Document:

Warrant to Purchase Preferred Stock

 Exhibit 4.2 
 THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AND PURSUANT TO THE PROVISIONS OF ARTICLE 5 OF THIS WARRANT, MAY NOT BE
OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND APPLICABLE STATE SECURITIES LAW OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER OF THESE SECURITIES,
SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS EXEMPT FROM REGISTRATION. 
 WARRANT TO PURCHASE PREFERRED STOCK 

THIS WARRANT CERTIFIES THAT ESCALATE CAPITAL I, L.P. (“Holder”) is entitled to purchase the Warrant Number of fully paid and
nonassessable shares of Series C Preferred Stock (the “Shares”) of SenoRx, Inc., a Delaware corporation (the “Company”), at the Warrant Price per share, all as set forth above and as adjusted pursuant to Article 2
of this Warrant, subject to the provisions and upon the terms and conditions set forth in this Warrant. 
 For purposes of this Warrant:

 “Expiration Date” means the earlier to occur of (i) the seventh anniversary of the Issue Date or (ii) the third
anniversary of the closing of the initial public offering (“IPO”) of the Company’s common stock (“Common Stock”) under terms and conditions in the Company’s Certificate of Incorporation, as may be amended
from time to time (the “Certificate of Incorporation”) that require automatic conversion of the Shares into Common Stock (“IPO”). 
 “Issue Date” means December 8, 2006. 
 “Loan” means each advance
under the Loan Agreement. 
 “Loan Agreement” means the Loan and Security Agreement, dated as of the date hereof, between
the Company and Escalate Capital I, L.P., as amended and restated from time to time. 
 “Loan Commitment Utilization
Fraction” means as of any date the fraction, the numerator of which is the aggregate principal amount of the Loans made through such date and the denominator of which is $10,000,000. 
 “Loan Vested Amount” means with respect to a Loan as of any date the amount obtained by multiplying the principal amount of such Loan by
7.09125% and multiplying the resulting sum by the Vested Percentage as of such date. 
 “Measure Price” means as of any date
the dollar amount indicated as follows: 
  

				
	 Date
	  	Measure Price
	 Issue Date to 90th Day after Issue Date
	  	$	468,750
	 91st to 120th Day after Issue Date
	  	$	625,000
	 121st to 150th Day after Issue Date
	  	$	781,250
	 151st to 180th Day after Issue Date
	  	$	937,500
	 181st to 210th Day after Issue Date
	  	$	1,093,750
	 211th to 240th Day after Issue Date
	  	$	1,250,000
	 241st to 270th Day after Issue Date
	  	$	1,406,250
	 271st to 300th Day after Issue Date
	  	$	1,562,500
	 301st to 330th Day after Issue Date
	  	$	1,718,750
	 331st Day after Issue Date and Thereafter
	  	$	1,875,000

  

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 “Vested Percentage” means as of any date the percentage indicated as follows:

  

				
	 Date
	  	Vested
Percentage	 
	 Issue Date to 90th Day after Issue Date
	  	0	%
	 91st to 120th Day after Issue Date
	  	11.11	%
	 121st to 150th Day after Issue Date
	  	22.22	%
	 151st to 180th Day after Issue Date
	  	33.33	%
	 181st to 210th Day after Issue Date
	  	44.44	%
	 211th to 240th Day after Issue Date
	  	55.56	%
	 241st to 270th Day after Issue Date
	  	66.67	%
	 271st to 300th Day after Issue Date
	  	77.78	%
	 301st to 330th Day after Issue Date
	  	88.89	%
	 331st Day after Issue Date and Thereafter
	  	100	%

 “Warrant Number” means as of any date the number obtained by adding together
(i) the amount obtained by multiplying the aggregate principal amount of the Loans made as of such date by 7.09125%, and (ii) the aggregate Loan Vested Amount for all Loans made as of such date, and dividing the resulting sum by the then
Warrant Price. 
 “Warrant Price” means $1.96 
 ARTICLE 1: EXERCISE. 
 1.1 Method of Exercise. Holder may exercise this Warrant after the one
year anniversary of the Issue Date by delivering this Warrant and a duly executed Notice of Exercise in substantially the form attached as Attachment 1 to the Company’s principal office; provided, however, that if the
Company proposes to enter into an Acquisition (as defined below), the Company shall provide Holder with the requisite notice of such proposed Acquisition as provided for in Section 3.2, and, notwithstanding the foregoing, Holder shall have the
right to exercise this Warrant immediately before the closing of such Acquisition, whether or not the date of such Acquisition is before or after the one year anniversary of the Issue Date. Unless Holder is exercising the conversion right set forth
in Section 1.2, Holder shall also deliver to the Company a check, wire transfer (to an account that the Company designates), or other from of payment acceptable to the Company for the aggregate Warrant Price for the Shares being purchased.

 1.2 Conversion Right. In lieu of exercising this Warrant as specified in Section 1.1, Holder may from time to time convert
this Warrant, in whole or in part, into the number of Shares determined by dividing (a) the aggregate fair market value of the Shares or other securities otherwise issuable upon exercise of this Warrant minus the aggregate Warrant Price of such
Shares by (b) the fair market value of one Share. The fair market value of the Shares shall be determined pursuant to Section 1.3. 
 1.3 Fair Market Value. If the Common Stock is traded in a public market and the Shares are Common Stock, the fair market value of each Share shall be the closing price of a Share reported for the business day immediately before
Holder delivers its Notice of Exercise to the Company (or in the instance where this Warrant is exercised immediately prior to the effectiveness of the IPO, the “price to public” per share price specified in the final prospectus relating
to such offering). If the Common Stock is traded in a public market and the Shares are preferred stock, the fair market value of a Share shall be the closing price of a share of the Common Stock reported for the business day immediately before
Holder delivers its Notice of Exercise to the Company (or, in the instance where this Warrant is exercised immediately prior to the effectiveness of the IPO, the initial “price to public” per share price specified in the final prospectus
relating to such offering), in both cases, multiplied by the number of shares of the Common Stock into which a Share is convertible. If the Common Stock is not traded in a public market, the Company’s Board of Directors shall determine fair
market value in its reasonable good faith judgment. 
 1.4 Delivery of Certificate and New Warrant. Promptly after Holder exercises or
converts this Warrant and, if applicable, the Company receives payment of the aggregate Warrant Price, the Company shall deliver to Holder certificates for the Shares acquired and, if this Warrant has not been fully exercised or converted and has
not expired, a new Warrant representing the Shares not so acquired. 
  

