Document:

exv10w2

Exhibit 10.2

EXECUTION COPY

THIS WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY STATE SECURITIES LAWS.
NEITHER THIS WARRANT NOR THE SHARES ISSUABLE UPON THE EXERCISE HEREOF MAY BE SOLD, OFFERED FOR
SALE, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED, HYPOTHECATED OR OTHERWISE DISPOSED OF WITHOUT (I)
AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO UNDER THE ACT OR (II) AN OPINION OF COUNSEL,
REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATION IS NOT REQUIRED.

NXSTAGE MEDICAL, INC.

WARRANT TO PURCHASE SHARES

OF COMMON STOCK

July 22, 2010

Warrant No. W-[     ]

     THIS CERTIFIES THAT, for value received, DaVita Inc., a Delaware corporation, is
entitled to subscribe for and purchase up to a maximum of 5,500,000 shares (subject to vesting
pursuant to Section 2 and adjustment pursuant to Section 5 hereof, the “Shares”) of fully
paid and nonassessable common stock, par value $0.001 per share (“Common Stock”), of
NxStage Medical, Inc., a Delaware corporation (the “Company”), at the price of $14.22 per
share (such price and such other price as shall result, from time to time, from the adjustments
specified in Section 5 hereof is herein referred to as the “Warrant Price”), subject to the
provisions and upon the terms and conditions set forth herein and in the First Amended and Restated
National Service Provider Agreement — Chronic Outpatient Therapy dated as of even date herewith,
including any exhibit and schedule attached thereto (collectively, the “Chronic Outpatient
Therapy Agreement”), by and between the Company and the holder of this Warrant. As used
herein, the term “Date of Grant” means July 22, 2010. As used herein, the term “Warrant”
shall be deemed to include any warrants issued in exchange or upon transfer or partial exercise of
this Warrant unless the context clearly requires otherwise. Terms not otherwise defined herein
shall have the meaning ascribed to them in the Chronic Outpatient Therapy Agreement.

     1. Term. The purchase right represented by this Warrant is exercisable, in whole or
in part, for any Shares to which the holder of this Warrant has vested pursuant to Section 2, at
any time and from time to time from the Date of Grant until the earlier of (a) June 30, 2013, with
respect to Shares to which the holder of this Warrant has vested pursuant to Section 2 based on the
achievement of Customer Growth Level Targets and/or NxStage Growth Level Targets as of June 30,
2011 and June 30, 2012 (including the applicable Customer Growth Level Targets for the twelve-month
period ended June 30, 2011 deemed to be achieved as of June 30, 2012 pursuant to the Curing
Provision), and (b) December 31, 2013, with respect to Shares to which the holder of this Warrant
has vested pursuant to Section 2 based on the achievement of Customer Growth Level Targets and/or
NxStage Growth Level Targets as of June 30, 2013 (including the applicable Customer Growth Level
Targets for the twelve-month period ended June 30, 2012 deemed to be achieved as of June 30, 2013
pursuant to the Curing Provision).

 

 

Notwithstanding the foregoing, this Warrant shall not be exercisable for any Shares to which
the holder of this Warrant has not vested pursuant to Section 2 below.

     2. Vesting Schedule. The Shares represented by this Warrant shall become vested and
exercisable, in each case subject to expiration pursuant to Section 1 above and adjustment pursuant
to Section 5 below, as set forth in Schedule B-5 attached to the Chronic Outpatient Therapy
Agreement (“Schedule B-5”).

     3. Method of Exercise; Payment; Issuance of New Warrant. Subject to Sections 1 and 2
hereof, the purchase right represented by this Warrant with respect to any vested and exercisable
Shares may be exercised by the holder hereof, in whole or in part and from time to time, at the
election of the holder hereof, by the surrender of this Warrant (with the notice of exercise
substantially in the form attached hereto as Exhibit A (the “Notice of Exercise”) duly
completed and executed) at the principal office of the Company and by the payment in cash to the
Company, by certified or bank check, or by wire transfer of immediately available funds to an
account designated by the Company in an amount equal to the then applicable Warrant Price
multiplied by the number of Shares then being purchased. The person or persons in whose name(s)
any certificate(s) representing the Shares shall be issuable upon exercise of this Warrant shall be
deemed to have become the holder(s) of record of, and shall be treated for all purposes as the
record holder(s) of, the Shares represented thereby (and such Shares shall be deemed to have been
issued) immediately prior to the close of business on the date or dates upon which this Warrant is
exercised. As soon as practicable after the exercise of this Warrant and in any event within five
(5) Trading Days thereafter, upon the terms and subject to the conditions of this Warrant, the
Company at its expense will cause to be issued in the name of and delivered to the holder, or
delivered as the holder may direct to a broker or other persons, a certificate or certificates for
the number of Shares to which the holder shall be entitled on such exercise. In lieu of delivering
physical certificates for the Shares issuable upon any exercise of this Warrant, provided the
Company’s transfer agent is participating in the Depository Trust Company (“DTC”) Fast
Automated Securities Transfer program, and that any legend upon the certificates for the Shares
shall have been removed pursuant to Section 11 below, upon request of the holder, the Company shall
use commercially reasonable efforts to cause its transfer agent electronically to transmit such
Shares by crediting the account of the holder’s broker with DTC through its Deposit Withdrawal
Agent Commission system (provided that the same time limitations herein as for stock certificates
shall apply).

     4. Stock Fully Paid; Reservation of Shares; Authority. All Shares that may be issued
upon the exercise of the rights represented by this Warrant will, upon exercise of such rights in
accordance with the terms and conditions herein, be duly authorized, validly issued, fully paid and
nonassessable, and free from all taxes, liens and charges with respect to the issue thereof.
During the period within which the rights represented by this Warrant may be exercised, the Company
will at all times have authorized, and reserved for the purpose of the issue upon exercise of the
purchase rights evidenced by this Warrant, a sufficient number of shares of its Common Stock to
provide for the exercise of the rights represented by this Warrant. The Company has all requisite
corporate power and authority and has taken all necessary corporate action to issue this Warrant
and, upon exercise of this Warrant, the Shares, and to carry out and perform its obligations
hereunder. The execution, delivery and performance of this Warrant

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constitute the valid and binding obligations of the Company, enforceable in accordance with
its terms.

     5. Adjustments for Dividends, Distributions, Subdivisions, Combinations and
Reclassifications. The number and kind of securities purchasable upon the exercise of this
Warrant and the Warrant Price shall be subject to adjustment from time to time upon the happening
of any of the following. In case the Company shall (i) pay a dividend in shares of Common Stock or
make a distribution in shares of Common Stock to holders of its outstanding Common Stock, (ii)
subdivide its outstanding shares of Common Stock into a greater number of shares of Common Stock,
(iii) combine its outstanding shares of Common Stock into a smaller number of shares of Common
Stock, or (iv) issue any shares of its capital stock in a reclassification of the Common Stock,
then the number of Shares or other securities purchasable pursuant hereto upon exercise of this
Warrant immediately after such adjustment shall be determined at a Warrant Price per share obtained
by multiplying the Warrant Price in effect immediately prior to such adjustment by the number of
Shares purchasable pursuant hereto immediately prior to such adjustment and dividing by the number
of Shares or other securities of the Company that are purchasable pursuant hereto immediately after
such adjustment. An adjustment made pursuant to this paragraph shall become effective immediately
after the effective date of such event retroactive to the record date, if any, for such event.

     6. Reorganization, Reclassification, Merger, Consolidation or Disposition of Assets.
If, at any time while this Warrant is outstanding (i) the Company effects any merger or
consolidation of the Company with or into another individual or corporation, partnership, trust,
incorporated or unincorporated association, joint venture, limited liability company, joint stock
company or other entity of any kind (each a “Person”), in which the Company is not the
surviving entity, (ii) the Company effects any sale of all or substantially all of its assets in
one or a series of related transactions, (iii) a majority of the Company’s Common Stock is acquired
by a third party in one or a series of related transactions, (iv) any tender offer or exchange
offer (whether by the Company or another Person) is completed pursuant to which all or
substantially all of the holders of Common Stock are permitted to tender or exchange their shares
for other securities, cash or property, or (v) the Company effects any reclassification or
reorganization of the Common Stock or any share exchange pursuant to which the Common Stock is
effectively converted into or exchanged for other securities, cash or property (other than as a
result of a subdivision or combination of shares of Common Stock covered by Section 5 above) (any
such case in (i) through (v) above, a “Fundamental Transaction”), then the holder shall
have the right thereafter to purchase, upon exercise of this Warrant with respect to the Shares, if
any, that are vested and exercisable immediately prior to the Fundamental Transaction (“Vested
Shares”), in lieu of such Vested Shares issuable upon exercise of this Warrant, the same amount
and kind of securities, cash or property as it would have been entitled to receive upon the
occurrence of such Fundamental Transaction if it had been, immediately prior to such Fundamental
Transaction, the holder of the number of Vested Shares then issuable upon exercise in full of this
Warrant pursuant to the terms herein (the “Vested Alternate Consideration”). Any Shares
that shall have not become vested and exercisable immediately prior to the Fundamental Transaction
shall continue to vest, if at all, pursuant to Section 2 hereof and Schedule B-5, and the holder
shall have the right to purchase upon exercise of this Warrant with respect to that number of
Shares that become vested and exercisable after the Fundamental Transaction, pursuant to Section 2
hereof and Schedule B-5 (“Subsequently Vested Shares”), in lieu of such Subsequently Vested

