Document:

Promissory Note

 Exhibit 10.1 
  
 PROMISSORY NOTE 
  

	 $2,500,000.00 
	 July 16, 2003 

  
 FOR VALUE RECEIVED, SERACARE LIFE SCIENCES, INC., a California corporation (“Maker”), promises to pay to the order of BARRY D.
PLOST, an individual (“Payee”), or his registered assigns, the sum of Two Million Five Hundred Thousand Dollars ($2,500,000.00) and to pay interest thereon at the rate of six percent (6.00%) per annum from the date hereof until
this Promissory Note (this “Note”) is fully paid. 
  
 1. Payments. All payments of principal and interest in respect of this Note shall be made in lawful money of the United States of America in same day funds to Payee c/o Biomat USA, 1925 Century Park East, Suite 920, Los
Angeles, California 90024, or such other place as Payee may designate in a written notice to Maker. Whenever any payment on this Note is stated to be due on a day that is not a Business Day, such payment shall instead be made on the next Business
Day, and such extension of time shall be included in the computation of interest payable on this Note. Each payment made hereunder shall be credited first to interest then due and the remainder of such payment shall be credited to principal, and
interest shall thereupon cease to accrue upon the principal so credited. 
  
 Principal and interest shall be payable as set forth below: 
  
 (a) The unpaid principal balance of this Note and any accrued but unpaid interest thereon shall be payable in full on October 14, 2003,
unless such date for payment has been extended at the option of Maker pursuant to Section 1(b) below. 
  
 (b) Notwithstanding anything to the contrary herein, Maker may, at its option and without obtaining the prior consent of Payee, extend the
time for payment of this Note or any part thereof to any date that is on or before January 12, 2004. In order to exercise such extension, Maker must deliver to Payee written notice of such election on or before October 14, 2003. 
  
 2. Prepayments. Maker shall have the right at any time and from
time to time after September 15, 2003 to prepay the principal of this Note in whole or in part, without premium or penalty. Any prepayment hereunder shall be accompanied by interest on the principal amount of the Note being prepaid to the date of
prepayment. 
  
 3. Security. This Note is secured by
a Security Agreement dated as of even date herewith between the parties hereto (the “Security Agreement”) and a UCC-1 Financing Statement encumbering all of Maker’s present and future or hereafter acquired interest in the
Collateral (as defined in the Security Agreement). 
  
 4.
Modifications. From time to time, without affecting the obligation of Maker to repay this Note in full or to observe the covenants of Maker contained herein, and without giving notice to or obtaining the consent of Maker, Payee may, at
the option of Payee, extend the time for payment of this Note or any part thereof, reduce the payments hereunder, 

 
release any Person liable hereunder, accept a renewal or extension of this Note, join in any extension or subordination agreement, release any security given
herefor, release security, or agree in writing with Maker to modify any other provision of this Note. 
  
 5. Representations and Warranties. Maker hereby represents and warrants to Payee that (i) Maker has all requisite power and authority to
execute and deliver this Note, (ii) this Note constitutes the legally valid and binding obligation of Maker, enforceable against Maker in accordance with its terms, (iii) all consents and grants of approval required to have been granted by any
Person in connection with the execution, delivery and performance of this Note have been granted, and (iv) the execution, delivery and performance by Maker of this Note will not violate any law, governmental rule or regulation, court order or
agreement to which Maker is subject. 
  
