Document:

EXHIBIT 4.1

                         COMMON STOCK PURCHASE AGREEMENT

THIS COMMON STOCK PURCHASE  AGREEMENT  ("Agreement") is made and entered into as
of May 29, 2008 (the  "Effective  Date"),  by and between GERON  CORPORATION,  a
Delaware  corporation having its principal place of business at 230 Constitution
Drive, Menlo Park,  California 94025 ("Geron"),  and Samchully Pharm. Co., Ltd.,
having a principal place of business at 947-7, Daechi-dong,  Gangnam-gu,  Seoul,
Korea ("Manufacturer").

     A.   Geron  and  Manufacturer  are  the  parties  to  that  certain  Master
          Manufacturing  Agreement dated as of March 9, 2005 (the "Manufacturing
          Agreement"),  and related Addendum Agreements  ("Addendum  Agreement")
          under which Geron has agreed to purchase certain products and services
          from  Manufacturer and Manufacturer has agreed to supply such products
          and services to Geron on the terms set forth therein.

     B.   Pursuant to the Amendment No. 1 to the Manufacturing Agreement,  dated
          as of May 12,  2008,  Geron is entitled to pay the  purchase  price of
          products  and  services by delivery of shares of Geron's  Common Stock
          (the "Shares").

THE PARTIES AGREE AS FOLLOWS:

1.   ISSUANCE OF SHARES; ADJUSTMENTS

     As payment of the First Installment specified in Amendment No. 1 to
Addendum Agreement No. 8, Geron will issue and deliver certificates for 251,637
Shares. Upon issuance and delivery of the certificate(s) for the Shares, all
Shares shall be duly authorized and validly issued and represent fully paid
shares of Geron's Common Stock.

2.   CLOSING; DELIVERY

     2.1  The consummation of the transaction  contemplated by this Agreement (a
          "Closing")  shall be held at such time and place as is mutually agreed
          upon  between  the  parties,   but  in  any  event  Geron  shall  make
          commercially  reasonable  efforts to  accomplish  the Closing no later
          than five (5)  business  days after the  Effective  Date  hereof  (the
          "Closing Date").  At the Closing,  Geron shall deliver to Manufacturer
          one or more certificates  representing all of the Shares, which Shares
          shall be issued in the name of  Manufacturer  or its  designee  and in
          such denominations as Manufacturer shall specify.

     2.2  Geron's  obligations  to issue and  deliver  the stock  certificate(s)
          representing  the  Shares  to  Manufacturer  at the  Closing  shall be
          subject to the following conditions, which may be waived by Geron:

          2.2.1     the covenants and obligations that  Manufacturer is required
                    to perform or to comply with pursuant to this Agreement,  at
                    or prior to the Closing,  must have been duly  performed and
                    complied with in all material respects; and

          2.2.2     the  representations  and  warranties  made by  Manufacturer
                    herein shall be true and correct in all material respects as
                    of the Closing Date.

     2.3  Manufacturer's   obligation   to   accept   delivery   of  the   stock
          certificate(s) representing the Shares at the Closing shall be subject
          to the following conditions, any one or more of which may be waived by
          Manufacturer:

          2.3.1     the  covenants  and  obligations  that Geron is  required to
                    perform or to comply with pursuant to this Agreement,  at or
                    prior to the  Closing,  must have been  duly  performed  and
                    complied with in all material respects;
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          2.3.2     Geron  shall  have  available   under  its   Certificate  of
                    Incorporation  sufficient  authorized shares of Common Stock
                    to issue the Shares to Manufacturer; and

          2.3.3     the representation and warranties made by Geron herein shall
                    be true  and  correct  in all  material  respects  as of the
                    Closing Date.

3.   RESTRICTIONS ON RESALE OF SHARES

     3.1  Legends. Manufacturer understands and acknowledges that the Shares are
          not registered under the Securities Act of 1933 (the "Act"),  and that
          under the Act and other  applicable laws  Manufacturer may be required
          to hold such  Shares  for an  indefinite  period of time.  Each  stock
          certificate representing Shares shall bear the following legends:

               "THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER
               THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT").  ANY TRANSFER
               OF  SUCH  SECURITIES  SHALL  BE  INVALID  UNLESS  A  REGISTRATION
               STATEMENT  UNDER THE ACT IS IN EFFECT AS TO SUCH  TRANSFER OR, IN
               THE  OPINION  OF COUNSEL  REASONABLY  ACCEPTABLE  TO GERON,  SUCH
               REGISTRATION  IS UNNECESSARY FOR SUCH TRANSFER TO COMPLY WITH THE
               ACT. THE SECURITIES  REPRESENTED  HEREBY ARE SUBJECT TO THE TERMS
               OF THE COMMON STOCK  PURCHASE  AGREEMENT BY AND BETWEEN GERON AND
               MANUFACTURER  DATED AS OF MAY 29, 2008.  A COPY OF THE  AGREEMENT
               CAN BE OBTAINED FROM THE SECRETARY OF GERON."

     3.2  Limits on Sales. Manufacturer agrees that if it decides to resell some
          or all of the  Shares,  it  will  do so  only  through  orderly  sales
          executed  through a top-tier  brokerage  house,  and in an appropriate
          manner based upon whether the shares are  registered or  unregistered,
          i.e.,  on  the  Nasdaq  Global  Market  or in a  Rule  144A  compliant
          transaction.  Manufacturer  further  agrees that it will not engage in
          short selling with respect to the Shares.

     3.3  Further  Limitations.  Geron shall not be required  (i) to transfer on
          its books any Shares that have been sold or otherwise  transferred  in
          violation of any of the  provisions  of this  Agreement or  applicable
          securities laws; or (ii) to treat as owner of such Shares or to accord
          the  right  to  vote  or pay  dividends  to  any  purchaser  or  other
          transferee  to whom such  Shares  shall  have been so  transferred  in
          violation of any of the  provisions  of this  Agreement or  applicable
          securities laws.

4.   REGISTRATION RIGHTS

     4.1  Geron agrees to make commercially  reasonable efforts to file with the
          Securities and Exchange Commission (the "Commission")  within ten (10)
          business days after the Closing Date, a registration  statement  under
          the  Act  (the  "Registration  Statement"),   on  Form  S-3  or  other
          appropriate form, so as to permit a  non-underwritten  public offering
          and resale of the Shares under the Act by  Manufacturer.  Geron agrees
          to diligently  pursue  making the  Registration  Statement  effective.
          Geron will make commercially reasonable efforts to notify Manufacturer
          of the  effectiveness  of the  Registration  Statement  within one (1)
          business day of receiving notice from the Commission.

     4.2  Geron will maintain the Registration  Statement and any post-effective
          amendment  thereto filed under this Section 4 effective  under the Act
          until the earliest of (i) the date that none of the Shares  covered by
          such Registration Statement are issued and outstanding,  (ii) the date
          that all of the Shares have been sold  pursuant  to such  Registration
          Statement,  (iii) the date Manufacturer receives an opinion of counsel
          from  Geron,   which  counsel   shall  be  reasonably   acceptable  to
          Manufacturer, that the Shares may be sold under the provisions of Rule
          144  without  limitation  as to volume,  (iv) the date that all Shares
          have been  otherwise  transferred to persons who may trade such shares
          without  restriction  under the Act,  and Geron  has  delivered  a new
          certificate or other evidence of ownership for such securities not

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          bearing a restrictive  legend,  or (v) the date all Shares may be sold
          at any time, without volume or manner of sale limitations  pursuant to
          Rule 144 or any similar  provision then in effect under the Act in the
          opinion  of  counsel  to  Geron,  which  counsel  shall be  reasonably
          acceptable to Manufacturer.

     4.3  Geron, at its expense,  shall furnish to Manufacturer  with respect to
          the Shares registered under the Registration Statement such reasonable
          number of  copies  of the  Registration  Statement,  prospectuses  and
          preliminary  prospectuses in conformity  with the  requirements of the
          Act and such other documents as Manufacturer  may reasonably  request,
          in order to facilitate the public sale or other  disposition of all or
          any of  the  Shares  by  Manufacturer,  provided,  however,  that  the
          obligation of Geron to deliver copies of  prospectuses  or preliminary
          prospectuses to Manufacturer  shall be subject to the receipt by Geron
          of reasonable  assurances from  Manufacturer  that  Manufacturer  will
          comply  with the  applicable  provisions  of the Act and of such other
          securities or blue sky laws as may be  applicable  in connection  with
          any use of such prospectuses or preliminary prospectuses.

     4.4  All fees,  disbursements and out-of-pocket expenses and costs incurred
          by  Geron  in  connection  with  the  preparation  and  filing  of the
          Registration  Statement  under  Section  4.1  and  in  complying  with
          applicable   securities   and  Blue  Sky  laws   (including,   without
          limitation,  all  attorneys'  fees of Geron)  shall be borne by Geron.
          Manufacturer   shall   bear  the  cost  of  fees   and   expenses   of
          Manufacturer's counsel.

     4.5  Geron will advise Manufacturer  promptly after it shall receive notice
          or  obtain  knowledge  of  the  issuance  of  any  stop  order  by the
          Commission   delaying  or   suspending   the   effectiveness   of  the
          Registration Statement or of the initiation of any proceeding for that
          purpose,  and Geron will use its  commercially  reasonable  efforts to
          prevent the issuance of any stop order or to obtain its  withdrawal at
          the earliest possible moment if such stop order should be issued.

     4.6  With a view to making  available to Manufacturer  the benefits of Rule
          144 (or its  successor  rule) and any other rule or  regulation of the
          Commission that may at the time permit Manufacturer to sell the Shares
          to the public without registration, Geron covenants and agrees to: (i)
          make  and keep  public  information  available,  as  those  terms  are
          understood  and  defined in Rule 144,  until the  earliest of (A) such
          date as all of the  Shares may be resold  pursuant  to Rule 144 or any
          other  rule of  similar  effect or (B) such date as all of the  Shares
          shall have been resold;  and (ii) file with the Commission in a timely
          manner all reports and other documents required of Geron under the Act
          and  under  the  Securities  Exchange  Act of 1934,  as  amended  (the
          "Exchange Act").

     4.7  Manufacturer  will  cooperate with Geron in all respects in connection
          with  this  Agreement,  including  timely  supplying  all  information
          reasonably  requested by Geron (which  shall  include all  information
          regarding  Manufacturer  and  proposed  manner  of sale of the  Shares
          required to be disclosed in any Registration  Statement) and executing
          and returning all documents  reasonably  requested in connection  with
          the  registration  and  sale  of the  Shares  and  entering  into  and
          performing their obligations under any underwriting  agreement, if the
          offering is an  underwritten  offering,  in usual and customary  form,
          with the managing  underwriter or  underwriters  of such  underwritten
          offering.  Nothing in this Agreement  shall obligate  Manufacturer  to
          consent to be named as an underwriter in any Registration Statement.

5.   INDEMNIFICATION

     5.1  Geron agrees to indemnify  and hold  harmless  Manufacturer  (and each
          person,  if any,  who  controls  Manufacturer  within  the  meaning of
          Section 15 of the Act, and each officer and director of  Manufacturer)
          against any and all losses, claims, damages or liabilities (or actions
          or  proceedings  in respect  thereof),  joint or several,  directly or
          indirectly  based upon or arising out of (i) any untrue  statement  or
          alleged  untrue  statement  of  any  material  fact  contained  in the
          Registration Statement, any preliminary prospectus, final prospectus

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          or summary prospectus contained therein or used in connection with the
          offering of the Shares,  or any  amendment or supplement  thereto,  or
          (ii)  any  omission  or  alleged  omission  to state a  material  fact
          required  to be stated  therein or  necessary  to make the  statements
          therein not misleading; and Geron will reimburse each such indemnified
          party for any legal or any other expenses  reasonably incurred by them
          in connection with investigating, preparing, pursuing or defending any
          such loss,  claim,  damage,  liability,  action or proceeding,  except
          insofar as any such loss, claim, damage, liability, action, proceeding
          or expense (A) arises out of or is based upon an untrue  statement  or
          alleged untrue  statement or omission or alleged  omission made in the
          Registration  Statement,   any  such  preliminary  prospectus,   final
          prospectus,  summary  prospectus,  amendment or supplement in reliance
          upon and in conformity with written information  furnished to Geron by
          Manufacturer or such other person expressly for use in the preparation
          thereof,  (B) the failure of Manufacturer to comply with its covenants
          and  agreements  contained  in Sections 7.1 or 7.5.2 hereof or (C) any
          misstatement  or omission in any  prospectus  that is corrected in any
          subsequent  prospectus that was delivered to Manufacturer prior to the
          pertinent sale or sales by  Manufacturer.  Such indemnity shall remain
          in full force and effect, regardless of any investigation made by such
          indemnified  party and shall  survive  the  transfer  of the Shares by
          Manufacturer.

     5.2  Manufacturer  agrees to indemnify  and hold  harmless  Geron (and each
          person, if any, who controls Geron within the meaning of Section 15 of
          the Act,  each officer of Geron who signs the  Registration  Statement
          and each director of Geron) from and against losses,  claims,  damages
          or liabilities (or actions or proceedings in respect  thereof),  joint
          or several,  directly or indirectly  based upon or arising out of, (i)
          any  failure  of   Manufacturer  to  comply  with  the  covenants  and
          agreements  contained  in  Sections  7.1 and 7.5.2  hereof or (ii) any
          untrue  statement of a material  fact  contained  in the  Registration
          Statement or any omission of a material  fact required to be stated in
          the  Registration   Statement  or  necessary  in  order  to  make  the
          statements in the Registration Statement not misleading if such untrue
          statement or omission was made in reliance upon and in conformity with
          written information furnished to Geron by or on behalf of Manufacturer
          specifically  for use in  preparation of the  Registration  Statement;
          provided,  however,  that Manufacturer shall not be liable in any such
          case for (A) any untrue  statement  or  omission  in the  Registration
          Statement,  prospectus,  or other such  document  which  statement  is
          corrected  by  Manufacturer  and  delivered to Geron prior to the sale
          from which such loss occurred, (B) any untrue statement or omission in
          any prospectus  which is corrected by  Manufacturer  in any subsequent
          prospectus, or supplement or amendment thereto, and delivered to Geron
          prior to the sale or sales from which a loss or  liability  arose,  or
          (C) any  failure  by Geron to  fulfill  any of its  obligations  under
          Section 5.1 hereof.

