Document:

Exhibit 10.1 

    

     

    

    SECURITIES PURCHASE AGREEMENT

     

    THIS SECURITIES PURCHASE AGREEMENT (as may be amended, modified, or supplemented from time to time, this “Agreement”) is made and entered into as of July 29, 2019, by and
      between Foamix Pharmaceuticals Ltd., a company organized under the laws of the State of Israel (the “Company”) and Perceptive Life Sciences Master Fund, Ltd., a Cayman Islands corporation (the “Purchaser”).

     

    WHEREAS, the Company has prepared and filed with the Securities and Exchange Commission (the “SEC”), in accordance with the provisions of the Securities Act of 1933, as
      amended (the “Securities Act”), and the applicable rules and regulations thereunder, a registration statement on Form S-3 (File No. 333-224084), including a prospectus, relating to the shares to be issued and sold pursuant to this Agreement.
      The term “Registration Statement” as used herein refers to such registration statement (including all financial schedules and exhibits), as amended or as supplemented and includes information contained or incorporated by reference in the
      prospectus filed with the Registration Statement (the “Prospectus”) and any supplement thereto (a “Prospectus Supplement”), in each case, filed with the SEC pursuant to Rule 424(b) of the rules under the Securities Act and deemed to be
      part thereof at the time of effectiveness (the “Effective Date”) pursuant to Rule 430B of the rules under the Securities Act.

     

    NOW, THEREFORE, in consideration of the mutual covenants, representations, warranties and agreements set forth herein, and for other good and valuable consideration, the receipt
      and sufficiency of which are hereby acknowledged, and subject to the terms and conditions herein contained, the parties hereby agree as follows:

     

    ARTICLE I 

    PURCHASE AND SALE

     

    1.1          Closing. The Purchaser
        agrees to purchase from the Company, and the Company agrees to issue and sell to the Purchaser, 6,542,057 of the Company’s ordinary shares (the “Shares”), as set forth opposite their names on Schedule I hereto, at a purchase price of
        $2.14 per share, for an aggregate purchase price of $14,000,000 (the “Purchase Price”).  Upon satisfaction of the conditions set forth in Section 1.2, the closing of the purchase and sale of the Shares (the “Closing Date”) shall occur
        at the offices of Skadden, Arps, Slate, Meagher & Flom LLP on July 31, 2019, or at such other place or on such other date as the parties shall mutually agree.  Unless otherwise agreed upon by the Company and the Purchaser, settlement of the
        Shares shall occur via “Delivery Free of Payment” (i.e., the Purchaser shall make payment for the Shares purchased by it by wire transfer to the Company on the Closing Date, upon confirmation of receipt of the wire, the Company shall issue the
        Shares registered in the Purchaser’s name and address, which shall be released by the Transfer Agent (as defined herein) directly to the account of the Purchaser).

     

    1.2          Closing Conditions.

     

    (a)          As a condition to the Purchaser’s obligation to consummate the
        transactions contemplated hereby, at the Closing, the Company shall have satisfied each of the conditions set forth below or shall deliver or cause to be delivered to the Purchaser the items set forth below, as appropriate:

    
      
        

    

    
    (i)            a copy of this Agreement duly executed by the Company;

     

    (ii)          (a) a copy of the irrevocable instructions to Continental
        Stock Transfer & Trust (the “Transfer Agent”) instructing the Transfer Agent to deliver on an expedited basis via The Depository Trust Company Deposit or Withdrawal at Custodian system (“DWAC”) the Shares, registered in the name
        of the Purchaser and (b) Company has released the Shares for delivery to the Purchaser through the book-entry facilities of The Depository Trust Company) at the account specified below:         

     

    Merrill Lynch Account Number at DTC:  55U-20810

     

    Further credit to:

    

    

    A/C Name: Perceptive Life Sciences Master Fund LTD

    A/C Number: 84780315D8

    

    

    (iii)          the representations and warranties made by the Company
        herein shall be true and correct in all material respects on the date hereof and on the date of the Closing;

     

    (iv)          all covenants, agreements and conditions contained in this
        Agreement to be performed by the Company on or prior to the date of the Closing shall have been performed or complied with in all material respects;

     

    (v)          no statute, regulation, executive order, decree, ruling or
        injunction shall have been enacted, promulgated, endorsed or threatened or is pending by or before any governmental authority of competent jurisdiction which prohibits or threatens to prohibit the consummation of the transaction contemplated by
        this Agreement.

     

    (vi)          a copy of the filed notification form listing the Shares on
        the Nasdaq Stock Market;

     

    (vii)         the Prospectus and Prospectus Supplement (which may be
        delivered in accordance with Rule 172 under the Securities Act);

     

    (viii)        a closing certificate in form and substance reasonably
        satisfactory to the Purchaser;

     

    (ix)          there shall have been no Material Adverse Effect (as defined
        below) with respect to the Company since the date hereof; and

     

    (x)          from the date hereof to the Closing Date, trading in the
        Company’s ordinary shares shall not have been suspended by the SEC or the Nasdaq Stock Market, and, at any time prior to the Closing Date, trading in securities generally as reported by Bloomberg L.P. shall not have been suspended or limited, or
        minimum prices shall not have been established on securities whose trades are reported by such service, or on any trading market, nor shall a banking moratorium have been declared either by the United States or New York State authorities nor shall
        there have occurred any material outbreak or escalation of hostilities or other national or international calamity of such magnitude in its effect on, or any material adverse change in, any financial market which, in each case, in the reasonable
        judgment of the Purchaser, makes it impracticable or inadvisable to purchase the Shares at the Closing.

    
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    (b)          As a condition to the Company’s obligation to consummate the transactions contemplated hereby, at the Closing, the Purchaser shall have satisfied each of the conditions set forth below or shall deliver or
      cause to be delivered to the Company the items set forth below, as appropriate:

     

    (i)            a copy of this Agreement duly executed by the Purchaser;

     

    (ii)           the Purchase Price is paid by wire transfer of immediately available funds to the account of the Company set forth below:

     

    Bank: Bank Hapoalim B.M., New York

                1120 Avenue of the Americas

                  New York, NY 10036

      Swift Code: POALUS33

      Beneficiary Name: Foamix Pharmaceuticals Inc.

      Beneficiary Account Number: 0108554701

      Ref: Routing & Transit#: 026008866;

     

    (iii)          the representations and warranties made by the Purchaser
        herein shall be true and correct in all material respects on the date hereof and on the date of the Closing;

     

    (iv)          the Purchaser shall have performed, satisfied and complied
        in all material respects with all covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by the Purchaser at or before the Closing; and

     

    (v)          no statute, regulation, executive order, decree, ruling or
        injunction shall have been enacted, promulgated, endorsed or threatened or is pending by or before any governmental authority of competent jurisdiction which prohibits or threatens to prohibit the consummation of the transaction contemplated by
        this Agreement.

     

    (vi)         the Purchaser or its affiliates shall have provided the
        Company’s subsidiary with the full amount of the Tranche 1 Loan under the Credit Agreement and Guaranty among the Company, the Company’s subsidiary, lenders from time to time party thereto, the subsidiary guarantors from time to time party thereto
        and Perceptive Credit Holdings II, L.P., dated July 29, 2019.

    
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    ARTICLE II 

    REPRESENTATIONS AND WARRANTIES

     

    2.1          Representations and
          Warranties of the Company. The Company hereby makes the following representations and warranties as of the date hereof and as of the date of the Closing to the Purchaser:

     

    (a)        The Company has the requisite corporate power and authority and
        legal capacity to enter into, and to carry out its obligations under, this Agreement.  The execution, delivery and performance by the Company of this Agreement and the consummation by the Company of the transactions contemplated hereby have been
        duly authorized by all necessary corporate action on the part of the Company.

     

    (b)        This Agreement has been duly executed and delivered by the
        Company and constitutes a valid and binding obligation of the Company, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar law of general application
        affecting rights of creditors and general principles of equity.

     

    (c)         No consent, approval, order or authorization of, or
        registration, qualification, designation, declaration or filing with, any federal, state or local governmental authority is required on the part of the Company in connection with the consummation of the transactions contemplated by this Agreement,
        except for any filings which have been made or will be made in a timely manner.

     

    (d)       The issue and sale of the Shares, the execution, delivery and
        performance of this Agreement by the Company, and the consummation of the transactions contemplated hereby will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, impose any lien, charge or encumbrance
        upon any property or assets of the Company and its subsidiary, or constitute a default under, any indenture, mortgage, deed of trust, loan agreement, license, lease or other agreement or instrument to which the Company or its subsidiary is a party
        or by which the Company or its subsidiary is bound or to which any of the property or assets of the Company or its subsidiary is subject; (ii) result in any violation of the provisions of the articles of association, charter or by-laws (or similar
        organizational documents) of the Company or of its subsidiary; or (iii) result in any violation of any statute or any judgment, order, decree, rule or regulation of any court or governmental agency or body having jurisdiction over the Company or
        its subsidiary or any of their properties or assets, except, for purposes of clauses (i) and (iii) above, any such conflict, breach, violation, default, lien, charge or encumbrance that would not, individually or in the aggregate, reasonably be
        expected to have a Material Adverse Effect.

     

    (e)         Neither the Company nor its subsidiary (i) has any outstanding
        obligations to the Israel Innovation Authority (previously known as the Office of the Chief Scientist) of the Ministry of Economy of the State of Israel (the “IIA”) or (ii) is in violation with respect to any instrument of approval granted
        to it by the Authority for Investments and Development of the Industry and Economy (previously known as the Investment Center) of the Ministry of Economy of the State of Israel (the “Investments Authority”).

     

    
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    (f)        The Registration Statement relating to the Shares has (i) been
        prepared by the Company in conformity with the requirements of the Securities Act, and the rules and regulations of the SEC thereunder; (ii) been filed with the SEC under the Securities Act; (iii) become effective under the Securities Act and (iv)
        no stop order preventing or suspending the effectiveness of the Registration Statement or suspending or preventing the use of the Prospectus or Prospectus Supplement has been issued by the SEC and no proceedings for that purpose have been
        instituted or, to the knowledge of the Company, are threatened by the SEC.