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 1.5 Replacement of Warrants. On receipt of evidence reasonably satisfactory to the Company of the
loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form and amount to the Company or, in the case of mutilation, or surrender and
cancellation of this Warrant, the Company shall execute and deliver, in lieu of this Warrant, a new warrant of like tenor. 
 1.6
Treatment of Warrant upon Acquisition. 
 1.6.1 “Acquisition.” For the purpose of this Warrant,
“Acquisition” means (i) any sale, license, or other disposition of all or substantially all of the assets of the Company, or (ii) any reorganization, consolidation, or merger of the Company where the holders of the
Company’s securities before the transaction beneficially own less than 50% of the outstanding voting securities of the surviving entity after the transaction (for purposes of determining the Company’s stockholders post-transaction
percentage ownership of voting securities, the securities that they hold as a result of securities, if any, that they owned pre-transaction in the entity with which the Company consolidated or merged shall not be considered if the securities of such
entity are publicly traded). 
 1.6.2 Call Right. The Company shall have the right (the “Call Right”) to purchase in
connection with an Acquisition prior to the IPO all of this Warrant and all Shares, if any, acquired by Holder upon exercise of this Warrant for a purchase price (the “Call Price”) equal to the sum obtained by multiplying the
Measure Price by the Loan Commitment Utilization Fraction. The Company shall exercise the Call Right by giving Holder written notice of such exercise (the “Call Notice”) no less than ten (10) days prior to the closing of an
Acquisition. If such Acquisition closes, the Company shall pay Holder the Call Price in cash, in the form of immediately available funds, concurrent with such closing. If such Acquisition does not close for any reason, the Call Notice shall be
deemed null and void and the Company shall not have any liability to Holder with respect to such exercise of the Call Right. If such Acquisition closes, and the Company fails to pay Holder the full Call Price in accordance with this
Section 1.6.2, the Company’s exercise of the Call Right shall be deemed null and void, and this Warrant shall be assumed in accordance with Section 1.63. 
 1.6.3 Assumption of Warrant. If the Company does not exercise its Call Right in connection with an Acquisition, then upon the closing of the Acquisition the successor entity shall assume the obligations of this
Warrant, and this Warrant shall be exercisable for (in lieu of the Shares immediately theretofore purchasable and receivable upon the exercise or conversion of this Warrant) the same securities, cash, and property as would be payable for the Shares
issuable upon exercise of the unexercised portion of this Warrant as if such Shares were outstanding on the record date for the Acquisition and subsequent closing. The Warrant Price shall be adjusted accordingly. If notwithstanding the foregoing,
the successor entity does not assume the obligations of this Warrant, then the Company shall be deemed to have exercised the Call Right, without any action by the Company or Holder, and the Company shall make payment in accordance with
Section 1.6.2, concurrent with the closing of the Acquisition. 
 ARTICLE 2: ADJUSTMENTS TO THE SHARES. 
 2.1 Stock Dividends, Splits, Etc. If the Company declares or pays after the Issue Date a dividend on the Shares payable in Common Stock, or other
securities (other than Shares), or other property, including cash (the “Accumulated Dividends”), then upon exercise of this Warrant, for each Share acquired, Holder shall receive, without cost to Holder, the Accumulated Dividends to
which Holder would have been entitled had Holder owned the Shares of record as of the date the dividend occurred. If the Company subdivides the Shares after the Issue Date by reclassification, dividend or otherwise into a greater number of Shares,
the number of Shares purchasable hereunder shall be proportionately increased and the Warrant Price shall be proportionately decreased. If the outstanding Shares are combined or consolidated after the Issue Date, by reclassification or otherwise,
into a lesser number of Shares, the Warrant Price shall be proportionately increased and the number of Shares shall be proportionately decreased. 
  

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 2.2 Reclassification, Exchange, Combinations or Substitution. Upon any reclassification, exchange,
substitution, or other event that results in a change of the number and/or class of the securities issuable upon exercise or conversion of this Warrant, Holder shall be entitled to receive, upon exercise or conversion of this Warrant, the number and
kind of securities and property that Holder would have received for the Shares if this Warrant had been exercised immediately before such reclassification, exchange, substitution, or other event. Such an event shall include any automatic conversion
of the outstanding or issuable securities of the Company of the same class or series as the Shares to Common Stock pursuant to the terms of the Certificate of Incorporation upon the closing of the IPO. The amendment to this Warrant shall provide for
adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article 2 including adjustments to the Warrant Price and to the number of securities or property issuable upon exercise of the new
Warrant. The provisions of this Section 2.2 shall similarly apply to successive reclassifications, exchanges, substitutions, or other events. 
 2.3 Adjustments for Diluting Issuances. If the Shares are shares of the Company’s preferred stock, the number of shares of Common Stock issuable upon conversion of the Shares shall be subject to adjustment, from time to time in
the manner set forth in the Certificate of Incorporation as if the Shares were issued and outstanding on and as of the date of any such required adjustment. The provisions set forth for the Shares in the Certificate of Incorporation relating to the
above in effect as of the Issue Date may not be amended, modified or waived without the Holder’s prior written consent unless such amendment, modification or waiver affects the rights associated with the Shares in the same manner as such
amendment, modification or waiver affects the rights associated with all other shares of the same series and class as the Shares granted to the Holder. 
 2.4 No Impairment. The Company shall not, by amendment of the Certificate of Incorporation or through a reorganization, transfer of assets, consolidation, merger, dissolution, issue, or sale of securities or
any other voluntary action, avoid or seek to avoid the observance or performance of any of the Warrant terms that the Company is observe or perform, but shall at all times in good faith assist in carrying out of all the provisions of this
Article 2 and in taking all such action as may be necessary or appropriate to protect Holder’s rights under this Article 2 against impairment. 
 2.5 Fractional Shares. No fractional Shares shall be issuable upon exercise or conversion of this Warrant. If a fractional share interest arises upon any exercise or conversion of this Warrant, the Company
shall eliminate such fractional share interest by paying Holder the amount computed by multiplying the fractional interest by the fair market value of a full Share. 
 2.6 Certificate as to Adjustments. Upon each adjustment of the Warrant Price and the number of Shares subject hereto, the Company, at its expense, shall promptly compute such adjustments, and furnish Holder
with a certificate of its Chief Financial Officer setting forth such adjustments and the facts upon which such adjustments are based. The Company shall, upon written request, furnish Holder a certificate setting forth the Warrant Price and Share
number in effect upon the date thereof and the series of adjustments leading to such Warrant Price and Share number. 
 ARTICLE 3: REPRESENTATIONS AND
COVENANTS OF THE COMPANY. 
 3.1 Representations and Warranties. The Company represents and warrants to the Holder as follows:

 (a) The initial Warrant Price referenced on the first page of this Warrant is not greater than the price per share at which the Shares were
last issued in an arms-length transaction in which at least $500,000 of the Shares were sold. 
 (b) All Shares which may be issued upon the
exercise of the purchase right represented by this Warrant, and all securities, if any, issuable upon conversion of the Shares, if applicable, shall, upon issuance, be duly authorized, validly issued, fully paid and nonassessable, and free of any
liens and encumbrances except for restrictions on transfer provided for herein or under applicable federal and state securities laws and liens and encumbrances that Holder creates. 
  

