Document:

EX-10.4

 Exhibit 10.4 

AVEDRO, INC. 

2012 EQUITY INCENTIVE PLAN 

ADOPTED BY THE BOARD OF DIRECTORS:
OCTOBER 5, 2012 
 APPROVED BY THE STOCKHOLDERS:
OCTOBER 5, 2012 
 AMENDED BY THE BOARD OF
DIRECTORS: MARCH 1, 2013 
 AMENDED BY THE STOCKHOLDERS:
MARCH 1, 2013 
 TERMINATION DATE: OCTOBER 5, 2022 

 

	1.	 GENERAL. 

(a) Eligible Stock Award Recipients. Employees, Directors and Consultants are eligible to receive Stock Awards. 

(b) Available Stock Awards. The Plan provides for the grant of the following types of Stock Awards: (i) Incentive Stock
Options, (ii) Nonstatutory Stock Options, (iii) Stock Appreciation Rights, (iv) Restricted Stock Awards, (v) Restricted Stock Unit Awards, and (vi) Other Stock Awards. 

(c) Purpose. The Plan, through the granting of Stock Awards, is intended to help the Company secure and retain the services of
eligible award recipients, provides incentives for these persons to exert maximum efforts for the success of the Company and any Affiliate and provide a means by which the eligible recipients may benefit from increases in value of the Common Stock.

  

	2.	 ADMINISTRATION. 

(a) Administration by Board. The Board will administer the Plan. The Board may delegate administration of the Plan to a Committee
or Committees, as provided in Section 2(c). 
 (b) Powers of Board. The Board will have the power, subject to, and within the
limitations of, the express terms of the Plan: 
 (i) To determine (A) who will be granted Stock Awards; (B) when and
how each Stock Award will be granted; (C) what type of Stock Award will be granted; (D) the terms of each Stock Award, which need not be identical, including when the Participant will be permitted to exercise or otherwise receive cash or
Common Stock under the Stock Award; (E) the number of shares of Common Stock subject to a Stock Award; and (F) the Fair Market Value applicable to a Stock Award. 

(ii) To construe and interpret the Plan and Stock Awards granted under it, and to establish, amend and revoke rules and regulations for
administration of the Plan and Stock Awards. The Board, in the exercise of these powers, may correct any defect, omission or inconsistency in the Plan or in any Stock Award Agreement, in a manner and to the extent it determines necessary or
expedient to make the Plan or Stock Award fully effective. 

  
 1. 

 (iii) To settle all controversies regarding the Plan and Stock Awards granted 

under it. 
 (iv) To accelerate, in whole or
in part, the time at which a Stock Award may be exercised or vest, or at which cash or shares of Common Stock may be issued. 
 (v) To
suspend or terminate the Plan at any time. Except as otherwise provided in the Plan or a Stock Award Agreement, suspension or termination of the Plan will not impair a Participant’s rights under his or her then-outstanding Stock Award without
the Participant’s written consent except as provided in Section 2(b)(viii). 
 (vi) To amend the Plan in any respect the
Board determines necessary or advisable, including, without limitation, by adopting amendments relating to Incentive Stock Options and nonqualified deferred compensation under Section 409A of the Code, or to make the Plan or Stock Awards
granted under the Plan exempt from or compliant with the requirements for Incentive Stock Options or nonqualified deferred compensation under Section 409A of the Code, subject to the limitations, if any, of applicable law. However, if required
by applicable law, and except as provided in Section 9(a) relating to Capitalization Adjustments, the Company will seek stockholder approval of any amendment of the Plan that (A) materially increases the number of shares of Common Stock
available for issuance under the Plan, (B) materially expands the class of individuals eligible to receive Stock Awards under the Plan, (C) materially increases the benefits accruing to Participants under the Plan, (D) materially
reduces the price at which shares of Common Stock may be issued or purchased under the Plan, (E) materially extends the term of the Plan, or (F) materially expands the types of Stock Awards available for issuance under the Plan. Except as
provided in the Plan (including Section 2(b)(viii)) or a Stock Award Agreement, no amendment of the Plan will impair a Participant’s rights under an outstanding Stock Award without the Participant’s written consent. 

(vii) To submit any amendment to the Plan for stockholder approval, including, without limitation, amendments to the Plan intended to
satisfy the requirements of Section 422 of the Code regarding Incentive Stock Options. 
 (viii) To approve forms of Stock Award
Agreements for use under the Plan and to amend the terms of any one or more Stock Awards, including, without limitation, amendments to provide terms more favorable to the Participant than previously provided in the Stock Award Agreement, subject to
any specified limits in the Plan that are not subject to Board discretion; provided, however, that a Participant’s rights under any Stock Award will not be impaired by any such amendment unless (A) the Company requests the
affected Participant’s consent, and (B) the Participant consents in writing. Notwithstanding the foregoing, (1) a Participant’s rights will not be deemed to have been impaired by any such amendment if the Board, in its sole
discretion, determines that the amendment, taken as a whole, does not materially impair the Participant’s rights; and (2) subject to the limitations of applicable law, if any, the Board may amend the terms of any one or more Stock Awards
without the affected Participant’s consent: (A) to maintain the 

  
 2. 

 qualified status of the Stock Award as an Incentive Stock Option under Section 422 of the Code; (B) to
change the terms of an Incentive Stock Option, if the change results in impairment of the Stock Award solely because it impairs the qualified status of the Stock Award as an Incentive Stock Option under Section 422 of the Code; (C) to
clarify the manner of exemption from, or to bring the Stock Award into compliance with, Section 409A of the Code; or (D) to comply with other applicable laws. 

