<SEC-DOCUMENT>0001171843-19-007182.txt : 20191105
<SEC-HEADER>0001171843-19-007182.hdr.sgml : 20191105
<ACCEPTANCE-DATETIME>20191105160530
ACCESSION NUMBER:		0001171843-19-007182
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20191105
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20191105
DATE AS OF CHANGE:		20191105

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HARVARD BIOSCIENCE INC
		CENTRAL INDEX KEY:			0001123494
		STANDARD INDUSTRIAL CLASSIFICATION:	LABORATORY ANALYTICAL INSTRUMENTS [3826]
		IRS NUMBER:				043306140
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33957
		FILM NUMBER:		191193279

	BUSINESS ADDRESS:	
		STREET 1:		84 OCTOBER HILL RD
		CITY:			HOLLISTON
		STATE:			MA
		ZIP:			01746
		BUSINESS PHONE:		5088938999

	MAIL ADDRESS:	
		STREET 1:		84 OCTOBER HILL ROAD
		CITY:			HOLLISTON
		STATE:			MA
		ZIP:			01746
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k_110519.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<html><head><title></title></head><body><div style="margin-top: 3pt; margin-bottom: 12pt;"><div style="font-size: 1pt; border-top: Black 2.5pt solid; border-bottom: Black 1.1pt solid; width: 100%;"><font style="font-size: 10pt;">&#160;</font></div></div><p style="text-align: center;"><font style="font-size: 14pt;"><strong>UNITED STATES</strong><br /><strong>SECURITIES AND EXCHANGE COMMISSION</strong><br /><strong>Washington, D.C. 20549</strong><br />_____________________</font></p><p style="text-transform: uppercase; text-align: center;"><font style="font-size: 14pt;"><strong>Form 8-K</strong><br />_____________________</font></p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>CURRENT REPORT</strong></font></p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</strong></font></p><p align="center"><font style="font-size: 10pt;">Date of Report (Date of earliest event Reported): <!--November 5, 2019-->November 5, 2019 &#160;</font></p><p align="center"><font style="font-size: 12pt;"><strong>HARVARD BIOSCIENCE, INC.</strong></font><br /><font style="font-size: 10pt;">(Exact Name of Registrant as Specified in Charter)</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td align="center" width="33%"><font style="font-size: 10pt;"><strong>Delaware</strong></font></td><td align="center" width="34%"><font style="font-size: 10pt;"><strong>001-33957</strong></font></td><td align="center" width="33%"><font style="font-size: 10pt;"><strong>04-3306140</strong></font></td></tr><tr valign="top"><td align="center" width="33%"><font style="font-size: 10pt;">(State or Other Jurisdiction of Incorporation)</font></td><td align="center" width="34%"><font style="font-size: 10pt;">(Commission File Number)</font></td><td align="center" width="33%"><font style="font-size: 10pt;">(I.R.S. 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[&#160;&#160; ]</p><div style="margin-top: 12pt; margin-bottom: 3pt;"><div style="font-size: 1pt; border-top: Black 1.1pt solid; border-bottom: Black 2.5pt solid; width: 100%;"><font style="font-size: 10pt;">&#160;</font></div>&#160;</div><hr style="page-break-after: always;" noshade="noshade" /><p><font style="font-size: 10pt;">  <strong>  </strong></font></p><p><font style="font-size: 10pt;"><strong>Item 1.01. Entry into a Material Definitive Agreement.</strong></font></p><p><font style="font-size: 10pt;"><p>On November 5, 2019, Harvard Bioscience, Inc., or the Company, entered into a Second Amendment by and among the Company and certain subsidiaries of the Company parties thereto, as borrowers (collectively, the &#8220;Borrower&#8221;), certain subsidiaries of the Company parties thereto, as guarantors, various lenders party thereto, or the Lenders, and Cerberus Business Finance, LLC, as collateral agent for the Lenders. The Second Amendment is referred to herein as the Amendment. The Amendment modifies the Company&#8217;s Financing Agreement entered into on January 31, 2018, to among other things, increase the maximum leverage ratio and amount of restructuring and related costs to be excluded from consolidated EBITDA for certain periods, and decreases the minimum fixed charge coverage ratio. Additionally, pursuant to the Amendment, the applicable interest rate margin was modified to adjust based on the Company&#8217;s leverage ratio and the Company agreed to extend the prepayment penalty periods. The Amendment is effective for covenant calculations commencing with the period ended September 30, 2019, other than the change in minimum fixed charge coverage ratio which is effective beginning the three months ended December 31, 2019. A copy of the Amendment is attached as Exhibit 10.1 hereto and is incorporated by reference. The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the Amendment.</p></font></p><p><font style="font-size: 10pt;"><strong>  </strong></font></p><p><font style="font-size: 10pt;"><strong>Item 2.02. Results of Operations and Financial Condition.</strong></font></p><p><font style="font-size: 10pt;">
 <p>On November 5, 2019, Harvard Bioscience, Inc. issued a press release announcing financial results for the three and nine months ended September 30, 2019 and the details of a related conference call to be held at 4:30 PM EST on November 5, 2019. The press release is furnished as Exhibit 99.1 and incorporated herein by reference.</p>  <p>The information in Item 2.02 of this Current Report on Form 8-K and Exhibit 99.1 attached hereto shall not be deemed &#8220;filed&#8221; for purposes of Section 18 of the Securities Exchange Act of 1934 (the &#8220;Exchange Act&#8221;) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.</p> </font></p><p><font style="font-size: 10pt;"><strong>  </strong></font></p><p><font style="font-size: 10pt;"><strong>Item 9.01. Financial Statements and Exhibits.</strong></font></p><p><font style="font-size: 10pt;">
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>exh_101.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
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<p ></p>

<p style="margin: 0" ></p>

<p style="font-size: 10pt; text-align: right; margin: 0pt 0"><b>EXHIBIT 10.1</b></p>

<p style="font-size: 10pt; text-align: right; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: right; margin: 0pt 0"><b>EXECUTION VERSION</b></p>