     5.3  Promptly  after  receipt  by any  indemnified  person of a notice of a
          claim or the beginning of any action in respect of which  indemnity is
          to be sought against an  indemnifying  person pursuant to this Section
          5, such  indemnified  person shall notify the  indemnifying  person in
          writing of such claim or of the  commencement of such action,  but the
          omission to so notify the indemnifying  party will not relieve it from
          any liability  which it may have to any  indemnified  party under this
          Section 5 (except  to the extent  that such  omission  materially  and
          adversely  affects  the  indemnifying  party's  ability to defend such
          action) or from any  liability  otherwise  than under this  Section 5.
          Subject to the provisions  hereinafter stated, in case any such action
          shall be  brought  against an  indemnified  person,  the  indemnifying
          person shall be entitled to  participate  therein,  and, to the extent
          that it shall elect by written  notice  delivered  to the  indemnified
          party  promptly  after  receiving  the  aforesaid   notice  from  such
          indemnified  party,  shall be entitled to assume the defense  thereof,
          with counsel reasonably satisfactory to such indemnified person. After
          notice from the indemnifying  person to such indemnified person of its
          election to assume the defense thereof, such indemnifying person shall
          not be  liable  to  such  indemnified  person  for any  legal  expense
          subsequently  incurred by such  indemnified  person in connection with
          the defense thereof, provided,  however, that if there exists or shall
          exist a conflict of  interest  that would make  inappropriate,  in the
          reasonable opinion of counsel to the indemnified  person, for the same
          counsel to represent both the indemnified person and such indemnifying
          person or any affiliate  or  associate  thereof,  the  indemnified

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          person  shall be  entitled to retain its own counsel at the expense of
          such  indemnifying  person;  provided,  however,  that no indemnifying
          person shall be responsible for the fees and expenses of more than one
          separate  counsel  (together with  appropriate  local counsel) for all
          indemnified  parties.  In no event  shall any  indemnifying  person be
          liable in  respect to any  amounts  paid in  settlement  of any action
          unless the  indemnifying  person shall have approved the terms of such
          settlement.  No indemnifying  person shall,  without the prior written
          consent  of the  indemnified  person,  effect  any  settlement  of any
          pending or threatened  proceeding in respect of which any  indemnified
          person is or could  have been a party and  indemnification  could have
          been  sought  hereunder  by  such  indemnified  person,   unless  such
          settlement  includes  an  unconditional  release  of such  indemnified
          person from all  liability  on claims  that are the subject  matter of
          such proceeding.

     5.4  The provisions of this Section 5 shall survive the termination of this
          Agreement.

6.   REPRESENTATIONS AND ACKNOWLEDGEMENT OF GERON

     Geron hereby represents, warrants and covenants to Manufacturer as follows:

     6.1  Organization, Good Standing and Qualification.  Geron is a corporation
          duly organized,  validly  existing and in good standing under the laws
          of the State of Delaware  and has all  requisite  corporate  power and
          authority to carry on its business as now  conducted  and as presently
          proposed to be conducted. Geron is duly qualified to transact business
          and is in good standing as a foreign  corporation in each jurisdiction
          in which the  failure  to so qualify  would  have a  material  adverse
          effect on its business or properties.

     6.2  Authorization.  All  corporate  action  on  the  part  of  Geron,  its
          officers,  directors and stockholders necessary for the authorization,
          execution  and  delivery of this  Agreement,  the  performance  of all
          obligations  of Geron  hereunder and the  authorization,  issuance and
          delivery  of the Shares  has been taken or will be taken  prior to the
          Closing,  and  this  Agreement,   when  executed  and  delivered  will
          constitute valid and legally binding obligations of Geron, enforceable
          against  Geron in  accordance  with their terms,  except as limited by
          applicable   bankruptcy,   insolvency,   reorganization,   moratorium,
          fraudulent  conveyance and other laws of general application affecting
          enforcement  of  creditors'  rights  generally,  as  limited  by  laws
          relating  to the  availability  of  specific  performance,  injunctive
          relief or other equitable remedies.

     6.3  Valid  Issuance of Common  Stock.  The Shares,  when issued,  sold and
          delivered in  accordance  with the terms hereof for the  consideration
          expressed  herein,  will be duly and  validly  authorized  and issued,
          fully paid and  nonassessable  and free of  restrictions  on  transfer
          other  than   restrictions   on  transfer  under  this  Agreement  and
          applicable state and federal securities laws.

     6.4  Legal Proceedings and Orders. There is no action, suit,  proceeding or
          investigation  pending or threatened  against Geron that questions the
          validity  of this  Agreement  or the right of Geron to enter into this
          Agreement or to consummate the transactions  contemplated  hereby, nor
          is Geron aware of any basis for any of the forgoing.  Geron is neither
          a party nor subject to the provisions of any order, writ,  injunction,
          judgment   or   decree   of  any   court  or   government   agency  or
          instrumentality  that would  affect the ability of Geron to enter into
          this Agreement or to consummate the transactions contemplated hereby.

7.   REPRESENTATIONS AND ACKNOWLEDGEMENTS OF MANUFACTURER

     Manufacturer hereby represents, warrants, acknowledges and agrees that:

     7.1  Investment.  Manufacturer  is acquiring the Shares for  Manufacturer's
          own  account,  and not directly or  indirectly  for the account of any
          other person. Manufacturer is acquiring the Shares for  investment and

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          not  with  a  view  to  distribution  or  resale  thereof,  except  in
          compliance  with  the Act  and any  applicable  state  law  regulating
          securities.

     7.2  Access  to  Information.  Manufacturer  has  consulted  with  its  own
          attorney, accountant, or investment advisor as Manufacturer has deemed
          advisable  with  respect  to the  investment  and has  determined  its
          suitability for Manufacturer.  Manufacturer has had the opportunity to
          ask questions of, and to receive answers from,  appropriate  executive
          officers  of Geron  with  respect to the terms and  conditions  of the
          transactions  contemplated  hereby and with  respect to the  business,
          affairs,  financial  condition  and  results of  operations  of Geron.
          Manufacturer has had access to such financial and other information as
          is  necessary  in  order  for  Manufacturer  to make a fully  informed
          decision as to investment  in Geron,  and has had the  opportunity  to
          obtain  any  additional  information  necessary  to verify any of such
          information  to  which  Manufacturer  has  had  access.   Manufacturer
          acknowledges  that neither Geron nor any of its  officers,  directors,
          employees,  agents,   representatives,   or  advisors  have  made  any
          representation  or warranty  other than those  specifically  expressed
          herein.

     7.3  Business and Financial Expertise.  Manufacturer further represents and
          warrants  that it has such  business or  financial  expertise as to be
          able to evaluate its investment in Geron and purchase of the Shares.

     7.4  Speculative Investment.  Manufacturer acknowledges that the investment
          in Geron represented by the Shares is highly speculative in nature and
          is subject to a high  degree of risk of loss in whole or in part;  the
          amount of such investment is within  Manufacturer's risk capital means
          and is not so great in  relation  to  Manufacturer's  total  financial
          resources  as  would  jeopardize  the  personal   financial  needs  of
          Manufacturer  in the event  such  investment  were lost in whole or in
          part.

     7.5  Unregistered Securities. Manufacturer acknowledges that:

          7.5.1     Manufacturer  must bear the economic risk of investment  for
                    an  indefinite  period of time  because  the Shares have not
                    been registered  under the Act and therefore cannot and will
                    not be sold unless they are  subsequently  registered  under
                    the Act or an exemption from such registration is available.
                    Geron  has made no  agreements,  covenants  or  undertakings
                    whatsoever  to  register  any of the  Shares  under the Act,
                    except as  provided  in  Section 4 above.  Geron has made no
                    representations,  warranties  or covenants  whatsoever as to
                    whether  any  exemption  from  the Act,  including,  without
                    limitation,  any  exemption  for  limited  sales in  routine
                    brokers'  transactions  pursuant  to Rule 144 under the Act,
                    will become  available  and any such  exemption  pursuant to
                    Rule 144, if available at all, will not be available unless:
                    (i) a public  trading  market then exists in Geron's  common
                    stock,   (ii)  Geron  has  complied  with  the   information
                    requirements  of Rule 144,  and  (iii)  all other  terms and
                    conditions of Rule 144 have been satisfied.

          7.5.2     Transfer of the Shares has not been  registered or qualified
                    under any applicable  state law regulating  securities  and,
                    therefore,  the Shares  cannot  and will not be sold  unless
                    they are subsequently registered or qualified under any such
                    act or an exemption  therefrom is available.  Geron has made
                    no  agreements,  covenants  or  undertakings  whatsoever  to
                    register  or qualify  any of the Shares  under any such act.
                    Geron has made no  representations,  warranties or covenants
                    whatsoever  as to whether  any  exemption  from any such act
                    will become available.

          7.5.3     Manufacturer  hereby  certifies  that  it is an  "Accredited
                    Investor" as that term is defined in Rule 501 under the Act.

     7.6  Authorization.  Manufacturer  has full  right,  power,  authority  and
          capacity  to  enter  into  this   Agreement  and  to  consummate   the
          transactions  contemplated  hereby  and  thereby  and  has  taken  all
          necessary action to authorize the execution,  delivery and performance

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          of this  Agreement.  Upon execution and delivery,  this Agreement will
          constitute a valid and binding obligation of Manufacturer  enforceable
          against  Manufacturer  in  accordance  with its terms,  except as such
          enforceability  may be limited by applicable  bankruptcy,  insolvency,
          reorganization,   moratorium,   fraudulent  transfer,  liquidation  or
          similar laws relating to, or affecting  generally,  the enforcement of
          creditor's  rights and remedies or by other  equitable  principles  of
          general application from time to time in effect.

8.   TAX ADVICE.  Manufacturer acknowledges that Manufacturer has not relied and
     will not rely  upon  Geron  or  Geron's  counsel  with  respect  to any tax
     consequences  related to the  ownership,  purchase,  or  disposition of the
     Shares.  Manufacturer assumes full responsibility for all such consequences
     and for the  preparation  and filing of all tax returns and elections which
     may or must be filed in connection with the Shares.

9.   NOTICES. Any notice or other communication  required or permitted hereunder
     shall be in writing and shall be deemed to have been duly given on the date
     of  delivery if  delivered  personally  or by  facsimile,  or one day,  not
     including Saturdays,  Sundays, or national holidays,  after sending if sent
     by  national  overnight  delivery  service,  or five  days,  not  including
     Saturdays,  Sundays, or national holidays, after mailing if mailed by first
     class United  States  mail,  certified or  registered  with return  receipt
     requested, postage prepaid, and addressed as follows:

          To Geron at:                 Geron Corporation
                                       230 Constitution Drive
                                       Menlo Park, California  94025
                                       Attention: General Counsel
                                       Telephone:        (650) 473-7700
                                       Facsimile:        (650) 473-7750

          To Manufacturer at:          Kris S. Choi
                                       General Manager,
                                       Marketing and Business Development
                                       8F Samtan Bldg.
                                       Samchully Pharm. Co., Ltd.
                                       947-7, Daechi-dong Gangnam-gu
                                       Seoul, Korea  135-735
                                       e-mail:  choicsw@samchullypharm.com
                                       Telephone: +82 (0)2-527-6329
                                       Facsimile: +82 (0)2-561-6006

10.  BINDING  EFFECT.  This  Agreement  shall be binding  upon the heirs,  legal
     representatives  and  successors  of Geron and of  Manufacturer;  provided,
     however,  that  Manufacturer may not assign any rights or obligations under
     this Agreement.

11.  GOVERNING  LAW.  This  Agreement  shall be  governed  by and  construed  in
     accordance with the laws of the State of California.

12.  INVALID  PROVISIONS.  In the event that any provision of this  Agreement is
     found to be invalid or otherwise unenforceable by a court or other tribunal
     of competent jurisdiction, such invalidity or unenforceability shall not be
     construed as rendering  any other  provision  contained  herein  invalid or
     unenforceable,  and all such other provisions shall be given full force and
     effect to the same extent as though the invalid and unenforceable provision
     was not contained herein.

13.  COUNTERPARTS.  This  Agreement  may be executed in any number of  identical
     counterparts,  each of which shall be deemed an original,  but all of which
     together shall constitute one and the same instrument.

14.  AMENDMENTS.  This Agreement or any provision hereof may be changed, waived,
     or  terminated  only by a statement in writing  signed by the party against
     whom such change, waiver or termination is sought to be enforced.

                                       7
<PAGE>

15.  FUTURE  COOPERATION.  Each of the parties hereto agrees to cooperate at all
     times from and after the date  hereof  with  respect to all of the  matters
     described  herein,  and to  execute  such  further  assignments,  releases,
     assumptions, amendments of the Agreement, notifications and other documents
     as may be  reasonably  requested  for the  purpose of giving  effect to, or
     evidencing  or giving  notice of,  the  transactions  contemplated  by this
     Agreement.

