Exhibit 10.4


 


SEQLL INC.


AMENDED AND RESTATED


INVESTORS’ RIGHTS AGREEMENT


 




    			 



     


    

 


	TABLE OF CONTENTS
	 	 	 
	1.	Definitions	1
	 	 	 	 
	2.	Registration Rights	4
	 	2.1	Demand Registration.	4
	 	2.2	Company Registration	6
	 	2.3	Underwriting Requirements.	6
	 	2.4	Obligations of the Company	7
	 	2.5	Furnish Information	9
	 	2.6	Expenses of Registration	9
	 	2.7	Delay of Registration	9
	 	2.8	Indemnification	9
	 	2.9	Reports Under Exchange Act	11
	 	2.10	Limitations on Subsequent Registration Rights	12
	 	2.11	“Market Stand-off” Agreement	12
	 	2.12	Restrictions on Transfer.	13
	 	2.13	Termination of Registration Rights	14
	 	 	 	 
	3.	Information Rights.	15
	 	3.1	Delivery of Financial Statements	15
	 	3.2	Inspection	16
	 	3.3	Termination of Information Rights	16
	 	3.4	Confidentiality	16
	 	 	 	 
	4.	Rights to Future Stock Issuances.	16
	 	4.1	Right of First Offer	16
	 	4.2	Termination	17
	 	 	 	 
	5.	Additional Covenants.	18
	 	5.1	Insurance	18
	 	5.2	Certain Employee Agreements	18
	 	5.3	Employee Stock	18
	 	5.4	Successor Indemnification	18
	 	5.5	Matters Requiring Board of Directors Approval	18
	 	5.6	Termination of Covenants	19
	 	 	 	 
	6.	Miscellaneous.	19
	 	6.1	Successors and Assigns	19
	 	6.2	Governing Law	20
	 	6.3	Counterparts	20
	 	6.4	Titles and Subtitles	20
	 	6.5	Notices	20
	 	6.6	Amendments and Waivers	21
	 	6.7	Severability	21
	 	6.8	Aggregation of Stock	21


 




    			 



     


    

 


	 	6.9	Additional Investors	21
	 	6.10	Entire Agreement	21
	 	6.11	Dispute Resolution	21
	 	6.12	Delays or Omissions	22


 


	Schedule A	-	Schedule of Investors


 




    			 



     


    

 


AMENDED AND
RESTATED


 


INVESTORS’
RIGHTS AGREEMENT


 


THIS AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT (this “Agreement”), is made as of the 19th day of February, 2016, by and among
SeqLL Inc., a Delaware corporation (the “Company”), and each of the investors listed on Schedule A hereto,
each of which is referred to in this Agreement as an “Investor,” and any Additional Purchaser (as defined in
the Purchase Agreement) that becomes a party to this Agreement in accordance with Section 6.9 hereof.


 


RECITALS


 


WHEREAS, certain of
the Investors (the “Existing Investors”) hold shares of the Company’s Series A-1 Preferred Stock and possess
registration rights, information rights, rights of first offer, and other rights pursuant to an Investors’ Rights Agreement
dated as of May 30, 2014 between the Company and such Investors (the “Prior Agreement”); and


 


WHEREAS, the Existing
Investors are holders of a majority of the Registrable Securities of the Company (as defined in the Prior Agreement), and desire
to amend and restate the Prior Agreement in its entirety and to accept the rights created pursuant to this Agreement in lieu of
the rights granted to them under the Prior Agreement; and


 


WHEREAS, certain of
the Investors are parties to that certain Series A-2 Convertible Preferred Stock Purchase Agreement of even date herewith between
the Company and such Investors (the “Purchase Agreement”), under which the Company’s and such Investors’
obligations are conditioned upon the execution and delivery of this Agreement by such Investors and the Company.


 


NOW, THEREFORE, the
parties hereby agree as follows:


 


1.       Definitions.
For purposes of this Agreement:


 


1.1.       “Affiliate”
means, with respect to any specified Person, any other Person who, directly or indirectly, controls, is controlled by, or is under
common control with such Person, including without limitation any general partner, managing member, officer or director of such
Person or any venture capital fund now or hereafter existing that is controlled by one or more general partners or managing members
of, or shares the same management company with, such Person.


 


1.2.       “Common
Stock” means shares of the Company’s common stock, par value $0.00001 per share.


 


1.3.       “Competitor”
means a Person engaged, directly or indirectly (including through any partnership, limited liability company, corporation, joint
venture or similar arrangement (whether now existing or formed hereafter)), in the provision of genomic transcriptomic sequencing
and analysis services and sales of equipment relating to the same, but shall not include any financial investment firm or collective
investment vehicle that, together with its Affiliates, holds less than twenty percent (20)% of the outstanding equity of any Competitor
and does not, nor do any of its Affiliates, have a right to designate any members of the Board of Directors of any Competitor.


 




    	 	1	 



     


    

 


1.4.       “Damages”
means any loss, damage, claim or liability (joint or several) to which a party hereto may become subject under the Securities Act,
the Exchange Act, or other federal or state law, insofar as such loss, damage, claim or liability (or any action in respect thereof)
arises out of or is based upon: (i) any untrue statement or alleged untrue statement of a material fact contained in any registration
statement of the Company, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements
thereto; (ii) an omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make
the statements therein not misleading; or (iii) any violation or alleged violation by the indemnifying party (or any of its agents
or Affiliates) of the Securities Act, the Exchange Act, any state securities law, or any rule or regulation promulgated under the
Securities Act, the Exchange Act, or any state securities law.


 


1.5.       “Derivative
Securities” means any securities or rights convertible into, or exercisable or exchangeable for (in each case, directly
or indirectly), Common Stock, including options and warrants.


 


1.6.       “Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.


 


1.7.       “Excluded
Registration” means (i) a registration relating to the sale of securities to employees of the Company or a subsidiary
pursuant to a stock option, stock purchase, or similar plan; (ii) a registration relating to an SEC Rule 145 transaction; (iii)
a registration on any form that does not include substantially the same information as would be required to be included in a registration
statement covering the sale of the Registrable Securities; or (iv) a registration in which the only Common Stock being registered
is Common Stock issuable upon conversion of debt securities that are also being registered.


 


1.8.       “Form
S-1” means such form under the Securities Act as in effect on the date hereof or any successor registration form under
the Securities Act subsequently adopted by the SEC.


 


1.9.       “Form
S-3” means such form under the Securities Act as in effect on the date hereof or any registration form under the Securities
Act subsequently adopted by the SEC that permits incorporation of substantial information by reference to other documents filed
by the Company with the SEC.


 


1.10.       “GAAP”
means generally accepted accounting principles in the United States.


 


1.11.       “Holder”
means any holder of Registrable Securities who is a party to this Agreement.


 


1.12.       “Immediate
Family Member” means a child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law,
father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including, adoptive relationships, of a natural person
referred to herein.


 




    	 	2	 



     


    

 


1.13.       “Initiating
Holders” means, collectively, Holders who properly initiate a registration request under this Agreement.


 


1.14.       “IPO”
means the Company’s first underwritten public offering of its Common Stock under the Securities Act.


 


1.15.       “Key
Employee” means any executive-level employee (including, division director and vice president-level positions) as well
as any employee who, either alone or in concert with others, develops, invents, programs, or designs any Company Intellectual Property
(as defined in the Purchase Agreement).


 


1.16.       “Major
Investor” means any Investor that, individually or together with such Investor’s Affiliates, holds at least 390,625
shares of Registrable Securities (as adjusted for any stock split, stock dividend, combination, or other recapitalization or reclassification
effected after the date hereof).


 


1.17.       “New
Securities” means, collectively, equity securities of the Company, whether or not currently authorized, as well as rights,
options, or warrants to purchase such equity securities, or securities of any type whatsoever that are, or may become, convertible
or exchangeable into or exercisable for such equity securities.


 


1.18.       “Person”
means any individual, corporation, partnership, trust, limited liability company, association or other entity.


 


1.19.       “Preferred
Stock” means shares of the Company’s Series A-1 Preferred Stock, and Series A-2 Preferred Stock.