<p style="font-size: 10pt; text-align: right; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><b>SECOND AMENDMENT TO FINANCING AGREEMENT</b></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">SECOND AMENDMENT, dated as of November 5, 2019
(this &quot;<u>Amendment</u>&quot;), to the Financing Agreement, dated as of January 31, 2018 (as the same may be amended, restated,
supplemented or otherwise modified from time to time, including any replacement agreement therefor, the &quot;<u>Financing Agreement</u>&quot;),
by and among Harvard Bioscience, Inc., a Delaware corporation (the &quot;<u>Parent</u>&quot; or the &quot;<u>Borrowing Agent</u>&quot;),
each subsidiary of the Parent listed as a &quot;Borrower&quot; on the signature pages thereto (together with the Parent and each
other Person that executes a joinder agreement and becomes a &quot;Borrower&quot; thereunder, each a &quot;<u>Borrower</u>&quot;
and collectively, the &quot;<u>Borrowers</u>&quot;), the Guarantors (as defined therein) from time to time party thereto, the lenders
from time to time party thereto (each a &quot;<u>Lender</u>&quot; and collectively, the &quot;<u>Lenders</u>&quot;), Cerberus Business
Finance, LLC, a Delaware limited liability company, as collateral agent for the Lenders (in such capacity, together with its successors
and assigns in such capacity, the &quot;<u>Collateral Agent</u>&quot;), and PNC Bank, National Association, as administrative agent
for the Lenders (in such capacity, together with its successors and assigns in such capacity, the &quot;<u>Administrative Agent</u>&quot;
and together with the Collateral Agent, each an &quot;<u>Agent</u>&quot; and, collectively, the &quot;<u>Agents</u>&quot;).</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">WHEREAS, the Loan Parties have requested, and
the Agents and the Required Lenders have agreed, subject to the terms and conditions set forth herein, to amend the Financing Agreement
on the terms and conditions set forth below.</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">NOW THEREFORE, in consideration of the premises
and other good and valuable consideration, the parties hereto hereby agree as follows:</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0"><font style="text-transform: uppercase">1. </font><u>Definitions</u>.
All terms used herein that are defined in the Financing Agreement and not otherwise defined herein shall have the meanings assigned
to them in the Financing Agreement.</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0"><font style="text-transform: uppercase">2. </font><u>Amendments</u>.</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(a) <font style="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font><u>New Definitions</u>. <u>Section 1.01</u> of the Financing Agreement is hereby amended by adding the following definitions,
in appropriate alphabetical order:</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 2in">(i)<font style="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font>&quot;<u>Second Amendment</u>&quot; means the Second Amendment to Financing Agreement, dated as of November 5, 2019, by
and among the Loan Parties, the Agents and the Required Lenders.</p>

<p style="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 2in">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 2in">(ii)<font style="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font>&quot;<u>Second Amendment Effective Date</u>&quot; means the 'Second Amendment Effective Date' as set forth in the Second
Amendment.</p>

<p style="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 2in">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 2in" ></p>

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<p style="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 2in">&#160;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(b) <font style="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font><u>Existing Definitions</u>.</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 2in">(i)<font style="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font><u>Section 1.01</u> of the Financing Agreement is hereby amended by amending and restating the definition of &quot;Applicable
Margin&quot; in its entirety to read as follows:</p>

<p style="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 2in">&#160;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&quot;'<u>Applicable Margin</u>' means, as of
any date of determination, with respect to the interest rate of any Loan (or any portion thereof):</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;From
the Second Amendment Effective Date until November 15, 2019 (the &quot;<u>Initial Applicable Margin Period</u>&quot;), the relevant
Applicable Margin shall be set at Level III in the table below.</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;After
the Initial Applicable Margin Period, the relevant Applicable Margin shall be set at the respective level indicated below based
upon the Leverage Ratio set forth opposite thereto (giving effect to the calculation as required pursuant to the second proviso
contained in clause (vi) of the definition of &quot;Consolidated EBITDA&quot;), which ratio shall be calculated as of the end of
the most recent Fiscal Quarter of the Parent and its Subsidiaries for which quarterly financial statements and a certificate of
an Authorized Officer of the Parent are received by the Agents and the Lenders in accordance with Section 7.01(a)(ii) and Section
7.01(a)(iv):</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
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<tr style="background-color: White">
    <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><font style="font-size: 10pt">II</font></td>
    <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><font style="font-size: 10pt">Less than 4.00:1.00 and equal to or greater than 3.50:1:00</font></td>
    <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt">5.125%</font></td>
    <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt">6.625%</font></td></tr>
<tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><font style="font-size: 10pt">III</font></td>
    <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><font style="font-size: 10pt">Less than 3.50:1.00 and equal to or greater than 3.00:1.00</font></td>
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    <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt">6.25%</font></td></tr>
<tr style="background-color: White">
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    <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt">4.5%</font></td>
    <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt">6.00%</font></td></tr>
</table>
<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;Subject
to clause (d) below, the adjustment of the Applicable Margin (if any) will occur 2 Business Days after the date the Administrative
Agent receives the quarterly financial statements and a certificate of an Authorized Officer of the Parent in accordance with Section
7.01(a)(ii) and Section 7.01(a)(iv).</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;Notwithstanding
the foregoing:</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;the
Applicable Margin shall be set at Level I in the table above, at the election of the Collateral Agent, (x)&#160;upon the occurrence
and during the continuation of a Default or Event of Default, or (y) if for any period, the Administrative Agent does not receive
the financial statements and certificates described in clause (c) above, for the period commencing on the date such financial statements
and certificate were required to be delivered through the date on which such financial statements and certificate are actually
received by the Administrative Agent and the Lenders; and</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0" ></p>

