Document:

Second Amendment to Loan and Security Agreement

 Exhibit 10.28 
 SECOND AMENDMENT 
 TO 

LOAN AND SECURITY AGREEMENT 
 THIS SECOND AMENDMENT to Loan and Security Agreement (this “Amendment”) is entered into this 25th day of March, 2011 by and between Silicon Valley Bank (“Bank”) and
IMPINJ, INC., a Delaware corporation (“Borrower”) whose address is 701 N. 34th Street, Suite 300, Seattle, WA 98103. 

RECITALS 

A. Bank and Borrower have entered into that certain Loan and Security Agreement dated as of May 7, 2010 as amended by that
certain First Amendment to Loan and Security Agreement dated as of February 1, 2011 (as the same may from time to time be further amended, modified, supplemented or restated, the “Loan Agreement”). 

B. Bank has extended credit to Borrower for the purposes permitted in the Loan Agreement. 

C. Borrower has requested that Bank amend the Loan Agreement to (i) permit Borrower to incur certain mezzanine debt to Bank,
and (ii) make certain other revisions to the Loan Agreement as more fully set forth herein. 
 D. Bank has agreed to
so amend certain provisions of the Loan Agreement, but only to the extent, in accordance with the terms, subject to the conditions and in reliance upon the representations and warranties set forth below. 

AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing recitals and other good and valuable consideration, the receipt and adequacy of
which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows: 
 1. Definitions.
Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan Agreement, 
 2.
Amendments to Loan Agreement. 
 2.1 Section 2.6 (Mandatory Prepayment). New Section 2.6 is hereby added as
follows: 
 “2.6 Mandatory Prepayment. If Borrower receives a notice of redemption election from the requisite
stockholders of Borrower pursuant to the terms of its certificate of incorporation, as amended (the “Charter”), which requires Borrower to repurchase capital stock of such stockholders pursuant to the terms of its Charter and if
Borrower is legally permitted to repurchase such capital stock under applicable law, then Borrower shall notify Bank of such redemption notice not less than twenty (20) days prior to the required date of repurchase of such capital stock
pursuant to the terms of the Charter, and at Bank’s written election, Bank may require that Borrower be required to prepay all or a portion of the outstanding Obligations under this Agreement five (5) Business Days prior to the required
date of repurchase of such capital stock pursuant to the terms of the Charter.” 
 2.2 Section 7.2 (Changes
in Business, Management, Control, or Business Locations). Paragraph 1, subsection (c)(ii) of Section 7.2 is amended in its entirety and replaced with the following: 

 “(ii) consummate any transaction or series of related transactions in which the
stockholders of Borrower who were not stockholders immediately prior to the first such transaction own more than forty percent (40%) of the voting stock of Borrower immediately after giving effect to such transaction or related series of such
transactions (other than by the sale of Borrower’s equity securities in a public offering or to venture capital investors so long as Borrower identifies to Bank the venture capital investors prior to the closing of the transaction and provides
to Bank a description of the material terms of the transaction).” 
 2.3 Section 7.7 (Distributions;
Investments). Section 7.7 is amended in its entirety and replaced with the following: 
 “7.7
Distributions; Investments. (a) Pay any dividends or make any distribution or payment or redeem, retire or purchase any capital stock provided that (i) Borrower may convert any of its convertible securities into other securities
pursuant to the terms of such convertible securities or otherwise in exchange thereof, (ii) Borrower may pay dividends solely in common stock; (iii) Borrower may repurchase the stock of former employees, directors or consultants pursuant
to stock repurchase agreements so long as an Event of Default does not exist at the time of such repurchase and would not exist after giving effect to such repurchase, provided such repurchase does not exceed in the aggregate of Two Hundred Fifty
Thousand Dollars ($250,000) per fiscal year and (iv) subject to the notice and mandatory payment provisions of Section 2.6 hereof, Borrower may repurchase capital stock pursuant to the terms of its Charter, or (b) directly or
indirectly make any Investment other than Permitted Investments, or permit any of its Subsidiaries to do so.” 
 2.4
Section 8.6 (Other Agreements). Section 8.6 is amended in its entirety and replaced with the following: 
 “8.6 Other Agreements. There is, under any agreement to which Borrower or any Guarantor is a party with a third party or parties, (a) any default resulting in a right by such third party
or parties, whether or not exercised, to accelerate the maturity of any Indebtedness in an amount individually or in the aggregate in excess of Two Hundred Fifty Thousand Dollars ($250,000); or (b) any default by Borrower or Guarantor, the
result of which could have a material adverse effect on Borrower’s or any Guarantor’s business. Notwithstanding any provision of this Agreement or any Loan Document, (i) any non-payment default arising under any EX-IM Loan Documents
shall not constitute an Event of Default hereunder unless the event giving rise to such default also separately constitutes an Event of Default pursuant to the terms of this Agreement and (ii) this Section 8.6 shall not be applicable to
any Events of Default under the Mezzanine Loan Documents;” 
 2.5 Section 13 (Definitions). The
following defined terms are hereby added to Section 13.1 of the Loan Agreement as follows: 

“Charter” is defined in Section 2.6. 

“Mezzanine Loan Agreement” means that certain Loan and Security Agreement by and between Borrower and Bank dated
as of March 25, 2011. 
 “Mezzanine Loan Documents” all of the “Loan Documents”
(as such term is defined in the Mezzanine Loan Agreement). 

