Document:

Exhibit 10.2

THE ST. JOE COMPANY

RESTRICTED STOCK AWARD GRANT NOTICE
The St. Joe Company, a Florida corporation, (the “Company”), pursuant to its 2015 Performance and Equity Incentive Plan (the “Plan”), hereby grants to the individual listed below (“Holder” or “Recipient”), the number of shares of the Company’s Common Stock set forth below (the “Restricted Stock Award”).  This Restricted Stock Award is subject to all of the terms and conditions as set forth herein and in the Restricted Stock Award Agreement attached hereto as Exhibit A (the “Restricted Stock Agreement”) and the Plan, each of which is incorporated herein by reference.  Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Restricted Stock Award Grant Notice (the “Grant Notice”) and the Restricted Stock Agreement.
	Holder:
	Gonzalez, Jorge

	Grant Date:
	                                  , 2022

	Total Number of Shares of Restricted Stock:
	[             ] Shares

	Vesting Schedule:
	The shares covered by the Restricted Stock Award shall vest and the Restriction Period on such shares shall lapse as follows:
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Percentage of Shares Vesting
Vesting Date
100%
_____________, 20__(the date of the Holder’s 65th birthday)
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By his or her signature and the Company’s signature below, Holder and the Company agree to be bound by the terms and conditions of the Plan, the Restricted Stock Agreement and this Grant Notice.  Holder has reviewed the Restricted Stock Agreement, the Plan and this Grant Notice in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Grant Notice and fully understands all provisions of this Grant Notice, the Restricted Stock Agreement and the Plan.  Holder hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator of the Plan upon any questions arising under the Plan, this Grant Notice or the Restricted Stock Agreement. 
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	THE ST. JOE COMPANY:Holder:
	HOLDER:

	By:
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	By:
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	Print Name: 
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	Print Name:  
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	Title:
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	Address: 
	130 Richard Jackson Blvd., Suite 200
Panama City Beach, FL 32407
	Address: 
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exhibit A
THE ST JOE COMPANY 
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RESTRICTED STOCK AGREEMENT
1.Award of Restricted Stock.  THE ST JOE COMPANY, a Florida corporation (the “Company”) hereby grants, as of the Grant Date, to the Holder, the number of restricted shares of the Company’s common stock (the “Restricted Stock”), in each case as specified in the Restricted Stock Award Grant Notice above.  The Restricted Stock shall be subject to the terms, provisions and restrictions set forth in this Agreement and The St. Joe Company 2015 Performance and Equity Incentive Plan, as may be amended from time to time (the “Plan”), which is incorporated herein for all purposes.  As a condition to entering into this Agreement, and as a condition to the issuance of any Shares (or any other securities of the Company), the Recipient agrees to be bound by all of the terms and conditions herein and in the Plan.
2.Vesting of Restricted Stock.
(a)Except as otherwise provided in Sections 2(b) and (c) of this Agreement or in the Plan, the Restricted Stock shall vest in the following amounts and the Period of Restriction with respect to such Shares shall lapse at the following time(s) (the “Vesting Date(s)”), provided that the Recipient’s Continuous Service continues through and on the applicable Vesting Date(s) (except as otherwise provided herein):
	Percentage of Restricted Stock
	Vesting Date

	100%
	_____________, 20__(the date of the Holder’s 65th birthday)

Except as otherwise specifically provided herein, there shall be no proportionate or partial vesting in the periods prior to each Vesting Date, and all vesting shall occur only on the appropriate Vesting Date.  Unless otherwise provided by the Committee, upon the termination of the Recipient’s Continuous Service with the Company and its Related Entities, any unvested portion of the Restricted Stock shall be forfeited and returned back to the Company for no consideration.
(b)Vesting on Death or Disability.  In the event of the termination of the Recipient’s Continuous Service due to the Recipient’s death or Disability during the Period of Restriction, all Non-Vested Shares of Restricted Stock not previously forfeited shall automatically vest as of the date of termination of the Recipient’s Continuous Service due to death or Disability. 
(c)Acceleration of Vesting at Company Discretion.  Notwithstanding any other term or provision of this Agreement, the Committee shall be authorized, in its sole discretion, based upon its review and evaluation of the performance of the Recipient and of the Company, to accelerate the vesting of any shares of Restricted Stock under this Agreement, at such times and upon such terms and conditions as the Committee shall deem advisable.
(d)Definitions.  For purposes of this Agreement, the following terms shall have the meanings indicated:

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(i)“Beneficiary” means the beneficiary designated by the Recipient to receive any Vested Shares upon the death of the Recipient, in accordance with such procedures as the Committee may adopt from time to time; in the absence of such an election, or if the beneficiary designated by the Recipient shall predecease the Recipient, the Recipient’s estate shall be deemed to be the Recipient’s Beneficiary for purposes hereof.
(ii)“Continuous Service” means the Recipient’s continuous employment with the Company and its Related Entities, or in the case of a director, continuous services as a director for the Company and its Related Entities. 
(iii)“Non-Vested Shares” means any portion of the Restricted Stock subject to this Agreement that has not become vested pursuant to this Section 2. 
(iv) “Vested Shares” means any portion of the Restricted Stock subject to this Agreement that is and has become vested pursuant to this Section 2.
3.Delivery of Restricted Stock.  
(a)The stock certificate(s) evidencing the Restricted Stock shall be registered in the name of the Recipient as of the Grant Date designated in the Notice. Physical possession or custody of such stock certificate(s) shall be retained by the Company until such time as the Shares become vested.  Such stock certificate(s) shall be distributed to the Recipient or their Beneficiary(ies) as soon as administratively practicable after the Shares become vested.  The Company reserves the right to place a legend on the stock certificate(s) restricting the transferability of such certificate(s).
(b)During the period prior to vesting, the Recipient shall be entitled to all rights of a shareholder of the Company with respect to the Restricted Stock, including the right to vote the Shares and receive cash dividends.  Any cash dividends declared with respect to any shares of Restricted Stock shall be held in escrow by the Company (unsegregated as a part of its general assets) until such time as the Restricted Stock that such cash dividends are attributed to become Vested Shares, and if and to the extent that such Restricted Stock is subsequently forfeited, the cash dividends attributable to the forfeited Restricted Stock shall be forfeited as well.  Stock dividends declared by the Company will be characterized as Restricted Stock and will be subject to vesting and be distributed at the same times as the Restricted Stock with respect to which they were declared as dividends.
(c)The Recipient shall deposit with the Company stock powers or other instruments of transfer or assignment, duly endorsed in blank with signature(s) guaranteed, corresponding to each certificate representing shares of Restricted Stock until such Shares become vested.  If the Recipient shall fail to provide the Company with any such stock power or other instrument of transfer or assignment, the Recipient hereby irrevocably appoints the Secretary of the Company as his attorney-in-fact, with full power of appointment and substitution, to execute and deliver any such power or other instrument which may be necessary to effectuate the transfer of the Restricted Stock (or assignment of distributions thereon) on the books and records of the Company.
(d)If the Company is authorized to issue Shares without certificates, then the Company may, in the discretion of the Committee, issue Shares pursuant to this Agreement without certificates, in which case any references in this Agreement to certificates shall instead refer to 