 


1.20.       “Registrable
Securities” means (i) the Common Stock issuable or issued upon conversion of the Preferred Stock; (ii) any Common Stock,
or any Common Stock issued or issuable (directly or indirectly) upon conversion and/or exercise of any other securities of the
Company, acquired by the Investors after the date hereof; (iii) the Common Stock issuable or issued upon the exercise of those
certain warrants to purchase shares of Common Stock that were issued to certain Investors pursuant to the Purchase Agreement; and
(iv) any Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right, or other security that is issued
as) a dividend or other distribution with respect to, or in exchange for or in replacement of, the shares referenced in clauses
(i) and (ii) above; excluding in all cases, however, any Registrable Securities sold by a Person in a transaction in which the
applicable rights under this Agreement are not assigned pursuant to Subsection 6.1, and excluding for purposes of Section
2 any shares for which registration rights have terminated pursuant to Subsection 2.13 of this Agreement.


 


1.21.       “Registrable
Securities then outstanding” means the number of shares determined by adding the number of shares of outstanding Common
Stock that are Registrable Securities and the number of shares of Common Stock issuable (directly or indirectly) pursuant to then
exercisable and/or convertible securities that are Registrable Securities.


 




    	 	3	 



     


    

 


1.22.       “Restricted
Securities” means the securities of the Company required to be notated with the legend set forth in Subsection 2.12(b)
hereof.


 


1.23.       “SEC”
means the Securities and Exchange Commission.


 


1.24.       “SEC
Rule 144” means Rule 144 promulgated by the SEC under the Securities Act.


 


1.25.       “SEC
Rule 145” means Rule 145 promulgated by the SEC under the Securities Act.


 


1.26.       “Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.


 


1.27.       “Selling
Expenses” means all underwriting discounts, selling commissions, and stock transfer taxes applicable to the sale of Registrable
Securities, and fees and disbursements of counsel for any Holder, except for the fees and disbursements of the Selling Holder Counsel
borne and paid by the Company as provided in Subsection 2.6.


 


1.28.       “Preferred
Director” means any director(s) of the Company that the holders of record of the Series A-1 Preferred Stock and Series
A-2 Preferred Stock are entitled to elect pursuant to the Company’s Certificate of Incorporation.


 


1.29.       “Series
A-1 Preferred Stock” means shares of the Company’s Series A-1 Convertible Preferred Stock, par value $0.00001 per
share.


 


1.30.       “Series
A-2 Preferred Stock” means shares of the Company’s Series A-2 Convertible Preferred Stock, par value $0.00001 per
share.


 


2.       Registration
Rights. The Company covenants and agrees as follows:


 


2.1           Demand
Registration.


 


(a)       Form
S-1 Demand. If at any time after the earlier of (i) five (5) years after the date of this Agreement or (ii) one hundred eighty
(180) days after the effective date of the registration statement for the IPO, the Company receives a request from Holders of more
than fifty percent (50%) of the Registrable Securities then outstanding that the Company file a Form S-1 registration statement
with respect to Registrable Securities then outstanding with an anticipated aggregate offering price of at least $5 million, then
the Company shall (x) within ten (10) days after the date such request is given, give notice thereof (the “Demand Notice”)
to all Holders other than the Initiating Holders; and (y) as soon as practicable, and in any event within sixty (60) days after
the date such request is given by the Initiating Holders, file a Form S-1 registration statement under the Securities Act covering
all Registrable Securities that the Initiating Holders requested to be registered and any additional Registrable Securities requested
to be included in such registration by any other Holders, as specified by notice given by each such Holder to the Company within
twenty (20) days of the date the Demand Notice is given, and in each case, subject to the limitations of Subsections 2.1(c) and
2.3.


 




    	 	4	 



     


    

 


(b)       Form
S-3 Demand. If at any time when it is eligible to use a Form S-3 registration statement, the Company receives a request from
Holders of at least twenty percent (20%) of the Registrable Securities then outstanding that the Company file a Form S-3 registration
statement with respect to outstanding Registrable Securities of such Holders having an anticipated aggregate offering price, net
of Selling Expenses, of at least $1 million, then the Company shall (i) within ten (10) days after the date such request is given,
give a Demand Notice to all Holders other than the Initiating Holders; and (ii) as soon as practicable, and in any event within
forty-five (45) days after the date such request is given by the Initiating Holders, file a Form S-3 registration statement under
the Securities Act covering all Registrable Securities requested to be included in such registration by any other Holders, as specified
by notice given by each such Holder to the Company within twenty (20) days of the date the Demand Notice is given, and in each
case, subject to the limitations of Subsections 2.1(c) and 2.3.


 


(c)       Notwithstanding
the foregoing obligations, if the Company furnishes to Holders requesting a registration pursuant to this Subsection 2.1
a certificate signed by the Company’s chief executive officer stating that in the good faith judgment of the Company’s
Board of Directors it would be materially detrimental to the Company and its stockholders for such registration statement to either
become effective or remain effective for as long as such registration statement otherwise would be required to remain effective,
because such action would (i) materially interfere with a significant acquisition, corporate reorganization, or other similar transaction
involving the Company; (ii) require premature disclosure of material information that the Company has a bona fide business purpose
for preserving as confidential; or (iii) render the Company unable to comply with requirements under the Securities Act or Exchange
Act, then the Company shall have the right to defer taking action with respect to such filing, and any time periods with respect
to filing or effectiveness thereof shall be tolled correspondingly, for a period of not more than ninety (90) days after the request
of the Initiating Holders is given; provided, however, that the Company may not invoke this right more than once in any
twelve (12) month period; and, provided further, however that the Company shall not register any securities for the account
of itself or any other stockholder during such ninety day period (other than an Excluded Registration).


 


(d)       The
Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Subsection 2.1(a), (i)
during the period that is ninety (90) days before the Company’s good faith estimate of the date of filing of, and ending
on a date that is one hundred eighty (180) days after the effective date of, a Company-initiated registration, provided, that the
Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective;
(ii) after the Company has effected two registrations pursuant to Subsection 2.1(a); or (iii) if the Initiating Holders propose
to dispose of shares of Registrable Securities that may be immediately registered on Form S-3 pursuant to a request made pursuant
to Subsection 2.1(b). The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant
to Subsection 2.1(b) (i) during the period that is ninety (90) days before the Company’s good faith estimate of the date
of filing of, and ending on a date that is ninety (90) days after the effective date of, a Company-initiated registration, provided,
that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become
effective; or (ii) if the Company has effected two registrations pursuant to Subsection 2.1(b) within the twelve (12) month period
immediately preceding the date of such request. A registration shall not be counted as "effected" for purposes of this
Subsection 2.1(d) until such time as the applicable registration statement has been declared effective by the SEC, unless the Initiating
Holders withdraw their request for such registration (other than as a result of a material adverse change to the Company), elect
not to pay the registration expenses therefor, and forfeit their right to one demand registration statement pursuant to Subsection
2.6, in which case such withdrawn registration statement shall be counted as "effected" for purposes of this Subsection
2.1(d).


 




    	 	5	 



     


    

 


2.2          Company
Registration. If the Company proposes to register (including, for this purpose, a registration effected by the Company for
stockholders other than the Holders) any of its Common Stock under the Securities Act in connection with the public offering of
such securities solely for cash (other than in an Excluded Registration), the Company shall, at such time, promptly give each Holder
notice of such registration. Upon the request of each Holder given within twenty (20) days after such notice is given by the Company,
the Company shall, subject to the provisions of Subsection 2.3, cause to be registered all of the Registrable Securities
that each such Holder has requested to be included in such registration. The Company shall have the right to terminate or withdraw
any registration initiated by it under this Subsection 2.1(c) before the effective date of such registration, whether or
not any Holder has elected to include Registrable Securities in such registration. The expenses (other than Selling Expenses) of
such withdrawn registration shall be borne by the Company in accordance with Subsection 2.6.


