Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
  

			
	Name of Executive:	 	Marc Meade
	Position:	 	Executive Vice President
	Fiscal Year 2013 Base Salary:	 	$210,000
	Equity:	 	25,000 restricted shares, 20% vesting per year, first tranche vesting at 1/1/15
		
	Effective Date:	 	January 1, 2014
		
	Initial Term:	 	Effective Date through December 31, 2014
	Renewal Periods are:	 	1 Year
	Post-Change of Control Renewal Period is:	 	2 Years
		
	Severance Multiplier is:	 	1x
	Post-Change of Control Severance Multiplier is:	 	2x

 EXECUTIVE EMPLOYMENT AND SEVERANCE AGREEMENT 

This Agreement (“Agreement”) is between the individual named above (“Executive”), and Orion Energy Systems, Inc.
(“Orion”) effective as of the date above. 
 WHEREAS, the Executive is employed by Orion in a key employee capacity as a
named executive officer and the Executive’s services are valuable to the conduct of the business of Orion; and 

WHEREAS, Orion and Executive desire to specify the terms and conditions on which Executive will continue employment with Orion on and
after the effective date set forth above (the “Effective Date”) and under which Executive will receive severance in the event that Executive separates from service with Orion. 

NOW, THEREFORE, for good and valuable consideration, the parties agree as follows: 

1. Effective Date; Term. This Agreement shall become effective on the Effective Date and continue until the end of the
initial term set forth above. The employment status of the Executive will be reviewed by Orion ninety (90) days prior to the end of the initial term as set forth above (and the end of any subsequent term thereafter). Upon such review, Orion may
choose not to extend Executive’s employment under this Agreement for an additional renewal period term as set forth above and, upon such a determination, shall provide written notice to such effect to Executive prior to the end of the initial
term (or the end of any subsequent term thereafter). If Orion does not provide Executive with such notice of non-renewal prior to the end of any term, then the term of this Agreement shall be extended for the renewal period set forth above.
Notwithstanding the foregoing, if a Change of Control occurs prior to the end of any term, the Agreement shall be automatically extended for the post-Change of Control renewal period set forth above beginning on the date of the Change of Control.
Expiration of this Agreement will not affect the rights or obligations of the parties hereunder arising out of, or relating to circumstances occurring prior to the expiration of this Agreement, which rights and obligations will survive the
expiration of this Agreement.  

 2. Definitions. For purposes of this Agreement, the following terms shall
have the meanings ascribed to them: 
 (a) “Accrued Benefits” shall mean, as of the Termination Date,
the sum of: (i) Executive’s Base Salary earned but not paid for the time period ending with the Termination Date; (ii) any other earned but unpaid amounts as of the Termination Date, and (iii) any other payments or benefits to be
provided to Executive by Orion pursuant to any employee benefit plans or arrangements adopted by Orion, to the extent such amounts are due from Orion. 

(b) “Base Salary” shall mean the Executive’s annual base salary with Orion as in effect from time to time
beginning with the initial Base Salary noted above. 
 (c) “Board” shall mean the board of directors of
Orion or a committee of such Board authorized to act on its behalf in certain circumstances, including the Compensation Committee of the Board. 

(d) “Cause” shall mean a good faith finding by Orion that Executive has (i) failed, neglected, or refused
to perform the lawful employment duties from time to time assigned to him (other than due to Disability); (ii) committed any willful, intentional, or grossly negligent act having the effect of materially injuring the interest, business, or
reputation of Orion; (iii) violated or failed to comply in any material respect with Orion’s published rules, regulations, or policies, as in effect or amended from time to time; (iv) committed an act constituting a felony or
misdemeanor involving moral turpitude, fraud, theft, or dishonesty; (v) misappropriated or embezzled any property of Orion (whether or not such act constitutes a felony or misdemeanor); or (vi) breached any material provision of this
Agreement or any other applicable confidentiality, non-compete, non-solicit, general release, covenant not-to-sue, or other agreement with Orion. 

(e) “Change of Control” shall mean and be limited to the occurrence of any of the following: 

(i) the acquisition by any “person” (as such term is used in Section 13(d) and 14(d) of the Securities Exchange
Act of 1934, as amended), other than (A) Orion or any of its subsidiaries, (B) a trustee or other fiduciary holding securities under any employee benefit plan of Orion or any of its subsidiaries, or (C) an underwriter temporarily
holding securities pursuant to an offering of such securities, of the beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Securities Exchange Act of 1934, as amended) directly or indirectly, of securities of Orion by reason
of having acquired such securities during the twelve month period ending on the date of the most recent acquisition representing 20% or more of the then outstanding shares of the common stock of Orion, or the combined voting power of Orion’s
then outstanding securities entitled to vote generally in the election of directors (the “Company Voting Stock”); or 

  
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 (ii) the majority of members of Orion’s Board is replaced during any twelve
(12)-month period by directors whose appointment or election is not endorsed by a majority of the members of Orion’s Board before the date of the appointment or election; or 

(iii) the consummation of a merger, consolidation, reorganization or share exchange of Orion with any other corporation or the
issuance of Company Voting Stock in connection with a merger, consolidation, reorganization or share exchange of Orion which requires approval of the shareholders of Orion, other than (A) a merger, consolidation, reorganization or share
exchange which would result in the Company Voting Stock outstanding immediately prior to such merger, consolidation, reorganization or share exchange continuing to represent (either by remaining outstanding or by being converted into voting
securities of the surviving entity or any parent thereof) at least fifty percent (50%) of the Company Voting Stock or such surviving entity or any parent thereof outstanding immediately after such merger, consolidation, reorganization or share
exchange, or (B) a merger, consolidation or share exchange effected to implement a recapitalization of Orion (or similar transaction) in which no “person” (defined above) is or becomes the beneficial owner (within the meaning of Rule
13d-3 promulgated under the Securities Exchange Act of 1934, as amended), directly or indirectly, of securities of Orion (not including in the securities beneficially owned by such “person” (defined above) any securities acquired directly
from Orion or its affiliates (within the meaning of Rule 12b-2 promulgated under the Securities Exchange Act of 1934, as amended) pursuant to the express authorization by the Board that refers to this exception) representing twenty percent
(20%) or more of either the then outstanding shares of common stock of Orion or the Company Voting Stock; or 
 (iv) the
consummation of a plan of complete liquidation or dissolution of Orion or a sale or disposition by Orion of all or substantially all of Orion’s assets (in one transaction or a series of related transactions within any period of 24 consecutive
months), in each case, which requires approval of the shareholders of Orion, other than a sale or disposition by Orion of all or substantially all of Orion’s assets to an entity at least seventy-five percent (75%) of the combined voting
power of the outstanding voting securities of which are owned by “persons” (defined above) in substantially the same proportions as their ownership of Orion immediately prior to such sale. 

Notwithstanding the foregoing, no “Change of Control” shall be deemed to have occurred if there is consummated any
transaction or series of integrated transactions immediately following which the record holders of the common stock of Orion immediately prior to such transaction or series of transactions continue to own, directly or indirectly, in the same
proportions as their ownership in Orion, an entity that owns all or substantially all of the assets or Company Voting Stock of Orion immediately following such transaction or series of transactions. 

(f) “COBRA” shall mean the provisions of Code Section 4980B. 

  
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 (f) “Code” shall mean the Internal Revenue Code of 1986, as
amended, as interpreted by rules and regulations issued pursuant thereto, including any successor provisions thereto. 
 (g)
“Competing Product” means any product or service which is sold or provided in competition with a product or service: (A) that Executive sold or provided on behalf of Orion at some time during the twenty-four (24) months
immediately preceding the point when Executive is no longer employed by any of the Companies (such point being the “Termination of Executive’s Employment”); (B) that one or more Orion Executives or business units managed,
supervised or directed by Executive, sold or provided on behalf of Orion at some time during the twenty-four (24) months immediately preceding the Termination of Executive’s Employment; (C) that was designed, developed, tested,
distributed, marketed, provided or produced by Executive (individually or in collaboration with other Orion Executives) or one or more Orion Executives or business units managed, supervised or directed by Executive at some time during the
twenty-four (24) months immediately preceding the Termination of Executive’s Employment; or (D) that was designed, tested, developed, distributed, marketed, produced, sold or provided by Orion with management or executive support from
Executive at some time during the twenty-four (24) months immediately preceding the Termination of Executive’s Employment. 

(h) “Disability” shall mean a total and permanent mental or physical disability precluding Executive from
performing the material and substantial duties of his employment for 180 days during any twelve (12) month period. For purposes of this Agreement, an Executive shall be deemed totally and permanently disabled at the end of such 180th day and
which makes Executive eligible to receive benefits under Orion’s long-term disability plan. 
 (i) “Good
Reason” shall mean the occurrence of any of the following without the consent of Executive: (i) a material diminution in the Executive’s Base Salary; (ii) a material change in the geographic location at which the Executive
must perform services; or (iii) a material breach by Orion of any provisions of this Agreement or any option agreement with Orion to which the Executive is a party. 

(j) “Key Employee” means any person who at the Termination of Executive’s Employment is employed or
engaged by Orion and with whom Executive has had material contact in the course of employment during the twelve (12) months immediately preceding the Termination of Executive’s Employment, and (i) is a manager, officer or director of
Orion; (ii) is in possession of Confidential Information and/or Trade Secrets of Orion; and/or (iii) is directly managed by or reports to Executive as of the Termination of Executive’s Employment. 

(k) “Restricted Customer” means a customer of Orion to which Executive, or one or more individuals or Orion
business units supervised, managed, or directed by Executive, sold or provided products or services on behalf of Orion during the twelve (12)-month period immediately preceding the Termination of Executive’s Employment. 

  
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 (l) “Restricted Territory” means: (A) Territories (as the
term “Territory” as defined below) in which Executive or one or more Orion employees or business units managed or directed by Executive provided products or services on behalf of Orion during the twelve (12)-month period immediately
preceding the Termination of Executive’s Employment; (B) Territories in which one or more Orion employees or business units managed or directed by Executive sold or solicited the sale of products or services on behalf of Orion during the
twelve (12)-month period immediately preceding the Termination of Executive’s Employment; (C) Territories in which Executive or one or more Orion employees or business units managed or directed by Executive or receiving management or
executive support from Executive provided, sold or solicited the sale of products or services on behalf of Orion during the twelve (12)-month period immediately preceding the Termination of Executive’s Employment; or (D) Territories in
which Orion sold or provided products or services designed, developed, tested, or produced by Executive (either individually or in collaboration with other Orion employees) or by Orion employees or business units working under Executive’s
direction, management or control during the twelve (12)-month period immediately preceding the Termination of Executive’s Employment. Notwithstanding the foregoing, the term Restricted Territory is limited to Territories in which Orion sold or
provided in excess of one hundred thousand dollars (US $100,000) in the aggregate worth of products or services in the twelve (12)-month period immediately preceding the Termination of Executive’s Employment. 

(i) “Separation from Service” shall have the meaning set forth in Code Section 409A and the related
Treasury Regulations; provided, that for this purpose, a “separation from service” is deemed to occur on the date that Orion and Executive reasonably anticipate that the level of bona fide services Executive would perform after that
date (whether as an employee or independent contractor) would permanently decrease to no more than 50% of the average level of bona fide services provided in the immediately preceding thirty-six (36) months. 

(m) “Services” means sales, financial, supervisory, management, engineering, scientific, and other services of
the type performed for Orion by Executive or one or more Orion Executives managed, supervised or directed by Executive during the final twenty-four (24) months preceding the Termination of Executive’s Employment, but shall not include
clerical, menial or manual labor. 
 (n) “Severance Payment” shall mean the Executive’s Base Salary at
the time of the Termination Date plus the average of the annual bonuses earned by the Executive with respect to each of the three completed fiscal years of Orion preceding the year in which the Termination Date occurs (or such lesser number of
fiscal years for which the Executive was employed by Orion, with any partial year’s bonus being annualized with respect to such fiscal year) multiplied by the severance multiplier set forth above; provided that if Executive’s
Termination Date occurs on or following a Change of Control, the multiplier described above shall be increased to the post-Change of Control severance multiplier set forth above and any reduction in Executive’s Base Salary since the date of the
Change of Control shall be ignored. 
 (o) “Strategic Customer” means a customer of Orion that purchased a
product or service from the Orion during the twelve (12)-month period immediately preceding the Termination of Executive’s Employment, but is limited to individuals and entities concerning which Executive learned, created or reviewed
Confidential Information or Trade Secrets on behalf of Orion during the twelve (12)-month period immediately preceding the Termination of Executive’s Employment.

  
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 (p) “Termination Date” shall mean the date of the
Executive’s termination of employment from Orion, as further described in Section 4. 
 (q)
“Territory” means a state within the United States, the District of Columbia, a territory of the United States, and/or a foreign nation. 

(r) “Third Party Confidential Information” means information received by Orion from others that Orion has an
obligation to treat as confidential. 
 (s) “Trade Secret” means a Trade Secret as that term is defined
under Wis. Stat. § 134.90, or its successor provision. 
 3. Employment of Executive. 

(a) Position. 

