Document:

Exclusive License Agreement

 Exhibit 10.23 
 LICENSE AGREEMENT 
 THIS LICENSE AGREEMENT (the
“Agreement”) is entered into by and between THE JOHNS HOPKINS UNIVERSITY, a Maryland corporation having an address at 3400 N. Charles Street, Baltimore, Maryland, 21218-2695 (“JHU”) and Surgi-Vision, Inc., a Delaware corporation
having an address at One Commerce Square, Suite 2550, Memphis, Tennessee 38103 (“Company”), with respect to the following: 
 RECITALS 
 WHEREAS, as a center for research and education,
JHU is interested in licensing PATENT RIGHTS (hereinafter defined) in a manner that will benefit the public by facilitating the distribution of useful products and the utilization of new processes, but is without capacity to commercially develop,
manufacture, and distribute any such products or processes; and 
 WHEREAS, a valuable invention entitled [***]
was developed during the course of research conducted by [***] and [***] (all hereinafter, “Inventors”); and 
 WHEREAS, JHU has acquired through assignment all rights, title and interest, with the exception of certain retained rights by the United States Government, in its interest in said valuable invention; and

 WHEREAS, Company desires to obtain certain rights in such invention as herein provided, and to commercially
develop, manufacture, use and distribute products and processes based upon or embodying said valuable invention throughout the world; 
 NOW THEREFORE, in consideration of the premises and the mutual promises and covenants contained in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE 1 

DEFINITIONS 
 All references to particular Exhibits, Articles or Paragraphs shall mean the Exhibits to, and Paragraphs and Articles of, this Agreement, unless otherwise specified. For the purposes of this Agreement and
the Exhibits hereto, the following words and phrases shall have the following meanings: 

1.1        “AFFILIATED COMPANY” as used herein in either
singular or plural shall mean any corporation, company, partnership, joint venture or other entity, which controls, is controlled by or is under common control with Company. For purposes of this Paragraph 1.1, control shall mean the direct or
indirect ownership of at least fifty-percent (50%). 

1.2        “EFFECTIVE DATE” of this License Agreement shall mean
the date the last party hereto has executed this Agreement. 

1.3        “EXCLUSIVE LICENSE” shall mean a grant by JHU to
Company of its entire right and interest in the PATENT RIGHTS subject to rights retained by the United States Government, if any, in accordance with the Bayh-Dole Act of 1980 (established by P.L. 96-517 and amended by P.L. 98-620, codified at 35 USC
§ 200 et. seq. and implemented according to 37 CFR Part 401), and subject to the retained right of JHU to make, have made, provide and use for its and The Johns Hopkins Health Systems’ non-commercial purposes LICENSED PRODUCT(S) and
LICENSED SERVICE(S), including the ability to distribute any biological material disclosed and/or claimed in PATENT RIGHTS for nonprofit academic research use to non-commercial entities as is customary in the scientific community. 

  
 [***]
Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment. 

 1.4        “LICENSED
FIELD” shall mean all fields. 
 1.5        “LICENSED
PRODUCT(S)” as used herein in either singular or plural shall mean any process or method, material, compositions, drug, or other product, the manufacture, use or sale of which would constitute, but for the license granted to Company
pursuant to this Agreement, an infringement of a claim of PATENT RIGHTS (infringement shall include, but is not limited to, direct, contributory, or inducement to infringe). 

1.6        “LICENSED SERVICE(S)” as used herein in either
singular or plural shall mean the performance on behalf of a third party of any method or the manufacture of any product or the use of any product or composition which would constitute, but for the license granted to Company pursuant to this
Agreement, an infringement of a claim of the PATENT RIGHTS, (infringement shall include, but not be limited to, direct, contributory or inducement to infringe). 

1.7        “NET SALES” shall mean gross sales revenues and fees
billed by Company or any AFFILIATED COMPANY from the sale of LICENSED PRODUCT(S) less trade discounts allowed, refunds, returns and recalls, freight and delivery costs, sales, use and other similar taxes, and rebates accrued, incurred or paid to
federal or state agencies (such as Medicare or Medicaid) or other payors. In the event that Company or any AFFILIATED COMPANY sells a LICENSED PRODUCT(S) in combination with other ingredients or substances or as part of a kit, the NET SALES for
purposes of royalty payments shall be based on that portion of the sales revenue and fees derived from that component of the combination or kit which could independently be sold as a LICENSED PRODUCT. 

1.8        “NET SERVICE REVENUES” shall mean gross service
revenues and fees billed by Company or any AFFILIATED COMPANY for the performance of LICENSED SERVICE(S) less sales, use or other similar taxes imposed upon and with specific reference to the LICENSED SERVICE(S), but only where LICENSED SERVICES are
sold or used separately from the manufacture or sale of a LICENSED PRODUCT. In the event that Company or any AFFILIATED COMPANY sells a LICENSED SERVICE(S) in combination with other services or substances or as part of a kit that does not include a
LICENSED PRODUCT, the NET SERVICE REVENUES for purposes of royalty payments shall be based on that portion of the sales revenues and fees derived from that component of the combination or kit which could independently be sold as a LICENSED SERVICE.

 1.9        “PATENT RIGHTS” shall mean the PCT patent
application Serial No. [***] filed on [***], and assigned to JHU entitled [***] and the invention disclosed and claimed therein, and all continuations, divisions, and reissues based thereof, and any corresponding foreign patent applications, and any
patents, or other equivalent foreign PATENT RIGHTS issuing, granted or registered thereon. 

1.10     “SUBLICENSEE(S)” as used herein in either singular or plural shall
mean any person or entity other than an AFFILIATED COMPANY to which Company has granted a sublicense under this Agreement. 

ARTICLE 2 

LICENSE GRANT 
 2.1        Grant. Subject to the terms and conditions of this Agreement, JHU hereby grants to Company an EXCLUSIVE LICENSE to make, have made, use, import,
offer for sale and sell the LICENSED PRODUCT(S) and to provide the LICENSED SERVICE(S) in the United States and worldwide under the PATENT RIGHTS in the LICENSED FIELD. This Grant shall apply to the Company and any AFFILIATED COMPANY, except that
any AFFILIATED COMPANY shall not have the right to sublicense others without the prior written approval of JHU as set forth in Paragraph 2.2 below. If any AFFILIATED COMPANY exercises rights under this Agreement, such AFFILIATED COMPANY shall be
bound by all terms and conditions of this Agreement, including but not limited to indemnity and insurance provisions and royalty payments, which shall apply to the exercise of the rights, to the same extent as would apply had this Agreement been
directly between JHU and the AFFILIATED COMPANY. In addition, Company shall remain fully liable to JHU for all acts and obligations of AFFILIATED COMPANY such that acts of the AFFILIATED COMPANY shall be considered acts of the Company. 

  
 [***]
Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment. 

 2.2        Sublicense.
Company may sublicense to others under this Agreement, subject to the terms and conditions of this Paragraph 2.2 and subject to JHU’s prior written approval of the sublicense agreement. Such approval shall not be unreasonably withheld. As a
condition to its validity and enforceability, each sublicense agreement shall: (a) incorporate by reference the terms and conditions of this Agreement, (b) be consistent with the terms, conditions and limitations of this Agreement,
(c) prohibit SUBLICENSEE’s further sublicense of the rights delivered hereunder without JHU’s prior written approval, (d) name JHU as an intended third party beneficiary of the obligations of SUBLICENSEE without imposition of
obligation or liability on the part of JHU or its Inventors to the SUBLICENSEE, (e) specifically incorporate Paragraphs 6.2 “Representations by JHU”, 7.1 “Indemnification”, 10.1 “Use of Name”, 10.4 “Product
Liability” into the body of the sublicense agreement, and cause the terms used in therein to have the same meaning as in this Agreement, and, (f) bear signature from JHU indicating JHU’s review and approval of the sublicense
agreement. Company shall provide to JHU each proposed sublicense agreement, executed by both Company and proposed SUBLICENSEE, for review, approval and signature by JHU. To the extent that any terms, conditions or limitations of any sublicense
agreement are inconsistent with this Agreement, those terms, conditions and limitations are null and void against JHU, unless JHU has approved the sublicense in writing. 

2.3        Government Rights. The United States Government may have
acquired a nonexclusive, nontransferable, irrevocable, paid-up license to practice or have practiced for or on behalf of the United States the inventions described in PATENT RIGHTS throughout the world. The rights granted herein are additionally
subject to: (i) the requirement that any LICENSED PRODUCT(S) produced for use or sale within the United States shall be substantially manufactured in the United States (unless a waiver under 35 USC § 204 or equivalent is granted by the
appropriate United States government agency), (ii) the right of the United States government to require JHU, or its licensees, including Company, to grant sublicenses to responsible applicants on reasonable terms when necessary to fulfill
health or safety needs, and, (iii) other rights acquired by the United States government under the laws and regulations applicable to the grant/contract award under which the inventions were made. 

ARTICLE 3 

FEES, ROYALTIES, & PAYMENTS 
 3.1        License Fee. Company shall pay to JHU within thirty (30) days of the EFFECTIVE DATE of this Agreement the initial license fee as set forth in
Exhibit A. JHU will not submit an invoice for the license fee, which is nonrefundable and shall not be credited against royalties or other fees. 
 3.2        Minimum Annual Royalties. Company shall pay to JHU minimum annual royalties as set forth in Exhibit A. These minimum annual royalties shall
be due, without invoice from JHU, within thirty (30) days of each anniversary of the EFFECTIVE DATE beginning with the first anniversary. Running royalties and sublicense consideration accrued under Paragraphs 3.3 and 3.4, respectively, and
paid to JHU during the one year period preceding an anniversary of the EFFECTIVE DATE shall be credited against the minimum annual royalties due on that anniversary date. 

3.3        Running Royalties. Company shall pay to JHU a running royalty
as set forth in Exhibit A, for each LICENSED PRODUCT(S) sold, and for each LICENSED SERVICE(S) provided, by Company or AFFILIATED COMPANIES, based on NET SALES and NET SERVICE REVENUES for the term of this Agreement. Such payments shall be
made quarterly. All non-US taxes related to LICENSED PRODUCT(S) or LICENSED SERVICE(S) sold under this Agreement shall be paid by Company and shall not be deducted from royalty or other payments due to JHU. 

In order to insure JHU the full royalty payments contemplated hereunder, Company agrees that in the event any LICENSED
PRODUCT(S) shall be sold to an AFFILIATED COMPANY or SUBLICENSEE(S) or to a corporation, firm or association with which Company shall have any agreement, understanding or arrangement with respect to consideration (such as, among other things, an
option to purchase stock or actual stock ownership, or an arrangement involving division of profits or special rebates or allowances) the royalties to be paid hereunder for such LICENSED PRODUCT(S) shall be based upon the greater of: 1) the net
selling price (per NET SALES) at which the purchaser of LICENSED PRODUCT(S) resells such product to the end user, 2) the NET SERVICE REVENUES received from using the LICENSED PRODUCT(S) in providing a service, or 3) the net selling price (per NET
SALES) of LICENSED PRODUCT(S) paid by the purchaser. 

 No multiple royalties shall be due or payable because any LICENSED
PRODUCT(S) or LICENSED SERVICE(S) is covered by more than one claim of the PATENT RIGHTS or by claims of both the PATENT RIGHTS under this Agreement and “PATENT RIGHTS” under any other license agreement between Company and JHU. The royalty
shall not be cumulative based on the number of patents or claims covering a product or service, but rather shall be capped at the rate set forth in Exhibit A. 

3.4        Sublicense Consideration. Company shall pay to JHU a percentage
of consideration received for sublicenses under this Agreement as set forth in Exhibit A. This sublicense consideration shall be due, without the need for invoice from JHU, within forty-five (45) days of Company’s receipt. Such
consideration shall mean consideration of any kind received by the Company or AFFILIATED COMPANIES from a SUBLICENSEE(S) for the grant of a sublicense under this Agreement, such as upfront fees or milestone fees, running royalties and including any
premium paid by the SUBLICENSEE(S) over Fair Market Value for stock of the Company or an AFFILIATED COMPANY in consideration for such sublicense. However, not included in such sublicense consideration are amounts paid to the Company or an AFFILIATED
COMPANY by the SUBLICENSEE(S) for product development, research work, clinical studies and regulatory approvals performed by or for the Company or AFFILIATED COMPANIES (including third parties on their behalf), each pursuant to a specific agreement
including a performance plan and commensurate budget. The term “Fair Market Value” shall mean the average price that the stock in question is publicly trading at for twenty (20) days prior to the announcement of its purchase by the
SUBLICENSEE(S) or if the stock is not publicly traded, the greater of (a) the value of such stock as determined by the most recent private financing through a financial investor (an entity whose sole interest in the Company or AFFILIATED
COMPANY is financial) of the Company or AFFILIATED COMPANY that issued the shares, or (b) the value of such stock as determined by the most recent appraisal conducted by an independent appraiser regularly engaged in the business of valuing
businesses of the nature of Company or AFFILIATED COMPANY, as applicable. 
 In the event of a sublicense under
both this Agreement and any other license agreement between Company and JHU, the sublicensing consideration payable to JHU under this Agreement and such other license agreement(s) shall be capped such that the aggregate amount payable to JHU shall
not exceed the percentage set forth in Exhibit A of all sublicensing consideration. 

3.5        Patent Reimbursement. Company will reimburse JHU, within thirty
(30) days of the receipt of an invoice from JHU, for all costs associated with the preparation, filing, maintenance, and prosecution of PATENT RIGHTS incurred by JHU on or before the EFFECTIVE DATE of this Agreement, which costs will not exceed
[***]. In accordance with Paragraph 4.1 below, Company will reimburse JHU, within thirty (30) days of the receipt of an invoice from JHU, for all costs associated with the preparation, filing, maintenance, and prosecution of PATENT RIGHTS
incurred by JHU subsequent to the EFFECTIVE DATE of this Agreement. 

3.6        Form of Payment. All payments under this Agreement shall be
made in U.S. Dollars by either check or wire transfer. 

3.7        Payment Information. All check payments from Company to JHU
shall be sent to: 
              Director

              Johns Hopkins Technology
Transfer 
              The Johns Hopkins
University 

             100 N. Charles Street,
5th Floor 

             Baltimore, MD 21201 

             Attn: JHU Agrmt# A13599 

or such other addresses which JHU may designate in writing from time to time. Checks are to be made payable to “The
Johns Hopkins University”. Wire transfers may be made through: 
 [***] 

  
 [***]
Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment. 