  
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 2.6 Section 13 (Definitions). The following defined term in
Section 13.1 of the Loan Agreement is amended in its entirety and replaced with the following 

“Subordinated Debt” is (i) Indebtedness incurred by Borrower subordinated to all of Borrower’s
now or hereafter indebtedness to Bank (pursuant to a subordination, intercreditor, or other similar agreement in form and substance satisfactory to Bank entered into between Bank and the other creditor), on terms acceptable to Bank and
(ii) Indebtedness owing from Borrower to Bank pursuant to the Mezzanine Loan Documents. 
 2.7 Section 13
(Definitions). Subsection (a) of the defined term “Permitted Indebtedness” set forth in Section 13.1 is amended in its entirety and replaced with the following: 

“(a) Borrower’s Indebtedness to Bank under this Agreement, the other Loan Documents and the Mezzanine Loan
Documents;” 
 2.8 Section 13 (Definitions). Subsection (a) of the defined term “Permitted
Liens” set forth in Section 13.1 is amended in its entirety and replaced with the following: 

“(a) Liens existing on the Effective Date and shown on the Perfection Certificate or arising under this Agreement,
the other Loan Documents or the Mezzanine Loan Documents;” 
 2.9 The Perfection Certificate attached hereto as
Exhibit A hereby replaces the Perfection Certificate delivered on the Effective Date. 
 2.10 All references in the EX-IM
Loan Agreement to the term Domestic Loan Agreement, shall be deemed to refer to the Domestic Loan Agreement as amended from time to time. 
 3. Limitation of Amendments. 
 3.1 The amendments set forth in
Section 2, above, are effective for the purposes set forth herein and shall be limited precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan
Document, or (b) otherwise prejudice any right or remedy which Bank may now have or may have in the future under or in connection with any Loan Document. 
 3.2 This Amendment shall be construed in connection with and as part of the Loan Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan
Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect. 
 4.
Representations and Warranties. To induce Bank to enter into this Amendment, Borrower hereby represents and warrants to Bank as follows: 
 4.1 Immediately after giving effect to this Amendment (a) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the
date hereof (except to the extent such representations and warranties relate to an earlier dale, in which case they are true and correct as of such date), and (b) no Event of Default has occurred and is continuing; 

4.2 Borrower has the power and authority to execute and deliver this Amendment and to perform its obligations under the Loan
Agreement, as amended by this Amendment; 

  
 -3-

 4.3 The execution and delivery by Borrower of this Amendment and the performance by
Borrower of its obligations under the Loan Agreement, as amended by this Amendment, have been duly authorized; 
 4.4 The
execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not and will not contravene (a) any law or regulation binding on or affecting
Borrower, (b) any contractual restriction with a Person binding on Borrower, (c) any order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof binding on Borrower, or (d) the
organizational documents of Borrower, 
 4.5 The execution and delivery by Borrower of this Amendment and the performance
by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental
or public body or authority, or subdivision thereof, binding on either Borrower, except as already has been obtained or made; and 
 4.6 This Amendment has been duly executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such
enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’ rights. 

5. Counterparts. This Amendment may be executed in any number of counterparts and all of such counterparts taken together
shall be deemed to constitute one and the same instrument. 
 6. Effectiveness. This Amendment shall be deemed
effective upon (a) the due execution and delivery to Bank of this Amendment by each party hereto and (b) the due execution and delivery to Bank of the Mezzanine Loan Documents. 

[Signature page follows.] 

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

									
	BANK	 		 	BORROWER
			
	Silicon Valley Bank	 		 	Impinj, Inc.
					
	By:	 	/s/ Nick Christian	 		 	By:	 	/s/ Evan Fein
	Name: 	 	Nick Christian	 		 	Name: 	 	Evan Fein
	Title:	 	Relationship Manager	 		 	Title:	 	CFO

  
 -5-

 Exhibit A 
 Perfection Certificate 

  
 -6-

 Notes: 
  

	1.	This is an “on-line” form designed to be completed on your computer in Microsoft Word. 

 

	2.	Tab to move from field to field. Shift-Tab to move back to a prior field. 

 

	3.	If there is not enough space for your answer, use the continuation sheet at the end of this form or attach a separate Word document with the additional information.

  

	4.	Submit this by e-mail or fax to Silicon Valley Bank. Please also print this form and submit a hard copy signed by an officer of the Company.

  

	5.	This completed and executed certificate is a condition to closing and funding the loan. Information contained herein may have an impact on the drafting of the loan
documents. The sooner this completed certificate is received by Silicon Valley Bank, the more likely it is that the transaction can be finalized in a timely manner. 