 6. Events of
Default. The occurrence of any of the following events shall constitute an “Event of Default”: 
  
 (a) failure of Maker to pay any principal, interest or other amount due under this Note when due, whether at stated maturity, by required
prepayment, declaration, acceleration, demand or otherwise; or 
  
 (b) failure of Maker to perform or observe any other material term, covenant or agreement to be performed or observed by it pursuant to this Note or the Security Agreement; or 
  
 (c) any representation or warranty made by Maker to Payee in
connection with this Note or the Security Agreement shall prove to have been false in any material respect when made; or 
  
 (d) (i) a court having jurisdiction in the premises shall enter a decree or order for relief in respect of Maker in an involuntary case
under Title 11 of the United States Code entitled “Bankruptcy” (as now and hereinafter in effect, or any successor thereto, the “Bankruptcy Code”) or any applicable bankruptcy, insolvency or other similar law now or
hereafter in effect, which decree or order is not stayed; or any other similar relief shall be granted under any applicable federal or state law; or (ii) an involuntary case shall be commenced against Maker under any applicable bankruptcy,
insolvency or other similar law now or hereafter in effect; or a decree or order of a court having jurisdiction in the premises for the appointment of a receiver, liquidator, sequestrator, trustee, custodian or other officer having similar powers
over Maker or over all or a substantial part of its properties shall have been entered; or the involuntary appointment of an interim receiver, trustee or other custodian of Maker for all or a substantial part of its properties shall have occurred;
or a warrant of attachment, execution or similar process shall have been issued against any substantial part of the property of Maker, and, in the case of any event described in this clause (ii), such event shall have continued for 60 days unless
dismissed, bonded or discharged; or 
  
 (e) an
order for relief shall be entered with respect to Maker or Maker shall commence a voluntary case under the Bankruptcy Code or any applicable 
  

 2 

 
bankruptcy, insolvency or other similar law now or hereafter in effect, or shall consent to the entry of an order for relief in an involuntary case, or to
the conversion of an involuntary case to a voluntary case, under any such law, or shall consent to the appointment of or taking possession by a receiver, trustee or other custodian for all or a substantial part of its properties; or Maker shall make
a general assignment for the benefit of creditors; or Maker shall be unable or fail, or shall admit in writing its inability, to pay its debts as such debts become due; or the Board of Directors of Maker (or any committee thereof or successor
thereto) shall adopt any resolution or otherwise authorize action to approve any of the foregoing. 
  
 7. Remedies. Upon the occurrence and during the continuance of any of the Events of Default specified in Sections 6(a), (b) or (c), Payee
may, by registered or certified mail or any other method of delivery which provides for written proof of delivery, send written notice to Maker of the Event of Default. In such event, Maker shall have no less than ten (10) Business Days from receipt
of written notice of the Event of Default to cure the Event of Default and by registered or certified mail or any other method of delivery which provides for written proof of delivery, send written notice of the cure or payment of amount due to
Payee. If Maker should fail to cure the Event of Default and/or send notice thereof within ten (10) Business Days after receipt of written notice, or upon the occurrence and during the continuance of any of the Events of Default specified in
Sections 6(d) or (e), Payee may by registered or certified mail or any other method of delivery which provides for written proof of delivery, send written notice to Maker of such failure to cure (as to an Event of Default specified in Sections 6(a),
(b) or (c)) and declare the principal amount of this Note together with accrued interest thereon to be due and payable, and the principal amount of this Note together with such interest shall thereupon immediately become due and payable without
presentment, further notice, protest or other requirements of any kind (all of which are hereby expressly waived by Maker). 
  
 8. Transfer of Securities. This Note and all rights hereunder are transferable on the books of Maker maintained for such purpose at its
office referred to above by Payee in person or by a duly authorized attorney, upon surrender of this Note properly endorsed and upon payment of any necessary transfer tax or other governmental charge imposed upon such transfer. Each taker and holder
of this Note, by taking or holding the same, consents and agrees that this Note when endorsed in blank shall be deemed negotiable and agrees that when this Note shall have been so endorsed, Payee hereof may be treated by Maker and all other persons
dealing with this Note, as the absolute owner hereof for any purpose and as the person entitled to exercise the rights represented hereby, or to the transfer hereof on the books of Maker, any notice to the contrary notwithstanding; but until such
transfer on such books, Maker may treat Payee hereof as the owner for all purposes. 
  