 


2.3          Underwriting
Requirements.


 


(a)       If,
pursuant to Subsection 2.1, the Initiating Holders intend to distribute the Registrable Securities covered by their request
by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to Subsection 2.1,
and the Company shall include such information in the Demand Notice. The underwriter(s) will be selected by the Company. In such
event, the right of any Holder to include such Holder’s Registrable Securities in such registration shall be conditioned
upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in
the underwriting to the extent provided herein. All Holders proposing to distribute their securities through such underwriting
shall (together with the Company as provided in Subsection 2.4(e)) enter into an underwriting agreement in customary form
with the underwriter(s) selected for such underwriting. Notwithstanding any other provision of this Subsection 2.3, if the
managing underwriter(s) advise(s) the Initiating Holders in writing that marketing factors require a limitation on the number of
shares to be underwritten, then the Initiating Holders shall so advise all Holders of Registrable Securities that otherwise would
be underwritten pursuant hereto, and the number of Registrable Securities that may be included in the underwriting shall be allocated
among such Holders of Registrable Securities, including the Initiating Holders, in proportion (as nearly as practicable) to the
number of Registrable Securities owned by each Holder or in such other proportion as shall mutually be agreed to by all such selling
Holders; provided, however, that the number of Registrable Securities held by the Holders to be included in such
underwriting shall not be reduced unless all other securities are first entirely excluded from the underwriting. To facilitate
the allocation of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares
allocated to any Holder to the nearest one hundred (100) shares.


 




    	 	6	 



     


    

 


(b)       In
connection with any offering involving an underwriting of shares of the Company’s capital stock pursuant to Subsection
2.1(c), the Company shall not be required to include any of the Holders’ Registrable Securities in such underwriting
unless the Holders accept the terms of the underwriting as agreed upon between the Company and its underwriters, and then only
in such quantity as the underwriters in their sole discretion determine will not jeopardize the success of the offering by the
Company. If the total number of securities, including Registrable Securities, requested by stockholders to be included in such
offering exceeds the number of securities to be sold (other than by the Company) that the underwriters in their reasonable discretion
determine is compatible with the success of the offering, then the Company shall be required to include in the offering only that
number of such securities, including Registrable Securities, which the underwriters and the Company in their sole discretion determine
will not jeopardize the success of the offering. If the underwriters determine that less than all of the Registrable Securities
requested to be registered can be included in such offering, then the Registrable Securities that are included in such offering
shall be allocated among the selling Holders in proportion (as nearly as practicable to) the number of Registrable Securities owned
by each selling Holder or in such other proportions as shall mutually be agreed to by all such selling Holders. To facilitate the
allocation of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated
to any Holder to the nearest one hundred (100) shares. Notwithstanding the foregoing, in no event shall (i) the number of Registrable
Securities included in the offering be reduced unless all other securities (other than securities to be sold by the Company) are
first entirely excluded from the offering, or (ii) the number of Registrable Securities included in the offering be reduced below
thirty percent (30%) of the total number of securities included in such offering, unless such offering is the IPO, in which case
the selling Holders may be excluded further if the underwriters make the determination described above and no other stockholder’s
securities are included in such offering. For purposes of the provision in this Subsection 2.3(b) concerning apportionment,
for any selling Holder that is a partnership, limited liability company, or corporation, the partners, members, retired partners,
retired members, stockholders, and Affiliates of such Holder, or the estates and Immediate Family Members of any such partners,
retired partners, members, and retired members and any trusts for the benefit of any of the foregoing Persons, shall be deemed
to be a single “selling Holder,” and any pro rata reduction with respect to such “selling Holder” shall
be based upon the aggregate number of Registrable Securities owned by all Persons included in such “Selling Holder,”
as defined in this sentence.


 


(c)       For
purposes of Subsection 2.1, a registration shall not be counted as “effected” if, as a result of an exercise
of the underwriter’s cutback provisions in Subsection 2.3(a), fewer than seventy five percent (75%) of the total number
of Registrable Securities that Holders have requested to be included in such registration statement are actually included.


 


2.4          Obligations
of the Company. Whenever required under this Section 2 to effect the registration of any Registrable Securities, the
Company shall, as expeditiously as reasonably possible:


 


(a)       prepare
and file with the SEC a registration statement with respect to such Registrable Securities and use its commercially reasonable
efforts to cause such registration statement to become effective and, upon the request of the Holders of a majority of the Registrable
Securities registered thereunder, keep such registration statement effective for a period of up to one hundred twenty (120) days
or, if earlier, until the distribution contemplated in the registration statement has been completed; provided, however, that such
one hundred twenty (120) day period shall be extended for a period of time equal to the period the Holder refrains, at the request
of an underwriter of Common Stock (or other securities) of the Company, from selling any securities included in such registration;


 




    	 	7	 



     


    

 


(b)       prepare
and file with the SEC such amendments and supplements to such registration statement, and the prospectus used in connection with
such registration statement, as may be necessary to comply with the Securities Act in order to enable the disposition of all securities
covered by such registration statement;


 


(c)       furnish
to the selling Holders such numbers of copies of a prospectus, including a preliminary prospectus, as required by the Securities
Act, and such other documents as the Holders may reasonably request in order to facilitate their disposition of their Registrable
Securities;


 


(d)       use
its commercially reasonable efforts to register and qualify the securities covered by such registration statement under such other
securities or blue-sky laws of such jurisdictions as shall be reasonably requested by the selling Holders; provided that the Company
shall not be required to qualify to do business or to file a general consent to service of process in any such states or jurisdictions,
unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act;


 


(e)       in
the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual
and customary form, with the underwriter(s) of such offering;


 


(f)       use
its commercially reasonable efforts to cause all such Registrable Securities covered by such registration statement to be listed
on a national securities exchange or trading system and each securities exchange and trading system (if any) on which similar securities
issued by the Company are then listed;


 


(g)       provide
a transfer agent and registrar for all Registrable Securities registered pursuant to this Agreement and provide a CUSIP number
for all such Registrable Securities, in each case not later than the effective date of such registration;


 


(h)       promptly
make available for inspection by the selling Holders, any managing underwriter(s) participating in any disposition pursuant to
such registration statement, and any attorney or accountant or other agent retained by any such underwriter or selected by the
selling Holders, all financial and other records, pertinent corporate documents, and properties of the Company, and cause the Company’s
officers, directors, employees, and independent accountants to supply all information reasonably requested by any such seller,
underwriter, attorney, accountant, or agent, in each case, as necessary or advisable to verify the accuracy of the information
in such registration statement and to conduct appropriate due diligence in connection therewith;


 


(i)       notify
each selling Holder, promptly after the Company receives notice thereof, of the time when such registration statement has been
declared effective or a supplement to any prospectus forming a part of such registration statement has been filed; and


 




    	 	8	 



     


    

 


(j)       after
such registration statement becomes effective, notify each selling Holder of any request by the SEC that the Company amend or supplement
such registration statement or prospectus.


 


In addition, the Company
shall ensure that, at all times after any registration statement covering a public offering of securities of the Company under
the Securities Act shall have become effective, its insider trading policy shall provide that the Company’s directors may
implement a trading program under Rule 10b5-1 of the Exchange Act.


 


2.5          Furnish
Information. It shall be a condition precedent to the obligations of the Company to take any action pursuant to this Section
2 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information
regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities as is reasonably
required to effect the registration of such Holder’s Registrable Securities.


 


2.6          Expenses
of Registration. All expenses (other than Selling Expenses) incurred in connection with registrations, filings, or qualifications
pursuant to Section 2, including all registration, filing, and qualification fees; printers’ and accounting fees;
fees and disbursements of counsel for the Company; and the reasonable fees and disbursements, not to exceed $20,000 of one counsel
for the selling Holders (“Selling Holder Counsel”), shall be borne and paid by the Company; provided,
however, that the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to
Subsection 2.1 if the registration request is subsequently withdrawn at the request of the Holders of a majority of the
Registrable Securities to be registered (in which case all selling Holders shall bear such expenses pro rata based upon the number
of Registrable Securities that were to be included in the withdrawn registration), unless the Holders of a majority of the Registrable
Securities agree to forfeit their right to one registration pursuant to Subsections 2.1(a) or (b), as the case may
be. All Selling Expenses relating to Registrable Securities registered pursuant to this Section 2 shall be borne and paid
by the Holders pro rata on the basis of the number of Registrable Securities registered on their behalf.


 


2.7          Delay
of Registration. No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any registration
pursuant to this Agreement as the result of any controversy that might arise with respect to the interpretation or implementation
of this Section 2.


