Document:

COOPERATION AGREEMENT, DATED FEBRUARY 25, 1998

 Exhibit 10.9 
  
 tbg Technologie-Beteiligungs- 
 Gesellschaft mBH der 
 Deutschen Ausgleichsbank 
  
 Version 04.96 
  
 CO-OPERATION AGREEMENT 
  
 Agreement on Co-operation between 
  
 CpG ImmunoPharmaceuticals Inc., 
 890
Park Place Iowa City, IA 52246 (USA) 
 - hereinafter referred to - also with 
 several participatory donors - as BG 
  
 and 
  
 Technologie-Beteiligungs-Gesellschaft mbH 
 der Deutschen Ausgleichsbank, Ludwig-Erhard-Platz 1-3, 53179 Bonn

 - hereinafter referred to as tbg - 
  
 in guiding the participations specified in 
 this Agreement in 
  
 CpG ImmunoPharmaceuticals GmbH,
Max-Volmer-Str. 4, 40724 Hilden 
 - hereinafter referred to as Technology Company (TC) - 
  
 Preamble 
  

	1.	Within the framework of the programme “Equity Capital for Small Technology Companies”, implemented by the Federal German Ministry for Education, Science, Research and
Technology (BMBF) and Deutsche Ausgleichsbank, tbg is supporting commercial technology companies provided that they are not older than 10 years and fulfil the EU definition for small and medium-sized companies (KMU) in the new Federal German
Laender (former East Germany) and Berlin (East), and small companies in the remaining area of Federal Germany, i.e.: 

  

	 	•	 	they do not employ more than 250 (50) people 

  
 and either 
  

	 	•	 	do not exceed an annual turnover of DM 40 million 

 (DM 10 million) 
  
 or 
  

	 	•	 	do not reach a balance sheet total of more than DM 20 million 

 (DM 4 million) 
  
 and

  

	 	•	 	are owned by not more than 25% by one or more companies that do not fulfil this definition (Exception: public holding companies, risk capital companies and - in so far as no control
is exercised - institutional investors). 

  
 All
three preconditions must be simultaneously fulfilled, i.e. a company is only considered to be a small or medium-sized company (KMU) if it has the required independence, fulfils the stipulations regarding the number of employees and does not exceed
at least one of the limit values for annual turnover or balance sheet total. 
  
 tbg enters into participations to finance innovation ventures in the sense of the participatory fundamentals of tbg which form an integral part of this Agreement and which recognizes those of BG, namely:

  

	 	•	 	for applied research and development up to a logical second before commencing commercial production in conformity with the EU definition with the following demarcations:

  
 Applied research covers research and
experimental work for the purpose of gaining new knowledge in order to reach specific practical aims such as the creation of new products, production processes or services. Normally it can be stated that this ends with the creation of the first
prototype. Development involves work on the basis of applied research with the aim of introducing new or significantly improved products, production processes or services right up to, but not including, industrial application and commercial use.
This stage normally includes pilot and demonstration ventures as well as the development work that continues to be necessary, finally culminating in a pool of information that will enable the commencement of production. 
  

	 	•	 	For investments for a market launch. 

  
 § 1 
 Co-operation

  

	1)	tbg intends to take over a dormant contribution in the Technology Company amounting to DM 3,000,000 under the precondition that the participation stipulated in Section 2 is
agreed between BG and the Technology Company. A copy of the envisaged Participation Agreement between tbg and the Technology Company is enclosed with this Agreement. 

  

 - 2 - 

	2)	BG intends to take over a participation in the Technology Company. BG will place at the disposal of the Technology Company a partner loan amounting to DM 3,000,000.

  
 In guiding the Technology Company, BG will be
advised by TVM Techno Venture Management III GmbH, Denninger Strasse 15, 81679 Munich - hereinafter referred to as TVM - as a guardian company. 
  
 BG confirms that it is not making use of the ERP special funds to refinance a participation in the Technology Company within the framework of the
programme “Equity Capital for Small Technology Companies” and the promotion (refinancing or safeguarding) of this participation in the Technology Company. 
  

	3)	The parties will immediately inform each other in writing when the said participation agreements have been concluded with the Technology Company. In the event that the final
participation agreements differ from the announced drafts, then the definitive version of these agreements must be transferred, and the deviations must be explained when requested. 