     

    (g)        The Registration Statement conformed and will conform in all
        material respects on the Effective Date and on the Closing Date, and any amendment to the Registration Statement filed after the date hereof will conform in all material respects when filed, to the requirements of the Securities Act and the rules
        and regulations thereunder. The Prospectus conformed, and the Prospectus Supplement will conform, in all material respects when filed with the SEC pursuant to Rule 424(b) under the Securities Act and on the Closing Date to the requirements of the
        Securities Act and the rules and regulations thereunder. The documents incorporated by reference in the Registration Statement conformed, and any further documents so incorporated will conform, when filed with the SEC, in all material respects to
        the requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or the Securities Act, as applicable, and the rules and regulations thereunder.

     

    (h)        The Registration Statement did not, as of the Effective Date,
        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 not misleading. The documents incorporated by reference in the Registration Statement did not,
        and any further documents filed and incorporated by reference therein will not, as of the respective filing dates of each document, contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the
        statements therein, in light of the circumstances under which they were made, not misleading.

      

    

    (i)         The Prospectus does not, and the Prospectus Supplement will
        not, in each case, as of its date or as of the Closing Date, contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were
        made, not misleading.

     

    (j)        Each of the Company and its subsidiary has been duly organized,
        is validly existing and in good standing (where such concept is applicable) as a corporation or other business entity under the laws of its jurisdiction of organization and is duly qualified to do business and in good standing (where such concept
        is applicable) as a foreign corporation or other business entity in each jurisdiction in which its ownership or lease of property or the conduct of its businesses requires such qualification, except where the failure to be so qualified or in good
        standing could not, in the aggregate, reasonably be expected to have a material adverse effect on the condition (financial or otherwise), results of operations, shareholders’ equity, properties, business or prospects of the Company and its
        subsidiary taken as a whole (a “Material Adverse Effect”). The Company and its subsidiary have all power and authority necessary to own or hold its properties and to conduct the businesses in which it is engaged. The Company does not own or
        control, directly or indirectly, any corporation, association or other entity other than Foamix Pharmaceuticals Inc. The subsidiary of the Company is not a “significant subsidiary,” as defined in Rule 405 under the Securities Act. The Company has
        not been designated as a “breaching company,” within the meaning of the Israeli Companies Law 5759-1999, by the Registrar of Companies of the State of Israel.

    
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    (k)       The Company has an authorized share capital as set forth in each
        of the Prospectus and the Prospectus Supplement, and all of the issued shares of the Company have been duly authorized and validly issued, are fully paid and non-assessable, conform to the description thereof contained in the Prospectus and the
        Prospectus Supplement and were issued in compliance with Israeli securities laws and, to the extent applicable, U.S. Federal and State securities laws and not in violation of any preemptive right, resale right, right of first refusal or similar
        right. All of the Company’s options, warrants and other rights to purchase or exchange any securities for shares of the Company have been duly authorized and validly issued, conform to the description thereof contained in the Prospectus and the
        Prospectus Supplement and were issued in compliance with Israeli securities laws and, to the extent applicable, U.S. Federal and State securities laws. All of the issued shares of capital stock or other ownership interest of the subsidiary of the
        Company have been duly authorized and validly issued, are fully paid and non-assessable and are owned directly or indirectly by the Company, free and clear of all liens, encumbrances, equities or claims, except for such liens, encumbrances,
        equities or claims as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

     

    (l)         The Shares to be issued and sold by the Company to the
        Purchaser hereunder have been duly authorized and, upon payment and delivery in accordance with this Agreement, will be validly issued, fully paid and non-assessable, will conform in all material respects to the description thereof contained in the
        Prospectus and the Prospectus Supplement, will be issued in compliance with U.S. federal and state securities laws, and will be free of statutory and contractual preemptive rights, rights of first refusal and any other similar rights of any share
        holder.

     

    (m)       The historical financial statements (including the related notes
        and supporting schedules) included or incorporated by reference in the Prospectus and the Prospectus Supplement comply as to form in all material respects with the requirements of Regulation S-X under the Securities Act and present fairly in all
        material respects the financial condition, results of operations and cash flows of the entities purported to be shown thereby at the dates and for the periods indicated and have been prepared in conformity with accounting principles generally
        accepted in the United States applied on a consistent basis throughout the periods involved.

     

    (n)        Kesselman & Kesselman, a member firm of
        PricewaterhouseCoopers International Limited, who have certified certain financial statements of the Company and its consolidated subsidiary, whose report appears in the Prospectus and the Prospectus Supplement or is incorporated by reference
        therein, are independent public accountants as required by the Securities Act and the rules and regulations thereunder.

     

    (o)        The Company and its subsidiary maintain a system of internal
        control over financial reporting (as such term is defined in Rule 13a-15(f) of the Exchange Act) that complies with the requirements of the Exchange Act and that has been designed by, or under the supervision of, the Company’s principal executive
        and principal financial officers, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles in the
        United States. The Company and its subsidiary maintain internal accounting controls sufficient to provide reasonable assurances regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
        accordance with generally accepted accounting principles in the United States, including, but not limited to, internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management’s
        general or specific authorization, (ii) transactions are recorded as necessary to permit preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States and to maintain
        accountability for its assets, (iii) access to the Company’s assets is permitted only in accordance with management’s general or specific authorization, and (iv) the recorded accountability for the Company’s assets is compared with existing assets
        at reasonable intervals and appropriate action is taken with respect to any differences. As of the date of the most recent balance sheet of the Company and its subsidiary reviewed or audited by the Company’s independent auditor and the audit
        committee of the board of directors of the Company, there were no material weaknesses in the Company’s internal controls. The interactive data in eXtensible Business Reporting Language included or incorporated by reference in the Prospectus and the
        Prospectus Supplement fairly present the information called for in all material respects and are prepared in accordance with the SEC’s rules and guidelines applicable thereto.

    
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    (p)        (i) The Company and its subsidiary maintain disclosure controls
        and procedures (as such term is defined in Rule 13a-15(e) under the Exchange Act), (ii) such disclosure controls and procedures are designed to ensure that the information required to be disclosed by the Company and its subsidiary in the reports
        they file or submit under the Exchange Act is accumulated and communicated to management of the Company and its subsidiary, including their respective principal executive officers and principal financial officers, as appropriate, to allow timely
        decision regarding required disclosure to be made, and (iii) such disclosure controls and procedures are effective in all material respects to perform the functions for which they were established.

     

    (q)        Since the date of the most recent balance sheet of the Company
        reviewed or audited by Kesselman & Kesselman, a member firm of PricewaterhouseCoopers International Limited, (i) the Company has not been advised of or become aware of (A) any significant deficiencies in the design or operation of internal
        controls that could adversely affect the ability of the Company or its subsidiary to record, process, summarize and report financial data, or any material weaknesses in internal controls, and (B) any fraud, whether or not material, that involves
        management or other employees who have a significant role in the internal controls of the Company and its subsidiary; and (ii) there have been no significant changes in internal controls or in other factors that could significantly affect internal
        controls, including any corrective actions with regard to significant deficiencies and material weaknesses.

     

    (r)        There is and has been no failure on the part of the Company and
        any of the Company’s directors or officers, in their capacities as such, to comply with any provision of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith.

     

    (s)         Since the date of the latest audited financial statements
        included or incorporated by reference in the Prospectus and the Prospectus Supplement, neither the Company nor its subsidiary has (i) sustained any loss or interference with its business from fire, explosion, flood or other calamity, whether or not
        covered by insurance, or from any labor dispute or court or governmental action, order or decree, (ii) issued or granted any securities, except as set forth or contemplated in the Prospectus and the Prospectus Supplement and other than equity
        incentive awards granted to employees, (iii) incurred any material liability or obligation, direct or contingent, other than liabilities and obligations that were incurred in the ordinary course of business or otherwise set forth or contemplated in
        the Prospectus and the Prospectus Supplement, (iv) entered into any material transaction not in the ordinary course of business, except as set forth or contemplated in the Prospectus and the Prospectus Supplement, or (v) declared or paid any
        dividend on its share capital, and since such date there has not been any change in the share capital (other than the issuance of ordinary shares, if any, pursuant to employee incentive plans described in the Prospectus and the Prospectus
        Supplement) or in long-term debt of the Company or its subsidiary, or any adverse change or any development involving a prospective adverse change in or affecting the condition (financial or otherwise), results of operations, shareholders’ equity,
        properties, management, business or prospects of the Company and its subsidiary taken as a whole, in each case except as could not, in the aggregate, reasonably be expected to have a Material Adverse Effect.

    
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    (t)         The Company and its subsidiary have good and marketable title
        to all personal property owned by them, in each case free and clear of all liens, encumbrances and defects, except such liens, encumbrances and defects as are described in the Prospectus and the Prospectus Supplement or such as do not materially
        affect the value of such property and do not materially interfere with the use made and proposed to be made of such property by the Company and its subsidiary. All assets held under lease by the Company and its subsidiary are held by them under
        valid, subsisting and enforceable leases, with such exceptions as do not materially interfere with the use made and proposed to be made of such assets by the Company and its subsidiary.

     

    (u)        The Company and, to the Company’s knowledge, its directors,
        officers, employees, and agents (while acting in such capacity) are, and at all times prior hereto have been, in compliance with, all health care laws and regulations applicable to the Company or any of its product candidates or activities,
        including development and testing of pharmaceutical products, kickbacks, recordkeeping, documentation requirements, the hiring of employees, quality, safety, privacy, security, licensure, accreditation or any other aspect of developing and testing
        health care or pharmaceutical products (collectively, “Health Care Laws”), except where such noncompliance would not, individually or in the aggregate, have a Material Adverse Effect. The Company has not received any notification,
        correspondence or any other written or oral communication, including notification of any pending or threatened claim, suit, proceeding, hearing, enforcement, investigation, arbitration or other action from any governmental authority, including,
        without limitation, the United States Food and Drug Administration (“FDA”), the Drug Enforcement Agency (“DEA”), the Centers for Medicare & Medicaid Services, the U.S. Department of Health and Human Services Office of Inspector
        General and the Ministry of Health of the State of Israel, of potential or actual non-compliance by, or liability of, the Company under any Health Care Laws. To the Company’s knowledge, there are no facts or circumstances that would reasonably be
        expected to give rise to liability of the Company under any Health Care Laws.