 


2.8          Indemnification.
If any Registrable Securities are included in a registration statement under this Section 2:


 


(a)       To
the extent permitted by law, the Company will indemnify and hold harmless each selling Holder, and the partners, members, officers,
directors, and stockholders of each such Holder; legal counsel and accountants for each such Holder; any underwriter (as defined
in the Securities Act) for each such Holder; and each Person, if any, who controls such Holder or underwriter within the meaning
of the Securities Act or the Exchange Act, against any Damages, and the Company will pay to each such Holder, underwriter, controlling
Person, or other aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating
or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however,
that the indemnity agreement contained in this Subsection 2.8(a) shall not apply to amounts paid in settlement of any such
claim or proceeding if such settlement is effected without the consent of the Company, which consent shall not be unreasonably
withheld, nor shall the Company be liable for any Damages to the extent that they arise out of or are based upon actions or omissions
made in reliance upon and in conformity with written information furnished by or on behalf of any such Holder, underwriter, controlling
Person, or other aforementioned Person expressly for use in connection with such registration.


 




    	 	9	 



     


    

 


(b)       To
the extent permitted by law, each selling Holder, severally and not jointly, will indemnify and hold harmless the Company, and
each of its directors, each of its officers who has signed the registration statement, each Person (if any), who controls the Company
within the meaning of the Securities Act, legal counsel and accountants for the Company, any underwriter (as defined in the Securities
Act), any other Holder selling securities in such registration statement, and any controlling Person of any such underwriter or
other Holder, against any Damages, in each case only to the extent that such Damages arise out of or are based upon actions or
omissions made in reliance upon and in conformity with written information furnished by or on behalf of such selling Holder expressly
for use in connection with such registration; and each such selling Holder will pay to the Company and each other aforementioned
Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding
from which Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained
in this Subsection 2.8(b) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement
is effected without the consent of the Holder, which consent shall not be unreasonably withheld; and provided further that in no
event shall the aggregate amounts payable by any Holder by way of indemnity or contribution under Subsections 2.8(b) and
2.8(d) exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder),
except in the case of fraud or willful misconduct by such Holder.


 


(c)       Promptly
after receipt by an indemnified party under this Subsection 2.8 of notice of the commencement of any action (including any
governmental action) for which a party may be entitled to indemnification hereunder, such indemnified party will, if a claim in
respect thereof is to be made against any indemnifying party under this Subsection 2.8, give the indemnifying party notice
of the commencement thereof. The indemnifying party shall have the right to participate in such action and, to the extent the indemnifying
party so desires, participate jointly with any other indemnifying party to which notice has been given, and to assume the defense
thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party (together
with all other indemnified parties that may be represented without conflict by one counsel) shall have the right to retain one
separate counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party
by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between
such indemnified party and any other party represented by such counsel in such action. The failure to give notice to the indemnifying
party within a reasonable time of the commencement of any such action shall relieve such indemnifying party of any liability to
the indemnified party under this Subsection 2.8, to the extent that such failure materially prejudices the indemnifying
party’s ability to defend such action. The failure to give notice to the indemnifying party will not relieve it of any liability
that it may have to any indemnified party otherwise than under this Subsection 2.8.


 




    	 	10	 



     


    

 


(d)       To
provide for just and equitable contribution to joint liability under the Securities Act in any case in which either: (i) any party
otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this Subsection 2.8 but it
is judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the expiration of
time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case, notwithstanding
the fact that this Subsection 2.8 provides for indemnification in such case, or (ii) contribution under the Securities Act
may be required on the part of any party hereto for which indemnification is provided under this Subsection 2.8, then, and
in each such case, such parties will contribute to the aggregate losses, claims, damages, liabilities, or expenses to which they
may be subject (after contribution from others) in such proportion as is appropriate to reflect the relative fault of each of the
indemnifying party and the indemnified party in connection with the statements, omissions, or other actions that resulted in such
loss, claim, damage, liability, or expense, as well as to reflect any other relevant equitable considerations. The relative fault
of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue
or allegedly untrue statement of a material fact, or the omission or alleged omission of a material fact, relates to information
supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information,
and opportunity to correct or prevent such statement or omission; provided, however, that, in any such case (x) no
Holder will be required to contribute any amount in excess of the public offering price of all such Registrable Securities offered
and sold by such Holder pursuant to such registration statement, and (y) no Person guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any Person who was not guilty of such
fraudulent misrepresentation; and provided further that in no event shall a Holder’s liability pursuant to this Subsection
2.8(d), when combined with the amounts paid or payable by such Holder pursuant to Subsection 2.8(b), exceed the proceeds
from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of willful misconduct
or fraud by such Holder.


 


(e)       Notwithstanding
the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered
into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting
agreement shall control.


 


(f)       Unless
otherwise superseded by an underwriting agreement entered into in connection with the underwritten public offering, the obligations
of the Company and Holders under this Subsection 2.8 shall survive the completion of any offering of Registrable Securities
in a registration under this Section 2, and otherwise shall survive the termination of this Agreement.


 


2.9          Reports
Under Exchange Act. With a view to making available to the Holders the benefits of SEC Rule 144 and any other rule or
regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration
or pursuant to a registration on Form S-3, the Company shall:


 


(a)       make
and keep available adequate current public information, as those terms are understood and defined in SEC Rule 144, at all times
after the effective date of the registration statement filed by the Company for the IPO;


 




    	 	11	 



     


    

 


(b)       use
commercially reasonable efforts to file with the SEC in a timely manner all reports and other documents required of the Company
under the Securities Act and the Exchange Act (at any time after the Company has become subject to such reporting requirements);
and


 


(c)       furnish
to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) to the extent accurate, a written
statement by the Company that it has complied with the reporting requirements of SEC Rule 144 (at any time after ninety (90) days
after the effective date of the registration statement filed by the Company for the IPO), the Securities Act, and the Exchange
Act (at any time after the Company has become subject to such reporting requirements), or that it qualifies as a registrant whose
securities may be resold pursuant to Form S-3 (at any time after the Company so qualifies); and (ii) such other information as
may be reasonably requested in availing any Holder of any rule or regulation of the SEC that permits the selling of any such securities
without registration (at any time after the Company has become subject to the reporting requirements under the Exchange Act) or
pursuant to Form S-3 (at any time after the Company so qualifies to use such form).


 


2.10        Limitations
on Subsequent Registration Rights. From and after the date of this Agreement, the Company shall not, without the prior written
consent of the Holders of a majority of the Registrable Securities then outstanding, enter into any agreement with any holder or
prospective holder of any securities of the Company that would allow such holder or prospective holder (i) to include such securities
in any registration unless, under the terms of such agreement, such holder or prospective holder may include such securities in
any such registration only to the extent that the inclusion of such securities will not reduce the number of the Registrable Securities
of the Holders that are included or (ii) to initiate a demand for registration of any securities held by such holder or prospective
holder; provided that this limitation shall not apply to any additional Investor
who becomes a party to this Agreement in accordance with Subsection 6.9.


 


2.11        “Market
Stand-off” Agreement. Each Holder hereby agrees that it will not, without the prior written consent of the managing underwriter,
during the period commencing on the date of the final prospectus relating to the registration by the Company for its own behalf
of shares of its Common Stock or any other equity securities under the Securities Act on a registration statement on Form S-1 or
Form S-3, and ending on the date specified by the Company and the managing underwriter (such period not to exceed one hundred eighty
(180) days in the case of the IPO, or such other period as may be requested by the Company or an underwriter to accommodate regulatory
restrictions on (1) the publication or other distribution of research reports, and (2) analyst recommendations and opinions, including,
but not limited to, the restrictions contained in FINRA Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or
amendments thereto), or ninety (90) days in the case of any registration other than the IPO, or such other period as may be requested
by the Company or an underwriter to accommodate regulatory restrictions on (1) the publication or other distribution of research
reports and (2) analyst recommendations and opinions, including, but not limited to, the restrictions contained in FINRA Rule 2711(f)(4)
or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto), (i) lend; offer; pledge; sell; contract to sell; sell
any option or contract to purchase; purchase any option or contract to sell; grant any option, right, or warrant to purchase; or
otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable
or exchangeable (directly or indirectly) for Common Stock (whether such shares or any such securities are then owned by the Holder
or are thereafter acquired) or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any
of the economic consequences of ownership of such securities, whether any such transaction described in clause (i) or (ii) above
is to be settled by delivery of Common Stock or other securities, in cash, or otherwise. The foregoing provisions of this Subsection
2.11 shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement, or the transfer of
any shares to any trust for the direct or indirect benefit of the Holder or the immediate family of the Holder, provided
that the trustee of the trust agrees to be bound in writing by the restrictions set forth herein, and provided further that
any such transfer shall not involve a disposition for value, and shall be applicable to the Holders only if all officers and directors
are subject to the same restriction. The underwriters in connection with such registration are intended third party beneficiaries
of this Subsection 2.11 and shall have the right, power and authority to enforce the provisions hereof as though they were
a party hereto. Each Holder further agrees to execute such agreements as may be reasonably requested by the underwriters in connection
with such registration that are consistent with this Subsection 2.11 or that are necessary to give further effect thereto.
Any discretionary waiver or termination of the restrictions of any or all of such agreements by the Company or the underwriters
shall apply pro rata to all Holders subject to such agreements, based on the number of shares subject to such agreements.