PERFECTION CERTIFICATE 
  

	TO:	SILICON VALLEY BANK 

 The
undersigned, the SVP of Finance and CFO of Impini, Inc. (the “Company”), hereby represents and warrants to you on behalf of the Company as follows: 

 

	 	1.	NAMES OF THE COMPANY 

 a. The name of the Company as it appears in its current Articles or Certificate of Incorporation is: Impinj, Inc. 
 b. The federal employer identification number of the Company is: 91-2041398 
 c. The Company is formed under the laws of the [State] [Country] of Delaware. 
 d. The organizational identification number of the Company is:              

e. The Company transacts business in the following jurisdictions (list jurisdictions other than jurisdiction of formation):
             
 f. The Company is duly qualified to transact
business as a foreign entity in the following jurisdictions (list jurisdictions other than jurisdiction of formation): WA, CA, AR, TX, OR, IN, NJ, SC, NC, CO, TN, FL and internationally in UK, Italy, Malaysia, China 

g. The following is a list of all other names (including fictitious names, d/b/a’s, trade names or similar names) currently used by
the Company or used within the past five years: 
  

			
	 Name
	  	 Period of Use

	NA	  	         
	          
	  	         
	          
	  	         

  
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	To: Silicon Valley Bank	 	Perfection Certificate

  

 h. The following are the names of all entities which have been merged into the Company
during the past five years: 
  

			
	 Name of Merged Entity
	  	 Year of Merger

	Intel’s reader chip asset purchase	  	2008
	          
	  	         
	          
	  	         

 i. The following are the names and addresses of all entities from whom the Company has acquired any personal property in a transaction not in the ordinary course of business during the past five years,
together with the date of such acquisition and the type of personal property acquired (e.g., equipment, inventory, etc.): 
  

							
	 Name
	  	 Address
	  	 Date of Acquisition
	  	 Type of Property

	Intel	  	Santa Clara, CA	  	July 2008	  	 lab equipment

inventory

	         	  	         	  	         	  	          

	         	  	         	  	         	  	          

 

	 	2.	PARENT/SUBSIDIARIES OF THE COMPANY. 

 a. The legal name of each subsidiary and parent of the Company is as follows. (A “parent” is an entity owning more than 50% of the outstanding capital stock of the Company. A
“subsidiary” is an entity, 50% or more of the outstanding capital stock of which is owned by the Company.) 
  

					
	 Name
	  	 Subsidiary/Parent
	  	 Fed. Employer ID No.

			
	NA	  	Sub  ̈ Parent  ̈	  	         
	         	  	Sub  ̈ Parent  ̈	  	         
	         	  	Sub  ̈ Parent  ̈	  	         

 b. The following is a list of the respective jurisdictions and dates of formation of the parent and each subsidiary of the Company: 

 

					
	 Name
	  	 Jurisdiction
	  	 Date of Formation

	NA	  	         	  	         
	         	  	         	  	         
	         	  	         	  	         

  
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	To: Silicon Valley Bank	 	Perfection Certificate

  

 c. The following is a list of all other names (including fictitious names, d/b/a’
s, trade names or similar names) currently used by each subsidiary of the Company or used during the past five years: 
  

			
	 Name
	  	 Subsidiary

	NA	  	         
	          
	  	         
	          
	  	         

 d. The following are the names of all corporations which have been merged into a subsidiary of the Company during the five years: 

 

			
	 Name
	  	 Subsidiary

	NA	  	         
	         	  	         
	           
	  	         

 e. The following are the names and addresses of all entities from whom each subsidiary of the Company has acquired any personal property in a transaction not in the ordinary course of business during the
past five years, together with the date of such acquisition and the type of personal property acquired (e.g., equipment, inventory, etc.): 
  

									
	 Name
	  	 Address
	  	 Date of Acquisition
	  	 Type of

Property
	  	 Subsidiary

	NA	  	          
	  	          
	  	          
	  	          

	          
	  	          
	  	          
	  	          
	  	          

	          
	  	          
	  	          
	  	          
	  	          

 

	 	3.	LOCATIONS OF COMPANY AND ITS SUBSIDIARIES 

 a. The chief executive offices of the Company and its subsidiaries are presently located at the following addresses: 
  

			
	 Complete Street and Mailing Address, including County and Zip Code
	  	 Company/Subsidiary

	701 N. 34th Street, Suite #300, Seattle, WA 98103	  	 Company x OR
 Name of Sub

	          
	  	 Company  ̈ OR
 Name of Sub

	          
	  	 Company  ̈ OR
 Name of Sub

  
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	To: Silicon Valley Bank	 	Perfection Certificate

  

			
	          
	  	 Company  ̈ OR
 Name of Sub

 b. The Company’s books and records and those
of its subsidiaries are located at the following additional addresses (if different from the above): 
  

			
	 Complete Street and Mailing Address, including County and Zip Code
	  	 Company/Subsidiary

	NA	  	 Company  ̈ OR
 Name of Sub

	          
	  	 Company  ̈ OR
 Name of Sub

	          
	  	 Company  ̈ OR
 Name of Sub

	          
	  	 Company  ̈ OR
 Name of Sub

 c. The following are all the locations where the
Company and its subsidiaries own, lease, or occupy any real property: 
  

			
	 Complete Street and Mailing Address, including County and Zip Code
	  	 Company/Subsidiary

	4695 MacArthur Court Suite 1100 Newport Beach, CA 92660	  	 Company x OR
 Name of Sub

	106 E. Sixth Street Suite 811, Austin, TX 78701	  	 Company x OR
 Name of Sub

	2882 Prospect Park Dr, Suite 102, Rancho Cordova, CA 95670	  	 Company x OR
 Name of Sub

	2701 SE Otis Corley Dr. Suite 1, Bentonville, AR 72712	  	 Company x OR
 Name of Sub

	620 N 34th Street, Seattle, WA 98103	  	 Company x OR
 Name of Sub

 d. The following are all of the locations where the
Company and its subsidiaries maintain any inventory, equipment, or other property: 
  

