Document:

EX-10.2

  Exhibit 10.2

   

  Executed Version

   

   

  Security Agreement

  Dated as of 

  November 21, 2022

  among

   

  Biodesix, Inc.,

   

  as Grantor,

   

   

  The Other Grantors from Time to Time Party hereto

   

  and

  
Perceptive Credit Holdings IV, LP,
as Administrative Agent

   

   

   

  

   

  Table of Contents

   

  			
	SECTION
	HEADING
	PAGE

   

  			
	SECTION 1. Definitions, Etc.
	1

	Section 1.01.
	Certain Uniform Commercial Code Terms
	1

	Section 1.02.
	Additional Definitions
	1

	Section 1.03.
	Other Defined Terms
	4

	SECTION 2. Representations and Warranties
	4

	Section 2.01.
	Title.
	4

	Section 2.02.
	Names, Etc.
	4

	Section 2.03.
	Changes in Circumstances
	5

	Section 2.04.
	Pledged Shares.
	5

	Section 2.05.
	Promissory Notes
	5

	Section 2.06.
	Intellectual Property.
	5

	Section 2.07.
	Deposit Accounts, Securities Accounts and Commodity Accounts
	6

	Section 2.08.
	Commercial Tort Claims
	6

	Section 2.09.
	Update of Schedules
	6

	SECTION 3. Collateral
	6

	Section 3.01.
	Granting Clause
	6

	SECTION 4. Further Assurances; Remedies
	8

	Section 4.01.
	Delivery and Other Perfection
	8

	Section 4.02.
	Other Financing Statements or Control
	9

	Section 4.03.
	Preservation of Rights
	9

	Section 4.04.
	Special Provisions Relating to Certain Collateral.
	9

	Section 4.05.
	Remedies.
	11

	Section 4.06.
	Deficiency
	13

	Section 4.07.
	Locations; Names, Etc.
	14

	Section 4.08.
	Application of Proceeds.
	14

	Section 4.09.
	Attorney in Fact and Proxy
	14

	Section 4.10.
	Perfection and Recordation
	15

	Section 4.11.
	Termination
	15

	Section 4.12.
	Further Assurances
	15

	SECTION 5. Miscellaneous
	15

	Section 5.01.
	Notices
	15

	Section 5.02.
	No Waiver
	15

	Section 5.03.
	Amendments, Etc.
	16

	Section 5.04.
	Expenses.
	16

	Section 5.05.
	Successors and Assigns
	16

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	Section 5.06.
	Counterparts
	16

	Section 5.07.
	Governing Law; Submission to Jurisdiction; Etc.
	16

	Section 5.08.
	WAIVER OF JURY TRIAL
	17

	Section 5.09.
	Captions
	17

	Section 5.10.
	Agents and Attorneys in Fact
	17

	Section 5.11.
	Severability
	17

	Section 5.12.
	Additional Grantors
	17

   

  Exhibits:

  Exhibit A       —        Form of Joinder

   

  Schedules:

   

  Schedule 1    —        Certain Grantor Information

  Schedule 2    —        Pledged Shares

  Schedule 3    —        Promissory Notes

  Schedule 4    —        Copyrights, Copyright Registrations and Applications for Copyright Registrations

  Schedule 5    —        Patents and Patent Applications

  Schedule 6    —        Trade Names, Trademarks, Services Marks, Trademark and Service Mark Registrations and Applications for Trademark and Service Mark Registrations

  Schedule 7    —        Deposit Accounts, Securities Accounts and Commodity Accounts

  Schedule 8    —        Commercial Tort Claims

   

   

   

  -ii-

   

  

   

  Security Agreement

  This Security Agreement (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, this “Agreement”), dated as of November 21, 2022, is made by and among Biodesix, Inc., a Delaware corporation (“Borrower” and collectively with each entity that becomes a “Grantor” hereunder as contemplated by Section 5.12, each, a “Grantor”, and collectively, the “Grantors”), and Perceptive Credit Holdings IV, LP, a Delaware limited partnership, as administrative agent (in such capacity, the “Administrative Agent”) for the Secured Parties.

  The Secured Parties have agreed to provide term loans to Borrower, as provided in the Credit Agreement (as defined below).

  Each Grantor (other than Borrower) has guaranteed the obligations of Borrower to the Secured Parties under the Credit Agreement.

  To induce the Secured Parties to extend credit under the Credit Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each Grantor has agreed to grant a security interest in the Collateral (as defined below) of such Grantor as security for the Secured Obligations (as defined below).

  Accordingly, the parties hereto agree as follows:

  SECTION 1.	Definitions, Etc.

  Section 1.01.	Certain Uniform Commercial Code Terms.  

  As used herein, the terms “Accession”, “Account”, “Account Debtor”, “Cash Proceeds”, “Certificated Security”, “Certificate of Title”, “Chattel Paper”, “Check,” “Commercial Tort Claim”, “Commodity Account”, “Commodity Contract”, “Deposit Account”, “Document”, “Electronic Chattel Paper”, “Encumbrance,” “Entitlement Holder”, “Equipment”, “Financial Asset”, “Fixture”, “General Intangible”, “Goods”, “Instrument”, “Inventory”, “Investment Property”, “Letter of Credit Rights”, “Noncash Proceeds”, “Payment Intangibles”, “Proceeds,” “Promissory Note,” “Record”, “Securities Account”, “Security”, “Security Entitlement”, “Software”, “Supporting Obligation” and “Uncertificated Security” have the respective meanings set forth in the UCC. Additional Definitions.  In addition, as used herein:

  “Administrative Agent” has the meaning assigned to such term in the preamble.

  “Collateral” has the meaning assigned to such term in Section 3.01.

  “Copyrights” means all copyrights, copyright registrations and applications for copyright registrations, including all renewals and extensions thereof, all rights to recover for past, present or future infringements thereof and all other rights whatsoever accruing thereunder or pertaining thereto.

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  “Credit Agreement” means that certain Credit Agreement and Guaranty, dated as of the date hereof, among Borrower, the other Grantors from time to time party thereto, the Lenders from time to time party thereto and the Administrative Agent, as such agreement is amended, supplemented, or otherwise modified, restated, extended, renewed, or replaced from time to time.

  “Excluded Accounts” has the meaning set forth in the Credit Agreement.

  “Excluded Asset” means:

  (a)	any Trademark that would be rendered invalid, abandoned, void or unenforceable by reason of it being included as part of the Collateral; provided, however, that the Proceeds, substitutions or replacements of the foregoing shall not constitute an Excluded Asset; 

  (b)	Excluded Accounts; 

  (c)	any assets (including intangibles) not located in the United States to the extent a grant of security interest therein is restricted or prohibited by applicable law (after giving effect to applicable anti-assignment provisions of the UCC or other applicable law); 

  (d)	any lease, license, contract or agreement to which any Grantor is a party, in each case, if and only if, and solely to the extent that, (i) the grant of a security interest therein shall constitute or result in a breach, termination or default or invalidity thereunder or thereof (other than to the extent that any such term would be deemed ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the UCC of any relevant jurisdiction or any other applicable law or principles of equity) or (ii) such lease, license, contract or agreement is an off-the-shelf or over-the-counter license of Intellectual Property that is not material to the operation of the business of the applicable Grantor or which can be replaced without a material expenditure; provided that immediately upon the time at which the consequences described in the foregoing clause (i) shall no longer exist, the Collateral shall include, and the applicable Grantor shall be deemed to have granted a security interest in, all of such Grantor’s right, title and interest in such lease, license, contract or agreement; provided, however, that the Proceeds of the foregoing shall not constitute an Excluded Asset;

  (e)	any application for registration of a trademark filed on an intent-to-use basis solely to the extent that the grant of a security interest in any such trademark application would materially adversely affect the validity or enforceability of the resulting trademark registration or result in cancellation of such trademark application; 

  (f)	any asset that is subject to a Lien securing a purchase money obligation or capital lease obligation permitted to be incurred pursuant to the provisions of the Credit Agreement if the contract or other agreement in which such Lien is granted (or the documentation providing for such purchase money obligation or capital lease obligation) prohibits the creation of any other Lien on such asset; 

  (g) 	any assets for which a pledge thereof or security interest therein would reasonably be expected to result in adverse tax consequences for any Obligor that are not de minimis; 

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  (h) 	any assets for which the grant, attachment, perfection or enforcement of a security interest therein would require the registration of a Certificate of Title; 

  (i) 	(A) fee-owned real property that is not Material Real Property and (B) any leasehold interest; 

  (j) 	those assets as to which the Administrative Agent and the Borrower reasonably agree in writing that the cost of obtaining such a security interest or perfection thereof are excessive in relation to the benefit to the Lenders of the security to be afforded thereby; and 

  (k)	any of such Grantor’s rights or interests in or under any Property to the extent that, and only for so long as, such grant of a security interest (i) is prohibited by any applicable Law, rule, regulation, order or decree of a Governmental Authority with jurisdiction over such Property or (ii) requires the consent of a Governmental Authority with jurisdiction over such Property, in each case which has not been obtained.

  “Initial Pledged Shares” means the Shares of each Issuer beneficially owned by any Grantor on the date hereof and identified in Schedule 2.

  “Issuers” means, collectively, (a) the respective Persons identified on Schedule 2 under the caption “Issuer” and (b) any other Person that shall at any time be a Subsidiary of Borrower or any other Grantor.

  “Joinder” has the meaning specified in Section 5.12.

  “Material Real Property” means real property (including fixtures) owned or leased by any Obligor with a fair market value or book value (if fair market value is not available), as reasonably determined by the Borrower in good faith, exceeding $1,000,000.

  “Patents” means all patents and patent applications, including the inventions and improvements described and claimed therein together with the reissues, divisions, continuations, renewals, extensions and continuations in part thereof, all income, royalties, damages and payments now or hereafter due and/or payable with respect thereto, all damages and payments for past or future infringements thereof and rights to sue therefor, and all rights corresponding thereto throughout the world.

  “Pledged Shares” means, collectively, (a) the Initial Pledged Shares and (b) all other Shares of any Issuer now or hereafter owned by any Grantor, together in each case with (i) all certificates representing the same, (ii) all shares, securities, moneys or other property representing a dividend on or a distribution or return of capital on or in respect of the Pledged Shares, or resulting from a split-up, revision, reclassification or other like change of the Pledged Shares or otherwise received in exchange therefor, and any warrants, rights or options issued to the holders of, or otherwise in respect of, the Pledged Shares, and (iii) without prejudice to any provision of any of the Loan Documents prohibiting any merger or consolidation by an Issuer, all Shares of any successor entity of any such merger or consolidation.

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  “Secured Obligations” means, with respect to each Grantor, the Obligations of such Grantor (other than contingent indemnification obligations or other obligations which, by their terms, survive termination of the Credit Agreement); provided that upon repayment in full of the Obligations (other than contingent indemnification obligations or other obligations which, by their terms, survive termination of the Credit Agreement and the Warrant Obligations), the Warrant Obligations shall no longer be “Secured Obligations.”

  “Secured Parties” means collectively, the Lenders, the Administrative Agent and their successors and assigns as Lenders or Administrative Agent, as applicable, under the Credit Agreement.

  “Shares” means shares of capital stock of a corporation, limited liability company interests, partnership interests and other ownership or equity interests of any class in any Person.

  “Trademarks” means all trade names, trademarks and service marks, logos, trademark and service mark registrations, and applications for trademark and service mark registrations, including all renewals of trademark and service mark registrations, all rights to recover for all past, present and future infringements thereof and all rights to sue therefor, and all rights corresponding thereto throughout the world, together, in each case, with the goodwill of the business connected with the use thereof (excluding any application for registration of a trademark filed on an intent to use basis solely to the extent that the grant of a security interest in any such trademark application would materially adversely affect the validity or enforceability of the resulting trademark registration or result in cancellation of such trademark application).

  “UCC” shall mean the Uniform Commercial Code as in effect in the State of New York; provided, however, that if by reason of mandatory provisions of law, any or all of the attachment, perfection or priority of the Administrative Agent’s security interest in any item or portion of the Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, the term “UCC” shall mean the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions hereof relating to such attachment, perfection or priority and for purposes of definitions relating to such provisions.

  Section 1.03.	Other Defined Terms.  All other capitalized terms used and not defined herein have the meanings ascribed to them in the Credit Agreement.

  Section 2. 	Representations and Warranties

  Each Grantor represents and warrants to the Administrative Agent, for the benefit of the Secured Parties, that:

  Section 2.01.	Title.

  (a)	Such Grantor has rights in or is the sole beneficial owner of the Collateral in which it purports to grant a Lien hereunder, and no Lien exists upon such Collateral, other than Permitted Liens.

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  (b)	The security interest created or provided for herein constitutes a valid first-priority (subject to Permitted Priority Liens) perfected lien on such Collateral, subject, for the following Collateral, to the occurrence of the following: (i) in the case of Collateral in which a security interest may be perfected by filing a financing statement under the UCC, the filing of a UCC financing statement naming such Grantor as debtor, the Administrative Agent as secured party, and listing all personal property as collateral, (ii) with respect to any Deposit Account, Securities Account or Commodity Account, the execution of agreements among such Grantor, the applicable financial institution and the Administrative Agent, effective to grant “control” (as defined in the UCC) over such Deposit Account, Securities Account or Commodity Account to the Administrative Agent, (iii) with respect to any Intellectual Property not described in the foregoing clause (i), the filing of this Security Agreement or a short-form security agreement properly evidencing this Security Agreement with the United States Patent or Trademark Office or the United States Copyright Office, (iv) in the case of all certificated Shares, the delivery thereof to the Administrative Agent, properly endorsed for transfer to the Administrative Agent or in blank, (v) in the case of other Collateral which requires or permits possession by the Administrative Agent to perfect its security interest therein, delivery, and endorsement if necessary, thereof to the Administrative Agent, and (vi) in the case of any other type of Collateral, such actions as set forth in Section 4.01 with respect thereto.

  Section 2.02.	Names, Etc.  The full and correct legal name, type of organization, jurisdiction of organization, organizational ID number (if applicable) and mailing address of such Grantor as of the date hereof are correctly set forth in Schedule 1.  Schedule 1 correctly specifies the place of business of such Grantor or, if such Grantor has more than one place of business, the location of the chief executive office of such Grantor.

  Section 2.03.	Changes in Circumstances.  Such Grantor has not (a) within the period of four months prior to the date hereof, changed its location (as defined in Section 9-307 of the UCC), or (b) except as specified in Schedule 1, heretofore changed its name within the period of five years prior to the date hereof.

  Section 2.04.	Pledged Shares.

  (a)	The Initial Pledged Shares constitute 100% of the issued and outstanding Shares of each Issuer beneficially owned by such Grantor on the date hereof (other than any Shares held in a Securities Account referred to in Schedule 7), whether or not registered in the name of such Grantor.  Schedule 2 correctly identifies, as at the date hereof, the respective Issuers of the Initial Pledged Shares and (in the case of any corporate Issuer) the respective class and par value of such Shares and the respective number of such Shares (and registered owner thereof) represented by each such certificate.

  (b)	The Initial Pledged Shares are, and all other Pledged Shares that in the future will constitute Collateral will be, (i) duly authorized, validly existing, fully paid and non-assessable (in the case of any Shares issued by a corporation) and (ii) duly issued and outstanding (in the case of any equity interest in any other entity).  None of such Pledged Shares are or will be subject to any contractual restriction, or any restriction under the charter, bylaws, partnership agreement or other organizational instrument of the respective Issuer thereof, upon the transfer of such Pledged Shares 

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  (except for any such restriction (i) contained in any Loan Document, (ii) contained in any Restrictive Agreement permitted under Section 9.11 of the Credit Agreement, or (iii) affecting the offering and sale of securities generally).

  Section 2.05.	Promissory Notes.  Schedule 3 sets forth a complete and correct list of all Promissory Notes (other than any held in a Securities Account referred to in Schedule 7) held by such Grantor on the date hereof.

  Section 2.06.	Intellectual Property.

  (a)	Schedules 4, 5 and 6, respectively, set forth a complete and correct list of all of the following Intellectual Property included in the Collateral owned by such Grantor on the date hereof (or, in the case of any supplement to said Schedules 4, 5 and 6, effecting a pledge thereof, as of the date of such supplement): (i) pending and applied for or registered Copyrights with the United States Copyright Office, (ii) pending and applied for or registered Patents with the United States Patent and Trademark Office, including the jurisdiction and patent number, (iii) pending and applied for or registered Trademarks with the United States Patent and Trademark Office, including the jurisdiction, trademark application or registration number and the application or registration date and (iv) trade names.

  (b)	Except as permitted by the Credit Agreement or pursuant to (i) licenses and other user agreements entered into by such Grantor in the Ordinary Course of Business (including as supplemented by any supplement effecting a pledge thereof), (ii) non-exclusive licenses and (iii) Permitted Licenses, such Grantor has not granted any other Person a license to use any Copyright, Patent or Trademark listed in said Schedules 4, 5 and 6 (as so supplemented), and, to such Grantor’s knowledge, all registrations listed in said Schedules 4, 5 and 6 (as so supplemented) are, except as noted therein, in full force and effect.

  Section 2.07.	Deposit Accounts, Securities Accounts and Commodity Accounts.  Schedule 7 sets forth a complete and correct list of all Deposit Accounts, Securities Accounts and Commodity Accounts, in each case indicating any Excluded Accounts, of such Grantor on the date hereof.

