Document:

EX-10.20

 EXHIBIT 10.20 
  

			
	

	  	FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT

  
  

This First Amendment to Loan and Security Agreement (this “Amendment”) is entered into by and between PROTEINSIMPLE, a
Delaware corporation (f/k/a Cell Biosciences, Inc., a Delaware corporation) (“ProteinSimple”), PROTEINSIMPLE LTD., an Ontario corporation (successor by amalgamation to BRIGHTWELL TECHNOLOGIES INC. and PROTEINSIMPLE LTD.)
(“ProteinSimple Canada” and together with ProteinSimple, collectively, the “Borrower”) and COMERICA BANK (“Bank”) as of this 31st day of May, 2012. 

RECITALS 
 This
Amendment is entered into upon the basis of the following facts and understandings of the parties, which facts and understandings are acknowledged by the parties to be true and accurate: 

Bank and Borrower previously entered into a First Amended and Restated Loan and Security Agreement dated January 26, 2012 (the
“Agreement”). 
 Bank and Borrower previously entered into a Libor/Prime Referenced Rate Addendum to First Amended And Restated
Loan And Security Agreement dated January 26, 2012 (the “Addendum”). 
 NOW, THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties agree as set forth below. 
 AGREEMENT 

1. Incorporation by Reference. The Recitals and the documents referred to in the Agreement are incorporated herein by this reference.
Except as otherwise noted, the terms not defined herein shall have the meaning set forth in the Agreement. 
 2. Amendment to the
Agreement. Subject to the satisfaction of the conditions precedent as set forth in Section 4 hereof, the Agreement is hereby modified as follows: 

(a) The following Section 6.2(i) is hereby added to the Agreement immediately following Section 6.2(h): 

“(i) Within thirty (30) days of each month end, an Inventory trend report in form and content satisfactory to the
Bank, for each of the months ending April 30, 2012 through September 30, 2012. 
 (b) Section 6.6 of the
Agreement is hereby amended and restated in its entirety as follows: 
 “6.6 Primary Depository. Borrowers shall
maintain all of their respective domestic depository and operating accounts with Bank and their primary investment accounts with Bank or Bank’s Affiliates. Borrowers shall maintain unrestricted Cash on deposit with the Bank (a) in an
amount not less than $2,000,000 from May 29, 2012 through September 29, 2012, and (b) in an amount not less than $3,000,000 commencing September 30, 2012 and at all times thereafter.” 

 (c) Section 6.7(a) of the Agreement is hereby amended and restated in its
entirety as follows: 
 “(a) Adjusted Quick Ratio. A ratio of (i) Borrowers’ unrestricted Cash on
deposit with the Bank plus trade accounts receivable outstanding less than 90 days past the invoice date, to (ii) Current Liabilities plus (to the extent not already included therein) all Indebtedness to Bank, less Deferred Maintenance Contract
Revenue, less any liability arising from any preferred stock warrant, less deferred rent liability, of (A) as of April 30, 2012, May 31, 2012, July 31, 2012 and August 31, 2012, at least 0.50 to 1.00, (B) as
of June 30, 2012, at least 0.65 to 1.00, (C) as of September 30, 2012 and as of the end of each fiscal quarter there after, at least 0.70 to 1.00, and (D) as of October 31, 2012 and as of the end of each month thereafter
that is not the end of a fiscal quarter, at least 0.55 to 1.00.” 
 (d) The following Section 6.7(c) is hereby
added to the Agreement immediately following Section 6.7(b) 
 “(c) Leverage Ratio. (i) A ratio of
(1) the sum of 100% of the Borrower’s Cash maintained at the Bank, plus 100% of the Eligible Accounts, plus 38% of Borrower’s gross Inventory, to (2) all outstanding Obligations of not less than 1.00 to 1.00 as of the months
ending June 30, 2012 and September 30, 2012; and (ii) a ratio of (1) the sum of 100% of the Borrower’s Cash maintained at the Bank, plus 100% of the Eligible Accounts, plus 38% of Borrower’s gross Inventory, plus
$1,000,000 to (2) all outstanding Obligations of not less than 1.00 to 1.00 as of the months ending May 31, 2012, July 31, 2012, and August 31, 2012.” 