 




    	 	12	 



     


    

 


2.12        Restrictions
on Transfer.


 


(a)       The
Preferred Stock and the Registrable Securities shall not be sold, pledged, or otherwise transferred, and the Company shall not
recognize and shall issue stop-transfer instructions to its transfer agent with respect to any such sale, pledge, or transfer,
except upon the conditions specified in this Agreement, which conditions are intended to ensure compliance with the provisions
of the Securities Act. A transferring Holder will cause any proposed purchaser, pledgee, or transferee of the Preferred Stock and
the Registrable Securities held by such Holder to agree to take and hold such securities subject to the provisions and upon the
conditions specified in this Agreement.


 


(b)       Each
certificate, instrument, or book entry representing (i) the Preferred Stock, (ii) the Registrable Securities, and (iii) any other
securities issued in respect of the securities referenced in clauses (i) and (ii), upon any stock split, stock dividend, recapitalization,
merger, consolidation, or similar event, shall (unless otherwise permitted by the provisions of Subsection 2.12(c)) be notated
with a legend substantially in the following form:


 


THE SECURITIES REPRESENTED HEREBY HAVE
BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. SUCH SHARES MAY NOT BE SOLD, PLEDGED,
OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR A VALID EXEMPTION FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS
OF SAID ACT.


 


THE SECURITIES REPRESENTED HEREBY MAY
BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE STOCKHOLDER, A COPY OF WHICH IS ON
FILE WITH THE SECRETARY OF THE COMPANY.


 




    	 	13	 



     


    

 


The Holders consent to
the Company making a notation in its records and giving instructions to any transfer agent of the Restricted Securities in order
to implement the restrictions on transfer set forth in this Subsection 2.12.


 


(c)       The
holder of such Restricted Securities, by acceptance of ownership thereof, agrees to comply in all respects with the provisions
of this Section 2. Before any proposed sale, pledge, or transfer of any Restricted Securities, unless there is in effect
a registration statement under the Securities Act covering the proposed transaction, the Holder thereof shall give notice to the
Company of such Holder’s intention to effect such sale, pledge, or transfer. Each such notice shall describe the manner and
circumstances of the proposed sale, pledge, or transfer in sufficient detail and, if reasonably requested by the Company, shall
be accompanied at such Holder’s expense by either (i) a written opinion of legal counsel who shall, and whose legal opinion
shall, be reasonably satisfactory to the Company, addressed to the Company, to the effect that the proposed transaction may be
effected without registration under the Securities Act; (ii) a “no action” letter from the SEC to the effect that the
proposed sale, pledge, or transfer of such Restricted Securities without registration will not result in a recommendation by the
staff of the SEC that action be taken with respect thereto; or (iii) any other evidence reasonably satisfactory to counsel to the
Company to the effect that the proposed sale, pledge, or transfer of the Restricted Securities may be effected without registration
under the Securities Act, whereupon the Holder of such Restricted Securities shall be entitled to sell, pledge, or transfer such
Restricted Securities in accordance with the terms of the notice given by the Holder to the Company. The Company will not require
such a legal opinion or “no action” letter (x) in any transaction in compliance with SEC Rule 144; or (y) in any transaction
in which such Holder distributes Restricted Securities to an Affiliate of such Holder for no consideration; provided that
each transferee agrees in writing to be subject to the terms of this Subsection 2.12. Each certificate, instrument, or book
entry representing the Restricted Securities transferred as above provided shall be notated with, except if such transfer is made
pursuant to SEC Rule 144, the appropriate restrictive legend set forth in Subsection 2.12(b), except that such certificate
instrument, or book entry shall not be notated with such restrictive legend if, in the opinion of counsel for such Holder and the
Company, such legend is not required in order to establish compliance with any provisions of the Securities Act.


 


2.13        Termination
of Registration Rights. The right of any Holder to request registration or inclusion of Registrable Securities in any registration
pursuant to Subsections 2.1 or 2.1(c) shall terminate upon the earliest to occur of:


 


(a)       the
closing of a Deemed Liquidation Event, as such term is defined in the Company’s Certificate of Incorporation;


 


(b)       such
time as Rule 144 or another similar exemption under the Securities Act is available for the sale of all of such Holder’s
shares without limitation during a three-month period without registration; and


 


(c)       the
second anniversary of the IPO.


 




    	 	14	 



     


    

 


3.       Information
Rights.


 


3.1          Delivery
of Financial Statements. The Company shall deliver to each Major Investor, provided that the Board of Directors has
not reasonably determined that such Major Investor is a Competitor of the Company:


 


(a)       as
soon as practicable upon the receipt of Major Investor’s written request, after the end of each fiscal year of the Company
(i) a balance sheet as of the end of such year, (ii) statements of income and of cash flows for such year, and (iii) a statement
of stockholders’ equity as of the end of such year; and


 


(b)       as
soon as practicable upon the receipt of Major Investor’s written request, after the end of each of the first three (3) quarters
of each fiscal year of the Company, unaudited statements of income and cash flows for such fiscal quarter, and an unaudited balance
sheet as of the end of such fiscal quarter, all prepared in accordance with GAAP (except that such financial statements may (i)
be subject to normal year-end audit adjustments; and (ii) not contain all notes thereto that may be required in accordance with
GAAP), together with a written report of the President or Chief Executive Officer briefly summarizing the results from such quarter
and any other material developments;


 


(c)       as
soon as practicable, but in any event within thirty (30) days of the end of each month, an unaudited income statement, statement
of cash flows, bank reconciliation, and aging of accounts receivable and payable for such month, and an unaudited balance sheet
as of the end of such month, all prepared in accordance with GAAP (except that such financial statements may (i) be subject to
normal year-end audit adjustments and (ii) not contain all notes thereto that may be required in accordance with GAAP);


 


(e)       as
soon as practicable, but in any event thirty (30) days before the end of each fiscal year, a budget and business plan for the next
fiscal year (collectively, the “Budget”), approved by the Board of Directors and prepared on a monthly basis,
including balance sheets, income statements, and statements of cash flow for such months and, promptly after prepared, any other
budgets or revised budgets prepared by the Company


 


If, for any period, the
Company has any subsidiary whose accounts are consolidated with those of the Company, then in respect of such period the financial
statements delivered pursuant to the foregoing sections shall be the consolidated and consolidating financial statements of the
Company and all such consolidated subsidiaries.


 


Notwithstanding anything
else in this Subsection 3.1 to the contrary, the Company may cease providing the information set forth in this Subsection
3.1 during the period starting with the date sixty (60) days before the Company’s good-faith estimate of the date of
filing of a registration statement if it reasonably concludes it must do so to comply with the SEC rules applicable to such registration
statement and related offering; provided that the Company’s covenants under this Subsection 3.1 shall be reinstated
at such time as the Company is no longer actively employing its commercially reasonable efforts to cause such registration statement
to become effective.


 




    	 	15	 



     


    

 


3.2          Inspection.
The Company shall permit each Major Investor (provided that the Board of Directors has not reasonably determined that such Major
Investor is a competitor of the Company), at such Major Investor’s expense, to visit and inspect the Company’s properties;
examine its books of account and records; and discuss the Company’s affairs, finances, and accounts with its officers, during
normal business hours of the Company as may be reasonably requested by the Major Investor; provided, however, that
the Company shall not be obligated pursuant to this Subsection 3.2 to provide access to any information that it reasonably
and in good faith considers to be a trade secret or confidential information (unless covered by an enforceable confidentiality
agreement, in form acceptable to the Company) or the disclosure of which would adversely affect the attorney-client privilege between
the Company and its counsel.