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whatever evidence may be issued to reflect the Recipient’s ownership of the Shares subject to the terms and conditions of this Agreement.
4.Forfeiture of Non-Vested Shares.  If the Recipient’s Continuous Service with the Company and the Related Entities is terminated for any reason, any Shares of Restricted Stock that are not Vested Shares, and that do not become Vested Shares pursuant to Section 2 hereof as a result of such termination, shall be forfeited immediately upon such termination of Continuous Service and revert back to the Company without any payment to the Recipient.   The Committee shall have the power and authority to enforce on behalf of the Company any rights of the Company under this Agreement in the event of the Recipient’s forfeiture of Non-Vested Shares pursuant to this Section 4.
5.Covenants; Forfeiture of Shares Due to Violation.  
(a)In addition to the restrictions applicable to the Shares during the Period of Restriction, in the event the Holder violates the provisions of this Section 5 at any time during the period beginning on the Grant Date and ending on the second (2nd) annual anniversary of the termination of the Holder’s Continuous Service for any reason (such period referred to herein as the “Covenant Period”), the Shares shall automatically be forfeited to the Company for no consideration, whether the Shares are Vested Shares or Non-Vested Shares.  The existence of any claim or cause of action by Holder against the Company, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by Company of the provisions of Section 5 of this Agreement.
(b)During the Covenant Period, the Holder agrees not to directly or indirectly compete with the business of the Company and its successors and assigns. The term “not compete” and similar terms as used herein shall mean that the Executive shall not own, manage, operate, consult, become employed or engaged by, or act as an agent for, any business or legal entity that is in the commercial, hotel, and/or residential real estate development business that competes with the Company or any of its Affiliates anywhere in Florida.  Notwithstanding the foregoing, the Holder may (i) own up to 5% of any stock or security that is publicly traded on any national securities exchange or other market system, and/or (ii) engage in activities or become employed or engaged in a capacity that does not actually or potentially compete with the Company or any of its Affiliates. “Competes” shall be defined as engaging in commercial, hotel, and/or residential real estate development projects where total annual development costs for all such projects in Florida meet or exceed $50,000,000. 
(c)Additionally, during the Covenant Period, the Holder agrees not, for himself or in conjunction with any person or entity, to hire, solicit, attempt to solicit or hire, or assist in the solicitation or hiring of, any then current employee, officer, or director of the Company and/or any of its Affiliates, or any person who at any time during the twelve (12) calendar months immediately preceding the termination of Employee’s Continuous Service was an employee, officer, or director of the Company and/or any of its Affiliates.
(d)The parties expressly acknowledge the reasonableness of the foregoing covenants and the reasonableness of the geographic area and duration of time which are a part of said 

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covenants. These covenants are contemplated to protect the Company’s legitimate business interests.  
(e)It is the parties’ express intention that, should a court of competent jurisdiction determine that any portion of this Section 5 is unenforceable (whether in law or equity, including due to being considered unconscionable), that the court should reform this Section 5 so as to be enforceable to the greatest extent possible.
6.Transferability.  Unless otherwise determined by the Committee, the shares of Restricted Stock are not transferable unless and until they become Vested Shares in accordance with this Agreement, other than by will or under the applicable laws of descent and distribution.  Additionally, the Holder agrees that the Holder may not Transfer the Shares at any time prior to the end of the Covenant Period without the express written permission of the Company, which permission may be denied in the Company’s sole discretion for any reason or no reason.  The terms of this Agreement shall be binding upon the executors, administrators, heirs, successors and assigns of the Recipient.  Except as otherwise permitted pursuant to the first sentence of this Section, any attempt to effect a Transfer of any shares of Restricted Stock prior to the date on which the shares become Vested Shares and/or prior to the end of the Covenant Period shall be void ab initio.  For purposes of this Agreement, “Transfer” shall mean any sale, transfer, encumbrance, gift, donation, assignment, pledge, hypothecation, or other disposition, whether similar or dissimilar to those previously enumerated, whether voluntary or involuntary, and including, but not limited to, any disposition by operation of law, by court order, by judicial process, or by foreclosure, levy or attachment.
7.Compliance with Securities Laws.  It shall be a condition to the Recipient’s right to receive shares of Restricted Stock hereunder that the Committee may, in its discretion, require (a) that the shares of Restricted Stock reserved for issue upon the grant of this award shall have been duly listed, upon official notice of issuance, upon any national securities exchange or automated quotation system on which the Shares may then be listed or quoted, (b) that either (i) a registration statement under the Securities Act of 1933 with respect to the Shares shall be in effect, or (ii) in the opinion of counsel for the Company, the proposed purchase shall be exempt from registration under that Act and the Recipient shall have made such undertakings and agreements with the Company as the Company may reasonably require, and (c) that such other steps, if any, as counsel for the Company shall consider necessary to comply with any law applicable to the issue of such Shares by the Company shall have been taken by the Company or the Recipient, or both.  The certificates representing the Shares granted under this Award may contain such legends as counsel for the Company shall consider necessary to comply with any applicable law.  
8.Administration.  
(a)The Committee shall have full authority and discretion to decide all matters relating to the administration and interpretation of this Agreement.  The Committee shall have full power and authority to pass and decide upon cases in conformity with the objectives of this Agreement under such rules as the Board may establish.
(b)Any decision made or action taken by the Company, the Board, or the Committee arising out of, or in connection with, the administration, interpretation, and effect of 

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this Agreement shall be at their absolute discretion and will be conclusive and binding on all parties.  No member of the Board, Committee, or employee of the Company shall be liable for any act or action hereunder, whether of omission or commission, by the Recipient or by any agent to whom duties in connection with the administration of this Agreement have been delegated in accordance with the provision of this Agreement.
9.Tax Matters; Section 83(b) Election.
(a)The Recipient shall be permitted, but shall not be required, to make an election under Section 83(b) of the Code with respect to the Restricted Stock.
(b)If the Recipient does not properly make the election described in Section 9(c) below, the Recipient shall, no later than the date or dates as of which the Period of Restriction with respect to the Restricted Stock shall lapse, pay to the Company, or make arrangements satisfactory to the Committee for payment of, any federal, state, local or foreign taxes of any kind that the Company determines are required by law to be withheld with respect to the Restricted Stock (including without limitation the vesting thereof), and the Company shall, to the extent permitted by law, have the right to deduct from any payment of any kind (including without limitation, the withholding of any Shares that otherwise would be distributed to the Recipient under this Agreement) otherwise due to Recipient any federal, state, local or foreign taxes of any kind required by law to be withheld with respect to the Restricted Stock.
(c)If the Recipient properly elects, within thirty (30) days of the Grant Date, to include in gross income for federal income tax purposes an amount equal to the Fair Market Value (as of the Grant Date) of the Restricted Stock pursuant to Section 83(b) of the Code, the Recipient shall make arrangements satisfactory to the Committee to pay to the Company any federal, state, local or foreign income taxes that the Company determines are required to be withheld with respect to the Restricted Stock.  If the Recipient shall fail to make such tax payments as are required, the Company shall, to the extent permitted by law, have the right to deduct from any payment of any kind (including without limitation, the withholding of any Shares that otherwise would be issued to the Recipient under this Agreement) otherwise due to the Recipient, any federal, state, local or foreign taxes of any kind required by law to be withheld with respect to the Restricted Stock.
(d)The Recipient may satisfy any applicable withholding requirements pursuant to any one or combination of the following methods:
(i)payment in cash; or
(ii)payment by surrendering a number of unrestricted previously held Shares (free and clear of all liens and encumbrances), or the withholding of a number of Shares that otherwise would be deliverable to the Recipient pursuant to this Award.  The Shares so delivered or withheld must have an aggregate Fair Market Value on the date on which the shares of Restricted Stock become taxable equal to the minimum statutory amount, if any, required to be withheld for federal, state, local and/or foreign tax purposes that are applicable to the Restricted Stock then subject to tax (or such other amount as the Committee determines will not result in additional compensation expense for financial accounting purposes under applicable financial accounting principles). The Recipient may surrender Shares either by attestation or by delivery of 

