Document:

Exhibit
10.23

 

THESE SECURITIES HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR REGISTERED OR QUALIFIED UNDER ANY APPLICABLE STATE SECURITIES LAWS.
THESE SECURITIES MAY NOT BE TRANSFERRED UNLESS (A) COVERED BY AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND REGISTERED OR QUALIFIED
UNDER APPLICABLE STATE SECURITIES LAWS OR 
(B) EXEMPTIONS FROM SUCH REGISTRATION OR QUALIFICATION REQUIREMENTS ARE
AVAILABLE. AS A CONDITION TO PERMITTING ANY TRANSFER OF THESE SECURITIES, THE
COMPANY MAY REQUIRE THAT IT BE FURNISHED WITH AN OPINION OF COUNSEL ACCEPTABLE
TO THE COMPANY TO THE EFFECT THAT NO REGISTRATION OR QUALIFICATION IS LEGALLY
REQUIRED FOR SUCH TRANSFER.

 

WARRANT TO PURCHASE

SHARES OF COMMON STOCK

OF

INVERNESS MEDICAL INNOVATIONS, INC.

Issuance
Date: March 31, 2005

Void
after 5:00 p.m.., Eastern Standard Time, on March 31, 2015

This Warrant is executed and delivered by Inverness
Medical Innovations, Inc., a Delaware corporation (the “Company”),
pursuant to that certain Employment Agreement of even date herewith (the “Employment Agreement”) between the Company and Roger Piasio
(“Piasio”), pursuant to which the
Company has agreed to issue to Piasio a warrant to purchase up to 75,000 shares
of Common Stock (as defined herein). 
Capitalized terms used herein, and not otherwise defined herein, shall
have the respective meanings given to such terms in the Employment Agreement.

                In consideration of the mutual promises,
representations, warranties, covenants and conditions set forth in this Warrant
and the Employment Agreement, the Company and Piasio agree as follows:

1.             The Warrant. 
The Company hereby certifies that Roger Piasio, or his successors and
permitted assigns (the “Registered Holder”),
is entitled to purchase from the Company, subject to the terms and conditions
of this Warrant, up to 75,000 shares (as such shares may be adjusted pursuant
to the provisions of Section 6 hereof, the “Warrant
Shares”) of common stock, par value $0.001 per share, of the Company
(the “Common Stock”), at an
exercise price of $24.00 per share (as such price may be adjusted pursuant to
the provisions of Section 6 hereof, the “Exercise
Price”), but only to the extent that such Warrant Shares have become
Vested Shares (as defined in Section 2(b) hereof) and only prior to the
Expiration Date (as defined below) applicable to such Vested Shares.  When used herein, the term “Expiration Date”

 

means, with respect to each Vested Share, the earlier
of (a) the fifth anniversary of the date such share became a Vested Share and
(b) March 31, 2015.

2.             Vesting of Warrant Shares.

(a)           The provisions of Sections 2.4.1, 2.4.2 and 2.4.6 of the
Merger Agreement (as defined below) (including, without limitation, any
references therein to Exhibits to the Merger Agreement) are hereby incorporated
by reference to this Warrant and made and integral part hereof.  Any breach by the Company of the provisions
of Section 2.4.2 of the Merger Agreement (as incorporated by reference to this
Warrant), shall be deemed and constitute a breach by the Company of the
provisions of this Warrant.  When used
herein “Merger Agreement” means
that certain Agreement and Plan of Merger dated February 8, 2005, by and among
the Company, BNX Acquisition Corp., a Delaware corporation and a wholly owned
subsidiary of the Company, Binax, Inc., a Delaware corporation (“Binax”), certain Principal Stockholders of
Binax, and Piasio in his capacity as Stockholder Representative, which provides
for the merger of Binax with and into Merger Sub, the resulting entity to be a
wholly-owned subsidiary of the Company.

(b)           Upon its issuance, this Warrant shall not be exercisable
or vested with respect to any Warrant Shares. 
This Warrant shall vest and become exercisable with respect to 25,000
Warrant Shares (up to an aggregate of 75,000 Warrant Shares) upon each
occurrence of a Vesting Event (as such shares may be adjusted pursuant to the
provisions of Section 6 hereof).  A “Vesting Event” shall occur upon the
completion of a First Commercial Sale with respect to a Product (which First
Commercial Sale must occur prior to the expiration of the Commercialization
Period).  For purposes of clarity, a
Vesting Event shall occur only once for a particular Product, regardless of how
many times that Product may be altered, improved, redesigned, repackaged or reintroduced.
 Warrant Shares with respect to which
this Warrant becomes vested and exercisable in accordance with the terms hereof
are referred to herein as “Vested Shares.”

For example, in the event
that a First Commercial Sale is completed with respect to two Products during
the Commercialization Product, and no First Commercial Sale is completed with
respect to a third Product during the Commercialization Period, then, (i)
25,000 Warrant Shares shall vest and become Vested Shares on the date of the
completion of the First Commercial Sale with respect to the first Product, (ii)
25,000 additional Warrant Shares shall become exercisable on the date of the
completion of the First Commercial Sale with respect to the second Product, and
(iii) with respect to the remaining 25,000 Warrant Shares, this Warrant shall
expire and be of no further force and effect upon expiration of the
Commercialization Period.

(c)           Notwithstanding anything to the contrary contained in this
Warrant, the Company shall have the right, in its sole and absolute discretion,
to terminate the R&D Activities (and, consequently, the applicability of
the provisions of Section 2.4.2 of the Merger Agreement) with respect to any
one or more Products during the Commercialization Period; provided, however, that for purposes of
the vesting of the Warrant Shares hereunder, any such termination shall be
deemed a Vesting Event for such Product or Products.

3.             Effect of Termination of Employment.

 

 

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(a)           In the event that during the Initial Term (as defined in
the Employment Agreement), the Employment Agreement and the employment
relationship created thereby are terminated (i) by the Company without Cause
(as defined in the Employment Agreement), or (ii) by Piasio in accordance with
Section 4(c)(iii) because of a material breach by the Company, the vesting
under this Warrant shall accelerate such that all Warrant Shares that as of the
date of such termination have not become Vested Shares, shall immediately vest
and become Vested Shares for all purposes hereunder.

(b)           In the event that during the Initial Term, the employment
of Roger Piasio with the Company is terminated because of his death or is terminated
by the Company because of his Disability (as defined in the Employment
Agreement), this Warrant shall remain in full force and effect and shall continue
to vest subject to the terms and conditions thereof.

(c)           In the event that during the Initial Term, the employment
of Roger Piasio with the Company is terminated under any circumstances not
described in Sections 3(a) or 3(b) hereof, this Warrant shall terminate and be
of no further force or effect with respect to any Warrant Shares which have not
become Vested Shares prior to the date of such termination.

