Document:

Exhibit 10.2

 

REGISTRATION RIGHTS
AGREEMENT

 

This Registration Rights Agreement  (this
“Agreement”) is entered into as of March 14,
2008, by and between Clarient, Inc., a Delaware corporation (the “Company”), Safeguard Delaware, Inc., a Delaware
corporation (“SDI”), Safeguard Scientifics, Inc.,
a Pennsylvania corporation (“SSI”), and
Safeguard Scientifics (Delaware), Inc., a Delaware corporation (“Safeguard Delaware”). 
Each of SDI, SSI and Safeguard Delaware are referred to herein as a “Safeguard
Entity” and SDI, SSI and Safeguard Delaware are referred to collectively herein
as the “Safeguard Entities.”

 

W I T N E S S E T H:

 

WHEREAS, the Company entered
into that certain Amended and Restated Senior Subordinated Revolving Credit
Agreement, dated as of March 13, 2008, by and between SDI and the Company
(the “Loan Agreement”), pursuant to which,
among other things, SDI will provide a $21,000,000 senior subordinated
revolving credit facility to the Company;

 

WHEREAS, pursuant to the terms
of, and in partial consideration for SDI’s agreement to enter into the Loan
Agreement, the Company has agreed to issue SDI various warrants to purchase
shares of the Company’s common stock (“Common Stock”),
$0.01 par value (the “Facility Warrants,”
and the shares of Common Stock issuable pursuant to the Facility Warrants, the “Facility Warrant Shares”);

 

WHEREAS, the Company has
previously issued the Safeguard Entities (i) shares of Common Stock (the “Outstanding  Shares”), (ii) warrants
to purchase shares of Common Stock (the “Outstanding Warrants,”
and the shares of Common Stock issuable pursuant to the Outstanding Warrants,
the “Outstanding  Warrant
Shares” and collectively with the Facility Warrant Shares and the
Outstanding Shares, the “Safeguard Shares”);
and

 

WHEREAS, pursuant to the terms
of, and in partial consideration for SDI’s agreement to enter into, the Loan
Agreement, the Company has agreed to provide the Safeguard Entities with
certain registration rights, as well as certain other rights and remedies as
set forth in this Agreement.

 

NOW, THEREFORE, in consideration
of the mutual promises, representations, warranties, covenants and conditions
set forth in the Loan Agreement and this Agreement, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
the Company and each Safeguard Entity hereby agrees as follows:

 

 

1.                             Certain Definitions.  Capitalized terms used herein and not
otherwise defined shall have the meaning ascribed thereto in the Loan
Agreement.  As used in this Agreement,
the following terms shall have the following respective meanings:

 

“Commission” or “SEC” shall mean the Securities and Exchange Commission or
any other federal agency at the time administering the Securities Act.

 

“Holder” and “Holders” shall mean the applicable Safeguard Entity and any
transferee of Registrable Securities which have not been sold to the public to
whom the registration rights conferred by this Agreement have been transferred
in compliance with this Agreement.

 

“Registrable Securities” shall
mean: (i) the Safeguard Shares, (ii) securities issued or issuable
upon any stock split, stock dividend, recapitalization or similar event with
respect to the Safeguard Shares; and (iii) any other security issued as a
dividend or other distribution with respect to, in exchange for or in
replacement of the securities referred to in the preceding clauses.

 

The terms “register”, “registered” and “registration”
shall refer to a registration effected by preparing and filing a registration
statement in compliance with the Securities Act and applicable rules and
regulations thereunder, and the declaration or ordering of the effectiveness of
such registration statement.

 

“Registration Expenses” shall
mean all expenses to be incurred by the Company in connection with each Holder’s
registration rights under this Agreement other than Selling Expenses,
including, without limitation, all registration and filing fees, printing
expenses, fees and disbursements of counsel for the Company, “blue sky” fees
and expenses, reasonable fees and disbursements of counsel to Holders (using a
single counsel selected by a majority in interest of the Holders if more than
one Holder is participating in a registration hereunder) for a “due diligence”
examination of the Company and review of the registration statement and related
documents, and the expense of any special audits incident to or required by any
such registration (but excluding the compensation of regular employees of the
Company, which shall be paid in any event by the Company).

 

“Securities Act” shall mean the
Securities Act of 1933, as amended.

 

“Selling Expenses” shall mean
all underwriting discounts and selling commissions applicable to the sale of
Registrable Securities, and all fees and disbursements of counsel for Holders
not included within “Registration Expenses.”

 

2.                             Request for Registration.

 

(a)                           If the Company
receives from a Holder or Holders of not less than 50% of the then outstanding
Registrable Securities a written request that the Company

 

 

effect a registration
with respect to shares of Registrable Securities held by such Holder or Holders
having an aggregate price to the public (net of underwriters’ discounts and
commissions) of at least $500,000 or with respect to at least 300,000 shares of
Registrable Securities, the Company will, as soon as practicable, use
commercially reasonable efforts to effect such registration (including, without
limitation, appropriate qualification under applicable state securities laws as
Holders may request and appropriate compliance with applicable regulations
issued under the Securities Act and any other governmental requirements or
regulations) as may be so requested and as would permit or facilitate the sale
and distribution, though negotiated, underwritten or other transactions or
through a combination of such methods of sale at the election of such
Holder(s), of all or such portion of such the Registrable Securities as are
specified in such request.

 

(b)                           Notwithstanding Section 2(a),
the Company shall not be obligated to take any action to effect or complete any
such registration pursuant to this Section 2:

 

(i)                            During the period
starting with the date ninety (90) days prior to the Company’s estimated date
of filing of, and ending on the date sixty (60) days immediately following the
effective date of, any registration statement pertaining to securities of the
Company (other than a registration of securities in a Rule 145 transaction
or with respect to an employee benefit plan), provided, that the Company
gives notice of its intention to file such registration statement to the Holder
or Holders within thirty (30) days of its request for such registration; and provided,
further that the Company is actively employing in good faith all
reasonable efforts to cause such registration statement to become effective;
however, the Company may not delay a requested registration under this
paragraph if the Company’s registration statement will include no equity
securities or securities convertible into equity securities and the requested
registration will not be part of an underwritten public offering; or

 

(ii)                           After the Company has
effected two (2) registrations pursuant to this Section 2; provided
that any registration request that (A) is delayed by the Company pursuant
to Section 2(b)(i) or (B) does not result in a registration
being effected, will not count towards such two (2) registration limit; or

 

(iii)                          If the Holder
requesting registration is able to sell all of such Holder’s shares requested
to be registered under Rule 144 of the Securities and Exchange Commission
adopted under the Securities Act; or

 

(iv)                          If the Company shall
furnish to the Holder or Holders requesting registration a certificate signed
by the President of the Company stating that in the good faith judgment of the
Board of Directors of the Company, it would be detrimental to the Company and
its stockholders for such registration statement to be filed and it is
therefore essential to defer the filing of such registration statement, the
Company shall have the right to defer such filing for a period of not more than
120 days after receipt of the request of the initiating Holders; provided,
however, that the Company may not utilize this right more than once in
any 12-month period.

 

 

(c)                           If the registration
pursuant to this Section 2 is effected through a firm commitment
underwritten public offering at the election of the Holder, the Company shall,
together with such Holder, enter into an underwriting agreement in customary
form with a managing underwriter selected by the Holder and reasonably
acceptable to the Company. 
Notwithstanding any other provision of this Section 2, if the
managing underwriter advises the Company in writing that marketing factors
require a limitation of the number of shares to be underwritten, then the
Company shall so advise the Holder and the number of shares of Registrable
Securities that may be included in the registration and underwriting shall be
limited to such amount; provided, however, that in the event of
such limitation on the number of shares to be underwritten, no securities to be
registered for sale by the Company shall be included unless all shares of
Registrable Securities requested by the Holder to be included in such
underwriting are so included.

 

3.                          Company Registration.

 

(a)                           If at any time or
from time to time the Company shall determine to register any of its equity
securities, either for its own account for the account of a Holder or the
account of a stockholder who is not a Holder, the Company shall:

 

(i)                            promptly give the
Holders (excluding any such Holder for whose account the shares are determined
to be registered) written notice thereof; and

 

(ii)                           include in such
registration (and any related qualifications including compliance with “blue
sky” laws), and in any underwriting involved therein, all the shares of
Registrable Securities specified in a written request or requests, made within
20 days after the date of such written notice from the Company, by any such
Holder.