  Section 2.08.	Commercial Tort Claims.  Schedule 8 sets forth a complete and correct list of all Commercial Tort Claims of such Grantor having a value reasonably believed by such Grantor to be in excess of $500,000 on the date hereof.

  Section 2.09.	Update of Schedules.  Each of Schedules 1 through 8 may be updated by Grantors from time to time to insure the continued accuracy of the representations set forth in this Section 2 to be made on any upcoming date on which representations and warranties are made incorporating the information in such Schedule, by Borrower providing notice (attaching an amended and restated version of such Schedule) in accordance with Section 13.02 of the Credit Agreement, or at such other times and in such manner and as set forth in the Credit Agreement.

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  SECTION 3.	Collateral

  Section 3.01.	Granting Clause.  As collateral security for the payment in full when due (whether at stated maturity, by acceleration or otherwise) of the Secured Obligations, each Grantor hereby pledges and grants to the Administrative Agent, for the benefit of the Secured Parties, a Lien in all of such Grantor’s right, title and interest in, to and under all of its property, in each case whether tangible or intangible, wherever located, and whether now owned by such Grantor or hereafter acquired and whether now existing or hereafter coming into existence, including without limitation all of the following, but excluding all Excluded Assets (collectively, and subject to the proviso at the end of this Section 3.01, “Collateral”):

  (a)	all Accounts (including all trade receivables);

  (b)	all Chattel Paper and other Records;

  (c)	all Checks;

  (d)	all Commercial Tort Claims;

  (e)	all Deposit Accounts, all cash, and all other property from time to time deposited therein or otherwise credited thereto and the monies and property in the possession or under the control of the Administrative Agent or any Grantor or any of its Affiliates, representative, agent or correspondent of the Administrative Agent or any Grantor;

  (f)	all Documents;

  (g)	all Encumbrances;

  (h)	all Equipment;

  (i)	all Fixtures;

  (j)	all General Intangibles (including in respect of any intercompany Indebtedness);

  (k)	all Goods not otherwise described in this Section 3;

  (l)	all Instruments, including all Promissory Notes and any Instrument evidencing any intercompany Indebtedness;

  (m)	all Intellectual Property;

  (n)	all Inventory;

  (o)	all Letter of Credit Rights and all Supporting Obligations;

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  (p)	all Investment Property not otherwise described in this Section 3, including all Securities, all Securities Accounts and all Security Entitlements with respect thereto and Financial Assets carried therein, and all Commodity Accounts and Commodity Contracts;

  (q)	all Pledged Shares; 

  (r)	all other tangible and intangible personal property of such Grantor (whether or not subject to the UCC), including, without limitation, all bank and other accounts and all cash and all investments therein, all proceeds, products, offspring, accessions, rents, profits, income, benefits, substitutions and replacements of and to any of the property of such Grantor described in the preceding clauses of this Section 3.01 (including, without limitation, any proceeds of insurance thereon and all causes of action, claims and warranties now or hereafter held by such Grantor in respect of any of the items listed above), and all books, correspondence, files, invoices and other Records, including, without limitation, all tapes, disks, cards, software, data and computer programs in the possession or under the control of such Grantor or any other Person from time to time acting for such Grantor that at any time evidence or contain information relating to any of the property described in the preceding clauses of this Section 3.01 or are otherwise necessary or helpful in the collection or realization thereof; and

  (s)	all Proceeds, including all Cash Proceeds and Noncash Proceeds, of any and all of the foregoing Collateral.

  in each case howsoever such Grantor’s interest therein may arise or appear (whether by ownership, security interest, claim or otherwise); provided, however, that, nothing set forth in this Section 3.01 or any other provision of this Agreement or any other Loan Document shall at any time constitute the grant of a security interest in, or a Lien on, any Excluded Asset, none of which shall constitute Collateral.  For the avoidance of doubt, the Administrative Agent agrees that with respect to the Intellectual Property, the rights of the licensees under the Permitted Licenses will not be terminated, limited or otherwise materially and adversely affected by (i) the execution of or (ii) the exercise of the Administrative Agent’s rights under this Agreement or any other Loan Document.

  SECTION 4.	Further Assurances; Remedies

  In furtherance of the grant of the security interest pursuant to Section 3, Grantors hereby jointly and severally agree with the Administrative Agent as follows:

  Section 4.01.	Delivery and Other Perfection.  Each Grantor shall promptly (and, in any event, within thirty (30) days of such event, or such later date as the Administrative Agent may agree in its reasonable discretion) from time to time give, execute, deliver, file, record, authorize or obtain all such financing statements, continuation statements, notices, instruments, documents, agreements or consents as the Administrative Agent advises is necessary or reasonably requests to create, preserve, perfect, maintain the perfection of or validate the security interest granted pursuant hereto or to enable the Administrative Agent to exercise and enforce its rights hereunder with respect to such security interest, and without limiting the foregoing, shall:

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  (a)	if any of the Pledged Shares, Investment Property or Financial Assets constituting part of the Collateral are received by a Grantor, promptly (x) deliver to the Administrative Agent the certificates or instruments representing or evidencing the same, duly endorsed in blank or accompanied by such instruments of assignment and transfer in such form and substance as the Administrative Agent advises is necessary or reasonably requests, all of which thereafter shall be held by the Administrative Agent, pursuant to the terms of this Agreement, as part of the Collateral and (y) take such other action as the Administrative Agent may reasonably request to duly record or otherwise perfect the security interest created hereunder in such Collateral;

  (b)	deliver to the Administrative Agent any and all Instruments constituting part of the Collateral (other than any such Instrument that does not exceed $500,000 in value at any time, unless the aggregate value of such Instruments exceeds $500,000), endorsed and/or accompanied by such instruments of assignment and transfer in such form and substance as the Administrative Agent may reasonably request; provided, that (other than in the case of the Promissory Notes described in Schedule 3) unless an Event of Default has occurred and is continuing, such Grantor may retain for collection in the ordinary course any Instruments received by such Grantor in the Ordinary Course of Business and the Administrative Agent shall, promptly upon request of such Grantor, make appropriate arrangements for making any Instrument delivered by such Grantor available to such Grantor for purposes of presentation, collection or renewal (any such arrangement to be effected, to the extent requested by the Administrative Agent, against trust receipt or like document);

  (c)	promptly from time to time enter into such control agreements, each in form and substance reasonably acceptable to the Administrative Agent, as may be required to perfect the security interest created hereby in any and all (i) Deposit Accounts, Securities Accounts and Commodity Accounts owned by the Obligors (other than Excluded Accounts), and (ii) Investment Property, Electronic Chattel Paper and Letter of Credit Rights (except with respect to Pledged Shares, other than any such property described in this subclause (ii) that does not exceed $250,000 in value at any time, unless the aggregate value of such property exceeds $500,000), and will promptly furnish to the Administrative Agent true copies thereof; and

  (d)	promptly from time to time upon the written request of the Administrative Agent, take such other action as the Administrative Agent may reasonably request to file filings with the United States Patent and Trademark Office or United States Copyright Office (or any successor office), as applicable, in that portion of the Collateral consisting of Intellectual Property.

  Notwithstanding anything in this Agreement or any other Loan Document to the contrary, none of the Grantors shall be required, nor is the Administrative Agent authorized, (i) to take any actions in, or required by the Laws of, any jurisdiction other than the United States of America to create, perfect or maintain any security interest in any assets, including (without limitation) any Intellectual Property registered outside of the United States and all real property located in a federal flood zone or outside the United 

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  States (it being understood that there shall be no security agreements, pledge agreements or similar security documents governed by the Laws of any non-U.S. jurisdiction), (ii) to take any other actions with respect to the perfection of the Administrative Agent’s Lien on Intellectual Property other than filing a Short-Form IP Security Agreements, in the U.S. Patent and Trademark Office or the U.S. Copyright Office, as appropriate, and the filing of a Uniform Commercial Code financing statement or (iii) to perfect in any assets subject to  Certificates of Title.

  Section 4.02.	Other Financing Statements or Control.  Except as otherwise permitted under the Loan Documents, no Grantor shall (a) file or authorize or permit to be filed or to be on file, in any jurisdiction, any financing statement or like instrument with respect to any of the Collateral in which the Administrative Agent is not named as the sole secured party (except to the extent that such financing statement or instrument relates to a Permitted Lien), or (b) cause or permit any Person other than Administrative Agent or any holder of a Permitted Priority Lien to have “control” (as defined in Section 9-104, 9-105, 9-106 or 9-107 of the UCC) of any Deposit Account, Securities Account or Commodity Account (in each case other than Excluded Accounts), Electronic Chattel Paper, Investment Property or Letter of Credit Right constituting part of the Collateral.

  Section 4.03.	Preservation of Rights.  The Administrative Agent shall not be required to take steps necessary to preserve any rights against prior parties to any of the Collateral.

  Section 4.04.	Special Provisions Relating to Certain Collateral.

  (a)	Pledged Shares.  (i) Grantors will cause the Pledged Shares to constitute at all times 100% of the total number of Shares of each Issuer then outstanding owned by Grantors.

  (ii)	Unless an Event of Default has occurred and is continuing and the Administrative Agent has given the Borrower prior written notice, Grantors shall have the right to exercise all voting, consensual and other powers of ownership pertaining to the Pledged Shares for all purposes not inconsistent with the terms of this Agreement and the other Loan Documents, provided that Grantors jointly and severally agree that they will not vote the Pledged Shares in any manner that is inconsistent with the terms of this Agreement and the other Loan Documents; and the Administrative Agent shall execute and deliver to Grantors or cause to be executed and delivered to Grantors all such proxies, powers of attorney, dividend and other orders, and all such instruments, without recourse, as Grantors may reasonably request for the purpose of enabling Grantors to exercise the rights and powers that it is entitled to exercise pursuant to this Section 4.04(a)(ii).

  (iii)	Unless an Event of Default has occurred and is continuing and the Administrative Agent has given the Borrower prior written notice, Grantors shall be entitled to receive and retain any dividends, distributions or proceeds on the Pledged Shares.

  (iv)	If an Event of Default has occurred and is continuing and the Administrative Agent has given the Borrower prior written notice, whether or not the Administrative Agent 

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  has declared any Secured Obligations due and payable or seeks or pursues any other relief or remedy available to it under applicable law or under this Agreement or the other Loan Documents, all dividends and other distributions on the Pledged Shares shall be paid directly to the Administrative Agent for distribution to the Secured Parties and retained by them as part of the Collateral, subject to the terms of this Agreement, and, if the Administrative Agent shall so request in writing, Grantors jointly and severally agree to execute and deliver to the Administrative Agent appropriate additional dividend, distribution and other orders and documents to that end, provided, that if such Event of Default is no longer continuing, any such dividend or distribution theretofore paid to the Administrative Agent shall, upon request of Grantors (except to the extent theretofore applied to the Secured Obligations), be returned by the Administrative Agent to Grantors.

  (b)	Intellectual Property.  (i)  Each Grantor hereby grants to the Administrative Agent, with effect from the occurrence of an Event of Default that is continuing and solely during the continuation of such Event of Default, solely to the extent assignable, not prohibited by applicable Law, not otherwise prohibited by the documentation governing such Intellectual Property and not giving rise to any liability to or obligations on such Grantor, a non-exclusive license (exercisable without payment of royalty or other compensation to such Grantor) to use, and the right to assign, license or sublicense, any of the Intellectual Property rights included in the Collateral now owned or hereafter acquired by such Grantor, wherever the same may be located, solely for the purpose of enabling the Administrative Agent,  for the benefit of the Administrative Agent and the Secured Parties, to exercise rights and remedies under Section 4.05 at such time as the Administrative Agent shall be lawfully entitled to exercise such rights and remedies after the occurrence and during the continuation of an Event of Default, and for no other purpose; provided, that any such license or sublicense granted by the Administrative Agent to a third party shall include reasonable and customary terms and conditions necessary to preserve the existence, validity and value of the affected Intellectual Property, including provisions requiring the continuing confidential handling of trade secrets, requiring the use of appropriate notices and prohibiting the use of false notices, quality control and inurement provisions with regard to Trademarks, patent designation provisions with regard to Patents, copyright notices and restrictions on decompilation and reverse engineering of copyrighted software. Such non-exclusive license to the Administrative Agent includes reasonable access to all media in which any of the licensed items may be recorded or stored and to all computer programs used for the compilation or printout thereof.

  	(ii)	Notwithstanding anything contained herein to the contrary, but subject to any provision of the Loan Documents that limits the rights of any Grantor to dispose of its property, unless an Event of Default has occurred and is continuing, Grantors will be permitted to exploit, use, enjoy, protect, defend, enforce, license, sublicense, assign, sell, dispose of or take other actions with respect to the Intellectual Property in the Ordinary Course of Business of Grantors.  In furtherance of the foregoing, unless an Event of Default has occurred and is continuing, the Administrative Agent shall from time to time, upon the request of the respective Grantor, execute and deliver any instruments, certificates or other documents, in the form so requested, that such Grantor shall have certified are appropriate in its judgment to allow it to take any action permitted above (including relinquishment of the license provided pursuant to Section 4.04(b)(i) as to any specific Intellectual Property).  Further, upon the payment in full of all of the Secured Obligations (other than contingent indemnification obligations for which no claim has been made or other obligations 

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  which, by their terms, survive termination of the Credit Agreement) or earlier expiration of this Agreement or release of the Collateral, the license granted by Grantors to Administrative Agent pursuant to Section 4.04(b)(i) will automatically terminate without any further action by any party hereto.  The exercise of rights and remedies under Section 4.05 by the Administrative Agent shall not terminate the rights of the holders of any licenses, covenants not to sue or sublicenses theretofore granted by Grantors in accordance with the first sentence of this Section 4.04(b)(ii).

  (c)	Chattel Paper.  Grantors will deliver to Administrative Agent each original of each item of Chattel Paper at any time constituting part of the Collateral (other than any such Chattel Paper that does not exceed $250,000 in value at any time, unless the aggregate value of such Chattel Paper exceeds $500,000).

  Section 4.05.	Remedies.

  (a)	Rights and Remedies Generally upon Event of Default.  If an Event of Default has occurred and is continuing, the Administrative Agent on behalf of the Secured Parties shall have all of the rights and remedies with respect to the Collateral of a secured party under the UCC (whether or not the Uniform Commercial Code is in effect in the jurisdiction where the rights and remedies are asserted) and such additional rights and remedies to which a secured party is entitled under the Law in effect in any jurisdiction where any rights and remedies hereunder may be asserted, including the right, to the fullest extent permitted by Law, to exercise all voting, consensual and other powers of ownership pertaining to the Collateral as if the Administrative Agent was the sole and absolute owner thereof (and each Grantor agrees to take all such action as may be appropriate to give effect to such right).  If an Event of Default has occurred and is continuing, the Administrative Agent may exercise, on behalf of all Secured Parties, such rights and remedies described above; and without limiting the foregoing:

  	(i)	the Administrative Agent may, in its name or in the name of any Grantor or otherwise, demand, sue for, collect or receive any money or other property at any time payable or receivable on account of or in exchange for any of the Collateral, but shall be under no obligation to do so;

  	(ii)	the Administrative Agent may make any reasonable compromise or settlement deemed desirable with respect to any of the Collateral and may extend the time of payment, arrange for payment in installments, or otherwise modify the terms of, any of the Collateral;

  	(iii)	the Administrative Agent may require Grantors to notify (and each Grantor hereby authorizes the Administrative Agent to so notify) each account debtor in respect of any Account, Chattel Paper or General Intangible, and each obligor on any Instrument, constituting part of the Collateral that such Collateral has been assigned to the Administrative Agent hereunder, and to instruct that any payments due or to become due in respect of such Collateral shall be made directly to the Administrative Agent or as it may direct (and if any such payments, or any other Proceeds of Collateral, are received by any Grantor they shall be held in trust by such Grantor for the benefit of the Administrative Agent and as promptly as possible remitted or delivered to the Administrative Agent for application as provided herein);

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  	(iv)	the Administrative Agent may require Grantors to assemble the Collateral at such place or places, convenient to the Administrative Agent and Grantors, as the Administrative Agent may direct;

  	(v)	Subject to Section 4.04(a), the Administrative Agent may vote the Pledged Shares with respect to any and all matters and to exercise all of a Grantor’s rights to payments, conversion, exchange, subscription or otherwise with respect to such Pledged Shares;

  	(vi)	Subject to Section 4.04(a), the Administrative Agent may require Grantors to cause the Pledged Shares to be transferred of record into the name of the Administrative Agent or its nominee (and the Administrative Agent agrees that if any of such Pledged Shares is transferred into its name or the name of its nominee, the Administrative Agent will thereafter promptly give to the respective Grantor copies of any notices and communications received by it with respect to such Pledged Shares); 

  	(vii)	the Administrative Agent may sell, lease, assign or otherwise dispose of all or any part of the Collateral, at such place or places as the Administrative Agent deems best, and for cash or for credit or for future delivery (without thereby assuming any credit risk), at public or private sale, without demand of performance or notice of intention to effect any such disposition or of the time or place thereof (except such notice as is required by the UCC or other applicable statute and cannot be waived), and the Secured Parties, the Administrative Agent or anyone else may be the purchaser, lessee, assignee or recipient of any or all of the Collateral so disposed of at any public sale (or, to the extent permitted by law, at any private sale) and thereafter hold the same absolutely, free from any claim or right of whatsoever kind, including any right or equity of redemption (statutory or otherwise), of Grantors, any such demand, notice and right or equity being hereby expressly waived and released to the fullest extent permitted by applicable law.  In the event of any sale, assignment, or other disposition of any of the Collateral consisting of Trademarks, the goodwill connected with and symbolized by the Trademarks subject to such disposition shall be included.  The Administrative Agent may, without notice or publication, adjourn any public or private sale or cause the same to be adjourned from time to time by announcement at the time and place fixed for the sale, and such sale may be made at any time or place to which the sale may be so adjourned; and

  	(viii)	the Proceeds of each collection, sale or other disposition under this Section 4.05, including by virtue of the exercise of any license granted to the Administrative Agent in Section 4.04(b), shall be applied in accordance with Section 4.09.