4.             Exercise.

(a)           This Warrant may be exercised by the Registered Holder with
respect to all or any part of the Vested Shares, at any time prior to the
Expiration Date applicable to such Vested Shares, by surrendering this Warrant
with the Purchase Form attached as Exhibit A hereto duly executed by the
Registered Holder, at the principal office of the Company, or at such other
office or agency as the Company may designate, accompanied by payment in full,
as provided in Section 4(b) hereof, of the aggregate Exercise Price payable in
respect of the number of Vested Shares purchased upon such exercise.

(b)           The aggregate Exercise Price may be paid, at the election
of the Registered Holder (i) by cash (including by wire transfer of immediately
available funds to an account designated by the Company) or certified or bank
check in lawful money of the United States, or (ii) by exercise of the “net
issuance” right described below in this Section 4(b) (“Net Issuance”).  If the Registered Holder elects the Net
Issuance method, the Company will issue Warrant Shares to the Registered Holder
upon exercise of this Warrant in accordance with the following formula:

X =  Y(A-B)

A

Where:                                                         X = the number
of Warrant Shares that shall be issued to the Registered Holder.

                                                                                                Y = the number
of Vested Shares requested to be purchased under this Warrant.

                                                                                                A = the current
fair market value of one (1) share of Common Stock at the time of issuance of
such Warrant Shares.

 

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                                                                                                B = the Exercise
Price in effect at the time of exercise.

For purposes of the above
calculation, current fair market value of each share of Common Stock shall be
determined as follows: (i) if the Common Stock is traded on the American Stock
Exchange or another national securities exchange, the fair market value shall
be deemed to be the average of the closing prices of the Common Stock over the 10
trading day period ending immediately prior to the day as of which the current
fair market value of the Common Stock is being determined; or (ii) if the Common
Stock is traded over-the-counter, the fair market value shall be deemed to be
the average of the closing bid and asked prices of the Common Stock quoted on
the NASDAQ System (or similar system) over the 10 trading day period ending
immediately prior to the day as of which the current fair market value of the
securities is being determined; or (iii) if at any time the Common Stock is not
listed on any national securities exchange or quoted in the NASDAQ System (or
similar system) or the over-the-counter market, the current fair market value
of the Common Stock shall be as determined in good faith by the Board of
Directors of the Company.  The Net
Issuance method may only be used with respect to exercise of this Warrant if
the current fair market value of one share of the Common Stock at the time of
issuance of the Warrant Shares is greater than the Exercise Price then in
effect.

(c)           Each exercise of this Warrant shall be deemed to have been
effected immediately prior to the close of business on the day on which this Warrant
and the Purchase Form shall have been surrendered to the Company as provided in
Section 4(b) hereof.  At such time, the
person or persons in whose name or names any certificate(s) for Warrant Shares
shall be issuable upon such exercise as provided in Section 4(d) hereof, shall
be deemed to have become the holder or holders of record of the Warrant Shares
represented by such certificates.

(d)           As soon as practicable after each exercise of this Warrant,
and in any event within 30 days thereafter, the Company, at its expense, will
cause to be issued in the name of, and delivered to, the Registered Holder, or,
subject to the terms and conditions hereof, as such Registered Holder (upon
payment by such Registered Holder of any applicable transfer taxes) may direct:
(i) a certificate or certificates for the number of full Warrant Shares to
which such Registered Holder shall be entitled upon such exercise, and (ii) in
case such exercise is in part only (whether because not all Warrant Shares have
become Vested Shares, or because this Warrant is exercised only with respect to
a portion of the Vested Shares, or otherwise), a new Warrant evidencing the
number of Warrant Shares remaining unexercised.

(e)           To the extent not all Vested Shares are exercised prior to
the Expiration Date applicable to such Vested Shares, and if the then fair
market value of one share of the Common Stock is greater than the Exercise
Price then in effect, this Warrant shall be deemed automatically exercised with
respect to all such Vested Shares pursuant to the Net Issuance method as
provided in Section 4(b) hereof (even if not surrendered) immediately before
the Expiration Date applicable to such Vested Shares.  For purposes of such automatic Net Issuance
exercise, the fair market value of one share of Common Stock shall be
determined pursuant to the Net Issuance provisions of Section 4(b) hereof.  To the extent this Warrant is deemed
automatically exercised pursuant to this Section 4(e), the Company shall promptly
notify the Registered Holder of the number of Warrant Shares that the Registered
Holder is to receive by reason of such automatic exercise.

 

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5.             Rule 144. 
With a view to making available the benefits of certain rules and
regulations of the Securities and Exchange Commission (the “SEC”) which may at any time permit the
sale of the Warrant Shares to the public without registration, the Company
agrees to use its commercially reasonable best efforts to:

(a)           make and keep public information available, as those terms
are understood and defined in Rule 144 under the Securities Act of 1933,
as amended (the “Securities Act”);

(b)           file with the SEC in a timely manner all reports and other
documents required of the Company under the Securities Act and the Securities
Exchange Act of 1934, as amended (the “Exchange
Act”); and

(c)           furnish to the Registered Holder forthwith upon request a
written statement by the Company as to its compliance with the reporting
requirements of such Rule 144 and of the Securities Act and the Exchange
Act, a copy of the most recent annual or quarterly report of the Company, and
such other reports and documents so filed by the Company as the Registered
Holder may reasonably request in availing itself of any rule or regulation of
the SEC allowing the Registered Holder to sell any Warrant Shares without
registration.

6.             Adjustments.

(a)           If outstanding shares of Common Stock shall be subdivided
into a greater number of shares or a dividend in Common Stock shall be paid in
respect of Common Stock, the Exercise Price in effect immediately prior to such
subdivision or at the record date of such dividend shall simultaneously with
the effectiveness of such subdivision or immediately after the record date of
such dividend be proportionately reduced. 
If outstanding shares of the Common Stock shall be combined into a
smaller number of shares, the Exercise Price in effect immediately prior to
such combination shall, simultaneously with the effectiveness of such
combination, be proportionately increased. 
When any adjustment is required to be made in the Exercise Price
pursuant to this Section 6(a), the number of Warrant Shares purchasable upon
the exercise of this Warrant shall be changed to the number determined by
dividing (i) an amount equal to the number of Warrant Shares issuable upon the
exercise of this Warrant immediately prior to such adjustment, multiplied by
the Exercise Price in effect immediately prior to such adjustment, by (ii) the
Exercise Price in effect immediately after such adjustment.

