Document:

Second Amendment to Loan and Security Agreement

 Exhibit 10.18 
 SECOND AMENDMENT 
 TO 

LOAN AND SECURITY AGREEMENT 
 THIS SECOND AMENDMENT to Loan and Security Agreement (this “Amendment”) is entered into as of April 30, 2013, by and among OXFORD FINANCE LLC, a Delaware limited
liability company with an office located at 133 North Fairfax Street, Alexandria, Virginia 22314 (“Oxford”), as collateral agent (in such capacity, “Collateral Agent”), the Lenders listed on Schedule 1.1 hereof or
otherwise a party hereto from time to time including Oxford in its capacity as a Lender and SILICON VALLEY BANK, a California corporation with an office located at 3003 Tasman Drive, Santa Clara, CA 95054 (“Bank” or
“SVB”) (each a “Lender” and collectively, the “Lenders”), and NANOSTRING TECHNOLOGIES, INC., a Delaware corporation with offices located at 530 Fairview Avenue N, Suite 2000, Seattle, WA
98109 (“Borrower”). 
 RECITALS 

A. Lenders and Borrower have entered into that certain Loan and Security Agreement dated as of March 30, 2012 (as the same
may from time to time be further amended, modified, supplemented or restated, including but without limitation by that certain First Amendment to Loan and Security Agreement dated as of December 31, 2012, the “Loan Agreement”).

 B. Lenders have extended credit to Borrower for the purposes permitted in the Loan Agreement. 

C. Borrower is in default of the Loan Agreement due to Borrower’s failure to close certain Comerica accounts pursuant to
Section 6.6(a)(i)(B) of the Loan Agreement as in effect prior to the date hereof (the “Existing Event of Default”). 
 D. Borrower has requested that Lenders (i) amend the Loan Agreement and (ii) waive the Existing Event of Default as more fully set forth herein. 

E. Lenders have 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 (Term Loans). Section 2.1.2(a)(iii) of the Loan Agreement hereby is amended and restated in its entirety to read as follows: 

“(iii) Subject to the terms and conditions of this Agreement, the Lenders agree, severally and not jointly, on the
Second Amendment Effective Date, to make a term loan to Borrower in an aggregate amount of Five Million Dollars ($5,000,000) according to each Lender’s Term C Loan Commitment as set forth on Schedule 1.1 hereto (such term loan is
hereinafter referred to as the “Term C Loan”). After repayment, the Term C Loan may not be re-borrowed.” 

  
 1 

 2.2 Section 2.1.2 (Term Loans). Section 2.1.2(a)(iv) hereby is added to the
Loan Agreement to read as follows: 
 “(iv) Subject to the terms and conditions of this Agreement, the
Lenders agree, severally and not jointly, during the Term D Loan Draw Period, to make a term loan to Borrower in an aggregate amount of Five Million Dollars ($5,000,000) according to each Lender’s Term D Loan Commitment as set forth on Schedule
1.1 hereto (such term loan is hereinafter referred to as the “Term D Loan”; each Term A Loan, Term B Loan, Term C Loan, or Term D Loan is hereinafter referred to singly as a “Term Loan” and the Term A Loans, the
Term B Loans, the Term C Loan, and the Term D Loan are hereinafter referred to collectively as the “Term Loans”). After repayment, no Term D Loan may be re-borrowed.” 

2.3 Section 2.1.2 (Term Loans). Section 2.1.2(b) of the Loan Agreement hereby is amended and restated in its entirety to
read as follows: 
 “(b) Repayment. (i) Borrower shall make monthly payments of interest only
commencing on the first (1st) Payment Date following the Funding Date of the Term A Loans, and continuing on the Payment Date of each successive month thereafter through and including the Payment Date immediately preceding the Amortization
Date. Borrower agrees to pay, on the Effective Date, any initial partial monthly interest payment otherwise due for the period between the Funding Date of the Term A Loan and the first Payment Date. Commencing on the Amortization Date, and
continuing on the Payment Date of each month thereafter, Borrower shall make consecutive equal monthly payments of principal and interest, in arrears, to each Lender, as calculated by Collateral Agent (which calculations shall be deemed correct
absent manifest error) based upon: (1) the amount of such Lender’s Term A Loan, (2) the effective rate of interest, as determined in Section 2.3(a), and (3) a repayment schedule equal to twenty nine (29) months;
provided, however, if the Qualified Public Offering occurs before June 30, 2013, such repayment schedule shall be equal to thirty (30) months. All unpaid principal and accrued and unpaid interest with respect to the Term A Loans is due and
payable in full on the Maturity Date. The Term A Loans may only be prepaid in accordance with Sections 2.1.2(c) and 2.1.2(d). 
 (ii) Borrower shall make monthly payments of interest only commencing on the first (1st) Payment Date following the Funding Date of the Term B Loans, and continuing on the Payment Date of each
successive month thereafter through and including the Payment Date immediately preceding the Amortization Date. Borrower agrees to pay, on the Funding Date of the Term B Loan, any initial partial monthly interest payment otherwise due for the period
between the Funding Date of the Term B Loan and the first Payment Date related thereto. Commencing on the Amortization Date, and continuing on the Payment Date of each month thereafter, Borrower shall make consecutive equal monthly payments of
principal and interest, in arrears, to each Lender, as calculated by Collateral Agent (which calculations shall be deemed correct absent manifest error) based upon: (1) the amount of such Lender’s Term B Loan, (2) the effective rate
of interest, as determined in Section 2.3(a), and (3) a repayment schedule equal to twenty nine (29) months; provided, however, if the Qualified Public Offering occurs before June 30, 2013, such repayment schedule shall be equal
to thirty (30) months. All unpaid principal and accrued interest with respect to the Term B Loans is due and payable in full on the Maturity Date. The Term B Loans may only be prepaid in accordance with Sections 2.1.2(c) and 2.1.2(d).

 (iii) Borrower shall make monthly payments of interest only commencing on the first (1st) Payment Date
following the Funding Date of the Term C Loans, and continuing on the Payment Date of each successive month thereafter through and including the Payment Date immediately preceding the Amortization Date. Borrower agrees to pay, on the Funding Date of
the Term C Loans, any initial partial monthly interest payment otherwise due for the period between the Funding Date of the Term C Loan and the first Payment Date. Commencing on the Amortization Date, and continuing on the Payment Date of each month
thereafter, Borrower shall make consecutive equal monthly payments of principal and interest, in arrears, to each Lender, as calculated by Collateral Agent (which calculations shall be deemed correct absent manifest error) based upon: (1) the
amount of such Lender’s Term C Loan, (2) the effective rate of interest, as determined in Section 2.3(a), and (3) a repayment schedule equal to twenty nine (29) months;

  
 2 

 
provided, however, if the Qualified Public Offering occurs before June 30, 2013, such repayment schedule shall be equal to thirty (30) months. All unpaid principal and accrued and
unpaid interest with respect to the Term C Loans is due and payable in full on the Maturity Date. The Term C Loans may only be prepaid in accordance with Sections 2.1.2(c) and 2.1.2(d). 

(iv) Borrower shall make monthly payments of interest only commencing on the first (1st) Payment Date following the Funding Date of the Term D Loans,
and continuing on the Payment Date of each successive month thereafter through and including the Payment Date immediately preceding the Amortization Date. Borrower agrees to pay, on the Funding Date of the Term D Loans, any initial partial monthly
interest payment otherwise due for the period between the Funding Date of the Term D Loan and the first Payment Date. Commencing on the Amortization Date, and continuing on the Payment Date of each month thereafter, Borrower shall make consecutive
equal monthly payments of principal and interest, in arrears, to each Lender, as calculated by Collateral Agent (which calculations shall be deemed correct absent manifest error) based upon: (1) the amount of such Lender’s Term D Loan,
(2) the effective rate of interest, as determined in Section 2.3(a), and (3) a repayment schedule equal to twenty nine (29) months; provided, however, if the Qualified Public Offering occurs before June 30, 2013, such
repayment schedule shall be equal to thirty (30) months. All unpaid principal and accrued and unpaid interest with respect to the Term C Loans is due and payable in full on the Maturity Date. The Term D Loans may only be prepaid in accordance
with Sections 2.1.2(c) and 2.1.2(d).” 
 2.4 Section 2.5 (Fees). Section 2.5(a) of the Loan Agreement
hereby is amended and restated in its entirety to read as follows: 
 “(a) Facility Fee. (i) A
fully earned, non-refundable facility fee of Seventy Five Thousand Dollars ($75,000.00) to be shared between the Lenders with Fifty Thousand Dollars ($50,000.00) for Oxford and Twenty Five Thousand Dollars ($25,000.00) for SVB (receipt of which the
Lenders hereby acknowledge); (ii) contemporaneously with the funding of the Term C Loan, a fully earned, non-refundable facility fee of Fifty Thousand Dollars ($50,000), to be shared between the Lenders with Thirty Five Thousand Eight Hundred
Ninety Five Dollars ($35,895) for Oxford and Fourteen Thousand One Hundred Five Dollars ($14,105) for SVB; and (iii) if the Term D Loan is not funded on or prior to May 31, 2013, then on June 1, 2013 a fully earned, non-refundable
facility fee of Twenty Five Thousand Dollars ($25,000) to be shared between the Lenders with Seventeen Thousand Nine Hundred forty Seven and 50/100 Dollars ($17,947.50) for Oxford and Seven Thousand Fifty Two 50/100 Dollars ($7,052.50) for
SVB.” 
 2.5 Section 3.2 (Conditions Precedent to all Credit Extensions). Section 3.2(d) hereby is amended
and restated in its entirety to read as follows: 
 “(d) Intentionally Omitted.” 

2.6 Section 3.3 (Conditions Precedent to the Term B Loan and Term C Loan). Section 3.3 of the Loan Agreement hereby is
amended and restated in its entirety to read as follows: 
 “3.3 Conditions Precedent to the Term B Loan,
Term C Loan and Term D Loan. The obligation of each Lender to make the Term B Loan, Term C Loan or Term D Loan is subject to the following conditions precedent: 

(a) for a Term B Loan, Borrower shall have delivered to each Lender (i) a Note in respect of such Term B Loan and
(ii) a Warrant exercisable into the number of shares of Series D Preferred Stock of Borrower equal to the Warrant Coverage divided by $0.2640 per share (or a sufficient number of shares of Next Round Stock (as defined in the Warrant) based on
the Warrant Coverage), with respect to such Term B Loan to be made by such Lender; 
 (b) for a Term C Loan,

 (i) the Certificate of Amendment shall have been filed with the Secretary of State of the State of Delaware;

  
 3 

 (ii) Borrower shall deliver a duly executed legal opinion of counsel to
Borrower on the Funding Date of the Term C Loan, in form and substance reasonably acceptable to the Lenders; and 
 (iii) Borrower shall have delivered to each Lender (1) a Note in respect of such Term C Loan and (2) in addition to the Warrants delivered to each Lender on or about the First Amendment
Effective Date, a Warrant exercisable into shares of Series E Preferred Stock of Borrower equal to the Warrant Coverage divided by $.4499 per share, with respect to such Term C Loan to be made by such Lender; and 

(c) for a Term D Loan, to the extent not delivered on the Second Amendment Effective Date, Borrower shall have delivered
to each Lender (1) a Note in respect of such Term D Loan and (2) a Warrant exercisable into shares of Series E Preferred Stock of Borrower equal to the Warrant Coverage divided by $.4499 per share, with respect to such Term D Loan to be
made by such Lender; and 
 (d) satisfaction of the requirements of Section 3.4 below.” 

