Document:

Loan & Security Agmt w/ Silicon Valley Bank, dated May 7, 2010

 Exhibit 10.24 
 LOAN AND SECURITY AGREEMENT 
 THIS LOAN AND SECURITY AGREEMENT (this
“Agreement”) dated as of May 7, 2010 (the “Effective Date”) between SILICON VALLEY BANK, a California corporation (“Bank”), and IMPINJ, INC., a Delaware corporation
(“Borrower”), provides the terms on which Bank shall lend to Borrower and Borrower shall repay Bank. The parties agree as follows: 
 1 ACCOUNTING AND OTHER TERMS 
 Accounting terms not defined in this
Agreement shall be construed following GAAP. Calculations and determinations must be made following GAAP. Capitalized terms not otherwise defined in this Agreement shall have the meanings set forth in Section 13. All other terms contained in
this Agreement, unless otherwise indicated, shall have the meaning provided by the Code to the extent such terms are defined therein. 
 2 LOAN AND TERMS OF PAYMENT 
 2.1 Promise to Pay. Borrower
hereby unconditionally promises to pay Bank the outstanding principal amount of all Credit Extensions and accrued and unpaid interest thereon as and when due in accordance with the terms of the applicable Loan Documents. 

2.1.1 Revolving Advances. 
 (a) Availability. Subject to the terms and conditions of this Agreement, Bank shall make Advances not exceeding the Availability Amount. Amounts borrowed hereunder may be repaid and, prior to the
Revolving Line Maturity Date, reborrowed, subject to the applicable terms and conditions precedent herein. 
 (b)
Termination; Repayment. The Revolving Line terminates on the Revolving Line Maturity Date, when the principal amount of all Advances, the unpaid interest thereon, and all other Obligations relating to the Revolving Line shall be immediately
due and payable. 
 2.1.2 Letters of Credit Sublimit. 

(a) As part of the Revolving Line, Bank shall issue or have issued Letters of Credit denominated in Dollars or a Foreign Currency for
Borrower’s account. The aggregate Dollar Equivalent amount utilized for the issuance of Letters of Credit shall at all times reduce the amount otherwise available for Advances under the Revolving Line. The aggregate Dollar Equivalent of the
face amount of outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit and any Letter of Credit Reserve) may not exceed the lesser of (A) Five Hundred Thousand Dollars ($500,000), minus (i) the sum of all amounts
used for Cash Management Services, and minus (ii) the FX Reduction Amount, or (B) the lesser of Revolving Line or the Domestic Borrowing Base, minus (i) the sum of all outstanding principal amounts of any Advances (including any
amounts used for Cash Management Services), and minus (ii) the FX Reduction Amount. 
 (b) If, on the Revolving Line
Maturity Date (or the effective date of any termination of this Agreement), there are any outstanding Letters of Credit, then on such date Borrower shall provide to Bank cash collateral in an amount equal to one hundred percent (100%) of the
Dollar Equivalent of the face amount of all such Letters of Credit plus all interest, fees, and costs due or to become due in connection therewith (as estimated by Bank in its good faith business judgment), to secure all of the Obligations relating
to such Letters of Credit. All Letters of Credit shall be in form and substance acceptable to Bank in its sole discretion and shall be subject to the terms and conditions of Bank’s standard Application and Letter of Credit Agreement (the
“Letter of Credit Application”). Borrower agrees to execute any further documentation in connection with the Letters of Credit as Bank may reasonably request. Borrower further agrees to be bound by the regulations and
interpretations of the issuer of any Letters of Credit guaranteed by Bank and opened for Borrower’s account or by Bank’s interpretations of any Letter of Credit issued by Bank for Borrower’s account, and Borrower understands and
agrees that Bank shall not be liable for any error, negligence, or mistake, whether of omission or commission, in following Borrower’s instructions or those contained in the Letters of Credit or any modifications, amendments, or supplements
thereto. 

  
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 (c) The obligation of Borrower to immediately reimburse Bank for drawings made under Letters
of Credit shall be absolute, unconditional, and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement, such Letters of Credit, and the Letter of Credit Application. 

(d) Borrower may request that Bank issue a Letter of Credit payable in a Foreign Currency. If a demand for payment is made under any such
Letter of Credit, Bank shall treat such demand as an Advance to Borrower of the Dollar Equivalent of the amount thereof (plus fees and charges in connection therewith such as wire, cable, SWIFT or similar charges). 

(e) To guard against fluctuations in currency exchange rates, upon the issuance of any Letter of Credit payable in a Foreign Currency,
Bank shall create a reserve (the “Letter of Credit Reserve”) under the Revolving Line in an amount equal to ten percent (10%) of the face amount of such Letter of Credit. The amount of the Letter of Credit Reserve may be
adjusted by Bank from time to time to account for fluctuations in the exchange rate. The availability of funds under the Revolving Line shall be reduced by the amount of such Letter of Credit Reserve for as long as such Letter of Credit remains
outstanding. 
 2.1.3 Foreign Exchange Sublimit. As part of the Revolving Line, Borrower may enter into foreign exchange
contracts with Bank under which Borrower commits to purchase from or sell to Bank a specific amount of Foreign Currency (each, a “FX Forward Contract”) on a specified date (the “Settlement Date”). FX Forward
Contracts shall have a Settlement Date of at least one (1) FX Business Day after the contract date and shall be subject to a reserve of ten percent (10%) of each outstanding FX Forward Contract (the “FX Reserve”). The
aggregate amount of FX Forward Contracts at any one time may not exceed ten (10) times the lesser of (A) Five Hundred Thousand Dollars ($500,000), minus (i) the sum of all amounts used for Cash Management Services, and minus
(ii) the Dollar Equivalent of the face amount of any outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit and any Letter of Credit Reserve), or (B) the lesser of Revolving Line or the Domestic Borrowing Base,
minus (i) the sum of all outstanding principal amounts of any Advances (including any amounts used for Cash Management Services), and minus (ii) the Dollar Equivalent of the face amount of any outstanding Letters of Credit (including drawn
but unreimbursed Letters of Credit and any Letter of Credit Reserve). The amount otherwise available for Credit Extensions under the Revolving Line shall be reduced by an amount equal to ten percent (10%) of each outstanding FX Forward Contract
(the “FX Reduction Amount”). Any amounts needed to fully reimburse Bank for any amounts not paid by Borrower in connection with FX Forward Contracts will be treated as Advances under the Revolving Line and will accrue interest at
the interest rate applicable to Advances. 
 2.1.4 Cash Management Services Sublimit. Borrower may use the Revolving Line
for Bank’s cash management services, which may include merchant services, direct deposit of payroll, business credit card, and check cashing services identified in Bank’s various cash management services agreements (collectively, the
“Cash Management Services”), in an aggregate amount not to exceed the lesser of (A) Five Hundred Thousand Dollars ($500,000), minus (i) the Dollar Equivalent of the face amount of any outstanding Letters of Credit
(including drawn but unreimbursed Letters of Credit and any Letter of Credit Reserve), and minus (ii) the FX Reduction Amount, or (B) the lesser of Revolving Line or the Domestic Borrowing Base, minus (i) the sum of all outstanding
principal amounts of any Advances, minus the Dollar Equivalent of the face amount of any outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit and any Letter of Credit Reserve), and minus (iii) the FX Reduction
Amount. Any amounts Bank pays on behalf of Borrower for any Cash Management Services will be treated as Advances under the Revolving Line and will accrue interest at the interest rate applicable to Advances. Notwithstanding anything in this
Agreement, Borrower’s existing business credit card line of One Hundred Thousand Dollars ($100,000) with Bank shall not be deemed usage of the Cash Management Services. 
 2.1.5 Term Advances. 
 (a) Availability. Subject to the terms and
conditions of this Agreement, (i) on the Effective Date, or as soon thereafter as all conditions precedent to the making of the Term Advances have been met, Bank shall make a single advance to Borrower (the “Tranche A Term
Advance”) in a principal amount equal to Tranche A and (ii) during the Draw Period, and upon written request by Borrower, Bank shall make advances (each, a “Tranche B Term Advance” and, collectively, “Tranche B
Term Advances”) not exceeding Tranche B. 

  
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 (b) Repayment. The Tranche A Term Advance is payable in (i) twenty four
(24) consecutive equal monthly installments of principal plus (ii) monthly payments of accrued interest, beginning on May 1, 2011 and continuing on the first day of each month thereafter through the Tranche A Term Maturity Date. Each
Tranche B Term Advance shall immediately amortize and be payable in twenty seven (27) equal payments of principal and interest beginning on the first day of the month following such Tranche B Term Advance and continuing on the first day of each
month thereafter. Notwithstanding the foregoing, all unpaid principal and interest on each Tranche B Term Advance shall be due on the applicable Tranche B Term Maturity Date. 
 (c) Prepayment. At Borrower’s option, Borrower shall have the option to prepay all, but not less than all, of the Term Advances advanced by Bank under this Agreement, provided Borrower
(a) provides written notice to Bank of its election to prepay the Term Advances at least ten ( 10) days prior to such prepayment, and (b) pays, on the date of the prepayment (i) all accrued and unpaid interest with respect to the Term
Advances through the date the prepayment is made; (ii) all unpaid principal with respect to the Term Advances; (iii) the Make Whole Premium; and (iv) all other sums, if any, that shall have become due and payable hereunder with
respect to this Agreement; provided however, the Make Whole Premium shall not be payable if Borrower’s refinances the Term Advances with another division of Bank. 
 2.2 Overadvances. If, at any time, the sum of (a) the outstanding principal amount of any Advances (including any amounts used for Cash Management Services), plus (b) the face amount of
any outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit and any Letter of Credit Reserve), plus (c) the FX Reduction Amount exceeds the lesser of either the Revolving Line or the Domestic Borrowing Base, Borrower
shall immediately pay to Bank in cash such excess. If, at any time, the outstanding principal amount of any EX-IM Advances exceeds the lesser of the EX-IM Committed Line or the Foreign Borrowing Base, Borrower shall immediately pay to Bank in cash
such excess. 
 2.3 Payment of Interest on the Credit Extensions. 

(a) Interest Rate. 
 (i) Advances. Subject to Section 2.3(b), the principal amount outstanding under the Revolving Line shall accrue interest at a floating per annum rate equal to the greater of the Prime Rate or
four percent (4.00%) which interest shall be payable monthly in accordance with Section 2.3(f) below. 
 (ii) Term
Advances. Subject to Section 2.3(b), the principal amount outstanding for each Term Advance shall accrue interest at a floating per annum rate equal to the greater of one half of one percent (0.50%) above the Prime Rate or five percent
(5.00%) which interest shall be payable monthly in accordance with Section 2.3(f) below. 
 (b) Default Rate.
Immediately upon the occurrence and during the continuance of an Event of Default, Obligations shall bear interest at a rate per annum which is five percentage points (5.00%) above the rate that is otherwise applicable thereto (the
“Default Rate”) unless Bank otherwise elects from time to time in its sole discretion to impose a smaller increase. Fees and expenses which are required to be paid by Borrower pursuant to the Loan Documents (including, without
limitation, Bank Expenses) but are not paid when due shall bear interest until paid at a rate equal to the highest rate applicable to the Obligations. Payment or acceptance of the increased interest rate provided in this Section 2.3(b) is not a
permitted alternative to timely payment and shall not constitute a waiver of any Event of Default or otherwise prejudice or limit any rights or remedies of Bank. 
 (c) Adjustment to Interest Rate. Changes to the interest rate of any Credit Extension based on changes to the Prime Rate shall be effective on the effective date of any change to the Prime Rate and
to the extent of any such change. 

  
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 (d) Computation; 360-Day Year. In computing interest, the date of the making of any
Credit Extension shall be included and the date of payment shall be excluded; provided, however, that if any Credit Extension is repaid on the same day on which it is made, such day shall be included in computing interest on such Credit
Extension. Interest shall be computed on the basis of a 360-day year for the actual number of days elapsed. 
 (e) Debit of
Accounts. Bank may debit any of Borrower’s deposit accounts, including the Designated Deposit Account, for principal and interest payments or any other amounts Borrower owes Bank when due. These debits shall not constitute a set-off.

 (f) Interest Payment Date. Unless otherwise provided, interest is payable monthly on the first calendar day of each
month. 
 2.4 Fees. Borrower shall pay to Bank: 
 (a) Commitment Fee. A fully earned, non-refundable commitment fee of Twenty Five Thousand Dollars ($25,000) on the Effective Date which shall include fees payable to EX-IM Bank; 

(b) Letter of Credit Fee. Bank’s customary fees and expenses for the issuance or renewal of Letters of Credit, including,
without limitation, a letter of credit fee of two percent (2.00%) per annum of the Dollar Equivalent of the face amount of each Letter of Credit, upon the issuance of such Letter of Credit, each anniversary of the issuance during the term of
such Letter of Credit, and upon the renewal of such Letter of Credit by Bank; 
 (c) Make-Whole Premium. The Make-Whole
Premium when due pursuant to the terms of Section 2.1.5(c); and 
 (d) Bank Expenses. All Bank Expenses (including
reasonable attorneys’ fees and expenses for documentation and negotiation of this Agreement which fees for the documentation and negotiation of this Agreement will not exceed Seventeen Thousand Five Hundred Dollars ($17,500) as of the Effective
Date) incurred through and after the Effective Date, when due. 
 2.5 Payments; Application of Payments. 

(a) All payments (including prepayments) to be made by Borrower under any Loan Document shall be made in immediately available funds in
U.S. Dollars, without setoff or counterclaim, before 12:00 p.m. Pacific time on the date when due. Payments of principal and/or interest received after 12:00 p.m. Pacific time are considered received at the opening of business on the next Business
Day. When a payment is due on a day that is not a Business Day, the payment shall be due the next Business Day, and additional fees or interest, as applicable, shall continue to accrue until paid. 

(b) Bank shall apply the whole or any part of collected funds against the Revolving Line or credit such collected funds to a depository
account of Borrower with Bank (or an account maintained by an Affiliate of Bank), the order and method of such application to be in the sole discretion of Bank. Borrower shall have no right to specify the order or the accounts to which Bank shall
allocate or apply any payments required to be made by Borrower to Bank or otherwise received by Bank under this Agreement when any such allocation or application is not specified elsewhere in this Agreement. 

3 CONDITIONS OF LOANS 
 3.1 Conditions Precedent to Initial Credit Extension. Bank’s obligation to make the initial Credit Extension is subject to the condition precedent that Bank shall have received, in form and
substance satisfactory to Bank, such documents, and completion of such other matters, as Bank may reasonably deem necessary or appropriate, including, without limitation: 
 (a) duly executed original signatures to the Loan Documents; 

  
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 (b) duly executed original signatures to the Control Agreement(s), if any; 

(c) the duly executed EX-IM Loan Documents; 
 (d) Borrower’s Operating Documents and a good standing certificate of Borrower certified by the Secretary of State of the State of Delaware as of a date no earlier than thirty (30) days prior to
the Effective Date; 
 (e) duly executed original signatures to the completed Borrowing Resolutions for Borrower; 

(f) duly executed original signature to a payoff letter from Horizon; 

(g) certified copies, dated as of a recent date, of financing statement searches, as Bank shall request, accompanied by written evidence
(including any UCC termination statements) that the Liens indicated in any such financing statements either constitute Permitted Liens or have been or, in connection with the initial Credit Extension, will be terminated or released; 

(h) the Perfection Certificate of Borrower, together with the duly executed original signatures thereto; 

(i) a landlord’s consent in favor of Bank for Borrower’s Seattle, WA location by the landlord thereof, together with the duly
executed original signatures thereto; 
 (j) satisfactory to Bank that the insurance policies required by Section 6.5
hereof are in full force and effect, together with appropriate evidence showing lender loss payable and/or additional insured clauses or endorsements in favor of Bank; and 
 (k) payment of the fees and Bank Expenses then due as specified in Section 2.4 hereof. 
 3.2 Conditions Precedent to all Credit Extensions. Bank’s obligations to make each Credit Extension, including the initial Credit Extension, is subject to the following conditions precedent:

 (a) except as otherwise provided in Section 3.5(a), timely receipt of an executed Payment/Advance Form; 

(b) the representations and warranties in this Agreement shall be true, accurate, and complete in all material respects on the date of
the Payment/Advance Form and on the Funding Date of each Credit Extension; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the
text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date, and no Event of Default shall have occurred and be
continuing or result from the Credit Extension. Each Credit Extension is Borrower’s representation and warranty on that date that the representations and warranties in this Agreement remain true, accurate, and complete in all material respects;
provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and
warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date; and 
 (c) in Bank’s sole discretion, there has not been a Material Adverse Change. 

3.3 Post-Closing Conditions. Within thirty (30) days after the Effective Date, Bank shall have received, in form and
substance satisfactory to Bank, (i) a bailee waiver for Borrower’s Kent, WA warehouse location by the owner thereof, together with the duly executed original signatures thereto, (ii) the Warrant, together with duly executed original
signatures thereto and (iii) a copy of Borrower’s Investor Rights Agreement and any amendments thereto. 

  
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 3.4 Covenant to Deliver. Borrower agrees to deliver to Bank each item required to be
delivered to Bank under this Agreement as a condition precedent to any Credit Extension. Borrower expressly agrees that a Credit Extension made prior to the receipt by Bank of any such item shall not constitute a waiver by Bank of Borrower’s
obligation to deliver such item, and the making of any Credit Extension in the absence of a required item shall be in Bank’s sole discretion. 
 3.5 Procedures for Borrowing. 
 (a) Advances; Term Advances. Subject
to the prior satisfaction of all other applicable conditions to the making of an Advance or a Term Advance set forth in this Agreement, to obtain an Advance or a Term Advance (other than Advances under Sections 2.1.2 or 2.1.4), Borrower shall notify
Bank (which notice shall be irrevocable) by electronic mail, facsimile, or telephone by 12:00 p.m. Pacific time on the Funding Date of the Advance or the Term Advance. Together with any such electronic or facsimile notification, Borrower shall
deliver to Bank by electronic mail or facsimile a completed Payment/Advance Form executed by a Responsible Officer or his or her designee. Bank may rely on any telephone notice given by a person whom Bank believes is a Responsible Officer or
designee. Bank shall credit Advances and Term Advances to the Designated Deposit Account. Bank may make Advances and Term Advances under this Agreement based on instructions from a Responsible Officer or his or her designee or without instructions
if the Advances or Term Advances are necessary to meet Obligations which have become due. 
 4 CREATION OF SECURITY
INTEREST 
 4.1 Grant of Security Interest. Borrower hereby grants Bank, to secure the payment and performance in
full of all of the Obligations, a continuing security interest in, and pledges to Bank, the Collateral, wherever located, whether now owned or hereafter acquired or arising, and all proceeds and products thereof. 

4.2 Priority of Security Interest. Borrower represents, warrants, and covenants that the security interest granted herein is and
shall at all times continue to be a first priority perfected security interest in the Collateral (subject only to Permitted Liens that may have superior priority to Bank’s Lien under this Agreement). If Borrower shall acquire a commercial tort
claim, Borrower shall promptly notify Bank in a writing signed by Borrower of the general details thereof and grant to Bank in such writing a security interest therein and in the proceeds thereof, all upon the terms of this Agreement, with such
writing to be in form and substance reasonably satisfactory to Bank. 
 If this Agreement is terminated, Bank’s Lien in the
Collateral shall continue until the Obligations (other than inchoate indemnity obligations) are repaid in full in cash. Upon payment in full in cash of the Obligations (other than inchoate indemnity obligations) and at such time as Bank’s
obligation to make Credit Extensions has terminated, Bank shall, at Borrower’s sole cost and expense, release its Liens in the Collateral and all rights therein shall revert to Borrower. 

4.3 Authorization to File Financing Statements. Borrower hereby authorizes Bank to file financing statements, without notice to
Borrower, with all appropriate jurisdictions to perfect or protect Bank’s interest or rights hereunder, including a notice that any disposition of the Collateral, by either Borrower or any other Person, shall be deemed to violate the rights of
Bank under the Code. 
 5 REPRESENTATIONS AND WARRANTIES 

Borrower represents and warrants as follows: 
 5.1 Due Organization, Authorization; Power and Authority. Borrower is duly existing and in good standing in its jurisdiction of formation and is qualified and licensed to do business and is in good
standing in any jurisdiction in which the conduct of its business or its ownership of property requires that it be qualified except where the failure to do so could not reasonably be expected to have a material adverse effect on Borrower’s
business. In connection with this Agreement, Borrower has delivered to Bank a completed certificate signed by Borrower, entitled “Perfection Certificate”. Borrower represents and warrants to Bank that (a) Borrower’s exact

  
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legal name is that indicated on the Perfection Certificate and on the signature page hereof; (b) Borrower is an organization of the type and is organized in the jurisdiction set forth in the
Perfection Certificate; (c) the Perfection Certificate accurately sets forth Borrower’s organizational identification number or accurately states that Borrower has none; (d) the Perfection Certificate accurately sets forth
Borrower’s place of business, or, if more than one, its chief executive office as well as Borrower’s mailing address (if different than its chief executive office); (e) Borrower (and each of its predecessors) has not, in the past five
(5) years, changed its jurisdiction of formation, organizational structure or type, or any organizational number assigned by its jurisdiction; and (f) all other information set forth on the Perfection Certificate pertaining to Borrower and
each of its Subsidiaries is accurate and complete (it being understood and agreed that Borrower may from time to time update certain information in the Perfection Certificate after the Effective Date to the extent permitted by one or more specific
provisions in this Agreement). If Borrower is not now a Registered Organization but later becomes one, Borrower shall promptly notify Bank of such occurrence and provide Bank with Borrower’s organizational identification number. 

The execution, delivery and performance by Borrower of the Loan Documents to which it is a party have been duly authorized, and do not
(i) conflict with any of Borrower’s organizational documents, (ii) contravene, conflict with, constitute a default under or violate any material Requirement of Law, (iii) contravene, conflict or violate any applicable order,
writ, judgment, injunction, decree, determination or award of any Governmental Authority by which Borrower or any of its Subsidiaries or any of their property or assets may be bound or affected, (iv) require any action by, filing, registration,
or qualification with, or Governmental Approval from, any Governmental Authority (except such Governmental Approvals which have already been obtained and are in full force and effect or (v) constitute an event of default under any material
agreement by which Borrower is bound. Borrower is not in default under any agreement to which it is a party or by which it is bound in which the default could reasonably be expected to have a material adverse effect on Borrower’s business.

 5.2 Collateral. Borrower has good title to, has rights in, and the power to transfer each item of the Collateral upon
which it purports to grant a Lien hereunder, free and clear of any and all Liens except Permitted Liens. Borrower has no deposit accounts other than the deposit accounts with Bank, the deposit accounts, if any, described in the Perfection
Certificate delivered to Bank in connection herewith, or of which Borrower has given Bank notice and taken such actions as are necessary to give Bank a perfected security interest therein. The Accounts are bona fide, existing obligations of the
Account Debtors. 
 The Collateral is not in the possession of any third party bailee (such as a warehouse) except as otherwise
provided in the Perfection Certificate. None of the components of the Collateral shall be maintained at locations other than as provided in the Perfection Certificate or as permitted pursuant to Section 7.2. 

All Inventory is in all material respects of good and marketable quality, free from material defects. 

Borrower is the sole owner of the Intellectual Property which it owns or purports to own except for (a) non-exclusive licenses
granted to its customers in the ordinary course of business, (b) over-the-counter software that is commercially available to the public, and (c) material Intellectual Property licensed to Borrower and noted on the Perfection Certificate.
Each Patent which it owns or purports to own and which is material to Borrower’s business is valid and enforceable, and no part of the Intellectual Property which Borrower owns or purports to own and which is material to Borrower’s
business has been judged invalid or unenforceable, in whole or in part. To the best of Borrower’s knowledge, no claim has been made that any part of the Intellectual Property violates the rights of any third party except to the extent such
claim would not reasonably be expected to have a material adverse effect on Borrower’s business. 
 Except as noted on the
Perfection Certificate, Borrower is not a party to, nor is it bound by, any Restricted License. 
 5.3 Accounts Receivable;
Inventory. 
 (a) For each Account with respect to which Advances and/or EX-IM Advances are requested, on the date each
Advance is requested and made, such Account shall be an Eligible Domestic Account or EX-IM Eligible Foreign Account. 

  
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 (b) All statements made and all unpaid balances appearing in all invoices, instruments and
other documents evidencing the Eligible Domestic Accounts and EX-IM Eligible Foreign Account are and shall be true and correct and all such invoices, instruments and other documents, and all of Borrower’s Books are genuine and in all respects
what they purport to be. If an Event of Default has occurred and is continuing, Bank may notify any Account Debtor owing Borrower money of Bank’s security interest in such funds and verify the amount of such Eligible Domestic Account and/or
EX-IM Eligible Foreign Account. All sales and other transactions underlying or giving rise to each Eligible Domestic Account and/or EX-IM Eligible Foreign Account shall comply in all material respects with all applicable laws and governmental rules
and regulations. Borrower has no knowledge of any actual or imminent Insolvency Proceeding of any Account Debtor whose accounts are Eligible Domestic Accounts or EX-IM Eligible Foreign Accounts in any Borrowing Base Certificate. To the best of
Borrower’s knowledge, all signatures and endorsements on all documents, instruments, and agreements relating to all Eligible Domestic Accounts and EX-IM Eligible Foreign Accounts are genuine, and all such documents, instruments and agreements
are legally enforceable in accordance with their terms. 
 (c) For any item of Inventory consisting of EX-IM Eligible Foreign
Inventory in any Borrowing Base Certificate, such Inventory (i) consists of finished goods, in good, new, and salable condition, which is not perishable, returned, consigned, obsolete, not sellable, damaged, or defective, and is not comprised
of demonstrative or custom inventory, works in progress, packaging or shipping materials, or supplies; (ii) meets all applicable governmental standards; (iii) has been manufactured in compliance with the Fair Labor Standards Act;
(iv) is not subject to any Liens, except the first priority Liens granted or in favor of Bank under this Agreement or any of the other Loan Documents; and (v) is located at the locations identified by Borrower in the Perfection Certificate
where it maintains Inventory). 
 5.4 Litigation. Except as otherwise disclosed to Bank, there are no actions or
proceedings pending or, to the knowledge of the Responsible Officers, threatened in writing by or against Borrower or any of its Subsidiaries involving more than, individually or in the aggregate, Two Hundred Fifty Thousand Dollars ($250,000).

 5.5 Financial Statements; Financial Condition. All consolidated financial statements for Borrower and any of its
Subsidiaries delivered to Bank fairly present in all material respects Borrower’s consolidated financial condition and Borrower’s consolidated results of operations. There has not been any material deterioration in Borrower’s
consolidated financial condition since the date of the most recent financial statements submitted to Bank. 
 5.6
Solvency. The fair salable value of Borrower’s assets (including goodwill minus disposition costs) exceeds the fair value of its liabilities; Borrower is not left with unreasonably small capital after the transactions in this Agreement; and
Borrower is able to pay its debts (including trade debts) as they mature. 
 5.7 Regulatory Compliance. Borrower is not
an “investment company” or a company “controlled” by an “investment company” under the Investment Company Act of 1940, as amended. Borrower is not engaged as one of its important activities in extending credit for
margin stock (under Regulations X, T and U of the Federal Reserve Board of Governors). Borrower has complied in all material respects with the Federal Fair Labor Standards Act. Neither Borrower nor any of its Subsidiaries is a “holding
company” or an “affiliate” of a “holding company” or a “subsidiary company” of a “holding company” as each term is defined and used in the Public Utility Holding Company Act of 2005. Borrower has not
violated any laws, ordinances or rules, the violation of which could reasonably be expected to have a material adverse effect on its business. None of Borrower’s or any of its Subsidiaries’ properties or assets has been used by Borrower or
any Subsidiary or, to the best of Borrower’s knowledge, by previous Persons, in disposing, producing, storing, treating or transporting any hazardous substance other than legally. Borrower and each of its Subsidiaries have obtained all
consents, approvals and authorizations of, made all declarations or filings with, and given all notices to, all Government Authorities that are necessary to continue their respective businesses as currently conducted. 

5.8 Subsidiaries; Investments. Borrower does not own any stock, partnership interest or other equity securities except for
Permitted Investments. 

  
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 5.9 Tax Returns and Payments; Pension Contributions. Borrower has timely filed all
required tax returns and reports, and Borrower has timely paid all foreign, federal, state and local taxes, assessments, deposits and contributions owed by Borrower, except, in each case, where the failure to file such returns or reports, or to pay
such taxes, assessments, deposits and contributions could not reasonably be expected to have a material adverse effect on Borrower’s business. Borrower may defer payment of any contested taxes, provided that Borrower (a) in good faith
contests its obligation to pay the taxes by appropriate proceedings promptly and diligently instituted and conducted, (b) notifies Bank in writing of the commencement of, and any material development in, the proceedings, posts bonds or takes
any other steps required to prevent the governmental authority levying such contested taxes from obtaining a Lien upon any of the Collateral that is other than a “Permitted Lien”. Borrower is unaware of any claims or adjustments proposed
for any of Borrower’s prior tax years which could result in additional taxes becoming due and payable by Borrower. Borrower has paid all amounts necessary to fund all present pension, profit sharing and deferred compensation plans in accordance
with their terms, and Borrower has not withdrawn from participation in, and has not permitted partial or complete termination of, or permitted the occurrence of any other event with respect to, any such plan which could reasonably be expected to
result in any liability of Borrower, including any liability to the Pension Benefit Guaranty Corporation or its successors or any other governmental agency. 
 5.10 Use of Proceeds. Borrower shall use the proceeds of the Credit Extensions solely to repay Indebtedness outstanding to Horizon, as working capital and to Fund its general business requirements
and not for personal, family, household or agricultural purposes. 
 5.11 Full Disclosure. No written representation,
warranty or other statement of Borrower in any certificate or written statement given to Bank, as of the date such representation, warranty, or other statement was made, taken together with all such written certificates and written statements given
to Bank, contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements contained in the certificates or statements not misleading (it being recognized by Bank that the projections and forecasts
provided by Borrower in good faith and based upon reasonable assumptions are not viewed as facts and that actual results during the period or periods covered by such projections and forecasts may differ from the projected or forecasted results).

 5.12 Definition of “Knowledge.” For purposes of the Loan Documents, whenever a representation or warranty is
made to Borrower’s knowledge or awareness, to the “best of” Borrower’s knowledge, or with a similar qualification, knowledge or awareness means the actual knowledge, after reasonable investigation, of the Responsible Officers.