(b)           If there shall occur any capital reorganization or
reclassification of the Common Stock (other than a change in par value or a
subdivision or combination as provided for in Section 6(a) above), then, as
part of any such reorganization or reclassification, lawful provision shall be
made so that the Registered Holder shall have the right thereafter to receive
upon the exercise hereof the kind and amount of shares of stock or other
securities or property which the Registered Holder would have been entitled to
receive if, immediately prior to any such reorganization or reclassification, the
Registered Holder had held the number of shares of Common Stock which were then
purchasable upon the exercise of this Warrant. 
In any such case, appropriate adjustment (as reasonably determined by
the Board of Directors of the Company) shall be made in the application of the
provisions set forth herein with respect to the rights and interests thereafter
of the Registered Holders such that the provisions set forth in this Section 6 (including
provisions with respect to adjustment of the Exercise Price) shall thereafter

 

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be applicable, in as nearly equivalent a manner as
may be practicable, in relation to any shares of stock or other securities or
property thereafter deliverable upon the exercise this Warrant.

(c)           If there shall be a merger or consolidation of the Company
with or into another corporation (other than a merger or reorganization
involving only a change in the state of incorporation of the Company or the
acquisition by the Company of other businesses where the Company survives as a
going concern), or the sale of all or substantially all of the Company’s
capital stock or assets to any other person, then as a part of such
transaction, provision shall be made so that the Registered Holder shall
thereafter be entitled to receive the number of shares of stock or other
securities or property of the Company, or of the successor corporation or the
parent of such successor corporation, as the case may be, resulting from the
merger, consolidation or sale, to which the Registered Holder would have been
entitled if the Registered Holder had exercised its rights pursuant to this Warrant
immediately prior thereto.  In any such
case, appropriate adjustment shall be made in the application of the provisions
of this Section 6 to the end that the provisions of this Warrant shall be
applicable after that event in as nearly equivalent a manner as may be
practicable.

(d)           When any adjustment is required to be made in the Exercise
Price, the Company shall promptly mail to the Registered Holder a certificate
setting forth the Exercise Price after such adjustment and setting forth a
brief statement of the facts requiring such adjustment.  Such certificate shall also set forth the
kind and amount of stock or other securities or property into which this Warrant
shall be exercisable following the occurrence of any of the events specified in
this Section 6.

(e)           Notwithstanding anything in this Warrant to the contrary,
in no event shall the Exercise Price be decreased to be less than $0.001.

7.             No Fractional Shares.  The Company shall not be required upon the
exercise of this Warrant to issue any fractional shares, but shall make an
adjustment therefor in cash on the basis of the fair market value of the Common
Stock determined in accordance with Section 4(b) hereof.

8.             Reservation of Warrant Shares.  The Company will at all times reserve and
keep available, solely for issuance and delivery upon the exercise of this Warrant,
such Warrant Shares and other stock, securities and property, as from time to
time shall be issuable upon the exercise of this Warrant.

9.             Representations, Warranties and Covenants of the
Registered Holder.  By acceptance
hereof, each Registered Holder represents, warrants, acknowledges and
covenants  that:

(a)           This Warrant and the Warrant Shares have not been
registered under the Securities Act, or any successor legislation, and agrees
not to sell, pledge, distribute, offer for sale, transfer or otherwise dispose
of this Warrant or any Warrant Shares issued upon its exercise unless (i) there
is an effective registration statement under the Securities Act as to this
Warrant or such Warrant Shares and this Warrant or such Warrant Shares have
been registered or qualified under any applicable state securities or “blue sky”
laws then in effect, (ii) the Company receives

 

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an opinion of counsel, satisfactory to the Company,
that such registration and qualification are not required, or (iii) upon the
death of the Registered Holder, a transfer pursuant to such Registered Holder’s
will or estate plan.  The reliance by the
Company on exemptions under the Securities Act is predicated in part upon the
truth and accuracy of the representation, warranties, acknowledgements and
covenants of the Registered Holder.

(b)           Such Registered Holder (i) has been furnished with all
information which such Registered Holder deems necessary to evaluate the merits
and risks of the purchase of this Warrant; (ii) has had the opportunity to ask
questions concerning the Common Stock and the Company and all questions posed
have been answered to such Registered Holder’s satisfaction; (iii) has been
given the opportunity to obtain any additional information such Registered
Holder deems necessary to verify the accuracy of any information obtained
concerning the Common Stock and the Company; and (iv) has such knowledge and
experience in financial and business matters that such Registered Holder is
able to evaluate the merits and risks of purchasing this Warrant and, upon
exercise of this Warrant the Warrant Shares, and to make an informed investment
decision relating thereto.

(c)           Such Registered Holder is an “accredited investor,” as
such term is defined in Rule 501 promulgated by the SEC under the Securities
Act.

(d)           Such Registered Holder is acquiring this Warrant, and upon
exercise of this Warrant will acquire the Warrant Shares (unless the offering
and sale of the Warrant Shares to be issued upon the particular exercise of
this Warrant shall have been effectively registered under the Securities Act),
for its own account for investment and not for, with a view to, or in
connection with, the distribution or resale of all or any part of the Common
Stock in violation of applicable federal or state securities laws.

(e)           Because this Warrant and the Warrant Shares have not been
registered under the Securities Act, such Registered Holder must continue to
bear the economic risk of the investment for an indefinite time and this
Warrant and the Warrant Shares can not be sold unless this Warrant and the
Warrant Shares are subsequently registered under applicable federal and state
securities laws or an exemption from such registration is available.

(f)            Without limiting the generality of the foregoing, unless
the offering and sale of the Warrant Shares to be issued upon the particular
exercise of this Warrant shall have been effectively registered under the
Securities Act, the Company shall be under no obligation to issue the Warrant
Shares covered by such exercise unless and until the Registered Holder shall
have executed an investment letter in form and substance satisfactory to the
Company, including a warranty at the time of such exercise that such Registered
Holder is acquiring such shares for such Registered Holder’s own account, for
investment and not for, with a view to, or in connection with, the distribution
or resale of any such shares, and a legend in substantially the following form
shall be endorsed upon the certificate(s) evidencing the Warrant Shares issued
pursuant to such exercise:

                                                                                                “THESE SECURITIES HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
REGISTERED OR QUALIFIED UNDER ANY APPLICABLE STATE SECURITIES LAWS. THESE
SECURITIES MAY NOT BE TRANSFERRED UNLESS (A) COVERED BY AN EFFECTIVE
REGISTRATION 

 

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                                                                                                STATEMENT UNDER THE SECURITIES ACT AND
REGISTERED OR QUALIFIED UNDER APPLICABLE STATE SECURITIES LAWS OR  (B) EXEMPTIONS FROM SUCH REGISTRATION OR
QUALIFICATION REQUIREMENTS ARE AVAILABLE. AS A CONDITION TO PERMITTING ANY
TRANSFER OF THESE SECURITIES, THE COMPANY MAY REQUIRE THAT IT BE FURNISHED WITH
AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY TO THE EFFECT THAT NO
REGISTRATION OR QUALIFICATION IS LEGALLY REQUIRED FOR SUCH TRANSFER.”