2.7 Section 6.2 (Financial Statements, Reports, Certificates). Section 6.2(a)(i) of the Loan Agreement hereby is amended
and restated as follows: 
 “(i) as soon as available, but no later than thirty (30) days after the
last day of each month, a company prepared consolidated balance sheet, income statement and cash flow statement covering the consolidated operations of Borrower and its Subsidiaries, along with a consolidating cash report detailing (i) the
aggregate amount of cash assets held at each Subsidiary and (ii) the aggregate amount of all Investments made into each Subsidiary, for such month certified by a Responsible Officer and in a form reasonably acceptable to Collateral Agent;”

 2.8 Section 6.6 (Operating Accounts). Section 6.6(a) of the Loan Agreement hereby is amended and restated as
follows: 
 “(a) Maintain Borrower’s and its Subsidiaries’ (other than Foreign Subsidiaries)
primary domestic Collateral Accounts with Bank or its Affiliates in accounts which are subject to a Control Agreement in favor of Collateral Agent, except as provided below in Section 6.6(b). Notwithstanding the forgoing, Borrower may maintain
the Comerica Letter of Credit Account.” 
 2.9 Section 6.6 (Operating Accounts). Section 6.6(b)(ii) of the
Loan Agreement hereby is amended and restated as follows: 
 “(ii) foreign deposit accounts maintained by
Borrower’s Foreign Subsidiaries; provided that the aggregate amount in such accounts shall not exceed the lower of (x) ten percent (10%) of the aggregate amount of Borrower’s and its Subsidiaries’ Cash and Cash Equivalents,
or (y) Seven Hundred Fifty Thousand Dollars ($750,000), in each case, at any time;” 
 2.10 Section 6.6
(Operating Accounts). Section 6.6(b)(iii) of the Loan Agreement hereby is amended and restated as follows: 
 “(iii) the Comerica Letter of Credit Account and SVB Letter of Credit Account.” 

  
 4 

 2.11 Section 6.12 (Creation/Acquisition of Subsidiaries). Section 6.12 of
the Loan Agreement hereby is amended and restated as follows: 
 “6.12 Creation/Acquisition of
Subsidiaries. In the event Borrower, or any of its Subsidiaries creates or acquires any Subsidiary, Borrower shall provide written notice to Collateral Agent and each Lender within ten (10) days after the creation or acquisition of such new
Subsidiary, which such notice shall contain a detailed reporting of the cash and non-cash assets of such new Subsidiary and attach a completed Perfection Certificate with respect to such new Subsidiary, and Borrower shall take all such action as may
be reasonably required by Collateral Agent or any Lender to cause each such Subsidiary to become a co-Borrower hereunder or to guarantee the Obligations of Borrower under the Loan Documents and, in each case, grant a continuing pledge and security
interest in and to the assets of such Subsidiary (substantially as described on Exhibit A hereto); Borrower shall grant and pledge to Collateral Agent, for the ratable benefit of the Lenders, a perfected security interest in the Shares of each such
Subsidiary; provided, however, that solely in the circumstance in which Borrower or any Subsidiary creates or acquires a Subsidiary that is not an entity organized under the laws of the United States or any territory thereof (a “Foreign
Subsidiary”) and provides written notice to Collateral Agent and each Lender within ten (10) days after the creation or acquisition of such Foreign Subsidiary, (i) such Foreign Subsidiary shall not be required to guarantee the
Obligations of Borrower under the Loan Documents and grant a continuing pledge and security interest in and to the assets of such Foreign Subsidiary, and (ii) Borrower shall not be required to grant and pledge to Collateral Agent, for the
ratable benefit of Lenders, a perfected security interest in more than sixty-five percent (65%) of the Shares of such Foreign Subsidiary, if Borrower demonstrates to the reasonable satisfaction of Collateral Agent that such Foreign Subsidiary
providing such guarantee or pledge and security interest or Borrower providing a perfected security interest in more than sixty-five percent (65%) of the Shares would create a present and existing adverse tax consequence to Borrower under the
U.S. Internal Revenue Code.” 
 2.12 Section 7.12 (Subsidiary Assets). Section 7.12 of the Loan Agreement
hereby is amended and restated as follows: 
 “7.12 Subsidiary Assets. Permit the aggregate value of
assets held by all Subsidiaries of Borrower to exceed ten percent (10%) of the aggregate value of assets held by Borrower and its Subsidiaries taken as a whole; provided, however, that such aggregate value of assets held by Subsidiaries shall
not include up to twenty (20) nCounter units owned and leased or loaned by NanoString UK in the ordinary course of NanoString UK’s business, and the aggregate value of such nCounter units shall not exceed Two Million Four Hundred Thousand
Dollars ($2,400,000).” 
 2.13 Section 8.2 (Covenant Default). Section 8.2(a) is amended and restated in
its entirety to read as follows: 
 “(a) Borrower or any of its Subsidiaries fails or neglects to perform
any obligation in Sections 6.2 (Financial Statements, Reports, Certificates), 6.4 (Taxes), 6.5 (Insurance), 6.6 (Operating Accounts), 6.7 (Protection of Intellectual Property Rights), 6.9 (Notice of Litigation and Default), 6.10 (Financial
Covenant), 6.11 (Landlord Waivers; Bailee Waivers), or 6.12 (Creation/Acquisition of Subsidiaries) or Borrower violates any covenant in Section 7; or” 
 2.14 Section 11 (Choice of Law, Venue and Jury Trial Waiver). The first sentence of Section 11 of the Loan Agreement is hereby amended and restated as follows: 

“California law governs the Loan Documents (other than the UK Share Charge Documents) without regard to principles of
conflicts of law.” 
 2.15 Section 13 (Definitions). The following defined terms in Section 13.1 of the
Loan Agreement are hereby added or amended and restated as follows: 
 “Amortization Date” is,
with respect to the Term Loans, July 1, 2013, but if the Qualified Public Offering occurs before June 30, 2013, then it shall be February 1, 2014. 

  
 5 

 “Comerica Letter of Credit Account” means that certain
account (no. 1894060746) maintained by Borrower at Comerica Bank as collateral for and containing funds not to exceed an amount equal to the aggregate of one hundred five percent (105%) of the face amount of the UniCredit Letter of Credit.

 “Loan Documents” are, collectively, this Agreement, the UK Share Charge Documents, the
Warrants, the Perfection Certificates, the Post Closing Letter; each Compliance Certificate, each Disbursement Letter, each Loan Payment/Advance Request Form and any Bank Services Agreement, the Investment Letters, any subordination agreements, any
note, or notes or guaranties executed by Borrower or any other Person in connection with this Agreement, and any other present or future agreement entered into by Borrower, any Guarantor or any other Person for the benefit of the Lenders and
Collateral Agent in connection with this Agreement, all as amended, restated, or otherwise modified. 

“Maturity Date” is, for all Advances and each Term Loan, the date which is twenty eight (28) months
after the Amortization Date, but if the Qualified Public Offering occurs before June 30, 2013, then it shall be twenty nine (29) months after the Amortization Date. 

“Second Amendment Effective Date” means April 30, 2013. 

“SVB Letter of Credit Account” means that certain account (no. 3300945507) maintained by Borrower at
Comerica Bank as collateral for and containing funds not to exceed an amount equal to the aggregate of one hundred percent (100%) of the face amount of the BMR Letter of Credit. 

“Term D Loan” is defined in Section 2.1.2(a)(iv) hereof. 

“Term D Loan Draw Period” is the period commencing upon the occurrence of the Term D Loan Milestone and
ending on the earlier of (i) June 30, 2013 or (ii) the occurrence and continuance of an Event of Default; provided, however, that the Term D Loan Draw Period shall not commence if on the date of the occurrence of the Term D Loan
Milestone an Event of Default has occurred and is continuing. 
 “Term D Loan Milestone” is
Borrower’s achievement of “Life Sciences Tools” revenue of at least 80% of the board approved plan attached hereto as Annex I as updated (any such updates to be delivered in accordance with Section 6.2(a)(iii)) with
Collateral Agent’s written approval from time to time for the trailing twelve (12) months ending on the last day of the month immediately prior to the month in which the Term D Loan Funding Date occurs based upon (i) the monthly
financial statements and Compliance Certificates required to be delivered for such prior months pursuant to the terms of Section 6.2 hereof, and (ii) interim financial statements and such other information reasonably requested by
Collateral Agent certified to by a Responsible Officer. 
 “Term Loan” is defined in
Section 2.1.2(a)(iv) hereof. 
 “UK Share Charge Documents” means that certain Charge Over
Shares, by Borrower in favor of Collateral Agent, over the Shares of NanoString UK, and such other and further documents and instruments as Collateral Agent deems reasonably necessary; all in form and content reasonably acceptable to Collateral
Agent. 
 “Warrant Coverage” means, (A) with respect to Warrants delivered in connection
with the Term B Loans, the product obtained by multiplying (i) five percent (5.00%) by (ii) the aggregate principal amount of Term B Loans advanced by a Lender hereunder in accordance with such Lender’s Commitment Percentage;
(B) with respect to Warrants delivered in connection with the Term C Loans, the product obtained by multiplying (i) three percent (3.00%) by (ii) the aggregate principal amount of Term C Loans advanced by a Lender hereunder in
accordance with 
  

  
 6 

 
such Lender’s Commitment Percentage; and (C) with respect to Warrants delivered in connection with the Term D Loans, the product obtained by multiplying (i) three percent
(3.00%) by (ii) the aggregate principal amount of Term D Loans advanced by a Lender hereunder in accordance with such Lender’s Commitment Percentage. 
 2.16 Section 13.1 (Definitions). The following terms and their respective definitions hereby are deleted from the Loan Agreement: 

“Term C Loan Draw Period”; and “Term C Loan Milestone”. 

2.17 Section 13 (Definitions). Subsection (l) of the defined term “Permitted Liens” in Section 13.1 of
the Loan Agreement hereby is amended and restated in its entirety to read as follows: 
 “(l) Liens in favor
of Comerica Bank in respect of the Comerica Letter of Credit Account and Liens in favor of Bank in respect of the SVB Letter of Credit Account; and” 
 2.18 Section 13 (Definitions). Subsection (f) of the defined term “Permitted Investments” in Section 13.1 of the Loan Agreement is hereby amended and restated as follows:

 “(f) Investments by Borrower in Subsidiaries including the aggregate amount of any margins achieved
through “transfer pricing”, “cost sharing” and “cost plus” arrangements between Borrower and its Subsidiaries entered into in the ordinary course of business, not to exceed One Million Five Hundred Thousand Dollars
($1,500,000) in the aggregate in any month or Seven Million Dollars ($7,000,000) in the aggregate in any fiscal year, and not to exceed One Million Five Hundred Thousand Dollars ($1,500,000) in the aggregate in any fiscal year per Subsidiary, except
for NanoString UK, for which such amount shall be Five Million Dollars ($5,000,000) in the aggregate in any fiscal year; and by Subsidiaries in Borrower;” 
 2.19 Waiver. Lenders hereby waive the Existing Event of Default as of the date hereof. 
 2.20 Schedule 1.1 to the Loan Agreement hereby is replaced with Schedule 1.1 attached hereto. 
 2.21 Exhibit B-1 to the Loan Agreement hereby is replaced with Exhibit B-1 attached hereto. 
 2.22 Exhibit C to the Loan Agreement hereby is replaced with Exhibit C attached hereto. 
 2.23 Exhibit D to the Loan Agreement hereby is replaced with Exhibit D attached hereto. 
 2.24 Annex I to the Loan Agreement hereby is replaced with Annex I attached hereto. 
 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 Lenders 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. 