  (b)	Certain Securities Act Limitations.  Grantors recognize that, by reason of certain prohibitions contained in the Securities Act of 1933, as amended, and applicable state securities laws, the Administrative Agent may be compelled, with respect to any sale of all or any part of the Collateral, to limit purchasers to those who will agree, among other things, to acquire the Collateral for their own account, for investment and not with a view to the distribution or resale thereof.  Grantors acknowledge that any such private sales may be at prices and on terms less favorable to the Administrative Agent than those obtainable through a public sale without such restrictions, and, notwithstanding such circumstances, agree that any such private sale shall be deemed to have 

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  been made in a commercially reasonable manner and that the Administrative Agent shall have no obligation to engage in public sales and no obligation to delay the sale of any Collateral for the period of time necessary to permit the issuer thereof to register it for public sale.  To the extent permitted by applicable law, upon any such sale or sales of the Pledged Shares so purchased shall be held by the purchaser absolutely free from any claims or rights of whatsoever kind or nature, including any equity of redemption or any similar rights, all such equity of redemption and any similar rights being hereby expressly waived and released by the applicable Grantor thereof to the extent permitted by applicable law.  In the event any consent, approval or authorization of any governmental agency shall be necessary to effectuate any such sale or sales, each Grantor shall execute, and hereby agrees to cause the issuer of any Pledged Shares to execute, as necessary, all applications or other instruments as may be required; provided that the foregoing shall not obligate any Grantor to register the Pledged Shares under the Securities Act of 1933.  The Administrative Agent shall incur no liability as a result of the sale of the Collateral, or any part thereof, at any private sale pursuant to this Section 4.05 conducted in a commercially reasonable manner.  Each Grantor hereby waives any claims against Administrative Agent, the Secured Parties or any of them arising by reason of the fact that the price at which the Collateral may have been sold at such a private sale was less than the price that might have been obtained at a public sale or was less than the aggregate amount of the Secured Obligations, even if Administrative Agent accepts the first offer received and does not offer the Collateral to more than one offeree.

  (c)	Notice.  Grantors agree that to the extent the Administrative Agent is required by applicable law to give reasonable prior notice of any sale or other disposition of any Collateral, ten (10) Business Days’ notice shall be deemed to constitute reasonable prior notice.

  (d)	No Assumption of Obligations.  Notwithstanding any provision in this Agreement or any other Loan Document to the contrary, the Administrative Agent is not assuming any liability or obligation of any Grantor or any of its Affiliates of whatever nature, whether presently in existence or arising or asserted hereafter.  All such liabilities and obligations shall be retained by and remain obligations and liabilities of the applicable Grantor and/or its Affiliates, as the case may be.  Without limiting the foregoing, the Administrative Agent is not assuming and shall not be responsible for any liabilities or Claims of any Grantor or its Affiliates, whether present or future, absolute or contingent and whether or not relating to a Grantor, the Obligor Intellectual Property and/or the Material Agreements, and each Grantor shall indemnify and save harmless Administrative Agent from and against all such liabilities, Claims and Liens, to the extent set forth in Section 13.03(b) of the Credit Agreement.

  Section 4.06.	Deficiency.  If the proceeds of sale, collection or other realization of or upon the Collateral pursuant to Section 4.05 are insufficient to cover the costs and expenses of such realization and the payment in full in cash of the Secured Obligations (other than contingent indemnification obligations or other obligations which, by their terms, survive termination of the Credit Agreement or other Loan Documents), Grantors shall remain liable for any deficiency.

  Section 4.07.	Locations; Names, Etc.  No Grantor shall (i) change its location (as defined in Section 9-307 of the UCC), or (ii) change its name from the name shown as its current legal name on Schedule 1, unless in each case such Grantor promptly (and, in any event, within 

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  thirty (30) days of such event, or such later date as the Administrative Agent may agree in its reasonable discretion) notify the Administrative Agent of such change.

  Section 4.08.	Application of Proceeds.  The Proceeds of any collection, sale or other realization of all or any part of the Collateral pursuant hereto, and any other cash at the time held by Administrative Agent under this Section 4, shall be applied by Administrative Agent in accordance with Section 4.01(b) of the Credit Agreement.

  Section 4.09.	Attorney in Fact and Proxy.  Without limiting any rights or powers granted by this Agreement to the Administrative Agent on behalf of the Secured Parties, the Administrative Agent (and any of its officers, employees or agents) hereby is appointed the attorney in fact and proxy of each Grantor for the purpose of carrying out the provisions of this Section 4 and taking any action and executing any instruments that the Administrative Agent may deem necessary or advisable to accomplish the purposes hereof at any time after and during the continuance of an Event of Default.  THIS POWER AND PROXY IS COUPLED WITH AN INTEREST AND IS IRREVOCABLE UNTIL THE PAYMENT IN FULL OF THE SECURED OBLIGATIONS.  THIS POWER AND PROXY SHALL BE EFFECTIVE AUTOMATICALLY AND WITHOUT THE NECESSITY OF ANY ACTION BY ANY PERSON.  Each Grantor ratifies all actions taken by the Administrative Agent pursuant to this power and proxy granted.  All prior proxies granted by any Grantor with respect to the subject matter hereof are hereby revoked.  Without limiting the generality of the foregoing, so long as the Administrative Agent shall be entitled under this Section 4 to make collections in respect of the Collateral, the Administrative Agent shall have the right and power to receive, endorse and collect all checks made payable to the order of any Grantor representing any dividend, payment or other distribution in respect of the Collateral or any part thereof and to give full discharge for the same.

  (b)	Subject to terms and provisions of this Agreement, each Grantor, being the sole holder and owner of the Pledged Shares, hereby authorizes the Administrative Agent, for itself and for the benefit of the Lenders, during the continuance of an Event of Default, to vote for such Grantor, as Grantor’s proxy, at any and all meetings of the members of the issuer(s) of the Pledged Shares, and, as such Grantor’s proxy, to consent or dissent to any action taken without a meeting, and further makes, constitutes and irrevocably appoints the Administrative Agent, for itself and for the benefit of the Lenders, to act as the true and lawful proxy and attorney-in-fact in the name and on behalf of such Grantor, with full power to appoint a substitute or substitutes, to vote and execute and deliver written voting consents with respect to the Pledged Shares, to the same extent and with the same effect as such Grantor could do under any applicable laws or regulations governing the rights and powers of members or holders of equity interests of the applicable issuer(s) of the Pledged Shares.

  Section 4.10.	Perfection and Recordation.  Each Grantor authorizes the Administrative Agent to file Uniform Commercial Code financing statements describing the Collateral as “all assets”, “all personal property and fixtures” or “ all assets of the debtor, whether tangible or intangible, wherever located, and whether now owned or hereafter acquired and whether now existing or hereafter coming into existence, including all accessions thereto and products and proceeds thereof” of such Grantor or words of similar effect or being of an equal or 

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  lesser scope or with greater detail (provided that no such description shall be deemed to modify the description of Collateral set forth in Section 3).

  Section 4.11.	Termination.  When all Secured Obligations (other than contingent indemnification obligations for which no claim has been made or other obligations which, by their terms, survive termination of the Credit Agreement or other Loan Documents) shall have been indefeasibly paid in full in cash, this Agreement automatically shall terminate, and the Administrative Agent shall, upon request of Grantors, promptly cause to be assigned, transferred and delivered any remaining Collateral and money received in respect thereof, to or on the order of the respective Grantor and to be released and canceled all licenses and rights referred to in Section 4.04(b), in each case, at Grantors’ sole expense.  The Administrative Agent shall also, at the expense of such Grantor, promptly execute and deliver to such Grantor upon such termination such Uniform Commercial Code termination statements, certificates for terminating the liens on the Intellectual Property filings and such other documentation as shall be reasonably requested by the respective Grantor to effect the termination and release of the liens on the Collateral as required by this Section 4.11, in each case, at Grantors’ sole expense.  If any of the Collateral shall be sold, transferred or otherwise disposed of by a Grantor in a transaction permitted by the Credit Agreement or if such Collateral otherwise becomes Excluded Assets, then the Administrative Agent, at Grantors’ sole expense, shall execute and deliver to such Grantor all releases or other documents reasonably necessary or desirable for the release of the Liens created hereby on such Collateral.

  Section 4.12.	Further Assurances.  Each Grantor agrees that, from time to time upon the written request of the Administrative Agent, such Grantor will execute and deliver such further documents and do such other acts and things as the Administrative Agent may reasonably request in order to fully effectuate the purposes and objectives of this Agreement, in all cases subject to the terms of the Credit Agreement and excluding such documents, acts and things where the cost of obtaining or perfecting a security interest exceeds the practical benefit to the Lenders afforded thereby as determined by the Administrative Agent (in its sole discretion after consultation with Borrower or the applicable Grantor).  The Administrative Agent shall release any Lien covering any asset that has been disposed of in accordance with the provisions of the Loan Documents.

  SECTION 5.	Miscellaneous

  Section 5.01.	Notices.  All notices, requests, consents and demands hereunder shall be delivered in accordance with Section 13.02 of the Credit Agreement.

  Section 5.02.	No Waiver.  No failure on the part of the Administrative Agent to exercise, and no course of dealing with respect to, and no delay in exercising, any right, power or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise by the Administrative Agent of any right, power or remedy hereunder preclude any other or further exercise thereof or the exercise of any other right, power or remedy.  The remedies herein are cumulative and are not exclusive of any remedies provided by law.

  Section 5.03.	Amendments, Etc.  The terms of this Agreement may be waived, altered or amended only by an instrument in writing duly executed by each Grantor, the Administrative 

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  Agent and the Majority Lenders (unless the consent of each Lender is required in accordance with Section 13.04 of the Credit Agreement).

  Section 5.04.	Expenses.

  (a)	Grantors shall pay or reimburse the Administrative Agent and the Secured Parties for reasonable and documented out-of-pocket costs and expenses in accordance with Section 13.03(a) of the Credit Agreement.

  (b)	Grantors shall hereby indemnify the Administrative Agent, the Secured Parties, their Affiliates, and their respective directors, officers, employees, attorneys, agents, advisors and controlling parties in accordance with Section 13.03(b) of the Credit Agreement.

  Section 5.05.	Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of the respective successors and assigns of each Grantor, the Administrative Agent and the Secured Parties (provided, that no Grantor shall assign or transfer its rights or obligations hereunder unless consented to in writing by the Lenders in accordance with the Credit Agreement).

  Section 5.06.	Counterparts.  This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument and any of the parties hereto may execute this Agreement by signing any such counterpart.  Delivery of an executed signature page of this Agreement by facsimile transmission, electronic transmission (in PDF format) or DocuSign shall be effective as delivery of a manually executed counterpart hereof.  The words “execution,” “signed,” “signature,” and words of like import in any Assignment Agreement shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

  Section 5.07.	Governing Law; Submission to Jurisdiction; Etc.

  (a)	Governing Law.  This Agreement and the rights and obligations of the parties hereunder and all claims, disputes and matters arising hereunder or related hereto, shall be governed by, and construed in accordance with, the law of the State of New York, applicable to contracts executed in and to be performed ENTIRETY within that state, without reference to conflicts of laws PROVISIONs (other than Section 5-1401 of the New York General Obligations Law).

  (b)	Submission to Jurisdiction.  Each Grantor agrees that any suit, action or proceeding with respect to this Agreement or any judgment entered by any court in respect thereof shall be brought in the Supreme Court of the State of New York sitting in New York 

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  County or in the United States District Court for the Southern District of New York and irrevocably submits to the exclusive jurisdiction of each such court for the purpose of any such suit, action, proceeding or judgment.  

  (c)	Waiver of Venue.  Each Grantor irrevocably waives to the fullest extent permitted by law any objection that it may now or hereafter have to the laying of the venue of any suit, action or proceeding arising out of or relating to this Agreement and hereby further irrevocably waives to the fullest extent permitted by law any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.  A final judgment (in respect of which time for all appeals has elapsed) in any such suit, action or proceeding shall be conclusive and may be enforced in any court to the jurisdiction of which such Grantor is or may be subject, by suit upon judgment.

  (d)	Service of Process.  Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 5.01.  Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by applicable law.

  Section 5.08.	WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

  Section 5.09.	Captions.  The table of contents and captions and section headings appearing herein are included solely for convenience of reference and are not intended to affect the interpretation of any provision of this Agreement.

  Section 5.10.	Agents and Attorneys in Fact.  The Administrative Agent may employ agents and attorneys in fact in connection herewith and shall not be responsible for the negligence or misconduct of any such agents or attorneys in fact selected by it in good faith.

  Section 5.11.	Severability.  If any provision hereof is found by a court to be invalid or unenforceable, to the fullest extent permitted by applicable law the parties agree that such invalidity or unenforceability shall not impair the validity or enforceability of any other provision hereof.

  Section 5.12.	Additional Grantors.  Additional Persons may from time to time after the date of this Agreement become Grantors under this Agreement by executing and delivering to the Administrative Agent a supplemental agreement (together with all schedules thereto, a “Joinder”) to this Agreement, in substantially the form attached hereto as Exhibit A.  Accordingly, upon the execution and delivery of any such Joinder by any such Person, such Person shall 

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  automatically and immediately, and without any further action on the part of any Person, become a “Grantor” under and for all purposes of this Agreement, and each of the Schedules hereto shall be supplemented in the manner specified in such Joinder.  In addition, upon the execution and delivery of any such Joinder, the new Grantor makes the representations and warranties set forth in Section 2.

  [Signature Pages Follow]

   

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  IN WITNESS WHEREOF, the parties hereto have caused this Security Agreement to be duly executed and delivered as of the day and year first above written.

  GRANTOR:

  Biodesix, Inc.

  By: /s/ Robin Harper Cowie	

  Name:  Robin Harper Cowie

  Title:    Chief Financial Officer

   

   

   

   

   

   

  signature page
security agreement

   

  

   

  ADMINISTRATIVE AGENT:

   

  Perceptive Credit Holdings IV, LP

   

  By:  Perceptive Credit Opportunities GP, LLC, its general partner

  By: /s/ Sandeep Dixit	

  Name: Sandeep Dixit 

  Title: Chief Credit Officer 

  By: /s/ Sam Chawla	

  Name: Sam Chawla

  Title: Portfolio Manager 

  					 

   

   

   

   

  signature page
security agreement

   

  

   

  EXHIBIT A

to Security Agreement

  FORM OF JOINDER AGREEMENT

  	This Joinder Agreement (this “Joinder”) dated as of [_______, ___] is by [Name of Additional Grantor], a [__________] [corporation] (the “Additional Grantor”), in favor of Perceptive Credit Holdings IV, LP, as administrative agent (in such capacity, the “Administrative Agent”) for the Secured Parties.

  	A.	Reference is made to (i) the Credit Agreement and Guaranty (as amended, supplemented, restated, extended, renewed or replaced from time to time, the “Credit Agreement”), dated as of November 16, 2022, among Biodesix, Inc., a Delaware corporation (“Borrower”), certain Grantors party thereto, certain Lenders party thereto and the Administrative Agent, and (ii) the Security Agreement (as amended, supplemented, restated, extended, renewed or replaced from time to time, the “Security Agreement”; capitalized terms used herein but not defined shall have the meaning ascribed to such terms therein), dated as of November 21, 2022, among certain Grantors party thereto and the Administrative Agent.

  	B.	Section 5.12 of the Security Agreement provides that additional Persons may from time to time after the date of the Security Agreement become Grantors under the Security Agreement by executing and delivering to the Administrative Agent a supplemental agreement to the Security Agreement in the form of this Joinder.

  	C.	To induce the Secured Parties to maintain the term loans pursuant to the Credit Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Additional Grantor has agreed to execute and deliver (i) a Guarantee Assumption Agreement under the Credit Agreement, and (ii) this Joinder to the Administrative Agent.

  The Additional Grantor hereby agrees to become a “Grantor” for all purposes of the Security Agreement (and hereby supplements each of the Schedules to the Security Agreement in the manner specified in Appendix A hereto).  Without limitation, as collateral security for the payment in full when due (whether at stated maturity, by acceleration or otherwise) of the Secured Obligations (other than contingent indemnification obligations and other obligations which, by their terms, survive termination of the Credit Agreement or other Loan Documents), the Additional Grantor hereby pledges and grants to the Administrative Agent, for the benefit of the Secured Parties, as provided in Section 3 of the Security Agreement a security interest in all of the Additional Grantor’s right, title and interest in, to and under the Collateral of the Additional Grantor, in each case whether tangible or intangible, wherever located, and whether now owned by the Additional Grantor or hereafter acquired and whether now existing or hereafter coming into existence.  In addition, subject to the Schedules attached hereto, the Additional Grantor hereby makes the representations and warranties set forth in Section 2 of the Security Agreement, with 

   

  

   

  respect to itself and its obligations under this Joinder, as if each reference in such Sections to the Loan Documents included reference to this Joinder.