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 (c) The Capitalization Table attached hereto as Attachment 2 is true and complete as of the Issue
Date. 
 3.2 Notice of Certain Events. If the Company proposes at any time (a) to declare any dividend or distribution upon any
of its stock, whether in cash, property, stock, or other securities and whether or not a regular cash dividend; (b) to effect any reclassification or recapitalization of any of its stock; or (c) to merge or consolidate with or into any
other corporation, or sell, lease, license, or convey all or substantially all of its assets, or to liquidate, dissolve or wind up, then, in connection with each such event, the Company shall give Holder: (1) at least 10 days prior written
notice of the date on which a record will be taken for such dividend or distribution (and specifying the date on which the holders of Common Stock or other securities will be entitled thereto) or for determining rights to vote, if any, in respect of
the matters referred to in (b) and (c) above; and (2) in the case of the matters referred to in (b) and (c) above at least 10 days prior written notice of the date when the same will take place (and specifying the date on
which the holders of Common Stock will be entitled to exchange their Common Stock for securities or other property deliverable upon the occurrence of such event). 
 3.3 Registration under Securities Act of 1933, as amended. The Company shall cause the Shares or, if the Shares are convertible into Common Stock, such Common Stock, to be “Registrable Securities” and
the Holder to be a “Holder” pursuant to the Company’s Fourth Amended and Restated Investors’ Rights Agreement, dated as of May 3, 2006, by and among the Company and the holders of the Company’s capital stock named
therein (the “Investors’ Rights Agreement”). The provisions set forth in the Company’s Investors’ Rights Agreement relating to the above in effect as of the Issue Date may not be amended, modified or waived without
the Holder’s prior written consent unless such amendment, modification or waiver affects the rights associated with the Shares in the same manner as such amendment, modification, or waiver affects the rights associated with all other shares of
the same series and class as the Shares granted to the Holder. 
 3.4 Information Rights. So long as the Holder holds this Warrant
and/or any of the Shares, the Company shall deliver to the Holder (a) promptly after mailing, copies of all communications with the Company’s stockholders, (b) within one hundred twenty (120) days after the end of each fiscal
year of the Company, prior to the IPO, and ninety (90) days after the end of each fiscal year of the Company, after the IPO, the Company’s annual audited financial statements, prepared in accordance with generally accepted accounting
principles (“GAAP”) and certified by independent public accountants of recognized national standing selected by Company, and (c) within thirty (30) days after the end of each month, an unaudited statement of operations and
consolidated balance sheet for and as of the end of such month, in reasonable detail (including comparisons to the operating budget) and prepared in accordance with GAAP, subject to (i) year end audit adjustments, (ii) the absence of
footnotes, (iii) a limitation that such GAAP presentation shall be made only to the extent commercially reasonable to do so for any financial statement delivered pursuant to this section, and (iv) the understanding that monthly financial
statements may not include updated valuations and other procedures that are required to prepare financial statements in accordance with GAAP but which are not customarily undertaken for monthly financial statements). The information rights set forth
in this Section 3.4 shall terminate and be of nor further force or effect upon the earlier to occur of (i) the IPO, or (ii) the Company becoming subject to the periodic reporting requirements of Sections 12(g) or 15(d) of the
Securities Exchange Act of 1934, as amended. 
 3.5 No Stockholder Rights. Except as provided in this Warrant, the Holder will not
have any rights as a stockholder of the Company until the exercise of this Warrant. 
 ARTICLE 4: REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE
HOLDER. 
 The Holder represents, warrants and covenants to the Company as follows: 
 4.1 Purchase for Own Account. This Warrant and the securities to be acquired upon exercise of this Warrant by the Holder will be acquired for
investment for the Holder’s account, not as a nominee or agent, and not with a view to the public resale or distribution within the meaning of the Securities Act of 1933, as amended (the “Act”). Holder also represents that the
Holder has not been formed for the specific purpose of acquiring this Warrant or the Shares and has no present intention of selling or otherwise distributing all or any portion of the Warrant or the Shares. 
  

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 4.2 Disclosure of Information. The Holder has received or has had full access to all the
information it considers necessary or appropriate to make an informed investment decision with respect to the acquisition of this Warrant and its underlying securities. The Holder further has had an opportunity to ask questions and receive answers
from the Company regarding the terms and conditions of the offering of this Warrant and its underlying securities and to obtain additional information (to the extent the Company possessed such information or could acquire it without unreasonable
effort or expense) necessary to verify any information furnished to the Holder or to which the Holder has access. 
 4.3 Investment
Experience. The Holder understands that the purchase of this Warrant and its underlying securities involves substantial risk. The Holder has experience as an investor in securities of companies in the development stage and acknowledges that the
Holder can bear the economic risk of such Holder’s investment in this Warrant and its underlying securities and has such knowledge and experience in financial or business matters that the Holder is capable of evaluating the merits and risks of
its investment in this Warrant and its underlying securities and/or has a preexisting personal or business relationship with the Company and certain of its officers, directors or controlling persons of a nature and duration that enables the Holder
to be aware of the character, business acumen and financial circumstances of such persons. 
 4.4 Accredited Investor Status. The
Holder is an “accredited investor” within the meaning of Regulation D promulgated under the Act. 
 4.5 The Act. The Holder
understands that this Warrant and the Shares issuable upon exercise or conversion hereof have not been registered under the Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature
of the Holder’s investment intent as expressed herein. The Holder understands that this Warrant and the Shares issued upon any exercise or conversion hereof must be held indefinitely unless subsequently registered under the Act and qualified
under applicable state securities laws, or unless exemption from such registration and qualification are otherwise available. The Holder recognizes that the Company has no obligation to register this Warrant or, except to the extent provided for in
the Investors’ Rights Agreement, the Shares, or to comply with any exemption from such registration. The Holder is aware that neither this Warrant nor the Shares may be sold pursuant to Rule 144 adopted under the Act unless certain conditions
are met, including, among other things, (i) the existence of a public market for the shares, (ii) the availability of certain current public information about the Company, (iii) the resale being made following the required holding
period under Rule 144, and (iv) potentially, the number of shares being sold during any three (3) month period not exceeding specified limits. The Holder is aware that Rule 144’s conditions for resale have not been satisfied and that
the Company presently has no plans to satisfy them in the foreseeable future. 
 4.6 “Market Stand-Off”
Agreement. Holder hereby agrees that it shall not sell, offer, pledge, contract to sell, grant any option or contract to purchase, purchase any option or contract to sell, grant any right or warrant to purchase, lend or otherwise transfer
or encumber, directly or indirectly, any Shares or other securities of the Company held by Holder, nor shall the Holder enter into any swap, hedging or other arrangement that transfers to another, in whole or in part, any of the economic
consequences of ownership of any Shares or other securities of the Company held by Holder during the one hundred eighty (180) day period following the effective date of a registration statement of the Company filed in connection with the IPO
(the “Lock-Up Period”); provided, however, that (i) all executive officers, directors and stockholders that hold one percent (1%) or more of the Common Stock (including on an as-converted basis any shares of Common
Stock issuable upon the conversion or exercise of any share of the Company’s preferred stock, warrant, right or other security) of the Company enter into similar agreements, (ii) if the Company or representatives of the underwriters waives
or terminates the restrictive provisions of the market stand-off agreements of the parties described in clause (i) of this proviso, then such discretionary waiver or termination shall apply to all holders subject to such market stand-off
agreements and the Holder on a pro rata basis based on the number of shares subject to such agreements and this Section 4.6, and (iii) for the purpose of compliance with NASD Rule 2711(f)(4), if (A) during the last 17 days of the
Lock-Up Period, the Company releases earnings results or material news or a material event relating to the Company occurs or (B) prior to the expiration of the Lock-Up Period, the Company announces that it will release earnings results during
the 16-day period beginning on the last day of the Lock-Up Period, then in each case, Holder hereby consents to an extension to the Lock-Up Period until the expiration of the 18-day period beginning on the date of release of the earnings results or
the occurrence of the material news or material event, as applicable, unless such extension is waived in writing. The Company may impose stop-transfer instructions and may stamp each such certificate with the second legend set 

  

