUBJECT TO RESOLUTION BY JUDICIAL REFERENCE.
[Remainder of page intentionally blank; signature pages follow.]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first written above.
PLEDGOR:
 
HARVEST CAPITAL CREDIT CORPORATION,
a Delaware corporation

By:      /s/ Richard P. Buckanavage    
Name:    Richard P. Buckanavage  
Title:      Chief Executive Officer and President

ACKNOWLEDGMENT
The undersigned hereby acknowledges receipt of a copy of the foregoing Pledge Agreement, agrees promptly to note on its books and records the security interests granted under such Pledge Agreement, and waives any rights or requirement at any time hereafter to receive a copy of such Pledge Agreement in connection with the registration of any Collateral in the name of Agent or its nominee or the exercise of voting rights by Agent, and, after written notice from Agent that an Event of Default has occurred, it agrees, that in acting upon the instructions of Agent, it will not require the further consent of, or seek further instruction from, Pledgor at any time (and without limiting the foregoing, it acknowledges and agrees that, pursuant to the Pledge Agreement, Pledgor has waived, among other things, all rights of first refusal, options to purchase or other conditions or restrictions with respect to the transfer of Pledged Equity in connection with the execution, delivery and enforcement of the Pledge Agreement).  

ACKNOWLEDGED AND AGREED:

HCAP EQUITY HOLDINGS, LLC,
a Delaware limited liability company
By:    Harvest Capital Credit Corporation,
its sole Member 

By:    /s/ Richard P. Buckanavage     
Name:    Richard P. Buckanavage 
Title:    Chief Executive Officer and President

SCHEDULE I
PLEDGED EQUITY
	
					
	Name and 
Address of Pledgor
	Pledged Entity
	Class of Stock, Membership Interests or Partnership Interests
	Certificate 
Number(s)
	Number of Shares, Membership Interests or Partnership Interests

	Harvest Capital Credit Corporation
767 Third Avenue, 25th Floor
New York, New York 10017
Attn: Richard P. Buckanavage, President and CEO
	HCAP EQUITY HOLDINGS, LLC,
a Delaware limited liability company
	N/A
	N/A
	100%

SCHEDULE II
PLEDGE AMENDMENT
This PLEDGE AMENDMENT, dated [___________], 20[__], is delivered pursuant to Section 6(d) of the Pledge Agreement referred to below.  All defined terms herein shall have the meanings ascribed thereto or incorporated by reference in the Pledge Agreement.  
The undersigned hereby certifies that the representations and warranties in Section 5 of the Pledge Agreement are and continue to be true and correct, as to the shares, membership interests, partnership interests and other equity interests pledged prior to this Pledge Amendment and as to the shares, membership interests, partnership interests and other equity interests pledged pursuant to this Pledge Amendment.  
The undersigned further agrees that this Pledge Amendment may be attached to that certain Pledge Agreement, dated August 4, 2016, HARVEST CAPITAL CREDIT CORPORATION, a Delaware corporation, in favor of PACIFIC WESTERN BANK, a California state chartered bank (as amended, restated, supplemented, or otherwise modified from time to time, the “Pledge Agreement”) and that the Pledged Equity listed on Annex A to this Pledge Amendment shall be and become a part of the Pledged Collateral referred to in said Pledge Agreement and shall secure all Secured Obligations referred to in said Pledge Agreement.  
The undersigned (i) acknowledges that any shares, membership interests, partnership interests or other equity interests not included in the Pledged Collateral at the discretion of Agent may not otherwise be pledged by Pledgor to any other Person or otherwise used as security for any obligations other than the Secured Obligations, and (ii) represents and warrants that all representations and warranties set forth in the Pledge Agreement, are true, correct and complete as to the Pledged Equity listed on this Pledge Amendment as if made on the date hereof.

HARVEST CAPITAL CREDIT CORPORATION,
a Delaware corporation

By:          
Name:    Richard P. Buckanavage  
Title:      Chief Executive Officer and President        

ANNEX A
to Pledge Amendment
PLEDGED EQUITY
	
					
	Name and 
Address of Pledgor
	Pledged Entity
	Class of Stock, Membership Interests or Partnership Interests
	Certificate 
Number(s)
	Number of Shares, Membership Interests or Partnership Interests

	[__________]
[__________]
[__________]
Attn: [__________]
	[__________]
	[__________]
	[__________]
	[__________]

[Harvest] Pledge AgreementEX-10.1

 Exhibit 10.1 

CHANGE IN CONTROL AGREEMENT 

THIS CHANGE IN CONTROL AGREEMENT (the “Agreement”), is effective as of
                    , 2016 between MERIDIAN BIOSCIENCE, INC., an Ohio corporation (the “Company”), and
                    (“Executive”). 