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a certificate or certificates for Shares duly endorsed for transfer to the Company, and if required with medallion level signature guarantee by a member firm of a national stock exchange, by a national or state bank (or guaranteed or notarized in such other manner as the Committee may require).
(e)Tax consequences on the Recipient (including without limitation federal, state, local and/or foreign income tax consequences) with respect to the Restricted Stock (including without limitation the grant, vesting and/or forfeiture thereof) are the sole responsibility of the Recipient.  The Recipient shall consult with his or her own personal accountant(s) and/or tax advisor(s) regarding these matters, the making of a Section 83(b) election, and the Recipient’s filing, withholding and payment (or tax liability) obligations.
10.Repurchase Right on Termination of Continuous Service. In the event of the termination of the Recipient’s Continuous Service for any reason, the Company shall have the right, but not the obligation, to purchase all or any portion of the Vested Shares not otherwise forfeited under Section 4 hereof (including any Shares becoming Vested Shares as the result of the termination) from the Recipient within a period of one hundred and eighty (180) days of such termination.  The repurchase price shall be not less than the current Fair Market Value of the repurchased Shares.
11.Amendment, Modification & Assignment; Non-Transferability.  Except as otherwise provided under the Plan, this Agreement may only be modified or amended in a writing signed by the parties hereto.  No promises, assurances, commitments, agreements, undertakings or representations, whether oral, written, electronic or otherwise, and whether express or implied, with respect to the subject matter hereof, have been made by either party which are not set forth expressly in this Agreement.  Unless otherwise consented to in writing by the Company, in its sole discretion, this Agreement (and Recipient’s rights hereunder) may not be assigned, and the obligations of Recipient hereunder may not be delegated, in whole or in part.  For the avoidance of doubt, the Company may assign the obligations of the Recipient under Section 5 hereof to any successor or Affiliate of the Company without prior notice to or consent from the Recipient.  The rights and obligations created hereunder shall be binding on the Recipient and his heirs and legal representatives and on the successors and assigns of the Company.
12.Complete Agreement.  This Agreement (together with the Plan and those other agreements and documents expressly referred to herein, for the purposes referred to herein) embody the complete and entire agreement and understanding between the parties with respect to the subject matter hereof, and supersede any and all prior promises, assurances, commitments, agreements, undertakings or representations, whether oral, written, electronic or otherwise, and whether express or implied, which may relate to the subject matter hereof in any way.
13.Section 409A.
(a)It is intended that the Restricted Stock awarded pursuant to this Agreement be exempt from Section 409A of the Code (“Section 409A”) as property not includible in income by reason of being substantially nonvested pursuant to Treasury Regulation 1.409A-1(b)(6), or alternatively as a short-term deferral pursuant to Treasury Regulation 1.409A-1(b)(4), and the Plan, the Grant Notice, and this Award Agreement shall be interpreted accordingly.  The provisions of this Agreement may not be amended, adjusted, assumed or substituted for, converted or 

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otherwise modified without the Recipient’s prior written consent if and to the extent that such amendment, adjustment, assumption or substitution, conversion or modification would cause the award to violate the requirements of Section 409A, as determined by the Committee in its sole discretion.
(b)In the event that either the Company or the Recipient believes, at any time, that any benefit or right under this Agreement is subject to Section 409A, and does not comply with the requirements of Section 409A, it shall promptly advise the other and the Company and the Recipient shall negotiate reasonably and in good faith to amend the terms of such benefits and rights (to the extent determined necessary by the Committee in good faith, in its sole and absolute discretion) if such an amendment may be made in a commercially reasonable manner, such that they comply with Section 409A with the most limited possible economic affect on the Recipient and on the Company.
(c)Notwithstanding the foregoing, the Company does not make any representation to the Recipient that the shares of Restricted Stock awarded pursuant to this Agreement are exempt from, or satisfy, the requirements of Section 409A, and the Company shall have no liability or other obligation to indemnify or hold harmless the Recipient or any Beneficiary for any tax, additional tax, interest or penalties that the Recipient or any Beneficiary may incur in the event that any provision of this Agreement, or any amendment or modification thereof or any other action taken with respect thereto is deemed to violate any of the requirements of Section 409A.
14.Miscellaneous.
(a)No Right to (Continued) Employment or Service.  This Agreement and the grant of Restricted Stock hereunder shall not confer, or be construed to confer, upon the Recipient any right to employment or service, or continued employment or service, with the Company or any Related Entity.
(b)No Limit on Other Compensation Arrangements.  Nothing contained in this Agreement shall preclude the Company or any Related Entity from adopting or continuing in effect other or additional compensation plans, agreements or arrangements, and any such plans, agreements and arrangements may be either generally applicable or applicable only in specific cases or to specific persons.
(c)Severability.  If any term or provision of this Agreement is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction or under any applicable law, rule or regulation, then such provision shall be construed or deemed amended to conform to applicable law (or if such provision cannot be so construed or deemed amended without materially altering the purpose or intent of this Agreement and the grant of Restricted Stock hereunder, such provision shall be stricken as to such jurisdiction and the remainder of this Agreement and the award hereunder shall remain in full force and effect).
(d)No Trust or Fund Created.  Neither this Agreement nor the grant of Restricted Stock hereunder shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company or any Related Entity and the Recipient or any other 

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person.  To the extent that the Recipient or any other person acquires a right to receive payments from the Company or any Related Entity pursuant to this Agreement, such right shall be no greater than the right of any unsecured general creditor of the Company.
(e)Law Governing.  This Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of Florida (without reference to the conflict of laws rules or principles thereof).
(f)Interpretation.  The Recipient accepts the Restricted Stock subject to all of the terms, provisions and restrictions of this Agreement and the Plan.  The undersigned Recipient hereby accepts as binding, conclusive and final all decisions or interpretations of the Board or the Committee upon any questions arising under this Agreement or the Plan.  
(g)Headings.  Section, paragraph and other headings and captions are provided solely as a convenience to facilitate reference.  Such headings and captions shall not be deemed in any way material or relevant to the construction, meaning or interpretation of this Agreement or any term or provision hereof.
(h)Notices.  Any notice under this Agreement shall be in writing and shall be deemed to have been duly given when delivered personally or when deposited in the United States mail, registered, postage prepaid, and addressed, in the case of the Company, to the Company’s General Counsel at 130 Richard Jackson Blvd., Suite 200, Panama City Beach, FL 32407, or if the Company should move its principal office, to such principal office, and, in the case of the Recipient, to the Recipient’s last permanent address as shown on the Company’s records, subject to the right of either party to designate some other address at any time hereafter in a notice satisfying the requirements of this Section.
(i)Non-Waiver of Breach.  The waiver by any party hereto of the other party’s prompt and complete performance, or breach or violation, of any term or provision of this Agreement shall be effected solely in a writing signed by such party, and shall not operate nor be construed as a waiver of any subsequent breach or violation, and the waiver by any party hereto to exercise any right or remedy which he or it may possess shall not operate nor be construed as the waiver of such right or remedy by such party, or as a bar to the exercise of such right or remedy by such party, upon the occurrence of any subsequent breach or violation.  
(j)Counterparts.  This Agreement may be executed in two or more separate counterparts, each of which shall be an original, and all of which together shall constitute one and the same agreement.
[Signature page follows]

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IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the ____ day of ______________________, 2022.
COMPANY:
THE ST JOE COMPANY 
By:  ​ ​
Name: 
Title: 
Agreed and Accepted:
RECIPIENT:
By:  __________________________________

​EX-10.1

 Exhibit 10.1 

Exchange Agreement 

July 26, 2022 
 Apellis
Pharmaceuticals, Inc. 
 3.500% Convertible Senior Notes due 2026 

The undersigned investor (the “Investor”), for itself and on behalf of the beneficial owners listed on Exhibit A hereto
(“Accounts”) for whom the Investor holds contractual and investment authority (each, including the Investor if it is a party exchanging Notes (as defined below), an “Exchanging Investor”), hereby agrees to exchange,
with Apellis Pharmaceuticals, Inc., a Delaware corporation (the “Company”), certain 3.500% Convertible Senior Notes due 2026, CUSIP 03753UAB2 (the “Notes”) for shares (“Shares”) of the
Company’s common stock, $0.0001 par value per share (the “Common Stock”), pursuant to this exchange agreement (this “Agreement”). The Investor understands that the exchange (the “Exchange”) is
being made without registration of the offer or sale of the Shares under the Securities Act of 1933, as amended (the “Securities Act”), or any securities laws of any state of the United States or of any other jurisdiction in a
private placement pursuant to the exemption from registration provided by Section 4(a)(2) of the Securities Act and that each Exchanging Investor participating in the Exchange is required to be an institutional “accredited investor”
within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act that is also a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act. Capitalized terms used but not
defined in this Agreement have the respective meanings set forth in the indenture, dated as of September 16, 2019, (the “Indenture”) between the Company and U.S. Bank National Association, as trustee (the
“Trustee”). 
 1. Exchange. On the basis of the representations, warranties and agreements herein contained and subject to the terms
and conditions herein set forth, the Investor hereby agrees to exchange for itself and on behalf of the Exchanging Investors, an aggregate principal amount of the Notes set forth on Exhibit A hereto (the “Exchanged Notes”)
for: 
 (a) a number of Shares per $1,000 principal amount of such Exchanged Notes equal to 20.2724; plus 

(b) an additional number of Shares per $1,000 principal amount of such Exchanged Notes equal to the quotient of (i) $591.62
divided by (ii) the average of the Daily VWAPs (as defined below) over the Reference Period (as defined below) (the aggregate number of Shares under clause (a) and (b), the “Exchange Consideration”); 

in each case, as adjusted in good faith by the Company for any stock dividend, stock split, stock combination, reclassification or similar
transaction occurring on or after the date hereof and prior to the Closing Date; provided that the number of Shares to be exchanged for the Exchanged Notes shall be rounded down to the nearest whole share for each Exchanging Investor. 