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Shares issuable upon exercise of this Warrant, the same amount and kind of securities, cash,
or property as it would have been entitled to receive upon the occurrence of such Fundamental
Transaction if it had been, immediately prior to such Fundamental Transaction, the holder of the
number of Subsequently Vested Shares then issuable upon exercise of this Warrant pursuant to the
terms herein (“Subsequently Vested Alternate Consideration”, and, together with the Vested
Alternate Consideration, “Alternate Consideration”). In any such case appropriate
provision (as determined in good faith by the Board of Directors of the Company) shall be made with
respect to the rights and interests of the holder to the end that the provisions hereof (including,
without limitation, provision for adjustment of the Warrant Price pursuant to Section 5 above)
shall thereafter be applicable, as nearly equivalent as may be practicable in relation to any
Alternate Consideration deliverable upon the exercise hereof. The Company shall not effect any
such Fundamental Transaction unless prior to or simultaneously with the consummation thereof, any
successor to the Company, surviving entity (if other than the Company) or the corporation
purchasing or otherwise acquiring such assets or other appropriate corporation or entity shall
assume the obligation to deliver to the holder, such Alternate Consideration as, in accordance with
the foregoing provisions, the holder may be entitled to purchase and/or receive (as the case may
be), and the other obligations under this Warrant. The aggregate Warrant Price for this Warrant
will not be affected by any such Fundamental Transaction, but the Company shall apportion such
aggregate Warrant Price among the Alternate Consideration in a reasonable manner reflecting the
relative value of any different components of the Alternate Consideration, if applicable. If
holders of Common Stock are given any choice as to the securities, cash or property to be received
in a Fundamental Transaction (the “Transaction Consideration”), then the holder shall be
given the same choice as to the Transaction Consideration it receives upon any exercise of this
Warrant in accordance with the terms and conditions herein following such Fundamental Transaction.
At the holder’s request, any successor to the Company or surviving entity in such Fundamental
Transaction shall issue to the holder a new Warrant consistent with the foregoing provisions and
evidencing the holder’s right to purchase the Alternate Consideration for the aggregate Warrant
Price upon exercise thereof. The foregoing provisions of this Section 6 shall similarly apply to
successive reorganizations, reclassifications, mergers, consolidations, spin-offs, or dispositions
of assets.

     7. Notice of Adjustments. Whenever the Warrant Price or the number of Shares
purchasable hereunder shall be adjusted pursuant to Section 5 hereof, the Company shall make a
certificate signed by its chief executive officer, chief financial officer or any vice president
setting forth, in reasonable detail, the event requiring the adjustment, the amount of the
adjustment, the method by which such adjustment was calculated, and the Warrant Price and the
number of Shares purchasable hereunder after giving effect to such adjustment, and shall cause
copies of such certificate to be mailed (without regard to Section 16 hereof, by first class mail,
postage prepaid) to the holder of this Warrant at the holder’s last address for receipt of notice
provided under Section 16.

     8. Notice of Corporate Action. If at any time: (a) the Company shall take a record of
the holders of its Common Stock for the purpose of entitling them to receive a dividend or other
distribution, or any right to subscribe for or purchase any evidences of its indebtedness, any
shares of stock of any class or any other securities or property, or to receive any other right, or
(b) there shall be any capital reorganization of the Company, any reclassification or
recapitalization of the capital stock of the Company or any consolidation or merger of the

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Company with, or any sale, transfer or other disposition of all or substantially all the
property, assets or business of the Company to, another corporation, or (c) there shall be a
voluntary or involuntary dissolution, liquidation or winding up of the Company; then, in any one or
more of such cases, except if such notice or contents thereof shall be deemed to constitute
material non-public information of the Company, the Company shall give to the holder of the Warrant
at the holder’s last address for receipt of notice provided under Section 16 (i) at least five
Business Days’ prior written notice of the date on which a record date shall be selected for such
dividend, distribution or right or for determining rights to vote in respect of any such
reorganization, reclassification, merger, consolidation, sale, transfer, disposition, liquidation
or winding up, and (ii) in the case of any such reorganization, reclassification, merger,
consolidation, sale, transfer, disposition, dissolution, liquidation or winding up, at least five
Business Days’ prior written notice of the date when the same shall take place; provided, however,
that failure to deliver such notice or any defect therein shall not affect the legality or validity
of the event or transaction required to be described in such notice pursuant to this Section 8.
Such notice in accordance with the foregoing clause also shall specify (i) the date on which any
such record is to be taken for the purpose of such dividend, distribution or right, the date on
which the holders of Common Stock shall be entitled to any such dividend, distribution or right,
and the amount and character thereof, and (ii) the date on which any such reorganization,
reclassification, merger, consolidation, sale, transfer, disposition, dissolution, liquidation or
winding up is to take place and the time, if any such time is to be fixed, as of which the holders
of Common Stock shall be entitled to exchange their shares of Common Stock for securities or other
property deliverable upon such disposition, dissolution, liquidation or winding up.

     9. Fractional Shares. No fractional shares of Common Stock will be issued in
connection with any exercise hereunder, but in lieu of such fractional shares the Company shall
make a cash payment therefor based on the fair market value of the Common Stock on the date of
exercise as reasonably determined in good faith by the Company’s Board of Directors.

     10. Charges, Taxes and Expenses. Issuance of any certificates for Shares shall be
made without charge to the holder for any issue tax or other incidental expense that may be payable
in respect of the issuance of such certificates, all of which taxes and expenses shall be paid by
the Company, and such certificates shall be issued in the name of the holder; provided, however,
that the Company shall not be required to pay any tax or incidental expense that may be payable in
respect of any transfer involved in the issuance or delivery of any certificates for Shares in a
name other than the holder. The holder shall pay any applicable transfer taxes and incidental
expenses.

     11. Compliance with Securities Act; No Assignment or Transfer.

     The holder of this Warrant, by acceptance hereof, agrees that this Warrant, and the Shares to
be issued upon exercise hereof, are being acquired for investment and that such holder will not
offer, sell or otherwise dispose of this Warrant, or any Shares except under circumstances which
will not result in a violation of the Securities Act of 1933, as amended (the “Act”), or
any applicable state securities laws. The Shares shall not be sold or transferred unless either
(i) they first shall have been registered under the Act, or (ii) the Company first shall have been
furnished with an opinion of legal counsel, reasonably satisfactory to the Company, to the effect
that such sale or transfer is exempt from the registration requirements of the Act. This Warrant
and all

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Shares issued upon exercise of this Warrant (unless registered under the Act and any
applicable state securities laws) shall be stamped or imprinted with a legend in substantially the
following form:

THIS WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE HEREOF HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY
STATE SECURITIES LAWS. NEITHER THIS WARRANT NOR THE SHARES ISSUABLE UPON THE
EXERCISE HEREOF MAY BE SOLD, OFFERED FOR SALE, ASSIGNED, TRANSFERRED, PLEDGED,
ENCUMBERED, HYPOTHECATED OR OTHERWISE DISPOSED OF WITHOUT (I) AN EFFECTIVE
REGISTRATION STATEMENT RELATED THERETO UNDER THE ACT OR (II) AN OPINION OF COUNSEL,
REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATION IS NOT REQUIRED.

Said legend shall be removed by the Company, upon the request of a holder, at such time as the
restrictions on the transfer of the applicable security shall have terminated. For the avoidance
of doubt, without limiting the Company’s obligations set forth in that certain Registration Rights
Agreement dated as of the date hereof, by and between the Company and the holder, the holder
acknowledges that the Shares issued upon exercise of the Warrant at any time will be unregistered
securities to the extent such Shares are not registered under an applicable registration statement.

In addition, in connection with the issuance of this Warrant, the holder specifically represents to
the Company by acceptance of this Warrant as follows:

          (1) The holder is acquiring this Warrant for its own account for investment purposes only and
not with a view to, or for the resale in connection with, any “distribution” thereof in violation
of the Act.

          (2) The holder understands that this Warrant has not been registered under the Act in reliance
upon a specific exemption therefrom, which exemption depends upon, among other things, the bona
fide nature of the holder’s investment intent as expressed herein.

          (3) The holder further understands that this Warrant must be held indefinitely unless
subsequently registered under the Act and qualified under any applicable state securities laws, or
unless exemptions from registration and qualification are otherwise available. The holder is aware
of the provisions of Rule 144, promulgated under the Act.

          (4) The holder is an “accredited investor” as such term is defined in Rule 501 of Regulation D
promulgated under the Act.