 6 AFFIRMATIVE COVENANTS 
 Borrower shall do all of the following: 
 6.1 Government Compliance.

 (a) Maintain its and all its Subsidiaries’ legal existence and good standing in their respective jurisdictions of
formation and maintain qualification in each jurisdiction in which the failure to so qualify would reasonably be expected to have a material adverse effect on Borrower’s business or operations. Borrower shall comply, and have each Subsidiary
comply, with all laws, ordinances and regulations to which it is subject, noncompliance with which could have a material adverse effect on Borrower’s business. 
 (b) Obtain all of the Governmental Approvals necessary for the performance by Borrower of its obligations under the Loan Documents to which it is a party and the grant of a security interest to Bank in
all of its property. Borrower shall promptly provide copies of any such obtained Governmental Approvals to Bank. 
 6.2
Financial Statements, Reports, Certificates. Deliver to Bank: 
 (a) Borrowing Base Reports. Within thirty
(30) days after the last day of each month, (i) aged listings of foreign and domestic accounts receivable and accounts payable (by invoice date), (ii) a report of deferred revenue and (iii) perpetual inventory reports for the
Inventory valued on a first-in, first-out basis at the lower of cost or market (in accordance with GAAP) or such other inventory reports as are requested by Bank in its good faith business judgment (the “Borrowing Base Reports”);

  
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 (b) Borrowing Base Certificates. Within thirty (30) days after the last day of
each month and together with the Borrowing Base Reports, a duly completed Domestic Borrowing Base Certificate and a duly completed EX-IM Borrowing Base Certificate, each signed by a Responsible Officer; 

(c) Monthly Financial Statements. As soon as available, but no later than thirty (30) days after the last day of each month,
a company prepared consolidated balance sheet and income statement covering Borrower’s consolidated operations for such month certified by a Responsible Officer and in a form acceptable to Bank (the “Monthly Financial
Statements”); 
 (d) Monthly Compliance Certificate. Within thirty (30) days after the last day of each
month and together with the Monthly Financial Statements, a duly completed Compliance Certificate signed by a Responsible Officer, certifying that as of the end of such month, Borrower was in full compliance with all of the terms and conditions of
this Agreement, and setting forth calculations showing compliance with the financial covenants set forth in this Agreement and such other information as Bank shall reasonably request; 

(e) Annual Audited Financial Statements. As soon as available, but no later than one hundred eighty (180) days after the last
day of Borrower’s fiscal year, audited consolidated financial statements prepared under GAAP, consistently applied, together with an unqualified opinion (or for the 2009 fiscal year qualified only for going concern, or for the 2010 fiscal year
and each year thereafter, qualified only for going concern so long as Borrower’s investors provide additional equity as needed) on the financial statements from an independent certified public accounting firm acceptable to Bank in its
reasonable discretion; 
 (f) EX-IM Reporting. In addition to any reporting requirements in the EX-IM Loan Documents,
within thirty (30) days after the last day of each fiscal quarter, deliver to Bank copies of (i) individual invoices equal to or greater than ten percent (10%) of all outstanding EX-IM Eligible Foreign Accounts (as reported at
quarter-end) and (ii) individual export order equal to or greater than ten percent (10%) of all outstanding EX-IM Eligible Foreign Inventory (as reported at quarter-end); 

(g) Other Statements. Within ten (10) days of delivery, copies of all statements, reports and notices made available to
Borrower’s security holders or to any holders of Subordinated Debt; 
 (h) Legal Action Notice. A prompt report of
any legal actions pending or threatened in writing against Borrower or any of its Subsidiaries that could result in damages or costs to Borrower or any of its Subsidiaries of, individually or in the aggregate, Two Hundred Fifty Thousand Dollars
($250,000) or more; 
 (i) Projections. As soon as available, but no later than forty five (45) days prior to the
last day of Borrower’s fiscal year, board approved financial projections. 
 (j) Other Financial Information. Such
other budgets, sales projections, operating plans and other financial information reasonably requested by Bank. 
 6.3
Inventory; Returns. Keep all Inventory in good and marketable condition, free from material defects. Returns and allowances between Borrower and its Account Debtors shall follow Borrower’s customary practices as they exist at the Effective
Date. Borrower must promptly notify Bank of all returns, recoveries, disputes and claims that involve more than One Hundred Fifty Thousand Dollars ($150,000). 
 6.4 Taxes; Pensions. Timely file, and require each of its Subsidiaries to timely file, all required material tax returns and reports and timely pay, and require each of its Subsidiaries to timely
pay, all material foreign, federal, state and local taxes, assessments, deposits and contributions owed by Borrower and each of its Subsidiaries, except for deferred payment of any taxes contested pursuant to the terms of Section 5.9 hereof,
and shall deliver to Bank, on demand, appropriate certificates attesting to such payments, and pay all amounts necessary to fund all present pension, profit sharing and deferred compensation plans in accordance with their terms. 

  
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 6.5 Insurance. Keep its business and the Collateral insured for risks and in amounts
standard for companies in Borrower’s industry and location and as Bank may reasonably request. Insurance policies shall be in a form, with companies, and in amounts that are satisfactory to Bank. All property policies shall have a lender’s
loss payable endorsement showing Bank as lender loss payee and waive subrogation against Bank. All liability policies shall show, or have endorsements showing, Bank as an additional insured. All policies (or the loss payable and additional insured
endorsements) shall provide that the insurer shall give Bank at least twenty (20) days notice before canceling, amending, or declining to renew its policy. At Bank’s request, Borrower shall deliver certified copies of policies and evidence
of all premium payments. If Borrower fails to obtain insurance as required under this Section 6.5 or to pay any amount or furnish any required proof of payment to third persons and Bank, Bank may make all or part of such payment or obtain such
insurance policies required in this Section 6.5, and take any action under the policies Bank deems prudent. During the continuance of an Event of Default, proceeds payable under any policy shall, at Bank’s option, be payable to Bank on
account of the Obligations. Notwithstanding the foregoing, so long as no Event of Default has occurred and is continuing, Borrower shall have the option of applying the proceeds of any casualty policy toward the replacement or repair of destroyed or
damaged property (or the purchase of other property otherwise useful in the Borrower’s business); provided that any such replaced or repaired property shall be deemed Collateral in which Bank has been granted a first priority security interest.

 6.6 Operating Accounts. 
 (a) Maintain its primary and its Subsidiaries’ primary operating and other deposit accounts with Bank and no later than thirty (30) days after the Effective Date and at all times thereafter,
maintain all its and all its Subsidiaries investment accounts with Bank and Bank’s Affiliates. 
 (b) Provide Bank five
(5) days prior written notice before establishing any Collateral Account at or with any bank or financial institution other than Bank or Bank’s Affiliates. For each Collateral Account that Borrower at any time maintains, Borrower shall
cause the applicable bank or financial institution (other than Bank) at or with which any Collateral Account is maintained to execute and deliver a Control Agreement or other appropriate instrument with respect to such Collateral Account to perfect
Bank’s Lien in such Collateral Account in accordance with the terms hereunder which Control Agreement may not be terminated without the prior written consent of Bank. The provisions of the previous sentence shall not apply to (i) deposit
accounts exclusively used for payroll, payroll taxes and other employee wage and benefit payments to or for the benefit of Borrower’s employees and identified to Bank by Borrower as such or (ii) Borrower’s account numbers
                     and                     
held at Comerica Bank to secure certain letters of credit in the original face amount of Seven Hundred Fifty Thousand Dollars ($750,000) (collectively, the deposit accounts referred to in clauses (i) and (ii) shall be referred to as the
“Excluded Accounts”). 
 6.7 Financial Covenants. Maintain at all times, to be tested as of the last day of
each month, unless otherwise noted, on a consolidated basis with respect to Borrower: 
 (a) Tangible Net Worth. A
Tangible Net Worth of at least Three Million Seven Hundred Fifty Thousand Dollars ($3,750,000) stepping up as of the last day of each quarter by an amount equal to (without duplication) (i) fifty percent (50%) of Net Income, plus
(ii) twenty five percent (25%) of any New Capital received by Borrower in excess of Five Million Dollars ($5,000,000) but less than Seven Million Dollars ($7,000,000) plus (iii) fifty percent (50%) of any New Capital received by
Borrower in excess of Seven Million Dollars ($7,000,000); provided however in no case shall the aggregate Tangible Net Worth requirement step ups in subsections (ii) and (iii) above with respect to any New Capital (provided that New
Subordinated Debt shall only be included in this calculation of New Capital if fifty percent (50%) or more of such New Subordinated Debt is issued to existing investors of Borrower) exceed Three Million Seven Hundred Fifty Thousand Dollars
($3,750,000) in the aggregate. 
 (b) New Capital. Borrower shall have received at least Five Million Dollars
($5,000,000) in New Capital no later than June 30, 2010. 
 6.8 Protection of Intellectual Property Rights.

 (a) (i) Protect, defend and maintain the validity and enforceability of its Intellectual Property; (ii) promptly
advise Bank in writing of material infringements of its Intellectual Property; and (iii) not allow any Intellectual Property material to Borrower’s business to be abandoned, forfeited or dedicated to the public without Bank’s written
consent. 

  
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 (b) Provide written notice to Bank within thirty (30) days of entering or becoming
bound by any Restricted License (other than over-the-counter software that is commercially available to the public). Borrower shall use its commercially reasonable efforts to take such steps as Bank reasonably requests to obtain the consent of, or
waiver by, any person whose consent or waiver is necessary for (i) any Restricted License to be deemed “Collateral” and for Bank to have a security interest in it that might otherwise be restricted or prohibited by law or by the terms
of any such Restricted License, whether now existing or entered into in the future, and (ii) Bank to have the ability in the event of a liquidation of any Collateral to dispose of such Collateral in accordance with Bank’s rights and
remedies under this Agreement and the other Loan Documents. 
 6.9 Litigation Cooperation. From the date hereof and
continuing through the termination of this Agreement, make available to Bank, without expense to Bank, Borrower and its officers, employees and agents and Borrower’s books and records, to the extent that Bank may deem them reasonably necessary
to prosecute or defend any third-party suit or proceeding instituted by or against Bank with respect to any Collateral or relating to Borrower. 
 6.10 Access to Collateral; Books and Records. Allow Bank, or its agents, at reasonable times, on five (5) Business Days’ notice (provided no notice is required if an Event of Default has
occurred and is continuing), to inspect the Collateral and audit and copy Borrower’s Books. Such inspections or audits shall be conducted no more often than once every six (6) months unless an Event of Default has occurred and is
continuing. The foregoing inspections and audits shall be at Borrower’s expense, and the charge therefor shall be Eight Hundred Fifty Dollars ($850) per person per day (or such higher amount as shall represent Bank’s then-current standard
charge for the same), plus reasonable out-of-pocket expenses. In the event Borrower and Bank schedule an audit more than ten (10) days in advance, and Borrower cancels or seeks to reschedule the audit with less than ten (10) days written
notice to Bank, then (without limiting any of Bank’s rights or remedies), Borrower shall pay Bank a fee of One Thousand Dollars ($1,000) plus any out-of-pocket expenses incurred by Bank to compensate Bank for the anticipated costs and expenses
of the cancellation or rescheduling. Bank and Borrower hereby agree that the Initial Audit shall be completed no later than ninety (90) days after the Effective Date. 
 6.11 Formation or Acquisition of Subsidiaries. At the time that Borrower forms any direct or indirect Subsidiary or acquires any direct or indirect Subsidiary after the Effective Date, Borrower
shall (a) cause such new Subsidiary to provide to Bank a joinder to the Loan Agreement to cause such Subsidiary to become a co-borrower hereunder, together with such appropriate financing statements and/or Control Agreements, all in form and
substance satisfactory to Bank (including being sufficient to grant Bank a first priority Lien (subject to Permitted Liens) in and to the assets of such newly formed or acquired Subsidiary), (b) provide to Bank appropriate certificates and
powers and financing statements, pledging all of the direct or beneficial ownership interest in such new Subsidiary, in form and substance satisfactory to Bank, and (c) provide to Bank all other documentation in form and substance satisfactory
to Bank which in its opinion is appropriate with respect to the execution and delivery of the applicable documentation referred to above. Any document, agreement, or instrument executed or issued pursuant to this Section 6.11 shall be a Loan
Document. 
 6.12 Further Assurances. Execute any further instruments and take further action as Bank reasonably requests
to perfect or continue Bank’s Lien in the Collateral or to effect the purposes of this Agreement. Deliver to Bank, within five (5) days after the same are sent or received, copies of all correspondence, reports, documents and other filings
with any Governmental Authority regarding compliance with or maintenance of Governmental Approvals or Requirements of Law or that could reasonably be expected to have a material effect on any of the Governmental Approvals or otherwise on the
operations of Borrower or any of its Subsidiaries. 
 7 NEGATIVE COVENANTS 

Borrower shall not do any of the following without Bank’s prior written consent: 

7.1 Dispositions. Convey, sell, tease, transfer, assign, or otherwise dispose of (collectively, “Transfer”), or
permit any of its Subsidiaries to Transfer, all or any part of its business or property, except for 

  
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Transfers (a) of Inventory in the ordinary course of business; (b) of worn-out or obsolete Equipment; (c) in connection with Permitted Liens and Permitted Investments; and
(d) of non-exclusive licenses for the use of the property of Borrower or its Subsidiaries in the ordinary course of business and licenses that could not result in a legal transfer of title of the licensed property but that may be exclusive in
respects other than territory and that may be exclusive as to territory only as to discreet geographical areas outside of the United States. 
 7.2 Changes in Business, Management, Control, or Business Locations. (a) Engage in or permit any of its Subsidiaries to engage in any business other than the businesses currently engaged in by
Borrower and such Subsidiary, as applicable, or reasonably related thereto; (b) liquidate or dissolve; or (c) (i) have a change in Key Person where the Company’s Board of Directors does not replace such Key Person with a
replacement reasonably acceptable to Bank within ninety (90) days of such change or (ii) enter into any transaction or series of related transactions in which the stockholders of Borrower who were not stockholders immediately prior to the
first such transaction own more than forty percent (40%) of the voting stock of Borrower immediately after giving effect to such transaction or related series of such transactions (other than by the sale of Borrower’s equity securities in
a public offering or to venture capital investors so long as Borrower identifies to Bank the venture capital investors prior to the closing of the transaction and provides to Bank a description of the material terms of the transaction). 

Borrower shall not, without at least ten (10) Business Days prior written notice to Bank: (1) add any new offices or business
locations, including warehouses (unless such new offices or business locations contain less than Fifty Thousand Dollars ($50,000) in Borrower’s assets or property) or deliver any portion of the Collateral valued, individually or in the
aggregate, in excess of Fifty Thousand Dollars ($50,000) to a bailee at a location other than to a bailee and at a location already disclosed in the Perfection Certificate, (2) change its jurisdiction of organization, (3) change its
organizational structure or type, (4) change its legal name, or (5) change any organizational number (if any) assigned by its jurisdiction of organization. If Borrower intends to deliver any portion of the Collateral valued, individually
or in the aggregate, in excess of Two Hundred Fifty Thousand Dollars ($250,000) to a bailee (other than with respect to Borrower’s warehouse in Penang, Malaysia), and Bank and such bailee are not already parties to a bailee agreement governing
both the Collateral and the location to which Borrower intends to deliver the Collateral, then Borrower will first receive the written consent of Bank, and such bailee shall execute and deliver a bailee agreement in form and substance satisfactory
to Bank in its sole discretion. 
 7.3 Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries
to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, except that a Subsidiary may merge or consolidate into another
Subsidiary or into Borrower. 
 7.4 Indebtedness. Create, incur, assume, or be liable for any Indebtedness, or permit any
Subsidiary to do so, other than Permitted Indebtedness. 
 7.5 Encumbrance. Create, incur, allow, or suffer any Lien on
any of its property or assign or convey any right to receive income, including the sale of any Accounts, or permit any of its Subsidiaries to do so, except for Permitted Liens, permit any Collateral not to be subject to the first priority security
interest granted herein, or enter into any agreement, document, instrument or other arrangement (except with or in favor of Bank) with any Person which directly or indirectly prohibits or has the effect of prohibiting Borrower or any Subsidiary from
assigning, mortgaging, pledging, granting a security interest in or upon, or encumbering any of Borrower’s or any Subsidiary’s Intellectual Property, except with respect to transactions otherwise permitted in Section 7.1 hereof and
the definition of “Permitted Liens” herein. 
 7.6 Maintenance of Collateral Accounts. Maintain any Collateral
Account except pursuant to the terms of Section 6.6(b) hereof. 
 7.7 Distributions; Investments. (a) Pay any
dividends or make any distribution or payment or redeem, retire or purchase any capital stock provided that (i) Borrower may convert any of its convertible securities into other securities pursuant to the terms of such convertible securities or
otherwise in exchange thereof, (ii) Borrower may pay dividends solely in common stock; and (iii) Borrower may repurchase the stock of former employees, directors or consultants pursuant to stock repurchase agreements so long as an Event of
Default does not exist at the time of such repurchase and would not exist after giving effect to such repurchase, provided such 

  
 13 

 
repurchase does not exceed in the aggregate of Two Hundred Fifty Thousand Dollars ($250,000) per fiscal year; or (b) directly or indirectly make any Investment other than Permitted
Investments, or permit any of its Subsidiaries to do so. 
 7.8 Transactions with Affiliates. Directly or indirectly
enter into or permit to exist any material transaction with any Affiliate of Borrower, except for transactions that are in the ordinary course of Borrower’s business, upon fair and reasonable terms that are no less favorable to Borrower than
would be obtained in an arm’s length transaction with a non-affiliated Person. 
 7.9 Subordinated Debt.
(a) Make or permit any payment on any Subordinated Debt, except under the terms of the subordination, intercreditor, or other similar agreement to which such Subordinated Debt is subject, or (b) amend any provision in any document relating
to the Subordinated Debt which would increase the amount thereof or adversely affect the subordination thereof to Obligations owed to Bank. 
 7.10 Compliance. Become an “investment company” or a company controlled by an “investment company”, under the Investment Company Act of 1940, as amended, or undertake as one of
its important activities extending credit to purchase or carry margin stock (as defined in Regulation U of the Board of Governors of the Federal Reserve System), or use the proceeds of any Credit Extension for that purpose; fail to meet the minimum
funding requirements of ERISA, permit a Reportable Event or Prohibited Transaction, as defined in ERISA, to occur; fail to comply with the Federal Fair Labor Standards Act or violate any other law or regulation, if the violation could reasonably be
expected to have a material adverse effect on Borrower’s business, or permit any of its Subsidiaries to do so; withdraw or permit any Subsidiary to withdraw from participation in, permit partial or complete termination of, or permit the
occurrence of any other event with respect to, any present pension, profit sharing and deferred compensation plan which could reasonably be expected to result in any liability of Borrower, including any liability to the Pension Benefit Guaranty
Corporation or its successors or any other governmental agency. 
 8 EVENTS OF DEFAULT 

Any one of the following shall constitute an event of default (an “Event of Default”) under this Agreement: 

8.1 Payment Default. Borrower fails to (a) make any payment of principal or interest on any Credit Extension on its due date,
or (b) pay any other Obligations within three (3) Business Days after such Obligations are due and payable (which three (3) Business Day cure period shall not apply to payments due on the Revolving Line Maturity Date, the Tranche A
Term Maturity Date or the Tranche B Term Maturity Date). During the cure period, the failure to make or pay any payment specified under clause (a) or (b) hereunder is not an Event of Default (but no Credit Extension will be made during the
cure period); 
 8.2 Covenant Default. 
 (a) Borrower fails or neglects to perform any obligation in Sections 6.2, 6.4, 6.5, 6.6, 6.7, 6.10 or 6.11 or violates any covenant in Section 7; or 

(b) Borrower fails or neglects to perform, keep, or observe any other term, provision, condition, covenant or agreement contained in this
Agreement or any of the other Loan Documents (other than the EX-IM Loan Documents), and as to any default (other than those specified in this Section 8) under such other term, provision, condition, covenant or agreement that can be cured, has
failed to cure the default within ten (10) days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by Borrower be cured within
such ten (10) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional period (which shall not in any case exceed thirty (30) days) to attempt to cure such default, and within such
reasonable time period the failure to cure the default shall not be deemed an Event of Default (but no Credit Extensions shall be made during such cure period). Cure periods provided under this section shall not apply, among other things, to
financial covenants or any other covenants set forth in clause (a) above; 

  
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 8.3 Material Adverse Change. A Material Adverse Change occurs; 

8.4 Attachment; Levy; Restraint on Business. 
 (a) (i) The service of process seeking to attach, by trustee or similar process, any funds of Borrower or of any entity under the control of Borrower (including a Subsidiary) on deposit or otherwise
maintained with Bank or any Bank Affiliate, or (ii) a notice of lien or levy is filed against any of Borrower’s assets by any government agency, and the same under subclauses (i) and (ii) hereof are not, within ten (10) days
after the occurrence thereof, discharged or stayed (whether through the posting of a bond or otherwise); provided, however, no Credit Extensions shall be made during any ten (10) day cure period; or 

(b) (i) any material portion of Borrower’s assets is attached, seized, levied on, or comes into possession of a trustee or receiver,
or (ii) any court order enjoins, restrains, or prevents Borrower from conducting any material part of its business; 

8.5 Insolvency. (a) Borrower is unable to pay its debts (including trade debts) as they become due or otherwise becomes
insolvent; (b) Borrower begins an Insolvency Proceeding; or (c) an Insolvency Proceeding is begun against Borrower and not dismissed or stayed within thirty (30) days (but no Credit Extensions shall be made while of any of the
conditions described in clause (a) exist and/or until any Insolvency Proceeding is dismissed); 
 8.6 Other
Agreements. There is, under any agreement to which Borrower or any Guarantor is a party with a third party or parties, (a) any default resulting in a right by such third party or parties, whether or not exercised, to accelerate the maturity
of any Indebtedness in an amount individually or in the aggregate in excess of Two Hundred Fifty Thousand Dollars ($250,000); or (b) any default by Borrower or Guarantor, the result of which could have a material adverse effect on
Borrower’s or any Guarantor’s business. Notwithstanding any provision of this Agreement or any Loan Document, any non-payment default arising under any EX-IM Loan Documents shall not constitute an Event of Default hereunder unless the
event giving rise to such default also separately constitutes an Event of Default pursuant to the terms of this Agreement. 

8.7 Judgments. One or more final judgments, orders, or decrees for the payment of money in an amount, individually or in the
aggregate, of at least Two Hundred Fifty Thousand Dollars ($250,000) (not covered by independent third-party insurance as to which liability has been accepted by such insurance carrier) shall be rendered against Borrower and the same are not, within
ten (10) days after the entry thereof, discharged or execution thereof stayed or bonded pending appeal, or such judgments are not discharged prior to the expiration of any such stay (provided that no Credit Extensions will be made prior to the
discharge, stay, or bonding of such judgment, order, or decree); 
 8.8 Misrepresentations. Borrower or any Person acting
for Borrower makes any representation, warranty, or other statement now or later in this Agreement, any Loan Document or in any writing delivered to Bank or to induce Bank to enter this Agreement or any Loan Document, and such representation,
warranty, or other statement is incorrect in any material respect when made; 
 8.9 Subordinated Debt. Any document,
instrument, or agreement evidencing any Subordinated Debt shall for any reason be revoked or invalidated or otherwise cease to be in full force and effect, any Person shall be in breach thereof or contest in any manner the validity or enforceability
thereof or deny that it has any further liability or obligation thereunder, or the Obligations shall for any reason be subordinated or shall not have the priority contemplated by this Agreement; or 

8.10 Governmental Approvals. Any Governmental Approval shall have been (a) revoked, rescinded, suspended, modified in an
adverse manner or not renewed in the ordinary course for a full term or (b) subject to any decision by a Governmental Authority that designates a hearing with respect to any applications for renewal of any of such Governmental Approval or that
could result in the Governmental Authority taking any of the actions described in clause (a) above, and in the case of clause (a) or clause (b) such decision or such revocation, rescission, suspension, modification or non-renewal
(i) has, or could reasonably be expected to have, a Material Adverse Change, or (ii) adversely affects the legal qualifications of Borrower or any of its Subsidiaries to hold such 

  
 15 

 
Governmental Approval in any applicable jurisdiction and such revocation, rescission, suspension, modification or non-renewal could reasonably be expected to affect the status of or legal
qualifications of Borrower or any of its Subsidiaries to hold any Governmental Approval in any other jurisdiction and such revocation, rescission, suspension, modification or non-renewal could reasonably be expected to result in a Material Adverse
Change. 
 9 BANK’S RIGHTS AND REMEDIES 

9.1 Rights and Remedies. While an Event of Default occurs and continues Bank may, without notice or demand, do any or all of the
following: 
 (a) declare all Obligations immediately due and payable (but if an Event of Default described in Section 8.5
occurs all Obligations are immediately due and payable without any action by Bank); 
 (b) stop advancing money or extending
credit for Borrower’s benefit under this Agreement or under any other agreement between Borrower and Bank; 
 (c) demand
that Borrower (i) deposit cash with Bank in an amount equal to one hundred percent (100%) of the Dollar Equivalent of the aggregate face amount of all Letters of Credit remaining undrawn (plus all interest, fees, and costs due or to become
due in connection therewith (as estimated by Bank in its good faith business judgment)), to secure all of the Obligations relating to such Letters of Credit, as collateral security for the repayment of any future drawings under such Letters of
Credit, and Borrower shall forthwith deposit and pay such amounts, and (ii) pay in advance all letter of credit fees scheduled to be paid or payable over the remaining term of any Letters of Credit; 

(d) terminate any FX Forward Contracts; 
 (e) settle or adjust disputes and claims directly with Account Debtors for amounts on terms and in any order that Bank considers advisable, notify any Person owing Borrower money of Bank’s security
interest in such funds, and verify the amount of such account; 
 (f) make any payments and do any acts it considers necessary
or reasonable to protect the Collateral and/or its security interest in the Collateral. Borrower shall assemble the Collateral if Bank requests and make it available as Bank designates. Bank may enter premises where the Collateral is located, take
and maintain possession of any part of the Collateral, and pay, purchase, contest, or compromise any Lien which appears to be prior or superior to its security interest and pay all expenses incurred. Borrower grants Bank a license to enter and
occupy any of its premises, without charge, to exercise any of Bank’s rights or remedies; 
 (g) apply to the Obligations
any (i) balances and deposits of Borrower it holds, or (ii) any amount held by Bank owing to or for the credit or the account of Borrower; 
 (h) ship, reclaim, recover, store, finish, maintain, repair, prepare for sale, advertise for sale, and sell the Collateral. Bank is hereby granted a non-exclusive, royalty-free license or ()filer right to
use, without charge, Borrower’s labels, Patents, Copyrights, mask works, rights of use of any name, trade secrets, trade names, Trademarks, and advertising matter, or any similar property as it pertains to the Collateral, in completing
production of, advertising for sale, and selling any Collateral and, in connection with Bank’s exercise of its rights under this Section, Borrower’s rights under all licenses and all franchise agreements inure to Bank’s benefit;

 (i) place a “hold” on any account maintained with Bank and/or deliver a notice of exclusive control, any
entitlement order, or other directions or instructions pursuant to any Control Agreement or similar agreements providing control of any Collateral; 
 (j) demand and receive possession of Borrower’s Books; and 

  
 16 

 (k) exercise all rights and remedies available to Bank under the Loan Documents or at law or
equity, including all remedies provided under the Code (including disposal of the Collateral pursuant to the terms thereof). 

9.2 Power of Attorney. Borrower hereby irrevocably appoints Bank as its lawful attorney-in-fact, exercisable upon the occurrence
and during the continuance of an Event of Default, to: (a) endorse Borrower’s name on any checks or other forms of payment or security; (b) sign Borrower’s name on any invoice or bill of lading for any Account or drafts against
Account Debtors; (c) settle and adjust disputes and claims about the Accounts directly with Account Debtors, for amounts and on terms Bank determines reasonable; (d) make, settle, and adjust all claims under Borrower’s insurance
policies; (e) pay, contest or settle any Lien, charge, encumbrance, security interest, and adverse claim in or to the Collateral, or any judgment based thereon, or otherwise take any action to terminate or discharge the same; and
(f) transfer the Collateral into the name of Bank or a third party as the Code permits. Borrower hereby appoints Bank as its lawful attorney-in-fact to sign Borrower’s name on any documents necessary to perfect or continue the perfection
of Bank’s security interest in the Collateral regardless of whether an Event of Default has occurred until all Obligations (other than inchoate indemnity obligations) have been satisfied in full and Bank is under no further obligation to make
Credit Extensions hereunder. Bank’s foregoing appointment as Borrower’s attorney in fact, and all of Bank’s rights and powers, coupled with an interest, are irrevocable until all Obligations (other than inchoate indemnity obligations)
have been fully repaid and performed and Bank’s obligation to provide Credit Extensions terminates. 
 9.3 Protective
Payments. If Borrower fails to obtain the insurance called for by Section 6.5 or fails to pay any premium thereon or fails to pay any other amount which Borrower is obligated to pay under this Agreement or any other Loan Document, Bank may
obtain such insurance or make such payment, and all amounts so paid by Bank are Bank Expenses and immediately due and payable, bearing interest at the then highest rate applicable to the Obligations, and secured by the Collateral. Bank will make
reasonable efforts to provide Borrower with notice of Bank obtaining such insurance at the time it is obtained or within a reasonable time thereafter. No payments by Bank are deemed an agreement to make similar payments in the future or Bank’s
waiver of any Event of Default. 
 9.4 Application of Payments and Proceeds Upon Default. If an Event of Default has
occurred and is continuing, Bank may apply any funds in its possession, whether from Borrower account balances, payments, proceeds realized as the result of any collection of Accounts or other disposition of the Collateral, or otherwise, to the
Obligations in such order as Bank shall determine in its sole discretion. Any surplus shall be paid to Borrower or other Persons legally entitled thereto; Borrower shall remain liable to Bank for any deficiency. If Bank, in its good faith business
judgment, directly or indirectly enters into a deferred payment or other credit transaction with any purchaser at any sale of Collateral, Bank shall have the option, exercisable at any time, of either reducing the Obligations by the principal amount
of the purchase price or deferring the reduction of the Obligations until the actual receipt by Bank of cash therefor. 
 9.5
Bank’s Liability for Collateral. So long as Bank complies with reasonable banking practices regarding the safekeeping of the Collateral in the possession or under the control of Bank, Bank shall not be liable or responsible for:
(a) the safekeeping of the Collateral; (b) any loss or damage to the Collateral; (c) any diminution in the value of the Collateral; or (d) any act or default of any carrier, warehouseman, bailee, or other Person. Borrower bears
all risk of loss, damage or destruction of the Collateral. 
 9.6 No Waiver; Remedies Cumulative. Bank’s failure, at
any time or times, to require strict performance by Borrower of any provision of this Agreement or any other Loan Document shall not waive, affect, or diminish any right of Bank thereafter to demand strict performance and compliance herewith or
therewith. No waiver hereunder shall be effective unless signed by the party granting the waiver and then is only effective for the specific instance and purpose for which it is given. Bank’s rights and remedies under this Agreement and the
other Loan Documents are cumulative. Bank has all rights and remedies provided under the Code, by law, or in equity. Bank’s exercise of one right or remedy is not an election and shall not preclude Bank from exercising any other remedy under
this Agreement or other remedy available at law or in equity, and Bank’s waiver of any Event of Default is not a continuing waiver. Bank’s delay in exercising any remedy is not a waiver, election, or acquiescence. 

  
 17 

 9.7 Demand Waiver. Borrower waives demand, notice of default or dishonor, notice of
payment and nonpayment, notice of any default, nonpayment at maturity, release, compromise, settlement, extension, or renewal of accounts, documents, instruments, chattel paper, and guarantees held by Bank on which Borrower is liable. 

10 NOTICES 
 All notices, consents, requests, approvals, demands, or other communication by any party to this Agreement or any other Loan Document must be in writing and shall be deemed to have been validly served,
given, or delivered: (a) upon the earlier of actual receipt and three (3) Business Days after deposit in the U.S. mail, first class, registered or certified mail return receipt requested, with proper postage prepaid; (b) upon
transmission, when sent by electronic mail or facsimile transmission; (c) one (1) Business Day after deposit with a reputable overnight courier with all charges prepaid; or (d) when delivered, if hand-delivered by messenger, all of
which shall be addressed to the party to be notified and sent to the address, facsimile number, or email address indicated below. Bank or Borrower may change its mailing or electronic mail address or facsimile number by giving the other party
written notice thereof in accordance with the terms of this Section 10. 
  

			
	If to Borrower:	  	IMPINJ, INC.
		  	701 N. 34th Street, Suite 300
		  	Seattle, WA 98103
		  	Attn: Evan Fein, SVP of Finance & Administration
		  	Fax: 206-517-5262
		  	Email: evan.fein@impinj.com
		
	If to Bank:	  	Silicon Valley Bank
		  	901 5th Avenue, Suite 3900
		  	Seattle, WA 98164
		  	Attn: Nick Christian
		  	Fax: (206) 624-0374
		  	Email: nchristian@svb.com

11 CHOICE OF LAW VENUE JURY TRIAL WAIVER AND JUDICIAL REFERENCE 

California law governs the Loan Documents without regard to principles of conflicts of law. Borrower and Bank each submit to the exclusive
jurisdiction of the State and Federal courts in Santa Clara County, California; provided, however, that nothing in this Agreement shall be deemed to operate to preclude Bank from bringing suit or taking other legal action in any other jurisdiction
to realize on the Collateral or any other security for the Obligations, or to enforce a judgment or other court order in favor of Bank. Borrower expressly submits and consents in advance to such jurisdiction in any action or suit commenced in any
such court, and Borrower hereby waives any objection that it may have based upon lack of personal jurisdiction, improper venue, or forum non conveniens and hereby consents to the granting of such legal or equitable relief as is deemed appropriate by
such court. Borrower hereby waives personal service of the summons, complaints, and other process issued in such action or suit and agrees that service of such summons, complaints, and other process may be made by registered or certified mail
addressed to Borrower at the address set forth in, or subsequently provided by Borrower in accordance with, Section 10 of this Agreement and that service so made shall be deemed completed upon the earlier to occur of Borrower’s actual
receipt thereof or three (3) days after deposit in the U.S. mails, proper postage prepaid. 
 TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, BORROWER AND BANK EACH WAIVE THEIR RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE LOAN DOCUMENTS OR ANY CONTEMPLATED TRANSACTION, INCLUDING CONTRACT, TORT, BREACH
OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR BOTH PARTIES TO ENTER INTO THIS AGREEMENT. EACH PARTY HAS REVIEWED THIS WAIVER WITH ITS COUNSEL. 