16.  ENTIRE AGREEMENT. This Agreement and the Manufacturing Agreement, including
     all  Addenda  thereto,  constitute  the  entire  agreement  of the  parties
     pertaining  to the  Shares  and  supersede  all prior  and  contemporaneous
     agreements, representations, and understandings of the parties with respect
     thereto.

     IN WITNESS  WHEREOF,  the parties  hereto have  executed  this Common Stock
Purchase Agreement as of the date first above written.

                                Geron Corporation

                                /s/ Thomas B. Okarma
                                --------------------------------------------
                                By:      Thomas B. Okarma
                                Title:   President and Chief Executive Officer

                                Samchully Pharm. Co., Ltd.

                                /s/ Tae-Sung Kim
                                --------------------------------------------
                                By:      Tae-Sung Kim
                                Title:   President and Chief Executive Officer

                                       8Amended and Restated Investors' Rights Agreement

 Exhibit 4.2 
 ACCLARENT, INC. 
 AMENDED AND RESTATED INVESTORS RIGHTS AGREEMENT 
 February 23, 2007 

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page
	 Section 1 Definitions
	  	1
			
	 1.1
	 	Certain Definitions	  	1
		
	 Section 2 Registration Rights
	  	4
			
	 2.1
	 	Requested Registration	  	4
	 2.2
	 	Company Registration	  	6
	 2.3
	 	Registration on Form S-3	  	7
	 2.4
	 	Expenses of Registration	  	8
	 2.5
	 	Registration Procedures	  	8
	 2.6
	 	Indemnification	  	9
	 2.7
	 	Information by Holder	  	11
	 2.8
	 	Restrictions on Transfer	  	11
	 2.9
	 	Rule 144 Reporting	  	11
	 2.10
	 	Market Stand-Off Agreement	  	13
	 2.11
	 	Delay of Registration	  	13
	 2.12
	 	Transfer or Assignment of Registration Rights	  	14
	 2.13
	 	Termination of Registration Rights	  	14
		
	 Section 3 Covenants of the Company
	  	14
			
	 3.1
	 	Basic Financial Information and Inspection Rights	  	14
	 3.2
	 	Confidentiality	  	15
	 3.3
	 	Proprietary Information and Assignment Agreements	  	15
	 3.4
	 	Vesting of Options	  	15
	 3.5
	 	Insurance	  	15
	 3.6
	 	Qualified Small Business Representations	  	15
	 3.7
	 	United States Real Property Holding Corporation	  	16
	 3.8
	 	Board Meetings	  	16
	 3.9
	 	Meritech Board Observer Rights	  	16
	 3.10
	 	Termination of Covenants	  	17
		
	 Section 4 Right of First Refusal
	  	17
			
	 4.1
	 	Right of First Refusal to Significant Holders	  	17
		
	 Section 5 Miscellaneous
	  	19
			
	 5.1
	 	Amendment	  	19
	 5.2
	 	Notices	  	19
	 5.3
	 	Governing Law	  	20
	 5.4
	 	Successors and Assigns	  	20
	 5.5
	 	Entire Agreement	  	20
	 5.6
	 	Delays or Omissions	  	20
	 5.7
	 	Severability	  	20
	 5.8
	 	Titles and Subtitles	  	21
	 5.9
	 	Counterparts	  	21

  

 i 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	 	 	  	Page
	 5.10
	 	Telecopy Execution and Delivery	  	21
	 5.11
	 	Jurisdiction; Venue	  	21
	 5.12
	 	Further Assurances	  	21
	 5.13
	 	Termination Upon Change of Control	  	21
	 5.14
	 	Conflict	  	21
	 5.15
	 	Aggregation of Stock	  	21

  

 ii 

 ACCLARENT, INC. 
 AMENDED AND RESTATED INVESTORS RIGHTS AGREEMENT 
 This Amended and Restated Investors Rights
Agreement (this “Agreement”) is made as of February 23, 2007, by and among Acclarent, Inc., a Delaware corporation (the “Company”), and the persons and entities (each, an “Investor” and
collectively, the “Investors”) listed on Exhibit A hereto. Unless otherwise defined herein, capitalized terms used in this Agreement have the meanings ascribed to them in Section 1. 
 RECITALS 
 WHEREAS, the Company
and certain of the Investors are parties to an Amended and Restated Investors Rights Agreement dated November 16, 2005 (the “Prior Agreement”) and the Company and those Investors desire to amend and restate the Prior Agreement
in its entirety by this Agreement. 
 WHEREAS, certain of the Investors are parties to the Series C Preferred Stock Purchase Agreement
of even date herewith by and among the Company and the Investors listed on the Schedule of Investors thereto (the “Purchase Agreement”), and it is a condition to the closing of the sale of the Series C Preferred Stock to the
Investors listed on such Schedule of Investors that the Investors and the Company execute and deliver this Agreement. 
 WHEREAS, the
undersigned includes the minimum number of parties necessary to amend and restate the Prior Agreement in the manner set forth herein. 
 NOW, THEREFORE, in consideration of the mutual promises and covenants set forth herein, and other consideration, the receipt and adequacy of which is hereby acknowledged, the parties hereto agree as follows: 
 Section 1 
 Definitions

 1.1 Certain Definitions. As used in this Agreement, the following terms shall have the meanings set forth below:

 (a) “Affiliate” means, with respect to a Holder, any corporation, firm, partnership or other entity that directly, or
indirectly through one or more intermediaries, controls, is controlled by or is under common control with, such Holder. For purposes of the foregoing definition, control means (i) the direct or indirect ownership of at least 50% of the
outstanding voting securities or other equity interests of such entity, (ii) the present right or ability to elect or appoint 50% or more of the members of the board of directors or similar governing body of such entity, or (iii) the
present right or ability to control the decision making authority of such entity. 
 (b) “Commission” shall mean the
Securities and Exchange Commission or any other federal agency at the time administering the Securities Act. 
 (c) “Common
Stock” means the Common Stock of the Company. 

 (d) “Conversion Stock” shall mean shares of Common Stock issued upon conversion of the
Series A Preferred Stock, the Series B Preferred Stock and the Series C Preferred Stock. 
 (e) “Exchange Act” shall mean
the Securities Exchange Act of 1934, as amended, or any similar successor federal statute and the rules and regulations thereunder, all as the same shall be in effect from time to time. 
 (f) “Holder” shall mean any Investor who holds Registrable Securities and any holder of Registrable Securities to whom the registration
rights conferred by this Agreement have been duly and validly transferred in accordance with Section 2.12 of this Agreement; provided, however, that Silicon Valley Bank or any of its permitted transferees and Gold Hill Venture Lending 03, LP or
any of its permitted transferees shall neither be deemed Holders for purposes of Sections 2.1, 3, and 4 of this Agreement nor be deemed Initiating Holders or Holders of Registrable Securities for purposes of Section 1.1(k) of this Agreement.

 (g) “Indemnified Party” shall have the meaning set forth in Section 2.6(c) hereto. 
 (h) “Indemnifying Party” shall have the meaning set forth in Section 2.6(c) hereto. 
 (i) “Initial Closing” shall mean the date of the initial sale of shares of the Company’s Series C Preferred Stock pursuant to the
Purchase Agreement. 
 (j) “Initial Public Offering” shall mean the closing of the Company’s first firm commitment
underwritten public offering of the Company’s Common Stock registered under the Securities Act. 
 (k) “Initiating
Holders” shall mean any Holder or Holders who in the aggregate hold not less than fifty percent (50%) of the outstanding Registrable Securities. 
 (l) “Investors” shall mean the persons and entities listed on Exhibit A hereto. 
 (m) “New Securities” shall have the meaning set forth in Section 4.1(a) hereto. 
 (n)
“Purchase Agreement” shall have the meaning set forth in the Recitals hereto. 
 (o) “Qualified Initial Public
Offering” shall mean the closing of the Company’s first Initial Public Offering in which (i) the per share price is at least $6.436 (as adjusted for stock splits, dividends, recapitalization and the like after the date hereof) and
(ii) the gross cash proceeds to the Company (before underwriting discounts, commissions and fees) are at least $30,000,000. 
 (p)
“Registrable Securities” shall mean (i) shares of Common Stock issued or issuable pursuant to the conversion of the Shares and (ii) any Common Stock issued as a dividend or other distribution with respect to or in exchange
for or in replacement of the shares referenced in (i) above; provided, however, that Registrable Securities shall not include any shares of Common Stock described in clause (i) or (ii) above which have previously been
registered or which have been sold to the public either pursuant to a registration statement or Rule 144, or which have been sold in a private transaction in which the transferor’s rights under this Agreement are not validly assigned in
accordance with this Agreement. 
 (q) The terms “register,” “registered” and
“registration” shall refer to a registration effected by preparing and filing a registration statement in compliance with the Securities Act and applicable 

  

 2 

 
rules and regulations thereunder, and the declaration or ordering of the effectiveness of such registration statement. 
 (r) “Registration Expenses” shall mean all expenses incurred in effecting any registration pursuant to this Agreement, including,
without limitation, all registration, qualification, and filing fees, printing expenses, escrow fees, fees and disbursements of counsel for the Company and one special counsel for the Holders, blue sky fees and expenses, and expenses of any regular
or special audits incident to or required by any such registration, but shall not include Selling Expenses, fees and disbursements of other counsel for the Holders and the compensation of regular employees of the Company, which such compensation
shall be paid in any event by the Company. 
 (s) “Restricted Securities” shall mean any Registrable Securities required to
bear the first legend set forth in Section 2.8(c) hereof. 
 (t) “Rule 144” shall mean Rule 144 as
promulgated by the Commission under the Securities Act, as such Rule may be amended from time to time, or any similar successor rule that may be promulgated by the Commission. 
 (u) “Rule 145” shall mean Rule 145 as promulgated by the Commission under the Securities Act, as such Rule may be amended from time
to time, or any similar successor rule that may be promulgated by the Commission 
 (v) “Rule 415” shall mean
Rule 415 as promulgated by the Commission under the Securities Act, as such Rule may be amended from time to time, or any similar successor rule that may be promulgated by the Commission. 
 (w) “Securities Act” shall mean the Securities Act of 1933, as amended, or any similar successor federal statute and the rules and
regulations thereunder, all as the same shall be in effect from time to time. 
 (x) “Selling Expenses” shall mean 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 (other than the fees and disbursements of one special counsel to the Holders
included in Registration Expenses). 
 (y) “Series A Preferred Stock” shall mean the shares of Series A Preferred Stock of
the Company. 
 (z) “Series B Preferred Stock” shall mean the shares of Series B Preferred Stock of the Company. 

(aa) “Series C Preferred Stock” shall mean the shares of Series C Preferred Stock issued pursuant to the Purchase Agreement.

 (bb) “Shares” shall mean the Company’s Series A Preferred Stock, Series B Preferred Stock and Series C Preferred
Stock; provided however, with respect to (i) Silicon Valley Bank or any of its permitted transferees, “Shares” shall mean the Company’s Series A Preferred Stock and Series B Preferred Stock issued upon exercise or conversion of
the warrant to purchase certain shares of capital stock of the Company issued to Silicon Valley Bank pursuant to the Loan and Security Agreement dated August 19, 2005 

  

 3 

 
by and between the Company and Silicon Valley Bank and Gold Hill Venture Lending 03, LP (the “Loan and Security Agreement”); and (ii) Gold
Hill Venture Lending 03, LP or any of its permitted transferees, “Shares” shall mean the Company’s Series A Preferred Stock and Series B Preferred Stock issued upon exercise or conversion of the warrant to purchase certain shares of
capital stock of the Company issued to Gold Hill Venture Lending 03, LP pursuant to the Loan and Security Agreement. 
 (cc)
“Significant Holders” shall have the meaning set forth in Section 4.1 hereof. 
 (dd) “Withdrawn
Registration” shall mean a forfeited demand registration under Section 2.1 in accordance with the terms and conditions of Section 2.4. 
 Section 2 
 Registration Rights 
 2.1 Requested Registration. 
 (a)
Request for Registration. Subject to the conditions set forth in this Section 2.1, if the Company shall receive from Initiating Holders a written request signed by such Initiating Holders that the Company effect any registration
with respect to all or a part of the Registrable Securities (such request shall state the number of shares of Registrable Securities to be disposed of and the intended methods of disposition of such shares by such Initiating Holders), the Company
will: 
 (i) promptly give written notice of the proposed registration to all other Holders; and 
 (ii) as soon as practicable, file and use its commercially reasonable efforts to effect such registration (including, without limitation, filing
post-effective amendments, appropriate qualifications under applicable blue sky or other state securities laws, and appropriate compliance with the Securities Act) and to permit or facilitate the sale and distribution of all or such portion of such
Registrable Securities as are specified in such request, together with all or such portion of the Registrable Securities of any Holder or Holders joining in such request as are specified in a written request received by the Company within twenty
(20) days after such written notice from the Company is mailed or delivered. 
 (b) Limitations on Requested Registration. The
Company shall not be obligated to effect, or to take any action to effect, any such registration pursuant to this Section 2.1: 
 (i) Prior to the earlier of (A) the five (5) year anniversary of the date of this Agreement or (B) one hundred eighty (180) days following the effective date of the first registration statement filed by the Company
covering an underwritten offering of any of its securities to the general public; 
 (ii) In any particular jurisdiction in which the
Company would be required to execute a general consent to service of process in effecting such registration, qualification, or compliance, unless the Company is already subject to service in such jurisdiction; 
 (iii) After the Company has initiated two such registrations pursuant to this Section 2.1 (counting for these purposes only
(x) registrations which have been declared or ordered effective and pursuant to which securities have been sold, and (y) Withdrawn Registrations); 
  