     12. Limitation on Beneficial Ownership.

          (a) Notwithstanding anything to the contrary contained in this Warrant, while the parties
hereto acknowledge that the full exercise of this Warrant, if at all, for the maximum of 5,500,000
Shares (subject to adjustment pursuant to Section 5 hereof) would equal only

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approximately 11% of the Company’s outstanding shares of Common Stock as of the date hereof,
for the avoidance of doubt, this Warrant shall not be exercisable by the holder to the extent that,
if exercisable by the holder, the holder and/or any of its Affiliates would beneficially own in
excess of 19.90% of the total number of outstanding shares of Common Stock (including for such
purpose the shares of Common Stock issuable upon such exercise) (such potential ownership
percentage in excess of 19.90%, the “Potential Excess Ownership”). For the purposes of
this Section 12, beneficial ownership and all determinations and calculations (including, without
limitation, with respect to calculations of percentage ownership) shall be determined in accordance
with Section 13(d) of the Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder. No prior inability to exercise this Warrant pursuant to this Section 12
shall have any effect on the applicability of the provisions of this Section 12 with respect to any
subsequent determination of exercisability. The limitations contained in this Section 12 shall
apply to any successor or permitted transferee or assign of the holder of this Warrant pursuant to
Section 13 hereof. The holders of Common Stock shall be third party beneficiaries of this Section
12 and the Company may not waive this Section 12 without the consent of the holders of a majority
of shares of Common Stock.

     (b) Subject to Section 12(a) above, if any attempted exercise by the holder of this Warrant
would result in any Potential Excess Ownership, the Company will use its commercially reasonable
efforts to seek approval of the Company’s stockholders of such attempted exercise pursuant to the
Nasdaq Market Rule 5635(d) as soon as reasonably practicable; provided, however, that if the
Company’s stockholders do not approve such attempted exercise, the holder shall not exercise this
Warrant to the extent that such exercise would result in any Potential Excess Ownership pursuant to
Section 12(a) above.

     13. Successors and Assigns. Neither this Warrant nor any of the rights hereunder
shall be assignable or transferable in whole or in part except that the holder may transfer this
Warrant to an Affiliate of the holder, provided that, as a condition to such transfer, the
transferee shall (a) furnish to the Company written notice of such transfer and (b) agree in a
written instrument delivered to the Company to be bound by and subject to the terms and conditions
of this Warrant. Any assignment or transfer of this Warrant or any of the rights hereunder in
violation of the provisions of this Warrant shall be null and void. Subject to applicable
securities laws and the provisions of this Warrant, this Warrant and the rights and obligations
evidenced hereby shall inure to the benefit of and be binding upon the successors of the Company
and the successors and permitted assigns of holder.

     14. Rights as Stockholders. No holder of this Warrant, as such, shall be entitled to
vote or receive dividends or be deemed the holder of Common Stock or any other securities which may
at any time be issuable on the exercise hereof for any purpose, nor shall anything contained herein
be construed to confer upon the holder of this Warrant, as such, any of the rights of a stockholder
of the Company or any right to vote for the election of directors or upon any matter submitted to
stockholders at any meeting thereof, or to receive notice of meetings, or to receive dividends or
subscription rights or otherwise until this Warrant shall have been exercised and the Shares
purchasable upon the exercise hereof shall have become deliverable, as provided herein.

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     15. Modification and Waiver. This Warrant and any provision hereof may be changed,
waived, discharged or terminated only by an instrument in writing signed by the entity against
which enforcement of the same is sought.

     16. Notices. All notices, requests, consents and other communications under this
Warrant shall be in writing and shall be deemed delivered (a) two Business Days after being sent by
registered or certified mail, return receipt requested, postage prepaid or (b) one Business Day
after being sent via a reputable nationwide overnight courier service guaranteeing next Business
Day delivery, in each case to the intended recipient as set forth below:

     If to the Company, at 439 South Union Street, 5th Floor, Lawrence, MA 01843, Attention:
President, with a copy to the General Counsel, or at such other address or addresses as may have
been furnished in writing by the Company to the holder, with a copy (which shall not constitute
notice) to Sam Zucker, Esq., O’Melveny & Myers LLP, 2765 Sand Hill Road, Menlo Park, California
94025; and if to the holder, at DaVita Inc., 15253 Bake Parkway, Irvine, CA 92618, Attention:
Vice President Purchasing, with a copy to the General Counsel, at DaVita Inc., 601 Hawaii Street,
El Segundo, CA 90245, or at such other address or addresses as may have been furnished in writing
by the holder to the Company.

     Either party may give any notice, request, consent or other communication under this Warrant
using any other means (including, without limitation, personal delivery, messenger service,
telecopy, first class mail or electronic mail), but no such notice, request, consent or other
communication shall be deemed to have been duly given unless and until it is actually received by
the other party. Either party may change the address to which notices, requests, consents or other
communications hereunder are to be delivered by giving the other party notice in the manner set
forth in this Section 16.

     17. Lost Warrants or Stock Certificates. The Company covenants to the holder hereof
that, upon receipt of evidence reasonably satisfactory to the Company of the loss, theft,
destruction or mutilation of this Warrant or any stock certificate and, in the case of any such
loss, theft or destruction, upon receipt of an affidavit and indemnity agreement reasonably
satisfactory to the Company, or in the case of any such mutilation upon surrender and cancellation
of such Warrant or stock certificate, the Company will make and deliver a new Warrant or stock
certificate, of like tenor, in lieu of the lost, stolen, destroyed or mutilated Warrant or stock
certificate.

     18. Descriptive Headings. The descriptive headings of the several paragraphs of this
Warrant are inserted for convenience only and do not constitute a part of this Warrant. The
language in this Warrant shall be construed as to its fair meaning without regard to which party
drafted this Warrant.

     19. Governing Law. This Warrant shall be construed and enforced in accordance with,
and the rights of the parties shall be governed by, the laws of the State of Delaware, without
giving effect to principles of conflicts of laws.

     20. Severability. Whenever possible, each provision of this Warrant shall be
interpreted in such a manner as to be valid, legal and enforceable under all applicable laws and

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regulations. If, however, any provision of this Warrant shall be invalid, illegal or
unenforceable under any such law or regulation in any jurisdiction, it shall, as to such
jurisdiction, be deemed modified to conform to the minimum requirements of such law or regulation,
or, if for any reason it is not deemed to be so modified, it shall be invalid, illegal or
unenforceable only to the extent of such invalidity, illegality or limitation on enforceability
without affecting the remaining provisions of this Warrant or the validity, legality or
enforceability of such provision in any other jurisdiction.

     21. Entire Agreement; Modification. This Warrant and Schedule B-5 constitute the
entire agreement between the parties pertaining to the subject matter contained herein and
supersedes all prior and contemporaneous agreements, representations, and undertakings of the
parties, whether oral or written, with respect to such subject matter. In the event of a conflict
between the terms of this Warrant and Schedule B-5, the terms of Schedule B-5 shall govern.

     22. Definitions.

     “Affiliate” means, with respect to any person, any other person that, directly or indirectly
through one or more intermediaries, controls, is controlled by, or is under common control with,
such specified person as such terms are used in and construed under Rule 144 under the Securities
Act of 1933, as amended.

     “Business Day” shall mean a day other than a Saturday, Sunday or day on which banking
institutions in New York are authorized or required to remain closed.

     “Trading Day” shall mean a day on which there is trading on the principal stock exchange on
which the Common Stock is then traded.

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     IN WITNESS WHEREOF, the parties have executed this Warrant as of the date first written above.

	 	 	 	 	 	 	 

	 	 	NXSTAGE MEDICAL, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	 
 

	 	 
	 	 	Name: Jeffrey H. Burbank	 	 
	 	 	Title: President, Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	DAVITA INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	 
 

	 	 
	 

	 	Title:	 	 	 	 

[Signature Page to Warrant]

 

 

Exhibit A

Notice of Exercise

The
undersigned hereby elects to purchase                      shares of Common Stock of the Company pursuant to
Section 3 of the attached Warrant, and tenders herewith payment of the purchase price of such
 shares in full.

Please issue a certificate or certificates representing said shares in the name of the undersigned
or in such other name or names as are specified below:

	 	 	 	 	 

	 

	 	 

(Name)
	 	 
	 
	 
	 	 	 	 
	 

	 	 

	 	 
	 

	 	 

	 	 
	 

	 	 

(Address)
	 	 

The undersigned represents that the aforesaid shares are being acquired for the account of the
undersigned for investment and not with a view to, or for resale in connection with, the
distribution thereof and that the undersigned has no present intention of distributing or
reselling such shares, all except as in compliance with applicable securities laws.

	 	 	 	 	 	 	 

	 

	 	 	 	 

(Signature)
	 	 
	 
	 	 	 	 	 	 
	 

	 	Dated:exv10w3

Exhibit 10.3

EXECUTION COPY

REGISTRATION RIGHTS AGREEMENT

     This Registration Rights Agreement (this “Agreement”) is made and entered into as of
July 22, 2010, by and between NxStage Medical, Inc., a Delaware corporation (the
“Company”), and DaVita Inc., a Delaware corporation (“DaVita”).

