Document:

First Amendment to Loan & Security Agmt (EX-IM Loan Facility), dated 2/2/2011

 Exhibit 10.26 
 FIRST AMENDMENT 
 TO 

LOAN AND SECURITY AGREEMENT 
 THIS FIRST AMENDMENT to Loan and Security Agreement (this “Amendment”) is entered into this 2nd day of February, 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 the same may from time to time be 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) increase the amount available to be borrowed,
(ii) extend the maturity date, and (iii) 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 2.1.2
(Letters of Credit Sublimit). Section 2.1.2(a) is hereby amended to replace the reference to “Five Hundred Thousand Dollars ($500,000)” with “Two Million Dollars ($2,000,000)”. 

2.2 Section 2.1.3 (Foreign Exchange Sublimit). Section 2.1.3 is hereby amended to replace the reference to
“Five Hundred Thousand Dollars ($500,000)” with “Two Million Dollars ($2,000,000)”. 
 2.3
Section 2.1.4 (Cash Management Services Sublimit). Section 2.1.4 is hereby amended to replace the reference to “Five Hundred Thousand Dollars ($500,000)” with “Two Million Dollars ($2,000,000)”. 

2.4 Section 2.1.6 (Facility B Term Advances). New Section 2.1.6 is hereby added as follows: 

“2.1.6 Facility B Term Advances. 

(a) Availability. Subject to the terms and conditions of this Agreement, during the Facility B Draw Period, and
upon written request by Borrower, Bank shall make up to three (3) advances (each, a “Facility B Term Advance” and, collectively, “Facility B Term  

 Advances”) not exceeding Two Million Dollars ($2,000,000) in
the aggregate. Each Facility B Term Advance shall be in amount not less than Five Hundred Thousand Dollars ($500,000). 
 (b) Repayment. The Facility B Term Advances shall be interest only through the end of the Facility B Draw Period Any Facility B Term Advances that are outstanding as of the last day of the Facility
B Draw Period shall be payable in (i) twenty seven (27) equal payments of principal plus (ii) monthly payments of accrued interest beginning on October 1, 2011 and continuing on the first day of each month thereafter. All unpaid
principal and interest on each Facility B Term Advance shall be due on the Facility B Term Maturity Date. 
 (c)
Prepayment. At Borrower’s option, Borrower shall have the option to prepay all, but not less than all, of the Facility B Term Advances advanced by Bank under this Agreement provided Borrower (a) provides written notice to
Bank of its election to prepay the Facility B Term Advances at least ten (10) days prior to such prepayment, and (b) pays, on the date of the prepayment (i) all accrued and unpaid interest with respect to the Facility B Term Advances
through the date the prepayment is made; (ii) all unpaid principal with respect to the Facility B Term Advances; (iii) the Facility B Make Whole Premium; and (iv) all other sums, if any, that shall have become due and payable
hereunder with respect to this Agreement; provided however, the Facility B Make Whole Premium shall not be payable if Borrower refinances the Facility B Term Advances with another division of Bank.” 

2.5 Section 2.3 (Payment of Interest on the Credit Extensions). Section 2.3(a)(i) is amended in its entirety and
replaced with the following: 
 “(i) Advances. Subject to Section 2.3(b), the principal amount
outstanding under the Revolving Line shall accrue interest at a floating per annum rate equal to three quarters of one percent (0.75%) above the WSJ Prime Rate which interest shall be payable monthly in accordance with Section 2.3(f)
below.” 
 2.6 Section 2.3 (Payment of Interest on the Credit Extensions). New Section 2.3(a)(iii)
is hereby added as follows: 
 “(iii) Facility B Term Advances. Subject to Section 2.3(b), the
principal amount outstanding for each Facility B Term Advance shall accrue interest at a floating per annum rate equal to the greater of (I) one and one quarter percent (1.25%) above the WSJ Prime Rate or (II) four and one half percent
(4.50%) which interest shall be payable monthly in accordance with Section 2.3(f) below.” 
 2.7
Section 2.4 (Fees). Sections 2.4(d) is hereby renumbered to be Section 2.4(e) and new Sections 2.4(c) and 2.4(d) are hereby amended in their entirety and replaced with the following: 