			
	 Complete Address
	  	 Company/Subsidiary

	See Attachment	  	 Company  ̈ OR
 Name of Sub

	          
	  	 Company  ̈ OR
 Name of Sub

	          
	  	 Company  ̈ OR
 Name of Sub

	          
	  	 Company  ̈ OR
 Name of Sub

  
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	To: Silicon Valley Bank	 	Perfection Certificate

  

 e. The following are the names and addresses of all warehousemen, bailees, or other
third parties who have possession of any of the Company’s inventory or equipment or any of the inventory or equipment of its subsidiaries: 
  

					
	 Name
	  	 Complete Street and Mailing Address, including County and Zip Code
	  	 Company/Subsidiary

	 See Attachment
	  	         
	  	 Company  ̈ OR
 Name of Sub

	         
	  	         
	  	 Company  ̈ OR
 Name of Sub

	          
	  	         
	  	 Company  ̈ OR
 Name of Sub

	          
	  	         
	  	 Company  ̈ OR
 Name of Sub

  

	 	4.	SPECIAL TYPES OF COLLATERAL 

 a. The Company and its subsidiaries own (or have any ownership interest in) the following kinds of assets. (If the answer is “Yes” to any of the following questions, please attach a schedule
describing each such asset owned by the Company or its subsidiaries and identifying which party owns the asset.) 
  

					
	Copyrights or copyright applications registered with the U.S. Copyright Office	  	Yes  ̈	  	No x
	Software registered with the U.S. Copyright Office	  	Yes  ̈	  	No x
	Software not registered with the U.S. Copyright Office	  	Yes x	  	No  ̈
	Patents and patent applications	  	Yes x	  	No  ̈
	Trademarks or trademark applications (including any service marks, collective marks and certification marks)	  	Yes x	  	No  ̈
	Licenses to use trademarks, patents and copyrights of others	  	Yes x	  	No  ̈
	Licenses, permits (including environmental), authorizations, or certifications issued by federal, state, or local governments issued to the Company and/or its subsidiaries or with
respect to their assets, properties, or businesses	  	Yes x	  	No  ̈
	Stocks, bonds or other securities	  	Yes x	  	No  ̈
	Promissory notes, or other instruments or evidence of indebtedness	  	Yes  ̈	  	No x
	Leases of equipment, security agreements naming such person as secured party or other chattel paper	  	Yes x	  	No  ̈
	Aircraft	  	Yes  ̈	  	No x
	Vessels, Boats or Ships	  	Yes  ̈	  	No x

  
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	To: Silicon Valley Bank	 	Perfection Certificate

  

					
	Railroad Rolling Stock	  	Yes  ̈	  	No x
	Motor Vehicles	  	Yes  ̈	  	No x

 b. The following is a list of material contracts to which the Company is a party (include any equipment leases) or in which the Company has an interest (including whether such contract has a
nonassignability provision which would require the other party’s or another person’s consent to the granting of a security interest in such contract): 
  

									
	 	  	 	  	 Nonassignability
Clause

	 Other Party to Contract
	  	 Title/Date of Contract
	  	 Asset Sale (Y/N)
	  	 Security Interest

(Y/N)
	  	 Consent Obtained

(Y/N)

	 See Attachment
	  	         
	  	         
	  	         
	  	         

	         
	  	         
	  	         
	  	         
	  	         

	         
	  	         
	  	         
	  	         
	  	         

	         
	  	         
	  	         
	  	         
	  	         

c. The following are all banks or savings institutions at which the Company and its subsidiaries maintain deposit accounts: 

 

							
	 Bank Name
	  	 Account Number
	  	 Branch Address
	  	 Company/Subsidiary

	Comerica Bank	  		  	226 Airport Parkway.,
San Jose, CA 95110	  	 Company x OR
 Name of Sub

	Silicon Valley Bank	  		  	3003 Tasman Drive
Santa Clara, CA 95054	  	 Company x OR
 Name of Sub

	Bank of China Shanghai	  		  	 Huaihai Middle

Road Second Branch
282 Huaihai Middle
Road
 Shanghai China
	  	 Company x OR
 Name of Sub

	BPM Banking	  		  	Piazza F. Meda, 4 -
20121|
Milano, Italy	  	 Company x OR
 Name of Sub

 d. Does or is it contemplated that the Company will
regularly receive letters of credit from customers or other third parties to secure payments of sums owed to the Company? The following is a list of letters of credit naming the Company as “beneficiary” thereunder: 

 

					
	 LC Number
	  	 Name of LC Issuer
	  	 LC Applicant

	 G03U5910XD00025
	  	 National Agricultual
 Cooperative Federation
	  	LS Industrial Systems
	         
	  	         
	  	         

  
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	To: Silicon Valley Bank	 	Perfection Certificate

  

					
	 LC Number
	  	 Name of LC Issuer
	  	 LC Applicant

	         
	  	         
	  	         

 

	 	5.	ENCUMBRANCES 

 The
Company’s and its subsidiaries’ property are subject to the following liens or encumbrances: 
  