For the avoidance of doubt, no cash will be paid to any Exchanging Investor in respect of any accrued and unpaid interest on the Exchanged
Notes. 
 Notwithstanding the foregoing, in no event shall the number of shares of Common Stock issuable under this Agreement and in exchange
for other Notes pursuant to any other exchange agreement entered into on or about the date of this Agreement (the “Other Exchange Agreements”) between the Company and holders of such other Notes with respect to the exchange of Notes
for Common Stock exceed 19.9% of the Company’s issued and outstanding Common Stock on the 

  
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date hereof (the “Threshold”). If such aggregate amount of shares of Common Stock were to exceed the Threshold, (i) the aggregate number of such shares of Common Stock
to be issued under this Agreement and the Other Exchange Agreements shall be allocated among the Exchanging Investors and the “Exchanging Investors” under the Other Exchange Agreements on a pro rata basis based on the principal amount of
Notes intended to be exchanged by each such Exchanging Investor under this Agreement and the Other Exchange Agreements and (ii) the percentage reduction in the number of shares of Common Stock to be issued under this Agreement pursuant to
clause (i) shall be multiplied by the face amount of the Exchanged Notes and such amount of Exchanged Notes shall not be considered Exchanged Notes, shall not be exchanged hereunder and shall be returned to the Investor. 

“Business Day” means any day other than a Saturday, a Sunday or a day on which the Federal Reserve Bank of New
York is authorized or required by law or executive order to close or be closed. 
 “Daily VWAP” means, for
each Trading Day (as defined below) in the Reference Period (as defined below), the per share volume-weighted average price of the Common Stock as displayed under the heading “Bloomberg VWAP” on Bloomberg page “APLS <equity>
AQR” (or its equivalent successor if such page is not available) in respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading session on such Trading Day (or if such volume-weighted
average price is unavailable, the Last Reported Sale Price on such day). The “Daily VWAP” shall be determined without regard to after-hours trading or any other trading outside of the regular trading session trading hours. 

“Last Reported Sale Price” of the Common Stock on any date means the closing sale price per share (or if no
closing sale price is reported, the average of the bid and ask prices or, if more than one in either case, the average of the average bid and the average ask prices) on that date as reported in composite transactions for the principal U.S. national
or regional securities exchange on which the Common Stock is traded. 
 “Market Disruption Event” means
(a) a failure by the primary U.S. national or regional securities exchange or market on which the Common Stock is listed or admitted for trading to open for trading during its regular trading session or (b) the occurrence or existence
prior to 1:00 p.m., New York City time, on any Scheduled Trading Day (as defined in the Indenture) for the Common Stock for more than one half-hour period in the aggregate during regular trading hours of any suspension or limitation imposed on
trading (by reason of movements in price exceeding limits permitted by the relevant stock exchange or otherwise) in the Common Stock or in any options contracts or futures contracts relating to the Common Stock. 

“Reference Period” means the period of two (2) consecutive Trading Days commencing on the first Trading
Day following the date hereof. 
 “Trading Day” means a day on which (a) there is no Market Disruption
Event and (b) trading in the Common Stock generally occurs on The Nasdaq Global Select Market or, if the Common Stock is not then listed on The Nasdaq Global Select Market, on the principal other U.S. national or regional securities exchange on
which the Common Stock is then listed or, if the Common Stock is not then listed on a U.S. national or regional securities exchange, on the principal other market on which the Common Stock is then listed or admitted for trading, except that if the
Common Stock is not so listed or admitted for trading, “Trading Day” means a Business Day. 

  
 2 

 The Investor agrees that it and any Exchanging Investor shall not deliver a Notice of Conversion with
respect to any Exchanged Notes and the Investor and each Exchanging Investor shall hold the Exchanged Notes until the Closing (as defined below). In consideration for the performance of their obligations hereunder (including as described in the
immediately preceding sentence), the Company agrees to deliver the Exchange Consideration on the Closing Date (as defined below) to each Exchanging Investor in exchange for its Exchanged Notes. 

The Exchange shall occur in accordance with the procedures set forth in Exhibit B.2 hereto (the “Exchange Procedures”);
provided that each of the Company and the Investor acknowledges that the delivery of the Shares to any Exchanging Investor may be delayed due to procedures and mechanics within the system of American Stock Transfer & Trust Company,
LLC, The Depositary Trust Company (“DTC”) or The Nasdaq Global Select Market (“Nasdaq”) (including the procedures and mechanics regarding the listing of the Shares on Nasdaq) or other events beyond the
Company’s control and that such a delay will not be a default under this Agreement so long as (i) the Company is using its reasonable best efforts to effect such delivery, or (ii) such delay arises due to a failure by Investor to
deliver settlement instructions in accordance with Section 3(s); provided, further, that no delivery of Shares will be made until the Exchanged Notes have been properly submitted for exchange in accordance with the Exchange
Procedures and no accrued interest will be payable by reason of any delay in making such delivery. 
 The closing of the Exchange (the
“Closing”) shall take place remotely via the exchange of documents and signatures at 10:00 a.m., New York City time, on August 1, 2022 (the “Closing Date”), or at such other time and place as the Company and
the Investor may mutually agree. On the Closing Date, subject to satisfaction of the conditions precedent specified herein and the prior receipt by the Company from the Investor of the Exchanged Notes, the Company shall deliver the Shares to the DTC
account specified by the Investor for each relevant Exchanging Investor in Exhibit B.1. All questions as to the form of all documents and the validity and acceptance of the Exchanged Notes and the Exchange Consideration will be determined by
the Company, in its sole discretion, which determination shall be final and binding. Subject to the terms and conditions of this Agreement, the Investor hereby, for itself and on behalf of its Accounts, (a) waives any and all other rights with
respect to such Exchanged Notes and (b) releases and discharges the Company from any and all claims the undersigned and its Accounts may now have, or may have in the future, arising out of, or related to, such Exchanged Notes. 