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<p style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;in
the event that any financial statement or certificate described in clause (c) above is inaccurate (regardless of whether this Agreement
or any Commitments are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the
application of a higher Applicable Margin for any fiscal period, then the Applicable Margin for such fiscal period shall be adjusted
retroactively (to the effective date of the determination of the Applicable Margin that was based upon the delivery of such inaccurate
financial statement or certificate) to reflect the correct Applicable Margin, and the Borrowers shall promptly make payments to
the Agents and the Lenders to reflect such adjustment.&quot;</p>

<p style="font-size: 10pt; text-indent: 0.25in; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 2in">(ii)<font style="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font><u>Section 1.01</u> of the Financing Agreement is hereby amended by amending and restating clauses (a) of the definition
of &quot;Applicable Prepayment Premium&quot; in its entirety to read as follows:</p>

<p style="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 2in">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: 0in">&#9;&quot;(a)&#9; with respect to prepayments
of the Term Loans, an amount equal to (i) during the period of time from and after the Effective Date up to and including the date
that is the first anniversary of the Effective Date (the &quot;<u>First Period</u>&quot;), an amount equal to 3.00% <u>times</u>
the principal amount of any prepayment of the Term Loan on such date, (ii)&#160;after the First Period up to and including July
22, 2020 (the &quot;<u>Second Period</u>&quot;), an amount equal to 2.00% <u>times</u> the principal amount of any prepayment of
the Term Loan on such date, (iii)&#160;after the Second Period up to and including July 22, 2021 (the &quot;<u>Third Period</u>&quot;),
an amount equal to 1.00% <u>times</u> the principal amount of any prepayment of the Term Loan on such date and (iv) thereafter,
zero; and&quot;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: 0in">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 2in">(iii)<font style="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font><u>Section 1.01</u> of the Financing Agreement is hereby amended by amending and restating clause (b)(vi) of the definition
of &quot;Consolidated EBITDA&quot; in its entirety to read as follows:</p>

<p style="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 2in">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&quot;(vi)&#9;extraordinary or non-recurring
charges, expenses or losses; reasonably identifiable and factually supportable restructuring charges, costs and expenses (as set
forth in a certificate of an Authorized Officer of the Parent); severance costs; non-cash reserves in connection with the Transactions;
<u>provided</u>, that (A) the aggregate amount added back pursuant to this clause (vi) for any measurement period shall not exceed
15.0% of Consolidated EBITDA of the Parent and its Subsidiaries for such period (calculated before giving effect to any adjustment
pursuant to this clause (vi), including subclause (B) below) and (B) notwithstanding subclause (A), solely with respect to any
Fiscal Quarter ending September 30, 2019 through and including September 30, 2020, without duplication, any cash charges incurred
in respect of the items set forth in Schedule 1.01(G) may be added back in an aggregate amount not exceeding such amount specified
therein (or such other amount or higher respective thresholds as may be approved by the Collateral Agent in its Permitted Discretion);
<u>provided</u>, <u>further</u>, that notwithstanding anything contained herein to the contrary, solely with respect to the determination
of the Leverage Ratio in connection with the Applicable Margin, the adjustments pursuant to this subclause (B) shall not be used
in making such calculation,&quot;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 2in">(iv)<font style="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font><u>Section 1.01</u> of the Financing Agreement is hereby amended by amending the definition of &quot;LIBOR&quot; by replacing
the reference therein to &quot;1.25%&quot; with &quot;1.75%&quot;.</p>

<p style="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 2in">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 2in" ></p>

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<p style="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 2in">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 2in">(v)<font style="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font><u>Section 1.01</u> of the Financing Agreement is hereby amended by amending and restating the definition of &quot;LIBOR
Rate&quot; in its entirety to read as follows:</p>

<p style="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 2in">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&quot;'<u>LIBOR Rate</u>' means, (x)
for each Interest Period for each LIBOR Rate Loan that is a Term Loan, the greater of (a) the rate per annum determined by the
Administrative Agent (rounded upwards if necessary, to the next 1/100% of 1%) by <u>dividing</u> (i) LIBOR for such Interest Period
<u>by</u> (ii)&#160;100% <u>minus</u> the Reserve Percentage and (b)&#160;1.75% and (y) for each Interest Period for each LIBOR
Rate Loan that is a Revolving Loan, the rate per annum determined by the Administrative Agent (rounded upwards if necessary, to
the next 1/100% of 1%) by <u>dividing</u> (i) LIBOR for such Interest Period <u>by</u> (ii)&#160;100% <u>minus</u> the Reserve
Percentage. The LIBOR Rate shall be adjusted on and as of the effective day of any change in the Reserve Percentage; <u>provided</u>,
however, that if the LIBOR Rate determined as provided above would be less than zero, such rate shall be deemed to be zero for
purposes of this Agreement.&quot;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0; text-indent: 1.5in">(c) <font style="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font><u>Section 7.03(a)</u> of the Financing Agreement is hereby amended and restated in its entirety to read as follows:</p>

<p style="font-size: 10pt; margin: 0pt 0; text-indent: 1.5in">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&quot;(a)&#9;<u>Leverage Ratio</u>.
Permit the Leverage Ratio of the Parent and its Subsidiaries for any period of four consecutive Fiscal Quarters of the Parent and
its Subsidiaries for which the last Fiscal Quarter ends on a date set forth below to be greater than the ratio set forth opposite
such date:</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#160;</p>