 


3.3          Termination
of Information Rights. The covenants set forth in Subsection 3.1 and Subsection 3.2 shall terminate and be of
no further force or effect (i) immediately before the consummation of the IPO, (ii) when the Company first becomes subject to the
periodic reporting requirements of Section 12(g) or 15(d) of the Exchange Act, or (iii) upon a Deemed Liquidation Event, as such
term is defined in the Company’s Certificate of Incorporation, whichever event occurs first.


 


3.4           Confidentiality.
Each Investor agrees that such Investor will keep confidential and will not disclose, divulge, or use for any purpose (other than
to monitor its investment in the Company) any confidential information obtained from the Company pursuant to the terms of this
Agreement (including notice of the Company’s intention to file a registration statement), unless such confidential information
(a) is known or becomes known to the public in general (other than as a result of a breach of this Subsection 3.4 by such
Investor), (b) is or has been independently developed or conceived by the Investor without use of the Company’s confidential
information, or (c) is or has been made known or disclosed to the Investor by a third party without a breach of any obligation
of confidentiality such third party may have to the Company; provided, however, that an Investor may disclose confidential
information (i) to its attorneys, accountants, consultants, and other professionals to the extent necessary to obtain their services
in connection with monitoring its investment in the Company; (ii) to any prospective purchaser of any Registrable Securities from
such Investor, if such prospective purchaser agrees to be bound by the provisions of this Subsection 3.4; (iii) to any existing
Affiliate, partner, member, stockholder, or wholly owned subsidiary of such Investor in the ordinary course of business, provided
that such Investor informs such Person that such information is confidential and directs such Person to maintain the confidentiality
of such information; or (iv) as may otherwise be required by law, provided that the Investor promptly notifies the Company
of such disclosure and takes reasonable steps to minimize the extent of any such required disclosure.


 


4.       Rights
to Future Stock Issuances.


 


4.1          Right
of First Offer. Subject to the terms and conditions of this Subsection 4.1 and applicable securities laws, if the Company
proposes to offer or sell any New Securities, the Company shall first offer such New Securities to each Major Investor. A Major
Investor shall be entitled to apportion the right of first offer hereby granted to it in such proportions as it deems appropriate,
among itself and its Affiliates; provided that each such Affiliate (x) is not a Competitor, unless such party’s purchase
of New Securities is otherwise consented to by the Board of Directors, (y) agrees to enter into this Agreement and the Voting Agreement
of even date herewith among the Company, the Investors and the other parties named therein, as an “Investor” under
each such agreement (provided that any Competitor shall not be entitled to any rights as a Major Investor under Subsections
3.1, 3.2 and 4.1 hereof), and (z) agrees to purchase at least such number of New Securities as are allocable
hereunder to the Major Investor holding the fewest number of Preferred Stock and any other Derivative Securities.


 




    	 	16	 



     


    

 


(a)       The
Company shall give notice (the “Offer Notice”) to each Major Investor, stating (i) its bona fide intention to
offer such New Securities, (ii) the number of such New Securities to be offered, and (iii) the price and terms, if any, upon which
it proposes to offer such New Securities.


 


(b)       By
notification to the Company within twenty (20) days after the Offer Notice is given, each Major Investor may elect to purchase
or otherwise acquire, at the price and on the terms specified in the Offer Notice, up to that portion of such New Securities which
equals the proportion that the Common Stock then held by such Major Investor (including all shares of Common Stock then issuable
(directly or indirectly) upon conversion and/or exercise, as applicable, of the Preferred Stock and any other Derivative Securities
then held by such Major Investor) bears to the total Common Stock of the Company then outstanding (assuming full conversion and/or
exercise, as applicable, of all Preferred Stock and other Derivative Securities. At the expiration of such twenty (20) day period,
the Company shall promptly notify each Major Investor that elects to purchase or acquire all the shares available to it (each,
a “Fully Exercising Investor”) of any other Major Investor’s failure to do likewise. During the ten (10)
day period commencing after the Company has given such notice, each Fully Exercising Investor may, by giving notice to the Company,
elect to purchase or acquire, in addition to the number of shares specified above, up to that portion of the New Securities for
which Major Investors were entitled to subscribe but that were not subscribed for by the Major Investors which is equal to the
proportion that the Common Stock issued and held, or issuable (directly or indirectly) upon conversion and/or exercise, as applicable,
of Preferred Stock and any other Derivative Securities then held, by such Fully Exercising Investor bears to the Common Stock issued
and held, or issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of the Preferred Stock and any other
Derivative Securities then held, by all Fully Exercising Investors who wish to purchase such unsubscribed shares. The closing of
any sale pursuant to this Subsection 4.1(b) shall occur within the later of one hundred and twenty (120) days of the date
that the Offer Notice is given and the date of initial sale of New Securities pursuant to Subsection 4.1(c).


 


(c)       If
all New Securities referred to in the Offer Notice are not elected to be purchased or acquired as provided in Subsection 4.1(b),
the Company may, during the ninety (90) day period following the expiration of the periods provided in Subsection 4.1(b),
offer and sell the remaining unsubscribed portion of such New Securities to any Person or Persons at a price not less than, and
upon terms no more favorable to the offeree than, those specified in the Offer Notice. If the Company does not enter into an agreement
for the sale of the New Securities within such period, or if such agreement is not consummated within thirty (30) days of the execution
thereof, the right provided hereunder shall be deemed to be revived and such New Securities shall not be offered unless first reoffered
to the Major Investors in accordance with this Subsection 4.1.


 


(d)       The
right of first offer in this Subsection 4.1 shall not be applicable to (i) Exempted Securities (as defined in the Company’s
Certificate of Incorporation); (ii) shares of Common Stock issued in the IPO; and (iii) the issuance of shares of Preferred Stock
to Additional Purchasers pursuant to Subsection 1.3 of the Purchase Agreement.


 


4.2          Termination.
The covenants set forth in Subsection 4.1 shall terminate and be of no further force or effect (i) immediately before the
consummation of the IPO, (ii) when the Company first becomes subject to the periodic reporting requirements of Section 12(g) or
15(d) of the Exchange Act, or (iii) upon a Deemed Liquidation Event, as such term is defined in the Company’s Certificate
of Incorporation, whichever event occurs first.


 




    	 	17	 



     


    

 


5.       Additional
Covenants.


 


5.1          Insurance.
The Company shall use its commercially reasonable efforts to obtain from financially sound and reputable insurers Directors and
Officers liability insurance in an amount and on terms and conditions satisfactory to the Board of Directors, and will use commercially
reasonable efforts to cause such insurance policies to be maintained until such time as the Board of Directors determines that
such insurance should be discontinued.


 


5.2          Certain
Employee Agreements. The Company will cause (i) each person now or hereafter employed by it or by any subsidiary (or engaged
by the Company or any subsidiary as a consultant/independent contractor) with access to confidential information and/or trade secrets
to enter into a nondisclosure and proprietary rights assignment agreement; and (ii) unless otherwise determined by the Board of
Directors, each Key Employee to enter into a one (1) year non-solicitation and non-competition agreement, substantially in the
form approved by the Board of Directors.


 


5.3          Employee
Stock. Unless otherwise approved by the Board of Directors, all future employees and consultants of the Company who purchase,
receive options to purchase, or receive awards of shares of the Company’s capital stock after the date hereof shall be required
to execute restricted stock or option agreements, as applicable, providing for (i) vesting of shares over a four (4) year period,
with the first twenty-five percent (25%) of such shares vesting following twelve (12) months of continued employment or service,
and the remaining shares vesting in equal monthly installments over the following thirty-six (36) months, and (ii) a market stand-off
provision substantially similar to that in Subsection 2.11.


 


5.4          Successor
Indemnification. If the Company or any of its successors or assignees consolidates with or merges into any other Person and
is not the continuing or surviving corporation or entity of such consolidation or merger, then to the extent necessary, proper
provision shall be made so that the successors and assignees of the Company assume the obligations of the Company with respect
to indemnification of members of the Board of Directors as in effect immediately before such transaction, whether such obligations
are contained in the Company’s Bylaws, its Certificate of Incorporation, or elsewhere, as the case may be.