2. Representations and Warranties and Covenants of the Company. As of the date hereof and the Closing Date, the Company represents and warrants to, and
covenants with, the Exchanging Investors that: 
 (a) The Company and each of its subsidiaries are entities duly organized,
validly existing and in good standing under the laws of the jurisdiction in which each is formed, and have the requisite power and authority to own their properties and to carry on their business as now being conducted, except in the case of the
Company’s subsidiaries as would not reasonably be expected to have a material adverse effect on the business, properties, assets, liabilities, operations (including results thereof), or financial condition of the Company or its subsidiaries,
taken as a whole. The Company and each of its subsidiaries is duly qualified as a foreign entity to do business (where such concept exists) and is in good standing in every jurisdiction (where such concept exists) in which its ownership of property
or the nature of the business conducted by it makes such qualification necessary, except to the extent that the failure to be so qualified or be in good standing would not reasonably be expected to have a material adverse effect on the business,
properties, assets, liabilities, operations (including results thereof), or condition (financial or otherwise) of the Company or its subsidiaries, taken as a whole. The Company has the power, authority and capacity to execute and deliver this
Agreement, to perform its obligations hereunder, 

  
 3 

 
and to consummate the Exchange contemplated hereby. No consent, approval, order or authorization of, or registration, declaration or filing with any governmental entity is required on the part of
the Company or any of its subsidiaries in connection with the execution, delivery and performance by the Company of this Agreement and the consummation by the Company of the Exchange, except as may be required under any state or federal securities
laws or that may be made or obtained after the Closing without penalty. 
 (b) This Agreement has been duly authorized,
executed and delivered by the Company and constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except that such enforcement may be subject to (a) bankruptcy, insolvency,
fraudulent transfer, reorganization, moratorium or other similar laws affecting or relating to enforcement of creditors’ rights generally and (b) general principles of equity, whether such enforceability is considered in a proceeding at
law or in equity. 
 (c) This Agreement and consummation of the Exchange will not violate, conflict with or result in a
breach of or default under (i) the charter or bylaws of the Company, (ii) any agreement or instrument to which the Company is a party or by which the Company or any of its assets or subsidiaries are bound, or (iii) assuming the truth
and accuracy of the representations and warranties and compliance with the covenants of the Investor and each Exchanging Investor herein, any laws, regulations or governmental or judicial decrees, injunctions or orders applicable to the Company and
its subsidiaries, except in the case of clauses (ii) or (iii), where such violations, conflicts, breaches or defaults as would not, individually or in the aggregate, materially impair the ability of the Company to consummate the transactions
contemplated by this Agreement. 
 (d) When issued, delivered and paid for in the manner set forth in this Agreement, the
Shares will (i) be validly issued, fully paid and non-assessable, (ii) be free and clear of any Liens (as defined in Section 3(c) below), option, equity or other adverse claim thereto, including
claims or rights under any voting trust agreements, shareholder agreements or other agreements to which the Company is a party, and (iii) will not be subject to any preemptive, participation, rights of first refusal or other similar rights
under the General Corporation Law of the State of Delaware or any to which the Company is a party (other than any such rights that will be waived prior to the Closing). Assuming the accuracy of the Investor’s and each Exchanging Investor’s
representations and warranties hereunder, the Shares (a) will be issued in the Exchange in reliance on the exemption from the registration requirements of the Securities Act pursuant to 4(a)(2) of the Securities Act and (b) when issued
will be free of any restrictive legend and any restrictions on transfer under Rule 144 promulgated under the Securities Act. 

(e) The execution of this Agreement by the Company and the consummation by the Company of the transactions contemplated hereby
does not require the consent, approval, authorization, order, registration or qualification of, or filing with, any governmental authority, non-governmental regulatory authorities (including Nasdaq, other than
the filing with Nasdaq of a Listing of Additional Shares notification which the Company will so file prior to the issuance of Shares on the Closing Date), except as may be required under any state or federal securities laws or that may be made or
obtained after the Closing without penalty. 
 (f) From January 1, 2022 to the date of this Agreement, the Company has
timely filed all reports, schedules, forms, proxy statements, statements and other documents required to be filed by it with the Securities and Exchange Commission (the “SEC”) pursuant to the reporting requirements of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”) or timely filed notifications of late filings for any of the foregoing (all of the foregoing filed prior to the date 

  
 4 

 
hereof and all exhibits and appendices included therein and financial statements, notes and schedules thereto and documents incorporated by reference therein being hereinafter referred to as the
“SEC Documents”). As of their respective dates, the SEC Documents complied in all material respects with the requirements of the Exchange Act and the rules and regulations of the SEC promulgated thereunder applicable to the SEC
Documents. 
 (g) Without the prior written consent of the Investor, the Company shall not disclose the name of the Investor
or any Exchanging Investor in any filing or announcement, unless such disclosure is required by applicable law, rule, regulation or legal process based on advice of counsel. 

(h) There is no action, lawsuit, arbitration, claim or proceeding pending or, to the knowledge of the Company, threatened,
against the Company that would reasonably be expected to impede the consummation of the Exchange. 
 (i) The Company agrees
that it shall, upon request, execute and deliver any additional documents deemed by the Trustee or transfer agent to be reasonably necessary to complete the Exchange. 

(j) The Company hereby agrees to publicly disclose on or before 8:30 a.m., New York City time, on the first Business Day after
the date hereof, the exchange of the Exchanged Notes as contemplated by this Agreement in a press release or a Current Report on Form 8-K. The Company hereby acknowledges and agrees that any such press release
or Current Report on Form 8-K will disclose all confidential information communicated by the Company to the Investor or any Exchanging Investor in connection with the Exchange to the extent the Company
believes such confidential information constitutes material non-public information, if any, with respect to the Exchange or otherwise. 

3. Representations and Warranties and Covenants of the Investor. As of the date hereof and as of the Closing Date (except as otherwise set forth
below), the Investor hereby, for itself and on behalf of the Exchanging Investors, represents and warrants to, and covenants with, the Company that: 

(a) The Investor and each Exchanging Investor is a corporation, limited partnership, limited liability company or other entity,
as the case may be, duly formed, validly existing and in good standing under the laws of the jurisdiction of its formation. 

(b) The Investor has all requisite corporate (or other applicable entity) power and authority to execute and deliver this
Agreement for itself and on behalf of the Exchanging Investors and to carry out and perform its obligations under the terms hereof and the transactions contemplated hereby. This Agreement has been duly authorized, executed and delivered by the
Investor and constitutes the legal, valid and binding obligation of the Investor and each Exchanging Investor, enforceable in accordance with its terms, except that such enforcement may be subject to (a) bankruptcy, insolvency, fraudulent
transfer, reorganization, moratorium or other similar laws affecting or relating to enforcement of creditors’ rights generally and (b) general principles of equity, whether such enforceability is considered in a proceeding at law or in
equity. If the Investor is executing this Agreement on behalf of an Account, (i) the Investor has all requisite discretionary and contractual authority to enter into this Agreement on behalf of, and, bind, each Account, and (ii) Exhibit
A attached to this Agreement contains a true, correct and complete list of (A) the name of each Account and (B) the principal amount of each Account’s Exchanged Notes, as applicable. 

  
 5 

 (c) As of the date hereof and as of the Closing, each of the Exchanging
Investors is the current sole legal and beneficial owner of the Exchanged Notes set forth on Exhibit A attached to this Agreement. When the Exchanged Notes are exchanged, the Company will acquire good, marketable and unencumbered title
thereto, free and clear of all liens, mortgages, pledges, security interests, restrictions, charges, encumbrances or adverse claims, rights or proxies of any kind (“Liens”). None of the Exchanging Investors has, nor prior to the
Closing, will have, in whole or in part, other than pledges or security interests that an Exchanging Investor may have created in favor of a prime broker under and in accordance with its prime brokerage agreement with such broker, (x) assigned,
transferred, hypothecated, pledged, exchanged, submitted for conversion pursuant to the Indenture or otherwise disposed of any of its Exchanged Notes (other than to the Company pursuant hereto), or (y) given any person or entity any transfer
order, power of attorney or other authority of any nature whatsoever with respect to its Exchanged Notes. 
 (d) The
execution, delivery and performance of this Agreement by the Investor and compliance by the Investor and each Exchanging Investor with all provisions hereof and the consummation of the transactions contemplated hereby, including the Exchange, will
not (i) require any consent, approval, authorization or other order of, or qualification with, any court or governmental body or agency (except as may be required under the securities or Blue Sky laws of the various states), (ii) constitute a
breach or violation of any of the terms or provisions of, or result in a default under, (x) the organizational documents of any of the Investor or any Exchanging Investor or (y) any material indenture, loan agreement, mortgage, lease or
other agreement or instrument to which the Investor or any of the Exchanging Investors is a party or by which such Investor or Exchanging Investor is bound, or (iii) violate or conflict with any applicable law or any rule, regulation, judgment,
decision, order or decree of any court or any governmental body or agency having jurisdiction over the Investor or any of the Exchanging Investors. 