(i) Executive shall serve in a full-time capacity in the position set forth above or in any other position and/or with such
other duties as determined from time to time by Orion. 
 (ii) Executive will devote Executive’s full business time and
best efforts to the performance of Executive’s duties hereunder and will not engage in any other business, profession or occupation for compensation or otherwise which would conflict or interfere with the rendition of such services either
directly or indirectly, without the prior written consent of Orion; provided that nothing herein shall preclude Executive, subject to the prior approval of Orion, from accepting appointment to or continuing to serve on any board of directors
or trustees of any business organization or any charitable organization; further provided in each case, and in the aggregate, that such activities do not materially conflict or interfere with the performance of Executive’s duties
hereunder or conflict with Section 7. 
 (b) Base Salary. Orion shall pay Executive a Base Salary at the annual
rate set forth above, payable in regular installments in accordance with Orion’s usual payroll practices. Executive shall be entitled to such increases in Executive’s Base Salary, if any, as may be determined from time to time by Orion.

 (c) Bonus Incentives. Executive shall be entitled to participate in such annual and/or long-term cash plans and
programs of Orion as are generally provided to the senior executives of Orion, as determined by the Board in its discretion. Any cash bonuses payable to Executive will be paid at the time Orion normally pays such bonuses to its senior executives and
will be subject to the terms and conditions of the applicable annual cash incentive compensation arrangement, as determined by the Board in its discretion. 

  
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 (d) Equity Compensation. Executive shall be eligible to receive equity
compensation awards (which may consist of stock options or other types of awards), as determined by the Board in its discretion pursuant to Orion’s equity compensation plans and programs in effect from time to time. These awards shall be
granted in the discretion of the Board, and shall include such terms and conditions, including performance objectives, as the Board deems appropriate. 

(e) Employee Benefits. Executive shall be entitled to participate in Orion’s employee benefit plans (other than
annual and/or long-term incentive programs, which are addressed in subsections (c) and (d)) as in effect from time to time on the same basis as those benefits are generally made available to other senior executives of Orion. 

(f) Business Expenses. Executive shall have a right to be reimbursed for Executive’s reasonable and appropriate
business expenses which Executive actually incurs in connection with the performance of Executive’s duties and responsibilities under this Agreement in accordance with Orion’s expense reimbursement policies and procedures for its senior
executives, subject to Orion’s reasonable requirements with respect to reporting and documentation of such expenses. 
 4.
Termination of Employment. Executive’s employment with Orion will terminate during the term of the Agreement, and this Agreement will terminate on the date of such termination, as follows: 

(a) Executive’s employment will terminate upon Executive’s death. 

(b) If Executive suffers a Disability, and if within thirty (30) days after Orion notifies the Executive in writing that
it intends to terminate Executive’s employment, Executive shall not have returned to the performance of Executive’s duties hereunder on a full-time basis, Orion may terminate Executive’s employment, effective immediately following the
end of such thirty-day period. 
 (c) Orion may terminate Executive’s employment with or without Cause (other than as a
result of Disability which is governed by subsection (b)) by providing written notice to Executive of such termination, provided however, if Orion terminates Executive’s employment for Cause, then such written notice shall indicate
in reasonable detail the facts and circumstances alleged to provide a basis for such termination for Cause. If the termination is without Cause, Executive’s employment will terminate on the date specified in the written notice of termination.
If the termination is for Cause, the Executive shall have thirty (30) days from the date the written notice is provided, or such longer period as Orion may determine to be appropriate, to cure any conduct or act, if curable, alleged to provide
grounds for termination of Executive’s employment for Cause. If the alleged conduct or act constituting Cause is not curable, Executive’s employment will terminate on the date specified in the written notice of termination. If the alleged
conduct or act constituting Cause is curable but Executive does not cure such conduct or act within the specified time period, Executive’s employment will terminate on the date immediately following the end of the cure period. Notwithstanding
the foregoing, a determination of Cause shall only be made in good faith by Orion, and after a Change of Control, Orion’s successor, which may terminate Executive for Cause only after providing Executive (i) written notice as set forth
above, (ii) the opportunity to 

  
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appear before the Board and provide rebuttal to such proposed termination, and (iii) written notice following such appearance confirming such termination. Unless otherwise directed by Orion,
from and after the date of the written notice of proposed termination, Executive shall be relieved of his duties and responsibilities and shall be considered to be on a paid leave of absence pending any final action by Orion or the successor
confirming such proposed termination. 
 (d) Executive may terminate his employment for or without Good Reason by providing
written notice of termination to Orion that indicates in reasonable detail the facts and circumstances alleged to provide a basis for such termination. If Executive is alleging a termination for Good Reason, Executive must provide written notice to
Orion of the existence of the condition constituting Good Reason within ninety (90) days of the initial existence of such condition, and Orion must have a period of at least thirty (30) days following receipt of such notice to cure such
condition. If such condition is not cured by Orion within such thirty (30) day period, Executive’s termination of employment from Orion shall be effective on the date immediately following the end of such cure period. 

5. Payments upon Termination. 

(a) Entitlement to Severance. Subject to the other terms and conditions of this Agreement, Executive shall be entitled
to the Accrued Benefits, and to the severance benefits described in subsection (c), in either of the following circumstances while this Agreement is in effect: 

(i) Executive’s employment is terminated by Orion without Cause, except in the case of death or Disability; or 

(ii) Executive terminates his employment with Orion for Good Reason. 

If Executive dies after receiving a notice by Orion that Executive is being terminated without Cause, or after providing notice of termination
for Good Reason, the Executive’s estate, heirs and beneficiaries shall be entitled to the Accrued Benefits and the severance benefits described in subsection (c) at the same time such amounts would have been paid or benefits provided to
Executive had he lived. Any non-renewal by Orion pursuant to Section 1 shall not constitute a termination of Executive’s employment under this Section 5(a) and Executive shall not be entitled to amounts set forth in Section 5(c).
Any non-renewal by Executive of this Agreement pursuant to Section 1 shall constitute a resignation by Executive without Good Reason and Executive shall not be entitled to amounts set forth in Section 5(c). 

(b) General Release Requirement. Executive will not be eligible to receive any payments or benefits under
Section 5(c) until (i) Executive executes a general release of all claims arising out of his employment with, and termination of employment from, Orion in the form proscribed by and acceptable to Orion (“General Release”); and
(ii) the revocation period specified in such General Release expires without such Executive exercising his right of revocation as set forth in the General Release. 

  
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 (c) Severance Benefits; Timing and Form of Payment. Subject to
Section 5(b) and the limitations imposed by Section 6, in lieu of any severance pay under any severance pay plans, programs or policies, if Executive is entitled to severance benefits, then: 

(i) Orion shall pay Executive the Severance Payment on a ratable basis each month over the eighteen (18)-month period following
the Executive’s Separation from Service, or if later, the date on which the General Release is no longer revocable, or if later, the date on which the amount payable under Section 6 is determined; and 

(ii) Executive shall be entitled to receive premiums from Orion for COBRA continuation coverage for the length of such coverage
at the same rate as is being charged to active employees for similar coverage. 
 All payments shall be subject to payroll taxes and other
withholdings in accordance with Orion’s (or the applicable employer of record’s) standard payroll practices and applicable law. 

(d) Other Termination of Employment. If Executive’s employment terminates for any reason other than those described
in subsection (a), the Executive (or the Executive’s estate in the event of his or her death), shall be entitled to receive only the Accrued Benefits. Executive must be terminated for Cause pursuant to and in accordance with Section 4(c)
of this Agreement in order for the consequences of such a Cause termination to apply to Executive under any stock option or similar equity award agreement with Orion to which Executive is then a party. Orion’s obligations under this
Section 5 shall survive the termination of this Agreement. 
 6. Limitations on Severance Payments and Benefits.
Notwithstanding any other provision of this Agreement, if any portion of the Severance Payment or any other payment under this Agreement, or under any other agreement with or plan of Orion (in the aggregate “Total Payments”), would
constitute an “excess parachute payment,” then the Total Payments to be made to Executive shall be reduced such that the value of the aggregate Total Payments that Executive is entitled to receive shall be One Dollar ($1) less than the
maximum amount which Executive may receive without becoming subject to the tax imposed by Code Section 4999 or which Orion may pay without loss of deduction under Code Section 280G(a); provided that the foregoing reduction in the
amount of Total Payments shall not apply if the After-Tax Value to Executive of the Total Payments prior to reduction in accordance herewith is greater than the After-Tax Value to Executive if Total Payments are reduced in accordance herewith. For
purposes of this Agreement, the terms “excess parachute payment” and “parachute payments” shall have the meanings assigned to them in Code Section 280G, and such “parachute payments” shall be valued as provided
therein. 
 Within twenty (20) business days following delivery of the notice of termination or notice by Orion to Executive of its
belief that there is a payment or benefit due Executive that will result in an excess parachute payment as defined in Code Section 280G, Executive and Orion, at Orion’s expense, shall obtain the opinion (which need not be unqualified) of
nationally recognized tax counsel selected by Orion’s independent auditors and acceptable to Executive in Executive’s sole discretion, which opinion sets forth: (A) the amount of the Executive’s

  
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“annualized includible compensation for the base period” as defined in Code Section 280G(d)(1), (B) the amount and present value of Total Payments, (C) the amount and
present value of any excess parachute payments without regard to the limitations of this Section 6, (D) the After-Tax Value of the Total Payments if the reduction in Total Payments contemplated under this Section 6 did not apply, and
(E) the After-Tax Value of the Total Payments taking into account the reduction in Total Payments contemplated under this Section 6. For purposes of determining the After-Tax Value of Total Payments, Executive shall be deemed to pay
federal income taxes and employment taxes at the highest marginal rate of federal income and employment taxation in the calendar year in which the Termination Payment is to be made and state and local income taxes at the highest marginal rates of
taxation in the state and locality of Executive’s domicile for income tax purposes on the date the Termination Payment is to be made, net of the maximum reduction in federal income taxes that may be obtained from deduction of such state and
local taxes. Such opinion shall be binding upon Orion and Executive. 
 Any reduction in payments and/or benefits required by this Section
will occur in the following order: (I) reduction of cash payments; (II) reduction of vesting acceleration of equity awards; and (III) reduction of other benefits paid or provided to Executive. In the event that acceleration of vesting of equity
awards is to be reduced, such acceleration of vesting will be cancelled in the reverse order of the date of grant for Executive’s equity awards. If two or more equity awards are granted on the same date, each award will be reduced on a pro-rata
basis. In no event will Executive exercise any discretion with respect to the ordering of any reductions of payments or benefits under this Section 6. 

7. Covenants by Executive. 

(a) Nondisclosure of Third Party Confidential Information. During Executive’s employment with Orion and after
Termination of Executive’s Employment, Executive shall not use or disclose Third Party Confidential Information for as long as the relevant third party has required Orion to maintain its confidentiality, or for so long as required by applicable
law, whichever period is longer. This prohibition does not prohibit Executive’s use of general skills and know-how acquired during and prior to employment by Orion, as long as such use does not involve the use or disclosure of Third Party
Confidential Information. This prohibition also does not prohibit the description by Executive of Executive’s employment history and duties, for work search or other purposes, as long as such use does not involve the use or disclosure of Third
Party Confidential Information. 
 (b) Non-disclosure of Trade Secrets. During employment and after Termination of
Executive’s Employment, Executive shall not use or disclose Orion’s Trade Secrets so long as they remain Trade Secrets. Nothing in this Agreement shall limit either Executive’s statutory and other duties not to use or disclose
Orion’s Trade Secrets, or Orion’s remedies in the event Executive uses or discloses Orion’s Trade Secrets. 

(c) Obligations Not to Disclose or Use Confidential Information. Except as set forth herein or as expressly authorized
in writing on behalf of Orion, Executive agrees that while Executive is employed by Orion and during the two (2) year period commencing at the Termination of Executive’s Employment, Executive will not use or

  
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disclose (except in discharging Executive’s job duties with Orion) any Confidential Information, whether such Confidential Information is in Executive’s memory or it is set forth
electronically, in writing or other form. This prohibition does not prohibit Executive’s disclosure of information after it ceases to meet the definition of “Confidential Information,” or Executive’s use of general skills and
know-how acquired during and prior to employment by Orion, so long as such use does not involve the use or disclosure of Confidential Information; nor does this prohibition restrict Executive from providing prospective employers with an employment
history or description of Executive’s duties with Orion, so long as Executive does not use or disclose Confidential Information. Notwithstanding the foregoing, if Executive learns information in the course of employment with Orion which is
subject to a law governing confidentiality or non-disclosure, Executive shall keep such information confidential for so long as required by law, or for two (2) years, whichever period is longer. 