WHEREAS, the Company considers it in the best interests of its shareholders to foster the continued employment of certain key management
personnel including those employed directly by the Company and those employed by a subsidiary of the Company; and 
 WHEREAS, the Board
recognizes that, as is the case with many publicly held corporations, the possibility of a Change in Control exists and that such possibility, and the uncertainty and questions which it may raise among management, may result in the departure or
distraction of such key management personnel to the detriment of the Company and its shareholders; and 
 WHEREAS, the Board has determined
that appropriate steps should be taken to reinforce and encourage the continued attention and dedication of such key management personnel, including the Executive, to their assigned duties to the Company and/or its subsidiaries, as the case may be,
without distraction in the face of the possibility of a Change in Control; 
 NOW, THEREFORE, in consideration of the premises and the
mutual covenants herein contained, the Company and the Executive hereby agree as follows: 
 1. Defined Terms. The definitions of
capitalized terms used in this Agreement are provided in the last Section hereof. 
 2. Term of Agreement. The Term of this Agreement
shall commence on the date hereof and shall continue in effect through December 31, 2016; provided, however, that effective January 1, 2017 and each January 1 thereafter, the Term that is then in effect shall automatically be extended
for one additional year unless the Company has given no less than thirty (30) days written notice before the January 1 in question that the Term that is in effect at the time such notice is given will not be extended; and further provided,
however, that if a Change in Control occurs during the Term, the Term shall expire no earlier than twenty-four (24) calendar months after the calendar month in which such Change in Control occurs. Notwithstanding the foregoing, this Agreement
shall terminate if the Executive ceases to be an employee of the Company and its subsidiaries for any reason prior to a Change in Control. However, anything in this Agreement (including the preceding sentence) to the contrary notwithstanding, if a
Change in Control occurs and if, within three months prior to the date on which such Change in Control occurs, the Executive’s employment with the Company is terminated by the Company without Cause or an event occurs that would, if it took
place after the Change in Control, constitute Good Reason for termination of employment by the Executive, and if it is reasonably demonstrated by the Executive that such termination of employment by the Company or event constituting Good Reason for
termination of employment by the Executive (a) was undertaken at the request of a third party who has taken steps reasonably calculated to effect the Change in Control, or (b) otherwise arose in connection with or in anticipation of the
Change in Control, then for purposes of this Agreement such termination of employment by the Company without Cause or event constituting Good Reason shall be deemed to occur during the 24 month period following the Change in Control and, if the
Executive terminates his employment for such Good Reason before the Change in Control, such termination of employment by the Executive shall likewise be deemed to occur during the 24 month period following the Change in Control. 

  
 - 1 - 

 3. Company’s Covenants Summarized. In order to induce the Executive to remain in the
employ of the Company and in consideration of the Executive’s covenants set forth in Section 4 hereof, the Company agrees, under the conditions described herein, to pay the Executive the Severance Payments and the other payments and
benefits described herein. Except as provided in Section 2, Section 6.3, or Section 9.1 hereof, no amounts shall be payable under this Agreement unless the Executive’s employment with the Company terminates following a Change in
Control and during the Term. This Agreement shall not be construed as creating an express or implied contract of employment enforceable against the Company nor, except as provided in Section 4 below, enforceable against the Executive, and,
except as otherwise agreed in writing between the Executive and the Company, the Executive shall not have any right to be retained in the employ of the Company. 

4. The Executive’s Covenants. The Executive agrees to remain in the employ of the Company, subject to the terms and conditions of
this Agreement, if a Potential Change in Control occurs during the Term and the Executive is then in the employ of the Company, until the earliest of (a) the date which is six (6) months from the date of such Potential Change in Control,
(b) the date of a Change in Control, (c) the date of termination by the Executive of the Executive’s employment for Good Reason or by reason of death, Disability or Retirement, or (d) the termination by the Company of the
Executive’s employment for any reason; provided that Executive’s agreement to remain in the employ of the Company shall be subject to the condition that no adverse change occurs after the Potential Change in Control in his title, duties,
responsibilities, authority, reporting relationships, work location, compensation, benefits or indemnification rights. 
 5. Certain
Compensation Other Than Severance Payments. 
 5.1. If the Executive’s employment shall be terminated for any reason following a
Change in Control and during the Term, the Company shall pay the Executive his full salary through the date of termination at the rate in effect immediately prior to the date of termination or, if higher, the rate in effect immediately prior to the
first occurrence of an event or circumstance constituting Good Reason, together with all compensation and benefits payable to the Executive through the date of termination under the terms of the Company’s compensation and benefit plans,
programs and arrangements as in effect immediately prior to the date of termination or, if more favorable to the Executive, as in effect immediately prior to the first occurrence of an event or circumstance constituting Good Reason. 