(e) The Investor and each Exchanging Investor will comply with all applicable laws and regulations in effect necessary for each
Exchanging Investor to consummate the transactions contemplated hereby and obtain any consent, approval or permission required for the transactions contemplated hereby and the laws and regulations of any jurisdiction to which the Investor and each
such Exchanging Investor is subject, and the Company shall have no responsibility therefor. 
 (f) The Investor and each
Exchanging Investor acknowledges that no person has been authorized to give any information or to make any representation or warranty concerning the Company or the Exchange other than the information set forth herein in connection with the
Investor’s and each Exchanging Investor’s examination of the Company and the terms of the Exchange and the Shares, and the Company does not take, and J. Wood Capital Advisors LLC (the “Placement Agent”) does not take any
responsibility for, and neither the Company nor the Placement Agent can provide any assurance as to the reliability of, any other information that others may provide to the Investor or any Exchanging Investor. 

(g) The Investor and each Exchanging Investor has such knowledge, skill and experience in business, financial and investment
matters so that it is capable of evaluating the merits and risks with respect to the Exchange and an investment in the Shares. With the assistance of the Investor’s and each Exchanging Investor’s own professional advisors, to the extent
that the Investor and any Exchanging Investor has deemed appropriate, such Exchanging Investor has made its own legal, tax, accounting and financial evaluation of the merits and risks of an investment in the Shares and the consequences of the
Exchange and this Agreement and the Investor and any Exchanging Investor has made its own independent decision that the investment in the Shares is suitable and appropriate for the Investor and any Exchanging Investor. The Investor and each
Exchanging Investor has considered the suitability of the Shares as an investment in light of the Investor and such Exchanging Investor’s circumstances and financial condition and is able to bear the risks associated with an investment in the
Shares. 

  
 6 

 (h) The Investor confirms that it and each Exchanging Investor is not
relying on any communication (written or oral) of the Company, the Placement Agent or any of their respective affiliates or representatives as investment advice or as a recommendation to acquire the Shares in the Exchange. It is understood that
information provided by the Company, the Placement Agent or any of their respective affiliates and representatives shall not be considered investment advice or a recommendation to participate in the Exchange, and that none of the Company, the
Placement Agent or any of their respective affiliates or representatives is acting or has acted as an advisor to the Investor or any Exchanging Investor in deciding to participate in the Exchange. 

(i) The Investor confirms that the Company has not (i) given the Investor or any Exchanging Investor any guarantee,
representation or warranty as to the potential success, return, effect or benefit (either legal, regulatory, tax, financial, accounting or otherwise) of an investment in the Shares or (ii) made any representation or warranty to the Investor or
any Exchanging Investor regarding the legality of an investment in the Shares under applicable legal investment or similar laws or regulations. The Investor confirms that it and each Exchanging Investor is not relying and has not relied, upon any
statement, advice (whether accounting, tax, financial legal or other), representation or warranty by the Company or any of its affiliates or representatives, including, without limitation, the Placement Agent, except for the representations and
warranties made by the Company in this Agreement, and that the Investor has made its own independent decision that the investment in the Shares is suitable and appropriate for the Investor and the Exchanging Investors. 

(j) The Investor and each Exchanging Investor is familiar with the business and financial condition and operations of the
Company and the Investor and each Exchanging Investor has had the opportunity to conduct its own investigation of the Company and the Shares. The Investor and each Exchanging Investor has had access to the SEC filings of the Company and such other
information concerning the Company and the Shares as it deems necessary to enable it to make an informed investment decision concerning the Exchange. The Investor and each Exchanging Investor has been offered the opportunity to ask such questions of
the Company and its representatives and received answers thereto, as it deems necessary to enable it to make an informed investment decision concerning the Exchange. 

(k) Each Exchanging Investor is an institutional “accredited investor” as defined in Rule 501(a)(1), (2), (3) or
(7) under the Securities Act and a “qualified institutional buyer” as defined in Rule 144A under the Securities Act. The Investor agrees to furnish any additional information regarding the Investor or any Exchanging Investor
reasonably requested by the Company or any of its affiliates to assure compliance with applicable U.S. federal and state securities laws in connection with the Exchange. 

(l) The Investor and each Exchanging Investor is not, and has not been during the consecutive three month period preceding the
date hereof and as of the Closing, will not be, a director, officer or “affiliate” within the meaning of Rule 144 promulgated under the Securities Act (an “Affiliate”) of the Company. To the Investor’s knowledge, no
Exchanging Investor acquired any of the Notes, directly or indirectly, from an Affiliate of the Company. 

  
 7 

 (m) Neither the Investor nor any Exchanging Investor is directly, or
indirectly through one or more intermediaries, controlling or controlled by, or under direct or indirect common control with, the Company. 

(n) Each Exchanging Investor is acquiring the Shares solely for its own beneficial account, for investment purposes, and not
with a view to, or for resale in connection with, any distribution of the Shares. The Investor and each Exchanging Investor understands that the offer and sale of the Shares have not been registered under the Securities Act or any state securities
laws and are being issued without registration under the Securities Act pursuant to Section 4(a)(2) of the Securities Act, which exemption depends in part upon the investment intent of the Exchanging Investors and the accuracy of the other
representations and warranties made by the Investor or behalf of the Exchanging Investors in this Agreement. The Investor and the Exchanging Investors understand that the Company is relying upon the representations, warranties and agreements
contained in this Agreement (and any supplemental information provided to the Company by the Investor or any of the Exchanging Investors) for the purpose of determining whether this transaction meets the requirements for such exemption(s) and to
issue the Shares without legends as set forth herein. 
 (o) The Investor acknowledges that the terms of the Exchange have
been mutually negotiated between the Investor and the Company. The Investor was given a meaningful opportunity to negotiate the terms of the Exchange. 

(p) The Investor acknowledges that it and each Exchanging Investor had a sufficient amount of time to consider whether to
participate in the Exchange and that neither the Company nor the Placement Agent has placed any pressure on the Investor or any Exchanging Investor to respond to the opportunity to participate in the Exchange. The Investor acknowledges that neither
it nor any Exchanging Investor become aware of the Exchange through any form of general solicitation or advertising within the meaning of Rule 502 under the Securities Act. 

(q) The Investor acknowledges it and each Exchanging Investor understands that the Company intends to pay the Placement Agent a
fee in respect of the Exchange. 
 (r) The Investor will, upon request, execute and deliver, for itself and on behalf of any
Exchanging Investor, any additional documents deemed by the Company and the Trustee or the transfer agent to be reasonably necessary to complete the transactions contemplated by this Agreement. 

(s) No later than one (1) Business Day after the date hereof, the Investor agrees to deliver to the Company settlement
instructions substantially in the form of Exhibit B.1 attached to this Agreement for each of the Exchanging Investors. 

(t) The Investor acknowledges and agrees that it and each Exchanging Investor has not disclosed, and will not disclose, to any
third party any information regarding the Exchange, and has not transacted, and will not transact in any securities of the Company, including, but not limited to, any hedging transactions, from the time the Investor was first contacted by the
Company or the Placement Agent with respect to the transactions contemplated by this Agreement until after the confidential information (as described in the confirmatory wall-crossing email received by the Investor from the Placement Agent) is made
public. 

  
 8 

 (u) The Investor and each Exchanging Investor understands that the Company,
the Placement Agent and others will rely upon the truth and accuracy of the foregoing representations, warranties and covenants and agrees that if any of the representations and warranties deemed to have been made by it or any of the Exchanging
Investors are no longer accurate, the Investor shall promptly notify the Company and the Placement Agent prior to the Closing. The Investor understands that, unless the Investor notifies the Company in writing to the contrary before the Closing,
each of the Investor’s and Exchanging Investors’ representations and warranties contained in this Agreement will be deemed to have been reaffirmed and confirmed as of the Closing. If the Investor is exchanging any Exchanged Notes and
acquiring the Shares as a fiduciary or agent for one or more accounts (including for purposes of this Section 3(u), the Accounts which are Exchanging Investors), it represents that (i) it has sole investment discretion with respect
to each such account, (ii) it has full power to make the foregoing representations, warranties and covenants on behalf of such account and (iii) it has contractual authority with respect to each such account. 