 9. Definitions. The following terms used in this Note shall have the following meanings (and any of such terms may, unless the context otherwise requires, be used in the singular or the plural depending
on the reference: 
  
 “Business
Day” means any day other than a Saturday, Sunday or legal holiday under the laws of the State of California or any other day on which banking institutions located in such state are authorized or required by law or other governmental
action to close. 
  

 3 

 “Event of Default” means any of the events set forth in Section
6. 
  
 “Person” means any
individual, partnership, joint venture, firm, corporation, association, bank, trust or other enterprise, whether or not a legal entity, or any government or political subdivision or any agency, department or instrumentality thereof. 
  
 10. Miscellaneous. 
  
 (a) All notices and other communications provided for
hereunder shall be in writing (including telegraphic, telex, telefacsimile or cable communication) and mailed, telegraphed, telexed, telecopied, cabled or delivered as follows: if to Maker, at its address specified opposite its signature below; and
if to Payee, at the address for Payee specified in Section 1 of this Note; or in each case at such other address as shall be designated by Payee or Maker. All such notices and communications shall, when mailed, telegraphed, telexed, telecopied or
cabled or sent by overnight courier, be effective when deposited in the mails, delivered to the telegraph company, cable company or overnight courier, as the case may be, or sent by telex or telecopier. 
  
 (b) Maker agrees to pay, as incurred, all costs and
expenses, including reasonable attorneys’ fees, incurred in connection with the collection and enforcement of this Note. 
  
 (c) No failure or delay on the part of Payee or any other holder of this Note to exercise any right, power or privilege under this Note
and no course of dealing between Maker and Payee shall impair such right, power or privilege or operate as a waiver of any default or an acquiescence therein, nor shall any single or partial exercise of any such right, power or privilege preclude
any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies expressly provided in this Note are cumulative to, and not exclusive of, any rights or remedies that Payee would otherwise have. No
notice to or demand on Maker in any case shall entitle Maker to any other or further notice or demand in similar or other circumstances or constitute a waiver of the right of Payee to any other or further action in any circumstances without notice
or demand. 
  
 (d) Maker and any endorser of this
Note hereby consent to renewals and extensions of time at or after the maturity hereof, without notice, and hereby waive diligence, presentment, protest, demand and notice of every kind and, to the full extent permitted by law, the right to plead
any statute of limitations as a defense to any demand hereunder. 
  
 (e) If any provision in or obligation under this Note shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such
provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. 
  

 4 

 (f) THIS NOTE AND THE RIGHTS AND OBLIGATIONS OF MAKER AND PAYEE HEREUNDER SHALL BE
GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF CALIFORNIA WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES. 
  
 (g) MAKER AND, BY THEIR ACCEPTANCE OF THIS NOTE, PAYEE AND ANY SUBSEQUENT HOLDER OF THIS NOTE, HEREBY
IRREVOCABLY AGREE TO WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS NOTE OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS NOTE AND THE LENDER/BORROWER RELATIONSHIP
THAT IS BEING ESTABLISHED. The scope of this waiver is intended to be all-encompassing of any and all disputes that may be filed in any court and that relate to the subject matter of this transaction, including without limitation contract
claims, tort claims, breach of duty claims and all other common law and statutory claims. Maker and, by their acceptance of this Note, Payee and any subsequent holder of this Note, each (i) acknowledges that this waiver is a material inducement to
enter into a business relationship, that each has already relied on this waiver in entering into this relationship, and that each will continue to rely on this waiver in their related future dealings and (ii) further warrants and represents that
each has reviewed this waiver with its legal counsel and that each knowingly and voluntarily waives its jury trial rights following consultation with legal counsel. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR
IN WRITING, AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS OF THIS NOTE. In the event of litigation, this provision may be filed as a written consent to a trial by the court. 
  