 

(b)                           If the registration
of which the Company gives notice is for a registered public offering involving
an underwriting, the Company shall so advise each Holder as a part of the
written notice given pursuant to Section 3(a)(i). In such event, the right
of each Holder to registration pursuant to this Section 3 shall be
conditioned upon such Holder’s participation in such underwriting and the
inclusion of shares of Registrable Securities in the underwriting shall be
limited to the extent provided herein. 
Each Holder shall (together with the Company and the other stockholders
distributing their securities through such underwriting) enter into an
underwriting agreement in customary form with the managing underwriter selected
for such underwriting by the Company. 
Notwithstanding any other provision of this Section 3, if the
managing underwriter determines that marketing factors require a limitation of
the number of shares to be underwritten, no securities to be registered for
sale by Holders shall be included unless all shares to be registered for sale
by the Company (and for sale by any stockholder who is not a Holder, if
pursuant to the exercise of registrations rights granted in connection with a
Capital Transaction (as defined in the Amended and Restated Senior

 

 

Subordinated Revolving
Credit Agreement dated March 13, 2008)) to be included in such
underwriting are so included and any remaining securities to be included in
such registration shall be allocated pro rata among the Holders and any other
holders of “piggy-back” registration rights, based on the number of shares
requested to be included in such registration by all such holders.  The Company shall so advise each Holder and
the number of shares of Registrable Securities to be included in the
registration and underwriting shall be so limited.

 

(c)                           If the registration
of which the Company gives notice is for a registered public offering involving
an underwriting, all Holders shall provide upon request customary lock-up
agreements for themselves and their affiliates by which they agree not sell any
of their shares for a period of 180 days from the effective date of the
registration statement.

 

4.                             Registration on Form S-3.

 

(a)                           In case the Company
shall receive from a Holder or Holders of more than 50% of the then outstanding
Registrable Securities a written request that the Company file a registration
statement on Form S-3 (or any successor form to Form S-3) for a
public offering of shares of Registrable Securities having an aggregate price
to the public (net of underwriters discounts and commissions) of at least
$500,000 or a public offering of at least 300,000 shares of Registrable
Securities and the Company is a registrant entitled to use Form S-3 to
register the shares of Registrable Securities for such an offering, the Company
shall use commercially reasonable efforts to cause such shares of Registrable
Securities to be registered for the offering on such form and to cause such
shares of Registrable Securities to be qualified in such jurisdictions as such
Holder may reasonably request.  If such
offer is to be an underwritten offering, the underwriters shall be selected by
the Holder or Holders requesting the registration and be reasonably acceptable
to the Company.

 

(b)                           There shall be no
limit on the number of registration requests by Holders pursuant to the
preceding paragraph.

 

(c)                           The provisions of Section 2(b)(i),
(iii), and (iv) and Section 2(c) shall apply to any request for
registration pursuant to Section 4(a).

 

5.                             Registration Procedures.  In connection with each registration effected
pursuant to Section 2, 3 or 4, the Company shall, except as provided in Section 2(b) and
4(c):

 

(a)                           Promptly prepare and
file with the SEC a registration statement and such amendments and supplements
to such registration statement and the prospectus used in connection with such
registration statement, or prepare and file such additional registration
statements, as may be necessary to comply with the provisions of the Securities
Act with respect to the disposition of all securities covered by such
registration

 

 

statement in accordance
with the intended methods of disposition by the seller thereof as set forth in
the registration statement (and the disposition of all shares of Registrable
Securities as necessary to comply with this Agreement) and notify each Holder
of the filing and effectiveness of such registration statement and any
amendments or supplements thereto.  The
Company shall promptly forward to each participating Holder’s counsel a copy of
any correspondence or other written communications with the SEC or other
regulatory authority, relating to the registration statement or the shares of
Registrable Securities.

 

(b)                           After the
registration, at a Holder’s request, furnish to each participating Holder such
number of copies of a current prospectus conforming with the requirements of
the Securities Act and any other documents incident thereto, copies of the
registration statement, any amendment or supplement to such prospectus or
registration statement and any documents incorporated by reference therein and such
other documents as such Holder may from time to time reasonably request in
order to facilitate the disposition of the shares of Registrable Securities
registered on behalf of such Holder.

 

(c)                           Use commercially
reasonable efforts to register and qualify the shares of Registrable Securities
covered by such registration statement under such other securities or “blue sky”
laws of any United States jurisdictions as the Holders may reasonably request
(except in any such jurisdiction where the registration and qualification of
the securities covered by such registration statement is exempt under the laws
and regulations of such jurisdiction); provided that the Company shall
not be required in connection therewith or as a condition thereto to qualify to
do business or to file a general consent to service of process in any such
states or jurisdictions.

 

(d)                           Notify the
participating Holders immediately of the happening of any event known to the
Company (but not the substance or details of any such event unless specifically
requested by any such Holder) as a result of which the prospectus (including
any supplements thereto or thereof and any information incorporated or deemed
to be incorporated by reference therein) included in such registration
statement, as then in effect, includes an untrue statement of material fact or
omits to state a material fact required to be stated therein or necessary to
make the statements therein not misleading in light of the circumstances then
existing, and use commercially reasonable 
efforts to promptly update and/or correct such prospectus.  Notwithstanding the foregoing, if the Company
shall furnish to the Holder or Holders whose Registrable Securities have been
so registered a certificate signed by the President of the Company stating that
in the good faith judgment of the Board of Directors of the Company it would be
detrimental to the Company and its stockholders to update and/or correct any
such prospectus, the Company shall have the right to defer updating or
correcting such prospectus for a period of not more than 120 days after the
notification to the Holders; provided, however, that the Company
may not utilize this right more than once in any 12-month period.  During any such 120-day or shorter period,
the Holders will not deliver any such prospectus or sell any Registrable
Securities in reliance thereon.

 

 

(e)                           Notify each
participating Holder immediately of the issuance by the Commission or any state
securities commission or agency of any stop order suspending the effectiveness
of the registration statement or the initiation of any proceedings for that
purpose.  The Company shall use its
commercially reasonable efforts to prevent the issuance of any stop order and,
if any stop order is issued, to obtain the lifting thereof at the earliest
possible time.

 

(f)                            Permit a single firm
of counsel, selected by the participating Holders, to review the registration
statement and all amendments and supplements thereto within a reasonable period
of time prior to each filing, and shall not file any document in a form to
which such counsel reasonably objects.

 

(g)                           Use commercially
reasonable efforts to cause the shares of Registrable Securities registered by
the registration statement to be listed or quoted on each securities exchange
and/or market on which the Common Stock is then listed and/or quoted and
prepare and file any required filings with the Financial Industry Regulatory
Authority or any exchange or market where the Common Stock is then listed
and/or traded.

 

(h)                           If applicable, at a Holder’s
request, take all steps necessary to enable each participating Holder to avail
themselves of the prospectus delivery mechanism set forth in Rule 153 (or
successor thereto) under the Securities Act.