  [SIGNATURE PAGES FOLLOW]

   

   

  Exhibit A-2

   

  

   

  	In Witness Whereof, the Additional Grantor has caused this Joinder Agreement to be duly executed and delivered as of the day and year first above written.

   

  [INSERT NAME OF ADDITIONAL GRANTOR],

  as Grantor

   

   

  By:_________________________________

  Name:

  Title:

   

   

  Perceptive Credit Holdings IV, LP,
as Administrative Agent 

   

  By:  Perceptive Credit Opportunities GP, LLC, 
its general partner

   

   

  By:_______________________________________

  Name:

  Title:

   

   

  By:_______________________________________

  Name:

  Title:

   

   

   

   

   

   

   

   

   

   

   

   

   

   

  

   

   

  Schedules to Security Agreement

   

  

   

  Schedule 1

   

  Certain Grantor Information

   

   

  					
	Legal Name
	Type of Organization
	Jurisdiction of Organization
	Organization ID Number
	Mailing Address

	Biodesix, Inc.
	Corporation
	Delaware
	4083680
	2970 Wilderness Place, Suite 100, Boulder, CO 80301

   

   

   

  Schedules to Security Agreement

   

  

   

  Schedule 2

   

  Pledged Shares

   

  None. 

   

  Schedules to Security Agreement

   

  

   

  Schedule 3

   

  Promissory Notes

   

   

  None.

   

  Schedules to Security Agreement

   

  

   

  Schedule 4

   

  Copyrights, Copyright Registrations and Applications for Copyright Registrations

   

   

  None. 

  Schedules to Security Agreement

   

  

   

   

  Schedule 5

  Patents and Patent Applications

   

  U.S. Patents:

  							
	#
	 
Obligor
	 
Patent Application Number
	 
Filing Date
	 
Patent or Publication Number
	 
Date of Issuance or
Publication
	 
Status

	1.
	Biodesix, Inc.
	11/396,328
	3/31/2006
	7,736,905
	6/15/2010
	Issued / Granted

	2.
	Biodesix, Inc.
	12/321,394
	1/20/2009
	7,858,390
	12/28/2010
	Issued / Granted

	3.
	Biodesix, Inc.
	12/321,393
	1/20/2009
	7,867,775  
	1/11/2011
	Issued / Granted

	4.
	Biodesix, Inc.
	12/321,392
	1/20/2009
	7,858,389
	12/28/2010
	Issued / Granted

	5.
	Biodesix, Inc.
	12/661,129
	3/10/2010
	7,879,620
	2/1/2011
	Issued / Granted

	6.
	Biodesix, Inc.
	12/661,124
	3/10/2010
	8,097,469
	1/17/2012
	Issued / Granted

	7.
	Biodesix, Inc.
	12/806,137
	8/6/2010
	9,824,182
	11/21/2017
	Issued / Granted

	8.
	Biodesix, Inc.
	13/373,336
	11/11/2011
	9,152,758
	10/6/2015
	Issued / Granted

	9.
	Biodesix, Inc.
	12/218,519
	7/15/2008
	 8,024,282
	9/20/2011
	Issued / Granted

	10.
	Biodesix, Inc.
	12/584,594
	9/8/2009
	7,906,342 
	3/15/2011
	Issued / Granted

	11.
	Biodesix, Inc.
	12/931,324
	1/27/2011
	8,119,418
	2/21/2012
	Issued / Granted

	12.
	Biodesix, Inc.
	12/931,322
	1/27/2011
	8,119,417
	2/21/2012
	Issued / Granted

	13.
	Biodesix, Inc.
	13/313,791
	12/7/2011
	8,586,379
	11/19/2013
	Issued / Granted

	14.
	Biodesix, Inc.
	13/313,838
	12/7/2011
	8,586,380
	11/19/2013
	Issued / Granted

  Schedules to Security Agreement

   

  

   

  							
	#
	 
Obligor
	 
Patent Application Number
	 
Filing Date
	 
Patent or Publication Number
	 
Date of Issuance or
Publication
	 
Status

	15.
	Biodesix, Inc.
	13/356,730
	1/24/2012
	8,914,238
	12/16/2014
	Issued / Granted

	16.
	Biodesix, Inc.
	13/741,634
	1/15/2013
	9,254,120
	2/9/2016
	Issued / Granted

	17.
	Biodesix, Inc.
	13/836,436
	3/15/2013
	9,279,798
	3/8/2016
	Issued / Granted

	18.
	Biodesix, Inc.
	14/868,575
	9/29/2015
	9,606,101
	3/28/2017
	Issued / Granted

	19.
	Biodesix, Inc.
	13/835,909
	3/15/2013
	9,653,272
	5/16/2017
	Issued / Granted

	20.
	Biodesix, Inc.
	15/584,275
	5/2/2017
	10,593,529
	3/17/2020
	Issued / Granted

	21.
	Biodesix, Inc.
	13/733,018
	1/2/2013
	 8,467,988
	6/18/2013
	Issued / Granted

	22.
	Biodesix, Inc.
	14/486,442
	9/15/2014
	9,477,906
	10/25/2016
	Issued / Granted

	23.
	Biodesix, Inc.
	14/460,769
	8/15/2014
	9,211,314
	12/15/2015
	Issued / Granted

	24.
	Biodesix, Inc.
	14/869,348
	9/29/2015
	9,779,204
	10/3/2017
	Issued / Granted

	25.
	Biodesix, Inc.
	15/701,668
	9/12/2017
	10,489,550
	11/26/2019
	Issued / Granted

	26.
	Biodesix, Inc.
	14/949,229
	11/23/2015
	9,563,744
	2/7/2017
	Issued / Granted

	27.
	Biodesix, Inc.
	14/936,847
	11/10/2015
	10,037,874
	7/31/2018
	Issued / Granted

	28.
	Biodesix, Inc.
	16/020,183
	6/27/2018
	10,217,620
	2/26/2019
	Issued / Granted

	29.
	Biodesix, Inc.
	15/899,866
	2/20/2018
	 
	 
	Allowed

	30.
	Biodesix, Inc.
	15/091,417
	4/5/2016
	10,713,590
	7/14/2020
	Issued / Granted

  Schedules to Security Agreement

   

  

   

  							
	#
	 
Obligor
	 
Patent Application Number
	 
Filing Date
	 
Patent or Publication Number
	 
Date of Issuance or
Publication
	 
Status

	31.
	Biodesix, Inc.
	15/991,601
	5/29/2018
	10,950,348 
	3/16/2021
	Issued / Granted

	32.
	Biodesix, Inc.
	17/119,200
	12/11/2020
	  
	4/1/2021 (publication date)
	Non-Provisional Filed

	33.
	Biodesix, Inc.
	16/070,603
	7/17/2018
	  
	1/17/2019
(publication date)
	Published

	34.
	Biodesix, Inc.
	16/092,023
	10/8/2018
	  
	4/7/2022
(publication date)
	Non-Provisional Filed

	35.
	Biodesix, Inc.
	16/475,752
	7/3/2019
	11,150,238 
	10/19/2021
	Issued / Granted

	36.
	Biodesix, Inc.
	17/495,213
	10/6/2021
	  
	1/27/2022
(publication date)
	Non-Provisional Filed

	37.
	Biodesix, Inc.
	15/862,896
	1/5/2018
	10,870,891 
	12/22/2020
	Issued / Granted

	38.
	Biodesix, Inc.
	16/772,135
	12/15/2018
	  
	12/2/2021
(publication date)
	Published

	39.
	Biodesix, Inc.
	17/031,042
	9/24/2020
	 
	4/22/2021
(publication date)
	Non-Provisional Filed

	40.
	Biodesix, Inc.
	13/306,823
	11/29/2011
	9,403,889
	8/2/2016
	Issued / Granted

	41.
	Biodesix, Inc.
	15/685,535
	8/24/2017
	 
	1/4/2018
	Published

  Schedules to Security Agreement

   

  

   

  							
	#
	 
Obligor
	 
Patent Application Number
	 
Filing Date
	 
Patent or Publication Number
	 
Date of Issuance or
Publication
	 
Status

	 
	 
	 
	 
	 
	(publication date)
	 

	42.
	Biodesix, Inc.
	13/725,098
	12/21/2012
	9,091,651
	7/28/2015
	Issued / Granted

	43.
	Biodesix, Inc.
	15/476,118
	3/31/2017
	10,534,002
	1/14/2020
	Issued / Granted

	44.
	Biodesix, Inc.
	13/724,823
	12/21/2012
	9,201,044
	12/1/2015
	Issued / Granted

	45.
	Biodesix, Inc.
	14/926,735
	10/29/2015
	9,588,127
	3/7/2017
	Issued / Granted

	46.
	Biodesix, Inc.
	15/786,924
	10/18/2017
	  
	3/8/2018 
(publication date)
	Published

	47.
	Biodesix, Inc.
	13/775,494
	2/23/2013
	9,304,137
	4/5/2016
	Issued / Granted

	48.
	Biodesix, Inc.
	15/051,153
	2/23/2016
	10,338,074
	7/2/2019
	Issued / Granted

	49.
	Biodesix, Inc.
	17/470,462
	9/9/2021
	  
	6/2/2022
(publication date)
	Non-Provisional Filed

	50.
	Biodesix, Inc.
	16/703027
	12/4/2019
	 11,467,167
	10/11/2022 
	Issued / Granted

	51.
	Biodesix, Inc.
	14/341,245
	7/25/2014
	9,297,805
	3/29/2016
	Issued / Granted

	52.
	Biodesix, Inc.
	15/680,656
	8/18/2017
	 11,193,935
	12/7/2021 
	Issued / Granted

	53.
	Biodesix, Inc.
	14/612,959
	2/3/2015
	9,594,085
	3/14/2017
	Issued / Granted

	54.
	Biodesix, Inc.
	15/587,767
	5/5/2017
	10,802,027
	10/13/2020
	Issued / Granted

  Schedules to Security Agreement

   

  

   

  							
	#
	 
Obligor
	 
Patent Application Number
	 
Filing Date
	 
Patent or Publication Number
	 
Date of Issuance or
Publication
	 
Status

	55.
	Biodesix, Inc.
	17/069,666
	10/13/2020
	  
	9/16/2021 
(publication date)
	Non-Provisional Filed

	56.
	Biodesix, Inc.
	11/342,366
	1/27/2006
	9,002,652
	4/7/2015
	Issued / Granted

	57.
	Biodesix, Inc.
	13/570,096
	8/8/2012
	9,234,895
	1/12/2016
	Issued / Granted

	58.
	Biodesix, Inc.
	13/023,366
	2/8/2011
	8,603,752
	12/10/2013
	Issued / Granted

	59.
	Biodesix, Inc.
	14/100,301
	12/9/2013
	9,103,834
	8/11/2015
	Issued / Granted

	60.
	Biodesix, Inc.
	12/376,951
	6/30/2010
	8586006
	11/19/2013
	Issued / Granted

	61.
	Biodesix, Inc.
	17/430,998
	8/13/2021
	 
	10/27/2022
(publication date)
	Non-Provisional Filed 

	62.
	Biodesix, Inc.
	16/296,918
	3/8/2019
	10,422,729
	9/24/2019
	Issued/Granted

	63.
	Biodesix, Inc.
	17/514,737
	10/29/2021
	  
	  
	Allowed

	64.
	Biodesix, Inc.
	15/274,012
	9/23/2016
	  
	 3/16/2017
	Abandoned

	65.
	Biodesix, Inc.
	17/344,352
	6/10/2021
	11,476,003
	10/18/2022
	Non-Provisional Filed

	66.
	Biodesix, Inc.
	17/360,254
	6/28/2021
	  
	6/16/2022
(publication date)
	Non-Provisional Filed

	67.
	Biodesix, Inc.
	17/902,055
	9/2/2022
	 
	 
	Non-Provisional Filed

  Schedules to Security Agreement

   

  

   

  							
	#
	 
Obligor
	 
Patent Application Number
	 
Filing Date
	 
Patent or Publication Number
	 
Date of Issuance or
Publication
	 
Status

	68.
	Biodesix, Inc.
	63/150,050
	2/16/2021
	 
	 
	Provisional Filed

	69.
	Biodesix, Inc.
	63/301,825
	1/21/2022
	 
	 
	Provisional Filed

	70.
	Biodesix, Inc.
	63/304,107
	1/28/2022
	 
	 
	Provisional Filed

	71.
	Biodesix, Inc.
	16/952,473
	11/19/2020
	 
	10/14/2021
(publication date)
	Non-Provisional Filed

	72.
	Biodesix, Inc.
	15/207,825
	07/12/2016
	10,007,766
	06/26/2018
	Issued/Granted

  Foreign Patents

  								
	#
	 
Obligor
	 
Country/Jurisdiction
	Serial No.
	Filing Date
	 
Patent Number
	 
Issue Date
	 
Status

	1.
	Biodesix, Inc.
	AT
	07754043.3
	3/26/2007
	2007434
	2/17/2016
	Issued / Granted

	2.
	Biodesix, Inc.
	AU
	2007243644.0
	3/26/2007
	2007243644
	9/2/2010
	Issued / Granted

	3.
	Biodesix, Inc.
	BE
	07754043.3
	3/26/2007
	2007434
	2/17/2016
	Issued / Granted

	4.
	Biodesix, Inc.
	CA
	CA 2647871
	3/26/2007
	2647871
	3/11/2014
	Issued / Granted

	5.
	Biodesix, Inc.
	DE
	602007044874.3
	3/26/2007
	2007434
	2/17/2016
	Issued / Granted

	6.
	Biodesix, Inc.
	DE
	602007057736.5
	3/26/2007
	2241335
	2/27/2019
	Issued / Granted

	7.
	Biodesix, Inc.
	DE
	10003343.0
	3/26/2010
	602007057736.5
	2/27/2019
	Issued / Granted

  Schedules to Security Agreement

   

  

   

  								
	#
	 
Obligor
	 
Country/Jurisdiction
	Serial No.
	Filing Date
	 
Patent Number
	 
Issue Date
	 
Status

	8.
	Biodesix, Inc.
	FR
	10003343.0
	3/26/2010
	2241335
	2/27/2019
	Issued / Granted

	9.
	Biodesix, Inc.
	GB
	10003343.0
	3/26/2010
	2241335
	2/27/2019
	Issued / Granted

	10.
	Biodesix, Inc.
	ES
	07754043.3
	3/26/2007
	2007434
	2/17/2016
	Issued / Granted

	11.
	Biodesix, Inc.
	FR
	07754043.3
	3/26/2007
	2007434
	2/17/2016
	Issued / Granted

	12.
	Biodesix, Inc.
	GB
	07754043.3
	3/26/2007
	2007434
	2/17/2016
	Issued / Granted

	13.
	Biodesix, Inc.
	HK
	09105283.6
	 3/26/2007
	HK1126416
	3/26/2017
	Issued / Granted

	14.
	Biodesix, Inc.
	HK
	11110985.3
	11/20/2009
	1156696
	1/4/2013
	Issued / Granted

	15.
	Biodesix, Inc.
	JP
	2009502923.0
	3/26/2007
	 4963721
	4/6/2012
	Issued / Granted

	16.
	Biodesix, Inc.
	PT
	 07754043.3
	3/26/2007
	2007434
	2/17/2016
	Issued / Granted

	17.
	Biodesix, Inc.
	AU
	2013281221.0
	3/15/2013
	2013281221
	8/30/2018
	Issued / Granted

	18.
	Biodesix, Inc.
	CA
	2878441.0
	3/15/2013
	2,878,044
	10/26/2021
	Issued / Granted

	19.
	Biodesix, Inc.
	CN
	201380043182.4,
	3/15/2013
	104685360
	2/13/2018
	Issued / Granted

	20.
	Biodesix, Inc.
	JP
	2015-520167
	3/15/2013
	6355630
	6/22/2018
	Issued / Granted

	21.
	Biodesix, Inc.
	KR
	10-2015-7001998 
	3/15/2013
	10-2103319
	4/16/2020
	Issued / Granted

  Schedules to Security Agreement

   

  

   

  								
	#
	 
Obligor
	 
Country/Jurisdiction
	Serial No.
	Filing Date
	 
Patent Number
	 
Issue Date
	 
Status

	22.
	Biodesix, Inc.
	MX
	  
	  
	365418
	6/3/2019
	Issued / Granted

	23.
	Biodesix, Inc.
	SG
	112014086525,
	3/15/2013
	11201408652S
	5/18/2018
	Issued / Granted

	24.
	Biodesix, Inc.
	TW
	102115975.0
	5/3/2013
	I639001
	10/21/2018
	Issued / Granted

	25.
	Biodesix, Inc.
	TW
	112014086525,
	3/15/2013
	 
	 
	Issued / Granted

	26.
	Biodesix, Inc.
	AU
	2014318499
	9/15/2014
	2014318499
	9/28/2019
	Issued / Granted

	27.
	Biodesix, Inc.
	DE
	15846544.3
	9/29/2015
	3201812/60 2015 065 776.4
	2/17/2021
	Issued / Granted

	28.
	Biodesix, Inc.
	FR
	15846544.3
	9/29/2015
	3201812
	2/17/2021
	Issued / Granted

	29.
	Biodesix, Inc.
	GB
	15846544.3
	9/29/2015
	3201812
	2/17/2021
	Issued / Granted

	30.
	Biodesix, Inc.
	BE
	16825024.9
	07/12/2016
	3322987
	9/8/2021
	Issued / Granted

	31.
	Biodesix, Inc.
	CH
	16825024.9
	07/12/2016
	3322987
	9/8/2021
	Issued / Granted

	32.
	Biodesix, Inc.
	CN
	201680052342.5
	7/12/2016
	 ZL201680052342
	  
	Pending / Published

	33.
	Biodesix, Inc.
	CN
	202011108535.2
	10/16/2020
	  
	  
	Non-Provisional Filed

	34.
	Biodesix, Inc.
	DE
	16825024.9
	7/12/2016
	60 2016 063 521.6/3322987
	9/8/2021
	Non-Provisional Filed

	35.
	Biodesix, Inc.
	EP
	20198389.7
	9/25/2020
	  
	  
	Issued / Granted

  Schedules to Security Agreement

   