 (h) Maker and Payee hereby waive the benefit of any statute
or rule of law or judicial decision, including without limitation California Civil Code § 1654, which would otherwise require that the provisions of this Note be construed or interpreted most strongly against the party responsible for the
drafting thereof. 
  
 [Remainder of Page Intentionally Left
Blank] 
  

 5 

 IN WITNESS WHEREOF, Maker has caused this Note to be executed and delivered by its duly authorized
officer as of the day and year first above written. 
  

	 SERACARE LIFE SCIENCES, INC.,

	 a California corporation

		
	 By:
	 	 /s/ Michael Crowley Jr.

	 Name:
	 	 Michael Crowley Jr.

	 Title:
	 	 President

  

	Address:	  	 	  	1935 Avenida del Oro, Suite F
	 	  	 	  	Oceanside, California 92056
	 	  	 	  	Facsimile: (760) 806-8933
	 	  	 	  	 Attention: Michael F. Crowley,
 President

  

 S-1Security Agreement

 Exhibit 10.2 
  
 SECURITY AGREEMENT 
  
 THIS SECURITY AGREEMENT (this “Security Agreement”) is made and entered into effective as of July 16, 2003, by and between
SERACARE LIFE SCIENCES, INC., a California corporation (“Debtor”), and BARRY D. PLOST, an individual (“Secured Party”). 
  
 RECITALS: 
  
 A. Secured Party has agreed to make a loan to Debtor in the principal amount of Two Million Five Hundred Thousand Dollars ($2,500,000), such loan to be
evidenced by a Promissory Note (the “Note”) executed by Debtor in favor of Secured Party. 
  
 B. It is a condition precedent to the making of the loan by Secured Party that Debtor agrees to execute this Security Agreement, granting to Secured Party
a security interest in all of the assets of Debtor to secure payment of the Note. 
  
 NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereby agree as follows: 
  
 1. Security Interest. Debtor
hereby grants to Secured Party a continuing security interest in and to and a lien upon, all of the following property and interests in property of Debtor, whether now owned or existing or hereafter acquired or arising and wheresoever located, and
in all property of Debtor in the possession of or deposited with Secured Party, or any affiliate of Secured Party (the “Collateral”): 
  
 (a) All agreements for use or purchase of the properties, assets and rights described herein or any part thereof and all renewals and extensions thereof,
and all amounts, rents, issues, royalties, profits and rights, and other sums of money due and to become due under such other agreements for use or purchase of such properties, assets, or rights and all renewals and extensions; 
  
 (b) All cash, bank deposits, deposit accounts, checks, certificates of
deposit, checking and savings accounts, bankers’ acceptances, letters of credit, United States obligations, state and municipal obligations, obligations of foreign governments and subdivisions thereof, commercial paper, notes, instruments
(whether negotiable or nonnegotiable), drafts, bonds, debentures (excluding debentures convertible into shares of capital stock and other equity securities) of and claims against corporations, joint ventures, persons, partnerships, whether limited
or general, and other entities of every description, and other instruments and the like; 
  
 (c) Any interest in any personal property from which any of the properties, assets and rights described above arise, including, but not limited to, repossessed and returned goods and goods covered by chattel paper;

  
 (d) All general intangibles, choses in action, or causes of
action, including, particularly, any right of indemnity or other right that Debtor may have or hereafter 

 
acquire against any Person arising under or with respect to any judgment, statute, or rule and all other properties, assets and rights of every kind and
nature, including, but not limited to, rights to refunds, tax refunds, claims for tax refunds, rights of indemnification, books and records (including, without limitation, corporate and other business records, customer lists, credit files, computer
programs, printouts and other computer materials and records), inventions, designs, patents, copyrights, trademarks, trade names, trade styles, trade secrets, registrations, licenses, customer lists and computer source and object codes; 

 
 (e) All equitable rights and interests of whatever kind or nature;