  

	4)	Possible subsequent amendments to the participation agreements, the sale/pledging of the participations and claims against tbg resulting from this Co-operation Agreement, or
other participation and loan agreements, will only be agreed to by the parties with the approval of their contractual partner to this Agreement. In so far as an orderly termination of the Participation Agreement between BG and the Technology Company
by BG is permissible, then this requires the consent of tbg. In the event of termination for an important reason, the partners to this Agreement must immediately notify each other, if possible, before the termination is announced.

  
 § 2 
 Supporting the Technology Company 
  
 In co-operation with TVM, BG will supervise the management of the Technology Company and the development of the innovation venture promoted by tbg with the
necessary care, and give the Technology Company managerial support should this be required. 
  
 In principle BG is prepared and able, but not obliged, to place additional financial resources at the disposal of the Technology Company should this be necessary. 
  

 - 3 - 

 § 3 
 Use of the funds 
  

	1)	Before contribution funds of tbg are requested, BG and TVM will verify the preconditions for a request stipulated between tbg and the Technology Company, and confirm
the request if the preconditions are found to be fulfilled. BG and TVM will approve the request if, at the time of the request, they are not aware of any economic or technical doubts regarding the realization of the innovative venture promoted by
tbg. 

  

	2)	BG and TVM will verify and confirm Proof of Use that has to be furnished by the Technology Company in conformity with § 3 of the Participation Agreement between tbg and
the Technology Company. 

  
 § 4

 Information and control rights 
  

	1)	BG undertakes to report to tbg regarding the economic situation of the Technology Company and the status of the innovation venture promoted by tbg. BG will make use of
the consulting services of TVM in this context. 

  

	2)	The reports must be regularly submitted at half yearly intervals, as of 31.03. and 30.09. 

  

	3)	tbg must be immediately, and if possible in advance, notified of all measures known to BG which go beyond the framework of customary business operations. This applies
particularly to all measures that require approval in conformity with § 5 Section 2 of the Participation Agreement between tbg and the Technology Company, and to a termination for an important reason in keeping with the termination
reasons given in § 12 of this Participation Agreement. 

  

	4)	Other than specifically waivered in writing by tbg, all reports must be in writing with advance verbal notification in urgent cases. 

  

	5)	tbg, or a third party authorized by tbg, is entitled to demand comprehensive information concerning all legal relations of BG with the Technology Company and to
inspect all documents at BG which relate to the Technology Company. 

  

 - 4 - 

	6)	BG agrees that tbg can, upon request, transfer all data relating to its participation in the Technology Company to BMBF or the EU Commission for the implementation of the
supervisory and controlling powers. 

  

	7)	BG agrees that tbg can pass on data obtained on the participation of BG in the Technology Company for scientific evaluation of the programme mentioned in the preamble of this
Agreement to BMBF or an institute authorized by BMBF. Furthermore, BG agrees to give BMBF and their authorized institute all the information that is directly required for the scientific evaluation of the programme. It must be ensured that BG cannot
be damaged by the evaluation and possible publication of data relating to the programme. 

  
 § 5 
 Assumption of risk 
  
 BG has the right, within 5 years from commencement of tbg’s participation in the
Technology Company, to claim from tbg partial reimbursement for a loss incurred from the participation it entered into with the Technology Company in conformity with § 1 Section 2. Claims can only be made jointly if there are seven
BG’s. 
  

	1)	The entitlement to claim a loss from tbg is considered to have been established if Bankruptcy proceedings, or a total enforcement, have been filed for the assets of the
Technology Company, or the proceedings have been rejected due to an insufficiency of assets, or if an affirmation in lieu of an oath on behalf of the Technology Company has been made, or in the event of persistent insolvency of the Technology
Company has been proven by other ways. 

  
 tbg will reimburse BG, within 30 calendar days of a claim assertion, an amount of 50% (70% for technology companies in the new Federal Laender [former East Germany] and Berlin (East)) of its original contribution effected in
conformity with § 1 Section 2, but maximum 50% (70% for technology companies in the new Federal Laender and Berlin (East)) of the contribution funds it paid to the Technology Company. When calculating the maximum amount it is necessary to take
into account a reduction of the participation of tbg that was permissible according to the Participation Agreement between tbg and the Technology Company. 
  

 - 5 - 

	2)	If, as a result of an in court settlement, the demands of BG resulting from the participation condition(s) defined in § 1 Section 2 have become partially extinct, or if BG has
effected a partial renunciation of the contribution funds mentioned in § 1 Section 2 within the framework of modernization measures involving all credit lenders and participatory contributors of the Technology Company - quota identical for the
latter - then BG can file a claim against tbg for reimbursement of its partial loss. However, tbg is only obliged to pay an mount that stands in the same ratio to the highest amount of risk participation (see Section 1) as the partial
loss of BG is in relation to the entirety of its contribution funds specified in § 1 Section 2. The partial claim reduces possible further liabilities of tbg arising out of the risk participation. 