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forth in Section 5.2 hereof with respect to the Shares or other securities of the Company held by Holder subject to the foregoing restriction until the
end of the Lock-Up Period. Holder agrees to execute a market standoff agreement with said underwriters in customary form consistent with the provisions of this Section 4.6. 
 ARTICLE 5: MISCELLANEOUS. 
 5.1 Term. This Warrant is exercisable in whole or in part at any
time and from time to time on or before the Expiration Date. 
 5.2 Legends. This Warrant and the Shares (and the securities issuable,
directly or indirectly, upon conversion of the Shares, if any) shall be imprinted with a legend in substantially the following form: 
 THIS
WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AND PURSUANT TO THE PROVISIONS OF ARTICLE 5 OF THIS WARRANT, MAY NOT BE OFFERED, SOLD OR
OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND APPLICABLE STATE SECURITIES LAW OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE
OR TRANSFER, PLEDGE OR HYPOTHECATION IS EXEMPT FROM REGISTRATION. 
 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A LOCK-UP
PERIOD FOLLOWING THE EFFECTIVE DATE OF THE REGISTRATION STATEMENT OF THE COMPANY FILED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, WITH RESPECT TO THE COMPANY’S INITIAL PUBLIC OFFERING, AS SET FORTH IN THAT CERTAIN WARRANT BETWEEN THE COMPANY
AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE COMPANY’S PRINCIPAL OFFICE. SUCH LOCK-UP PERIOD IS BINDING ON TRANSFEREES OF THESE SHARES. 
 5.3 Compliance with Securities Laws on Transfer. This Warrant and the Shares issuable upon exercise of this Warrant (and the securities issuable,
directly or indirectly, upon conversion of the Shares, if any) may not be transferred or assigned in whole or in part without compliance with applicable federal and state securities laws by the transferor and the transferee (including the delivery
of investment representation letters and legal opinions reasonably satisfactory to the Company, as reasonably requested by the Company). The Company shall not require Holder to provide an opinion of counsel if the transfer is to any affiliate of
Holder. Additionally, the Company shall also not require an opinion of counsel if there is no material question as to the availability of current information as referenced in Rule 144(c), Holder represents that it has complied with Rule
144(d) and (e) in reasonable detail, the selling broker represents that it has complied with Rule 144(f), and the Company is provided with a copy of Holder’s notice of proposed sale. 
 5.4 Transfer Procedure. Subject to the provisions of Section 5.3 and upon providing Company with written notice, Holder and any subsequent
Holder may transfer all or part of this Warrant or the Shares issuable upon exercise of this Warrant (or the shares issuable directly or indirectly, upon conversion of the Shares, if any) to any transferee, provided that in connection with any such
transfer, (i) Holder or any subsequent Holder gives the Company notice of the portion of this Warrant being transferred with the name, address and taxpayer identification number of the transferee and (ii) Holder surrender this Warrant to
the Company for reissuance to the transferee(s) (and Holder if applicable). 
 5.5 Notices. All notices and other communications from
the Company to the Holder, or vice versa, shall be deemed delivered and effective when given personally or mailed by first-class registered or certified mail, postage prepaid, at such address as may have been furnished to the Company or the Holder,
as the case may be, in 

  

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writing by the Company or such holder from time to time. Effective upon receipt of the fully executed Warrant, all notices to the Holder shall be addressed
as follows until the Company receives notice of a change of address in connection with a transfer or otherwise: 
 Escalate Capital I, L.P.

 2400 Sand Hill Road, Suite 201 
 Menlo Park, CA 94025 
 Attn: Jim Ellison 
 Notice to the Company shall be addressed as follows until the Holder receives notice of a change in address: 
 SenoRx, Inc. 
 11 Columbia, Suite A 
 Aliso Viejo, CA 92656 
 Attn: Chief Executive Officer 
 5.6 Waiver. This Warrant and any term hereof may be changed, waived, discharged or terminated only by an instrument in writing signed by the party
against which enforcement of such change, waiver, discharge or termination is sought. 
 5.7 Attorneys’ Fees. In the event of any
dispute between the parties concerning the terms and provisions of this Warrant, the party prevailing in such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including reasonable attorney’s fees.

 5.8 Automatic Conversion upon Expiration. If on the Expiration Date, the fair market value of one Share (or other security issuable
upon the exercise hereof) as determined in accordance with Section 1.3 is greater than the Warrant Price in effect on such date, then this Warrant shall automatically be deemed on and as of such date to be converted pursuant to Section 1.2
as to all Shares (or such other securities) for which it shall not previously have been exercised or converted, and the Company shall promptly deliver a certificate representing the Shares (or such other securities) issued upon such conversion to
the Holder. 
  

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 5.9 Counterparts. This Warrant may be executed in counterparts, all of which together shall
constitute one and the same agreement. 
 5.10 Governing Law. This Warrant shall be governed by and construed in accordance with the
laws of the State of California, without giving effect to its principles regarding conflicts of law. 
  

							
	SENORX, INC.	 	ESCALATE CAPITAL I, L.P.,
		 		 	a Delaware limited partnership
		 		 	By:	 	Escalate Capital Management I,
		 		 		 	its general partner
		 		 	By:	 	EC Management I, L.P.,
		 		 		 	a general partner
		 		 	By:	 	Escalate Capital Management Co., LLC,
		 		 		 	its general partner
				
	By:	 	 /s/ Lloyd H. Malchow
	 	By:	 	 /s/ James E. Ellison

				
	Name:	 	 Lloyd H. Malchow
	 	Name:	 	 James E. Ellison

		 	(Print)	 		 	(Print)
				
	Title:	 	 President & C.E.O.
	 	Title:	 	Member

  

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 ATTACHMENT 1 
 NOTICE OF EXERCISE 
 1. Holder elects to purchase
                     shares of the Common/Series C Preferred [strike one] Stock of SenoRx, Inc. pursuant to the terms of the attached Warrant,
and tenders payment of the purchase price of the shares in full. 
 [or] 
 1. Holder elects to convert the attached Warrant into Shares/cash [strike one] in the manner specified in the Warrant. This conversion is exercised for
                             of the Shares covered by the Warrant. 
 [Strike paragraph that does not apply.] 
 2.
Please issue a certificate or certificates representing the shares in the name specified below: 
  

	
	  

	Holders Name
	
	  

	
	  

	(Address)

 3. By its execution below and for the benefit of the Company, Holder hereby restates each of the
representations and warranties in Article 4 of the Warrant as the date hereof. 
  

			
	HOLDER:
	
	 ESCALATE CAPITAL I, L.P.

		
	 By:
	 	  

		
	 Name:
	 	  

		
	 Title:
	 	  

		
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 10 

 ATTACHMENT 2 
 [Intentionally Omitted] 
  

 11Employee Stock Purchase Plan

 Exhibit 10.4 
 SENORX, INC. 
 EMPLOYEE STOCK PURCHASE PLAN 
 1. Purpose. The purpose of the Plan is to provide employees of the Company and its Designated Subsidiaries with an opportunity to purchase Common
Stock of the Company through accumulated payroll deductions. It is the intention of the Company to have the Plan qualify as an “Employee Stock Purchase Plan” under Section 423 of the Code. The provisions of the Plan, accordingly,
shall be construed so as to extend and limit participation in a uniform and nondiscriminatory basis consistent with the requirements of Section 423. 
 2. Definitions. 
 (a) “Administrator” shall mean the Board or any
Committee designated by the Board to administer the plan pursuant to Section 14. 
 (b) “Board” shall
mean the Board of Directors of the Company. 
 (c) “Change in Control” means the occurrence of any of the
following events: 
 (i) Any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes
the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the total voting power represented by the Company’s then
outstanding voting securities; or 
 (ii) The consummation of the sale or disposition by the Company of all or substantially
all of the Company’s assets; or 
 (iii) A change in the composition of the Board occurring within a two-year period, as
a result of which fewer than a majority of the directors are Incumbent Directors. “Incumbent Directors” means directors who either (A) are Directors as of the effective date of the Plan, or (B) are elected, or nominated for
election, to the Board with the affirmative votes of at least a majority of the Directors at the time of such election or nomination (but will not include an individual whose election or nomination is in connection with an actual or threatened proxy
contest relating to the election of directors to the Company); or 
 (iv) The consummation of a merger or consolidation of the
Company with any other corporation, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted
into voting securities of the surviving entity or its parent) at least fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity or its parent outstanding immediately after such
merger or consolidation. 
 (d) “Code” shall mean the Internal Revenue Code of 1986, as amended. 