     This Agreement is made in connection with the Warrant to Purchase Shares of Common Stock dated
as of the date hereof, by and between the Company and DaVita (the “Warrant Agreement”).

     The Company and DaVita hereby agree as follows:

1. Definitions. Capitalized terms used and not otherwise defined herein that are defined
in the Warrant Agreement shall have the meanings given such terms in the Warrant Agreement. As
used in this Agreement, the following terms shall have the following meanings:

     “Affiliate” means, with respect to any person, any other person that, directly
or indirectly through one or more intermediaries, controls, is controlled by, or is under
common control with, such specified person as such terms are used in and construed under
Rule 144 under the Securities Act of 1933, as amended.

     “Business Day” means any day other than a Saturday or Sunday or any day on
which banks in New York are authorized or required to remain closed.

     “Commission” means the Securities and Exchange Commission.

     “Common Stock” means the common stock, par value $0.001 per share, of the
Company.

     “DaVita Registration Statement” means the DaVita Registration Statement
required to be filed under Section 2, including (in each case) the Prospectus, amendments
and supplements to such registration statement or Prospectus, including pre- and
post-effective amendments, all exhibits thereto, and all material incorporated by reference
or deemed to be incorporated by reference in such registration statement.

     “Effectiveness Date” means, with respect to the initial DaVita Registration
Statement required to be filed hereunder, the later of (i) July 30, 2011 and (ii) the date
on which any Shares shall first become vested and exercisable under the Warrant Agreement.

     “Effectiveness Period” shall have the meaning set forth in Section 2(a).

     “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any
successor statute, and the rules and regulations of the Commission promulgated thereunder,
all as the same shall be in effect from time to time.

     “Filing Date” shall have the meaning set forth in Section 2(a).

 

 

     “Indemnified Party” shall have the meaning set forth in Section 5(c).

     “Indemnifying Party” shall have the meaning set forth in Section 5(c).

     “Losses” shall have the meaning set forth in Section 5(a).

     “Proceeding” means an action, claim, suit, investigation or proceeding
(including, without limitation, an investigation or partial proceeding, such as a
deposition), whether commenced or threatened.

     “Prospectus” means the prospectus included in the DaVita Registration Statement
(including, without limitation, a prospectus that includes any information previously
omitted from a prospectus filed as part of an effective registration statement in reliance
upon Rule 430A promulgated under the Securities Act), as amended or supplemented by any
prospectus supplement, with respect to the terms of the offering of any portion of the
Registrable Securities covered by the DaVita Registration Statement, and all other
amendments and supplements to the Prospectus, including post-effective amendments, and all
material incorporated by reference or deemed to be incorporated by reference in such
Prospectus.

     “Registrable Securities” means the Shares, together with any securities issued
or issuable upon any stock split, dividend or other distribution, recapitalization or
similar event with respect to the foregoing; provided, however, a Share shall cease to be a
Registrable Security upon (A) sale pursuant to the DaVita Registration Statement or Rule 144
or (B) such Share becoming eligible for sale without restrictions by the holder thereof
pursuant to Rule 144.

     “Rule 144” means Rule 144 promulgated by the Commission pursuant to the
Securities Act, as such Rule may be amended from time to time, or any similar rule or
regulation hereafter adopted by the Commission having substantially the same effect as such
Rule.

     “Rule 415” means Rule 415 promulgated by the Commission pursuant to the
Securities Act, as such Rule may be amended from time to time, or any similar rule or
regulation hereafter adopted by the Commission having substantially the same effect as such
Rule.

     “Rule 424” means Rule 424 promulgated by the Commission pursuant to the
Securities Act, as such Rule may be amended from time to time, or any similar rule or
regulation hereafter adopted by the Commission having substantially the same effect as such
Rule.

     “Securities Act” means the Securities Act of 1933, as amended, or any successor
statute, and the rules and regulations of the Commission promulgated thereunder, all as the
same shall be in effect from time to time.

     “Shares” solely for the purpose of this Agreement means the Shares (as defined
in the Warrant Agreement).

2

 

     “Trading Day” means a day on which the Common Stock is trading on a Trading
Market.

     “Trading Market” means the following markets or exchanges on which the Common
Stock is listed or quoted for trading on the date in question: the American Stock Exchange,
the New York Stock Exchange, the NASDAQ Global Market, the NASDAQ Capital Market, the OTC
Bulletin Board, or any other recognized exchange or automated quotation system.

2. DaVita Registration.

     (a) On or prior to April 1, 2011 (the “Filing Date”), the Company shall use its best
efforts to prepare and file with the Commission the DaVita Registration Statement covering the
resale by DaVita to the public of the Registrable Securities for an offering to be made on a
continuous basis pursuant to Rule 415. The DaVita Registration Statement required hereunder shall
be on Form S-3 (except if the Company is not then eligible to register for resale the Registrable
Securities on Form S-3, in which case such registration shall be on another appropriate form in
accordance herewith). The DaVita Registration Statement shall contain (except if otherwise
required by applicable law or pursuant to comments received from the Commission upon a review of
the DaVita Registration Statement) the “Plan of Distribution” attached hereto as Annex
A. The Company shall use its best efforts to cause the DaVita Registration Statement to be
declared effective under the Securities Act as promptly as possible after the filing thereof, but
in any event not later than the Effectiveness Date, and shall use commercially reasonable efforts
to keep the DaVita Registration Statement continuously effective under the Securities Act until the
earlier of (i) such time as all the Registrable Securities covered by the DaVita Registration
Statement have been publicly sold or (ii) such time as all the Registrable Securities may be sold
pursuant to Rule 144 without restrictions (the “Effectiveness Period”).

     (b) DaVita agrees to furnish to the Company a completed Questionnaire in the form attached to
this Agreement as Annex B, or other form reasonably acceptable to the Company (a
“Selling Holder Questionnaire”). The Company shall not be required to include the
Registrable Securities in the DaVita Registration Statement if DaVita fails to furnish to the
Company a fully completed Selling Holder Questionnaire at least two Trading Days prior to the
Filing Date (subject to the requirements set forth in Section 3(a)).

     (c) If DaVita intends to distribute the Registrable Securities by means of an underwriting,
DaVita shall promptly so advise the Company. DaVita and Company shall enter into an underwriting
agreement in usual and customary form with the underwriter or underwriters selected for such
underwriting by DaVita (which underwriter or underwriters shall be reasonably acceptable to the
Company).

     (d) For not more than twenty (20) consecutive days or for a total of not more than forty-five
(45) days in any twelve (12) month period, the Company may suspend the use of any Prospectus
included in the DaVita Registration Statement contemplated by this Section 2 in the event that the
Company determines in good faith that such suspension is necessary to (i) delay the disclosure of
material non-public information concerning the Company, the disclosure of

3

 

which at the time is not, in the good faith opinion of the Company, in the best interests of
the Company or (ii) amend or supplement the DaVita Registration Statement or the related Prospectus
so that the DaVita Registration Statement or 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, in the case of the Prospectus in light of the circumstances under which
they were made, not misleading (an “Allowed Delay”), provided that the Company shall
promptly (a) notify DaVita in writing of the commencement of and the reasons for an Allowed Delay,
but shall not disclose to DaVita any material non-public information giving rise to the Allowed
Delay, (b) advise DaVita in writing to cease all sales under the DaVita Registration Statement
until the end of the Allowed Delay and (c) use commercially reasonable efforts to terminate the
Allowed Delay as promptly as practicable.

3. Registration Procedures.

     In connection with the Company’s registration obligations under Section 2, the Company shall:

     (a) Not less than three (3) Trading Days prior to the filing of the DaVita Registration
Statement or any related Prospectus or any amendment or supplement thereto, (i) furnish to DaVita
copies of all such documents proposed to be filed (including documents incorporated or deemed
incorporated by reference to the extent requested by DaVita) which documents will be subject to the
review of DaVita, and (ii) cause its officers and directors, counsel and independent certified
public accountants to respond to such inquiries as shall be necessary, in the reasonable opinion of
respective counsel to conduct a reasonable investigation within the meaning of the Securities Act.
The Company shall not file the DaVita Registration Statement or any such Prospectus or any
amendments or supplements thereto, to which DaVita shall reasonably object.

     (b) (i) Prepare and file with the Commission such amendments, including post-effective
amendments, to the DaVita Registration Statement and the Prospectus used in connection therewith as
may be necessary to keep the DaVita Registration Statement continuously effective as to the
applicable Registrable Securities for the Effectiveness Period; (ii) cause the related Prospectus
to be amended or supplemented by any required Prospectus supplement, and as so supplemented or
amended to be filed pursuant to Rule 424; (iii) respond as promptly as reasonably possible to any
comments received from the Commission with respect to the DaVita Registration Statement or any
amendment thereto and, as promptly as reasonably possible, upon request, provide DaVita true and
complete copies of all correspondence from and to the Commission relating to such DaVita
Registration Statement that would not result in the disclosure to DaVita of material and non-public
information concerning the Company; and (iv) comply in all material respects with the provisions of
the Securities Act and the Exchange Act with respect to the disposition of all Registrable
Securities covered by the DaVita Registration Statement during the applicable period.

