Document:

Executive Employment Agreement

 Exhibit 10.26 

 

					
	

	 	 GenMark Diagnostics, Inc.
 5964 La Place Court
 Carlsbad, CA 92008
	 	 Tel 1 800 373 6767
 Fax 1 760 448 4301
 www.genmarkdx.com

	 		 	
	 		 	
	 		 	

  
 February 6, 2012

  
 Jorge Garces 

14129 Caminito Vistana 
 San Diego, CA 92130 
  
 Dear Jorge: 
  

Clinical Micro Sensors, Inc. d.b.a. GenMark Diagnostics, Inc. (“GenMark Dx”) is pleased to offer you employment in the position of Senior Vice
President Research & Development, reporting directly to Hany Massarany, President and CEO, with a start date of February 13, 2012. 
  

Your annual gross salary will be $280,000 to be paid on a bi-weekly basis in keeping with GenMark Dx’s standard payroll practices and
procedures. In addition, you will be eligible to participate in the GenMark Dx performance incentive bonus program with a potential variable earning opportunity of 50% of your base salary. GenMark Dx will also provide you with signing bonuses
in the amount of $40,000 to be paid as soon as practicable following your start date and an additional $30,000 to be paid following your one year anniversary. In the event you terminate voluntarily from the company within 2 years of
employment, GenMark may seek a prorated reimbursement of your signing bonuses. 
  
 Additionally, you will be provided a severance provision of six months’ base salary continuation, including health care and benefits coverage, in the event you are terminated by GenMark Dx for any
reason other than Cause. 
  
 We are also pleased to inform you that
you will be granted the equivalent value of 80,000 GenMark Diagnostics, Inc. stock options – to be provided via a combination of stock options and restricted common stock – subject to board approval and blackout windows. The shares
will be granted at the closing price on the date of grant. As a member of the GenMark Dx Senior Leadership Team, you will be eligible for accelerated vesting upon a Change in Control, per GenMark Dx’s “Amendment of Stock Option
Agreement.” 
  
 You will be entitled to participate in the
benefit plans offered by GenMark Dx, subject to the eligibility requirements, terms and conditions of those plans. The benefits offered at this time include 15 vacation days, holiday pay, life insurance, health insurance, disability insurance
and a 401k plan, in accordance with GenMark Dx policies and subject to the company’s right to modify, add, and delete any benefit plan. 
  

You understand and agree that during your employment you are required to comply with GenMark Dx’s policies and procedures. 

 
 -continued- 

 Garces Offer 

Page 2 
  

In making you this offer, we relied on your representation that you are not bound by any non-compete or non-solicitation provision that would prevent or
restrict you from carrying out your job responsibilities for GenMark Dx. You also promise and represent that you will 
  

not bring with you to GenMark Dx, or use while employed by the Company, any confidential or trade secret information of a previous employer. 

 
 In addition, as a condition of accepting this offer, you are also agreeing
that you have reviewed and signed the Confidentiality and Non-Disclosure Agreement. 
  
 Employment with GenMark Dx is “employment at will.” This means that your employment is not for a designated period of time and that either you or GenMark Dx can terminate the employment at any
time, with or without cause. The at-will nature of this employment relationship cannot be changed except by an express written agreement signed by the Chairman of GenMark Dx. The other terms of this offer of employment may not be amended without an
express written agreement signed by both parties. 
  
 This job offer is also contingent upon successful completion of a post offer background check. 
  

Please sign the acceptance below to formally accept this offer of employment. 

 
 Congratulations and we look forward to welcoming you to the GenMark Dx team
during this very exciting phase of our company’s transformation! 
  
 Sincerely, 
  
 

 
  
 Jennifer
Williams 
 SVP Global Operations & Human Resources 

 
  
  

By accepting, I agree to all terms of this offer and the Confidentiality and Non-Disclosure Agreement. 

 
  
  

					
	/s/ Jorge Garces	 	2/8/12	 	 
	Jorge Garces	 	DateAmendment No. 4 to the Loan and Servicing Agreement