“(c) Make-Whole Premiums. (i) The Make-Whole Premium when due pursuant to the terms of
Section 2.1.5(c); and (ii) The Facility B Make-Whole Premium when due pursuant to the terms of Section 2.1.6(c); 
 (d) Unused Fee. A fee (the “Unused Fee”), payable quarterly, in arrears, on a calendar year basis, in an amount equal to one quarter of one percent (0.25%) per annum of the average
daily unused petition of the Revolving Line taking into account all outstanding Credit Extensions thereunder, as determined by Bank. Borrower shall not be entitled to any credit, rebate or 

  
 2 

 
repayment of any Unused Fee previously earned by Bank pursuant to this Section notwithstanding any termination of the Agreement or the suspension or termination of Bank’s obligation to make
loans and advances hereunder; and” 
 2.8 Section 5.3 Accounts Receivable; Inventory.
Section 5.3(c) is amended in its entirety and replaced with the following: 
 “(c) For any item of
Inventory consisting of EX-IM Eligible Foreign Inventory or Eligible Domestic Inventory in any Borrowing Base Certificate, such Inventory (i) consists of (A) finished goods, in good, new, and salable condition, which is not perishable,
returned, consigned, obsolete, not sellable, damaged, or defective, and is not comprised of demonstrative or custom inventory, packaging or shipping materials, or supplies or (B) raw materials or works in process; (ii) meets all applicable
governmental standards; (iii) has been manufactured in compliance with the Fair Labor Standards Act; (iv) is not subject to any Liens, except the first priority Liens granted or in favor of Bank under this Agreement or any of the other
Loan Documents; and (v) is located at the locations identified by Borrower in the Perfection Certificate where it maintains Inventory or such other locations as updated from time to time by written notice to Bank and for which an effective
landlord waiver or bailee agreement in form and substance acceptable to Bank is in place.” 
 2.9
Section 6.6 (Operating Accounts). Section 6.6(b) is hereby amended to replace the reference to “Seven Hundred Fifty Thousand Dollars ($750,000)” with “Four Hundred Thousand Dollars ($400,000)”. 

2.10 Section 6.7 (Financial Covenants). Section 6.7 is amended in its entirety and replaced with the following:

 “6.7 Financial Covenants. Maintain at all times, to be tested as of the last day of each month,
unless otherwise noted, on a consolidated basis with respect to Borrower: 
 (a) Tangible Net Worth. A
Tangible Net Worth of not less than (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 on
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. 

  
 3 

 (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 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.” 

2.11 Section 13 (Definitions). The following terms and their respective definitions set forth in Section 13.1 are
amended in their entirety and replaced with the following: 
 “Credit Extension” is any Advance,
EX-IM Advance, Letter of Credit, Term Advance, Facility B Term Advance, FX Forward Contract, amount utilized for Cash Management Services or any other extension of credit by Bank for Borrower’s benefit. 

“Domestic Borrowing Base” is (i) eighty percent (80%) of Eligible Domestic Accounts plus
(ii) the lesser of (a) forty percent (40%) of Eligible Domestic inventory or (b) One Million Two Hundred Fifty Thousand Dollars ($1,250,000), all as determined by Bank from Borrower’s most recent Domestic Borrowing Base
Certificate; provided, however, that Bank may, upon fifteen (15) days’ prior written notice, decrease the foregoing percentage in its good faith business judgment based on events, conditions, contingencies, or risks which, as determined by
Bank, may adversely affect such Eligible Domestic Accounts or Eligible Domestic Inventory. 
 “Eligible
Domestic Inventory” means all Eligible Inventory that is not EX-IM Eligible Foreign Inventory. 