 

6.                             Holder Deemed an Underwriter.  In the event that a Holder selling
Registrable Securities is deemed to be an underwriter,  the Company shall enter into such customary
agreements with such Holder as would customarily be entered into with an
underwriter (excluding provisions for the purchase and sale of the Common Stock
and any discounts or other consideration) and:

 

(a)                           make such
representations and warranties to such Holder in form, substance and scope as
are customarily made by issuers to underwriters in secondary offerings;

 

(b)                           cause to be delivered,
if requested, to such Holder opinions of independent counsel to the Company, on
and dated as of the effective day of the registration statement, and within 90
days following the end of each fiscal year thereafter, which counsel and
opinions (in form, scope and substance) shall be reasonably satisfactory to
such Holder and their counsel and covering, without limitation, such matters as
the due authorization and issuance of the securities being registered and
compliance with securities laws by the Company in connection with the
authorization, issuance and registration thereof and other matters that are
customarily given to underwriters in underwritten offerings, addressed to such
Holder;

 

 

(c)                           cause to be
delivered, immediately prior to the effectiveness of the registration
statement, and at the beginning of each fiscal year following a year during
which the Company’s independent certified public accountants shall have
reviewed any of the Company’s books or records, a “comfort” letter from the
Company’s independent certified public accountants addressed to such Holder,
stating that such accountants are independent public accountants within the
meaning of the Securities Act and the applicable published rules and
regulations thereunder, and otherwise in customary form and covering such
financial and accounting matters as are customarily covered by letters of the
independent certified public accountants delivered in connection with secondary
offerings; such accountants shall have undertaken in each such letter to update
the same quarterly during each such fiscal year for which such books or records
are being reviewed so that each such letter shall remain current, correct and
complete as of the end of such accountant’s review of the Company’s quarterly
financial statements; and each such letter and update thereof, if any, shall be
reasonably satisfactory to such Holder(s);

 

(d)                           shall include in such
agreements customary indemnification and contribution provisions to and from
underwriters; and

 

(e)                           deliver such documents
and certificates as may be reasonably requested by the Holder to evidence
compliance with clause (a) above and with any customary conditions
contained in underwriting agreements, if any.

 

7.                             Expenses of Registration.  All Registration Expenses incurred in
connection with any registration, qualification or compliance with registration
pursuant to this Agreement shall be borne by the Company, and all Selling
Expenses shall be borne by the Holder or Holders.

 

8.                             Registration on Form S-3; Other
Forms.  In connection with each
registration effected pursuant to this Agreement, the Company shall use
commercially reasonable efforts to qualify for registration on Form S-3 or
any comparable or successor form or forms, or in the event that the Company is
ineligible to use such form, such form as the Company is eligible to use under
the Securities Act.

 

9.                             Registration Period.  In the case of a registration effected by the
Company pursuant to this Agreement, the Company will use commercially
reasonable efforts to keep such registration effective at all times during the
period commencing on the effective date of the registration statement and
continuing thereafter until the all Registrable Securities covered by such
registration have been sold thereunder.

 

10.                           Indemnification.

 

(a)                           The Company
Indemnity. The Company will indemnify each Holder, each of its
officers, directors and partners, and each person controlling each Holder,
within the meaning of Section 15 of the Securities Act and the rules and
regulations thereunder with respect to which registration, qualification or
compliance has

 

 

been effected pursuant to
this Agreement, and each underwriter, if any, and each person who controls,
within the meaning of Section 15 of the Securities Act and the rules and
regulations thereunder, any underwriter, including any of the foregoing
incurred in any litigation, commenced or threatened, against all claims,
losses, damages and liabilities (or actions in respect thereof) arising out of
or based on any violation by the Company of its representations to or covenants
with the Holders under this Agreement or any untrue statement (or alleged
untrue statement) of a material fact contained in any prospectus, offering
circular or other document prepared by the Company (including any related
registration statement, notification or the like) incident to any such
registration, qualification or compliance, or based on any omission (or alleged
omission) to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, or any violation by
the Company of the Securities Act or any state securities law or in either
case, any rule or regulation thereunder applicable to the Company and
relating to action or inaction required of the Company in connection with any
such registration, qualification or compliance, and will reimburse each Holder,
each of its officers, directors and partners, and each person controlling such
Holder, each such underwriter and each person who controls any such underwriter,
for any legal and any other expenses reasonably incurred in connection with
investigating and defending any such claim, loss, damage, liability or action; provided
that the Company will not be liable in any such case to a Holder to the extent
that any such claim, loss, damage, liability or expense arises out of or is
based on any untrue statement or omission based upon written information
furnished to the Company by such Holder or the underwriter (if any) therefor
and stated to be specifically for use therein. 
The indemnity agreement contained in this Section 10(a) shall
not apply to amounts paid in settlement of any such loss, claim, damage,
liability or action if such settlement is effected without the consent of the
Company (which consent will not be unreasonably withheld).

 

(b)                           Holder
Indemnity. Each Holder will, severally and not jointly, if
Registrable Securities held by it are included in the securities as to which
such registration, qualification or compliance is being effected, indemnify the
Company, each of its directors, officers, partners, and each underwriter, if
any, of the Company’s securities covered by such a registration statement, each
person who controls the Company or such underwriter within the meaning of Section 15
of the Securities Act and the rules and regulations thereunder, each other
Holder (if any), and each of their officers, directors and partners, and each
person controlling such other Holder(s), against all claims, losses, damages
and liabilities (or actions in respect thereof) arising out of or based on any
violation by the such Holder of its representations to or covenants with the
Company under this Agreement or any untrue statement (or alleged untrue
statement) of a material fact contained in any such registration statement,
prospectus, offering circular or other document, or any omission (or alleged
omission) to state therein a material fact required to be stated therein or
necessary to make the statement therein not misleading, and will reimburse the
Company and such other Holder(s) and their directors, officers and
partners, underwriters or control persons for any legal or any other expenses
reasonably incurred in connection with investigating and defending any such
claim, loss,

 

 

damage, liability or
action, in each case to the extent, but only to the extent, that such untrue
statement (or alleged untrue statement) or omission (or alleged omission) is
made in such registration statement, prospectus, offering circular or other
document in reliance upon and in conformity with written information furnished
to the Company by such Holder and stated to be specifically for use therein,
and provided that the maximum amount for which such Holder shall be liable
under this indemnity shall not exceed the net proceeds received by such Holder
from the sale or sales of the Registrable Securities which gave rise to the
claim for indemnification.  The indemnity
agreement contained in this Section 10(b) shall not apply to amounts
paid in settlement of any such claims, losses, damages or liabilities if such
settlement is effected without the consent of such Holder (which consent shall
not be unreasonably withheld).

 

(c)                           Procedure.  Each party entitled to indemnification under
this Section 10 (the “Indemnified Party”)
shall give notice to the party required to provide indemnification (the “Indemnifying Party”) promptly after such Indemnified Party
has actual knowledge of any claim as to which indemnity may be sought, and
shall permit the Indemnifying Party to assume the defense of any such claim in
any litigation resulting therefrom; provided that counsel for the
Indemnifying Party, who shall conduct the defense of such claim or any
litigation resulting therefrom, shall be approved by the Indemnified Party
(whose approval shall not be unreasonably withheld), and the Indemnified Party
may participate in such defense at such party’s expense; and provided  further
that the failure of any Indemnified Party to give notice as provided herein
shall not relieve the Indemnifying Party of its obligations under this Section except
to the extent that the Indemnifying Party is materially and adversely affected
by such failure to provide notice.  No
Indemnifying Party, in the defense of any such claim or litigation, shall,
except with the consent of each Indemnified Party, consent to entry of any
judgment or enter into any settlement which does not include as an
unconditional term thereof the giving by the claimant or plaintiff to such
Indemnified Party of a release from all liability in respect to such claim or
litigation.  Each Indemnified Party shall
furnish such information regarding itself or the claim in question as an
Indemnifying Party may reasonably request in writing and as shall be reasonably
required in connection with the defense of such claim and litigation resulting
therefrom.

 

11.                           Contribution.

 

(a)                           If the
indemnification provided for in Section 10 herein is unavailable to the
Indemnified Parties in respect of any losses, claims, damages or liabilities
referred to herein (other than by reason of the exceptions provided therein),
then each such Indemnifying Party, in lieu of indemnifying each of such
Indemnified Parties, shall contribute to the amount paid or payable by each
such Indemnified Party as a result of such losses, claims, damages or
liabilities as between the Company on the one hand and any Holder on the other,
in such proportion as is appropriate to reflect the relative fault of the
Company and of such Holder in connection with the statements or omissions which
resulted in such losses, claims, damages or liabilities, as well as any

 

 

other relevant equitable
considerations.  The relative fault of
the Company on the one hand and of any Holder on the other shall be determined
by reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or omission or alleged omission to state a
material fact relates to information supplied by the Company or by such Holder.

 

(b)                           In no event shall the
obligation of any Indemnifying Party to contribute under this Section 11
exceed the amount that such Indemnifying Party would have been obligated to pay
by way of indemnification if the indemnification provided for under Section 10(a) or
10(b) hereof had been available under the circumstances.