(d) Return of Property; No Copying or Transfer of Documents. All equipment, books, records, papers, notes, catalogs,
compilations of information, data bases, correspondence, recordings, stored data (including data or files that exist on any personal computer or other electronic storage device), software, and any physical items, including copies and duplicates,
that Executive generates or develops or which come into Executive’s possession or control, which relate directly or indirectly to, or are a part of Orion’s (or its customers’) business matters, whether of a public nature or not, shall
be and remain the property of Orion, and Executive shall deliver all such materials and items, and any and all copies of them, to Orion upon termination of employment. During employment or after Termination of Executive’s Employment, Executive
will not copy, duplicate, or otherwise reproduce, or permit copying, duplicating, or reproduction of Orion documents or writings, whether stored on paper, magnetic tape, CD, electronically, or otherwise, including but not limited to notes,
notebooks, letters, blueprints, manuals, drawings, sketches, specifications, formulas, financial documents, business plans, and the like, or any other documentation owned or originated by Orion and relating to Orion’s business which, from time
to time, may have come into Executive’s possession, custody, or control as a result of or in the course of Executive’s employment with Orion, without the express written consent of Orion, or, as a part of Executive’s duties performed
hereunder for the benefit of Orion. Executive expressly covenants and warrants, upon termination of employment for any reason (or no reason), that Executive shall promptly deliver to Orion any and all originals and copies in Executive’s
possession, custody, or control of any and all said property, documents or writings, and that Executive shall not make, retain, or transfer to any third party any copies thereof. In the event any Confidential Information or Trade Secrets are stored
or otherwise kept in or on a computer hard drive or other storage device owned by or otherwise in the possession or control of Executive (collectively, “Executive Storage Device”), upon Termination of Executive’s Employment Executive
will present to Orion for inspection and removal of all information regarding Orion (including but not limited to Confidential Information or Trade Secrets) stored on any Executive Storage Device. 

(e) Duty of Loyalty. During employment with Orion, Executive shall owe Orion an undivided duty of loyalty, and shall
take no action adverse to that duty of loyalty. Executive’s duty of loyalty to Orion includes but is not limited to a duty to promptly disclose to Orion any information that might cause Orion to take or refrain from

  
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taking any action, or which otherwise might cause Orion to alter its behavior. Without limiting the generality of the foregoing, Executive shall promptly notify Orion at any time that Executive
decides to terminate employment with Orion or enter into competition with Orion, as Orion may decide at such time to limit, suspend, or terminate Executive’s employment or access to one or more Companies’ Confidential Information, Trade
Secrets, or customer relationships. 
 (f) Limited Restriction on Misuse of Goodwill. For eighteen (18) months
following the Termination of Executive’s Employment, for whatever reason, Executive shall not sell or solicit the sale of a Competing Product to a Restricted Customer. 

(g) Limited Restriction on Assisting Misuse of Goodwill. For eighteen (18) months following the Termination of
Executive’s Employment, for whatever reason, Executive shall not perform Services as part of or in support of providing, selling or soliciting the sale of a Competing Product to a Restricted Customer. 

(h) Limited Restriction on Misuse of Information. For eighteen (18) months following Termination of
Executive’s Employment, for whatever reason, Executive shall not sell or solicit the sale of a Competing Product to a Strategic Customer. 

(i) Limited Restriction on Assisting Misuse of Information. For eighteen (18) months following Termination of
Executive’s Employment, for whatever reason, Executive shall not perform Services as part of or in support of providing, selling or soliciting the sale of a Competing Product to a Strategic Customer. 

(j) Limited Territorial Restriction. For eighteen (18) months following Termination of Executive’s Employment,
for whatever reason, Executive shall not perform Services as part of or in support of the business of selling, soliciting the sale of or providing Competing Products in the Restricted Territory. 

(k) Limited Territorial Restriction – Design, Development, Production and Testing Activities. For eighteen
(18) months following the Termination of Executive’s Employment, for whatever reason, Executive shall not perform Services as part of or in support of the business of designing, testing, developing or producing Competing Products for sale
in the Restricted Territory. 
 (l) Non-solicitation of Key Employees. For eighteen (18) months following the
Termination of Executive’s Employment, for whatever reason, Executive shall not, without the prior written consent of Orion, solicit a Key Employee to engage in competition with Orion, unless such Key Employee has already ceased employment with
Orion. This shall not bar any Employee of Orion from applying for or accepting employment with any person or entity. 
 (m)
Disclosure and Assignment to Orion of Inventions and Innovations. 
 (i) Executive agrees to disclose and assign to
Orion as Orion’s exclusive property, all inventions and technical or business innovations, including but not limited to all patentable and copyrightable subject matter (collectively, the 

  
 12 

 
“Innovations”) developed, authored or conceived by Executive solely or jointly with others during the period of Executive’s employment, including during Executive’s employment
prior to the date of this Agreement, (1) that are along the lines of the business, work or investigations of Orion to which Executive’s employment relates or as to which Executive may receive information due to Executive’s employment
with Orion, or (2) that result from or are suggested by any work which Executive may do for Orion or (3) that are otherwise made through the use of Orion time, facilities or materials. To the extent any of the Innovations is copyrightable,
each such Innovation shall be considered a “work for hire.” 
 (ii) Executive agrees to execute all necessary
papers and otherwise provide proper assistance (at Orion’s expense), during and subsequent to Executive’s employment, to enable Orion to obtain for itself or its nominees, all right, title, and interest in and to patents, copyrights,
trademarks or other legal protection for such Innovations in any and all countries. 
 (iii) Executive agrees to make and
maintain for Orion adequate and current written records of all such Innovations; 
 (iv) Upon any termination of
Executive’s employment, employee agrees to deliver to Orion promptly all items which belong to Orion or which by their nature are for the use of Orion employees only, including, without limitation, all written and other materials which are of a
secret or confidential nature relating to the business of Orion. 
 (v) In the event Orion is unable for any reason
whatsoever to secure Executive’s signature to any lawful and necessary documents required, including those necessary for the assignment of, application for, or prosecution of any United States or foreign application for letters patent or
copyright for any Innovation, Executive hereby irrevocably designates and appoints Orion and its duly authorized officers and agents as Executive’s agent and attorney-in-fact, to act for and in Executive’s behalf and stead to execute and
file any such applications and to do all other lawfully permitted acts to further the assignment, prosecution, and issuance of letters patent or registration of copyright thereon with the same legal force and effect as if executed by Executive.
Executive hereby waives and quitclaims to Orion any and all claims, of any nature whatsoever, which Executive may now have or may hereafter have for infringement of any patent or copyright resulting from any such application. 

(d) Remedies Not Exclusive. In the event that Executive breaches any terms of this Section 7, Executive
acknowledges and agrees that said breach may result in the immediate and irreparable harm to the business and goodwill of Orion and that damages, if any, and remedies of law for such breach may be inadequate and indeterminable. Orion, upon
Executive’s breach of this Section 7, shall therefore be entitled (in addition to and without limiting any other remedies that Orion may seek under this Agreement or otherwise at law or in equity) to (1) seek from any court of
competent jurisdiction equitable relief by way of temporary or permanent injunction and without being required to post a bond, to restrain any violation of this Section 7, and for such further relief as the

  
 13 

 
court may deem just or proper in law or equity, and (2) in the event that Orion shall prevail, its reasonable attorney’s fees and costs and other expenses in enforcing its rights under
this Section 7. 
 (e) Severability of Provisions. If any restriction, limitation, or provision of this
Section 7 is deemed to be unreasonable, onerous, or unduly restrictive by a court of competent jurisdiction, it shall not be stricken in its entirety and held totally void and unenforceable, but shall remain effective to the maximum extent
possible within the bounds of the law. If any phrase, clause or provision of this Section 7 is declared invalid or unenforceable by a court of competent jurisdiction, such phrase, clause, or provision shall be deemed severed from this
Section 7, but will not affect any other provision of this Section 7, which shall otherwise remain in full force and effect. The provisions of this Section 7 are each declared to be separate and distinct covenants by Executive. 

8. Notice. Any notice, request, demand or other communication required or permitted herein will be deemed to be properly given
when personally served in writing or when deposited in the United States mail, postage prepaid, addressed to Executive at the address appearing at the end of this Agreement and to Orion with attention to the Chief Executive Officer of Orion and the
General Counsel of Orion. Either party may change its address by written notice in accordance with this paragraph. 
 9. Set Off;
Mitigation. Orion’s obligation to pay Executive the amounts and to provide the benefits hereunder shall be subject to set-off, counterclaim or recoupment of amounts owed by Executive to Orion. However, Executive shall not be required to
mitigate the amount of any payment provided for pursuant to this Agreement by seeking other employment or otherwise. 
 10. Benefit of
Agreement. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective executors, administrators, successors and assigns. Orion will require any successor (whether direct or indirect, by purchase,
merger, consolidation or otherwise) to all or substantially all of the business and/or assets of Orion to assume expressly and agree to perform this Agreement in the same manner and to the same extent that Orion would be required to perform it if no
such succession had taken place. As used in this Agreement, “Orion” shall mean Orion as hereinbefore defined and any successor to its business and/or assets as aforesaid which assumes and agrees to perform this Agreement by operation of
law, or otherwise. 
 11. Arbitration. Any controversy or claim arising out of or relating to this Agreement or the breach of
this Agreement that cannot be mutually resolved by the Executive and Orion, including any dispute as to the calculation of the Executive’s Benefits, Base Salary, Bonus Amount or any Severance Payment hereunder, shall be submitted to arbitration
in Milwaukee, Wisconsin, in accordance with the procedures of the American Arbitration Association. The determination of the arbitrator shall be conclusive and binding on Orion and the Executive, and judgment may be entered on the arbitrator’s
award in any court having jurisdiction. Notwithstanding the foregoing, both Executive and Orion may seek to obtain injunctive relief in a Wisconsin court of competent jurisdiction pending arbitration. 

12. Applicable Law and Jurisdiction. This Agreement is to be governed by and construed under the laws of the United States and
of the State of Wisconsin without resort to 

  
 14 

 
Wisconsin’s choice of law rules. Each party hereby agrees that the forum and venue for any legal or equitable action or proceeding arising out of, or in connection with, this Agreement will
lie in the appropriate federal or state courts in the State of Wisconsin and specifically waives any and all objections to such jurisdiction and venue. 

13. Section 409A Compliance. This Agreement is intended to comply with, or otherwise be exempt from, Section 409A of
the Code (“Section 409A”). Orion shall undertake to administer, interpret, and construe this Agreement in a manner that does not result in the imposition to the Executive of additional taxes or interest under Section 409A of the Code.
If a payment obligation under this Agreement arises on account of the Executive’s Separation from Service while the Executive is a “specified employee” (as defined under Section 409A of the Code and determined in good faith by
the Board), any payment of “deferred compensation” (as defined under Treasury Regulation Section 1.409A-1(b)(1), after giving effect to the exemptions in Treasury Regulation Sections 1.409A-1(b)(3) through (b)(12)) that is
scheduled to be paid within six (6) months after such Separation from Service shall accrue without interest and shall be paid within fifteen (15) days after the end of the six-month period beginning on the date of such separation from
service or, if earlier, within fifteen (15) days after the appointment of the personal representative or executor of the Executive’s estate following his death. 

14. Captions and Paragraph Headings. Captions and paragraph headings used herein are for convenience only and are not a part of
this Agreement and will not be used in construing it. 
 15. Invalid Provisions. Subject to Section 7(e), should any
provision of this Agreement for any reason be declared invalid, void, or unenforceable by a court of competent jurisdiction, the validity and binding effect of any remaining portion will not be affected, and the remaining portions of this Agreement
will remain in full force and effect as if this Agreement had been executed with said provision eliminated. 
 16. No Waiver.
The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver of such party’s rights or deprive such party of the right thereafter to insist upon strict adherence to that
term or any other term of this Agreement. 
 17. Entire Agreement. This Agreement contains the entire agreement of the parties
with respect to the subject matter of this Agreement and supersedes any and all other agreements, either oral or in writing, between the parties hereto with respect to the employment of Executive by Orion. Each party to this Agreement acknowledges
that no representations, inducements, promises, or agreements, oral or otherwise, have been made by any party, or anyone acting on behalf of any party, which are not embodied herein, and that no other agreement, statement, or promise not contained
in this Agreement will be valid or binding. 
 18. Modification. This Agreement may not be modified or amended by oral
agreement, but only by an agreement in writing signed by Orion and Executive. 
 19. Counterparts. This Agreement may be
signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 

  
 15 

 WHEREAS, this Agreement is effective as of the Effective Date set forth above. 

EXECUTIVE 
  

			
		 	 /s/ Marc Meade

	Name:	 	Marc Meade
	Address:	 	308 Westwood Dr.
		 	Sheboygan Falls, WI 53085
	
	ORION ENERGY SYSTEMS, INC.
		
	By:	 	 /s/ John Scribante

		 	John Scribante
		 	Chief Executive Officer

  
 16EX-4.2

 Exhibit 4.2 

ALDEXA THERAPEUTICS, INC. 

AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

December 20, 2012 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 SECTION 1 REGISTRATION RIGHTS; RESTRICTIONS ON TRANSFERABILITY
	  	 	1	  
			
	 1.1
	 	 Certain Definitions
	  	 	1	  
	 1.2
	 	 Restrictions
	  	 	3	  
	 1.3
	 	 Restrictive Legend
	  	 	3	  
	 1.4
	 	 Notice of Proposed Transfers
	  	 	4	  
	 1.5
	 	 Requested Registration
	  	 	5	  
	 1.6
	 	 Company Registration
	  	 	7	  
	 1.7
	 	 Registration on Form S-3
	  	 	8	  
	 1.8
	 	 Corporate Transaction
	  	 	9	  
	 1.9
	 	 Expenses of Registration
	  	 	9	  
	 1.10
	 	 Registration Procedures
	  	 	10	  
	 1.11
	 	 Indemnification
	  	 	11	  
	 1.12
	 	 Information by Holder
	  	 	13	  
	 1.13
	 	 Rule 144 Reporting
	  	 	13	  
	 1.14
	 	 Transfer of Registration Rights
	  	 	14	  
	 1.15
	 	 Market Stand-off Agreement
	  	 	14	  
	 1.16
	 	 Termination of Rights
	  	 	15	  
		
	 SECTION 2 RIGHT OF FIRST OFFER
	  	 	15	  
			
	 2.1
	 	 Right of First Offer
	  	 	15	  
	 2.2
	 	 Definition of New Securities
	  	 	16	  
	 2.3
	 	 Notice of Right
	  	 	16	  
	 2.4
	 	 Exercise of Right
	  	 	16	  
	 2.5
	 	 Lapse and Reinstatement of Right
	  	 	16	  
	 2.6
	 	 Transfer of Right of First Offer
	  	 	17	  
	 2.7
	 	 Rights of Affiliated Investors
	  	 	17	  
	 2.8
	 	 Termination of Right of First Offer
	  	 	17	  
		
	 SECTION 3 AFFIRMATIVE COVENANTS OF THE COMPANY
	  	 	17	  
			
	 3.1
	 	 Financial Information
	  	 	17	  
	 3.2
	 	 Inspection
	  	 	18	  
	 3.3
	 	 Confidentiality
	  	 	18	  
	 3.4
	 	 Patent, Copyright and Nondisclosure Agreements
	  	 	18	  
	 3.5
	 	 Stock Vesting
	  	 	19	  
	 3.6
	 	 Qualified Small Business
	  	 	19	  
	 3.7
	 	 Insurance
	  	 	19	  
	 3.8
	 	 Board Matters
	  	 	19	  
	 3.9
	 	 Termination of Covenants
	  	 	19	  
		
	 SECTION 4 TRANSFERS OF SECURITIES BY INVESTORS
	  	 	20	  
			
	 4.1
	 	 Notices
	  	 	20	  
	 4.2
	 	 Acceptance of Offer
	  	 	20	  

  
 i 

							
	 4.3
	 	 Allocation of Securities and Payment
	  	 	20	  
	 4.4
	 	 Failure to Exercise
	  	 	21	  
	 4.5
	 	 Assignment
	  	 	21	  
	 4.6
	 	 Permitted Transfers
	  	 	21	  
	 4.7
	 	 Termination
	  	 	21	  
		
	 SECTION 5 MISCELLANEOUS
	  	 	22	  
			
	 5.1
	 	 Successors and Assigns
	  	 	22	  
	 5.2
	 	 Third Parties
	  	 	22	  
	 5.3
	 	 Governing Law
	  	 	22	  
	 5.4
	 	 Counterparts
	  	 	22	  
	 5.5
	 	 Notices
	  	 	22	  
	 5.6
	 	 Severability
	  	 	22	  
	 5.7
	 	 Amendment and Waiver
	  	 	22	  
	 5.8
	 	 Rights of Holders
	  	 	23	  
	 5.9
	 	 Delays or Omissions
	  	 	23	  
	 5.10
	 	 Attorneys’ Fees
	  	 	23	  
	 5.11
	 	 Headings
	  	 	23	  
	 5.12
	 	 Entire Agreement
	  	 	23	  
	 5.13
	 	 Further Assurances
	  	 	23	  
	 5.14
	 	 Aggregation of Stock
	  	 	23	  
	 5.15
	 	 Additional Investors
	  	 	24	  

 Exhibit 4.2 

AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

THIS AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT (the “Agreement”) is entered into as of December 20, 2012, by
Aldexa Therapeutics, Inc., a Delaware corporation formerly known as Neuron Systems, Inc. (the “Company”), and the investors listed on the Schedule of Investors attached as Exhibit A hereto (each individually, an
“Investor” and collectively, the “Investors”). 
 RECITALS 

WHEREAS, certain of the Investors (the “Existing Investors”) hold shares of the Company’s Series A Preferred Stock, par
value $0.001 per share (the “Series A Preferred Stock”) and possess registration rights, information rights, rights of first offer and other rights pursuant to an Investors’ Rights Agreement, dated as of June 23, 2008,
between the Company and such Existing Investors (the “Prior Agreement”). 
 WHEREAS, the undersigned Existing Investors
constitute the Holders (as defined in the Prior Agreement) of sixty-seven percent (67%) of the Registrable Securities (as defined in the Prior Agreement), and desire to amend and restate the Prior Agreement in its entirety and to accept the
rights created pursuant to this Agreement in lieu of the rights granted to them under the Prior Agreement; 
 WHEREAS, the Investors are
purchasing shares of Series B Preferred Stock, par value $0.001 per share, of the Company (the “Series B Preferred Stock”) pursuant to that certain Series B Preferred Stock Purchase Agreement, dated as of even date herewith (the
“Purchase Agreement”), under which certain of the Investors’ and the Company’s obligations are conditioned upon the execution and delivery of this Agreement by such Investors, the Existing Investors, and the Company. 

AGREEMENT 
 NOW,
THEREFORE, the Company and the Existing Investors hereby agree that Prior Agreement shall be amended and restated in its entirety as set forth herein. 

NOW, THEREFORE, in consideration of the mutual promises and covenants hereinafter set forth, the parties agree as follows: 

SECTION 1 
 REGISTRATION
RIGHTS; RESTRICTIONS ON TRANSFERABILITY 
 1.1 Certain Definitions. As used in this Agreement, the following terms shall have the
following respective meanings: 
 “Affiliate” shall mean with respect to any Person, any Person which directly or
indirectly through one or more intermediaries, controls, is controlled by or is under common control with such Person. 

 “Commission” shall mean the Securities and Exchange Commission or any other
federal agency at the time administering the Securities Act. 
 “Common Stock” shall mean the shares of common stock of the
Company, par value $0.001 per share. 
 “Conversion Shares” shall mean the Common Stock issued or issuable upon conversion
of the Shares. 
 “Convertible Securities” shall mean any evidence of indebtedness, shares or other securities convertible
into or exchangeable for Common Stock. 
 “Holder” shall mean any Investor owning or having the right to acquire
Registrable Securities or any assignee thereof in accordance with Section 1.14 hereof. 
 “Initiating Holders”
shall mean the Investor or transferees of the Investor under Section 1.14 hereof who in the aggregate are Holders of not less than twenty percent (20%) of the outstanding Registrable Securities. 

“Major Holder” shall mean the Investor or transferees of the Investor under Section 1.14 hereof who in the
aggregate are Holders of at least Two Million (2,000,000) shares of Series B Preferred Stock (or Common Stock issued upon conversion of the Preferred Stock), subject to adjustments for stock splits, reverse stock splits, combinations or
dividends and reclassifications, exchanges or substitutions. 
 “Options” shall mean rights, options or warrants to
subscribe for, purchase or otherwise acquire either Common Stock or Convertible Securities. 
 “Person” shall mean an
individual, a corporation, a partnership, a trust or unincorporated organization or any other entity or organization. 
 “Preferred
Stock” shall mean the Series A Preferred Stock of the Company and the Series B Preferred Stock of the Company. 
 The terms
“register,” “registered” and “registration” refer to a registration effected by preparing and filing a registration statement in compliance with the Securities Act, and the declaration or ordering of the
effectiveness of such registration statement. 
 “Registrable Securities” means (a) the Conversion Shares,
(b) all shares of Common Stock owned by the Investors, (c) solely for the purposes of Sections 1 and 5, the shares of Common Stock issued and issuable upon conversion of the shares of Series A Preferred Stock issued and issuable
pursuant to the certain Warrant issued to Square 1 Bank, dated as of April 12, 2012 (the “Bank Warrant”) and the shares of Common Stock issued and issuable pursuant to the Bank Warrant at all times when Class (as defined in the
Bank Warrant) is Common Stock, provided, that the holder of the shares described in this clause (c) shall not be permitted to be an Initiating Holder for the purposes of Section 1.5 and (d) any Common Stock issued (or issuable
upon the conversion or exercise of any warrant, right or other security that is issued) as a dividend or other distribution with respect to, or in exchange for, or in replacement of, the 

  
 2 

 
Common Stock described in clauses (a) or (b) hereof, provided that shares of Common Stock that are eligible for resale without restriction pursuant to Rule 144 under the Securities Act
shall not be Registrable Securities. 
 “Registration Expenses” shall mean all reasonable expenses incurred by the Company
in complying with Sections 1.5, 1.6 and 1.7 hereof, including, without limitation, all registration, qualification and filing fees, printing expenses, escrow fees, fees and disbursements of counsel for the Company, blue sky fees and expenses,
the expense of any special audits incident to or required by any such registration (but excluding the compensation of regular employees of the Company which shall be paid in any event by the Company) and up to Twenty-Five Thousand Dollars ($25,000)
for all reasonable fees and disbursements of one special counsel for all of the Holders who elect to include their Registrable Securities in any such registration, but shall not including Selling Expenses. 

“Restated Certificate” shall mean the Amended and Restated Certificate of Incorporation of the Company. 

“Restricted Securities” shall mean the securities of the Company required to bear the legend set forth in
Section 1.3 hereof. 
 “Securities Act” shall mean the Securities Act of 1933, as amended, or any similar or
successor federal statute and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time. 

“Selling Expenses” shall mean all underwriting discounts, selling commissions and stock transfer taxes applicable to the
securities registered by the Holders. 
 “Shares” shall mean shares of the Preferred Stock of the Company. 

1.2 Restrictions. The Shares and the Conversion Shares shall not be sold, assigned, transferred or pledged except upon the conditions
specified in this Agreement, which conditions are intended to ensure compliance with the provisions of the Securities Act. The Investor will cause any proposed purchaser, assignee, transferee or pledgee of the Shares and the Conversion Shares to
agree to take and hold such securities subject to the provisions and upon the conditions specified in this Agreement. 
 1.3 Restrictive
Legend. Each certificate representing (a) the Shares, (b) the Conversion Shares, and (c) any other securities issued in respect of the securities referenced in clauses (a) and (b) upon any stock split, stock dividend,
recapitalization, merger, consolidation or similar event, shall (unless otherwise permitted by the provisions of Section 1.4 below) be stamped or otherwise imprinted with a legend in substantially the following form (in addition to any
legend required under applicable state securities laws): 
 “THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR
INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. THE SHARES MAY NOT BE SOLD, TRANSFERRED OR PLEDGED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER SAID ACT

  
 3 

 
OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED OR UNLESS SOLD PURSUANT TO RULE 144 OF SUCH ACT.” 

“THE SHARES REPRESENTED BY THIS CERTIFICATE MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF AGREEMENTS BETWEEN THE COMPANY AND THE
ORIGINAL STOCKHOLDER, COPIES OF WHICH ARE ON FILE WITH THE SECRETARY OF THE COMPANY.” 
 Each Holder consents to the Company making a notation on its
records and giving instructions to any transfer agent of the Restricted Securities in order to implement the restrictions on transfer established in this Section 1. 

1.4 Notice of Proposed Transfers. The holder of each certificate representing Restricted Securities, by acceptance thereof, agrees to
comply in all respects with the provisions of this Section 1. Prior to any proposed sale, assignment, transfer or pledge of any Restricted Securities, unless there is in effect a registration statement under the Securities Act covering
the proposed transfer, the holder thereof shall give written notice to the Company of such holder’s intention to effect such transfer, sale, assignment or pledge. Each such notice shall describe the manner and circumstances of the proposed
transfer, sale, assignment or pledge in sufficient detail, and shall be accompanied at such holder’s expense by either (a) an unqualified written opinion of legal counsel who shall, and whose legal opinion shall be, reasonably satisfactory
to the Company, addressed to the Company, to the effect that the proposed transfer of the Restricted Securities may be effected without registration under the Securities Act, or (b) a “no action” letter from the Commission to the
effect that the transfer of such securities without registration will not result in a recommendation by the staff of the Commission that action be taken with respect thereto, or (c) any other evidence reasonably satisfactory to counsel to the
Company, whereupon the holder of such Restricted Securities shall be entitled to transfer such Restricted Securities in accordance with the terms of the notice delivered by the holder to the Company. The Company will not require such a legal opinion
or “no action” letter (x) in any transaction in compliance with Rule 144, (y) in any transaction in which an Investor which is a corporation distributes Restricted Securities solely to its majority owned subsidiaries or
affiliates for no consideration, or (z) in any transaction in which an Investor which is a partnership distributes Restricted Securities solely to its partners, limited partners, retired partners, members or retired members for no
consideration; provided that each transferee agrees in writing to be subject to the terms of this Section 1. Each certificate evidencing the Restricted Securities transferred as above provided shall bear, except if such transfer is made
pursuant to Rule 144, the appropriate restrictive legends set forth in this Section 1, except that such certificate shall not bear such restrictive legend if, in the opinion of counsel for such holder and the Company, such legend is not
required in order to establish compliance with any provisions of the Securities Act or this Agreement. 