5.2. If the Executive’s employment shall be terminated for any reason following a Change in Control and during the Term, the Company
shall pay the Executive his annual bonus for the fiscal year of the Company preceding the fiscal year of the Company in which the termination occurs, if unpaid at the time of the termination, the amount of such bonus to be determined by the
Compensation Committee of the Board on a basis no less favorable to the Executive than its bonus determinations with respect to the Executive prior to the Change in Control, unless the Committee made no bonus determinations with respect to the
Executive before the Change in Control, in which case on a basis no less favorable to the Executive than its bonus determinations with respect to other executives of comparable rank before the Change in Control. Such bonus shall be paid at such time
provided in the bonus plan, or if no time is provided for in the bonus plan, then no later than the 15th day of the third month following the end of the calendar year in which the Executive’s
right to the bonus is no longer subject to a substantial risk of forfeiture. 

  
 - 2 - 

 5.3. Subject to Section 6.1 hereof, if the Executive’s employment shall be terminated
for any reason following a Change in Control and during the Term, the Company shall pay to the Executive the Executive’s normal post-termination compensation and benefits as such payments become due. Any such post-termination compensation and
benefits shall be determined under, and paid in accordance with, the Company’s retirement, insurance and other compensation and benefit plans, programs and arrangements as in effect immediately prior to the date of termination or, if more
favorable to the Executive, as in effect immediately prior to the occurrence of the first event or circumstance constituting Good Reason. 

6. Severance Payments. 

6.1. Subject to Section 6.2 and Section 6.3 hereof, if the Executive has a Separation from Service following a Change in Control and
during the Term either by the Company or by the Executive, other than (a) by the Company for Cause, (b) by reason of death or Disability, or (c) by the Executive without Good Reason (any such Separation from Service being hereafter
sometimes referred to as a “Compensable Termination”), then the Company shall pay the Executive the amounts, and provide the Executive the benefits, described in this Section 6.1 (“Severance Payments”) and Section 6.4,
in addition to any payments and benefits to which the Executive is entitled under Sections 5 and 6.3 hereof. Notwithstanding the foregoing, the Executive shall not be eligible to receive any payment or benefit provided for in this Section 6.1
or Section 6.4 unless the Executive shall have executed a release substantially in the form of Exhibit A hereto effective as of the date of the Compensable Termination or a date subsequent thereto and shall not have revoked said release. No
later than the latest date for payment provided for in Section 6.2, the Executive must have properly executed the release and returned it to the Company, and such release must have become fully effective and irrevocable. If that condition is
not met, the Executive shall not be entitled at any time to any payment or benefit provided for in this Section 6.1 or Section 6.4. The Severance Payments and benefits provided in Section 6.4 are in lieu of any severance benefits that
would otherwise be payable or provided pursuant to any severance plan or practice of the Company other than those payments and benefits to which the Executive is entitled under Sections 5 and 6.3 hereof. 

(i) The Company shall pay the Executive, at the time provided in Section 6.2 below, a lump sum cash payment equal to two
(2) times the full amount of the Executive’s target bonus (as determined by the Company’s Officers’ Performance Compensation Plan, management incentive program or similar plan, as the case may be) for the fiscal year of the
Company in which the Compensable Termination occurs. 

  
 - 3 - 

 (ii) The Company shall pay the Executive, at the time provided in
Section 6.2 below, a lump sum cash payment equal to two (2) times the Executive’s annual base salary at the rate in effect immediately prior to the Compensable Termination or, if higher, in effect immediately prior to the first
occurrence of an event or circumstance constituting Good Reason (“Base Salary”). 
 (iii) The Company will pay the
Executive for all earned but unused vacation leave at the time of the Compensable Termination. 
 (iv) Reimbursement of any
unreimbursed business expenses incurred prior to the date of the Compensable Termination. 
 6.2. All payments to be made pursuant to
subsections (i) through (iv) of Section 6.1 above shall be made within thirty (30) calendar days after the date on which a Compensable Termination occurs. It is the intention of the parties that the payments pursuant to
subsection (i) through (iv) of Section 6.1 above meet the “short-term deferral” exception under Section 409A of the Code and the Treasury Regulations; and the parties shall interpret this Agreement accordingly. 

6.3. In the event that the severance and other benefits provided for in this Agreement or otherwise payable to Executive (i) constitute
“parachute payments” within the meaning of Section 280G of the Code, and (ii) would be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then Executive’s benefits under this
Agreement shall be either 
 (i) delivered in full, or 

(ii) delivered as to such lesser extent which would result in no portion of such benefits being subject to the Excise Tax,
whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the Excise Tax, results in the receipt by Executive on an after-tax basis, of the greatest amount of benefits, notwithstanding that all
or some portion of such benefits may be taxable under Section 4999 of the Code. If a reduction in severance and other benefits constituting “parachute payments” is necessary so that benefits are delivered to a lesser extent, reduction
will occur in the following order: reduction of cash payments, cancellation of equity awards granted within the twelve (12) month period prior to a “change in control” (as determined under Code Section 280G) that are deemed to
have been granted contingent upon the change in control (as determined under Code Section 280G), cancellation of accelerated vesting of equity awards, reduction of employee benefits. 