 

 (e) “Committee” means a committee of the Board appointed in accordance
with Section 14 hereof. 
 (f) “Common Stock” shall mean the common stock of the Company. 
 (g) “Company” shall mean SenoRx, Inc., a Delaware corporation. 
 (h) “Compensation” shall mean all base straight time gross earnings, commissions, overtime and shift premium, but
exclusive of payments for incentive compensation, bonuses and other compensation. 
 (i) “Designated
Subsidiary” shall mean any Subsidiary selected by the Administrator as eligible to participate in the Plan. 
 (j)
“Director” shall mean a member of the Board. 
 (k) “Eligible Employee” shall mean any
individual who is a common law employee of the Company or any Designated Subsidiary and whose customary employment with the Company or Designated Subsidiary is at least twenty (20) hours per week and more than five (5) months in any
calendar year. For purposes of the Plan, the employment relationship shall be treated as continuing intact while the individual is on sick leave or other leave of absence approved by the Company. Where the period of leave exceeds 90 days and the
individual’s right to reemployment is not guaranteed either by statute or by contract, the employment relationship shall be deemed to have terminated on the 91st day of such leave. 
 (l) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 
 (m) “Exercise Date” shall mean the first Trading Day on or after March 31st and September 30th of each year. The first Exercise Date under the Plan shall be September 30, 2007. 
 (n) “Fair
Market Value” shall mean, as of any date and unless the Administrator determines otherwise, the value of Common Stock determined as follows: 
 (i) If the Common Stock is listed on any established stock exchange or a national market system, including without limitation the Nasdaq National Market, its Fair Market Value shall be the closing sales price for such
stock (or the closing bid, if no sales were reported) as quoted on such exchange or system on the date of determination, as reported in The Wall Street Journal or such other source as the Board deems reliable; 
 (ii) If the Common Stock is regularly quoted by a recognized securities dealer but selling prices are not reported, its Fair Market Value
shall be the mean of the closing bid and asked prices for the Common Stock on the date of determination, as reported in The Wall Street Journal or such other source as the Board deems reliable; 
 (iii) In the absence of an established market for the Common Stock, the Fair Market Value thereof shall be determined in good faith by the
Board; or 
  

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 (iv) For purposes of the Offering Date of the first Offering Period under the Plan, the
Fair Market Value shall be the initial price to the public as set forth in the final prospectus included within the registration statement on Form S-1 filed with the Securities and Exchange Commission for the initial public offering of the
Company’s Common Stock (the “Registration Statement”). 
 (o) “Fiscal Year” means the fiscal
year of the Company. 
 (p) “Offering Date” shall mean the first Trading Day of each Offering Period.

 (q) “Offering Periods” shall mean the periods of approximately six (6) months during which an option
granted pursuant to the Plan may be exercised, commencing on the first Trading Day on or after April 1st and
October 1st of each year and terminating on the first Trading Day on or after the subsequent Offering Period
commencement date approximately six months later; provided, however, that the first Offering Period under the Plan shall commence with the first Trading Day on or after the date on which the Securities and Exchange Commission declares the
Company’s registration statement on Form S-1 effective and end on the first Trading Day on or after September 30, 2007 and the second Offering Period under the Plan shall commence with the first Trading Day on or after October 1,
2007. The duration and timing of Offering Periods may be changed pursuant to Section 4 of this Plan. 
 (r)
“Plan” shall mean this SenoRx, Inc. Employee Stock Purchase Plan. 
 (s) “Purchase Price”
shall mean an amount equal to eighty-five percent (85%) of the Fair Market Value of a share of Common Stock on the Offering Date or on the Exercise Date, whichever is lower; provided however, that the Purchase Price may be determined for
subsequent Offering Periods by the Administrator subject to compliance with Section 423 of the Code (or any successor rule or provision or any other applicable law, regulation or stock exchange rule) or pursuant to Section 20. 

(t) “Subsidiary” shall mean a “subsidiary corporation,” whether now or hereafter existing, as defined in
Section 424(f) of the Code. 
 (u) “Trading Day” shall mean a day on which the national stock exchange
upon which the Company Common Stock is listed is open for trading. 
 3. Eligibility. 
 (a) First Offering Period. Any individual who is an Eligible Employee immediately prior to the first Offering Period shall be
automatically enrolled in the first Offering Period. 
 (b) Subsequent Offering Periods. Any Eligible Employee on a
given Offering Date shall be eligible to participate in the Plan. 
 (c) Limitations. Any provisions of the Plan to the
contrary notwithstanding, no Eligible Employee shall be granted an option under the Plan (i) to the extent that, immediately after the grant, such Eligible Employee (or any other person whose stock would be attributed to such 

  

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Eligible Employee pursuant to Section 424(d) of the Code) would own capital stock of the Company and/or hold outstanding options to purchase such stock
possessing five percent (5%) or more of the total combined voting power or value of all classes of the capital stock of the Company or of any Subsidiary, or (ii) to the extent that his or her rights to purchase stock under all employee
stock purchase plans of the Company and its subsidiaries accrues at a rate which exceeds Twenty-Five Thousand Dollars ($25,000) worth of stock (determined at the fair market value of the shares at the time such option is granted) for each calendar
year in which such option is outstanding at any time. 
 4. Offering Periods. The Plan shall be implemented by consecutive Offering
Periods with a new Offering Period commencing on the first Trading Day on or after April 1st and
October 1st each year, or on such other date as the Board shall determine; provided, however, that the first
Offering Period under the Plan shall commence with the first Trading Day on or after the date upon which the Company’s Registration Statement is declared effective by the Securities and Exchange Commission and end on the first Trading Day on or
after September 30, 2007. The Board shall have the power to change the duration of Offering Periods (including the commencement dates thereof) with respect to future offerings without stockholder approval if such change is announced prior to
the scheduled beginning of the first Offering Period to be affected thereafter. 
 5. Participation. 
 (a) First Offering Period. An Eligible Employee shall be entitled to participate in the first Offering Period only if such
individual submits a subscription agreement authorizing payroll deductions in a form determined by the Administrator (which may be similar to the form attached hereto as Exhibit A) to the Company’s designated plan administrator
(i) no earlier than the effective date of the Form S-8 registration statement with respect to the issuance of Common Stock under this Plan and (ii) no later than twenty (20) business days following the effective date of such S-8
registration statement (the “Enrollment Window”). An Eligible Employee’s failure to submit the subscription agreement during the Enrollment Window shall result in the automatic termination of such individual’s
participation in the Offering Period. 
 (b) Subsequent Offering Periods. An Eligible Employee may become a participant
in the Plan by completing a subscription agreement in a form determined by the Administrator (which may be similar to the form attached hereto as Exhibit A) and filing it with the Company’s designated Plan administrator prior to the
applicable Offering Date. 
 6. Payroll Deductions. 
 (a) At the time a participant files his or her subscription agreement, he or she shall elect to have payroll deductions made on each pay
day during the Offering Period in an amount not exceeding 10% of the Compensation which he or she receives on each pay day during the Offering Period; provided, however, that should a pay day occur on an Exercise Date, a participant shall have the
payroll deductions made on such day applied to his or her account under the new Offering Period. A participant’s subscription agreement shall remain in effect for successive Offering Periods unless terminated as provided in Section 10
hereof. 
 (b) Payroll deductions for a participant shall commence on the first pay day following the Offering Date and shall
end on the last pay day in the Offering Period to which such 