 

(c)                           The Company and the
Holders agree that it would not be just and equitable if contribution pursuant
to this Section 11 were determined by pro rata allocation (even if the
Holders or the underwriters were treated as one entity for such purpose) or by
any other method of allocation which does not take account of the equitable
considerations referred to in the immediately preceding paragraphs.  The amount paid or payable by an Indemnified
Party as a result of the losses, claims, damages and liabilities referred to in
the immediately preceding paragraphs shall be deemed to include, subject to the
limitations set forth above, any legal or other expenses reasonably incurred by
such Indemnified Party in connection with investigating or defending any such
action or claim.  Notwithstanding the
provisions of this section, no Holder or underwriter shall be required to
contribute any amount in excess of the amount by which (i) in the case of
any Holder, the net proceeds received by such Holder from the sale of
Registrable Securities which gave rise to the necessity for contribution or (ii) in
the case of an underwriter, the amount by which the total price at which the
Registrable Securities purchased by it and distributed to the public were
offered to the public exceeds, in any such case, the amount of any damages that
such Holder or underwriter has otherwise been required to pay by reason of such
untrue or alleged untrue statement or omission or alleged omission.  No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be
entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation.

 

12.                           Survival.  The indemnity and contribution agreements
contained in Sections 10 and 11 and the representations and warranties of the
Company referred to in Section 6(a) shall remain operative and in
full force and effect regardless of (i) any termination of this Agreement
or the Loan Agreement or any underwriting agreement, (ii) any
investigation made by or on behalf of any Indemnified Party or by or on behalf
of the Company, and (iii) the consummation of the sale or successive
resales of the Safeguard Shares.

 

13.                           Information by
Holders.  Each Holder shall  furnish to the Company such information
regarding such Holder and the distribution and/or sale proposed by such Holder
as the Company may reasonably request in writing and as shall be reasonably
required in connection with any registration, qualification or compliance
referred to in

 

 

this Agreement.  The intended method or methods of disposition
and/or sale (Plan of Distribution) of such securities as so provided by such
Holder shall be included without alteration in the registration statement
covering the Safeguard Shares and shall not be changed without written consent
of such Holder, except that such Holder may not require an intended method of
disposition which, in the reasonable opinion of counsel to the Company,
violates applicable securities law.

 

14.                           Replacement
Certificates.  The certificate(s) representing
the Safeguard Shares held by a Holder may be exchanged by such Holder at any
time and from time to time for certificates with different denominations
representing an equal aggregate number of Safeguard Shares, as reasonably
requested by such Holder upon surrendering the same.  No service charge will be made for such
registration or transfer or exchange.

 

15.                           Transfer or
Assignment.  Except as otherwise
provided herein, this Agreement shall be binding upon and inure to the benefit
of the parties and their successors and permitted assigns.  The rights granted to the Safeguard Entities
by the Company under this Agreement to cause the Company to register the
Safeguard Shares may be transferred or assigned (in whole or in part) to up to
two (2) transferees or assignees of any Safeguard Shares, and all other
rights granted to the Safeguard Entities by the Company hereunder may be
transferred or assigned to up to two (2) transferees or assignees of any
Safeguard Shares; provided in each case that the Company must be given
written notice by the applicable Safeguard Entity at the time of or within a
reasonable time after said transfer or assignment, stating the name and address
of said transferee or assignee and identifying the securities with respect to
which such registration rights are being transferred or assigned; and provided,  further, that the transferee or assignee of such
rights agrees in writing to be bound by the provisions of this Agreement.

 

16.                           Miscellaneous.

 

(a)                           Remedies.  The Company and each Safeguard Entity
acknowledges and agrees that irreparable damage would occur in the event that
any of the provisions of this Agreement were not performed in accordance with
their specific terms or were otherwise breached.  It is accordingly agreed that the parties
shall be entitled to an injunction or injunctions to prevent or cure breaches
of the provisions of this Agreement and to enforce specifically the terms and
provisions hereof, this being in addition to any other remedy to which any of
them may be entitled by law or equity.

 

(b)                           Notices.
Any notices, consents, waivers or other communications required or permitted to
be given under the terms of this Agreement must be in writing, must be
delivered by (i) courier, mail or hand delivery or (ii) facsimile, and
will be deemed to have been delivered upon receipt. The addresses and facsimile
numbers for such communications shall be:

 

 

to the Company:

 

Clarient, Inc.

31 Columbia

Aliso Viejo, California  92656

Facsimile: 
(949) 443-3366

Attention:  
Chief Financial Officer

 

with a copy to:

 

Latham & Watkins
LLP

633 West Fifth Street, Suite 4000

Los Angeles, California
90071

Facsimile:  (213) 891-8763

Attention:   W. Alex Voxman, Esq.

 

to the Safeguard Entities:

 

Safeguard Delaware, Inc.
and Safeguard Scientifics (Delaware), Inc.

1105 N. Market Street

Suite 1300

Wilmington, DE 19801

Facsimile:  (302) 427-4607

Attention:   Chief Financial Officer

 

Safeguard Scientifics, Inc.

435 Devon Park Drive

800 Building

Wayne, Pennsylvania  19087

Facsimile:  (610) 482.9105

Attention:   General Counsel

 

Each party shall provide five (5) days prior
written notice to the other party of any change in address, telephone number or
facsimile number.  Written confirmation
of receipt (i) given by the recipient of such notice, consent, waiver or
other communication, (ii) mechanically or electronically generated by the
sender’s facsimile machine containing the time, date and recipient facsimile
number or (iii) provided by a nationally recognized overnight delivery
service, shall be rebuttable evidence of personal service, receipt by facsimile
or receipt from a nationally recognized overnight delivery service in accordance
with clause (i), (ii) or (iii) above, respectively.

 

(c)                                                                                  Waivers.  No waiver by
any party of any default with respect to any provision, condition or
requirement of this Agreement shall be deemed to be a continuing waiver in the
future or a waiver of any other provision, condition or requirement hereof, nor
shall any delay or omission of any party to exercise any right hereunder in any
manner impair the exercise of any such right accruing to it thereafter.  The representations and warranties and the agreements
and covenants of the Company and the Safeguard Entities contained herein shall
survive the Closing.

 

 

(d)                                                                                 Counterparts.  This
Agreement may be executed in two or more counterparts, all of which shall be
considered one and the same agreement, it being understood that all parties
need not sign the same counterpart.

 

(e)                                                                                  Entire Agreement. 
This Agreement, together with the Loan Agreement and the agreements and
documents contemplated hereby and thereby, contains the entire understanding
and agreement of the parties hereto and supersedes any prior understandings,
agreements, or representations by or among the parties hereto, written or oral,
including, without limitation, (i) each of the agreements listed on Exhibit A-1
hereto (which agreements shall be of no further force and effect after the date
hereof) and (ii) the applicable provisions for the granting of
registration rights contained in the agreements listed on Exhibit A-2
hereto (which provisions shall be of no further force and effect after the date
hereof), and may not be modified, amended or terminated except by a written
agreement signed by both parties. 
Without limiting the generality of the foregoing, each Safeguard Entity
acknowledges and agrees that it waives any right it may have to receive
liquidated damages (or any other damages) and any other remedies available to
it under any of the agreements listed on Exhibit A-1 or A-2
(whether accruing prior to, on or after the date hereof) as a result of the
Company’s failure to date to maintain the effectiveness of registration
statements covering the Registrable Securities thereunder.

 

(f)                                                                                    Jurisdiction.  THE
COMPANY AND EACH SAFEGUARD ENTITY (I) HEREBY IRREVOCABLY SUBMITS TO THE
EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT, COURTS OF THE STATE
OF DELAWARE AND OTHER COURTS OF THE UNITED STATES SITTING IN NEW CASTLE COUNTY,
DELAWARE FOR THE PURPOSES OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR
RELATING TO THIS AGREEMENT AND (II) HEREBY WAIVES, AND AGREES NOT TO
ASSERT IN ANY SUCH SUIT ACTION OR PROCEEDING, ANY CLAIM THAT IT IS NOT
PERSONALLY SUBJECT TO THE JURISDICTION OF SUCH COURT, THAT THE SUIT, ACTION OR
PROCEEDING IS BROUGHT IN AN INCONVENIENT FORUM OR THAT THE VENUE OF THE SUIT,
ACTION OR PROCEEDING IS IMPROPER.  THE
COMPANY AND EACH SAFEGUARD ENTITY CONSENTS TO PROCESS BEING SERVED IN ANY SUCH
SUIT, ACTION OR PROCEEDING BY MAILING A COPY THEREOF TO SUCH PARTY AT THE
ADDRESS IN EFFECT FOR NOTICES TO IT UNDER THIS AGREEMENT AND AGREES THAT SUCH
SERVICE SHALL CONSTITUTE GOOD AND SUFFICIENT SERVICE OF PROCESS AND NOTICE
THEREOF.  NOTHING IN THIS PARAGRAPH SHALL
AFFECT OR LIMIT ANY RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY
LAW.