(g)           Without limiting the generality of the foregoing, the
Company may delay issuance of the Warrant Shares until completion of any action
or obtaining of any consent, which the Company deems necessary under any
applicable law (including, without limitation, state securities or “blue sky” laws).

10.           Replacement of Warrant.  Upon receipt of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of this
Warrant and (in the case of loss, theft or destruction) upon delivery of an
indemnity agreement in an amount reasonably satisfactory to the Company, or (in
the case of mutilation) upon surrender and cancellation of this Warrant, the
Company will issue, in lieu thereof, a new Warrant of like tenor.

11.           Warrant Register; Transfers; Etc.

(a)           The Company will maintain a register containing the names
and addresses of the Registered Holders. 
Any Registered Holder may change its, his or her address as shown on the
warrant register by written notice to the Company requesting such change.

(b)           In connection with any transfer of this Warrant, the
Company may, as condition to such transfer, require that the transferor
reimburse the Company for all expenses incurred in connection with the
transfer.  Any attempted transfer,
assignment, pledge, hypothecation or other disposition of this Warrant or of
any rights granted thereunder contrary to the provisions of section 9 or this
Section 11, or the levy of any attachment or similar process upon this Warrant
or such rights, shall be null and void.

(c)           The Company may deem and treat the Registered Holder of this
Warrant as the absolute owner(s) hereof (notwithstanding any notation of
ownership or other writing thereon made by anyone), for all purposes, and shall
not be affected by any notice to the contrary.

12.           Payment of Taxes.  The Company will pay all documentary stamp
taxes attributable to the initial issuance of the Warrant Shares upon the
exercise of  this Warrant; provided, however, that the Company shall not be required to
pay any tax or taxes which may be payable in respect of any transfer involved
in the issuance of any replacement Warrant or any certificates for Warrant
Shares in a name other than that of the Registered Holder of this Warrant
surrendered for registration of transfer or upon the exercise of this Warrant, and
the Company shall not be required to issue or deliver a new Warrant or such
certificate evidencing Warrant Shares unless or until the person or persons
requesting the issuance thereof shall have paid to the Company the amount of
such tax or shall have established to the reasonable satisfaction of the
Company that such tax has been paid.

 

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13.           No Rights as Stockholder.  Prior to the exercise of this Warrant (i) no Registered
Holder, as such, shall be entitled to any of the rights of a holder of Common
Stock, including, without limitation, the right to vote at or to receive any
notice of any meetings of stockholders; (ii) the consent of any such Registered
Holder shall not be required with respect to any action or proceeding of the
Company; (iii) no such Registered Holder, by reason of the ownership or
possession of this Warrant, shall have any right to receive any cash dividends,
stock dividends, allotments or rights or other distributions paid, allotted or
distributed or distributable to the stockholders of the Company prior to, or
for which the relevant record date preceded, the date of the exercise of this Warrant;
and (iv) no such Registered Holder shall have any right not expressly conferred
by this Warrant.

14.           Dispute Resolution.

(a)           The Company and the Registered Holder recognize that from
time to time a dispute may arise relating to a party’s rights or obligations
under this Warrant, including whether a Vesting Event has occurred.  The parties agree that, subject to Section 14(o),
any such dispute shall be resolved by the Alternative Dispute Resolution (“ADR”) provisions set forth in this
Section 14, which shall be the sole and exclusive procedures for the resolution
of any such disputes, and the result of which shall be binding upon the
parties.

(b)           To begin the ADR process, either the Company or the Registered
Holder, as the case may be, first must send written notice of the dispute to
the other for attempted resolution by good faith negotiations between the Registered
Holder and the Company (represented by an officer) within 30 days after such
notice is received.  If the matter has
not been resolved within 30 days of the notice of dispute, or if the Company and
the Registered Holder fail to meet within such 30 days, either the Company or
the Registered Holder may initiate an ADR proceeding as provided in this
Section 14.  The Company and the Registered
Holder shall have the right to be represented by counsel in such a proceeding.

(c)           To begin an ADR proceeding, the Company or the Registered
Holder, as applicable, shall provide written notice to the other party of the
issues to be resolved by ADR.  Within 14
days after its receipt of such notice, the non-initiating party may, by written
notice to the party initiating the ADR, add additional issues to be resolved
within the same ADR.

(d)           Within 21 days following receipt of the original ADR
notice, the Company and the Registered Holder shall select a mutually
acceptable neutral to preside in the resolution of any disputes in this ADR
proceeding.  If the Company and the Registered
Holder are unable to agree on a mutually acceptable neutral within such period,
either the Company or the Registered Holder may request the President of the
CPR Institute for Dispute Resolution (“CPR”),
366 Madison Avenue, 14th Floor, New York, New York 10017, to select a neutral
pursuant to the following procedures:

(i)            The CPR shall submit to the Company and the Registered
Holder a list of not less than five candidates within 14 days after receipt of
the request, along with a Curriculum Vitae for each candidate.  Each candidate shall have at least five years
of experience in the medical device manufacturing fields and shall have no
conflict of interest in deciding disputes between the Company and the
stockholders of the Company.  Such list
shall include a 

 

 

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statement of disclosure by each candidate of any
circumstances likely to affect his or her impartiality.

(ii)           Each of the Company and the Registered Holder shall number
the candidates in order of preference (with the number one signifying the
greatest preference) and shall deliver the list to the CPR within seven days
following receipt of the list of candidates. 
If either the Company or the Registered Holder believes a conflict of
interest exists regarding any of the candidates, that party shall provide a
written explanation of the conflict to the CPR along with its list showing its
order of preference for the candidates. 
Any party failing to return a list of preferences on time shall be
deemed to have no order of preference.

(iii)          If the Company and the Registered Holder collectively have
identified fewer than three candidates deemed to have conflicts, the CPR
immediately shall designate as the neutral the candidate for whom the Company
and the Registered Holder collectively have indicated the greatest
preference.  If a tie should result
between two candidates, the CPR may designate either candidate.  If the Company and the Registered Holder
collectively have identified three or more candidates deemed to have conflicts,
the CPR shall review the explanations regarding conflicts and, in its sole
discretion, may either (A) immediately designate as the neutral the candidate
for whom the Company and the Registered Holder together have indicated the
greatest preference, or (B) issue a new list of not less than five candidates,
in which case the procedures set forth in clauses (i) through (iii) of this
Section 14(d) shall be repeated.

(e)           No earlier than 30 days or later than 60 days after
selection, the neutral shall hold a hearing to resolve each of the issues
identified by the Company and the Registered Holder.  The ADR proceeding shall take place in
Boston, Massachusetts at a place agreed upon by the Company and the Registered
Holder.  If the Company and the Registered
Holder cannot agree, the neutral shall designate a place located in Boston,
Massachusetts other than the principal place of business of either party or any
of their subsidiaries or affiliates.