(e) The definition of “Eligible Foreign Accounts” in Exhibit A to the Agreement is hereby amended and restated in its
entirety as follows: 
 “ ‘Eligible Foreign Accounts’ means Accounts with respect to which the account debtor
does not have its principal place of business in the United States or Canada (“Foreign Accounts”) and that are (i) supported by foreign credit insurance acceptable to the Bank or one or more letters of credit in an amount and of a
tenor, and issued by a financial institution, acceptable to Bank, or (ii) approved by Bank on a case-by-case basis. Bank hereby agrees that up to $1,250,000 of Foreign Accounts of ProteinSimple Canada shall be deemed Eligible Foreign Accounts,
provided that such Foreign Accounts are originated from (a) publicly traded account debtors that have demonstrated financial results and have a financial position acceptable to the Bank, or (b) privately held account debtors that are
acceptable to the Bank and will be approved by the Bank on a case-by-case basis. All Eligible Foreign Accounts must be calculated in U.S. Dollars.” 

3. Amendment to the Addendum. Subject to the satisfaction of the conditions precedent as set forth in Section 4 hereof, the
Addendum is hereby modified as follows: 
 (a) The definition of “Applicable Margin” in Section 1 (c) of
the Addendum is amended and restated in its entirety as follows: 
 “(c) ‘Applicable Margin’ means (a) as
to each Advance under the Domestic Revolving Facility, one and one quarter percent (1.25%), (b) as to each Advance under the Export Revolving Facility, one percent (1.00%), and (c) as to each Advance under the

  
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Term Loan, one and three tenths percent (1.30%), provided, however, at the time the Bank receives the Borrower’s September 30, 2012 financial statements, so long as such financial
statements are acceptable to the Bank, such financial statements reflect evidence that all of the financial covenants in Section 6.7 of the Agreement have been complied with, and no Event of Default has occurred or is continuing, the Applicable
Margin as to Advances under the Domestic Revolving Facility, Export Revolving Facility, and Term Loan shall automatically reduce to (x) three quarters of one percent (0.75%), (y) one half of one percent (0.5%) and (z) four fifths of
one percent (.80%), respectively.” 
 4. Legal Effect. The effectiveness of this Amendment is conditioned upon (i) receipt
by Bank of this Amendment, and any other documents which Bank may require to carry out the terms hereof, including, but not limited to those set forth on any closing checklist, (ii) receipt of a $10,000 amendment fee which shall be due and
payable on the date of this Amendment and shall be deemed fully earned when paid, and (iii) receipt by Bank of the Expenses set forth in Section 5 of this Amendment. Except as specifically set forth in this Amendment, all of the terms and
conditions of the Agreement remain in full force and effect. 
 5. Recertification of Authority. Borrower hereby represents and
warrants that the Certificate of Incorporation, Bylaws and Resolutions most recently delivered to Bank (a) remain in full force and effect, (b) have not been revised, rescinded or repealed in any material respect and (c) may continue
to be relied upon by Bank until written notice to the contrary is received by Bank. 
 6. Expense. Borrower shall promptly pay all
out-of-pocket fees, costs, charges, expenses, and disbursements of Bank incurred in connection with the preparation, execution, and delivery of this Amendment, and the other documents contemplated by this Amendment, including all legal fees and
expenses. 
 7. Integration. This is an integrated Amendment and supersedes all prior negotiations and agreements regarding the
subject matter hereof. All amendments hereto must be in writing and signed by the parties. 
 [End of Amendment – Signature
Page Follows] 

  
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 IN WITNESS WHEREOF, the parties have agreed as of the date first set forth above. 

 

			
	PROTEINSIMPLE
		
	By:	 	 /s/ Jason Novi

		
	Title:	 	 CFO

	
	PROTEINSIMPLE LTD.
		