  
 4 

 1.5 Requested Registration. 

(a) In case the Company shall receive from Initiating Holders a written request that the Company effect any registration, qualification or
compliance with respect to the Registrable Securities, the Company will: 
 (i) promptly give written notice of the proposed registration,
qualification or compliance 
 (ii) as soon as practicable, and in any event within ninety (90) days after receipt of such written
request, use commercially reasonable efforts to file such registration, qualification or compliance (including, without limitation, the execution of an undertaking to file post-effective amendments, appropriate qualification under applicable blue
sky or other state securities laws and appropriate compliance with applicable regulations issued under the Securities Act and any other governmental requirements or regulations) as may be so requested and as would permit or facilitate the sale and
distribution of all or such portion of such Registrable Securities as are specified in such request, together with all or such portion of the Registrable Securities of any Holder or Holders joining in such request as are specified in a written
request received by the Company within twenty (20) days after receipt of the written notice from the Company; provided, however, that the Company shall not be obligated to take any action to effect any such registration, qualification or
compliance pursuant to this Section 1.5: 
 (A) In any particular jurisdiction in which the Company would be required to execute a
general consent to service of process in effecting such registration, qualification or compliance unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act; 

(B) Prior to six (6) months after the effective date of the Company’s initial public offering; 

(C) After the Company has effected two (2) such registrations pursuant to this subparagraph 1.5(a), each such registration has
been declared or ordered effective; 
 (D) During the period starting with the date sixty (60) days prior to the Company’s good
faith estimate of the date of filing of, and ending on a date one hundred eighty (180) days after the effective date of, a registration initiated by the Company; provided that the Company is actively employed in good faith in commercially
reasonable efforts to cause such registration statement to become effective and provided further that the rights of the Initiating Holders to include Registrable Securities for registration in the Company’s registration shall be governed by
Section 1.6 hereof; 
 (E) If such registration, qualification or compliance involves securities with an aggregate gross
offering price (before underwriters’ discounts and expenses) of less than Five Million Dollars ($5,000,000); or 
 (F) If the Company
shall have effected a registration pursuant to this Section 1.5 within one hundred eighty days (180) preceding the Company’s receipt of the Initiating Holders’ request. 

  
 5 

 Subject to the foregoing clauses (A) through (E), the Company shall file a registration
statement covering the Registrable Securities so requested to be registered as soon as practicable after receipt of the request or requests of the Initiating Holders; provided, however, that if (i) in the good faith judgment of the board
of directors of the Company (the “Board”), such registration would be detrimental to the Company and the Board concludes, as a result, that it is essential to defer the filing of such registration statement at such time, and
(ii) the Company shall furnish to such Holders a certificate signed by the President of the Company stating that in the good faith judgment of the Board, it would be detrimental to the Company for such registration statement to be filed in the
near future and that it is, therefore, in the Company’s best interests to defer the filing of such registration statement, then the Company shall have the right to defer such filing for up to two (2) periods of not more than sixty
(60) days each after receipt of the request of the Initiating Holders, and provided further, that the Company shall not defer its obligation in this manner more than once in any twelve (12) month period. 

(b) Underwriting. In the event that a registration pursuant to Section 1.5 is for a registered public offering involving an
underwriting, the Company shall so advise the Holders as part of the notice given pursuant to Section 1.5(a)(D. The right of any Holder to registration pursuant to Section 1.5 shall be conditioned upon such Holder’s
participation in the underwriting arrangements required by this Section 1.5 and the inclusion of such Holder’s Registrable Securities in the underwriting, to the extent requested and provided herein. 

The Company shall (together with all Holders proposing to distribute their securities through such underwriting) enter into an underwriting
agreement in customary form with the managing underwriter selected for such underwriting by a majority in interest of the Initiating Holders (which managing underwriter shall be reasonably acceptable to the Company). Notwithstanding any other
provision of this Section 1.5, if the managing underwriter advises the Initiating Holders in writing that marketing factors require a limitation of the number of shares to be underwritten, then the Company shall so advise all Holders of
Registrable Securities and the number of shares of Registrable Securities that may be included in the registration and underwriting shall be allocated among all Holders thereof in proportion, as nearly as practicable, to the respective amounts of
Registrable Securities held by such Holders at the time of filing the registration statement. No Registrable Securities excluded from the underwriting by reason of the underwriter’s marketing limitation shall be included in such registration.
To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to any Holder to the nearest one hundred (100) shares. 

If any Holder of Registrable Securities disapproves of the terms of the underwriting, such person may be excluded therefrom by written notice
to the Company, the managing underwriter and the Initiating Holders. The Registrable Securities or other securities so excluded shall also be withdrawn from registration, and such Registrable Securities shall not be transferred in a public
distribution prior to ninety (90) days after the date of the final prospectus used in such public offering. 

  
 6 

 1.6 Company Registration. 

(a) Notice of Registration. If at any time or from time to time, the Company shall determine to register any of its securities, either
for its own account or the account of a security holder or holders exercising their respective demand registration rights other than (i) a registration relating solely to employee benefit plans, or (ii) a registration relating solely to a
merger, acquisition or exchange or other Rule 145 transaction, (iii) a registration relating to a convertible debt transaction, or (iv) a registration in connection with the Company’s initial public offering, the Company will: 

(i) promptly give to each Holder written notice thereof; and 

(ii) include in such registration (and any related qualification under blue sky laws or other compliance), and in any underwriting involved
therein, all the Registrable Securities specified in a written request or requests made within twenty (20) days after receipt of such written notice from the Company by any Holder, but only to the extent that such inclusion will not diminish
the number of securities included by the Company or by holders of the Company’s securities who have demanded such registration and further subject to the underwriter’s right to limit the number of securities included in the registration as
set forth in Section 1.6(b) below. 
 (b) Underwriting. If the registration of which the Company gives notice is for a
registered public offering involving an underwriting, the Company shall so advise the Holders as a part of the written notice given pursuant to Section 1.6(a)(i). In such event, the right of any Holder to registration pursuant to
Section 1.6 shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their
securities through such underwriting shall (together with the Company and the other Holders distributing their securities through such underwriting) enter into an underwriting agreement in customary form with the managing underwriter selected for
such underwriting by the Company (or by the Holders who have demanded such registration, as the case may be, which underwriter shall be reasonably acceptable to the Company). Notwithstanding any other provision of this Section 1.6, if
the managing underwriter determines in its sole discretion that marketing factors require a limitation of the number of shares to be underwritten, the managing underwriter may limit the number of Registrable Securities to be included in the
registration and underwriting, on a pro rata basis based on the total number of securities (including, without limitation, Registrable Securities owned by each participating Holder) entitled to be included in such registration. Notwithstanding the
foregoing, in no event shall the amount of securities of the selling Holders included in the offering be reduced below thirty percent (30%) of the total amount of securities included in such offering, unless such offering is the Company’s
initial public offering, in which case, up to one hundred percent (100%) of the selling Holders’ Registrable Securities may be excluded if the underwrites make the determination above and no other stockholder’s securities are included
in such offering. To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to any Holder or other holder to the nearest one hundred (100) shares. If
any Holder or other holder disapproves of the terms of any such underwriting, he or she may be excluded therefrom by written notice to the Company and the managing underwriter. Any securities excluded or 

  
 7 

 
withdrawn from such underwriting shall be withdrawn from such registration, and shall not be transferred in a public distribution prior to ninety (90) days after the date of the final
prospectus included in the registration statement relating thereto. 
 (c) Right to Terminate Registration. The Company shall
have the right to terminate or withdraw any registration initiated by it under this Section 1.6 prior to the effectiveness of such registration, whether or not any Holder has elected to include securities in such registration. 

1.7 Registration on Form S-3. 

(a) If any Holder or Holders of at least thirty-three percent (33%) of the then outstanding Registrable Securities requests that the
Company file a registration statement on Form S-3 (or any successor form to Form S-3) for a public offering of shares of the Registrable Securities, the reasonably anticipated aggregate gross offering price to the public of which would exceed One
Million Dollars ($1,000,000) before underwriter’s discounts and expenses, and the Company is a registrant entitled to use Form S-3 to register the Registrable Securities for such an offering, the Company shall use commercially reasonable
efforts to cause such Registrable Securities to be registered for the offering on such form. The Company will (i) promptly give written notice of the proposed registration to all other Holders, and (ii) as soon as practicable, but in no
event later than ninety (90) days following the request, use commercially reasonable efforts to file such registration (including, without limitation, the execution of an undertaking to file post- effective amendments, appropriate qualification
under applicable blue sky or other state securities laws and appropriate compliance with applicable regulations issued under the Securities Act and any other governmental requirements or regulations) as may be so requested and as would permit or
facilitate the sale and distribution of all or such portion of such Registrable Securities as are specified in such request, together with all or such portion of the Registrable Securities of any Holder or Holders joining in such request as are
specified in a written request received by the Company within twenty (20) days after receipt of written notice from the Company. The substantive provisions of Section 1.5(b) shall be applicable to each registration initiated under
this Section 1.7. 
 (b) Notwithstanding the foregoing, the Company shall not be obligated to take any action pursuant to this
Section 1.7: (i) in any particular jurisdiction in which the Company would be required to execute a general consent to service of process in effecting such registration, qualification or compliance unless the Company is already
subject to service in such jurisdiction and except as may be required by the Securities Act; (ii) in a given twelve (12) month period, after the Company has effected two (2) such registrations pursuant to subparagraph 1.7(a);
(iii) if the Company shall furnish to such Holders a certificate signed by the President of the Company stating that, in the good faith judgment of the Board, it would be detrimental to the Company for registration statements to be filed in the
near future, in which case the Company’s obligation to use commercially reasonable efforts to file a registration statement shall be deferred for up to two periods of sixty (60) days each, such sixty (60) day periods not to exceed one
hundred twenty (120) days from the receipt of the request to file such registration by such Holder or Holders; or (iv) during the period starting with the date sixty (60) days prior to the Company’s good faith estimate of the
date of filing of, and ending on a date one hundred eighty (180) days after the effective date of, a registration initiated by the Company; 

  
 8 

 
provided that the Company is actively employed in good faith in commercially reasonable efforts to cause such registration statement to become effective and provided further that the rights of
the Holders to include Registrable Securities for registration in the Company’s registration shall be governed by Section 1.6 hereof. The Company shall not defer its obligation in the manner set forth in each of subsection
(iii) or (iv) above, as the case may be, more than once in any twelve (12) month period. 
 1.8 Corporate Transaction.
In the event of a Corporate Transaction, the Company shall use commercially reasonable efforts to cause the registration rights described under this Section 1 to be assumed or equivalent registration rights to be substituted by a
successor corporation or a parent or subsidiary of such successor corporation in writing. “Corporate Transaction” means a sale of all or substantially all of the Company’s assets or a merger, consolidation or other capital
reorganization or business combination transaction of the Company with or into another corporation, entity or person or a sale of capital stock such that the stockholders immediately prior to such sale possess less than a majority of the voting
power immediately after such sale; provided however, that (a) the provisions of this Section 1.8 may be waived by the holders of a majority of the then outstanding Registrable Securities and (b) the provisions of this
Section 1.8 shall not apply in the event of any Corporate Transaction if all Holders are entitled to receive in exchange for their Registrable Securities consideration consisting solely of (i) cash or (ii) securities of the
acquiring corporation which may be immediately sold to the public without registration under the Securities Act or for which the definitive agreement governing the Corporate Transaction provides for registration rights for such securities. 

1.9 Expenses of Registration. All Registration Expenses incurred in connection with registrations pursuant to Sections 1.5, 1.6
and 1.7 shall be borne by the Company, including reasonable fees and disbursements of one counsel for the selling Holders not to exceed $25,000, provided that the Company shall not be required to pay the Registration Expenses of any registration
proceeding begun pursuant to Sections 1.5 and 1.7, the request of which has been subsequently withdrawn by the Initiating Holders or because a sufficient number of Holders have withdrawn so that the minimum offering conditions set forth in
Sections 1.5 or 1.7 are no longer satisfied, unless, in the case of Section 1.5, the holders of a majority of Registrable Securities agree to forfeit their right to a demand registration pursuant to Section 1.5. In
such case, (i) the Holders of Registrable Securities to have been registered shall bear all such Registration Expenses pro rata on the basis of the number of shares to have been registered and (ii) the Company shall be deemed not to have
effected a registration pursuant to subparagraphs 1.5(a) or 1.7(a) of this Agreement. Notwithstanding the foregoing, however, if at the time of the withdrawal, the Holders have learned of a change in the condition, business or
prospects of the Company from that known to the Holders at the time of their request that is materially adverse from the perspective of a reasonable person in a Holder’s position, and of which the Company had knowledge at the time of the
request, then the Holders shall not be required to pay any of such Registration Expenses, all of which shall be borne by the Company. In such case, the Company shall be deemed not to have effected a registration pursuant to subparagraph
1.5(a) of this Agreement. Unless otherwise stated, all Selling Expenses relating to securities registered on behalf of the Holders shall be borne by the Holders of the registered securities included in such registration pro rata on the basis of
the number of shares so registered. 