  

	3)	Until the expiry of the 6th calendar month following recourse to claim, tbg can demand from BG full or partial transfer of the contribution(s) specified in § 1 Section 2
to itself or a nominated third party. Possible contribution, additional payment and compensation liabilities of BG are not transferred to tbg. Possible transfer costs will be borne by BG. In the event of partial recourse to claim against
tbg in conformity with Section 2, the transfer obligation of BG is reduced in the same ratio as the payment obligation of tbg. 

  
 BG must assure transferability which is a precondition for recourse to risk participation. 
  
 § 6 
 Commencement and duration of co-operation 
  

	1)	BG is committed vis-à-vis tbg to look after the Technology Company in conformity with § 2, and to provide information in conformity with § 4 of the
Agreement, from the moment in time this Agreement and the participation agreements between tbg and the Technology Company, as well as between BG and the Technology Company, have been signed by the given participating parties.

  

	2)	Co-operation ends with the end of the participation of tbg or BG. 

  

	3)	Orderly termination of the Co-operation Agreement is excluded. 

  

 - 6 - 

 § 7 
 General provisions 
  

	1)	Amendments and supplements to this Agreement must be in writing. There are no verbal supplements to this Agreement. 

  

	2)	In the event that a provision of this Agreement should be legally ineffective, then this shall not affect the remaining provisions. BG and tbg undertake to replace the
ineffective contractual provisions with provisions that are legally effective and that come closest to the original sense and intent of the legally ineffective provisions. 

  

	3)	Bonn is the place of jurisdiction for all legal disputes arising out of this Agreement or its implementation. 

  

									
	 Bonn, dated 25.02.1998
	  	Iowa City (USA), dated	 	 	  	 	  	 
					
	 Technologie-Beteiligungs-
 Gesellschaft mbH der
 Deutschen Ausgleichsbank
	  	CpG ImmunoPharmaceuticals Inc.	 	 	  	 	  	 

  

					
			
	/s/    ERNEST G. MAYER        	 	 	 	/s/    ARTHUR M. KRIEG        
			
	/s/    ROBERT SCHLÖSSER        	 	 	 	  

  

 - 7 -AMENDED AND RESTATED LOAN AND PLEDGE AGREEMENT

 Exhibit 10.10 
  
 AMENDED AND RESTATED LOAN AND PLEDGE AGREEMENT 
  
 This AMENDED AND RESTATED LOAN AND PLEDGE AGREEMENT dated as of April 10, 2002 (this “Agreement”), entered into by
Arthur M. Krieg, M.D. (the “Borrower”), residing at 173 Winding River Road, Wellesley, MA 02482 in favor of Coley Pharmaceutical Group, Inc., a Delaware corporation, (“Coley”) with its principal place of business at Wellesley
Gateway, 93 Worcester Street, Suite 101, Wellesley., MA 02481 amends and restates that certain Loan and Pledge Agreement dated as of May 8,2001 (the “Original Loan and Pledge Agreement”) by and between the Borrower and Coley. 

 
 WHEREAS, the Borrower previously signed a certain Promissory Note dated
May 8, 2001, in favor of Coley in the aggregate principal amount of $750,000 (the “Note”), which obligation is secured by certain collateral pursuant to the Original Loan and Pledge Agreement; 
  
 WHEREAS, the Borrower and Coley wish to amend and restate the Original Loan
and Pledge Agreement and the Note to include the Mortgage (as hereinafter defined) as additional security for the Note, and replace the Original Loan and Pledge Agreement and the Note in its entirety with the rights and obligations set forth in this
Agreement; 
  
 NOW, THEREFORE, in consideration of the foregoing
and the agreements contained herein, and for other valuable consideration, receipt of which is hereby acknowledged, the parties hereto do hereby agree as follows: 
  
 1. Loan. Subject to the terms of this Agreement, Coley has made a loan (the “Loan”) to the Borrower in the
aggregate principal amount of $750,000. The Loan shall be payable in full on the fifth anniversary of the date hereof (the “Maturity Date”) in accordance with the provisions of Section 4 below. 
  