  
 7 

 4. Representations and Warranties. To induce each Lender to enter into this
Amendment, Borrower hereby represents and warrants to each Lender 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 organizational documents of Borrower delivered to each Lender on the Effective Date or thereafter remain true, accurate
and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect; 
 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, have been duly authorized; 

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 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; 
 4.6 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 
 4.7 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 Lenders of this Amendment by each party hereto, (b) the due execution and delivery to
Lenders of the (i) Notes in respect of the Term C Loan; (ii) Warrants in respect of the Term C Loan; (iii) Disbursement Letter in connection with the Term C Loan; (iv) a Legal Opinion; and (v) the UK Share Charge Documents;
in each case in form and substance reasonably satisfactory to Collateral Agent and Lenders, (c) the due execution and delivery to Lenders of updated Corporate Borrowing Certificates, (d) Borrower’s payment of the fees due pursuant to
Section 2.5 of the Loan Agreement, as amended by this Amendment, which may be debited from any of Borrower’s accounts with Lenders and (e) Borrower’s payment of all Lenders’ Expenses incurred through the date hereof, which
may be debited from any of Borrower’s accounts with Lenders. 
 [Balance of Page Intentionally Left Blank]

  
 8 

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

 

			
	NANOSTRING TECHNOLOGIES, INC.
		
	By:	 	 /s/ James A. Johnson

	Name:	 	 James A. Johnson

	Title:	 	 Chief Financial Officer

	
	COLLATERAL AGENT AND LENDER:
	
	OXFORD FINANCE LLC
		
	By:	 	 /s/ Mark Davis

	Name:	 	 Mark Davis

	Title:	 	
Vice President - Finance, Secretary & Treasurer

	
	LENDER:
	
	SILICON VALLEY BANK
		
	By:	 	 /s/ Nathan Sackett

	Name:	 	 Nathan Sackett

	Title:	 	 VP

 [Signature Page to Second Amendment to Loan and Security Agreement] 

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

			
	LENDER:
	
	Oxford Finance Funding I, LLC
	By: Oxford Finance LLC, as Servicer
		
	By:	 	 /s/ Mark Davis

	Name:	 	 Mark Davis

	Title:	 	 Vice President - Finance, Secretary & Treasurer

	
	LENDER:
	
	Oxford Finance Funding Trust 2012-1
	By: Oxford Finance LLC, as Servicer
		
	By:	 	 /s/ Mark Davis

	Name:	 	 Mark Davis

	Title:	 	 Vice President - Finance, Secretary & Treasurer

	
	LENDER:
	
	Oxford Finance Funding III, LLC
	By: Oxford Finance LLC, as Servicer
		
	By:	 	 /s/ Mark Davis

	Name:	 	 Mark Davis

	Title:	 	
Vice President - Finance, Secretary & Treasurer

 [Signature Page to Second Amendment to Loan and Security Agreement] 

 SCHEDULE 1.1 
 Lenders and Commitments 
 Term A Loans 

 

									
	 Lender
	  	Term Loan Commitment	 	  	Commitment Percentage	 
	 OXFORD FINANCE FUNDING TRUST 2012-1
	  	$	5,384,615.38	  	  	 	71.79	% 
	 SILICON VALLEY BANK
	  	$	2,115,384.62	  	  	 	28.21	% 
		  	  
	  
	 	  	  
	  
	 
	 TOTAL
	  	$	7,500,000.00	  	  	 	100.00	% 
		  	  
	  
	 	  	  
	  
	 
	
	       Term B Loans

 
	   
 

	 Lender
	  	Term Loan Commitment	 	  	Commitment Percentage	 
	 OXFORD FINANCE FUNDING I, LLC
	  	$	3,948,717.95	  	  	 	71.79	% 
	 SILICON VALLEY BANK
	  	$	1,551,282.05	  	  	 	28.21	% 
		  	  
	  
	 	  	  
	  
	 
	 TOTAL
	  	$	5,500,000.00	  	  	 	100.00	% 
		  	  
	  
	 	  	  
	  
	 
	
	       Term C Loans

 
	   
 

	 Lender
	  	   Term Loan Commitment	 	  	Commitment Percentage	 
	 OXFORD FINANCE LLC
	  	$	3,589,500.00	  	  	 	71.79	% 
	 SILICON VALLEY BANK
	  	$	1,410,500.00	  	  	 	28.21	% 
		  	  
	  
	 	  	  
	  
	 
	 TOTAL
	  	$	5,000,000.00	  	  	 	100.00	% 
		  	  
	  
	 	  	  
	  
	 
	
	       Term D Loans

 
	   
 

	 Lender
	  	   Term Loan Commitment   	 	  	Commitment Percentage	 
	 OXFORD FINANCE LLC
	  	$	3,589,500.00	  	  	 	71.79	% 
	 SILICON VALLEY BANK
	  	$	1,410,500.00	  	  	 	28.21	% 
		  	  
	  
	 	  	  
	  
	 
	 TOTAL
	  	$	5,000,000.00	  	  	 	100.00	% 
		  	  
	  
	 	  	  
	  
	 
	
	       Aggregate (all Term Loans)

 
	   
 

	 Lender
	  	   Term Loan Commitment   	 	  	Commitment Percentage	 
	 OXFORD FINANCE FUNDING I, LLC
	  	$	3,948,717.95	  	  	 	17.17	% 
	 OXFORD FINANCE FUNDING TRUST 2012-1
	  	$	5,384,615.38	  	  	 	23.41	% 
	 OXFORD FINANCE LLC
	  	$	7,179,000.00	  	  	 	31.21	% 
	 SILICON VALLEY BANK
	  	$	6,487,666.67	  	  	 	28.21	% 
		  	  
	  
	 	  	  
	  
	 
	 TOTAL
	  	$	23,000,000.00	  	  	 	100.00	% 
		  	  
	  
	 	  	  
	  
	 
	
	       Revolving Line

 
	   
 

	 Lender
	  	Revolving Line Commitment	 	  	Commitment Percentage	 
	 OXFORD FINANCE FUNDING III, LLC
	  	$	666,666.67	  	  	 	33.33	% 
	 SILICON VALLEY BANK
	  	$	1,333,333.33	  	  	 	66.67	% 
		  	  
	  
	 	  	  
	  
	 
	 TOTAL
	  	$	2,000,000.00	  	  	 	100.00	% 
		  	  
	  
	 	  	  
	  
	 

 EXHIBIT B-1 
 Form of Disbursement Letter 
 [See attached] 

 DISBURSEMENT LETTER 

[INSERT DATE] 
 The undersigned,
being the duly elected and acting                      of NANOSTRING TECHNOLOGIES, INC., a Delaware corporation with offices located at 530 Fairview
Avenue N, Suite 2000, Seattle, WA 98109 (“Borrower”), does hereby certify to OXFORD FINANCE LLC, (“Oxford” and “Lender”), as collateral agent (the “Collateral Agent”) in
connection with that certain Loan and Security Agreement dated as of March 30, 2012, by and among Borrower, Collateral Agent and the Lenders from time to time party thereto (as amended, restated, supplemented or otherwise modified from time to
time, the “Loan Agreement”; with other capitalized terms used below having the meanings ascribed thereto in the Loan Agreement) that: 
 1. The representations and warranties made by Borrower in Section 5 of the Loan Agreement and in the other Loan Documents are true and correct in all material respects as of the date hereof; provided
that those representations and warranties expressly referring to a specific date shall be true and correct in all material respects as of such date. 
 2. No event or condition has occurred that would constitute an Event of Default under the Loan Agreement or any other Loan Document. 

3. Borrower is in compliance with the covenants and requirements contained in Sections 4, 6 and 7 of the Loan Agreement. 

4. All conditions referred to in Section 3 of the Loan Agreement applicable to the making of the Credit Extension to be made on or
about the date hereof have been satisfied or waived by Collateral Agent. 
 5. [(i)] No Material Adverse Change has occurred[and
(ii) the Term B Loan Milestone has occurred.][and (ii) the Term D Loan Milestone has occurred.] 
 6. The undersigned
is a Responsible Officer. 
 [Balance of Page Intentionally Left Blank] 

 7. The proceeds of the Term [A][B][C][D] Loan shall be disbursed as follows: 

 

					
	 Disbursement from Oxford:
	  			
	 Loan Amount
	  	$	        	  
		  	  
	  
	 
	 Plus:
	  			
	 —Deposit Received
	  	$	        	  
		
	 Less:
	  			
	 —Facility Fee
	  	($	        	) 
	 [— Existing Indebtedness Payoff to be remitted to Comerica Bank per the Payoff Letter dated March 26,
2012
	  	($	        	)] 
	 [—Interim Interest
	  	($	        	)] 
	 —Lender’s Legal Fees
	  	($	        	)* 
		
	 Net Proceeds due from Oxford:
	  	$	        	  
		  	  
	  
	 
		
	 Disbursement from SVB:
	  			
	 Loan Amount
	  	$	        	  
		  	  
	  
	 
	 Plus:
	  			
	 —Deposit Received
	  	$	        	  
		
	 Less:
	  			
	 —Facility Fee
	  	($	        	) 
	 [—Interim Interest
	  	($	        	)] 
		
	 Net Proceeds due from SVB:
	  	$	        	  
		  	  
	  
	 
		
	 TOTAL TERM [A][B][C][D] LOAN NET PROCEEDS FROM LENDERS
	  	$	        	  
		  	  
	  
	 

 8. The Term [A][B][C][D] Loan shall amortize in accordance with the Amortization Table attached hereto.

 9. The aggregate net proceeds of the Term Loans shall be transferred to the Designated Deposit Account as follows:

  

			
	Account Name:	 	NANOSTRING TECHNOLOGIES, INC.
		
	Bank Name:	 	SILICON VALLEY BANK
		
	Bank Address:	 	3003 Tasman Drive
		 	Santa Clara, CA 95054
		
	Account Number:	 	3300865420
		
	ABA Number:	 	121140399

 [Balance of Page Intentionally Left Blank] 

 

	*	Legal fees and costs are through the Effective Date. Post-closing legal fees and costs, payable after the Effective Date, to be invoiced and paid post-closing.

 Dated as of the date first set forth above. 
 BORROWER: 
 NANOSTRING TECHNOLOGIES, INC. 

 

			
	By:	 	  

	Name:	 	  

	Title:	 	  

 COLLATERAL AGENT AND LENDER: 
 OXFORD FINANCE LLC 
  

			
	By:	 	  

	Name:	 	  

	Title:	 	  

 [Signature Page to Disbursement Letter] 

 AMORTIZATION TABLE 

(Term [A][B][C][D] Loan) 
 [to be provided] 

 EXHIBIT C 

Compliance Certificate 
  

			
	TO:	 	OXFORD FINANCE LLC, as Collateral Agent and Lender
		 	SILICON VALLEY BANK, as Lender
		
	FROM:	 	NANOSTRING TECHNOLOGIES, INC.