<table cellspacing="0" cellpadding="0" align="CENTER" style="width: 60%; border-collapse: collapse; font-size: 10pt">
<tr style="vertical-align: top">
    <td style="width: 57%; text-align: center"><u>Fiscal Quarter End</u></td>
    <td style="width: 43%; text-align: center"><u>Leverage Ratio</u></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>March 31, 2018</td>
    <td style="text-align: center">4.50:1.00</td></tr>
<tr style="vertical-align: top; background-color: White">
    <td>June 30, 2018</td>
    <td style="text-align: center">4.50:1.00</td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>September 30, 2018</td>
    <td style="text-align: center">4.25:1.00</td></tr>
<tr style="vertical-align: top; background-color: White">
    <td>December 31, 2018</td>
    <td style="text-align: center">4.00:1.00</td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>March 31, 2019</td>
    <td style="text-align: center">3.75:1.00</td></tr>
<tr style="vertical-align: top; background-color: White">
    <td>June 30, 2019</td>
    <td style="text-align: center">3.75:1.00</td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>September 30, 2019</td>
    <td style="text-align: center">3.50:1.00</td></tr>
<tr style="vertical-align: top; background-color: White">
    <td>December 31, 2019</td>
    <td style="text-align: center">3.50:1.00</td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>March 31, 2020</td>
    <td style="text-align: center">3.50:1.00</td></tr>
<tr style="vertical-align: top; background-color: White">
    <td>June 30, 2020, and every Fiscal Quarter thereafter</td>
    <td style="text-align: center">3.25:1.00&quot;</td></tr>
</table>
<p style="font-size: 10pt; margin: 0pt 0 0pt 1.5in; text-indent: 0in">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 1.5in; text-indent: 0in" ></p>

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<p style="font-size: 10pt; margin: 0pt 0 0pt 1.5in; text-indent: 0in">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0; text-indent: 1.5in">(d) <font style="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font><u>Section 7.03(b)</u> of the Financing Agreement is hereby amended and restated in its entirety to read as follows:</p>

<p style="font-size: 10pt; margin: 0pt 0; text-indent: 1.5in">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&quot;(b)&#9;<u>Fixed Charge Coverage
Ratio</u>. Permit the Fixed Charge Coverage Ratio of the Parent and its Subsidiaries for any period of four consecutive Fiscal
Quarters of the Parent and its Subsidiaries for which the last Fiscal Quarter ends on a date set forth below to be less than the
ratio set forth opposite such date:</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#160;</p>

<table cellspacing="0" cellpadding="0" align="CENTER" style="width: 60%; border-collapse: collapse; font-size: 10pt">
<tr style="vertical-align: top">
    <td style="width: 57%; text-align: center"><u>Fiscal Quarter End</u></td>
    <td style="width: 43%; text-align: center"><u>Fixed Charge Coverage Ratio</u></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>March 31, 2018</td>
    <td style="text-align: center">1.25:1.00</td></tr>
<tr style="vertical-align: top; background-color: White">
    <td>June 30, 2018</td>
    <td style="text-align: center">1.25:1.00</td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>September 30, 2018</td>
    <td style="text-align: center">1.50:1.00</td></tr>
<tr style="vertical-align: top; background-color: White">
    <td>December 31, 2018</td>
    <td style="text-align: center">1.50:1.00</td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>March 31, 2019</td>
    <td style="text-align: center">1.50:1.00</td></tr>
<tr style="vertical-align: top; background-color: White">
    <td>June 30, 2019</td>
    <td style="text-align: center">1.50:1.00</td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>September 30, 2019</td>
    <td style="text-align: center">1.50:1.00</td></tr>
<tr style="vertical-align: top; background-color: White">
    <td>December 31, 2019 and every Fiscal Quarter thereafter</td>
    <td style="text-align: center">1.25:1.00&quot;</td></tr>
</table>
<p style="font-size: 10pt; margin: 0pt 0; text-indent: 1.5in">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0; text-indent: 1.5in">(e) <font style="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font><u>Schedule 1.01(G)</u> set forth in <u>Annex A</u> hereto shall be appended to the end of the Financing Agreement.</p>

<p style="font-size: 10pt; margin: 0pt 0; text-indent: 1.5in">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="text-transform: uppercase">3. </font><u>Financial
Covenants</u>. The Loan Parties shall be permitted to calculate Consolidated EBITDA and the covenants set forth in Section 7.03
of the Financing Agreement for the Fiscal Quarter ended September 30, 2019, in accordance with the Financing Agreement as amended
by this Amendment.</p>

<p style="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0"><font style="text-transform: uppercase">4. </font><u>Representations
and Warranties</u>. Each Loan Party hereby represents and warrants to the Agents and the Lenders as follows:</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(a) <font style="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font><u>Organization, Good Standing, Etc.</u> Each Loan Party and each of its Subsidiaries (i) is a corporation, limited company,
limited liability company or limited partnership, as applicable, duly organized, validly existing and in good standing under the
laws of the state or jurisdiction of its incorporation or organization, as applicable, (ii) has all requisite power and authority
to conduct its business as now conducted and as presently contemplated and to execute and deliver this Amendment, and to consummate
the transactions contemplated hereby and by the Financing Agreement, as amended hereby, and (iii) is duly qualified to do business
and is in good standing in each jurisdiction in which the character of the properties owned or leased by it or in which the transaction
of its business makes such qualification necessary, except (solely for the purposes of this subclause&#160;(iii)) where the failure
to be so qualified or in good standing, individually or in the aggregate, could not reasonably be expected to result in a Material
Adverse Effect.</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0" ></p>