     (c) Notify DaVita as promptly as reasonably possible (and, in the case of (i)(A) below, not
less than three (3) Trading Days prior to such filing) and (if requested by DaVita) confirm such
notice in writing promptly following the day (i)(A) when a Prospectus or any Prospectus supplement
or post-effective amendment to the DaVita Registration Statement is proposed to be filed; (B) when
the Commission notifies the Company whether there will be a

4

 

“review” of the DaVita Registration Statement and whenever the Commission comments in writing
on such DaVita Registration Statement (the Company shall upon DaVita’s request provide true and
complete copies thereof and all written responses thereto that would not result in the disclosure
to DaVita of material and non-public information concerning the Company); and (C) with respect to
the DaVita Registration Statement or any post-effective amendment, when the same has become
effective; (ii) of any request by the Commission or any other federal or state governmental
authority during the Effectiveness Period for amendments or supplements to the DaVita Registration
Statement or Prospectus or for additional information; (iii) of the issuance by the Commission or
any other federal or state governmental authority of any stop order suspending the effectiveness of
the DaVita Registration Statement covering any or all of the Registrable Securities or the
initiation of any Proceedings for that purpose; (iv) of the receipt by the Company of any
notification with respect to the suspension of the qualification or exemption from qualification of
any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of
any Proceeding for such purpose; and (v) of the occurrence of any event or passage of time that
makes the financial statements included in the DaVita Registration Statement ineligible for
inclusion therein or any statement made in such DaVita Registration Statement or Prospectus or any
document incorporated or deemed to be incorporated therein by reference untrue in any material
respect or that requires any revisions to the DaVita Registration Statement, Prospectus or other
documents so that, in the case of the DaVita Registration Statement or the Prospectus, as the case
may be, it will not contain any untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading.

     (d) Use its best efforts to avoid the issuance of, or, if issued, obtain the withdrawal of (i)
any order suspending the effectiveness of the DaVita Registration Statement, or (ii) any suspension
of the qualification (or exemption from qualification) of any of the Registrable Securities for
sale in any jurisdiction, at the earliest practicable moment.

     (e) Furnish to DaVita, without charge, at least one conformed copy of each the DaVita
Registration Statement and each amendment thereto, and all exhibits to the extent requested by
DaVita (including those previously furnished) promptly after the filing of such documents with the
Commission.

     (f) Promptly deliver to DaVita, without charge, as many copies of the Prospectus or
Prospectuses (including each form of prospectus) and each amendment or supplement thereto as DaVita
may reasonably request. The Company hereby consents to the use of such Prospectus and each
amendment or supplement thereto by DaVita in connection with the offering and sale of the
Registrable Securities covered by such Prospectus and any amendment or supplement thereto.

     (g) Prior to any public offering of Registrable Securities, use commercially reasonable
efforts to register or qualify or cooperate with DaVita in connection with the registration or
qualification (or exemption from such registration or qualification) of such Registrable Securities
for offer and sale under the securities or Blue Sky laws of such jurisdictions within the United
States as DaVita reasonably requests in writing, to keep each such registration or qualification
(or exemption therefrom) effective during the Effectiveness Period

5

 

and to do any and all other acts or things reasonably necessary or advisable to enable the
disposition in such jurisdictions of the Registrable Securities covered by the DaVita Registration
Statement; provided, that the Company shall not be required to qualify generally to do business in
any jurisdiction where it is not then so qualified and where such a qualification would subject the
Company to any material tax in any such jurisdiction where it is not then so subject or file a
general consent to service of process in any such jurisdiction.

     (h) Cooperate with DaVita to facilitate the timely preparation and delivery of certificates
representing Registrable Securities to be delivered to a transferee pursuant to the DaVita
Registration Statement, which certificates shall be free, to the extent permitted by the Warrant
Agreement, of all restrictive legends, and to enable such Registrable Securities to be in such
denominations and registered in such names as DaVita may request.

     (i) Upon the occurrence of any event contemplated by Section 3(c)(v), as promptly as
reasonably possible, prepare a supplement or amendment, including a post-effective amendment if
necessary, to the DaVita Registration Statement or a supplement to the related Prospectus or any
document incorporated or deemed to be incorporated therein by reference, and file any other
required document so that, as thereafter delivered, neither the DaVita Registration Statement nor
the Prospectus will contain 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, in light of the
circumstances under which they were made, not misleading.

     (j) In the event of any underwritten public offering of the Registrable Securities, cooperate
with and enter into and perform its obligations under an underwriting agreement, in usual and
customary form, with the managing underwriter(s) of such offering.

4. Registration Expenses.

     All reasonable expenses, other than underwriting discounts, commissions or concessions and
brokers’ or agents’ commissions or concessions or selling commissions or concessions, incurred in
connection with registrations, filings or qualifications pursuant to this Agreement, including,
without limitation, all registration, listing and qualifications fees, printers and accounting
fees, and fees and disbursements of counsel for Company shall be paid by Company. DaVita shall pay
any and all fees and disbursements of legal counsel for DaVita in connection with registration,
filing or qualification of the Registrable Securities pursuant to this Agreement.

5. Indemnification.

     (a) Indemnification by the Company. The Company shall, notwithstanding any
termination of this Agreement, indemnify and hold harmless DaVita, its officers, directors, agents
and employees, each person or entity who controls DaVita (within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act) and the officers, directors, agents and employees
of each such controlling person or entity, to the fullest extent permitted by applicable law, from
and against any and all losses, claims, damages, liabilities, costs (including, without limitation,
reasonable attorneys’ fees) and expenses (collectively, “Losses”), as incurred, arising out
of or relating to (i) any violation by the Company of federal or state securities law, or any other
law or regulation relating to the offer or sale of the Registrable Securities pursuant to

6

 

the DaVita Registration Statement; (ii) any untrue or alleged untrue statement of a material
fact contained in the DaVita Registration Statement, any Prospectus or any form of prospectus or in
any amendment or supplement thereto or in any preliminary prospectus, or (iii) any omission or
alleged omission of a material fact required to be stated in the DaVita Registration Statement, any
Prospectus or any form of prospectus or in any amendment or supplement thereto or in any
preliminary prospectus or necessary to make the statements therein (in the case of any Prospectus
or form of prospectus or supplement thereto, in light of the circumstances under which they were
made) not misleading, except to the extent, but only to the extent, that (1) such untrue statements
or omissions are based solely upon information regarding DaVita furnished in writing to the Company
by DaVita expressly for use therein, or to the extent that such information relates to DaVita or
DaVita’s proposed method of distribution of Registrable Securities and was reviewed and expressly
approved in writing by DaVita expressly for use in the DaVita Registration Statement, such
Prospectus or such form of Prospectus or in any amendment or supplement thereto (it being
understood that DaVita has approved Annex A hereto for this purpose) or (2) in the case of an
occurrence of an event of the type specified in Section 3(c)(ii)-(v), DaVita uses an outdated or
defective Prospectus after the Company has notified DaVita in writing that the Prospectus is
outdated or defective and prior to the receipt by DaVita of the Advice contemplated in Section
8(d). The Company shall notify DaVita promptly of the institution, threat or assertion of any
Proceeding of which the Company is aware in connection with the transactions contemplated by this
Agreement.

     (b) Indemnification by DaVita. DaVita shall, notwithstanding any termination of this
Agreement, indemnify and hold harmless the Company, its directors, officers, agents and employees,
each person or entity who controls the Company (within the meaning of Section 15 of the Securities
Act and Section 20 of the Exchange Act), and the directors, officers, agents and employees of each
such controlling person or entity, to the fullest extent permitted by applicable law, from and
against all Losses, as incurred, arising out of or based solely upon: (x) DaVita’s failure to
comply with the prospectus delivery requirements of the Securities Act or (y) any untrue or alleged
untrue statement of a material fact contained in any DaVita Registration Statement, any Prospectus,
or any form of prospectus, or in any amendment or supplement thereto or in any preliminary
prospectus, or arising out of or relating to any omission or alleged omission of a material fact
required to be stated in the DaVita Registration Statement, any Prospectus or any form of
prospectus or in any amendment or supplement thereto or in any preliminary prospectus or necessary
to make the statements therein (in the case of any Prospectus or form of prospectus or supplement
thereto, in light of the circumstances under which they were made) not misleading (i) to the
extent, but only to the extent, that such untrue statement or omission is contained in any
information so furnished in writing by DaVita to the Company expressly for inclusion in such DaVita
Registration Statement or such Prospectus or (ii) to the extent that (1) such untrue statements or
omissions are based upon information regarding DaVita furnished in writing to the Company by DaVita
expressly for use therein, or to the extent that such information relates to DaVita or DaVita’s
proposed method of distribution of Registrable Securities and was reviewed and expressly approved
in writing by DaVita expressly for use in the DaVita Registration Statement (it being understood
that DaVita has approved Annex A hereto for this purpose), such Prospectus or such form of
Prospectus or in any amendment or supplement thereto or (2) in the case of an occurrence of an
event of the type specified in Section 3(c)(ii)-(v), DaVita uses an outdated or defective
Prospectus after the Company has notified

7

 

DaVita in writing that the Prospectus is outdated or defective and prior to the receipt by
DaVita of the Advice contemplated in Section 8(d).