 Company shall be responsible for any and all costs associated with wire
transfers. 
 3.7        Late Payments. In the event that any
payment due hereunder is not made when due, the payment shall accrue interest beginning on the tenth day following the due date thereof, calculated at the annual rate of the sum of (a) two percent (2%) plus (b) the prime interest rate
quoted by The Wall Street Journal on the date said payment is due, the interest being compounded on the last day of each calendar quarter, provided however, that in no event shall said annual interest rate exceed the maximum legal interest rate for
corporations. Each such payment when made shall be accompanied by all interest so accrued. Said interest and the payment and acceptance thereof shall not negate or waive the right of JHU to seek any other remedy, legal or equitable, to which it may
be entitled because of the delinquency of any payment including, but not limited to termination of this Agreement as set forth in Paragraph 9.2. 
 ARTICLE 4 
 PATENT PROSECUTION, MAINTENANCE, & INFRINGEMENT

 4.1        Prosecution &
Maintenance. JHU, at Company’s expense, shall file, prosecute and maintain all patents and patent applications specified under PATENT RIGHTS and, subject to the terms and conditions of this Agreement, Company shall be licensed
thereunder. Title to all such patents and patent applications shall reside in JHU. JHU shall have full and complete control over all patent matters in connection therewith under the PATENT RIGHTS, provided however, that JHU shall (a) cause its
patent counsel to timely copy Company on all official actions and written correspondence with any patent office and timely provide Company advance notification of any filing deadline, and (b) allow Company an opportunity to comment and advise
JHU. JHU shall consider and reasonably incorporate all comments and advice from Company and JHU shall comply with foreign filing decisions provided by Company. Upon request by Company, JHU shall consider allowing Company’s patent counsel to
prosecute patent applications relating to the PATENT RIGHTS. By concurrent written notification to JHU and its patent counsel at least thirty (30) days in advance (or later at JHU’s discretion) of any filing or response deadline, or fee
due date, Company may elect not to have a patent application filed in any particular country or region or not to pay expenses associated with prosecuting or maintaining any patent application or patent, provided that Company pays for all costs
incurred up to JHU’s receipt of such notification. Failure to provide such notification can be considered by JHU to be Company’s authorization to proceed at Company’s expense. Upon such notification, JHU may file, prosecute, and/or
maintain such patent applications or patent at its own expense and for its own benefit, and any rights or license granted hereunder held by Company, AFFILIATED COMPANIES or SUBLICENSEE(S) relating to the PATENT RIGHTS which comprise the subject of
such patent applications or patent solely with respect to the particular country or region, shall terminate. For the avoidance of any doubt, such termination shall not affect any rights or license granted hereunder held by Company, AFFILIATED
COMPANIES or SUBLICENSEE(S) relating to the PATENT RIGHTS which comprise the subject of patent applications or patents in any other country or region. 
 4.2        Notification. Each party will notify the other promptly in writing when any infringement by another is uncovered or suspected. 

4.3        Infringement. Company shall have the first right to enforce any
patent within PATENT RIGHTS against any infringement or alleged infringement thereof, and shall at all times keep JHU informed as to the status thereof. Before Company commences an action with respect to any infringement of such patents, Company
shall give 

 
careful consideration to the views of JHU and to potential effects on the public interest in making its decision whether or not to sue. Thereafter, Company may, at its own expense, institute suit
against any such infringer or alleged infringer and control and defend such suit in a manner consistent with the terms and provisions hereof and recover any damages, awards or settlements resulting therefrom, subject to Paragraph 4.5. However, no
settlement, consent judgment or other voluntary final disposition of the suit may be entered into without the prior written consent of JHU which consent shall not be unreasonably withheld. This right to sue for infringement shall not be used in an
arbitrary or capricious manner. JHU shall reasonably cooperate in any such litigation at Company’s expense. 
 If Company
elects not to enforce any patent within the PATENT RIGHTS, then it shall so notify JHU in writing within ninety (90) days of receiving notice that an infringement exists, and JHU may, in its sole judgment and at its own expense, take steps to
enforce any patent and control, settle, and defend such suit in a manner consistent with the terms and provisions hereof, and recover, for its own account, any damages, awards or settlements resulting therefrom. 

4.4        Patent Invalidity Suit. If a declaratory judgment action is
brought naming Company as a defendant and alleging invalidity of any of the PATENT RIGHTS, JHU may elect to take over the sole defense of the action at its own expense. Company shall cooperate fully with JHU in connection with any such action.

 4.5        Recovery. Any recovery by Company under Paragraph
4.3 shall be deemed to reflect loss of commercial sales, and Company shall pay to JHU [***] of the recovery net of all reasonable costs and expenses associated with each suit or settlement. If the cost and expenses exceed the recovery, then [***] of
the excess shall be credited against royalties payable by Company to JHU hereunder in connection with sales of LICENSED PRODUCT covered in the PATENT RIGHTS which are the subject of the infringement suit, in the country of such legal proceedings,
provided, however, that any such credit under this Paragraph shall not exceed [***] of the royalties otherwise payable to JHU with regard to sales in the country of such action in any one calendar year, with any excess credit being carried forward
to future calendar years. 
 ARTICLE 5 
 OBLIGATIONS OF THE PARTIES 

5.1        Reports. Company shall provide to JHU the following written
reports according to the following schedules. 
 (a)   Company shall provide quarterly Royalty
Reports, substantially in the format of Exhibit B and due within thirty (30) days of the end of each calendar quarter following the EFFECTIVE DATE of this Agreement. Royalty Reports shall disclose the amount of LICENSED PRODUCT(S) and
LICENSED SERVICE(S) sold, the total NET SALES and NET SERVICE REVENUES of such LICENSED PRODUCT(S) and LICENSED SERVICE(S), and the running royalties due to JHU as a result of NET SALES and NET SERVICE REVENUES by Company, AFFILIATED COMPANIES and
SUBLICENSEE(S) thereof. Payment of any such royalties due shall accompany such Royalty Reports. 

(b)   Until Company, an AFFILIATED COMPANY or a SUBLICENSEE(S) has achieved a first commercial sale of a
LICENSED PRODUCT or LICENSED SERVICE, or received FDA market approval, Company shall provide semiannual Diligence Reports, due within thirty (30) days of the end of every June and December following the EFFECTIVE DATE of this Agreement. These
Diligence Reports shall describe Company’s, AFFILIATED COMPANIES or any SUBLICENSEE(S)’s technical efforts towards meeting its obligations under the terms of this Agreement. 

(c)   Company shall provide Annual Reports within thirty (30) days of the end of every December following
the EFFECTIVE DATE of this Agreement. Annual Reports shall include: 
 (i) evidence of insurance as required
under Paragraph 10.4, or, a statement of why such insurance is not currently required, and 
 (ii)
identification of all AFFILIATED COMPANIES which have exercised rights pursuant to Paragraph 2.1, or, a statement that no AFFILIATED COMPANY has exercised such rights, and 

  
 [***]
Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment. 

 (iii) notice of all FDA approvals of any LICENSED PRODUCT(S) or LICENSED
SERVICE(S) obtained by COMPANY, AFFILIATED COMPANY or SUBLICENSEE, the patent(s) or patent application(s) licensed under this Agreement upon which such product or service is based, and the commercial name of such product or service, or, in the
alternative, a statement that no FDA approvals have been obtained. 

5.2        Records. Company shall make and retain, for a period of three
(3) years following the period of each report required by Paragraph 5.1, true and accurate records, files and books of account containing all the data reasonably required for the full computation and verification of sales and other information
required in Paragraph 5.1. Such books and records shall be in accordance with generally accepted accounting principles consistently applied. Company shall permit the inspection and copying of such records, files and books of account by JHU or its
agents during regular business hours upon ten (10) business days’ written notice to Company. Such inspection shall not be made more than once each calendar year. All costs of such inspection and copying shall be paid by JHU, provided that
if any such inspection shall reveal that an error has been made in the amount equal to five percent (5%) or more of such payment, such costs shall be borne by Company. As a condition to entering into any such agreement, Company shall include in
any agreement with its AFFILIATED COMPANIES or its SUBLICENSEE(S) which permits such party to make, use, sell or import the LICENSED PRODUCT(S) or provide LICENSED SERVICE(S), a provision requiring such party to retain records of sales of LICENSED
PRODUCT(S) and records of LICENSED SERVICE(S) and other information as required in Paragraph 5.1 and permit JHU to inspect such records as required by this Paragraph. 

5.3        Reasonable Efforts. Company shall exercise commercially
reasonable efforts to develop and to introduce the LICENSED PRODUCT(S) and LICENSED SERVICE(S) into the commercial market as soon as practicable, consistent with sound and reasonable business practice and judgement, however if the first commercial
sale does not occur by the fourth (4th) year anniversary of EFFECTIVE DATE of this Agreement, JHU will have the option to terminate this agreement, so alternative commercialization means can be sought; thereafter, until the expiration or
termination of this Agreement, Company shall endeavor to keep LICENSED PRODUCT(S) and LICENSED SERVICE(S) reasonably available to the public. 
 5.4        Other Products. After clinical or other evidence, provided in writing [***] to Company, demonstrating the practicality of a particular
market or use within the LICENSED FIELD which is not being developed or commercialized by Company, Company shall either provide JHU with a reasonable development plan and start development or attempt to reasonably sublicense the particular market or
use to a third party. If within six (6) months of such notification [***] Company has not initiated such development efforts or sublicensed that particular market or use, JHU may terminate this license for such particular market or use. This
Paragraph shall not be applicable if Company reasonably demonstrates to JHU that commercializing such LICENSED PRODUCT(S) or LICENSED SERVICE(S) or granting such a sublicense in said market or use would have a potentially adverse commercial effect
upon marketing or sales of the LICENSED PRODUCT(S) developed and being sold by Company. 

5.5        Patent Acknowledgement. Company agrees that all packaging
containing individual LICENSED PRODUCT(S) sold by Company, AFFILIATED COMPANIES and SUBLICENSEE(S) of Company will be marked with the number of the applicable patent(s) licensed hereunder in accordance with each country’s patent laws.

 ARTICLE 6 
 REPRESENTATIONS 

6.1        Duties of the Parties. JHU is not a commercial organization. It
is an institute of research and education. Therefore, JHU has no ability to evaluate the commercial potential of any PATENT RIGHTS or LICENSED PRODUCT or other license or rights granted in this Agreement. It is therefore incumbent upon Company to
evaluate the rights and products in question, to examine the materials and information provided by JHU, and to determine for itself the validity of any PATENT RIGHTS, its freedom to operate, and the value of any LICENSED PRODUCTS or SERVICES or
other rights granted. 

  
 [***]
Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment. 

 6.2        Representations by
JHU. JHU warrants that it has good and marketable title to its interest in the inventions claimed under PATENT RIGHTS with the exception of certain retained rights of the United States Government, which may apply if any part of the JHU research
was funded in whole or in part by the United States Government. JHU does not warrant the validity of any patents or that practice under such patents shall be free of infringement. EXCEPT AS EXPRESSLY SET FORTH IN THIS PARAGRAPH 6.2, COMPANY,
AFFILIATED COMPANIES AND SUBLICENSEE(S) AGREE THAT THE PATENT RIGHTS ARE PROVIDED “AS IS”, AND THAT JHU MAKES NO REPRESENTATION OR WARRANTY WITH RESPECT TO THE PERFORMANCE OF LICENSED PRODUCT(S) AND LICENSED SERVICE(S) INCLUDING THEIR
SAFETY, EFFECTIVENESS, OR COMMERCIAL VIABILITY. JHU DISCLAIMS ALL WARRANTIES WITH REGARD TO PRODUCT(S) AND SERVICE(S) LICENSED UNDER THIS AGREEMENT, INCLUDING, BUT NOT LIMITED TO, ALL WARRANTIES, EXPRESSED OR IMPLIED, OF MERCHANTABILITY AND FITNESS
FOR ANY PARTICULAR PURPOSE. NOTWITHSTANDING ANY OTHER PROVISION OF THIS AGREEMENT, JHU ADDITIONALLY DISCLAIMS ALL OBLIGATIONS AND LIABILITIES ON THE PART OF JHU AND INVENTORS, FOR DAMAGES, INCLUDING, BUT NOT LIMITED TO, DIRECT, INDIRECT, SPECIAL,
AND CONSEQUENTIAL DAMAGES, ATTORNEYS’ AND EXPERTS’ FEES, AND COURT COSTS (EVEN IF JHU HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, FEES OR COSTS), ARISING OUT OF OR IN CONNECTION WITH THE MANUFACTURE, USE, OR SALE OF THE PRODUCT(S)
AND SERVICE(S) LICENSED UNDER THIS AGREEMENT. COMPANY, AFFILIATED COMPANIES AND SUBLICENSEE(S) ASSUME ALL RESPONSIBILITY AND LIABILITY FOR LOSS OR DAMAGE CAUSED BY A PRODUCT AND/OR SERVICE MANUFACTURED, USED, OR SOLD BY COMPANY, ITS SUBLICENSEE(S)
AND AFFILIATED COMPANIES WHICH IS A LICENSED PRODUCT(S) OR LICENSED SERVICE(S) AS DEFINED IN THIS AGREEMENT. 
 ARTICLE 7

 INDEMNIFICATION 
 7.1        Indemnification. JHU and the Inventors will have no legal liability exposure to third parties if JHU does not license the LICENSED PRODUCT(S) and
LICENSED SERVICE(S), and any royalties JHU and the Inventors may receive is not adequate compensation for such legal liability exposure. Therefore, JHU requires Company to protect JHU and Inventors from such exposure to the same manner and extent to
which insurance, if available, would protect JHU and Inventors. Furthermore, JHU and the Inventors will not, under the provisions of this Agreement or otherwise, have control over the manner in which Company or its AFFILIATED COMPANIES or its
SUBLICENSEE(S) or those operating for its account or third parties who purchase LICENSED PRODUCT(S) or LICENSED SERVICE(S) from any of the foregoing entities, develop, manufacture, market or practice the inventions of LICENSED PRODUCT(S) and
LICENSED SERVICE(S). Therefore, Company, AFFILIATED COMPANY and SUBLICENSEE shall indemnify, defend with counsel reasonably acceptable to JHU, and hold JHU, The Johns Hopkins Health Systems, their present and former trustees, officers, Inventors of
PATENT RIGHTS, agents, faculty, employees and students harmless as against any judgments, fees, expenses, or other costs arising from or incidental to any product liability or other lawsuit, claim, demand or other action brought as a consequence of
the practice of said inventions by any of the foregoing entities, whether or not JHU or said Inventors, either jointly or severally, is named as a party defendant in any such lawsuit and whether or not JHU or the Inventors are alleged to be
negligent or otherwise responsible for any injuries to persons or property. Practice of the inventions covered by LICENSED PRODUCT(S) and LICENSED SERVICE(S), by an AFFILIATED COMPANY or an agent or a SUBLICENSEE(S) or a third party on behalf of or
for the account of Company or by a third party who purchases LICENSED PRODUCT(S) and LICENSED SERVICE(S) from Company, shall be considered Company’s practice of said inventions for purposes of this Paragraph. The obligation of Company to defend
and indemnify as set out in this Paragraph shall survive the termination of this Agreement, shall continue even after assignment of rights and responsibilities to an affiliate or sublicensee, and shall not be limited by any other limitation of
liability elsewhere in this Agreement. 