					
	 Name of Holder of

Lien/Encumbrance
	  	 Description of Property Encumbered
	  	 Company/Subsidiary

	See 4b	  	         
	  	Company  ̈ OR
Name of Sub
	        	  	         
	  	Company  ̈ OR
Name of Sub
	        	  	         
	  	Company  ̈ OR
Name of Sub
		  		  	
		  		  	

  

	 	6.	REGULATION 

 The
Company and its subsidiaries are subject to regulation by the following federal, state or local government entity or any department, agency, or instrumentality thereof: 

 

					
	 Name of Regulatory Entity
	  	 Description of Regulation
	  	 Company/Subsidiary

	 NA
	  	        	  	Company  ̈ OR
Name of Sub
	        	  	        	  	Company  ̈ OR
Name of Sub
	        	  	        	  	Company  ̈ OR
Name of Sub

  

	 	7.	LITIGATION 

 a. The
following is a complete list of pending and threatened litigation or claims involving amounts claimed against the Company in an indefinite amount or in excess of $50,000 in each case: A former employee based in China that was laid off in 2010
has filed a claim seeking wrongful termination in a French court. He is seeking lost wages. 
 b. The following are the
only claims which the Company has against others (other than claims on accounts receivable), which the Company is asserting or intends to assert, and in which the potential recovery exceeds $50,000: NA 

 

	 	8.	TAXES 

 The
following tax assessments are currently outstanding and unpaid: 
  

			
	 Assessing Authority
	 	 Amount and Description

  
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	To: Silicon Valley Bank	 	Perfection Certificate

  

			
	NA	 	        
	        	 	        
	        	 	        

  

	 	9.	INSURANCE BROKER 

The following broker handles the Company’s property insurance: 

 

									
	 Broker
	  	 Contact
	  	 Telephone
	  	 Fax
	  	 Email

	Parker Smith Feek	  	Jim Hamlin	  	425-709-3756	  	425-709-7460	  	jwhamlin@psfinc.com

  

	 	10.	OFFICERS OF THE COMPANY AND ITS SUBSIDIARIES 

 The following are the names and titles of the officers of the Company and its subsidiaries. 
  

					
	 Office/Title
	  	 Name of Officer
	  	 Company/Subsidiary

	President and CEO	  	William Colleran	  	 Company x OR
 Name of Sub

	Chairman and CTO	  	Chris Diorio	  	 Company x OR
 Name of Sub

	SVP Finance and CFO	  	Evan Fein	  	 Company x OR
 Name of Sub

	        	  	        	  	 Company  ̈ OR
 Name of Sub

  

	 	11.	IRS FORM W9 

Company’s completed and executed IRS Form W9 is attached hereto as Exhibit A. 

 

	 	12.	LEGAL COUNSEL 

 The
following attorney will represent the Company in connection with the loan documents: 
  

									
	 Attorney
	  	 Law Firm
	  	 Telephone
	  	 Fax
	  	 Email

	Patrick Schultheis	  	 Wilson Sonsini

Goodrich and Rosati
	  	206-883-2500	  	206-883-2699	  	pschultheis@wsgr.com

  
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	To: Silicon Valley Bank	 	Perfection Certificate

  

 The Company agrees to advise you of any change or modification to any of the foregoing
information or any supplemental information provided on any continuation pages attached hereto, and, until such notice is received by you, you shall be entitled to rely upon such information and presume it is correct. The Company acknowledges that
your acceptance of this Perfection Certificate and any continuation pages does not imply any commitment on your part to enter into a loan transaction with the Company, and that any such commitment may only be made by an express written loan
commitment, signed by one of your authorized officers. 
 Date: 3/3/2011 

 

					
	Impinj, Inc.
		
	By:	 	 /s/ Evan Fein

		 	Its:	 	 CFO Evan Fein

	Email: evan.fein@impinj.com
	Phone: 206-517-5300
	Fax: 206-517-5262

  
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	To: Silicon Valley Bank	 	Perfection Certificate

  

 Continuation Page—Additional Information 

3d & 3e. The Company has inventory at the following locations: 
 701 N 34th
Street, Suite 300, Seattle, WA 98103 
 Yusen Warehouse, 23119 66th Ave S, Kent, WA 98032 (Bailee Agreement in place) 

Tasco (Yusen) Warehouse, Plot 93, Lintang Bayan Lepas 9, Taman Perindustrian Bayan Lepas, Fasa IV 11900 Bayan Lepas, Penang, Malaysia 

Plexus Manufacturing, Bayan Lepas Free Industrial Zone, Phase IV, 11900 Bayan Lepas, Penang, Malaysia 

Stars Microelectronics, Bang Pa-In Industrial Estate, 586 Moo 2, Tambol Klongjig, Amphur Bang Pa-In Ayutthaya 13160, Thailand 

Corwil Technology Corporation, 1635 McCarthy Boulevard, Milpitas, CA 95035 
 Evans Analytical Group, 2710 Walsh Avenue, Santa Clara, CA 95051 
 FlipChip International, 3701
East University Dr., Phoenix, AZ 85034 
 FlipChip Millenium, No 351 Guo Shou Jing Road, Zhang Jiang Hi-Tech Park, Pudong New Area Shanghai
201203, China 
 4A. The company develops software and firmware for its products. This is not registered with the PO. 

The company has licenses to patents related to its asset purchase of the reader chip business from Intel in July of 2008. 