“Eligible Inventory” means, at any time, the aggregate of Borrower’s Inventory that
(a) consists of (A) finished goods, in good, new, and salable condition, which is not perishable, returned, consigned, obsolete, not sellable, damaged, or defective, and is not comprised of demonstrative or custom inventory, packaging or
shipping materials, or supplies or (B) raw materials or works in process; (b) meets all applicable governmental standards; (c) has been manufactured in compliance with the Fair Labor Standards Act; (d) is not subject to any
Liens, except the first priority Liens granted or in favor of Bank under this Agreement or any of the other Loan Documents; (e) is located at Borrower’s main location, at 23119 66th Avenue South, Kent, WA 98032, such other locations
identified by Borrower in the Perfection Certificate or such other locations as updated from time to time by written notice to Bank and for which an effective landlord waiver or bailee agreement in form and substance acceptable to Bank is in place:
and (f) is otherwise acceptable to Bank in its good faith business judgment. 
 “EX-IM Committed
Line” has the meaning set forth in the EX-IM Loan Agreement. 
 “Facility B Draw
Period” means the period of time from the First Amendment Effective Date through September 30, 2011. 
 “Facility B Make Whole Premium” is an amount equal to (i) one percent (1.00%) of the outstanding Facility B Term Advances if the prepayment is made on or before the first
anniversary of First Amendment Effective Date; (ii) one half of one percent (0.50%) of the outstanding Facility B Term Advances if the prepayment is made on or after the first anniversary

  
 4 

 
of the First Amendment Effective Date but before the second anniversary of the First Amendment Effective Date; and (iii) zero percent (0%) of the outstanding Facility B Term Advances if the
prepayment is made on or after the second anniversary of the First Amendment Effective Date. 
 “Facility
B Term Advance” or “Facility B Term Advances” are defined in Section 2.1.6. 

“Facility B Term Maturity Date” means December 1, 2013. 

“First Amendment Effective Date” means February 1, 2011. 

“February 2011 Warrant” is that certain Warrant to Purchase Stock delivered by Borrower to Bank on the
First Amendment Effective Date. 
 “Original Warrant” is that certain Warrant to Purchase Stock
delivered by Borrower to Bank on June 2, 2010. 
 “Revolving Line” is an Advance or
Advances in an amount equal to Ten Million Dollars ($10,000,000). 
 “Revolving Line Maturity
Date” is February 1, 2013. 
 “Warrant” means, collectively, the Original Warrant
and the February 2011 Warrant. 
 “WSJ Prime Rate” is the Prime Rate published in the Money
Rates section of the Western Edition of The Wall Street Journal, provided however, if such rate becomes unavailable, there after the “Prime Rate” is Bank’s most recently announced “prime rate,” even if it is not Bank’s
lowest rate. 
 2.12 Section 13 (Definitions). Subsections (e) and (f) of the defined term
“Eligible Domestic Accounts” set forth in Section 13.1 are amended in their entirety and replaced with the following: 
 (i) “(c) Accounts owing from an Account Debtor which does not have its principal place of business in the United States other than Arizon RFID Technology Co., Ltd., Digitial China Macao Commercial
Offshore Ltd., Invengo Information Technology Co., Ltd., UPM Raflatac RFID Co., Ltd., Yeon Technologies Co., Ltd., or in each case, any of their affiliates that have been approved in writing by Bank; 

(f) Accounts billed and/or payable outside of the United States other than Arizon RFID Technology Co., Ltd., Digitial
China Macao Commercial Offshore Ltd., Invengo Information Technology Co., Ltd., UPM Raflatac RFID Co., Ltd., Yeon Technologies Co., Ltd., or in each case, any of their affiliates that have been approved in writing by Bank;” 

2.13 Exhibit C is hereby replaced with Exhibit C attached hereto. 

2.14 Exhibit D is hereby replaced with Exhibit D attached hereto. 

  
 5 

 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:\l

 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, (b) Borrower’s
payment of a facility fee in an amount equal to Thirty-Five Thousand Dollars ($35,000), (c) the due execution and delivery to Bank of an Amendment to the EX-IM Loan Agreement by each party thereto, (d) the due execution and delivery to
Bank of updated Borrowing Resolutions for Borrower, and (e) the due execution and delivery to Bank of the February 2011 Warrant. 
 [Signature page follows.] 