(f)            At least seven days prior to the hearing, each of the
Company and the Registered Holder shall submit the following to the other party
and the neutral:

(i)            a copy of all exhibits on which such party intends to
rely in any oral or written presentation to the neutral;

(ii)           a list of any witnesses such party intends to call at the
hearing, and a short summary of the anticipated testimony of each witness;

(iii)          a proposed ruling on each issue to be resolved, together
with a request for a specific damage award or other remedy for each issue. The
proposed rulings and remedies shall not contain any recitation of the facts or
any legal arguments and shall not exceed one page per issue; and

(iv)          a brief in support of such party’s proposed rulings and
remedies, provided that the brief shall not exceed 20 pages.  This page limitation shall apply regardless
of the number of issues raised in the ADR proceeding.

 

 

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(g)           Each of the Company and the Registered Holder may conduct
limited discovery of the other party only as follows:

(i)            Each party may request the other party to respond to a
cumulative total of no more than 20 interrogatories, such interrogatories not
having any subquestions and giving the other party at least 10 days to respond.

(ii)           Each party may request the other party to produce any
documents identified or referred to by the answers to interrogatories,
statement of issues or by witnesses in depositions, provided that such requests
may not seek general categories of documents not otherwise identified and such
requests must provide the other party at least 10 days to produce the
documents.  General requests for document
production is prohibited in the ADR contemplated by hereby.

(iii)          Each party may take the depositions of not more than four
witnesses on not less than five business days prior notice, provided that no
deposition may last more than four hours and witnesses shall be required to
answer questions over objections except objections as to self-incrimination or
attorney-client privilege, and further provided that each party shall make
available for deposition if requested and within the above limits any person
employed by them.

(iv)          To the extent any dispute arises between the parties
regarding these limited discovery procedures, such disputes shall be fully and
finally resolved by the neutral after a telephone conference with the parties
or their legal counsel.

(v)           The neutral shall cooperate with the parties to schedule
the merits hearing in such a way as to reasonably accommodate the requested
discovery of the parties.

(h)           Except as expressly set forth in Sections 14(f) and 14(g)
hereof, no discovery shall be required or permitted by any means, including
depositions, interrogatories, requests for admissions, or production of
documents.

(i)            The hearing shall be conducted on two consecutive days
and shall be governed by the following rules:

(i)            Each of the Company and the Registered Holder shall be
entitled to five hours of hearing time to present its case.  The neutral shall determine whether each
party has had the five hours to which it is entitled.

(ii)           Each of the Company and the Registered Holder shall be
entitled, but not required, to make an opening statement, to present regular
and rebuttal testimony, documents or other evidence, to cross-examine
witnesses, and to make a closing argument. 
Cross-examination of witnesses shall occur immediately after their
direct testimony, and cross-examination time shall be charged against the party
conducting the cross-examination.

(iii)          The party initiating the ADR shall begin the hearing and,
if it chooses to make an opening statement, shall address not only issues it
raised but also any issues raised by the responding party.  The responding party, if it chooses to make
an opening

 

 

11

 

statement, also shall address all issues raised in
the ADR.  Thereafter, the presentation of
regular and rebuttal testimony and documents, other evidence, and closing
arguments shall proceed in the same sequence.

(iv)          Except when testifying, witnesses shall be excluded from
the hearing until closing arguments.

(v)           Settlement negotiations, including any statements made
therein, shall not be admissible under any circumstances.  Affidavits prepared for purposes of the ADR
hearing also shall not be admissible.  As
to all other matters, the neutral shall have sole discretion regarding the admissibility
of any evidence.

(j)            Within seven days following completion of the hearing,
each of the Company and the Registered Holder may submit to the other party and
the neutral a post-hearing brief in support of such party’s proposed rulings
and remedies, provided that such brief shall not contain or discuss any new
evidence and shall not exceed 10 pages. 
This page limitation shall apply regardless of the number of issues
raised in the ADR proceeding.

(k)           The neutral shall rule within 14 days following completion
of the hearing, with only a final award. 
The neutral shall not issue any written opinion or otherwise explain the
basis of the ruling.

(l)            The neutral shall be paid a reasonable fee plus expenses,
and such fees and expenses and any other expenses relating to the ADR
proceedings (other than the fees and expenses of the parties), such as for a
court reporter and the hearing room, shall be paid one-half by each party.  In addition, each party shall bear its own
legal and other fees and expenses (including attorney’s and expert witness fees
and expenses) in connection with the ADR proceedings.  Notwithstanding the foregoing, in the event
the neutral concludes that the ADR proceedings were frivolous or brought or
prosecuted in bad faith, the neutral shall have the authority to rule that all
such fees and expenses (including the legal fees and expenses of the prevailing
party) shall be paid by the losing party.

(m)          The rulings of the neutral (and, if applicable, the
allocation of fees and expenses) shall be binding, non-reviewable, and
non-appealable, and may be entered as a final judgment in any court having
jurisdiction.

(n)           Except as required by law, the existence of the dispute,
any settlement negotiations, the ADR hearing, any submissions (including
exhibits, testimony, proposed rulings, and briefs), and the rulings shall be
deemed confidential information.  The
neutral shall have the authority to impose sanctions for unauthorized
disclosure of confidential information.

(o)           Notwithstanding the provisions of Section 14(a) hereof,
either the Company or the Registered Holder may initiate an action in a court
of competent jurisdiction and may seek temporary and preliminary injunctive
relief as necessary to protect the interests of the Company or the stockholders
of the Company pending the ADR.  In such
case, the court shall be free to act on all requests for temporary and
preliminary injunctive relief, but shall stay the action in all other respects
pending the ADR (which the court may compel). 
If any such action is still pending at the time of the neutral’s ruling,
either the Company or the Registered Holder may

 

 

12

 

apply to such court for entry of judgment on, and
enforcement of, the neutral’s ruling, including without limitation any
equitable relief awarded by the neutral.

15.           Miscellaneous.

(a)           This Warrant may be amended, modified, or supplemented,
and any provision hereof maybe waived, by an instrument in writing signed by the
Company and the Registered Holder.

(b)           This Warrant shall be governed by, and construed and
enforced in accordance with, the substantive laws of The Commonwealth of
Massachusetts, without regard to principles of conflicts of laws of The
Commonwealth of Massachusetts or any other jurisdiction.

(c)           All notices and other communications hereunder shall be in
writing and shall be deemed given if delivered by hand, sent by facsimile
transmission with confirmation of receipt followed by confirmation by reputable
courier service, sent via a reputable courier service with confirmation of
receipt requested, or mailed by registered or certified mail (postage prepaid
and return receipt requested) to the parties at the following addresses (or at
such other address for a party as shall be specified by like notice), and shall
be deemed given on the date on which delivered by hand or otherwise on the date
of receipt as confirmed (with respect to facsimile notices, it being understood
however, that subject to receipt of the courier confirmation, the notice shall
be deemed to have been given upon receipt of the facsimile notice as confirmed):

 

	
   

  	
  To the Company:

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Inverness Medical Innovations, Inc.