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<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(b) <font style="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font><u>Authorization, Etc.</u> The execution, delivery and performance by each Loan Party of this Amendment and the Financing
Agreement, as amended hereby, (i) have been duly authorized by all necessary corporate or other organizational action, (ii) do
not and will not contravene any of its Governing Documents or, in any material respect, any applicable Requirement of Law, (iii)
do not and will not conflict with, result in a breach of, or constitute (with due notice or lapse of time or both) a default under
any Material Contract, (iv)&#160;do not and will not result in or require the creation of any Lien (other than pursuant to any
Loan Document) upon or with respect to any of its properties, and (v) do not and will not result in any default, noncompliance,
suspension, revocation, impairment, forfeiture or nonrenewal of any material permit, license, authorization or approval applicable
to its operations or any of its properties.</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(c) <font style="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font><u>Governmental Approvals</u>. No authorization or approval or other action by, and no notice to or filing with, any Governmental
Authority is required in connection with the due execution, delivery and performance by any Loan Party of this Amendment and the
Financing Agreement, as amended hereby, other than (x) authorizations, approvals, notices, filings or other actions that have been
obtained and that are still in force and effect and (y) filing of this Amendment with the SEC following the execution hereof.</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(d) <font style="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font><u>Enforceability of Amendment</u>. Each of this Amendment and the Financing Agreement, as amended hereby, is and each other
Loan Document to which any Loan Party is or will be a party, when delivered hereunder, will be a legal, valid and binding obligation
of such Person which is a party thereto, enforceable against such Person in accordance with its terms, except as enforceability
may be limited by applicable equitable principles or by bankruptcy, insolvency, reorganization, moratorium or other similar laws
affecting the enforcement of creditors' rights generally.</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0"><font style="text-transform: uppercase">5. </font><u>Conditions
to Effectiveness</u>. This Amendment shall become effective only upon satisfaction in full, in a manner satisfactory to the Collateral
Agent, of the following conditions precedent (the first date upon which all such conditions shall have been satisfied being herein
called the &quot;<u>Second Amendment Effective Date</u>&quot;):</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(a) <font style="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font><u>Delivery of Documents</u>. The Collateral Agent shall have received this Amendment duly executed and delivered by the
Loan Parties, the Agents and the Lenders.</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(b) <font style="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font><u>Representations and Warranties</u>. The representations and warranties contained in ARTICLE VI of the Financing Agreement
(as amended hereby) and in each other Loan Document, certificate or other writing delivered to any Secured Party pursuant hereto
or thereto on or prior to the Second Amendment Effective Date shall be true and correct in all material respects (except that such
materiality qualifier shall not be applicable any representations or warranties that already are qualified or modified as to &quot;materiality&quot;
or &quot;Material Adverse Effect&quot; in the text thereof, which representations and warranties shall be true and correct in all
respects subject to such qualification) on and as of the Second Amendment Effective Date as though made on and as of the Second
Amendment Effective Date, except to the extent that any such representation or warranty expressly relates solely to an earlier
date (in which case such representation or warranty shall be true and correct in all material respects (except that such materiality
qualifier shall not be applicable to any representations or warranties that already are qualified or modified as to &quot;materiality&quot;
or &quot;Material Adverse Effect&quot; in the text thereof, which representations and warranties shall be true and correct in all
respects subject to such qualification) on and as of such earlier date).</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0" ></p>

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<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(c) <font style="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font><u>No Default or Event of Default</u>. After giving effect to this Amendment, no Default or Event of Default shall have
occurred and be continuing on the Second Amendment Effective Date or would result from this Amendment becoming effective in accordance
with its terms.</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(d) <font style="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font><u>Payment of Fees, Etc</u>. The Loan Parties shall have paid (i) an amendment fee to the Collateral Agent solely for its
own account, in an amount equal to $50,000, which fee shall be deemed earned in full on the Second Amendment Effective Date and
shall be non-refundable and (ii) all fees, costs and expenses then due and payable by the Loan Parties pursuant to the Loan Documents,
including, without limitation, the Fee Letter and Sections 2.06 and 12.04 of the Financing Agreement.</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0"><font style="text-transform: uppercase">6. </font><u>Continued
Effectiveness of the Financing Agreement and Other Loan Documents</u>. Each Loan Party hereby (i) acknowledges and consents to
this Amendment, (ii)&#160;confirms and agrees that the Financing Agreement and each other Loan Document to which it is a party
is, and shall continue to be, in full force and effect and is hereby ratified and confirmed in all respects except that on and
after the Second Amendment Effective Date all references in any such Loan Document to &quot;the Financing Agreement&quot;, the
&quot;Agreement&quot;, &quot;thereto&quot;, &quot;thereof&quot;, &quot;thereunder&quot; or words of like import referring to the
Financing Agreement shall mean the Financing Agreement as amended by this Amendment, and (iii)&#160;confirms and agrees that to
the extent that any such Loan Document purports to assign or pledge to the Collateral Agent for the benefit of the Agents and the
Lenders, or to grant to the Collateral Agent for the benefit of the Agents and the Lenders a security interest in or Lien on, any
Collateral as security for the Obligations from time to time existing in respect of the Financing Agreement (as amended hereby)
and the other Loan Documents, such pledge, assignment and/or grant of the security interest or Lien is hereby ratified and confirmed
in all respects. This Amendment does not and shall not affect any of the obligations of the Loan Parties, other than as expressly
provided herein, including, without limitation, the Loan Parties' obligations to repay the Loans in accordance with the terms of
Financing Agreement, or the obligations of the Loan Parties under any Loan Document to which they are a party, all of which obligations
shall remain in full force and effect, and nothing herein contained shall be construed as a substitution or novation of the obligations
outstanding under the Financing Agreement or instruments securing the same. Nothing expressed or implied in this Amendment shall
be construed as a release or other discharge of any Loan Party under the Financing Agreement, or the other Loan Documents, as amended
hereby, from any of its obligations and liabilities as a &quot;Borrower&quot;, &quot;Guarantor&quot; or &quot;Loan Party&quot;
thereunder. Except as expressly provided herein, the execution, delivery and effectiveness of this Amendment shall not operate
as a waiver of any right, power or remedy of the Agents or any Lender under the Financing Agreement or any other Loan Document,
nor constitute a waiver of any provision of the Financing Agreement or any other Loan Document.</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0" ></p>

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<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0"><font style="text-transform: uppercase">7. </font><u>Miscellaneous</u>.</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(a) <font style="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font>This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each
of which shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. Delivery
of an executed counterpart of this Amendment by facsimile or electronic mail shall be equally effective as delivery of an original
executed counterpart of this Amendment.</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(b) <font style="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font>Section and paragraph headings herein are included for convenience of reference only and shall not constitute a part of
this Amendment for any other purpose.</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(c) <font style="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font>This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York.</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(d) <font style="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font>Each Loan Party hereby acknowledges and agrees that this Amendment constitutes a &quot;Loan Document&quot; under the Financing
Agreement. Accordingly, it shall be an Event of Default under the Financing Agreement if (i) any representation or warranty made
by a Loan Party under or in connection with this Amendment shall have been incorrect in any material respect when made, or (ii)
any Loan Party shall fail to perform or comply with any covenant or agreement contained in this Amendment.</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(e) <font style="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font>Any provision of this Amendment that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining portions hereof or affecting
the validity or enforceability of such provision in any other jurisdiction.</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0">[remainder of page intentionally left blank]</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0" ></p>