Unless the Company and Executive otherwise agree in writing, any determination required under this Section shall be made in writing by the Company’s
independent public accountants (the “Accountants”), whose determination shall be conclusive and binding upon Executive and the Company for all purposes. For purposes of making the calculations required by this Section, the Accountants may
make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Section 280G and 4999 of the Code. The Company and Executive shall furnish to the
Accountants such information and documents as the Accountants may reasonably request in order to make a determination under this Section. The Company shall bear all costs the Accountants may reasonably incur in connection with any calculations
contemplated by this Section. 

  
 - 4 - 

 6.4. Executive shall be entitled, at the Company’s expense, to twenty four (24) months
of such medical, dental, hospitalization, life insurance, pension plan, profit-sharing, disability, employee benefits and such other similar employment privileges and benefits or perquisites as are afforded generally from time to time to other
senior officers of the Company from and after Executive’s termination of employment with the Company or a subsidiary of the Company. 

7. Payments During Dispute. Any payments to which the Executive may be entitled under this Agreement, including, without limitation,
under sections 5 and 6 hereof, shall be made forthwith on the applicable date(s) for payment specified in this Agreement. If for any reason the amount of any payment due to the Executive cannot be finally determined on that date, such amount shall
be estimated on a good faith basis by the Company and the estimated amount shall be paid no later than 10 days after such date. As soon as practicable thereafter, the final determination of the amount due shall be made and any adjustment requiring a
payment to or from the Executive shall be made as promptly as practicable. 
 8. No Mitigation. The Company agrees that, if the
Executive’s employment with the Company terminates during the Term, the Executive is not required to seek other employment or to attempt in any way to reduce any amounts payable to the Executive by the Company pursuant to Section 6 hereof
or any other provision of this Agreement. Further, the amount of any payment or benefit provided for in this Agreement shall not be reduced (a) by any compensation earned by the Executive as the result of employment by another employer,
(b) by retirement benefits, (c) by offset against any amount claimed to be owed by the Executive to the Company, or (d) otherwise. 

9. Successors; Binding Agreement. 

9.1. In addition to any obligations imposed by law upon any successor to the Company, the Company will require any successor (whether direct
or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to expressly assume and agree to perform the Company’s obligations under this Agreement in the same manner
and to the same extent that the Company would be required to perform if no such succession had taken place. Failure of the Company to obtain such assumption and agreement prior to the effectiveness of any such succession during the Term shall be a
breach of this Agreement and shall entitle the Executive to compensation from the Company in the same amount and on the same terms as the Executive would be entitled to hereunder if the Executive were to terminate the Executive’s employment for
Good Reason after a Change in Control and during the Term, except that, for purposes of implementing the foregoing, the date on which the Executive’s employment terminates (for any reason other than Cause) within 30 days before, or at any time
during the Term and on or after, the date on which any such succession becomes effective during the Term shall be deemed the date of the Compensable Termination. 

  
 - 5 - 

 9.2. This Agreement shall inure to the benefit of and be enforceable by the Executive’s
personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If the Executive shall die while any amount would still be payable to the Executive hereunder (other than amounts which, by their
terms, terminate upon the death of the Executive) if the Executive had continued to live, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to the executors, personal representatives or
administrators of the Executive’s estate. 
 10. Notices. For the purpose of this Agreement, notices and all other
communications provided for in the Agreement shall be in writing and shall be deemed to have been duly given when delivered or mailed by United States registered mail, return receipt requested, postage prepaid, addressed, if to the Executive, to his
most recent address shown on the books and records of the Company at the time notice is given and, if to the Company, to the address set forth below, or to such other address as either party may have furnished to the other in writing in accordance
herewith, except that notice of change of address shall be effective only upon actual receipt: 
 To the Company: 

Meridian Bioscience, Inc. 
 3471 River Hills Drive 

Cincinnati, Ohio 45244 
 Attention: Chief Executive Officer 

With a required copy (which shall not constitute notice) to: 

Keating Muething & Klekamp PLL 
 One East Fourth Street,
Suite 1400 
 Cincinnati, Ohio 45202 
 Attention: James M.
Jansing and F. Mark Reuter 
 11. Miscellaneous. No provision of this Agreement may be modified, waived or discharged unless such
waiver, modification or discharge is agreed to in writing and signed by the Executive and such officer as may be specifically designated by the Board. No waiver by either party hereto at any time of any breach by the other party hereto of, or of any
lack of compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. This Agreement
constitutes the entire agreement of the parties concerning the specific subject matter addressed by this Agreement and supersedes all prior agreements addressing the terms and conditions contained herein. Nothing in this Agreement is intended to
amend or otherwise alter the change in control provisions or any other provisions of any (a) stock option or other compensation or incentive award that may heretofore have been or may hereafter be granted to the Executive, or (b) employee
benefit or fringe benefit plan in which the Executive may heretofore have been or may hereafter be a participant. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of Ohio. All
references to sections of the Code or the Exchange Act shall be deemed also to refer to any successor provisions to such sections and to IRS or SEC regulations and official guidance published thereunder. Any payments provided for hereunder shall be
subject to any applicable withholding required under federal, state or local law and any additional withholding to which the Executive has agreed. The obligations of the Company and the Executive under this Agreement which by their nature may
require either partial or total performance after the expiration of the Term (including, without limitation, those under Sections 6 and 7 hereof) shall survive such expiration. 