 4 

 (iv) During the period starting with the date sixty (60) days prior to the Company’s good
faith estimate of the date of filing of, and ending on a date 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 and that the Company’s estimate of the date of filing such registration statement is made in good faith, and in the case of a public offering other than the Qualified
Initial Public Offering, that the Holders were permitted to register such shares as requested to be registered pursuant to Section 2.2 hereof without reduction by the underwriter thereof; or 
 (v) If the Initiating Holders propose to dispose of shares of Registrable Securities which may be immediately registered on Form S-3 pursuant to a
request made under Section 2.3 hereof. 
 (c) Deferral. If (i) in the good faith judgment of the Board of Directors
of the Company, the filing of a registration statement covering the Registrable Securities would be detrimental to the Company and the Board of Directors of the Company concludes, as a result, that it is in the best interests of the Company to defer
the filing of such registration statement at such time, and (ii) the Company shall furnish to such Holders a certificate signed by the President of the Company stating that in the good faith judgment of the Board of Directors of the Company, it
would be detrimental to the Company for such registration statement to be filed in the near future and that it is, therefore, in the best interests of the Company to defer the filing of such registration statement, then (in addition to the
limitations set forth in Section 2.1(b)(v) above) the Company shall have the right to defer such filing for a period of not more than one hundred twenty (120) days after receipt of the request of the Initiating Holders, and,
provided further, that the Company shall not defer its obligation in this manner more than once in any twelve-month period. 
 (d)
Underwriting. If 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 this
Section 2.1 and the Company shall include such information in the written notice given pursuant to Section 2.1(a)(i). In such event, the right of any Holder to include all or any portion of its Registrable Securities in a
registration pursuant to this Section 2.1 shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities to the extent provided herein. The Company shall
(together with all Holders and other persons proposing to distribute their securities through such underwriting) enter into an underwriting agreement in customary form with the representative of the underwriter or underwriters selected for such
underwriting by a majority in interest of the Initiating Holders, which underwriters are reasonably acceptable to the Company. 
 Notwithstanding any other provision of this Section 2.1, if the underwriters advise the Initiating Holders in writing that marketing factors require a limitation on the number of shares to be underwritten, the number of
Registrable Securities that may be so included shall be allocated among all other Holders requesting to include Registrable Securities in such registration statement based on the pro rata percentage of Registrable Securities held by such Holders,
assuming conversion; and then, to the Company, which the Company may allocate, at its discretion, for its own account, or for the account of other holders or employees of the Company. 
 If a person who has requested inclusion in such registration as provided above does not agree to the terms of any such underwriting, such person shall be
excluded therefrom by written notice from the Company, the underwriter or the Initiating Holders. The securities so excluded shall also be withdrawn from registration. Any Registrable Securities or other securities excluded or withdrawn from such
underwriting shall also be withdrawn from such registration. If shares are so withdrawn from the registration and if the 

  

 5 

 
number of shares to be included in such registration was previously reduced as a result of marketing factors pursuant to this Section 2.1(d),
then the Company shall then offer to all Holders who have retained rights to include securities in the registration the right to include additional Registrable Securities in the registration in an aggregate amount equal to the number of shares so
withdrawn, with such shares to be allocated among such Holders requesting additional inclusion, as set forth above. 
 2.2 Company
Registration. 
 (a) Company Registration. If the Company shall determine to register any of its securities either for its own
account or the account of a security holder or holders, other than a registration pursuant to Section 2.1 or 2.3, a registration relating solely to employee benefit plans, a registration relating to the offer and sale of debt
securities, a registration relating to a corporate reorganization or other Rule 145 transaction, or a registration on any registration form that does not permit secondary sales, the Company will: 
 (i) promptly give written notice of the proposed registration to all Holders; and 
 (ii) use its commercially reasonable efforts to include in such registration (and any related qualification under blue sky laws or other compliance),
except as set forth in Section 2.2(b) below, and in any underwriting involved therein, all of such Registrable Securities as are specified in a written request or requests made by any Holder or Holders received by the Company within ten
(10) days after such written notice from the Company is mailed or delivered. Such written request may specify all or a part of a Holder’s Registrable Securities. 
 (b) Underwriting. If the registration of which the Company gives notice is for a registered public offering involving an underwriting, the Company
shall so advise the Holders as a part of the written notice given pursuant to Section 2.2(a)(i). In such event, the right of any Holder to registration pursuant to this Section 2.2 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 and the other holders of securities of the Company with registration rights to participate therein distributing their securities through such underwriting) enter into an underwriting agreement in customary form with the representative of
the underwriter or underwriters selected by the Company. 
 Notwithstanding any other provision of this Section 2.2, if the
underwriters advise the Company in writing that marketing factors require a limitation on the number of shares to be underwritten, the underwriters may (subject to the limitations set forth below) exclude all Registrable Securities from, or limit
the number of Registrable Securities to be included in, the registration and underwriting. The Company shall so advise all holders of securities requesting registration, and the number of shares of securities that are entitled to be included in the
registration and underwriting shall be allocated, as follows: (i) first, to the Company for securities being sold for its own account, and (ii) second, to the Holders requesting to include Registrable Securities in such registration
statement based on the pro rata percentage of Registrable Securities held by such Holders, assuming conversion; provided however, that the right of the underwriters to exclude shares (including Registrable Securities) from the
registration and underwriting as described above shall be restricted so that :(i) the number of Registrable Securities included in any such registration is not reduced below twenty-five percent (25%) of the shares included in the registration,
except for a registration relating to the Company’s Initial Public Offering, from which all Registrable Securities may be excluded and (ii) all shares that are not Registrable Securities and are held by persons who are employees or
directors of the 

  

 6 

 
Company (or any subsidiary of the Company) shall first be excluded from such registration and underwriting before any Registrable Securities are so excluded.

 If a person who has requested inclusion in such registration as provided above does not agree to the terms of any such underwriting, such
person shall also be excluded therefrom by written notice from the Company or the underwriter. The Registrable Securities or other securities so excluded shall also be withdrawn from such registration. Any Registrable Securities or other securities
excluded or withdrawn from such underwriting shall be withdrawn from such registration. If shares are so withdrawn from the registration and if the number of shares of Registrable Securities to be included in such registration was previously reduced
as a result of marketing factors pursuant to Section 2.2(b), the Company shall then offer to all persons who have retained the right to include securities in the registration the right to include additional securities in the registration
in an aggregate amount equal to the number of shares so withdrawn, with such shares to be allocated among the persons requesting additional inclusion, in the manner set forth above. 
 (c) Right to Terminate Registration. The Company shall have the right to terminate or withdraw any registration initiated by it under this
Section 2.2 prior to the effectiveness of such registration whether or not any Holder has elected to include securities in such registration. 
 2.3 Registration on Form S-3. 
 (a) Request for Form S-3 Registration. After its Initial Public
Offering, the Company shall use its commercially reasonable efforts to qualify for registration on Form S-3 or any comparable or successor form or forms. After the Company has qualified for the use of Form S-3, in addition to the rights contained in
the foregoing provisions of this Section 2 and subject to the conditions set forth in this Section 2.3, if the Company shall receive from a Holder or Holders of Registrable Securities a written request that the Company effect
any registration on Form S-3 or any similar short form registration statement with respect to all or part of the Registrable Securities (such request shall state the number of shares of Registrable Securities to be disposed of and the intended
methods of disposition of such shares by such Holder or Holders), the Company will take all such action with respect to such Registrable Securities as required by Section 2.1(a)(i) and (ii). 
 (b) Limitations on Form S-3 Registration. The Company shall not be obligated to effect, or take any action to effect, any such registration
pursuant to this Section 2.3: 
 (i) In the circumstances described in either Sections 2.1(b)(i), 2.1(b)(ii) or
2.1(b)(iv); 
 (ii) If the Holders, together with the holders of any other securities of the Company entitled to inclusion in such
registration, propose to sell Registrable Securities and such other securities (if any) on Form S-3 at an aggregate price to the public of less than $l,000,000; or 
 (iii) If, in a given twelve-month period, the Company has effected two (2) such registrations in such period. 
 (c) Deferral. The provisions of Section 2.1(c) shall apply to any registration pursuant to this Section 2.3. 
 (d) Underwriting. If the Holders of Registrable Securities requesting registration under this Section 2.3 intend to distribute the Registrable Securities covered by their request by means of an

  

 7 

 
underwriting, the provisions of Sections 2.1(d) shall apply to such registration. Notwithstanding anything contained herein to the contrary,
registrations effected pursuant to this Section 2.3 shall not be counted as requests for registration or registrations effected pursuant to Section 2.1. 
 2.4 Expenses of Registration. All Registration Expenses incurred in connection with registrations pursuant to Sections 2.1, 2.2
and 2.3 hereof shall be borne by the Company; provided, however, that the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Sections 2.1 and 2.3 if the
registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered or because a sufficient number of Holders shall have withdrawn so that the minimum offering conditions set
forth in Sections 2.1 and 2.3 are no longer satisfied (in which case all participating Holders shall bear such expenses pro rata among each other based on the number of Registrable Securities requested to be so registered), unless the
Holders of a majority of the Registrable Securities agree to forfeit their right to demand registration pursuant to Section 2.1. 
 2.5 Registration Procedures. In the case of each registration effected by the Company pursuant to Section 2, the Company will keep each Holder advised in writing as to the initiation of each registration and as to the
completion thereof. At its expense, the Company will use its commercially reasonable efforts to: 
 (a) Keep such registration effective for a
period of ending on the earlier of the date which is ninety (90) days from the effective date of the registration statement or such time as the Holder or Holders have completed the distribution described in the registration statement relating
thereto. 
 (b) Prepare and file with the Commission 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 provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement for the period set forth in subsection
(a) above; 
 (c) Furnish such number of prospectuses, including any preliminary prospectuses, and other documents incident thereto,
including any amendment of or supplement to the prospectus, as a Holder from time to time may reasonably request; 
 (d) Use its reasonable
best efforts to register and qualify the securities covered by such registration statement under such other securities or Blue Sky laws of such jurisdiction as shall be reasonably requested by the Holders; provided, that the Company shall not
be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent to service of process in any such states or jurisdictions. 
 (e) Notify each seller of Registrable Securities covered by such registration statement at any time when a prospectus relating thereto is required to be
delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact
required to be stated therein or necessary to make the statements therein not misleading or incomplete in light of the circumstances then existing, and following such notification promptly prepare and furnish to such seller a reasonable number of
copies of a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the purchasers of such shares, such prospectus shall not include an untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein not misleading or incomplete in light of the circumstances then existing; 
  

 8 

 (f) Provide a transfer agent and registrar for all Registrable Securities registered pursuant to such
registration statement and a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration; 
 (g) Cause all such Registrable Securities registered pursuant hereunder to be listed on each securities exchange on which similar securities issued by the Company are then listed; 
 (h) In connection with any underwritten offering pursuant to a registration statement filed pursuant to Section 2.1 hereof, enter into an
underwriting agreement in form reasonably necessary to effect the offer and sale of Common Stock, provided such underwriting agreement contains reasonable and customary provisions, and provided further, that each Holder participating in such
underwriting shall also enter into and perform its obligations under such an agreement; and 
 (i) Furnish, at the request of any Holder
requesting registration of Registrable Securities, on the date that such Registrable Securities are delivered to the underwriters for sale, if such securities are being sold through underwriters, or, if such securities are not being sold through
underwriters, on the date that the registration statement with respect to such securities becomes effective: (1) an opinion, dated as of such date, of the counsel representing the Company for the purposes of such registration, in form and
substance as is customarily given to underwriters in an underwritten public offering and reasonably satisfactory to a majority in interest of the Holders requesting registration, addressed to the underwriters, if any, and to the Holders requesting
registration of Registrable Securities and (2) a “comfort” letter dated as of such date, from the independent certified public accountants of the Company, in form and substance as is customarily given by independent certified public
accountants to underwriters in an underwritten public offering and reasonably satisfactory to a majority in interest of the Holders requesting registration, addressed to the underwriters, if any, and to the Holders requesting registration of
Registrable Securities. 
 2.6 Indemnification. 
 (a) To the extent permitted by law, the Company will indemnify and hold harmless each Holder, each of its officers, directors and partners, legal counsel, and accountants and each person controlling such Holder within
the meaning of Section 15 of the Securities Act, with respect to which registration, qualification, or compliance has been effected pursuant to this Section 2, and each underwriter, if any, and each person who controls within the
meaning of Section 15 of the Securities Act any underwriter, against all expenses, claims, losses, damages, and liabilities (or actions, proceedings, or settlements in respect thereof) arising out of or based on: (i) any untrue statement
(or alleged untrue statement) of a material fact contained or incorporated by reference in any prospectus, offering circular, or other document (including any related registration statement, notification, or the like) incident to any such
registration, qualification, or compliance, (ii) any 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 Company of the Securities Act, any state securities laws or any rule or regulation thereunder applicable to the Company and relating to action or inaction required of the Company in connection with any offering covered by
such registration, qualification, or compliance, and the Company will promptly reimburse each such Holder, each of its officers, directors, partners, legal counsel, and accountants and each person controlling such Holder, each such underwriter, and
each person who controls any such underwriter, for any legal and any other expenses reasonably incurred in connection with investigating and defending or settling any such claim, loss, damage, liability, or action, but in any event within 90 days
after a request for reimbursement has been received by the Company; provided that the Company will not be liable in any such case to the extent that any such claim, loss, damage, liability, or action arises out of or is based on any untrue
statement or 

  

 9 

 
omission based upon written information furnished to the Company by such Holder, any of such Holder’s officers, directors, partners, legal counsel or
accountants, any person controlling such Holder, such underwriter or any person who controls any such underwriter and stated to be specifically for use therein; and provided, further that, the indemnity agreement contained in this
Section 2.6(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability, or action if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld).