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<p style="font-size: 10pt; text-indent: 1in; margin: 0pt 0">IN WITNESS WHEREOF, the parties hereto have caused this Amendment to
be executed and delivered as of the date set forth on the first page hereof.</p>

<p style="font-size: 10pt; text-indent: 1in; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in"><u>BORROWERS</u>:</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">HARVARD BIOSCIENCE, INC.</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in" ></p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">&#160;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 3in"></td><td style="width: 0.4in">By:</td><td><u>/s/ Michael A. Rossi</u><br >
Name: Michael A. Rossi<br >
Title: Chief Financial Officer</td></tr></table>

<p style="font-size: 10pt; text-indent: -0.4in; margin: 0pt 0 0pt 3.4in">&#160;</p>

<p style="font-size: 10pt; text-indent: -0.4in; margin: 0pt 0 0pt 3.4in">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">DATA SCIENCES INTERNATIONAL, INC.</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in"><br >
By: Harvard Bioscience, Inc., its sole shareholder</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in"><br ></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
<td style="width: 3in"></td><td style="width: 0.4in">By:</td><td><u>/s/ Michael A. Rossi</u><br >
Name: Michael A. Rossi<br >
Title: Chief Financial Officer</td></tr>
</table>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in" ></p>

<!-- Field: Page; Sequence: 9 -->
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<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0" ></p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in"><u>GUARANTORS</u>:</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">HOEFER, INC.<br >
<br >
By: Harvard Bioscience, Inc., its sole shareholder<br ></p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
<td style="width: 3in"></td><td style="width: 0.4in">By:</td><td><u>/s/ Michael A. Rossi</u><br >
Name: Michael A. Rossi<br >
Title: Chief Financial Officer</td></tr>
</table>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">&#160;<br >
<b><br >
</b>WARNER INSTRUMENTS LLC<br >
<br >
By: Harvard Bioscience, Inc., its sole member</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
<td style="width: 3in"></td><td style="width: 0.4in">By:</td><td><u>/s/ Michael A. Rossi</u><br >
Name: Michael A. Rossi<br >
Title: Chief Financial Officer</td></tr>
</table>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">&#160;<b><br >
</b>TRIANGLE BIOSYSTEMS, INC.<br >
<br >
By: Harvard Bioscience, Inc., its sole shareholder</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
<td style="width: 3in"></td><td style="width: 0.4in">By:</td><td><u>/s/ Michael A. Rossi</u><br >
Name: Michael A. Rossi<br >
Title: Chief Financial Officer</td></tr>
</table>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">&#160;<br ></p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">HBIO DISTRIBUTION OLDCO, INC. <br >
<br >
By: Harvard Bioscience, Inc., its sole shareholder</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
<td style="width: 3in"></td><td style="width: 0.4in">By:</td><td><u>/s/ Michael A. Rossi</u><br >
Name: Michael A. Rossi<br >
Title: Chief Financial Officer</td></tr>
</table>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in" ></p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in" ></p>

<!-- Field: Page; Sequence: 10 -->
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    <!-- Field: /Page -->

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">COULBOURN INSTRUMENTS, LLC</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">&#160;<br >
By: HBIO Distribution Oldco, Inc., its sole member<br >
By: Harvard Bioscience, Inc., its sole shareholder</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in"><br >
</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
<td style="width: 3in"></td><td style="width: 0.4in">By:</td><td><u>/s/ Michael A. Rossi</u><br >
Name: Michael A. Rossi<br >
Title: Chief Financial Officer</td></tr>
</table>
<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">BIOCHROM US, INC.</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">&#160;<br >
By: Harvard Bioscience, Inc., its sole shareholder<br ></p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
<td style="width: 3in"></td><td style="width: 0.4in">By:</td><td><u>/s/ Michael A. Rossi</u><br >
Name: Michael A. Rossi<br >
Title: Chief Financial Officer</td></tr>
</table>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">BIOCHROM LIMITED</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
<td style="width: 3in"></td><td style="width: 0.4in">By:</td><td><u>/s/ James Green</u><br >
Name: James Green<br >
Title: Director</td></tr>
</table>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in" ></p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">EALING SCIENTIFIC LIMITED /<br >
LA COMPAGNIE SCIENTIFIQUE EALING LIMIT&Eacute;E<br ></p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">By: Harvard Bioscience, Inc., its sole shareholder<br >
</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
<td style="width: 3in"></td><td style="width: 0.4in">By:</td><td><u>/s/ Michael A. Rossi</u><br >
Name: Michael A. Rossi<br >
Title: Chief Financial Officer</td></tr>
</table>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in" ></p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in" ></p>

<!-- Field: Page; Sequence: 11 -->
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    <!-- Field: /Page -->

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">DATA SCIENCES UK (MN) LIMITED<br >
By: Data Sciences International, Inc., its sole shareholder<br ></p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
<td style="width: 3in"></td><td style="width: 0.4in">By:</td><td><u>/s/ Michael A. Rossi</u><br >
Name: Michael A. Rossi<br >
Title: Director</td></tr>
</table>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in" ></p>

<!-- Field: Page; Sequence: 12 -->
    <div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><p style="margin: 0pt" ></p><p style="font-size: 10pt; text-align: center; margin: 0pt 0">[Second Amendment to Financing Agreement]</p><p style="margin: 0pt" ></p></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in" ></p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in"><u>COLLATERAL AGENT</u>:</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">CERBERUS BUSINESS FINANCE, LLC</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">&#160;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 216pt"></td><td style="width: 27pt">By:</td><td><u>/s/ Daniel E. Wolf<br >
</u>Name: Daniel E. Wolf<br >
Title: Chief Executive Officer</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0 0pt 153.35pt">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 153.35pt">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 153.35pt">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 153.35pt">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 153.35pt">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 153.35pt" ></p>