 ARTICLE 8 
 CONFIDENTIALITY 

8.1        Confidentiality. If necessary, the parties will exchange
information, which they consider to be confidential. The recipient of such information agrees to accept the disclosure of said information which is marked as confidential at the time it is sent to the recipient, and to employ all reasonable efforts
to maintain the information secret and confidential, such efforts to be no less than the degree of care employed by the recipient to preserve and safeguard its own confidential information. The information shall not be disclosed or revealed to
anyone except employees of the recipient who have a need to know the information and who have entered into a secrecy agreement with the recipient under which such employees are required to maintain confidential the proprietary information of the
recipient and such employees shall be advised by the recipient of the confidential nature of the information and that the information shall be treated accordingly. 

The obligations of this Paragraph 8.1 shall also apply to AFFILIATED COMPANIES and/or SUBLICENSEE(S) provided such
information by Company. JHU’s, Company’s, AFFILIATED COMPANIES, and SUBLICENSEES’ obligations under this Paragraph 8.1 shall extend until three (3) years after the termination of this Agreement. 

8.2        Exceptions. The recipient’s obligations under Paragraph
8.1 shall not extend to any part of the information: 
  

	 	a.	 that can be demonstrated to have been in the public domain or publicly known and readily available to the trade or the public prior to the
date of the disclosure; or 

  

	 	b.	 that can be demonstrated from written records to have been in the recipient’s possession or readily available to the recipient from
another source not under obligation of secrecy to the disclosing party prior to the disclosure; or 

  

	 	c.	 that becomes part of the public domain or publicly known by publication or otherwise, not due to any unauthorized act by the recipient; or

  

	 	d.	 that is demonstrated from written records to have been developed by or for the receiving party without reference to confidential information
disclosed by the disclosing party. 

  

	 	e.	 that is required to be disclosed by law, government regulation or court order. 

8.3        Right to Publish. JHU may publish manuscripts, abstracts or the
like describing the PATENT RIGHTS and inventions contained therein provided confidential information of Company as defined in Paragraph 8.1, is not included or without first obtaining approval from Company to include such confidential information.
Otherwise, JHU and the Inventors shall be free to publish manuscripts and abstracts or the like directed to the work done at JHU related to the licensed technology without prior approval. 

ARTICLE 9 

TERM & TERMINATION 
 9.1        Term. The term of this Agreement shall commence on the EFFECTIVE DATE and shall continue, in each country, until the date of expiration of the
last to expire patent included within PATENT RIGHTS in that country or if no patents issue then for a term of twenty (20) years from the EFFECTIVE DATE of this Agreement. 

9.2        Termination By Either Party. This Agreement may be terminated
by either party, in the event that the other party (a) files or has filed against it a petition under the Bankruptcy Act, makes an assignment for the benefit of creditors, has a receiver appointed for it or a substantial part of its assets, or
otherwise takes advantage of any statute or law designed for relief of debtors or (b) fails to perform or otherwise breaches any of its obligations hereunder, if, following the giving of notice by the terminating party of its intent to
terminate and stating the grounds therefor, the party receiving such notice shall not have cured the failure or breach within thirty (30) days. In no event, however, shall such notice or intention to terminate be deemed to waive any rights to
damages or any other remedy which the party giving notice of breach may have as a consequence of such failure or breach. 

 9.3        Termination by
Company. Company may terminate this Agreement and the license granted herein, for any reason, upon giving JHU ninety (90) days written notice. 
 9.4        Obligations and Duties upon Termination. If this Agreement is terminated, both parties shall be released from all obligations and duties imposed
or assumed hereunder to the extent so terminated, except as expressly provided to the contrary in this Agreement. Upon termination, both parties shall cease any further use of the confidential information disclosed to the receiving party by the
other party. Termination of this Agreement, for whatever reason, shall not affect the obligation of either party to make any payments for which it is liable prior to or upon such termination. Termination shall not affect JHU’s right to recover
unpaid royalties, fees, reimbursement for patent expenses, or other forms of financial compensation incurred prior to termination. Upon termination Company shall submit a final royalty report to JHU and any royalty payments, fees, unreimbursed
patent expenses and other financial compensation due JHU shall become immediately payable. Furthermore, upon termination of this Agreement, all rights in and to the licensed technology shall revert immediately to JHU at no cost to JHU. Upon
termination of this Agreement, any SUBLICENSEE(S) shall become a direct licensee of JHU, provided that JHU’s obligations to SUBLICENSEE(S) are no greater than JHU’s obligations to Company under this Agreement. Company shall provide written
notice of such to each SUBLICENSEE(S) with a copy of such notice provided to JHU. 
 ARTICLE 10 

MISCELLANEOUS 
 10.1      Use of Name. Company, AFFILIATED COMPANIES and SUBLICENSEE(S) shall not use the name of The Johns Hopkins University or The Johns Hopkins Health System or
any of its constituent parts, such as the Johns Hopkins Hospital or any contraction thereof or the name of Inventors in any advertising, promotional, sales literature or fundraising documents without prior written consent from an authorized
representative of JHU. Company, AFFILIATED COMPANIES and SUBLICENSEE(S) shall allow at least seven (7) business days notice of any proposed public disclosure for JHU’s review and comment or to provide written consent. 

10.2      No Partnership. Nothing in this Agreement shall be construed to create any
agency, employment, partnership, joint venture or similar relationship between the parties other than that of a licensor/licensee. Neither party shall have any right or authority whatsoever to incur any liability or obligation (express or implied)
or otherwise act in any manner in the name or on the behalf of the other, or to make any promise, warranty or representation binding on the other. 
 10.3      Notice of Claim. Each party shall give the other or its representative immediate notice of any suit or action filed, or prompt notice of any claim made,
against them arising out of the performance of this Agreement or arising out of the practice of the inventions licensed hereunder. 
 10.4      Product Liability. Prior to initial human testing or first commercial sale of any LICENSED PRODUCT(S) or LICENSED SERVICE(S) as the case may be in any
particular country, Company shall establish and maintain, in each country in which Company, an AFFILIATED COMPANY or SUBLICENSEE(S) shall test or sell LICENSED PRODUCT(S) and LICENSED SERVICE(S), product liability or other appropriate insurance
coverage in the minimum amount of five million dollars ($5,000,000) per claim and will annually present evidence to JHU that such coverage is being maintained. Upon JHU’s request, Company will furnish JHU with a Certificate of Insurance of each
product liability insurance policy obtained. JHU shall be listed as an additional insured in Company’s said insurance policies. If such Product Liability insurance is underwritten on a ‘claims made’ basis, Company agrees that any
change in underwriters during the term of this Agreement will require the purchase of ‘prior acts’ coverage to ensure that coverage will be continuous throughout the term of this Agreement. 

10.5      Governing Law. This Agreement shall be construed, and legal relations
between the parties hereto shall be determined, in accordance with the laws of the State of Maryland applicable to contracts solely executed and wholly to be performed within the State of Maryland without giving effect to the principles of conflicts
of laws. Any disputes between the parties to the Agreement shall be brought in the state or federal courts of Maryland. Both parties agree to waive their right to a jury trial. 

 10.6      Notice. All notices or
communication required or permitted to be given by either party hereunder shall be deemed sufficiently given if mailed by registered mail or certified mail, return receipt requested, or sent by overnight courier, 

such as Federal Express, to the other party at its respective address set forth below or to such other address as one party shall give
notice of to the other from time to time hereunder. Mailed notices shall be deemed to be received on the third business day following the date of mailing. Notices sent by overnight courier shall be deemed received the following business day.

  

					
	 If to Company:
	  	 Attn:
	  	 Mr. Kim Jenkins

		  		  	 Surgi-Vision, Inc.

		  		  	 One Commerce Square

		  		  	 Suite 2550

		  		  	 Memphis, TN 38103

			
	 with a copy to:
	  	 Attn:
	  	 Oscar Thomas

		  		  	 Surgi-Vision, Inc.

		  		  	 One Commerce Square

		  		  	 Suite 2550

		  		  	 Memphis, TN 38103

			
		  	 and
	  	
			
		  	 Attn:
	  	 Julie H. Richardson

		  		  	 Myers Bigel Sibley & Sajovec, P.A.

		  		  	 4140 Parklake Ave.

		  		  	 Suite 600

		  		  	 Raleigh, NC 27612

		
	 If to JHU:
	  	 Director

	  
	  	 Technology Transfer

		  	 Johns Hopkins University

		  	 100 N. Charles Street

		  	 5th Floor

		  	 Baltimore, MD 21201

		  	 Attn: JHU Agrmt# A13599

 10.7      Compliance with All Laws. In all
activities undertaken pursuant to this Agreement, both JHU and Company covenant and agree that each will in all material respects comply with such Federal, state and local laws and statutes, as may be in effect at the time of performance and all
valid rules, regulations and orders thereof regulating such activities. 

10.8      Successors and Assigns. Neither this Agreement nor any of the rights or
obligations created herein, except for the right to receive any remuneration hereunder, may be assigned by either party, in whole or in part, without the prior written consent of the other party, except that either party shall be free to assign this
Agreement in connection with any merger in which it is not the surviving entity or any sale of substantially all of its assets, in either case without the consent of the other. This Agreement shall bind and inure to the benefit of the successors and
permitted assigns of the parties hereto. 

 10.9        No Waivers;
Severability. No waiver of any breach of this Agreement shall constitute a waiver of any other breach of the same or other provision of this Agreement, and no waiver shall be effective unless made in writing. Any provision hereof prohibited by
or unenforceable under any applicable law of any jurisdiction shall as to such jurisdiction be deemed ineffective and deleted herefrom without affecting any other provision of this Agreement. It is the desire of the parties hereto that this
Agreement be enforced to the maximum extent permitted by law, and should any provision contained herein be held by any governmental agency or court of competent jurisdiction to be void, illegal and unenforceable, the parties shall negotiate in good
faith for a substitute term or provision which carries out the original intent of the parties. 

10.10      Entire Agreement; Amendment. Company and JHU acknowledge that they have
read this entire Agreement and that this Agreement, including the attached Exhibits constitutes the entire understanding and contract between the parties hereto and supersedes any and all prior or contemporaneous oral or written communications with
respect to the subject matter hereof, all of which communications are merged herein. It is expressly understood and agreed that (i) there being no expectations to the contrary between the parties hereto, no usage of trade, verbal agreement or
another regular practice or method dealing within any industry or between the parties hereto shall be used to modify, interpret, supplement or alter in any manner the express terms of this Agreement; and (ii) this Agreement shall not be
modified, amended or in any way altered except by an instrument in writing signed by both of the parties hereto. 
 10.11      Delays or Omissions. Except as expressly provided herein, no delay or omission to exercise any right, power or remedy accruing to any party hereto, shall
impair any such right, power or remedy to such party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or in any similar breach or default be deemed a waiver of any other breach or default
theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any party of any breach or default under this Agreement, or any waiver on the part of any party of any provisions or conditions of
this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies either under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative.

 10.12      Force Majeure. If either party fails to fulfill its
obligations hereunder (other than an obligation for the payment of money), when such failure is due to an act of God, or other circumstances beyond its reasonable control, including but not limited to fire, flood, civil commotion, riot, war
(declared and undeclared), revolution, or embargoes, then said failure shall be excused for the duration of such event and for such a time thereafter as is reasonable to enable the parties to resume performance under this Agreement, provided
however, that in no event shall such time extend for a period of more than one hundred eighty (180) days. 

10.13      Further Assurances. Each party shall, at any time, and from time to time,
prior to or after the EFFECTIVE DATE of this Agreement, at reasonable request of the other party, execute and deliver to the other such instruments and documents and shall take such actions as may be required to more effectively carry out the terms
of this Agreement. 
 10.14      Survival. All representations, warranties,
covenants and agreements made herein and which by their express terms or by implication are to be performed after the execution and/or termination hereof, or are prospective in nature, shall survive such execution and/or termination, as the case may
be. This shall include Paragraphs 3.7 (Late Payments), 5.2 (Records), and Articles 6, 7, 8, 9, and 10. 

10.15      No Third Party Beneficiaries. Nothing in this Agreement shall be
construed as giving any person, firm, corporation or other entity, other than the parties hereto and their successors and permitted assigns, any right, remedy or claim under or in respect of this Agreement or any provision hereof. 

10.16      Headings. Article headings are for convenient reference and not a part of
this Agreement. All Exhibits are incorporated herein by this reference. 

10.17      Counterparts. This Agreement may be executed in counterparts, each of
which shall be deemed an original and all of which when taken together shall be deemed but one instrument. 

 IN WITNESS WHEREOF, this Agreement shall take effect as of the EFFECTIVE
DATE when it has been executed below by the duly authorized representatives of the parties. 
  

							
	 THE JOHNS HOPKINS UNIVERSITY
	 		 	 SURGI-VISION, INC.

			
	 /s/ Wesley D. Blakeslee
	 		 	 /s/ K. Jenkins

	 Wesley D. Blakeslee
	 		 	 Name:
	 	 K. Jenkins

	 Executive Director
	 		 	 Title:
	 	 CEO

	 Johns Hopkins Technology Transfer
	 		 		 	
	 2/27/08
	 		 	 6/30/08

	 (Date)
	 		 	 (Date)
	 	

  

							
	 EXHIBIT A. LICENSE FEE & ROYALITIES.
	  	 Admin
	 	6/27/08	  	
	 EXHIBIT B. SALES & ROYALTY REPORT FORM.
	  	 Reviewed    
	 	MKC	  	

 EXHIBIT A 
 LICENSE FEE & ROYALTIES 
  

	1.	Initial License Fee: The license fee due under Paragraph 3.1 is Fifty Thousand Dollars ($50,000). 

 

	2.	Contingent License Fee. Upon the issuance of the U.S. patent under patent application Serial No. [***], an additional license fee of Forty Thousand Dollars
($40,000) will be due. Company shall pay to JHU such contingent license fee within thirty (30) days following the issuance of such U.S. patent. 