  
 6 

 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

 EXHIBIT C  

DOMESTIC BORROWING BASE CERTIFICATE 
  

																					
	 	 	 	 			
	 Borrower: Impinj, Inc.
	  				  		  		  				  				  			
	 Lender: Silicon Valley Bank
	  				  		  		  				  				  			
	 Commitment Amount:
	  	$	10,000,000	  	  		  		  				  				  			

  

					
	 ACCOUNTS RECEIVABLE
	  			
	 1) Accounts Receivable (invoiced) Book Value as of
                    
	  	 	$____________	  
		
	 2) Additions (please explain on next page)
	  	 	$____________	  
		
	 3) Less: Intercompany /Employee / Non-Trade Accounts
	  	 	$____________	  
		
	 NET TRADE ACCOUNTS RECEIVABLE
	  	 	$____________	  
		
	 ACCOUNTS RECEIVABLE DEDUCTIONS (without duplication)
	  	 	$____________	  
	 4) 90 Days Past invoice Date
	  	 	$____________	  
		
	 5) Credit Balances over 90 Days
	  	 	$____________	  
		
	 6) Balance of 50% over 90 Day Accounts (Cross-Age or Current Affected)
	  	 	$____________	  
		
	 7) Foreign Account Debtor Accounts
	  	 	$____________	  
		
	 8) Foreign Invoiced and/or Collected Accounts
	  	 	$____________	  
		
	 9) Contra/Customer Deposit Accounts
	  	 	$____________	  
		
	 10) Concentration Limits
	  	 	$____________	  
		
	 11) U.S. Governmental Accounts
	  	 	$____________	  
		
	 12) Promotion or Demo Accounts; Guaranteed Sale or Consignment Sale Accounts
	  	 	$____________	  
		
	 13) Accounts with Memo or Pre-Billings
	  	 	$____________	  
		
	 14) Contract Accounts; Accounts with Progress / Milestone Billings
	  	 	$____________	  
		
	 15) Accounts for Retainage Billings
	  	 	$____________	  
	 16) Trust / Bonded Accounts
	  	 	$____________	  
	 17) Bill and Hold Accounts
	  	 	$____________	  
	 18) Unbilled Accounts
	  	 	$____________	  
	 19) Non-Trade Accounts (if not already deducted above)
	  	 	$____________	  
	 20) Accounts with Extended Term Invoices (Net 90+)
	  	 	$____________	  
	 21) Chargeback Accounts / Debit Memos
	  	 	$____________	  
	 22) Product Returns/Exchanges
	  	 	$____________	  
	 23) Disputed Accounts; Insolvent Account Debtor Accounts
	  	 	$____________	  
	 24) Other (please explain on next page)
	  	 	$____________	  
	 25) TOTAL ACCOUNTS RECEIVABLE DEDUCTIONS
	  	 	$____________	  

					
	 Eligible Accounts (#4 minus #26)
	  	 	$____________	  
	 ELIGIBLE AMOUNT OF ACCOUNTS (80% of #27)
	  	 	$____________	  
		
	 BALANCES
	  	 	$____________	  
		
	 Maximum Loan Amount
	  	 	$10,000,000	  
	 Total Funds Available [Lesser of #28 or #29]
	  	 	$____________	  
	 Present balance owing on Line of Credit
	  	 	$____________	  
	 Outstanding under Sublimits
	  	 	$____________	  
	 Outstanding EX-IM Advances
	  	 	$____________	  
	 RESERVE POSITION (#30 minus #31, #32 and #33)
	  	 	$____________	  

 [Continued on
following page.] 

