Cepheid Watch

from 8-K 38 pages Execution Version Loan and Security Agreement

from 10-K 19 pages B the Borrower Understands and Agrees That Ubs Bank USA May Demand Full or Partial Payment of the Credit Line Obligations. at Its Sole Option and Without Cause, at Any Time, and That Neither Fixed Rate Advances Nor Variable Rate Advances Are Extended for Any Specific Term or Duration. the Borrower Understands and Agrees That All Advances Are Subject to Collateral Maintenance Requirements. the Borrower Understands That Ubs Bank USA May, at Any Time, in Its Discretion, Terminate and Cancel the Credit Line Regardless of Whether or Not an Event Has Occurred

from 8-K 24 pages First Amendment to Loan and Security Agreement This First Amendment to Loan and Security Agreement Is Entered Into as of May 12, 2005 (The “Amendment”), by and Between Comerica Bank (“Bank”) and Cepheid (“Borrower”). Recitals Borrower and Bank Are Parties to That Certain Loan and Security Agreement Dated as of November 9, 2004, as Amended (The “Agreement”). the Parties Desire to Amend the Agreement in Accordance With the Terms of This Amendment. Now, Therefore, the Parties Agree as Follows: “Equipment Maturity Date” Means May 12, 2009. “Purchase Card Sublimit” Means $300,000. “Revolving Line” Means a Credit Extension of Up to Four Million Three Hundred Thousand Dollars ($4,300,000)

from 10-K 52 pages Cepheid Loan and Security Agreement