 2. Note. The Loan shall be evidenced by an amended and restated
promissory note executed by the Borrower in the original principal amount of $750,000 (the “Note”) payable to Coley with a final maturity date of the Maturity Date, such Note to be substantially in the form attached hereto as Exhibit
A. The Note shall be dated the date of the Loan and shall have all blanks therein appropriately completed. 
  
 3. Interest Rate. Interest shall accrue on the outstanding principal balance of the Loan at an interest rate per annum of seven percent (7%), but
shall not be compounded or annualized. Interest shall not be payable until the Maturity Date. 
  
 4. Payment and Prepayment of the Loan. All outstanding principal and all unpaid interest accrued thereon shall be due and payable in full on the Maturity Date. The Borrower may prepay the Loan and the Note in
whole or in part at any time without premium or penalty, together with all unpaid interest thereon and all other amounts due hereunder. 
  
 5. Conditions Precedent to Loan. The obligation of Coley to make the Loan is subject to the condition precedent that Coley shall have received, in
form and substance satisfactory to Coley and its counsel, the following: 
  
 (a) this Agreement and the Note, duly executed by the Borrower; 
  

 (b) the Pledged Securities with stock powers for the Pledged Securities duly executed by the Borrower;
and 
  
 (c) such other documents and instruments, and completion
of such other matters, as Coley may deem reasonably necessary or appropriate. 
  
 6. Security Interest and Pledge. To secure the prompt, punctual, and faithful performance of all and each of the present and future Liabilities of the Borrower to Coley, the Borrower hereby grants to Coley a
certain mortgage in substantially the form attached hereto as Exhibit B (the “Mortgage”) and a security interest in and to, and assigns, pledges, and delivers to Coley, certificates representing shares of Common Stock of Coley,
issued to the Borrower as of the date hereof, having an aggregate market value on the date hereof equal to at least 150% of the outstanding balance of the Loan ($1,125,000) (the “Pledged Securities”), together with appropriate undated
stock powers duly executed in blank, and all products, proceeds, substitutions, additions, interest, dividends, and other distributions in respect thereto, as described in Section 7 below (the Mortgage and the Pledged Securities being referred to
hereinafter as the “Collateral”). Notwithstanding the foregoing concerning the Pledged Securities, in no event shall the Borrower be required to pledge more than 843,000 shares of Common Stock of Coley. 
  
 7. Stock Dividends, Distributions. Etc. If, while this Agreement is in
effect, the Borrower shall become entitled to receive or shall receive any stock certificate (including, without limitation, any certificate representing a stock dividend or a distribution in connection with any reclassification, increase or
reduction of capital, or issued in connection with any reorganization), with respect to the Pledged Securities, whether as an addition to, in substitution of or in exchange for any shares of any Pledged Securities, or otherwise, the Borrower agrees
to accept the same as agent for Coley and to hold the same in trust on behalf of and for the benefit of Coley and to deliver the same forthwith to Coley in the exact form received, with the indorsement of the Borrower when necessary and/or with
appropriate undated stock powers duly executed in blank, to be held by Coley as part of the Collateral. In case any distribution of capital shall be made on or in respect of the Pledged Securities or any property shall be distributed upon or with
respect to the Pledged Securities pursuant to the recapitalization or reclassification of the capital of Coley or pursuant to the reorganization thereof, the property so distributed shall be delivered to Coley as Collateral. All sums of money and
property so paid or distributed in respect of the Pledged Securities which are received by the Borrower shall, until paid or delivered to Coley, be held by the Borrower in trust as Collateral. 
  
 8. Cash Dividends; Voting Rights. Unless a Default (as defined in
Section 11) has occurred and is continuing, the Borrower shall be entitled to receive all cash dividends paid in respect of the Pledged Securities, to vote the Pledged Securities and to give consents, waivers and ratifications, and to take other
action in respect of the Pledged Securities. After the occurrence and during the continuance of any Default, Coley shall have the right, upon notice to the Borrower, to receive all cash dividends paid in respect of the Pledged Securities and to
exercise voting rights as specified in Section 12 below. 
  

 2 

 9. Borrower’s Representations. The Borrower hereby represents, warrants and covenants as
follows: 
  
 (a) The Borrower has the full power,
authority and legal right to enter into this Agreement to be bound hereby and to perform and observe the terms and conditions hereof, and is in compliance with all applicable material laws, rules and regulations. 
  