See attached for a list of patents and trademarks. 
 The company has licenses to do business several jurisdictions including Washington. 
 The company
invests in government agency bonds like Fannie Mae and Freddie Mac. 
 4b. The following list of vendors have claims on some of the
company’s assets as a result of financing equipment or computer hardware. 
  

					
	Vendor	  	Equipment Type	  	 
			
	Great America Leasing Corporation	  	computer equipment	  	
	FPC Funding LLC as Assignee of IFC	  	computer equipment	  	
	CIT Technology Financing Services, Inc.	  	lab equipment	  	
	CIT TECHNOLOGY FIN SERV, INC	  	computer software	  	
	CIT Technology Financing Services, Inc.	  	computer equipment	  	
	General Electric Capital Corporation	  	furniture	  	
	Provident Capital Group, Inc.	  	computer equipment	  	

  
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	To: Silicon Valley Bank	 	Perfection Certificate

  

					
	Dell Financial Services	  	computer equipment	  	
	Court Square Leasing Corporation	  	computer equipment	  	
	Court Square Leasing Corporation	  	computer equipment	  	
	Court Square Leasing Corporation	  	computer equipment	  	
	Brandywine_susquehanna	  	Probers	  	
	Technology Finance Corp	  	IT Equipment	  	
	Technology Finance Corp	  	Multisite Tester	  	

 The company licenses some its IP to a worldwide RFID standards organization known as EPC Global. 

  
 -11-

 Exhibit A 
 IRS Form W9 
 See attached. 

 IMPINJ, INC. TRADEMARKS & ISSUED PATENTS (3/2/2011) 

Trademarks 
  

			
	Reg No. 3,882,436	  	Registered 11/30/10
	Reg No. 3,229,171	  	Registered 4/17/07
	Reg. No. 3,191,439	  	Registered 1/2/07
	Reg. No. 3,652,721	  	Registered 7/7/09
	Reg. No. 2,775,792	  	Registered 10/21/03
	Reg. No. 2,775,793	  	Registered 10/21/03

 Issued Patents 

 

							
	Patent Number	  	Date Issued	 	  	 
	7,283,037	  	 	10/16/2007	  	  	
	7,026,935	  	 	4/11/2006	  	  	
	7,304,579	  	 	12/4/2007	  	  	
	7,215,251	  	 	5/8/2007	  	  	
	7,667,589	  	 	2/23/2010	  	  	
	7,116,240	  	 	10/3/2006	  	  	
	7,183,926	  	 	2/27/2007	  	  	
	7,312,622	  	 	12/25/2007	  	  	
	7,307,528	  	 	12/11/2007	  	  	
	7,510,117	  	 	3/31/2009	  	  	
	7,049,964	  	 	5/23/2006	  	  	
	7,107,022	  	 	9/12/2006	  	  	
	7,501,953	  	 	3/10/2009	  	  	
	7,419,096	  	 	9/2/2008	  	  	
	7,030,786	  	 	4/18/2006	  	  	
	7,388,468	  	 	6/17/2008	  	  	
	7,394,324	  	 	7/1/2008	  	  	
	7,120,550	  	 	10/10/2006	  	  	
	7,253,719	  	 	8/7/2007	  	  	
	7,382,257	  	 	6/3/2008	  	  	
	7,528,724	  	 	5/5/2009	  	  	
	7,400,255	  	 	7/15/2008	  	  	
	7,380,190	  	 	5/27/2008	  	  	
	7,246,751	  	 	7/24/2007	  	  	
	7,245,213	  	 	7/17/2007	  	  	
	7,403,122	  	 	7/22/2008	  	  	
	7,307,529	  	 	12/11/2007	  	  	
	D587,691	  	 	3/3/2009	  	  	
	D586,336	  	 	2/10/2009	  	  	
	7,472,835	  	 	1/6/2009	  	  	
	7,561,866	  	 	7/14/2009	  	  	
	7,405,660	  	 	7/29/2008	  	  	
	7,408,466	  	 	8/5/2008	  	  	
	7,667,231	  	 	2/23/2010	  	  	
	7,405,659	  	 	7/29/2008	  	  	
	7,307,534	  	 	12/11/2007	  	  	
	7,528,728	  	 	5/5/2009	  	  	