 The undersigned authorized officer (“Officer”) of NANOSTRING TECHNOLOGIES, INC.
(“Borrower”), hereby certifies that in accordance with the terms and conditions of the Loan and Security Agreement by and among Borrower, Collateral Agent, and the Lenders from time to time party thereto (the “Loan
Agreement;” capitalized terms used but not otherwise defined herein shall have the meanings given them in the Loan Agreement), 
 (i)
Borrower is in complete compliance for the period ending                      with all required covenants except as noted below; 

(ii) There are no Events of Default, except as noted below; 
 (iii) Except as noted below, all representations and warranties of Borrower stated in the Loan Documents are true and correct in all material respects on this date and for the period described in (i),
above; 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. 
 (iv)
Borrower, and each of Borrower’s Subsidiaries, has timely filed all required tax returns and reports, Borrower, and each of Borrower’s Subsidiaries, has timely paid all foreign, federal, state, and local taxes, assessments, deposits and
contributions owed by Borrower, or Subsidiary, except as otherwise permitted pursuant to the terms of Section 5.8 of the Loan Agreement; 

(v) 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 Collateral Agent and the Lenders. 
 Attached are the required documents, if any,
supporting our certification(s). The Officer, on behalf of Borrower, further certifies that the attached financial statements are prepared in accordance with Generally Accepted Accounting Principles (GAAP) and are consistently applied from one
period to the next except as explained in an accompanying letter or footnotes and except, in the case of unaudited financial statements, for the absence of footnotes and subject to year-end audit adjustments as to the interim financial statements.

 Please indicate compliance status since the last Compliance Certificate by circling Yes, No, or N/A under “Complies” column.

  

													
	 	  	Reporting Covenant	 	Requirement	  	 	 	Complies
							
	1)    	  	Financial statements with Consolidating Cash Report	 	Monthly within 30 days	  		 	Yes	 	No	 	N/A
							
	2)	  	Annual (CPA Audited) statements	 	Within 150 days after Fiscal Year End	  		 	Yes	 	No	 	N/A

															
							
	3)    	  	Annual Financial Projections/Budget (prepared on a monthly basis)	 	Annually (w/n 30 days of FYE), and when revised	  				 	Yes	 	No	 	N/A
							
	4)	  	A/R & A/P agings	 	If applicable	  				 	Yes	 	No	 	N/A
							
	5)	  	8-K, 10-K and 10-Q Filings	 	If applicable, within 5 days of filing	  				 	Yes	 	No	 	N/A
							
	6)	  	Compliance Certificate	 	Monthly within 30 days	  				 	Yes	 	No	 	N/A
							
	7)	  	IP Report	 	Quarterly	  				 	Yes	 	No	 	N/A
							
	8)	  	Total aggregate amount of (i) cash assets held at each Subsidiary and (ii) Investments made by Borrower into each Subsidiary during the measurement period	 		  	 	[Attached]	  	 		 		 	
							
	9)	  	Total amount of Borrower’s cash and cash equivalents at the last day of the measurement period	 		  	$	        	  	 		 		 	
							
	10)	  	Total amount of Borrower’s Subsidiaries’ cash and cash equivalents at the last day of the measurement period	 		  	$	        	  	 		 		 	
							
	11)	  	Total amount of assets held by Borrower’s Subsidiaries*	 	Not more than 10% of total amount of assets held by Borrower	  	 	        	% 	 	Yes	 	No	 	

  

	*	shall not include up to twenty (20) nCounter units owned and leased or loaned by NanoString UK in the ordinary course of NanoString UK’s business, and the
aggregate value of such nCounter units shall not exceed Two Million Four Hundred Thousand Dollars ($2,400,000) 

  

													
	 	  	 Deposit and Securities Accounts
	  	(Please list all accounts; attach separate sheet if additional space needed)
	 	  	Bank	  	Account Number	 	New Account?	 	Acct Control
Agmt in place?
	1)    	  		  		 	Yes	 	No	 	Yes	 	No
							
	2)	  		  		 	Yes	 	No	 	Yes	 	No
							
	3)	  		  		 	Yes	 	No	 	Yes	 	No
							
	4)	  		  		 	Yes	 	No	 	Yes	 	No
							
	5)	  		  		 	Yes	 	No	 	Yes	 	No
							
	6)	  		  		 	Yes	 	No	 	Yes	 	No

															
	 	  	 Financial Covenants (only after Term Loan C Funding)
	 
	 	  	Covenant	  	Requirement	  	Actual	  	Complies	 
						
	1)    	  	“Life Sciences Tools” Revenues	  	At least 80% of budgeted plan for the trailing 3 months	  	        %	  	 	Yes	  	  	 	No	  
		
	 	  	 Other Matters
	 
				
	1)	  	Has any Key Person ceased to be actively engaged in Borrower’s management since the last Compliance Certificate?	  	 	Yes	  	  	 	No	  
				
	2)	  	Have there been any transfers/sales/disposals/retirement of Collateral or IP prohibited by the Loan Agreement?	  	 	Yes	  	  	 	No	  
				
	3)	  	Have there been any new or pending claims or causes of action against Borrowers that involve more than One Hundred Thousand Dollars ($100,000)?	  	 	Yes	  	  	 	No	  

  

			
	 Exceptions
	  	  
	  
 Please explain any exceptions with respect to the
certification above: (If no exceptions exist, state “No exceptions.” Attach separate sheet if additional space needed.)
	  	  

	  	  

	  	  

	  	  

 

  

					
		 		 	
                          
	NANOSTRING TECHNOLOGIES, INC.	 	DATE              
			
	By:	 	  
	 	
			
	Name:	 	  
	 	
	Title:	 	  
	 	

 

											
	LENDERS USE
ONLY
	 	 		 		 		 		 	 
	 	 		 		 	 
	Received by:	 	  
	 		 	Verified by:	 	  

	 			 
	Date:	 		 		 	Date:
	 	 	  
	 		 		 	  

	 	 
	 Compliance Status

 
	 	    Yes
                No

 

 EXHIBIT D 
 SECURED PROMISSORY NOTE 
 ([Revolving Line][Term [A][B][C][D] Loan])

  

			
	$        	 	Dated:                  
        

 FOR VALUE RECEIVED, the undersigned, NANOSTRING TECHNOLOGIES, INC., a Delaware corporation with offices
located at 530 Fairview Avenue N, Suite 2000, Seattle, WA 98109 (“Borrower”) HEREBY PROMISES TO PAY to the order of [OXFORD FINANCE LLC][SILICON VALLEY BANK] (“Lender”) the principal amount of
[            ] MILLION DOLLARS ($            ) or such lesser amount as shall equal the outstanding principal balance of
[Advances made under the Revolving Line][the Term [A][B][C][D] Loan] made to Borrower by Lender, plus interest on the aggregate unpaid principal amount of such [Advances][Term [A][B][C][D] Loan], at the rates and in accordance with the terms of the
Loan and Security Agreement dated March 30, 2012 by and among Borrower, Lender, Oxford Finance LLC, as Collateral Agent, and the other Lenders from time to time party thereto (as amended, restated, supplemented or otherwise modified from time
to time, the “Loan Agreement”). If not sooner paid, the entire principal amount and all accrued and unpaid interest hereunder shall be due and payable on the Maturity Date as set forth in the Loan Agreement. Any capitalized term not
otherwise defined herein shall have the meaning attributed to such term in the Loan Agreement. 
 Principal, interest and all other amounts due
with respect to [Advances made under the Revolving Line][the Term [A][B][C][D] Loan], are payable in lawful money of the United States of America to Lender as set forth in the Loan Agreement and this Secured Promissory Note (this
“Note”). The principal amount of this Note and the interest rate applicable thereto, and all payments made with respect thereto, shall be recorded by Lender and, prior to any transfer hereof, endorsed on the grid attached hereto
which is part of this Note. 
 The Loan Agreement, among other things, (a) provides for the making of [Advances under the Revolving Line][a
secured Term [A][B][C][D] Loan] by Lender to Borrower, and (b) contains provisions for acceleration of the maturity hereof upon the happening of certain stated events. 
 This Note may not be prepaid except as set forth in [Section 2.1.1(b)][Section 2.1.2(c) and Section 2.1.2(d)] of the Loan Agreement. 
 This Note and the obligation of Borrower to repay the unpaid principal amount of [Advances outstanding under the Revolving Line][the Term [A][B][C][D] Loan], interest on [such Advances][the Term
[A][B][C][D] Loan] and all other amounts due Lender under the Loan Agreement is secured under the Loan Agreement. 
 Presentment for payment,
demand, notice of protest and all other demands and notices of any kind in connection with the execution, delivery, performance and enforcement of this Note are hereby waived. 
 Borrower shall pay all reasonable fees and expenses, including, without limitation, reasonable attorneys’ fees and costs, incurred by Lender in the enforcement or attempt to enforce any of
Borrower’s obligations hereunder not performed when due. 
 This Note shall be governed by, and construed and interpreted in accordance
with, the internal laws of the State of California. 
 The ownership of an interest in this Note shall be registered on a record of ownership
maintained by Lender or its agent. Notwithstanding anything else in this Note to the contrary, the right to the principal of, and stated interest on, this Note may be transferred only if the transfer is registered on such record of ownership and the
transferee is identified as the owner of an interest in the obligation. Borrower shall be entitled to treat the registered holder of this Note (as recorded on such record of ownership) as the owner in fact thereof for all purposes and shall not be
bound to recognize any equitable or other claim to or interest in this Note on the part of any other person or entity. 

[Balance of Page Intentionally Left Blank] 

 IN WITNESS WHEREOF, Borrower has caused this Note to be duly executed by one of its officers
thereunto duly authorized on the date hereof. 
  

			
	BORROWER:
	
	NANOSTRING TECHNOLOGIES, INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 [Oxford Finance LLC] [Silicon Valley Bank] 

Secured Promissory Note ([Revolving Line] [Term [A] [B] [C] [D] Loan]) 

 LOAN INTEREST RATE AND PAYMENTS OF PRINCIPAL 

 

									
	Date	  	Principal
Amount	  	Interest Rate	  	Scheduled
Payment Amount	  	Notation ByExclusive License Agreement

 Exhibit 10.19 
 EXCLUSIVE LICENSE AGREEMENT 
 Between 

NanoString Technologies, Inc. 
 (Licensee) 
 And 

The Institute for Systems Biology 
 (INSTITUTE) 
 This Exclusive License Agreement (hereinafter called
“Agreement”), is entered into as of February 4, 2004 by and between The Institute for Systems Biology (the “Institute”), a Washington nonprofit corporation, having its principal place of business at 1441
No. 34th Street, Seattle, WA 98103, and NanoString Technologies, Inc, (“Licensee”), and shall be effective upon satisfaction of Licensee’s obligations pursuant to Sections 4.1 and 6.2 of this Agreement (the
“Effective Date”). 
 RECITALS 
 WHEREAS, the Institute is the owner of the Licensed Patents and Licensed Know-How (as defined below); 
 WHEREAS, the Institute is willing to grant an exclusive license under the Licensed Patents and Licensed Know-How to Licensee on the terms, and subject to the conditions, set forth herein; and 

WHEREAS. Licensee desires to obtain an exclusive license under the Licensed Patents and Licensed Know-How from the Institute. 

NOW, THEREFORE, for and in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Parties hereby expressly agree as follows: 
  

	†	DESIGNATES PORTIONS OF THIS DOCUMENT THAT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT FILED SEPARATELY WITH THE COMMISSION

 Nanostring Exclusive License Agreement 
  Page
 2
 of 25 
  

 AGREEMENT 

 

	1.	DEFINITIONS AS USED HEREIN 

  

	1.1	“Licensed Patents” means the patent applications listed on Appendix A and any patent applications filed by Institute or Licensee claiming
Licensed Know-How, the inventions described and claimed therein and any divisionals, continuations, continuations-in-part, but only to the extent that such continuation-in-part applications are directed to subject matter specifically described in
and can claim benefit of the priority of a patent application(s) listed on Appendix A, extensions (including supplemental protection certificates), substitutions, registrations, confirmations, re-examinations, renewals and patents issuing thereon or
reissues thereof: and any and all foreign patents and patent applications corresponding thereto, which are owned by or under the control of the Institute, and which will be automatically added to Appendix A 

 

	1.2	“End User” means any user who exploits the utility of a Licensed Product. 