    
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    (v)        Except as would not reasonably be expected to have a Material
        Adverse Effect, the Company owns or possesses adequate rights to use all patent applications, patents, trademarks, trade names, trademark registrations, service marks, service mark registrations, copyrights, licenses, knowhow, software, systems and
        technology (including trade secrets and other unpatented or un-patentable proprietary or confidential information, systems or procedures) (collectively, the “Intellectual Property”) necessary for the conduct of its business as currently
        conducted or as proposed in the Prospectus or Prospectus Supplement to be conducted. The Company owns all Intellectual Property described in the Prospectus or Prospectus Supplement as being owned by it (“Company Intellectual Property”). To
        the Company’s knowledge, and except as described in the Prospectus or Prospectus Supplement: (i) there are no third parties who have rights to any Company Intellectual Property; and (ii) there is no infringement by third parties of any Company
        Intellectual Property. Except as would not reasonably be expected to have a Material Adverse Effect, there is no pending or, to the Company’s knowledge, threatened action, suit, proceeding or claim by others: (A) challenging the Company’s rights in
        or to any Company Intellectual Property, and the Company is unaware of any facts which would form a reasonable basis for any such action, suit, proceeding or claim; (B) challenging the validity, enforceability or scope of any Company Intellectual
        Property, and the Company is unaware of any facts which would form a reasonable basis for any such action, suit, proceeding or claim; or (C) asserting that the Company or its subsidiary infringes or otherwise violates, or would, upon the
        commercialization of any product or service described in the Prospectus or Prospectus Supplement as under development, infringe or violate, any Intellectual Property of others, and the Company is unaware of any facts which would form a reasonable
        basis for any such action, suit, proceeding or claim. The Company and its subsidiary have complied in all material respects with the terms of any agreement pursuant to which Intellectual Property has been licensed to the Company or any subsidiary,
        and all such agreements are in full force and effect. The product candidates described in the Prospectus or Prospectus Supplement, fall within the scope of the claims of one or more patents or patent applications owned by the Company, though not
        all features or aspects of such product candidates are necessarily protected by such claims.

     

    (w)       The Company and its subsidiary possess such valid and current
        certificates, authorizations or permits required by state, federal or foreign, including Israeli, regulatory agencies or bodies to conduct their respective businesses as currently conducted and as described in the Prospectus or Prospectus
        Supplement (“Permits”), except where the failure to possess any Permits would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Neither the Company nor its subsidiary is in violation of, or in
        default under, any of the Permits, except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, nor has the Company or its subsidiary received any notice of proceedings relating to the revocation
        or modification of, or non-compliance with, any such material Permit. Neither the Company nor its subsidiary has received any notice of proceedings relating to the revocation or modification of any Permits which, singly or in the aggregate, if the
        subject of an unfavorable decision, ruling or finding, would reasonably be expected to result in a Material Adverse Effect. The Company has not applied for “approved enterprise”, “benefited enterprise” or “preferred enterprise” status with respect
        to any of the Company’s facilities or operations or with respect to any grants or benefits from the IIA or the Investments Authority.

     

    (x)        Except as disclosed in the Prospectus or Prospectus Supplement
        or as would not reasonably be expected to have a Material Adverse Effect, during the three (3) year period ending on December 31, 2018, the Company has not had any research and development site (whether Company-owned or that of a contractor or a
        joint developer for Company product candidates) subject to a governmental authority (including FDA) shutdown or import or export prohibition, nor received any FDA Form 483 or other governmental authority notice of inspectional observations,
        “warning letters,” “untitled letters,” requests to make changes to the Company product candidates, processes or operations, or similar correspondence or notice from the FDA or other governmental authority alleging or asserting material
        noncompliance with any applicable Health Care Laws. To the Company’s knowledge, neither the FDA nor any other governmental authority is considering such action.

    
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    (y)        Except as would not reasonably be expected to have a Material
        Adverse Effect, (i) there are no recalls, field notifications, field corrections, market withdrawals or replacements, warnings, “dear doctor” letters, investigator notices, safety alerts or other notice of action relating to an alleged lack of
        safety, efficacy, or regulatory compliance of the Company products (“Safety Notices”) during the three (3) year period ending on December 31, 2018, (ii) such Safety Notices, if any, were resolved or closed, and (iii) to the Company’s
        knowledge, there are no material complaints with respect to the Company products that are currently unresolved. There are no Safety Notices, or, to the Company’s knowledge, material product complaints with respect to the Company products, and to
        the Company’s knowledge, there are no facts that would be reasonably likely to result in (i) a material Safety Notice with respect to the Company products, (ii) a material change in labeling of any the Company products, or (iii) a termination or
        suspension of marketing or testing of any the Company products.

     

    (z)        The clinical and preclinical studies and tests conducted by the
        Company, and, to the knowledge of the Company, the clinical and preclinical studies and tests conducted on behalf of or sponsored by the Company, were, and if still pending, are, being conducted in all material respects in accordance with all
        applicable Health Care Laws and standard medical and scientific research procedures, including, but not limited to, the Federal Food, Drug and Cosmetic Act and its applicable implementing regulations at 21 C.F.R. Parts 50, 54, 56, 58 and 312. Any
        descriptions of clinical, pre-clinical and other studies and tests, including any related results and regulatory status, contained in the Prospectus or Prospectus Supplement are accurate in all material respects. Except as disclosed in the
        Prospectus or Prospectus Supplement and to the Company’s knowledge, there are no studies, tests or trials the result of which reasonably call into question in any material respect the clinical trial results described or referred to in the
        Prospectus or Prospectus Supplement. No investigational new drug application has been filed by or on behalf of the Company with the FDA, and neither the FDA nor any applicable foreign regulatory agency has commenced, or, to the Company’s knowledge,
        threatened to initiate, any action to place a clinical hold order on, or otherwise terminate, delay or suspend, any proposed or ongoing clinical study or trial conducted or proposed to be conducted by or on behalf of the Company. The Company has
        made all such filings and obtained all such approvals as may be required by the Israeli Ministry of Health, the Food and Drug Administration of the U.S. Department of Health and Human Services or any committee thereof or from any other U.S.,
        Israeli or foreign government or drug or medical device regulatory agency, or health care facility Institutional Review Board (collectively, the “Regulatory Agencies”), and the Company has operated and currently is in compliance in all
        material respects with all applicable rules, regulations and policies of the Regulatory Agencies, except where the failure to make such filings, obtain such approval or comply with such rules, regulations and policies could not reasonably be
        expected to, individually or in the aggregate, result in a Material Adverse Effect.

    
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    (aa)       The Company is not a party to any corporate integrity
        agreements, monitoring agreements, consent decrees, settlement orders, or similar agreements with or imposed by any governmental authority.

     

    (bb)      Neither the Company, nor, to the Company’s knowledge, any of its
        directors, officers, employees and agents, is debarred or excluded, or has been convicted of any crime or engaged in any conduct that could result in a debarment or exclusion, from any federal or state government health care program under 21 U.S.C.
        Sec. 335a or any similar state law, rule or regulation. As of the Effective Date, no claims, actions, proceedings or investigations that would reasonably be expected to result in such a debarment or exclusion are pending or, to the Company’s
        knowledge, threatened against the Company or its directors, officers, employees or agents.

     

    (cc)      There are no legal or governmental proceedings pending to which
        the Company or its subsidiary is a party or of which any property or assets of the Company or its subsidiary is the subject that could, in the aggregate, reasonably be expected to have a Material Adverse Effect or could, in the aggregate,
        reasonably be expected to have a material adverse effect on the performance of this Agreement or the consummation of the transactions contemplated hereby; and to the Company’s knowledge, no such proceedings are threatened or contemplated by
        governmental authorities or others.

     

    (dd)      There are no contracts or other documents required to be
        described in the Prospectus or Prospectus Supplement or filed as exhibits to the Registration Statement, that are not described and filed as required. The statements made in the Prospectus or Prospectus Supplement, insofar as they purport to
        constitute summaries of the terms of the contracts and other documents described and filed, constitute accurate summaries of the terms of such contracts and documents in all material respects. Neither the Company nor its subsidiary has knowledge
        that any other party to any such contract or other document has any intention not to render full performance in all material respects as contemplated by the terms thereof.

     

    (ee)       Neither the Company nor its subsidiary (i) is in violation of
        its articles of association, charter or by-laws (or similar organizational documents), (ii) is in default, and no event has occurred that, with notice or lapse of time or both, would constitute such a default, in the due performance or observance
        of any term, covenant, condition or other obligation contained in any indenture, mortgage, deed of trust, loan agreement, license or other agreement or instrument to which it is a party or by which it is bound or to which any of its properties or
        assets is subject, or (iii) is in violation of any statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over it or its property or assets or has failed to obtain any license, permit, certificate,
        franchise or other governmental authorization or permit necessary to the ownership of its property or to the conduct of its business, except in the case of clauses (ii) and (iii), to the extent any such conflict, breach, violation or default could
        not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

    
      11

      
        

    

    (ff)        The Company and its subsidiary (i) are, and at all times prior
        hereto were, in compliance with all laws, regulations, ordinances, rules, orders, judgments, decrees, permits or other legal requirements of any governmental authority, including without limitation any international, foreign. national, state,
        provincial, regional, or local authority relating to pollution, the protection of human health or safety, the environment, or natural resources, or to use, handling, storage, manufacturing, transportation, treatment, discharge, disposal or release
        of hazardous or toxic substances or wastes, pollutants or contaminants (“Environmental Laws”) applicable to such entity, which compliance includes, without limitation, obtaining, maintaining and complying with all permits and authorizations
        and approvals required by Environmental Laws to conduct their respective businesses, and (ii) have not received notice or otherwise have knowledge of any actual or alleged violation of Environmental Laws, or of any actual or potential liability for
        or other obligation concerning the presence, disposal or release of hazardous or toxic substances or wastes, pollutants or contaminants, except in the case of clause (i) or (ii) where such non-compliance, violation, liability or other obligation
        would not, in the aggregate reasonably be expected to have a Material Adverse Effect. Except as described in the Prospectus Supplement, (x) there are no proceedings that are pending, or known to be contemplated, against the Company or its
        subsidiary under Environmental Laws in which a governmental authority is also a party, other than such proceedings regarding which it is reasonably believed no monetary sanctions of $100,000 or more will be imposed, and (y) the Company and its
        subsidiary are not aware of any issues regarding compliance with Environmental Laws or liabilities or other obligations under Environmental Laws or concerning hazardous or toxic substances or wastes, pollutants or contaminants that could reasonably
        be expected to have a Material Adverse Effect.