  
	
   

  	
   

  	
   

  	
  51 Sawyer Road, Suite 200

  
	
   

  	
   

  	
   

  	
  Waltham, MA 02453

  
	
   

  	
   

  	
   

  	
  Attention: 

  	
  Ron Zwanziger, Chairman and Chief Executive Officer and

  
	
   

  	
   

  	
   

  	
   

  	
  Paul T. Hempel, General Counsel

  
	
   

  	
   

  	
   

  	
  Facsimile No.: 617-647-3939

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  with a copy to:

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
  William R. Kolb, Esq.

  
	
   

  	
   

  	
   

  	
  Foley Hoag LLP

  
	
   

  	
   

  	
   

  	
  155 Seaport Boulevard

  
	
   

  	
   

  	
   

  	
  Boston, Massachusetts 02210

  
	
   

  	
   

  	
   

  	
  Facsimile: (617) 832-7000

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  To the Registered Holder:

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
  To such Registered Holder’s address for notices
  as set forth

  
	
   

  	
   

  	
   

  	
  in the transfer records of the Company

  

 

(d)           Nothing in this Warrant shall be construed to give to any person
other than the Company and the Registered Holder any legal or equitable right,
remedy or claim under this

 

 

13

 

Warrant; but this Warrant shall be for the sole and
exclusive benefit of the Company and the Registered Holder.

(e)           This Warrant may be executed and delivered by facsimile
and in one or more counterparts, each of which shall be deemed an original and
all of which together shall constitute one and the same document.

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

 

 

14

 

IN WITNESS WHEREOF, the parties
hereto have executed this Warrant as of the date first above written.

 

	
  /s/ Roger N. Piasio

  	
   

  	
   

  	
  INVERNESS MEDICAL

  
	
  ROGER N. PIASIO

  	
   

  	
   

  	
  INNOVATIONS, INC.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Anthony J. Bernardo

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Anthony J. Bernardo

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
  VP

  

 

 

 

15

 

Exhibit A

PURCHASE
FORM

 

INVERNESS MEDICAL INNOVATIONS, INC.

 

                (To be executed upon
exercise of this Warrant)

The undersigned hereby
irrevocably elects to purchase                                       
Vested Shares covered by the Warrant enclosed herewith, and purchase the whole
number of Warrant Shares issuable upon the exercise of such Warrant and
herewith tenders payment for such Warrant Shares as follows:

$                    
in cash (including by wire transfer of immediately available funds to an
account designated by the Company) or certified or bank check; or by
surrender of Warrant Shares pursuant to a Net Issuance (as defined in the
Warrant) for                                     
Warrant Shares.

The undersigned requests
that a certificate representing such Warrant Shares be delivered to:

	
   

  	
  Full Name:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  

 

	
  Name of Registered Holder:

  	
   

  	
  Signature:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  (PLEASE PRINT)

  	
   

  	
   

  
	
   

  	
   

  	
  Dated:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Address:

  	
   

  	
  Tax Identification or
  Social

  
	
   

  	
   

  	
  or Social Security Number:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

 

 

16Exhibit 10.35

THIRD AMENDMENT TO THIRD AMENDED AND RESTATED
CREDIT AGREEMENT

THIRD
AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT, dated as of November 22,
2005 (this “Amendment”), to the Third Amended and Restated Credit
Agreement, dated as of June 30, 2005 (as amended, supplemented or otherwise
modified from time to time, the “Credit Agreement”), by and among
General Electric Capital Corporation, as Agent (in such capacity, “Agent”),
Inverness Medical Innovations, Inc. (“Innovations”), Wampole Laboratories,
LLC and Inverness Medical (UK) Holdings Limited, as borrowers (“Borrowers”),
the other Credit Parties signatory thereto, Merrill Lynch Capital, a division
of Merrill Lynch Business Financial Services Inc., as documentation agent,
co-syndication agent and lender, UBS Securities LLC, as co-syndication agent,
and the lenders signatory thereto from time to time (collectively, the “Lenders”).

W I  T  N  E  S  S
E  T  H

WHEREAS,
Agent and Requisite Lenders have agreed to amend the Credit Agreement in the manner,
and on the terms and conditions, provided for herein.

NOW
THEREFORE, in consideration of the premises and for other good and valuable
consideration, the receipt, adequacy and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

1.             Definitions.  Capitalized
terms not otherwise defined herein (including in the Recitals) shall have the
meanings ascribed to them in the Credit Agreement.

2.             Amendment to Credit Agreement.  The
Credit Agreement is hereby amended as of the Effective Date (as hereinafter
defined) as follows:

(a)           Section 6.6 of the Credit Agreement is hereby amended by deleting
such provision in its entirety and inserting the following in lieu thereof:

“6.6         Guaranteed Indebtedness.  No Credit Party shall create, incur, assume
or permit to exceed any Guaranteed Indebtedness except (a) by endorsement of
instruments or items of payment for deposit to the general account of any
Credit Party, (b) for Guaranteed Indebtedness incurred for the benefit of any
other Credit Party if the primary obligation is expressly permitted by this
Agreement, and (c) Innovations may guaranty obligations of Inverness Medical
(Shanghai) Co., Ltd. to suppliers in the ordinary course of business; provided
that all such guaranties are unsecured and the obligations guarantied by all
such guaranties do not exceed (i) $4,000,0000 in the aggregate at any time less
(ii) the value of all assets at such time, other than the value of Inverness
Medical (Shanghai) Co., Ltd., owned by the Credit Parties or any of the
Excluded Subsidiaries (other than Inverness Medical (Shanghai) Co., Ltd.) and
located in China.”

(b)           Section 6.20 of the Credit Agreement is hereby amended by deleting
the word “and” preceding clause (viii) in the first sentence thereof and
inserting the following and the end of such sentence:

“(ix) providing guaranties
to the extent permitted by Section 6.6 hereof; and (x) such other
activities as may be consented to from time to time by Agent and Requisite
Lenders in writing”.

(c)           Section 6.21 of the Credit Agreement is hereby amended by deleting
such provision in its entirety and inserting the following in lieu thereof:

“6.21       Collateral in China. 
At no time shall the aggregate value of all assets, other than the value
of Inverness Medical (Shanghai) Co., Ltd., owned by the Credit Parties or any
of the Excluded Subsidiaries (other than Inverness Medical (Shanghai) Co., Ltd.
and located in China exceed (a) $4,000,000 in the aggregate at any time less
(b) the aggregate value of any guaranties issued by Innovations pursuant to Section
6.6 hereof.”