 

 

(g)                                                                                 Governing Law.  THIS
AGREEMENT AND THE VALIDITY AND PERFORMANCE OF THE TERMS HEREOF SHALL BE
GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS OF
THE STATE OF DELAWARE APPLICABLE TO CONTRACTS EXECUTED AND TO BE PERFORMED
ENTIRELY IN SUCH STATE.

 

(h)                                                                                 Jury Trial.  EACH
PARTY HERETO WAIVES THE RIGHT TO A TRIAL BY JURY.

 

(i)                                                                                     Titles.  The titles
used in this Agreement are used for convenience only and are not to be
considered in construing or interpreting this Agreement.

 

* * *
Signature page follows * * *

 

 

IN
WITNESS WHEREOF, the parties hereto have caused this
Agreement to be duly executed as of the date first above written.

 

 

	
   

  	
  COMPANY:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CLARIENT,
  INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
      /s/
  James V. Agnello

  
	
   

  	
  Name:  James V. Agnello

  
	
   

  	
  Title:  Senior Vice President and

  
	
   

  	
   

  	
  Chief Financial
  Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SAFEGUARD
  ENTITIES:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SAFEGUARD
  DELAWARE, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
      /s/
  Brian J. Sisko

  
	
   

  	
  Name: Brian J.
  Sisko

  
	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SAFEGUARD
  SCIENTIFICS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
      /s/
  Brian J. Sisko

  
	
   

  	
  Name: Brian J.
  Sisko

  
	
   

  	
  Title: Senior
  Vice President and General 

  
	
   

  	
   

  	
  Counsel

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SAFEGUARD
  SCIENTIFICS

  (DELAWARE), INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
      /s/
  Brian J. Sisko

  
	
   

  	
  Name: Brian J.
  Sisko

  
	
   

  	
  Title: Vice
  President

  
					

 

 

Exhibit A-1

 

	
  1.

  	
   

  	
  Registration
  Rights Agreement, dated as of June 6, 1996, by and among the Company and
  the stockholders parties thereto

  
	
   

  	
   

  	
   

  
	
  2.

  	
   

  	
  Registration
  Rights Agreement, dated as of September 28, 2000, by and among the
  Company, Safeguard Delaware, Inc., and incuVest, LLC

  
	
   

  	
   

  	
   

  
	
  3.

  	
   

  	
  Registration
  Rights Agreement dated as of July 10, 2001 by and among the Company,
  Safeguard Delaware Inc. and other investors party thereto

  
	
   

  	
   

  	
   

  
	
  4.

  	
   

  	
  Registration
  Rights Agreement, dated as of June 13, 2002, by and between the Company
  and Safeguard Delaware Inc.

  
	
   

  	
   

  	
   

  
	
  5.

  	
   

  	
  Registration
  Rights Agreement, dated as of February 26, 2003, by and between the
  Company and Safeguard Delaware Inc.

  
	
   

  	
   

  	
   

  
	
  6.

  	
   

  	
  Registration
  Rights Agreement, dated as of February 10, 2004, by and between the
  Company and Safeguard Delaware Inc.

  
	
   

  	
   

  	
   

  
	
  7.

  	
   

  	
  Registration
  Rights Agreement, dated March 25, 2004, by and among the Company and the
  investors signatory thereto

  
	
   

  	
   

  	
   

  
	
  8.

  	
   

  	
  Registration
  Rights Agreement, dated as of November 8, 2005, by and among the Company
  and the investors signatory thereto

  

 

 

Exhibit A-2

 

	
  1.

  	
   

  	
  Securities
  Purchase Agreement, dated as of June 13, 2002, by and among the Company,
  Safeguard Delaware Inc. and Safeguard Scientifics, Inc.

  
	
   

  	
   

  	
   

  
	
  2.

  	
   

  	
  Securities
  Purchase Agreement, dated as of September 22, 2006, by and between the
  Company and Safeguard Delaware Inc.

  
	
   

  	
   

  	
   

  
	
  3.

  	
   

  	
  Senior
  Subordinated Revolving Credit Agreement, dated as of March 7, 2007 by
  and between the Company and Safeguard Delaware Inc.Exhibit 10.3

 

NEITHER THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS
EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR
THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN
AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO
SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE
COMPANY.

 

COMMON STOCK PURCHASE WARRANT

 

To Purchase             
Shares of Common Stock of

Clarient, Inc.

 

THIS COMMON STOCK PURCHASE
WARRANT CERTIFIES that, for value received, Safeguard Delaware, Inc., a
Delaware corporation (the “Holder”), is entitled, upon the terms and subject to
the limitations on exercise and the conditions hereinafter set forth, at any
time on or after [DATE OF ISSUANCE] (the “Initial Exercise Date”) and on or
prior to the close of business on [FIVE YEAR ANNIVERSARY OF DATE OF ISSUANCE] (the
“Termination Date”) but not thereafter, to subscribe for and purchase from Clarient, Inc.,
a corporation incorporated in the State of Delaware (the “Company”), up to                                       
(                  )  shares
(the “Warrant Shares”) of Common Stock, par value $0.01 per share, of the
Company (the “Common Stock”).  The
purchase price of one share of Common Stock (the “Exercise Price”) under this
Warrant shall be $0.01, and the Exercise Price and the number of Warrant Shares
for which the Warrant is exercisable shall be subject to adjustment as provided
herein, provided however that in no event shall the Exercise Price be reduced
below the par value of the Common Stock.

 

1.                                       Title to Warrant.  Prior to the Termination Date and subject to
compliance with applicable laws and Section 7 of this Warrant, this
Warrant and all rights hereunder are transferable, in whole or in part, at the
office or agency of the Company by the Holder in person or by duly authorized
attorney and upon surrender of this Warrant together with the Assignment Form annexed
hereto properly endorsed.  The transferee
shall sign an investment letter in form and substance reasonably satisfactory
to the Company.

 

2.                                       Authorization
of Shares.  The Company
covenants that all Warrant Shares which may be issued upon the exercise of the
purchase rights represented by this Warrant will, upon exercise of the purchase
rights represented by this Warrant, be duly authorized, validly issued, fully
paid and nonassessable and free from all taxes, liens and charges in respect of
the issue thereof (other than taxes in respect of any transfer occurring
contemporaneously with such issue).

 

3.                                       Exercise
of Warrant.

 

(a)  Exercise
of the purchase rights represented by this Warrant may be made at any time or
times on or after the Initial Exercise Date and on or before the Termination
Date by delivering the Notice of Exercise Form annexed hereto duly completed
and executed (which delivery may be by facsimile), at the office of the Company
(or such other office or agency of the Company as it may designate by notice in
writing to the registered Holder at the address of such Holder appearing on the

 

 

books of the
Company) and upon full payment of the Exercise Price of the shares thereby purchased
by wire transfer or cashier’s check drawn on a United States bank or by means
of a cashless exercise pursuant to Section 3(d), the Holder shall be
entitled to receive a certificate for the number of Warrant Shares so
purchased.  Certificates for shares
purchased hereunder shall be delivered to the address specified by the Holder
in the Notice of Exercise within three (3) business days from the delivery
to the Company of the Notice of Exercise Form, surrender of this Warrant and
payment of the aggregate Exercise Price as set forth above (“Warrant Share
Delivery Date”).  In lieu of
delivering physical certificates for the shares purchased hereunder, provided
the Company’s transfer agent is participating in the Depository Trust Company (“DTC”)
Fast Automated Securities Transfer program, and so long as the resale of the
shares underlying this Warrant is covered by an effective registration
statement or the legend upon the certificates for the shares may be removed in
accordance with applicable securities laws, upon request of the Holder, the
Company shall use commercially reasonable efforts to cause its transfer agent electronically
to transmit such shares by crediting the account of the Holder’s prime broker
with DTC through its Deposit Withdrawal Agent Commission system (provided that
the same time limitations herein as for stock certificates shall apply and that
the Company may in all events satisfy its obligations to deliver certificates
by delivery of physical stock certificates). 
This Warrant shall be deemed to have been exercised on the date the
Exercise Price is received by the Company. 
The Warrant Shares shall be deemed to have been issued, and Holder or
any other person so designated to be named therein shall be deemed to have
become a holder of record of such shares for all purposes, as of the date the
Warrant has been exercised by payment to the Company of the Exercise Price.