  
 (f) All rights and claims in or under any policy of
insurance, including, but not limited to, insurance for fire, damage, loss and casualty, whether covering personal property, real property, tangible rights, or intangible rights, and all liability, life, key man and business interruption insurance,
together with the proceeds, products, renewals and replacements thereof, including prepaid and unearned premiums; 
  
 (g) All equipment, machinery, tools, furnishings, fixtures, vehicles and motor vehicles, and all other goods used or bought primarily for use in
Debtor’s business, together with all products and proceeds of the foregoing whether due or voluntary or involuntary disposition; 
  
 (h) All instruments and all outstanding capital of any subsidiary of Debtor; 
  
 (i) All present and future inventory and merchandise, including without limitation, all present and future goods held for
sale or lease or to be furnished under a contract of service, all raw materials, work in process and finished goods, all packing materials, supplies and containers relating to or used in connection with any of the foregoing, and all bills of lading,
warehouse receipts or documents of title relating to any of the foregoing; 
  
 (j) All present and future accounts, accounts receivable, agreements, contracts, leases, contract rights, rights to payment, instruments, documents, chattel paper, security agreements, guaranties, undertakings, surety
bonds, insurance policies, notes and drafts, and all forms of obligations owing to Debtor or in which Debtor may have any interest; 
  
 (k) All real property of the Debtor, including any leasehold interests owned by the Debtor in any real property; 
  
 (l) Without in any way limiting the foregoing, the proceeds of any of the
foregoing, whether derived from voluntary or involuntary disposition, products of the foregoing, and all renewals, replacements, substitutions, additions, accessions, rents, issue, royalties and profits of any of the foregoing, whether now owned,
existing or hereafter acquired or arising; and 
  
 (m) All
proceeds of and substitutions for any and all of the Collateral and, to the extent not otherwise included, all payments under insurance, or any indemnity, warranty or guaranty, payable to Debtor by reason of loss or damage to or otherwise with
respect to any of the foregoing Collateral. For purposes of this Security Agreement, the term 
  

 2 

 
“proceeds” includes whatever is receivable or received when Collateral or proceeds are sold, exchanged, collected or otherwise disposed of,
whether such disposition is voluntary or involuntary. 
  
 Each
item of Collateral listed in this Section 1 that is defined in Divisions 8 or 9 of the Uniform Commercial Code, as it exists on the date of this Security Agreement or as it may hereafter be amended, in the State of California (the
“UCC”) shall, unless it is otherwise defined herein, have the meaning set forth in the UCC, as it exists on the date of this Security Agreement or as it may hereafter be amended, it being the intention of the Debtor that the
description of the Collateral set forth above be construed to include the broadest possible range of assets. 
  
 2. Obligations Secured. This Security Agreement secures the prompt payment and performance of all obligations of Debtor now or hereafter existing
under the Note or any additional advances or loans made by Secured Party, whether for principal, interest, fees, expenses or otherwise, and all obligations of Debtor now or hereafter existing under this Security Agreement, or otherwise
(collectively, the “Obligations”). 
  
 3.
Representations and Warranties. Each of the representations and warranties given by Debtor in the Note is true and correct as of the date of this Security Agreement and such representations and warranties are hereby incorporated herein by
this reference as though set forth in their entirety herein. Debtor further warrants and represents that Debtor keeps all material Collateral and related books and records, including, without limitation, computer programs, printouts and other
computer materials and records concerning the Collateral, at the locations set forth in Schedule 1. Debtor shall not keep the originals of such books and records and or any material Collateral at any other location unless: (i) Debtor gives
Secured Party written notice of such removal and the new location of said books and records and/or Collateral at least thirty (30) days prior thereto; and (ii) such other location is within the United States of America. Debtor further warrants and
represents that Debtor shall advise Secured Party at least thirty (30) days prior to Debtor’s opening of any new office or place of business or its closing of any existing office or principal place of business. 
  