  
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 WITHOUT INTENDING IN ANY WAY TO LIMIT THE PARTIES’ AGREEMENT TO WAIVE THEIR RESPECTIVE
RIGHT TO A TRIAL BY JURY, if the above waiver of the right to a trial by jury is not enforceable, the parties hereto agree that any and all disputes or controversies of any nature between them arising at any time shall be decided by a reference to a
private judge, mutually selected by the parties (or, if they cannot agree, by the Presiding Judge of the Santa Clara County, California Superior Court) appointed in accordance with California Code of Civil Procedure Section 638 (or pursuant to
comparable provisions of federal law if the dispute falls within the exclusive jurisdiction of the federal courts), sitting without a jury, in Santa Clara County, California; and the parties hereby submit to the jurisdiction of such court. The
reference proceedings shall be conducted pursuant to and in accordance with the provisions of California Code of Civil Procedure §§ 638 through 645.1, inclusive. The private judge shall have the power, among others, to grant provisional
relief, including without limitation, entering temporary restraining orders, issuing preliminary and permanent injunctions and appointing receivers. All such proceedings shall be closed to the public and confidential and all records relating thereto
shall be permanently sealed. If during the course of any dispute, a party desires to seek provisional relief, but a judge has not been appointed at that point pursuant to the judicial reference procedures, then such party may apply to the Santa
Clara County, California Superior Court for such relief. The proceeding before the private judge shall be conducted in the same manner as it would be before a court under the rules of evidence applicable to judicial proceedings. The parties shall be
entitled to discovery which shall be conducted in the same manner as it would be before a court under the rules of discovery applicable to judicial proceedings. The private judge shall oversee discovery and may enforce all discovery rules and orders
applicable to judicial proceedings in the same manner as a trial court judge. The parties agree that the selected or appointed private judge shall have the power to decide all issues in the action or proceeding, whether of fact or of law, and shall
report a statement of decision thereon pursuant to California Code of Civil Procedure § 644(a). Nothing in this paragraph shall limit the right of any party at any time to exercise self-help remedies, foreclose against collateral, or obtain
provisional remedies. The private judge shall also determine all issues relating to the applicability, interpretation, and enforceability of this paragraph. 
 12 GENERAL PROVISIONS 
 12.1 Successors and Assigns.
This Agreement binds and is for the benefit of the successors and permitted assigns of each party. Borrower may not assign this Agreement or any rights or obligations under it without Bank’s prior written consent (which may be granted or
withheld in Bank’s discretion). Bank has the right, without the consent of or notice to Borrower, to sell, transfer, assign, negotiate, or grant participation in all or any part of, or any interest in, Bank’s obligations, rights, and
benefits under this Agreement and the other Loan Documents (other than the Warrant, as to which assignment, transfer and other such actions are governed by the terms of the Warrant) 

12.2 Indemnification. Borrower agrees to indemnify, defend and hold Bank and its directors, officers, employees, agents,
attorneys, or any other Person affiliated with or representing Bank (each, an “Indemnified Person”) harmless against: (a) all obligations, demands, claims, and liabilities (collectively, “Claims”)
claimed or asserted by any other party in connection with the transactions contemplated by the Loan Documents; and (b) all losses or expenses (including Bank Expenses) in any way suffered, incurred, or paid by such Indemnified Person as a
result of, following from, consequential to, or arising from transactions between Bank and Borrower (including reasonable attorneys’ fees and expenses), except for Claims and/or losses directly caused by such Indemnified Person’s gross
negligence or willful misconduct. 
 12.3 Time of Essence. Time is of the essence for the performance of all Obligations
in this Agreement. 
 12.4 Severability of Provisions. Each provision of this Agreement is severable from every other
provision in determining the enforceability of any provision. 
 12.5 Correction of Loan Documents. Bank may correct
patent errors and fill in any blanks in the Loan Documents consistent with the agreement of the parties. 
 12.6 Amendments
in Writing; Waiver; Integration. No purported amendment or modification of any Loan Document, or waiver, discharge or termination of any obligation under any Loan Document, shall be enforceable or admissible unless, and only to the extent,
expressly set forth in a writing signed by the party against 

  
 19 

 
which enforcement or admission is sought. Without limiting the generality of the foregoing, no oral promise or statement, nor any action, inaction, delay, failure to require performance or course
of conduct shall operate as, or evidence, an amendment, supplement or waiver or have any other effect on any Loan Document. Any waiver granted shall be limited to the specific circumstance expressly described in it, and shall not apply to any
subsequent or other circumstance, whether similar or dissimilar, or give rise to, or evidence, any obligation or commitment to grant any further waiver. The Loan Documents represent the entire agreement about this subject matter and supersede prior
negotiations or agreements. All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of the Loan Documents merge into the Loan Documents. 

12.7 Counterparts. This Agreement may be executed in any number of counterparts and by different parties on separate counterparts,
each of which, when executed and delivered, is an original, and all taken together, constitute one Agreement. 
 12.8
Survival. All covenants, representations and warranties made in this Agreement continue in full force until this Agreement has terminated pursuant to its terms and all Obligations (other than inchoate indemnity obligations and any other
obligations which, by their terms, are to survive the termination of this Agreement) have been paid in full and satisfied. The obligation of Borrower in Section 12.2 to indemnify Bank shall survive until the statute of limitations with respect
to such claim or cause of action shall have run. 
 12.9 Confidentiality. In handling any confidential information, Bank
shall exercise the same degree of care that it exercises for its own proprietary information, but disclosure of information may be made: (a) to Bank’s Subsidiaries or Affiliates (such Subsidiaries and Affiliates, together with Bank,
collectively, “Bank Entities”); (b) to prospective transferees or purchasers of any interest in the Credit Extensions (provided, however, Bank shall use its best efforts to obtain any prospective transferee’s or purchaser’s
agreement to the terms of this provision); (c) as required by law, regulation, subpoena, or other order; (d) to Bank’s regulators or as otherwise required in connection with Bank’s examination or audit; (e) as Bank considers
appropriate in exercising remedies under the Loan Documents; and (f) to third-party service providers of Bank so long as such service providers have executed a confidentiality agreement with Bank with terms no less restrictive than those
contained herein. Confidential information does not include information that is either: (i) in the public domain or in Bank’s possession when disclosed to Bank, or becomes part of the public domain after disclosure to Bank; or
(ii) disclosed to Bank by a third party if Bank does not know that the third party is prohibited from disclosing the information. 
 Bank Entities may use the confidential information for reporting purposes and the development and distribution of databases and market analysis so long as such confidential information is aggregated and
anonymized prior to distribution unless otherwise expressly permitted by Borrower. The provisions of the immediately preceding sentence shall survive the termination of this Agreement. 

12.10 Attorneys’ Fees, Costs and Expenses. In any action or proceeding between Borrower and Bank arising out of or relating
to the Loan Documents, the prevailing party shall be entitled to recover its reasonable attorneys’ fees and other costs and expenses incurred, in addition to any other relief to which it may be entitled. 

12.11 Electronic Execution of Documents. The words “execution,” “signed,” “signature” and words of
like import in any Loan Document 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 and enforceability as a manually executed signature or the use
of a paper-based recordkeeping systems, as the case may be, to the extent and as provided for in any applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act. 

12.12 Captions. The headings used in this Agreement are for convenience only and shall not affect the interpretation of this
Agreement. 
 12.13 Construction of Agreement. The parties mutually acknowledge that they and their attorneys have
participated in the preparation and negotiation of this Agreement. In cases of uncertainty this Agreement shall be construed without regard to which of the parties caused the uncertainty to exist. 

  
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 12.14 Relationship. The relationship of the parties to this Agreement is determined
solely by the provisions of this Agreement. The parties do not intend to create any agency, partnership, joint venture, trust, fiduciary or other relationship with duties or incidents different from those of parties to an arm’s-length contract.

 12.15 Third Parties. Nothing in this Agreement, whether express or implied, is intended to: (a) confer any
benefits, rights or remedies under or by reason of this Agreement on any persons other than the express parties to it and their respective permitted successors and assigns; (b) relieve or discharge the obligation or liability of any person not
an express party to this Agreement; or (c) give any person not an express party to this Agreement any right of subrogation or action against any party to this Agreement. 
 13 DEFINITIONS 
 13.1 Definitions. As used in the Loan
Documents, the word “shall” is mandatory, the word “may” is permissive, the word “or” is not exclusive, the words “includes” and “including” are not limiting, the singular includes the plural, and
numbers denoting amounts that are set off in brackets are negative. As used in this Agreement, the following capitalized teams have the following meanings: 
 “Account” is any “account” as defined in the Code with such additions to such term as may hereafter be made, and includes, without limitation, all accounts receivable and other
sums owing to Borrower. 
 “Account Debtor” is any “account debtor” as defined in the Code with such
additions to such term as may hereafter be made. 
 “Advance” or “Advances” means an advance
(or advances) under the Revolving Line. 
 “Affiliate” is, with respect to any Person, each other Person that
owns or controls directly or indirectly the Person, any Person that controls or is controlled by or is under common control with the Person, and each of that Person’s senior executive officers, directors, partners and, for any Person that is a
limited liability company, that Person’s managers and members. 
 “Agreement” is defined in the preamble
hereof. 
 “Availability Amount” is (a) the lesser of (i) the Revolving Line or (ii) the amount
available under the Domestic Borrowing Base minus (b) the Dollar Equivalent amount of all outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit) plus an amount equal to the Letter of Credit Reserve, minus
(c) the FX Reduction Amount, minus (d) any amounts used for Cash Management Services, and minus (e) the outstanding principal balance of any Advances and any EX-IM Advances. 

“Bank” is defined in the preamble hereof. 
 “Bank Expenses” are all audit fees and expenses, costs, and expenses (including reasonable attorneys’ fees and expenses) for preparing, amending, negotiating, administering,
defending and enforcing the Loan Documents (including, without limitation, those incurred in connection with appeals or Insolvency Proceedings) or otherwise incurred with respect to Borrower. 

“Borrower” is defined in the preamble hereof. 
 “Borrower’s Books” are all Borrower’s books and records including ledgers, federal and state tax returns, records regarding Borrower’s assets or liabilities, the
Collateral, business operations or financial condition, and all computer programs or storage or any equipment containing such information. 
 “Borrowing Base Certificate” means a Domestic Borrowing Base Certificate or an EX-IM Borrowing Base Certificate. 
 “Borrowing Base Report” is defined in Section 6.2(a). 

  
 21 

 “Borrowing Resolutions” are, with respect to any Person, those resolutions
substantially in the form attached hereto as Exhibit E. 
 “Business Day” is any day that is not a Saturday,
Sunday or a day on which Bank is closed. 
 “Cash Equivalents” means (a) marketable direct obligations
issued or unconditionally guaranteed by the United States or any agency or any State thereof having maturities of not more than one (1) year from the date of acquisition; (b) commercial paper maturing no more than one (1) year after
its creation and having the highest rating from either Standard & Poor’s Ratings Group or Moody’s Investors Service, Inc.; (c) Bank’s certificates of deposit issued maturing no more than one (1) year after issue;
and (d) money market funds at least ninety-five percent (95%) of the assets of which constitute Cash Equivalents of the kinds described in clauses (a) through (c) of this definition. 

“Cash Management Services” is defined in Section 2.1.4. 

“Code” is the Uniform Commercial Code, as the same may, from time to time, be enacted and in effect in the State of
California; provided, that, to the extent that the Code is used to define any term herein or in any Loan Document and such term is defined differently in different Articles or Divisions of the Code, the definition of such term contained in Article
or Division 9 shall govern; provided further, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection, or priority of, or remedies with respect to, Bank’s Lien on any Collateral is governed by
the Uniform Commercial Code in effect in a jurisdiction other than the State of California, the term “Code” shall mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction solely for purposes of the
provisions thereof relating to such attachment, perfection, priority, or remedies and for purposes of definitions relating to such provisions. 
 “Collateral” is any and all properties, rights and assets of Borrower described on Exhibit A. 
 “Collateral Account” is any Deposit Account, Securities Account, or Commodity Account. 
 “Commodity Account” is any “commodity account” as defined in the Code with such additions to such term as may hereafter be made. 

“Compliance Certificate” is that certain certificate in the form attached hereto as Exhibit D. 

“Contingent Obligation” is, for any Person, any direct or indirect liability, contingent or not, of that Person for
(a) any indebtedness, lease, dividend, letter of credit or other obligation of another such as an obligation, in each case, directly or indirectly guaranteed, endorsed, co-made, discounted or sold with recourse by that Person, or for which that
Person is directly or indirectly liable; (b) any obligations for undrawn letters of credit for the account of that Person; and (c) all obligations from any interest rate, currency or commodity swap agreement, interest rate cap or collar
agreement, or other agreement or arrangement designated to protect a Person against fluctuation in interest rates, currency exchange rates or commodity prices; but “Contingent Obligation” does not include endorsements in the ordinary
course of business. The amount of a Contingent Obligation is the stated or determined amount of the primary obligation for which the Contingent Obligation is made or, if not determinable, the maximum reasonably anticipated liability for it
determined by the Person in good faith; but the amount may not exceed the maximum of the obligations under any guarantee or other support arrangement. 
 “Control Agreement” is any control agreement entered into among the depository institution at which Borrower maintains a Deposit Account or the securities intermediary or commodity
intermediary at which Borrower maintains a Securities Account or a Commodity Account, Borrower, and Bank pursuant to which Bank obtains control (within the meaning of the Code) over such Deposit Account, Securities Account, or Commodity Account.

 “Copyrights” are any and all copyright rights, copyright applications, copyright registrations and like
protections in each work or authorship and derivative work thereof, whether published or unpublished and whether or not the same also constitutes a trade secret. 

  
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 “Credit Extension” is any Advance, EX-IM Advance, Letter of Credit, Term
Advance, FX Forward Contract, amount utilized for Cash Management Services or any other extension of credit by Bank for Borrower’s benefit. 
 “Default Rate” is defined in Section 2.3(b). 

“Deferred Revenue” is all amounts received or invoiced in advance of performance under contracts and not yet recognized
as revenue. 
 “Deposit Account” is any “deposit account” as defined in the Code with such additions
to such term as may hereafter be made. 
 “Designated Deposit Account” is Borrower’s deposit account,
account number                     , maintained with Bank. 
 “Digital China” means Digital China Macao Commercial Offshore Limited, an entity organized under the laws of China. 

“Dollars,” “dollars” or use of the sign “$” means only lawful money of the United
States and not any other currency, regardless of whether that currency uses the “S” sign to denote its currency or may be readily converted into lawful money of the United States. 

“Dollar Equivalent” is, at any time, (a) with respect to any amount denominated in Dollars, such amount, and
(b) with respect to any amount denominated in a Foreign Currency, the equivalent amount therefor in Dollars as determined by Bank at such time on the basis of the then-prevailing rate of exchange in San Francisco, California, for sales of the
Foreign Currency for transfer to the country issuing such Foreign Currency. 
 “Domestic Borrowing Base” is
(i) eighty percent (80%) of Eligible Domestic Accounts (other than Accounts where Digital China is the account debtor) plus (ii) the least of (a) 80% of Eligible Domestic Accounts where Digital China is the Account Debtor
(b) Five Hundred Thousand Dollars ($500,000) or (c) and amount equal to fifteen percent (15%) of all Eligible Domestic Accounts, all as determined by Bank from Borrower’s most recent Domestic Borrowing Base Certificate; provided,
however, that Bank may, upon fifteen (15) days’ prior written notice, decrease the foregoing percentage in its good faith business judgment based on events, conditions, contingencies, or risks which, as determined by Bank, may adversely
affect such Eligible Domestic Accounts. 
 “Domestic Borrowing Base Certificate” is that certain certificate in
the form attached hereto as Exhibit C. 
 “Domestic Subsidiary” means a Subsidiary organized under the
laws of the United States or any state or territory thereof or the District of Columbia. 
 “Draw Period” is
the period of time from the Effective Date through January 31, 2011. 
 “Effective Date” is defined in the
preamble hereof. 
 “Eligible Accounts” means Eligible Domestic Accounts and EX-IM Eligible Foreign Accounts.

 “Eligible Domestic Accounts” means Accounts which arise in the ordinary course of Borrower’s business
that meet all Borrower’s representations and warranties in Section 5.3. Bank reserves the right at any time after the Effective Date and upon fifteen (15) days prior written notice to Borrower, to adjust any of the criteria set forth
below and to establish new criteria in its good faith business judgment. Unless Bank otherwise agrees in writing, Eligible Accounts shall not include: 
 (a) Accounts for which the Account Debtor is Borrower’s Affiliate, officer, employee, or agent. 

  
 23 

 (b) Accounts that the Account Debtor has not paid within ninety (90) days of invoice
date regardless of invoice payment period terms; 
 (c) Accounts with credit balances over ninety (90) days from invoice
date; 
 (d) Accounts owing from an Account Debtor, in which fifty percent (50%) or more of the Accounts have not been paid
within ninety (90) days of invoice date; 
 (e) Accounts owing from an Account Debtor which does not have its principal
place of business in the United States other than Digital China; 
 (f) Accounts billed and/or payable outside of the United
States other than Digital China; 
 (g) Accounts owing from an Account Debtor to the extent that Borrower is indebted or
obligated in any manner to the Account Debtor (as creditor, lessor, supplier or otherwise - sometimes called “contra” accounts, accounts payable, customer deposits or credit accounts); 

(h) Accounts owing from an Account Debtor, whose total obligations to Borrower exceed twenty-five percent (25%) of all Accounts, for
the amounts that exceed that percentage, unless Bank approves in writing; 
 (i) Accounts owing from an Account Debtor which is
a United States government entity or any department, agency, or instrumentality thereof unless Borrower has assigned its payment rights to Bank and the assignment has been acknowledged under the Federal Assignment of Claims Act of 1940, as amended;

 (j) Accounts for demonstration or promotional equipment, or in which goods are consigned, or sold on a “sale
guaranteed”, “sale or return”, “sale on approval”, or other terms if Account Debtor’s payment may be conditional; 
 (k) Accounts owing from an Account Debtor that has not been invoiced or where goods or services have not yet been rendered to the Account Debtor (sometimes called memo billings or pre-billings);

 (l) Accounts subject to contractual arrangements between Borrower and an Account Debtor where payments shall be scheduled or
due according to completion or fulfillment requirements where the Account Debtor has a right of offset for damages suffered as a result of Borrower’s failure to perform in accordance with the contract (sometimes called contracts accounts
receivable, progress billings, milestone billings, or fulfillment contracts); 
 (m) Accounts owing from an Account Debtor the
amount of which may be subject to withholding based on the Account Debtor’s satisfaction of Borrower’s complete performance (but only to the extent of the amount withheld; sometimes called retainage billings); 

(n) Accounts subject to trust provisions, subrogation rights of a bonding company or a statutory trust; 

(o) Accounts owing from an Account Debtor that has been invoiced for goods that have not been shipped to the Account Debtor unless Bank,
Borrower, and the Account Debtor have entered into an agreement acceptable to Bank in its sole discretion wherein the Account Debtor acknowledges that (i) it has title to and has ownership of the goods wherever located, (ii) a bona fide
sale of the goods has occurred, and (iii) it owes payment for such goods in accordance with invoices from Borrower (sometimes called “bill and hold” accounts); 
 (p) Accounts for which the Account Debtor has not been invoiced; 
 (q) Accounts
that represent non-trade receivables or that are derived by means other than in the ordinary course of Borrower’s business; 

  
 24 

 (r) Accounts for which Borrower has permitted Accounted Debtor’s payment to extend
beyond 90 days; 
 (s) Accounts arising from chargebacks, debit memos or other payment deductions taken by an Account Debtor
(but only to the extent the chargeback is determined invalid and subsequently collected by Borrower); 
 (t) Accounts that
constitute Deferred Revenue offsets; 
 (u) Accounts arising from product returns and/or exchanges (sometimes called
“warranty” or “RMA” accounts); 
 (v) Accounts in which the Account Debtor disputes liability or makes any
claim (but only up to the disputed or claimed amount), or if the Account Debtor is subject to an Insolvency Proceeding, or becomes insolvent, or goes out of business; and 
 (w) Accounts for which Bank in its good faith business judgment determines collection to be doubtful, including, without limitation, accounts represented by “refreshed” or “recycled”
invoices. 
 “Equipment” is all “equipment” as defined in the Code with such additions to such term
as may hereafter be made, and includes without limitation all machinery, fixtures, goods, vehicles (including motor vehicles and trailers), and any interest in any of the foregoing. 

“ERISA” is the Employee Retirement Income Security Act of 1974, and its regulations. 

“Event of Default” is defined in Section 8. 

“Excluded Accounts” is defined in Section 6.6. 

“EX-IM” means the Export-Import Bank of the United States of America. 

“EX-IM Advance” has the meaning set forth in the EX-IM Loan Agreement. 

“EX-IM Borrower Agreement” means that certain Export-Import Bank of the United States Working Capital Guarantee Program,
dated as of even date herewith by and between Bank and Borrower (as the same may from time to time be further amended, modified, supplemented or restated). 
 “EX-IM Borrowing Base Certificate” has the meaning set forth in the EX-IM Loan Agreement. 
 “EX-IM Eligible Foreign Accounts” has the meaning set forth in the EX-IM Loan Agreement. 
 “EX-IM Eligible Foreign Inventory” has the meaning set forth in the EX-IM Loan Agreement. 
 “EX-IM Loan Agreement” means that certain Loan and Security Agreement (EX-IM Loan Facility) dated of even date herewith by and between Bank and Borrower (as the same may from time to time
be further amended, modified, supplemented or restated). 
 “EX-IM Loan Documents” means collectively, the
EX-IM Loan Agreement, EX-IM Borrower Agreement, any note, or notes or guaranties executed by Borrower, and any other present or future agreement between Borrower and/or for the benefit of Bank in connection with the EX-IM Loan Agreement. alt as
amended, extended or restated. 
 “Exchange Act” is the Securities Exchange Act of 1934, as amended.

 “Foreign Currency” means lawful money of a country other than the United States. 

  
 25 

 “Foreign Subsidiary” means any Subsidiary which is not a Domestic
Subsidiary. 
 “Funding Date” is any date on which a Credit Extension is made to or for the account of Borrower
which shall be a Business Day. 
 “FX Business Day” is any day when (a) Bank’s Foreign Exchange
Department is conducting its normal business and (b) the Foreign Currency being purchased or sold by Borrower is available to Bank from the entity from which Bank shall buy or sell such Foreign Currency. 

“FX Forward Contract” is defined in Section 2.1.3. 

“FX Reduction Amount” is defined in Section 2.1.3. 

“FX Reserve” is defined in Section 2.1.3. 
 “GAAP” is generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public
Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other Person as may be approved by a significant segment of the accounting profession, which are applicable to the
circumstances as of the date of determination. 
 “General Intangibles” is all “general intangibles”
as defined in the Code in effect on the date hereof with such additions to such term as may hereafter be made, and includes without limitation, all Intellectual Property, claims, income and other tax refunds, security and other deposits, payment
intangibles, contract rights, options to purchase or sell real or personal property, rights in all litigation presently or hereafter pending (whether in contract, tort or otherwise), insurance policies (including without limitation key man, property
damage, and business interruption insurance), payments of insurance and rights to payment of any kind. 
 “Governmental
Approval” is any consent, authorization, approval, order, license, franchise, permit, certificate, accreditation, registration, filing or notice, of, issued by, from or to, or other act by or in respect of, any Governmental Authority.

 “Governmental Authority” is any nation or government, any state or other political subdivision thereof, any
agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government, any securities exchange and any
self-regulatory organization. 
 “Horizon” means Horizon Technology Funding Company V LLC. 

“Indebtedness” is (a) indebtedness for borrowed money or the deferred price of property or services, such as
reimbursement and other obligations for surety bonds and letters of credit, (b) obligations evidenced by notes, bonds, debentures or similar instruments, (c) capital lease obligations, and (d) Contingent Obligations. 

“Indemnified Person” is defined in Section 12.2. 

“Initial Audit” is Bank’s inspection of the Collateral with results satisfactory to Bank in its sole and absolute
discretion. 
 “Insolvency Proceeding” is any proceeding by or against any Person under the United States
Bankruptcy Code, or any other bankruptcy or insolvency law, including assignments for the benefit of creditors, compositions, extensions generally with its creditors, or proceedings seeking reorganization, arrangement, or other relief. 

“Intellectual Property” means all of Borrower’s right, title, and interest in and to the following: 

(a) its Copyrights, Trademarks and Patents; 

  
 26 

 (b) any and all trade secrets and trade secret rights, including, without limitation, any
rights to unpatented inventions, know-how, operating manuals; 
 (c) any and all source, object or programming code and
software; 
 (d) any and all design rights which may be available to a Borrower; 

(e) any and all published and unpublished works of authorship (including, without limitation, databases and compilations of information);

 (f) any and all internet domain names (including any right related to the registration thereof), trade names, brand names,
d/b/a’s, logos, symbols, and trade dress; 
 (g) any and all claims for damages by way of past, present and future
infringement of any of the foregoing, with the right, but not the obligation, to sue for and collect such damages for said use or infringement of the Intellectual Property rights identified above; and 

(h) and all amendments, renewals and extensions of any of the Copyrights, Trademarks or Patents. 

“Inventory” is all “inventory” as defined in the Code in effect on the date hereof with such additions to such
term as may hereafter be made, and includes without limitation all merchandise, raw materials, parts, supplies, packing and shipping materials, work in process and finished products, including without limitation such inventory as is temporarily out
of Borrower’s custody or possession or in transit and including any returned goods and any documents of title representing any of the above. 
 “Investment” is any beneficial ownership interest in any Person (including stock, partnership interest or other securities), and any loan, advance or capital contribution to any Person.

 “Key Person” means each of (i) Evan Fein, SVP of Finance & Administration and
(ii) William Colleran – CEO. 
 “Letter of Credit” means a standby letter of credit issued by Bank or
another institution based upon an application, guarantee, indemnity or similar agreement on the part of Bank as set forth in Section 2.1.2. 
 “Letter of Credit Application” is defined in Section 2.1.2(b). 
 “Letter of Credit Reserve” has the meaning set forth in Section 2.1.2(e). 
 “Lien” is a claim, mortgage, deed of trust, levy, charge, pledge, security interest or other encumbrance of any kind, whether voluntarily incurred or arising by operation of law or
otherwise against any property. 
 “Loan Documents” are, collectively, this Agreement, the EX-IM Loan
Documents, the Warrant, the Perfection Certificate, any note, or notes or guaranties executed by Borrower or any Guarantor, and any other present or future agreement between Borrower any Guarantor and/or for the benefit of Bank in connection with
this Agreement, all as amended, restated, or otherwise modified. 
 “Make Whole Premium” is an amount equal to
(i) one percent (1.00%) of the outstanding Term Advances if the prepayment is made on or before the first anniversary of the date hereof; (ii) one half of one percent (0.50%) of the outstanding Term Advances if the prepayment is made
on or after the first anniversary hereof but before the second anniversary hereof; and (iii) zero percent (0%) of the outstanding Term Advances if the prepayment is made on or after the second anniversary hereof. 

“Material Adverse Change” is (a) a material impairment in the perfection or priority of Bank’s Lien in the
Collateral or in the value of such Collateral; (b) a material adverse change in the business, operations, or condition (financial or otherwise) of Borrower; or (c) a material impairment of the prospect of repayment of any portion of the
Obligations. 

  
 27 

 “Monthly Financial Statements” is defined in Section 6.2(c).

 “Net Income” means, as calculated on a consolidated basis for Borrower and its Subsidiaries for any period
as at any date of determination, the net profit (or loss), after provision for taxes, of Borrower and its Subsidiaries for such period taken as a single accounting period. 
 “New Capital” means New Equity and New Subordinated Debt. 

“New Equity” means net cash proceeds received by Borrower after the Effective Date from the sale of Borrower’s
equity securities to investors and on terms and conditions reasonably acceptable to Bank. 
 “New Subordinated
Debt” means Subordinated Debt proceeds received by Borrower after the Effective Date. 
 “Obligations”
are Borrower’s obligations to pay when due any debts, principal, interest, Bank Expenses and other amounts Borrower owes Bank now or later, whether under this Agreement, the Loan Documents (other than the Warrant), or otherwise, including,
without limitation, all obligations relating to letters of credit (including reimbursement obligations for drawn and undrawn letters of credit), cash management services, and foreign exchange contracts, if any, and including interest accruing after
Insolvency Proceedings begin and debts, liabilities, or obligations of Borrower assigned to Bank, and to perform Borrower’s duties under the Loan Documents (other than the Warrant). 

“Operating Documents” are, for any Person, such Person’s formation documents, as certified with the Secretary of
State of such Person’s state of formation on a date that is no earlier than 30 days prior to the Effective Date, and, (a) if such Person is a corporation, its bylaws in current form, (b) if such Person is a limited liability company,
its limited liability company agreement (or similar agreement), and (c) if such Person is a partnership, its partnership agreement (or similar agreement), each of the foregoing with all current amendments or modifications thereto. 

“Patents” means all patents, patent applications and like protections including without limitation improvements,
divisions, continuations, renewals, reissues, extensions and continuations-in-part of the same. 
 “Payment/Advance
Form” is that certain form attached hereto as Exhibit B. 
 “Perfection Certificate” is defined
in Section 5.1. 
 “Permitted Indebtedness” is: 

(a) Borrower’s Indebtedness to Bank under this Agreement and the other Loan Documents; 

(b) Indebtedness existing on the Effective Date and shown on the Perfection Certificate; 

(c) Subordinated Debt; 
 (d) unsecured Indebtedness to trade creditors incurred in the ordinary course of business; 
 (e) Indebtedness incurred as a result of endorsing negotiable instruments received in the ordinary course of business; 
 (f) Indebtedness secured by Liens permitted under clauses (a), (c) and (j) of the definition of “Permitted Liens” hereunder; 

  
 28 

 (g) other Indebtedness in an aggregate principal amount not to exceed Fifty Thousand Dollars
($50,000) at any time; and 
 (h) extensions, refinancings, modifications, amendments and restatements of any items of Permitted
Indebtedness (a) through (g) above, provided that the principal amount thereof is not increased or the terms thereof are not modified to impose more burdensome terms upon Borrower or its Subsidiary, as the case may be. 