  
 - 6 - 

 12. Validity. The invalidity or unenforceability of any provision of this Agreement shall
not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect. 
 13.
Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument. 

14. Settlement of Disputes; Arbitration. 

14.1. All claims by the Executive for benefits under this Agreement shall be directed to and determined by the Board and shall be in writing.
Any denial by the Board of a claim for benefits under this Agreement shall be delivered to the Executive in writing and shall set forth the specific reasons for the denial and the specific provisions of this Agreement relied upon. The Board shall
afford a reasonable opportunity to the Executive for a review of the decision denying a claim and shall further allow the Executive to appeal to the Board a decision of the Board within sixty (60) days after notification by the Board that the
Executive’s claim has been denied. 
 14.2. Any further dispute or controversy arising under or in connection with this Agreement shall
be settled exclusively by arbitration in the Cincinnati, Ohio metropolitan area in accordance with the employment dispute resolution rules of the American Arbitration Association then in effect. The arbitrator shall have the authority to require
that the Company reimburse the Executive for the payment of all or any portion of the legal fees and expenses incurred by the Executive in connection with such dispute or controversy. Judgment may be entered on the arbitrator’s award in any
court having jurisdiction. 
 15. Definitions. For purposes of this Agreement, the following terms shall have the meanings indicated
below: 
 (A) “Affiliate” shall have the meaning set forth in Rule 12b-2 promulgated under Section 12 of the Exchange Act.

 (B) “Base Salary” shall have the meaning set forth in subsection (ii) of Section 6.1. 

  
 - 7 - 

 (C) “Beneficial Owner” shall have the meaning set forth in Rule 13d-3 under the
Exchange Act. 
 (D) “Board” shall mean the Board of Directors of the Company. 

(E) “Cause” for termination by the Company of the Executive’s employment shall mean any of the following: 

(i) the Executive’s conviction or misappropriation of money or other property or conviction of a felony, or a guilty plea
or plea of nolo contendere by Executive with respect to a felony; 
 (ii) conduct by the Executive that is in competition
with the Company, conduct by a Executive that breaches the Executive’s duty of loyalty to the Company or a Executive’s willful misconduct, any of which materially injures the Company; 

(iii) a willful and material breach by the Executive of his or her obligations under any agreement entered into between the
Executive and the Company that materially injures the Company; or 
 (iv) the Executive’s failure to substantially
perform his or her duties with the Company (other than by reason of the Executive’s Disability). For Executives subject to Section 16 of the Exchange Act, the determination of whether any conduct, action or failure to act constitutes
“Cause” shall be made by the Company’s Compensation Committee in its sole discretion. 
 Any purported termination of employment by the
Company for Cause which does not satisfy the applicable requirements of this Section 15(E) shall be conclusively deemed to be a termination of employment by the Company without Cause for purposes of this Agreement. 

(F) A “Change in Control” shall mean the occurrence of any of the following events: 

(i) the sale of all, or substantially all of the assets of the Company; 

(ii) a merger, or recapitalization, or similar transaction which results in the shareholders of the Company immediately prior
to such event owning less than sixty percent (60%) of the fair market value or the voting power of the surviving entity; 

(iii) the date during any twelve (12) month period that a majority of the Board is replaced by directors whose appointment
is not endorsed by a majority of the members of the Board before the date of appointment or election; 
 (iv) the
acquisition, directly or indirectly, of the Beneficial Ownership (within the meaning of that term as it is used in Section 13(d) of the Exchange Act) of fifty percent (50%) or more of the outstanding voting securities of the Company
by any Person, entity or group. This definition shall not apply to the purchase of by underwriters in connection with a public offering of securities of the Company, or the purchase of shares of up to twenty five percent (25%) of any class
of securities of the Company by a tax-qualified employee stock benefit plan; or

  
 - 8 - 

 (v) the employment of a Chief Executive Officer other than the Company’s
current Chief Executive Officer as of the date of this Agreement. 
 (G) “Code” shall mean the Internal Revenue Code of 1986, as
amended from time to time. 
 (H) “Company” shall mean Meridian Bioscience, Inc. and, except in determining under
Section 15(v)(F) hereof whether or not any Change in Control of the Company has occurred, shall include any successor to its business and/or assets which assumes and agrees to perform this Agreement by operation of law, or otherwise. 

(I) “Compensable Termination” shall have the meaning set forth in Section 6.1. 