     

    (gg)      The Company and its subsidiary have filed all federal, state,
        local and foreign tax returns required to be filed through the date hereof, subject to permitted extensions, and have paid all taxes due, and no tax deficiency has been determined adversely to the Company or its subsidiary, nor does the Company
        have any knowledge of any tax deficiencies that have been, or could reasonably be expected to be asserted against the Company, that could, in the aggregate, reasonably be expected to have a Material Adverse Effect.

     

    (hh)      (i) Each “employee benefit plan” (within the meaning of Section
        3(3) of the Employee Retirement Security Act of 1974, as amended (“ERISA”)) for which the Company or any member of its “Controlled Group” (defined as any organization which is a member of a controlled group of corporations within the meaning
        of Section 414 of the Code) would have any liability (each a “Plan”) has been maintained in compliance with its terms and with the requirements of all applicable statutes, rules and regulations including ERISA and the Code in all material
        respects; (ii) no prohibited transaction, within the meaning of Section 406 of ERISA or Section 4975 of the Code, has occurred with respect to any Plan excluding transactions effected pursuant to a statutory or administrative exemption; (iii) with
        respect to each Plan subject to Title IV of ERISA (A) no “reportable event” (within the meaning of Section 4043(c) of ERISA) has occurred or is reasonably expected to occur, (B) no “accumulated funding deficiency” (within the meaning of Section 302
        of ERISA or Section 412 of the Code), whether or not waived, has occurred or is reasonably expected to occur, (C) the fair market value of the assets under each Plan exceeds the present value of all benefits accrued under such Plan (determined
        based on those assumptions used to fund such Plan), and (D) neither the Company or any member of its Controlled Group has incurred, or reasonably expects to incur, any liability under Title IV of ERISA (other than contributions to the Plan or
        premiums to the Pension Benefit Guaranty Corporation in the ordinary course and without default) in respect of a Plan (including a “multiemployer plan”, within the meaning of Section 4001(c)(3) of ERISA); and (iv) each Plan that is intended to be
        qualified under Section 401(a) of the Code is so qualified and, to the Company’s knowledge, nothing has occurred, whether by action or by failure to act, which would cause the loss of such qualification.

    
      12

      
        

    

    (ii)        Neither the Company nor its subsidiary is, and as of the
        Closing Date and after giving effect to the offer and sale of the Shares and the application of the proceeds therefrom as described under “Use of Proceeds” in the Prospectus and the Prospectus Supplement, none of them will be, (i) an “investment
        company” or a company “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940, as amended (the “Investment Company Act”), and the rules and regulations of the SEC thereunder, or (ii) a “business
        development company” (as defined in Section 2(a)(48) of the Investment Company Act).

     

    (jj)        The Company has not sold or issued any securities that would be
        integrated with the offering of the Shares contemplated by this Agreement pursuant to the Securities Act, the rules and regulations thereunder or the interpretations thereof by the SEC.

     

    (kk)      A notification filing related to the listing of the Shares to be
        sold by the Company has been made and filed with The Nasdaq Global Market for the listing of the Shares on The Nasdaq Global Market, and the Company has received no objection thereto.

     

    (ll)        Neither the Company nor its subsidiary, nor, to the knowledge
        of the Company, any director, officer, agent, employee or other person associated with or acting on behalf of the Company or its subsidiary while acting in such capacity, has (i) used any corporate funds for any unlawful contribution, gift,
        entertainment or other unlawful expense relating to political activity; (ii) made any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds; (iii) violated or is in violation of any
        provision of the U.S. Foreign Corrupt Practices Act of 1977, the OECD Convention on Bribery of Foreign Public Officials in International Business Transactions, Section 291A of the Israel Penal Law, 5733-1973 and the rules and regulations thereunder
        and any other similar foreign or domestic law or regulation; or (iv) made any bribe, rebate, payoff, influence payment, kickback or other unlawful payment. The Company has  policies and procedures to ensure, and which are reasonably expected to
        ensure, continued compliance with the laws and regulations referenced in clause (iii) of this paragraph.

     

    (mm)    The operations of the Company and its subsidiary are and have been
        conducted at all times in compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all applicable jurisdictions, the
        rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Money Laundering Laws”) and no action, suit or proceeding by or
        before any court or governmental agency, authority or body or any arbitrator involving the Company or its subsidiary with respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened.

    
      13

      
        

    

    (nn)      Neither the Company nor its subsidiary nor, to the knowledge of
        the Company, any director, officer, agent, employee or affiliate of the Company or its subsidiary is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”); and
        the Company will not directly or indirectly use the proceeds of the transaction contemplated hereby, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose
        of knowingly financing the activities of any person currently subject to any U.S. sanctions administered by OFAC.

     

    (oo)      Subject to the qualifications and assumptions set forth in the
        Prospectus and the Prospectus Supplement, the Company does not believe it is, for its most recently completed taxable year, a “passive foreign investment company” (as defined in Section 1297 of the Code, and the regulations promulgated thereunder).
        Based on the Company’s current projected income, assets and activities, the Company does not expect to be classified as a “passive foreign investment company” for any foreseeable subsequent taxable year.

     

    (pp)      Neither the Company nor any of its properties or assets has any
        immunity from the jurisdiction of any court or from any legal process (whether through service or notice, attachment to prior judgment, attachment in aid of execution or otherwise) under the laws of the State of Israel.

     

    (qq)      No person has any right to cause the Company or its subsidiary to
        effect the registration under the Securities Act of any securities of the Company or its subsidiary.

     

    (rr)       No brokerage or finder’s fees or commissions are or will be
        payable by the Company or any Subsidiary to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other person with respect to the transactions hereby. To the knowledge of the Company, the Purchaser shall
        have no obligation with respect to any fees or with respect to any claims made by or on behalf of other persons for fees of a type contemplated in this section that may be due in connection with the transactions contemplated hereby.

     

    (ss)       The Company is not and has never been a U.S. real property
        holding corporation within the meaning of Section 897 of the Internal Revenue Code of 1986, as amended, and the Company shall so certify upon the Purchaser’s request.

     

    2.2          Representations and
          Warranties of the Purchaser. The Purchaser hereby represents and warrants as of the date hereof and as of the date of the Closing to the Company as follows:

     

    (a)        The Purchaser is an entity duly organized, validly existing and
        in good standing under the laws of the jurisdiction of its organization with full right, corporate, limited liability or partnership power and authority to enter into and to consummate the transactions contemplated by this Agreement and otherwise
        to carry out its obligations hereunder. The execution, delivery and performance by the Purchaser of this Agreement and the consummation by the Purchaser of the transactions contemplated hereby have been duly authorized by all necessary corporate
        action on the part of the Purchaser.

    
      14

      
        

    

    (b)        This Agreement has been duly executed and delivered by the
        Purchaser and constitutes a valid and binding obligation of the Purchaser, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar law of general application
        affecting rights of creditors and general principles of equity.

     

    (c)        The Purchaser and its advisors, if any, have been furnished with
        all publicly available materials relating to the business, finances and operations of the Company and such other publicly available materials relating to the offer and sale of the Shares as have been requested by the Purchaser. The Purchaser and
        its advisors, if any, have been afforded the opportunity to ask questions of the Company. The Purchaser understands that its investment in the Shares involves a high degree of risk. The Purchaser has sought such accounting, legal and tax advice as
        it has considered necessary to make an informed investment decision with respect to its acquisition of the Shares.  Other than to the Purchaser’s representatives, including, without limitation, its officers, directors, partners, legal and other
        advisors, employees, agents and affiliates, the Purchaser has maintained the confidentiality of all disclosures made to it in connection with this transaction (including the existence and terms of this transaction).

     

    (d)        The Purchaser understands that no United States federal or state
        agency or any other government or governmental agency has passed on or made any recommendation or endorsement of the Shares or the fairness or suitability of the investment in the Shares, nor have such authorities passed upon or endorsed the merits
        of the offering of the Shares.

     

    (e)        From and after April 29, 2019 and until the date of this
        Agreement, the Purchaser has not offered, pledged, sold, contracted to sell, sold any option or contract to purchase, purchased any option or contract to sell, granted any option, right or warrant to purchase, loaned, or otherwise transferred or
        disposed of, directly or indirectly, any ordinary shares of the Company or any securities convertible into or exercisable or exchangeable for ordinary shares of the Company, entered into any swap or other arrangement that transfers to another, in
        whole or in part, any of the economic consequences of ownership of ordinary shares of the Company, or directly or indirectly, through related parties, affiliates or otherwise sold “short” or “short against the box” (as those terms are generally
        understood) any equity security of the Company. The Purchaser covenants that it will not, nor will it authorize or permit any person acting on its behalf to, engage in any such transactions until following the Closing.