“Permitted Investments” are: 
 (a) Investments (including, without limitation, Subsidiaries) existing on the Effective Date and shown on the Perfection Certificate and; 

(b) (i) Investments consisting of Cash Equivalents, and (ii) any Investments permitted by Borrower’s investment policy, as
amended from time to time, provided that such investment policy (and any such amendment thereto) has been approved in writing by Bank; 
 (c) Investments consisting of the endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of Borrower; 

(d) Investments consisting of deposit accounts in which Bank has a perfected security interest and Investments consisting of the Excluded
Accounts; 
 (e) Investments accepted in connection with Transfers permitted by Section 7.1; 

(f) Investments consisting of (i) travel advances and employee relocation loans and other employee loans and advances in the
ordinary course of business, and (ii) loans to employees, officers or directors relating to the purchase of equity securities of Borrower or its Subsidiaries pursuant to employee stock purchase plans or agreements approved by Borrower’s
Board of Directors; 
 (g) Investments (including debt obligations) received in connection with the bankruptcy or reorganization
of customers or suppliers and in settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of business; 
 (h) Investments consisting of notes receivable of, or prepaid royalties and other credit extensions, to customers and suppliers who are not Affiliates, in the ordinary course of business; provided that
this paragraph (h) shall not apply to Investments of Borrower in any Subsidiary; and 
 (i) Investments in an amount not to
exceed Fifty Thousand Dollars ($50,000) in any calendar year. 
 “Permitted Liens” are: 

(a) Liens existing on the Effective Date and shown on the Perfection Certificate or arising under this Agreement and the other Loan
Documents; 
 (b) Liens for taxes, fees, assessments or other government charges or levies, either (i) not due and payable
or (ii) being contested in good faith and for which Borrower maintains adequate reserves on its Books, provided that no notice of any such Lien has been filed or recorded under the Internal Revenue Code of 1986, as amended, and the
Treasury Regulations adopted thereunder; 
 (c) purchase money Liens (i) on Equipment acquired or held by Borrower incurred
for financing the acquisition of the Equipment securing no more than One Million Dollars ($1,000,000) in the aggregate amount outstanding, or (ii) existing on Equipment when acquired, if the Lien is confined to the property and
improvements and the proceeds of the Equipment; 

  
 29 

 (d) Liens of carriers, warehousemen, suppliers, or other Persons that are possessory in
nature arising in the ordinary course of business so long as such Liens attach only to Inventory, securing liabilities in the aggregate amount not to exceed Fifty Thousand Dollars ($50,000) and which are not delinquent or remain payable without
penalty or which are being contested in good faith and by appropriate proceedings which proceedings have the effect of preventing the forfeiture or sale of the property subject thereto; 

(e) Liens to secure payment of workers’ compensation, employment insurance, old-age pensions, social security and other like
obligations incurred in the ordinary course of business (other than Liens imposed by ERISA); 
 (f) Liens incurred in the
extension, renewal or refinancing of the indebtedness secured by Liens described in (a) through (c), but any extension, renewal or replacement Lien must be limited to the property encumbered by the existing Lien and the principal amount
of the indebtedness may not increase; 
 (g) leases or subleases of real property granted in the ordinary course of
Borrower’s business (or, if referring to another Person, in the ordinary course of such Person’s business), and leases, subleases, non-exclusive licenses or sublicenses of personal property (other than Intellectual Property) granted in the
ordinary course of Borrower’s business (or, if referring to another Person, in the ordinary course of such Person’s business), if the leases, subleases, licenses and sublicenses do not prohibit granting Bank a security interest
therein; 
 (h) non-exclusive license of Intellectual Property granted to third parties in the ordinary course of business, and
licenses of Intellectual Property that could not result in a legal transfer of title of the licensed property that may be exclusive in respects other than territory and that may be exclusive as to territory only as to discreet geographical areas
outside of the United States; 
 (i) Liens arising from attachments or judgments, orders, or decrees in circumstances not
constituting an Event of Default under Sections 8.4 and 8.7; 
 (j) Liens in favor of Comerica Bank in Borrower’s account
numbers                      and
                     held at such financial institution to secure certain letters of credit in the original face amount of Seven Hundred Fifty
Thousand Dollars ($750,000); and 
 (k) Liens in favor of other financial institutions arising in connection with (i) the
Excluded Accounts and (ii) Borrower’s other deposit and/or securities accounts held at such institutions, provided that in the case of accounts described in clause (ii) above, Bank has a perfected security interest in the amounts held
in such deposit and/or securities accounts. 
 “Person” is any individual, sole proprietorship, partnership,
limited liability company, joint venture, company, trust, unincorporated organization, association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or government agency. 

“Prime Rate” is Bank’s most recently announced “prime rate,” even if it is not Bank’s lowest rate.

 “Registered Organization” is any “registered organization” as defined in the Code with such
additions to such term as may hereafter be made. 
 “Requirement of Law” is as to any Person, the
organizational or governing documents of such Person, and any law (statutory or common), treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person
or any of its property or to which such Person or any of its property is subject. 
 “Responsible Officer” is
any of the Chief Executive Officer, President, Chief Financial Officer, Senior Vice President of Finance and Controller of Borrower. 

  
 30 

 “Restricted License” is any material license or other agreement with
respect to which Borrower is the licensee (a) that prohibits or otherwise restricts Borrower from granting a security interest in Borrower’s interest in such license or agreement or any other property, or (b) for which a default under
or termination of could interfere with the Bank’s right to sell any Collateral. 
 “Revolving Line” is an
Advance or Advances in an amount equal to Four Million Dollars ($4,000,000). 
 “Revolving Line Maturity Date”
is three hundred sixty four (364) days from the Effective Date. 
 “SEC” shall mean the Securities and
Exchange Commission, any successor thereto, and any analogous Governmental Authority. 
 “Securities Account”
is any “securities account” as defined in the Code with such additions to such term as may hereafter be made. 

“Settlement Date” is defined in Section 2.1.3. 

“Subordinated Debt” is indebtedness incurred by Borrower subordinated to all of Borrower’s now or hereafter
indebtedness to Bank (pursuant to a subordination, intercreditor, or other similar agreement in form and substance satisfactory to Bank entered into between Bank and the other creditor), on terms acceptable to Bank. 

“Subsidiary” is, as to any Person, a corporation, partnership, limited liability company or other entity of which shares
of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other
managers of such corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person. Unless the context otherwise
requires, each reference to a Subsidiary herein shall be a reference to a Subsidiary of Borrower. 
 “Tangible Net
Worth” is, on any date, the consolidated total assets of Borrower and its Subsidiaries minus (a) any amounts attributable to (i) goodwill, (ii) intangible items including unamortized debt discount and expense, Patents,
Trademarks, Copyrights, and research and development expenses except prepaid expenses, (iii) notes, accounts receivable and other obligations owing to Borrower from its officers or other Affiliates, and (iv) reserves not already deducted
from assets minus (b) Total Liabilities. 
 “Term Advance” or “Term Advances”
means the Tranche A Term Advance and the Tranche B Term Advances. 
 “Total Liabilities” is on any day,
obligations that should, under GAAP, be classified as liabilities on Borrower’s consolidated balance sheet, including all Indebtedness but excluding up to Seven Million Dollars ($7,000,000) of New Subordinated Debt. 

“Trademarks” means any trademark and servicemark rights, whether registered or not, applications to register and
registrations of the same and like protections, and the entire goodwill of the business of Borrower connected with and symbolized by such trademarks. 
 “Tranche A” means a Term Advance in an aggregate amount of up to One Million Five Hundred Thousand Dollars ($1,500,000). 

“Tranche A Term Advance” has the meaning assigned in Section 2.1.5(a). 

“Tranche A Term Maturity Date” means April 1, 2013. 

“Tranche B” means a Term Advance or Term Advances in an aggregate amount of up to Five Hundred Thousand Dollars
($500,000). 

  
 31 

 “Tranche B Term Advances” has the meaning assigned in
Section 2.1.5(a). 
 “Tranche B Term Maturity Date” is, for each Tranche B Term Advance, a date twenty
seven (27) months after such Tranche B Term Advance but no later than April 1, 2013. 
 “Transfer” is
defined in Section 7.1. 
 “Warrant” is that certain Warrant to Purchase Stock in the form attached hereto
as Exhibit E and executed and delivered by Borrower to Bank no later than thirty (30) days after the Effective Date. 

[Signature page follows.] 

  
 32 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as
of the Effective Date. 
  

			
	BORROWER:
	
	IMPINJ, INC.

			
		
	By	 	 /s/ Evan Fein

			
	Name:	 	 Evan Fein

			
	Title:	 	 SVP Finance

			
	
	BANK:
	
	SILICON VALLEY BANK

			
		
	By	 	 /s/ Nick Christian

			
	Name:	 	 Nick Christian

			
	Title:	 	 Relationship Manager

 EXHIBIT A - COLLATERAL DESCRIPTION 

The Collateral consists of all of Borrower’s right, title and interest in and to the following personal property: 

All goods, Accounts (including health-care receivables), Equipment, Inventory, contract rights or rights to payment of money, leases,
license agreements, franchise agreements, General Intangibles (except as provided below), commercial tort claims, documents, instruments (including any promissory notes), chattel paper (whether tangible or electronic), cash, deposit accounts,
fixtures, letters of credit rights (whether or not the letter of credit is evidenced by a writing), securities, and all other investment property, supporting obligations, and financial assets, whether now owned or hereafter acquired, wherever
located; and 
 all Borrower’s Books relating to the foregoing, and any and all claims, rights and interests in any of the
above and all substitutions for, additions, attachments, accessories, accessions and improvements to and replacements, products, proceeds and insurance proceeds of any or all of the foregoing. 

Notwithstanding the foregoing, the Collateral does not include (i) any Intellectual Property; provided, however, the Collateral
shall include all Accounts and all proceeds of Intellectual Property. If a judicial authority (including a U.S. Bankruptcy Court) would hold that a security interest in the underlying Intellectual Property is necessary to have a security interest in
such Accounts and such property that are proceeds of Intellectual Property, then the Collateral shall automatically, and effective as of the Effective Date, include the Intellectual Property to the extent necessary to permit perfection of
Bank’s security interest in such Accounts and such other property of Borrower that are proceeds of the Intellectual Property, (ii) Bank account numbers
                     and                     
held at Comerica Bank to secure certain letters of credit the original face amount of Seven Hundred Fifty Thousand Dollars ($750,000) if the granting of a lien hereunder in such property is prohibited by or would constitute a default under any
agreement or document governing such property (but only to the extent such prohibition is enforceable under applicable law), provided that upon the termination or lapsing of any such prohibition, such property shall automatically be part of the
Collateral, or (iii) more than 65% of the issued and outstanding voting capital stock of any Subsidiary that is organized in a jurisdiction other than the United States or any state or territory thereof. 

Pursuant to the terms of a certain negative pledge arrangement with Bank, Borrower has agreed not to encumber any of its Intellectual
Property without Bank’s prior written consent. 

 EXHIBIT B - LOAN PAYMENT/ADVANCE REQUEST FORM 

DEADLINE FOR SAME DAY PROCESSING IS
NOON PACIFIC TIME* 
  

					
	Fax To:	  	 	  	Date: 5/7/10

							
	 LOAN PAYMENT:

 

                IMPINJ,
INC.

 

			
	From Account #	 	  

		 	(Deposit Account #)

  

			
	Principal $	 	  

 

					
	Authorized Signature:	 	  
	 	

					
	Print Name/Title:	 	  
	 	

					
		 	To Account #	 	  

		 		 	(Loan Account #)

  

					
		 	and/or Interest $	 	  

 

							
		 	Phone Number:	 	  
	 	

 

  

 
 LOAN ADVANCE:

 Complete Outgoing Wire Request section below if all or a portion of the funds from this loan advance are for an outgoing wire.

 

			
	From Account #	 	 New

		 	(Deposit Account #)

  

			
	Principal	 	
$1,500,000.00

			
	To Account #	 	
                    
 

		 	(Loan Account #)

 

  
 All Borrower’s representations
and warranties in the Loan and Security Agreement are true, correct and complete in all material respects on the ate of the request for an advance; provided, however, that such materiality qualifier shall not be applicable to any representations and
warranties tat already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date all be true, ac rate and complete in all material respects as
of such date: 

 

			
	Authorized Signature:	 	 /s/ Evan Fein

			
	Print Name/Title:	 	 Evan
Fein

			
	Phone Number:	 	 206-834-1050

		 	

 

  

 
 OUTGOING WIRE
REQUEST: 
 Complete only if all or a portion of funds from the loan advance above is to be wired. 

Deadline for same day processing is noon, Pacific Time 

 

			
	Beneficiary Name:	 	  

			
	Beneficiary Bank:	 	  

					
	City and State:	 	  
	 	

					
		  	Amount of Wire: $                      
  
		  	Account
Number:                         
		  	Amount of Wire:
$                        

 

 

			
	Beneficiary Bank Transit (ABA) #:	 	  

		 	

			
	Beneficiary Bank Code (Swift, Sort, Chip, etc.):	 	  

	    (For International Wire
Only)

 

  

							
	Intermediary Bank:	 	  
	 		 	Transit (ABA) #:      

			
	or Further Credit to:	 	  

 

			
	Special Instruction:	 	  

 By signing below. I (we) acknowledge and agree that my (our) funds transfer request shall be processed in accordance with and subject to the terms and conditions set, forth in the agreements(s)
covering finds transfer service(s), which agreements(s) were previously received and executed by me (us). 

 

			
	Authorized Signature:	 	  

			
	Print Name/Title:	 	  

			
	Telephone #:	 	
 

			
	2nd Signature (if required):	 	  

			
	Print Name/Title:	 	  

			
	Telephone #:	 	
 

 

  
  

	*	Unless otherwise provided for an Advance bearing interest at LIBOR. 

 EXHIBIT C 

DOMESTIC BORROWING BASE CERTIFICATE 
  

 
 Borrower: Impinj, Inc. 

Lender: Silicon Valley Bank 
 Commitment
Amount:        $4,000,000 
  

							
	 ACCOUNTS RECEIVABLE
	  			
	1.	  	 Accounts Receivable (invoiced) Book Value as of
                    
	  	$	                    	  
	2.	  	 Additions (please explain on next page)
	  	$	                    	  
	3.	  	 Less: Intercompany / Employee / Non-Trade Accounts
	  	$	                    	  
	4.	  	 NET TRADE ACCOUNTS RECEIVABLE
	  	$	                    	  
		
	 ACCOUNTS RECEIVABLE DEDUCTIONS (without duplication)
	  			
	5.	  	 90 Days Past Invoice Date
	  	$	                    	  
	6.	  	 Credit Balances over 90 Days
	  	$	                    	  
	7.	  	 Balance of 50% over 90 Day Accounts (Cross-Age or Current Affected)
	  	$	                    	  
	8.	  	 Foreign Account Debtor Accounts
	  	$	                    	  
	9.	  	 Foreign Invoiced and/or Collected Accounts
	  	$	                    	  
	10.	  	 Contra/Customer Deposit Accounts
	  	$	                    	  
	11.	  	 Concentration Limits
	  	$	                    	  
	12.	  	 U.S. Governmental Accounts
	  	$	                    	  
	13.	  	 Promotion or Demo Accounts; Guaranteed Sale or Consignment Sale Accounts
	  	$	                    	  
	14.	  	 Accounts with Memo or Pre-Billings
	  	$	                    	  
	15.	  	 Contract Accounts: Accounts with Progress / Milestone Billings
	  	$	                    	  
	16.	  	 Accounts for Retainage Billings
	  	$	                    	  
	17.	  	 Trust / Bonded Accounts
	  	$	                    	  
	18.	  	 Bill and Hold Accounts
	  	$	                    	  
	19.	  	 Unbilled Accounts
	  	$	                    	  
	20.	  	 Non-Trade Accounts (if not already deducted above)
	  	$	                    	  
	21.	  	 Accounts with Extended Term Invoices (Net 90+)
	  	$	                    	  
	22.	  	 Chargeback Accounts / Debit Memos
	  	$	                    	  
	23.	  	 Product Returns/Exchanges
	  	$	                    	  
	24.	  	 Disputed Accounts; Insolvent Account Debtor Accounts
	  	$	                    	  
	25.	  	 Other (please explain on next page)
	  	$	                    	  
	26.	  	 TOTAL ACCOUNTS RECEIVABLE DEDUCTIONS
	  	$	                    	  
			
	27.	  	 Eligible Accounts (#4 minus #26)
	  	$	                    	  
	28.	  	 ELIGIBLE AMOUNT OF ACCOUNTS (80% of #27)
	  	$	                    	  
		
	 BALANCES
	  			
	29.	  	 Maximum Loan Amount
	  	$	4,000,000	  
	30.	  	 Total Funds Available [Lesser of #28 or #29]
	  	$	                    	  
	31.	  	 Present balance owing on Line of Credit
	  	$	                    	  
	32.	  	 Outstanding under Sublimits
	  	$	                    	  
	33.	  	 Outstanding EX-IM Advances
	  	$	                    	  
	34.	  	 RESERVE POSITION (#30 minus #31, #32 and #33)
	  	$	                    	  

 [Continued on
following page.] 

 Explanatory comments from previous page: 

 

	
	  

	  

	  

	  

 The undersigned represents and warrants that this is true, complete and correct, and that the information in this Domestic Borrowing Base Certificate complies with the representations and warranties in
the Loan and Security Agreement between the undersigned and Silicon Valley Bank. 

 

			
	COMMENTS:
		
	By:	 	  

			
		 	Authorized Signer
	Date:	 	
 

			
	BANK USE ONLY
		
	Received by:	 	  

			
		 	AUTHORIZED SIGNER
	Date: _

			
		
	Verified:	 	  

			
		 	AUTHORIZED SIGNER
		
	Date:	 	  

			
		
	Compliance Status:	 	Yes            
No

 

  

 EXHIBIT D 

BORROWING RESOLUTIONS 
 SVB >SiliconValley Bank 
 A Member of SVB Financial Group 

CORPORATE BORROWING CERTIFICATE 
  

					
	BORROWER:	  	IMPINJ, INC. 	  	DATE: May 7, 2010
	BANK:	  	Silicon Valley Bank	  	

 I hereby certify as follows, as of the date set forth above: 

1. I am the Secretary, Assistant Secretary or other officer of the Borrower. My title is as set forth below. 

2. Borrower’s exact legal name is set forth above. Borrower is a corporation existing under the laws of the State of Delaware. 

3. Attached hereto are true, correct and complete copies of Borrower’s Articles/Certificate of Incorporation (including amendments), as filed with
the Secretary of State of the state in which Borrower is incorporated as set forth in paragraph 2 above. Such Articles/Certificate of Incorporation have not been amended, annulled, rescinded, revoked or supplemented, and remain in full force and
effect as of the date hereof. 
 4. The following resolutions were duly and validly adopted by Borrower’s Board of Directors at a duly held
meeting of such directors (or pursuant to a unanimous written consent or other authorized corporate action). Such resolutions are in full force and effect as of the date hereof and have not been in any way modified, repealed, rescinded, amended or
revoked, and Bank may rely on them until Bank receives written notice of revocation from Borrower. 

RESOLVED, that any one of the following officers or employees of Borrower, whose names, titles
and signatures are below, may act on behalf of Borrower: 
  

							
	 Name
	  	 Title
	  	 Signature
	  	 Authorized to Add
or
Remove
Signatories

				
	 Evan Fein
	  	 SVP Finance
	  	  
	  	x
				
	 William T. Colleran
	  	 CEO & President
	  	 /s/ William T. Colleran
	  	x
				
	  
	  	  
	  	  
	  	 ̈
				
	  
	  	  
	  	  
	  	 ̈

 RESOLVED FURTHER, that any one of the persons designated above with a checked box beside his or her name may, from time to time, add or remove
any individuals to and from the above list of persons authorized to act on behalf of Borrower. 
 RESOLVED
FURTHER, that such individuals may, on behalf of Borrower: 
 Borrow Money. Borrow money
from Silicon Valley Bank (“Bank”). 
 Execute Loan Documents. Execute any loan documents Bank requires.

 Grant Security. Grant Bank a security interest in any of Borrower’s assets. 

Negotiate Items. Negotiate or discount all drafts, trade acceptances, promissory notes, or other indebtedness in which Borrower has
an interest and receive cash or otherwise use the proceeds. 
 Letters of Credit. Apply for letters of credit From Bank.

 Foreign Exchange Contracts. Execute spot or forward foreign exchange contracts. 

Issue Warrants. Issue warrants for Borrower’s capital stock. 

 Further Acts. Designate other individuals to request advances, pay fees and costs and
execute other documents or agreements (including documents or agreement that waive Borrowers right to a jury trial) they believe to be necessary to effectuate such resolutions. 
 RESOLVED FURTHER, that all acts authorized by the above resolutions and any prior acts relating thereto are ratified. 
 5. The persons listed above are Borrower’s officers or employees with their titles and signatures shown next to their names. 

 

			
	IMPINJ, INC.
		
	By:	 	 /s/ Evan Fein

	Name:	 	 Evan Fein

	Title:	 	 SVP Finance

*** If the Secretary, Assistant Secretary or other certifying officer executing above is designated by the resolutions set forth in
paragraph 4 as one of the authorized signing officers, this Certificate must also be signed by a second authorized officer or director of Borrower. 
 I, the CEO & President of Borrower, hereby certify as to paragraphs I through 5 above, as date set forth above. 
 [print title] 
  

			
	By:	 	 /s/ William T. Colleran

	Name:	 	 William T. Colleran

	Title:	 	 CEO & President

 EXHIBIT E 

COMPLIANCE CERTIFICATE 
  

					
	TO:	 	SILICON VALLEY BANK	  	Date:                     
	FROM:	 	IMPINJ, INC.	  	

 The undersigned authorized officer of Impinj, Inc. (“Borrower”) certifies that under the
terms and conditions of the Loan and Security Agreement between Borrower and Bank (the “Agreement”): 
 (1) Borrower
is in complete compliance for the period ending                      with all required covenants except as noted below; (2) there are no
Events of Default; (3) all representations and warranties in the Agreement are true and correct in all material respects on this date except as noted below; provided, however, that such materiality qualifier shall not be applicable to any
representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in
all material respects as of such date; (4) Borrower, and each of its Subsidiaries, has timely filed all required tax returns and reports, and Borrower has timely paid all foreign, federal, state and local taxes, assessments, deposits and
contributions owed by Borrower except as otherwise permitted pursuant to the terms of Section 5.9 of the Agreement; and (5) no Liens have been levied or claims made against Borrower or any of its Subsidiaries relating to unpaid employee
payroll or benefits of which Borrower has not previously provided written notification to Bank. 
 Attached are the required
documents supporting the certification. The undersigned certifies that these are prepared in accordance with GAAP consistently applied from one period to the next except as explained in an accompanying letter or footnotes. The undersigned
acknowledges that no borrowings may be requested at any time or date of determination that Borrower is not in compliance with any of the terms of the Agreement, and that compliance is determined not just at the date this certificate is delivered.
Capitalized terms used but not otherwise defined herein shall have the meanings given them in the Agreement. 
 Please indicate compliance
status by circling Yes/No under “Complies” column. 
  

									
	 Reporting Covenant
	  	 Required
	 	  	 Complies

			
	Monthly financial statements with Compliance Certificate	  	Monthly within 30 days	  	  	Yes            No
	Annual financial statement (CPA Audited) + CC	  	FYE within 180 days	  	  	Yes            No
	10-Q, 10-K and 8-K	  	Within 5 days after filing with SEC	  	  	Yes            No
	Domestic Borrowing Base Certificate, EX-IM Borrowing Base Certificate, Domestic A/R & A/P Agings, Foreign A/R. & A/P Agings, Inventory Report, Deferred Revenue
Report (if requested)	  	Monthly within 30 days	  	  	Yes            No
	EX-IM Invoices	  	Quarterly within 30 days	  	  	Yes            No
	Annual Projections	  	45 days prior to FYE	  				  	Yes            No
				
	 Financial Covenant
	  	 Required
	  	Actual	 	  	 Complies

				
	 Maintain at all times
	  	See Schedule	  	$	                    	  	  	Yes            No
	 Minimum Tangible Net Worth
	  		  				  	Yes            No
	 New Capital Milestone ($5,000,000)
	  	6/30/10	  	 	            :1.0	  	  	Yes            No

The following financial covenant analyses and information set forth in Schedule 1 attached hereto are true and accurate as of the date of
this Certificate. 

 The following are the exceptions with respect to the certification above: (If no exceptions
exist, state “No exceptions to note.”) 
  

	
	  

	  

	  

	  

 

			
	IMPINJ, INC.
		
	By:	 	  

			
	Name:	 	  

			
	Title:	 	
 

			
	BANK USE ONLY
		
	Received by:	 	  

			
		 	AUTHORIZED SIGNER

			
	Date:	 	  

			
		
	Verified:	 	  

			
		 	AUTHORIZED SIGNER

			
		
	Date:	 	  

			
		
	Compliance Status:	 	Yes            
No

 

 Schedule 1 to Compliance Certificate 

Financial Covenants of Borrower 
 In the event of a conflict between this Schedule and the Loan Agreement, the terms of the Loan Agreement shall govern. 
 Dated:                      
 Tangible Net Worth (Section 6.7(a)) 
 Required: at least Three Million Seven Hundred Fifty
Thousand Dollars ($3,750,000) stepping up as of the last day of each quarter by an amount equal to (i) fifty percent (50%) of Net Income, plus (ii) fifty percent (50%) of the principal amount of any New Subordinated Debt incurred
by Borrower in an amount up to Five Million Dollars ($5,000,000), plus (iii) twenty five percent (25%) of any New Capital received by Borrower in excess of Five Million Dollars ($5,000,000) but less than Seven Million Dollars ($7,000,000)
plus (iv) fifty percent (50%) of any New Capital received by Borrower in excess of Seven Million Dollars ($7,000,000); provided however in no case shall the aggregate Tangible Net Worth requirement step ups in subsections (iii) and
(iv) above with respect to any New Capital (provided that New Subordinated Debt shall only be included in this calculation of New Capital if fifty percent (50%) or more of such New Subordinated Debt is issued to existing investors of
Borrower) exceed Three Million Seven Hundred Filly Thousand Dollars ($3,750,000) in the aggregate. 
 Actual: 

							
	A.	  	Aggregate value of total assets of Borrower and its Subsidiaries	  	$	                    	  
			
	B.	  	Aggregate value of goodwill of Borrower and its Subsidiaries	  	$	                    	  
			
	C.	  	Aggregate value of intangible assets of Borrower and its Subsidiaries	  	$	                    	  
			
	D.	  	Aggregate value of obligations owing to Borrower from officers or Affiliates	  	$	                    	  
			
	E.	  	Aggregate value of any reserves not already deducted from assets	  	$	                    	  
			
	F.	  	Aggregate value of obligations that should, under GAAP, be classified as liabilities on Borrower’s consolidated balance sheet, including all Indebtedness	  	$	                    	  
			
	G.	  	Tangible Net Worth (line A minus line B minus line C minus line D minus line E minus line F)	  	$	                    	  

 Is line G equal to or greater
than at least Three Million Seven Hundred Fifty Thousand Dollars ($3,750,000) stepping up as of the last day of each quarter by an amount equal to (i) fifty percent (50°A) of Net Income, plus (ii) fifty percent (50%) of the
principal amount of any New Subordinated Debt incurred by Borrower in an amount up to Five Million Dollars ($5,000,000), plus (iii) twenty five percent (25%) of any New Capital received by Borrower in excess of Five Million Dollars
($5,000,000) but less than Seven Million Dollars ($7,000,000) plus (iv) fifty percent (50%) of any New Capital received by Borrower in excess of Seven Million Dollars ($7,000,000); provided however in no case shall the aggregate Tangible
Net Worth requirement step ups in subsections (iii) and (iv) above with respect to any New Capital (provided that New Subordinated Debt shall only be included in this calculation of New Capital if fifty percent (50%) or more of such
New Subordinated Debt is issued to existing investors of Borrower) exceed Three Million Seven Hundred Fifty Thousand Dollars ($3,750,000) in the aggregate. 
  

			
	                 No, not in compliance
	  	                    Yes, in compliance

 EXHIBIT F 

WARRANTLoan & Security (EX-IM Loan Facility) w/ Silicon Valley Bank, dated 5/7/2010

 Exhibit 10.25 
 LOAN AND SECURITY AGREEMENT (EX-IM LOAN FACILITY) 
 THIS LOAN AND
SECURITY AGREEMENT (EX-IM LOAN FACILITY) (“EX-IM AGREEMENT”) dated as of the Closing Date, between SILICON VALLEY BANK (“Bank”), California corporation, and IMPINJ, INC., a Delaware corporation (“Borrower”),
provides the terms on which Bank will lend to Borrower and Borrower will repay Bank. The parties agree as follows: 
  

	 	1.	ACCOUNTING AND OTHER TERMS 

 Accounting terms not defined in this EX-IM Agreement will be construed following GAAP, calculations and determinations must be made following GAAP. The term “financial statements” includes the
notes and schedules thereto. The terms “including” and “includes” always mean “including (or includes) without limitation” in this or any Loan Document. This EX-IM Agreement shall be construed to impart upon Bank a duty
to act reasonably at all times. 
  

	 	2.	LOAN AND TERMS OF PAYMENT 

  

	 	2.1	Promise to Pay. 

 Borrower
will pay Bank the unpaid principal amount of all EX-IM Advances and interest on the unpaid principal amount of the EX-IM Advances as and when due in accordance with this EX-IM Agreement. 

 

	 	2.1.1	EX-IM Advances. 

 (a) Bank
will make EX-IM Advances to Borrower not exceeding (i) the lesser of (x) the EX-IM Committed Line or (y) the Foreign Borrowing Base, minus (ii) the outstanding principal balance of any EX-IM Advances; provided, however, and
notwithstanding any other term or provision of this EX-IM Agreement, the aggregate amount of outstanding EX-IM Advances hereunder together with the aggregate amount of Advances outstanding under the Domestic Loan Agreement shall not in any event
exceed Four Million Dollars ($4,000,000) jointly. Amounts borrowed under this Section may be repaid and reborrowed during the term of this EX-IM Agreement. 
 (b) To obtain an EX-IM Advance, Borrower must notify Bank by facsimile or telephone by 12:00 p.m. Pacific time on the Business Day the EX-IM Advance is to be made. Borrower must promptly confirm the
notification by delivering to Bank a completed Transaction Report attached as Exhibit B and submit Export Orders in connection with such EX-IM Advance. Bank will credit EX-IM Advances to Borrower’s deposit account at Bank. Bank may make
Credit Extensions under this EX-IM Agreement based on instructions from a Responsible Officer or his or her designee or without instructions if the Credit Extensions are necessary to meet Obligations which have become due. Bank may rely on any
telephone notice given by a person whom Bank believes is a Responsible Officer or designee. Borrower will indemnify Bank for any loss suffered by Bank from that reliance. 
 (c) The EX-IM Committed Line terminates on the EX-IM Maturity Date, when all EX-IM Advances and other amounts due under this EX-IM Agreement are immediately payable. 

 

	 	2.2	Overadvances. 

 If the
aggregate outstanding principal amount of EX-IM Advances made under Section 2.1.1 exceed the lesser of either (i) the EX-IM Committed Line or (ii) the Foreign Borrowing Base, Borrower must immediately pay Bank the excess. 

 

	 	2.3	Interest Rate, Payments. 

(a) Interest Rate. EX-IM Advances accrue interest on the outstanding principal balance at a floating per annum rate equal to the greater
of the Prime Rate or four percent (4.00%) which interest shall be payable monthly. During the existence of an Event of Default. Obligations accrue interest at five percent (5%) above the rate effective immediately before the Event of
Default. The interest rate increases or decreases when the Prime Rate changes. Interest is computed on a three hundred sixty (360) day year for the actual number of days elapsed. 

  
 1 

 (b) Payments. Interest due on the EX-IM Committed Line is payable on the
first (1st) day of each month. Bank may debit any of
Borrower’s deposit accounts including the Designated Deposit Account for principal and interest payments or any amounts Borrower owes Bank. Bank will notify Borrower when it debits Borrower’s accounts. These debits are not a set-off.
Payments received after 12:00 noon Pacific time are considered received at the opening of business on the next Business Day. When a payment is due on a day that is not a Business Day, the payment is due the next Business Day and additional fees or
interest accrues. 
  

	 	2.4	Fees. 

 Borrower will pay:

 (a) Bank Expenses. On the Closing Date, all Bank Expenses (including reasonable attorneys’ fees and expenses) invoiced
to Borrower (provided however that legal fees, including all EX-IM Bank Expenses shall not exceed Seventeen Thousand Five Hundred Dollars ($17,500) on the Closing Date), and within ten (10) Business Days after demand therefor, all Bank Expenses
incurred through and after the date of this EX-IM Agreement (including reasonable attorneys’ fees and expenses); and 
 (b)
EX-IM Bank Expenses. On the Closing Date, EX-IM Bank Expenses incurred through the date hereof (provided however Bank Expenses shall not exceed Seventeen Thousand Five Hundred Dollars ($17,500) on the Closing Date). 

 

	 	2.5	Use of Proceeds. 

Borrower will use the proceeds of the EX-IM Advances only for the purposes specified in the EX-IM Borrower Agreement. Borrower will not
use the proceeds of the EX-IM Advances for any purpose prohibited by the EX-IM Borrower Agreement. 
  