     (c) Conduct of Indemnification Proceedings. If any Proceeding shall be brought or
asserted against any person or entity entitled to indemnity hereunder (an “Indemnified
Party”), such Indemnified Party shall promptly notify the person or entity from whom indemnity
is sought (the “Indemnifying Party”) in writing, and the Indemnifying Party shall have the
right to assume the defense thereof, including the employment of counsel reasonably satisfactory to
the Indemnified Party and the payment of all fees and expenses incurred in connection with defense
thereof; provided, that the failure of any Indemnified Party to give such notice shall not relieve
the Indemnifying Party of its obligations or liabilities pursuant to this Agreement, except (and
only) to the extent that it shall be finally determined by a court of competent jurisdiction (which
determination is not subject to appeal or further review) that such failure shall have prejudiced
the Indemnifying Party.

     An Indemnified Party shall have the right to employ separate counsel in any such Proceeding
and to participate in the defense thereof, but the fees and expenses of such counsel shall be at
the expense of such Indemnified Party or Parties unless: (1) the Indemnifying Party has agreed in
writing to pay such fees and expenses; (2) the Indemnifying Party shall have failed promptly to
assume the defense of such Proceeding and to employ counsel reasonably satisfactory to such
Indemnified Party in any such Proceeding; or (3) the named parties to any such Proceeding
(including any impleaded parties) include both such Indemnified Party and the Indemnifying Party,
and such Indemnified Party shall have been advised by counsel that a conflict of interest is likely
to exist if the same counsel were to represent such Indemnified Party and the Indemnifying Party
(in which case, if such Indemnified Party notifies the Indemnifying Party in writing that it elects
to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall
not have the right to assume the defense thereof and the reasonable fees and expenses of one
separate counsel shall be at the expense of the Indemnifying Party). In no event shall the
Indemnifying Party be liable for fees and expenses of more than one counsel (in addition to any
local counsel) for all Indemnified Parties. The Indemnifying Party shall not be liable for any
settlement of any such Proceeding effected without its written consent, which consent shall not be
unreasonably withheld. No Indemnifying Party shall, without the prior written consent of the
Indemnified Party, effect any settlement of any pending Proceeding in respect of which any
Indemnified Party is a party, unless such settlement includes an unconditional release of such
Indemnified Party from all liability on claims that are the subject matter of such Proceeding.

     All reasonable fees and expenses of the Indemnified Party (including reasonable fees and
expenses to the extent incurred in connection with investigating or preparing to defend such
Proceeding in a manner not inconsistent with this Section) shall be paid to the Indemnified Party,
as incurred, within thirty days of written notice thereof to the Indemnifying Party;
provided, that the Indemnified Party shall promptly reimburse the Indemnifying Party for
that portion of such fees and expenses applicable to such actions for which such Indemnified Party
is not entitled to indemnification hereunder, determined based upon the relative faults of the
parties.

     (d) Contribution. If a claim for indemnification under Section 5(a) or 5(b) is
unavailable to an Indemnified Party (by reason of public policy or otherwise), then each

8

 

Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the
amount paid or payable by such Indemnified Party as a result of such Losses, in such proportion as
is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified Party in
connection with the actions, statements or omissions that resulted in such Losses as well as any
other relevant equitable considerations. The relative fault of such Indemnifying Party and
Indemnified Party shall be determined by reference to, among other things, whether any action in
question, including any untrue or alleged untrue statement of a material fact or omission or
alleged omission of a material fact, has been taken or made by, or relates to information supplied
by, such Indemnifying Party or Indemnified Party, and the parties’ relative intent, knowledge,
access to information and opportunity to correct or prevent such action, statement or omission.
The amount paid or payable by a party as a result of any Losses shall be deemed to include, subject
to the limitations set forth in Section 5(c), any reasonable attorneys’ or other reasonable fees or
expenses incurred by such party in connection with any Proceeding to the extent such party would
have been indemnified for such fees or expenses if the indemnification provided for in this Section
was available to such party in accordance with its terms.

     The parties hereto agree that it would not be just and equitable if contribution pursuant to
this Section 5(d) were determined by pro rata allocation or by any other method of allocation that
does not take into account the equitable considerations referred to in the immediately preceding
paragraph. Notwithstanding the provisions of this Section 5(d), DaVita shall not be required to
contribute, in the aggregate, any amount in excess of the amount by which the proceeds actually
received by DaVita from the sale of the Registrable Securities subject to the Proceeding exceeds
the amount of any damages that DaVita has otherwise been required to pay by reason of such untrue
or alleged untrue statement or omission or alleged omission, except in the case of fraud or willful
or intentional misconduct by DaVita. No person or entity guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from
any person or entity who was not guilty of such fraudulent misrepresentation.

     Absent fraud or willful or intentional misconduct, the indemnification and contribution
provided by the Company and DaVita pursuant to this Section 5 shall be the sole and exclusive
remedy for any Losses referred to herein. The amount of any payment by the Company under this
Section 5 in respect of any Losses resulting from or arising out of any indemnification or
contribution claim shall in no event exceed the gross proceeds actually received by the Company as
a result of the exercise of the Warrant Agreement by DaVita pursuant to the terms and conditions
contained therein. The amount of any payment by DaVita under this Section 5 in respect of any
Losses resulting from or arising out of any indemnification or contribution claim shall in no event
exceed the gross proceeds to such DaVita as a result of the sale of the Shares pursuant to the
DaVita Registration Statement.

     Further, the Company and DaVita agree that in no event shall either party’s aggregate
liability under this Agreement exceed $2,000,000.

6. Withdrawal of the DaVita Registration Statement. After the termination of the
Effectiveness Period, the Company shall be entitled to withdraw the DaVita Registration Statement,
and DaVita shall have no further right to offer or sell any of the Shares pursuant to the DaVita
Registration Statement.

9

 

7. Standstill

     (a) Standstill Agreement. DaVita will not, directly or indirectly, without the prior
consent of a majority of the Board of Directors of the Company (the “Board”), (i) acquire,
or offer or agree to acquire, any shares of Common Stock; (ii) engage or become a participant in
any “solicitation” of “proxies” (as each such term is defined in Regulation 14A under the Exchange
Act) or consent to vote any shares of Common Stock; or (iii) transfer to any third party (other
than to DaVita’s “affiliates,” “associates” (as each such term is defined in Rule 12b-2 under the
Exchange Act), officers, directors or employees and other than pursuant to a proxy solicitation
conducted by or on behalf of the Board), the right to vote any shares of Common Stock, provided
that nothing contained in this Section 7(a) will prevent or prohibit DaVita from purchasing any
Shares vested and issuable pursuant to the Warrant Agreement or selling any Shares issued upon
exercise of the Warrant Agreement, provided further that any purchase of Shares shall be subject to
Section 12 of the Warrant Agreement. DaVita also agrees that it will not advise, assist or
encourage any third party to do any of the foregoing. This Section 7 shall terminate (if not
earlier terminated pursuant to Section 7(b)) upon the earlier of (i) such time as all Shares issued
under the Warrant Agreement have been exercised and sold to any Person not affiliated with DaVita
and no further Shares are then issuable under the Warrant Agreement, and (ii) December 31, 2013.

     (b) Termination of Standstill. Notwithstanding the foregoing, the obligations of
DaVita under this Section 7 shall terminate in the event (i) of any bona fide third party tender or
exchange offer for at least 50% of the outstanding shares of Common Stock, (ii) it is publicly
disclosed that more than 30% of the shares of Common Stock then outstanding have been acquired or
are proposed to be acquired by any person or corporate or governmental entity (a “Person”)
or group unaffiliated with DaVita, (iii) the Company enters into any agreement to merge with any
Person not affiliated with DaVita, or (iv) DaVita enters into any agreement to sell all or
substantially all of its assets to any Person not affiliated with DaVita. All of the provisions of
Section 7 shall be reinstated and shall apply in full force according to their terms in the event
that: (x) if the provisions of Section 7 shall have terminated as the result of a tender or
exchange offer, such tender or exchange offer (as originally made or as amended or modified) shall
have terminated (without closing) prior to the commencement of a tender or exchange offer by DaVita
that would have been permitted to be made pursuant to the first sentence of this Section 7(b) as a
result of such third-party tender or exchange offer; (y) any tender or exchange offer by DaVita (as
originally made or as extended or modified) that was permitted to be made pursuant to this Section
7(b) shall have terminated (without closing); or (z) if the provisions of this Section 7 shall have
terminated as a result of any action by the Company referred to in this Section 7(b), the Company
shall have determined not to take any of such actions (and no such transaction shall have closed)
prior to the commencement of a tender or exchange offer by DaVita that would have been permitted to
be made pursuant to this Section 7(b) as a result of the initial determination of the Company
referred to in this Section 7(b). Upon reinstatement of the provisions of Section 7, the
provisions of this Section 7(b) shall continue to govern in the event that any of the events
described in this Section 7(b) shall occur.