     

    ARTICLE III 

    MISCELLANEOUS

     

    3.1          Lock-Up. For a period
        commencing on the date hereof and ending on the sixtieth (60th) day after the date hereof (the “Lock-Up Period”), the Purchaser agrees not to, directly or
        indirectly, (A) offer for sale, sell, pledge, or otherwise dispose of (or enter into any transaction or device that is designed to, or could be expected to, result in the disposition by any person at any time in the future of) any Shares or
        securities convertible into or exercisable or exchangeable for Shares or sell or grant options, rights or warrants with respect to any Shares or securities convertible into or exchangeable for Shares, (B) enter into any swap or other derivatives
        transaction that transfers to another, in whole or in part, any of the economic benefits or risks of ownership of such Shares, whether any such transaction described in clause (A) or (B) above is to be settled by delivery of Shares or other
        securities, in cash or otherwise, or (C) publicly disclose the intention to do any of the foregoing, in each case without the prior written consent of the Company.

     

    
      15

      
        

    

    3.2          Fees and Expenses.
        Each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this
        Agreement.

     

    3.3          Entire Agreement. This
        Agreement constitutes the entire agreement between the parties hereto relating to the subject matter hereof and supersedes all prior contracts, agreements, discussions and understandings between them.  No course of prior dealings between the
        parties shall be relevant to supplement or explain any term used in this Agreement.

     

    3.4          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 (a) the date of transmission, if such notice or communication is delivered
        via facsimile prior to 6:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile on a day that is not a Trading Day or later than 6:30 p.m.
        (New York City time) on any Trading Day, (c) the Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service, or (d) upon actual receipt by the party to whom such notice is required to be given. The
        address for such notices and communications is set forth on the Company’s and the Purchaser’s signature pages attached hereto, as applicable. For purposes of this Agreement, “Trading Day” shall mean a day on which the Company’s ordinary shares are
        traded on the Nasdaq Stock Market, or, if the Company’s ordinary shares are not eligible for trading on the Nasdaq Stock Market, any day except Saturday, Sunday and any day on which banking institutions in the State of New York are authorized or
        required by law or other governmental action to close.

     

    3.5          Amendments and Waivers.
        No provision of this Agreement may be amended, terminated or waived except by a written instrument referring specifically to this Agreement and signed by all parties hereto or their authorized representatives. No waiver of any default with respect
        to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or
        omission of either party to exercise any right hereunder in any manner impair the exercise of any such right.

     

    3.6          Construction. The
        headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof. The language used in this Agreement will be deemed to be the language chosen by the
        parties to express their mutual intent, and no rules of strict construction will be applied against any party.

     

    3.7          Successors and Assigns.
        This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns. Neither the Company nor the Purchaser may assign this Agreement or any rights or obligations hereunder without the prior
        written consent of the other party.

    
      16

      
        

    

    3.8          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 laws of the State of New York without regard to conflict of laws principles.

     

    3.9          Survival. The
        representations, warranties, agreements and covenants contained herein shall survive the Closing and delivery of the Shares.

     

    3.10          Execution. This
        Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it
        being understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission, such signature shall create a valid and binding obligation of the party executing (or on whose behalf
        such signature is executed) with the same force and effect as if such facsimile signature page were an original thereof.

     

    3.11          Severability. If any
        provision of this Agreement is held to be invalid or unenforceable in any respect, the validity and enforceability of the remaining terms and provisions of this Agreement shall not in any way be affected or impaired thereby and the parties will
        attempt to agree upon a valid and enforceable provision that is a reasonable substitute therefor, and upon so agreeing, shall incorporate such substitute provision in this Agreement.

     

    3.12          Termination.  This
        Agreement may be terminated by the Purchaser by written notice to the Company, if the Closing has not been consummated on or before August 31, 2019; provided, however, that no such termination will affect the right of any party to sue for any
        breach by the other party.

     

    3.13          Waiver of Jury Trial.  

        The Company and the Purchaser 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.

     

    3.14          Submission to Jurisdiction,
          Etc. The Company hereby submits to the non-exclusive jurisdiction of the U.S. federal and New York state courts in the Borough of Manhattan, The City of New York in any suit or proceeding arising out of or relating to this Agreement or the
        transactions contemplated hereby. The parties hereby irrevocably and unconditionally waive any objection to the laying of venue of any lawsuit, action or other proceeding in such courts, and hereby further irrevocably and unconditionally waive and
        agree not to plead or claim in any such court that any such lawsuit, action or other proceeding brought in any such court has been brought in an inconvenient forum.  The Company irrevocably appoints its wholly owned U.S. subsidiary, Foamix
        Pharmaceuticals Inc., as its agent in the United States upon which process may be served in any such suit or proceeding, and agree that service of process upon such agent, and written notice of said service to the Company by the person serving the
        same to the address provided on the signature page hereto shall be deemed in every respect effective service of process upon the Company in any such suit or proceeding. The Company further agrees to take any and all actions as may be necessary to
        maintain such designation and appointment of such agent in full force and effect for a period of seven years from the date of this Agreement.

    
      17

      
        

    

    3.15          Waiver of Immunity.
        With respect to any suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby, each party irrevocably waives, to the fullest extent permitted by applicable law, all immunity (whether on the basis of
        sovereignty or otherwise) from jurisdiction, service of process, attachment (both before and after judgment) and execution to which it might otherwise be entitled, and with respect to any such suit or proceeding, each party waives any such immunity
        in any court of competent jurisdiction, and will not raise or claim or cause to be pleaded any such immunity at or in respect of any such suit or proceeding, including, without limitation, any immunity pursuant to the U.S. Foreign Sovereign
        Immunities Act of 1976, as amended.

     

    3.16          Judgment Currency.
        The obligation of the Company in respect of any sum due to the Purchaser under this Agreement shall, notwithstanding any judgment in a currency other than U.S. dollars or any other applicable currency (the “Judgment Currency”), not be
        discharged until the first business day, following receipt by the Purchaser of any sum adjudged to be so due in the Judgment Currency, on which (and only to the extent that) the Purchaser may in accordance with normal banking procedures purchase
        U.S. dollars or any other applicable currency with the Judgment Currency; if the U.S. dollars or other applicable currency so purchased are less than the sum originally due to the Purchaser hereunder, the Company agrees, as a separate obligation
        and notwithstanding any such judgment, to indemnify the Purchaser against such loss. If the U.S. dollars or other applicable currency so purchased are greater than the sum originally due to the Purchaser hereunder, the Purchaser agrees to pay to
        the Company an amount equal to the excess of the U.S. dollars or other applicable currency so purchased over the sum originally due to the Purchaser hereunder.

     

    *     *     *     *     *

    
      18

      
        

    

    IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by the parties hereto on the date first above written.

     

    
      	
               

            	
              
                FOAMIX PHARMACEUTICALS LTD.

                 

                  By: /s/ David Domzalski

                         Name: David Domzalski

                         Title: Chief Executive Officer

                 

                By: /s/ Ilan Hadar          

                           Name: Ilan Hadar

                           Title: Country Manager and CFO

              

            

    

    

    Address for Notice:

     

    2 Holzman Street, Weizmann Science Park

      Rehovot 7670402, Israel

      Fax: + (972) 8-9474356

      Attention: Ilan Hadar, CFO

     

    With a copy to (which shall not constitute notice):

     

    Skadden, Arps, Slate, Meagher & Flom LLP

      Four Times Square

      New York, NY 10036-6522

      Attention: Andrea L. Nicolas, Esq.

     

    

    
      [Signature Page to Securities Purchase Agreement]

    

    
      
        

    

    IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by the parties hereto on the date first above written.

     

    
      	
               

            	
              PERCEPTIVE LIFE SCIENCES

                MASTER FUND, LTD.

               

                By: /s/ James H. Mannix

                       Name: James H. Mannix

                       Title: Chief Operating Officer

            

    

    

    Address for Notice:

     

    Perceptive Advisors, LLC

      51 Astor Place – 10th Floor

      New York, NY 10003

      Attention: Steve Berger

     

    With a copy to (which shall not constitute notice):

     

    Proskauer Rose LLP

      1001 Pennsylvania Avenue, NW

      Suite 600 South

      Washington, DC 20004

      Attention:  Frank Zarb, Esq.

     

    

    
      [Signature Page to Securities Purchase Agreement]

    

    
      
        

    

    Schedule I

     

    	
            
              Purchaser

            

          	 	
            
              Number of

                Shares

                Purchased

            

          	 
	
            Perceptive Life Sciences Master Fund, Ltd.

          	 	 	
            6,542,057EX-10.1

 Exhibit 10.1 

A10 Networks, Inc. 
 3
West Plumeria Drive 
 San Jose, CA 95134 

July 26, 2019 
 VIEX Capital Advisors, LLC 

745 Boylston Street, 3rd Floor 
 Boston, MA 02116 

Attn:    Eric Singer 
 Gentlemen: 

This letter (this “Agreement”) constitutes the agreement between (a) A10 Networks, Inc. (“Company”) and
(b) VIEX Capital Advisors, LLC (“VIEX”) and each of the other related Persons (as defined below) set forth on the signature pages to this Agreement (collectively with VIEX, the “VIEX Group”). The VIEX
Group and each of its Affiliates (as defined below) and Associates (as defined below) are collectively referred to as the “Investors.” Company and the VIEX Group are collectively the “Parties.” 

1.    Appointment of New Director. Contingent upon and immediately following the execution of this Agreement,
Company’s Board of Directors (the “Board”) will take all action necessary to increase the size of the Board by one and appoint Eric Singer (the “Designee”) as a director with a term expiring at Company’s
2019 Annual Meeting of Stockholders (the “2019 Annual Meeting”). 
 2.    Replacement Director.
During the Restricted Period (as defined below), if (a) the Designee ceases to be a member of the Board for any reason and (b) at such time the VIEX Group beneficially owns shares (which shares are determined to be Net Long Shares (as
defined below)) representing in the aggregate at least two percent of Company’s then-outstanding common stock, then VIEX will have the right to recommend (and the Board will promptly appoint) another person (a “Successor
Director”) to serve as a director in place of the Designee. Any Successor Director must (a) be qualified to serve as a member of the Board under all applicable corporate governance policies or guidelines of Company and the Board and
applicable legal, regulatory and stock market requirements; and (b) meet the independence requirements with respect to Company of the listing rules of The New York Stock Exchange. Upon becoming a member of the Board, the Successor Director will
succeed to all of the rights and privileges, and will be bound by the terms and conditions, of the Designee under this Agreement. 