 4. Further Assurances. 
  
 (a) Debtor agrees that from time to time, at the expense of Debtor, Debtor
will promptly execute and deliver all further instruments and documents, and take all further action consistent with this Security Agreement and the Note, that Secured Party may reasonably deem necessary or desirable, in order to perfect and protect
any security interest granted or purported to be granted hereby or to enable Secured Party to exercise and enforce its rights and remedies hereunder with respect to any Collateral. 
  
 (b) Debtor hereby authorizes Secured Party to file one or more financing or continuation statements, and amendments
thereto, relative to all or any part of the Collateral. A carbon, photographic or other reproduction of this Security Agreement or any financing statement covering the Collateral or any part thereof shall be sufficient as a financing statement where
permitted by law. 
  

 3 

 (c) Debtor will furnish to Secured Party from time to time statements and schedules further identifying
and describing the Collateral and such other reports in connection with the Collateral as Secured Party may reasonably request, all in reasonable detail. 
  
 5. Default. An “Event of Default” under the Note shall be deemed an Event of Default for purposes of this Security Agreement.

  
 6. Remedies of the Secured Party in the Event of
Default. Upon the occurrence and during the continuance of an Event of Default, and the failure of Maker to cure such Event of Default as provided in Section 7 of the Note, Secured Party shall have the following rights and remedies: 

 
 (a) In addition to any other rights and remedies contained in this
Security Agreement, all of the rights and remedies of a secured party under the UCC or other similar applicable law, all of which rights and remedies shall be cumulative and nonexclusive, to the extent permitted by law; 
  
 (b) The right to collect any and all amounts due Debtor from any account
debtor to the extent such account is included in the definition of Collateral; 
  
 (c) The right to: (i) enter upon the premises of Debtor, without any obligation to pay rent to Debtor, without first obtaining a final judgment or giving Debtor notice and opportunity for a hearing on the validity of
Secured Party’s claim, or any other place or places where the Collateral is located and kept, and remove the Collateral therefrom to the premises of Secured Party or any agent of Secured Party for such time as Secured Party may desire, in order
to effectively collect or liquidate the Collateral; or (ii) require Debtor to assemble the Collateral and make it available to Secured Party at a place to be designated by Secured Party, in its sole discretion; 
  
 (d) The right to: (i) do all acts and things necessary, in Secured
Party’s sole discretion, to fulfill Debtor’s obligations under this Security Agreement; (ii) endorse the name of Debtor upon any chattel paper, documents, instrument, invoice, freight bill, bill of lading or similar document or agreement
relating to the Collateral; and (iii) use the information recorded on or contained in any data processing equipment and computer hardware and software relating to the Collateral to which Debtor has access; and 
  
 (e) The right to: (i) sell or to otherwise dispose of all or any Collateral
in its then condition, or after any further manufacturing or processing thereof, at public or private sale or sales, with such notice as may be required by law, in lots or in bulk, for cash or on credit, all as Secured Party, in its sole discretion,
may deem advisable; (ii) adjourn such sales from time to time with or without notice; and (iii) conduct such sales on Debtor’s premises or elsewhere and use Debtor’s premises without charge for such sales for such time or times as Secured
Party may see fit. Secured Party is hereby granted a license or other right to use, without charge, Debtor’s labels, copyrights, right of use of any name, trade secrets, patents, trade names, trademarks and advertising matter, or any property
of a similar nature, as it pertains to the Collateral, in advertising for sale and selling of Collateral and Debtor’s rights under all licenses and all franchise agreements shall inure to Secured Party’s benefit. Secured Party shall have
the 
  

 4 

 
right to sell, lease or otherwise dispose of the Collateral, or any part thereof, for cash, credit or any combination thereof, and Secured Party may purchase
all or any part of the Collateral at public or, if permitted by law, private sale and, in lieu of actual payment of such purchase price, may set off the amount of such price against the Obligations. The proceeds realized from the sale of any
Collateral shall be applied first to the reasonable costs, expenses and attorneys’ fees and expenses incurred by Secured Party for collection and for acquisition, completion, protection, removal, storage, sale and delivery of the Collateral;
second to interest due upon any of the Obligations; and third to the principal of the Obligations. If any deficiency shall arise, Debtor shall remain liable to Secured Party therefor. 
  