  
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 1.10 Registration Procedures. In the case of each registration, qualification or
compliance effected by the Company pursuant to this Section 1, the Company will keep each Holder advised in writing as to the initiation of each registration, qualification and compliance and as to the completion thereof The Company
will: 
 (a) Prepare and file with the Commission a registration statement with respect to the Registrable Securities and use commercially
reasonable efforts to cause such registration statement to become and remain effective for at least one hundred twenty (120) days or until the distribution described in the registration statement has been completed; provided, however,
that (i) such one hundred twenty (120) day period shall be extended for a period of time equal to the period that the Holder refrains from selling any securities included in such registration at the request of the Company or an underwriter
of the Common Stock (or any other securities) of the Company and (ii) in the case of any registration on Form S-3 which is intended to be offered on a continuous or delayed basis, such one hundred twenty (120) day period shall be extended,
if necessary, to keep the registration statement effective until all such Registrable Securities are sold, provided that Rule 415, or any successor rule under the Securities Act, permits an offering on a continuous or delayed basis, and provided
further that applicable rules under the Securities Act governing the obligation to file a post-effective amendment permit, in lieu of filing a post-effective amendment which includes (A) any prospectus required by Section 10(a)(3) of the
Securities Act or (B) reflects facts or events representing a material or fundamental change in the information set forth in the registration statement, the incorporation by reference of information required to be included in (A) and
(B) above to be contained in periodic reports filed pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) in the registration statement; 

(b) Furnish to the Holders participating in such registration and to the underwriters of the securities being registered such reasonable
number of copies of the registration statement and amendments and supplements thereto, preliminary prospectus, final prospectus and such other documents as such underwriters may reasonably request in order to facilitate the public offering of such
securities; 
 (c) Cause all such Registrable Securities registered hereunder to be listed on each securities exchange on which similar
securities issued by the Company are then listed; 
 (d) Notify each Holder of Registrable Securities covered by such registration statement
at any time when a prospectus relating thereto is required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue
statement of material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing; 

(e) Provide transfer agent and registrar for all Registrable Securities registered pursuant to such registration statement and a CUSIP number
for all such Registrable Securities, in each case not later than effective date of such registration; 

  
 10 

 (f) Prepare and file amendments of or supplements to the registration statement or prospectus
necessary to comply with the Securities Act with respect to disposition of the Registrable Securities covered by such registration statement; 

(g) Use its commercially reasonable efforts to register and qualify the securities covered by such registration statement under such other
securities or blue sky laws of such jurisdictions as shall be reasonably requested by the Holders, provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a
general consent to service of process in any such states or jurisdictions unless the Company is already qualified to do business or subject to service of process in that jurisdiction; 

(h) Use its commercially reasonable efforts to furnish, at the request of any Holder requesting registration of Registrable Securities
pursuant to this Section 1.10, on the date that such Registrable Securities are delivered to the underwriters for sale in connection with a registration pursuant to this Section 1.10, if such securities are being sold through
underwriters, 
 (i) an opinion, dated such date, of the counsel representing the Company for the purposes of such registration, in form and
substance as is customarily given to underwriters in an underwritten public offering, addressed to the underwriters and (ii) a letter dated such date, from the independent certified public accountants of the Company, in form and substance as is
customarily given by independent certified public accountants to underwriters in an underwritten public offering, addressed to the underwriters; 

(i) Make generally available to its security holders, and to deliver to each Holder participating in the registration statement, an earnings
statement of the Company that will satisfy the provisions of Section 11(a) of the Securities Act covering a period of 12 months beginning after the effective date of such registration statement as soon as reasonably practicable after the
termination of such 12-month period; 
 (j) In the event of any underwritten public offering, enter into and perform its obligations under
an underwriting agreement, in usual and customary form, with the managing underwriter of such offering. Each Holder and other security holder participating in such underwriting shall also enter into and perform its obligations under such an
agreement; and 
 (k) Not make any reference to Johnson & Johnson Development Corporation (“JJDC”) or any of its
affiliates, or to any relationship the Company has with any such parties, in a registration statement or prospectus without first consulting with JJDC regarding the language to be used in any such disclosure, provided, that JJDC promptly and
reasonably responds to the Company’s request to consult with JJDC. 
 1.11
Indemnification. 
 (a) The Company will indemnify each Holder, each of its
officers and directors and partners, and each person controlling such Holder within the meaning of Section 15 of the Securities Act, with respect to which registration, qualification or compliance has been effected pursuant to this
Section 1, and each underwriter, if any, and each person who controls any underwriter within the meaning of Section 15 of the Securities Act, against all expenses, claims, losses, damages or liabilities (or actions in respect
thereof), including any of the 

  
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foregoing incurred in settlement of any litigation, commenced or threatened, arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained in any
registration statement, prospectus, offering circular or other document, or any amendment or supplement thereto, incident to any such registration, qualification or compliance, or based on any omission (or alleged omission) to state therein a
material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances in which they were made, not misleading, or any violation by the Company of any rule or regulation promulgated under the
Securities Act, the Exchange Act or any state securities laws applicable to the Company in connection with any such registration, qualification or compliance, and the Company will reimburse each such Holder, each of its officers and directors, and
each person controlling such Holder, each such underwriter and each person who controls any such underwriter, for any legal and any other expenses reasonably incurred in connection with investigating, preparing or defending any such claim, loss,
damage, liability or action, as such expenses are incurred, provided that the Company will not be liable in any such case to the extent that any such claim, loss, damage, liability or expense arises out of or is based on any untrue statement or
omission or alleged untrue statement or omission, made in reliance upon and in conformity with written information furnished to the Company by an instrument duly executed by such Holder, controlling person or underwriter and stated to be
specifically for use therein, and provided further, that the indemnity agreement contained in this subsection 1.11 shall not apply to amounts paid in settlement of any such claim, loss, damage, liability or expense if a settlement is
effected without the consent of the Company (which consent shall not be unreasonably withheld or delayed). 
 (b) Each Holder will, if
Registrable Securities held by such Holder are included in the securities as to which such registration, qualification or compliance is being effected, indemnify the Company, each of its directors and officers, each underwriter, if any, of the
Company’s securities covered by such a registration statement, each person who controls the Company or such underwriter within the meaning of Section 15 of the Securities Act, and each other such Holder, each of its officers and directors
and each person controlling such Holder within the meaning of Section 15 of the Securities Act, against all claims, losses, damages and liabilities (or actions in respect thereof) arising out of or based on any untrue statement (or alleged
untrue statement) of a material fact contained in any such registration statement, prospectus, offering circular or other document, or any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to
make the statements therein, in light of the circumstances in which they were made, not misleading, and will reimburse the Company, such Holders, such directors, officers, persons, underwriters or control persons for any legal or any other expenses
reasonably incurred in connection with investigating or defending any such claim, loss, damage, liability or action, as such expenses are incurred, in each case to the extent, but only to the extent, that such untrue statement (or alleged untrue
statement) or omission (or alleged omission) is made in such registration statement, prospectus, offering circular or other document in reliance upon and in conformity with written information furnished to the Company by an instrument duly executed
by such Holder and stated to be specifically for use therein; provided however that in no event shall any indemnity under this Section 1.11(b) exceed the net proceeds from the offering received by such Holder unless such liability
arises out of or is based upon the willful misconduct by such Holder. 

  
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 (c) If the indemnification provided for in this Section 1.11 is held by a court of
competent jurisdiction to be unavailable to a party entitled to indemnification under this Section 1.11 (the “Indemnified Party”) with respect to any loss, liability, claim, damage or expense referred to herein, then the
party required to provide indemnification (the “Indemnifying Party”), in lieu of indemnifying such Indemnified Party hereunder, instead shall contribute to the amount paid or payable by such Indemnified Party as a result of such
loss, liability, claim, damage or expense in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party on the one hand and of the Indemnified Party on the other in connection with the statements or omissions that
resulted in such loss, liability, claim, damage or expense, as well as any other relevant equitable considerations. The relative fault of the Indemnifying Party and of the Indemnified Party shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the Indemnifying Party or by the Indemnified Party and the parties’ relative intent, knowledge, access
to information, and opportunity to correct or prevent such statement or omission. 
 (d) Each Indemnified Party shall give notice to the
Indemnifying Party promptly after such Indemnified Party has actual knowledge of any claim as to which indemnity may be sought, and shall permit the Indemnifying Party to assume the defense of any such claim or any litigation resulting therefrom,
provided that counsel for the Indemnifying Party, who shall conduct the defense of such claim or litigation, shall be approved by the Indemnified Party (whose approval shall not unreasonably be withheld or delayed), and the Indemnified Party may
participate in such defense at such party’s expense; provided, however, that an Indemnified Party (together with all other Indemnified Parties which may be represented without conflict by one counsel) shall have the right to retain its
own separate counsel with the reasonable fees and expenses to be paid by the Indemnifying Party if the Indemnified Party reasonably determines with the advice of counsel that representation of such Indemnified Party would be appropriate due to
actual or potential differing interests between such Indemnified Party and any other party represented by such counsel in such proceeding. The failure of any Indemnified Party to give notice as provided herein shall not relieve the Indemnifying
Party of its obligations under this Section 1.11 unless the failure to give such notice is materially prejudicial to an Indemnifying Party’s ability to defend such action. No Indemnifying Party, in the defense of any such claim or
litigation, shall, except with the consent of each Indemnified Party, consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified
Party of a release from all liability in respect of such claim or litigation. 
 1.12 Information by Holder. The Holder or Holders of
Registrable Securities included in any registration shall furnish to the Company such information regarding such Holder or Holders, the Registrable Securities held by them and the distribution proposed by such Holder or Holders as the Company may
reasonably request in writing and as shall be required in connection with any registration, qualification or compliance referred to in this Section 1. 

1.13 Rule 144 Reporting. With a view to making available the benefits of certain rules and regulations of the Commission which may at
any time permit the sale of the Restricted Securities to the public without registration, after such time as a public market exists for the Common Stock of the Company, the Company agrees to use its best efforts to: 

(a) Make and keep public information available, as those terms are understood and defined in Rule 144 under the Securities Act, at all times
after the effective date that the Company becomes subject to the reporting requirements of the Exchange Act; 

  
 13 

 (b) File with the Commission in a timely manner all reports and other documents required of the
Company under the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements); and 
 (c)
So long as an Investor owns any Restricted Securities, to furnish to the Investor forthwith upon written request a written statement by the Company as to its compliance with the reporting requirements of said Rule 144 (at any time after ninety
(90) days after the effective date of the first registration statement filed by the Company for an offering of its securities to the general public) and of the Securities Act and the Exchange Act (at any time after it has become subject to such
reporting requirements), a copy of the most recent annual or quarterly report of the Company, and such other reports and documents of the Company and other information in the possession of or reasonably obtainable by the Company as an Investor may
reasonably request in availing itself of any rule or regulation of the Commission allowing an Investor to sell any such securities without registration. 

1.14 Transfer of Registration Rights. The rights to cause the Company to register securities granted to the Investors under Sections
1.5, 1.6 and 1.7 may only be assigned to (i) a transferee or assignee who acquires at least Two Million (2,000,000) shares of an original Holder’s Registrable Securities, subject to adjustment for stock splits, reverse stock
splits, combinations or dividends and reclassifications, exchanges or substitutions, or (ii) an Affiliate of a Holder or a spouse, sibling, lineal descendant or ancestor, subsidiary, parent, general partner, limited partner, retired partner,
member, retired member of a Holder, or an Affiliate of a Holder (without, in the case of this clause (ii), restriction as to number of Registrable Securities transferred); provided in each case that prompt written notice of such assignment is given
to the Company and such assignee agrees to be bound by the provisions of this Agreement. 
 1.15 Market Stand-off Agreement. Each
Holder agrees, severally and not jointly, in connection with the initial public offering of the Company’s securities (other than a registration of securities in a Rule 145 transaction or with respect to an employee benefit plan), upon request
of the Company or the underwriters managing any underwritten offering of the Company’s securities, not to sell, make any short sale of, loan, grant any option for the purchase of, pledge, hypothecate, limit such Holder’s market risk
regarding or otherwise directly or indirectly dispose of or agree to directly or indirectly dispose of any Registrable Securities (other than those included in the registration) or other capital stock of the Company or securities exchangeable or
convertible into capital stock of the Company without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed one hundred eighty (180) days from the date of the final prospectus
used in such registration) as may be requested by the Company or such managing underwriters, and to enter into a lock-up agreement in customary form with such underwriters providing for restrictions approved by the Board; provided however
that, if during the last 17 days of the restricted period the Company issues an earnings release or material news or a material event relating to the Company occurs, or prior to the expiration of the restricted period the Company announces that it
will release earnings results during the 16-day period beginning on the last day of the restricted period, then, upon the request 

  
 14 

 
of the managing underwriter, to the extent required by any FINRA rules, the restrictions imposed by this Section 1.15 shall continue to apply until the end of the third trading day
following the expiration of the 15-day period beginning on the issuance of the earnings release or the occurrence of the material news or material event. In no event will the restricted period extend beyond 216 days after the effective date of the
registration statement. The foregoing provisions of this Section 1.15 shall only be applicable to the Holders if all officers and directors of the Company and holders of at least one percent (1%) of the Company’s voting
securities are bound by and have entered into similar agreements in connection with the offering. The certificates for the (a) Shares, (b) Conversion Shares, (c) any New Securities and (d) any other securities issued in respect
of the securities referenced in clauses (a), (b) and (c) upon any stock split, stock dividend, recapitalization, merger, consolidation or similar event shall contain, for so long as such market stand-off provision remains in place, a
legend in substantially the following form: 
 “THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON
TRANSFER INCLUDING A MARKET STAND-OFF AGREEMENT BETWEEN THE COMPANY AND THE ORIGINAL STOCKHOLDER THAT PROHIBITS SALE OR TRANSFER OF SUCH SHARES FOR THE PERIOD THEREIN SPECIFIED FOLLOWING THE DATE OF THE FINAL PROSPECTUS FOR THE INITIAL PUBLIC
OFFERING OF THE ISSUER’S COMMON STOCK. THIS AGREEMENT IS BINDING UPON TRANSFEREES. A COPY OF THE AGREEMENT IS ON FILE WITH THE SECRETARY OF THE ISSUER.” 