  

	3.	Minimum Annual Royalties: The minimum annual royalties pursuant to Paragraph 3.2 are: 

 

			
	 1st year:
	 	 ten thousand dollars ($10,000).

		
	 2nd year:
	 	 ten thousand dollars ($10,000).

		
	 3rd year:
	 	 twenty five thousand dollars ($25,000).

		
	 4th year:
	 	 twenty five thousand dollars ($25,000).

		
	 5th year, etc.:
	 	 fifty thousand dollars (50,000).

  

	4.	Royalties: The running royalty rate payable under Paragraph 3.3 is five percent (5%). 

 

	5.	Sublicense consideration: The percent sublicense consideration payable under Paragraph 3.4 is twenty five percent (25%). 

 

	6.	Commercialization due diligence: If first commercial sales does not occur by the fourth anniversary of the EFFECTIVE DATE of this Agreement, JHU has the option
to terminate this license so that alternative commercialization options can be pursued. 

 [***] Indicates portions of this
exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment. 

 EXHIBIT B 
 QUARTERLY SALES & ROYALTY REPORT 
 FOR LICENSE AGREEMENT BETWEEN
                     AND 
 THE JOHNS HOPKINS UNIVERSITY DATED 
  

 
 FOR PERIOD OF
             TO              
 TOTAL ROYALTIES DUE FOR THIS PERIOD $             
  

													
	 PRODUCT
 ID
	 	PRODUCT NAME	 	 *JHU

REFERENCE
	 	
1st COMMERCIAL

SALE DATE
	 	 TOTAL NET

SALES/SERVICES
	 	
ROYALTY

RATE
	 	 AMOUNT
 DUE

	 	 		 		 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 		 		 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 		 		 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 		 		 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 		 		 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 

  

	 	*	Please provide the JHU Reference Number or Patent Reference 

 This report format is to be used to report quarterly royalty statements to JHU. It should be placed on Company letterhead and accompany any royalty payments due for the reporting period. This report shall
be submitted even if no sales are reported.Loan Agreement

 Exhibit 10.24 
 LOAN AGREEMENT 
 This Loan Agreement (this
“Agreement”) is made and entered into as of October 16, 2009 (the “Agreement Date”), by and between (i) Boston Scientific Corporation, a Delaware corporation (“BSC”), and
(ii) SurgiVision, Inc., a Delaware corporation (the “Company”). Capitalized terms used herein without definition shall have the respective meanings set forth in Section 7. 

WHEREAS, subject to and upon the terms and conditions set forth herein, at the Initial Closing referred to herein,
BSC will make a Loan (as defined herein) to the Company in the original principal amount of $2,000,000; and 

WHEREAS, subject to and upon the terms and conditions set forth herein, BSC may make additional Loans to the
Company of up to an aggregate principal amount of $2,250,000. 
 NOW, THEREFORE, in consideration of the
mutual promises and agreements set forth herein, the parties hereto agree as follows: 

  1.    INITIAL LOAN TO THE COMPANY. 

1.1        Making of Initial Loan by BSC. On the Initial Closing Date (as
defined below), subject to the conditions set forth in this Section 1, BSC or any Affiliate of BSC designated prior to the Initial Closing Date shall make a loan to the Company in an aggregate principal amount of $2,000,000 (the
“Initial Loan”). 
 1.2        Closing of the
Initial Loan. The closing of the Initial Loan (the “Initial Closing”) shall take place at the offices of Bingham McCutchen LLP, One Federal Street, Boston, Massachusetts, on the Agreement Date at 12:00 p.m. (Eastern Time), or as
soon thereafter as practicable following the satisfaction of all the conditions in Section 1.3 hereof, or at such other time, date and place as are mutually agreed upon by the Company and BSC (the “Initial Closing Date”).

 At the Initial Closing, the following transactions shall occur and documents shall be delivered, which
transactions and deliveries shall be deemed to take place simultaneously and no transactions shall be deemed to have been completed or any document delivered until all such transactions have been completed and all required documents delivered:

     (a)        The Company shall deliver to BSC
the following documents: 
       (i)       a
validly executed Note to be issued to BSC (or its designated Affiliate) at the Initial Closing; 

      (ii)      the Patent Security Agreement executed by
the Company; and 
       (iii)     a true copy of the
resolutions of the board of directors of the Company: (A) authorizing the execution, delivery and performance of this Agreement; (B) authorizing the issuance of the Note for the Initial Loan to BSC; and (C) reserving the Conversion
Shares for issuance upon conversion of such Note. 

    (b)        BSC shall make payment of the Initial Loan on
the Initial Closing Date by wire transfer pursuant to wiring instructions provided by the Company no later than three (3) business days prior to the Initial Closing Date. 

  
 1 

 1.3        Conditions of BSC to
Making of the Initial Loan. The obligation of BSC to make the Initial Loan on the Initial Closing Date is conditioned upon the satisfaction by the Company of each of the following conditions, and the waiver of satisfaction of such conditions
shall not be effective against BSC unless consented to in writing by BSC: 

    (a)        Representations and
Warranties.  Each of the representations and warranties of the Company contained in this Agreement shall have been true and correct in all material respects at the time originally made, and shall be true and correct in all material
respects as of the Initial Closing Date with the same force and effect as if such representations and warranties had been made at and as of the Initial Closing Date; 

    (b)        Corporate Documents.  A copy
of the Corporate Documents shall have been delivered to BSC on or prior to the Initial Closing Date; 

    (c)        Effectiveness.  This
Agreement shall be in full force and effect as of the Initial Closing Date; 

    (d)        Performance of Obligations. The Company
shall have performed and complied in all material respects with all agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Initial Closing Date; 

    (e)        No Material
Breach.    The Company shall not be in material breach of its obligations to BSC under this Agreement; 
     (f)        No Material Adverse Effect; No Proceedings. No Material Adverse Effect shall have occurred or been discovered by BSC since
the Agreement Date, and no order, stay, decree, judgment or injunction shall have been entered, issued or enforced by any court of competent jurisdiction prohibiting the transactions contemplated by this Agreement, including the issuance of the
Notes and the Conversion Shares (collectively, the “Transactions”), and no action shall have been taken by any Governmental Authority, or any statute, regulation or order enacted, entered, enforced or deemed applicable to the
Transactions, that makes the consummation of any of the Transactions illegal; 

    (g)        Reservation of Shares. The Company
shall have reserved a sufficient number of authorized shares of Series B Preferred Stock for issuance upon conversion of the Note for the Initial Loan, subject to the filing with the Secretary of State of the State of Delaware of a Certificate of
Designation, Preferences, and Rights with respect to such Series B Preferred Stock, and a sufficient number of shares of Common Stock for issuance upon conversion of such shares of Series B Preferred Stock, based on the conversion price, if any, for
such shares then in effect; 
     (h) Consents and Waivers. The Company shall have
obtained all consents, permits and waivers necessary for the borrowing of the Initial Loan and the same shall be effective as of the Initial Closing Date; 
     (i) Qualifications. To the extent not provided to BSC prior to the Initial Closing Date, the Company shall deliver to BSC copies of all authorizations, approvals or permits,
if any, of any Governmental Authority or regulatory body of the United States or of any state or foreign country that are required prior to closing in connection with the lawful issuance of the Notes and Conversion Shares to BSC pursuant to this
Agreement; and 
     (j) Initial Closing Deliveries. The Company shall have
delivered to BSC each of the documents referred to in Section 1.2 above, and such documents shall be in form and substance reasonably satisfactory to BSC. 

  
 2 

   2.    ADDITIONAL LOANS TO THE COMPANY. 

2.1    Making of Additional Loans by BSC. 

    (a)        Second
Loan.    Subject to the conditions set forth in Section 2.3 hereof, on one occasion within the five (5) business day period commencing November 10, 2009, the Company shall be entitled to deliver a Loan Request,
in the form attached hereto as Exhibit A (a “Loan Request”), to BSC requesting a loan in an aggregate principal amount determined by the Company, but not to exceed $750,000 (the “Second Loan”). 

    (b)        Third
Loan.    Subject to the conditions set forth in Section 2.3 hereof, on one occasion within the five (5) business day period commencing December 10, 2009, the Company shall be entitled to deliver a Loan Request
to BSC requesting a loan in an aggregate principal amount determined by the Company, but not to exceed $750,000 (the “Third Loan”). 
     (c)        Fourth Loan.    Subject to the conditions set forth in Section 2.3 hereof, on one occasion within
the five (5) business day period commencing January 10, 2010, the Company shall be entitled to deliver a Loan Request to BSC requesting a loan in an aggregate principal amount not to exceed $750,000 (the “Fourth Loan”, and
together with the Second Loan and the Third Loan, the “Additional Loans”). 

2.2        Loan Closings.    The closing, if any, of
each Additional Loan (each, a “Loan Closing”) shall take place at the offices of Bingham McCutchen LLP, One Federal Street, Boston, Massachusetts, at 12:00 p.m. (Eastern Time) on the 5th business day following the later of the
delivery of a Loan Request or the date on which all the conditions in Section 2.3 hereof have been satisfied, or at such other time, date and place as are mutually agreed upon by the Company and BSC (each, a “Loan Closing
Date”). On each Loan Closing Date, subject to the conditions set forth in Section 2.3 hereof, BSC or an Affiliate designated thereby shall make the applicable Loan pursuant to Section 2.1(a), (b) or (c), as applicable.

 At each Loan Closing, the following transactions shall occur and documents shall be delivered, which
transactions shall be deemed to take place simultaneously and no transactions shall be deemed to have been completed or any document delivered until all such transactions have been completed and all required documents delivered: 

    (a)        The Company shall deliver to BSC the following
documents: 
       (i)       a true copy of
the resolutions of the board of directors of the Company (1) authorizing the Loan Request and issuing the Note for such Loan to BSC, and (2) reserving the Conversion Shares for issuance upon conversion of such Note; 

      (ii)      a validly executed Note for such Loan to be
issued to BSC (or its designated Affiliate); and 

      (iii)     a compliance certificate, dated as of such Loan
Closing Date and signed by the Company’s President or Chief Executive Officer, certifying as to and, where appropriate, attaching certified copies of (1) the fulfillment of the conditions specified in Section 2.3(a) - (i) below,(2)
the resolutions duly adopted by the board of directors of the Company authorizing the Loan Request and the issuance of such Note, and (3) all third party and governmental consents, approvals and filings required in connection with the
consummation of the transactions hereunder. 

    (b)        BSC shall make payment of the applicable Loan
on the Loan Closing Date in cash, by certified bank check, or wire transfer pursuant to wiring instructions provided by the Company no later than three (3) business days prior to the Loan Closing Date. 

2.3        Conditions of BSC to Making the Loans. The obligation of BSC to
making a Loan on the applicable Loan Closing Date is conditioned upon the satisfaction by the Company of each of the following conditions, and the waiver of satisfaction of any of such conditions shall not be effective against BSC unless consented
to in writing by BSC: 

    (a)        Representations and
Warranties.    Each of the representations and warranties of the Company contained in this Agreement shall have been true and correct in all material respects at the time originally made, and shall be true and correct in all
material respects as of such Loan Closing Date with the same force and effect as if such representations and warranties had been made at and as of such Loan Closing Date; 

  
 3 

    (b)        Effectiveness. This Agreement shall be
in full force and effect as of such Loan Closing Date; 

    (c)        Loan Request. The Company shall have
submitted a Loan Request; 

    (d)        Performance of Obligations. The Company
shall have performed and complied in all material respects with all agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before such Loan Closing Date (other than such
agreements, obligations and conditions with which performance was expressly waived in writing by BSC); 

    (e)        No Material
Breach.    The Company shall not be in material breach of its obligations to BSC under this Agreement or any Note; 
     (f)        No Material Adverse Effect; No Proceedings. No Material Adverse Effect shall have occurred or been discovered by BSC since
the Agreement Date, and no order, stay, decree, judgment or injunction shall have been entered, issued or enforced by any court of competent jurisdiction prohibiting the Transactions, and no action shall have been taken by any Governmental
Authority, or any statute, regulation or order enacted, entered, enforced or deemed applicable to the Transactions, that makes the consummation of any of the Transactions illegal or substantially deprives BSC of any of the material anticipated
benefits of the Transactions, taken as a whole; 

    (g)        Reservation of Shares. The Company
shall have reserved a sufficient number of authorized shares of Series B Preferred Stock for issuance upon conversion of the Notes, subject to the filing with the Secretary of State of the State of Delaware of a Certificate of Designation,
Preferences, and Rights with respect to such Series B Preferred Stock, and a sufficient number of shares of Common Stock for issuance upon conversion of such shares of Series B Preferred Stock, based on the conversion price, if any, for such shares
then in effect; 
     (h)        Consents and
Waivers. The Company shall have obtained all consents, permits and waivers necessary (including all waivers of any anti-dilution rights and pre-emptive rights, if applicable) for the consummation of the Loan and the same shall be effective as of
such Loan Closing Date; 

    (i)        Qualifications. To the extent not
provided to BSC prior to the applicable Loan Closing Date, the Company shall deliver to BSC copies of all authorizations, approvals or permits, if any, of any Governmental Authority or regulatory body of the United States or of any state or foreign
country that are required prior to closing in connection with the consummation of the Loan; 

    (j)        Additional Loan Closing Deliveries. The
Company shall have delivered to BSC each of the documents referred to in Section 2.2 above, and such documents shall be in form and substance reasonably satisfactory to BSC; and 

    (k)        Due Diligence. BSC shall have been
satisfied with its due diligence investigation of the Company as of the Loan Closing Date. 