 7. Waiver by Debtor. Debtor hereby waives presentment, notice of dishonor and protest of all commercial paper at any
time held by Secured Party on which Debtor is in any way liable, and waives notice of action taken by Secured Party except where required hereby. 
  
 8. Discretionary Rights of Secured Party. Exercise of or omission to exercise any right of Secured Party shall not affect any other subsequent
right of Secured Party to exercise the same and the waiver of any Event of Default by Secured Party shall not be deemed a waiver of any subsequent Event of Default. 
  
 9. Waiver by Secured Party. Upon the occurrence of an Event of Default, Secured Party may waive in writing its right
to receive the benefits of the remedies to which Secured Party is entitled pursuant to this Security Agreement. 
  
 10. Secured Party Appointed Attorney-In-Fact. Debtor hereby irrevocably nominates and appoints Secured Party as its attorney-in-fact for the
following purposes: (a) to do all acts and things which Secured Party may deem necessary or advisable to perfect and continue perfected the security interests created by this Security Agreement and, upon the occurrence and during the continuance of
an Event of Default, to preserve, process, develop, maintain and protect the Collateral, provided, however, that Debtor has failed to do so promptly after demand by Secured Party; (b) upon the occurrence and during the continuance of an Event of
Default, to do any and every act which Debtor is obligated to do under this Security Agreement, at the expense of Debtor so obligated and without any obligation to do so, provided, however, that Debtor has failed to do so promptly after demand by
Secured Party; (c) to prepare, sign, file and/or record, for Debtor in the name of Debtor, any financing statement, application for registration, and like papers and to take any other action deemed by Secured Party necessary or desirable in order to
perfect the security interests granted hereby, provided, however, that Debtor has failed to do so promptly after demand by Secured Party; and (d) upon the occurrence and during the continuance of an Event of Default to execute any and all papers and
instruments and do all other things necessary or desirable to preserve and protect the Collateral and to protect Secured Party’s security interests therein, provided however, that Debtor has failed to do so promptly after demand by Secured
Party, provided, however, that Secured Party shall be under no obligation whatsoever to take any of the foregoing actions, and absent bad faith or actual malice, Secured Party shall have no liability or responsibility for any act or omission taken
with respect thereto. Secured Party shall notify Debtor of any action taken pursuant to this Section 10. 
  
 11. Duties of Secured Party. The powers conferred on Secured Party hereunder are solely to protect its interest in the Collateral and shall not
impose any duty upon 
  

 5 

 
Secured Party to exercise any such powers. Except for the safe custody of any Collateral in Secured Party’s possession and the accounting for monies
actually received by Secured Party hereunder, Secured Party shall have no duty as to any Collateral or as to the taking of any necessary steps to preserve rights against prior parties or any other rights pertaining to any Collateral. 
  
 12. Other Liens. Except for the security interest created by this
Security Agreement, Debtor shall not create or suffer to exist any lien upon or with respect to any of the Collateral without the prior written consent of Secured Party. 
  
 13. Miscellaneous. 
  
 (a) Descriptive Headings. The descriptive headings of this Security Agreement are inserted for convenience only and do not affect the meaning of
any provisions herein. 
  