1.16 Termination of Rights. The rights of any particular Holder or permitted transferee thereof to cause the Company to register
securities under Sections 1.5, 1.6 and 1.7 shall terminate on the earlier of (i) six years following the date of the Company’s initial public offering or (ii) with respect to such Holder on the date when such Holder can sell
all of its Registrable Securities in a single transaction pursuant to Rule 144 of the Securities Act. 
 SECTION 2 

RIGHT OF FIRST OFFER 
 2.1
Right of First Offer. Subject to the terms and conditions contained in this Section 2, the Company hereby grants to each Investor holding Preferred Stock (each an “RFO Holder”) the right of first offer (the
“Right of First Offer”) to purchase its Pro Rata Portion (as defined below) of any New Securities (as defined in Section 2.2) which the Company may, from time to time, propose to sell and issue. RFO Holder’s
“Pro Rata Portion” for purposes of this Section 2 is equal to (x) the number of shares of the Company’s Common Stock issuable upon conversion of the then outstanding Convertible Securities held by such RFO
Holder divided by (y) the sum of the total number of shares of the Company’s Common Stock then outstanding, the number of shares of the Company’s Common Stock issuable upon conversion of the then outstanding Convertible Securities and
the number of shares of Common Stock issuable upon exercise of then outstanding Options (or conversion of Convertible Securities issuable upon exercise of then outstanding Options, as applicable). 

  
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 2.2 Definition of New Securities. Except as set forth below, “New
Securities” shall mean any shares of capital stock of the Company, including Common Stock and Preferred Stock, whether authorized or not, and rights, options or warrants to purchase said shares of Common Stock or Preferred Stock, and
securities of any type whatsoever that are, or may become, convertible into said shares of Common Stock or Preferred Stock. Notwithstanding the foregoing, “New Securities” does not include any securities that are “Excluded Stock”
as defined in the Restated Certificate. 
 2.3 Notice of Right. In the event the Company proposes to undertake an issuance of New
Securities, it shall give each RFO Holder written notice of its intention, describing the type of New Securities and the price and terms upon which the Company proposes to issue the same. The RFO Holders shall have fifteen (15) days from the
date of receipt of any such notice to agree to purchase shares of such New Securities (up to the amount referred to in Section 2.1), for the price and upon the terms specified in the notice, by giving written notice to the Company and
stating therein the quantity of New Securities to be purchased. If any RFO Holders do not indicate an interest in purchasing any such RFO Holder’s full Pro Rata Portion of such New Securities by the end of the 15-day period, the Company shall
give notice of any remaining available New Securities (the “Overallotment Notice”) to each of the other RFO Holders who has elected to purchase its full Pro Rata Portion (the “Electing Holders”). Such Overallotment
Notice may be made by telephone if confirmed in writing within two (2) days. The Electing Holders shall then have a right of overallotment such that they shall have ten (10) days from the date such Overallotment Notice was given to
indicate an interest to increase the number of shares of New Securities they may purchase pursuant to this Section 2, in an aggregate amount of up to the number of remaining available shares of New Securities which, if necessary, shall
be apportioned pro rata on the basis of the proportion that the number of shares of Common Stock (assuming conversion of any securities convertible into Common Stock, but not including Common Stock acquired other than upon conversion of Preferred
Stock or options or warrants to acquire Common Stock) then held by each such Electing Holder who elects to increase the number of shares of New Securities it proposes to purchase bears to the number of shares of Common Stock (assuming conversion of
any securities convertible into Common Stock, but not including Common Stock acquired other than upon conversion of Preferred Stock or options or warrants to acquire Common Stock) then held by all such Electing Holders who elect to increase the
number of shares of New Securities they propose to purchase. 
 2.4 Exercise of Right. If any RFO Holder exercises its Right of First
Offer hereunder, the closing of the purchase of the New Securities with respect to which such right has been exercised shall take place as soon as practicable after the RFO Holder gives notice of such interest. 

2.5 Lapse and Reinstatement of Right. In the event a RFO Holder fails to exercise the Right of First Offer provided in this
Section 2 in the manner provided above, the Company shall have ninety (90) days thereafter to sell or enter into an agreement (pursuant to which the sale of New Securities covered thereby shall be closed, if at all, within sixty
(60) days from the date of said agreement) to sell the New Securities not elected to be purchased by such RFO Holder at the price and upon the terms no more favorable to the purchasers of such securities than specified in the Company’s
notice. In the event the Company has not sold the New Securities or entered into an agreement to sell the New Securities within said ninety (90) day period (or sold and issued 

  
 16 

 
New Securities in accordance with the foregoing within sixty (60) days from the date of said agreement), the Company shall not thereafter issue or sell any New Securities without first
offering such securities to the RFO Holder in the manner provided above. 
 2.6 Transfer of Right of First Offer. The Right of First
Offer granted under Section 2 of this Agreement may be assigned to a transferee or assignee reasonably acceptable to the Company in connection with any transfer of shares of the Company capital stock held by a RFO Holder; provided that
(a) such transfer may otherwise be effected in accordance with applicable securities laws; (b) written notice of such assignment is given to the Company; (c) the transferee executes a written agreement to be bound by the terms of this
Agreement. Notwithstanding the above, a RFO Holder that is a venture capital fund may assign or transfer such rights to an Affiliate venture capital fund so long as the transferee executes a written agreement to be bound by the terms of this
Agreement. 
 2.7 Rights of Affiliated Investors. For purposes of this Section 2, Investors who are Affiliates of one or
more other Investors shall, at the election of an Investor and one or more such Affiliates, be treated as a group (an “Investor Group”). Members of an Investor Group shall have the right to reallocate the rights granted by this
Section 2 among themselves as they determine. 
 2.8 Termination of Right of First Offer. The Right of First Offer
granted under this Section 2 of this Agreement shall not apply to and shall terminate immediately before the earlier to occur of (i) the Company’s initial public offering or (ii) a Liquidating Transaction (as defined in
the Restated Certificate). 
 SECTION 3 

AFFIRMATIVE COVENANTS OF THE COMPANY 

The Company hereby covenants and agrees as follows: 

3.1 Financial Information. As soon as practicable after the end of each fiscal year, and in any event within one hundred twenty
(120) days thereafter, the Company will furnish to each Holder, or transferee thereof under Section 1.14, consolidated balance sheets of the Company and its subsidiaries, if any, as of the end of such fiscal year, and consolidated
statements of income and cash flows of the Company and its subsidiaries, if any, for such year, prepared in accordance with generally accepted accounting principles applied on a consistent basis and setting forth in each case in comparative form the
figures for the previous fiscal year, all in reasonable detail and audited by independent public accountants of national standing selected by the Company and approved by the Board. The Company will furnish to each Major Holder under
Section 1.14 the following reports: 
 (a) As soon as practicable after the end of each quarter, and in any event within
forty-five (45) days thereafter (other than the last calendar month of each fiscal year), unaudited consolidated balance sheets of the Company and its subsidiaries, if any, as of the end of the quarter, and unaudited consolidated statements of
income and cash flows of the Company and its subsidiaries, if any, for such quarter, prepared in accordance with generally accepted 

  
 17 

 
accounting principles applied on a consistent basis and setting forth in each case in comparative form the figures for the same quarter one year earlier; provided that footnotes and schedule
disclosure appearing in audited financial statements shall not be required, all in reasonable detail (in a form acceptable to the Major Holders) and signed by the principal financial or accounting officer of the Company; 

(b) As soon as practicable after the end of each month, and in any event within forty-five (45) days thereafter (other than the last
calendar month of each fiscal year), unaudited consolidated balance sheets of the Company and its subsidiaries, if any, as of the end of the month, and unaudited consolidated statements of income and cash flows of the Company and its subsidiaries,
if any, for such month, prepared in accordance with generally accepted accounting principles applied on a consistent basis and setting forth in each case in comparative form the figures for the same month one year earlier; provided that footnotes
and schedule disclosure appearing in audited financial statements shall not be required, all in reasonable detail (in a form acceptable to the Major Holders) and signed by the principal financial or accounting officer of the Company; 

(c) As soon as practicable, but in any event sixty (60) days prior to the beginning of each fiscal year, a comprehensive operating budget
forecasting the Company’s revenues, expenses and cash position on a month-to-month basis for the upcoming fiscal year, prepared on a monthly basis, and, as soon as prepared, any other updated or revised budgets for such fiscal year prepared by
the Company and approved by the Board. 
 3.2 Inspection. The Company shall permit each Major Holder, at such Major Holder’s
expense, to visit and inspect the Company’s properties, if any, to examine its books of account and records and to discuss the Company’s affairs, finances and accounts with its officers, all at such reasonable times during normal business
hours as may be requested by the Major Holder. The rights granted pursuant to this Section 3.2 may not be assigned or otherwise conveyed to any transferee the Company reasonably deems to be a competitor of the Company. 

3.3 Confidentiality. Each Holder agrees and will cause any representative of such Holder to hold in confidence and trust and not use or
disclose any information provided to or learned by it in connection with its rights under this Section 3, except that such Holder may disclose such information to any partner, member, subsidiary or parent of such Holder for the purpose
of evaluating its investment in the Company as long as (a) such partner, member, subsidiary or parent is advised of the confidentiality provisions of this Section 3.3 and (b) such Holder uses its commercially reasonable efforts
to ensure that such partner, member, subsidiary or parent holds such information in confidence and trust and will not use or disclose any information provided to or learned by it except as required by law. 

3.4 Patent, Copyright and Nondisclosure Agreements. The Company agrees to require each employee of the Company to execute a
Confidential Disclosure Agreement and each consultant and advisor of the Company to execute an agreement that provides for confidential treatment of the Company’s proprietary information and the assignment of inventions, substantially in a form
reasonably acceptable to the Board, as a condition of employment or continued employment or engagement, as the case may be, unless otherwise approved by the Board. 

  
 18 

 3.5 Stock Vesting. Unless otherwise approved by the Board, the Company agrees that all
Common Stock issued to employees, consultants, advisors, directors and officers in the future shall be subject to a repurchase option which provides that upon termination of the employment of such individual, with or without cause, the Company has
the option, but not the obligation, to repurchase at cost any unvested shares held by the individual which repurchase option shall lapse twenty-five percent (25%) at the first anniversary date of the issuance of such shares and the remainder on
an equal monthly basis over the three (3) year period following such first anniversary. In addition, unless otherwise approved by the Board, the Company agrees that each option to purchase Common Stock issued to employees, consultants,
advisors, directors and officers in the future, including those issued pursuant to the Stock Plan, shall vest in accordance with the following schedule: twenty-five percent (25%) of the total number of shares subject to such option shall vest
at the first anniversary date of the grant thereof and the remainder on an equal monthly basis over the three (3) year period following such first anniversary. Notwithstanding the above, the vesting requirements in this Section 3.5 shall
not apply to Thomas A. Jordan or John E. Dowling. 
 3.6 Qualified Small Business. The Company covenants that so long as any of the
shares of Preferred Stock, or the Common Stock into which such shares are converted, are held by a Holder (in whose hands such shares of Common Stock are eligible to qualify as “qualified small business stock” as defined in
Section 1202(c) of the of the Internal Revenue Code of 1986, as amended (the “Code”) (“Qualified Small Business Stock”), it will (i) comply with any applicable filing or reporting requirements imposed by the Code
on issuers of Qualified Small Business Stock and (ii) execute and deliver to the Holders, from time to time, such forms, documents, schedules and other instruments as may be reasonably requested thereby to cause the Preferred Stock or the
Common Stock into which such shares are converted, to qualify as Qualified Small Business Stock. 
 3.7 Insurance. The Company shall
maintain from financially sound and reputable insurers directors’ and officers’ liability insurance (the “D & 0 Policy”) in an amount approved by the Board, including the Series A Directors (as defined in the
Restated Certificate) in their reasonable discretion. The Company shall cause to be maintained the D & 0 Policy except as otherwise decided in accordance with policies approved by the Board, including the Preferred Directors (as defined in the
Restated Certificate). 
 3.8 Board Matters. All non-employee directors will be reimbursed for their reasonable out-of-pocket and
travel expenses incurred (i) in attending Board meetings (or meetings of committees thereof), (ii) in attending other functions on behalf of the Company, or (iii) in connection with the performance of their duties as directors. All
non-employee directors may be compensated for service on the Board. The Board shall meet at least quarterly, unless otherwise agreed by the majority of the members of the Board. 

