SEC Contract Filing

Filing Date: 2017-05-17

Document Content:
<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>7
<FILENAME>f8k051117ex10iv_icageninc.htm
<DESCRIPTION>GUARANTY OF OBLIGATIONS OF PARENT
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
10.4</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Execution
Version</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>GUARANTY
OF OBLIGATIONS OF PARENT</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
GUARANTY, dated as of May 15, 2017 (this &ldquo;<B>Guaranty</B>&rdquo;), is made by each of the undersigned (each a &ldquo;<B>Guarantor</B>&rdquo;,
and collectively, the &ldquo;<B>Guarantors</B>&rdquo;), in favor of GPB Debt Holdings II, LLC, a Delaware limited liability company,
in its capacity as collateral agent (in such capacity, the &ldquo;<B>Collateral Agent</B>&rdquo; as hereinafter further defined)
for the &ldquo;Buyer&rdquo; party to the Securities Purchase Agreement (each as defined below).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>W
I T N E S S E T H</U>:</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
Icagen, Inc., a Delaware corporation with its executive offices located at 4222 Emperor Blvd., Suite 350, Research Triangle Park,
Durham, NC, 27703 (the &ldquo;<B>Parent</B>&rdquo;), Icagen-T, Inc., a Delaware corporation and a wholly-owned Subsidiary of the
Parent with its executive offices located at 2090 E. Innovation Park Drive, Oro Valley, Arizona 85755 (&ldquo;<B>ICA-T</B>&rdquo;)
and GPB Debt Holdings II, LLC, in its capacity as an investor (the &ldquo;<B>Buyer</B>&rdquo;) are parties to the Securities Purchase
Agreement, dated as of May 15, 2017 (as amended, restated, extended, replaced or otherwise modified from time to time and together
with all amendments, supplements and exhibits thereto, collectively, the &ldquo;<B>Securities Purchase Agreement</B>&rdquo;),
pursuant to which, among other actions set forth therein, (i) ICA-T shall be required to sell an $8,000,000 aggregate principal
amount senior secured note of ICA-T (as such may be amended, restated, extended, replaced or otherwise modified from time to time
in accordance with the terms thereof, the &ldquo;<B>ICA-T Note</B>&rdquo;) and (ii) the Parent shall be required to sell a $2,000,000
aggregate principal amount aggregate principal amount senior secured note of the Parent (as such may be amended, restated, extended,
replaced or otherwise modified from time to time in accordance with the terms thereof, the &ldquo;<B>Parent Note</B>&rdquo; and
together with the ICA-T Note, collectively, the &ldquo;<B>Notes</B>&rdquo;) to the Buyer and the Buyer shall have the right to
purchase the Notes;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Securities Purchase Agreement requires that the Guarantors execute and deliver to the Collateral Agent simultaneously with
the execution of the Securities Purchase Agreement (i) a guaranty guaranteeing all of the obligations of the Parent, ICA-T and
the Subsidiaries under the Securities Purchase Agreement, the Parent Note, the ICA-T Note and the other Transaction Documents
(as defined below); and (ii) a Security and Pledge Agreement, dated as of the date hereof, granting the Collateral Agent for the
benefit of the Noteholders a lien on and security interest in all of their assets and properties (the &ldquo;<B>Security Agreement</B>&rdquo;);
and</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
each Guarantor has determined that the execution, delivery and performance of this Guaranty