(J) “Disability” shall mean an Executive’s physical or mental incapacity resulting from personal injury, disease, illness or
other condition which 
 (i) prevents him or her from performing his or her duties for the Company, as determined by the
Company, and 
 (ii) results in his or her termination of employment or service with the Company 

The Company may substitute a different definition for the term “Disability” in its discretion as it deems appropriate. If requested
by the Company, and at its expense, the Executive shall submit to one or more examinations by one or more physicians selected by the Company in connection with the Company’s attempts to determine whether the Executive is Disabled. 

(K) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time. 

(L) “Executive” shall mean the individual named in the first paragraph of this Agreement. 

(M) “Good Reason” for termination by the Executive of the Executive’s employment shall mean the occurrence (without the
Executive’s express written consent) after any Change in Control, of any one of the following acts by the Company, or failures by the Company to act: 

(i) a material diminution in the Executive’s authority, duties or responsibilities; 

  
 - 9 - 

 (ii) a material diminution in the Executive’s annual base salary as in
effect on the date of this Agreement or as the same may be increased from time to time; 
 (iii) the Company fails to pay or
provide any amount or benefit that the Company is obligated to pay or provide under this Agreement or any other employment, compensation, benefit or reimbursement plan, agreement or arrangement of the Company to which the Executive is a party or in
which the Executive participates; 
 (iv) the relocation of the Executive’s principal place of employment to a location
which increases the Executive’s one-way commuting distance by more than 50 miles, or the Company’s requiring the Executive to travel on business other than to an extent substantially consistent with the Executive’s business travel
obligations prior to the Change in Control; 
 (v) a significant adverse change occurs, whether of a quantitative or
qualitative nature, in the indemnification protection provided to the Executive for acts and omissions arising out of Executive’s service on behalf of the Company or any other entity at the request of the Company; or 

(vi) the Company fails to obtain the assumption of this Agreement pursuant to Section 9.1. 

The Executive’s right to terminate the Executive’s employment for Good Reason shall not be affected by the Executive’s incapacity due to
physical or mental illness. The Executive must notify the Company of the existence of a condition described in (i) through (vii) above within ninety (90) days of the initial existence of the condition, and the Company may remedy the
condition within thirty (30) days and not be required to pay any amount hereunder due to such condition. 
 (N) “Person”
shall have the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof, except that such term shall not include (i) the Company or any of its subsidiaries, (ii) a trustee or other
fiduciary holding securities under an employee benefit plan of the Company or any of its Affiliates, (iii) an underwriter temporarily holding securities pursuant to an offering of such securities, or (iv) a corporation owned, directly or
indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of stock of the Company. 
 (O)
“Potential Change in Control” shall be deemed to have occurred if the event set forth in any one of the following paragraphs shall have occurred: 

(i) the Company enters into an agreement, the consummation of which would result in the occurrence of a Change in Control; 

(ii) the Company or any Person publicly announces an intention to take or to consider taking actions which, if consummated,
would constitute a Change in Control; or 

  
 - 10 - 

 (iii) the Board adopts a resolution to the effect that, for purposes of this
Agreement, a Potential Change in Control has occurred. 
 (P) “Retirement” shall be deemed the reason for the termination by the
Executive of the Executive’s employment if such employment is terminated in accordance with the Company’s retirement policy, including early retirement, generally applicable to its salaried employees. 

(Q) “Separation from Service” means termination of employment with the Company. However, the Executive shall not be deemed to have a
Separation from Service if he continues to provide services to the Company in a capacity other than as an employee and if he is providing services at an annual rate that is fifty percent (50%) or more of the services he rendered, on average,
during the immediately preceding three (3) full calendar years of employment with the Company (or if employed by the Company less than three years, such lesser period) and the annual remuneration for his services is fifty percent (50%) or
more of the annual remuneration earned during the final three (3) full calendar years of employment (of if less, such lesser period); provided, however, that a Separation from Service will be deemed to have occurred if his service with the
Company is reduced to an annual rate that is less than Fifty percent (50%) of the services he rendered, on average, during the immediately preceding three (3) full calendar years of employment with the Company (or if employed by the
Company less than three (3) years, such lesser period) or the annual remuneration for his services is less than fifty percent (50%) of the annual remuneration earned during the three (3) full calendar years of employment with the
Company (or if less, such lesser period). 
 (R) “Severance Payments” shall have the meaning set forth in Section 6.1 hereof.

 (S) “Subsidiary” means a corporation or other form of business association of which shares (or other ownership interests)
having more than 50% of the voting power are owned or controlled, directly or indirectly, by the Company. 
 (T) “Term” shall mean
the period of time described in Section 2 hereof (including any extension or continuation described therein). 
 IN WITNESS WHEREOF,
the parties have executed this Agreement as of the date and year first above written. 
  

			
	MERIDIAN BIOSCIENCE, INC.
		