 (b) Governing Law. This
Security Agreement has been executed in and shall be governed by the laws of the State of California. As part of the consideration for Secured Party’s investment herein, Secured Party and Debtor hereby agree that all actions or proceedings
arising directly or indirectly hereunder, whether instituted by Secured Party or Debtor, may, at the option of Secured Party, be litigated in courts having situs within the State of California, County of Orange County and Debtor hereby expressly
consents to the jurisdiction of any local, state or federal court located within said state and county, and consents that any service of process in such action or proceeding may be made by personal service upon Debtor wherever Debtor may be located,
or by certified or registered mail directed to Debtor at its last known address. Debtor and Secured Party waive trial by jury, any objection based on forum non conveniens, and any objection to venue of any action instituted hereunder in such County.

  
 (c) Notices. Any notice, demand or other communication
required or permitted under the terms of this Security Agreement shall be in writing and shall be made by telegram, telex or electronic transmitter or certified or registered mail, return receipt requested, and shall be deemed to be received by the
addressee on the date delivery is confirmed, if sent by Federal Express, Express Mail, or other similar overnight delivery service, the date of electronic confirmation of receipt, if sent by telegram, telex, telecopy or electronic transmitter, and
three (3) business days after mailing, if sent by certified or registered mail, with postage prepaid, and properly addressed. Notices shall be addressed as provided below: 
  

	 If to Secured Party:
	  	 Barry D. Plost

	 	  	 c/o Biomat USA

	 	  	 1925 Century Park East, Suite 920

	 	  	 Los Angeles, California 90024

		
	 If to Debtor:
	  	 SeraCare Life Sciences, Inc.

	 	  	 1935 Avenida del Oro, Suite F

	 	  	 Oceanside, California 92056

	 	  	 Facsimile: (760) 806-8933

  

 6 

	 	  	 Attention: Michael F. Crowley, President

		
	 	  	 With a copy to:

		
	 	  	 O’Melveny & Myers LLP

	 	  	 114 Pacifica, Suite 100

	 	  	 Irvine, California 92618

	 	  	 Facsimile: (949) 737-2300

	 	  	 Attention: David A. Krinsky, Esq.

  
 Any party may change
its address for this purpose by giving a written notice thereof as herein provided. 
  
 (d) Litigation Costs. If any legal action or other proceeding is brought for the enforcement of this Security Agreement, or because of an alleged dispute, breach, default, or misrepresentation in connection
with any of the provisions of this Security Agreement, the successful or prevailing party or parties shall be entitled to recover reasonable attorneys’ fees and other costs incurred in that action or proceeding, in addition to any other relief
to which it or they may be entitled. 
  
 (e) Final
Agreement. This Security Agreement and the related loan documents constitute the final agreement of the parties concerning the matters herein and supersede all prior and contemporaneous agreements and understandings. 
  
 (f) Amendment. This Security Agreement may be amended by an
instrument in writing executed by Debtor and Secured Party. 
  
 (g) Counterparts. This Security Agreement may be executed in two counterparts, either one of which need not contain the signatures of both parties, but both of which counterparts when taken together shall constitute one and the same
Security Agreement. 
  
 (h) No Strict Construction. Debtor
and Secured Party hereby waive the benefit of any statute or rule of law or judicial decision, including without limitation California Civil Code § 1654, which would otherwise require that the provisions of this Security Agreement be construed
or interpreted most strongly against the party responsible for the drafting thereof. 
  
 [Remainder of Page Intentionally Left Blank] 
  

 7 

 IN WITNESS WHEREOF, the parties have executed this Security Agreement to be effective as of the date
first above written. 
  

	 DEBTOR:

	
	 SERACARE LIFE SCIENCES, INC.

	 a California corporation

		
	 By:
	 	 /s/ Michael Crowley Jr.

	 Name: Michael Crowley Jr.

	 Title: President

	
	 SECURED PARTY:

	
	 BARRY D. PLOST

	
	 /s/ Barry Plost

  

 8 

 SCHEDULE 1 
  
 LOCATIONS 
  

	1.	 	1935 Avenida del Oro, Suite F, Oceanside, California 92056 

	2.	 	21 North York Road, Hatboro, Pennsylvania 19040

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00054-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00054-of-00352.parquet"}]]