3.    Additional New Director. After August 25, 2019, and prior to the expiration of the Restricted Period,
VIEX will have the right to recommend one independent director (the “Additional Designee”) for appointment to the Board. The Additional Designee must (a) be qualified to serve as a member of the Board under all applicable
corporate governance policies or guidelines of Company and the Board and applicable legal, regulatory and stock market 

 
requirements; and (b) meet the independence requirements with respect to Company of the listing rules of The New York Stock Exchange. No later than 15 days after being identified to Company,
Company will take all action necessary to cause (a) the resignation of Phillip J. Salsbury from the Board; and (b) the appointment of the Additional Designee to the Board. 

4.    Board Size. Except for the increase to the size of the Board contemplated by paragraph 1, during the
Restricted Period a unanimous vote of all directors then-serving on the Board will be required to increase the size of the Board beyond six members. 

5.    2019 Annual Meeting. Company agrees to nominate the Designee and Tor R. Braham (together, the “VIEX
Designees”) for election as directors at the 2019 Annual Meeting with terms expiring at Company’s 2020 Annual Meeting of Stockholders (the “2020 Annual Meeting”). Company will recommend that Company’s stockholders
vote, and will solicit proxies, in favor of the election of the VIEX Designees at the 2019 Annual Meeting and otherwise support the VIEX Designees for election in a manner no less rigorous and favorable than the manner in which Company supports its
other director nominees at the 2019 Annual Meeting. 
 6.    Committee Assignments. Concurrent with the
appointment of the Designee to the Board, the Board will appoint the Designee to the Board’s strategy committee (the “Strategy Committee”), compensation committee and nominating and corporate governance committee. The other
members of the Strategy Committee are Mr. Braham and Peter Chung. The size of the Strategy Committee will be fixed at three directors during the Restricted Period. 

7.    Compliance with Laws and Company Policies. The Investors acknowledge that Company may request the Designee
and any Additional Designee to agree in writing, during the term of service as a director of Company, to (a) comply with all laws, policies, procedures, processes, codes, rules, standards and guidelines applicable to members of the Board,
including Company’s code of conduct, insider trading policy, Regulation FD policy, related party transactions policy and corporate governance guidelines, in each case as amended from time to time; and (b) keep confidential all confidential
information of Company and not disclose to any third party (including the Investors) any discussions or matters considered in meetings of the Board and its committees (unless such discussion or matters have been previously disclosed publicly by
Company). 
 8.    No Fiduciary Restriction. Notwithstanding anything to the contrary in this Agreement, the
Investors acknowledge that the Designee and any Additional Designee, during such director’s service as a director of Company, will not be prohibited from acting in such director’s capacity as a director or from complying with such
director’s fiduciary duties as a director of Company (including voting on any matter submitted for consideration by the Board, participating in deliberations or discussions of the Board, and making suggestions or raising any issues or
recommendations to the Board). 
 9.    Director Benefits. The Designee and any Additional Designee will be
entitled to the same director benefits as other members of the Board, including (a) compensation for such director’s service as a director and reimbursement for such director’s expenses on the same basis as all other non-employee directors of Company; (b) equity-based compensation grants and other benefits, if 

  
 -2- 

 
any, on the same basis as all other non-employee directors of Company; and (c) the same rights of indemnification and directors’ and
officers’ liability insurance coverage as the other non-employee directors of Company as such rights may exist from time to time. 

10.    Voting Commitment. During the Restricted Period, at each annual or special meeting of Company’s
stockholders or action by written consent, the Investors will (a) cause all Voting Securities (as defined below) that are beneficially owned by them to be present for quorum purposes, if applicable; and (b) vote, or cause to be voted, all
Voting Securities beneficially owned by them in a manner consistent with the recommendation of the Board. Notwithstanding the prior sentence, (i) if, as of the date of the 2019 Annual Meeting, Institutional Shareholder Services Inc.
(“ISS”) and Glass Lewis & Co., LLC (“Glass Lewis”) both recommend a vote “against” or “abstain” on any proposal presented at the 2019 Annual Meeting (other than any proposal relating to the election
or removal of directors), then the Investors will be permitted to vote in accordance with the ISS and Glass Lewis recommendations on that proposal; and (ii) the Investors will have the right to vote in their sole discretion with respect to any
merger, acquisition, recapitalization, restructuring, disposition, distribution, spin-off, asset sale, joint venture or other business combination involving Company. 

11.    Standstill. During the Restricted Period, none of the Investors will, and VIEX will cause the principals,
directors, general partners, officers, employees, agents and representatives of each Investor not to, in any way, directly or indirectly (in each case, except as expressly permitted by this Agreement): 

(a)    with respect to Company or the Voting Securities, (i) make, participate in or encourage any
“solicitation” (as such term is used in the proxy rules of Securities and Exchange Commission (the “SEC”)) of proxies or consents with respect to the election or removal of directors or any other matter or proposal;
(ii) become a “participant” (as such term is used in the proxy rules of the SEC) in any such solicitation of proxies or consents; (iii) seek to advise, encourage or influence any Person with respect to the voting or disposition
of any Voting Securities; or (iv) initiate, encourage or participate, directly or indirectly, in any “vote no,” “withhold” or similar campaign; 

(b)    initiate, propose or otherwise “solicit” (as such term is used in the proxy rules of the SEC)
Company’s stockholders for the approval of any shareholder proposal, whether made pursuant to Rule 14a-4 or Rule 14a-8 promulgated under the Securities Exchange Act
of 1934 (the “Exchange Act”), or otherwise, or cause or encourage any Person to initiate or submit any such shareholder proposal; 

(c)    with respect to Company or the Voting Securities, (i) communicate with Company’s stockholders or others
pursuant to Rule 14a-1(l)(2)(iv) pursuant to the Exchange Act; (ii) participate in, or take any action pursuant to, or encourage any Person to take any action pursuant to, any type of “proxy
access”; or (iii) conduct any nonbinding referendum or hold a “stockholder forum”; 

(d)    (i) seek, alone or in concert with others, election or appointment to, or representation on, the Board;
(ii) nominate or propose the nomination of, or recommend the 

  
 -3- 

 
nomination of, or encourage any Person to nominate or propose the nomination of or recommend the nomination of, any candidate to the Board; or (iii) seek, alone or in concert with others, or
encourage any Person to seek, the removal of any member of the Board; 
 (e)    (i) call or seek to call a special
meeting of stockholders, or encourage any Person to call a special meeting of stockholders; (ii) act or seek to act by written consent of stockholders; or (iii) make a request for any stockholder list or other similar Company records; 

(f)    other than solely with other Investors and their Affiliates with respect to Voting Securities now or subsequently
owned by them, (i) form, join (whether or not in writing), encourage, influence, advise or participate in a partnership, limited partnership, syndicate or other group, including a “group” as defined pursuant to Section 13(d) of
the Exchange Act, with respect to any Voting Securities (other than any group comprised solely of Investors and their Affiliates); (ii) deposit any Voting Securities into a voting trust, arrangement or agreement; or (iii) subject any
Voting Securities to any voting trust, arrangement or agreement; 
 (g)    (i) make any offer or proposal (with or
without conditions) with respect to any merger, acquisition, recapitalization, restructuring, disposition or other business combination involving any Investor and Company; (ii) solicit a third party to, on an unsolicited basis, make an offer or
proposal (with or without conditions) with respect to any merger, acquisition, recapitalization, restructuring, disposition or other business combination involving Company, or publicly encourage, initiate or support any third party in making such an
offer or proposal; or (iii) publicly comment on any proposal regarding any merger, acquisition, recapitalization, restructuring, disposition or other business combination with respect to Company by a third party prior to such proposal becoming
public; 
 (h)    other than through non-public communications with Company that
would not reasonably be expected to trigger public disclosure obligations for any Party, make or disclose any statement regarding any intent, purpose, plan or proposal with respect to the Board, Company or its management, policies, affairs or
assets, or the Voting Securities or this Agreement, that is inconsistent with the provisions of this Agreement, including any intent, purpose, plan or proposal that is conditioned on, or would require, the waiver, amendment, nullification or
invalidation of any provision of this Agreement, or take any action that could require Company to make any public disclosure relating to any such intent, purpose, plan, proposal or condition; 

(i)    institute, solicit, assist or join, as a party, any litigation, arbitration or other proceedings against or
involving Company or any of its current or former directors or officers (including derivative actions) based upon facts publicly known as of the date of this Agreement, other than (i) litigation by the Investors enforce the provisions of this
Agreement; (ii) counterclaims with respect to any proceeding initiated by, or on behalf of, Company or any of its Affiliates against the Investors; and (iii) the exercise of statutory appraisal rights; 

(j)    take any action in support of, or, other than through non-public
communications, make any proposal or request that constitutes: (i) controlling, changing or influencing Company’s management, business or corporate structure; (ii) seeking to have Company waive or make amendments or modifications to
its certificate of incorporation or bylaws; 

  
 -4- 

 
(iii) causing a class of securities of Company to be delisted from, or to cease to be authorized to be quoted on, any securities exchange; or (iv) causing a class of securities of
Company to become eligible for termination of registration pursuant to Section 12(g)(4) of the Exchange Act; 

(k)    sell, offer or agree to sell to any third party, through swap or hedging transactions, derivative agreements or
otherwise, any voting rights decoupled from the underlying Voting Securities held by the Investors; 
 (l)    acquire,
offer, agree or propose to acquire, whether by purchase, tender or exchange offer, through the acquisition of control of another Person, by joining a partnership, limited partnership, syndicate or other group, including a “group” as
defined pursuant to Section 13(d) of the Exchange Act, through swap or hedging transactions, or otherwise, any securities of Company or any rights decoupled from the underlying securities of Company that would result in the Investors in the
aggregate beneficially owning more than 9.9 percent of the then-outstanding Voting Securities; or 
 (m)    other
than through open market broker sale transactions where the identity of the purchaser is not known and in underwritten widely dispersed public offerings, sell, offer or agree to sell, through swap or hedging transactions or otherwise, the securities
of Company to any Person not a Party (a “Third Party”) that, to VIEX’s knowledge (after due inquiry in connection with a private, non-open market transaction, it being understood that
such knowledge will be deemed to exist with respect to any publicly available information, including information in documents filed with the SEC), would result in such Third Party, together with its Affiliates and Associates, owning, controlling or
otherwise having any beneficial or other ownership interest of more than 4.9 percent of the then-outstanding Voting Securities or that would increase the beneficial or other ownership interest of any Third Party who, together with its
Affiliates and Associates, has a beneficial or other ownership interest of more than 4.9 percent of the then-outstanding Voting Securities. 