 


5.5          Matters
Requiring Board of Directors Approval. So long as the holders of Preferred Stock are entitled to elect a Preferred Director,
the Company hereby covenants and agrees with each of the Investors that it shall not, without approval of the Board of Directors:


 


(a)       guarantee,
directly or indirectly, or permit any subsidiary to guarantee, directly or indirectly, any indebtedness except for trade accounts
of the Company or any subsidiary arising in the ordinary course of business;


 


(b)       
adopt an annual operating budget (“Budget”);


 




    	 	18	 



     


    

 


(c)       create,
or authorize the creation of, or issue, or authorize the issuance of any debt security, or permit any subsidiary to take any such
action with respect to any debt security, if the aggregate indebtedness of the Corporation and its subsidiaries for borrowed money
following such action would exceed $200,000 individually or $400,000 in the aggregate in any fiscal year, other than equipment
leases or bank lines of credit, unless such debt security has received the approval of the Board of Directors, including the Preferred
Directors;


 


(d)       make
any capital expenditure in excess of $25,000 individually or $50,000 in the aggregate that is not contemplated by the then-approved
Budget;


 


(e)       increase
or decrease the authorized number of directors constituting the Board of Directors;


 


(f)       enter
into any transaction with an investment bank, placement agent or similar third party to assist the Company with advertising and
or selling its or its subsidiaries’ equity or debt securities;


 


(g)       otherwise
enter into or be a party to, or amend or modify any transaction with any director, officer, or employee of the Company or any “associate”
(as defined in Rule 12b-2 promulgated under the Exchange Act) of any such Person, including without limitation any loan or advance
to any such persons, except for loans, advances or similar expenditures in the ordinary course of business or under the terms of
an employee stock or option plan approved by the Board of Directors; or


 


(h)       hire
or terminate any executive officer.


 


5.6          Termination
of Covenants. The covenants set forth in this Section 5, shall terminate and be of no further force or effect (i) immediately
before the consummation of the IPO, (ii) when the Company first becomes subject to the periodic reporting requirements of Section
12(g) or 15(d) of the Exchange Act, (iii) upon a Deemed Liquidation Event, as such term is defined in the Company’s Certificate
of Incorporation, or (iv) at such time less than fifty percent (50%) of the Preferred Stock is outstanding, whichever event occurs
first.


 


6.       Miscellaneous.


 


6.1          Successors
and Assigns. The rights under this Agreement may be assigned (but only with all related obligations) by a Holder to a transferee
of Registrable Securities that (i) is an Affiliate of a Holder; (ii) is a Holder’s Immediate Family Member or trust for the
benefit of an individual Holder or one or more of such Holder’s Immediate Family Members; or (iii) after such transfer, holds
at least 156,250 shares of Registrable Securities (subject to appropriate adjustment for stock splits, stock dividends, combinations,
and other recapitalizations); provided, however, that (x) the Company is, within a reasonable time after such transfer, furnished
with written notice of the name and address of such transferee and the Registrable Securities with respect to which such rights
are being transferred; and (y) such transferee agrees in a written instrument delivered to the Company to be bound by and subject
to the terms and conditions of this Agreement, including the provisions of Subsection 2.11. For the purposes of determining
the number of shares of Registrable Securities held by a transferee, the holdings of a transferee (1) that is an Affiliate or stockholder
of a Holder; (2) who is a Holder’s Immediate Family Member; or (3) that is a trust for the benefit of an individual Holder
or such Holder’s Immediate Family Member shall be aggregated together and with those of the transferring Holder; provided
further that all transferees who would not qualify individually for assignment of rights shall have a single attorney-in-fact
for the purpose of exercising any rights, receiving notices, or taking any action under this Agreement. The terms and conditions
of this Agreement inure to the benefit of and are binding upon the respective successors and permitted assignees of the parties.
Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective
successors and permitted assignees any rights, remedies, obligations or liabilities under or by reason of this Agreement, except
as expressly provided herein.


 




    	 	19	 



     


    

 


6.2          Governing
Law. This Agreement and any controversy arising out of or relating to this Agreement shall be governed by and construed in
accordance with the General Corporation Law of the State of Delaware as to matters within the scope thereof, and as to all other
matters shall be governed by and construed in accordance with the internal laws of the Commonwealth of Massachusetts, without regard
to conflict of law principles that would result in the application of any law other than the law of the Commonwealth of Massachusetts.


 


6.3          Counterparts.
This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including .pdf or any
electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method
and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.


 


6.4          Titles
and Subtitles. The titles and subtitles used in this Agreement are for convenience only and are not to be considered in construing
or interpreting this Agreement.


 


6.5          Notices.
All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively
given upon the earlier of actual receipt or (i) personal delivery to the party to be notified; (ii) when sent, if sent by electronic
mail or facsimile during the recipient’s normal business hours, and if not sent during normal business hours, then on the
recipient’s next business day; (iii) five (5) days after having been sent by registered or certified mail, return receipt
requested, postage prepaid; or (iv) one (1) business day after the business day of deposit with a nationally recognized overnight
courier, freight prepaid, specifying next-day delivery, with written verification of receipt. All communications shall be sent
to the respective parties at their addresses as set forth on Schedule A or Schedule B (as applicable) hereto, or
to the principal office of the Company and to the attention of the Chief Executive Officer, in the case of the Company, or to such
email address, facsimile number, or address as subsequently modified by written notice given in accordance with this Subsection
6.5. If notice is given to the Company, a copy shall also be sent to Foley & Lardner LLP, 975 Page Mill Rd., Palo Alto,
CA 94304, Attn: E. Thom Rumberger Jr., Esq.


 




    	 	20	 



     


    

 


6.6          Amendments
and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either
generally or in a particular instance, and either retroactively or prospectively) only with the written consent of the Company
and the holders of a majority of the Registrable Securities then outstanding; provided that the Company may in its sole
discretion waive compliance with Subsection 2.12(c) (and the Company’s failure to object promptly in writing after
notification of a proposed assignment allegedly in violation of Subsection 2.12(c) shall be deemed to be a waiver); and
provided further that any provision hereof may be waived by any waiving party on such party’s own behalf, without
the consent of any other party. Notwithstanding the foregoing, this Agreement may not be amended or terminated and the observance
of any term hereof may not be waived with respect to any Investor without the written consent of such Investor, unless such amendment,
termination, or waiver applies to all Investors in the same fashion (it being agreed that a waiver of the provisions of Section
4 with respect to a particular transaction shall be deemed to apply to all Investors in the same fashion if such waiver does
so by its terms, notwithstanding the fact that certain Investors may nonetheless, by agreement with the Company, purchase securities
in such transaction). The Company shall give prompt notice of any amendment or termination hereof or waiver hereunder to any party
hereto that did not consent in writing to such amendment, termination, or waiver. Any amendment, termination, or waiver effected
in accordance with this Subsection 6.6 shall be binding on all parties hereto, regardless of whether any such party has
consented thereto. No waivers of or exceptions to any term, condition, or provision of this Agreement, in any one or more instances,
shall be deemed to be or construed as a further or continuing waiver of any such term, condition, or provision.


 


6.7          Severability.
In case any one or more of the provisions contained in this Agreement is for any reason held to be invalid, illegal or unenforceable
in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement, and such
invalid, illegal, or unenforceable provision shall be reformed and construed so that it will be valid, legal, and enforceable to
the maximum extent permitted by law.


 


6.8          Aggregation
of Stock. All shares of Registrable Securities held or acquired by Affiliates shall be aggregated together for the purpose
of determining the availability of any rights under this Agreement and such Affiliated persons may apportion such rights as among
themselves in any manner they deem appropriate.


 


6.9          Additional
Investors. Notwithstanding anything to the contrary contained herein, if the Company issues additional shares of the Company’s
Series A-2 Preferred Stock after the date hereof, whether pursuant to the Purchase Agreement or otherwise, any purchaser of such
shares of Series A-2 Preferred Stock may become a party to this Agreement by executing and delivering an additional counterpart
signature page to this Agreement, and thereafter shall be deemed an “Investor” for all purposes hereunder. No action
or consent by the Investors shall be required for such joinder to this Agreement by such additional Investor, so long as such additional
Investor has agreed in writing to be bound by all of the obligations as an “Investor” hereunder.


 


6.10         Entire
Agreement. This Agreement (including any Schedules and Exhibits hereto) constitutes the full and entire understanding and agreement
among the parties with respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter
hereof existing between the parties is expressly canceled.