  

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authorization is applicable, unless sooner terminated by the participant as provided in Section 10 hereof; provided, however, that for the first
Offering Period, payroll deductions shall commence on the first pay day on or following the end of the Enrollment Window. 
 (c) All payroll deductions made for a participant shall be credited to his or her account under the Plan and shall be withheld in whole percentages only. A participant may not make any additional payments into such account. 
 (d) A participant may discontinue his or her participation in the Plan as provided in Section 10 hereof, or may increase or decrease
the rate of his or her payroll deductions during the Offering Period by completing or filing with the Company a new subscription agreement authorizing a change in payroll deduction rate. The Administrator may, in its discretion, limit the nature
and/or number of participation rate changes during any Offering Period. The change in rate shall be effective with the first full payroll period following five (5) business days after the Company’s receipt of the new subscription agreement
unless the Company elects to process a given change in participation more quickly. 
 (e) Notwithstanding the foregoing, to
the extent necessary to comply with Section 423(b)(8) of the Code and Section 3(c) hereof, a participant’s payroll deductions may be decreased to zero percent (0%) at any time during an Offering Period. Payroll deductions shall
recommence at the rate provided in such participant’s subscription agreement at the beginning of the first Offering Period which is scheduled to end in the following calendar year, unless terminated by the participant as provided in
Section 10 hereof. 
 (f) At the time the option is exercised, in whole or in part, or at the time some or all of the
Company’s Common Stock issued under the Plan is disposed of, the participant must make adequate provision for the Company’s or its Subsidiary’s federal, state, or any other tax liability payable to any authority, national insurance,
social security or other tax withholding obligations, if any, which arise upon the exercise of the option or the disposition of the Common Stock. At any time, the Company or its Subsidiary may, but shall not be obligated to, withhold from the
participant’s compensation the amount necessary for the Company or its Subsidiary to meet applicable withholding obligations, including any withholding required to make available to the Company or its Subsidiary any tax deductions or benefits
attributable to sale or early disposition of Common Stock by the Eligible Employee. 
 7. Grant of Option. On the Offering Date of
each Offering Period, each Eligible Employee participating in such Offering Period shall be granted an option to purchase on each Exercise Date during such Offering Period (at the applicable Purchase Price) up to a number of shares of the
Company’s Common Stock determined by dividing such Eligible Employee’s payroll deductions accumulated prior to such Exercise Date by the applicable Purchase Price; provided that in no event shall an Eligible Employee be permitted to
purchase during each Offering Period more than 1,000 shares of the Company’s Common Stock (subject to any adjustment pursuant to Section 19), and provided further that such purchase shall be subject to the limitations set forth in Sections
3(c) and 13 hereof. The Eligible Employee may accept the grant of such option by turning in a completed Subscription Agreement (attached hereto as Exhibit A) to the Company on or prior to an Offering Date, or with respect to the first
Offering Period, prior to the last day of the Enrollment Window. The Administrator may, for future Offering Periods, increase or decrease, in its absolute discretion, 

  

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the maximum number of shares of the Company’s Common Stock an Eligible Employee may purchase during each Offering Period. Exercise of the option shall
occur as provided in Section 8 hereof, unless the participant has withdrawn pursuant to Section 10 hereof. The option shall expire on the last day of the Offering Period. 
 8. Exercise of Option. 
 (a) Unless a participant withdraws from the Plan as provided in Section 10 hereof, his or her option for the purchase of shares shall be exercised automatically on the Exercise Date, and the maximum number of full shares subject to
option shall be purchased for such participant at the applicable Purchase Price with the accumulated payroll deductions in his or her account. No fractional shares shall be purchased; any payroll deductions accumulated in a participant’s
account which are not sufficient to purchase a full share shall be retained in the participant’s account for the subsequent Offering Period, subject to earlier withdrawal by the participant as provided in Section 10 hereof. Any other funds
left over in a participant’s account after the Exercise Date shall be returned to the participant. During a participant’s lifetime, a participant’s option to purchase shares hereunder is exercisable only by him or her. 
 (b) If the Administrator determines that, on a given Exercise Date, the number of shares with respect to which options are to be exercised
may exceed (i) the number of shares of Common Stock that were available for sale under the Plan on the Offering Date of the applicable Offering Period, or (ii) the number of shares available for sale under the Plan on such Exercise Date,
the Administrator may in its sole discretion provide that the Company shall make a pro rata allocation of the shares of Common Stock available for purchase on such Exercise Date in as uniform a manner as shall be practicable and as it shall
determine in its sole discretion to be equitable among all participants exercising options to purchase Common Stock on such Exercise Date. The Company may make a pro rata allocation of the shares available on the Offering Date of any applicable
Offering Period pursuant to the preceding sentence, notwithstanding any authorization of additional shares for issuance under the Plan by the Company’s stockholders subsequent to such Offering Date. 
 9. Delivery. As soon as reasonably practicable after each Exercise Date on which a purchase of shares occurs, the Company shall arrange the
delivery to each participant the shares purchased upon exercise of his or her option in a form determined by the Administrator. 
 10.
Withdrawal. 
 (a) A participant may withdraw all but not less than all the payroll deductions credited to his or her
account and not yet used to exercise his or her option under the Plan at any time by giving written notice to the Company in the form determined by the Administrator (which may be similar to the form attached as Exhibit B to this Plan). All
of the participant’s payroll deductions credited to his or her account shall be paid to such participant promptly after receipt of notice of withdrawal and such participant’s option for the Offering Period shall be automatically
terminated, and no further payroll deductions for the purchase of shares shall be made for such Offering Period. If a participant withdraws from an Offering Period, payroll deductions shall not resume at the beginning of the succeeding Offering
Period unless the participant delivers to the Company a new subscription agreement. 
  

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 (b) A participant’s withdrawal from an Offering Period shall not have any effect
upon his or her eligibility to participate in any similar plan which may hereafter be adopted by the Company or in succeeding Offering Periods which commence after the termination of the Offering Period from which the participant withdraws.

 11. Termination of Employment. Upon a participant’s ceasing to be an Eligible Employee, for any reason, he or she shall be
deemed to have elected to withdraw from the Plan and the payroll deductions credited to such participant’s account during the Offering Period but not yet used to purchase shares of Common Stock under the Plan shall be returned to such
participant or, in the case of his or her death, to the person or persons entitled thereto under Section 15, and such participant’s option shall be automatically terminated. 
 12. Interest. No interest shall accrue on the payroll deductions of a participant in the Plan. 
 13. Stock. 
 (a)
Subject to adjustment upon changes in capitalization of the Company as provided in Section 19 hereof, the maximum number of shares of the Company’s Common Stock which shall be made available for sale under the Plan shall be 550,000 shares.

 (b) Until the shares are issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized
transfer agent of the Company), a participant shall only have the rights of an unsecured creditor with respect to such shares, and no right to vote or receive dividends or any other rights as a stockholder shall exist with respect to such shares.