  

   

  								
	#
	 
Obligor
	 
Country/Jurisdiction
	Serial No.
	Filing Date
	 
Patent Number
	 
Issue Date
	 
Status

	36.
	Biodesix, Inc.
	FR
	16825024.9
	7/12/2016
	3322987
	9/8/2021
	Issued / Granted

	37.
	Biodesix, Inc.
	IE
	16825024.9
	7/12/2016
	3322987
	9/8/2021
	Issued / Granted

	38.
	Biodesix, Inc.
	LU
	16825024.9
	7/12/2016
	3322987
	9/8/2021
	Issued / Granted

	39.
	Biodesix, Inc.
	UK
	16825024.9
	7/12/2016
	3322987
	9/8/2021
	Issued / Granted

	40.
	Biodesix, Inc.
	CN
	201880015865.1
	7/11/2019
	 
	 
	Pending/Published

	41.
	Biodesix, Inc.
	EP
	18736676.0
	7/11/2019
	 
	 
	Pending/Published

	42.
	Biodesix, Inc.
	CH
	18150429.1
	1/5/2018
	3358020
	5/19/2021
	Issued / Granted

	43.
	Biodesix, Inc.
	DE
	18150429.1
	1/5/2018
	60 2018 017 131.2
	5/19/2021
	Issued / Granted

	44.
	Biodesix, Inc.
	FR
	18150429.1
	1/5/2018
	3358020
	5/19/2021
	Issued / Granted

	45.
	Biodesix, Inc.
	UK
	18150429.1
	1/5/2018
	3358020
	5/19/2021
	Issued / Granted

	46.
	Biodesix, Inc.
	CN
	201980022391.8
	9/25/2020
	 
	 
	Pending/Published

	47.
	Biodesix, Inc.
	EP
	19775503.6
	9/10/2020
	 
	 
	Pending/Published

	48.
	Biodesix, Inc.
	CN
	201880081583.1
	6/17/2020
	 
	 
	Issued / Granted

	49.
	Biodesix, Inc.
	EP
	12810019.5
	12/21/2012
	2,795,330
	7/19/2017
	Issued / Granted

  Schedules to Security Agreement

   

  

   

  								
	#
	 
Obligor
	 
Country/Jurisdiction
	Serial No.
	Filing Date
	 
Patent Number
	 
Issue Date
	 
Status

	50.
	Biodesix, Inc.
	EP
	18868355.1
	5/18/2020
	2,795,330
	7/19/2017
	Issued / Granted

	51.
	Biodesix, Inc.
	HK
	15103606.3
	12/21/2012
	1203091
	6/15/2018
	Issued / Granted

	52.
	Biodesix, Inc.
	HK
	62021029447.1
	4/16/2021
	  
	  
	Non-Provisional Filed

	53.
	Biodesix, Inc.
	IE
	12810019.5
	12/21/2012
	2,795,330
	7/19/2017
	Issued / Granted

	54.
	Biodesix, Inc.
	IL
	233291.0
	12/21/2012
	233291
	5/29/2018
	Issued / Granted

	55.
	Biodesix, Inc.
	IL
	257330.0
	12/21/2012
	257330
	1/3/2021
	Issued / Granted

	56.
	Biodesix, Inc.
	JP
	2014-548967
	12/21/2012
	6,082,026
	1/27/2017
	Issued / Granted

	57.
	Biodesix, Inc.
	LU
	12810019.5
	12/21/2012
	2,795,330
	7/19/2017
	Issued / Granted

	58.
	Biodesix, Inc.
	NL
	12810019.5
	12/21/2012
	2,795,330
	7/19/2017
	Issued / Granted

	59.
	Biodesix, Inc.
	EP
	18868355.1
	5/18/2020
	 
	 
	Examination Year 1

	60.
	Biodesix, Inc.
	CN
	201480052775.1
	7/25/2014
	  
	  
	Issued / Granted

	61.
	Biodesix, Inc.
	HK
	17100661.9
	7/25/2014
	HK1227103
	8/7/2020
	Issued / Granted

	62.
	Biodesix, Inc.
	CN
	201780041871.X 
	1/5/2019
	 
	 
	Published

	63.
	Biodesix, Inc.
	HK
	40012915A
	1/5/2019
	 
	 
	Published

  Schedules to Security Agreement

   

  

   

  								
	#
	 
Obligor
	 
Country/Jurisdiction
	Serial No.
	Filing Date
	 
Patent Number
	 
Issue Date
	 
Status

	64.
	Biodesix, Inc.
	CN
	202080014537.7
	8/13/2021
	 
	 
	 Pending/Published

	65.
	Biodesix, Inc.
	EP
	20754917.1
	6/24/2021
	 
	 
	Pending/Published

	66.
	Biodesix, Inc.
	HK
	62022048051.6
	2/14/2022
	 
	 
	Pending/Published

	67.
	Biodesix, Inc.
	BE
	20158033.9
	2/18/2020
	3705042
	11/24/2021
	Issued / Granted

	68.
	Biodesix, Inc.
	CH
	20158033.9
	2/18/2020
	3705042
	11/24/2021
	Issued / Granted

	69.
	Biodesix, Inc.
	CN
	202010085720.8
	2/18/2020
	ZL 202010085720.8
	6/22/2021
	Issued / Granted

	70.
	Biodesix, Inc.
	DE
	20158033.9
	2/18/2020
	60 2020 001 052.1
	11/24/2021
	Issued / Granted

	71.
	Biodesix, Inc.
	ES
	20158033.9
	2/18/2020
	3705042
	11/24/2021
	Issued / Granted

	72.
	Biodesix, Inc.
	FR
	20158033.9
	2/18/2020
	3705042
	11/24/2021
	Issued / Granted

	73.
	Biodesix, Inc.
	GB
	20158033.9
	2/18/2020
	3705042
	11/24/2021
	Issued / Granted

	74.
	Biodesix, Inc.
	HK
	202010085720.8
	2/18/2020
	  
	  
	Non-Provisional Filed

	75.
	Biodesix, Inc.
	IT
	20158033.9
	2/18/2020
	3705042
	11/24/2021
	Issued / Granted

	76.
	Biodesix, Inc.
	LI
	20158033.9
	2/18/2020
	3705042
	11/24/2021
	Issued / Granted

	77.
	Biodesix, Inc.
	NL
	20158033.9
	2/18/2020
	3705042
	11/24/2021
	Issued / Granted

  Schedules to Security Agreement

   

  

   

  								
	#
	 
Obligor
	 
Country/Jurisdiction
	Serial No.
	Filing Date
	 
Patent Number
	 
Issue Date
	 
Status

	78.
	Biodesix, Inc.
	SE
	20158033.9
	2/18/2020
	3705042
	11/24/2021
	Issued / Granted

	79.
	Biodesix, Inc.
	PCT
	PCT/US2021/063560
	12/15/2021
	 
	 
	 Pending/Published

	80.
	Biodesix, Inc.
	PCT
	PCT/US22/16307
	2/14/2022
	 
	 
	Provisional Filed

   

   

  Schedules to Security Agreement

   

  

   

   

  Schedule 6

   

  Trade Names, Trademarks, Services Marks, Trademark and Service Mark Registrations and Applications for Trademark and Service Mark Registrations

   

  US Trademarks:

  								
	#
	 
Obligor
	 
Trademarks
	 
Application Number
	 
Filing Date
	 
Status
	 
Registration No.
	 
Registration Date

	1.
	Biodesix, Inc.
	BIODESIX LUNG REFLEX
	
87586059
	
8/28/2017
	Registered
	5548759
	
8/28/2018

	2.
	Biodesix, Inc.
	BIODESIX LUNG REFLEX
	87/422,891
	4/24/2017
	Registered
	5363516
	12/26/2017

	3.
	Biodesix, Inc.
	BIODESIX
	77141889
	3/27/2007
	Registered
	3483094
	08/12/2008

	4.
	Biodesix, Inc.
	DEEP MALDI
	85/853,947
	2/19/2013
	Registered
	4660213
	12/23/2014

	5.
	Biodesix, Inc.
	DIAGNOSTIC CORTEX
	86/525907
	2/5/2015
	Registered
	5087240
	11/22/2016

	6.
	Biodesix, Inc.
	EARLYCDT-LUNG
	88483638
	6/21/2019
	Registered
	5965603
	1/21/2020

	7.
	Biodesix, Inc.
	EARLYCDT-LUNG
	88483651
	6/21/2019
	Registered
	5965605
	1/21/2020

	8.
	Biodesix, Inc.
	GENESTRAT
	86/618561
	5/4/2015
	Registered
	5042185
	9/13/2016

	9.
	Biodesix, Inc.
	GENESTRAT
	97/036444
	9/20/2021
	Filed
	 
	 

	10.
	Biodesix, Inc.
	GENESTRAT NGS
	97/036428
	9/20/2021
	Filed
	 
	 

	11.
	Biodesix, Inc.
	IMMUNOSTRAT
	86/588401
	4/6/2015
	Registered
	5670693
	2/5/2019

	12.
	Biodesix, Inc.
	INDI
	86595979
	4/13/2015
	Registered
	4966111
	5/24/2016

  Schedules to Security Agreement

   

  

   

  								
	#
	 
Obligor
	 
Trademarks
	 
Application Number
	 
Filing Date
	 
Status
	 
Registration No.
	 
Registration Date

	13.
	Biodesix, Inc.
	IQLUNG
	97119106
	11/10/2021
	Filed
	 
	 

	14.
	Biodesix, Inc.
	IQLUNG + Black and White Design
	97122430
	11/12/2021
	Filed
	 
	 

	15.
	Biodesix, Inc.
	IQLUNG + Color Design
	97137988
	11/22/2021
	Filed
	 
	 

	16.
	Biodesix, Inc.
	NODIFY
	88/329,645
	3/7/2019
	Registered
	6137189
	8/25/2020

	17.
	Biodesix, Inc.
	NODIFY CDT
	88/819,075
	3/3/2020
	Registered
	6,456,820
	8/17/2021

	18.
	Biodesix, Inc.
	NODIFY LUNG
	88/819033
	3/3/2020
	Registered
	6349475
	5/11/2021

	19.
	Biodesix, Inc.
	NODIFY XL2
	88/329,661
	3/7/2019
	Registered
	6142799
	9/1/2020

	20.
	Biodesix, Inc.
	VERISTRAT
	77141838
	3/27/2007
	Registered
	3470295
	7/22/2008

	21.
	Biodesix, Inc.
	VERISTRAT
	97/036452
	9/20/2021
	Filed
	 
	 

	22.
	Biodesix, Inc.
	XPRESYS
	88614360
	9/12/2019
	Allowed - deferred
	 
	 

   

   

  Foreign Trademarks

  							
	#
	 
Owner
	 
Trademarks
	 
Country
	 
Filing Date
	 
Status
	 
Registration No.

	1.
	Biodesix, Inc.
	BIODESIX
	Australia
	12/8/2011
	Registered
	1464427

	2.
	Biodesix, Inc.
	BIODESIX
	European Union
	12/13/2011
	Registered
	10487759

	3.
	Biodesix, Inc.
	BIODESIX
	China
	12/20/2011
	Registered
	10329104

	4.
	Biodesix, Inc.
	BIODESIX
	China
	12/20/2011
	Registered
	10329099             

  Schedules to Security Agreement

   

  

   

  							
	#
	 
Owner
	 
Trademarks
	 
Country
	 
Filing Date
	 
Status
	 
Registration No.

	5.
	Biodesix, Inc.
	BIODESIX
	China
	12/20/2011
	Registered
	10329103

	6.
	Biodesix, Inc.
	BIODESIX
	Japan
	12/8/2011
	Registered
	5507711

	7.
	Biodesix, Inc.
	BIODESIX 
	Korea
	12/9/2011
	Registered
	45-0045710

	8.
	Biodesix, Inc.
	BIODESIX
	Israel
	12/8/2011
	Registered
	242697

	9.
	Biodesix, Inc.
	BIODESIX
	Mexico
	9/5/2017
	Registered
	1829649

	10.
	Biodesix, Inc.
	BIODESIX
	Mexico
	9/5/2017
	Registered
	1829648

	11.
	Biodesix, Inc.
	BIODESIX
	Taiwan
	12/12/2011
	Registered
	1582583

	12.
	Biodesix, Inc.
	BIODESIX
	United Kingdom
	12/13/2011
	Registered
	UK00910487759

	13.
	Biodesix, Inc.
	BIODESIX
	Canada
	1/18/2012
	Registered
	TMA894619

	14.
	Biodesix, Inc.
	BIODESIX LUNG REFLEX
	China
	5/7/2018
	Registered
	30714233

	15.
	Biodesix, Inc.
	BIODESIX LUNG REFLEX
	China
	5/7/2018
	Registered
	30714234

	16.
	Biodesix, Inc.
	GENESTRAT
	China
	5/2/2018
	Registered
	30620137

	17.
	Biodesix, Inc.
	GENESTRAT
	European Union
	9/12/2016
	Registered
	15821473

	18.
	Biodesix, Inc.
	GENESTRAT
	Mexico
	9/11/2017
	Registered
	1829651

	19.
	Biodesix, Inc.
	GENESTRAT
	Mexico
	9/11/2017
	Registered
	1829650

	20.
	Biodesix, Inc.
	GENESTRAT
	United Kingdom
	9/12/2016
	Registered
	UK00915821473

	21.
	Biodesix, Inc.
	GRID OF INDIVIDUAL SQUARES (B&W)
	China
	7/30/2013
	Registered
	1174299

  Schedules to Security Agreement

   

  

   

  							
	#
	 
Owner
	 
Trademarks
	 
Country
	 
Filing Date
	 
Status
	 
Registration No.

	22.
	Biodesix, Inc.
	GRID OF INDIVIDUAL SQUARES (B&W)
	European Union
	7/30/2013
	Registered
	1174299

	23.
	Biodesix, Inc.
	GRID OF INDIVIDUAL SQUARES (B&W)
	WIPO
	7/30/2013
	Registered
	1174299

	24.
	Biodesix, Inc.
	GRID OF INDIVIDUAL SQUARES (B&W)
	Japan
	7/30/2013
	Registered
	1174299

	25.
	Biodesix, Inc.
	GRID OF INDIVIDUAL SQUARES (B&W)
	United Kingdom
	7/30/2013
	Registered
	UK00801174299

	26.
	Biodesix, Inc.
	INDI & Design
	China
	7/30/2013
	Registered
	1174378

	27.
	Biodesix, Inc.
	INDI & Design
	European Union
	7/30/2013
	Registered
	1174378

	28.
	Biodesix, Inc.
	INDI & Design
	WIPO
	7/30/2013
	Registered
	1174378

	29.
	Biodesix, Inc.
	INDI & Design
	Japan
	7/30/2013
	Registered
	1104760

	30.
	Biodesix, Inc.
	INDI & Design
	United Kingdom
	7/30/2013
	Registered
	UK00801174378

	31.
	Biodesix, Inc.
	INDI DX
	European Union
	11/13/2012
	Registered
	1149372

	32.
	Biodesix, Inc.
	INDI DX
	UK
	11/13/2012
	Registered
	UK00801149372

	33.
	Biodesix, Inc.
	INDI DX
	WIPO
	11/13/2012
	Registered
	1149372

	34.
	Biodesix, Inc.
	VERISTRAT
	Europian Union
	12/13/2011
	Registered  
	10487809

	35.
	Biodesix, Inc.
	VERISTRAT
	United Kingdom
	12/13/2011
	Registered  
	UK00910487809

	36.
	Biodesix, Inc.
	VERISTRAT
	Australia
	12/8/2011
	Registered  
	1464428

	37.
	Biodesix, Inc.
	VERISTRAT
	China
	12/20/2011
	Registered  
	10329101

	38.
	Biodesix, Inc.
	VERISTRAT
	China
	12/20/2011
	Registered  
	10329102

  Schedules to Security Agreement

   

  

   

  							
	#
	 
Owner
	 
Trademarks
	 
Country
	 
Filing Date
	 
Status
	 
Registration No.