 Exhibit 10.1 
 EXECUTION COPY 
 AMENDMENT NO. 4 TO 

LOAN AND SERVICING AGREEMENT 
 This AMENDMENT NO. 4 TO LOAN AND SERVICING AGREEMENT, dated as of March 15, 2012 (this “Amendment”), is executed by and among DT WAREHOUSE IV, LLC, a Delaware limited liability
company (together with its successors and assigns, the “Borrower”), DT CREDIT COMPANY, LLC, an Arizona limited liability company, as servicer (in such capacity, the “Servicer”), WELLS FARGO BANK, NATIONAL
ASSOCIATION, a national banking association, as Backup Servicer, Paying Agent and Securities Intermediary (“Paying Agent”), and THE ROYAL BANK OF SCOTLAND PLC, as Program Agent for the Conduit Lenders and the Committed Lenders
(“Program Agent”) and as sole Managing Agent and sole Committed Lender. Capitalized terms used, but not otherwise defined herein, shall have the meanings ascribed thereto in the “Loan and Servicing Agreement” (defined
below). 
 WITNESSETH: 
 WHEREAS, the Borrower, the Servicer, the Program Agent, the Paying Agent, the Commercial Paper Conduits from time to time party thereto, and the Financial Institutions from time to time party thereto
entered into that certain Loan and Servicing Agreement dated as of July 23, 2010 as amended by Amendment No. 1 dated as of May 13, 2011, Amendment No. 2 dated as of September 19, 2011 and Amendment No. 3 dated as of
December 28, 2011 (the “Loan and Servicing Agreement”); 
 WHEREAS, as provided herein, the parties hereto
have agreed to amend certain provisions of the Loan and Servicing Agreement as described below; 
 NOW, THEREFORE, in
consideration of the premises and the mutual agreements hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

SECTION 1. Amendment to the Loan and Servicing Agreement. Effective as of the date hereof, and subject to the satisfaction of the
conditions precedent set forth in Section 3 hereof, the Loan and Servicing Agreement is hereby amended as follows: 
 1.1
The definitions of “Commitment Termination Date”, “Fee Letter”, “Interest Rate” and “LIBO Rate” set forth in Section 1.01 of the Loan and Servicing Agreement are hereby amended and restated as follows:

 “Commitment Termination Date” means March 14, 2013, as such date may be extended from
time to time pursuant to Section 2.08. 
 “Fee Letter” means the Second Amended and
Restated Fee Letter dated as of March 15, 2012, between the Program Agent and the Borrower, as amended, restated, supplemented or otherwise modified from time to time. 

“Interest Rate” means, with respect to any Loan on any day (i) to the extent such Loan is funded or
maintained on such day by a Conduit Lender through the issuance of 

 
Commercial Paper, the CP Rate and (ii) otherwise, the Alternative Rate; provided that for both clause (i) and (ii), at all times following the occurrence and during the
continuation of an Event of Termination, the Interest Rate for each Loan on each day shall be the “Default Rate” set forth in the Fee Letter. 
 “LIBO Rate” means, for any day during an Interest Period, (a) the rate per annum (carried out to the fifth decimal place) equal to the rate determined by the related Managing Agent
to be the offered rate that appears on the page of the Reuters Screen on such day that displays an average British Bankers Association Interest Settlement Rate (such page currently being LIBOR01) for deposits in United States dollars (for delivery
on a date two Business Days later) with a term equivalent to one month; (b) in the event the rate referenced in the preceding subsection (a) does not appear on such page or service or such page or service shall cease to be available, the
rate per annum (carried to the fifth decimal place) equal to the rate determined by the Administrative Agent to be the offered rate on such day on such other page or other service that displays an average British Bankers Association Interest
Settlement Rate for deposits in United States dollars (for delivery on a date two Business Days later) with a term equivalent to one month; or (c) in the event the rates referenced in the preceding subsections (a) and (b) are not
available, the rate per annum determined by the Administrative Agent on such day as the rate of interest at which Dollar deposits (for delivery on a date two Business Days later than such day) in same day funds in the approximate amount of the
applicable investment to be funded by reference to the LIBOR Rate and with a term equivalent to one month would be offered by its London Branch to major banks in the London interbank Eurodollar market at their request. 

1.2 The definitions of “Demand Note” and “Demand Note Guaranty” set forth in Section 1.01 of the Loan and
Servicing Agreement are hereby deleted. 
 1.3 The phrases “the Demand Note,” and the “the Demand Note
Guaranty,” set forth in the definition of “Facility Documents” are hereby deleted. 
 1.4 Clause (c) of
Section 2.03(b), clause (B) of the last sentence of Section 2.03(c), clause (ii)(B) of Section 2.14(a), Section 2.15 and clause (y) of Section 7.01 of the Loan and Servicing Agreement are hereby deleted and
replaced with the following “[Intentionally Deleted]”. 
 1.5 The last sentence of Section 7.02(a) of the Loan
and Servicing Agreement is hereby deleted. 
 SECTION 2. Consent to Distribution. Notwithstanding anything the contrary
contained in the Loan and Servicing Agreement, including without limitation Section 5.03(o) thereof, Program Agent hereby consents to the distribution of the Demand Note by the Borrower, in respect of the equity interests of the Borrower and
hereby acknowledges that, upon such distribution, (i) all rights, obligations, liabilities, interests and claims of any party hereto under the Demand Note shall be, without any further action of the parties to the Loan and Servicing Agreement,
cancelled, terminated, released, extinguished and satisfied and (ii) no rights, obligations, liabilities, interests and claims of any party thereto shall remain or hereafter arise in respect of the Demand Note. Promptly after the execution of
this Amendment, Program Agent shall promptly return to the Borrower the original of the Demand Note. 