 (c) Shares to be delivered to a participant under the Plan shall be registered in the name of the participant or in the
name of the participant and his or her spouse. 
 14. Administration. The Plan will be administered by an Administrator which shall be
either (A) the Board or (B) a Committee appointed by the Board, which committee will be constituted to satisfy all applicable law. The Administrator shall administer the Plan and shall have full and exclusive discretionary authority to
construe, interpret and apply the terms of the Plan, to determine eligibility and to adjudicate all disputed claims filed under the Plan. Every finding, decision and determination made by the Administrator shall, to the full extent permitted by law,
be final and binding upon all parties. Notwithstanding any provision to the contrary in this Plan, the Administrator may adopt rules or procedures relating to the operation and administration of the Plan to accommodate the specific requirements of
local laws and procedures for jurisdictions outside of the United States. Without limiting the generality of the foregoing, the Administrator is specifically authorized to adopt rules and procedures regarding eligibility to participate, the
definition of Compensation, handling of payroll deductions, making of contributions to the Plan (including, without limitation, in forms other than payroll deductions), establishment of bank or trust accounts to hold payroll deductions, payment of
interest, conversion of local currency, obligations to pay payroll tax, determination of beneficiary designation requirements, withholding procedures and handling of stock certificates which vary with local requirements. 
  

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 15. Designation of Beneficiary. 
 (a) A participant may file a designation of a beneficiary who is to receive any shares and cash, if any, from the participant’s
account under the Plan in the event of such participant’s death subsequent to an Exercise Date on which the option is exercised but prior to delivery to such participant of such shares and cash. In addition, a participant may file a designation
of a beneficiary who is to receive any cash from the participant’s account under the Plan in the event of such participant’s death prior to exercise of the option. If a participant is married and the designated beneficiary is not the
spouse, spousal consent shall be required for such designation to be effective. 
 (b) Such designation of beneficiary may be
changed by the participant at any time by notice in a form determined by the Administrator. In the event of the death of a participant and in the absence of a beneficiary validly designated under the Plan who is living at the time of such
participant’s death, the Company shall deliver such shares and/or cash to the executor or administrator of the estate of the participant, or if no such executor or administrator has been appointed (to the knowledge of the Company), the Company,
in its discretion, may deliver such shares and/or cash to the spouse or to any one or more dependents or relatives of the participant, or if no spouse, dependent or relative is known to the Company, then to such other person as the Company may
designate. 
 (c) All beneficiary designations shall be in such form and manner as the Administrator may designate from time
to time. 
 16. Transferability. Neither payroll deductions credited to a participant’s account nor any rights with regard to the
exercise of an option or to receive shares under the Plan may be assigned, transferred, pledged or otherwise disposed of in any way (other than by will, the laws of descent and distribution or as provided in Section 15 hereof) by the
participant. Any such attempt at assignment, transfer, pledge or other disposition shall be without effect, except that the Company may treat such act as an election to withdraw funds from an Offering Period in accordance with Section 10
hereof. 
 17. Use of Funds. All payroll deductions received or held by the Company under the Plan may be used by the Company for any
corporate purpose, and the Company shall not be obligated to segregate such payroll deductions. Until shares are issued, participants shall only have the rights of an unsecured creditor. 
 18. Reports. Individual accounts shall be maintained for each participant in the Plan. Statements of account shall be given to participating
Eligible Employees at least annually, which statements shall set forth the amounts of payroll deductions, the Purchase Price, the number of shares purchased and the remaining cash balance, if any. 
  

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 19. Adjustments Upon Changes in Capitalization, Dissolution, Liquidation, Merger or Change in
Control. 
 (a) Changes in Capitalization. Subject to any required action by the stockholders of the Company, the
maximum number of shares of the Company’s Common Stock which shall be made available for sale under the Plan, the maximum number of shares each participant may purchase each Offering Period (pursuant to Section 7), as well as the price per
share and the number of shares of Common Stock covered by each option under the Plan which has not yet been exercised shall be proportionately adjusted for any increase or decrease in the number of issued shares of Common Stock resulting from a
stock split, reverse stock split, stock dividend, combination or reclassification of the Common Stock, or any other change in the number of shares of Common Stock effected without receipt of consideration by the Company; provided, however, that
conversion of any convertible securities of the Company shall not be deemed to have been “effected without receipt of consideration.” Such adjustment shall be made by the Administrator, whose determination in that respect shall be final,
binding and conclusive. Except as expressly provided herein, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made
with respect to, the number or price of shares of Common Stock subject to an option. 
 (b) Dissolution or Liquidation.
In the event of the proposed dissolution or liquidation of the Company, the Offering Period then in progress shall be shortened by setting a new Exercise Date (the “New Exercise Date”), and shall terminate immediately prior to the
consummation of such proposed dissolution or liquidation, unless provided otherwise by the Administrator. The New Exercise Date shall be before the date of the Company’s proposed dissolution or liquidation. The Administrator shall notify each
participant in writing, at least ten (10) business days prior to the New Exercise Date, that the Exercise Date for the participant’s option has been changed to the New Exercise Date and that the participant’s option shall be exercised
automatically on the New Exercise Date, unless prior to such date the participant has withdrawn from the Offering Period as provided in Section 10 hereof. 
 (c) Merger or Change in Control. In the event of a merger or Change in Control, each outstanding option shall be assumed or an
equivalent option substituted by the successor corporation or a Parent or Subsidiary of the successor corporation. In the event that the successor corporation refuses to assume or substitute for the option, the Offering Period then in progress shall
be shortened by setting a New Exercise Date and shall end on the New Exercise Date. The New Exercise Date shall be before the date of the Company’s proposed merger or Change in Control. The Administrator shall notify each participant in
writing, at least ten (10) business days prior to the New Exercise Date, that the Exercise Date for the participant’s option has been changed to the New Exercise Date and that the participant’s option shall be exercised automatically
on the New Exercise Date, unless prior to such date the participant has withdrawn from the Offering Period as provided in Section 10 hereof. 
 20. Amendment or Termination. 
 (a) The Administrator may at any time and for any reason terminate or amend
the Plan. Except as provided in Section 19 and this Section 20 hereof, no amendment may make any 

  

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change in any option theretofore granted which adversely affects the rights of any participant unless their consent is obtained. To the extent necessary to
comply with Section 423 of the Code (or any successor rule or provision or any other applicable law, regulation or stock exchange rule), the Company shall obtain stockholder approval of any amendment in such a manner and to such a degree as
required. 
 (b) Without stockholder approval and without regard to whether any participant rights may be considered to have
been “adversely affected,” the Administrator shall be entitled to change the Offering Periods, limit the frequency and/or number of changes in the amount withheld during an Offering Period, establish the exchange ratio applicable to
amounts withheld in a currency other than U.S. dollars, permit payroll withholding in excess of the amount designated by a participant in order to adjust for delays or mistakes in the Company’s processing of properly completed withholding
elections, establish reasonable waiting and adjustment periods and/or accounting and crediting procedures to ensure that amounts applied toward the purchase of Common Stock for each participant properly correspond with amounts withheld from the
participant’s Compensation, and establish such other limitations or procedures as the Administrator determines in its sole discretion advisable which are consistent with the Plan. 
 (c) Without regard to whether any participant’s rights may be considered to have been “adversely affected”, in the event
the Administrator determines that the ongoing operation of the Plan may result in unfavorable financial accounting consequences, the Board may, in its discretion and, to the extent necessary or desirable, modify or amend the Plan to reduce or
eliminate such accounting consequence including: 
 (i) increasing the Purchase Price for any Offering Period including an
Offering Period underway at the time of the change in Purchase Price; 
 (ii) shortening any Offering Period so that Offering
Period ends on a new Exercise Date, including an Offering Period underway at the time of the Board action; and 
 (iii)
reducing the number of shares that may be purchased upon exercise of outstanding options. 
 Such modifications or
amendments shall not require stockholder approval or the consent of any Plan participants. 
 21. Notices. All notices or other
communications by a participant to the Company under or in connection with the Plan shall be deemed to have been duly given when received in the form and manner specified by the Company at the location, or by the person, designated by the Company
for the receipt thereof. 
 22. Conditions Upon Issuance of Shares. Shares shall not be issued with respect to an option unless the
exercise of such option and the issuance and delivery of such shares pursuant thereto shall comply with all applicable provisions of law, domestic or foreign, including, without limitation, the Securities Act of 1933, as amended, the Exchange Act,
the rules and regulations promulgated thereunder, and the requirements of any stock exchange upon which the shares may then be listed, and shall be further subject to the approval of counsel for the Company with respect to such compliance.