 


6.11         Dispute
Resolution. The parties (a) hereby irrevocably and unconditionally submit to the jurisdiction of the state courts of the Commonwealth
of Massachusetts and to the jurisdiction of the United States District Court for the District of Massachusetts for the purpose
of any suit, action or other proceeding arising out of or based upon this Agreement, (b) agree not to commence any suit, action
or other proceeding arising out of or based upon this Agreement except in the state courts of Massachusetts or the United States
District Court for the District of Massachusetts, and (c) hereby waive, and agree not to assert, by way of motion, as a defense,
or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named
courts, that its property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an
inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof
may not be enforced in or by such court.


 




    	 	21	 



     


    

 


WAIVER OF JURY TRIAL. EACH PARTY HEREBY WAIVES
ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS,
THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND
ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION,
CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THIS
SECTION HAS BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH
PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH
PARTY KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL


 


The prevailing party shall
be entitled to reasonable attorney’s fees, costs, and necessary disbursements in addition to any other relief to which such
party may be entitled. Each of the parties to this Agreement consents to personal jurisdiction for any equitable action sought
in the U.S. District Court for the Northern District of Massachusetts or any court of the State of Massachusetts having subject
matter jurisdiction.


 


6.12        Delays
or Omissions. No delay or omission to exercise any right, power, or remedy accruing to any party under this Agreement, upon
any breach or default of any other party under this Agreement, shall impair any such right, power, or remedy of such nonbreaching
or nondefaulting party, nor shall it be construed to be a waiver of or acquiescence to any such breach or default, or to any similar
breach or default thereafter occurring, nor shall any waiver of any single breach or default be deemed a waiver of any other breach
or default theretofore or thereafter occurring. All remedies, whether under this Agreement or by law or otherwise afforded to any
party, shall be cumulative and not alternative.


 


[Signature Page Follows]


 




    	 	22	 



     


    

 


IN WITNESS WHEREOF, the
parties have executed this Amended and Restated Investors’ Rights Agreement as of the date first written above.


 


	 	SEQLL INC.


 


	 	By:	/s/ Elizabeth Reczek
	 	 
	 	Name:  Elizabeth Reczek
	 	 
	 	Title:  Chief Executive Officer


 


Signature
Page to Investors’ Rights Agreement


 




    	 		 



     


    

 


IN WITNESS WHEREOF, the
parties have executed this Amended and Restated Investors’ Rights Agreement as of the date first written above.


 


	 	INVESTOR:
	 	 
	 	Genomic Diagnostic Technologies, Inc.


 


	 	By:	/s/ William St. Laurent
	 	 
	 	Name: William St. Laurent
	 	 
	 	Title: President


 


Signature
Page to Investors’ Rights Agreement


 




    	 		 



     


    

 


IN WITNESS WHEREOF, the parties have executed
this Amended and Restated Investors’ Rights Agreement as of the date first written above.


 


	 	INVESTOR:


 


	 	/s/ Eleanor St. Laurent
	 	Eleanor St. Laurent
	 	Address: 120 NE 136th Ave., Suite 200,
	 	 Vancouver, WA 98684


 


Signature
Page to Investors’ Rights Agreement


 




    	 		 



     


    

 


IN WITNESS WHEREOF, the parties have executed
this Amended and Restated Investors’ Rights Agreement as of the date first written above.


 


	 	INVESTOR:


 


	 	/s/ Georges C. St. Laurent, Jr.
	 	Georges C. St. Laurent, Jr.
	 	Address: 120 NE 136th Ave., Suite 200,
	 	 Vancouver, WA 98684


 


Signature
Page to Investors’ Rights Agreement


 




    	 		 



     


    

 


IN WITNESS WHEREOF, the parties have executed
this Amended and Restated Investors’ Rights Agreement as of the date first written above.


 


	 	INVESTOR:
	 	 
	 	FLORENCE H JONES REV TRUST U/A 07/22/03


 


	 	By:	/s/ Florence H. Jones
	 	Name: Florence H. Jones
	 	Title: Trustee


 


	 	By: 	/s/ Robert P. Jones
	 	Name: Robert P. Jones
	 	Title: Trustee


 


Signature
Page to Investors’ Rights Agreement


 




    	 		 



     


    

 


IN WITNESS WHEREOF, the parties have executed
this Amended and Restated Investors’ Rights Agreement as of the date first written above.


 


	 	INVESTOR:


 


	 	/s/ Tisha Jepson
	 	Tisha Jepson
	 	Address: 3732 Manor Road, #4,
	 	Chevy Chase, MD 20815


 


Signature
Page to Investors’ Rights Agreement


 




    	 		 



     


    

 


IN WITNESS WHEREOF, the parties have executed
this Amended and Restated Investors’ Rights Agreement as of the date first written above.


 


	 	INVESTOR:
	 	 
	 	THE JAMES P MISCOLL BYPASS TRUST


 


	 	By:	/s/ Douglas Miscoll
	 	Name: Douglas Miscoll
	 	Title: Trustee


 


Signature
Page to Investors’ Rights Agreement


 




    	 		 



     


    

 


IN WITNESS WHEREOF, the parties have executed
this Amended and Restated Investors’ Rights Agreement as of the date first written above.


 


	 	INVESTOR:
	 	 
	 	GEORGES C. ST. LAURENT, III
	 	 DESCENDANTS' TRUST


 


	 	By:	/s/ William St. Laurent
	 	Name: William St. Laurent
	 	Title: Trustee


 


Signature
Page to Investors’ Rights Agreement


 




    	 		 



     


    

 


IN WITNESS WHEREOF, the parties have executed
this Amended and Restated Investors’ Rights Agreement as of the date first written above.


 


	 	INVESTOR:
	 	 
	 	WILLIAM C. ST. LAURENT 
	 	DESCENDANTS' TRUST


 


	 	By: 	/s/ William St. Laurent
	 	Name: William St. Laurent
	 	Title: Trustee


 


Signature
Page to Investors’ Rights Agreement


 




    	 		 



     


    

 


SCHEDULE A


 


INVESTORS


 


	Name
    and Address	 	Number
    of Series A-1 

    Preferred Stock	 	Number
    of Series A-2 

    Preferred Stock
	 	 	 	 	 
	Genomic Diagnostic Technologies, Inc. 	 	1,562,500	 	 
	375 Commerce Way	 	 	 	 
	Suite 101	 	 	 	 
	Longwood, Florida 32750	 	 	 	 
	Eleanor St. Laurent	 	312,500	 	 
	120 NE 136th Ave.	 	 	 	 
	Suite 200	 	 	 	 
	Vancouver, WA 98684	 	 	 	 
	Georges C. St. Laurent, Jr.	 	781,250	 	 
	120 NE 136th Ave. 	 	 	 	 
	Suite 200	 	 	 	 
	Vancouver, WA 98684	 	 	 	 
	Georges C. St. Laurent, III	 	31,250*	 	 
	375 Commerce Way 	 	 	 	 
	Suite 101 	 	 	 	 
	Longwood, FL 32750	 	 	 	 
	FLORENCE H JONES REV TRUST U/A 

07/22/03	 	62,500	 	 
	104 Pelczar Road 	 	 	 	 
	Dracut, MA 01826	 	 	 	 
	Tisha Jepson	 	78,125	 	 
	3732 Manor Road, #4	 	 	 	 
	Chevy Chase, MD 20815	 	 	 	 
	PROVIDENT TRUST, LLC FBO: TISHA 

JEPSON ROTH IRA	 	156,250	 	 
	880 Sunset Road	 	 	 	 
	Suite #250	 	 	 	 
	Las Vegas, Nevada 89148	 	 	 	 
	THE JAMES P MISCOLL BYPASS TRUST	 	78,125	 	 
	146 W. Bellevue Avenue	 	 	 	 
	San Mateo, CA 94402	 	 	 	 
	Bruce T. Block	 	62,500	 	 
	9300 North Regent Road	 	 	 	 
	Bayside, WI 53217	 	 	 	 
	Georges C. St. Laurent, III Descendants' Trust 	 	-	 	297,619
	120 NE 136th Ave, Suite 200	 	 	 	 
	Vancouver,  WA 98684	 	 	 	 
	William C. St. Laurent Descendants' Trust 	 	-	 	297,619
	120 NE 136th Ave, Suite 200	 	 	 	 
	Vancouver,  WA 98684	 	 	 	 


 


* Shares currently held by the estate of Georges
C. St. Laurent III, but such shares are to be transferred to Lucas Campbell and William Campbell upon completion of the estate’s
probate process.