  
 4 

 3.      LOAN PROVISIONS. 

3.1       Security Interest. 

(a)        Grant of Security Interest. As security for the prompt and
complete payment in full of the Loans, the Company hereby grants to BSC a first priority security interest in all properties, assets and rights of the Company, wherever located, whether now owned or hereafter acquired or arising, and all proceeds
and products thereof (all of the same being hereinafter called the “Collateral”), including without limitation: all personal and fixture property of every kind and nature, including, without limitation, all goods (including inventory,
equipment and any accessions thereto), intellectual property (including all patents, patent applications, trade secrets, trademarks, copyrights and all other intellectual property), instruments (including promissory notes), documents, accounts,
chattel paper (whether tangible or electronic), deposit accounts, letter-of-credit rights (whether or not the letter of credit is evidenced by a writing), commercial tort claims, securities and all other investment property, supporting obligations,
any other contract rights or rights to the payment of money, insurance claims and proceeds, and all general intangibles (including all payment intangibles and goodwill of any kind or nature). The Company represents, warrants and agrees that, except
for the security interest granted hereunder, the Company owns, and will continue to own, the Collateral free and clear of all Liens, and will not, while any Loan remains outstanding, create any Lien of any kind whatsoever on the Collateral. The
Company agrees that it will assist BSC, at BSC’s request, in making such filings or taking such other actions (including, without limitation, the execution of such documents) as may be necessary or advisable for BSC to perfect its security
interest hereunder (including, without limitation, executing such UCC financing statements as BSC requests and executing the Patent Security Agreement). If the Company shall be in default of the terms of the Notes, BSC shall have the rights and
remedies of a secured party under the Uniform Commercial Code and any other applicable laws now or hereafter existing, all such rights and remedies being cumulative, not exclusive, and enforceable alternatively, successively or concurrently, at such
time or times as BSC deems expedient. 
 (b)        Third Party
Consents. If and to the extent the Company is required to obtain a consent from one or more third parties in connection with the grant by the Company to BSC of the security interest in the Company’s contract rights, as provided in
Section 3.1(a), the Company will use commercially reasonable efforts to obtain such consent(s) within one hundred eighty (180) days following the Initial Closing Date. BSC acknowledges and agrees that the Company shall not be required to obtain
any such third party consents prior to the Initial Loan Closing Date or any additional Loan Closing Date. The foregoing provisions of this Section 3.1(b) shall not limit any of the other obligations of the Company or the grant by the Company of
a security interest in any other assets of the Company other than contract rights. 

3.2        Interest. Interest on each Loan shall accrue at the rate of ten
percent (10%) per annum, compounded annually. 

3.3        Repayment of Loans. 

(a)        Repayment. Each of the Loans shall be repayable in the manner
specified in the Note for such Loan. 
 (b)         Mandatory
Prepayment. In addition, the Company shall be required to prepay the Loans as provided in this Section 3.3(b). Upon the consummation of any Qualified Financing from any Strategic Competitor, 100% of the cash proceeds from such Qualified
Financing shall be applied by the Company to prepay the outstanding principal of the Loans and accrued interest thereon. Upon the consummation of any Qualified Financing from any investor other than a Strategic Competitor, 25% of the cash proceeds
from such Qualified Financing shall be applied by the Company to prepay the outstanding principal of the Loans and accrued interest thereon. 

  
 5 

 3.4        Conversion. Each
Note shall be convertible into shares of the Company’s capital stock in accordance with the following provisions: 
     (a)        Optional Conversion. At the sole option of BSC, the Notes (including the entire principal amount of each of the Notes and
all accrued interest then outstanding) may be converted immediately upon BSC’s delivery to the Company of written notice of its election to cause such conversion into that number of Conversion Shares as shall be equal to the Conversion Amount,
calculated as of the date of receipt by the Company of such notice. 

    (b)        Upon a Qualified Initial Public Offering or
Sale of the Company.    At the sole option of BSC, the Notes (including the entire principal amount of each of the Notes and all accrued interest then outstanding) may be converted, immediately prior to, and contingent upon,
the consummation of a Qualified Initial Public Offering or a Sale of the Company into that number of Conversion Shares as shall be equal to the Conversion Amount. The Company shall give BSC written notice at least fifteen (15) business days
prior to the consummation of a Qualified Initial Public Offering or a Sale of the Company, which notice shall describe in reasonable details the material terms of such transaction. From and after the delivery of such notice until consummation of
such transaction, BSC shall be entitled to receive such other information relating to the Company and such transaction as BSC may reasonably request, and the Company agrees to provide such information to BSC promptly on request. BSC’s election
to convert the Notes shall be effected by providing written notice thereof to the Company at least five (5) business days prior to the consummation of the Qualified Initial Public Offering or Sale of the Company (as the case may be).

     (c)        No Conversion Following a
Qualified Initial Public Offering.    If BSC has not elected to convert the Notes into Conversion Shares upon the consummation of a Qualified Initial Public Offering, then, notwithstanding any provision herein to the
contrary, following the consummation of such Qualified Initial Public Offering, BSC shall no longer have the right to convert the Notes into Conversion Shares. 
     (d)        Manner of Conversion. BSC shall be deemed to be the holder of the Conversion Shares in connection with a conversion
pursuant to this Section 3.4 as of the date of conversion. At that time, BSC shall cease to have any rights pursuant to the Notes with respect to the principal amount and accrued interest being converted, but shall have all of the rights
granted to it as a holder of the Conversion Shares into which the Notes convert. To receive a certificate representing the Conversion Shares into which the Notes convert, BSC shall surrender the Notes, or a customary affidavit of loss reasonably
acceptable to the Company, to the Company (provided, that BSC shall not be required to post any bond in connection with any such affidavit of loss). As soon as practicable after the surrender of the Notes, the Company shall issue and deliver
to BSC a certificate for the number of whole shares issuable upon conversion. Upon conversion of the entire principal amount and accrued but unpaid interest on the Notes into Conversion Shares as provided herein, (i) the provisions of the Notes
relating to the obligations of the Company to pay principal and interest to BSC, set forth therein, shall be null and void and no payment of principal and interest shall be owed or paid by the Company to the BSC, and (ii) the security interest
granted to BSC shall terminate. 

    (e)        Covenant of the Company to Reserve
Shares.    At all times while there are amounts outstanding under any of the Notes, the Company covenants and agrees that it shall reserve, out of its authorized and unissued share capital, an adequate number of Conversion
Shares (and any shares of any other class of share capital of the Company into which such Conversion Shares are convertible) such that, upon occurrence of a Qualified Initial Public Offering or Sale of the Company, a sufficient number of Conversion
Shares may be immediately issued upon conversion pursuant to this Section 3.4. 

  
 6 

 3.5        No Obligation to
Request Loan.    The Company is under no obligation to request any Loan, and may elect to request any Loan, or not, in its sole discretion. 
 4.      REPRESENTATIONS AND WARRANTIES OF THE COMPANY.      The Company hereby represents and warrants to BSC as follows as of each of
(a) the Agreement Date, (b) the Initial Closing Date and (c) each Loan Closing Date: 

4.1        Organization, Good Standing and Qualification. 

    (a)        The Company is a corporation duly organized,
validly existing and in good standing under the laws of the State of Delaware and has all requisite corporate power and authority to carry on its business as now conducted. The Company is duly qualified to transact business and is in good standing
in each other jurisdiction in which the failure to so qualify could reasonably be expected to have a Material Adverse Effect. The Company has all requisite corporate power and authority to own and operate its properties and assets, to issue the
Notes and any shares of capital stock issuable thereunder, and to perform its obligations under, and carry out the provisions of, this Agreement and the Notes. 
     (b)        Except as set forth on Schedule 4.1, the Company does not have any Subsidiaries. Cardiac EP Sub, Inc. is a corporation
duly organized, validly existing and in good standing under the laws of the State of Delaware and has all requisite corporate power and authority to carry on its business as now conducted and to own and operate its properties and assets. Cardiac EP
Sub, Inc. is duly qualified to transact business and is in good standing in each other jurisdiction in which the failure to so qualify could reasonably be expected to have a Material Adverse Effect. Schedule 4.1 sets forth the ownership of
the issued and outstanding share capital of Cardiac EP Sub, Inc. 
 4.2  Capitalization.

     (a)        The authorized capital of the
Company consists of: 

        (i)        
Preferred Stock.      20,000,000 shares of Preferred Stock, of which 8,000,000 shares have been designated Series A Preferred Stock and of which 7,965,000 shares of Series A Preferred Stock are issued and
outstanding. The respective rights, restrictions, privileges and preferences of the Preferred Stock are as stated in the Company’s Amended and Restated Certificate of Incorporation. 

          (ii)        
Common Stock.    50,000,000 shares of Common Stock of which 21,320,440 shares are issued and outstanding. 
     (b)        Except as set forth on Schedule 4.2, and other than this Agreement and the Notes, there are not outstanding any options,
warrants, instruments, rights (including conversion or preemptive rights and rights of first refusal), proxy or stockholder agreements, or other agreements or instruments of any kind, including convertible debt instruments, for the purchase or
acquisition from the Company of any of its Securities. Except as set forth on Schedule 4.2, the Company is not a party or subject to any agreement or understanding and, to the Company’s knowledge, there is no agreement or understanding
between any other persons, that affects or relates to the voting or giving of written consents with respect to any security or by a director of the Company. 
     (c)        All preemptive or similar rights applicable to the issuance of the Notes and the Conversion Shares have been waived or exercised.
The Notes, when issued in accordance with this Agreement, will be duly authorized and free of any preemptive rights, and will be free and clear of any Liens or third party rights of any kind created by the Company. Subject to the filing with the
Secretary of 

  
 7 

 
State of the State of Delaware of a Certificate of Designation, Preferences, and Rights with respect to the Series B Preferred Stock, the Conversion Shares have been duly authorized and reserved
for issuance by all necessary corporate action and, when issued and allotted in accordance with the terms of this Agreement, the Notes and the Company’s Amended and Restated Certificate of Incorporation will be duly and validly issued, fully
paid, non-assessable, and free of any preemptive rights, will have the rights, preferences, privileges and restrictions set forth in the Company’s Amended and Restated Certificate of Incorporation, and will be free and clear of any Liens or
third party rights of any kind created by the Company or, to the Company’s knowledge, by its current shareholders, and duly registered in the name of BSC or its designated Affiliate in the Company’s share register. 

    (d)        Each series of Preferred Stock is presently
convertible into Common Stock on a one-for-one basis and the consummation of the transactions contemplated by this Agreement (including the issuance of the Notes and the Conversion Shares) will not result in any anti-dilution adjustment or other
similar adjustment to the outstanding Preferred Stock. 
 4.3 Authorization; Approvals. All corporate
actions on the part of the Company necessary for the authorization, execution, delivery, and performance of all of the Company’s obligations under this Agreement, and for the execution, authorization, issuance and allotment of the Notes and of
the Conversion Shares have been (or will be) taken prior to the Initial Closing (or other Loan Closing Date), subject to the adoption by the Company’s Board of Directors of a resolution establishing the terms of the Series B Preferred Stock and
the filing with the Secretary of State of the State of Delaware of a Certificate of Designation, Preferences, and Rights with respect to the Series B Preferred Stock. The approval of the shareholders of the Company is not required for the
authorization, execution, delivery, and performance of any of the Company’s obligations under this Agreement, or for the execution, authorization, issuance and allotment of the Notes and of the Conversion Shares. This Agreement and each of the
Notes, when executed and delivered by or on behalf of the Company, shall constitute the valid and legally binding obligations of the Company, legally enforceable against the Company in accordance with their respective terms. No consent, approval,
order, license, permit, action by, or authorization of or designation, declaration, qualification, registration or filing with any federal, state or local governmental authority on the part of the Company is required that has not been, or will not
have been, obtained or made by the Company prior to the Initial Closing (or other Loan Closing Date) in connection with the valid execution, delivery and performance of this Agreement, and/or the offer, sale, or issuance of the Notes and the
Conversion Shares, other than (i) the filing of Form D under the Securities Act and any blue sky filings that are required or permitted to be made after the Initial Closing Date and (ii) the filing with the Secretary of State of the State
of Delaware of a Certificate of Designation, Preferences, and Rights with respect to the Series B Preferred Stock. 
 4.4 Compliance with Law and Other Instruments.    Neither the Company nor any of its Subsidiaries are in violation or default of any provision of (i) its certificate of
incorporation or by-laws or similar organizational documents, or (ii) any note, mortgage, indenture, contract, agreement, instrument, judgment, order, writ, decree or contract to which it is a party or by which it is bound, or (iii) any
provision of any federal or state law, statute, rule or regulation applicable to the Company or any of its Subsidiaries, where in the case of clauses (ii) or (iii) such violation or default, individually or in the aggregate, could
reasonably be expected to have a Material Adverse Effect. 
 4.5 No Breach. Neither the execution and
delivery of this Agreement or the Notes, the issuance of the Notes or the Conversion Shares, nor compliance by the Company with the terms and provisions hereof and/or thereof, will conflict with, or result in a breach or violation of, any of the
terms, conditions and provisions of: (i) the Company’s certificate of incorporation or by-laws or similar organizational documents, (ii) any judgment, order, injunction, decree, or ruling of any court or governmental authority,
domestic or foreign, (iii) subject to Section 3.1(b) above, any note, mortgage, indenture, contract, 

  
 8 

 
agreement, instrument, judgment, order, writ, decree or contract to which the Company or any of its Subsidiaries is a party or to which it is subject, or (iv) applicable law (excluding
applicable usury laws). Such execution, delivery, issuance and compliance will not (a) give to others any rights, including rights of termination, cancellation or acceleration, in or with respect to any material agreement, contract or
commitment referred to in this paragraph, or to any of the assets or properties of the Company or any of its Subsidiaries or (b) subject to Section 3.l(b) above, otherwise require the consent or approval of any person, which consent or
approval has not been obtained prior to the Initial Closing. 

4.6        Valid Issuance.  Any shares of capital stock issued,
sold and delivered upon conversion of the Notes, in accordance with the terms hereof and thereof and for the consideration expressed herein, will be duly and validly issued, fully paid and nonassessable, in accordance with the terms of the
Company’s certificate of incorporation, as amended and in effect from time to time. 

4.7        Outstanding Debt.  The Company and its Subsidiaries
have no outstanding Indebtedness, other than Indebtedness outstanding under any Notes. 