 

(b)  In addition to any other rights
available to the holder, if the Company fails to deliver or cause its transfer
agent to deliver or transmit (in the manner contemplated by clause (a) above)
to the Holder a certificate or certificates representing the Shares pursuant to
an exercise on or before the Warrant Share Delivery Date, and if after such
date the holder is required by its broker to purchase (in an open market
transaction or otherwise) shares of Common Stock to deliver in satisfaction of
a sale by the holder of the Shares which the Holder anticipated receiving upon
such exercise (a “Buy-In”), then the Company shall promptly honor its
obligation to deliver to the Holder such Warrant Shares and pay in cash to the
holder the amount by which (x) the holder’s total purchase price
(including brokerage commissions, if any) for the shares of Common Stock so
purchased exceeds (y) the amount obtained by multiplying (A) the
number of Shares that the Company was required to deliver to the holder in
connection with the exercise at issue times (B) the closing price per
share on date of exercise. The holder shall provide the Company written notice
indicating the amounts payable to the Holder in respect of the Buy-In, together
with applicable confirmations and other evidence reasonably requested by the
Company.  Nothing herein shall limit a
Holder’s right to pursue any other remedies available to it hereunder, at law
or in equity including, without limitation, a decree of specific performance
and/or injunctive relief with respect to the Company’s failure to timely
deliver certificates representing shares of Common Stock upon exercise of the
Warrant as required pursuant to the terms hereof.

 

(c)  Notwithstanding anything to the
contrary set forth herein, upon partial exercise of this Warrant in accordance
with the terms hereof, the Holder shall not be required to physically surrender
this Warrant to the Company unless such Holder is purchasing the full amount of
Warrant Shares then represented by this Warrant.  The Holder and the Company shall maintain
records showing the number of Warrant Shares so purchased hereunder and the
dates of such purchases or shall use such other method, reasonably satisfactory
to the Holder and the Company, so as not to require physical surrender of this
Warrant upon each such exercise.  The
requirement of physical surrender upon full exercise shall be satisfied by the
Holder mailing, postage prepaid, or arranging for delivery by commercial
courier this Warrant to the Company’s notice address.

 

2

 

(d)  This
Warrant may also be exercised at such time by means of a “cashless exercise” in
which the Holder shall be entitled to receive a certificate for the number of
Warrant Shares equal to the quotient obtained by dividing ((A-B) (X)) by (A),
where:

 

	
  (A) =

  	
  the
  last reported sale price of the Common Stock on the business day immediately
  preceding the date of such election or, if not reported, the fair market
  value of such Common Stock as reasonably determined by the Company’s Board of
  Directors;

  
	
   

  	
   

  
	
  (B) =

  	
  the
  Exercise Price, as adjusted; and

  
	
   

  	
   

  
	
  (X) =

  	
  the
  number of Warrant Shares with respect to which this Warrant is being
  exercised.

  

 

4.                                       No
Fractional Shares or Scrip. 
No fractional shares or scrip representing fractional shares shall be
issued upon the exercise of this Warrant. 
As to any fraction of a share which Holder would otherwise be entitled
to purchase upon such exercise, the Company shall pay a cash adjustment in
respect of such final fraction in an amount equal to such fraction multiplied
by the Exercise Price.

 

5.                                       Charges,
Taxes and Expenses.  Issuance of certificates
for Warrant Shares shall be made without charge to the Holder for any issue or
transfer tax or other incidental expense in respect of the issuance of such
certificate, all of which taxes and expenses shall be paid by the Company, and
such certificates shall be issued in the name of the Holder or in such name or
names as may be directed by the Holder; provided, however, that in the event
certificates for Warrant Shares are to be issued in a name other than the name
of the Holder, this Warrant when surrendered for exercise shall be accompanied
by the Assignment Form attached hereto duly executed by the Holder; and
the Company may require, as a condition thereto, the payment of a sum
sufficient to reimburse it for any transfer tax incidental thereto, compliance
with the provisions of Section 7 and an investment letter from the
transferee in form and substance reasonably satisfactory to the Company.

 

6.                                       Closing
of Books.  The Company will
not close its stockholder books or records in any manner which prevents the
timely exercise of this Warrant, pursuant to the terms hereof.

 

7.                                       Transfer,
Division and Combination.

 

(a)  Subject
to compliance with any applicable securities laws and the conditions set forth
in Sections 1 and 7 hereof, this Warrant and all rights hereunder are
transferable, in whole or in part, upon surrender of this Warrant at the
principal office of the Company, together with a written assignment of this
Warrant substantially in the form attached hereto duly executed by the Holder
or its agent or attorney and funds sufficient to pay any transfer taxes payable
upon the making of such transfer.  Upon
such surrender and, if required, such payment, the Company shall execute and
deliver a new Warrant or Warrants in the name of the assignee or assignees and
in the denomination or denominations specified in such instrument of
assignment, and shall issue to the assignor a new Warrant evidencing the
portion of this Warrant not so assigned, and this Warrant shall promptly be
cancelled.  A Warrant, if properly
assigned, may be exercised by a new holder for the purchase of Warrant Shares
without having a new Warrant issued.

 

3

 

(b)  This
Warrant may be divided or combined with other Warrants upon presentation hereof
at the aforesaid office of the Company, together with a written notice
specifying the names and denominations in which new Warrants are to be issued,
signed by the Holder or its agent or attorney. 
Subject to compliance with Section 7(a), as to any transfer which
may be involved in such division or combination, the Company shall execute and
deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be
divided or combined in accordance with such notice.

 

(c)  The Company shall prepare, issue
and deliver at its own expense (other than transfer taxes) the new Warrant or
Warrants under this Section 7.

 

(d)  The Company agrees to maintain,
at its aforesaid office, books for the registration and the registration of
transfer of the Warrants.  This Warrant
may not be transferred or sold except pursuant to an effective registration
statement under the Securities Act of pursuant to an available exemption from,
or in a transaction not subject to, the registration requirements of the
Securities Act and in accordance with applicable state securities laws.  If, at the time of the surrender of this
Warrant in connection with any transfer of this Warrant, the transfer of this
Warrant shall not be registered pursuant to an effective registration statement
under the Securities Act of 1933, as amended (the “Securities Act”) and under
applicable state securities or blue sky laws, the Company may require, as a
condition of allowing such transfer (i) that the Holder or transferee of
this Warrant, as the case may be, furnish to the Company a written opinion of
counsel (which opinion shall be in form, substance and scope customary for
opinions of counsel in comparable transactions) to the effect that such
transfer may be made without registration under the Securities Act and under
applicable state securities or blue sky laws, (ii) that the holder or
transferee execute and deliver to the Company an investment letter in form and
substance reasonably acceptable to the Company and (iii) that the
transferee be an “accredited investor” as defined in Rule 501(a) promulgated
under the Securities Act.

 

(e)                                  Any
securities issued upon exercise of this Warrant shall bear the following
legend:

 

THESE
SECURITIES HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION
OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO
AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN
AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO
SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE
COMPANY.  SUBJECT TO COMPLIANCE WITH
APPLICABLE SECURITIES LAWS, THESE SECURITIES MAY BE PLEDGED IN CONNECTION
WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN
WITH A FINANCIAL INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN
RULE 501(a) UNDER THE SECURITIES ACT.