	By:	 	 /s/ Jason Novi

		
	Title:	 	 CFO

	
	COMERICA BANK
		
	By:	 	 /s/ Kim Crosslin

		 	Kim Crosslin
	Title:	 	Vice President

  
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 REAFFIRMATION OF GUARANTY 

The undersigned made this Reaffirmation of Guaranty in favor of COMERICA BANK, a Texas banking association (“Bank”), and acknowledge
as follows: 
 1. The undersigned is obligated to Bank under its Unconditional Guaranty dated January 26, 2012, (the “Guaranty”)
with respect to indebtedness of ProteinSimple, a Delaware corporation (“Borrower”), to Bank. 
 2. Borrower has or will
execute a First Amendment to Amended and Restated Loan and Security Agreement (the “Amendment”), which amends that certain First Amended and Restated Loan and Security Agreement dated as of January 26, 2012 (as amended, the
“Agreement”). 
 3. The undersigned consents to the Amendment and ratifies and confirms its obligations under its Guaranty and
agrees that its Guaranty shall remain in full force and effect with respect to the indebtedness evidenced by the Agreement, as amended by the Amendment. 

Execution of this Reaffirmation of Guaranty does not amend or modify any of the terms and conditions of any Guaranty, and Bank may continue to
rely on each Guaranty without qualification. 
 [Signature Pages to Follow] 

 [Signature Page to Reaffirmation of Guaranty] 

This Reaffirmation of Guaranty is dated May     , 2012. 

 

									
	WITNESS:	 		 	GUARANTORS:
			
		 		 	Alpha Innotech Corp.
					
	 /s/ Kim Crosslin
	 		 		 	By:	 	 /s/ Jason Novi

	Signature of:	 		 		 		 	
				
	 V.P.
	 		 	Its:	 	 CFOEX-10.21

 EXHIBIT 10.21 
  

			
	

	  	
		  	SECOND AMENDMENT TO FIRST AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT

  
  

This Second Amendment to First Amended and Restated Loan and Security Agreement (this “Amendment”) is entered into by and between
PROTEINSIMPLE, a Delaware corporation (f/k/a Cell Biosciences, Inc., a Delaware corporation) (“ProteinSimple”), PROTEINSIMPLE LTD., an Ontario corporation (successor by amalgamation to BRIGHTWELL TECHNOLOGIES INC. and
PROTEINSIMPLE LTD.) (“ProteinSimple Canada” and together with ProteinSimple, collectively, the “Borrower”) and COMERICA BANK (“Bank”) as of this 7 day of November, 2012. 

RECITALS 
 This
Amendment is entered into upon the basis of the following facts and understandings of the parties, which facts and understandings are acknowledged by the parties to be true and accurate: 

Bank and Borrower previously entered into a First Amended and Restated Loan and Security Agreement dated January 26, 2012 (the
“Agreement”). 
 Bank and Borrower previously entered into a Libor/Prime Referenced Rate Addendum to First Amended and Restated
Loan and Security Agreement dated January 26, 2012 (the “Addendum”). 
 NOW, THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties agree as set forth below. 
 AGREEMENT 

1. Incorporation by Reference. The Recitals and the documents referred to in the Agreement are incorporated herein by this reference.
Except as otherwise noted, the terms not defined herein shall have the meaning set forth in the Agreement. 
 2. Amendment to the
Agreement. Subject to the satisfaction of the conditions precedent as set forth in Section 5 hereof, the Agreement is hereby modified as follows: 

(a) The following Section 6.2(i) is hereby amended and restated in its entirety as follows: 

“(i) Within thirty (30) days of each month end, an Inventory trend report in form and content satisfactory to the
Bank, for each of the months ending April 30, 2012 through December 31, 2012. 
 (b) Section 6.6 of the
Agreement is hereby amended and restated in its entirety as follows: 
 “6.6 Primary Depository. Borrowers shall
maintain all of their respective domestic depository and operating accounts with Bank and their primary investment accounts with Bank or Bank’s Affiliates. Borrowers shall maintain unrestricted Cash on deposit with the Bank (a) in an
amount not less than $2,000,000 from May 29, 2012 through September 29, 2012, (b) in an amount not less than $3,000,000 from September 30, 2012 through October 30, 2012, (c) in an amount not less than $2,000,000 from
October 31, 2012 through December 30, 2012, and (d) in an amount not less than $3,000,000 commencing December 31, 2012 and at all times thereafter.” 