5.      REPRESENTATIONS AND WARRANTIES OF BSC.  As of the Initial Closing Date, BSC
represents and warrants to the Company as follows: 
 5.1        
Organization, Good Standing and Qualification. BSC has all requisite corporate power and authority to own and operate its properties and assets, to execute and deliver this Agreement and, to carry out the provisions of this Agreement, and to
perform its obligations under, and carry out the provisions of, this Agreement. BSC is duly qualified to transact business and is in good standing in each jurisdiction where such qualification is required and in which failure to so qualify would
have a Material Adverse Effect on BSC. 
 5.2         Authorization;
Binding Obligations; Governmental Consents.    All corporate actions on the part of BSC necessary for the authorization, execution and delivery of this Agreement and the performance of all obligations of BSC hereunder have
been taken prior to the Agreement Date. This Agreement is the valid and legally binding obligation of BSC, enforceable against it in accordance with its terms, except as such enforcement may be limited by (i) the effect of bankruptcy,
insolvency, reorganization, receivership, conservatorship, arrangement, moratorium or other laws affecting or relating to the rights of creditors generally, or (ii) the rules governing the availability of specific performance, injunctive relief
or other equitable remedies and general principles of equity, regardless of whether considered in a proceeding in law or equity. 
 5.3         Purchase Entirely For Own Account.    The Notes and the Conversion Shares will be acquired for investment for BSC’s own
account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and BSC has no present intention of selling, granting any participation in, or otherwise distributing the same. 

5.4         Accredited Investor. BSC is an Accredited Investor as defined
in Regulation D under the Securities Act. BSC acknowledges that an investment in the Notes involves a high degree of risk, and that BSC is experienced in evaluating and investing in securities of companies in a similar stage of development as the
Company. BSC acknowledges that it is able to fend for itself, can bear the economic risk of the investment in the Notes, and has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of
the investment in the Notes and can afford a complete loss of such investment. 

5.5         Restricted Securities.    BSC understands
that the Notes have not been, and any Conversion Shares acquired on conversion thereof at the time of issuance will not be, registered under the 

  
 9 

 
Securities Act. Without limiting the representations and warranties of the Company made herein, BSC further understands and agrees that such securities are a risky investment and may not be sold,
transferred or otherwise disposed of without registration under the Securities Act or an exemption therefrom, and that in the absence of an effective registration statement covering such securities or an available exemption from registration under
the Securities Act, such securities must be held indefinitely. In particular, BSC is aware that the Notes and the Conversion Shares may not be sold pursuant to Rule 144 promulgated under the Securities Act unless all of the conditions of Rule 144
are met. Among the conditions for use of Rule 144 is the availability of current information to the public about the Company. Such information is not now available and the Company has no present plans to make such information available. BSC
understands that the Notes and Conversion Shares will contain appropriate state and federal legends. 

  6.    CERTAIN COVENANTS. 

6.1  Affirmative Covenants. Unless BSC shall otherwise agree in writing, the Company covenants and
agrees that (i) with respect to clauses (a) through (k) below, so long as any of the Notes is outstanding, and (ii) with respect to clauses (e), (f), (h) and (k) below, so long as any shares of Series B Preferred Stock
or Qualified Financing Stock issued upon conversion of the Notes are outstanding or at least 40% of the shares of Common Stock originally issued to BSC upon conversion of any shares of Series B Preferred Stock or Qualified Financing Stock issued
upon conversion of the Notes are outstanding; provided, that such covenants shall terminate following a Qualified Initial Public Offering if the Notes are no longer outstanding following such Qualified Initial Public Offering: 

    (a)        Punctual
Payment.    The Company will duly and punctually pay or cause to be paid the principal and interest under the Notes and all other amounts provided for in the Notes, all in accordance with the terms hereof and thereof;

     (b)        Notices. 

      (i)        Defaults. The Company
will, promptly upon becoming aware thereof, notify BSC in writing of any Event of Default, together with a reasonably detailed description thereof, and the actions the Company proposes to take with respect thereto; 

      (ii)       Notice of Litigation and
Judgments. The Company will give notice to BSC in writing within fifteen (15) business days of becoming aware of any litigation or proceedings threatened in writing or any pending litigation and proceedings affecting the Company or any of
its Subsidiaries or to which the Company or any of its Subsidiaries is or becomes a party involving an uninsured claim against the Company or any of its Subsidiaries that could, in each case, reasonably be expected to have a Material Adverse Effect
and stating the nature and status of such litigation or proceedings; and the Company will, and will cause each of its Subsidiaries to, give notice to BSC, in writing, in form and detail reasonably satisfactory to BSC, within ten (10) business
days of any judgment not covered by insurance, final or otherwise, against the Company or any of its Subsidiaries; 
     (c)        Legal Existence and Good Standing. The Company will do or cause to be done all things necessary to preserve and keep in
full force and effect its legal existence and good standing in the State of Delaware and its good standing and qualification to transact or do business in each jurisdiction in which the failure to so qualify or be in good standing would have a
Material Adverse Effect; 

    (d)        Taxes. The Company will duly pay and
discharge, or cause to be paid and discharged, before the same shall become overdue, all taxes, as well as all claims for labor, materials, or 

  
 10 

 
supplies that if unpaid might by law become a Lien upon any of its property or assets, except for such taxes or payments that the Company disputes in good faith; 

    (e)        Inspection of Properties and Books,
etc.  The Company shall permit BSC upon five (5) business days’ written notice to the Company and through its designated representatives, to visit and inspect, during regular business hours on a business day, any of the
properties of the Company or any of its Subsidiaries, to examine the books of account of the Company and its Subsidiaries (and to make copies thereof and extracts therefrom), and to discuss the affairs, finances and accounts of the Company and its
Subsidiaries with, and to be advised as to the same by, its and their officers, all at such reasonable times and intervals as BSC may reasonably request. No investigation pursuant to this Section 6.1(e) shall affect any representation or
warranty in this Agreement or any condition to the obligations of the parties hereto. Notwithstanding the foregoing provisions of this Section 6.1(e) to the contrary, following the expiration of the Exclusivity Period the Company shall be under
no obligation to provide or discuss with BSC any information regarding the Company’s negotiations with a Strategic Competitor to the extent BSC’s access to such information could reasonably be expected to create or result in a conflict of
interest; provided, that (i) such negotiations involve a transaction which is otherwise permitted under the terms of this Agreement and (ii) the Company shall notify BSC that such negotiations are occurring, without disclosing the
identity of the Strategic Competitor involved. 

    (f)        Covenant of the Company to Reserve
Stock. The Company shall reserve, out of its authorized and unissued capital stock, an adequate number of Conversion Shares and shares of Common Stock issuable upon conversion thereof, such that duly authorized Conversion Shares shall be
immediately issuable upon conversion of the Notes. If at any time the number of authorized but unissued shares of capital stock shall not be sufficient to enable the conversion of the Notes in accordance with the terms thereof, the Company will take
such corporate action as may be necessary to increase its authorized but unissued shares of capital stock to such number of shares of capital stock as shall be sufficient for such purpose; 

    (g)        Records and
Accounts.    The Company will (a) keep, and cause each of its Subsidiaries to keep, true and accurate records and books of account in which full, true and correct entries will be made in all material respects in
accordance with generally accepted accounting principles, consistently applied, and (b) maintain adequate accounts and reserves for all taxes (including income taxes), depreciation, depletion, obsolescence and amortization of its properties and
the properties of its Subsidiaries, contingencies, and other reserves; 

    (h)        Financial Statements, Certificates and
Information. The Company will deliver to BSC: 

      (i)          as soon as
practicable after the end of each fiscal year of the Company, and in any event within 120 days thereafter, a balance sheet of the Company and statement of stockholders’ equity as of the end of such year and statements of income and cash flow
for such year, such year-end financial reports to be in reasonable detail, prepared in accordance with generally accepted accounting principles, consistently applied (subject however to the absence of footnotes in the event the Company does not
engage an independent certified public accounting firm to audit and certify such financial statements); 

      (ii)        as soon as practicable after the
end of each fiscal quarter (except the last quarter of each fiscal year), and in any event within forty-five (45) days thereafter, an unaudited balance sheet of the Company as of the end of such fiscal quarter, and an unaudited statement of
income for each fiscal quarter and for the current fiscal year to date; and 

  
 11 

     (iii)        such other information as the Company
delivers to any other lender to the Company or stockholders of the Company generally; 

    (i)        Compliance with Laws, Contracts, Licenses,
and Permits. The Company will, and will cause each of its Subsidiaries to, comply with (a) the applicable laws and regulations wherever its business is conducted, (b) the provisions of its governing documents, (c) all agreements
and instruments by which it or any of its properties may be bound, and (d) all applicable decrees, orders, and judgments, in each of (a) through (d) if and to the extent the failure to so comply could reasonably be expected to result
in a Material Adverse Effect. If any authorization, consent, approval, permit or license from any officer, agency or instrumentality of any government shall become necessary or required in order that the Company or any of its Subsidiaries may
fulfill any of its obligations hereunder, the Company will, or (as the case may be) will cause such Subsidiary to, use commercially reasonable efforts to obtain such authorization, consent, approval, permit or license and furnish BSC with evidence
thereof, in each case if and to the extent the failure to obtain such authorization, consent, approval, permit or license could reasonably be expected to result in a Material Adverse Effect; 

    (j)        Maintenance of Properties. The Company
will do or cause to be done all things necessary to preserve and keep in full force and effect its legal existence, rights and franchises and those of its Subsidiaries. The Company (a) will cause all of its material properties and those of its
Subsidiaries used or useful in the conduct of its business or the business of its Subsidiaries to be maintained and kept in good condition, repair and working order and supplied with all necessary equipment, and (b) will cause to be made all
necessary repairs, renewals, replacements, betterments and improvements thereof, all as in the judgment of the Company may be reasonably necessary so that the business carried on in connection therewith may be properly and advantageously conducted
at all times; and 
     (k)        Further
Assurances. The Company will use commercially reasonable efforts to, and will use commercially reasonable efforts to cause each of its Subsidiaries to, cooperate with BSC and execute such further instruments and documents as BSC shall reasonably
request to carry out to its reasonable satisfaction the transactions contemplated by this Agreement. 
 6.2
Negative Covenants. Without limiting the foregoing, the Company covenants and agrees that, except as otherwise provided or permitted herein or in the Notes, it shall not, so long as any of the Notes is outstanding, directly or indirectly do
or cause, any of the following without the prior written consent of BSC: 

    (a)        Charter
Documents.      Cause or permit any amendments to its certificate of incorporation or by-laws or similar organizational documents, each as in effect on the date hereof; 

    (b)        Repayment of Convertible Debt. Repay
any Indebtedness which by its terms is convertible into capital stock of the Company; 

    (c)        Dividends; Redemption. Declare or pay
dividends on shares of the capital stock of the Company, or redeem or repurchase any shares of the capital stock of the Company; 
     (d)        Dispositions.    Sell, lease or otherwise dispose of or encumber any of its properties or assets,
except as part of a Sale of the Company or pursuant to the sale of the Company’s inventory in the ordinary course of the Company’s business. For the avoidance of any doubt, the foregoing does not apply to any Permitted License; 

  
 12 

    (e)        Related Party Transactions. Enter into
or be a party to any transaction with any director, officer, employee, significant stockholder or family member of or consultant to any such person, corporation or other entity of which any such person beneficially owns 10% or more of the equity
interests or has 10% or more of the voting power, or Subsidiary or Affiliate of the Company, except for (i) such transactions as are fair and reasonable to the Company and are approved by a majority of the independent members of the
Company’s board of directors or a duly appointed standing committee of the board of directors consisting of independent directors (including the grant of stock options to any such person and the payment of bonuses to any officer which are so
approved), (ii) salary adjustments and bonus compensation awards to employees made in the ordinary course of business (and to the extent such actions do not otherwise require approval by the Company’s board of directors or a committee
thereof), and (iii) stock option grants and compensation awarded to members of the Company’s board of directors under the Company’s existing director compensation plan; 

    (f)        Liens.    Create or
incur, or permit any of its Subsidiaries to create or incur, any Lien upon any of its property or assets of any character whether now owned or hereafter acquired, or upon the income or profits therefrom; provided, that the Company may create
or incur or suffer to be created or incurred or to exist (i) Liens to secure taxes, assessments and other government charges in respect of obligations not overdue, (ii) deposits or pledges made in connection with, or to secure payment of,
workers compensation, unemployment insurance, old age pensions or other social security obligations, (iii) Liens in favor of BSC, and (iv) customary Liens on the Company’s leasehold interests or fixtures in favor of a landlord of the
Company that are provided under applicable law or the Company’s lease agreements with respect to its facilities; 
     (g)        Subsidiaries.    Permit any Subsidiary of the Company to take any action from which the Company would
be prohibited pursuant to this Section 6; 

    (h)        Breach or Violate Notes. Take any
action that could reasonably be expected to materially violate or breach, or result in a material violation or breach, of the Company’s obligations under the Notes or this Agreement; 

    (i)        No Impairment. Take any action that
could reasonably be expected to deny BSC the anticipated benefits of the conversion rights provided in the Notes, or, if the Notes are not so converted, the payment of any principal or unpaid accrued interest pursuant to the terms of the Notes;

     (j)        Indebtedness. Incur or
guarantee any Indebtedness (other than to BSC); or 

    (k)        General. Authorize, commit to, agree to
take, or permit to occur any of the foregoing actions. 

6.3        Full Access.    During the Exclusivity
Period, the Company will afford to BSC and its authorized representatives, upon reasonable notice, full access during normal business hours to all properties, books, records, contracts, and documents of the Company as BSC and such authorized
representatives may reasonably request and a complete opportunity to make such investigations as BSC and such authorized representatives may reasonably request, and the Company will furnish or cause to be furnished to BSC and its authorized
representatives all such information with respect to the affairs and businesses of the Company (including, but not limited to, the Company’s development programs, products and clinical trials) as they may reasonably request. No investigation
pursuant to this Section 6.3 shall affect any representation or warranty in this Agreement of any party hereto or any condition to the obligations of the parties hereto. 

  
 13 

 6.4        Exclusivity.

     (a)        During the Exclusivity Period, the
Company will not, nor will it authorize or permit any of its officers, directors, Affiliates or employees, or any investment banker, attorney or other advisor or representative retained by it to, directly or indirectly (i) solicit, initiate or
induce the making, submission or announcement of any Acquisition Proposal, (ii) participate in any discussions or negotiations regarding, or furnish to any person any non-public information with respect to, or take any other action to
facilitate any inquiries or the making of any proposal that constitutes, or may reasonably be expected to lead to, any Acquisition Proposal, iii) engage in discussions with any person with respect to any Acquisition Proposal, except as to disclose
the existence of these provisions, (iv) endorse or recommend any Acquisition Proposal, or (v) enter into any letter of intent or similar document or any contract, agreement or commitment contemplating or otherwise relating to any
Acquisition Proposal. The Company and its Subsidiaries will, and will cause their respective officers, directors, Affiliates, employees, investment bankers, attorneys and other advisors and representatives to, immediately cease any and all existing
activities, discussions or negotiations with any parties conducted heretofore with respect to any Acquisition Proposal. Without limiting the foregoing, it is understood that any violation of the restrictions set forth in the preceding two sentences
by any officer, director or employee of the Company or any of its Subsidiaries or any investment banker, attorney or other advisor or representative of the Company or any of its Subsidiaries, which violation was known to the Company’s
management and not ceased immediately thereafter, shall be deemed to be a breach of this Section 6.4 by the Company. Notwithstanding any provision in this Section 6.4 to the contrary, the Company shall be entitled to engage in discussions
with potential investors who are not strategic investors regarding debt or equity funding, but the Company shall not consummate any such funding transaction until the Exclusivity Period has expired. 