 SECTION 3. Conditions to Effectiveness. This Amendment shall become effective as of
the date hereof upon receipt by the Program Agent of counterparts of this Amendment executed by each of the parties hereto. 

SECTION 4. Representations, Warranties and Confirmations. Each of the Servicer and the Borrower hereby represents and warrants
that: 
 4.1 It has the power and is duly authorized to execute and deliver this Amendment. 

4.2 The execution and delivery of this Amendment has been duly authorized by all corporate or limited liability company action necessary
on its part. 
 4.3 This Amendment and the Loan and Servicing Agreement as amended hereby, constitute legal, valid and binding
obligations of such parties and are enforceable against such parties in accordance with their terms. 
 4.4 Immediately prior,
and after giving all effect, to this Amendment, the covenants, representations and warranties of each such party, respectively, set forth in the Loan and Servicing Agreement and as amended hereby, are true and correct in all material respects as of
the date hereof (except to the extent such representations or warranties relate solely to an earlier date and then as of such date). 
 4.5 Immediately prior, and after giving all effect, to this Amendment, no event, condition or circumstance has occurred and is continuing which constitutes an Event of Termination or Incipient Event of
Termination. 
 SECTION 5. Entire Agreement. The parties hereto hereby agree that this Amendment constitutes the entire
agreement concerning the subject matter hereof and supersedes any and all written and/or oral prior agreements, negotiations, correspondence, understandings and communications. 

SECTION 6. Effectiveness of Amendment. Except as expressly amended by the terms of this Amendment, all terms and conditions of the
Loan and Servicing Agreement shall remain in full force and effect and are hereby ratified and confirmed. This Amendment is effective only for the specific purpose for which it is given and shall not operate as a consent, waiver, amendment or other
modification of any other term or condition set forth in the Loan and Servicing Agreement or any right, power or remedy of any Program Agent under the Loan and Servicing Agreement. Upon the effectiveness of this Amendment, each reference in the Loan
and Servicing Agreement to “this Agreement” or “this Loan and Servicing Agreement” or words of like import shall mean and be references to the Loan and Servicing Agreement as amended hereby, and each reference in any other
Facility Document to the Loan and Servicing Agreement or to any terms defined in the Loan and Servicing Agreement which are modified hereby shall mean and be references to the Loan and Servicing Agreement or to such terms as modified hereby.

 SECTION 7. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 SECTION 8. Severability. In case any provision
in this Amendment will be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired thereby. 

SECTION 9. Binding Effect. This Amendment shall be binding upon and shall be enforceable by parties hereto and their respective
successors and permitted assigns. 
 SECTION 10. Headings. The Section headings herein are for convenience only and will
not affect the construction hereof. 
 SECTION 11. Novation. This Amendment does not constitute a novation or termination
of the Loan and Servicing Agreement or any Facility Document and all obligations thereunder are in all respects continuing with only the terms thereof being modified as provided herein. 

SECTION 12. Counterparts. This Amendment may be executed in any number of counterparts, each of which so executed will be deemed
to be an original, but all such counterparts will together constitute but one and the same instrument. 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered by their respective authorized officers as of the date first above written. 
  

			
	DT WAREHOUSE IV, LLC
		
	By:	 	 /s/ Jon Ehlinger

	Name:	 	Jon Ehlinger
	Title:	 	Secretary

  

			
	DT CREDIT COMPANY, LLC
		
	By:	 	 /s/ Jon Ehlinger

	Name:	 	Jon Ehlinger
	Title:	 	Secretary

  

			
	 WELLS FARGO BANK, NATIONAL
ASSOCIATION
 as Backup Servicer, Paying Agent and Securities
Intermediary

		
	By:	 	 /s/ Jeanine C. Casey

	Name:	 	Jeanine C. Casey
	Title:	 	Vice President

 [Signature Page to RBS Amendment No. 4 to Loan and Servicing Agreement] 

 
			
	 THE ROYAL BANK OF SCOTLAND PLC
 as Program Agent, sole Managing Agent and sole
Committed Lender

		
	By:	 	RBS Securities Inc., as agent
		
	By:	 	 /s/ Michael Zappaterrini

	Name:	 	Michael Zappaterrini
	Title:	 	Managing Director

 [Signature Page to RBS Amendment No. 4 to Loan and Servicing Agreement]

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