10

 

8. Miscellaneous.

     (a) Remedies. In the event of a breach by the Company or by DaVita, of any of their
obligations under this Agreement, DaVita or the Company, as the case may be, in addition to being
entitled to exercise all rights granted by law and under this Agreement, including recovery of
damages, will be entitled to specific performance of its rights under this Agreement. The Company
and DaVita agree that monetary damages would not provide adequate compensation for any losses
incurred by reason of a breach by it of any of the provisions of this Agreement and hereby further
agrees that, in the event of any action for specific performance in respect of such breach, it
shall waive the defense that a remedy at law would be adequate.

     (b) Registration of Other Securities. Notwithstanding anything contained herein to
the contrary and for the avoidance of doubt, the parties hereto acknowledge that (a) the Company
has granted registration rights to other holders with respect its Common Stock, and (b) any DaVita
Registration Statement prepared, filed and made effective under Section 3 may also cover the resale
of such other securities as well as any securities held by other security holders which the Company
has an obligation to register.

     (c) Compliance. DaVita covenants and agrees that it will comply with the prospectus
delivery requirements of the Securities Act as applicable to it in connection with sales of
Registrable Securities pursuant to the DaVita Registration Statement.

     (d) Discontinued Disposition. DaVita agrees that, upon receipt of a notice from the
Company of (i) the commencement of an Allowed Delay pursuant to Section 2(d) or (ii) the occurrence
of any event of the kind described in Section 3(c), DaVita will forthwith discontinue disposition
of any Registrable Securities under the DaVita Registration Statement until it is advised in
writing (the “Advice”) by the Company that such disposition may again be made. The Company
may provide appropriate stop orders to enforce the provisions of this paragraph.

     (e) Amendments and Waivers. The provisions of this Agreement, including the
provisions of this sentence, may not be amended, modified or supplemented, and waivers or consents
to departures from the provisions hereof may not be given, unless the same shall be in writing and
signed by the Company and DaVita.

     (f) Notices. Any and all notices or other communications or deliveries required or
permitted to be provided hereunder shall be in writing and shall be deemed given and effective on
the earliest of (i) the date of transmission, if such notice or communication is delivered via
facsimile at the facsimile number provided for below, (ii) the Trading Day following the date of
mailing, if sent by nationally recognized overnight courier service, or (iii) upon actual receipt
by the party to whom such notice is required to be given. The address for such notices and
communications shall be delivered and addressed as set forth in the Warrant Agreement.

     (g) Successors and Assigns. Neither this Agreement nor any of the rights hereunder
shall be assignable or transferable in whole or in part except that DaVita may transfer this
Agreement to one of its Affiliates, provided that, as a condition to such transfer, such
Affiliate shall (a) furnish to the Company written notice of such transfer and (b) agree in
a written instrument delivered to the Company to be bound by and subject to the terms and
conditions of

11

 

this Agreement. Any assignment or transfer of this Agreement or any of the rights hereunder
in violation of the provisions of this Agreement shall be null and void. Subject to applicable
securities laws and the provisions of this Agreement, this Agreement and the rights and obligations
evidenced hereby shall inure to the benefit of and be binding upon the successors of the Company
and the successors and permitted assigns of DaVita.

     (h) Execution and Counterparts. This Agreement may be executed in any number of
counterparts, each of which when so executed shall be deemed to be an original and, all of which
taken together shall constitute one and the same Agreement. In the event that any signature is
delivered by facsimile transmission, such signature shall create a valid binding obligation of the
party executing (or on whose behalf such signature is executed) the same with the same force and
effect as if such facsimile signature were the original thereof.

     (i) Governing Law. All questions concerning the construction, validity, enforcement
and interpretation of this Agreement shall be governed by and construed and enforced in accordance
with the internal laws of the State of Delaware, without regard to the principles of conflicts of
law thereof. Each party agrees that all legal proceedings concerning the interpretations,
enforcement and defense of the transactions contemplated by this Agreement (whether brought against
a party hereto or its respective affiliates, directors, officers, shareholders, employees or
agents) shall be commenced exclusively in the state and federal courts sitting in the State of
Delaware. Each party hereto hereby irrevocably submits to the exclusive jurisdiction of the state
and federal courts sitting in the State of Delaware for the adjudication of any dispute hereunder
or in connection herewith or with any transaction contemplated hereby or discussed herein
(including with respect to the enforcement of the any provision of this Agreement), and hereby
irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it
is not personally subject to the jurisdiction of any such court, that such suit, action or
proceeding is improper. Each party hereto hereby irrevocably waives, to the fullest extent
permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out
of or relating to this Agreement or the transactions contemplated hereby. If either party shall
commence an action or proceeding to enforce any provisions of this Agreement, then the prevailing
party in such action or proceeding shall be reimbursed by the other party for its attorney’s fees
and other costs and expenses incurred with the investigation, preparation and prosecution of such
action or proceeding.

     (j) Cumulative Remedies. The remedies provided herein are cumulative and not
exclusive of any remedies provided by law or equitable remedies.

     (k) Severability. If any term, provision, covenant or restriction of this Agreement
is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the
remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in
full force and effect and shall in no way be affected, impaired or invalidated, and the parties
hereto shall use their best efforts to find and employ an alternative means to achieve the same or
substantially the same result as that contemplated by such term, provision, covenant or
restriction. It is hereby stipulated and declared to be the intention of the parties that they
would have executed the remaining terms, provisions, covenants and restrictions without including
any of such that may be hereafter declared invalid, illegal, void or unenforceable.

12

 

     (l) Headings. The headings in this Agreement are for convenience of reference only
and shall not limit or otherwise affect the meaning hereof.

[Signature pages follow]

13

 

     IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the
date first written above.

	 	 	 	 	 	 	 

	 	 	NXSTAGE MEDICAL, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	DAVITA INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:	 	 	 	 

 

 

ANNEX A

PLAN OF DISTRIBUTION

     The shares covered by this prospectus may be offered and sold from time to time by the
selling stockholder. The term “selling stockholder” includes donees, pledgees, transferees or other
successors-in-interest selling shares received after the date of this prospectus from the selling
stockholder as a gift, pledge, distribution or other non-sale related transfer. The selling
stockholder will act independently of us in making decisions with respect to the timing, manner and
size of each sale. Such sales may be made on one or more exchanges or in the over-the-counter
market or otherwise, at prices and under terms then prevailing or at prices related to then current
market price or in negotiated transactions. The selling stockholder may sell its shares by one or
more of, or a combination of, the following methods:

	 	•	 	purchases by a broker-dealer as principal and resale by such broker-dealer for its own
account pursuant to this prospectus;
	 
	 	•	 	ordinary brokerage transactions and transactions in which the broker solicits
purchasers;
	 
	 	•	 	an over-the-counter distribution in accordance with the rules of The Nasdaq Stock
Market;
	 
	 	•	 	in privately negotiated transactions;
	 
	 	•	 	in options transactions;
	 
	 	•	 	to or through underwriters;
	 
	 	•	 	through dealers or agents;
	 
	 	•	 	a block trade in which the broker or dealer so engaged will attempt to sell the
securities as an agent but may position and resell a portion of the block as a principal to
facilitate the transaction;
	 
	 	•	 	through a combination of these methods; and
	 
	 	•	 	by any other legally available means.

     In addition, any shares that qualify for sale pursuant to Rule 144 may be sold under Rule 144
rather than pursuant to this prospectus.

     To the extent required, this prospectus may be amended or supplemented from time to time
to describe a specific plan of distribution. In connection with the distributions of shares or
otherwise, the selling stockholder may enter into hedging transactions with broker-dealers or other
financial institutions. In connection with such transactions, broker-dealers or other financial
institutions may engage in short sales of the common stock in the course of hedging the positions
they assume with the selling stockholder. The selling stockholder may enter into option or other
transactions with broker-dealers or other financial institutions which require the delivery to such
broker-dealer or other financial institution of shares offered by this prospectus, which shares
such broker-dealer or other financial institution may resell pursuant to this

 

 

prospectus (as supplemented or amended to reflect such transaction). The selling stockholder
may also pledge shares to a broker-dealer or other financial institution, and, upon a default, such
broker-dealer or other financial institution, may effect sales of the pledged shares pursuant to
this prospectus (as supplemented or amended to reflect such transaction).