 (b) This Agreement has been duly executed and delivered by
the Borrower and constitutes the legal, valid and binding obligation of the Borrower enforceable against him in accordance with its terms, subject, as to the enforcement of remedies, to applicable bankruptcy, reorganization, insolvency and similar
laws affecting creditors’ rights generally and to moratorium laws from time to time in effect and to general principles of equity. 
  
 (c) The execution, delivery and performance by the Borrower of this Agreement does not and will not (i) violate or constitute a default
under any provision of any agreement, note or instrument which is binding upon the Borrower or by which his properties are bound or materially affected, or any law, rule or regulation, order writ, injunction or decree of any court or governmental
instrumentality or any contractual restriction binding on the Borrower, or (ii) require any filing with or consent or other act by or in respect of any governmental authority or other person or entity (other than the filing of the appropriate number
of UCC-1 financing statements covering the Pledged Securities, if necessary, and any consent obtained by the Borrower prior to the date hereof) or (iii) constitute a default thereunder or result in the imposition or require the creation of any lien
or charge (other than those created, continued or otherwise contemplated hereby) upon the assets of the Borrower. 
  
 (d) The Pledged Securities pledged by the Borrower on the date hereof consist of not fewer than 562,500 shares of Common Stock of Coley
and are held and owned by the Borrower free and clear of all liens, encumbrances, attachments, security interests, pledges and charges, other than those in favor of Coley. 
  
 10. Borrower’s Covenants. 
  
 (a) If the Collateral is in the form of a certificated security, within the meaning of the Uniform
Commercial Code, as adopted in the Commonwealth of Massachusetts (the “Code”), the Borrower shall surrender possession of the Collateral to Coley. 
  
 (b) If the Collateral is in the form of an uncertificated security, within the meaning of the Code, the Borrower shall cause Coley to
record this pledge in the records of Coley relating to the Pledged Securities. The Borrower hereby authorizes Coley to, and Coley hereby agrees to, comply with any instructions originated by the holder of the Note with respect to such uncertificated
securities. 
  
 (c) The Borrower shall execute
all such instruments, documents, and papers, and will do all such acts as Coley may reasonably request now and from time to time hereafter with respect to the perfection of the security interest granted herein and the assignment effected hereby.

  

 3 

 (d) The Borrower shall keep the Collateral free and clear of all liens, encumbrances,
attachments, security interests, pledges, and charges, except in favor of Coley or created by Coley. 
  
 (e) The Borrower shall deliver to Coley, if and when received by the Borrower, any item representing or constituting any of the Pledged
Securities or, except as otherwise provided herein, proceeds of the Collateral, 
  
 (f) The Borrower shall not cause or permit any of the Pledged Securities presently evidenced by a written certificate to be converted to
uncertificated securities, except on request of Coley. 
  
 (g) The Borrower shall not exercise any right with respect to the Collateral which would dilute or otherwise adversely affect Coley’s rights to the Collateral. 
  
 (h) Subject to the last sentence of Section 6 above, so long as the Loan is then outstanding: 
  
 (1) within five (5) days of receipt of written notice from
Coley to the Borrower (the “Notice”) that the value of the Collateral as of the date of the Notice is less than 150% of the sum of the outstanding principal balance of the Loan plus interest accrued thereon, and 
  
 (2) beginning on May 1, 2002 and on each May 1 during the
term of the Loan thereafter; the Borrower shall grant to Coley a security interest in and to, and assign, pledge and deliver to Coley certificates representing additional shares of Common Stock of Coley issued to the Borrower, if necessary, to
ensure that as of such date the value of the Pledged Securities is not less than 150% of the sum of the outstanding principal balance of the Loan plus interest accrued thereon; provided, however, that in no event shall the Borrower be required to
pledge more than 843,000 shares of Common Stock of Coley. 
  
 (i) The Borrower shall duly execute and deliver to Coley the Mortgage, which Mortgage grants to Coley a lien on the Premises (as defined in the Mortgage), in proper form for recording. 
  