	39.
	Biodesix, Inc.
	VERISTRAT
	China
	12/20/2011
	Registered  
	10329100

	40.
	Biodesix, Inc.
	VERISTRAT
	China
	11/5/2012
	Registered  
	11694401

	41.
	Biodesix, Inc.
	VERISTRAT
	Japan
	12/8/2011
	Registered  
	5507712

	42.
	Biodesix, Inc.
	VERISTRAT
	India
	4/27/2017
	Registered  
	3535601

	43.
	Biodesix, Inc.
	VERISTRAT
	Israel
	12/8/2011
	Registered
	242696

	44.
	Biodesix, Inc.
	VERISTRAT
	Taiwan
	12/12/2011
	Registered
	1582584

	45.
	Biodesix, Inc.
	VERISTRAT
	Korea
	12/9/2011
	Registered  
	45-0045709

	46.
	Biodesix, Inc.
	VERISTRAT
	Canada
	1/18/2012
	Registered
	TMA894617

	47.
	Biodesix, Inc.
	XPRESYS
	Canada
	6/10/2013
	Registered  
	TMA1023166

	48.
	Biodesix, Inc.
	XPRESYS
	China
	5/21/2013
	Registered  
	1164302

	49.
	Biodesix, Inc.
	XPRESYS
	Europian Union
	5/21/2013
	Registered  
	1164302

	50.
	Biodesix, Inc.
	XPRESYS
	WIPO
	5/21/2013
	Registered  
	1164302

	51.
	Biodesix, Inc.
	XPRESYS
	Japan
	5/21/2013
	Registered  
	1164302

	52.
	Biodesix, Inc.
	XPRESYS
	United Kingdom
	5/21/2013
	Registered
	UK00801164302

   

   

  Schedules to Security Agreement

   

  

   

   

  Schedule 7

   

  Deposit Accounts, Securities Accounts and Commodity Accounts

   

  			
	Obligor
	Type of Account
	Name & Address of
Financial Institutions

	 
Biodesix, Inc.
	 
Lockbox x72933
	JPMorgan Chase Bank, N.A.
 

	 
Biodesix, Inc.
	Restricted Cash x55100
 
	JPMorgan Chase Bank, N.A.
 

	Biodesix, Inc.
	Operating Account x93903
	JPMorgan Chase Bank, N.A.

	Biodesix, Inc.
	Operating Account x3298
	Silicon Valley Bank

	Biodesix, Inc.
	Collateral MMA
	Silicon Valley Bank

   

  Schedules to Security Agreement

   

  

   

  Schedule 8

   

  Commercial Tort Claims

   

  None.

  Schedules to Security AgreementEX-10.3

  Exhibit 10.3

  SUBSCRIPTION AGREEMENT

  This SUBSCRIPTION AGREEMENT (this “Subscription Agreement”) is entered into this 21st day of November, 2022, by and between Biodesix, Inc., a Delaware corporation (the “Issuer”), and the undersigned (“Subscriber” or “you”). 

  WHEREAS, Subscriber desires to subscribe for and purchase from the Issuer that number of shares of the Issuer’s common stock, $0.001 par value per share (the “Common Stock”) set forth on the signature page hereto (the “Subscribed Shares”) for a purchase price of $1.15 per share, and for the aggregate purchase price set forth on the signature page hereto (the “Purchase Price”), and the Issuer desires to issue and sell to Subscriber the Subscribed Shares in consideration of the payment of the Purchase Price therefor by or on behalf of Subscriber to the Issuer, all on the terms and subject to the conditions set forth herein; and

  WHEREAS, certain other “qualified institutional buyers” (as defined in Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”)) or “accredited investors” (within the meaning of Rule 501(a) under the Securities Act) (each, an “Other Subscriber”) have, severally and not jointly, entered into separate subscription agreements with the Issuer  (the “Other Subscription Agreements”), pursuant to which such Other Subscribers have agreed to purchase Common Stock on the Closing Date (as defined below) at the same per share purchase price as Subscriber, and the aggregate amount of securities to be sold by the Issuer pursuant to this Subscription Agreement and the Other Subscription Agreements equals, as of the date hereof, 278,514 shares of Common Stock.

  NOW, THEREFORE, in consideration of the foregoing and the mutual representations, warranties and covenants, and subject to the conditions, herein contained, and intending to be legally bound hereby, the parties hereto hereby agree as follows:

  For ease of administration, this single Subscription Agreement is being executed so as to enable each Subscriber identified on the signature page to enter into a Subscription Agreement, severally, but not jointly. The parties agree that (i) this Subscription Agreement shall be treated as if it were a separate agreement with respect to each Subscriber listed on the signature page, as if each Subscriber entity had executed a separate Subscription Agreement naming only itself as Subscriber, and (ii) no Subscriber listed on the signature page shall have any liability under the Subscription Agreement for the obligations of any Other Subscriber so listed. The decision of Subscriber to purchase the Subscribed Shares pursuant to this Subscription Agreement has been made by Subscriber independently of any Other Subscriber or any other investor and independently of any information, materials, statements or opinions as to the business, affairs, operations, assets, properties, liabilities, results of operations, condition (financial or otherwise) or prospects of the Issuer which may have been made or given by any Other Subscriber or investor or by any agent or employee of any Other Subscriber or investor, and neither Subscriber nor any of its agents or employees shall have any liability to any Other Subscriber or investor (or any other person) relating to or arising from any such information, materials, statements or opinions.  Nothing contained herein or in any Other Subscription Agreement, and no action taken by Subscriber or investor pursuant hereto or thereto, shall be deemed to constitute Subscriber and Other Subscribers or other investors as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that Subscriber and Other Subscribers or other investors 

   

  

   

  are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by this Subscription Agreement and the Other Subscription Agreements.  Subscriber acknowledges that no Other Subscriber has acted as agent for Subscriber in connection with making its investment hereunder and no Other Subscriber will be acting as agent of Subscriber in connection with monitoring its investment in the Subscribed Shares or enforcing its rights under this Subscription Agreement.  Subscriber shall be entitled to independently protect and enforce its rights, including without limitation the rights arising out of this Subscription Agreement, and it shall not be necessary for any Other Subscriber or investor to be joined as an additional party in any proceeding for such purpose. 

  1.Subscription. Subject to the terms and conditions hereof, at the Closing (as defined below), Subscriber hereby agrees, to subscribe for and purchase, and the Issuer hereby agrees to issue and sell to Subscriber, upon the payment of the Purchase Price, the Subscribed Shares (such subscription and issuance, the “Subscription”).

  2.Representations, Warranties and Agreements.

  2.1.Subscriber’s Representations, Warranties and Agreements. To induce the Issuer to issue the Subscribed Shares, Subscriber hereby represents and warrants to the Issuer and acknowledges and agrees with the Issuer, as of the date hereof and as of the Closing Date, as follows:

  2.1.1.If Subscriber is not an individual, Subscriber has been duly formed or incorporated and is validly existing in good standing under the laws of its jurisdiction of incorporation or formation, with power and authority to enter into, deliver and perform its obligations under this Subscription Agreement. If Subscriber is an individual, Subscriber has the capacity to enter into, deliver and perform its obligations under this Subscription Agreement.

  2.1.2.If Subscriber is not an individual, this Subscription Agreement has been duly authorized, validly executed and delivered by Subscriber. If Subscriber is an individual, the signature on this Subscription Agreement is genuine, and Subscriber has legal competence and capacity to execute the same. Assuming that this Subscription Agreement constitutes the valid and binding agreement of the Issuer, this Subscription Agreement is the valid and binding obligation of Subscriber, and is enforceable against Subscriber in accordance with its terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights of creditors generally, and (ii) principles of equity, whether considered at law or equity.

  2.1.3.The execution, delivery and performance by Subscriber of this Subscription Agreement and the consummation of the transactions contemplated herein do not and will not (i) if Subscriber is not an individual, result in any violation of the provisions of the organizational documents of Subscriber or any of its subsidiaries or (ii) result in any violation of any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over Subscriber that would reasonably be expected to have a material adverse effect on the 

  2

  

   

  legal authority and ability of Subscriber to enter into and timely perform its obligations under this Subscription Agreement (a “Subscriber Material Adverse Effect”).

  2.1.4.Subscriber is (i) (a) a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act) or an “accredited investor” within the meaning of Rule 501(a) under the Securities Act, (b) an Institutional Account as defined in FINRA Rule 4512(c) or (c) a sophisticated institutional investor, experienced in investing in transactions of the type contemplated by this Subscription Agreement and capable of evaluating investment risks independently, both in general and with regard to all transactions and investment strategies involving a security or securities, including Subscriber’s participation in the purchase of the Subscribed Shares, in each case, satisfying the applicable requirements set forth on Schedule I, (ii) acquiring the Subscribed Shares only for its own account and not for the account of others, or if Subscriber is subscribing for the Subscribed Shares as a fiduciary or agent for one or more investor accounts, each owner of such account is a qualified institutional buyer, and Subscriber has full investment discretion with respect to each such account, and the full power and authority to make the acknowledgements, representations, warranties and agreements herein on behalf of each owner of each such account, for investment purposes only and not with a view to any distribution of the Subscribed Shares in any manner that would violate the securities laws of the United States or any other applicable jurisdiction and (iii) not acquiring the Subscribed Shares with a view to, or for offer or sale in connection with, any distribution thereof in violation of the Securities Act (and shall provide the requested information on Schedule I following the signature page hereto). Subscriber is not an entity formed for the specific purpose of acquiring the Subscribed Shares.

  2.1.5.Subscriber understands that the Subscribed Shares are being offered in a transaction not involving any public offering within the meaning of the Securities Act and that the Subscribed Shares have not been registered under the Securities Act. Subscriber understands that the Subscribed Shares may not be resold, transferred, pledged or otherwise disposed of by Subscriber absent an effective registration statement under the Securities Act, except (i) to the Issuer or a subsidiary thereof, (ii) to non-U.S. persons pursuant to offers and sales that occur solely outside the United States within the meaning of Regulation S under the Securities Act or (iii) pursuant to another applicable exemption from the registration requirements of the Securities Act, and in each of cases ‎(i) and ‎(iii), in accordance with any applicable securities laws of the states and other jurisdictions of the United States, and that the Subscribed Shares shall be subject to a legend to such effect (provided that such legends will be eligible for removal upon delivery of an opinion of counsel by Subscriber, in form reasonably satisfactory to the transfer agent of the Issuer, to the effect that such legends are not required in order to establish compliance with any provisions of the Securities Act). Subscriber acknowledges that the Subscribed Shares will not be eligible for resale pursuant to Rule 144A promulgated under the Securities Act. Subscriber understands and agrees that the Subscribed Shares will be subject to the foregoing restrictions and, as a result, Subscriber may not be able to readily resell the Subscribed Shares and may be required to bear the financial risk of an investment in the Subscribed Shares for an indefinite period of time. Subscriber understands that it has been advised to consult 

  3

  

   

  independent legal counsel prior to making any offer, resale, pledge or transfer of any of the Subscribed Shares. Subscriber has determined based on its own independent review and such professional advice as it deems appropriate that the Subscribed Shares are a suitable investment for Subscriber, notwithstanding the substantial risks inherent in investing in or holding the Subscribed Shares, and that Subscriber is able at this time and in the foreseeable future to bear the economic risk of a total loss of Subscriber’s investment in the Issuer. Subscriber acknowledges specifically that a possibility of total loss exists. 

  2.1.6.Subscriber understands and agrees that Subscriber is purchasing the Subscribed Shares directly from the Issuer. Subscriber further acknowledges that there have been no representations, warranties, covenants or agreements made to Subscriber by the Issuer or any of its officers or directors, expressly or by implication, other than those representations, warranties, covenants and agreements expressly set forth in this Subscription Agreement.

  2.1.7.If Subscriber is an employee benefit plan that is subject to Title I of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), Subscriber represents and warrants that its acquisition and holding of the Subscribed Shares will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”), or any applicable other federal, state, local, non-U.S. or other laws or regulations that are similar to such provisions of ERISA or the Code (collectively, “Similar Laws”).

  2.1.8.In making its decision to purchase the Subscribed Shares, Subscriber represents that it has relied solely upon independent investigation made by Subscriber and the representations, warranties and covenants of the Issuer contained in this Subscription Agreement. Without limiting the generality of the foregoing, Subscriber has not relied on any statements or other information provided by anyone other than the Issuer and its representatives concerning the Issuer or the Subscribed Shares or the offer and sale of the Subscribed Shares. Subscriber acknowledges and agrees that Subscriber has received access to and has had an adequate opportunity to review such information as Subscriber deems necessary in order to make an investment decision with respect to the Subscribed Shares, including with respect to the Issuer. Subscriber represents and agrees that Subscriber and Subscriber’s professional advisor(s), if any, have had the full opportunity to ask such questions, receive such answers and obtain such information as Subscriber and such Subscriber’s professional advisor(s), if any, have deemed necessary to make an investment decision with respect to the Subscribed Shares. Subscriber represents and warrants it is relying exclusively on its own  sources of information, investment analysis and due diligence (including professional advice you deem appropriate) with respect to the Subscribed Shares and the business, condition (financial and otherwise), management, operations, properties and prospects of the Issuer, including but not limited to all business, legal, regulatory, accounting, credit and tax matters.

  2.1.9.Subscriber became aware of this offering of the Subscribed Shares solely by means of direct contact between Subscriber and the Issuer or one of their 

  4

  

   

  respective representatives. Subscriber did not become aware of this offering of the Subscribed Shares, nor were the Subscribed Shares offered to Subscriber, by any general solicitation. Subscriber acknowledges that the Issuer represents and warrants that the Subscribed Shares were not offered by any form of general solicitation or general advertising, including methods described in section 502(c) of Regulation D under the Securities Act.

  2.1.10.Subscriber understands and agrees that no federal or state agency has passed upon or endorsed the merits of the offering of the Subscribed Shares or made any findings or determination as to the fairness of an investment in the Subscribed Shares.

  2.1.11.Subscriber represents and warrants that Subscriber is not (i) a person or entity named on the List of Specially Designated Nationals and Blocked Persons administered by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) or in any Executive Order issued by the President of the United States and administered by OFAC (“OFAC List”), or a person or entity prohibited by any OFAC sanctions program, (ii) a Designated National as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515 or (iii) a non-U.S. shell bank or providing banking services indirectly to a non-U.S. shell bank. Subscriber agrees to provide law enforcement agencies, if requested thereby, such records as required by applicable law, provided that Subscriber is permitted to do so under applicable law. If Subscriber is a financial institution subject to the Bank Secrecy Act (31 U.S.C. Section 5311 et seq.), as amended by the USA PATRIOT Act of 2001, and its implementing regulations (collectively, the “BSA/PATRIOT Act”), Subscriber represents that it maintains policies and procedures reasonably designed to comply with applicable obligations under the BSA/PATRIOT Act. Subscriber also represents that, to the extent required, it maintains policies and procedures reasonably designed for the screening of its investors against the OFAC sanctions programs, including the OFAC List. Subscriber further represents and warrants that, to the extent required, it maintains policies and procedures reasonably designed to ensure that the funds held by Subscriber and used to purchase the Subscribed Shares were legally derived.

  2.1.12.If Subscriber is an employee benefit plan that is subject to Title I of ERISA, a plan, an individual retirement account or other arrangement that is subject to section 4975 of the Code or an employee benefit plan that is a governmental plan (as defined in section 3(32) of ERISA), a church plan (as defined in section 3(33) of ERISA), a non-U.S. plan (as described in section 4(b)(4) of ERISA) or other plan that is not subject to the foregoing but may be subject to provisions under any other Similar Laws or an entity whose underlying assets are considered to include “plan assets” of any such plan, account or arrangement (each, a “Plan”), Subscriber represents and warrants that neither the Issuer nor any of its affiliates (the “Transaction Parties”) has acted as the Plan’s fiduciary, or has been relied on for advice, with respect to its decision to acquire and hold the Subscribed Shares, and none of the Transaction Parties shall at any time be relied upon as the Plan’s fiduciary with respect to any decision to acquire, continue to hold or transfer the Subscribed Shares.

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  2.1.13.Except as expressly disclosed in a Schedule 13D or Schedule 13G (or amendments thereto) filed by such Subscriber with the United States Securities and Exchange Commission (the “Commission”) with respect to the beneficial ownership of the Issuer’s securities, Subscriber is not currently (and at all times through Closing will refrain from being or becoming) a member of a “group” (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or any successor provision) acting for the purpose of acquiring, holding or disposing of equity securities of the Issuer (within the meaning of Rule 13d-5(b)(1) under the Exchange Act).

  2.1.14.Subscriber is not a foreign person (as defined in 31 C.F.R. Part 800.224) in which the national or subnational governments of a single foreign state have a substantial interest (as defined in 31 C.F.R. Part 800.244) and that will acquire a substantial interest in the Issuer as a result of the purchase and sale of Subscribed Shares hereunder such that a declaration to the Committee on Foreign Investment in the United States would be mandatory under 31 C.F.R. Part 800.401, and no foreign person will have control (as defined in 31 C.F.R. Part 800.208) over the Issuer from and after the Closing as a result of the purchase and sale of the Subscribed Shares hereunder.

  2.1.15.On each date the Purchase Price would be required to be funded to the Issuer pursuant to Section ‎3.1,  Subscriber will have sufficient immediately available funds to pay the Purchase Price pursuant to Section ‎3.1. 

  2.1.16.No broker, finder or other financial consultant has acted on behalf of Subscriber in connection with this Subscription Agreement or the transactions contemplated hereby in such a way as to create any liability on the Issuer.

  2.1.17.Subscriber agrees that, from the date of this Subscription Agreement until the Closing or the earlier termination of this Subscription Agreement, none of Subscriber, its controlled affiliates, or any person or entity acting on behalf of Subscriber or any of its controlled affiliates or pursuant to any understanding with Subscriber or any of its controlled affiliates will engage in any Short Sales with respect to securities of the Issuer. For the purposes hereof, “Short Sales” shall include, without limitation, all “short sales” as defined in Rule 200 promulgated under Regulation SHO under the Exchange Act, and all types of direct and indirect stock pledges (other than pledges in the ordinary course of business as part of prime brokerage arrangements), forward sale contracts, options, puts, calls, swaps and similar arrangements (including on a total return basis), including through non-U.S. broker dealers or foreign regulated brokers.