 

	1.3	“Field” means all diagnostic and therapeutic uses. 

 

	1.4	“Licensed Product(s)” means any method, composition, or device the manufacture, use, sale, offer for sale, or import of which, but for the
license granted in this Agreement, would infringe or contribute to the infringement of a Valid Claim. 

  

	1.5	“Licensed Know-How” shall mean any and all technical information, processes, compositions, formulae, data, engineering, materials, reports,
analyses, know-how, trade secrets and other subject matter (i) owned by, or subject to an obligation to assign to, the Institute; and (ii) necessary or useful for the development, manufacture, use and/or commercialization of the Licensed
Products in the Field; and (iii) documented in the laboratory notebooks identified on Appendix B. 

  

	1.6	“Net Sales” shall mean LICENSEE’s and its sublicensees’ billings for LICENSED PRODUCTS produced hereunder less the sum of the
following: 

  

	 	(a)	discounts allowed in amounts customary in the trade; 

  

	 	(b)	sales, tariff duties and/or use taxes directly imposed and with reference to particular sales; 

 

	 	(c)	outbound transportation prepaid or allowed; and 

  

	 	(d)	amounts allowed or credited on returns. 

  
  

	†	DESIGNATES PORTIONS OF THIS DOCUMENT THAT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT FILED SEPARATELY WITH THE COMMISSION

 -2- 

 Nanostring Exclusive License Agreement 
  Page
 3
 of 25 
  

 No deductions shall be made for commissions paid to individuals whether they be with
independent sales agencies or regularly employed by LICENSEE and on its payroll, or for cost of collections. LICENSED PRODUCTS shall be considered “sold” when billed out or invoiced. 

 

	1.7	“Affiliates” means any corporation, partnership, joint venture or other entity of which fifty percent (50%) or more of the common stock or
other equity ownership thereof is owned by Licensee or which owns fifty percent (50%) or more of the common stock or other equity ownership of Licensee. 

 

	1.8	“Effective Date” is as defined in the initial paragraph of this Agreement. 

 

	1.9	“Parties” means Licensee and the Institute. 

  

	1.10	“First Commercial Sale” means the first sale to an End User of a Licensed Product; provided, however, that a sale to an Affiliate will
not constitute a First Commercial Sale unless the Affiliate is an End User. 

  

	1.11	“Valid Claim” means a claim of (a) a pending patent application included within the Licensed Patents, which claim, together with any
amended versions thereof, has not been pending for longer than five years after the First Commercial Sale of a Licensed Product; or (b) an issued patent included within the Licensed Patents, which claim has not lapsed, been canceled or
became abandoned and has not been declared invalid or unenforceable by an unreversed and unappealable decision or judgment of a court or other appropriate body of competent jurisdiction, and which has not been admitted to be invalid or unenforceable
through reissue, disclaimer or otherwise. 

  

	1.12	“Commercially Reasonable Efforts” means the efforts that a reputable pharmaceutical or biotechnology company would use to develop and
commercialize in a commercially and scientifically reasonable and diligent manner, one of such company’s principal technologies or products, giving full consideration to all relevant matters, such as science, costs, regulatory approvals and
market conditions. 

  

	2.	GRANT OF LICENSE 

  

	2.1	 License Grant. The Institute grants to Licensee an exclusive, worldwide license under the Licensed Patents and Licensed Know-How, and within
the Field to make, have made, use, sell, offer for sale or import Licensed Products, including the 

  
  

	†	DESIGNATES PORTIONS OF THIS DOCUMENT THAT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT FILED SEPARATELY WITH THE COMMISSION

 -3- 

 Nanostring Exclusive License Agreement 
  Page
 4
 of 25 
  

	 	
right to grant sublicenses pursuant to Section 2.2. This Agreement confers no license or rights by implication, estoppel, or otherwise under any patent applications or patents of the
Institute other than Licensed Patents regardless of whether such patents are dominant or subordinate to Licensed Patents. 

  

	2.2	Sublicensing. 

  

	 	(a)	For so long as Licensee is in compliance with its obligations under this Agreement, Licensee may grant sublicenses under the Licensed Patents and Licensed Know-How to
the extent of the rights granted to Licensee in Section 2.1. 

  

	 	(b)	Licensee will not grant any rights that are inconsistent with the rights granted to and obligations imposed on Licensee hereunder. No such sublicense agreement will
contain any provision that would cause it to extend the term of this Agreement or increase in any way any Institute’s obligations under this Agreement. 

 

	 	(c)	Licensee will be responsible for its sublicensees’ compliance with the terms of this Agreement. Any act or omission of a sublicensee which would be a breach of
this Agreement if performed by the Licensee will deemed to be a breach by Licensee of this Agreement. 

  

	 	(d)	Licensee agrees to provide the Institute with a copy of each sublicense within thirty days of its full execution provided that Licensee shall have the right to redact
any information that is not relevant to the Licensed Patents or Licensee’s obligations hereunder. Each sublicense shall comply with the requirements of this Section 2.2. 

 

	 	(e)	Upon termination of this Agreement for any reason, any sublicense not then in default shall continue in full force and effect except that the Institute shall be
substituted in place of Licensee; provided that, within sixty (60) days of such termination, each sublicensee agrees in writing to be bound by all the applicable terms and conditions of this Agreement. Licensee shall notify the sublicensees of
any such termination within thirty (30) days of such termination. 

  
  

	†	DESIGNATES PORTIONS OF THIS DOCUMENT THAT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT FILED SEPARATELY WITH THE COMMISSION

 -4- 

 Nanostring Exclusive License Agreement 
  Page
 5
 of 25 
  

	2.3	Reserved Rights. The license grant set forth in Section 2.1 will be further subject to, restricted by and non-exclusive with respect to:

  

	 	(a)	the use of Inventions described or claimed in the Licensed Patents and Licensed Know-How by the Institute solely for non-commercial research, teaching and other
educational purposes; 

  

	 	(b)	subject to the prior written consent of Licensee and appropriate confidentiality and limited use restrictions, the use of inventions described or claimed in the
Licensed Patents and Licensed Know-How by the Institute’s collaborators at academic or research institutions solely for non-commercial research purposes; 

 

	 	(c)	any non-exclusive license of inventions described or claimed in the Licensed Patents and Licensed Know-How that the Institute is required by law or regulation to grant
to the United States of America or to a foreign state pursuant to an existing or future treaty with the United States of America; and 

  

	 	(d)	any rights not included within the Field. 

  

	2.4	Licensee agrees that, where required by government law or regulation, products used or sold in the United States embodying Licensed Products shall be
manufactured substantially in the United States, unless a written waiver is obtained in advance from the United States Government. 

  

	3.	LICENSED PRODUCT DEVELOPMENT EFFORTS 

  

	3.1	Commercially Reasonable Efforts. Licensee will at all times use Commercially Reasonable Efforts to: 

Realize Net Sales to End Users of at least $[†] for one or more Licensed Products on or before the [†] ([†]) anniversary of
this Agreement or pay a minimum annual royalty payment of $[†] per year, with the first such payment due on the [†] anniversary of the Effective Date (“Milestone Event”). 

Upon the First Commercial Sale, thereafter and until the expiration of this Agreement, Licensee shall use Its Commercially Reasonable
Efforts to keep Licensed Products reasonably accessible to the public. 

  
  

	†	DESIGNATES PORTIONS OF THIS DOCUMENT THAT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT FILED SEPARATELY WITH THE COMMISSION

 -5- 

 Nanostring Exclusive License Agreement 
  Page
 6
 of 25 
  

	3.2	Institute’s Remedy. If Licensee is not using Commercially Reasonable Efforts to achieve a particular Milestone Event, by the time specified in
Section 3.1, then Institute may, subject to Licensee’s right to contest under Section 3.3, terminate this Agreement. 

  

	3.3	Licensee’s Remedies. If the Institute elects to terminate this Agreement as specified in Section 3.2 and Licensee contests such election, then prior to
the Institute taking such remedy: 

  

	 	(a)	The Institute shall provide written notice of its intention to terminate this Agreement pursuant to Section 3.2. As soon as practicable after receipt of such
notice and in any event no later than ten (10) business days thereafter, the President of Licensee and a designated officer with appropriate settlement authority from the Institute shall meet at a mutually agreed upon time and location for the
purpose of discussing the basis of the Institute’s decision to terminate. They shall engage in good faith discussions and/or negotiations for a period of up to ten (10) days to resolve the disagreement or negotiate an interpretation or
revision of the applicable portion of this Agreement which is mutually agreeable to both parties, without the necessity of formal procedures relating thereto. During the course of such discussion and/or negotiation, the parties shall reasonably
cooperate and provide information that is not materially confidential in order so that each of the parties may be fully informed with respect to the issues in dispute. 

 

	 	(b)	In the event the parties do not reach agreement pursuant to Section 3.3(a), Licensee may request, and Institute will agree to submit to binding arbitration, the
question of whether or not Licensee has used Commercially Reasonable Efforts to satisfy a particular Milestone Event. Such dispute will be submitted to final and binding arbitration under the then current commercial rules and regulations of the
American Arbitration Association (“AAA”) relating to voluntary arbitrations. The arbitration proceedings will be held in Seattle, Washington. The arbitration will be conducted by one arbitrator, who is knowledgeable in the subject
matter at issue in the dispute and who will be selected by mutual agreement of the Parties or failing such agreement, will be selected in accordance with the AAA rules. The decision of the arbitrator will be final and binding on the Parties.

  
  

	†	DESIGNATES PORTIONS OF THIS DOCUMENT THAT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT FILED SEPARATELY WITH THE COMMISSION

 -6- 

 Nanostring Exclusive License Agreement 
  Page
 7
 of 25 
  

	 	(c)	If the arbitrator in said arbitration finds that Licensee has used Commercially Reasonable Efforts or satisfied the Milestone Event at issue, the Agreement will not be
terminated. 

  

	 	(d)	If the arbitrator in said arbitration finds that Licensee has not used Commercially Reasonable Efforts or has failed to satisfy the Milestone Event at issue, the
Institute may terminate this Agreement as specified in Section 3.2 above. 

  

	 	(e)	If Licensee (or its sublicensees) achieves any Milestone Event set forth in Section 3.1, then that constitutes conclusive evidence that Licensee has used
Commercially Reasonable Efforts with respect to such Milestone Event. If Institute attempts to pursue a remedy pursuant to Section 3.2 (which is contested by Licensee pursuant to Section 3.3) because Institute believes that Licensee is not
using Commercially Reasonable Efforts to meet a Milestone Event, but the time period specified for the applicable Milestone Event has not yet elapsed, then the burden of proof will be on Institute to prove that Licensee has not used Commercially
Reasonable Efforts. Alternatively, if Institute attempts to pursue a remedy pursuant to Section 3.2 (which is contested by Licensee pursuant to Section 3.3) because Licensee has failed to meet a Milestone Event within the time period
specified, and the time period for such Milestone Event has already elapsed, then the burden of proof will be on Licensee to prove that Licensee has used Commercially Reasonable Efforts to achieve such Milestone Event but despite such Commercially
Reasonable Efforts, Licensee was unable to do so. 

  

	4.	PAYMENTS AND REPORTS 

  

	4.1	License Fee. As partial consideration for the license granted herein, Licensee shall issue to Institute shares of Common Stock of Licensee representing [†]
percent ([†]%) of the outstanding capital stock issued to all founders, including the Institute, prior to the first closing of Licensee’s Series A Preferred Stock financing (the “Initial Closing”).