12.    Permitted Actions. Notwithstanding paragraph 11, nothing in this Agreement will prohibit or restrict
the Investors from: (a) communicating privately with the Board or any officer or director of Company regarding any matter, so long as such communications are not intended to, and would not reasonably be expected to, require any public
disclosure of such communications, subject in any case to any confidentiality obligations to Company of any such director or officer; (b) taking any action necessary to comply with any law, rule or regulation or any action required by any
governmental or regulatory authority or stock exchange that has, or may have, jurisdiction over the Investors or any of their respective Affiliates or Associates, but only if a breach by the Investors of this Agreement is not the cause of the
applicable requirement; or (c) privately communicating to any of their investors or potential investors factual information regarding Company, but only if such communications are subject to reasonable confidentiality obligations and are not
otherwise reasonably expected to be publicly disclosed. For the avoidance of doubt, subject to applicable law, the Investors will not be prohibited from communicating privately with stockholders of Company and others in a manner that does not
otherwise violate paragraph 11. 
 13.    Non-Disparagement. Subject
to applicable law, each of the Parties covenants and agrees that, during the Restricted Period, it and its respective Affiliates, Associates, subsidiaries, officers, key employees, general partners and directors will not in any way publicly
disparage, call 

  
 -5- 

 
into disrepute or otherwise defame or slander the other Party or such other Party’s Affiliates, Associates, subsidiaries, successors, assigns, officers (including any current or former
officer of such other Party or its subsidiaries), directors (including any current or former director of such other Party or its subsidiaries), employees, stockholders, agents, attorneys or representatives, or any of their businesses, products or
services, in any manner that would reasonably be expected to damage the business or reputation of such other Party or its businesses, products or services, subsidiaries, Affiliates, successors, assigns, officers (or former officers), directors (or
former directors), employees, stockholders, agents, attorneys or representatives. This paragraph 13 will not apply to any statement made in connection with any action to enforce this Agreement. 

14.    No Compensation Arrangements. The Investors will not, directly or indirectly, compensate or agree to
compensate the Designee for his service as a director of Company with any cash, securities (including any rights or options convertible into or exercisable for or exchangeable into securities or any profit-sharing agreement or arrangement) or other
form of compensation directly or indirectly related to Company or its securities. 
 15.    Compliance with this
Agreement. VIEX will cause the other Investors to comply with the terms of this Agreement and will be responsible for any breach of the terms of this Agreement by any Investor, in each case even if such Investor is not a party to this Agreement.

 16.    Expense Reimbursement. Within five business days of the receipt of appropriate documentation, Company
will reimburse the Investors for their reasonable and documented out-of-pocket fees and expenses (including legal expenses) (up to a maximum of $25,000) incurred by the
Investors in connection with the negotiation and execution of this Agreement. 
 17.    Public Disclosure. 

(a)    Press Release. No later than 5:00 p.m., Eastern time, on July 30, 2019, Company will issue a press
release in the form attached as Exhibit A (the “Press Release”). Neither Company nor the Investors will make any public statements with respect to the matters covered by this Agreement (including in the Schedule 13D or in any other
filing with the SEC, any other regulatory or governmental agency, any stock exchange or in any materials that would reasonably be expected to be filed with the SEC) that are inconsistent with, or otherwise contrary to, the statements in the Press
Release. 
 (b)    Form 8-K. Company will promptly prepare and file (but
not before the issuance of the Press Release) with the SEC a Current Report on Form 8-K (the “Form 8-K”) reporting the entry into this Agreement. All
disclosure in the Form 8-K will be consistent with this Agreement. Company will provide VIEX and its counsel with a reasonable opportunity to review and comment on the Form
8-K prior to filing, and will consider in good faith any changes proposed by VIEX or its counsel. 

(c)    Amended Schedule 13D. The VIEX Group will promptly prepare and file (but not before the issuance of the
Press Release) with the SEC an amendment to its Schedule 13D (the “Amended Schedule 13D”) with respect to Company reporting the entry into this Agreement. All disclosure in the Amended Schedule 13D will be consistent with this
Agreement. The VIEX Group 

  
 -6- 

 
will provide Company and its counsel with reasonable opportunity to review and comment on the Amended Schedule 13D prior to filing, and will consider in good faith any changes proposed by Company
or its counsel. 
 18.    Definitions. As used in this Agreement, the term (a) “Person”
will be interpreted broadly to include, among others, any individual, general or limited partnership, corporation, limited liability or unlimited liability company, joint venture, estate, trust, group, association or other entity of any kind or
structure; (b) “Affiliate” has the meaning set forth in Rule 12b-2 promulgated under the Exchange Act and will include Persons who become Affiliates of any Person after the date of this
Agreement; (c) “Associate” has the meaning set forth in Rule 12b-2 promulgated under the Exchange Act and will include Persons who become Associates of any Person after the date of this
Agreement, but will exclude any Person not controlled by or under common control with the related Person; (d) “beneficially own,” “beneficially owned” and “beneficial ownership” has the meaning
set forth in Rule 13d-3 promulgated under the Exchange Act; (e) “business day” means any day other than a Saturday, Sunday or a day on which the Federal Reserve Bank of San Francisco is
closed; (f) “Net Long Shares” will be limited to the number of shares of Company’s common stock beneficially owned by any Person that constitute such Person’s net long position as defined in Rule 14e-4 under the Exchange Act (except that for purposes of such definition, the date that the tender offer is first announced will instead be the date for determining or documenting such Person’s Net Long Shares
and the reference to the highest tender price will refer to the market price on such date) and, to the extent not covered by such definition, reduced by any shares as to which such Person does not have the right to vote or direct the vote as of the
date for determining or documenting or as to which such Person has entered into a derivative or other agreement, arrangement or understanding that hedges or transfers, in whole or in part, directly or indirectly, any of the economic consequences of
ownership of such shares, it being understood that whether shares constitute Net Long Shares will be decided by the Board in its reasonable determination; (g) “Restricted Period” means the period from the date of this Agreement
until 11:59 p.m., Pacific time, on the day that is 15 business days prior to the deadline for the submission of stockholder nominations of directors and business proposals for 2020 Annual Meeting as set forth in Company’s bylaws as in effect on
the date of this Agreement (it being understood that Company will not advance or delay the dates of the 2019 Annual Meeting or 2020 Annual Meeting by more than 30 days from the date of the previous year’s annual meeting); and
(h) “Voting Securities” means the shares of Company’s common stock and any other securities of Company entitled to vote in the election of directors, or securities convertible into, or exercisable or exchangeable for, such
shares or other securities, whether or not subject to the passage of time or other contingencies. 

19.    Interpretations. The words “include,” “includes” and “including” will be
deemed to be followed by the words “without limitation.” The word “or” is not exclusive. The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms. Any agreement,
instrument, law, rule or statute defined or referred to in this Agreement means, unless otherwise indicated, such agreement, instrument, law, rule or statute as from time to time amended, modified or supplemented. The measure of a period of one
month or year for purposes of this Agreement will be the day of the following month or year corresponding to the starting date. If no corresponding date exists, then the end date of such period being measured will be the next actual day of the
following month or year (for example, one month following February 18 is March 18 and one month following March 31 is May 1). 

  
 -7- 

 20.    Representations of the VIEX Group. Each member of the VIEX
Group, severally and not jointly, represents that (a) its authorized signatory set forth on the signature page to this Agreement has the power and authority to execute this Agreement and any other documents or agreements to be entered into in
connection with this Agreement and to bind such member; (b) this Agreement has been duly authorized, executed and delivered by it and is a valid and binding obligation of such member, enforceable against it in accordance with its terms, except
as enforcement thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or similar laws generally affecting the rights of creditors and subject to general equity principles; (c) this
Agreement does not and will not violate any law, any order of any court or other agency of government, its organizational documents or any provision of any agreement or other instrument to which such member or any of its properties or assets is
bound, or conflict with, result in a breach of or constitute (with due notice or lapse of time or both) a default under any such agreement or other instrument, or result in the creation or imposition of, or give rise to, any material lien, charge,
restriction, claim, encumbrance or adverse penalty of any nature whatsoever; and (d) as of the date of this Agreement, it has not, directly or indirectly, compensated or agreed to compensate the Designee for his service as a director of Company
with any cash, securities (including any rights or options convertible into or exercisable for or exchangeable into securities or any profit sharing agreement or arrangement) or other form of compensation directly or indirectly related to Company or
its securities. The VIEX Group represents and warrants that as of the date of this Agreement, it is the beneficial owner of an aggregate of 6,315,775 shares of Company’s common stock, including 523,100 shares underlying call options that are
currently exercisable. The VIEX Group is also party to various put options covering an aggregate of 1,679,600 shares of Company’s common stock. 