    (b)        In addition to the obligations of the Company
set forth in subsection (a) of this Section 6.4, the Company as promptly as practicable shall advise BSC in writing of any Acquisition Proposal received during the Exclusivity Period or of any request for nonpublic information or other
inquiry during the Exclusivity Period which the Company reasonably believes could lead to an Acquisition Proposal, the material terms and conditions of such Acquisition Proposal (to the extent known), and the identity of the person or group making
any such request, inquiry or Acquisition Proposal. 

6.5        Public Announcements.    BSC and its
Affiliates shall not, without having previously informed the Company about the form, content and timing of any such announcement, issue any press release or otherwise make any public statements with respect to this Agreement or the transactions
contemplated hereby, except as may be required by (a) law, (b) the Securities and Exchange Commission, (c) the Securities Act or the Exchange Act, or (d) any listing agreement with the New York Stock Exchange, the National
Association of Securities Dealers, Inc. or any national securities exchange to which BSC is subject. The Company shall not, without the prior written consent of BSC, issue any press release or otherwise make any public statements with respect to
this Agreement, except as may be required by law. 

6.6        Confidentiality.    The Company and BSC
acknowledge that they are bound by the provisions of the Confidential Disclosure Agreement dated October 12, 2009. 
 6.7         Use of Proceeds. The proceeds to the Company from the Loans shall be used solely for research and development purposes and general working
capital purposes in the ordinary course of business, in each case subject to compliance with the covenants contained in this Agreement, and shall not be used for any other purpose. 

  
 14 

 7.      DEFINITIONS. As used herein the following terms
not otherwise defined have the following respective meanings: 
 “Acquisition Proposal” means
any bona fide offer or proposal (other than an offer or proposal by BSC or its Affiliates) relating to any Acquisition Transaction. 
 “Acquisition Transaction” means, other than the transactions contemplated by this Agreement and the Notes, (a) any transaction or series of related transactions involving the
purchase of (x) share capital of the Company pursuant to which any person who did not own a majority of the outstanding voting equity securities of the Company immediately prior to such transaction or series or transactions owns more than a
majority of the outstanding voting equity securities of the Company or any transferee entity immediately following such transaction or series of transactions or (y) all or any significant portion of the assets of the Company, (b) any
agreement to enter into a business combination with the Company, (c) any sale, assignment, transfer or license of the intellectual property of the Company or any of its Subsidiaries, except for a Permitted License, or (d) any transaction
involving equity or debt financing for the Company. 
 “Affiliate” means, with respect to any
person, any person that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such person. 
 “business day” (whether such term is capitalized or not) means any day, other than Saturday, Sunday or a legal holiday, that banks located in Boston, Massachusetts are open for business.

 “Closing Date” means either the Initial Closing Date or any Loan Closing Date. 

“Common Stock” means the Company’s Common Stock, $.01 par value per share. 

“Conversion Amount” means (a) if BSC has elected to convert the Notes into shares of Series B
Preferred Stock, that number of shares of Series B Preferred Stock as is equal to the quotient of (i) the sum of the outstanding principal amount and accrued interest on the Notes on the date of conversion divided by (ii) $2.00
(such amount to be proportionately adjusted for any stock split, stock combination or similar event occurring after the Agreement Date), or (b) if BSC has elected to convert the Notes into Shares of Qualified Financing Stock, that number of
shares of Qualified Financing Stock as is equal to the quotient of (i) the sum of the outstanding principal amount and accrued interest on the Notes on the date of conversion divided by (ii) the lowest price per share paid by
investors in the Qualified Financing for a share of Qualified Financing Stock. 
 “Conversion
Shares” means, at the sole election of BSC, either (a) shares of Series B Preferred Stock and any Common Stock issuable upon conversion of such shares of Series B Preferred Stock, or (b) shares of Qualified Financing Stock and any
Common Stock issuable upon conversion of such shares. 
 “Corporate Documents” means the
Company’s Amended and Restated Certificate of Incorporation and the Company’s Bylaws. 

“Dollars” or “$”means dollars in lawful currency of the United States of America.

 “Event of Default” shall have the meaning set forth in the Notes. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder. 
 “Exclusivity Period” means the period commencing on the Agreement
Date and ending on the later of (i) the ninetieth day following the Agreement Date or (ii) if the Fourth Loan is requested by the Company, the Loan Closing Date of the Fourth Loan; provided, that the Exclusivity Period shall
terminate earlier if the Company has delivered a Loan Request with respect to a Loan under Section 2.1 and BSC does not make such Loan as a result of the condition in Section 2.3(k) not being satisfied. 

“Governmental Authority” (whether such term is capitalized or not) means any United States (federal,
state or local) or non-US government, or governmental, regulatory or administrative authority, agency or commission. 

  
 15 

 “Indebtedness” means indebtedness for borrowed money. For
the avoidance of any doubt, the term “Indebtedness” does not include payment obligations to trade creditors incurred in the ordinary course of business. 

“Lien” means any mortgage, deed of trust, security interest, pledge, hypothecation, assignment in the
nature of a security interest, attachment, encumbrance, lien (statutory, judgment or otherwise), or other security agreement of any kind or nature whatsoever (including any conditional sale or other title retention agreement and any lease in the
nature of a security interest). For the avoidance of any doubt, the term “Lien” does not include a Permitted License. 
 “Loans” means, collectively, the Initial Loan and the Additional Loans. 
 “Losses” means all claims, liabilities, damages, losses, costs, payments, royalties and expenses incurred or suffered by a party with respect to or relating to an event, circumstance or
state of facts, other than consequential or indirect damages, losses, costs and expenses which are not asserted against BSC or any of its Affiliates. Losses shall specifically include court costs and the reasonable fees and expenses of legal counsel
arising out of or relating to any direct or third-party claims, demands, actions, causes of action, suits, litigations, arbitrations or liabilities. 
 “Material Adverse Effect” means, with respect to the Company, any change or effect that, when taken individually or together with all other adverse changes or effects, is materially
adverse to the business, results of operations or financial condition of the Company, and its Subsidiaries, taken as a whole. 
 “Notes” means the convertible promissory notes to be issued to BSC to evidence the Loans, in the form attached hereto as Exhibit B. 

“Patent Security Agreement” means the Patent Security Agreement dated as of the Agreement Date between
the Company and BSC. 
 “Permitted License” means (i) a license of the Company’s
intellectual property for research, product development, clinical studies or other similar purposes that does not provide the licensee with the ability to make, have made, distribute or sell products using such intellectual property or (ii) a
license to end-users of the Company’s products to permit such end -users to use the software incorporated in such products. 
 “person” means an individual, corporation, partnership, limited partnership, limited liability company, syndicate, person (including a “person” as defined in
Section 13(d)(3) of the Exchange Act), trust, association or entity or government, political subdivision, agency or instrumentality of a government. 
 “Qualified Financing” means any equity financing, pursuant to a single transaction or series of related transactions, occurring after the Agreement Date in which shares of Preferred Stock
are issued in exchange for cash proceeds. 
 “Qualified Financing Stock” means shares of a
series of Preferred Stock of the Company issued in a Qualified Financing after the Agreement Date. 

“Qualified Initial Public Offering” means the closing of a bona fide first underwritten public offering
pursuant to an effective registration statement under the Securities Act, or similar securities laws of another jurisdiction, covering the offering and sale of Common Stock for the account of the Company on a firm commitment basis in which the
aggregate gross proceeds received by the Company at the public offering price equals or exceeds US$20,000,000 (before deduction of underwriters commissions and expenses). 

“Sale of the Company” means (x) a sale, lease, exclusive license or disposition of all or
substantially all of the assets or intellectual property of the Company or (y) a merger or consolidation of 

  
 16 

 
the Company with or into any other corporation or corporations or other entity, or any other corporate reorganization, or any transfer of beneficial ownership (within the meaning of Rule 13d-3
promulgated by the Securities and Exchange Commission under the Exchange Act), directly or indirectly, of the outstanding shares of the Company, in a single transaction or a series of related transactions where the shareholders of the Company
immediately prior to such transaction or series of related transactions do not retain at least fifty percent (50%) of the voting power of and interest in the Company or the successor or acquiring entity (as applicable) (other than any equity
financing solely for capital raising purposes in which all of the sale proceeds from such transaction or series of related transactions are actually received by the Company, net of expenses). 

“Securities” means all outstanding Common Stock and Preferred Stock, all outstanding options, warrants,
convertible notes, rights of conversion and other rights to acquire share capital of the Company, and all shares issuable upon exercise or conversion of Preferred Stock, options, warrants, convertible notes, rights of conversion and other rights to
acquire shares of the Company, outstanding from time to time, whether or not then currently vested, exercisable or convertible. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 

“Series A Preferred Stock” means the Series A Convertible Preferred Stock of the Company, par value
$0.01 per share. 
 “Series B Preferred Stock” means a to-be created series of Preferred Stock
of the Company which is pari passu with the Series A Preferred Stock and which has substantially identical terms as the Series A Preferred Stock. 
 “state” means any state or commonwealth of the United States of America, the District of Columbia, the Commonwealth of Puerto Rico, and any other dependency, possession or territory of
the United States of America. 
 “Strategic Competitor” means any of Medtronic, Inc., St. Jude
Medical, Inc., or Johnson & Johnson, or any of their respective Subsidiaries or Affiliates. 

“Subsidiary” or “Subsidiaries” (whether or not capitalized) of any person means
(i) any corporation of which such person (either alone or through or together with any other Subsidiary), owns, directly or indirectly, more than 50% of the stock the holders of which are generally entitled to vote for the election of the board
of directors of such corporation, or (ii) any partnership, limited liability company, association, trust, joint venture, or other non-corporate entity in which such person (either alone or through or together with any other Subsidiary) holds,
directly or indirectly, more than 50% of the equity interests. 
 The following table sets forth certain other
defined terms and the Section of the Agreement in which the meaning of each such term appears: 
  

					
		  	 Section(s)
	  	
	 “Additional Loans”
	  	 2.1(c)
	  	
	 “Agreement”
	  	 Preamble
	  	
	 “Agreement Date”
	  	 Preamble
	  	
	 “BSC”
	  	 Preamble
	  	
	 “Collateral”
	  	 3.1
	  	
	 “Company”
	  	 Preamble
	  	
	 “Fourth Loan”
	  	 2.l(c)
	  	
	 “Initial Closing”
	  	 1.2
	  	
	 “Initial Closing Date”
	  	 1.2
	  	
	 “Initial Loan”
	  	 1.1
	  	

  
 17 

					
		  	 Section(s)
	  	
	 “Loan Closing”
	  	 2.2
	  	
	 “Loan Closing Date”
	  	 2.2
	  	
	 “Loan Request”
	  	 2.1(a)
	  	
	 “Second Loan”
	  	 2.1(a)
	  	
	 “Third Loan”
	  	 2.1(b)
	  	
	 “Transactions”
	  	 1.3(f)
	  	

 8.      INDEMNIFICATION.    The Company agrees
to indemnify and hold BSC (and its respective directors, officers, employees and Affiliates) harmless from and with respect to any and all Losses related to or arising, directly or indirectly, out of any breach by the Company of any representation
or warranty, covenant, obligation or undertaking made by the Company in this Agreement, any schedule or exhibit hereto, any other statement, certificate or other instrument delivered pursuant hereto. 

9.      TERM AND TERMINATION. 

9.1        Term.    Subject to Section 9.2, this
Agreement shall commence on the Agreement Date and shall continue in full force and effect until the later of (i) the 90th day following the Agreement Date, or (ii) if applicable, the Loan Closing Date of the Fourth Loan. 

9.2        Survival of Certain Terms. The representations and warranties
set forth in Section 4 and Section 5 shall survive the Initial Closing Date indefinitely. The provisions of Sections 6.5, 6.6, 6.7, 7, 8, 9 and 10 shall survive the termination of this Agreement for any reason. The provisions of Sections
3, 6.1, and 6.2 shall survive the termination of this Agreement for any reason and shall remain in effect so long as any Loan is outstanding. All other rights and obligations of the parties, other than those rights that shall have then accrued,
shall cease upon termination of this Agreement. 
 9.3        Effect
of Termination. The parties acknowledge that upon termination of this Agreement as permitted under, and in accordance with, the terms of this Section 9, no party shall have the right to recover any claim with respect to any losses suffered
by such party in connection with such termination, except to the extent that such losses arise out of or are related to a breach of the representations, warranties or covenants hereunder or other obligations of another party hereto prior to or
contemporaneous with such termination. Except as may be provided in the Notes, the termination of this Agreement shall not affect the obligations of the Company under the Notes. 

  10.  GENERAL. 
 10.1 Notices. All notices, claims and demands hereunder, and all other communications which are required to be given in writing pursuant to this Agreement, shall be in writing and shall be given
(and shall be deemed to have been duly given upon receipt) by delivery in person or facsimile (received at the facsimile machine to which it is transmitted prior to 5 p.m., local time, on a business day for the party to which it is sent, or if
received after 5 p.m., local time, as of the next business day) or by nationally recognized overnight courier to the respective parties at the following addresses (or at such other address for a party as shall be specified in a notice given in
accordance with this Section 10.1): 
 if to BSC: 

Boston Scientific Corporation 
 One Boston Scientific Place 
 Natick, Massachusetts 01760

 Attention: Chief Financial Officer 

Facsimile: 508-650-8956 

  
 18 

 with a copy to: 

Boston Scientific Corporation 
 One Boston Scientific Place 
 Natick, Massachusetts 01760

 Attention: Deputy General Counsel 

Facsimile: 508-650-8960 
 if to the Company: 
 SurgiVision, Inc. 