  

	4.2	Royalties. Licensee will pay Institute a royalty equal to [†]% of Net Sales Licensed Products made by Licensee and/or its Sublicensees.

  
  

	†	DESIGNATES PORTIONS OF THIS DOCUMENT THAT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT FILED SEPARATELY WITH THE COMMISSION

 -7- 

 Nanostring Exclusive License Agreement 
  Page
 8
 of 25 
  

	4.3	Combination Products. If a Licensed Product is sold in conjunction with or includes other components that contribute value to said Licensed Product
(“Combination Licensed Product”), then in lieu of the royalty rate specified in Section 4.2 of the Agreement, the applicable royalty rate on the Net Sales of such Combination Licensed Product will be calculated as the product
obtained by multiplying the royally specified in Section 4.2 by the fraction A/(A+B), in which A is the value of the technology licensed under this Agreement and B is the value of the other components; provided, however, that in no event will
the royalty rate payable to the Institute be less than [†] percent ([†]%) of the royalty specified in Section 4.2. For purposes of this Section the “value” of each component contributing value to the Licensed Product shall
mean that component’s contribution to the combined value of the Combination Licensed Product. The value of A and B will be determined in good faith by Institute and Licensee. As of the Effective Date A/(A+B)=1. 

 

	4.5	Sales to Affiliates. In order to assure Institute the full royalty payments on Net Sales contemplated in this Agreement, Licensee agrees that in the event any
Licensed Product is sold for purposes of resale to an Affiliate, then the royalties to be paid in respect to such Licensed Product will be computed on the net selling price at which the Affiliate sells such Licensed Products, rather than on the net
selling price of Licensee. The calculation of the net selling price on which the royalties under this paragraph will be paid will be determined in the some manner as Net Sales. 

 

	4.6	One Royalty. For the avoidance of doubt, it is understood that no more than one royalty payment shall be due with respect to the sale of a particular Licensed
Product. The obligation to pay royalties to Institute is imposed only once with respect to the same unit of Licensed Product regardless of the number of Valid Claims pertaining thereto. 

 

	4.7	 Payments. Licensee will make payments to the Institute specified in Sections 4.2 within [†] ([†]) days after
March 31, June 30, September 30 and December 31 of each year during the term of this Agreement covering the quantity of Licensed Products sold by Licensee during the preceding calendar quarter. After termination or
expiration of this Agreement, Licensee will make a final payment covering the final whole or partial calendar quarter. A written statement of Net Sales of Licensed Products by Licensee, Affiliates or sublicensees during such calendar quarter will
accompany each quarterly payment. Such written statements will be duly signed and certified by an authorized signatory of Licensee on behalf of Licensee and will 

  
  

	†	DESIGNATES PORTIONS OF THIS DOCUMENT THAT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT FILED SEPARATELY WITH THE COMMISSION

 -8- 

 Nanostring Exclusive License Agreement 
  Page
 9
 of 25 
  

	 	
show the Net Sales of Licensed Products by Licensee, Affiliates or sublicensees during such calendar quarter and the amount of royalties payable under this Agreement based thereon.

  

	4.8	Form of Payment. All payments due hereunder are expressed in and will be paid by wire transfer or check payable in U.S. dollars, without deduction of
exchange, collection or other charges, to the Institute, or to the account of the Institute at such other bank as the Institute may from time to time designate by written notice to Licensee. 

 

	4.9	Interest. In the event that any payment due hereunder is not made when due, the payment will accrue interest beginning on the tenth day following the due date
thereof, calculated at the annual rate of the sum of (a) two percent (2%) plus (b) the prime interest rate quoted by The Wall Street Journal on the date said payment is due, the interest being compounded on the last day of each
calendar quarter; provided, however, that in no event will said annual interest rate exceed the maximum legal interest rate for corporations. Each such royalty payment when made will be accompanied by all interest so accrued. Said interest and the
payment and acceptance thereof will not negate or waive the right of the Institute to seek any other remedy, legal or equitable, to which it may be entitled because of the delinquency of any payment. 

 

	4.10	Exchange Rate. Whenever conversion of payments from any foreign currency to U.S. dollars is required, such conversion will be made at the rate of exchange
reported in the Wall Street Journal on the last business day of the applicable reporting period. 

  

	5.	RECORDS AND INSPECTION 

Licensee will maintain or cause to be maintained a true and correct set of records pertaining to the activities contemplated under this
Agreement for a period of [†] ([†]) years following a given reporting period, including Net Sales of Licensed Products by Licensee, Affiliates and sublicensees under this Agreement. Licensee agrees to permit an independent certified public
accountant selected and paid by the Institute and reasonably acceptable to Licensee to have access during ordinary business hours to such records, including, but not limited to, complete copies of sublicense agreements, as are maintained by Licensee
and as may be necessary, in the opinion of such accountant, to determine the correctness of any report and/or 

  
  

	†	DESIGNATES PORTIONS OF THIS DOCUMENT THAT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT FILED SEPARATELY WITH THE COMMISSION

 -9- 

 Nanostring Exclusive License Agreement 
  Page
 10
 of 25 
  

 payment made under this Agreement. Such audits may be exercised no more than once in any
[†] ([†]) month period upon at least [†] ([†]) days prior written notice to Licensee. The Institute will bear the full cost of such audit unless the audit reveals an underpayment of royalty by more than [†] percent
([†]%). In such case, Licensee will pay the cost of the audit. Such accountant will maintain in confidence, and will not disclose to the Institute, any information concerning Licensee or its operations or properties other than information
directly relating to the correctness of such reports and payments. 
  

	6.	PATENTS 

  

	6.1	Patent Prosecution and Maintenance. From and after the Effective Date of this Agreement, the provisions of this Section 6 will control the filing,
prosecution and maintenance of the Licensed Patents. Licensee will direct and manage (i) the preparation, filing and prosecution of the United States and foreign patent applications arising from or relating to the Licensed Patents (including
any interferences and foreign oppositions) and (ii) the maintenance of the Licensed Patents. The Institute will select the patent attorney, subject to Licensee’s prior written approval, which approval will not be unreasonably withheld and
the Institute will be said attorney’s client. The Institute and Licensee will consult from time to time on patent matters, at which time patent counsel may be changed by mutual agreement of the parties. 

 

	6.2	Patent Costs. Licensee will reimburse Institute for all reasonable and necessary out-of-pocket patent expenses incurred by Institute prior to the Effective Date
incident to the filing, prosecution and maintenance of the Licensed Patents. After the Effective Date Licensee will be responsible to pay all costs incurred incident to filing, prosecution and maintenance of the Licensed Patents directly to the
patent attorney within thirty (30) days after Licensee receives an invoice therefore. 

  

	6.3	 Effect of Licensee’s Abandonment. In the event that Licensee decides not to continue to the prosecution of a patent application or patent
within the Licensed Patents in a particular country, Licensee will give Institute at least [†] ([†]) days prior written notice of such election. No such decision will have any effect on Licensee’s obligations to pay expenses incurred
up to the effective date of such election. From and after the effective date of such election, Institute will have the right, but not the obligation, to assume, at its own expense, the prosecution and/or maintenance of the patent application or
patent which Licensee is discontinuing in the applicable 

  
  

	†	DESIGNATES PORTIONS OF THIS DOCUMENT THAT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT FILED SEPARATELY WITH THE COMMISSION

 -10- 

 Nanostring Exclusive License Agreement 
  Page
 11
 of 25 
  

	 	
country. From and after the effective date of such election, solely with respect to the applicable country, any such patent application or patent as to which Licensee will have elected to
discontinue will thereafter be excluded from Licensed Patents and from the scope of the license granted under this Agreement. All rights relating to such patent application or patent in such country will revert to Institute and may be freely
licensed by Institute to any other person or entity. 

  

	6.4	Information to Institute. Licensee will use good faith efforts to first consult with the Institute as to the preparation, filing, prosecution and maintenance of
all the Licensed Patents. Licensee shall furnish to the Institute copies of all material documents relevant to any such preparation, prosecution and maintenance of any patent covering Licensed Patents. Without limiting the foregoing, Licensee will
submit to Institute copies of all patent applications, official actions and responses thereto. 

  

	6.5	Cooperation. Institute and Licensee will cooperate fully in the preparation, filing, prosecution and maintenance of Licensed Patents and Licensed Know-How,
executing all papers and instruments or requiring members of Institute to execute such papers and instruments so as to enable Institute to apply for, to prosecute and to maintain patent applications and patents in Institute’s name in any
country. Each Party shall provide to the other prompt notice as to all matters which come to its attention and which may affect the preparation, filing, prosecution or maintenance of any such patent applications or patents. 

 

	6.6	Infringement. While and as long as its license under this Agreement remains exclusive, Licensee is empowered to take the following actions, provided that
Licensee gives at least [†] ([†]) [†] days prior written notice to the Institute of its intent to take any such actions and considers the Institute’s views and public interest with respect to the consequences of such actions:

  

	 	(a)	Bring suit in its own name, or if required by law, jointly with Institute, for infringement of the Licensed Patents, provided, however, that Licensee uses counsel
experienced in prosecuting such suits. If License brings suit and Institute is required to be added by law, the cost of Institute’s participation will be paid by Licensee.; 

 

	 	(b)	In any such suit to enjoin infringement and to collect for its use, damages, profits, and awards of whatever nature recoverable for such infringement; and

  
  

	†	DESIGNATES PORTIONS OF THIS DOCUMENT THAT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT FILED SEPARATELY WITH THE COMMISSION

 -11- 

 Nanostring Exclusive License Agreement 
  Page
 12
 of 25 
  

	 	(c)	To settle any claim or suit for infringement or violation of the Licensed Patents by granting the infringing party a sublicense pursuant to the provisions of
Article 2 of this Agreement. 

 If Institute brings to the attention of Licensee in writing any unlicensed
infringement of the Licensed Patents within the Field, and Licensee does not, within [†] ([†]) months after Licensee’s receipt of such notice; 
  

	 	(x)	Secure cessation of the infringement; 

  

	 	(y)	File suit against the infringer; or 

  

	 	(z)	Provide Institute with evidence of the pendency of a bona fide negotiation for the acceptance by the infringer of a sublicense pursuant to the provisions of Article
2 of this Agreement; 

 then the Institute shall thereafter have the right to sue for the infringement
at Institute’s own expense, and to collect for its own use all damages, profits, and awards of whatever nature recoverable for such infringement. 
 Notwithstanding the foregoing, Institute shall have the option, in its sole discretion and at its own expense, to voluntarily participate in any suit, including any declaratory judgment action, brought
by or against Licensee concerning the Licensed Patents, and in such case, any recovery obtained shall be split in proportion to the amount of litigation fees incurred by each Party. Licensee shall keep the Institute fully informed of any action or
proceeding brought by or against Licensee concerning the Licensed Patents. The Parties agree to render each other such assistance as they may reasonably require of each other and to cooperate in good faith with each other to ensure the proper and
adequate defense or prosecution of any action or proceeding brought by or against any third party relating to the Licensed Patents. 
  

	6.7	Settlement of Infringement Actions. Neither Party may settle any infringement action covered by Section 6.6 in a manner that diminishes the rights or
interests of the other Party without first obtaining the prior written consent of such other Party. 

  
  

	†	DESIGNATES PORTIONS OF THIS DOCUMENT THAT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT FILED SEPARATELY WITH THE COMMISSION

 -12- 

 Nanostring Exclusive License Agreement 
  Page
 13
 of 25 
  

	6.8	Liability for Loss. The Institute will not be liable for any losses incurred as the result of an action for infringement brought against Licensee as the result
of Licensee’s exercise of any right granted under this Agreement. 