21.    Representations of Company. Company represents that this Agreement (a) has been duly authorized,
executed and delivered by it and is a valid and binding obligation of Company, enforceable against Company in accordance with its terms, except as enforcement thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium,
fraudulent conveyance or similar laws generally affecting the rights of creditors and subject to general equity principles; (b) does not require the approval of the stockholders of Company; and (c) does not and will not violate any law,
any order of any court or other agency of government, Company’s certificate of incorporation or bylaws, each as amended from time to time, or any provision of any agreement or other instrument to which Company or any of its properties or assets
is bound, or conflict with, result in a breach of or constitute (with due notice or lapse of time or both) a default under any such agreement or other instrument, or result in the creation or imposition of, or give rise to, any material lien,
charge, restriction, claim, encumbrance or adverse penalty of any nature whatsoever. 
 22.    Specific
Performance. Each Party acknowledges and agrees that money damages would not be a sufficient remedy for any breach (or threatened breach) of this Agreement by it and that, in the event of any breach or threatened breach of this Agreement,
(a) the Party seeking specific performance will be entitled to injunctive and other equitable relief, without proof of actual damages; (b) the Party against whom specific performance is sought will not plead in defense that there would be
an adequate remedy at law; and (c) the Party against whom specific performance is sought agrees to waive any applicable right or requirement that a bond be posted. Such remedies will not be the exclusive remedies for a breach of this Agreement,
but will be in addition to all other remedies available at law or in equity. 

  
 -8- 

 23.    Entire Agreement; Binding Nature; Assignment; Waiver. This
Agreement constitutes the only agreement between the Parties with respect to the subject matter of this Agreement and it supersedes all prior agreements, understandings, negotiations and discussions, whether oral or written (including the letter
agreement between the Parties dated March 13, 2018). This Agreement binds, and will inure to the benefit of, the Parties and their respective successors and permitted assigns. No Party may assign or otherwise transfer either this Agreement or
any of its rights, interests, or obligations under this Agreement without the prior written approval of the other Party. Any purported transfer requiring consent without such consent is void. No amendment, modification, supplement or waiver of any
provision of this Agreement will be effective unless it is in writing and signed by the affected Party, and then only in the specific instance and for the specific purpose stated in such writing. Any waiver by any Party of a breach of any provision
of this Agreement will not operate as or be construed to be a waiver of any other breach of such provision or of any breach of any other provision of this Agreement. The failure of a Party to insist upon strict adherence to any term of this
Agreement on one or more occasions will not be considered a waiver or deprive that Party of the right to insist upon strict adherence to that term or any other term of this Agreement in the future. 

24.    Severability. If any provision of this Agreement is held invalid or unenforceable by any court of competent
jurisdiction, then the other provisions of this Agreement will remain in full force and effect. Any provision of this Agreement that is held invalid or unenforceable only in part or degree will remain in full force and effect to the extent not held
invalid or unenforceable, and this Agreement will otherwise be construed so as to effectuate the original intention of the Parties reflected in this Agreement. The Parties further agree to replace such invalid or unenforceable provision of this
Agreement with a valid and enforceable provision that will achieve, to the extent possible, the purposes of such invalid or unenforceable provision. 

25.    Governing Law; Forum. This Agreement is governed by and will be construed in accordance with the laws of the
State of Delaware. Each of the Parties (a) irrevocably and unconditionally consents to the exclusive personal jurisdiction and venue of the Court of Chancery of the State of Delaware and any appellate court thereof (unless the federal courts
have exclusive jurisdiction over the matter, in which case the United States District Court for the District of Delaware and any appellate court thereof will have exclusive personal jurisdiction); (b) agrees that it will not attempt to deny or
defeat such personal jurisdiction by motion or other request for leave from any such court; (c) agrees that it will not bring any action relating to this Agreement or otherwise in any court other than the such courts; and (d) waives any
claim of improper venue or any claim that those courts are an inconvenient forum. The Parties agree that mailing of process or other papers in connection with any such action or proceeding in the manner provided in paragraph 28 or in such other
manner as may be permitted by applicable law, will be valid and sufficient service thereof. 
 26.    Waiver of Jury
Trial. EACH OF THE PARTIES, AFTER CONSULTING OR HAVING HAD THE OPPORTUNITY TO CONSULT WITH COUNSEL, KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT THAT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN ANY LITIGATION BASED UPON OR ARISING OUT
OF THIS AGREEMENT OR ANY RELATED INSTRUMENT OR AGREEMENT, OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREBY, OR ANY COURSE OF CONDUCT, 

  
 -9- 

 
DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN), OR ACTIONS OF ANY OF THEM. No Party will seek to consolidate, by counterclaim or otherwise, any action in which a jury trial has been waived with
any other action in which a jury trial cannot be or has not been waived. 
 27.    Third Party Beneficiaries.
This Agreement is solely for the benefit of the Parties and is not enforceable by any other Person. 

28.    Notices. All notices, consents, requests, instructions, approvals and other communications provided for in,
and all legal process in regard to, this Agreement will be in writing and will be deemed validly given, made or served (i) upon receipt, when delivered personally; (ii) upon confirmation of receipt, when sent by email (but only if such
confirmation is not automatically generated); or (iii) one business day after deposit with a nationally recognized overnight delivery service. The addresses for such communications are as follows. At any time, any Party may, by notice given in
accordance with this paragraph 28 to the other Parties, provide updated information for notices pursuant to this Agreement. 
  

	 	(a)	 If to Company: 

A10 Networks, Inc. 
 3 West
Plumeria Drive 
 San Jose, CA 95134 

Attn:      General Counsel 

Email:    RCochran@a10networks.com 

with a copy (which will not constitute notice) to: 

Wilson Sonsini Goodrich & Rosati 

Professional Corporation 
 650
Page Mill Road 
 Palo Alto, CA 94304 

Attn:      Herbert P. Fockler 

              Mark B. Baudler 

              David J. Berger 

              Douglas K. Schnell 

Fax:      (650) 493-6811 

Email:   hfockler@wsgr.com, mbaudler@wsgr.com, dberger@wsgr.com, dschnell@wsgr.com 

 

	 	(b)	 If to the VIEX Group: 

VIEX Capital Advisors, LLC 

745 Boylston Street, 3rd Floor 

Boston, MA 02116 

Attn:      Eric Singer 

Email:    singer@viexcapital.com 

  
 -10- 

 
with a copy (which will not constitute notice) to: 
 Olshan Frome Wolosky LLP 

1325 Avenue of the Americas 

New York, NY 10019 

Attn:      Steve Wolosky 

              Elizabeth Gonzalez-Sussman 

Fax:       (212) 451-2222 

Email:   swolosky@olshanlaw.com, egonzalez@olshanlaw.com 

29.    Representation by Counsel. Each of the Parties acknowledges that it has been represented by counsel of its
choice throughout all negotiations that have preceded the execution of this Agreement, and that it has executed this Agreement with the advice of such counsel. Each Party and its counsel cooperated and participated in the drafting and preparation of
this Agreement, and any and all drafts of this Agreement exchanged among the Parties will be deemed the work product of all of the Parties and may not be construed against any Party by reason of its drafting or preparation. Accordingly, any rule of
law or any legal decision that would require interpretation of any ambiguities in this Agreement against any Party that drafted or prepared it is of no application and is expressly waived by each of the Parties, and any controversy over
interpretations of this Agreement will be decided without regard to events of drafting or preparation. 

30.    Counterparts. This Agreement and any amendments to this Agreement may be executed in one or more
textually-identical counterparts, all of which will be considered one and the same agreement and will become effective when one or more counterparts have been signed by each of the Parties and delivered to the other Parties, it being understood that
all Parties need not sign the same counterpart. Any such counterpart, to the extent delivered by fax or .pdf, .tif, .gif, .jpg or similar attachment to electronic mail (any such delivery, an “Electronic Delivery”), will be treated
in all manner and respects as an original executed counterpart and will be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. No Party may raise the use of an Electronic Delivery
to deliver a signature, or the fact that any signature or agreement or instrument was transmitted or communicated through the use of an Electronic Delivery, as a defense to the formation of a contract, and each Party forever waives any such defense,
except to the extent such defense relates to lack of authenticity. 
 31.    Headings. The headings set forth in
this Agreement are for convenience of reference purposes only and will not affect or be deemed to affect in any way the meaning or interpretation of this Agreement or any term or provision of this Agreement. 

[Signature page follows.] 

  
 -11- 

					
	Very truly yours,
	
	A10 NETWORKS, INC.
		
	By:	 	 /s/ Robert Cochran

		 	Name:	 	Robert Cochran
		 	Title:	 	EVP Legal & Corporate Collaboration

  

					
	ACCEPTED AND AGREED
	as of the date written above:
	
	VIEX OPPORTUNITIES FUND, LP – SERIES ONE
		
	By:	 	VIEX GP, LLC
		 	General Partner
		
	By:	 	 /s/ Eric Singer

		 	Name:	 	Eric Singer
		 	Title:	 	Managing Member
	
	VIEX OPPORTUNITIES FUND, LP – SERIES TWO
		
	By:	 	VIEX GP, LLC
		 	General Partner
		
	By:	 	 /s/ Eric Singer

		 	Name:	 	Eric Singer
		 	Title:	 	Managing Member
	
	VIEX GP, LLC
		
	By:	 	 /s/ Eric Singer

		 	Name:	 	Eric Singer
		 	Title:	 	Managing Member

  

  
 [Signature Page to Letter
Agreement] 

					
	VIEX SPECIAL OPPORTUNITIES FUND II, LP
		
	By:	 	VIEX Special Opportunities GP II, LLC
		 	General Partner
		
	By:	 	 /s/ Eric Singer

		 	Name:	 	Eric Singer
		 	Title:	 	Managing Member
	
	VIEX SPECIAL OPPORTUNITIES GP II, LLC
		
	By:	 	 /s/ Eric Singer

		 	Name:	 	Eric Singer
		 	Title:	 	Managing Member
	
	VIEX SPECIAL OPPORTUNITIES FUND III, LP
		
	By:	 	VIEX Special Opportunities GP III, LLC
		 	General Partner
		
	By:	 	 /s/ Eric Singer

		 	Name:	 	Eric Singer
		 	Title:	 	Managing Member
	
	VIEX SPECIAL OPPORTUNITIES GP III, LLC
		
	By:	 	 /s/ Eric Singer

		 	Name:	 	Eric Singer
		 	Title:	 	Managing Member
	
	VIEX CAPITAL ADVISORS, LLC
		
	By:	 	 /s/ Eric Singer

		 	Name:	 	Eric Singer
		 	Title:	 	Managing Member
	
	ERIC SINGER
	
	 /s/ Eric Singer

  
 [Signature Page to Letter
Agreement]

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