<!-- Field: Page; Sequence: 13 -->
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    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font-size: 10pt; margin: 0pt 0 0pt 153.35pt">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in"><u>LENDERS</u>:</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 3in">&#160;</p>

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<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"><html lang="en-US"><head><title>EdgarFiling</title><meta content="text/html; charset=windows-1252" ><meta name="GENERATOR" content="MSHTML 8.00.7601.18094" ></head><body bgcolor="#ffffff"><p style="text-align: right;"><strong>EXHIBIT 99.1</strong></p><p style="text-align: center;"><font style="font-size: 14pt;"><strong>Harvard Bioscience Announces Third Quarter Financial Results</strong></font></p><p style="text-align: center;"><strong></strong></p><p>
 <p><em><strong>Improves adjusted operating margins while taking actions to underpin next year&#8217;s profit and growth targets</strong></em></p>  <ul type="disc"><li>Q3 Revenue of $27.4 million</li><li>Q3 Operating Loss (GAAP) of $(1.4) million; Adjusted Operating Income (Non-GAAP) of $3.3 million</li><li>Q3 GAAP EPS of $(0.07); Adjusted Diluted EPS (Non-GAAP) of $0.04</li></ul>  <p align="left">HOLLISTON, Mass., Nov.  05, 2019  (GLOBE NEWSWIRE) -- Harvard Bioscience, Inc. (Nasdaq: HBIO) (the &#8220;Company&#8221;), today announced financial results for the three and nine months ended September 30, 2019.</p>  <p>The Company reported revenue of $27.4 million for the third quarter of 2019, with an operating loss of $(1.4) million and EPS of $(0.07). On an adjusted basis, gross margin was 55.6%, operating income measured $3.3 million or 12.1% of sales, and adjusted diluted EPS was $0.04. Cash flow from operations for the nine months ended September 30, 2019 was $5.8 million compared to $0.3 million for the comparable prior year period.</p>  <p>Jim Green, Chairman and CEO said, &#8220;We are executing on our strategic priorities. In spite of Q3 revenue continuing at a slower pace, adjusted operating margin improved by 90 basis points, all while taking initial actions designed to meet the targets outlined for next year&#8217;s profitability and growth. As revenue headwinds annualize in the first half of next year, we expect improvements in sales effectiveness combined with product improvements to yield organic growth in line with our published targets.&#8221;&#160;</p>  <p>Green continued, &#8220;Cellular and Molecular Technologies related products saw continued organic growth in our CRISPR related applications and in precision infusion pumps. North America and APAC sales grew, while EMEA declined on timing of large equipment sales, resulting in a modest decline in organic revenue globally for the product family.&#8221;</p>  <p>Green continued, &#8220;Sales of Pre-Clinical Systems products sold into CROs and Pharma improved in North America, with revenue from CROs returning to historical run-rates. However, overall Pre-Clinical Systems revenue was down on declines in APAC.&#8221;</p>  <p>Green concluded, &#8220;We will continue to take the necessary actions to strengthen our business. Although we expect continued soft revenue trends in Q4, we anticipate significant adjusted operating margin improvement in the quarter. For the full year 2019, we expect revenues to be in the range of $116-$118 million, slightly lower than previous expectations. We anticipate adjusted gross margin, adjusted operating margin and adjusted diluted EPS to be 56%, 12%-13%, and $0.19, respectively, in line with our previous guidance. We believe the disciplined action plan we are executing is positioning the business to be significantly stronger next year. Recently executed actions include enhancing the senior leadership team and making cost structure improvements, including completing the consolidation of the Raleigh, North Carolina operations.&#8221;</p>  <p><em><strong>Third Quarter Reported Results</strong></em></p>  <p>Revenue for the three months ended September 30, 2019 was $27.4 million, a decrease of 4%, or $1.2 million, compared to revenue of $28.6 million for the three months ended September 30, 2018.&#160;</p>  <p>Operating loss for the three months ended September 30, 2019 was $(1.4) million, a decrease of $2.3 million, compared to operating income of $0.9 million for the three months ended September 30, 2018. The operating loss for the period included $2.2 million of costs associated with the CEO transition in July 2019 and initial site and product line consolidation activities aligned with profitability initiatives announced in September 2019.</p>  <p>Adjusted operating income was $3.3 million for the three months ended September 30, 2019, an increase of approximately 4%, or $0.1 million, compared to $3.2 million for the three months ended September 30, 2018. The increase in adjusted operating income was the result of improved product mix coupled with strong cost management, more than offsetting the impact of lower revenue.</p>  <p>Net loss was $(0.07) per share for the three months ended September 30, 2019, compared to a net loss of $(0.01) per share for the same quarter in 2018.</p>  <p>Adjusted diluted earnings per share was $0.04 for the three months ended September 30, 2019, same as the three months ended September 30, 2018.</p>  <p>Please refer to Exhibit 4 below for a reconciliation of certain non-GAAP to GAAP financial measures, including revenue, gross profit, operating expenses, operating income and loss, net income and loss, and diluted earnings per share. As to our 2019 guidance referenced in this release, please refer to Exhibit 5 below for reconciliations of the GAAP diluted earnings per share and adjusted diluted earnings per share, GAAP gross margin and adjusted gross margin and GAAP operating margin and&#160;adjusted operating margin. Please see &#8220;Use of Non-GAAP Financial Information&#8221; for additional information regarding our use of such adjusted financial information.</p>  <p><em><strong>Balance Sheet and Cash Flow</strong></em></p>  <p>As of September 30, 2019, cash was $6.8 million and total debt was $54.3 million. Cash flow from operations for the nine months ended September 30, 2019 was $5.8 million, funding the majority of the $6.8 million reduction in total debt since December 31, 2018.</p>  <p><strong><em>Webcast and Conference Call Details</em></strong></p>  <p>Harvard Bioscience will be hosting a conference call and webcast today at 4:30 pm ET. You can access the live conference call by dialing the following phone numbers: toll-free 1 (800) 708-4539 or international (847) 619-6396 and referencing the conference ID# 49098277.&#160;</p>  <p>The conference call will be simultaneously webcast and can be accessed through the&#160;Harvard Bioscience website. A slide presentation that will be referenced during the webcast will be posted to our Investor Relations website shortly before the webcast begins. To listen to the webcast, log on to the webcast at:&#160;http://investor.harvardbioscience.com/&#160;and click on the Earnings Call icon. The webcast will be available on the website through&#160;November 14, 2019.&#160;</p>  <p><strong><em>Use of Non-GAAP Financial Information</em></strong></p>  <p>In this press release, we have included non-GAAP financial information including adjusted revenue, adjusted gross profit, adjusted operating expenses, adjusted operating income, adjusted net income and adjusted diluted earnings per share. We believe that this non-GAAP financial information provides investors with an enhanced understanding of the underlying operations of the business. For the periods presented, these non-GAAP financial measures of revenue and income have excluded certain revenue and expenses and income primarily resulting from purchase accounting or events that we do not believe are related to the underlying operations of the business such as currency translation, amortization of intangibles related to acquisitions, costs related to acquisition, disposition and integration initiatives, impairment charges, gains or losses from divestitures, severance and restructuring expenses, and stock-based compensation expense. They also exclude the tax impact of the reconciling items. This non-GAAP financial information approximates information used by our management to internally evaluate the operating results of the Company. Tabular reconciliations of our adjusted revenue, adjusted gross profit, adjusted operating expenses, adjusted operating income, adjusted net income and adjusted earnings per diluted share for the three and nine months ended September 30, 2019 and 2018 are included as exhibits below in this press release.