	By:	 	   

	Name: John A. Kraeutler
	Title:   CEO and President

  
 - 11 - 

 EXHIBIT A 

MERIDIAN BIOSCIENCE, INC. 

RELEASE OF CLAIMS 
 This Release of Claims
(“Agreement”) is made by and between MERIDIAN BIOSCIENCE, INC. (the “Company”), and                     (“Executive”).

 WHEREAS, Executive has agreed to enter into a release of claims in favor of the Company upon certain events specified in the Severance Benefits Agreement
by and between Company and Executive, as amended (the “Severance Agreement”) entered into pursuant to the Change in Control Agreement by and between the Company and Executive (the “Change in Control Agreement”). 

NOW THEREFORE, in consideration of the mutual promises made herein, the Parties hereby agree as follows: 

1. Termination. Executive’s employment from the Company terminated on [DATE]. 

2. Confidential Information. Executive shall continue to maintain the confidentiality of all confidential and proprietary information
of the Company and shall continue to comply with the terms and conditions of the [Proprietary Information and Nondisclosure Agreement] between Executive and the Company (the “Confidentiality Agreement”), as well as the Severance Agreement.
Executive shall return all the Company property and confidential and proprietary information in his possession to the Company on the Effective Date of this Agreement. 

3. Payment of Salary. Executive acknowledges and represents that the Company has paid all salary, wages, bonuses, accrued vacation,
commissions and any and all other benefits due to Executive. 
 4. Release of Claims. Except as set forth in the last paragraph of
this Section 4, Executive agrees that the foregoing consideration represents settlement in full of all outstanding obligations owed to Executive by the Company. Executive, on behalf of himself, and his respective heirs, family members,
executors and assigns, hereby fully and forever releases the Company and its past, present and future officers, agents, directors, employees, investors, shareholders, administrators, affiliates, divisions, subsidiaries, parents, predecessor and
successor corporations, and assigns, from, and agrees not to sue or otherwise institute or cause to be instituted any legal or administrative proceedings concerning any claim, duty, obligation or cause of action relating to any matters of any kind,
whether presently known or unknown, suspected or unsuspected, that he may possess arising from any omissions, acts or facts that have occurred up until and including the Effective Date of this Agreement including, without limitation, 

(a) any and all claims relating to or arising from Executive’s employment relationship with the Company and the termination of that
relationship; 

  
 A-1 

 (b) any and all claims relating to, or arising from, Executive’s right to purchase, or
actual purchase of shares of stock of the Company, including, without limitation, any claims for fraud, misrepresentation, breach of fiduciary duty, breach of duty under applicable state corporate law, and securities fraud under any state or federal
law; 
 (c) any and all claims for wrongful discharge of employment; termination in violation of public policy; discrimination; breach of
contract, both express and implied; breach of a covenant of good faith and fair dealing, both express and implied; promissory estoppel; negligent or intentional infliction of emotional distress; negligent or intentional misrepresentation; negligent
or intentional interference with contract or prospective economic advantage; unfair business practices; defamation; libel; slander; negligence; personal injury; assault; battery; invasion of privacy; false imprisonment; and conversion; 

(d) any and all claims for violation of any federal, state or municipal statute, including, but not limited to, Title VII of the Civil Rights
Act of 1964, the Civil Rights Act of 1991, the Age Discrimination in Employment Act of 1967, the Americans with Disabilities Act of 1990, the Fair Labor Standards Act, the Employee Retirement Income Security Act of 1974, and The Worker Adjustment
and Retraining Notification Act; 
 (e) any and all claims for violation of the federal, or any state, constitution; 

(f) any and all claims arising out of any other laws and regulations relating to employment or employment discrimination; and 

(g) any and all claims for attorneys’ fees and costs. 

Executive agrees that the release set forth in this section shall be and remain in effect in all respects as a complete general release as to the matters
released. Nothing in this Agreement waives Executive’s rights to indemnification or any payments under any fiduciary insurance policy, if any, provided by any act or agreement of the Company, state or federal law or policy of insurance. 

5. Acknowledgment of Waiver of Claims under ADEA. Executive acknowledges that he is waiving and releasing any rights he may have under
the Age Discrimination in Employment Act of 1967 (“ADEA”) and that this waiver and release is knowing and voluntary. Executive and the Company agree that this waiver and release does not apply to any rights or claims that may arise under
the ADEA after the Effective Date of this Agreement. Executive acknowledges that the consideration given for this waiver and release Agreement is in addition to anything of value to which Executive was already entitled. Executive further
acknowledges that he has been advised by this writing that (a) he should consult with an attorney prior to executing this Agreement; (b) he has at least twenty-one (21) days within which to consider this Agreement; (c) he has
seven (7) days following the execution of this Agreement by the parties to revoke the Agreement; (d) this Agreement shall not be effective until the revocation period has expired; and (e) nothing in this Agreement prevents or
precludes Executive from challenging or seeking a determination in good faith of the validity of this waiver under the ADEA, nor does it impose any condition precedent, penalties or costs for doing so, unless specifically authorized by federal law.
Any revocation should be in writing and delivered to [HR Contact Name] at the Company by close of business on the seventh day from the date that Executive signs this Agreement. 