							
	Patent Number	  	Date Issued	 	  	 
	7,423,539	  	 	9/9/2008	  	  	
	D592,192	  	 	5/12/2009	  	  	
	7,187,290	  	 	3/6/2007	  	  	
	7,123,171	  	 	10/17/2006	  	  	
	7,420,469	  	 	9/2/2008	  	  	
	7,733,227	  	 	6/8/2010	  	  	
	7,436,308	  	 	10/14/2008	  	  	
	7,417,548	  	 	8/26/2008	  	  	
	7,391,329	  	 	6/24/2008	  	  	
	7,432,814	  	 	10/7/2008	  	  	
	D548,225	  	 	8/7/2007	  	  	
	7,541,843	  	 	6/2/2009	  	  	
	D546,819	  	 	7/17/2007	  	  	
	D546,822	  	 	7/17/2007	  	  	
	D546,821	  	 	7/17/2007	  	  	
	D546,820	  	 	7/17/2007	  	  	
	D547,754	  	 	7/31/2007	  	  	
	7,616,120	  	 	11/10/2009	  	  	
	D543,976	  	 	6/5/2007	  	  	
	D547,306	  	 	7/24/2007	  	  	
	D570,337	  	 	6/3/2008	  	  	
	7,872,582	  	 	1/18/2011	  	  	
	7,633,376	  	 	12/15/2009	  	  	
	7,448,547	  	 	11/11/2008	  	  	
	D563,397	  	 	3/4/2008	  	  	
	D578,114	  	 	10/7/2008	  	  	
	D562,810	  	 	2/26/2008	  	  	
	7,525,438	  	 	4/28/2009	  	  	
	7,651,882	  	 	1/26/2010	  	  	
	7,592,897	  	 	9/22/2009	  	  	
	7,482,251	  	 	1/27/2009	  	  	
	7,768,248	  	 	8/3/2010	  	  	
	7,589,618	  	 	9/15/2009	  	  	
	7,830,262	  	 	11/9/2010	  	  	
	D574,369	  	 	8/5/2008	  	  	
	D574,370	  	 	8/5/2008	  	  	
	7,696,882	  	 	4/13/2010	  	  	
	7,808,387	  	 	10/5/2010	  	  	
	7,830,322	  	 	11/9/2010	  	  	
	7,768,406	  	 	8/3/2010	  	  	
	D611,037	  	 	3/2/2010	  	  	
	D605,641	  	 	12/8/2009	  	  	
	D606,056	  	 	12/15/2009	  	  	
	D606,057	  	 	12/15/2009	  	  	
	D613,276	  	 	4/6/2010	  	  	
	D 610,576	  	 	2/23/2010	  	  	
	D620,484	  	 	7/27/2010	  	  	
	D620,928	  	 	8/3/2010	  	  	
	D617,320	  	 	6/8/2010Third Amendment to Loan and Security Agreement

 Exhibit 10.30 
 THIRD AMENDMENT 
 TO 

LOAN AND SECURITY AGREEMENT 
 THIS THIRD AMENDMENT to Loan and Security Agreement (this “Amendment”) is entered into this 5th day of May, 2011 by and between Silicon Valley Bank (“Bank”) and IMPINJ, INC., a
Delaware corporation (“Borrower”) whose address is 701 N. 34th Street, Suite 300, Seattle, WA 98103. 

RECITALS 
 A. Bank and Borrower have entered into that certain Loan and Security Agreement dated as of May 7, 2010 as amended by that certain First Amendment to Loan and Security Agreement dated as of
February 1, 2011 and that certain Second Amendment to Loan and Security Agreement dated as of March 25, 2011 (as the same may from time to time be further amended, modified, supplemented or restated, the “Loan Agreement”).

 B. Bank has extended credit to Borrower for the purposes permitted in the Loan Agreement. 

C. Borrower has requested that Bank amend the Loan Agreement to revise one of the financial covenants. 

D. Bank has agreed to so amend certain provisions of the Loan Agreement, but only to the extent, in accordance with the terms,
subject to the conditions and in reliance upon the representations and warranties set forth below. 
 AGREEMENT

 NOW, THEREFORE, in consideration of the foregoing recitals and other good and
valuable consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows: 
 1. Definitions. Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan Agreement. 

2. Amendments to Loan Agreement. 
 2.1 Schedule 1 to the Compliance Certificate is hereby replaced with Schedule 1 attached hereto. 
 2.2 Section 6.7 (Financial Covenants). Section 6.7(b) is amended in its entirety and replaced with the following: 

(b) Liquidity Ratio. A ratio of (I) unrestricted cash at Bank or Bank’s Affiliates (subject to a Control
Agreement) plus net Accounts receivable to (II) all Indebtedness owing from Borrower to Bank (excluding Indebtedness incurred pursuant to the Mezzanine Loan Documents) of not less than (i) 0.90 to 1.00 at all times from the First Amendment
Effective Date through September 30, 2011, (ii) 1.10 to 1.00 at all times from October 1, 2011 through December 31, 2011 and (ii) 1.25:1.00 at all times beginning on January 1, 2012.” 

3. Limitation of Amendments. 
 3.1 The amendments set forth in Section 2, above, are effective for the purposes set forth herein and shall be limited precisely as written and shall not be deemed to (a) be a
consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise 

 
prejudice any right or remedy which Bank may now have or may have in the future under or in connection with any Loan Document. 

3.2 This Amendment shall be construed in connection with and as part of the Loan Documents and all terms, conditions,
representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect. 

4. Representations and Warranties. To induce Bank to enter into this Amendment, Borrower hereby represents and warrants to Bank as
follows: 
 4.1 Immediately after giving effect to this Amendment (a) the representations and warranties contained
in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date), and
(b) no Event of Default has occurred and is continuing; 
 4.2 Borrower has the power and authority to execute and
deliver this Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment; 
 4.3 The
execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, have been duly authorized; 

4.4 The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan
Agreement, as amended by this Amendment, do not and will not contravene (a) any law or regulation binding on or affecting Borrower, (b) any contractual restriction with a Person binding on Borrower, (c) any order, judgment or decree
of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (d) the organizational documents of Borrower; 
 4.5 The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not require any order,
consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body or authority, or subdivision thereof, binding on either Borrower, except as already has been
obtained or made; and 
 4.6 This Amendment has been duly executed and delivered by Borrower and is the binding
obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and
equitable principles relating to or affecting creditors’ rights. 
 5. Counterparts. This Amendment may be executed
in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument. 
 6. Effectiveness. This Amendment shall be deemed effective upon the due execution and delivery to Bank of this Amendment by each party hereto. 