	 	2.6	EX-IM Guarantee. 

 To
facilitate the financing of EX-IM Eligible Foreign Accounts, the EX-IM Bank has agreed to guarantee the EX-IM Advances made under this EX-IM Agreement, pursuant to a Master Guarantee Agreement, Loan Authorization Agreement and (to the extent
applicable) Delegated Authority Letter Agreement (collectively, the “EX-IM Guarantee”). If, at any time after the EX-IM Guarantee has been entered into by Bank, for any reason other than due to any action or inaction of Borrower under the
EX-IM Guarantee, (a) the EX-IM Guarantee shall cease to be in full force and effect, or (b) if the EX-IM Bank declares the EX-IM Guarantee void or revokes any obligations thereunder or denies liability thereunder, and any Overadvance
results from either of the foregoing, Bank shall provide notice of such Overadvance to Borrower, and Borrower shall immediately pay the amount of the excess to Bank. If, at any time after the EX-IM Guarantee has been entered into by Bank, for any
reason other than the one described in the foregoing sentence, (x) the EX-IM Guarantee shall cease to be in full force and effect, or (y) the EX-IM Bank declares the EX-IM Guarantee void or revokes any obligations thereunder or denies
liability thereunder, any such event shall constitute an Event of Default under this EX-IM Agreement. Nothing in any confidentiality agreement in this EX-IM Agreement or in any other agreement shall restrict Bank’s right to make disclosures and
provide information to the EX-IM Bank in connection with the EX-IM Guarantee. 
  

	 	2.7	EX-IM Borrower Agreement. 

Borrower shall execute and deliver a Borrower Agreement, in the form specified by the EX-IM Bank (attached hereto as Annex A), in favor of
Bank and the EX-IM Bank, together with an amendment thereto approved by the EX-IM Bank to conform certain terms of such Borrower Agreement to the terms of this EX-IM Agreement (as amended, the “EX-IM Borrower Agreement”). When the EX-IM
Borrower Agreement is entered into by Borrower and the EX-IM Bank and delivered to Bank, this EX-IM Agreement shall be subject to all of the terms and conditions of the EX-IM Borrower Agreement, all of which are hereby incorporated herein by this
reference. From 

  
 2 

 
and after the time Borrower and the EX-IM Bank have entered into the EX-IM Borrower Agreement and delivered the same to Bank, subject to the terms of Section 8.6 of the Domestic Loan
Agreement, Borrower expressly agrees to perform all of the obligations and comply with all of the affirmative and negative covenants and all other terms and conditions set forth in the EX-IM Borrower Agreement as though the same were expressly set
forth herein. In the event of any conflict between the terms of the EX-IM Borrower Agreement (if then in effect) and the other terms of this EX-IM Agreement, whichever terms are more restrictive shall apply. Borrower acknowledges and agrees that it
has received a copy of the Loan Authorization Agreement which is referred to in the EX-IM Borrower Agreement. If the EX-IM Borrower Agreement is entered into by Borrower and the EX-IM Bank and delivered to Bank, Borrower agrees to be bound by the
terms of the Loan Authorization Agreement, including, without limitation, by any additions or revisions made prior to its execution on behalf of EX-IM Bank. Upon the execution of the Loan Authorization Agreement by EX-IM Bank and Bank, it shall
become an attachment to the EX-IM Borrower Agreement. Borrower shall reimburse Bank for all fees and all out of pocket costs and expenses incurred by Bank with respect to the EX-IM Guaranty and the EX-IM Borrower Agreement, including without
limitation all facility fees and usage fees, and Bank is authorized to debit any of Borrower’s deposit accounts with Bank for such fees, costs and expenses when paid by Bank. All capitalized terms used herein but not defined herein shall have
the meaning given such terms in the EX-IM Borrower Agreement. 
  

	 	3.	CONDITIONS OF LOANS  

  

	 	3.1	Conditions Precedent to initial EX-IM Advance. 

 Bank’s obligation to make the initial EX-IM Advance is subject to the condition precedent that it receives the agreements, documents and fees it requires. 

 

	 	3.2	Conditions Precedent to all EX-IM Advances. 

 Bank’s obligations to make each EX-IM Advance, including the initial EX-IM Advance, is subject to the following: 
 (a) timely receipt of any export purchase order and an EX-IM Borrowing Base Certificate in substantially the form of Exhibit B (the “EX-IM Borrowing Base Certificate”) relating to the
request; 
 (b) receipt of a Transaction Report; 
 (c) the representations and warranties in Section 5 must be true in all material respects on the date of the Transaction Report and on the effective date of each EX-IM Advance (or, if stated to have
been made solely as of an earlier date, were true in all material respects as of such date) and no Event of Default shall have occurred and be continuing, or result from the EX-IM Advance. Each EX-IM Advance is Borrower’s representation and
warranty on that date that the representations and warranties of Section 5 remain true in all material respects; and 
 (d)
the EX-IM Guarantee will be in full force and effect. 
  

	 	4.	CREATION OF SECURITY INTEREST  

  

	 	4.1	Grant of Security Interest. 

 Borrower grants Bank a continuing security interest in all presently existing and later acquired Collateral to secure all Obligations and performance of each of Borrower’s duties under the Loan
Documents. Except for Permitted Liens, any security interest will be a first priority security interest in the Collateral. Bank may place a “hold” on any deposit account pledged as Collateral if an Event of Default has occurred and is
continuing. 
  

	 	4.2	Authorization to File. 

Borrower authorizes Bank to file financing statements without notice to Borrower, with all appropriate jurisdictions, as Bank deems
appropriate, in order to perfect or protect Bank’s interest in the Collateral. 

  
 3 

	 	5.	REPRESENTATIONS AND WARRANTIES 

 Borrower represents and warrants as follows: 
  

	 	5.1	Domestic Loan Documents. 

The representations and warranties contained in the Domestic Loan Documents, which are incorporated into this EX-IM Agreement, are true
and correct. 
  

	 	5.2	Accounts Receivable; Inventory. 

 (a) For each Account Receivable with respect to which EX-IM Advances are requested, on the date each EX-IM Advance is requested and made, such Account Receivable shall meet the Minimum EX-IM Foreign
Eligibility Requirements, as the case may be, set forth in Section 13.1 below. 
 (b) All statements made and all unpaid
balances appearing in all invoices, instruments and other documents evidencing the Accounts Receivable are and shall be true and correct and all such invoices, instruments and other documents, and all of Borrower’s Books are genuine and in all
respects what they purport to be. All sales and other transactions underlying or giving rise to each Account Receivable shall comply in all material respects with all applicable laws and governmental rules and regulations. Borrower has no knowledge
of any actual or imminent Insolvency Proceeding of any Account Debtor whose accounts are an EX-IM Eligible Account in any EX-IM Borrowing Base Certificate. To the best of Borrower’s knowledge, all signatures and endorsements on all documents,
instruments, and agreements relating to all Accounts Receivable are genuine, and all such documents, instruments and agreements are legally enforceable in accordance with their terms. 

(c) For any item of Inventory consisting of EX-IM Eligible Foreign Inventory, such Inventory (i) consists of finished goods, in
good, new, and salable condition, which is not perishable, returned, consigned, obsolete, not sellable, damaged, or defective, and is not comprised of demonstrative or custom inventory, works in progress, packaging or shipping materials, or
supplies; (ii) meets all applicable governmental standards; (iii) has been manufactured in compliance with the Fair Labor Standards Act; (iv) is not subject to any Liens, except the first priority Liens granted or in favor of Bank
under this Agreement or any of the other Loan Documents; and (v) is located at the locations in the United States identified by Borrower in the Perfection Certificate where it maintains Inventory. 

 

	 	6.	AFFIRMATIVE COVENANTS  

 Borrower will do all of the following: 
  

	 	6.1	Domestic Loan Documents. 

Borrower will comply with all the provisions of the Domestic Loan Documents. 

 

	 	6.2	EX-IM Insurance. 

 If
required by Bank to make an Advance hereunder, Borrower will obtain, and pay when due all premiums with respect to, and maintain uninterrupted foreign credit insurance. In addition, Borrower will execute in favor of Bank an assignment of proceeds of
any insurance policy obtained by Borrower and issued by EX-IM Bank insuring against comprehensive commercial and political risk (the “EX-IM Bank Policy”). The insurance proceeds from the EX-IM Bank Policy assigned or paid to Bank will be
applied to the balance outstanding under this EX-IM Agreement. Borrower will immediately notify Bank and EX-IM Bank in writing upon submission of any claim under the EX-IM Bank Policy. Then Bank will not be obligated to make any further Credit
Extensions to Borrower without prior approval from EX-IM Bank. 

  
 4 

	 	6.3	Borrower Agreement. 

Borrower will comply with all terms of the EX-IM Borrower Agreement. If any provision of the EX-IM Borrower Agreement conflicts with any
provision contained in this EX-IM Agreement, the more strict provision, with respect to the Borrower, will control. 
  

	 	6.4	Terms of Sale. 

 Borrower
will, if required by EX-IM Bank or Bank, cause all sales of products on which the Credit Extensions are based to be supported by one or more irrevocable letters of credit in an amount and of matter, naming a beneficiary and issued by a financial
institution acceptable to Bank and negotiated by Bank. 
  

	 	6.5	Reporting Requirements. 

Borrower shall deliver all reports, certificates and other documents to Bank as provided in the EX-IM Borrower Agreement, including,
without limitation, within thirty (30) days after the last day of each month, an EX-IM Borrowing Base Certificate on a monthly basis as described on Exhibit C hereof, purchase orders and any other information that Bank and EX-IM Bank may
reasonably request. In addition, Borrower shall comply with the reporting requirements set forth in the Domestic Loan Documents. 
  

	 	6.6	Further Assurances. 

Borrower will execute any further instruments and take further action as Bank requests to perfect or continue Bank’s security
interest in the Collateral or to effect the purposes of this EX-EM Agreement. 
  

	 	7.	NEGATIVE COVENANTS  

 Borrower will not do any of the following: 
  

	 	7.1	Domestic Loan Documents. 

Violate or fail to comply with the Domestic Loan Documents. 

 

	 	7.2	EX-IM Borrower Agreement. 

Violate or fail to comply with any provision of the EX-IM Borrower Agreement to the extent that such violation or failure to comply would
cause an Event of Default under the Domestic Loan Documents. 
  

	 	7.3	EX-IM Agreement. 

 Take an
action, or permit any action to be taken, that causes, or could be expected to cause, the EX-IM Guarantee to not be in full force and effect. 
  

	 	8.	EVENTS OF DEFAULT 

Any one of the following is an Event of Default: 
  

	 	8.1	Payment Default. 

 If
Borrower fails to pay any of the Obligations within three (3) Business Days after their due date (which three (3) Business Day cure period shall not apply to payments due on the EX-IM Maturity Date). During the additional period the
failure to cure the default is not an Event of Default (but no Credit Extension will be made during the cure period); 

  
 5 

	 	8.2	Covenant Default. 

 If
Borrower violates any covenant in this EX-IM Agreement or the EX-IM Borrower Agreement and such violation continues for fifteen (15) days after Borrower’s receipt of notice of such violation. 

If an Event of Default occurs under the Domestic Loan Documents. 

 

	 	8.3	EX-IM Guarantee. 

 If the
EX-IM Guarantee ceases for any reason to be in full force and effect, or if the EX-IM Bank declares the EX-IM Guarantee void or revokes any obligations under the EX-IM Guarantee. 

 

	 	9.	BANK’S RIGHTS AND REMEDIES  

  

	 	9.1	Rights and Remedies. 

When an Event of Default occurs and continues Bank may, without notice or demand, do any or all of the following: 

(a) Declare all Obligations immediately due and payable (but if an Event of Default described in Section 8.5 of the Domestic Loan
Agreement occurs all Obligations are immediately due and payable without any action by Bank); 
 (b) Stop advancing money or
extending credit for Borrower’s benefit under this EX-IM Agreement or under any other agreement between Borrower and Bank; 

(c) Settle or adjust disputes and claims directly with account debtors for amounts, on terms and in any order that Bank considers
advisable; 
 (d) Make any payments and do any acts it considers necessary or reasonable to protect its security interest in the
Collateral. Borrower will assemble the Collateral if Bank requires and make it available as Bank designates. Bank may enter premises where the Collateral is located, take and maintain possession of any part of the Collateral, and pay, purchase,
contest, or compromise any Lien which appears to be prior or superior to its security interest and pay all expenses incurred. Borrower grants Bank a license to enter and occupy any of its premises, without charge, to exercise any of Bank’s
rights or remedies under this Section 9.1; 
 (e) Apply to the Obligations any (i) balances and deposits of Borrower
it holds, or (ii) any amount held by Bank owing to or for the credit or the account of Borrower; 
 (f) Ship, reclaim,
recover, store, finish, maintain, repair, prepare for sale, advertise for sale, and sell the Collateral; and 
 (g) Dispose of
the Collateral according to the Code. 
  

	 	9.2	Power of Attorney. 

Effective only when an Event of Default occurs and continues, Borrower irrevocably appoints Bank as its lawful attorney to:
(i) endorse Borrower’s name on any checks or other forms of payment or security; (ii) sign Borrower’s name on any invoice or bill of lading for any Account or drafts against account debtors, (iii) make, settle, and adjust
all claims under Borrower’s insurance policies; (iv) settle and adjust disputes and claims about the Accounts directly with account debtors, for amounts and on terms Bank determines reasonable; and (v) transfer the Collateral into the
name of Bank or a third party as the Code permits. Bank may exercise the power of attorney to sign Borrower’s name on any documents necessary to perfect or continue the perfection of any security interest regardless of whether an Event of
Default has occurred. Bank’s appointment as Borrower’s attorney in fact, and all of Bank’s rights and powers, coupled with an interest, are irrevocable until all Obligations have been fully repaid and performed and Bank’s
obligation to provide EX-IM Advances terminates. 

  
 6 

	 	9.3	Accounts Collection. 

When an Event of Default occurs and continues, Bank may notify any Person owing Borrower money of Bank’s security interest in the
funds and verify the amount of the Account, and Borrower must collect all payments received from such Persons in trust for Bank and, if requested by Bank, immediately deliver the payments to Bank in the form received from the account debtor, with
proper endorsements for deposit. 
  

	 	9.4	Bank Expenses. 

 If
Borrower fails to pay any amount or furnish any required proof of payment to third persons Bank may make all or part of the payment or obtain insurance policies required in Section 6.5 of the Domestic Loan Agreement, and take any action under
the policies Bank deems prudent. Any amounts paid by Bank are Bank Expenses and immediately due and payable, bearing interest at the then applicable rate and secured by the Collateral. No payments by Bank are deemed an agreement to make similar
payments in the future or Bank’s waiver of any Event of Default. 
  

	 	9.5	Bank’s Liability for Collateral. 

 If Bank complies with reasonable banking practices it is not liable for: (a) the safekeeping of the Collateral; (b) any loss or damage to the Collateral; (c) any diminution in the value of
the Collateral; or (d) any act or default of any carrier, warehouseman, bailee, or other person. Borrower bears all risk of loss, damage or destruction of the Collateral. 

 

	 	9.6	Remedies Cumulative. 

Bank’s rights and remedies under this EX-IM Agreement, the Loan Documents, and all other agreements are cumulative. Bank has all
rights and remedies provided under the Code, by law, or in equity. Bank’s exercise of one right or remedy is not an election, and Bank’s waiver of any Event of Default is not a continuing waiver. Bank’s delay is not a waiver,
election, or acquiescence. No waiver is effective unless signed by Bank and then is only effective for the specific instance and purpose for which it was given. 
  

	 	9.7	Demand Waiver. 

 Borrower
waives demand, notice of default or dishonor, notice of payment and nonpayment, notice of any default (except as otherwise specified herein), nonpayment at maturity, release, compromise, settlement, extension, or renewal of accounts, documents,
instruments, chattel paper, and guarantees held by Bank on which Borrower is liable. 
  

	 	9.8	EX-IM Direction. 

 Upon
the occurrence of an Event of Default, EX-IM Bank shall have right to (i) direct Bank to exercise the remedies specified in Section 9.1 and (ii) request that Bank accelerate the maturity of any other loans to Borrower. 

 

	 	9.9	EX-IM Notification. 

 Bank
has the right to immediately notify EX-IM Bank in writing if it has knowledge of any of the following events: (1) any failure to pay any amount due under this EX-IM Agreement; (2) the Foreign Borrowing Base is less than the sum of the
outstanding Credit Extensions; (3) any failure to pay when due any amount payable to Bank under any Loan Documents owing by Borrower to Bank; (4) the filing of an action for debtor’s relief by, against or on behalf of Borrower;
(5) any threatened or pending material litigation against Borrower, or any material dispute involving Borrower. 

  
 7 

 If Bank sends a notice to EX-IM Bank, Bank has the right to send EX-IM Bank a written report
on the status of events covered by the notice every 30 days after the date of the original notification, until Bank files a claim with EX-IM Bank or the defaults have been cured (but no EX-IM Advances may be required during the cure period unless
EX-IM Bank gives its written approval). If directed by EX-IM Bank, Bank will have the right to exercise any rights it may have against the Borrower to demand the immediate repayment of all amount outstanding under the EX-IM Loan Documents.

  

	 	10.	NOTICES 

 All
notices or demands by any party about this EX-IM Agreement or any other related agreement must be in writing and be personally delivered or sent by an overnight delivery service, by certified mail, postage prepaid, return receipt requested, or by
telefacsimile to the addresses set forth below. A Party may change its notice address by giving the other Party written notice. 
  

			
	If to Borrower:	  	IMPINJ, INC.
		  	701 N. 34th Street, Suite 300
		  	Seattle, WA 98103
		  	Attn: Evan Fein, SVP of Finance & Administration
		  	Fax: 206-517-5262
		  	Email: evan.fein@impinj.com
		
	If to Bank:	  	Silicon Valley Bank
		  	901 5th Avenue, Suite 3900
		  	Seattle, WA 98164
		  	Attn: Nick Christian
		  	Fax: (206) 624-0374
		  	Email: nchristian@svb.com

  

	 	11.	CHOICE OF LAW, VENUE AND JURY TRIAL WAIVER 

 California law governs the Loan Documents without regard to principles of conflicts of law. Borrower and Bank each submit to the exclusive jurisdiction of the State and Federal courts in Santa Clara
County, California for any action or claim arising out of the Loan Documents; provided, however, that nothing in this EX-IM Agreement shall be deemed to operate to preclude Bank from bringing suit or taking other legal action in any other
jurisdiction to realize on the Collateral or any other security for the Obligations, or to enforce a judgment or other court order in favor of Bank. Borrower expressly submits and consents in advance to such jurisdiction in any action or suit
commenced in any such court, and Borrower hereby waives any objection that it may have based upon lack of personal jurisdiction, improper venue, or forum non conveniens and hereby consents to the granting of such legal or equitable relief as is
deemed appropriate by such court. Borrower hereby waives personal service of the summons, complaints, and other process issued in such action or suit and agrees that service of such summons, complaints, and other process may be made by registered or
certified mail addressed to Borrower at the address set forth in Section 10 of this EX-IM Agreement and that service so made shall be deemed completed upon the earlier to occur of Borrower’s actual receipt thereof or three (3) days
after deposit in the U.S. mails, proper postage prepaid. 
 TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, BORROWER AND
BANK EACH WAIVE THEIR RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS EX-IM AGREEMENT, THE LOAN DOCUMENTS OR ANY CONTEMPLATED TRANSACTION, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS
WAIVER IS A MATERIAL INDUCEMENT FOR BOTH PARTIES TO ENTER INTO THIS EX-IM AGREEMENT. EACH PARTY HAS REVIEWED THIS WAIVER WITH ITS COUNSEL. 
 WITHOUT INTENDING IN ANY WAY TO LIMIT THE PARTIES’ AGREEMENT TO WAIVE THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY, if the above waiver of the right to a trial by jury is not enforceable, the parties
hereto agree that any and all disputes or controversies of any nature between them arising at any time 

  
 8 

 
shall be decided by a reference to a private judge, mutually selected by the parties (or, if they cannot agree, by the Presiding Judge of the Santa Clara County, California Superior Court)
appointed in accordance with California Code of Civil Procedure Section 638 (or pursuant to comparable provisions of federal law if the dispute falls within the exclusive jurisdiction of the federal courts), sitting without a jury, in Santa
Clara County, California; and the parties hereby submit to the jurisdiction of such court. The reference proceedings shall be conducted pursuant to and in accordance with the provisions of California Code of Civil Procedure §§ 638 through
645.1, inclusive. The private judge shall have the power, among others, to grant provisional relief, including without limitation, entering temporary restraining orders, issuing preliminary and permanent injunctions and appointing receivers. All
such proceedings shall be closed to the public and confidential and all records relating thereto shall be permanently sealed. If during the course of any dispute, a party desires to seek provisional relief, but a judge has not been appointed at that
point pursuant to the judicial reference procedures, then such party may apply to the Santa Clara County, California Superior Court for such relief. The proceeding before the private judge shall be conducted in the same manner as it would be before
a court under the rules of evidence applicable to judicial proceedings. The parties shall be entitled to discovery which shall be conducted in the same manner as it would be before a court under the rules of discovery applicable to judicial
proceedings. The private judge shall oversee discovery and may enforce all discovery rules and order applicable to judicial proceedings in the same manner as a trial court judge. The parties agree that the selected or appointed private judge shall
have the power to decide all issues in the action or proceeding, whether of fact or of law, and shall report a statement of decision thereon pursuant to the California Code of Civil Procedure § 644(a). Nothing in this paragraph shall limit the
right of any party at any time to exercise self-help remedies, foreclose against collateral, or obtain provisional remedies. The private judge shall also determine all issues relating to the applicability, interpretation, and enforceability of this
paragraph. 
  

	 	12.	GENERAL PROVISIONS 

  

	 	12.1	Successors and Assigns. 

This EX-IM Agreement binds and is for the benefit of the successors and permitted assigns of each party. Borrower may not assign this
EX-IM Agreement or any rights under it without Bank’s prior written consent which may be granted or withheld in Bank’s discretion. Bank has the right, without the consent of or notice to Borrower, to sell, transfer, negotiate, or grant
participation in all or any part of, or any interest in, Bank’s obligations, rights and benefits under this EX-IM Agreement. 
  

	 	12.2	Indemnification. 

Borrower will indemnify, defend and hold harmless Bank and its officers, employees, and agents against: (a) all obligations, demands,
claims, and liabilities asserted by any other party in connection with the transactions contemplated by the Loan Documents; and (b) all losses or Bank Expenses incurred, or paid by Bank from, following, or consequential to transactions between
Bank and Borrower (including reasonable attorneys fees and expenses), except for losses caused by Bank’s or any of its officers’, employees’, or agents’ gross negligence or willful misconduct. 

 

	 	12.3	Time of Essence. 

 Time is
of the essence for the performance of all obligations in this EX-IM Agreement. 
  

	 	12.4	Severability of Provision. 

Each provision of this EX-IM Agreement is severable from every other provision in determining the enforceability of any provision.

  

	 	12.5	Amendments in Writing, Integration. 

 All amendments to this EX-IM Agreement must be in writing. This EX-IM Agreement represents the entire agreement about this subject matter, and supersedes prior negotiations or agreements. All prior
agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of this EX-IM Agreement merge into this EX-IM Agreement and the Loan Documents. 

  
 9 

	 	12.6	Counterparts. 

 This EX-IM
Agreement may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, are an original, and all taken together, constitute one Agreement. 

 

	 	12.7	Survival. 

 All covenants,
representations and warranties made in this EX-IM Agreement continue in full force while any Obligations (other than inchoate indemnity obligations) remain outstanding. The obligations of Borrower in Section 12.2 to indemnify Bank will survive
until all statutes of limitations for actions that may be brought against Bank have run. 
  

	 	12.8	Confidentiality. 

 In
handling any confidential information, Bank will exercise the same degree of care that it exercises for its own proprietary information, but disclosure of information may be made (i) to Bank’s subsidiaries or affiliates in connection with
their business with Borrower that have agreed to keep such information confidential on the same basis as Bank, (ii) to prospective transferees or purchasers of any interest in the Loans that have agreed to keep such information confidential on
the same basis as Bank, (iii) as required by law, regulation, subpoena, or other order, (iv) as required in connection with Bank’s examination or audit and (v) as Bank considers appropriate exercising remedies under this EX-IM
Agreement. Confidential information does not include information that either: (a) is in the public domain or in Bank’s possession when disclosed to Bank, or becomes part of the public domain after disclosure to Bank; or (b) is
disclosed to Bank by a third party, if Bank does not know that the third party is prohibited from disclosing the information. 
  

	 	12.9	EX-IM Borrower Agreement; Cross-Collateralization; Cross-Default; Conflicts. 

This EX-IM Agreement, the Domestic Loan Agreement and the EX-IM Borrower Agreement shall continue in full force and effect until all
Obligations (other than inchoate indemnity obligations) have been paid in full, and all rights and remedies under this EX-IM Agreement, the Domestic Loan Agreement and the EX-IM Borrower Agreement are cumulative. Without limiting the generality of
the foregoing, all “Collateral” as defined in this EX-IM Agreement, the Domestic Loan Agreement and as defined in the EX-IM Borrower Agreement shall secure all EX-IM Advances and all interest thereon, and all other Obligations. Any
Event of Default under this EX-IM Agreement shall also constitute an Event of Default under the EX-IM Borrower Agreement and the Domestic Loan Agreement; any Event of Default under the Domestic Loan Agreement shall also constitute an Event of
Default under the EX-IM Borrower Agreement and this EX-IM Agreement; and any Event of Default under the EX-IM Borrower Agreement shall also constitute an Event of Default under this EX-IM Agreement and the Domestic Loan Agreement. In the event Bank
assigns its rights under this EX-IM Agreement, the Domestic Loan Agreement, or the EX-IM Borrower Agreement and/or under any note evidencing EX-IM Advances, to any third party, including, without limitation, the EX-IM Bank, whether before or after
the occurrence of any Event of Default, Bank shall have the right (but not any obligation), in its sole discretion, to allocate and apportion Collateral to the EX-IM Borrower Agreement, the Domestic Loan Agreement and/or note assigned and to specify
the priorities of the respective security interests in such Collateral between itself and the assignee, all without notice to or consent of the Borrower. Should any term of this EX-IM Agreement conflict with any term of the Domestic Loan Agreement
or the EX-IM Borrower Agreement, the more restrictive term in such agreements shall govern Borrower. 

  
 10 

	 	13.	DEFINITIONS 

  

	 	13.1	Definitions. 

 Except as
otherwise defined, terms that are capitalized in this EX-IM Agreement will have the same meaning assigned in the Domestic Loan Documents and/or the EX-IM Borrower Agreement, as applicable. In this EX-IM Agreement: 

“Closing Date” is the date Bank executes this EX-IM Agreement as indicated on the signature page hereof. 

“Collateral” is the property described on Exhibit A. 

“Credit Extension” is any EX-IM Advance, or any other extension of credit by Bank for Borrower’s benefit under this
EX-IM Agreement. 
 “Domestic Loan Agreement” means that certain Loan and Security Agreement of even date
herewith, between Borrower and Bank. 
 “Domestic Loan Documents” the Domestic Loan Agreement, any note or
notes executed by Borrower in connection therewith or any other agreement entered into in connection with the Domestic Loan Agreement, between Borrower and Bank. 
 “Eligible Inventory” means, at any time, the aggregate of Borrower’s Inventory that (a) consists of finished goods, in good, new, and salable condition, which is not perishable,
returned, consigned, obsolete, not sellable, damaged, or defective, and is not comprised of demonstrative or custom inventory, works in progress, packaging or shipping materials, or supplies; (b) meets all applicable governmental standards;
(c) has been manufactured in compliance with the Fair Labor Standards Act; (d) is not subject to any Liens, except the first priority Liens granted or in favor of Bank under this Agreement or any of the other Loan Documents; (e) is
located at Borrower’s main location or at 23119 66th Avenue South, Kent, WA 98032; and (f) is otherwise acceptable to Bank in its good faith business judgment. 
 “EX-IM Advance” or “EX-IM Advances” is a loan advance (or advances) under the EX-IM Committed Line. 

“EX-IM Bank” is the Export-Import Bank of the United States. 

“EX-IM Bank Expenses” are all reasonable audit fees and expenses; reasonable costs or expenses (including reasonable
attorneys’ fees and expenses) for preparing, negotiating, administering, defending and enforcing the EX-IM Loan Documents (including appeals or Insolvency Proceedings) and the fees that the Bank pays to the EX-IM Bank in consideration of the
issuance of the EX-IM Guarantee. 
 “EX-IM Borrowing Base Certificate” is defined in Section 3.2(a).

 “EX-IM Borrower Agreement” is defined in Section 2.7. 

“EX-IM Committed Line” is an EX-IM Advance or EX-IM Advances of up to Two Million Two Hundred Fifty Thousand Dollars
($2,250,000). 
 “EX-IM Eligible Foreign Accounts” means Accounts Receivable arising in the ordinary course of
Borrower’s business from Non-U.S. Account Debtors and that meet all Borrower’s representations and warranties in Section 5.2 and conform in all respects to the EX-IM Borrower Agreement, and either (a) are guaranteed by EX-IM
Bank, less any deductible; (b) are supported by letter(s) of credit acceptable to Bank; (c) are owing from an Account Debtor whose principal place of business is located in Canada (provided that Bank has perfected its security interest in
such Account to Bank’s satisfaction), or td) that Bank approves in writing. The following are the minimum requirements (the “Minimum EX-IM Foreign Eligibility Requirements”) for an Account to be an EX-IM Eligible Foreign
Account. The Accounts Receivable must not be an Account: 
 (a) that does not arise from the sale of Items in the ordinary
course of the Borrower’s business; 

  
 11 

 (b) that is not subject to a valid, perfected, and enforceable first priority security
interest in favor of the Bank; 
 (c) as to which any covenant, representation or warranty contained in the Loan Documents
relating to such Account has been breached; 
 (d) that is not owned by the Borrower or is subject to any right, claim, or
interest of another party other than the Lien in favor of the Bank; 
 (e) with respect to which an invoice has not been sent;

 (f) generated by the sale or provision of defense articles or services, subject to exceptions approved in writing by EX-IM
Bank; 
 (g) that is due and payable from a military Buyer, subject to exceptions approved in writing by EX-IM Bank; 

(h) that is due and payable from a foreign Buyer located in a country with which Ex- Im Bank is legally prohibited from doing business as
set forth in the current Country Limitation Schedule. (Note: If the Borrower has knowledge that an export to a country in which EX-IM Bank may do business, as set forth in the current Country Limitation Schedule, will be re-exported to a country
with which EX-IM Bank is legally prohibited from doing business, the corresponding Accounts Receivable (or a pro-rata portion thereof) are not eligible for inclusion in the Export-Related Borrowing Base.); 

(i) that does not comply with the requirements of the Country Limitation Schedule; 

(j) that by its original terms is due and payable more than one hundred eighty (180) days from the date of invoice (“EX-IM
Foreign Eligibility Period”); 
 (k) that is not paid within sixty (60) calendar days from its original due date
unless insured through EX-IM Bank (or other acceptable) export credit insurance for comprehensive commercial and political risk, in which case ninety (90) calendar days shall apply; 

(l) that arises from a sale of goods to or performance of services for an employee, stockholder, or subsidiary of the Borrower,
intra-company Accounts Receivable or any Account from a stockholder, any person or entity with a controlling interest in the Borrower or which shares common controlling ownership with the Borrower; 

(m) that is backed by a letter of credit where the Items covered by the subject letter of credit have not yet been shipped, or where the
covered services have not yet provided; 
 (n) that the Bank or EX-IM Bank, in its reasonable judgment, deem uncollectible or
unacceptable; this category includes, but is not limited to, finance charges or late charges imposed on the foreign Buyer by the Borrower as a result of the foreign Buyer’s past due status; 

(o) that is denominated in non-U.S. currency, unless pre-approved in writing by EX-IM Bank; 

(p) that does not comply with the terms of sale as set forth by EX-IM Bank; 

(q) that is due and payable from an Buyer who becomes unable to pay its debts or whose ability to pay its debts becomes questionable;

  
 12 

 (r) that arises from a bill-and-hold, guaranteed sale, sale-and-return, sale on approval,
consignment, or any other repurchase or return basis or is evidenced by chattel paper, 
 (s) for which the Items giving rise to
such Accounts Receivable have not been shipped to the Buyer or when the Items are services, such services have not been performed or when the Export Order specifies a timing for invoicing the Items other than shipment or performance and the Items
have not been invoiced in accordance with such terms of the Export Order, or the Accounts Receivable do not otherwise represent a final sale; 
 (t) that is subject to any offset, deduction, defense, dispute, or counterclaim, or the Buyer is also a creditor or supplier of the Borrower, or the Account is contingent in any respect or for any reason;

 (u) for which the Borrower has made any agreement with the Buyer for any deduction therefrom, except for discounts or
allowances made in the ordinary course of business for prompt payment; 
 (v) for which any of the Items giving rise to such
Account having been returned, rejected, or repossessed; 
 (w) that arises from the sale of Items that do not meet 50% U.S.
Content requirements; 
 (x) that is deemed to be ineligible by EX-IM Bank. 