 

4

 

8.                                       No
Rights as Stockholder until Exercise.  This Warrant does not entitle the Holder to
any voting rights or other rights as a stockholder of the Company prior to the
exercise hereof.  Upon the surrender of
this Warrant and the payment of the aggregate Exercise Price (or by means of a
cashless exercise), the Warrant Shares so purchased shall be and be deemed to
be issued to such Holder as the record owner of such shares as of the close of
business on the later of the date of such surrender or payment.

 

9.                                       Loss,
Theft, Destruction or Mutilation of Warrant.  The Company covenants that upon receipt by
the Company of evidence reasonably satisfactory to it of the loss, theft,
destruction or mutilation of this Warrant or any stock certificate relating to
the Warrant Shares, and in case of loss, theft or destruction, of indemnity or
security reasonably satisfactory to it (which, in the case of the Warrant,
shall not include the posting of any bond), and upon surrender and cancellation
of such Warrant or stock certificate, if mutilated, the Company will make and
deliver a new Warrant or stock certificate of like tenor and dated as of such
cancellation, in lieu of such Warrant or stock certificate.

 

10.                                 Saturdays,
Sundays, Holidays, etc. 
If the last or appointed day for the taking of any action or the
expiration of any right required or granted herein shall be a Saturday, Sunday
or a legal holiday, then such action may be taken or such right may be
exercised on the next succeeding day not a Saturday, Sunday or legal holiday.

 

11.                                 Adjustments
of Exercise Price and Number of Warrant Shares.  The number and kind of securities purchasable
upon the exercise of this Warrant and the Exercise Price shall be subject to
adjustment from time to time upon the happening of any of the following.  In case the Company shall (i) pay a dividend
in shares of Common Stock or make a distribution in shares of Common Stock to
holders of its outstanding Common Stock, (ii) subdivide its outstanding
shares of Common Stock into a greater number of shares, (iii) combine its
outstanding shares of Common Stock into a smaller number of shares of Common
Stock, or (iv) issue any shares of its capital stock in a reclassification
of the Common Stock, then the number of Warrant Shares purchasable upon
exercise of this Warrant immediately prior thereto shall be adjusted so that
the Holder shall be entitled to receive the kind and number of Warrant Shares
or other securities of the Company which it would have owned or have been
entitled to receive had such Warrant been exercised immediately prior to the
occurrence of such event.  Upon each such
adjustment of the kind and number of Warrant Shares or other securities of the
Company which are purchasable hereunder, the Holder shall thereafter be
entitled to purchase the number of Warrant Shares or other securities resulting
from such adjustment at an Exercise Price per Warrant Share or other security
obtained by multiplying the Exercise Price in effect immediately prior to such
adjustment by the number of Warrant Shares purchasable pursuant hereto
immediately prior to such adjustment and dividing such amount by the number of
Warrant Shares or other securities of the Company purchasable pursuant hereto
as a result of such adjustment (such that the aggregate purchase price for all
Warrant Shares or other securities resulting from such adjustment upon full
exercise of this Warrant shall remain the same).  An adjustment made pursuant to this paragraph
shall become effective immediately after the effective date of such event.

 

12.                                 Reorganization,
Reclassification, Merger, Consolidation or Disposition of Assets.  In case the Company shall reorganize its
capital, reclassify its capital stock, consolidate or merge with or into
another corporation (where the Company is not the surviving corporation or
where there is a change in or distribution with respect to the Common Stock of
the Company), or sell, transfer or otherwise dispose of all or substantially
all its property, assets or business to another corporation and, pursuant to
the terms of such reorganization, reclassification, merger, consolidation or
disposition of assets, shares of common stock of the successor or acquiring
corporation, or any cash, shares of stock or other securities or property of
any nature whatsoever (including warrants or other subscription or purchase
rights) in addition to or in 

 

5

 

lieu of common stock of the
successor or acquiring corporation (“Other Property”), are to be received by or
distributed to the holders of Common Stock of the Company, then the Holder
shall have the right thereafter to receive upon exercise of this Warrant (and
this Warrant shall thereafter be exercisable only for), the number of shares of
Common Stock of the successor or acquiring corporation or of the Company, if it
is the surviving corporation, and Other Property receivable upon or as a result
of such reorganization, reclassification, merger, consolidation or disposition
of assets by a Holder of the number of shares of Common Stock for which this
Warrant is exercisable immediately prior to such event. In case of any such
reorganization, reclassification, merger, consolidation or disposition of
assets, the successor or acquiring corporation (if other than the Company)
shall expressly assume the due and punctual observance and performance of each
and every covenant and condition of this Warrant to be performed and observed
by the Company and all the obligations and liabilities hereunder, subject to
such modifications as may be deemed appropriate (as determined in good faith by
resolution of the Board of Directors of the Company) in order to provide for
adjustments of Warrant Shares for which this Warrant is exercisable which shall
be as nearly equivalent as practicable to the adjustments provided for in this Section 12.  For purposes of this Section 12, “common
stock of the successor or acquiring corporation” shall include stock of such
corporation of any class which is not preferred as to dividends or assets over
any other class of stock of such corporation and which is not subject to
redemption.  The foregoing provisions of
this Section 12 shall similarly apply to successive reorganizations,
reclassifications, mergers, consolidations or disposition of assets.

 

13.                                 Notice
of Adjustment.  Whenever the number
of Warrant Shares or number or kind of securities or other property purchasable
upon the exercise of this Warrant or the Exercise Price is adjusted, as herein
provided, the Company shall give notice thereof to the Holder, which notice
shall state the number of Warrant Shares (and other securities or property)
purchasable upon the exercise of this Warrant and the Exercise Price of such
Warrant Shares (and other securities or property) after such adjustment,
setting forth a brief statement of the facts requiring such adjustment and
setting forth the computation by which such adjustment was made.

 

14.                                 Notice
of Corporate Action. 
If at any time:

 

(a)  the Company shall take a record
of the holders of its Common Stock for the purpose of entitling them to receive
a dividend or other distribution, or any right to subscribe for or purchase any
evidences of its indebtedness, any shares of stock of any class or any other
securities or property, or to receive any other right, or

 

(b)  there shall be any capital
reorganization of the Company, any reclassification or recapitalization of the
capital stock of the Company or any consolidation or merger of the Company
with, or any sale, transfer or other disposition of all or substantially all
the property, assets or business of the Company to, another corporation that
would trigger an adjustment pursuant to Section 12, or

 

(c)  there shall be a voluntary or
involuntary dissolution, liquidation or winding up of the Company;

 

then,
in any one or more of such cases, the Company shall give to Holder (i) at
least 20 days’ prior written notice of the date on which a record date shall be
selected for such dividend, distribution or right or for determining rights to
vote in respect of any such reorganization, reclassification, merger,
consolidation, sale, transfer, disposition, liquidation or winding up, and (ii) in
the case of any such reorganization, reclassification, merger, consolidation,
sale, transfer, disposition, dissolution, liquidation or winding up, at least
20 days’ prior written notice of the date when the same shall take place.  Such notice in 

 

6

 

accordance
with the foregoing clause also shall specify (i) the date on which any
such record is to be taken for the purpose of such dividend, distribution or
right, the date on which the holders of Common Stock shall be entitled to any
such dividend, distribution or right, and the amount and character thereof, and
(ii) the estimated date on which any such reorganization,
reclassification, merger, consolidation, sale, transfer, disposition,
dissolution, liquidation or winding up is to take place and the time, if any
such time is to be fixed, as of which the holders of Common Stock shall be
entitled to exchange their Warrant Shares for securities or other property
deliverable upon such disposition, dissolution, liquidation or winding up. Each
such written notice shall be sufficiently given if addressed to Holder at the
last address of Holder appearing on the books of the Company and delivered in
accordance with Section 16(d).

 

15.                                 Authorized
Shares.  The Company
covenants that during the period the Warrant is outstanding, it will reserve
from its authorized and unissued Common Stock a sufficient number of shares to
provide for the issuance of the Warrant Shares upon the exercise of any
purchase rights under this Warrant. The Company further covenants that its
issuance of this Warrant shall constitute full authority to its officers who
are charged with the duty of executing stock certificates to execute and issue
the necessary certificates for the Warrant Shares upon the exercise of the
purchase rights under this Warrant.  The
Company will take all such reasonable action as may be necessary to assure that
such Warrant Shares may be issued as provided herein without violation of any
applicable law or regulation, or of any requirements of the Principal Market
upon which the Common Stock may be listed.