 (c) Section 6.7(a) of the Agreement is hereby amended and restated in its
entirety as follows: 
 “(a) Adjusted Quick Ratio. A ratio of (i) Borrowers’ unrestricted Cash on
deposit with the Bank plus trade accounts receivable outstanding less than 90 days past the invoice date, to (ii) Current Liabilities plus (to the extent not already included therein) all Indebtedness to Bank, less Deferred Maintenance Contract
Revenue, less any liability arising from any preferred stock warrant, less deferred rent liability, of (A) as of April 30, 2012, May 31, 2012, July 31, 2012, August 31, 2012, October 31, 2012 and
November 30, 2012, at least 0.50 to 1.00, (B) as of June 30, 2012, at least 0.65 to 1.00, (C) as of September 30, 2012 and as of the end of each fiscal quarter thereafter, at least 0.70 to 1.00, and (D) as of
January 31, 2013, and as of the end of each month thereafter that is not the end of a fiscal quarter, at least 0.55 to 1.00.” 

(d) Section 6.7(b) of the Agreement is hereby amended so that the Rolling Revenues for the 3 month period ending
November 30, 2012 shall be not less than $9,100,000. All other provisions of Section 6.7(b) shall remain as currently stated. 

(e) The following Section 6.7(c) is hereby amended and restated in its entirety as follows: 

“(c) Leverage Ratio. (i) A ratio of (1) the sum of 100% of the Borrower’s Cash maintained at the
Bank, plus 100% of the Eligible Accounts, plus 38% of Borrower’s gross Inventory, to (2) all outstanding Obligations of not less than 1.00 to 1.00 as of the months ending June 30, 2012, September 30, 2012, and
December 31, 2012; and (ii) a ratio of (1) the sum of 100% of the Borrower’s Cash maintained at the Bank, plus 100% of the Eligible Accounts, plus 38% of Borrower’s gross Inventory, plus $1,000,000 to (2) all
outstanding Obligations of not less than 1.00 to 1.00 as of the months ending May 31, 2012, July 31, 2012, August 31, 2012, October 31, 2012 and November 30, 2012.” 

3. Exhibit G to the Loan Agreement is amended and Restated with Exhibit G hereto. 

4. Amendment to the Addendum. Subject to the satisfaction of the conditions precedent as set forth in Section 4 hereof, the
Addendum is hereby modified as follows: 
  

	 	(a)	The definition of “Applicable Margin” in Section 1 (c) of the Addendum is amended and restated in its entirety as follows: 

“(c) ‘Applicable Margin’ means (a) as to each Advance under the Domestic Revolving Facility, one and one
quarter percent (1.25%), (b) as to each Advance under the Export Revolving Facility, one percent (1.00%), and (c) as to each Advance under the Term Loan, one and three tenths percent (1.30%), provided, however, at the time the Bank
receives the Borrower’s December 31, 2012 financial statements, so long as such financial statements are acceptable to the Bank, such financial statements reflect evidence that all of the financial covenants in Section 6.7 of the
Agreement have been complied with, and no Event of Default has occurred or is continuing, the Applicable Margin as to Advances under the Domestic Revolving Facility, Export Revolving Facility, and Term Loan shall automatically reduce to
(x) three quarters of one percent (0.75%), (y) one half of one percent (0.5%) and (z) four fifths of one percent (.80%), respectively.” 

  
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 5. Legal Effect. The effectiveness of this Amendment is conditioned upon (i) receipt
by Bank of this Amendment, and any other documents which Bank may require to carry out the terms hereof, including, but not limited to those set forth on any closing checklist, (ii) receipt of a $5,000 amendment fee which shall be due and
payable on the date of this Amendment and shall be deemed fully earned when paid, and (iii) receipt by Bank of the Expenses set forth in Section 5 of this Amendment. Except as specifically set forth in this Amendment, all of the terms and
conditions of the Agreement remain in full force and effect. 
 6. Recertification of Authority. Borrower hereby represents and
warrants that the Certificate of Incorporation, Bylaws and Resolutions most recently delivered to Bank (a) remain in full force and effect, (b) have not been revised, rescinded or repealed in any material respect and (c) may continue
to be relied upon by Bank until written notice to the contrary is received by Bank. 
 7. Expense. Borrower shall promptly pay all
out-of-pocket fees, costs, charges, expenses, and disbursements of Bank incurred in connection with the preparation, execution, and delivery of this Amendment, and the other documents contemplated by this Amendment, including all legal fees and
expenses. 
 8. Integration. This is an integrated Amendment and supersedes all prior negotiations and agreements regarding the
subject matter hereof. All amendments hereto must be in writing and signed by the parties. 
 [End of Amendment – Signature
Page Follows] 

  
 3 

 IN WITNESS WHEREOF, the parties have agreed as of the date first set forth above. 