Bank reserves the right at any time after the Closing Date to adjust the Minimum EX-IM Foreign Eligibility Requirements in its good faith
business judgment and establish new criteria to determine the foregoing. 
 “EX-IM Eligible Foreign Inventory”
is Borrower’s Inventory which is acceptable to Bank and which is deemed to be Eligible Inventory, but in no event shall EX-IM Eligible Foreign Inventory include any Inventory: 

(a) that is not located in the United States unless expressly permitted by Bank, on terms acceptable to Bank and pre-approved by EX-IM
Bank in writing; 
 (b) that is not subject to a valid, perfected first priority Lien in favor of Bank; 

(c) that is located at an address that has not been disclosed to Bank in writing; 

(d) that is placed by Borrower on consignment or held by Borrower on consignment from another Person; 

(e) that is in the possession of a processor or bailee, or located on premises leased or subleased to Borrower, or on premises subject to
a mortgage in favor of a Person other than Bank, unless such processor or bailee or mortgagee or the lessor or sublessor of such premises, as the case may be, has executed and delivered all documentation which Bank shall require to evidence the
subordination or other limitation or extinguishment of such Person’s rights with respect to such Inventory and Bank’s right to gain access thereto; 
 (f) that is produced in violation of the Fair Labor Standards Act or subject to the “hot goods” provisions contained in 29 U.S.C. § 215 or any successor statute or section; 

(g) as to which any covenant, representation or warranty with respect to such Inventory contained in the Loan Documents has been
breached; 
 (h) that is an Item or is to be incorporated into Items that do not meet U.S. Content requirements in accordance
with Section 2.01(b)(ii) of the EX-IM Borrower Agreement; 
 (i) that is demonstration Inventory; 

  
 13 

 (j) that consists of proprietary software (i.e. software designed solely for Borrower’s
internal use and not intended for resale); 
 (k) that is damaged, obsolete, returned, defective, recalled or unfit for further
processing; 
 (I) that has been previously exported from the United States; 

(m) that constitutes, or will be incorporated into Items that constitute, defense articles or defense services; 

(n) that is an Item or will be incorporated into Items that will be used in the construction, alteration, operation or maintenance of
nuclear power, enrichment, reprocessing, research or heavy water production facilities unless with EX-IM Bank’s prior written consent; 
 (o) that is an Item or is to be incorporated into Items destined for shipment to a country in which EX-IM Bank is legally prohibited from doing business as designated in the current Country Limitation
Schedule, or that Borrower has knowledge will be re-exported by a foreign Buyer to a country in which EX-IM Bank is legally prohibited from doing business; 
 (p) that is an Item or is to be incorporated into Items destined for shipment to a Buyer located in a country in which EX-IM Bank coverage is not available for commercial reasons as designated in the
Country Limitation Schedule, unless and only to the extent that such Inventory is sold to the foreign Buyer on terms of an irrevocable letter of credit confirmed by a bank acceptable to EX-IM Bank; 

(q) that constitutes, or is to be incorporated into Items whose sale would result in an Account which would not be an EX-IM Eligible
Foreign Account; 
 (r) that is to be included as eligible inventory under any other credit facility to which Burrower is a
party; or 
 (s) that is to be incorporated into Items that is a Capital Good, unless the transaction is in accordance with
Section 2.14 of the EX-IM Borrower Agreement. 
 “EX-IM Foreign Eligibility Period” is defined in the term
“Eligible Foreign Accounts.” 
 “EX-IM Guarantee” is that certain Master Guarantee Agreement or other
agreement, as amended from time to time, the terms of which are incorporated into this EX-IM Agreement. 
 “EX-IM Loan
Documents” means that certain Export-Import Bank Loan and Security Agreement (“EX-IM Loan Agreement”), any note or notes executed by Borrower in connection therewith or any other agreement entered into in connection with this
EX-IM Loan Agreement, pursuant to which EX-IM Bank guarantees Borrower’s obligations under this EX-IM Agreement. 

“EX-IM Maturity Date” is the date three hundred sixty four (364) days from the Closing Date. 

“Export Order” is a written export order or contract for the purchase by the buyer from the Borrower of any finished
goods or services which are intended for export. 
 “Foreign Borrowing Base” means (a) (i) the lesser
of One Million Seven Hundred Fifty Thousand Dollars ($1,750,000) or (ii) ninety percent (90%) of EX-IM Eligible Foreign Accounts as determined by Bank from Borrower’s most recent Transaction Report and EX-IM Borrowing Base
Certificate; provided, however, Accounts that are billed in currencies other than in U.S. Dollars shall be permitted (“Non-US Dollar Accounts”) as EX-IM Eligible Foreign Accounts provided the foreign exchange risk is hedged, in all other
cases Non-US Dollar Accounts shall be subject to a seventy percent (70%) calculation plus (b) the lesser of (i) Five Hundred Thousand Dollars ($500,000) or (ii) seventy five percent (75%) of the value of Borrower’s
EX-IM Eligible Foreign Inventory (valued 

  
 14 

 
at the lower of cost or wholesale fair market value); provided further, however, that Bank may decrease the foregoing percentages in its good faith business judgment based on events, conditions,
contingencies, or risks which, as determined by Bank, may adversely affect Collateral and provided, further that the amount in subsection (b) above (EX-IM Eligible Foreign Inventory) may not exceed thirty five percent (35%) of the Foreign
Borrowing Base at any time. 
 “Loan Documents” are, collectively, this EX-IM Agreement, the Domestic Loan
Documents, any note, or notes or guaranties executed by Borrower or Guarantor in connection with this EX-IM Agreement or the Domestic Loan Documents, and any other present or future agreement between Borrower and/or for the benefit of Bank in
connection with this EX-IM Agreement or the Domestic Loan Documents, all as amended, extended or restated. 
 “Minimum
Foreign Eligibility Requirements” is defined in the term “Eligible Foreign Accounts.” 

“Obligations” are debts, principal, interest, Bank Expenses and other amounts Borrower owes Bank now or later, including
letters of credit and exchange contracts and including interest accruing after Insolvency Proceedings begin, in each case that arise under the Loan Documents. 
 “Schedule” is any attached schedule of exceptions. 

“Transaction Report” is that certain report of transactions and schedule of collections in the form attached hereto as
Exhibit B. 

  
 15 

 IN WITNESS WHEREOF, the parties hereto have caused this EX-IM Agreement to be
executed as of the Closing Date. 
  

			
	BORROWER:
	
	IMPINJ, INC.
		
	By:	 	 /s/ Evan Fein

	Title:	 	 SVP Finance

	
	BANK:
	
	SILICON VALLEY BANK
		
	By:	 	 /s/ Nick Christian

	Title:	 	 Relationship Manager

	
	Closing Date: May 7, 2010

  
 16 

 EXHIBIT A 

The Collateral consists of all of Borrower’s right, title and interest in and to the following: 

All goods, Accounts (including health-care Accounts), Equipment, Inventory, contract rights or rights to payment of money, leases,
license agreements, franchise agreements, General Intangibles, commercial tort claims, documents, instruments (including any promissory notes), chattel paper (whether tangible or electronic), cash, deposit accounts, fixtures, letters of credit
rights (whether or not the letter of credit is evidenced by a writing), securities, and all other investment property, supporting obligations, and financial assets, whether now owned or hereafter acquired, wherever located; and 

All Borrower’s Books relating to the foregoing, and any and all claims, rights and interests in any of the above and all
substitutions for, additions, attachments, accessories, accessions and improvements to and replacements, products, proceeds and insurance proceeds of any or all of the foregoing. 

Notwithstanding the foregoing, the Collateral does not include (i) any Intellectual Property; provided, however, the Collateral
shall include all Accounts and all proceeds of Intellectual Property. If a judicial authority (including a U.S. Bankruptcy Court) would hold that a security interest in the underlying Intellectual Property is necessary to have a security interest in
such Accounts and such property that are proceeds of Intellectual Property, then the Collateral shall automatically, and effective as of the Effective Date, include the Intellectual Property to the extent necessary to permit perfection of
Bank’s security interest in such Accounts and such other property of Borrower that are proceeds of the Intellectual Property, (ii) Bank account numbers L/C 621649-44 and L/C 621650-41 held at Comerica Bank to secure letters of credit in
the original face amount of Seven Hundred Fifty Thousand Dollars ($750,000) if the granting of a lien hereunder in such property is prohibited by or would constitute a default under any agreement or document governing such property (but only to the
extent such prohibition is enforceable under applicable law), provided that upon the termination or lapsing of any such prohibition, such property shall automatically be part of the Collateral, or (iii) more than 65% of the issued and
outstanding voting capital stock of any Subsidiary that is organized in a jurisdiction other than the United States or any state or territory thereof. 
 Pursuant to the terms of a certain negative pledge arrangement with Bank, Borrower has agreed not to encumber any of its Intellectual Property without Bank’s prior written consent. 

[Exhibit A to EX-IM Loan and Security Agreement] 

 EXHIBIT B 
 Transaction Report 
 [Exhibit B to EX-IM Loan and Security Agreement] 

 Exhibit C 

EX-IM BORROWING BASE CERTIFICATE 
 (FOREIGN A/R LINE OF CREDIT) 
  

			
	 Borrower: IMPINJ, INC.
	  	Bank:    Silicon Valley Bank

					
	 FOREIGN ACCOUNTS RECEIVABLE FROM EXPORT ACTIVITIES
	  			
	 1. Foreign Accounts Book Value as of
                    
	  	$	            	  
	 2. Additions (please explain on reverse)
	  	$	            	  
	 3. TOTAL FOREIGN ACCOUNTS
	  	$	            	  
		
	 ACCOUNTS RECEIVABLE DEDUCTIONS
	  			
	 4. Accounts over 60 days past invoice
	  	$	            	  
	 5. Credit Balances
	  	$	            	  
	 6. Governmental and Military Accounts
	  	$	            	  
	 7. Contra Accounts
	  	$	            	  
	 8. Progress billings, Promotion, Demo or Consignment Accounts
	  	$	            	  
	 9. Related Account Debtor Accounts
	  	$	            	  
	 10. Disputed Accounts
	  	$	            	  
	 11. Accounts arising from the sale of defense articles or items
	  	$	            	  
	 12. Accounts excluded under the Borrower Agt
	  	$	            	  
	 13. Accounts from sales not in the ordinary course of business
	  	$	            	  
	 14. Accounts not owned by Borrower
	  	$	            	  
	 15. Accounts without invoices
	  	$	            	  
	 16. Accounts outside U.S.
	  	$	            	  
	 17. Accounts in countries prohibited by EX-IM
	  	$	            	  
	 18. Accts supported by LCs not accepted by EX-IM
	  	$	            	  
	 19. Accounts billed and payable outside the U.S.
	  	$	            	  
	 20. Accounts determined doubtful
	  	$	            	  
	 21. Other
	  	$	            	  
	 22. TOTAL ACCOUNTS DEDUCTIONS
	  	$	            	  
	 23. Eligible Accounts (No. 3 - No. 22)
	  	$	            	  
	 24. Accounts billed in non-US currency not hedged
	  	$	            	  
	 25. Eligible Accounts (No. 23 – No. 24)
	  	$	            	  
	 26. Loan Value of Accounts (90% of No. 25)
	  	$	            	  
	 27. Loan Value of Accounts not hedged (70% of No. 24)
	  	$	            	  
	 28. Loan Value of all Accounts (No. 26 plus No. 27)
	  	$	            	  
		
	 FOREIGN INVENTORY FROM EXPORT ACTIVITIES
	  			
	 29. Foreign Inventory Value as of
                    
	  	$	            	  
	 30. Additions (please explain on reverse)
	  	$	            	  
	 31. TOTAL FOREIGN INVENTORY
	  	$	            	  
		
	 INVENTORY DEDUCTIONS
	  			
	 32. Inventory located outside U.S.
	  	$	            	  
	 33. Inventory not subject to Bank Lien
	  	$	            	  
	 34. Inventory located at address not disclosed to Bank
	  	$	            	  
	 35. Inventory placed on or held on consignment
	  	$	            	  
	 36. Inventory in possession of bailee not satisfactory to Bank
	  	$	            	  
	 37. Inventory in violation of Fair Labor Standards Act or subject to “hot goods” provision
	  	$	            	  
	 38. Inventory subject of breach in Loan Agreement
	  	$	            	  
	 39. Inventory not meeting U.S. Content Requirements
	  	$	            	  
	 40. Demonstration Inventory
	  	$	            	  

					
	 41. Inventory consisting of proprietary software
	  	$	                	  
	 42. Damaged, obsolete, returned, defective, recalled or unfit Inventory
	  	$	                	  
	 43. Inventory previously exported from U.S.
	  	$	                	  
	 44. Inventory arising from the sale of defense articles or items
	  	$	                	  
	 45. Inventory used in nuclear power, enrichment, reprocessing, research or heavy water production facilities
	  	$	                	  
	 46. Inventory shipped to/destined for prohibited countries
	  	$	                	  
	 47. Inventory not complying with Country Limitation Schedule
	  	$	                	  
	 48. Inventory resulting in non-EXIM Eligible Foreign Account
	  	$	                	  
	 49. Inventory included as eligible inventory under other credit facility
	  	$	                	  
	 50. Inventory incorporated into prohibited Capital Good
	  	$	                	  
	 51. Other
	  	$	                	  
		
	 52. TOTAL INVENTORY DEDUCTIONS
	  	$	                	  
	 53. Eligible Inventory (No. 31 minus No. 52)
	  	$	                	  
	 54. Loan Value of Inventory (lesser of 75% of No. 53 or 50% of No. 28 plus No. 53)
	  	$	                	  
	 BALANCES
	  			
	 55. Maximum Loan Amount
	  	$	2,250,000	  
	 56. Maximum EX-IM Amount [Lesser of No. 55 or No. 28 plus No. 54)
	  	$	                	  
	 57. Present balance owing on EX-IM Line of Credit
	  	$	                	  
	 58. Total Available [Lesser of No. 55 or No. 56 minus No. 57]
	  	$	                	  
	 59. Outstanding under Sublimits (if any)
	  	$	N/A	  
	 60. RESERVE POSITION [No. 58 minus No. 59]
	  	$	                	  

 The undersigned represents and
warrants that as of the date hereof the foregoing is true, complete and correct, that the information reflected in this EX-IM Borrowing Base Certificate complies with the representations and warranties set forth in the Loan and Security Agreement
(EX-IM Loan Facility), between Borrower and Bank, and the EX-IM Borrower Agreement, executed by Borrower and acknowledged by Bank, each dated May 7, 2010, as may be amended from time to time, as if all representations and warranties were made
as of the date hereof, and that Borrower is, and shall remain, in full compliance with its agreements, covenants, and obligations under such agreements. Such representations and warranties include, without limitation, the following: Borrower is
using disbursements only for the purpose of enabling Borrower to finance the cost of manufacturing, purchasing or selling items intended for export. Borrower is not using disbursements for the purpose of: (a) servicing any of Borrower’s
unrelated pre-existing or future indebtedness; (b) acquiring fixed assets or capital goods for the use of Borrower’s business; (c) acquiring, equipping, or renting commercial space outside the United States; or (d) paying
salaries of non-U.S. citizens or non-U.S. permanent residents who are located in the offices of the United States. Additionally, disbursements are not being used to finance the manufacture, purchase or sale of all of the following: (a) Items to
be sold to a Buyer located in a country in which the Export Import Bank of the United States is legally prohibited from doing business; (b) that part of the cost of the items which is not U.S. Content unless such part is not greater than fifty
percent (50%) of the cost of the items and is incorporated into the items in the United States; (c) defense articles or defense services or items directly or indirectly destined for use by military organizations designed primarily for
military use (regardless of the nature or actual use of the items); or (d) any items to be used in the construction, alteration, operation or maintenance of nuclear power, enrichment, reprocessing, research or heavy water production facilities.

  

									
	Sincerely,	 		 		 	
	BORROWER:	 		 		 	

									
			
	IMPINJ, INC.	 		 	        BANK USE ONLY
					
	By:	 	  
	 		 	Received By:	 	  

	Name:	 	  
	 		 	Date:	 	  

	Title:	 	  
	 		 	Verified By:	 	  

	Date:	 	  
	 		 		 	

 Annex A 

BORROWER AGREEMENT 

 EXPORT-IMPORT BANK OF THE UNITED STATES 

WORKING CAPITAL GUARANTEE PROGRAM 
 BORROWER AGREEMENT 
 Ex-Im Bank 12/31/05 

 TABLE OF CONTENTS 

 

									
	ARTICLE I. DEFINITIONS	  	 	1	  
				
		 	1.01	  	Definition of Terms	  	 	1	  
		 	1.02	  	Rules of Construction	  	 	14	  
		 	1.03	  	Incorporation of Recitals	  	 	15	  
		
	ARTICLE II. OBLIGATIONS OF BORROWER	  	 	15	  
				
		 	2.01	  	Use of Credit Accommodations	  	 	15	  
		 	2.02	  	Security Interests	  	 	15	  
		 	2.03	  	Loan Documents and Loan Authorization Agreement	  	 	15	  
		 	2.04	  	Export-Related Borrowing Base Certificates and Export Orders	  	 	16	  
		 	2.05	  	Schedules, Reports and Other Statements	  	 	16	  
		 	2.06	  	Exclusions from the Export-Related Borrowing Base	  	 	16	  
		 	2.07	  	Borrowings and Reborrowings	  	 	16	  
		 	2.08	  	Repayment Terms	  	 	17	  
		 	2.09	  	Financial Statements	  	 	17	  
		 	2.10	  	Additional Security or Payment	  	 	17	  
		 	2.11	  	Continued Security Interest. Borrower shall not change	  	 	18	  
		 	2.12	  	Inspection of Collateral and Facilities	  	 	18	  
		 	2.13	  	General Intangibles	  	 	19	  
		 	2.14	  	Economic Impact Approval	  	 	19	  
		 	2.15	  	Indirect Exports	  	 	19	  
		 	2.16	  	Overseas Inventory and Accounts Receivable	  	 	20	  
		 	2.17	  	Country Limitation Schedule	  	 	20	  
		 	2.18	  	Notice of Certain Events	  	 	21	  
		 	2.19	  	Insurance	  	 	21	  
		 	2.20	  	Taxes	  	 	22	  
		 	2.21	  	Compliance with Laws	  	 	22	  
		 	2.22	  	Negative Covenants	  	 	22	  
		 	2.23	  	Cross Default	  	 	22	  
		 	2.24	  	Munitions List	  	 	22	  
		 	2.25	  	Suspension and Debarment, etc	  	 	22	  
		
	ARTICLE III. RIGHTS AND REMEDIES	  	 	23	  

									
		 	3.01	  	Indemnification	  	 	23	  
		 	3.02	  	Liens	  	 	23	  
		
	ARTICLE IV. MISCELLANEOUS	  	 	24	  
				
		 	4.01	  	Governing Law	  	 	24	  
		 	4.02	  	Notification	  	 	24	  
		 	4.03	  	Partial Invalidity	  	 	24	  
		 	4.04	  	Waiver of Jury Trial	  	 	24	  
		 	4.05	  	Consequential Damages	  	 	24	  

  
 -ii-

 EXPORT-IMPORT BANK OF THE UNITED STATES 

WORKING CAPITAL GUARANTEE PROGRAM 
 BORROWER AGREEMENT 
 THIS BORROWER AGREEMENT (this “Agreement”)
is made and entered into by the entity identified as Borrower on the signature page hereof (“Borrower”) in favor of the Export-Import Bank of the United States (“Ex-Im Bank”) and the institution identified as Lender on the
signature page hereof (“Lender”). 
 RECITALS 

Borrower has requested that Lender establish a Loan Facility in favor of Borrower for the purposes of providing Borrower with working
capital to finance the manufacture, production or purchase and subsequent export sale of Items. 
 Lender and Borrower expect
that Ex-Im Bank will provide a guarantee to Lender regarding this Loan Facility subject to the terms and conditions of the Master Guarantee Agreement, a Loan Authorization Agreement, and to the extent applicable, the Delegated Authority Letter
Agreement or Fast Track Lender Agreement. 
 Lender and Ex-Im Bank have requested that Borrower execute this Agreement as a
condition precedent to Lender establishing the Loan Facility and Ex-Im Bank providing the guarantee. 
 NOW, THEREFORE, Borrower
hereby agrees as follows: 
 ARTICLE I. 
 DEFINITIONS 
 1.01 Definition of Terms. As used in this Agreement,
including the Recitals to this Agreement and the Loan Authorization Agreement, the following terms shall have the following meanings: “Accounts Receivable” shall mean all of Borrower’s now owned or hereafter acquired
(a) “accounts” (as such term is defined in the UCC), other receivables, book debts and other forms of obligations, whether arising out of goods sold or services rendered or from any other transaction; (b) rights in, to and under
all purchase orders or receipts for goods or services; (c) rights to any goods represented or purported to be represented by any of the foregoing (including unpaid sellers’ rights of rescission, replevin, reclamation and stoppage in
transit and rights to returned, reclaimed or repossessed goods); (d) moneys due or to become due to such Borrower under all purchase orders and contracts (which includes Export Orders) for the sale of goods or the performance of services or
both by Borrower (whether or not yet earned by performance on the part of Borrower), including the proceeds of the foregoing; (e) any notes, drafts, letters of credit, insurance proceeds or other instruments, documents and writings evidencing
or supporting the foregoing; and (f) all collateral security and guarantees of any kind given by any other Person with respect to any of the foregoing. 

  
 - 1 -

 “Accounts Receivable Aging Report” shall mean a report detailing the
Export-Related Accounts Receivable and Export-Related Overseas Accounts Receivable for a Loan Facility, and the applicable terms for the relevant time period; in the case of Indirect Exports, such report shall indicate the portion of such Accounts
Receivables corresponding to Indirect Exports. 
 “Advance Rate” shall mean, with respect to a Loan Facility, the rate
specified in Section 5.C. of the Loan Authorization Agreement for each category of Primary Collateral except for Export-Related General Intangibles and Other Collateral. Unless otherwise set forth in writing by Ex-Im Bank, in no event shall the
Advance Rate exceed (i) ninety percent (90%) for Eligible Export-Related Accounts Receivable, (ii) seventy five percent (75%) for Eligible Export-Related Inventory, (iii) seventy percent (70%) for Eligible
Export-Related Overseas Accounts Receivable or (iv) sixty percent (60%) for Eligible Export-Related Overseas Inventory and (v) twenty five percent (25%) for Retainage Accounts Receivable. 

“Affiliated Foreign Person” shall have the meaning set forth in Section 2.15. 

“Business Day” shall mean any day on which the Federal Reserve Bank of New York is open for business. 

“Buyer” shall mean a Person that has entered into one or more Export Orders with Borrower or who is an obligor on
Export-Related Accounts Receivable or Export-Related Overseas Accounts Receivable. 
 “Capital Good” shall mean a
capital good (e.g., manufacturing equipment, licensing agreements) that will establish or expand foreign production capacity of an exportable good. 
 “Collateral” shall mean all real and personal property and interest in real and personal property in or upon which Lender has been, or shall be, granted a Lien as security for the payment of all
the Loan Facility Obligations and all products and proceeds (cash and non-cash) thereof. 
 “Commercial Letters of
Credit” shall mean those letters of credit subject to the UCP payable in Dollars and issued or caused to be issued by Lender on behalf of Borrower under a Loan Facility for the benefit of a supplier(s) of Borrower in connection with
Borrower’s purchase of goods or services from the supplier in support of the export of the Items. 
 “Country
Limitation Schedule” shall mean the schedule published from time to time by Ex-Im Bank setting forth on a country by country basis whether and under what conditions Ex-Im Bank will provide coverage for the financing of export transactions to
countries listed therein. 
 “Credit Accommodation Amount” shall mean, the sum of (a) the aggregate outstanding
amount of Disbursements and (b) the aggregate outstanding Letter of Credit Obligations, which sum may not exceed the Maximum Amount. 
 “Credit Accommodations” shall mean, collectively, Disbursements and Letter of Credit Obligations. 

  
 2 

 “Debarment Regulations” shall mean, collectively, (a) the Government wide
Debarment and Suspension (Nonprocurement) regulations (Common Rule), 53 Fed. Reg. 19204 (May 26, 1988), (b) Subpart 9.4 (Debarment, Suspension, and Ineligibility) of the Federal Acquisition Regulations, 48 C.F.R. 9.400-9.409 and (c) the
revised Government wide Debarment and Suspension (Nonprocurement) regulations (Common Rule), 60 Fed. Reg. 33037 (June 26, 1995). 
 “Delegated Authority Letter Agreement” shall mean the Delegated Authority Letter Agreement, if any, between EX-IM Bank and Lender. 

“Disbursement” shall mean, collectively, (a) an advance of a working capital loan from Lender to Borrower under the Loan
Facility, and (b) an advance to fund a drawing under a Letter of Credit issued or caused to be issued by Lender for the account of Borrower under the Loan Facility. 
 “Dollars” or “$” shall mean the lawful currency of the United States. 
 “Economic Impact Approval” shall mean a written approval issued by Ex-Im Bank stating the conditions under which a Capital Good may be included as an Item in a Loan Facility consistent with
EX-IM Bank’s economic impact procedures (or other mechanism for making this determination that Ex-Im Bank notifies Lender of in writing). 
 “Economic Impact Certification” shall have the meaning set forth in Section 2.14(b). 
 “Effective Date” shall mean the date on which (a) all of the Loan Documents have been executed by Lender, Borrower and, if applicable, Ex-Im Bank and (b) all of the conditions to the
making of the initial Credit Accommodations under the Loan Documents or any amendments thereto have been satisfied. 

“Eligible Export-Related Accounts Receivable” shall mean Export-Related Accounts Receivable which are acceptable to Lender and
which are deemed to be eligible pursuant to the Loan Documents, but in no event shall Eligible Export-Related Accounts Receivable include any Account Receivable: 
 (a) that does not arise from the sale of Items in the ordinary course of Borrower’s business; 
 (b) that is not subject to a valid, perfected first priority Lien in favor of Lender; 
 (c) as to which any covenant, representation or warranty contained in the Loan Documents with respect to such Account Receivable has been breached; 

(d) that is not owned by Borrower or is subject to any right, claim or interest of another Person other than the Lien in favor of Lender;

 (e) with respect to which an invoice has not been sent; 

(f) that arises from the sale of defense articles or defense services; 

  
 3 

 (g) that arises from the sale of Items to be used in the construction, alteration, operation
or maintenance of nuclear power, enrichment, reprocessing, research or heavy water production facilities unless with Ex-Im Bank’s prior written consent; 
 (h) that is due and payable from a Buyer located in a country with which Ex-Im Bank is prohibited from doing business as designated in the Country Limitation Schedule; 

(i) that does not comply with the requirements of the Country Limitation Schedule; 

(j) that is due and payable more than one hundred eighty (180) days from the date of the invoice; 

(k) that is not paid within sixty (60) calendar days from its original due date, unless it is insured through Ex-Im Bank export
credit insurance for comprehensive commercial and political risk, or through Ex-Im Bank approved private insurers for comparable coverage, in which case it is not paid within ninety (90) calendar days from its due date; 

(l) of a Buyer for whom fifty percent (50%) or more of the Accounts Receivable of such Buyer do not satisfy the requirements of
subclauses (j) and (k) above; 
 (m) that arises from a sale of goods to or performance of services for an employee of
Borrower, a stockholder of Borrower, a subsidiary of Borrower, a Person with a controlling interest in Borrower or a Person which shares common controlling ownership with Borrower; 

(n) that is backed by a letter of credit unless the Items covered by the subject letter of credit have been shipped; 

(o) that Lender or Ex-Im Bank, in its reasonable judgment, deems uncollectible for any reason; 

(p) that is due and payable in a currency other than Dollars, except as may be approved in writing by Ex-Im Bank; 

(q) that is due and payable from a military Buyer, except as may be approved in writing by Ex-Im Bank; 

(r) that does not comply with the terms of sale set forth in Section 7 of the Loan Authorization Agreement; 

(s) that is due and payable from a Buyer who (i) applies for, suffers, or consents to the appointment of, or the taking of
possession by, a receiver, custodian, trustee or liquidator of itself or of all or a substantial part of its property or calls a meeting of its creditors, (ii) admits in writing its inability, or is generally unable, to pay its debts as they
become due or ceases operations of its present business, (iii) makes a general assignment for the benefit of creditors, (iv) commences a voluntary case under any state or federal bankruptcy laws (as now or hereafter in effect), (v) is
adjudicated as bankrupt or insolvent, (vi) files a petition seeking to take advantage of any other law providing for the relief of debtors, (vii) acquiesces to, or fails to have dismissed, any petition which is filed against it in any
involuntary case under such bankruptcy laws, or (viii) takes any action for the purpose of effecting any of the foregoing; 

  
 4 

 (t) that arises from a bill-and-hold, guaranteed sale, sale-and-return, sale on approval,
consignment or any other repurchase or return basis or is evidenced by chattel paper; 
 (u) for which the Items giving rise to
such Accounts Receivable have not been shipped to the Buyer or when the Items are services, such services have not been performed or when the Export Order specifies a timing for invoicing the Items other than shipment or performance and the Items
have not been invoiced in accordance with such terms of the Export Order, or the Accounts Receivable otherwise do not represent a final sale; 
 (v) that is subject to any offset, deduction, defense, dispute, or counterclaim or the Buyer is also a creditor or supplier of Borrower or the Account Receivable is contingent in any respect or for any
reason; 
 (w) for which Borrower has made any agreement with the Buyer for any deduction therefrom, except for discounts or
allowances made in the ordinary course of business for prompt payment, all of which discounts or allowances are reflected in the calculation of the face value of each respective invoice related thereto; 

(x) for which any of the Items giving rise to such Account Receivable have been returned, rejected or repossessed; 

(y) that is included as an eligible receivable under any other credit facility to which Borrower is a party; 

(z) any of the Items giving rise to such Accounts Receivable are Capital Goods, unless the transaction is in accordance with
Section 2.14; 
 (aa) that is due and payable from a Buyer that is, or is located in, the United States; provided however,
that this subsection (aa) shall not preclude an Export-Related Accounts Receivable arising from the sale of Items to foreign contractors or subcontractors providing services to a United States Embassy or the United States Military located overseas
from being deemed an Eligible Export-Related Accounts Receivable; or 
 (bb) that arises from the sale of Items that do not meet
the U.S. Content requirements in accordance with Section 2.01(b)(ii). 
 “Eligible Export-Related Inventory”
shall mean Export-Related Inventory which is acceptable to Lender and which is deemed to be eligible pursuant to the Loan Documents, but in no event shall Eligible Export-Related Inventory include any Inventory: 

(a) that is not subject to a valid, perfected first priority Lien in favor of Lender; 

(b) that is located at an address that has not been disclosed to Lender in writing; 

  
 5 

 (c) that is placed by Borrower on consignment or held by Borrower on consignment from
another Person; 
 (d) that is in the possession of a processor or bailee, or located on premises leased or subleased to
Borrower, or on premises subject to a mortgage in favor of a Person other than Lender, unless such processor or bailee or mortgagee or the lessor or sublessor of such premises, as the case may be, has executed and delivered all documentation which
Lender shall require to evidence the subordination or other limitation or extinguishment of such Person’s rights with respect to such Inventory and Lender’s right to gain access thereto; 

(e) that is produced in violation of the Fair Labor Standards Act or subject to the “hot goods” provisions contained in 29
U.S.C.§215 or any successor statute or section; 
 (f) as to which any covenant, representation or warranty with respect to
such Inventory contained in the Loan Documents has been breached; 
 (g) that is not located in the United States unless
expressly permitted by Lender, on terms acceptable to Lender; 
 (h) that is an Item or is to be incorporated into Items that do
not meet U.S. Content requirements in accordance with Section 2.01(b)(ii); 
 (i) that is demonstration Inventory;

 (j) that consists of proprietary software (i.e. software designed solely for Borrower’s internal use and not intended
for resale); 
 (k) that is damaged, obsolete, returned, defective, recalled or unfit for further processing; 

(l) that has been previously exported from the United States; 
 (m) that constitutes, or will be incorporated into Items that constitute, defense articles or defense services; 
 (n) that is an Item or will be incorporated into Items that will be used in the construction, alteration, operation or maintenance of nuclear power, enrichment, reprocessing, research or heavy water
production facilities unless with Ex-Im Bank’s prior written consent; 
 (o) that is an Item or is to be incorporated into
Items destined for shipment to a country as to which Ex-Im Bank is prohibited from doing business as designated in the Country Limitation Schedule; 
 (p) that is an Item or is to be incorporated into Items destined for shipment to a Buyer located in a country in which Ex-Im Bank coverage is not available for commercial reasons as designated in the
Country Limitation Schedule, unless and only to the extent that such Items are to be sold to such country on terms of a letter of credit confirmed by a bank acceptable to Ex-Im Bank; 

  
 6 

 (q) that constitutes, or is to be incorporated into, Items whose sale would result in an
Accounts Receivable which would not be an Eligible Export-Related Accounts Receivable; 
 (r) that is included as eligible
inventory under any other credit facility to which Borrower is a party; or 
 (s) that is, or is to be incorporated into, an
Item that is a Capital Good, unless the transaction is in accordance with Section 2.14. 
 “Eligible Export-Related
Overseas Accounts Receivable” shall mean Export-Related Overseas Accounts Receivable which are acceptable to Lender and which are deemed to be eligible pursuant to the Loan Documents but in no event shall include the Accounts Receivable
(a) through (bb) excluded from the definition of Eligible Export-Related Accounts Receivable. 
 “Eligible
Export-Related Overseas Inventory” shall mean Export-Related Overseas Inventory which is acceptable to Lender and which is deemed to be eligible pursuant to the Loan Documents, but in no event shall include the Inventory (a) through
(r) excluded from the definition of Eligible Export-Related Inventory. 
 “Eligible Person” shall mean a sole
proprietorship, partnership, limited liability partnership, corporation or limited liability company which (a) is domiciled, organized or formed, as the case may be, in the United States, whether or not such entity is owned by a foreign
national or foreign entity; (b) is in good standing in the state of its formation or otherwise authorized to conduct business in the United States; (c) is not currently suspended or debarred from doing business with the United States
government or any instrumentality, division, agency or department thereof; (d) exports or plans to export Items; (e) operates and has operated as a going concern for at least one (1) year; (f) has a positive tangible net worth
determined in accordance with GAAP; and (g) has revenue generating operations relating to its core business activities for at least one year. An Affiliated Foreign Person that meets all of the requirements of the foregoing definition of
Eligible Person other than subclause (a) thereof shall be deemed to be an Eligible Person. 
 “ERISA” shall mean
the Employee Retirement Income Security Act of 1974 and the rules and regulations promulgated thereunder. 
 “Export
Order” shall mean a documented purchase order or contract evidencing a Buyer’s agreement to purchase the Items from Borrower for export from the United States, which documentation shall include written information that is necessary to
confirm such purchase order or contract, including identification of the Items, the name of the Buyer, the country of destination, contact information for the Buyer and the total amount of the purchase order or contract; in the case of Indirect
Exports, such documentation shall further include a copy of the written purchase order or contract from a foreign purchaser or other documentation clearly evidencing a foreign purchaser’s agreement to purchase the Items. 