[Signature page follows.] 

  
 2 

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

									
	BANK	 		 	BORROWER
			
	Silicon Valley Bank	 		 	Impinj, Inc.
					
	By:	 	/s/ Nick Christian	 		 	By:	 	/s/ Evan Fein
	Name:	 	 Nick Christian
	 		 	Name:	 	 Evan Fein

	Title:	 	 Relationship Manager
	 		 	Title:	 	 CFO

 Schedule 1 to Compliance Certificate 

Financial Covenants of Borrower 
 In the event of a conflict between this Schedule and the Loan Agreement, the terms of the Loan Agreement shall govern. 
 Dated:                      
 Tangible Net Worth (Section 6.7(a)) 
 Required:
         at least (i) Two Million Dollars ($2,000,000) at all times from the First Amendment Effective Date through April 30, 2011, (ii) Zero Dollars ($0) at all times from May 1, 2011
through October 31, 2011, (iii) Seven Hundred Fifty Thousand Dollars ($750,000) at all times from November 1, 2011 through December 31, 2011 and (iv) Two Million Seven Hundred Fifty Thousand Dollars ($2,750,000) at all times
beginning on January 1, 2012, stepping up as of the last day of each quarter, by an amount equal to (without duplication) (i) fifty percent (50%) of Net Income (with no reduction for Net Loss) received beginning with the calendar
quarter ending March 31, 2012, plus (ii) twenty five percent (25%) of any New Capital received by Borrower in excess of Five Million Dollars ($5,000,000) but less than Seven Million Dollars ($7,000,000) plus (iii) fifty percent
(50%) of any New Capital received by Borrower in excess of Seven Million Dollars ($7,000,000); provided however in no case shall the aggregate Tangible Net Worth requirement step ups in subsections (ii) and (iii) above with respect to
any New Capital (provided that New Subordinated Debt shall only be included in this calculation of New Capital if fifty percent (50%) or more of such New Subordinated Debt is issued to existing investors of Borrower and excluding any New
Capital received in connection with an initial public offering) exceed Three Million Seven Hundred Fifty Thousand Dollars ($3,750,000) in the aggregate. 
 Actual: 
  

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

 Is line G equal to or greater than at least (i) Two Million Dollars ($2,000,000) at all times from the First Amendment Effective Date through April 30, 2011, (ii) Zero Dollars ($0) at all
times from May 1, 2011 through October 31, 2011, (iii) Seven Hundred Fifty Thousand Dollars ($750,000) at all times from November 1, 2011 through December 31, 2011 and (iv) Two Million Seven Hundred Fifty Thousand
Dollars ($2,750,000) at all times beginning on January 1, 2012, stepping up as of the last day of each quarter, by an amount equal to (without duplication) (i) fifty percent (50%) of Net Income (with no reduction for Net Loss)
received beginning with the calendar quarter ending March 31, 2012, plus (ii) twenty five percent (25%) of any New Capital received by Borrower in excess of Five Million Dollars ($5,000,000) but less than Seven Million Dollars
($7,000,000) plus (iii) fifty percent (50%) of any New Capital received by Borrower in excess of Seven Million Dollars ($7,000,000); provided however in no case shall the aggregate Tangible Net Worth requirement step ups in subsections
(ii) and (iii) above with respect to any New Capital (provided that New Subordinated Debt shall only be included in this 

 
calculation of New Capital if fifty percent (50%) or more of such New Subordinated Debt is issued to existing investors of Borrower and excluding any New Capital received in connection with
an initial public offering) exceed Three Million Seven Hundred Fifty Thousand Dollars ($3,750,000) in the aggregate. 
  

							
	             No, not in compliance	  				  	             Yes, in compliance

 Liquidity Ratio (Section 6.7(b)) 
 Required:
         at least (i) 0.90 to 1.00 at all times from the First Amendment Effective Date through September 30, 2011, (ii) 1.10 to 1.00 at all times from October 1, 2011 through
December 31, 2011 and (ii) 1.25:1.00 at all times beginning on January 1, 2012. 
 Actual: 

 

			
	 A.     Aggregate value of Borrower’s unrestricted cash at Bank or Bank Affiliates subject to a
Control Agreement
	  	$            
		
	 B.     Aggregate value of net Accounts receivable of Borrower
	  	$            
		
	 C.     Liquidity (line A plus line B)
	  	$            
		
	 D.     Aggregate value of all Indebtedness owing from Borrower to Bank (excluding Indebtedness incurred
pursuant to the Mezzanine Loan Documents)
	  	$            
		
	 E.     Liquidity Ratio (line C divided by line D
	  	    :1.00

 Is
line E equal to or greater than at least (i) 0.90 to 1.00 at all times from the First Amendment Effective Date through September 30, 2011, (ii) 1.10 to 1.00 at all times from October 1, 2011 through December 31, 2011 and
(ii) 1.25:1.00 at all times beginning on January 1, 2012. 
  

							
	             No, not in compliance	  				  	             Yes, in compliance

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