  2.2.Issuer’s Representations, Warranties and Agreements. To induce Subscriber to purchase the Subscribed Shares, the Issuer hereby represents and warrants to Subscriber and agrees with Subscriber, as of the date hereof and as of the Closing Date, as follows:

  2.2.1.The Issuer has been duly incorporated, is validly existing as a corporation in good standing under the laws of the jurisdiction of its incorporation, has 

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  the corporate power and authority to own or lease its property and to conduct its business under this Subscription Agreement. 

  2.2.2.The Subscribed Shares will be duly authorized and, when issued and delivered to Subscriber against full payment for the Subscribed Shares, will be free and clear of any liens or other restrictions (other than arising under applicable securities laws)  in accordance with the terms of this Subscription Agreement and registered with the Issuer’s transfer agent, the Subscribed Shares will be validly issued, fully paid and non-assessable and will not have been issued in violation of or subject to any preemptive or similar rights under the Issuer’s constitutive agreements or applicable law.

  2.2.3.This Subscription Agreement has been duly authorized, validly executed and delivered by the Issuer and, assuming that this Subscription Agreement constitutes the valid and binding obligation of Subscriber, is the valid and binding obligation of the Issuer, and is enforceable against Issuer in accordance with its terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights of creditors generally and (ii) principles of equity, whether considered at law or equity.

  2.2.4.The execution, delivery and performance of this Subscription Agreement (including compliance by the Issuer with all of the provisions hereof), the issuance and sale of the Subscribed Shares and the consummation of the other transactions contemplated herein, will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of the Issuer or any of its subsidiaries pursuant to the terms of any indenture, mortgage, charge, deed of trust, loan agreement, lease, license or other agreement or instrument to which the Issuer or any of its subsidiaries is a party or by which the Issuer or any of its subsidiaries is bound or to which any of the property or assets of the Issuer or any of its subsidiaries is subject, which would reasonably be expected to have a material adverse effect on the business, properties, financial condition, stockholders’ equity or results of operations of the Issuer, taken as a whole or materially and adversely affects the ability of the Issuer to timely perform its obligations under this Subscription Agreement (an “Issuer Material Adverse Effect”), (ii) result in any material violation of the provisions of the organizational documents of the Issuer or any of its subsidiaries or (iii) result in any violation of any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over the Issuer or any of its subsidiaries or any of its properties that would reasonably be expected to have an Issuer Material Adverse Effect.

  2.2.5.Neither the Issuer, nor any person acting on its behalf has, directly or indirectly, made any offers or sales of any security of the Issuer nor solicited any offers to buy any security under circumstances that would adversely affect reliance by the Issuer on Section 4(a)(2) of the Securities Act for the exemption from registration for the transactions contemplated hereby or would require registration of the issuance of the Subscribed Shares under the Securities Act.

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  2.2.6.Neither the Issuer, nor any person acting on its behalf has conducted any general solicitation or general advertising, including methods described in section 502(c) of Regulation D under the Securities Act, in connection with the offer or sale of any of the Subscribed Shares and neither the Issuer, nor any person acting on its behalf has offered any of the Subscribed Shares in a manner involving a public offering under, or in a distribution in violation of, the Securities Act or any state securities laws.

  2.2.7.Concurrently with the execution and delivery of this Subscription Agreement, the Issuer is entering into the Other Subscription Agreements providing for the sale of an aggregate of 278,514  shares of Common Stock for an aggregate purchase price of $320,291.10 (including the Subscribed Shares purchased and sold under this Subscription Agreement ). 

  2.2.8.As of the date of this Subscription Agreement, the authorized share capital of the Issuer consists of 200,000,000 shares of Common Stock and 5,000,000 shares of preferred stock, $0.001 par value per share (the “Preferred Stock”).  The shares of Common Stock outstanding have been duly authorized and are validly issued, fully paid and non‐assessable. There are no shareholder agreements, voting trusts or other agreements or understandings to which the Issuer is a party or by which it is bound relating to the voting of any securities of the Issuer. There are no securities or instruments issued by or to which the Issuer is a party containing anti-dilution or similar provisions that will be triggered by the issuance of (i) the Subscribed Shares or (ii) the shares to be issued pursuant to any Other Subscription Agreement that have not been or will not be validly waived on or prior to the Closing. 

  2.2.9.Assuming the accuracy of Subscriber’s representations and warranties set forth in Section ‎2.1 of this Subscription Agreement, (i) no registration under the Securities Act is required for the offer and sale of the Subscribed Shares by the Issuer to Subscriber and (ii) no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any federal, state or local governmental authority is required on the part of the Issuer in connection with the consummation of the transactions contemplated by this Subscription Agreement, except for filings pursuant to Regulation D of the Securities Act and applicable state securities laws.

  2.2.10.As of the date hereof, there are no pending or, to the knowledge of the Issuer, threatened, suits, claims, actions, or proceedings, which, if determined adversely, would, individually or in the aggregate, reasonably be expected to have an Issuer Material Adverse Effect. As of the date hereof, there is no unsatisfied judgment or any open injunction binding upon the Issuer, which would, individually or in the aggregate, reasonably be expected to have an Issuer Material Adverse Effect.

  2.2.11.The Issuer is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority, self-regulatory organization or other person in connection with the execution, delivery and performance by the Issuer of this Subscription Agreement (including, without limitation, the issuance 

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  of the Subscribed Shares), other than (i) filings with the Commission, (ii) filings required by applicable state securities laws, (iii) those required by The Nasdaq Stock Market LLC (“Nasdaq”) or another applicable stock exchange, and (iv) filings, the failure of which to obtain would not be reasonably be expected to have, individually or in the aggregate, an Issuer Material Adverse Effect.

  2.2.12.The Issuer made available to Subscriber (including via the Commission’s EDGAR system) a true, correct and complete copy of each form, report, statement, schedule, prospectus, proxy, registration statement and other documents filed by the Issuer with the Commission prior to the date of this Subscription Agreement (the “SEC Documents”), which SEC Documents, as of their respective filing dates, complied in all material respects with the requirements of the Exchange Act applicable to the SEC Documents and the rules and regulations of the Commission promulgated thereunder and applicable to the SEC Documents. As of their respective dates, all SEC Documents required to be filed by the Issuer with the Commission prior to the date hereof complied in all material respects with the applicable requirements of the Securities Act and the Exchange Act and the rules and regulations of the Commission promulgated thereunder. None of the SEC Documents filed under the Exchange Act, contained, when filed or, if amended prior to the date of this Subscription Agreement, as of the date of such amendment with respect to those disclosures that are amended, any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. The Issuer has timely filed each report, statement, schedule, prospectus, and registration statement that the Issuer was required to file with the Commission since its inception and through the date hereof. As of the date hereof, there are no material outstanding or unresolved comments in comment letters from the Commission staff with respect to any of the SEC Documents.

  2.2.13.No broker, finder or other financial consultant has acted on behalf of the Issuer in connection with this Subscription Agreement or the transactions contemplated hereby in such a way as to create any liability on Subscriber.

  2.2.14.The Issuer is not, and immediately after receipt of payment for the Subscribed Shares will not be, required to register as an “investment company” as such term is defined in the Investment Company Act of 1940, as amended.

  3.Settlement Date and Delivery.

  Closing. The closing of the Subscription contemplated hereby (the “Closing”) shall occur on the date hereof (the “Closing Date”). On the Closing Date, the Subscriber shall pay the Purchase Price by wire transfer of immediately available funds to the Issuer to such bank account or accounts as shall be designated by the Issuer. Three (3) business days following the Closing Date, the Issuer shall cause the Subscribed Shares to be delivered to the Subscriber, with the delivery of the Subscribed Shares to be made either through the facilities of The Depository Trust Company’s DWAC system in accordance with instructions provided by the Subscriber or through book entry confirmation from the Issuer’s transfer agent.

   

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  3.1.Conditions to Closing of the Issuer.

  The Issuer’s obligations to sell and issue the Subscribed Shares at the Closing are subject to the fulfillment or (to the extent permitted by applicable law) written waiver by the Issuer, on or prior to the Closing Date, of each of the following conditions:

  3.1.1.Representations and Warranties Correct. The representations and warranties made by Subscriber in Section ‎2.1 hereof shall be true and correct in all material respects when made (unless they specifically speak as of another date in which case they shall be true and correct in all material respects as of such date) (other than representations and warranties that are qualified as to materiality or Subscriber Material Adverse Effect, which representations and warranties shall be true and correct in all respects), and shall be true and correct in all material respects on and as of the Closing Date (unless they specifically speak as of another date in which case they shall be true and correct in all material respects as of such date) (other than representations and warranties that are qualified as to materiality or Subscriber Material Adverse Effect, which representations and warranties shall be true in all respects) with the same force and effect as if they had been made on and as of said date.

  3.1.2.Compliance with Covenants. Subscriber shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions required by this Subscription Agreement to be performed, satisfied or complied with by Subscriber at or prior to the Closing.

  3.1.3.Legality. There shall not be in force any order, judgment, injunction, decree, writ, stipulation, determination or award, in each case, entered by or with any governmental authority, statute, rule or regulation enjoining or prohibiting the consummation of the Subscription.

  3.2.Conditions to Closing of Subscriber.

  Subscriber’s obligation to purchase the Subscribed Shares at the Closing is subject to the fulfillment or (to the extent permitted by applicable law) written waiver by Subscriber, on or prior to the Closing Date, of each of the following conditions:

  3.2.1.Representations and Warranties Correct. The representations and warranties made by the Issuer in Section ‎2.2 hereof shall be true and correct in all material respects when made (unless they specifically speak as of another date in which case they shall be true and correct in all material respects as of such date) (other than representations and warranties that are qualified as to materiality or Issuer Material Adverse Effect, which representations and warranties shall be true and correct in all respects), and shall be true and correct in all material respects on and as of the Closing Date (unless they specifically speak as of another date in which case they shall be true and correct in all material respects as of such date) (other than representations and warranties that are qualified as to materiality or Issuer Material Adverse Effect, which representations and warranties shall be true and correct in all respects) with the same force and effect as if they had been made on and as of said date.

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  3.2.2.Compliance with Covenants. The Issuer shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions required by this Subscription Agreement to be performed, satisfied or complied with by the Issuer at or prior to the Closing, except where the failure of such performance or compliance would not or would not reasonably be expected to prevent, materially delay, or materially impair the ability of the Issuer to consummate the Closing.

  3.2.3.Legality. There shall not be in force any order, judgment, injunction, decree, writ, stipulation, determination or award, in each case, entered by or with any governmental authority, statute, rule or regulation enjoining or prohibiting consummation of the transactions contemplated by this Subscription Agreement and no such governmental authority shall have instituted or threatened in writing a proceeding seeking to impose any such restraint or prohibition (except in the case of a governmental authority located outside the United States where such restraint or prohibition would not be reasonably expected to result in in Issuer Material Adverse Effect).

  3.2.4.Listing. No suspension of the qualification of the Common Stock for offering or sale or trading in any jurisdiction, and no suspension or removal from listing of the Common Stock on Nasdaq or another applicable stock exchange, and no initiation or threatening of any proceedings for any of such purposes or delisting, shall have occurred.

  4.Lock-up. The Subscriber hereby agrees that it will not, during the period commencing on the date hereof and ending 90 days after the date hereof (1) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock beneficially owned (as such term is used in Rule 13d-3 of the Exchange Act), by the Subscriber or any other securities so owned convertible into or exercisable or exchangeable for Common Stock, or (2) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Common Stock, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of Common Stock or such other securities, in cash or otherwise. The foregoing sentence shall not apply to transfers of shares of Common Stock or any other securities convertible into or exercisable or exchangeable for Common Stock to the Issuer in connection with the exercise of options, warrants or other rights to acquire shares of Common Stock or any security convertible into or exercisable for shares of Common Stock of the Issuer by way of net exercise and/or to cover withholding tax obligations in connection with such exercise pursuant to an employee benefit plan, option or warrant, provided that any such shares of the Common Stock issued upon exercise of such option, warrant or other right shall be subject to the restrictions set forth in this Section 4.

  5.Termination. This Subscription Agreement shall terminate and be void and of no further force and effect, and all rights and obligations of the parties hereunder shall terminate without any further liability on the part of any party in respect thereof, upon the earliest to occur of (i) upon the mutual written agreement of each of the parties hereto to terminate this Subscription Agreement and (ii) at the election of Subscriber after May 21, 2023 if the Closing shall not have occurred; provided that nothing herein will relieve any party from liability for any 

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  willful breach hereof prior to the time of termination, and each party will be entitled to any remedies at law or in equity to recover losses, liabilities or damages arising from such breach. 

  6.Miscellaneous.

  6.1.Further Assurances. At the Closing, the parties hereto shall execute and deliver such additional documents and take such additional actions as the parties reasonably may deem to be practical and necessary in order to consummate the Subscription as contemplated by this Subscription Agreement.

  6.1.1.Subscriber acknowledges that the Issuer will rely on the acknowledgments, understandings, agreements, representations and warranties made by Subscriber contained in this Subscription Agreement. Prior to the Closing, Subscriber agrees to promptly notify the Issuer if any of the acknowledgments, understandings, agreements, representations and warranties made by Subscriber set forth herein are no longer accurate in all material respects. The Issuer acknowledges that Subscriber will rely on the acknowledgments, understandings, agreements, representations and warranties made by the Issuer contained in this Subscription Agreement.

  6.1.2.Each of the Issuer and the Subscriber is entitled to rely upon this Subscription Agreement and is irrevocably authorized to produce this Subscription Agreement or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby.

  6.1.3.The Issuer may request from Subscriber such additional information as the Issuer may reasonably deem necessary to evaluate the eligibility of Subscriber to acquire the Subscribed Shares, and Subscriber shall provide such information as may be reasonably requested, to the extent within Subscriber’s possession and control or otherwise readily available to Subscriber, provided that the Issuer agrees to keep confidential any such information provided by Subscriber.

  6.1.4.Each of Subscriber and the Issuer shall pay all of its own respective expenses in connection with this Subscription Agreement and the transactions contemplated herein.

  6.1.5.Each of Subscriber and the Issuer shall take, or cause to be taken, all actions and do, or cause to be done, all things necessary, proper or advisable to consummate the transactions contemplated by this Subscription Agreement on the terms and conditions described herein.

  6.2.Subscriber hereby acknowledges and agrees that it will not, nor will any person acting at Subscriber’s direction or pursuant to any understanding with Subscriber (including Subscriber’s controlled affiliates), directly or indirectly, offer, sell, pledge, contract to sell, sell any option in, or engage in hedging activities or execute any “short sales” (as defined in Rule 200 of Regulation SHO under the Exchange Act) with respect to, any Subscribed Shares or any securities of the Issuer or any instrument exchangeable for or convertible into any Subscribed Shares or any securities of the Issuer until the termination of this Subscription Agreement in accordance with its terms. Notwithstanding the foregoing, (i) nothing herein shall 

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  prohibit any entities under common management with Subscriber that have no knowledge of this Subscription Agreement or of Subscriber’s participation in the transactions contemplated hereby (including Subscriber’s controlled affiliates and/or affiliates) from entering into any short sales; (ii) in the case of a Subscriber that is a multimanaged investment vehicle whereby separate portfolio managers manage separate portions of such Subscriber’s assets and the portfolio managers have no knowledge of the investment decisions made by the portfolio managers managing other portions of such Subscriber’s assets, this Section 6.2 shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Subscribed Shares covered by this Subscription Agreement.

  6.3.Notices. Any notice or communication required or permitted hereunder shall be in writing and either delivered personally, emailed or sent by overnight mail via a reputable overnight carrier, or sent by certified or registered mail, postage prepaid, and shall be deemed to be given and received (i) when so delivered personally, (ii) when sent, with no mail undeliverable or other rejection notice, if sent by email during business hours or the next Business Day if sent outside of business hours, or (iii) three (3) Business Days after the date of mailing to the address below or to such other address or addresses as such person may hereafter designate by notice given hereunder:

  (i) if to Subscriber, to such address or addresses set forth on the signature page hereto;

  (ii) if to the Issuer, to:

  Biodesix, Inc.

  2970 Wilderness Place, Suite 100

  Boulder, CO 80301

  Attention: Scott Hutton/Robin Harper Cowie 

  E-mail: 

   

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

  Sidley Austin LLP

  555 California Street, Suite 2000

  San Francisco, CA 94104

  Attention: Frank Rahmani/Samir Gandhi

  Email:

   

  6.4.Entire Agreement. This Subscription Agreement constitutes the entire agreement, and supersedes all other prior agreements, understandings, representations and warranties, both written and oral, among the parties, with respect to the subject matter hereof, including any commitment letter entered into relating to the subject matter hereof.

  6.5.Modifications and Amendments. This Subscription Agreement may not be amended, modified, supplemented or waived except by an instrument in writing, signed by the 

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  party against whom enforcement of such amendment, modification, supplement or waiver is sought.

  6.6.Assignment. Neither this Subscription Agreement nor any rights, interests or obligations that may accrue to the parties hereunder (including Subscriber’s rights to purchase the Subscribed Shares) may be transferred or assigned without the prior written consent of the Issuer; provided that Subscriber’s rights and obligations hereunder may be assigned to any fund or account managed by the same investment manager as Subscriber, without the prior consent of the Issuer, provided that such assignee(s) agrees in writing to be bound by the terms hereof, and upon such assignment by a Subscriber, the assignee(s) shall become Subscriber hereunder and have the rights and obligations and be deemed to make the representations and warranties of Subscriber provided for herein to the extent of such assignment; provided further that, no assignment shall relieve the assigning party of any of its obligations hereunder, including any assignment to any fund or account managed by the same investment manager as Subscriber.