3.9 Selection of New CEO. Full time Chief Executive Officer (“CEO”) candidates shall be interviewed by Thomas A. Jordan, John
E. Dowling and the Series A Directors. Approval for hiring the CEO shall require a majority of Thomas A. Jordan, John E. Dowling and the Series A Directors; provided, however, that the Series A Directors shall have the sole authority to hire the CEO
if the Company has not otherwise hired a CEO on or before October 1, 2008. All fees and expenses payable to the Search Firm in connection with the search for a CEO shall be paid by the Company. 

  
 19 

 3.10 Termination of Covenants. The covenants set forth in this Section 3 shall
terminate immediately before the earlier to occur of (i) the Company’s initial public offering or (ii) a Liquidating Transaction (as defined in the Restated Certificate). 

SECTION 4 
 TRANSFERS OF
SECURITIES BY INVESTORS 
 4.1 Notices. If any Investor proposes to sell, assign, hypothecate or otherwise transfer (a
“Transfer”) any securities of the Company owned by such Investor from and after the date of this Agreement, other than pursuant to the provisions of Section 4.6 of this Agreement, the Transferor shall first give each of
the other Investors the right to purchase such securities by delivering to them a written offer which shall state the price and other terms and conditions of the proposed Transfer (the “Offer”). If the Transferor proposes to
Transfer the securities for consideration other than solely cash and/or promissory notes, the offer to the Investors shall, to the extent of such consideration, permit each Investor to pay in lieu thereof, cash equal to the fair market value of such
consideration, and the offer shall state the estimate of such fair market value as determined in good faith by the Board. The Transferor shall fix the period of the offer which shall be a minimum of twenty (20) days or such longer period as is
necessary to determine the fair market value of the consideration referred to in the preceding sentence. 
 4.2 Acceptance of Offer.
An Investor may accept an Offer (“Purchasing Investor”) only by giving written notice to the Transferor within fifteen (15) days of delivery of the Offer that such Purchasing Investor has accepted the offer to purchase some or
all of the securities offered (the “Accepted Securities”); provided, however, that the maximum number or amount of securities a Purchasing Investor shall be entitled to purchase shall be equal to that number or amount of securities
to be transferred multiplied by a fraction, the numerator of which shall be the number of Conversion Shares held (or deemed to be held) by such Purchasing Investor and the denominator of which shall be the aggregate number of Conversion Shares held
(or deemed to be held) by all Investors, excluding the Transferor’s Conversion Shares. Notwithstanding the foregoing, any Purchasing Investor may, at the time it accepts the offer, subscribe to purchase any or all securities offered which may
be available as a result of the rejection, or partial rejection, of the offer by other Investors, which securities shall be allocated on a pro rata basis among those Purchasing Investors subscribing to purchase them. 

4.3 Allocation of Securities and Payment. Promptly following the expiration of an Offer, the Transferor shall allocate the securities
subscribed for among the Purchasing Investors accepting or partially accepting the Offer, as set forth in Section 4.2, and shall by written notice (the “Acceptance Notice”) advise all Purchasing Investors of the number
or amount of securities allocated to each of the Purchasing Investors. Within ten (10) days following receipt of the Acceptance Notice, each of the Purchasing Investors shall deliver to the Transferor payment in full for the Accepted Shares
purchased by it against delivery by the Transferor to each Purchasing Investor of a certificate or certificates evidencing the Accepted Securities purchased by it. 

  
 20 

 4.4 Failure to Exercise. To the extent an Offer pursuant to Section 4.1 is not
accepted by the other Investors, the Transferor may, for a period of ninety (90) days thereafter, transfer the unaccepted securities, or any of them, upon terms no more favorable than specified in such offer, to any Person or Persons; provided
that such Person or Persons agrees in writing with the Company and the Investors, prior to and as a condition precedent to such Transfer, to be bound by all of the provisions of this Agreement. 

4.5 Assignment. The right of first refusal set forth in this Section 4 may not be assigned or transferred, except that each
Investor shall have the right to assign its rights to purchase such securities under this Section 4 to any partner, member, retired partner or member or Affiliate of such Investor; provided such partner, member, retired partner or member
or Affiliate agrees in writing with the Company and the Investors, prior to and as a condition precedent to such assignment, to be bound by all of the provisions of this Agreement. 

4.6 Permitted Transfers. 

(a) Notwithstanding anything to the contrary contained herein, any Investor which is a partnership or limited liability company may transfer,
without first offering any securities of the Company to any other Investor, all or any of its securities to a partner, limited partner, retired partner, member or retired member of such partnership or to the estate of any such partner, limited
partner, retired partner, member or retired member or transfer by will or intestate succession to his or her spouse or to the siblings, lineal descendants or ancestors of such partner, limited partner, retired partner, member or retired member or
his spouse or to an Affiliate; provided such transferee agrees in writing with the Company and the Investors, prior to and as a condition precedent to such Transfer, to be bound by all of the provisions of this Agreement. 

(b) Notwithstanding anything to the contrary contained herein, any Investor which is a corporation may transfer, without first offering any
securities of the Company to any other Investor, all or any of its securities to any of its Affiliates, provided such Affiliate agrees in writing with the Company and the Investors, prior to and as a condition precedent to such Transfer, to be bound
by all of the provisions of this Agreement. 
 (c) Notwithstanding anything to the contrary contained herein, any Investor who is an
individual may Transfer, without first offering any securities of the Company to any other Investor, all or any of his securities to his spouse or his or his spouse’s siblings, lineal descendants or ancestors, or to any trust for any of the
foregoing or any entity that is an Affiliate of such Investor; provided such transferee agrees in writing with the Company and the Investors, prior to and as a condition precedent to such Transfer, to be bound by all of the provisions of this
Agreement. 
 4.7 Termination. The right of first refusal granted under this Section 4 shall not apply to and shall
terminate immediately before the earlier to occur of (i) the Company’s initial public offering or (ii) a Liquidating Transaction (as defined in the Restated Certificate). 

  
 21 

 SECTION 5 

MISCELLANEOUS 
 5.1 Successors
and Assigns. Except as otherwise provided herein, the terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors, assigns, heirs, executors and administrators and permitted transferees of
the parties hereto. 
 5.2 Third Parties. Nothing in this Agreement, express or implied, is intended to confer upon any party, other
than the parties hereto, and their respective successors and assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided herein. 

5.3 Governing Law. This Agreement shall be governed by and construed under the laws of the State of Delaware as applied to agreements
entered into and performed in the State of Delaware solely by residents thereof without reference to principles of conflicts of laws or choice of laws. 

5.4 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument. 
 5.5 Notices. All notices, demands or other communications hereunder
shall be in writing and shall be deemed given when delivered personally, mailed by certified mail, return receipt requested, sent by overnight courier service or telecopied, telegraphed, telexed, or sent by other electronic transmission
(transmission confirmed), or otherwise actually delivered to the parties at the addresses provided to the Company (which the Company agrees to disclose to the other parties upon request) or such other address as a party may request by notifying the
other in writing. 
 5.6 Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law,
portions of such provisions, or such provisions in their entirety, to the extent necessary, shall be severed from this Agreement, and the balance of this Agreement shall be enforceable in accordance with its terms. 

5.7 Amendment and Waiver. Any provision of this Agreement may be amended or waived (either generally or in a particular instance and
either retroactively or prospectively) with the written consent of the Company and the Holders of at least sixty-seven percent (67%) of the Registrable Securities, and for purposes of the final sentence of Section 3.5 and
Section 3.9 only, the written consent of the holders of at least a majority of the then outstanding shares of Common Stock held by the Founders. Any amendment or waiver effected in accordance with this paragraph shall be binding upon
each Holder of Registrable Securities and the Company but in no event shall any amendment or waiver adversely affect the obligations or rights of any Holder in a manner different than the other Holders, except upon the written consent of such
adversely affected Holder. In addition, the Company may waive performance of any obligation owing to it, as to some or all of the Holders of Registrable Securities, or agree to accept 

  
 22 

 
alternatives to such performance, without obtaining the consent of any Holder of Registrable Securities so long as such waiver or acceptance of alternative performance affects all Holders
equally. 
 5.8 Rights of Holders. Each Holder of Registrable Securities shall have the right to exercise or refrain from exercising
any right or rights that such Holder may have by reason of this Agreement, including, without limitation, the right to consent to the waiver or modification of any obligation under this Agreement, and such Holder shall not incur any liability to any
other holder of any securities of the Company as a result of exercising or refraining from exercising any such right or rights. 
 5.9
Delays or Omissions. No delay or omission to exercise any right, power or remedy accruing to any party to this Agreement, upon any breach or default of the other party, shall impair any such right, power or remedy of such non-breaching party
nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other
breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any party of any breach or default under this Agreement, or any waiver on the part of any party of any provisions
or conditions of this Agreement, must be made in writing and shall be effective only to the extent specifically set forth in such writing. 

5.10 Attorneys’ Fees. If any action at law or in equity is necessary to enforce or interpret the terms of this Agreement, the
prevailing party shall be entitled to reasonable attorneys’ fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled. 

5.11 Headings. The headings and captions used in this Agreement are used for convenience only and are not to be considered in
construing or interpreting this Agreement. All references in this Agreement to sections, paragraphs, exhibits and schedules shall, unless otherwise provided, refer to sections and paragraphs hereof and exhibits and schedules attached hereto, all of
which are incorporated herein by this reference. 
 5.12 Entire Agreement. This Agreement constitutes the entire understanding and
agreement of the parties with respect to the subject matter hereof and supersedes all prior negotiations, correspondence, agreements, understandings, duties or obligations among the parties with respect to the subject matter hereof. 

5.13 Further Assurances. From and after the date of this Agreement, upon the request of a party, the other parties shall execute and
deliver such instruments, documents or other writings as may be reasonably necessary or desirable to confirm and carry out and to effectuate fully the intent and purposes of this Agreement. 

5.14 Aggregation of Stock. All shares of the Preferred Stock held or acquired by affiliated entities or persons shall be aggregated
together for the purpose of determining the availability of any rights under this Agreement. 
  

  
 23 

 5.15 Additional Investors. Notwithstanding Section 5.7 above, in the event
that after the date of this Agreement a sale of Preferred Stock pursuant to the Purchase Agreement is made to a person not already a party hereto, the Company shall cause such person to execute a Joinder Agreement in the form attached hereto as
Exhibit B, and such person shall thereby be bound by, and subject to, all the terms and provisions of this Agreement applicable to an Investor and, immediately upon such person becoming a party to this Agreement, the Schedule of Investors shall be
updated automatically without any action required by the parties hereto. 
 [THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 

 

  
 24 

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

					
	ALDEXA THERAPEUTICS, INC.
			
		 	By:	 	 /s/ Todd Brady

		 		 	Todd Brady
		 		 	President
			
		 		 	 Address: 25 Burlington Mall Road,

Suite 300 Burlington, MA 01803

  
 SIGNATURE PAGE TO
ALDEXA THERAPEUTICS, INC. 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	DOMAIN PARTNERS VI, L.P.
		
	By:	 	One Palmer Square Associates VII, L.L.C.
	Its:	 	General Partner
		
	By:	 	 /s/ Kathleen Shoemaker

		 	Kathleen Schoemaker,
		 	Managing Member
	
	DP VI ASSOCIATES, L.P.
		
	By:	 	One Palmer Square Associates VII, L.L.C.
	Its:	 	General Partner
		
	By:	 	 /s/ Kathleen Shoemaker

		 	Kathleen Schoemaker,
		 	Managing Member

  
 SIGNATURE PAGE TO
ALDEXA THERAPEUTICS, INC. 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTOR:
	
	JOHNSON & JOHNSON DEVELOPMENT CORPORATION
		
	By:	 	 /s/ Asish K. Xavier

		
	Name:	 	 Asish K. Xavier

		
	Title:	 	 VP, Venture Investments

  
 SIGNATURE PAGE TO
ALDEXA THERAPEUTICS, INC. 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 EXHIBIT A 

SCHEDULE OF INVESTORS 
 Domain Partners VI, L.P.

 DP VI Associates, L.P. 
 Johnson & Johnson
Development Corporation 

					
		 	 	 	

					
		 	EXHIBIT B	  	

 JOINDER AGREEMENT TO 

ALDEXA THERAPEUTICS, INC. 

AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

The undersigned hereby agrees, effective as of the date hereof, to become a party to that certain Amended and Restated Investors’ Rights
Agreement (the “Agreement”) dated as of December 20, 2012, as may be amended from time to time, by and among Aldexa Therapeutics, Inc. (the “Company”) and the other parties from time to time parties named
therein, and for all purposes of the Agreement, the undersigned shall be included within the term Investor, as defined in the Agreement. The address and facsimile number to which notices shall be sent to the undersigned are as follows: 

 

			
	Address:	  	  

 

			
	Facsimile Number:	 	  

  

	
	  

	Print Name:
	Date:

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