     In effecting sales, underwriters, broker-dealers or agents engaged by the selling stockholder
may arrange for other underwriters or broker-dealers to participate. Underwriters, broker-dealers
or agents may receive commissions, discounts or concessions from the selling stockholder in amounts
to be negotiated immediately prior to the sale. Such discounts, concessions or commissions as to
particular underwriters, broker-dealers or agents may be in excess of those customary on the types
of transactions involved.

     In offering the shares covered by this prospectus, the selling stockholder and any
broker-dealers who execute sales for the selling stockholder may be deemed to be “underwriters”
within the meaning of the Securities Act in connection with such sales. Any profits realized by the
selling stockholder and the compensation of any broker-dealer may be deemed to be underwriting
discounts and commissions. Some of the underwriters or deemed underwriters or agents and their
associates may be customers of, engage in transactions with, and perform services for us in the
ordinary course of business.

     In order to comply with the securities laws of certain states, if applicable, the shares must
be sold in such jurisdictions only through registered or licensed brokers or dealers. In addition,
in certain states the shares may not be sold unless they have been registered or qualified for sale
in the applicable state or an exemption from the registration or qualification requirement is
available and is complied with.

     We have advised the selling stockholder that the anti-manipulation rules of Regulation M under
the Exchange Act may apply to sales of shares in the market and to the activities of the selling
stockholder and their affiliates. In addition, we will make copies of this prospectus available to
the selling stockholder for the purpose of satisfying the prospectus delivery requirements of the
Securities Act. The selling stockholder may indemnify any broker-dealer that participates in
transactions involving the sale of the shares against certain liabilities, including liabilities
arising under the Securities Act.

     At the time a particular offer of shares is made, if required, a prospectus supplement will be
distributed that will set forth the number of shares being offered and the terms of the offering,
including the name of any underwriter, dealer or agent, the purchase price paid by any underwriter,
any discount, commission and other item constituting compensation, any discount, commission or
concession allowed or reallowed or paid to any dealer, and the proposed selling price to the
public.

     Notwithstanding anything to the contrary, the selling stockholder may not sell or
distribute the shares covered by this prospectus in short sales.

     We will pay all expenses of the registration of the shares of common stock pursuant to
the registration rights agreement, including, without limitation, U.S. Securities and Exchange
Commission filing fees and expenses of compliance with state securities or “blue sky” laws;

 

 

provided, however, that the selling stockholder will pay all underwriting discounts, commissions
and concessions and brokers’ or agents’ commissions and concessions or selling commissions and
concessions, if any. We have agreed to indemnify the selling stockholder against certain
liabilities, including certain liabilities under the Securities Act, relating to the registration
of shares offered by this prospectus. Underwriters, dealers and agents may be entitled to
indemnification by us and the selling stockholder against specific civil liabilities, including
liabilities under the Securities Act or to contribution with respect to payments which the
underwriters or agents may be required to make in respect thereof, under underwriting or other
agreements. The terms of any indemnification provisions will be set forth in a prospectus
supplement.

     We have agreed with the selling stockholder to keep the registration statement of which this
prospectus constitutes a part effective until the earlier of (1) such time as all of the shares
covered by this prospectus have been publicly sold or (2) such time as all of the shares covered by
this prospectus may be sold pursuant to Rule 144 without restrictions. Notwithstanding the
foregoing obligations, we may, under specified circumstances, suspend the use of the registration
statement, or any amendment or supplement thereto.

 

 

SELLING STOCKHOLDER QUESTIONNAIRE

			
	To:	 	NxStage Medical, Inc.

Winifred L. Swan, Esq.

Senior Vice President and General Counsel

NxStage Medical, Inc.

439 South Union Street, 5th Floor

Lawrence, MA 01843

     Reference
is made to the Registration Rights Agreement dated as of
July ___, 2010 (the
“Agreement”), by and between NxStage Medical, Inc. (the “Company”) and DaVita Inc.

     Pursuant to Section 2(c) of the Agreement, the undersigned hereby furnishes to the Company the
following information for use by the Company in connection with the preparation of the DaVita
Registration Statement contemplated by Section 2(a) of the Agreement.

	 	(1)	 	Name and Contact Information:

	 	 	 	 	 

	 

	 	Full legal name of record holder:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Address of record holder:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Social Security Number or

Taxpayer identification number

of record holder:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Identity of beneficial owner (if
different than record holder):	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Name of contact person:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Telephone number of contact person:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Fax number of contact person:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	E-mail address of contact person:	 	 
	 

	 	 	 	 

	 	(2)	 	Beneficial Ownership of Registrable Securities:

(a) Number of Registrable Securities owned by Selling
Stockholder:

 

 

 

(b) Number of Registrable Securities requested to be registered:

 

	 	(3)	 	Beneficial Ownership of Other Securities of the Company Owned by the
Selling Stockholder:

Except as set forth below in this Item (3), the undersigned is not the
beneficial or registered owner of any securities of the Company other than
the Registrable Securities listed above in Item (2)(a).

Type and amount of other securities beneficially owned by the Selling
Stockholder:

 

 

	 	(4)	 	Relationships with the Company:

Except as set forth below, neither the undersigned nor any of its
affiliates, officers, directors or principal equity holders (5% or more) has
held any position or office or has had any other material relationship with
the Company (or its predecessors or affiliates) during the past three years.

State any exceptions here:

 

 

 

 

	 	(5)	 	Plan of Distribution:

Except as set forth below, the undersigned intends to distribute
pursuant to the DaVita Registration Statement the Registrable Securities
listed above in Item (2) in accordance with the “Plan of Distribution”
section set forth therein:

State any exceptions here:

 

 

     Note: In no event will such method(s) of distribution take the form of an underwritten
offering of the Registrable Securities without the prior agreement of the Company.

	 	(6)	 	Selling Stockholder Affiliations:

(a) Is the Selling Stockholder a registered broker-dealer?

 

(b) Is the Selling Stockholder an affiliate of a registered
broker-dealer(s)? (For purposes of this response, an “affiliate” of, or
person “affiliated” with, a specified person, is a person that directly, or
indirectly through one or more intermediaries, controls or is controlled by,
or is under common control with, the person specified.)

 

 

 

(c) If the answer to Item (6)(b) is yes, identify the registered
broker-dealer(s) and describe the nature of the affiliation(s):

 

(d) If the answer to Item (6)(b) is yes, did the Selling Stockholder acquire
the Registrable Securities in the ordinary course of business (if not,
please explain)?

 

(e) If the answer to Item (6)(b) is yes, did the Selling Stockholder, at the
time of purchase of the Registrable Securities, have any agreements, plans
or understandings, directly or indirectly, with any person to distribute the
Registrable Securities (if yes, please explain)?

 

     Note: If the Selling Stockholder is an affiliate of a broker-dealer and did not purchase its
Registrable Securities in the ordinary course of business or at the time of the purchase had any
agreements, plans or understandings, directly or indirectly, with any person to distribute the
Registrable Securities, the Company may be required to identify the Selling Stockholder as an
underwriter in the Registration Statement, any amendments thereto and the related prospectus.

     Pursuant to Section 3(c) of the Agreement, the undersigned acknowledges that the Company may,
by written notice to the undersigned, suspend or withdraw the DaVita Registration Statement and
require that the undersigned immediately cease sales of Registrable Securities pursuant to the
DaVita Registration Statement under certain circumstances described in the Agreement. At any time
that such notice has been given in accordance with the Agreement, the undersigned may not sell
Registrable Securities pursuant to the DaVita Registration Statement.

     The undersigned hereby acknowledges receipt of a draft of the DaVita Registration Statement
dated                                          ___,                      and confirms that the undersigned has reviewed the sections
captioned “Selling Stockholders” and “Plan of Distribution,” and confirms that, to the best of the
undersigned’s knowledge, the same is true, complete and accurate in every respect as it relates to
the undersigned, except as indicated in this Questionnaire. The undersigned

 

 

hereby further acknowledges its indemnification obligations set forth in Section 5 of the
Agreement and acknowledges that the Company is relying upon the information furnished in this
Questionnaire by the undersigned.

     By signing below, the undersigned consents to the disclosure of the information contained
herein in its answers to Items (1) through (7) above and the inclusion of such information in the
Registration Statement, any amendments thereto and the related prospectus, until such time as the
undersigned has notified the Company of any changes to Items (1) through (7) above. The
undersigned understands that such information will be relied upon by the Company in connection with
the preparation or amendment of the DaVita Registration Statement and the related prospectus.

     The undersigned has reviewed the answers to the above questions and affirms that the same are
true, complete and accurate. THE UNDERSIGNED AGREES TO NOTIFY THE COMPANY IMMEDIATELY OF ANY
CHANGES IN THE FOREGOING INFORMATION.

	 	 	 	 	 

	Dated:
	 	                                         ___,                     	 	 
	 	 	 	 	 
	 

	 	 	 	Signature of Record Holder

(Please sign your name in exactly
the same manner as the
certificate(s) for the shares being
registered)

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