 (b) To the extent permitted by law, each Holder will, if Registrable Securities held by such Holder are included in the securities as to
which such registration, qualification, or compliance is being effected, indemnify and hold harmless the Company, each of its directors, officers, partners, legal counsel, and accountants and each underwriter, if any, of the Company’s
securities covered by such a registration statement, each person who controls the Company or such underwriter within the meaning of Section 15 of the Securities Act, each other such Holder, and each of their officers, directors, and partners,
and each person controlling such Holder, against all claims, losses, damages and liabilities (or actions in respect thereof) arising out of or based on: (i) any untrue statement (or alleged untrue statement) of a material fact contained or
incorporated by reference in any such registration statement, prospectus, offering circular, or other document, or (ii) any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the
statements therein not misleading, and will reimburse the Company and such Holders, directors, officers, partners, legal counsel, and accountants, persons, underwriters, or control persons within 90 days after a request for reimbursement has been
received by the indemnifying Holder for any legal or any other expenses reasonably incurred in connection with investigating or defending any such claim, loss, damage, liability, or action, in each case to the extent, but only to the extent, that
such untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in such registration statement, prospectus, offering circular, or other document in reliance upon and in conformity with written information furnished to
the Company by such Holder and stated to be specifically for use therein; provided, however, that the obligations of such Holder hereunder shall not apply to amounts paid in settlement of any such claims, losses, damages, or
liabilities (or actions in respect thereof) if such settlement is effected without the consent of such Holder (which consent shall not be unreasonably withheld); and provided that in no event shall any indemnity under this
Section 2.6 exceed the net proceeds from the offering received by such Holder. 
 (c) Each party entitled to indemnification
under this Section 2.6 (the “Indemnified Party”) shall give notice to the party required to provide indemnification (the “Indemnifying Party”) promptly after such Indemnified Party has actual knowledge
of any claim as to which indemnity may be sought. The Indemnifying Party shall have the right to participate in, and, to the extent the Indemnifying Party so desires, jointly with any other Indemnifying Party similarly noticed, to assume the defense
thereof with counsel approved by the Indemnified Party (which approval shall not be unreasonably withheld); provided, however, that an Indemnified Party shall have the right to retain its own 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 conflict of interests between such Indemnified Party and any other party
represented by such counsel in such proceeding. The failure of any Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its obligations under this Section 2.6, to the extent such failure is not
prejudicial. No Indemnifying Party, in the defense of any such claim or litigation, shall, except with the consent of each Indemnified Party, consent to entry of any judgment or enter into any settlement that does not include as an unconditional
term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in respect to such claim or litigation. Each Indemnified Party shall furnish such information regarding itself or the claim in question as
an Indemnifying Party may reasonably request in writing and as shall be reasonably required in connection with defense of such claim and litigation resulting therefrom. 
  

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 (d) If the indemnification provided for in this Section 2.6 is held by a court of competent
jurisdiction to be unavailable to an Indemnified Party with respect to any loss, liability, claim, damage, or expense referred to herein, then the Indemnifying Party, in lieu of indemnifying such Indemnified Party hereunder, shall contribute to the
amount paid or payable by such Indemnified Party as a result of such loss, liability, claim, damage, or expense in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party on the one hand and of the Indemnified Party
on the other in connection with the statements or omissions that resulted in such loss, liability, claim, damage, or expense as well as 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 alleged untrue statement of a material fact or the omission to state 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. 
 (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. 
 2.7 Information by Holder. Each Holder of
Registrable Securities shall furnish to the Company such information regarding such Holder and the distribution proposed by such Holder as the Company may reasonably request in writing and as shall be reasonably required in connection with any
registration, qualification, or compliance referred to in this Section 2. 
 2.8 Restrictions on Transfer. 
 (a) The holder of each certificate representing Registrable Securities by acceptance thereof agrees to comply in all respects with the provisions of this
Section 2.8. Each Holder agrees not to make any sale, assignment, transfer, pledge or other disposition of all or any portion of the Restricted Securities, or any beneficial interest therein, unless and until (x) the transferee
thereof has agreed in writing for the benefit of the Company to take and hold such Restricted Securities subject to, and to be bound by, the terms and conditions set forth in this Agreement, including, without limitation, this
Section 2.8 and Section 2.10, except for transfers permitted under Section 2.8(b), and (y): 
 (i)
There is then in effect a registration statement under the Securities Act covering such proposed disposition and such disposition is made in accordance with such registration statement; or 
 (ii) Such Holder shall have given prior written notice to the Company of such Holder’s intention to make such disposition and shall have furnished
the Company with a detailed description of the manner and circumstances of the proposed disposition, and, such Holder shall have furnished the Company, at its expense, with (i) an opinion of counsel, reasonably satisfactory to the Company, to
the effect that such disposition will not require registration of such Restricted Securities under the Securities Act or (ii) a “no action” letter from the Commission to the effect that the transfer of such securities without
registration will not result in a recommendation by the staff of the Commission that action be taken with respect thereto, whereupon the holder of such Restricted Securities shall be entitled to transfer such Restricted Securities in accordance with
the terms of the notice delivered by the Holder to the Company. 
  

 11 

 (b) Permitted transfers include (i) a transfer not involving a change in beneficial ownership, or
(ii) in transactions involving the distribution without consideration of Restricted Securities by any Holder to (x) a parent, subsidiary or other affiliate of Holder that is a Corporation, or (y) any of its partners, members or other
equity owners, or retired partners, retired members or other equity owners, or to the estate of any of its partners, members or other equity owners or retired partners, retired members or other equity owners, (iii) transfers to any Affiliate of
a Holder or (iv) transfers in compliance with Rule 144(k), as long as the Company is furnished with satisfactory evidence of compliance with such Rule; provided, in each case, that the Holder thereof shall give written notice to the
Company of such Holder’s intention to effect such disposition and shall have furnished the Company with a detailed description of the manner and circumstances of the proposed disposition. 
 (c) Each certificate representing Registrable Securities may (unless otherwise permitted by the provisions of this Agreement) be stamped or otherwise
imprinted with a legend substantially similar to the following (in addition to any legend required under applicable state securities laws): 
 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER THE SECURITIES LAWS OF CERTAIN STATES. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE
TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS PURSUANT TO REGISTRATION OR AN EXEMPTION THEREFROM. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL SATISFACTORY TO THE
ISSUER THAT SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION OTHERWISE COMPLIES WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS. 
 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO (1) RESTRICTIONS ON TRANSFERABILITY AND RESALE, INCLUDING A LOCK-UP PERIOD IN THE EVENT OF A PUBLIC OFFERING, AS SET FORTH IN AN INVESTORS RIGHTS AGREEMENT, AND (2) VOTING
RESTRICTIONS AS SET FORTH IN A VOTING AGREEMENT AMONG THE COMPANY AND THE ORIGINAL HOLDERS OF THESE SHARES, COPIES OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE COMPANY. 
 The Holders consent to the Company making a notation on its records and giving instructions to any transfer agent of the Restricted Securities in order
to implement the restrictions on transfer established in this Section 2.8. 
 (d) The first legend referring to federal and state
securities laws identified in Section 2.8(c) hereof stamped on a certificate evidencing the Restricted Securities and the stock transfer instructions and record notations with respect to such Restricted Securities shall be removed and
the Company shall issue a certificate without such legend to the holder of such Restricted Securities if (i) such securities are registered under the Securities Act, or (ii) such holder provides the Company with an opinion of counsel
reasonably acceptable to the Company to the effect that a public sale or transfer of such securities may be made without registration under the Securities Act, or (iii) such holder provides the Company with reasonable assurances, which may, at
the option of the Company, include an opinion of counsel satisfactory to the Company, that such securities can be sold pursuant to Section (k) of Rule 144 under the Securities Act. 
  

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 2.9 Rule 144 Reporting. With a view to making available the benefits of certain rules and
regulations of the Commission that may permit the sale of the Restricted Securities to the public without registration, the Company agrees to use its commercially reasonable efforts to: 
 (a) Make and keep public information regarding the Company available as those terms are understood and defined in Rule 144 under the Securities Act,
at all times from and after the effective date of the first registration under the Securities Act filed by the Company for an offering of its securities to the general public; 
 (b) File with the Commission 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 it has become subject to such reporting requirements; and 
 (c) So long as a Holder owns any Restricted Securities, furnish
to the Holder forthwith upon written request a written statement by the Company as to its compliance with the reporting requirements of Rule 144 (at any time from and after ninety (90) days following the effective date of the first
registration statement filed by the Company for an offering of its securities to the general public), and of the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements), a copy of the most recent
annual or quarterly report of the Company, and such other reports and documents so filed as a Holder may reasonably request in availing itself of any rule or regulation of the Commission allowing a Holder to sell any such securities without
registration. 
 2.10 Market Stand-Off Agreement. Each Holder hereby agrees that such Holder shall not sell, offer, pledge, contract
to sell, grant any option or contract to purchase, purchase any option or contract to sell, grant any right or warrant to purchase, lend or otherwise transfer or encumber, directly or indirectly, any Common Stock (or other securities) of the Company
held by such Holder, nor shall the Holder enter into any swap, hedging or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any Common Stock (or other securities) during the one
hundred eighty (180) day period following the effective date of a registration statement of the Company filed in connection with the Company’s Qualified Initial Public Offering under the Securities Act (the “Lock-Up Period”);
provided that for the purpose of compliance with NASD Rule 2711(f)(4), if (i) during the last 17 days of the initial Lock-Up Period, the Company releases earnings results or material news or a material event relating to the Company occurs or
(ii) prior to the expiration of the initial Lock-Up Period, the Company announces that it will release earnings results during the 16-day period beginning on the last day of the initial Lock-Up Period, then in each case, each Holder hereby
consents to an extension to the Lock-Up Period until the expiration of the 18-day period beginning on the date of release of the earnings results or the occurrence of the material news or material event, as applicable, unless such extension is
waived in writing; provided further that such agreement shall be applicable only to the first such registration statement of the Company which covers securities to be sold on its behalf to the public in an underwritten offering but not to
Registrable Securities sold pursuant to such registration statement; and (i) all executive officers and directors of the Company then holding Common Stock of the Company and (ii) all shareholders holding in the aggregate at least 1% of the
total equity of the Company, enter into similar agreements. The Company may impose stop-transfer instructions and may stamp each such certificate with the second legend set forth in Section 2.8(c) hereof with respect to the shares of
Common Stock (or other securities) subject to the foregoing restriction until the end of such Lock-Up Period. Each Holder agrees to execute a market standoff agreement with said underwriters in customary form consistent with the provisions of this
Section 2.10. 
  

 13 

 2.11 Delay of Registration. No Holder shall have any right to take any action to restrain,
enjoin, or otherwise delay any registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 2. 
 2.12 Transfer or Assignment of Registration Rights. The rights to cause the Company to register securities granted to a Holder by the Company
under this Section 2 may be transferred or assigned by a Holder only to a transferee or assignee of not less than 500,000 shares (as presently constituted and subject to subsequent adjustments for stock splits, stock dividends, reverse
stock splits, and the like) of Registrable Securities (together with transfer or assignments from any Affiliates of such Holder); provided that (i) such transfer or assignment of Registrable Securities is effected in accordance with the
terms of Section 2.8 hereof, and applicable securities laws, (ii) the Company is given written notice prior to said transfer or assignment, stating the name and address of the transferee or assignee and identifying the securities
with respect to which such registration rights are intended to be transferred or assigned and (iii) the transferee or assignee of such rights assumes in writing the obligations of such Holder under this Agreement, including without limitation
the obligations set forth in Section 2.10. 
 2.13 Termination of Registration Rights. The right of any Holder to request
registration or inclusion in any registration pursuant to Section 2.1, 2.2 or 2.3 shall terminate on the earlier of (i) such date, on or after the closing of the Company’s first registered public offering of
Common Stock, on which all shares of Registrable Securities held or entitled to be held upon conversion by such Holder may immediately be sold under Rule 144 during any ninety (90) day period, and (ii) seven (7) years after the
closing of the Company’s Qualified Initial Public Offering. 
 Section 3 
 Covenants of the Company 
 The
Company hereby covenants and agrees, as follows: 
 3.1 Basic Financial Information and Inspection Rights. 
 (a) Basic Financial Information. The Company will furnish the following reports to each Holder (together with any Affiliate of such Holder) who
owns at least 500,000 Shares and/or Conversion Stock (as presently constituted and subject to subsequent adjustments for stock splits, stock dividends, reverse stock splits, and the like): 
 (i) As soon as practicable after the end of each fiscal year of the Company, and in any event within one hundred twenty (120) days after the end of
each fiscal year of the Company, a consolidated balance sheet of the Company and its subsidiaries, if any, as at the end of such fiscal year, and consolidated statements of income and cash flows of the Company and its subsidiaries, if any, for such
year, prepared in accordance with U.S. generally accepted accounting principles consistently applied, certified by independent public accountants of recognized national standing selected by the Company. 
 (ii) As soon as practicable after the end of each month, and after the first, second and third quarterly accounting periods in each fiscal year of the
Company, and in any event within fifteen (15) days after the end of each month and ninety (90) days after the end of the first, second, and third quarterly accounting periods in each fiscal year of the Company, an unaudited consolidated
balance sheet of the Company and its subsidiaries, if any, as of the end of each such period, and unaudited consolidated statements of income and cash flows of the Company and its subsidiaries, if any, for such period, prepared in accordance 

  