 

Except and to the extent as
waived or consented to by the Holder, the Company shall not by any action,
including, without limitation, amending its certificate of incorporation or
through any reorganization, transfer of assets, consolidation, merger,
dissolution, issue or sale of securities or any other voluntary action, avoid
or seek to avoid the observance or performance of any of the terms of this
Warrant, but will at all times in good faith assist in the carrying out of all
such terms and in the taking of all such actions as may be necessary or
appropriate to protect the rights of Holder as set forth in this Warrant
against impairment.  Without limiting the
generality of the foregoing, the Company will (a) not increase the par
value of any Warrant Shares above the amount payable therefor upon such
exercise immediately prior to such increase in par value, (b) take all
such action as may be necessary or appropriate in order that the Company may
validly and legally issue fully paid and nonassessable Warrant Shares upon the
exercise of this Warrant, and (c) use commercially reasonable efforts to
obtain all such authorizations, exemptions or consents from any public
regulatory body having jurisdiction thereof as may be necessary to enable the
Company to perform its obligations under this Warrant.

 

Before taking any action
which would result in an adjustment in the number of Warrant Shares for which
this Warrant is exercisable or in the Exercise Price, the Company shall obtain
all such authorizations or exemptions thereof, or consents thereto, as may be
necessary from any public regulatory body or bodies having jurisdiction thereof.

 

16.                                 Miscellaneous.

 

(a)  Jurisdiction.  This Warrant shall constitute a contract
under the laws of the State of Delaware.

 

(b)  Restrictions.  The Holder acknowledges that the Warrant
Shares acquired upon the exercise of this Warrant, if not registered, will have
restrictions upon resale imposed by state and federal securities laws.

 

(c)  Nonwaiver and Expenses.  No course of dealing or any delay or failure
to exercise any right hereunder on the part of Holder shall operate as a waiver
of such right or otherwise prejudice Holder’s rights, powers or remedies,
notwithstanding all rights hereunder terminate on the Termination Date.

 

7

 

(d)  Notices.  Any and all notices or other communications
or deliveries required or permitted to be provided hereunder shall be in
writing and shall be deemed given and effective on the earliest of (a) the
date of transmission, if such notice or communication is delivered via
facsimile at the facsimile number set forth on the signature pages attached
hereto prior to 6:30 p.m. (New York City time) on a business day or by
email to the email address set forth on the signature pages attached
hereto if such email is sent prior to 6:30 p.m. (New York City time) on a business
day, (b) the next business day after the date of transmission or email, if
such notice or communication is delivered via facsimile at the facsimile number
set forth on the signature pages attached hereto or by email to the email
address set forth on the signature pages attached hereto on a day that is
not a business day or later than 6:30 p.m. (New York City time) on any business
day, (c) the second business day following the date of mailing, if sent by
U.S. nationally recognized overnight courier service, or (d) upon actual
receipt by the party to whom such notice is required to be given.  The address for such notices and
communications shall be as set forth on the signature pages attached
hereto.  Any notice, request or other
document required or permitted to be given or delivered to the Holder by the
Company shall be delivered in accordance with this Section 16(d); provided
upon any permitted assignment of this Warrant, the assignee shall promptly
provide the Company with its contact information.

 

(e)  Limitation of Liability.  No provision hereof, in the absence of any
affirmative action by Holder to exercise this Warrant or purchase Warrant
Shares, and no enumeration herein of the rights or privileges of Holder, shall
give rise to any liability of Holder for the purchase price of any Common Stock
or as a stockholder of the Company, whether such liability is asserted by the
Company or by creditors of the Company.

 

(f)  Remedies.  Holder, in addition to being entitled to
exercise all rights granted by law, including recovery of damages, will be
entitled to specific performance of its rights under this Warrant.  The Company agrees that monetary damages
would not be adequate compensation for any loss incurred by reason of a breach
by it of the provisions of this Warrant and hereby agrees to waive the defense
in any action for specific performance that a remedy at law would be adequate.

 

(g)  Successors and Assigns.  Subject to applicable securities laws, this
Warrant and the rights and obligations evidenced hereby shall inure to the
benefit of and be binding upon the successors of the Company and the successors
and permitted assigns of Holder.  The
provisions of this Warrant are intended to be for the benefit of all Holders
from time to time of this Warrant and shall be enforceable by any such Holder
or holder of Warrant Shares.

 

(h)  Amendment and Waiver.  This Warrant may be modified or amended or
the provisions hereof waived with the written consent of the Company and the
Holder.

 

(i)  Severability.  Wherever possible, each provision of this
Warrant shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Warrant shall be prohibited by or
invalid under applicable law, such provision shall be ineffective to the extent
of such prohibition or invalidity, without invalidating the remainder of such
provisions or the remaining provisions of this Warrant.

 

(j)  Headings.  The headings used in this Warrant are for the
convenience of reference only and shall not, for any purpose, be deemed a part
of this Warrant.

 

8

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be executed by its
officer thereunto duly authorized.

 

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CLARIENT, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name: James Agnello

  
	
   

  	
   

  	
  Title: Senior Vice
  President and Chief Financial

  
	
   

  	
   

  	
  Officer

  
	
   

  	
   

  
	
   

  	
  Notice Address:

  
	
   

  	
  31 Columbia

  
	
   

  	
  Aliso Viejo, CA 92656

  
	
   

  	
  Facsimile: 949-425-5863

  
	
   

  	
  Email:
  randrews@clarientinc.com

  

 

ACCEPTED AND AGREED

 

SAFEGUARD DELAWARE, INC.

 

	
  By:

  	
   

  	
   

  
	
   

  	
  Name: Brian J. Sisko

  
	
   

  	
  Title: Vice President

  
	
   

  
	
  Notice Address:

  	
   

  
	
   

  	
   

  
	
  800 The Safeguard Building

  	
   

  
	
  435 Devon Park Drive

  	
   

  
	
  Wayne, PA 19087

  	
   

  
	
  Facsimile: 610-482-9105

  	
   

  
	
  Email:
  bsisko@safeguard.com

  	
   

  
				

 

Signature Page to Warrant

 

 

NOTICE OF EXERCISE

 

To:                              Clarient, Inc.

 

(1) The undersigned
hereby elects to purchase                 
Warrant Shares of Clarient, Inc. pursuant to the terms of the attached
Warrant (only if exercised in full), and tenders herewith payment of the
exercise price in full, together with all applicable transfer taxes, if any.

 

                                                (2) Payment shall take the form of (check
applicable box):

 

o            in lawful money of the United States; or

 

o            the cancellation of such number of Warrant
Shares as is necessary, in accordance with the formula set forth in subsection
3(d), to exercise this Warrant with respect to the maximum number of Warrant
Shares purchasable pursuant to the cashless exercise procedure set forth in
subsection 3(d).

 

(3) Please issue a
certificate or certificates representing said Warrant Shares in the name of the
undersigned or in such other name as is specified below:

 

The Warrant Shares shall be
delivered to the following:

 

 

 

 

 

(4) Accredited
Investor. The undersigned is an “accredited investor” as defined in Regulation
D promulgated under the Securities Act of 1933, as amended.

 

	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
  Dated:

  	
   

  
				

 

 

ASSIGNMENT FORM

 

(To assign the foregoing
warrant, execute this form and supply required information.  Do not use this form to exercise the
warrant.)

 

FOR VALUE RECEIVED, the
foregoing Warrant and all rights evidenced thereby are hereby assigned to 

                                          whose
address is                              

 

Dated:                            ,

 

	
  Holder’s Signature:

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  
	
  Holder’s Address:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Signature Guaranteed:

  	
   

  	
   

  
					

 

NOTE: The signature to this
Assignment Form must correspond with the name as it appears on the face of
the Warrant, without alteration or enlargement or any change whatsoever, and
must be guaranteed by a bank or trust company. Officers of corporations and
those acting in a fiduciary or other representative capacity should file proper
evidence of authority to assign the foregoing Warrant.

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