  6.7.Benefit. Except as otherwise provided herein, this Subscription Agreement shall be binding upon, and inure to the benefit of the parties hereto and their heirs, executors, administrators, successors, legal representatives, and permitted assigns, and the agreements, representations, warranties, covenants and acknowledgments contained herein shall be deemed to be made by, and be binding upon, such heirs, executors, administrators, successors, legal representatives and permitted assigns. This Subscription Agreement shall not confer rights or remedies upon any person other than the parties hereto and their respective successors and assigns.

  6.8.Governing Law. This Subscription Agreement, and any claim or cause of action hereunder based upon, arising out of or related to this Subscription Agreement (whether based on law, in equity, in contract, in tort or any other theory) or the negotiation, execution, performance or enforcement of this Subscription Agreement, shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to the principles of conflicts of law thereof.

  6.9.Consent to Jurisdiction; Waiver of Jury Trial. Each of the parties irrevocably consents to the exclusive jurisdiction and venue of the Court of Chancery of the State of Delaware, provided that if subject matter jurisdiction over the matter that is the subject of the legal proceeding is vested exclusively in the U.S. federal courts, such legal proceeding shall be heard in the U.S. District Court for the District of Delaware (together with the Court of Chancery of the State of Delaware, “Chosen Courts”), in connection with any matter based upon or arising out of this Subscription Agreement. Each party hereby waives, and shall not assert as a defense in any legal dispute, that (i) such person is not personally subject to the jurisdiction of the Chosen Courts for any reason, (ii) such legal proceeding may not be brought or is not maintainable in the Chosen Courts, (iii) such person’s property is exempt or immune from execution, (iv) such legal proceeding is brought in an inconvenient forum or (v) the venue of such legal proceeding is improper. Each party hereby consents to service of process in any such proceeding in any manner permitted by Delaware law, further consents to service of process by nationally recognized overnight courier service guaranteeing overnight delivery, or by registered or certified mail, return receipt requested, at its address specified pursuant to Section ‎6.3 and waives and covenants not to assert or plead any objection which they might otherwise have to 

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  such manner of service of process. Notwithstanding the foregoing in this Section ‎6.9, a party may commence any action, claim, cause of action or suit in a court other than the Chosen Courts solely for the purpose of enforcing an order or judgment issued by the Chosen Courts. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE WAIVED, EACH OF THE PARTIES WAIVES ANY RIGHT TO TRIAL BY JURY ON ANY CLAIMS OR COUNTERCLAIMS ASSERTED IN ANY LEGAL DISPUTE RELATING TO THIS SUBSCRIPTION AGREEMENT WHETHER NOW EXISTING OR HEREAFTER ARISING. IF THE SUBJECT MATTER OF ANY SUCH LEGAL DISPUTE IS ONE IN WHICH THE WAIVER OF JURY TRIAL IS PROHIBITED, NO PARTY SHALL ASSERT IN SUCH LEGAL DISPUTE A NONCOMPULSORY COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS SUBSCRIPTION AGREEMENT. FURTHERMORE, NO PARTY SHALL SEEK TO CONSOLIDATE ANY SUCH LEGAL DISPUTE WITH A SEPARATE ACTION OR OTHER LEGAL PROCEEDING IN WHICH A JURY TRIAL CANNOT BE WAIVED.

  6.10.Severability. If any provision of this Subscription Agreement shall be invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining provisions of this Subscription Agreement shall not in any way be affected or impaired thereby and shall continue in full force and effect.

  6.11.No Waiver of Rights, Powers and Remedies. No failure or delay by a party hereto in exercising any right, power or remedy under this Subscription Agreement, and no course of dealing between the parties hereto, shall operate as a waiver of any such right, power or remedy of such party. No single or partial exercise of any right, power or remedy under this Subscription Agreement by a party hereto, nor any abandonment or discontinuance of steps to enforce any such right, power or remedy, shall preclude such party from any other or further exercise thereof or the exercise of any other right, power or remedy hereunder. The election of any remedy by a party hereto shall not constitute a waiver of the right of such party to pursue other available remedies. No notice to or demand on a party not expressly required under this Subscription Agreement shall entitle the party receiving such notice or demand to any other or further notice or demand in similar or other circumstances or constitute a waiver of the rights of the party giving such notice or demand to any other or further action in any circumstances without such notice or demand.

  6.12.Remedies.

  6.12.1.The parties agree that irreparable damage would occur if this Subscription Agreement is not performed or the Closing is not consummated in accordance with its specific terms or is otherwise breached and that money damages or other legal remedies would not be an adequate remedy for any such damage. It is accordingly agreed that the parties hereto shall be entitled to equitable relief, including in the form of an injunction or injunctions, to prevent breaches or threatened breaches of this Subscription Agreement and to enforce specifically the terms and provisions of this Subscription Agreement in an appropriate court of competent jurisdiction as set forth in Section ‎6.9, this being in addition to any other remedy to which any party is entitled at law or in equity, including money damages. The right to specific enforcement shall include the right of the parties hereto to cause the other parties hereto to cause the 

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  transactions contemplated hereby to be consummated on the terms and subject to the conditions and limitations set forth in this Subscription Agreement. The parties hereto further agree (i) to waive any requirement for the security or posting of any bond in connection with any such equitable remedy, (ii) not to assert that a remedy of specific enforcement pursuant to this Section 6.12 is unenforceable, invalid, contrary to applicable law or inequitable for any reason and (iii) to waive any defenses in any action for specific performance, including the defense that a remedy at law would be adequate.

  6.12.2.The parties acknowledge and agree that this Section 6.12 is an integral part of the transactions contemplated hereby and without that right, the parties hereto would not have entered into this Subscription Agreement.

  6.13.Survival of Representations and Warranties and Covenants. All representations and warranties made by the parties hereto, and all covenants and other agreements of the parties hereto, in this Subscription Agreement shall survive the Closing.

  6.14.Headings. The headings of the sections of this Subscription Agreement have been inserted for convenience of reference only and shall not be deemed a part of this Subscription Agreement.

  6.15.Counterparts. This Subscription Agreement may be executed in one or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other parties, it being understood that the parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or any other form of electronic delivery, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such signature page were an original thereof.

  6.16.Construction. The words “include,” “includes,” and “including” will be deemed to be followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders will be construed to include any other gender, and words in the singular form will be construed to include the plural and vice versa, unless the context otherwise requires. The words “this Subscription Agreement,” “herein,” “hereof,” “hereby,” “hereunder,” and words of similar import refer to this Subscription Agreement as a whole and not to any particular subdivision unless expressly so limited. The parties hereto intend that each representation, warranty, and covenant contained herein will have independent significance. If any party hereto has breached any representation, warranty, or covenant contained herein in any respect, the fact that there exists another representation, warranty or covenant relating to the same subject matter (regardless of the relative levels of specificity) which such party hereto has not breached will not detract from or mitigate the fact that such party hereto is in breach of the first representation, warranty, or covenant. All references in this Subscription Agreement to numbers of shares, per share amounts and purchase prices shall be appropriately adjusted to reflect any stock split, stock dividend, stock combination, recapitalization or the like occurring after the date hereof.

  16

  

   

  6.17.Mutual Drafting. This Subscription Agreement is the joint product of the parties hereto and each provision hereof has been subject to the mutual consultation, negotiation and agreement of the parties and shall not be construed for or against any party hereto.

  7.Non-Reliance. Subscriber acknowledges that it is not relying upon, and has not relied upon, any statement, representation or warranty made by any person, firm or corporation, other than the representations and warranties of the Issuer expressly set forth in this Subscription Agreement, in making its investment or decision to invest in the Issuer. Subscriber agrees that no Other Subscriber pursuant to this Subscription Agreement or any other agreement related to the private placement of shares of the Issuer’s capital stock (including the controlling persons, officers, directors, partners, agents or employees of any such Subscriber) shall be liable to any Other Subscriber pursuant to this Subscription Agreement or any other agreement related to the private placement of shares of the Issuer’s capital stock for any action heretofore or hereafter taken or omitted to be taken by any of them in connection with the purchase of the Subscribed Shares hereunder.

  8.Rule 144. From and after such time as the benefits of Rule 144 promulgated under the Securities Act or any other similar rule or regulation of the Commission that may allow Subscriber to sell securities of the Issuer to the public without registration are available to holders of the Issuer’s shares of common stock and for so long as Subscriber holds the Subscribed Shares, the Issuer agrees to:

  8.1.make and keep public information available, as those terms are understood and defined in Rule 144; and

  8.2.file with the Commission in a timely manner all reports and other documents required of the Issuer under the Securities Act and the Exchange Act so long as the Issuer remains subject to such requirements and the filing of such reports and other documents is required for the applicable provisions of Rule 144.

  If the Subscribed Shares are eligible to be sold without restriction under, and without the Issuer being in compliance with the current public information requirements of, Rule 144 under the Securities Act, then at Subscriber’s request and upon delivery of an opinion of counsel by Subscriber, in form reasonably satisfactory to the transfer agent of the Issuer, the Issuer will cause its transfer agent to remove the applicable restrictive legend.

  9.Massachusetts Business Trust. If Subscriber is a Massachusetts Business Trust, a copy of the Agreement and Declaration of Trust of Subscriber or any affiliate thereof is on file with the Secretary of State of the Commonwealth of Massachusetts and notice is hereby given that the Subscription Agreement is executed on behalf of the trustees of Subscriber or any affiliate thereof as trustees and not individually and that the obligations of the Subscription Agreement are not binding on any of the trustees, officers or stockholders of Subscriber or any affiliate thereof individually but are binding only upon Subscriber or any affiliate thereof and its assets and property.

   [Signature Page Follows]

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  IN WITNESS WHEREOF, each of the Issuer and Subscriber has executed or caused this Subscription Agreement to be executed by its duly authorized representative as of the date set forth below.

   

  		
	BIODESIX, INC.

	By:
	 

	Name:

	Title:

   

   

   

  

   

  Accepted and agreed this 21st day of November, 2022.

  SUBSCRIBER:

  					
	Signature of Subscriber:
	 
	Signature of Joint Subscriber, if applicable:

	By:
	 
	 
	By:
	 

	Name:
	 
	Name:

	Title:
	 
	Title:

   

  Date: November 21, 2022

  			
	Name of Subscriber:
	 
	Name of Joint Subscriber, if applicable:

	 
	 
	 

	(Please print. Please indicate name and
	 
	(Please print. Please indicate name and

	Capacity of person signing above)
	 
	Capacity of person signing above)

   

  			
	 
	 
	 

	Name in which securities are to be registered
	 
	 

	(if different from the name of Subscriber listed directly above):
	 
	 

   

  Email Address:

  If there are joint investors, please check one:	

  ☐ Joint Tenants with Rights of Survivorship	

  ☐ Tenants-in-Common

  ☐ Community Property

  					
	Subscriber’s EIN:
	 
	 
	Joint Subscriber’s EIN:
	 

   

  			
	Business Address-Street:
	 
	Mailing Address-Street (if different):

	 
	 
	 

	 
	 
	 

   

   

  

   

  			
	City, State, Zip:
	 
	City, State, Zip:

	Attn:
	 
	Attn:

	Telephone No.: _________________________
	 
	Telephone No.: _____________________

	Facsimile No.: __________________________
	 
	Facsimile No.: ______________________

  Aggregate Number of Subscribed Shares subscribed for:

  _____________________________________________

  Aggregate Purchase Price: $______________.

  You must pay the Purchase Price by wire transfer of U.S. dollars in immediately available funds, to be held in escrow until the Closing, to the account specified by the Issuer in the Closing Notice.

   

   

  

   

  SCHEDULE I

  ELIGIBILITY REPRESENTATIONS OF SUBSCRIBER

  A.	QUALIFIED INSTITUTIONAL BUYER STATUS

  (Please check the applicable subparagraphs):

  1.	☐ We are a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”) (a “QIB”)).

  2.	☐ We are subscribing for the Subscribed Shares as a fiduciary or agent for one or more investor accounts, and each owner of such account is a QIB.

  *** OR ***

  B.	INSTITUTIONAL ACCREDITED INVESTOR STATUS (Please check the applicable subparagraphs):

  1.	☐ We are an “accredited investor” (within the meaning of Rule 501(a) under the Securities Act) or an entity in which all of the equity holders are accredited investors within the meaning of Rule 501(a) under the Securities Act, and have marked and initialed the appropriate box on the following page indicating the provision under which we qualify as an “accredited investor.”

  2.	☐ We are not a natural person.

  *** AND ***

  C.	AFFILIATE STATUS

  (Please check the applicable box) SUBSCRIBER:

  ☐	is:

  ☐	is not:

  an “affiliate” (as defined in Rule 144 under the Securities Act) of the Issuer or acting on behalf of an affiliate of the Issuer.

  This page should be completed by Subscriber
and constitutes a part of the Subscription Agreement.

   

   

  

   

  Rule 501(a) under the Securities Act, in relevant part, states that an “accredited investor” shall mean any person who comes within any of the below listed categories, or who the issuer reasonably believes comes within any of the below listed categories, at the time of the sale of the securities to that person. Subscriber has indicated, by marking and initialing the appropriate box below, the provision(s) below which apply to Subscriber and under which Subscriber accordingly qualifies as an “accredited investor.”

  ☐	Any bank as defined in section 3(a)(2) of the Securities Act, or any savings and loan association or other institution as defined in section 3(a)(5)(A) of the Securities Act whether acting in its individual or fiduciary capacity;

  ☐	Any broker or dealer registered pursuant to section 15 of the Securities Exchange Act of 1934, as amended;

  ☐	Any insurance company as defined in section 2(a)(13) of the Securities Act;

  ☐	Any investment company registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”) or a business development company as defined in section 2(a)(48) of the Investment Company Act;

  ☐	Any Small Business Investment Company licensed by the U.S. Small Business Administration under section 301(c) or (d) of the Small Business Investment Act of 1958, as amended;

  ☐	Any Rural Business Investment Company as defined in section 384A of the Consolidated Farm and Rural Development Act, as amended;

  ☐	Any plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, if such plan has total assets in excess of $5,000,000;

  ☐	Any employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), if (i) the investment decision is made by a plan fiduciary, as defined in section 3(21) of ERISA, which is either a bank, a savings and loan association, an insurance company, or a registered investment adviser, (ii) the employee benefit plan has total assets in excess of $5,000,000 or, (iii) such plan is a self-directed plan, with investment decisions made solely by persons that are “accredited investors”;

  ☐	Any private business development company as defined in section 202(a)(22) of the Investment Advisers Act of 1940, as amended;

  ☐	Any (i) corporation, limited liability company or partnership, (ii) Massachusetts or similar business trust, or (iii) organization described in section 501(c)(3) of the Internal Revenue Code of 1986, as amended, not formed for the specific purpose of acquiring the securities offered, and with total assets in excess of $5,000,000;

   

  

   

  ☐	Any director, executive officer, or general partner of the issuer of the securities being offered or sold, or any director, executive officer, or general partner of a general partner of that issuer;

  ☐	Any natural person whose individual net worth, or joint net worth with that person’s spouse, exceeds $1,000,000. For purposes of calculating a natural person’s net worth: (a) the person’s primary residence shall not be included as an asset; (b) indebtedness that is secured by the person’s primary residence, up to the estimated fair market value of the primary residence at the time of the sale of securities, shall not be included as a liability (except that if the amount of such indebtedness outstanding at the time of sale of securities exceeds the amount outstanding sixty (60) days before such time, other than as a result of the acquisition of the primary residence, the amount of such excess shall be included as a liability); and (c) indebtedness that is secured by the person’s primary residence in excess of the estimated fair market value of the primary residence at the time of the sale of securities shall be included as a liability;

  ☐	Any natural person who had an individual income in excess of $200,000 in each of the two most recent years or joint income with that person’s spouse in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year;

  ☐	Any trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the securities offered, whose purchase is directed by a sophisticated person as described in Section 230.506(b)(2)(ii) of Regulation D; 

  ☐	Any entity in which all of the equity owners are “accredited investors”;

  ☐  	Any natural person holding in good standing one or more professional certifications or designations or credentials from an accredited educational institution that the SEC has designated as qualifying an individual for accredited investor status, such as a General Securities Representative license (Series 7), a Private Securities Offerings Representative license (Series 82) and an Investment Adviser Representative license (Series 65);

  ☐  	Any “family office” as defined in Rule 202(a)(11)(G)-1 under the Investment Advisers Act of 1940 which was not formed for the purpose of investing in the Company, has assets under management in excess of $5,000,000 and whose prospective investment is directed by a person who has such knowledge and experience in financial and business matters that such family office is capable of evaluating the merits and risks of the prospective investment; or

  ☐  	Any “family client,” as defined in rule 202(a)(11)(G)-1 under the Investment Advisers Act of 1940, of a family office, whose prospective investment in the Company is directed by such family office, and such family office is one (i) with assets under management in excess of $5,000,000, (ii) that was not formed for the 

   

  

   

  specific purpose of investing in the Company, and (iii) whose prospective investment in the Company is directed by a person who has such knowledge and experience in financial and business matters that such family office is capable of evaluating the merits and risks of such prospective investment.

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