 11. Default. Upon the occurrence of a Default, except as set forth in
clause (v) below, any and all Liabilities of the Borrower to Coley shall become immediately due and payable at the option of Coley and without further notice or demand, in addition to which Coley may exercise Coley’s rights and remedies upon
Default, as set forth hereinafter. For purposes of this Agreement, a “Default” under this Agreement shall mean any of the following events: (i) the failure to make any payment of principal or interest when due and the continuation of such
failure without it having been duly cured for a period of ninety (90) days after written notice thereof given by Coley to the Borrower; (ii) any representation or warranty made by the Borrower in this Agreement, the Mortgage or the Note being untrue
in any material respect when made, (iii) the failure of the Borrower to observe or perform any other covenant, agreement or other term of this Agreement or the Mortgage and the continuation of such failure without it having been duly cured for a
period of thirty (30) days after written notice thereof given by Coley to the Borrower; (iv) the making of an assignment for the benefit of creditors, or the 

  

 4 

 
commencement by or against the Borrower of bankruptcy or similar proceedings, or the attachment of all or a substantial part of the Borrower’s property,
or the appointment for the Borrower of a receiver, trustee or other custodian that is not dismissed within sixty (60) days; or (v) termination of the Borrower’s employment with Coley for Cause (as defined below); provided, however, that in the
case of termination of the Borrower’s employment other than for Cause or due to the death or disability of the Borrower, any and all Liabilities of the Borrower to Coley shall become due and payable on the date one year after the date of such
termination. For purposes of this Agreement, “Cause” shall be defined as (A) the breach by the Borrower of any material duty or obligation to Coley or (B) intentional or grossly negligent conduct of the Borrower that is materially
injurious to Coley (as reasonably determined by Coley’s Board of Directors). 
  
 12. Effect of Default. Upon the occurrence and any continuation of any Default, and at any time thereafter, unless and until the Default may be cured, Coley shall have the right to apply the Collateral toward
the satisfaction of the Liabilities, to sell or otherwise dispose of the Collateral and/or enforce and collect the Collateral for application towards (but not necessarily in complete satisfaction) of the Liabilities, in addition to all of the rights
and remedies of a secured party upon default under the Code. The Borrower shall remain liable to Coley for any deficiency remaining following such application to any Liabilities. Upon the occurrence and any continuation of any Default, any and all
shares of the Pledged Securities may be registered in the name of Coley or its nominee, and Coley or its nominee may thereafter without further notice exercise all voting and corporate rights at any meeting of any issuer and exercise any and all
rights of conversion, exchange, subscription or any other rights, privileges or options pertaining to any shares of the Pledged Securities as if it were the absolute owner thereof, including without limitation, the right to exchange at its
discretion any and all of the Pledged Securities upon the merger, consolidation, reorganization, recapitalization or other readjustment of any issuer or upon the exercise by any issuer or Coley or such nominee of any right, privilege or option
pertaining to any shares of the Pledged Securities, and, in connection therewith, to deposit and deliver any and all of the Pledged Securities with any committee;, depositary, transfer agent, registrar or other designated agency upon such terms and
conditions as it may determine, all without liability except to account for property actually received by it, but Coley shall have no duty to exercise any of the aforesaid rights, privileges or options and shall not be responsible for any failure to
do so or delay in so doing so long as it acts in good faith. The Borrower acknowledges that any exercise by Coley of Coley’s rights upon default may be subject to compliance by Coley with state and/or federal law governing the sale of
securities. Except as otherwise provided herein, the net proceeds which Coley shall receive from the sale of the Pledged Securities, in accordance with the provisions hereof, shall be applied in the following manner: first, to the payment of all
reasonable costs and expenses incurred by Coley in connection with the administration and enforcement of, or the preservation of any rights under, or otherwise in connection with this Agreement or the Mortgage (including, without limitation, the
costs and expenses of retaking, holding, preparing for sale or selling of any Collateral and the reasonable fees and disbursements of its counsel and agents); second, to the payment of all other Liabilities in such order of priority as Coley may
determine in its sole discretion; and third, as otherwise provided by applicable law. 
  

 5 

 13. Private Placements. 
  
 (a) The Borrower recognizes that Coley may be unable to effect a public sale of any or all of the Pledged Securities by
reason of certain prohibitions contained in the federal securities laws and applicable state or foreign securities law, but may resort to one or more private sales thereof to a restricted group of purchasers who will be obliged to agree, among other
things, to acquire such securities for their own account for investment and not with a view to the distribution or resale thereof. The Borrower acknowledges and agrees 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 be deemed to have been made in a commercially reasonable manner, provided, however, that if such disposition is at
private sale, then the purchase price of the Pledged Securities shall be equal to the public market price then in effect, or, if at the time of sale no public market for the Pledged Securities exists, then, in recognition of the fact that the sale
of the Pledged Securities would have to be registered under the Securities Act of 1933 and that the expenses of such registration are commercially unreasonable for the type and amount of collateral pledged hereunder, Coley and the Borrower hereby
agree that such private sale shall be at a purchase price mutually agreed to by Coley and the Borrower or, if the parties cannot agree upon a purchase price, then at a purchase price established by a majority of three independent appraisers
knowledgeable of the value of such collateral, one named by the Borrower within 10 days after written request by Coley to do so, one named by Coley within such 10 day period, and the third named by the two appraisers so selected, with the appraisal
to be rendered by such body within 30 days after the appointment of the third appraiser. Coley shall pay one half of the cost of such appraisal, including all appraisers’ fees. No costs of the appraisal shall be charged against the proceeds of
sale. 
  