 14 

 
with U.S. generally accepted accounting principles consistently applied, subject to changes resulting from normal year-end audit adjustments. 
 (iii) As soon as practicable, and in any event within thirty (30) days after the end of the each fiscal year of the Company, a business plan and
operating budget for the then-current fiscal year of the Company. 
 (b) Inspection Rights. The Company shall permit each Holder
(together with any Affiliate of such Holder) holding at least 500,000 Shares and/or Conversion Stock (as presently constituted and subject to subsequent adjustments for stock splits, stock dividends, reverse stock splits, and the like), at such
Holder’s expense, to visit and inspect the Company’s properties, to examine its books of account and records and to discuss the Company’s affairs, finances and accounts with its officers, all at such reasonable times as may be
requested by such Holder. 
 3.2 Confidentiality. Anything in this Agreement to the contrary notwithstanding, no Holder by reason of
this Agreement shall have access to any trade secrets or classified information of the Company. The Company shall not be required to comply with any information rights of Section 3 in respect of any Holder whom the Company reasonably
determines to be a competitor or an officer, employee, director or holder of more than two percent (2%) of a competitor. Each Holder acknowledges that the information received by them pursuant to this Agreement may be confidential and for its
use only, and it will not use such confidential information in violation of the Exchange Act or reproduce, disclose or disseminate such information to any other person (other than its employees or agents having a need to know the contents of such
information, and its attorneys), except in connection with the exercise of rights under this Agreement, unless the Company has made such information available to the public generally. Notwithstanding anything to the contrary in this Agreement, the
obligations of this Section 3.2 shall survive the termination of this Agreement. 
 3.3 Proprietary Information and Assignment
Agreements. The Company will use its reasonable best efforts to cause each employee to execute a Proprietary Information and Assignment Agreement in a form approved by the Board of Directors. 
 3.4 Vesting of Options. Unless otherwise approved by the Board of Directors, all stock options granted to employees and consultants shall be
subject to vesting in substantially the same manner as follows: Twenty-five percent (25%) of the shares subject to the option shall vest on the one (1) year anniversary of the vesting commencement date, and 1/48 of the shares subject to
the option shall vest each month thereafter on the same day of the month as the vesting commencement date. 
 3.5 Insurance. The
Company will obtain and maintain with financially sound and reputable insurance companies, funds or underwriters insurance of the kinds, covering the risks and in the relative proportionate amounts usually carried, as determined by the Board of
Directors, by reasonable and prudent companies conducting businesses similar to that of the Company. Subject to the discretion of the Board of Directors, the Company shall maintain key-man term life insurance with the Company named as beneficiary on
the life of certain designated employees. The Company will also purchase and maintain directors and officers liability insurance in an amount and with coverage as may be determined by the Board of Directors of the Company. 
 3.6 Qualified Small Business Representations. The Company covenants that so long as any of the shares Preferred Stock, or the Common Stock into
which such shares are converted, are held by a Holder (or a transferee in whose hands such shares or Common Stock are eligible to qualify as Qualified Small Business 

  

 15 

 
Stock as defined in Section 1202(c) of the Code), it will use its reasonable efforts (including complying with any applicable filing or reporting
requirements imposed by the Code on issuers of Qualified Small Business Stock) to cause such shares, or the Common Stock into which they are converted, to qualify as Qualified Small Business Stock; provided, however, that “reasonable
efforts” as used in this section 3.6 shall not be construed to require the Company to operate its business in a manner which would adversely affect its business, limit its future prospects or alter the timing or resource allocation related to
its planned operations or financing activities. 
 (a) The Company further covenants to submit to its shareholders and to state and federal
taxation authorities such form and filings as may be required to document such compliance, including the California Franchise Tax Board Form 3565, Small Business Stock Questionnaire, with its franchise or income tax return for the current income
year. 
 (b) In the event that the Company proposes to take an action or engage in a transaction that would reasonably be expected to result
in the Shares no longer being “qualified small business stock” within the meaning of Section 1202(c) of the Code, the Company shall notify the Holders and consult in good faith to devise a mutually agreeable and reasonable alternative
course of action or transaction structure that would preserve such status. In addition, the Company shall submit to the Holders and to the Internal Revenue Service any reports that may be required under Section 1202(d)(1)(C) of the Code and any
related Treasury Regulations. 
 3.7 United States Real Property Holding Corporation. The Company shall provide prompt notice to New
Enterprise Associates 11, Limited Partnership (“NEA 11”) following any “determination date” (as defined in Treasury Regulation Section 1.897-2(c)(1)) on which the Company becomes a United States real property holding
corporation. In addition, upon a written request by NEA 11, the Company shall provide NEA 11 with a written statement informing NEA 11 whether NEA 11’s interest in the Company constitutes a United States real property interest. The
Company’s determination shall comply with the requirements of Treasury Regulation Section 1.897-2(h)(1) or any successor regulation, and the Company shall provide timely notice to the Internal Revenue Service, in accordance with and to the
extent required by Treasury Regulation Section 1.897-2(h)(2) or any successor regulation, that such statement has been made. The Company’s written statement to NEA 11 shall be delivered to NEA 11 within 10 days of NEA 11’s written
request therefor. 
 3.8 Board Meetings. The Investors, or their representatives, who are also members of the Board of Directors of
the Company shall be promptly reimbursed for their reasonable travel and other out-of-pocket costs incurred in attending meetings of the Board of Directors. Such meetings shall be held at least four times per year. 
 3.9 Meritech Board Observer Rights. The Company shall allow one representative designated by Meritech Capital Partners III, L.P.
(“Meritech”) to attend all meetings of the Company’s Board of Directors (including all executive sessions and committee meetings of the Board of Directors) in a nonvoting capacity, and in connection therewith, the Company shall give
such representative copies of all notices, minutes, consents and other materials, financial or otherwise, which the Company provides to its Board of Directors or any committee thereof; provided, however, that the Company reserves the right to
exclude such representative from access to any material or meeting or portion thereof if the Company believes upon advice of counsel that such exclusion is reasonably necessary to preserve the attorney-client privilege. The Company agrees to
reimburse Meritech for all reasonable, documented expenses associated with attending meetings of the Board of Directors. 
  

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 3.10 Termination of Covenants. The covenants set forth in this Section 3 shall terminate and
be of no further force and effect after the closing of the Company’s Qualified Initial Public Offering. 
 Section 4

 Right of First Refusal 
 4.1 Right of First Refusal to Significant Holders. The Company hereby grants to each Holder (together with any Affiliate of such Holder) who owns at least 1,000,000 Shares or Conversion Stock (subject to
subsequent adjustments for stock splits, stock dividends, reverse stock splits and the like) (the “Significant Holders”), the right of first refusal to purchase its pro rata share of New Securities (as defined in this
Section 4.1(a)) which the Company may, from time to time, propose to sell and issue after the date of this Agreement. A Significant Holder’s pro rata share, for purposes of this right of first refusal, is equal to the ratio of
(a) the number of shares of Common Stock owned by such Significant Holder immediately prior to the issuance of New Securities (assuming full conversion of the Shares and exercise of all outstanding convertible securities, rights, options and
warrants, directly or indirectly, into Common Stock held by said Significant Holder) to (b) the total number of shares of Common Stock outstanding immediately prior to the issuance of New Securities (assuming full conversion of the Shares and
exercise of all outstanding convertible securities, rights, options and warrants). 
 (a) “New Securities” shall mean any
capital stock (including Common Stock and/or Preferred Stock) of the Company whether now authorized or not, and rights, convertible securities, options or warrants to purchase such capital stock, and securities of any type whatsoever that are, or
may become, exercisable or convertible into capital stock; provided that the term “New Securities” does not include: 
 (i) the Shares and the Conversion Stock; 
 (ii) securities issued or issuable to officers, employees, directors, consultants,
placement agents, and other service providers of the Company (or any subsidiary) pursuant to stock grants, option plans, purchase plans, agreements or other employee stock incentive programs or arrangements approved by the Board of Directors of the
Company, provided that such stock grants, option plans, purchase plans, other employee stock incentive programs or arrangements have been approved by at least one of the board members appointed by the holders of Preferred Stock; 
 (iii) securities issued pursuant to the conversion or exercise of any outstanding convertible or exercisable securities as of this date of this
Agreement; 
 (iv) securities issued or issuable as a dividend or distribution on Preferred Stock of the Company or pursuant to any event
for which adjustment is made pursuant to Sections 4(e), 4(f) or 4(g) of Article V of the Certificate of Incorporation of the Company; 
 (v)
securities offered pursuant to a bona fide, firmly underwritten public offering pursuant to a registration statement filed under the Securities Act pursuant to which all outstanding shares of Preferred Stock are automatically converted into Common
Stock pursuant to an Automatic Conversion Event (as defined in the Certificate of Incorporation of the Company); 
 (vi) securities issued
or issuable pursuant to the acquisition of another corporation by the Company by merger, purchase of substantially all of the assets or other reorganization or to a joint venture agreement; 
  

 17 

 (vii) securities issued or issuable to banks, equipment lessors or other financial institutions pursuant
to a commercial leasing or debt financing transaction approved by the Board of Directors of the Company; 
 (viii) securities issued or
issuable in connection with any settlement of any action, suit, proceeding or litigation approved by the Board of Directors of the Company and at least one of the board members appointed by the holders of Preferred Stock; 
 (ix) securities issued or issuable in connection with sponsored research, collaboration, technology license, development, OEM, marketing or other
similar agreements or strategic partnerships approved by the Board of Directors of the Company, provided that in the event such issuances would be equal to at least 10% of the Company’s then outstanding capital stock, such issuance is
approved by the Board of Directors of the Company, including both of the board members appointed by the holders of Preferred Stock; 
 (x)
securities issued to suppliers or third party service providers in connection with the provision of goods or services pursuant to transactions approved by the Board of Directors of the Company and at least one of the board members appointed by the
holders of Preferred Stock; 
 (xi) securities of the Company which are otherwise excluded by the affirmative vote or consent of the holders
of 66 2/3% of the shares of Preferred Stock of the Company then outstanding or the affirmative unanimous vote of the Board of Directors of the Company; and 
 (xii) any right, option or warrant to acquire any security convertible into the securities excluded from the definition of New Securities pursuant to subsections (i) through (x) above. 
 (b) In the event the Company proposes to undertake an issuance of New Securities, it shall give each Significant Holder written notice of its intention,
describing the type of New Securities, and their price and the general terms upon which the Company proposes to issue the same. Each Significant Holder shall have twenty (20) days after any such notice is mailed or delivered (the
“Election Period”) to agree to purchase such Holder’s pro rata share of such New Securities for the price and upon the terms specified in the notice by giving written notice to the Company, in substantially the form attached
hereto as Schedule 1, and stating therein the quantity of New Securities to be purchased. 
 (c) If any Significant Holder fails
to elect to purchase all of such Significant Holder’s pro rata share of such New Securities, the Company shall, prior to the expiration of the Election Period, give notice of such failure to the other Significant Holders who did so elect (the
“Participants”). The Participants shall have fifteen (15) days from the end of the Election Period to agree to purchase such Participants’ pro rata share of such New Securities as described in the preceeding sentence. For
purposes of this paragraph only, a Participant’s pro rata share of such New Securities not purchased by other Significant Holders shall be equal to the product obtained by multiplying (i) the number of such New Securities not elected to be
purchased by (ii) a fraction, the numerator of which is the number of shares of Common Stock held by such Participant and the denominator of which is the total number of shares of Common Stock held by all of the Participants, assuming
conversion of all shares of Preferred Stock. 
 (d) In the event the Holders fail to exercise fully the right of first refusal within fifteen
(15) days after the Election Period, the Company shall have ninety (90) days thereafter to sell or enter into an agreement (pursuant to which the sale of New Securities covered thereby shall be closed, if at all, within 

  

 18 

 
ninety (90) days from the date of said agreement) to sell that portion of the New Securities with respect to which the Significant Holders’ right
of first refusal option set forth in this Section 4.1 was not exercised, at a price and upon terms no more favorable to the purchasers thereof than specified in the Company’s notice to Significant Holders delivered pursuant to
Section 4.1(b). In the event the Company has not sold within such ninety (90) day period following the Election Period, or such ninety (90) day period following the date of said agreement, the Company shall not thereafter issue
or sell any New Securities, without first again offering such securities to the Significant Holders in the manner provided in this Section 4.1. 
 (e) The right of first refusal granted under this Agreement shall expire upon the earlier of the Company’s Qualified Initial Public Offering or five years after the date of this Agreement. 
 Section 5 
 Miscellaneous

 5.1 Amendment. Except as expressly provided herein, neither this Agreement nor any term hereof may be amended, waived,
discharged or terminated other than by a written instrument referencing this Agreement and signed by the Company and the Holders holding 66 2/3% of the Registrable Securities (excluding any of such shares that have been sold to the public or
pursuant to Rule 144); provided, however, that the written consent of Meritech shall be necessary for any amendment or waiver of Sections 3.9 and 4.1; provided, further, that Holders purchasing shares of Series C
Preferred Stock in a Closing after the Initial Closing (each as defined in the Purchase Agreement) may become parties to this Agreement, by executing a counterpart of this Agreement without any amendment of this Agreement pursuant to this paragraph
or any consent or approval of any other Holder. Any such amendment, waiver, discharge or termination effected in accordance with this paragraph shall be binding upon each Holder and each future holder of all such securities of Holder. Each Holder
acknowledges that, except as otherwise set forth in this Section 5.1, by the operation of this paragraph, the holders of 66 2/3% of the Registrable Securities (excluding any of such shares that have been sold to the public or pursuant to Rule
144) will have the right and power to diminish or eliminate all rights of such Holder under this Agreement. 
 5.2 Notices. All
notices and other communications required or permitted hereunder shall be in writing and shall be mailed by registered or certified mail, postage prepaid, sent by facsimile or electronic mail or otherwise delivered by hand or by messenger addressed:

 (a) if to an Investor, at the Investor’s address, facsimile number or electronic mail address as shown in the Company’s records,
as may be updated in accordance with the provisions hereof; 
 (b) if to any Holder, at such address, facsimile number or electronic mail
address as shown in the Company’s records, or, until any such holder so furnishes an address, facsimile number or electronic mail address to the Company, then to and at the address of the last holder of such shares for which the Company has
contact information in its records; or 
 if to the Company, one copy should be: 
 Acclarent, Inc. 
 1525-B O’Brien Drive

 Menlo Park, CA 94025 
 Attention: Chief Executive Officer 
  

 19 

 With a copy to: 
 David J. Saul, Esq. 
 Wilson Sonsini Goodrich & Rosati 
 650 Page Mill Road 
 Palo Alto, California
94304 
 Each such notice or other communication shall for all purposes of this Agreement be treated as effective or having been given when
delivered if delivered personally, or, if sent by mail, at the earlier of its receipt or 72 hours after the same has been deposited in a regularly maintained receptacle for the deposit of the United States mail, addressed and mailed as aforesaid or,
if sent by facsimile, upon confirmation of facsimile transfer or, if sent by electronic mail, when directed to the electronic mail address as shown in the Company’s records. 
 5.3 Governing Law. This Agreement shall be governed in all respects by the internal laws of the State of California as applied to agreements
entered into among California residents to be performed entirely within California, without regard to principles of conflicts of law. 
 5.4
Successors and Assigns. This Agreement, and any and all rights, duties and obligations hereunder, shall not be assigned, transferred, delegated or sublicensed by any Investor without the prior written consent of the Company. Any attempt by an
Investor without such permission to assign, transfer, delegate or sublicense any rights, duties or obligations that arise under this Agreement shall be void. Subject to the foregoing and except as otherwise provided herein, the provisions of this
Agreement shall inure to the benefit of, and be binding upon, the successors, assigns, heirs, executors and administrators of the parties hereto. 
 5.5 Entire Agreement. The Company and the Holders holding a majority of the Registrable Securities under the Prior Agreement hereby terminate the Prior Agreement in all respects, subject to the Initial Closing under the Purchase
Agreement. This Agreement and the exhibits hereto constitute the full and entire understanding and agreement between the parties with regard to the subjects hereof. No party hereto shall be liable or bound to any other party in any manner with
regard to the subjects hereof or thereof by any warranties, representations or covenants except as specifically set forth herein. 
 5.6
Delays or Omissions. Except as expressly provided herein, no delay or omission to exercise any right, power or remedy accruing to any party to this Agreement upon any breach or default of any other party under this Agreement shall impair any
such right, power or remedy of such non-defaulting party, nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in 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. Any waiver, permit, consent or approval of any kind or character on the part of any party of any breach or default under this Agreement,
or any waiver on the part of any party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by law or
otherwise afforded to any party to this Agreement, shall be cumulative and not alternative. 
 5.7 Severability. If any provision of
this Agreement becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, portions of such provision, or such provision in its entirety, to the extent necessary, shall be severed from this Agreement, and such
court will replace such 

  

 20 

 
illegal, void or unenforceable provision of this Agreement with a valid and enforceable provision that will achieve, to the extent possible, the same
economic, business and other purposes of the illegal, void or unenforceable provision. The balance of this Agreement shall be enforceable in accordance with its terms. 
 5.8 Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement. All references in this
Agreement to sections, paragraphs and exhibits shall, unless otherwise provided, refer to sections and paragraphs hereof and exhibits attached hereto. 
 5.9 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be enforceable against the parties that execute such counterparts, and all of which together shall constitute
one instrument. 
 5.10 Telecopy Execution and Delivery. A facsimile, telecopy or other reproduction of this Agreement may be executed
by one or more parties hereto and delivered by such party by facsimile or any similar electronic transmission device pursuant to which the signature of or on behalf of such party can be seen. Such execution and delivery shall be considered valid,
binding and effective for all purposes. At the request of any party hereto, all parties hereto agree to execute and deliver an original of this Agreement as well as any facsimile, telecopy or other reproduction hereof. 
 5.11 Jurisdiction; Venue. With respect to any disputes arising out of or related to this Agreement, the parties consent to the exclusive
jurisdiction of, and venue in, the state courts in Santa Clara County in the State of California (or in the event of exclusive federal jurisdiction, the courts of the Northern District of California). 
 5.12 Further Assurances. Each party hereto agrees to execute and deliver, by the proper exercise of its corporate, limited liability company,
partnership or other powers, all such other and additional instruments and documents and do all such other acts and things as may be necessary to more fully effectuate this Agreement. 
 5.13 Termination Upon Change of Control. Notwithstanding anything to the contrary herein, this Agreement (excluding any then-existing obligations)
shall terminate upon (a) the acquisition of the Company by another entity by means of any transaction or series of related transactions to which the Company is party (including, without limitation, any stock acquisition, reorganization, merger
or consolidation but excluding any sale of stock for capital raising purposes) other than a transaction or series of transactions in which the holders of the voting securities of the Company outstanding immediately prior to such transaction continue
to retain (either by such voting securities remaining outstanding or by such voting securities being converted into voting securities of the surviving entity), as a result of shares in the Company held by such holders prior to such transaction, at
least fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity outstanding immediately after such transaction or series of transactions; or (b) a sale, lease or other
conveyance of all substantially all of the assets of the Company. 
 5.14 Conflict. In the event of any conflict between the terms of
this Agreement and the Company’s Certificate of Incorporation or its Bylaws, the terms of the Company’s Certificate of Incorporation or its Bylaws, as the case may be, will control. 
 5.15 Aggregation of Stock. All Shares and Conversion Stock held by affiliated entities or persons shall be aggregated together for purposes of
determining the availability of any rights under this Agreement. 
  

 21 

 [remainder of this page intentionally left blank] 
  

 22 

 IN WITNESS WHEREOF, the parties hereto have executed this Amended and Restated Investors Rights Agreement
effective as of the day and year first above written. 
  

			
	ACCLARENT, INC.
	a Delaware corporation
		
	By:	 	 /s/ Bill Facteau

		 	Bill Facteau, Chief Executive Officer

  

 [Signature Page to Amended and Restated Investors Rights Agreement] 

			
	INVESTORS:
	
	NEW ENTERPRISE ASSOCIATES 11, LIMITED PARTNERSHIP
		
	By:	 	NEA Partners 11, Limited Partnership, its general partner
		
	By:	 	NEA 11 GP, LLC, its general partner
		
	By:	 	 /s/ Eugene A. Trainor 

		 	Manager
	
	NEA VENTURES 2005, LIMITED PARTNERSHIP
		
	 By:
	 	 /s/ Pamela Clark

		 	 Vice-President

	
	NEW ENTERPRISE ASSOCIATES 9, LIMITED PARTNERSHIP
		
	 By:
	 	NEA Partners 9, Limited Partnership
	 Its
	 	General Partner
		
	 By:
	 	 /s/ Eugene A. Trainor

		 	General Partner

  

 [Signature Page to Amended and Restated Investors Rights Agreement] 

			
	VERSANT VENTURE CAPITAL II, L.P.
		
	By:	 	Versant Ventures II, L.L.C.,
		 	Its General Partner
		
	By:	 	 /s/ Ross A. Jaffe

	Ross A. Jaffe, MD, Managing Director
	
	VERSANT SIDE FUND II, L.P.
		
	By:	 	Versant Ventures II, L.L.C.,
		 	Its General Partner
		
	By:	 	 /s/ Ross A. Jaffe

	Ross A. Jaffe, MD, Managing Director
	
	VERSANT AFFILIATES FUND II-A, L.P.
		
	By:	 	Versant Ventures II, L.L.C.,
		 	Its General Partner
		
	By:	 	 /s/ Ross A. Jaffe

	Ross A. Jaffe, MD, Managing Director

  

 [Signature Page to Amended and Restated Investors Rights Agreement] 

			
	WS INVESTMENT COMPANY, LLC (2007A)
		
	By:	 	 /s/ David Saul

			
		
	Print Name:	 	 David Saul

			
		
	Title:	 	 Partner

	
	WS INVESTMENT COMPANY, LLC (2007C)
		
	By:	 	 /s/ David Saul

			
		
	Print Name:	 	 David Saul

			
		
	Title:	 	 Partner

  

 [Signature Page to Amended and Restated Investors Rights Agreement] 

	
	  

	J. CASEY MCGLYNN

  

 [Signature Page to Amended and Restated Investors Rights Agreement] 

			
	GOLD HILL VENTURE LENDING 03, LP
		
	By:	 	Gold Hill Venture Lending Partners 03, LLC
	Its:	 	General Partner
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	SILICON VALLEY BANK
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

 [Signature Page to Amended and Restated Investors Rights Agreement] 

			
	MERITECH CAPITAL PARTNERS III L.P.
		
	 By:
	 	 Meritech Capital Associates III L.L.C.

		 	 Its General Partner

		
	 By:
	 	 Meritech Management Associates III L.L.C.

		 	 A Managing Member

		
	 By:
	 	 /s/ Rob Ward

		 	 Rob Ward, Managing Director

	
	MERITECH CAPITAL AFFILIATES III L.P.
		
	 By:
	 	 Meritech Capital Associates III L.L.C.

		 	 Its General Partner

		
	 By:
	 	 Meritech Management Associates III L.L.C.

		 	 A Managing Member

		
	 By:
	 	 /s/ Rob Ward

		 	 Rob Ward, Managing Director

  

 [Signature Page to Amended and Restated Investors Rights Agreement] 

			
	DELPHI VENTURES VII, L.P.
		
	By:	 	Delphi Management Partners VII, LLC
		 	General Partner
		
	By:	 	 /s/ John F. Maroney

	Name:	 	John F. Maroney
		 	Managing Member
	
	DELPHI BIOINVESTMENTS VII, L.P.
		
	By:	 	Delphi Management Partners VII, LLC
		 	General Partner
		
	By:	 	 /s/ John F. Maroney

	Name:	 	John F. Maroney
		 	Managing Member

  

 [Signature Page to Amended and Restated Investors Rights Agreement] 

	
	INVESTOR:
	
	  

	Robert K. Anderson
	
	Address:
	  

	  

  

 [Signature Page to Amended and Restated Investors Rights Agreement] 

			
	 INVESTOR:

	
	 Robert W. Croce & Karen W. Croce

		
	 By:
	 	

			
		
	 Print Name:
	 	  

			
		
	 Title:
	 	  

  

	
	Address:
	  

	  

  

 [Signature Page to Amended and Restated Investors Rights Agreement] 

	
	INVESTOR:
	
	  

	Angie C. Norris
	
	Address:
	  

	  

  

 [Signature Page to Amended and Restated Investors Rights Agreement] 

	
	INVESTOR:
	
	  

	Coy Blevins
	
	Address:
	  

	  

  

 [Signature Page to Amended and Restated Investors Rights Agreement] 

	
	INVESTOR:
	
	  

	Albert J. Graf
	
	Address:
	  

	  

  

 [Signature Page to Amended and Restated Investors Rights Agreement] 

	
	INVESTOR:
	
	  

	Patrick O’Neill
	
	Address:
	  

	  

  

 [Signature Page to Amended and Restated Investors Rights Agreement] 

			
	INVESTOR:
	
	Piper Jaffray as Custodian FBO William M Facteau IRA Account 7636-6661
		
	 By:
	 	

			
	 Print Name:
	 	  

			
	 Title:
	 	  

	
	Address:
	  

	  

  

 [Signature Page to Amended and Restated Investors Rights Agreement] 

	
	INVESTOR:
	
	  

	Anthony Sertich, MD
	
	Address:
	  

	  

  

 [Signature Page to Amended and Restated Investors Rights Agreement] 

			
	INVESTOR:
		
	Entity:	 	  

		 	(if applicable)
		
	By:	 	  

			
		
	Print Name:	 	  

			
		
	Title:	 	  

		 	(if applicable)
	
	Address:
	  

	  

  

 [Signature Page to Amended and Restated Investors Rights Agreement] 

 EXHIBIT A 
 INVESTORS 
 Name 
 Albert J. Graf 
 Allan F. Alper 
 Angela Croce Norris

 An-Ti Wang and Sharon Lam Wang, as Trustees of the Wang Family Trust, initially created June 9, 2004 
 California National Bank IRA fbo J. Casey McGlynn 
 Carlos F. Fernandez, Jr.