(v) The Investor and each Exchanging Investor acknowledges and the Investor agrees that the Placement Agent has not acted as a
financial advisor or fiduciary to the Investor or any Exchanging Investor and that the Placement Agent and its directors, officers, employees, representatives and controlling persons have no responsibility for making, and have not made, any
independent investigation of the information contained herein or in the Company’s SEC filings and make no representation or warranty to the Investor or any Exchanging Investor, express or implied, with respect to the Company, the Exchanged
Notes or the Shares or the accuracy, completeness or adequacy of the information provided to the Investor or any Exchanging Investor or any other publicly available information, nor shall any of the foregoing persons be liable for any loss or
damages of any kind resulting from the use of the information contained therein or otherwise supplied to the Investor or any Exchanging Investor. 

(w) The Investor and each Exchanging Investor acknowledges and understands that as of the date of this Agreement and at the
time of the Closing, the Company may be in possession of material non-public information not known to the Investor or any Exchanging Investor that may impact the value of the Notes, including the Exchanged
Notes, and the Shares (“Information”) that the Company has not disclosed to the Investor or any Exchanging Investor. The Investor and each Exchanging Investor acknowledges that they have not relied upon the non-disclosure of any such Information for purposes of making their decision to participate in the Exchange. The Investor and each Exchanging Investor understands, based on its experience, the disadvantage to which
the Investor and each Exchanging Investor is subject due to the disparity of information between the Company, on the one hand, and the Investor and each Exchanging Investor, on the other hand. Notwithstanding this, the Investor and each
Exchanging Investor has deemed it appropriate to participate in the Exchange. The Investor agrees that the Company and its directors, officers, employees, agents, stockholders and affiliates shall have no liability to the Investor or any Exchanging
Investor or their respective beneficiaries whatsoever due to or in connection with the Company’s use or non-disclosure of the Information or otherwise as a result of the Exchange, and the Investor hereby
irrevocably waives any claim that it or any Exchanging Investor might have based on the failure of the Company to disclose the Information. 

(x) The Investor and each Exchanging Investor understands that no federal, state, local or foreign agency has passed upon the
merits or risks of an investment in the Shares or made any finding or determination concerning the fairness or advisability of this investment. 

  
 9 

 (y) The operations of the Investor and each Exchanging Investor have been
conducted in material compliance with the applicable rules and regulations administered or conducted by the U.S. Department of Treasury Office of Foreign Assets Control (“OFAC”), the applicable rules and regulations of the Foreign
Corrupt Practices Act (“FCPA”) and the applicable Anti-Money Laundering (“AML”) rules in the Bank Secrecy Act. The Investor has performed due diligence necessary to reasonably determine that the Exchanging Investors
are not named on the lists of denied parties or blocked persons administered by OFAC, resident in or organized under the laws of a country that is the subject of comprehensive economic sanctions and embargoes administered or conducted by OFAC
(“Sanctions”), are not otherwise the subject of Sanctions and have not been found to be in violation or under suspicion of violating OFAC, FCPA or AML rules and regulations. 

(z) The Investor and each Exchanging Investor is a resident of the jurisdiction set forth on Exhibit B.1 attached to
this Agreement. 
 4. Conditions to Obligations of the Investor and the Company. The obligations of the Investor and the Exchanging Investors and of
the Company under this Agreement are subject to the satisfaction at or prior to the Closing of the following conditions precedent: (a) the representations and warranties of the Company contained in Section 2 hereof (with respect to the
Investor and Exchanging Investors) and of the Investor contained in Section 3 hereof (with respect to the Company) shall be true and correct as of the Closing in all respects with the same effect as though such representations and warranties
had been made as of the Closing and (b) no provision of any applicable law or any judgment, ruling, order, writ, injunction, award or decree of any governmental authority shall be in effect prohibiting or making illegal the consummation of the
transactions contemplated by this Agreement. 
 5. Waiver, Amendment. Neither this Agreement nor any provisions hereof or thereof shall be modified,
changed or discharged, except by an instrument in writing, signed by the Company and the Investor. 
 6. Assignability. Neither this Agreement nor
any right, remedy, obligation or liability arising hereunder or by reason hereof shall be assignable by either the Company or the Investor without the prior written consent of the other. 

7. Waiver of Jury Trial. EACH OF THE COMPANY AND THE INVESTOR HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY LEGAL
PROCEEDING ARISING OUT OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. 
 8. Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of New York, without giving effect to such state’s rules concerning conflicts of laws that might provide for any other choice of law. 

9. Submission to Jurisdiction. Each of the Company and the Investor: (a) agrees that any legal suit, action or proceeding arising out of or
relating to this Agreement or the transactions contemplated hereby shall be instituted exclusively in the courts of the State of New York located in the City and County of New York or in the United States District Court for the Southern District of
New York; (b) waives any objection that it may now or hereafter have to the venue of any such suit, action or proceeding; and (c) irrevocably consents to the jurisdiction of the aforesaid courts in any such suit, action or proceeding. Each
of the Company and the Investor agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 

10. Venue. Each of the Company and the Investor irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any
objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred to in Section 9. Each of the Company and the Investor irrevocably waives,
to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

  
 10 

 11. Service of Process. Each of the Company and the Investor irrevocably consents to service of
process in the manner provided for notices in Section 12. Nothing in this Agreement will affect the right of the Company or the Investor to serve process in any other manner permitted by law. 

12. Notices. All notices and other communications to the Company provided for herein shall be in writing and shall be deemed to have been duly given if
delivered personally, sent by prepaid overnight courier (providing written proof of delivery) or sent by confirmed facsimile transmission or electronic mail and will be deemed given on the date so delivered (or, if such day is not a Business
Day, on the first subsequent Business Day) to the following addresses, or in the case of the Investor, the address provided on Exhibit B.1 attached to this Agreement (or such other address as the Company or the Investor shall have specified
by notice in writing to the other): 
  

			
	If to the Company:	  	 Apellis Pharmaceuticals, Inc.
 100 5th
Avenue
 Waltham, MA 02451
 Attention: General
Counsel

		
	with a copy to (which shall not constitute notice):	  	 WilmerHale
 60 State Street

Boston, MA 02109
 Attention: Stuart Falber

 13. Binding Effect. The provisions of this Agreement shall be binding upon and accrue to the benefit of the Company,
the Investor and the Exchanging Investors and their respective heirs, legal representatives, successors and assigns. This Agreement constitutes the entire agreement between the Company and the Investor with respect to the subject matters hereof.
This Agreement may be executed by one or more of the parties hereto in any number of separate counterparts (including by facsimile or other electronic means, including telecopy, email or otherwise), and all of said counterparts taken together shall
be deemed to constitute one and the same instrument. Delivery of an executed signature page of this Agreement by facsimile or other transmission (e.g., “pdf” or “tif” format) shall be effective as delivery of a
manually executed counterpart hereof. 
 14. Notification of Changes. After the date of this Agreement, each of the Company and the Investor hereby
covenants and agrees to notify the other upon the occurrence of any event prior to the Closing of the Exchange pursuant to this Agreement that would cause any representation, warranty or covenant of the Company or the Investor, as the case may be,
contained in this Agreement to be false or incorrect. 
 15. Reliance by the Placement Agent. The Placement Agent may rely on each representation and
warranty of the Company and the Investor made herein or pursuant to the terms hereof with the same force and effect as if such representation or warranty were made directly to the Placement Agent. The Placement Agent shall be a third-party
beneficiary of this Agreement to the extent provided in this Section 15. 
 16. Severability. If any term or provision of this Agreement (in
whole or in part) is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision
in any other jurisdiction. 

  
 11 

 17. Survival. The representations and warranties of the Company and the Investor contained in this
Agreement or made by or on behalf of the Exchanging Investors pursuant to this Agreement shall survive the consummation of the transactions contemplated hereby. 