 (b) The Borrower further agrees to use commercially
reasonable efforts to do or cause to be done all such other acts and things (other than effect the registration of the Pledged Securities under applicable federal, state or foreign laws) as may be necessary to make such sale or sales of any portion
or all of the Pledged Securities valid and binding and in compliance with any and all applicable laws, regulations, orders, writs, injunctions, decrees or awards of any and all courts, arbitrators or governmental instrumentalities, domestic or
foreign, having jurisdiction over any such sale or sales, all at the Borrower’s expense. The Borrower further agrees that a breach of any of the covenants contained in this Section 13 will cause irreparable injury to Coley, and that Coley will
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 13 shall be specifically enforceable against the Borrower. 
  
 14. Appointment of Coley as Attorney-in-Fact. In furtherance of the
remedies provided in Sections 12 and 13, the Borrower hereby designates Coley as and for the attorney-in-fact of the Borrower after the occurrence and during the continuance of a Default to endorse in favor of Coley any of the Pledged Securities, to
cause the transfer of any of the Pledged Securities in such name as Coley may from time to time determine, to cause the issuance of certificates for book entry and/or uncertificated securities, and to make demand and to initiate actions to
accomplish the purposes of this Agreement. In connection with any action to enforce any of the Collateral, Coley may make such compromise or settlement with respect to the Collateral as Coley determines to be appropriate. After and during the
continuance of a Default, and in furtherance of the remedies provided in Sections 12 and 13, Coley shall also have and may exercise at any time all rights, remedies, powers, and discretions of the Borrower with 

  

 6 

 
respect to and under the Collateral. The within designation, being coupled with an interest, is irrevocable until the within instrument is terminated by a
written instrument executed by a duly authorized officer of Coley. Coley shall not be liable for any act or omission to act pursuant to this Paragraph except for any act or omission to act which is in actual bad faith or which is grossly negligent.

  
 15. Cumulative Remedies. The rights, remedies, powers,
privileges, and discretions of Coley hereunder and under the Mortgage (hereinafter, “Coley’s Rights and Remedies”) shall be cumulative and not exclusive of any rights or remedies which it otherwise may have. No delay or omission by
Coley in exercising or enforcing any of Coley’s Rights and Remedies shall operate as, or constitute, a waiver thereof. No waiver by Coley of any Default or of any default under any other agreement shall operate as a waiver of any other default
hereunder or under any other agreement. No exercise of any of Coley’s Rights and Remedies and no other agreement or transaction of whatever nature entered into between Coley and the Borrower at any time shall preclude any other exercise of
Coley’s Rights and Remedies. No waiver by Coley of any of Coley’s Rights and Remedies on any one occasion shall be deemed a waiver on any subsequent occasion, nor shall it be deemed a continuing waiver. All of Coley’s Rights and
Remedies and all of Coley’s rights, remedies, powers, privileges, and discretions under any other agreement or transaction are cumulative and not alternative or exclusive and may be exercised by Coley at such time or times and in such order of
preference as Coley in its sole discretion may determine. 
  
 16.
Definition of Liabilities. “Liabilities” shall mean (i) all indebtedness, obligations and liabilities of the Borrower, whether of principal, interest, fees, expenses or otherwise, now existing or hereafter contracted or incurred
under or in connection with the Loan and any and all extensions, renewals, refinancings and refunding of any such indebtedness in whole or in part, (ii) all costs and expenses incurred by Coley in the collection of any of such Borrower indebtedness,
including without limitation reasonable attorneys’ fees and legal expenses, and (iii) all future advances made by Coley for the protection or preservation of the Collateral or any portion thereof. 
  