 Catanese Family Trust Joseph Catanese Jr. Trustee 
 Christopher F. Corsiglia Trustee Stacy K. Corsiglia Trustee 2006 Christopher & Stacy Corsiglia Revocable Trust U/A DTD 04/12/2006 
 Christopher M. Mattice 
 Christopher M. Smith 
 Christopher Scroggins 
 Coy Blevins 
 Dan &
Brenda Browne Living Trust 
 David H. Karel 
 David R. Tipton

 Debra Cogan 
 Delphi BioInvestments VII, L.P. 
 Delphi Ventures VII, L.P. 
 Dexter D. Hernando and Avegel B. Hernando

 Donovan 1978 Trust 
 Edwin Dane Barker Revocable Trust dated
August 27, 2001 
 Ellen Sohee Lee 

 Eric A. Scroggins, Trustee, Susana M. Scroggins, Trustee, Scroggins Living Trust U/A DTD 12/20/02 
 Eric Rohrbach 
 Evan Michael Geller and Rebecca Hays Geller 
 Five Corners Pty Ltd 
 George A. Harter, Jr. 
 Giang B.T. Nguyen 
 Harter Living Trust, DTD 02/28/1968, George
Harter & Helen Harter, CO-TTEE 
 Henry C. Settle Jr. 
 Hung Van Ha 
 In joint Tenancy Sivette Lam, Linh Tran 
 Indra Singhal 
 Irving A. Karel 
 J. Casey McGlynn

 John Michael Avila 
 Jonathan R. Maher and Jill Maher

 Jordan and Esther Makower, Joint Tenancy With Right of Survivorship 
 Joseph Catanese, III 
 Joshua Makower, Trustee for the Makower Family Trust U/D/T Dated 5/6/97 
 Kathryn S. Nehra 
 Ketan P. Muni 
 Lauren M. Nehra 
 Linda H. Giang 
 Lynne B. Leith 
 Margaret M. Thornton 
 Mark P. Green and Michele J. Karel, Joint Tenancy With Right of Survivorship 
 Mark T. Tran & Karen Hue K. Nguyen 
 Mei Y. Pader 
  

 Mel Schatz 
 Meritech
Capital Affiliates III L.P. 
 Meritech Capital Partners III L.P. 
 Michael I. Kim and Jin Hee Lee 
 Mitchell M. Maloof 
 NEA Ventures 2005, Limited Partnership 
 Neeta K. Muni 
 New Enterprise Associates 11, Limited Partnership 
 New Enterprise Associates 9, Limited Partnership 
 Nga K. Van 
 Nicholas & Michelle Chang, Husband & Wife

 Nicholas J. Freeman and Andrea T. Freeman 
 Norwick B. H.
Goodspeed 
 Patricia Ann Facteau 
 Patrick J. O’Neill

 PHILIPPE AND LINDI MARCO TRUSTEES OF MARCO REVOCABLE LIVING TRUST 
 Piper Jaffray as Custodian FBO Henry A. Plain Jr. IRA Account 2120-4358 
 Piper Jaffray as Custodian FBO William M Facteau IRA Account 7636-6661

 Robert B. Karel 
 Robert D. Buyan 
 Robert E. Ohlendorf 
 Robert J. Linagen IV 
 Robert K. Anderson 
 Robert N. Wood, Jr. & Susan P. Wood

 Robert S. Porter and Doris E. Porter, Joint Tenancy with Right of Survivorship 
 Robert W. Croce & Karen W. Croce 
 Ron DeAngelis 
 Samuel J. Burruano, Jr. 

 Sanford Fitch and Susan Fitch, as Trustees, or their successor(s) in Trust under the Sanford and Susan Fitch Trust
Agreement dated May 1, 1981 
 Shu-Yuan Tung and Hubert Hong Kye Chou, as community property with right of survivorship 
 Stephen Geller, Phyllis Geller, Joint Tenancy With Right of Survivorship 
 Stephen Zadesky 
 Steven and Jodi Ornstein 
 The Board
Of Trustees of the Leland Stanford Junior University (DAPER I) 
 The Kyle Connor Elrod and Su-Mien Chong 2004 Revocable Trust 
 The Marshall Family 2000 Trust 
 Tri Tran 
 Ty Durekas 
 Versant Affiliates Fund II-A, L.P. 
 Versant Side Fund II, L.P. 
 Versant Venture Capital II, L.P. 
 William E. Bolger, MD 
 William J. Freeborn 
 William M. Facteau 
 WS Invesment Company, LLC (2007A) 
 WS Invesment Company, LLC (2007C) 
 WS Investment Company, LLC (2004A)

 WS Investment Company, LLC (2004D) 
 WS Investment Company,
LLC (2005A) 
 WS Investment Company, LLC (2005D) 
 Zin Lin

 Zuegel Family Revocable Trust established December 21, 2001 

 ACCLARENT, INC. 
 AMENDMENT NO. 1 TO 
 THE AMENDED AND RESTATED INVESTORS RIGHTS AGREEMENT 
 THIS AMENDMENT NO. 1 TO THE AMENDED AND RESTATED INVESTORS RIGHTS AGREEMENT (the “Amendment”) dated June 2, 2008 (the “Effective
Date”) amends the Amended and Restated Investors Rights Agreement dated February 23, 2007 (the “Agreement”), by and among Acclarent, Inc., a Delaware corporation (the “Company”), and persons and entities listed on
Exhibit A to the Agreement (the “Investors”). All defined terms used in this Amendment not otherwise defined herein shall have the same meaning as set forth in the Agreement. 
 WHEREAS, the Investors possess certain registration rights, rights of first refusal, information rights and other rights pursuant to the Agreement;

 WHEREAS, pursuant to Section 3.10 of the Agreement, certain rights, including the access to basic financial information and
inspection rights, granted to certain Investors terminate upon the closing of the Company’s Qualified Initial Public Offering; 
 WHEREAS, pursuant to Section 4.1(e) of the Agreement, the right of first refusal of each Significant Holder under the Agreement terminates upon the closing of the Company’s Qualified Initial Public Offering; 
 WHEREAS, pursuant to the Agreement, “Qualified Initial Public Offering” means a firm commitment underwritten public offering by the Company of
its Common Stock, with gross proceeds to the Company of at least $30,000,000 and with a price per share of at least $6.436, as adjusted for any stock split, stock dividend, recapitalization or other like event; and 
 WHEREAS, the undersigned Investors desire to amend the definition of Qualified Initial Public Offering of the Agreement to delete the $6.436 price per
share requirement so that certain rights, including the rights of first refusal and information rights, terminate upon the closing of the first firmly underwritten public offering of the Company’s Common Stock with gross proceeds to the Company
of at least $30,000,000. 
 NOW THEREFORE, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged,
the parties agree to amend the Agreement as follows: 
  

	I.	Amendment. 

 A. The definition of Qualified
Initial Public Offering under Section 1.1 (o) of the Agreement is amended in its entirety to read as follows: 
 “Qualified
Initial Public Offering” shall mean the closing of the Company’s first Initial Public Offering in which the gross cash proceeds to the Company (before underwriting discounts, commissions and fees) are at least $30,000,000.”

	II.	Miscellaneous. 

 A. Governing
Law. This Amendment shall be governed by and construed and interpreted under the laws of the State of California without reference to conflicts of law principles. 
 B. Modification. This Amendment may not be altered, amended or modified in any way except by written consent of the Company and the holders of 66 2/3% of the Company’s outstanding Registrable
Securities. Waiver of any term or provision of this Amendment or forbearance to enforce any term or provision by any party shall not constitute a waiver as to any subsequent breach or failure of the same term or provision or a waiver of any other
term or provision of this Amendment. 
 C. Full Force and Effect. Except as amended hereby, the Agreement shall remain in full
force and effect. 
 D. Counterparts. This Amendment may be executed in counterparts, each of which shall be declared an
original, but all of which together shall constitute one and the same instrument. 
 [Remainder of the page intentionally left blank]

 This Amendment is executed as of the Effective Date. 
  

			
	COMPANY:
	
	ACCLARENT, INC.
		
	By:	 	 /s/ Bill Facteau

		 	Bill Facteau
		 	Chief Executive Officer

			
		
	Address:	 	1525-B O’Brien Drive
		 	Menlo Park, CA 94025

  

 [Signature Page to Acclarent, Inc. Amendment No. 1 to Amended and Restated Investor Rights
Agreement] 

					
	INVESTORS:
	
	NEW ENTERPRISE ASSOCIATES 11, LIMITED PARTNERSHIP
		
	By:	 	NEA Partners 11, Limited Partnership,
		 	its general partner
		
	By:	 	NEA 11 GP, LLC, its general partner
			
	By:	 	 /s/ Charles W. Newhall III
	 	
		 	Manager	 	
	
	NEA VENTURES 2005, LIMITED PARTNERSHIP
			
	By:	 	 /s/ Pamela Clark
	 	
		 	Vice-President	 	
	
	NEW ENTERPRISE ASSOCIATES 9, LIMITED PARTNERSHIP
		
	By:	 	NEA Partners 9, Limited Partnership
	Its General Partner
			
	By:	 	 /s/ Charles W. Newhall III
	 	
		 	General Partner	 	

  

 [Signature Page to Acclarent, Inc. Amendment No. 1 to Amended and Restated Investor Rights
Agreement] 

			
	VERSANT VENTURE CAPITAL II, L.P.
	By:	 	 Versant Ventures II, L.L.C.,
 Its General
Partner

		
	By:	 	 /s/ Ross A. Jaffe

	Ross A. Jaffe, MD, Managing Director
	
	VERSANT SIDE FUND II, L.P.
	By:	 	 Versant Ventures II, L.L.C.,
 Its General
Partner

		
	By:	 	 /s/ Ross A. Jaffe

	Ross A. Jaffe, MD, Managing Director
	
	VERSANT AFFILIATES FUND II-A, L.P.
	By:	 	 Versant Ventures II, L.L.C.,
 Its General
Partner

		
	By:	 	 /s/ Ross A. Jaffe

	Ross A. Jaffe, MD, Managing Director

  

 [Signature Page to Acclarent, Inc. Amendment No. 1 to Amended and Restated Investor Rights
Agreement] 

			
	WS INVESTMENT COMPANY, LLC (2007A)
		
	By:	 	  

			
		
	Print Name:	 	  

			
		
	Title:	 	  

	
	WS INVESTMENT COMPANY, LLC (2007C)
		
	By:	 	  

			
		
	Print Name:	 	  

			
		
	Title:	 	  

  

 [Signature Page to Acclarent, Inc. Amendment No. 1 to Amended and Restated Investor Rights
Agreement] 

	
	  

	J. CASEY MCGLYNN

  

 [Signature Page to Acclarent, Inc. Amendment No. 1 to Amended and Restated Investor Rights
Agreement] 

			
	GOLD HILL VENTURE LENDING 03, LP
	By:	 	Gold Hill Venture Lending Partners 03, LLC
	Its:	 	General Partner
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	SILICON VALLEY BANK
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

 [Signature Page to Acclarent, Inc. Amendment No. 1 to Amended and Restated Investor Rights
Agreement] 

			
	MERITECH CAPITAL PARTNERS III L.P.
		
	By:	 	Meritech Capital Associates III L.L.C.
		 	Its General Partner
		
	By:	 	Meritech Management Associates III L.L.C.
		 	A Managing Member
		
	By:	 	 /s/ Rob Ward

		 	Rob Ward, Managing Director
	
	MERITECH CAPITAL AFFILIATES III L.P.
		
	By:	 	Meritech Capital Associates III L.L.C.
		 	Its General Partner
		
	By:	 	Meritech Management Associates III L.L.C.
		 	A Managing Member
		
	By:	 	 /s/ Rob Ward

		 	Rob Ward, Managing Director

  

 [Signature Page to Acclarent, Inc. Amendment No. 1 to Amended and Restated Investor Rights
Agreement] 

					
	DELPHI VENTURES VII, L.P.
			
		 	By:	 	Delphi Management Partners VII, LLC
		 		 	General Partner
			
		 	By:	 	 /s/ John F. Maroney

		 	Name:	 	John F. Maroney
		 		 	Managing Member
	
	DELPHI BIOINVESTMENTS VII, L.P.
			
		 	By:	 	Delphi Management Partners VII, LLC
		 		 	General Partner
			
		 	By:	 	 /s/ John F. Maroney

		 	Name:	 	John F. Maroney
		 		 	Managing Member

  

 [Signature Page to Acclarent, Inc. Amendment No. 1 to Amended and Restated Investor Rights
Agreement] 

	
	INVESTOR:
	
	  

	Robert K. Anderson
	
	Address:
	
	  

	
	  

  

 [Signature Page to Acclarent, Inc. Amendment No. 1 to Amended and Restated Investor Rights
Agreement] 

			
	INVESTOR:
	
	Robert W. Croce & Karen W. Croce
		
	By:	 	 /s/ Robert W. Croce        /s/ Karen W. Croce

			
		
	Print Name:	 	 Robert W. Croce        Karen W. Croce

			
		
	Title:	 	  

	
	Address:
	
	  

	
	  

  

 [Signature Page to Acclarent, Inc. Amendment No. 1 to Amended and Restated Investor Rights
Agreement] 

	
	INVESTOR:
	
	  

	Angie C. Norris
	
	Address:
	
	  

	
	  

  

 [Signature Page to Acclarent, Inc. Amendment No. 1 to Amended and Restated Investor Rights
Agreement] 

	
	INVESTOR:
	
	 /s/ Coy Blevins

	Coy Blevins
	
	Address:
	
	  

	
	  

  

 [Signature Page to Acclarent, Inc. Amendment No. 1 to Amended and Restated Investor Rights
Agreement] 

	
	INVESTOR:
	  

	Albert J. Graf
	
	Address:
	
	  

	
	  

  

 [Signature Page to Acclarent, Inc. Amendment No. 1 to Amended and Restated Investor Rights
Agreement] 

	
	INVESTOR:
	  

	Patrick O’Neill
	
	Address:
	
	  

	
	  

  

 [Signature Page to Acclarent, Inc. Amendment No. 1 to Amended and Restated Investor Rights
Agreement] 

			
	INVESTOR:
	
	Piper Jaffray as Custodian FBO William M Facteau IRA Account 7636-6661
		
	By:	 	 /s/ Bill Facteau

			
		
	Print Name:	 	 Bill Facteau

			
		
	Title:	 	 President & CEO

	
	Address:
	
	  

	
	  

  

 [Signature Page to Acclarent, Inc. Amendment No. 1 to Amended and Restated Investor Rights
Agreement] 

	
	INVESTOR:
	
	  

	Anthony Sertich, MD
	
	Address:
	
	  

	
	  

  

 [Signature Page to Acclarent, Inc. Amendment No. 1 to Amended and Restated Investor Rights
Agreement] 

			
	INVESTOR:
		
	Entity:	 	  

		 	(if applicable)
		
	By:	 	  

			
		
	Print Name:	 	  

			
		
	Title:	 	  

		 	(if applicable)
	
	Address:
	
	  

	
	  

  

 [Signature Page to Acclarent, Inc. Amendment No. 1 to Amended and Restated Investor Rights
Agreement]

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