  
 A-2 

 6. No Pending or Future Lawsuits. Executive represents that he has no lawsuits, claims, or
actions pending in his name, or on behalf of any other person or entity, against the Company or any other person or entity referred to herein. Executive also represents that he does not intend to bring any claims on his own behalf or on behalf of
any other person or entity against the Company or any other person or entity referred to herein. 
 7. Application for Employment.
Executive understands and agrees that, as a condition of this Agreement, he shall not be entitled to any employment with the Company, its subsidiaries, or any successor, and he hereby waives any right, or alleged right, of employment or
re-employment with the Company. 
 8. No Cooperation. Executive agrees that he will not counsel or assist any attorneys or their
clients in the presentation or prosecution of any disputes, differences, grievances, claims, charges, or complaints by any third party against the Company and/or any officer, director, employee, agent, representative, shareholder or attorney of the
Company, unless under a subpoena or other court order to do so. 
 9. Cooperation with Company. Executive agrees to cooperate, at the
request of the Company, in the defense and/or prosecution of any charges, claims, investigations (internal or external), administrative proceedings and/or lawsuits relating to matters occurring during or relating to Executive’s period of
employment about which Executive may have relevant information. Executive shall further reasonably cooperate with regard to the transition of Executive’s job duties and business relationships. Executive agrees to respond to reasonable requests
for information from the Company in a timely manner. 
 10. Non-Disparagement. Executive shall not engage, except as required by
applicable law, in any conduct that involves the making or publishing of written or oral statements or remarks (including the repetition or distribution of derogatory rumors, allegations, negative reports or comments) that are disparaging,
deleterious or damaging to the integrity, reputation or goodwill of the Company. 
 11. No Admission of Liability. No action taken by
the Company, either previously or in connection with this Agreement shall be deemed or construed to be (a) an admission of the truth or falsity of any claims heretofore made or (b) an acknowledgment or admission by the Company of any fault
or liability whatsoever to the Executive or to any third party. 
 12. Costs. The Parties shall each bear their own costs, expert
fees, attorneys’ fees and other fees incurred in connection with this Agreement. 
 13. Authority. Executive represents and
warrants that he has the capacity to act on his own behalf and on behalf of all who might claim through him to bind them to the terms and conditions of this Agreement. 

  
 A-3 

 14. No Representations. Executive represents that he has had the opportunity to consult
with an attorney, and has carefully read and understands the scope and effect of the provisions of this Agreement. Neither party has relied upon any representations or statements made by the other party hereto which are not specifically set forth in
this Agreement. 
 15. Severability. In the event that any provision hereof becomes or is declared by a court of competent
jurisdiction to be illegal, unenforceable or void, this Agreement shall continue in full force and effect without said provision. 
 16.
Entire Agreement. This Agreement, along with the Confidentiality Agreement, and Executive’s written equity compensation agreements with the Company, represents the entire agreement and understanding between the Company and Executive
concerning Executive’s separation from the Company. 
 17. No Oral Modification. This Agreement may only be amended in writing
signed by Executive and a duly authorized officer of the Company (other than Executive). 
 18. Governing Law. This Agreement shall
be governed by the internal substantive laws, but not the choice of law rules, of the State of Ohio. 
 19. Effective Date. Each
Party has seven (7) days after that Party signs this Agreement to revoke it. This Agreement will become effective on the eighth (8th) day after Executive signed this Agreement, so long as it has been signed by both Parties. 

20. Counterparts. This Agreement may be executed in counterparts, and each counterpart shall have the same force and effect as an
original and shall constitute an effective, binding agreement on the part of each of the undersigned. 
 21. Voluntary Execution of
Agreement. This Agreement is executed voluntarily and without any duress or undue influence on the part or behalf of the Parties hereto, with the full intent of releasing all claims. The Parties acknowledge that: 

(a) They have read this Agreement; 

(b) They have had the opportunity of being represented in the preparation, negotiation, and execution of this Agreement by legal counsel of
their own choice or that they have voluntarily declined to seek such counsel; 
 (c) They understand the terms and consequences of this
Agreement and of the releases it contains; 
 (d) They are fully aware of the legal and binding effect of this Agreement. 

[Remainder of page intentionally left blank. Signature page follows.] 

  
 A-4 

 IN WITNESS WHEREOF, the Parties have executed this Agreement on the respective dates set forth below. 

MERIDIAN BIOSCIENCE, INC. 
 Dated: [MONTH],
20     
  

			
	By:	 	      

	
	[Name], an individual
	
	Dated: [MONTH], 20    
		
	By:	 	  

	
	[                     ]

  
 A-5

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