 17. Waivers by Borrower. The Borrower: 
  
 (a) waives presentment, demand, notice, and protest with
respect to the Liabilities and the Collateral; 
  
 (b) waives any delay on the part of Coley; 
  
 (c) assents to any indulgence or waiver which Coley may grant or give to the Borrower or any other person liable or obliged to Coley for or on the Liabilities; 
  
 (d) agrees that no release of any property securing the Liabilities shall affect the rights of Coley with
respect to the Collateral hereunder; and 
  
 (e)
if entitled thereto, waives the right to notice and/or hearing prior to Coley’s exercising of Coley’s rights and remedies hereunder upon default. 
  
 18. Partial Release Upon Pay-Down of the Note. Upon written notice from the Borrower that he wishes to sell some or all of the Pledged Securities
and apply the proceeds of 

  

 7 

 
such sale to amounts due under the Note, Coley agrees to deliver promptly to a broker designated by the Borrower and reasonably satisfactory to Coley
certificates representing such Pledged Securities, provided that such instructions include or are accompanied by irrevocable instruction from the Borrower (with signature guarantee) to the broker requiring that the net proceeds from the sale of such
Pledged Securities be delivered by check payable to Coley and that a certificate for any shares of the Pledged Securities remaining unsold be returned to Coley. Subject to the provisions of Section 10(h), if at any time the Borrower prepays the Note pursuant to Section 4 hereof, then Coley shall return promptly to the Borrower certificates representing that
number of shares having a then-current market value equal to the amount prepaid by the Borrower. 
  
 19. Right of Setoff. If a Default shall have occurred and be continuing, Coley is hereby authorized at any time and from time to time, to the
fullest extent permitted by law, to set off and apply any and all amounts at any time held or at any time owing by Coley to or for the credit or the account of the Borrower against any of and all the Liabilities, irrespective of whether or not Coley
shall have made any demand under this Agreement and although such obligations may be unmatured. The rights of Coley under this section are in addition to any other rights and remedies (including other rights of setoff) which Coley may have.

  
 20. Duties of Coley. Coley shall have no duty as to the
collection or protection of the Collateral or any income or distribution thereon, beyond the safe custody of such of the Collateral as may come into the possession of Coley and shall have no duty as to the preservation of rights against prior
parties or any other rights pertaining thereto. Coley’s Rights and Remedies may be exercised without resort or regard to any other source of satisfaction of the Liabilities. 
  
 21. Binding Agreement. This Agreement shall be binding upon the Borrower and upon the Borrower’s
representatives, successors, and assigns, and shall inure to the benefit of Coley and its successors and assigns. 
  
 22. Complete Agreement. This Agreement and all other instruments executed in connection herewith incorporate all discussions and negotiations among
Coley and the Borrower concerning the matters included herein and in such other instruments, and supercede all prior agreements, written or oral, between them concerning such subject matter, including without limitation, the Original Loan and Pledge
Agreement. No such discussions or negotiations shall limit, modify, or otherwise affect the provisions hereof. No modification, amendment, or waiver of any provision of this Agreement shall be effective unless executed in writing by the party to be
charged with such modification, amendment and waiver, and if such party be Coley, then by a duly authorized officer thereof other than the Borrower. 
  
 23. Use of Originals. This Agreement and all other documents in Coley’s possession which relate to the Liabilities may be reproduced by Coley
by any photographic, photostatic, microfilm, micro-card, miniature photographic, xerographic, or similar process. Any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding (whether or
not the original is in existence) and any enlargement, facsimile, or further reproduction shall likewise be admissible in evidence. 
  

 8 

 24. Notices. All notices, requests, demands and other communications to be given pursuant to this
Agreement shall be in writing and shall be deemed to have been duly given if delivered by hand or overnight courier or mailed by registered or certified mail, return receipt requested, postage prepaid, addressed to the party to receive notice at its
or his respective address set forth in the first paragraph of this Agreement or such other address as such party shall have designated by notice in writing to the other party in accordance with this section. 
  
 25. Governing Law. This Agreement, and all rights and obligations
hereunder, including matters of construction, validity, and performance, shall be governed by the internal laws of the Commonwealth of Massachusetts. The Borrower submits to the jurisdiction of the courts of said Commonwealth for all purposes with
respect to this Agreement and the Borrower’s relationships with Coley. 
  
 26. Sealed Instrument. It is intended that this Agreement take effect as a sealed instrument. 
  
 [The remainder of this page left blank intentionally.] 
  

 9 

 IN WITNESS WHEREOF, the undersigned has executed the foregoing Amended and Restated Loan and Pledge
Agreement as of the date first above written. 
  

	
	
	/s/    ARTHUR M. KRIEG        
	Arthur M. Krieg, individually

  

 10

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