</p>  <p>The non-GAAP financial information provided in this press release should be considered in addition to, not as a substitute for, the financial information provided and presented in accordance with GAAP and may be different than other companies&#8217; non-GAAP financial information.</p>  <p><strong><em>About Harvard Bioscience</em></strong></p>  <p>Harvard Bioscience is a global developer, manufacturer and marketer of a broad range of solutions to advance life science. Our products are sold to thousands of researchers in over 100 countries through our global sales organization, websites, catalogs, and through distributors. We have sales and manufacturing operations in the United States, the United Kingdom, Germany, Sweden, Spain, France, Canada and China. For more information, please visit our website at <u>www.harvardbioscience.com</u>.</p>  <p><strong><em>Safe Harbor Statement</em></strong></p>  <p><em>This press release contains forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. You can identify these statements by our use of such words as "will," "guidance," "objectives," "optimistic," "potential," "future," "expects," "plans," "estimates," "continue," "drive," "strategy," "potential," "potentially," "growth," "long-term," "projects," "projected," "intends," "believes," "goals," "sees," "seek," "develop" "possible" "new," "emerging," "opportunity," "pursue" and similar expressions that do not relate to historical matters. Forward-looking statements in this press release or that may be made during our conference call may include, but are not limited to, statements or inferences about the Company's or management's beliefs or expectations, the Company's anticipated future revenues and earnings, the strength of the Company's market position and business model, industry outlook; the Company's business strategy, the positioning of the Company for growth, the market demand and opportunity for the Company's current products, or products it is developing or intends to develop, and the Company's plans, objectives and intentions that are not historical facts. These statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Investors should note that many factors, as more fully described under the caption &#8220;Risk Factors&#8221; in our Form 10-K, including our Form 10-K for the year ended December 31, 2018, Form 10-Q and Form 8-K filings with the Securities and Exchange Commission and as otherwise enumerated herein or therein may cause the Company's actual results to differ materially from those in the forward-looking statements. The forward-looking statements in this press release are qualified by these risk factors. The Company's results may also be affected by factors of which the Company is not currently aware. The Company may not update these forward-looking statements, even though its situation may change in the future, unless it has obligations under the federal securities laws to update and disclose material developments related to previously disclosed information. </em></p>  <p>For investor inquiries, please contact Michael Rossi, Chief Financial Officer at (508) 893-8999. Press releases may be found on the Harvard Bioscience website.</p> <table style="width:100%; border-collapse:collapse !important;;border-collapse: collapse; "><tr><td colspan="17" style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td colspan="17" style="text-align: left ;  vertical-align: middle; vertical-align: bottom ; "><strong>Exhibit 1</strong></td></tr><tr><td colspan="17" style="text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td colspan="17" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>HARVARD BIOSCIENCE, INC.</strong></td></tr><tr><td colspan="17" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>Consolidated Statements of Operations</strong></td></tr><tr><td colspan="17" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>(unaudited, in thousands, except per share data)</strong></td></tr><tr><td colspan="17" style="text-align: right ; 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">)</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">32</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(28</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">)</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: bottom ; ">Interest expense, net</td><td style="text-align: left ;  vertical-align: middle; 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text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">)</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(1,798</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">)</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(4,343</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">)</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(7,262</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">)</td></tr><tr><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: left ;  vertical-align: middle; 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text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(54</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">)</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(652</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">)</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(363</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">)</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(416</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">)</td></tr><tr><td style="text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">Loss from continuing operations</td><td style="text-align: left ; 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padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">)</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(5,237</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">)</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; 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vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">-</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">0.05</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: middle; 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">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">-</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">-</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; 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vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(3,983</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">)</td></tr><tr><td style="text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">Non-cash expense - acquisition accounting</td><td style="text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(39</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">)</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; 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vertical-align: bottom ; ">$</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(5,784</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">)</td></tr><tr><td style="text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">Stock-based compensation expense</td><td style="text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">987</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; 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vertical-align: bottom ; ">&#160;</td><td style="text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td colspan="5" style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr></table></p><p ></p></body></html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