 

			
	PROTEINSIMPLE
		
	By:	 	 /s/ Jason Novi

		
	Title:	 	Jason Novi, Chief Financial Officer
	
	PROTEINSIMPLE LTD.
		
	By:	 	 /s/ Jason Novi

		
	Title:	 	Jason Novi, Chief Financial Officer
	
	COMERICA BANK
		
	By:	 	 /s/ Kim Crosslin

		 	Kim Crosslin
	Title:	 	Vice President

  
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 EXHIBIT G 

COMPLIANCE CERTIFICATE 
  

			
	TO:	  	COMERICA BANK
		
	FROM:	  	PROTEINSIMPLE and PROTEINSIMPLE LTD.

 The undersigned authorized officers of PROTEINSIMPLE and PROTEINSIMPLE LTD. hereby certify that in accordance
with the terms and conditions of the First Amended and Restated Loan and Security Agreement by and among Borrower and Bank (as amended from time to time, the “Agreement”), (i) Borrower is in complete compliance for the period ending
                    with all required covenants except as noted below and (ii) all representations and warranties of Borrower stated in the
Agreement are true and correct in all material respects as of the date hereof. Attached herewith are the required documents supporting the above certification. The Officers further certify that except as otherwise permitted these are prepared in
accordance with Generally Accepted Accounting Principles (GAAP) and are consistently applied from one period to the next except as explained in an accompanying letter or footnotes. 

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

 

							
	 Reporting Covenant
	 	 Required
	 	 Complies

				
	Monthly financial statements	 	Monthly within 30 days	 	Yes	 	No
	Annual (CPA Audited)	 	FYE within 180 days	 	Yes	 	No
	10K and 10Q	 	(as applicable)	 	Yes	 	No N/A
	A/R & A/P Agings, Domestic Borrowing Base Cert.	 	Monthly within 20 days	 	Yes	 	No
	Board Approved Budget	 	On or before 45th day following year end	 	Yes	 	No
	Budgets, sales projections, operating plans and other financial exhibits	 	Upon request of Bank	 	Yes	 	No

  

									
	 Financial Covenant
	 	 Required 1
	 	 Actual
	 	 Complies

					
	Minimum Adjusted Quick Ratio	 	             to 1:00	 	             to 1:00	 	Yes	 	No
	Rolling Revenues	 	$                      	 	$                      	 	Yes	 	No
	Leverage Ratio	 	             to 1:00	 	             to 1:00	 	Yes	 	No

  

	1 	See First Amended and Restated Loan and Security Agreement for required amount. 

  
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 [Signature Page to Compliance Certificate] 

 

							
	Comments Regarding Exceptions: See Attached.	 		 	BANK USE ONLY
				
		 		 	Received by:	 	  

	Sincerely,	 		 		 	AUTHORIZED SIGNER
				
		 		 	Date:	 	  

				
	  
	 		 	Verified:	 	  

	SIGNATURE	 		 		 	AUTHORIZED SIGNER
				
	  
	 		 	Date:	 	  

	TITLE	 		 		 	
		 		 	Compliance Status                    Yes    No
	  
	 		 	
	DATE	 		 		 	
				
	Sincerely,	 		 		 	AUTHORIZED SIGNER
				
		 		 	Date:	 	  

				
	  
	 		 	Verified:	 	  

	SIGNATURE	 		 		 	AUTHORIZED SIGNER
				
	  
	 		 	Date:	 	  

	TITLE	 		 		 	
		 		 	Compliance
Status                                        
                                 Yes
	  
	 		 		 	
	DATE	 		 		 	

  
 6

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