  
 2 

 Explanatory comments from previous page: 

 

			
	 	 	
		
	 	 	
		
	 	 	
		
	 	 	
		
	 	 	
		
	 	 	

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

  

 

			
	COMMENTS:
		
	By:	 	 
		 	Authorized Signer
		
	Date: 	 	 

	
	  

BANK USE ONLY
  

	 
	 Received
by:                                        
                           
 AUTHORIZED SIGNER
  

Date:                        
                                         
                 

Verified:                       
                                         
           
 AUTHORIZED SIGNER

 

Date:                        
                                         
                 
 Compliance
Status:    Yes        No

 

  
 3 

 EXHIBIT D 

COMPLIANCE CERTIFICATE 
  

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

 The undersigned authorized officer of Impinj, Inc. (“Borrower”) certifies that under the
terms and conditions of the Loan and Security Agreement between Borrower and Bank (the “Agreement”): 
 (1) Borrower
is in complete compliance for the period ending                          with all required covenants except as noted below;
(2) there are no Events of Default; (3) all representations and warranties in the Agreement are true and correct in all material respects on this date except as noted below; provided, however, that such materiality qualifier shall not be
applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true,
accurate and complete in all material respects as of such date; (4) Borrower, and each of its Subsidiaries, has timely filed all required tax returns and reports, and Borrower has timely paid all foreign, federal, state and local taxes,
assessments, deposits and contributions owed by Borrower except as otherwise permitted pursuant to the terms of Section 5.9 of the Agreement; and (5) no Liens have been levied or claims made against Borrower or any of its Subsidiaries
relating to unpaid employee payroll or benefits of which Borrower has not previously provided written notification to Bank. 

Attached are the required documents supporting the certification. The undersigned certifies that these are prepared in accordance with
GAAP consistently applied from one period to the next except as explained in an accompanying letter or footnotes. The undersigned acknowledges that no borrowings may be requested at any time or date of determination that Borrower is not in
compliance with any of the terms of the Agreement, and that compliance is determined not just at the date this certificate is delivered. Capitalized terms used but not otherwise defined herein shall have the meanings given them in the Agreement.

 Please indicate compliance status by circling Yes/No under “Complies” column. 

 

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

  

							
	Financial Covenant	  	Required	  	Actual	  	Complies
	 Maintain
at all times
	  	 	  	 	  	 
	 Minimum
Tangible Net Worth
	  	See Schedule        	  	S_____	  	Yes        No   
 
	 Minimum
Liquidity
	  	See Schedule	  	_____:1.0        	  	Yes        No   
 

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

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

 
  
  

 
  

 

			
	IMPINJ, INC.
		
	By:	 	 
	Name:	 	 
	Title:	 	 

	
	
BANK USE ONLY
  

	 
	 Received
by:                                        
                           
 AUTHORIZED SIGNER
  

Date:                        
                                         
                 
  
 Verified:                                
                                         
  
 AUTHORIZED SIGNER
  

Date:                        
                                         
                 
  
 Compliance
Status:    Yes        No

 

  
 2 

 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 limes 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
	  	 	$______	  
			
	 F.
	  	 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 

  
 2 

 BORROWING RESOLUTIONS 

SVB > Silicon Valley Bank 
 A Member of SVB Financial Group 
 CORPORATE BORROWING CERTIFICATE

  

							
	BORROWER:	  	IMPINJ, INC.	  		  	DATE: February       , 2011         
	BANK:	  	Silicon Valley Bank	  		  	

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

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

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

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

													
	Name	  		  	Title	  				  	Signature	 	 Authorized to
 Add or Remove
 Signatories

						
	 	  		  	 	  				  	 	 	 ̈
						
	 	  		  	 	  				  	 	 	 ̈
						
	 	  		  	 	  				  	 	 	 ̈
						
	 	  		  	 	  				  	 	 	 ̈

 RESOLVED FURTHER, that any one of the persons designated above with a checked box beside his or her name may, from time to time, add or remove any individuals to and from the above list of persons
authorized to act on behalf of Borrower. 
 RESOLVED FURTHER, that such individuals may, on behalf of Borrower:

 Borrow Money. Borrow money from Silicon Valley Bank (“Bank”). 