One Commerce Square 
 Suite 2550 
 Memphis, TN 38103 

Attention: CEO 
 Telephone: 901-522-9331 
 Facsimile: 901-522-9400 

with a copy to: 
 SurgiVision, Inc. 
 One Commerce Square 

Suite 2550 
 Memphis, TN 38103 
 Attention: VP, Business Affairs 

Telephone: 901-522-9344 
 Facsimile: 901-522-9400 

10.2        Severability.    If any term or other
provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of applicable law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the
economic or legal substance of the matters referred to herein are not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties
hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the matters referred to herein be consummated as originally
contemplated to the fullest extent possible. 
 10.3        Entire
Agreement; Assignment. This Agreement and the documents referred to herein constitute the entire agreement among the parties with respect to the subject matter hereof and thereof and supersede all prior agreements and undertakings, both written
and oral, among the parties, or any of them, with respect to the subject matter hereof and thereof. The Company shall not assign this Agreement by operation of law or otherwise, without the prior written consent of BSC. BSC may assign all or any of
its rights and obligations hereunder or under any of the Notes. 

10.4        Parties in Interest. This Agreement shall be binding upon and
inure solely to the benefit of each party hereto and nothing in this Agreement, express or implied, is intended to or shall confer upon any other person any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.
Without limiting the foregoing, nothing in this Agreement shall provide any benefit to any third party or entitle any third party to any claim, cause of action, remedy or right of any kind, it being the intent of the parties that this Agreement
shall not be construed as a third party beneficiary contract. 

  
 19 

 10.5        Specific
Performance. The parties hereto agree that irreparable damage would occur in the event that any provision of this Agreement was not performed in accordance with the terms hereof and that the parties shall be entitled to specific performance of
the terms hereof, in addition to any other remedy at law or equity. 

10.6        Governing Law. This Agreement shall be governed by, and
construed exclusively in accordance with the laws of the Commonwealth of Massachusetts applicable to contracts executed in and to be performed in that jurisdiction. 

10.7        Headings; Interpretation. The descriptive headings contained
in this Agreement are included for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. Whenever the word “include,” “includes,” or “including” appears in this
Agreement, it shall be deemed in each instance to be followed by the words “without limitation.” 

10.8        Counterparts. This Agreement may be executed and delivered
(including by facsimile transmission) in one (1) or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed and delivered shall be deemed to be an original but all of which taken together
shall constitute one and the same agreement. 
 10.9        Fees and
Expenses. All costs and expenses incurred in connection with this Agreement by the Company, including without limitation stamp duty in connection with this Agreement and the transactions contemplated hereby, shall be paid by the Company. All
costs and expenses incurred in connection with this Agreement by BSC shall be paid by BSC. 

10.10      Amendment. This Agreement may be amended only in an instrument in
writing, duly authorized by the board of directors of the Company, and signed by BSC and the Company. 

10.11      Waiver. At any time prior to the termination of this Agreement, BSC and
the Company may agree to (a) extend the time for the performance of any obligation or other act of the other party hereto, (b) waive any inaccuracy in the representations and warranties of the other contained herein or in any document
delivered pursuant hereto, and (c) waive compliance by the other, as the case may be, with any agreement or condition contained herein. Any such extension or waiver shall be valid if set forth in an instrument in writing signed by the party or
parties to be bound thereby. A waiver on any one occasion shall not be construed as a bar to or a waiver of any right on any future occasion. 
 [The remainder of this page is intentionally left blank.] 

  
 20 

 IN WITNESS WHEREOF, and intending to be legally bound hereby, the parties
hereto have caused this Agreement to be duly executed and delivered as a sealed instrument as of the date and year first above written. 
  

									
		 	 BOSTON SCIENTIFIC CORPORATION

					
		 	 By:
	 	 	 	 /s/ Jim Gilbert
	 	 /s/ Sam Leno

		 	 Name:
	 	 Jim Gilbert
	 	 Sam Leno

		 	 Title:
	 	 EVP, Strategy &
 Business Development
	 	 EVP, Finance & Information
 Systems & CFO

			
		 	 SURGIVISION, INC.
	 	
					
		 	 By:
	 	 	 	 /s/ K. Jenkins
	 	 
		 	 Name:
	 	 K JENKINS
	 	
		 	 Title:
	 	 CEO
	 	

 Exhibit A to 

Loan Agreement 
 FORM OF LOAN REQUEST 

[                      
  ,                 ] 
 Boston
Scientific Corporation 
 One Boston Scientific Place 
 Natick, Massachusetts 01760 
 Attention: Chief Financial Officer 

 

	 	 Re:
	 Loan Request  

 Ladies and Gentlemen: 
 Reference is hereby made to that certain
Loan Agreement, dated as of October 16, 2009 (the “Loan Agreement”), by and between SurgiVision, Inc., a Delaware corporation (the “Company”), and Boston Scientific Corporation. Capitalized terms which are used
herein without definition shall have the same meanings herein as in the Loan Agreement. 
 Pursuant to Section
[2.1(a)] [2.1(b)] [2.1(c)] of the Loan Agreement, and subject to all of the terms of the Loan Agreement, we hereby request you make a loan in the principal amount of $[amount not to exceed $750,000] (the “Loan”) on or
before [insert date that is 5 business days following date that Loan Request is delivered]. 
 We hereby
certify that the conditions set forth in Section 2.3 of the Loan Agreement shall be satisfied on or prior to the date on which the Loan is made. 
  

									
		 		 	 Very truly yours,

			
		 		 	 SURGIVISION, INC.

					
		 		 	 By:
	 	  
	  	
		 		 	 Name:

		 		 	 Title:

 Exhibit B to 

Loan Agreement 
 NEITHER THIS NOTE NOR ANY SECURITIES THAT MAY BE ISSUED UPON CONVERSION HEREOF HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR REGISTERED OR QUALIFIED UNDER ANY STATE SECURITIES
LAWS. THIS NOTE AND ANY SUCH SECURITIES MAY NOT BE TRANSFERRED UNLESS SO REGISTERED AND QUALIFIED UNDER ALL APPLICABLE SECURITIES LAWS, OR UNLESS SUCH REGISTRATION AND QUALIFICATION ARE NOT REQUIRED. 

SECURED CONVERTIBLE PROMISSORY NOTE 
  

			
	
$                             
           
	  	                           
 , 20    

 FOR VALUE RECEIVED, the undersigned, SurgiVision, Inc., a Delaware corporation
(the “Company”), hereby promises to pay to Boston Scientific Corporation, or its assigns hereunder (“BSC”), prior to or on the Maturity Date (as defined below) and subject to acceleration or conversion as set
forth herein, the aggregate principal amount of [                    ]        DOLLARS
($                     ) (such initial amount, and any amounts added thereto in accordance with the terms hereof, being referred to as the
“Principal Amount”), and interest on the unpaid Principal Amount from time to time outstanding, which shall accrue on a daily basis from the date hereof (the “Loan Date”), through and including the date on which
such Principal Amount is paid in full (or the Principal Amount and accrued interest is converted in accordance with Section 3), at an annual interest rate equal to 10.0%, compounded annually. Unless the indebtedness evidenced by this Note
becomes due and payable earlier as provided herein, the entire Principal Amount and all accrued interest on the Principal Amount shall be payable in full by the Company on the Maturity Date. The obligations of the Company under this Note are secured
by a pledge of the assets of the Company as described in Section 5. 
 1.      Defined
Terms. This Note evidences borrowings under and has been issued by the Company in accordance with the terms of that certain Loan Agreement, dated October 16, 2009, between the Company and BSC (the “Loan Agreement”). As used
herein, “BSC” shall also be deemed to refer to any subsequent Holder of this Note. All capitalized terms used in this Note and not otherwise defined herein shall have the same meanings herein as in the Loan Agreement. BSC and any Holder
hereof is entitled to the benefits of the Loan Agreement, and may enforce the agreements of the Company contained therein, and any Holder hereof may exercise the respective remedies provided for thereby or otherwise available in respect thereof, all
in accordance with the respective terms thereof. For purposes of this Note, the terms listed below shall have the respective meanings set forth below: 
 1.1        “business day” means any day, other than Saturday, Sunday or a legal holiday that banks located in Boston, Massachusetts are not
open for business; 
 1.2        “Holder”
shall mean, initially, BSC and thereafter, any subsequent holder of this Note in accordance with the provisions of Section 7 below; and 
 1.3        “Maturity Date” means the second anniversary of the Loan Date. 

 

	 2.
	 Payment. 

 2.1 Payments. Payment of interest and principal hereunder shall be made as provided herein to the business address of the Holder. If the payments to be made by the Company shall be stated to
be due 

 
on a date which is not a business day, such payment may be made on the next succeeding business day, and the interest payment on each such date shall include the amount thereof which shall accrue
during the period of such extension of time. All computations of interest payable under this Note shall be made on the basis of the actual number of calendar days elapsed divided by 365. All payments hereunder shall be applied first to any unpaid
accrued interest, and second to repayment of any unpaid principal amount hereunder. 
 2.2
Prepayment. 
     (a)        Optional
Prepayment.  The Company shall be permitted to prepay any unpaid portion of the Principal Amount and any accrued but unpaid interest represented by this Note at any time prior to the Maturity Date. 

    (b)        Mandatory
Prepayment.    The Company shall be required to prepay the unpaid portion of the Principal Amount and all accrued but unpaid interest represented by this Note out of the proceeds of any Qualified Financing as provided in
Section 3.3(b) of the Loan Agreement. 
 3.      Conversion. This Note shall be
convertible into Conversion Shares in accordance with the terms and subject to the conditions set forth in the Loan Agreement. 
 4.      Acceleration. Upon the occurrence of any Event of Default (as defined below) and so long as any Event of Default is continuing, the Holder may, at its
option and upon written notice of acceleration given by the Holder to the Company, declare the entire unpaid portion of the Principal Amount and all accrued but unpaid interest represented by this Note due and payable. Each of the following events
shall be deemed an “Event of Default”: (a) the Company shall fail to pay any portion of the principal amount, any interest on this Note or other sums due hereunder, within fifteen (15) days after the same shall become due
and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment, (b) commencement of proceedings for the liquidation or dissolution of the Company, or any other termination or
winding-up of its existence or business, (c) appointment of any receiver, including a temporary receiver, for the Company or substantially all its assets, (d) assignment of its assets by the Company for the benefit of its creditors,
(e) material breach by the Company or any of its subsidiaries of any provision of this Note, the Patent Security Agreement or the Loan Agreement (other than any breach covered by another clause of this Section 4), provided, that if
such breach is capable of being cured, then such breach shall not constitute an “Event of Default” until the thirtieth (30th) day following notice thereof from the Holder, to the extent such breach has not been cured prior to such date,
(f) institution by or against the Company of insolvency, receivership or bankruptcy proceedings or any other similar proceedings for the settlement of the Company’s debts, provided, that in the case of an involuntary proceeding
commenced against the Company by a third party creditor whose claim against the Company is less than $100,000, such proceeding shall have remained undismissed and unstayed for more than thirty (30) days, (g) an event of default under any
mortgage, indenture, obligation, instrument or indebtedness of the Company for borrowed money, which default results in $100,000 or more (in the aggregate) of such indebtedness to become due and payable by the Company prior to its stated maturity
date, (h) any representation or warranty of the Company contained in the Loan Agreement or the Patent Security Agreement shall prove to have been false in any material respect when made or deemed to have been made or repeated, provided,
that if such breach is capable of being cured, then such breach shall not constitute an “Event of Default” until the thirtieth (30th) day following the date the Company becomes aware of the factual circumstances giving rise to the breach, to the
extent such breach has not been cured prior to such date, unless such breach has had a material impairment on BSC’s rights under the Notes, the Patent Security Agreement or the Loan Agreement, (i) there shall remain in force, undischarged,
unsatisfied, unvacated, unbonded or unstayed, for more than sixty (60) days, any final judgment against 

  
 2 

 
the Company or any of its subsidiaries that, with other such outstanding final judgments against the Company or any of its subsidiaries that are undischarged, unsatisfied, unvacated, unbonded or
unstayed, exceeds in the aggregate $500,000 in excess of insurance coverage, or (j) this Note shall be cancelled, terminated, revoked or rescinded, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind
this Note shall be commenced by or on behalf of the Company or any of its subsidiaries party thereto or any of their respective shareholders, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall
make a determination that, or issue a judgment, order, decree or ruling to the effect that, this Note is illegal, invalid or unenforceable in accordance with the terms thereof. At BSC’s option, the entire unpaid portion of the Principal Amount
and all accrued but unpaid interest represented by this Note will become due and payable upon written notice of acceleration given by BSC to the Company at any time upon or after consummation of a Sale of the Company. 

5.      Security Interest. This Note is secured by a first priority security interest in all
of the Company’s property and assets pursuant to the Loan Agreement, to which reference is made for a description of the security for this Note. 
 6.      Independent Obligations. The Company agrees and acknowledges that each covenant contained in Sections 3 and 5 hereof constitutes an independent
obligation of the Company, not qualified by any other clause, and shall be deemed to be cumulative. 

7.      Assignment.  This Note shall not be assigned by operation of law or
otherwise, except that the Holder may assign this Note to any assignee of BSC’s rights and obligation under the Loan Agreement. 
 8.      Waiver of Presentment, Etc.  Except as otherwise set forth herein, the Company hereby, to the fullest extent permitted by applicable law,
waives presentment, demand, notice, protest, and all other demands and notices in connection with delivery, acceptance, performance, default, acceleration or enforcement of or under this Note. 

9.      Amendment; Waivers.    Neither this Note nor any term hereof may
be waived, amended, discharged, modified, changed, or terminated orally, nor shall any waiver of any provision hereof be effective except by an instrument in writing signed by the party granting the waiver. The failure of the Holder hereof to
exercise any of its rights, remedies, powers or privileges hereunder in any instance will not constitute a waiver thereof, or of any other right or remedy, and no single or partial exercise of any right or remedy shall preclude any other or further
exercise thereof or of any other right or remedy. 
 10.    Payment of Collection
Costs.    The Company will pay on demand all costs of collection, including all court costs and reasonable attorneys’ fees, paid or incurred by the Holder in enforcing this Note after default. 

11.    GOVERNING LAW.     THIS NOTE WILL BE GOVERNED BY AND INTERPRETED AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF MASSACHUSETTS (WITHOUT REFERENCE TO PRINCIPLES OF CHOICE OF LAW). 
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 3 

 IN WITNESS WHEREOF, the Company has executed and delivered this
Secured Convertible Promissory Note as an instrument as of the date first above written. 
  

									
		 		 	 SURGIVISION, INC.

					
		 		 	 By:
	 	  
	  	
		 		 	 Name:

		 		 	 Title:

 [Signature Page for Secured Convertible Promissory Note]

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