“Export-Related Accounts Receivable” shall mean those Accounts Receivable arising from the sale of Items which are due and
payable to Borrower in the United States. 

  
 7 

 “Export-Related Accounts Receivable Value” shall mean, at the date of
determination thereof, the aggregate face amount of Eligible Export-Related Accounts Receivable less taxes, discounts, credits, allowances and Retainages, except to the extent otherwise permitted by Ex-Im Bank in writing. 

“Export-Related Borrowing Base” shall mean, at the date of determination thereof, the sum of (a) (if Lender elects to
include) the Export-Related Inventory Value or Export-Related Historical Inventory Value multiplied by the Advance Rate applicable to Eligible Export-Related Inventory set forth in Section 5.B.(1.) of the Loan Authorization Agreement, plus
(b) the Export-Related Accounts Receivable Value multiplied by the Advance Rate applicable to Eligible Export-Related Accounts Receivable set forth in Section 5.B.(2.) of the Loan Authorization Agreement, plus (c) if permitted by
Ex-Im Bank in writing, the Retainage Value multiplied by the Advance Rate applicable to Retainages set forth in Section 5.B.(3.) of the Loan Authorization Agreement, plus (d) the Other Assets set forth in Section 5.B.(4.) of the Loan
Authorization Agreement multiplied by the Advance Rate agreed to in writing by Ex-Im Bank, plus (e) if permitted by Ex-Im Bank in writing, the Export-Related Overseas Accounts Receivable Value multiplied by the Advance Rate applicable to
Eligible Export-Related Overseas Accounts Receivable set forth in Section 5.B.(5.) of the Loan Authorization Agreement, plus (f) if permitted by Ex-Im Bank in writing, the Export-Related Overseas Inventory Value multiplied by the Advance
Rate applicable to Eligible Export-Related Overseas Inventory set forth in Section 5.B.(6.) of the Loan Authorization Agreement, less (g) the amounts required to be reserved pursuant to Sections 4.12 and 4.13 of this Agreement for each
outstanding Letter of Credit, less (h) such reserves and in such amounts deemed necessary and proper by Lender from time to time. 
 “Export-Related Borrowing Base Certificate” shall mean a certificate in the form provided or approved by Lender, executed by Borrower and delivered to Lender pursuant to the Loan Documents
detailing the Export-Related Borrowing Base supporting the Credit Accommodations which reflects, to the extent included in the Export-Related Borrowing Base, Export-Related Accounts Receivable, Eligible Export-Related Accounts Receivable,
Export-Related Inventory, Eligible Export-Related Inventory, Export-Related Overseas Accounts Receivable, Eligible Export-Related Accounts Receivable, Export-Related Overseas Inventory and Eligible Export-Related Overseas Inventory balances that
have been reconciled with Borrower’s general ledger, Accounts Receivable Aging Report and Inventory schedule. 

“Export-Related General Intangibles” shall mean the Pro Rata Percentage of General Intangibles determined as of the earlier of:
(i) the date such General Intangibles are liquidated and (ii) the date Borrower fails to pay when due any outstanding amount of principal or accrued interest payable under the Loan Documents that becomes the basis for a Payment Default on
which a Claim is filed. 
 “Export-Related Historical Inventory Value” shall mean with respect to a Borrower, the
relevant Export-Related Sales Ratio multiplied by the lowest of (i) the cost of such Borrower’s Inventory as determined in accordance with GAAP, or (ii) the market value of such Borrower’s Inventory as determined in accordance
with GAAP or (iii) the appraised or orderly liquidation value of such Borrower’s Inventory, if Lender has loans and financial accommodations to such Borrower for which it conducts (or contracts for the performance of) such an appraised or
orderly liquidation value. 

  
 8 

 “Export-Related Inventory” shall mean the Inventory of Borrower located in the
United States that has been purchased, manufactured or otherwise acquired by Borrower for sale or resale as Items, or to be incorporated into Items to be sold or resold pursuant to Export Orders. 

“Export-Related Inventory Value” shall mean, at the date of determination thereof, the lowest of (i) the cost of Eligible
Exported-Related Inventory as determined in accordance with GAAP, or (ii) the market value of Eligible Export-Related Inventory as determined in accordance with GAAP or (iii) the lower of the appraised market value or orderly liquidation
value of the Eligible Export-Related Inventory, if Lender has other loans and financial accommodations to a Borrower for which it conducts (or contracts for the performance of) such an appraised or orderly liquidation value. 

“Export-Related Overseas Accounts Receivable” shall mean those Accounts Receivable arising from the sale of Items which are due
and payable outside of the United States either to a Borrower or an Affiliated Foreign Person. 
 “Export-Related Overseas
Accounts Receivable Value” shall mean, with respect to a Loan Facility, at the date of determination thereof, the aggregate face amount of Eligible Export-Related Overseas Accounts Receivable less taxes, discounts, credits, allowances and
Retainages, except to the extent otherwise permitted by Ex-lm Bank in writing. 
 “Export-Related Overseas Inventory”
shall mean the Inventory of Borrower located outside of the United States that has been purchased, manufactured or otherwise acquired by such Borrower for sale or resale as Items, or to be incorporated into Items to be sold or resold pursuant to
Export Orders. 
 “Export-Related Overseas Inventory Value” shall mean, at the date of determination thereof, the
lowest of (i) the cost of Eligible Export-Related Overseas Inventory as determined in accordance with GAAP, (ii) the market value of Eligible Export-Related Overseas Inventory as determined in accordance with GAAP or (iii) the
appraised or orderly liquidation value of the Eligible Export-Related Overseas Inventory, if Lender has other loans and financial accommodations to Borrower or an Affiliated Foreign Person for which it conducts (or contracts for the performance of)
such a appraised or orderly liquidation. 
 “Export-Related Sales Ratio” shall mean with respect to a Borrower, the
percentage of such Borrower’s total sales revenue derived from the sale of Eligible Export-Related Inventory over a rolling twelve-month period ending no more than ninety (90) days prior to the date of the relevant Export-Related Borrowing
Base Certificate. 
 “Extension” shall mean, with respect to a Loan Facility, an amendment to the Loan Authorization
Agreement extending the Final Disbursement Date on the same terms and conditions as the Loan Facility for an aggregate period not to exceed one hundred and twenty (120) days beyond the original Final Disbursement Date, either as agreed to in
writing by Ex-Im Bank or, in the case of Delegated Authority, as notified by Lender to Ex-Im Bank pursuant to its authority under the Delegated Authority Letter Agreement. 

  
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 “Fast Track Lender Agreement” shall mean the Fast Track Lender Agreement, if any,
between Ex-Im Bank and Lender. 
 “Final Disbursement Date” shall mean the last date on which Lender may make a
Disbursement set forth in Section 10 of the Loan Authorization Agreement (including as amended by an Extension) or, if such date is not a Business Day, the next succeeding Business Day; provided, however, to the extent that Lender
has not received cash collateral in the amount of the Letter of Credit Obligations or an equivalent full indemnity from Borrower or Guarantor, as applicable, with respect to Letter of Credit Obligations outstanding on the Final Disbursement Date,
the Final Disbursement Date with respect to an advance to fund a drawing under such Letter of Credit shall be no later than thirty (30) days after any such drawing which may be no later than the expiry date of the Letter of Credit related
thereto. 
 “GAAP” shall mean the generally accepted accounting principles issued in the United States. 

“General Intangibles” shall mean all intellectual property and other “general intangibles” (as such term is defined
in the UCC). 
 “Guarantor” shall mean any Person which is identified in Section 3 of the Loan Authorization
Agreement who shall guarantee (jointly and severally if more than one) the payment and performance of all or a portion of the Loan Facility Obligations. 
 “Guarantee Agreement” shall mean a valid and enforceable agreement of guarantee executed by each Guarantor in favor of Lender. 

“Indirect Exports” shall mean finished goods or services that are sold by a Borrower to a Buyer located in the United States,
are intended for export from the United States, and are identified in Section 4.A.(2.) of the Loan Authorization Agreement. 
 “Inventory” shall mean all “inventory” (as such term is defined in the UCC), now or hereafter owned or acquired by Borrower, wherever located, including all inventory, merchandise,
goods and other personal property which are held by or on behalf of Borrower for sale or lease or are furnished or are to be furnished under a contract of service or which constitute raw materials, work in process or materials used or consumed or to
be used or consumed in Borrower’s business or in the processing, production, packaging, promotion, delivery or shipping of the same, including other supplies. 
 “ISP” shall mean the International Standby Practices-ISP98, International Chamber of Commerce Publication No. 590 and any amendments and revisions thereof. 

“Issuing Bank” shall mean the bank that issues a Letter of Credit, which bank is Lender itself or a bank that Lender has caused
to issue a Letter of Credit by way of a guarantee or reimbursement obligation. 
 “Items” shall mean the finished
goods or services which are intended for export from the United States, either directly or as an Indirect Export, meet the U.S. Content requirements in accordance with Section 2.01(b)(ii) of this Agreement and are specified in Section 4.A.
of the Loan Authorization Agreement. 

  
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 “Letter of Credit” shall mean a Commercial Letter of Credit or a Standby Letter of
Credit. 
 “Letter of Credit Obligations” shall mean all undrawn amounts of outstanding obligations incurred by
Lender, whether direct or indirect, contingent or otherwise, due or not due, in connection with the issuance or guarantee by Lender or Issuing Bank of Letters of Credit. 
 “Lien” shall mean any mortgage, security deed or deed of trust, pledge, hypothecation, assignment, deposit arrangement, lien, charge, claim, security interest, security title, easement or
encumbrance, or preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including any lease or title retention agreement, any financing lease having substantially the same economic effect as any
of the foregoing, and the filing of, or agreement to give, any financing statement perfecting a security interest under the UCC or comparable law of any jurisdiction) by which property is encumbered or otherwise charged. 

“Loan Agreement” shall mean a valid and enforceable agreement between Lender and a Borrower setting forth, with respect to each
Loan Facility, the terms and conditions of such Loan Facility. 
 “Loan Authorization Agreement” shall mean, as
applicable, the duly executed Loan Authorization Agreement, Fast Track Loan Authorization Agreement, or the Loan Authorization Notice, setting forth certain terms and conditions of each Loan Facility, a copy of which is attached hereto as Annex A.

 “Loan Authorization Notice” shall mean the Loan Authorization Notice executed by Lender and delivered to Ex-Im Bank
in accordance with the Delegated Authority Letter Agreement setting forth the terms and conditions of each Loan Facility. 

“Loan Documents” shall mean the Loan Authorization Agreement, the Loan Agreement, this Agreement, each promissory note (if
applicable), each Guarantee Agreement, and all other instruments, agreements and documents now or hereafter executed by the applicable Borrower, any Guarantor, Lender or Ex-Im Bank evidencing, securing, guaranteeing or otherwise relating to the Loan
Facility or any Credit Accommodations made thereunder. 
 “Loan Facility” shall mean the Revolving Loan Facility, the
Transaction Specific Loan Facility or the Transaction Specific Revolving Loan Facility established by Lender in favor of Borrower under the Loan Documents. 
 “Loan Facility Obligations” shall mean all loans, advances, debts, expenses, fees, liabilities, and obligations, including any accrued interest thereon, for the performance of covenants, tasks
or duties or for payment of monetary amounts (whether or not such performance is then required or contingent, or amounts are liquidated or determinable) owing by Borrower to Lender, of any kind or nature, present or future, arising in connection
with the Loan Facility. 

  
 11 

 “Loan Facility Term” shall mean, with respect to a Loan Facility, the number of
months or portion thereof from the Effective Date to the Final Disbursement Date as set forth in the Loan Authorization Agreement as amended. 
 “Master Guarantee Agreement” shall mean the Master Guarantee Agreement between Ex-Im Bank and Lender, as amended, modified, supplemented and restated from time to time. 

“Material Adverse Effect” shall mean a material adverse effect on (a) the business, assets, operations, prospects or
financial or other condition of Borrower or any Guarantor, (b) any Borrower’s ability to pay or perform the Loan Facility Obligations in accordance with the terms thereof, (c) the Collateral or Lender’s Liens on the Collateral or
the priority of such Lien, or (d) Lender’s rights and remedies under the Loan Documents. 
 “Maximum Amount”
shall mean the maximum Credit Accommodation Amount that may be outstanding at any time under each Loan Facility, as specified in Section 5.A. of the Loan Authorization Agreement. 

“Other Assets” shall mean, with respect to a Loan Facility, such other assets of a Borrower to be included in Primary
Collateral, which may include cash and marketable securities, or such other assets as Ex-Im Bank agrees to in writing, and disclosed as Primary Collateral in Section 6.A. of the Loan Authorization Agreement. The applicable Advance Rate (to be
multiplied by the Other Asset Value) shall be as agreed to by Ex-lm Bank in writing case by case by case and set forth in Section 5.B.(4) of the Loan Authorization Agreement. 

“Other Asset Value” shall mean, with respect to a Loan Facility, at the date of determination thereof, the value of the Other
Assets as determined in accordance with GAAP. 
 “Other Collateral” shall mean any additional collateral that Lender
customarily would require as security for loan facilities on its own account and risk where the permitted borrowing level is based principally on a borrowing base derived from a borrower’s inventory and accounts receivable, but where such
additional collateral does not enter into the borrowing base calculation. 
 “Permitted Liens” shall mean
(a) Liens for taxes, assessments or other governmental charges or levies not delinquent, or, being contested in good faith and by appropriate proceedings and with respect to which proper reserves have been taken by Borrower; provided,
that, the Lien shall have no effect on the priority of the Liens in favor of Lender or the value of the assets in which Lender has such a Lien and a stay of enforcement of any such Lien shall be in effect; (b) deposits or pledges
securing obligations under worker’s compensation, unemployment insurance, social security or public liability laws or similar legislation; (c) deposits or pledges securing bids, tenders, contracts (other than contracts for the payment of
money), leases, statutory obligations, surety and appeal bonds and other obligations of like nature arising in the ordinary course of Borrower’s business; (d) judgment Liens that have been stayed or bonded; (e) mechanics’,
workers’, materialmen’s or other like Liens arising in the ordinary course of Borrower’s business with respect to obligations which are not due; (f) Liens placed upon fixed assets hereafter acquired to secure a portion of the
purchase price thereof, provided, that, any such Lien shall not encumber any other property of Borrower; (g) security interests being terminated concurrently with the execution of the Loan Documents: and (h) Liens disclosed in
Section 6.D. of the Loan Authorization Agreement, provided that, except as otherwise permitted by Ex-Im Bank in writing, such Liens in Section 6.D. shall be subordinate to the Liens in favor of Lender on Primary Collateral.

  
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 “Person” shall mean any individual, sole proprietorship, partnership, limited
liability partnership, joint venture, trust, unincorporated organization, association, corporation, limited liability company, institution, public benefit corporation, entity or government (whether national, federal, provincial, state, county, city,
municipal or otherwise, including any instrumentality, division, agency, body or department thereof), and shall include such Person’s successors and assigns. 
 “Pro Rata Percentage” shall mean, with respect to a Loan Facility, as of the date of determination thereof, the principal balance of the Credit Accommodations outstanding as a percentage of the
combined principal balance of all loans from Lender to such Borrower including the then outstanding principal balance of the Credit Accommodations plus unfunded amounts under outstanding Letters of Credit. 

“Principals” shall mean any officer, director, owner, partner, key employee, or other Person with primary management or
supervisory responsibilities with respect to Borrower or any other Person (whether or not an employee) who has critical influence on or substantive control over the transactions covered by this Agreement. 

“Retainage” shall mean that portion of the purchase price of an Export Order that a Buyer is not obligated to pay until the end
of a specified period of time following the satisfactory performance under such Export Order. 
 “Retainage Accounts
Receivable” shall mean those portions of Eligible Export-Related Accounts Receivable or Eligible Export-Related Overseas Accounts Receivable arising out of a Retainage. 
 “Retainage Value” shall mean, at the date of determination thereof, the aggregate face amount of Retainage Accounts Receivable as permitted by Ex-Im Bank in writing, less taxes, discounts,
credits and allowances, except to the extent otherwise permitted by Ex-Im Bank in writing. 
 “Revolving Loan
Facility” shall mean the credit facility or portion thereof established by Lender in favor of Borrower for the purpose of providing working capital in the form of loans and/or Letters of Credit to finance the manufacture, production or purchase
and subsequent export sale of Items pursuant to Loan Documents under which Credit Accommodations may be made and repaid on a continuous basis based solely on credit availability on the Export-Related Borrowing Base during the term of such credit
facility 
 “Special Conditions” shall mean those conditions, if any, set forth in Section 13 of the Loan
Authorization Agreement. 
 “Specific Export Orders” shall mean those Export Orders specified in Section 5.D. of
the Loan Authorization Agreement as applicable for a Transaction Specific Revolving Loan Facility or a Transaction Specific Loan Facility. 

  
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 “Standby Letters of Credit” shall mean those letters of credit subject to the ISP
or UCP issued or caused to be issued by Lender for Borrower’s account that can be drawn upon by a Buyer only if Borrower fails to perform all of its obligations with respect to an Export Order. 

“Transaction Specific Loan Facility” shall mean a credit facility or a portion thereof established by Lender in favor of
Borrower for the purpose of providing working capital in the form of loans and/or Letters of Credit to finance the manufacture, production or purchase and subsequent export sale of Items pursuant to Loan Documents under which Credit Accommodations
are made based solely on credit availability on the Export-Related Borrowing Base relating to Specific Export Orders and once such Credit Accommodations are repaid they may not be reborrowed. 

“Transaction Specific Revolving Loan Facility” shall mean a Revolving Credit Facility established to provide financing of
Specific Export Orders. 
 “UCC” shall mean the Uniform Commercial Code, as the same may be in effect from time to
time in the relevant United States jurisdiction. 
 “UCP” shall mean the Uniform Customs and Practice for Documentary
Credits (1993 Revision), International Chamber of Commerce Publication No. 500 and any amendments and revisions thereof. 

“U.S.” or “United States” shall mean the United States of America including any division or agency thereof (including
United States embassies or United States military bases located overseas), and any United States Territory (including without limitation, Puerto Rico, Guam or the United States Virgin Islands). 

“U.S. Content” shall mean, with respect to any Item, all the costs, including labor, materials, services and overhead, but not
markup or profit margin, which are of U.S. origin or manufacture, and which are incorporated into an Item in the United States. 

“Warranty” shall mean Borrower’s guarantee to Buyer that the Items will function as intended during the warranty period
set forth in the applicable Export Order. 
 “Warranty Letter of Credit” shall mean a Standby Letter of Credit which
is issued or caused to be issued by Lender to support the obligations of Borrower with respect to a Warranty or a Standby Letter of Credit which by its terms becomes a Warranty Letter of Credit. 

1.02 Rules of Construction. For purposes of this Agreement, the following additional rules of construction shall apply, unless
specifically indicated to the contrary: (a) wherever from the context it appears appropriate, each term stated in either the singular or plural shall include the singular and the plural, and pronouns stated in the masculine, feminine or neuter
gender shall include the masculine, the feminine and the neuter; (b) the term “or” is not exclusive; (c) the term “including” (or any form thereof) shall not be limiting or exclusive; (d) all references to statutes
and related regulations shall include any amendments of same and any successor statutes and regulations; (e) the words “this Agreement”, “herein”, “hereof”, “hereunder” or other words of similar import
refer to this Agreement as a whole including the schedules, exhibits, and annexes 

  
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hereto as the same may be amended, modified or supplemented; (f) all references in this Agreement to sections, schedules, exhibits, and annexes shall refer to the corresponding sections,
schedules, exhibits, and annexes of or to this Agreement; and (g) all references to any instruments or agreements, including references to any of the Loan Documents, the Delegated Authority Letter Agreement, or the Fast Track Lender Agreement
shall include any and all modifications, amendments and supplements thereto and any and all extensions or renewals thereof to the extent permitted under this Agreement. 
 1.03 Incorporation of Recitals. The Recitals to this Agreement are incorporated into and shall constitute a part of this Agreement. 

ARTICLE II. 

OBLIGATIONS OF BORROWER 
 Until payment in full of all Loan Facility Obligations and termination of the Loan Documents, Borrower agrees as follows: 
 2.01 Use of Credit Accommodations. (a) Borrower shall use Credit Accommodations only for the purpose of enabling Borrower to finance the cost of manufacturing, producing, purchasing or selling
the Items. Borrower may not use any of the Credit Accommodations for the purpose of: (i) servicing or repaying any of Borrower’s pre-existing or future indebtedness unrelated to the Loan Facility unless approved by Ex-Im Bank in writing;
(ii) acquiring fixed assets or capital assets for use in Borrower’s business; (iii) acquiring, equipping or renting commercial space outside of the United States; (iv) paying the salaries of non U.S. citizens or non-U.S.
permanent residents who are located in offices outside of the United States; or (v) in connection with a Retainage or Warranty unless approved by Ex-Im Bank in writing. 
 (b) In addition, no Credit Accommodation may be used to finance the manufacture, purchase or sale of any of the following: 
 (i) Items to be sold to a Buyer located in a country as to which EX-IM Bank is prohibited from doing business as designated in the Country Limitation Schedule; 

(ii) that part of the cost of the Items which is not U.S. Content unless such part is not greater than fifty percent (50%) of the
cost of the Items and is incorporated into the Items in the United States; 
 (iii) defense articles or defense services;

 (iv) Capital Goods unless in accordance with Section 2.14 of this Agreement; or 

(v) without Ex-Im Bank’s prior written consent, any Items to be used in the construction, alteration, operation or maintenance of
nuclear power, enrichment, reprocessing, research or heavy water production facilities. 
 2.02 Security Interests.
Borrower agrees to cooperate with Lender in any steps Lender shall take to file and maintain valid, enforceable and perfected security interests in the Collateral. 
 2.03 Loan Documents and Loan Authorization Agreement. (a) This Agreement and each of the other Loan Documents applicable to Borrower have been duly executed and delivered on behalf of
Borrower, and are and will continue to be legal and valid obligations of Borrower, enforceable against it in accordance with its terms. 
 (b) Borrower shall comply with all of the terms and conditions of this Agreement, the Loan Authorization Agreement and each of the other Loan Documents to which it is a party. 

  
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 (c) Borrower hereby represents and warrants to Lender that Borrower is an Eligible Person.

 2.04 Export-Related Borrowing Base Certificates and Export Orders. (a) In order to receive Credit Accommodations
under the Loan Facility, Borrower shall have delivered to Lender an Export-Related Borrowing Base Certificate as frequently as required by Lender but at least within the past month, together with a copy of the Export Order(s) or, for Revolving Loan
Facilities, if permitted by Lender, a written summary of the Export Orders (when Eligible Export-Related Inventory and Eligible Overseas Export-Related Inventory are entering the Export-Related Borrowing Base) against which Borrower is requesting
Credit Accommodations. In addition, so long as there are any Credit Accommodations outstanding under the Loan Facility, Borrower shall deliver to Lender an Export-Related Borrowing Base Certificate at least once each month. Lender shall determine if
daily electronic reporting reconciled monthly may substitute for monthly Export-Related Borrowing Base Certificates. If the Lender requires an Export-Related Borrowing Base Certificate more frequently, Borrower shall deliver such Export-Related
Borrowing Base Certificate as required by Lender. 
 (b) If Lender permits summaries of Export Orders, Borrower shall also
deliver promptly to Lender copies of any Export Orders requested by Lender. 
 2.05 Schedules, Reports and Other
Statements. With the delivery of each Export-Related Borrowing Base Certificate required in Section 2.04 above, Borrower shall submit to Lender in writing (a) an Inventory schedule for the preceding month, as applicable, and
(b) an Accounts Receivable Aging Report for the preceding month. Borrower shall also furnish to Lender promptly upon request such information, reports, contracts, invoices and other data concerning the Collateral as Lender may from time to time
specify. 
 2.06 Exclusions from the Export-Related Borrowing Base. In determining the Export-Related Borrowing Base,
Borrower shall exclude therefrom Inventory which are not Eligible Export-Related Inventory or Eligible Export-Related Overseas Inventory and Accounts Receivable which are not Eligible Export-Related Accounts Receivable or Eligible Export-Related
Overseas Accounts Receivable. Borrower shall promptly, but in any event within five (5) Business Days, notify Lender (a) if any than existing Export-Related Inventory or Export-Related Overseas Inventory no longer constitutes Eligible
Export-Related Inventory or Eligible Export-Related Overseas Inventory, as applicable or (b) of any event or circumstance which to Borrower’s knowledge would cause Lender to consider any than existing Export-Related Accounts Receivable or
Export-Related Overseas Accounts Receivable as no longer constituting an Eligible Export-Related Accounts Receivable or Eligible Export-Related Overseas Accounts Receivable, as applicable. 

2.07 Borrowings and Reborrowings. (a) If the Loan Facility is a Revolving Loan Facility or Transaction Specific Revolving
Loan Facility, provided that Borrower is not in default under any of the Loan Documents, Borrower may borrow, repay and reborrow amounts under such Loan Facility up to the credit available on the current Export-Related Borrowing Base
Certificate subject to the terms of this Agreement and each of the other Loan Documents until the close of business on the Final Disbursement Date. 
 (b) If the Loan Facility is a Transaction Specific Loan Facility, provided that Borrower is not in default under any of the Loan Documents, Borrower may borrow (but not reborrow) amounts under the
Loan Facility up to the credit available on the current Export-Related Borrowing Base Certificate subject to the terms of this Agreement and each of the other Loan Documents until the close of business on the Final Disbursement Date. 

  
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 2.08 Repayment Terms. (a) The Borrower on a Revolving Loan Facility shall pay in
full the outstanding Loan Facility Obligations no later than the first Business Day after the Final Disbursement Date unless such Loan Facility is renewed or extended by Lender consistent with procedures required by Ex-lm Bank. 

(b) The Borrower on a Transaction Specific Loan Facility and a Transaction Specific Revolving Loan Facility shall, within two
(2) Business Days of the receipt thereof, pay to Lender (for application against the outstanding Loan Facility Obligations) all checks, drafts, cash and other remittances it may receive in payment or on account of the Export-Related Accounts
Receivable, Export-Related Overseas Accounts Receivable or any other Collateral, in precisely the form received (except for the endorsement of Borrower where necessary). Pending such deposit, Borrower shall hold such amounts in trust for Lender
separate and apart and shall not commingle any such items of payment with any of its other funds or property. Unless a Transaction Specific Loan Facility or Transaction Specific Revolving Loan Facility is renewed or extended by Lender consistent
with procedures required by Ex-Im Bank, Borrower shall pay in full all outstanding Loan Facility Obligations no later than the first Business Day after the Final Disbursement Date, except for Eligible Export-Related Accounts Receivables and Eligible
Export-Related Overseas Accounts Receivable outstanding as of the Final Disbursement Date and due and payable after such date, for which the principal and accrued and unpaid interest thereon shall be due and payable no later than the first Business
Day after the date such Accounts Receivable are due and payable. 
 2.09 Financial Statements. Borrower shall deliver to
Lender the financial statements required to be delivered by Borrower in accordance with Section 11 of the Loan Authorization Agreement. 
 2.10 Additional Security or Payment. (a) Borrower shall at all times ensure that the Export-Related Borrowing Base equals or exceeds the aggregate outstanding amount of Disbursements. If
informed by Lender or if Borrower otherwise has actual knowledge that the Export-Related Borrowing Base is at any time less than the aggregate outstanding amount of Disbursements, Borrower shall, within five (5) Business Days, either
(i) furnish additional Collateral to Lender, in form and amount satisfactory to Lender and Ex-Im Bank or (ii) pay to Lender an amount equal to the difference between the aggregate outstanding amount of Disbursements and the Export-Related
Borrowing Base. 
 (b) For purposes of this Agreement, in determining the Export-Related Borrowing Base there shall be deducted
from the Export-Related Borrowing Base an amount equal to (i) twenty-five percent (25%) of the undrawn amount of outstanding Commercial Letters of Credit and Standby Letters of Credit and (ii) one hundred percent (100%) of the
undrawn amount of outstanding Warranty Letters of Credit less the amount of cash collateral held by Lender to secure Warranty Letters of Credit. 
 (c) Unless otherwise approved in writing by Ex-Im Bank, for Revolving Loan Facilities (other than Transaction Specific Revolving Loan Facilities), Borrower shall at all times ensure that the sum of the
outstanding amount of Disbursements and the undrawn amount of outstanding Commercial Letters of Credit that is supported by Eligible Export-Related Inventory or Eligible Export-Related Overseas inventory (discounted by the relevant Advance Rate
percentages) in the Export-Related Borrowing Base does not exceed sixty percent (60%) of the sum of the total outstanding amount of Disbursements and the undrawn amount of all outstanding Commercial Letters of Credit. If informed by Lender or
if Borrower otherwise has actual knowledge that the sum of the outstanding amount of Disbursements and the undrawn amount of outstanding Commercial Letters of Credit that is supported by such Inventory exceeds sixty percent (60%) of the sum of
the 

  
 17 

 
total outstanding Disbursements and the undrawn amount of all outstanding Commercial Letters of Credit, Borrower shall, within five (5) Business Days, either (i) furnish additional
non-Inventory Collateral to Lender, in form and amount satisfactory to Lender and Ex-Im Bank, or (ii) pay down the applicable portion of the outstanding Disbursements or (iii) reduce the undrawn amount of outstanding Commercial Letters of
Credit such that the above described ratio is not exceeded. 
 (d) If informed by Lender or if Borrower otherwise has actual
knowledge that the conditions of Section 2.16(g) are at any time not being met, Borrower shall, within five (5) Business Days, either (i) furnish additional Collateral to Lender that is not Eligible Export-Related Overseas Accounts
Receivable or Eligible Export-Related Overseas Inventory, in form and amount satisfactory to Lender and Ex-Im Bank, or (ii) remove from the Export-Related Borrowing Base the portion of Eligible Export-Related Overseas Accounts Receivable or
Eligible Export-Related Overseas Inventory that supports greater than fifty percent (50%) of the Export-Related Borrowing Base. 
 2.11 Continued Security Interest. Borrower shall not change (a) its name or identity in any manner, (b) the location of its principal place of business or its jurisdiction of organization
or formation, (c) the location of any of the Collateral or (d) the location of any of the books or records related to the Collateral, in each instance without giving thirty (30) days prior written notice thereof to Lender and taking
all actions deemed necessary or appropriate by Lender to continuously protect and perfect Lender’s Liens upon the Collateral. 
 2.12 Inspection of Collateral and Facilities. (a) Borrower shall permit the representatives of Lender and Ex-lm Bank to make at any time during normal business hours inspections of the
Collateral and of Borrower’s facilities, activities, and books and records, and shall cause its officers and employees to give full cooperation and assistance in connection therewith. 

