Letter Agreement for Warrant Cancellation and Note Amendment between Cancer Genetics, Inc. and Pecora and Company
This agreement is between Cancer Genetics, Inc. and Pecora and Company. Pecora agrees to cancel certain warrants previously issued in connection with a loan under a credit agreement. In exchange, the promissory note is amended to increase the pre-payment penalty by $32,000. Pecora confirms it is not entitled to any warrants related to its loan, and all such warrants are cancelled. The agreement is effective as of October 15, 2012.
Exhibit 10.55
October 15, 2012
Pecora and Company
100 First Street - Suite 301
Hackensack, New Jersey 07601
Attention: Dr. Andrew Pecora
| Re: | Amended and Restated Credit Agreement with Cancer Genetics, Inc. |
Dear Dr. Pecora:
This letter agreement will memorialize your agreement to cancel the Warrant #120, #126, and #130 issued to Pecora and Company in connection with its loan to the Company pursuant to the Amended and Restated Credit Agreement (“Credit Agreement”) by and among between JOHN PAPPAJOHN (“Pappajohn”), PECORA AND COMPANY (“Pecora”) and NNJCA CAPITAL, LLC (“NNJCA”, and with Pappajohn and Pecora, collectively the “Lender”), and CANCER GENETICS, INC., a Delaware corporation (the “Company”), dated of February 13, 2012 and to amend the promissory note (the “Note”) to increase the pre-payment penalty. The Note is hereby amended to provide that the pre-penalty payment shall be increased by $32,000. You agree that, notwithstanding the terms of the Credit Agreement, Pecora is not entitled to any warrants in connection with its loan to the Company and that any and all warrants issued to Pecora pursuant to the Credit Agreement are hereby cancelled.
| Very truly yours, |
| /s/ Panna L. Sharma |
| Panna L. Sharma |
| President and CEO |
| Agreed to and Accepted by: |
| /s/ Andrew Pecora |
| Pecora and Company |