Execute Loan Documents. Execute any loan documents Bank requires. 

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

 Negotiate Items. Negotiate or discount all drafts, trade acceptances, promissory
notes, or other indebtedness in which Borrower has an interest and receive cash or otherwise use the proceeds.  

Letters of Credit. Apply for letters of credit from Bank. 
 Foreign Exchange Contracts. Execute spot or forward foreign exchange contracts. 
 Issue Warrants. Issue warrants for Borrower’s capital stock. 

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

 

			
	IMPINJ, INC.
		
	By:	 	 
	Name: 	 	 
	Title:	 	 

 *** If the Secretary,
Assistant Secretary or other certifying officer executing above is designated by the resolutions set forth in paragraph 4 as one of the authorized signing officers, this Certificate must also be signed by a second authorized officer or director of
Borrower. 
 I, the _______________ of Borrower, hereby certify as to paragraphs 1 through 5 

                        [print
title] 
 above, as of the date set forth above. 

			
		
	By:	 	 
	Name: 	 	 
	Title:	 	 

  
 2First Amendment to Loan and Security Agreement, dated February 2, 2011

 Exhibit 10.27 
 FIRST AMENDMENT 
 TO 

LOAN AND SECURITY AGREEMENT (EX-IM LOAN FACILITY) 
 THIS FIRST AMENDMENT to Loan and Security Agreement (EX-IM Loan Facility) (this “Amendment”) is entered into this 2nd day of February, 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 (EX-IM Loan Facility) dated as of May 7, 2010 (as the same may from time to time be 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) increase the amount available to be borrowed,
(ii) extend the maturity date, and (iii) 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 2.1.1 (EX-IM Advances). Section 2.1.1(a) is hereby amended to replace the reference to “Four
Million Dollars ($4,000,000)” with “Ten Million Dollars ($10,000,000)”. 
 2.2 Section 2.3
(Interest Rate. Payments). Section 2.3(a) is hereby amended in its entirety and replaced with the following: 
 “(a) Interest Rate. EX-IM Advances accrue interest on the outstanding principal balance at a floating per annum rate equal to three quarters percent (0.75%) above the WSJ Prime Rate which interest
shall be payable monthly. During the existence of an 

 
Event of Default, Obligations accrue interest at five percent (5%) above the rate effective immediately before the Event of Default. The interest rate increases or decreases when the Prime
Rate changes. Interest is computed on a three hundred sixty (360) day year for the actual number of days elapsed.” 

2.3 Section 13 (Definitions). The following terms and their respective definitions set forth in
Section 13.1 are amended in their entirety and replaced with the following: 
 “EX-IM Committed
Line” is an EX-IM Advance or EX-IM Advances of up to Six Million Seven Hundred Fifty Thousand Dollars ($6,750,000). 
 “EX-IM Maturity Date” is February 1, 2013. 
 “Foreign Borrowing Base” means (a) (i) the lesser of Five Million Dollars ($5,000,000) or (ii) ninety percent (90%) of EX-IM Eligible Foreign Accounts as determined by
Bank from Borrower’s most recent Transaction Report and EX-IM Borrowing Base Certificate; provided, however, Accounts that are billed in currencies other than in U.S. Dollars shall be permitted (“Non-US Dollar Accounts”) as EX-IM
Eligible Foreign Accounts provided the foreign exchange risk is hedged, in all other cases Non-US Dollar Accounts shall be subject to a seventy percent (70%) calculation plus (b) the lesser of (i) One Million Seven Hundred Fifty
Thousand Dollars ($1,750,000) or (ii) seventy five percent (75%) of the value of Borrower’s EX-1M Eligible Foreign Inventory (valued at the lower of cost or wholesale fair market value); provided further, however, that Bank may
decrease the foregoing percentages in its good faith business judgment based on events, conditions, contingencies, or risks which, as determined by Bank, may adversely affect Collateral and provided, further that the amount in subsection
(b) above (EX-IM Eligible Foreign Inventory) may not exceed fifty percent (50%) of the Foreign Borrowing Base at any time. 
 2.4 Exhibit C is hereby replaced with Exhibit C attached hereto. 