(b) Borrower agrees to facilitate Lender’s conduct of field examinations at Borrower’s facilities in accordance with the time
schedule and content for such examinations 

  
 18 

 
that Lender requests. Such field examinations shall address at a minimum: (x) the value of the Collateral against which Credit Accommodations may be provided, (y) the amount, if any,
that the aggregate outstanding amount of Disbursements exceeds the Export-Related Borrowing Base and (z) whether such Borrower is in material compliance with the terms of each of the Loan Documents. Such field examinations shall include an
inspection and evaluation of the Export-Related Inventory and Export-Related Overseas Inventory, a book audit of Export-Related Accounts Receivable and Export-Related Overseas Accounts Receivable, a review of the Accounts Receivable Aging Reports
and a review of Borrower’s compliance with any Special Conditions. Lenders who opt to use the Export-Related Historical Inventory Value in the Export-Related Borrowing Base calculation shall reconcile those numbers against the calculation for
the relevant time periods using the Export-Related Inventory Value. Whenever Export-Related Accounts Receivable or Export-Related Inventory derived from Indirect Exports are in the Export-Related Borrowing Base, Lender shall verify compliance with
Section 2.15 herein, including taking a random sampling of ultimate foreign purchasers. 
 2.13 General Intangibles.
Borrower represents and warrants that it owns, or is licensed to use, all General Intangibles necessary to conduct its business as currently conducted except where the failure of Borrower to own or license such General Intangibles could not
reasonably be expected to have a Material Adverse Effect. 
 2.14 Economic Impact Approval. (a) For Loan Facilities
up to and including $10 million, Borrower acknowledges that Capital Goods may not be included as Items, and Export-Related Inventory, Export-Related Overseas Inventory, Export-Related Accounts Receivable and Export-Related Overseas Accounts
Receivable in connection with the sale of such Capital Goods may not be included in the Export-Related Borrowing Base, if such Capital Goods would enable a foreign buyer to establish or expand production of a product where, as of the date of the
Economic Impact Certification covering such Item: (i) the Buyer is subject to a Final Anti-Dumping (AD) or Countervailing Duty (CVD) order, or a Suspension Agreement arising from a AD or CVD investigation, and such product is substantially the
same as the product that is the subject of the AD/CVD order or suspension agreement; or (ii) the Buyer is the subject of a Section 201 injury determination by the International Trade Commission (“ITC”) and such product is
substantially the same as a product that is the subject of the ITC injury determination. Borrower may consult with Ex-Im Bank regarding the appropriate application of this Section 2.14(a) and may, at its option, request that Ex-Im Bank issue an
Economic Impact Approval covering any Items listed in Section 4.A. of the Loan Authorization Agreement. For Loan Facilities over $10 million involving Items that are Capital Goods, Borrower shall obtain from Ex-Im Bank, and abide by, an
Economic Impact Approval covering all Items listed in Section 4(A) of the Loan Authorization Agreement. 
 (b) Borrower
shall provide Lender with a certification in the form of Annex B (an “Economic Impact Certification”) covering the Items stated in Section 4(A) of the Loan Authorization Agreement prior to Lender including such Items in the Loan
Authorization Agreement. Prior to Lender amending the Loan Authorization Agreement to include additional Items, Borrower shall provide Lender with an additional Economic Impact Certification covering such additional Items. 

2.15 Indirect Exports. Indirect Exports may be included as Items in a Loan Facility provided that funds available under such Loan
Facility’s Export-Related Borrowing Base 

  
 19 

 
supported by Accounts Receivable and Inventory derived from Indirect Exports at no time exceed ten percent (10%) of the Maximum Amount of such Loan Facility, and provided,
further that (a) the ultimate foreign buyer for the Items must be located in a country in which Ex-Im Bank is not legally prohibited from doing business in accordance with the Country Limitation Schedule, and (b) the Borrower must
make available to Lender verifiable evidence of intent to export the Indirect Exports from the United States, which evidence may be contained in the Export Orders and Accounts Receivable Aging Reports and supporting documents. Lender must obtain
written consent from Ex-Im Bank prior to including funds derived from Indirect Exports in an Export-Related Borrowing Base above the ten percent (10%) threshold. 
 2.16 Overseas Inventory and Accounts Receivable. Upon the prior written consent of Ex-Im Bank, Export-Related Overseas Accounts Receivable and Export-Related Overseas Inventory of a Borrower or of
an Affiliated Foreign Person (as defined below) may be included in the Export-Related Borrowing Base provided that conditions required by Ex-Im Bank, including the following, are met: 

(a) the Affiliated Foreign Person, if any, has been approved by Ex-Im Bank; 

(b) the Affiliated Foreign Person, if any, is a Borrower under the relevant Loan Facility; 

(c) notwithstanding the Maximum Amount of the Loan Facility, all payments due and payable on such Export-Related Overseas Accounts
Receivable are collected through a cash collateral account under Lender’s control; 
 (d) as of the Effective Date, or such
later date when the Export-Related Overseas Accounts Receivable and/or Export-Related Overseas Inventory are added to the Loan Facility, Lender has obtained a valid and enforceable first priority Lien in the Export-Related Overseas Accounts
Receivable and Export-Related Overseas Inventory, as applicable; 
 (e) as of the Effective Date, or such later date when the
Export-Related Overseas Accounts Receivable and/or Export-Related Overseas Inventory are added to the Loan Facility, Lender has obtained a legal opinion confirming the security interest in the Export-Related Overseas Accounts Receivable and
Export-Related Overseas Inventory; 
 (f) the Export-Related Overseas Accounts Receivable are due and payable in United States
Dollars or other currency acceptable to Ex-Im Bank; and 
 (g) at no time may the portion of the Export-Related Borrowing Base
derived from Eligible Export-Related Overseas Accounts Receivable and Eligible Export-Related Overseas Inventory exceed fifty percent (50%) of the Export-Related Borrowing Base. 

For purposes hereof, an “Affiliated Foreign Person” shall mean a subsidiary or affiliate of a Borrower on the same Loan
Facility, which has duly executed as a Borrower all of the applicable Loan Documents and any other documents required by Ex-Im Bank, meets all of the requirements of the definition of Eligible Person other than subclause (a) thereof and is in
good standing in the country of its formation or otherwise authorized to conduct business in such country. 
 2.17 Country
Limitation Schedule. Unless otherwise informed in writing by Lender or Ex-Im Bank, Borrower shall be entitled to rely on the last copy of the Country Limitation Schedule distributed from Lender to Borrower. 

  
 20 

 2.18 Notice of Certain Events. Borrower shall promptly, but in any event within five
(5) Business Days, notify Lender in writing of the occurrence of any of the following: 
 (a) Borrower or any Guarantor
(i) applies for, consents to or suffers the appointment of, or the taking of possession by, a receiver, custodian, trustee, liquidator or similar fiduciary of itself or of all or a substantial part of its property or calls a meeting of its
creditors, (ii) admits in writing its inability, or is generally unable, to pay its debts as they become due or ceases operations of its present business, (iii) makes a general assignment for the benefit of creditors, (iv) commences a
voluntary case under any state or federal bankruptcy laws (as now or hereafter in effect), (v) is adjudicated as bankrupt or insolvent, (vi) files a petition seeking to take advantage of any other law providing for the relief of debtors,
(vii) acquiesces to, or fails to have dismissed within thirty (30) days, any petition filed against it in any involuntary case under such bankruptcy laws, or (vii) takes any action for the purpose of effecting any of the foregoing;

 (b) any Lien in any of the Collateral, granted or intended by the Loan Documents to be granted to Lender, ceases to be a
valid, enforceable, perfected, first priority Lien (or a lesser priority if expressly permitted pursuant to Section 6 of the Loan Authorization Agreement) subject only to Permitted Liens; 

(c) the issuance of any levy, assessment, attachment, seizure or Lien, other than a Permitted Lien, against any of the Collateral which
is not stayed or lifted within thirty (30) calendar days; 
 (d) any proceeding is commenced by or against Borrower or any
Guarantor for the liquidation of its assets or dissolution; 
 (e) any litigation is filed against Borrower or any Guarantor
which has had or could reasonably be expected to have a Material Adverse Effect and such litigation is not withdrawn or dismissed within thirty (30) calendar days of the filing thereof; 

(f) any default or event of default under the Loan Documents; 
 (g) any failure to comply with any terms of the Loan Authorization Agreement; 

(h) any material provision of this Agreement or any other Loan Document for any reason ceases to be valid, binding and enforceable in
accordance with its terms; 
 (i) any event which has had or could reasonably be expected to have a Material Adverse Effect; or

 (j) the aggregate outstanding amount of Disbursements exceeds the applicable Export-Related Borrowing Base. 

2.19 Insurance. Borrower will at all times carry property, liability and other insurance, with insurers acceptable to Lender, in
such form and amounts, and with such deductibles and other provisions, as Lender shall require, and Borrower will provide evidence of such insurance to Lender on the proper Accord Form, so that Lender is satisfied that such insurance is, at all
times, in full force and effect Each property insurance policy shall name Lender as loss payee or mortgagee and 

  
 21 

 
shall contain a lender’s loss payable endorsement in form acceptable to Lender and each liability insurance policy shall name Lender as an additional insured. All policies of insurance shall
provide that they may not be cancelled or changed without at least thirty (30) days’ prior written notice to Lender and shall otherwise be in form and substance satisfactory to Lender. Borrower will promptly deliver to Lender copies of all
reports made to insurance companies. 
 2.20 Taxes. Borrower has timely filed all tax returns and reports required by
applicable law, has timely paid all applicable taxes, assessments, deposits and contributions owing by Borrower and will timely pay all such items in the future as they became due and payable. Borrower may, however, defer payment of any contested
taxes; provided, that Borrower (a) in good faith contests Borrower’s obligation to pay such taxes by appropriate proceedings promptly and diligently instituted and conducted; (b) notifies Lender in writing of the commencement of, and
any material development in, the proceedings; (c) posts bonds or takes any other steps required to keep the contested taxes from becoming a Lien upon any of the Collateral; and (d) maintains adequate reserves therefore in conformity with
GAAP. 
 2.21 Compliance with Laws. Borrower represents and warrants that it has complied in all material respects with
all provisions of all applicable laws and regulations, including those relating to Borrower’s ownership of real or personal property, the conduct and licensing of Borrower’s business, the payment and withholding of taxes, ERISA and other
employee matters, safety and environmental matters. 
 2.22 Negative Covenants. Without the prior written consent of
Ex-lm Bank and Lender, Borrower shall not: (a) merge, consolidate or otherwise combine with any other Person; (b) acquire all or substantially all of the assets or capital stock of any other Person; (c) sell, lease, transfer, convey,
assign or otherwise dispose of any of its assets, except for the sale of Inventory in the ordinary course of business and the disposition of obsolete equipment in the ordinary course of business; (d) create any Lien on the Collateral except for
Permitted Liens; (e) make any material changes in its organizational structure or identity; or (f) enter into any agreement to do any of the foregoing. 
 2.23 Cross Default. Borrower shall be deemed in default under the Loan Facility if Borrower fails to pay when due any amount payable to Lender under any loan or other credit accommodations to
Borrower whether or not guaranteed by Ex-Im Bank. 
 2.24 Munitions List. If any of the Items are articles, services, or
related technical data that are listed on the United States Munitions List (part 121 of title 22 of the Code of Federal Regulations), Borrower shall send a written notice promptly, but in any event within five (5) Business Days, of Borrower
learning thereof to Lender describing the Items(s) and the corresponding invoice amount 
 2.25 Suspension and Debarment,
etc. On the date of this Agreement neither Borrower nor its Principals are (a) debarred, suspended. proposed for debarment with a final determination 

  
 22 

 
still pending, declared ineligible or voluntarily excluded (as such terms are defined under any of the Debarment Regulations referred to below) from participating in procurement or nonprocurement
transactions with any United States federal government department or agency pursuant to any of the Debarment Regulations or (b) indicted, convicted or had a civil judgment rendered against Borrower or any of its Principals for any of the
offenses listed in any of the Debarment Regulations. Unless authorized by Ex-Im Bank, Borrower will not knowingly enter into any transactions in connection with the Items with any person who is debarred, suspended, declared ineligible or voluntarily
excluded from participation in procurement or nonprocurement transactions with any United States federal government department or agency pursuant to any of the Debarment Regulations. Borrower will provide immediate written notice to Lender if at any
time it learns that the certification set forth in this Section 2.24 was erroneous when made or has become erroneous by reason of changed circumstances. 
 ARTICLE III. 
 RIGHTS AND REMEDIES 

3.01 Indemnification. Upon Ex-Im Bank’s payment of a Claim to Lender in connection with the Loan Facility pursuant to the
Master Guarantee Agreement, Ex-Im Bank may assume all rights and remedies of Lender under the Loan Documents and may enforce any such rights or remedies against Borrower, the Collateral and any Guarantors. Borrower shall hold EX-IM Bank and Lender
harmless from and indemnify them against any and all liabilities, damages, claims, costs and losses incurred or suffered by either of them resulting from (a) any materially incorrect certification or statement knowingly made by Borrower or its
agent to Ex-Im Bank or Lender in connection with the Loan Facility, this Agreement, the Loan Authorization Agreement or any other Loan Documents or (b) any material breach by Borrower of the terms and conditions of this Agreement, the Loan
Authorization Agreement or any of the other Loan Documents. Borrower also acknowledges that any statement, certification or representation made by Borrower in connection with the Loan Facility is subject to the penalties provided in Article 18
U.S.C. Section 1001. 
 3.02 Liens. Borrower agrees that any and all Liens granted by it to Lender are also hereby
granted to Ex-Im Bank to secure Borrower’s obligation, however arising, to reimburse Ex-Im Bank for any payments made by Ex-Im Bank pursuant to the Master Guarantee Agreement. Lender is authorized to apply the proceeds of, and recoveries from,
any property subject to such Liens to the satisfaction of Loan Facility Obligations in accordance with the terms of any agreement between Lender and Ex-Im Bank. 

  
 23 

 ARTICLE IV. 
 MISCELLANEOUS 
 4.01 Governing Law. This Agreement and the
obligations arising under this Agreement shall be governed by, and construed in accordance with, the law of the state governing the Loan Agreement. 
 4.02 Notification. All notices required by this Agreement shall be given in the manner and to the parties provided for in the Loan Agreement. 

4.03 Partial Invalidity. If at any time any of the provisions of this Agreement becomes illegal, invalid or unenforceable in any
respect under the law of any jurisdiction, neither the legality, the validity nor the enforceability of the remaining provisions hereof shall in any way be affected or impaired. 

4.04 Waiver of Jury Trial. BORROWER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY AND ALL RIGHTS IT MAY HAVE TO A
TRIAL BY JURY IN RESPECT OF ANY ACTION, SUIT, PROCEEDING OR OTHER LITIGATION BROUGHT TO RESOLVE ANY DISPUTE ARISING UNDER, ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT, THE LOAN AUTHORIZATION AGREEMENT, ANY LOAN DOCUMENT, OR ANY OTHER
AGREEMENT, DOCUMENT OR INSTRUMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH OR. THEREWITH OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN), OR ACTIONS OR OMISSIONS OF LENDER, EX-IM BANK, OR ANY OTHER PERSON,
RELATING TO THIS AGREEMENT, THE LOAN AUTHORIZATION AGREEMENT OR ANY OTHER LOAN DOCUMENT. 
 4.05 Consequential Damages.
Neither Ex-Im Bank, Lender nor any agent or attorney for any of them shall be liable to Borrower for consequential damages arising from any breach of contract, tort or other wrong relating to the establishment, administration or collection of the
Loan Facility Obligations. 

  
 24 

 IN WITNESS WHEREOF, Borrower has caused this Agreement to be duly
executed as of the 7th day of May, 2010. 

 

			
	 Impinj, Inc.

		 	(Name of Borrower)
		
	By:	 	 /s/ Evan Fein

		 	(Signature)
		
	Name:	 	 Evan Fein

		 	(Print or Type)
		
	Title:	 	 SVP Finance

		 	(Print or Type)
	
	ACKNOWLEDGED:
	
	 Silicon Valley Bank

		 	(Name of Borrower)
		
	By:	 	 /s/ Nick Christian

		 	(Signature)
		
	Name:	 	 Nick Christian

		 	(Print or Type)
		
	Title:	 	 Relationship Manager

		 	(Print or Type)

  
 25 

 ANNEXES: 
  

			
	Annex A	  	- Loan Authorization Agreement, Fast Track Loan Authorization Agreement or Loan Authorization Notice, as applicable
		
	Annex B	  	- Economic Impact Certification

  
 26 

 CONSENT OF GUARANTORS 

Each of the undersigned as a Guarantor of the obligations of Borrower to the Lender executing the foregoing Agreement hereby agrees that
the foregoing Agreement, each of their respective Guarantee Agreements and each other Loan Documents may be assigned to the Export-Import Bank of the United States. 

 

			
	  

	[INDIVIDUAL GUARANTOR]
	
	[CORPORATE GUARANTOR]
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 27 

 ANNEX E 
 Economic Impact Certification 
 I am making this Economic Impact Certification on behalf of
Impinj, Inc. (the “Borrower”) pursuant to Section 2.14(b) of the Borrower Agree tent applicable to the Borrower’s Loan Facility. All capitalized terms not otherwise defined in this Certification are as defined in the
Borrower Agreement. 
 I hereby certify that: 
 x No Items listed in Section 4.A.(1.) of the Loan Authorization Agreement applicable to the Borrower’s Loan Facility are Capital Goods.

 x No Items being added to Section 4.A.(1.) of the Loan Authorization Agreement in
amending such document are Capital Goods. 
  ̈ The Items listed below are Capital Goods. In
accordance with Section 2.14(a) of the Borrower Agreement, the Borrower has either conducted its own analysis or obtained an Economic Impact Approval concluding that such Items do not require any restrictions. The Economic Impact Approval or
Borrower’s analysis supporting this conclusion is attached. 
  

			
		 	  

		 	  

		 	  

  ̈ The Items listed below are Capital Goods. In accordance with Section 2.14(a) of the Borrower Agreement, the Borrower has either conducted its own
analysis or obtained an Economic Impact Approval that identifies certain restrictions. The Borrower shall abide by the terms of such restrictions throughout the term of the Loan Facility. The Economic Impact Approval or Borrower’s analysis
enumerating the restrictions is attached. 
  

			
		 	  

		 	  

		 	  

 I certify that I am au authorized to sign this Certification on behalf of the Borrower. 
  

					
	         /s/ Evan Fein
	 		 	         5/7/10

	        (Name of Borrower)	 		 	        Date

							
		  		  	 OMB No.:
                                 

Expiration Date: July 31, 2012

			
	 (SBA Use Only)
  

Date Received
  
 C.I.D. No.
  

Intermediary
	  	  
 U.S. SMALL BUSINESS
ADMINISTRATION
  
 EXPORT-IMPORT BANK OF
THE UNITED STATES
  
 JOINT APPLICATION
FOR
 EXPORT WORKING CAPITAL GUARANTEE
	  	 (Ex-Im Bank Use Only)
  

Date Received

 PART A.
PRINCIPAL PARTIES 

																							
	 1 .Borrower/Exporter        Please check the appropriate
answer:        New to Ex-Im Bank or SBA?
	 	x  Yes            
 ̈  No

																									
	Company Name.	  	D&B No.	 	Telephone No.
	Impinj, Inc.	  		 	206 517-5300
	Name and Title of Contact Person	  	Federal ID No.	 	Fax No.
	Evan Fein	  	91-2041398	 	206 517-5262
	Address	  	City	  	State	 	Zip
	701 N 34th St Suite 300	  	Seattle	  	WA	 	98103
	Gross Sales:	 	 No of Full-Time

Employees:
	 	 Primary North American Industrial
 Classification System (NAIC) No.:
	 	 “Small Business Concern” as
 described in SBA Guidelines?

	$ 29 M	 	103	 	334413	 	 ̈  Yes        x 
 No
	 Has the Borrower or its owner(s), or the Guarantor ever filed for protection under U.S. bankruptcy laws? Has either had an
involuntary bankruptcy petition filed against it?

 ̈  Yes        
x  No
 Is the Borrower a minority-owned business?   ̈  Yes        x  No             
       A woman-owned
business?   ̈  Yes        x  No

	2. Borrower’s Management (Proprietors, partners, officers, directors and holders of all outstanding stock or other ownership interests -100% of ownership
must be shown. Include anyone who was a principal within the last six months.) Attach separate sheet of paper if necessary.

																									
	Name	  	Complete Street Address	 	% owned	 	Social Security Number	 	Title/Management position	 	Gender* (M/)F
						
		  		 		 		 		 	
	
	 Race* (check one or more
boxes)   ̈  American Indian/Alaskan Native;   ̈  Black/African American;   ̈  Asian;   ̈  Native Hawaiian/Pacific Islander;    ̈  White,
Ethnicity*:   ̈  Hispanic/Latino;   ̈  Not Hispanic/Latino

Military Services Status* (choose one):   ̈  Non-Veteran:   ̈  Veteran:   ̈  Service Disabled Veteran

		  		 		 		 		 	
	 Race* (check one or more boxes)   ̈  American
Indian/Alaskan Native;   ̈  Black/African
American;   ̈  Asian;   ̈  Native Hawaiian/Pacific
Islander;   ̈  White,
Ethnicity*:   ̈  Hispanic/Latino;   ̈  Not Hispanic/Latino
 Military Services Status* (choose
one):   ̈  Non-Veteran:   ̈  Veteran:   ̈  
Service Disabled Veteran

		  		 		 		 		 	
	
	 Race* (check one or more boxes)   ̈  American
Indian/Alaskan Native;   ̈  Black/African
American;   ̈  Asian;   ̈  Native Hawaiian/Pacific
Islander;   ̈  White,
Ethnicity*:   ̈  Hispanic/Latino;   ̈  Not Hispanic/Latino
 Military Services Status* (choose
one):   ̈  Non-Veteran:   ̈  Veteran:   ̈  
Service Disabled Veteran

		  		 		 		 		 	

																									
	
	*This information is collected for statistical purposes only. It has no bearing on the credit decision. Disclosure is voluntary.
	 3. Borrower’s Affiliate(s) If more than one affiliate, please attach separate sheet of
paper.

  

																	
	Company Name.	  	            D&B No.	 		 	Telephone No.
	N/A	  		 		 	
	Name and Title of Contact Person	  	Federal ID No.	 	Fax No.
					
	Street Address	  	City	  		 	State            	 	Zip
	
	 4. Personal Guarantor(s) If more than one guarantor, please attach separate sheet of
paper.

	 Name

N/A
	  	Social Security No.	 	Telephone No.
			
	Date of Birth	  	Place of Birth	 	Fax No.
			
	Street Address	  	City	 	State                           
 Zip

 EIB-SBA Form 84-1 
 01.07 

							
		  		  	 OMB No.:
3048-0003              
 Expiration Date: July 31,
2012

							
	 5. Lender Please circle the appropriate answer: New to Ex-im Bank or SBA?

Yes (If yes, submit annual report.) No

	Name	 	Federal ID No.	 	Telephone No.	 	Fax No.
	Silicon Valley Bank	 	    94-2875-288	 	    408-654-1053	 	    408-969-6501
	Address	 	City	 	State	 	Zip
	3003 Tasman Drive	 	    Santa Clara	 	    CA	 	    95054

 PART B.
INFORMATION ABOUT THIS TRANSACTION 
  

							
	1. Loan Information	 	
	Loan Amount:	  	Term of Loan:	  	Type of Loan (check one):
	$	  	  ̈ 6 Months             ̈ Other (specify)
          ̈ 1 year
	  	 x Revolving
  ̈ Transaction(s) Specific

	 Interest Rate to be Charged:

Lender Interest Rate          % Per Annum
	  	Other Fees or Charges (type and amount):	  	 Renewal?
  ̈ Yes
  ̈ No

	 If Interest Rate is to be Variable:
 Base Rate:                     
 Adjusted Period:                     
	  	 Conversion of Preliminary Commitment?
  ̈ Yes
 If yes: commitment #
                    
	  	 Were You Assisted by an Ex-Im City/State Partner or a Small Business Development Center?

 ̈ Yes      ̈ No

	(Monthly, Quarterly, Annually, etc.)	  	 ̈ No	  	Name:	 	  

	Spread:                     	  		  	Address:	 	  

	Base Rate Source:                     	  		  	Contact Name:	 	  

	(WSJ, LIBOR, etc.)	  		  	Telephone No:	 	  

	
	2. Transaction Information
	Products/Goods/Services to be exported (description): RFID readers and chips
	Estimated Total Export Sales to be supported by this Loan: $52 M
	Principal Countries of Export (please identify the top 3 countries): Korea, Netherlands, Japan
	(Ex-Im Bank applicants only) U.S. Content Percentage:
                    60%
	

					
	Please estimate the number of jobs to be supported by this Loan: 50	  	# of existing jobs maintained: 50	  	# of additional jobs created: 5

							
	Are Performance Guarantees or Standby Letters of Credit to be issued under this Loan?	  	Yes
  ̈
	  	No
 x
	  	Percentage of Loan to be utilized for performance guarantees:
                    %
	3. (Ex-Im Bank applicants only) Please answer the following questions about the “export items” to be exported from the U.S.
	a. Military Is the buyer of the export items associated in any way with the military? Are the items to be used by the military, or are they defense articles, or
do they have a military application?	  	Yes
  ̈
	  	No
 x
	  	If yes, please attach a description of the buyer or items, as applicable.
	b. Nuclear Are the export items to be used in the construction, alteration, operation, or maintenance of nuclear power, enrichment, reprocessing, research, or heavy
water production facilities?	  	Yes
  ̈
	  	No
 x
	  	If yes, please attach a description of the items/
	c. Environment Are the export items to be used for an environmental project or do they have perceptible environmental benefits?	  	Yes
  ̈
	  	No
 x
	  	If yes, please attach a description of the items, including the following information: If transaction related to a specific project, identify the project; project location; and
project sector or industry. If not related to a specific project, identify the sector in which items are to be used to create an environmental benefit.
	d. Munitions Are the export items on the U.S. Munitions Control List (Part 121 of Title 22 of the Code of Federal Regulations), or do they require a validated export license
from the Bureau of Export Administration?	  	Yes
  ̈
	  	No
 x
	  	If yes, please attach a description of the items. If uncertain whether a validated export license is required, written verification from the appropriate licensing agency may be
required before the loan approval.

 EIB-SBA Form 84-1 
 01.07 

 OMB No.: 3048-0003 
 Expires July 31, 2012 
  

	
	 PART C. CERTIFICATIONS

 
 *Please attach a signed, duplicate original of Part C for each
Borrower and each Lender
  

1.      Borrower and Lender Certifications

 
 The undersigned, each as authorized representative of the Borrower and the Lender
(respectively) and on its behalf, each independently make the following certifications:
  
 Debarment/Suspension - I certify and acknowledge that neither I nor my Principals have within the past 3 years been a) debarred, suspended, declared ineligible from participating in, or voluntarily
excluded from participation in, a Transaction; b) formally proposed for debarment, with a final determination still pending; c) indicted, convicted or had a civil judgment rendered against us for any of the offenses listed in the Regulations; d)
delinquent on any amounts due and owing to the U.S. Government or its agencies or instrumentalities as of the date of execution of this certification; or the undersigned has received a written statement of exception from Ex-Im Bank or SBA attached
to this certification, permitting participation in this Transaction despite an inability to make certifications a) through d) in this paragraph. I further certify that I have not and will not knowingly enter into any agreements in connection with
the goods and/or services purchased with the proceeds of this loan with any individual or entity that has been debarred, suspended, declared ineligible from participating in, or voluntarily excluded from participation in a Transaction. All
capitalized terms not defined herein shall have the meanings set forth in the Government-wide Non-procurement Suspension and Debarment Regulations (“Regulations”), 2 C.F.R. Part 180 (adopted by reference in 2 C.F.R. part 2700 (SBA
Debarment Regulations) and 2 C.F.R. Part 3513 (Ex-Im Bank Debarment Regulations)). I am not listed on any of the publicly available debarment lists of the following international financial institutions: World Bank Group, African Development Bank,
Asian Development Bank, European Bank for Reconstruction and Development and the Inter-American Development Bank.
  

Compliance with Laws - In addition, I certify that neither I nor anyone acting on my behalf, such as agents, have engaged or
will engage in any activity in connection with this transaction that is a violation of the Foreign Corrupt Practices Act of 1977, 15 U.S.C. 78dd-1, et seq. (which provides for civil and criminal penalties against individuals who directly or
indirectly make or facilitate corrupt payments to foreign officials to obtain or keep business) Further, I have not engaged, and will not engage, in any activity in connection with this transaction that is a violation of the Arms Export Control Act,
22 U.S.C. 2751 et seq., the International Emergency Economic Powers Act, 50 U.S.C. 1701 et seq., or the Export Administration Act of 1979, 50 U.S.C. 2401 et seq. I have not been found by a court of the United States to be in violation of any of
these statutes within the preceding 12 months and, to the best of my knowledge, the performance by the parties to this transaction of their respective obligations does not violate any other applicable law.

 
 Further, neither I nor anyone acting on my behalf in connection
with this transaction is currently under charge or has been, within the past 5 years, convicted in any court or subject to national administrative measures of any country for bribery of foreign public officials.

 
 Lobbying (applicable to Lender only) - I certify to the
best of my knowledge and belief, that if any funds have been paid or will be paid to any person for influencing or attempting to influence an officer or employee of any agency, a member of Congress, an officer or employee of Congress, or an employee
of a member of Congress in connection with this commitment providing for the United States to guarantee a loan, I will complete and submit a Standard Form-LLL, “Disclosure Form to Report Lobbying” in accordance with its instructions.
Submission of this statement is imposed by 31 U.S.C. 1352 as a prerequisite for making or entering into this transaction. Any person who fails to file this statement when required is subject to a civil penalty of not less than $10,000 and not more
than $100,000 for each such failure.
  
 False
Statements - I certify that the representations made and the facts stated in this application and its attachments are true to the best of my knowledge and belief, and I have not misrepresented or omitted any material facts. I understand that
knowingly making false statements or overvaluing a security to obtain a Government-guaranteed loan can subject me to a fine of up to $250,000 and imprisonment for up to five years under 18 U.S.C. 1001.

 

			
	 Borrower:
	  	
	 Name of
Borrower                    Evan Fein/Impinj, Inc.

	
Signature                          
        /s/ Evan Fein
	  	Date 5/7/10
	 Name and Title of Authorized Representative (Print or Type)    Evan Fein, SVP Finance
	  	

  

			
	 Name of Borrower Silicon Valley Bank

	 Signature
	  	Date
	 Name and Title of Authorized Representative (Print or Type)
	  	

 EIB-SBA Form 84-1 
 01.07

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