  

	7.	TERM AND TERMINATION 

  

	7.1	Termination. Unless earlier terminated as hereinafter provided, this Agreement will extend for the life of the last to expire patent issued on the Licensed
Patents and will then expire automatically, or if no patent issues on the Licensed Patents, this Agreement will continue in full force and effect for a period of five (5) years from the First Commercial Sale of Licensed Products. After such
five year period, Licensee will have a license on the same terms as set forth in Section 2.1, except that the license will be a royally-free license and Licensee shall not be obligated to make any payments with respect to Net Sales until such
time as one or more patents issues on the Licensed Patents. Upon issuance of any such patent payments related to that patent will once again be payable by Licensee from the date of that patent’s issuance in accordance with the rates and the
terms and conditions set forth herein. 

  

	7.2	Default remedies. 

  

	 	(a)	If Licensee at any time defaults in the payment of any sum due after the Effective Date when due hereunder and fails to make such payment within fifteen (15) days
after receipt of written notice thereof by Institute, Institute may, at its option, terminate this Agreement and all licenses granted herein by notice in writing to such effect. 

 

	 	(b)	If either Party at any time materially defaults in the making of any report hereunder, or commits any material breach of any of the terms, covenants or provisions of
this Agreement, or makes any materially false report and fails to remedy any such default, breach or report within thirty (30) days after receipt of written notice thereof by the non-breaching Party, the non-breaching Party may, at its option,
terminate this Agreement after an additional 30 day cure period to remedy the breach or default by notice in writing to such effect but only if the non-breaching Party first complies with the terms of Section 7.2(c) below. Termination will be
effective within five (5) business days of the date of receipt by breaching Party of the notice of termination. 

  
  

	†	DESIGNATES PORTIONS OF THIS DOCUMENT THAT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT FILED SEPARATELY WITH THE COMMISSION

 -13- 

 Nanostring Exclusive License Agreement 
  Page
 14
 of 25 
  

	 	(c)	Any dispute under this Agreement other than a dispute arising from a breach of confidentiality, infringement of intellectual property rights or the failure to pay any
amount that is readily determinable pursuant to the terms of this Agreement, shall be resolved in accordance with the following procedure: 

  

	 	(i)	Either Party may at any time provide the other Party written notice specifying the terms of such disagreement in reasonable detail. As soon as practicable after receipt
of such notice, the President of Licensee and a designated officer with appropriate settlement authority from the Institute shall meet at a mutually agreed upon time and location for the purpose of resolving the dispute. They shall engage in good
faith discussions and/or negotiations for a period of up to ten (10) days to resolve the disagreement or negotiate an interpretation or revision of the applicable portion of this Agreement which is mutually agreeable to both Parties, without
the necessity of formal procedures relating thereto. During the course of such discussion and/or negotiation, the parties shall reasonable cooperate and provide information that is not materially confidential in order so that each of the Parties may
be fully informed with respect to the issues in dispute. 

  

	 	(ii)	In the event the Parties do not reach agreement pursuant to Section 7.2(c)(i), the aggrieved Party shall request and the other Party will agree to submit to
binding arbitration, the question of whether or not this Agreement has been breached. Such dispute will be submitted to final and binding arbitration under the then current commercial rules and regulations of the AAA relating to voluntary
arbitrations. The arbitration proceedings will be held in Seattle, Washington. One arbitrator, who is knowledgeable in the subject matter at issue in the dispute and who will be selected by mutual agreement of the Parties or failing such agreement,
will be selected in accordance with the AAA rules and will conduct the arbitration. The decision of the arbitrator will be final and binding on the Parties. 

 

	 	(iii)	If the arbitrator in said arbitration finds that a Party has materially breached this Agreement, then, and only then, the other Party may terminate this Agreement as
specified in Section 7.2(b) above. 

  
  

	†	DESIGNATES PORTIONS OF THIS DOCUMENT THAT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT FILED SEPARATELY WITH THE COMMISSION

 -14- 

 Nanostring Exclusive License Agreement 
  Page
 15
 of 25 
  

	7.3	Default for bankruptcy. Each Party will have the right, at its option, to cancel and terminate this Agreement in the event that the other Party (i) becomes
involved in insolvency, dissolution, bankruptcy or receivership proceedings affecting the operation of its business (other than dissolution or winding up for the purposes of reconstruction or amalgamation) or (ii) makes an assignment of all or
substantially all of its assets for the benefit of creditors, or in the event that (iii) a receiver or trustee is appointed for the other Party and such Party will, after the expiration of thirty (30) days following any of the events
enumerated above, be unable to secure a dismissal, stay or other suspension of such proceedings. In the event of termination of this Agreement under this Section 7.3, all rights to the Licensed Patents will revert to the Institute.

  

	7.4	Rights after termination. At the date of any termination of this Agreement pursuant to Section 7.2 hereof for material breach by Licensee, or pursuant to
Section 7.3 hereof In the event of bankruptcy by Licensee, as of the receipt by Licensee of notice of such termination, Licensee will immediately cease using any of the Licensed Patents and return all copies of the same to the Institute;
provided, however, that Licensee may for six (6) months dispose of any Licensed Products actually in the possession of Licensee or as to which it has made irrevocable commitments to sell or have made prior to the date of termination, subject to
Licensee’s paying to the Institute running royalties in accordance with Section 4.2 with respect thereto and otherwise complying with the terms of this Agreement. 

 

	7.5	No waiver. No termination of this Agreement will constitute a termination or a waiver of any rights of either Party against the other Party accruing at or prior
to the time of such termination. The obligations and rights of the Parties under Section 5 will survive termination of this Agreement. 

  

	8.	ASSIGNABILITY 

 The rights
and licenses granted by Institute in this Agreement are personal to Licensee and may not be assigned or otherwise transferred without the written consent of Institute (such consent not to be unreasonably withheld); provided however that Licensee
may, without such consent but with notification, assign this Agreement and its rights and obligations hereunder to any of its Affiliates, or in connection with the transfer or sale of all or substantially all of its business or its merger,
acquisition or other consolidation with or into another party other than a transfer or sale in connection with Licensee’s insolvency, dissolution, bankruptcy or 

  
  

	†	DESIGNATES PORTIONS OF THIS DOCUMENT THAT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT FILED SEPARATELY WITH THE COMMISSION

 -15- 

 Nanostring Exclusive License Agreement 
  Page
 16
 of 25 
  

 receivership proceedings. Any permitted assignee shall assume all rights and obligations
of its assignor under this Agreement. Any attempted assignment or transfer without consent under circumstances requiring the Institute’s consent shall be void and shall automatically terminate all rights of Licensee under this Agreement.

  

	9.	GOVERNMENTAL COMPLIANCE 

Licensee will, at all times during the term of this Agreement and for so long as it sells Licensed Products, comply and require its
sublicensees to comply with all laws that control the import, export, manufacture, use, sale, marketing, distribution and other commercial exploitation of Licensed Products or any other activity undertaken pursuant to this Agreement. 

 

	10.	GOVERNING LAW 

 This
Agreement will be governed by, and will be construed and enforced in accordance with, the laws of the State of Washington. This Agreement is expressly acknowledged to be subject to all federal laws, including, but not limited to, the Export
Administration Act of the United States of America. No conflict-of-laws rule or law that might refer such construction and interpretation to the laws of another state, republic or country will be considered. 

 

	11.	ADDRESSES 

 Any payment, notice or other
communication pursuant to this Agreement will be mailed by first class, certified or registered mail, postage prepaid, or delivered by overnight delivery service addressed as follows or to such other address designated by written notice given to the
other Party: 
 In the case of the Institute: 
 Vice President - COO 
 The Institute for Systems Biology 

1441 No. 34th Street 
 Seattle, WA 98103 
 In the case of Licensee: 

President 

NanoString Technologies, Inc. 
 c/o Heller Ehrman Venture Law Group 
 701 Fifth Ave., Suite 6100 

Seattle, WA 98104 

  
  

	†	DESIGNATES PORTIONS OF THIS DOCUMENT THAT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT FILED SEPARATELY WITH THE COMMISSION

 -16- 

 Nanostring Exclusive License Agreement 
  Page
 17
 of 25 
  

 Any such payment, notice or other communication will be effective upon receipt.

  

	12.	ADDITIONAL PROVISIONS 

  

	12.1	Use of the Institute’s Name. Licensee agrees that it will not use in any way the name “The Institute for Systems Biology” or any logotypes or
symbols associated with the Institute or the names of any of the Institute’s faculty members, scientists, researchers, employees, officers, trustees, directors, or agents without the prior written consent of the Institute except
as necessary to comply with law, as a result of judicial process, or as is customary in financing, licensing, corporate partnering and strategic alliance transactions. 

 

	12.2	Confidentiality. Each Party agrees to maintain the Confidential Information (defined below) of the other Party in confidence, and to use the same only in
accordance with the terms of this Agreement. 

 For purposes of this Agreement, “Confidential
Information” means any information that is disclosed by either Party to the other in connection with this Agreement and which is specifically designated as confidential in writing, or if disclosed orally is confirmed in writing as being
confidential within thirty (30) days of disclosure, except that the receiving Party will have no obligation of confidentiality with respect to any information designated as confidential by the disclosing Party that is: 

 

	 	(a)	Known to the receiving Party at the time of disclosure thereof, as demonstrated by documentary evidence; or 

 

	 	(b)	At the time of disclosure, or thereafter, generally publicly available without the fault of the receiving Party; or 

 

	 	(c)	Subsequently disclosed to the receiving Party, its employees, or other duly designated representatives, by any third party not under a secrecy obligation to the
disclosing Party; 

  
  

	†	DESIGNATES PORTIONS OF THIS DOCUMENT THAT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT FILED SEPARATELY WITH THE COMMISSION

 -17- 

 Nanostring Exclusive License Agreement 
  Page
 18
 of 25 
  

	 	(d)	Independently developed by the receiving Party without reference to Confidential Information of the disclosing Party, as demonstrated by documentary evidence;

  

	 	(e)	Required, by law, regulation or action of any governmental agency or authority, to be disclosed, provided that the receiving Party shall provide reasonable advance
notice to enable the disclosing Party to seek a protective order or otherwise prevent such disclosure; or 

  

	 	(f)	Disclosed by the receiving Party with the prior written consent of the disclosing Party. 

Each Party (a) shall treat as confidential all Confidential Information provided by the other Party, (b) shall not use such
Confidential Information except as expressly permitted under the terms of this Agreement or otherwise authorized in writing by the disclosing Party, (c) shall implement reasonable procedures to prohibit the disclosure, unauthorized duplication,
misuse or removal of such Confidential Information by its employees, agents, representatives, contractors or consultants, and (d) shall not disclose such Confidential Information to any Third Party except as may be expressly allowed under this
Agreement. Without limiting the foregoing, each of the Parties shall use at least the same procedures and the highest degree of care to prevent the disclosure of Confidential Information as it uses to prevent the disclosure of its own confidential
information of like importance, and shall in any event use no less than reasonable procedures and a reasonable degree of care. The foregoing obligation of confidentiality will survive for a period of five (5) years following the termination of
this Agreement. Each Party will promptly notify the other Party upon discovery of any unauthorized use of disclosure of the other Party’s Confidential Information. 
 The Parties agree that due to the unique nature of the Confidential Information, there can be no adequate remedy at law for any breach of the receiving Party’s obligations under this Agreement,
thereby resulting in irreparable harm to the disclosing party. Therefore, notwithstanding Section 7.2(c) hereof, upon any such breach of this Section 12.2 or any threat thereof, the disclosing Party shall be entitled to seek appropriate
mandatory or negative injunctive relief. 
 Notwithstanding anything in this Agreement or in any other written or oral
understanding or agreement to which the Parties hereto are parties or by which they 

  
  

	†	DESIGNATES PORTIONS OF THIS DOCUMENT THAT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT FILED SEPARATELY WITH THE COMMISSION

 -18- 

 Nanostring Exclusive License Agreement 
  Page
 19
 of 25 
  

 are bound, each Party (and its representatives, agents and employees) may consult any
tax advisor regarding the tax treatment and tax structure of the transaction contemplated by this Agreement and may at any time disclose to any person, without limitation of any kind, the tax treatment and tax structure of such transaction and all
materials (including opinions or other tax analyses) that are provided relating to such treatment or structure. The preceding sentence is intended to satisfy the requirements for the transaction contemplated herein to avoid classification as a
“confidential transaction” in accordance with Treasury Regulations Section 1.6011-4(b)(3) and shall be interpreted consistent with such intent. 
  