(d)           Annex E of the Credit Agreement is hereby amended by
inserting the following at the end of such Annex:

“(q)         Innovations Guaranties.  To Agent and Lenders, at the time of delivery
of the quarterly financial statements pursuant to clause (b) of this Annex
E, a schedule setting forth the amount of the obligations guarantied by
Innovations as contemplated by Section 6.6(c) of the Credit Agreement as
of the last day of the applicable Fiscal Quarter.”

3.             Remedies.  This Amendment
shall constitute a Loan Document.  The
breach by any Credit Party of any representation, warranty, covenant or
agreement in this Amendment shall constitute an immediate Event of Default
hereunder and under the other Loan Documents.

4.             Representations and Warranties.  To
induce Agent and Requisite Lenders to enter into this Amendment, the Credit
Parties hereby, jointly and severally, represent and warrant that:

(a)           The execution, delivery and performance by each Credit
Party of this Amendment and the performance of the Credit Agreement, as amended
by this Amendment (the “Amended Credit Agreement”): (i) are within
such Person’s corporate, company or partnership power; (ii) have been (or
will be prior to execution thereof) duly authorized by all necessary corporate,
limited liability company or limited partnership action; (iii) do not
contravene any provision of such Person’s charter, bylaws or equivalent
constitutive documents or partnership or operating agreement, as applicable;
(iv) do not violate any law or regulation, or any order or decree of any
court or Governmental Authority; (v) do not conflict with or result in the
breach or termination of, constitute a default under or accelerate or permit
the acceleration of any performance required by, any indenture, mortgage, deed
of trust, lease, agreement or other instrument to which such Person is a party
or by which such Person or any of its property is bound; (vi) do not
result in the creation or imposition of any Lien upon any of the property of
such Person, other than a Lien in favor of Agent; and (vii) do not require
the consent or approval of any Governmental Authority or any other Person
except those which will have been duly obtained, made or complied with prior to
the Effective Date.

2

(b)           This Amendment has been duly executed and delivered by
or on behalf of each of the Credit Parties.

(c)           This Amendment, the Amended Credit Agreement and each
of the other Loan Documents constitutes a legal, valid and binding obligation
of each of the Credit Parties, enforceable against each of them in accordance
with its terms, except as enforcement may be limited by bankruptcy, insolvency,
fraudulent conveyance or transfer or other laws affecting creditors’ rights
generally or by equitable principals of general applicability.

(d)           No Default or Event of Default has occurred and is
continuing or would result after giving effect to the provisions of this
Amendment.

(e)           No action, claim or proceeding is now pending or, to
the knowledge of any Credit Party, threatened against such Credit Party, at
law, in equity or otherwise, before any court, board, commission, agency or
instrumentality of any foreign, federal, state, or local government or of any
agency or subdivision thereof, or before any arbitrator or panel of
arbitrators, which (i) challenges any Credit Party’s right or power to
enter into or perform any of its obligations under this Amendment or any other
Loan Document to which it is or will be, a party, or the validity or
enforceability of this Amendment, the Amended Credit Agreement or any Loan
Document or any action taken thereunder, or (ii) has a reasonable risk of
being determined adversely to any Credit Party and that, if so determined, could
reasonably be expected to have a Material Adverse Effect after giving effect to
this Amendment.

(f)            The representations and warranties of the Credit
Parties contained in the Amended Credit Agreement and each other Loan Document
shall, after giving effect hereto, be true and correct on and as of (i) the
date hereof, and (ii) the Effective Date, in each case, with the same effect as
if such representations and warranties had been made on and as of such date,
except that any such representation or warranty which is expressly made only as
of a specified date need be true only as of such date.

5.             No Amendments/Waivers/Consents. 
Except as expressly provided herein (a) the Credit Agreement and the
other Loan Documents shall be unmodified and shall continue to be in full force
and effect in accordance with their terms, and (b) this Amendment shall not be
deemed a waiver of any term or condition of any Loan Document and shall not be
deemed to prejudice any right or rights which Agent or any Lender may now have
or may have in the future under or in connection with any Loan Document or any
of the instruments or agreements referred to therein, as the same may be
amended from time to time.

6.             Affirmation of Obligations. 
Each of the Credit Parties hereby acknowledges, agrees and affirms (a)
its obligations under the Credit Agreement and the other Loan Documents,
including, without limitation, its guaranty obligations thereunder, (b) that
such guaranty shall apply to the Obligations in accordance with the terms
thereof, (c) the grant of the security interest in all of its assets pursuant
to the Loan Documents and (d) that such liens and security interests created
and granted are valid and continuing and secure the Obligations in accordance
with the terms thereof.

 

3

7.             Outstanding Indebtedness; Waiver of Claims. 
Each of Borrowers and the other Credit Parties hereby acknowledges and
agrees that as of November 21, 2005, (a) the outstanding balance of the
European Revolving Loan is $29,000,000, (b) the outstanding balance of the US
Revolving Loan is $60,000,000, (c) the outstanding balance of the US Term Loan
is $0, and (d) the outstanding balance of European Term Loan is $0.  Borrowers and each other Credit Party hereby
waive, release, remise and forever discharge Agent, Lenders and each other
Indemnified Person from any and all claims, suits, actions, investigations,
proceedings or demands arising out of or in connection with the Credit
Agreement (collectively, “Claims”), whether based in contract, tort,
implied or express warranty, strict liability, criminal or civil statute or
common law of any kind or character, known or unknown, which any Borrower or
any other Credit Party ever had, now has or might hereafter have against Agent
or Lenders which relates, directly or indirectly, to any acts or omissions of
Agent, Lenders or any other Indemnified Person on or prior to the Effective
Date, provided, that no Borrower nor any other Credit Party waives any
Claim solely to the extent such Claim relates to Agent’s or any Lender’s gross
negligence or willful misconduct.

8.             Fees and Expenses.  Borrowers
hereby reconfirm their obligations pursuant to Section 11.3 of the
Credit Agreement to pay and reimburse Agent for all reasonable costs and expenses
(including, without limitation, reasonable fees of counsel) incurred in
connection with the negotiation, preparation, execution and delivery of this Amendment
and all other documents and instruments delivered in connection herewith..

9.             Effectiveness.  Upon
satisfaction in full in the judgment of Agent of each of the following
conditions, this Amendment shall be deemed effective as of November 22, 2005
(the “Effective Date”):

(a)           Amendment.  Agent shall
have received signature pages to this Amendment, duly executed and delivered by
Agent, Requisite Lenders, and each of the Credit Parties.

(b)           Payment of Fees and Expenses. 
Borrowers shall have paid to Agent all costs, fees and expenses owing in
connection with this Amendment and the other Loan Documents and due to Agent
(including, without limitation, reasonable legal fees and expenses).

(c)           Representations and Warranties. 
The representations and warranties of or on behalf of each of the Credit
Parties in this Amendment shall be true and correct on and as of the date
hereof and the Effective Date.

10.           GOVERNING LAW.  THIS AMENDMENT
SHALL BE GOVERNED BY, AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE
OF NEW YORK.