2.5 Notwithstanding the existing eligibility provisions for EX-IM Eligible Foreign Accounts or any other provisions of the Loan
Agreement, Accounts with respect to which any of Arizon RFID Technology Co., Ltd., Digitial China Macao Commercial Offshore Ltd., Invengo information Technology Co., Ltd., UPM Raflatac RFID Co., Ltd., Yeon Technologies Co., Ltd., or in each case,
any of their affiliates that have been approved in writing by Bank, is the Account debtor shall not be deemed to be EX-IM Eligible Foreign Accounts at any 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 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 (a) the due execution and delivery to Bank of this Amendment by each party hereto, (b) Borrower’s
payment of a facility fee in an amount equal to Forty Thousand Six Hundred Twenty Five Dollars ($40,625), (c) the due execution and delivery to Bank of an Amendment to the Domestic Loan Agreement by each party thereto, (d) the due
execution and delivery to Bank of updated Borrowing Resolutions for Borrower and (e) the due execution and delivery to Bank of the February 2011 Warrant. 
 [Signature page follows.] 

 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

 Exhibit C 

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

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

							
		  	 43.    Inventory previously exported from U.S.
	  	 	$____________	  
		  	 44.    Inventory arising from the sale of defense articles or items
	  	 	$____________	  
		  	 45.    Inventory used in nuclear power, enrichment, reprocessing, research or heavy water production
facilities
	  	 	$____________	  
		  	 46.    Inventory shipped to/destined for prohibited countries
	  	 	$____________	  
		  	 47.    Inventory not complying with Country Limitation Schedule
	  	 	$____________	  
		  	 48.    Inventory resulting in non-EXIM Eligible Foreign Account
	  	 	$____________	  
		  	 49.    Inventory included as eligible inventory under other credit facility
	  	 	$____________	  
		  	 50.    Inventory incorporated into prohibited Capital Good
	  	 	$____________	  
		  	 51.    Other
	  	 	$____________	  
			
		  	 52.    TOTAL INVENTORY DEDUCTIONS
	  	 	$____________	  
		  	 53.    Eligible Inventory (No. 31 minus No. 52)
	  	 	$____________	  
		  	 54.    Loan Value of Inventory (lesser of 75% of No. 53 or 50% of No. 28 plus No. 53)
	  	 	$____________	  
		
	 BALANCES
	  			
		  	 55.    Maximum Loan Amount
	  	 	$5,000,000	  
		  	 56.    Maximum EX-IM Amount [Lesser of No. 55 or No. 28 plus No. 54)
	  	 	$____________	  
		  	 57.    Present balance owing on EX-IM Line of Credit
	  	 	$____________	  
		  	 58.    Total Available [Lesser of No. 55 or No. 56 minus No. 57]
	  	 	$____________	  
		  	 59.    Outstanding under Sublimits (if any)
	  	 	$N/A	  
		  	 60.    RESERVE POSITION [No. 58 minus No. 59]
	  	 	$____________	  

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

 

 Sincerely, 
 BORROWER: 
  

			
	IMPINJ, INC.
		
	By:	 	 
		
	Name: 	 	 
		
	Title:	 	 
		
	Date:	 	 

  

	
	  

BANK USE ONLY

	 
	 Received
By: _________________________

	
Date: ____________________________

	 Verified By: _____________________

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00188-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00188-of-00352.parquet"}]]