	12.3	Indemnity. Licensee will defend, indemnify and hold Institute harmless against all liabilities, demands, damages, expenses (including reasonable
attorneys’ fees and costs), or losses in connection with any claims, suits, actions, demands or judgments arising out of any theory of liability (including, without limitation, actions in the form of tort, warranty, or product liability,
and regardless of whether such action has any factual basis) concerning (1) any product, process or service that is made, used, sold, offered for sale, imported, performed or otherwise disposed pursuant to any right or license granted under
this Agreement, and (2) the negligent acts or omissions or willful misconduct of Licensee, sublicensees, or customers, employees or agents of the foregoing. 

 

	12.4	Insurance. Licensee will for so long as Licensee manufactures, uses or sells any Licensed Product(s), maintain in full force and effect policies of
(i) worker’s compensation and/or employers’ liability insurance within statutory limits, (ii) general liability insurance (with broad form general liability endorsement) with limits of not less than one million dollars
($1,000,000) per occurrence and a $2,000,000 annual aggregate and (iii) occurrence basis, products liability insurance, with limits of not less than five million dollars ($5,000,000) per occurrence and a $5,000,000 annual aggregate, provided
that such policy shall be obtained no later than thirty (30) days prior to delivery of a Licensed Product to a third-party customer. Such coverage(s) will be purchased from a carrier or carriers deemed reasonably acceptable to the Institute
with no annual aggregate and will name the Institute as an additional insured. Upon request by the Institute, Licensee will provide to the Institute copies of said policies of insurance. 

  
  

	†	DESIGNATES PORTIONS OF THIS DOCUMENT THAT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT FILED SEPARATELY WITH THE COMMISSION

 -19- 

 Nanostring Exclusive License Agreement 
  Page
 20
 of 25 
  

	12.5	The Institute’s Disclaimers. Neither the Institute, nor any of its faculty members, researchers, trustees, officers, employees, directors, or agents assumes
any responsibility for the manufacture, sale or use of the Licensed Products. 

  

	12.6	Independent Contractors. The Parties hereby acknowledge and agree that each is an independent contractor and that neither Party wit be considered to be the
agent, representative, master or servant of the other Party for any purpose whatsoever, and that neither Party has any authority to enter into a contract, to assume any obligation or to give warranties or representations on behalf of the other Party
without the prior written consent of the other Party. Nothing in this relationship will be construed to create a joint venture, agency, partnership, fiduciary or other similar relationship between the Parties. 

 

	12.7	Corporate Power. Each Party hereby represents and warrants that such Party is duly organized and validly existing under the laws of the state of its
incorporation and has full corporate authority to enter into this Agreement and to carry out the provisions hereof. 

  

	12.8	Due Authorization/Ownership/No Suit/Validity. Each Party hereby represents and warrants that such Party is duly authorized to execute and deliver this Agreement
and to perform its obligations hereunder. Except for the rights, if any, of the Government of the United States, the Institute represents that, to the best of its current knowledge (without investigation outside of the Institute as to such
representations), (a) it is the sole owner of the Licensed Patents, (b) and that all applicable assignments have been recorded, and (c) no action, suit or claim has been initiated or threatened with respect to the Licensed Patents.

  

	12.9	Binding Obligation. Each Party hereby represents and warrants that this Agreement is a legal and valid obligation binding upon it and is enforceable in
accordance with its terms. The execution, delivery and performance of this Agreement by such Party does not conflict with any license, agreement, instrument, or understanding, oral or written, to which it is a party or by which it may be bound, nor
violate any law or regulation or any court, government body or administrative or other agency having authority over it. 

  

	12.10	 DISCLAIMER OF WARRANTY. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, INSTITUTE MAKES NO WARRANTIES OR REPRESENTATIONS OF ANY KIND, EXPRESSED
OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, 

  
  

	†	DESIGNATES PORTIONS OF THIS DOCUMENT THAT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT FILED SEPARATELY WITH THE COMMISSION

 -20- 

 Nanostring Exclusive License Agreement 
  Page
 21
 of 25 
  

	 	
WARRANTIES OF FITNESS FOR A PARTICULAR PURPOSE, NONINFRINGEMENT OR MERCHANTABILITY. IN ADDITION TO AND NOT TO LIMIT THE FOREGOING, INSTITUTE SHALL HAVE NO LIABILITY FOR, AND INSTITUTE
MAKES NO WARRANTIES OR REPRESENTATIONS OF ANY KIND REGARDING THE PATENTABILITY, VALIDITY AND/OR SCOPE OF THE LICENSED PATENTS (IN WHOLE OR IN PART) OR OF THE ENFORCEABILITY OF ANY PATENTS ISSUING THEREUPON, IF ANY, OR THAT THE
LICENSED PATENTS OR LICENSED PRODUCTS ARE OR WILL BE FREE FROM INFRINGEMENT OF ANY PATENT OR OTHER INTELLECTUAL PROPERTY RIGHTS OF INSTITUTE OR OF THIRD PARTIES. 

 

	12.11	Limitation of Liability. Neither Party will be entitled to recover from the other Party any special, incidental, exemplary, consequential or punitive damages in
connection with this Agreement or any license granted hereunder. 

  

	12.12	Non-Waiver. The Parties covenant and agree that if a Party fails or neglects for any reason to take advantage of any of the terms provided for the termination of
this Agreement or if a Party, having the right to declare this Agreement terminated, will fail to do so, any such failure or neglect by such Party will not be a waiver or be deemed or be construed to be a waiver of any cause for the termination of
this Agreement subsequently arising, or as a waiver of any of the terms, covenants or conditions of this Agreement or of the performance thereof. None of the terms, covenants and conditions of this Agreement may be waived by a Party except by its
written consent. 

  

	12.13	Reformation. The Parties hereby agree that neither Party will violate any public policy, statutory or common law, rule, regulation, treaty or decision of any
government agency or executive body thereof of any country or community or association of countries applicable to this Agreement; that if any word, sentence, paragraph or clause or combination thereof of this Agreement is found, by a court or
executive body with judicial powers having jurisdiction over this Agreement or any of its Parties hereto, in a final unappealed order to be in violation of any such provision in any country or community or association of countries, such words,
sentences, paragraphs or clauses or combination will be inoperative in such country or community or association of countries, and the remainder of this Agreement will remain binding upon the Parties hereto. 

  
  

	†	DESIGNATES PORTIONS OF THIS DOCUMENT THAT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT FILED SEPARATELY WITH THE COMMISSION

 -21- 

 Nanostring Exclusive License Agreement 
  Page
 22
 of 25 
  

	12.14	Force Majeure. No liability hereunder will result to a Party by reason of delay in performance caused by force majeure that is circumstances beyond the
reasonable control of the Party, including, without limitation, acts of God, fire, flood, war, civil unrest, labor unrest, or shortage of or inability to obtain material as equipment. 

 

	12.15	Entire Agreement. The terms and conditions herein constitute the entire agreement between the Parties and will supersede all previous agreements, either oral or
written, between the Parties hereto with respect to the subject matter hereof. No agreement or understanding bearing on this Agreement will be binding upon either Party hereto unless it is in writing and signed by the duly authorized officer or
representative of each of the Parties and it expressly refers to this Agreement. 

  

	12.16	Paragraph headings. The headings for each Section in this Agreement have been inserted for convenience of reference only and are not intended to limit or expand
on the meaning of the language contained in the particular Section. 

  

	12.17	Attorneys’ Fees. In the event of a dispute between the parties hereto or in the event of any default hereunder, the Party prevailing in the resolution of
any such dispute or default will be entitled to recover its actual attorneys’ fees, expert witness fees and other costs incurred in connection with resolving such dispute or default whether in an original action of an appeal.

  

	12.18	Counterparts. This Agreement may be signed in counterparts each of which will be deemed an original, and both of which together will constitute on and the same
instrument. Signatures may be transmitted by facsimile, thereby constituting the valid signature and delivery of this Agreement. 

  

	12.19	Product Marking. Licensee agrees to mark the Licensed Products or their packaging sold in the United States with all applicable U.S. patent numbers and similarly
to indicate “Patent Pending” status. All Licensed Products manufactured in, shipped to, or sold in other countries shall be marked in such a manner as to preserve Institute patent rights in such countries. 

 

	12.20	Survival. The rights and obligations of the Parties under Sections 5, 7.4, 9, 10, 11 and 12 shall survive the termination of this Agreement.

  

	12.21	 No Endorsement. By entering into this Agreement, Institute does not directly or indirectly endorse any product or service provided, or to be
provided, by Licensee 

  
  

	†	DESIGNATES PORTIONS OF THIS DOCUMENT THAT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT FILED SEPARATELY WITH THE COMMISSION

 -22- 

 Nanostring Exclusive License Agreement 
  Page
 23
 of 25 
  

	 	
whether directly or indirectly related to this Agreement. Licensee shall not state or imply that this Agreement is an endorsement by Institute, its faculty members, scientists, researchers,
employees, officers, trustees, directors, and agents. 

 IN WITNESS WHEREOF, the Parties hereto have executed and delivered this
Agreement by their duly authorized officers and representatives effective as of the Effective Date. 
  

									
	Institute for Systems Biology	 		 	NanoString Technologies, Inc.
					
	By:	 	 /s/ Louis R. Coffman
	 		 	By:	 	 /s/ Krassen Dimitrov

					
	Name:	 	 Louis R. Coffman
	 		 	Name:	 	 Krassen Dimitrov

					
	Title:	 	 VP - COO
	 		 	Title:	 	 CEO, President

  
  

	†	DESIGNATES PORTIONS OF THIS DOCUMENT THAT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT FILED SEPARATELY WITH THE COMMISSION

 -23- 

 Nanostring Exclusive License Agreement 
  Page
 24
 of 25 
  

 APPENDIX A 

LICENSED PATENTS 
  

	1.	US. Patent Application No. 09/898,743, “Methods for Detection and Quantification of Analytes in Complex Mixtures”, filed July 3, 2001.

  

	2.	PCT Patent Application No. PCT/US02/21278, “Methods for Detection and Quantification of Analytes in Complex Mixtures”, filed July 3, 2002.

  
  

	†	DESIGNATES PORTIONS OF THIS DOCUMENT THAT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT FILED SEPARATELY WITH THE COMMISSION

 -24- 

 Nanostring Exclusive License Agreement 
  Page
 25
 of 25 
  

 APPENDIX B 

LABORATORY NOTEBOOKS 
 Notebook No. 
 184 

273 

347 

378 

481 

508 

  
  

	†	DESIGNATES PORTIONS OF THIS DOCUMENT THAT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT FILED SEPARATELY WITH THE COMMISSION

 -25-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00217-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00217-of-00352.parquet"}]]