18. Termination. This Agreement may be terminated and the transactions contemplated hereby abandoned (a) by mutual agreement of the Company
and the Investor in writing or (b) by either the Company or the Investor if the conditions to such party’s obligations set forth herein have not been satisfied (unless waived by the party entitled to the benefit thereof), and the Closing
has not occurred on or before August 4, 2022 without liability of either the Company or the Investor or the Exchanging Investors, as the case may be; provided that neither the Company nor the Investor shall be released from liability hereunder
if this Agreement is terminated and the transactions abandoned by reason of the failure of the Company or the Investor or any of the Exchanging Investors, as the case may be to have performed its obligations hereunder. Except as provided above, if
this Agreement is terminated and the transactions contemplated hereby are not concluded as described above, this Agreement will become void and of no further force and effect. 

19. Taxation. The Investor acknowledges that, if an Exchanging Investor is a United States person for U.S. federal income tax purposes, either
(i) the Company must be provided with a correct taxpayer identification number (“TIN,” generally a person’s social security or federal employer identification number) and certain other information on a properly completed
and executed Internal Revenue Service (“IRS”) Form W-9, or (ii) another basis for exemption from backup withholding must be established. The Investor further acknowledges that, if an
Exchanging Investor is not a United States person for U.S. federal income tax purposes, the Company must be provided with a properly completed and executed IRS Form W-8BEN, IRS Form W-8BEN-E, IRS Form W-8IMY (and all required attachments) or other applicable IRS Form W-8,
attesting to that non-U.S. Exchanging Investor’s foreign status and certain other information, including information establishing an exemption from withholding under Sections 1471 through 1474 of the
Internal Revenue Code of 1986, as amended (the “Code”). The Investor further acknowledges that any Exchanging Investor may be subject to 30% U.S. federal withholding or 24% U.S. federal backup withholding on certain payments made to
such Exchanging Investor unless such Exchanging Investor properly establishes an exemption from, or a reduced rate of, such withholding or backup withholding. See Exhibit C for certain additional information. The Company and its agents shall
be entitled to deduct and withhold from any consideration payable pursuant to this Agreement such amounts as are required to be deducted or withheld under applicable law. To the extent any such amounts are withheld and remitted to the appropriate
taxing authority, such amounts shall be treated for all purposes as having been paid to the Exchanging Investor to whom such amounts otherwise would have been paid. 

20. Section and Other Headings. The section and other headings contained in Agreement are for reference purposes only and shall not affect the meaning
or interpretation of this Agreement. 
 [SIGNATURE PAGE FOLLOWS] 

  
 12 

 
			
	Very truly yours,
	
	APELLIS PHARMACEUTICALS, INC.
		
	By	 	  

		 	Name: Timothy Sullivan
		 	Title: Chief Financial Officer

  
 13 

 Please confirm that the foregoing correctly sets forth the agreement between the Company and the Investor by
signing in the space provided below for that purpose. 
  
  

			
	AGREED AND ACCEPTED:
	
	Investor:
	 [_____________],
 in its capacity as
described in the first paragraph hereof

		
	By	 	  

		 	Name:
		 	Title:

  
 14 

 EXHIBIT A 

Exchanging Investor Information 
  

			
	 Exchanging Investor
	  	 Aggregate Principal Amount of Exchanged
Notes

	 	  	 

  
 A-1 

 EXHIBIT B.1 

 

	
	Exchanging Investor:
	
	  

	
	  

	
	Investor Address:
	
	  

	
	  

	
	  

	Telephone:                                    
                           
	
	Country of Residence:
	  

	
	Taxpayer Identification Number:
	  

	Account for Notes:
	
	DTC Participant
Number:                                       

	DTC Participant
Name:                                        

	DTC Participant Phone Number:                             
	DTC Participant Contact Email:                             
	FFC Account
#:                                        
             
	Account # at
Bank/Broker:                                    
	  
 Account for Shares (if different from Notes):

	
	DTC Participant
Number:                                        

	DTC Participant
Name:                                        
  
	DTC Participant Phone Number:                            
	DTC Participant Contact Email:                              
	FFC Account
#:                                        
              
	Account # at
Bank/Broker:                                    
	Exchanging Investor Address:
	
	  

	
	  

	
	  

	
	Telephone:                                    
                           
	
	Country of Residence:
	  

	
	Taxpayer Identification Number:
	  

  

  
 B.1-1 

 EXHIBIT B.2 

Exchange Procedures 

NOTICE TO INVESTOR 
 These are the
Exchange Procedures for the settlement of the exchange of 3.500% Convertible Senior Notes due 2026, CUSIP 03753UAB2 (the “Exchanged Notes”) of, a Delaware corporation (the “Company”), for the Shares to be issued as
Exchange Consideration (as defined in and pursuant to the Agreement between you and the Company), which is expected to occur on or about August 1, 2022. To ensure timely settlement for the Exchange Consideration, please follow the instructions
as set forth below. 
 These instructions supersede any prior instructions you received. Your failure to comply with these instructions may delay your
receipt of the Exchange Consideration. 
 If you have any questions, please contact Yun Xie of J. Wood Capital Advisors LLC at 917-727-9869. 
 To deliver Exchanged Notes: 

You must direct the eligible DTC participant through which you hold a beneficial interest in the Exchanged Notes on August 1, 2022,
no later than 9:00 a.m., New York City time, to perform a free delivery through DTC for the aggregate principal amount of Exchanged Notes set forth on Exhibit A of the Agreement to be exchanged for Shares. 

To receive Exchange Consideration: 
 You must direct the
eligible DTC participant on August 1, 2022, no later than 9:00 a.m., New York City time, to perform a free delivery through DTC for the aggregate principal amount of Exchanged Notes set forth on Exhibit A of
the Agreement to be exchanged for Shares. 
 American Stock Transfer & Trust Company is the Transfer Agent and Registrar for the Common Stock. 

Closing: On August 1, 2022, after the Company receives your Notes and your delivery instructions as set forth above, and subject to
the satisfaction of the conditions to Closing as set forth in your Exchange Agreement, the Company will deliver the Exchange Consideration in respect of the Exchanged Notes in accordance with the delivery instructions above. 

  
 B.2-1 

 EXHIBIT C 

Under U.S. federal income tax law, a holder who exchanges Notes for Shares generally must provide such holder’s correct TIN on a properly completed and
executed IRS Form W-9 (available from the Company or at www.irs.gov/pub/irs-pdf/fw9.pdf) or otherwise establish a basis for exemption from backup withholding. A TIN
is generally an individual holder’s social security number or a holder’s employer identification number. If the correct TIN is not provided, the holder may be subject to a $50 penalty imposed under Section 6723 of the Code. In
addition, certain payments made to holders may be subject to U.S. backup withholding (currently set at 24% of the payment). If a holder is required to provide a TIN but does not have a TIN, the holder should consult its tax advisor regarding how to
obtain a TIN. Certain holders (including corporations and non-U.S. holders) are not subject to these backup withholding and reporting requirements. 

A non-U.S. holder (i) will be subject to 30% U.S. federal withholding unless such holder establishes an exemption
from, or a reduced rate of, such withholding, and (ii) must establish its status as an exempt recipient from backup withholding and can do so by submitting a properly completed IRS Form W-8BEN, IRS
Form W-8BEN-E, IRS Form W-8IMY (and all required attachments), or other applicable IRS Form
W-8 (available from the Company or at www.irs.gov), signed, under penalties of perjury, attesting to such holder’s exempt foreign status. This form also may establish an exemption from withholding
under Section 1471 through 1474 of the Code. 
 U.S. backup withholding is not an additional tax. Rather, the U.S. federal income tax liability of
persons subject to backup withholding will be reduced by the amount of tax withheld. If withholding results in an overpayment of taxes, a refund may be obtained provided that the required information is timely furnished to the IRS. Holders are
urged to consult their tax advisors regarding how to complete the appropriate forms and to determine whether they are exempt from backup withholding or other withholding taxes. 

  
 C-1

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