11.           Counterparts.  This Amendment
may be executed by the parties hereto on any number of separate counterparts
and all of said counterparts taken together shall be deemed to constitute one
and the same instrument.

 

4

IN
WITNESS WHEREOF, this Amendment has been duly executed as of the date first
written above.

	
   

  	
  BORROWERS

  
	
   

  	
  WAMPOLE
  LABORATORIES, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
  \

  	
   

  
	
   

  	
  By:

  	
  /s/
  Duane L. James

  	
   

  
	
   

  	
  Name:

  	
  Duane L. James

  	
   

  
	
   

  	
  Title:

  	
  Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  INVERNESS
  MEDICAL (UK) HOLDINGS LIMITED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Peter Welch

  	
   

  
	
   

  	
  Name:

  	
  Peter Welch

  
	
   

  	
  Title:

  	
  Director

  
						

 

5

AGENT AND LENDERS

	
   

  	
  GENERAL ELECTRIC
  CAPITAL

  
	
   

  	
  CORPORATION, as
  Agent and Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Illegible

  	
   

  
	
   

  	
   

  	
  Duly Authorized
  Signatory

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  MERRILL LYNCH
  CAPITAL, a division of Merrill Lynch Business Financial Services Inc.,

  
	
   

  	
  as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Illegible

  	
   

  
	
   

  	
   

  	
  Duly Authorized
  Signatory

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  UBS AG, CAYMAN
  ISLANDS BRANCH, as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard L.
  Tavrow

  	
   

  
	
   

  	
   

  	
  Duly Authorized
  Signatory

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Irja R. Otsa

  	
   

  
	
   

  	
   

  	
  Duly Authorized
  Signatory

  
						

 

 

6

The
following Persons are signatories to this Amendment in their capacity as Credit
Parties and not as Borrowers.

	
   

  	
  APPLIED BIOTECH,
  INC.

  
	
   

  	
  ADVANTAGE
  DIAGNOSTICS CORPORATION

  
	
   

  	
  FOREFRONT
  DIAGNOSTICS, INC

  
	
   

  	
  INVERNESS
  MEDICAL INTERNATIONAL

  
	
   

  	
     HOLDING
  CORP.

  
	
   

  	
  INVERNESS
  MEDICAL INTERNATIONAL

  
	
   

  	
     HOLDING
  CORP.  II

  
	
   

  	
  INVERNESS
  MEDICAL, INC.

  
	
   

  	
  INNOVATIONS
  RESEARCH, LLC

  
	
   

  	
  ISCHEMIA
  TECHNOLOGIES, INC.

  
	
   

  	
  IVC INDUSTRIES,
  INC.

  
	
   

  	
  MORPHEUS
  ACQUISITION CORP.

  
	
   

  	
  OSTEX
  INTERNATIONAL, INC.

  
	
   

  	
  SELFCARE
  TECHNOLOGY, INC.

  
	
   

  	
  UNIPATH ONLINE,
  INC.

  
	
   

  	
  BINAX, INC.

  
	
   

  	
  INVERNESS
  MEDICAL — BIOSTAR, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Duane L.
  James

  	
   

  
	
   

  	
  Name:

  	
  Duane L. James

  
	
   

  	
  Title:

  	
  Treasurer,
  Treasurer, Treasurer, Treasurer,

  
	
   

  	
   

  	
  Treasurer,
  Treasurer, Treasurer, Treasurer, 

  
	
   

  	
   

  	
  Treasurer, Treasurer,
  Treasurer, Treasurer, 

  
	
   

  	
   

  	
  Treasurer, Vice
  President, Treasurer,

  
	
   

  	
   

  	
  respectively

  
					

 

 

 

 

7

 

	
   

  	
  CAMBRIDGE
  DIAGNOSTICS IRELAND LIMITED

  
	
   

  	
  DMD,
  DIENSTLEISTUNGEN & VERTRIEB FÜR    MEDIZIN UND DIAGNOSTIK
  GMBH

  
	
   

  	
  INVERNESS
  MEDICAL CANADA, INC.

  
	
   

  	
  INVERNESS
  MEDICAL EURASIA LIMITED

  
	
   

  	
  INVERNESS
  MEDICAL FRANCE SAS

  
	
   

  	
  INVERNESS
  MEDICAL GERMANY GMBH

  
	
   

  	
  ORGENICS
  INTERNATIONAL HOLDINGS BV

  
	
   

  	
  SCANDINAVIAN
  MICRO BIODEVICES APS

  
	
   

  	
  STIRLING MEDICAL
  INNOVATIONS LIMITED 

  
	
   

  	
  INVERNESS
  MEDICAL SWITZERLAND GMBH

  
	
   

  	
  UNIPATH
  DIAGNOSTICS GMBH

  
	
   

  	
  VIVA DIAGNOSTIKA
  - DIAGNOSTISCHE 

  
	
   

  	
     PRODUKTE
  GMBH

  
	
   

  	
  INVERNESS
  MEDICAL JAPAN, LTD.

  
	
   

  	
  INVERNESS
  MEDICAL INNOVATIONS, INC.

  
	
   

  	
  INVERNESS
  MEDICAL IBERICA, S.A.

  
	
   

  	
  BOSWELL
  INVESTMENTS, S.L.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Duane L.
  James

  	
   

  
	
   

  	
   

  	
  Authorized
  Person, Authorized Person,

  
	
   

  	
   

  	
  Authorized
  Person, Authorized Person,

  
	
   

  	
   

  	
  Authorized
  Person, Authorized Person,

  
	
   

  	
   

  	
  Authorized
  Person, Authorized Person,

  
	
  \

  	
   

  	
  Authorized
  Person, Authorized Person,

  
	
   

  	
   

  	
  Authorized
  Person, Authorized Person,

  
	
   

  	
   

  	
  Authorized
  Person, Authorized Person,

  
	
   

  	
   

  	
  Treasurer,
  Authorized Person, Authorized

  
	
   

  	
   

  	
  Person
  respectively

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  INVERNESS MEDICAL INVESTMENTS LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jay McNamara

  	
   

  
	
   

  	
  Name:

  	
  Jay McNamara

  	
   

  
	
   

  	
  Title:

  	
  Assistant
  Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  INVERNESS
  MEDICAL CANADA, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Doug Shaffer

  	
   

  
	
   

  	
  Name:

  	
  Doug Shaffer

  	
   

  
	
   

  	
  Title:

  	
  President

  	
   

  
	
   

  	
   

  	
   

  
						

 

 

 

8

 

	
   

  	
  UNIPATH LIMITED

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Peter Welch

  	
   

  
	
   

  	
  Name:

  	
  Peter Welch

  	
   

  
	
   

  	
  Title:

  	
  Managing
  Director

  	
   

  
	
   

  	
   

  	
   

  
					

 

 

 

9

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