  

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 As a condition to the exercise of an option, the Company may require the person exercising such option to
represent and warrant at the time of any such exercise that the shares are being purchased only for investment and without any present intention to sell or distribute such shares if, in the opinion of counsel for the Company, such a representation
is required by any of the aforementioned applicable provisions of law. 
 23. Term of Plan. The Plan shall become effective upon the
earlier to occur of its adoption by the Board of Directors or its approval by the stockholders of the Company. It shall continue in effect until the later of (i) the date it is terminated under Section 20 hereof or (ii) the date which
is ten (10) years after the date such Plan is approved by the Board. 
 24. Stockholder Approval. The Plan will be subject to
approval by the stockholders of the Company within twelve (12) months after the date the Plan is adopted by the Board. Such stockholder approval will be obtained in the manner and to the degree required under Applicable Laws. 
  

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 EXHIBIT A 
 SENORX, INC. 
 EMPLOYEE STOCK PURCHASE PLAN 
 SUBSCRIPTION AGREEMENT 
  

			
	            Original Application
	  	Offering Date:                        
	            Change in Payroll Deduction Rate
	  	
	            Change of Beneficiary(ies)
	  	

  

	1.	                                      
   hereby elects to participate in the SenoRx, Inc. Employee Stock Purchase Plan (the “Employee Stock Purchase Plan”) and subscribes to purchase shares of SenoRx, Inc.’s (the “Company”) Common Stock in
accordance with this Subscription Agreement and the Employee Stock Purchase Plan. 

  

	2.	I hereby authorize payroll deductions from each paycheck in the amount of         % of my Compensation on each pay day (from 0 to 10%)
during the Offering Period in accordance with the Employee Stock Purchase Plan. (Please note that no fractional percentages are permitted.) 

  

	3.	I understand that said payroll deductions shall be accumulated for the purchase of shares of Common Stock at the applicable Purchase Price determined in accordance with the Employee
Stock Purchase Plan. I understand that if I do not withdraw from an Offering Period, any accumulated payroll deductions will be used to automatically exercise my option and purchase Common Stock under the Employee Stock Purchase Plan.

  

	4.	I have received a copy of the complete Employee Stock Purchase Plan and its accompanying prospectus. I understand that my participation in the Employee Stock Purchase Plan is in all
respects subject to the terms of the Plan. 

  

	5.	Shares purchased for me under the Employee Stock Purchase Plan should be issued in the name(s) of (Eligible Employee or Eligible Employee and Spouse only). 

 

	6.	 I understand that if I dispose of any shares received by me pursuant to the Employee Stock Purchase Plan within 2 years after the Offering Date (the first day of
the Offering Period during which I purchased such shares) or one year after the Exercise Date, I will be treated for federal income tax purposes as having received ordinary income at the time of such disposition in an amount equal to the excess of
the fair market value of the shares at the time such shares were purchased by me over the price which I paid for the shares. I hereby agree to notify the Company in writing within 30 days after the date of any disposition of my shares and I will
make adequate provision for Federal, state or other tax withholding 

	 	 
obligations, if any, which arise upon the disposition of the Common Stock. The Company may, but will not be obligated to, withhold from my
compensation the amount necessary to meet any applicable withholding obligation including any withholding necessary to make available to the Company any tax deductions or benefits attributable to sale or early disposition of Common Stock by me. If I
dispose of such shares at any time after the expiration of the 2-year and 1-year holding periods, I understand that I will be treated for federal income tax purposes as having received income only at the time of such disposition, and that such
income will be taxed as ordinary income only to the extent of an amount equal to the lesser of (1) the excess of the fair market value of the shares at the time of such disposition over the purchase price which I paid for the shares, or
(2) 15% of the fair market value of the shares on the first day of the Offering Period. The remainder of the gain, if any, recognized on such disposition will be taxed as capital gain. 

  

	7.	I hereby agree to be bound by the terms of the Employee Stock Purchase Plan. The effectiveness of this Subscription Agreement is dependent upon my eligibility to participate in the
Employee Stock Purchase Plan. 

  

	8.	In the event of my death, I hereby designate the following as my beneficiary(ies) to receive all payments and shares due me under the Employee Stock Purchase Plan:

  

			
	 NAME: (Please print)
	  	  
		  	(First)                                 (Middle)
                                (Last)

  

					
	  	 		  	  
	 Relationship
	 		  	
	  	 		  	  
	 Percentage Benefit
	 		  	 (Address)

  

			
	 NAME: (please print)
	  	  
		  	(First)                                 (Middle)
                                (Last)

  

					
	  	 		  	  
	 Relationship
	 		  	
	  	 		  	  
	 Percentage of Benefit
	 		  	 (Address)

  

 -2- 

					
	 Employee’s Social
 Security Number:
	 		 	   
			
	 Employee’s Address:
	 		 	   
			
	 	 		 	   
			
	 	 		 	   
	 	 		 	 

 I UNDERSTAND THAT THIS SUBSCRIPTION AGREEMENT SHALL REMAIN IN EFFECT THROUGHOUT SUCCESSIVE OFFERING PERIODS UNLESS
TERMINATED BY ME. 
  

									
				
	Dated:	 	  	 		 	  
		 		 		 	Signature of Employee
				
		 		 		 	  
		 		 		 	Spouse’s Signature (If beneficiary other than spouse)

  

 -3- 

 EXHIBIT B 
 SENORX, INC. 
 EMPLOYEE STOCK PURCHASE PLAN 
 NOTICE OF WITHDRAWAL 
 The undersigned
participant in the Offering Period of the SenoRx, Inc. Employee Stock Purchase Plan that began on ____________, ______ (the “Offering Date”) hereby notifies the Company that he or she hereby withdraws from the Offering Period. He or she
hereby directs the Company to pay to the undersigned as promptly as practicable all the payroll deductions credited to his or her account with respect to such Offering Period. The undersigned understands and agrees that his or her option for such
Offering Period will be automatically terminated. The undersigned understands further that no further payroll deductions will be made for the purchase of shares in the current Offering Period and the undersigned shall be eligible to participate in
succeeding Offering Periods only by delivering to the Company a new Subscription Agreement. 
  

	
	Name and Address of Participant:
	
	   
	
	   
	
	   
	

  

			
	Signature:
	
	  
		
	Date:

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