(ix) Generally, to exercise the powers and to perform the acts the Board determines necessary or expedient to promote the best interests
of the Company and that are not in conflict with the terms of the Plan or Stock Awards. 
 (x) To adopt any procedures and sub-plans as are necessary or appropriate to permit participation in the Plan by Employees, Directors or Consultants who are foreign nationals or employed outside the United States; provided, however, that
Board approval will not be necessary for immaterial modifications to the Plan or any Stock Award Agreement that are required for compliance with the laws of the relevant foreign jurisdiction. 

(xi) To effect, with the consent of any adversely affected Participant, (A) the reduction of the exercise, purchase or strike price
of any outstanding Stock Award; (B) the cancellation of any outstanding Stock Award and the grant in substitution therefor of (1) an Option or SAR, (2) a Restricted Stock Award, (3) a Restricted Stock Unit Award, (4) an
Other Stock Award, (5) cash, or (6) other valuable consideration determined by the Board, in its sole discretion, with any substituted award (x) covering the same or a different number of shares of Common Stock as the cancelled Stock
Award, and (y) granted under the Plan or another equity or compensatory plan of the Company; or (C) any other action that is treated as a repricing under generally accepted accounting principles. 

(c) Delegation to a Committee. The Board may delegate some or all of the administration of the Plan to a Committee or Committees.
If administration of the Plan is delegated to a Committee, the Committee will have, in connection with the administration of the Plan, the powers theretofore possessed by the Board that have been delegated to the Committee, including the power to
delegate to a subcommittee of the Committee any of the administrative powers the Committee is authorized to exercise and references in this Plan to the Board will thereafter be to the Committee or subcommittee, as applicable. Any delegation of
administrative powers will be reflected in resolutions, not inconsistent with the terms of the Plan, that the Board or the Committee adopts from time to time. The Committee may, at any time, abolish the subcommittee and revest in the Committee any
powers delegated to the subcommittee. The Board may retain the authority to concurrently administer the Plan with the Committee and may, at any time, revest in the Board some or all of the powers previously delegated. 

(d) Delegation to an Officer. The Board may delegate to one (1) or more Officers the authority to do one or both of the
following (i) designate Employees who are not Officers to be recipients of Options and SARs (and, to the extent permitted by applicable law, other Stock Awards) and, to the extent permitted by applicable law, the terms of such rights and
options, and (ii) determine the number of shares of Common Stock to be subject to such Stock Awards granted to such Employees; provided, however, that the Board resolutions regarding such 

  
 3. 

 delegation will specify the total number of shares of Common Stock that may be subject to the Stock Awards
granted by such Officer and that such Officer may not grant a Stock Award to himself or herself. Any such Stock Awards will be granted on the form of Stock Award Agreement most recently approved for use by the Committee or the Board, unless
otherwise provided in the resolutions approving the delegation authority. The Board may not delegate authority to an Officer who is acting solely in the capacity of an Officer (and not also as a Director) to determine the Fair Market Value pursuant
to Section 13(t). 
 (e) Effect of the Board’s Decision. All determinations, interpretations and constructions made
by the Board in good faith will not be subject to review by any person and will be final, binding and conclusive on all persons. 
  

	3.	 SHARES SUBJECT TO THE PLAN.

 (a) Share Reserve. Subject to Section 9(a) relating to Capitalization Adjustments, the aggregate
number of shares of Common Stock that may be issued pursuant to Stock Awards from and after the Effective Date will not exceed Eleven Million Three Hundred Thousand (11,300,000) shares (the “Share Reserve”). For clarity, the
Share Reserve is a limitation on the number of shares of Common Stock that may be issued under the Plan. Accordingly, this Section 3(a) does not limit the granting of Stock Awards except as provided in Section 7(a). 

(b) Reversion of Shares to the Share Reserve. If a Stock Award or any portion of a Stock Award (i) expires or otherwise
terminates without all of the shares covered by the Stock Award having been issued, or (ii) is settled in cash (i.e., the Participant receives cash rather than stock), the expiration, termination or settlement will not reduce or
otherwise offset the number of shares of Common Stock that are available for issuance under the Plan. If any shares of Common Stock issued pursuant to a Stock Award are forfeited back to or repurchased by the Company because of the failure to meet a
contingency or condition required to vest the shares in the Participant, then the shares that are forfeited or repurchased will revert to and again become available for issuance under the Plan. Any shares reacquired by the Company in satisfaction of
tax withholding obligations on a Stock Award or as consideration for the exercise or purchase price of a Stock Award will again become available for issuance under the Plan. 

(c) Incentive Stock Option Limit. Subject to this Section 3 and Section 9(a) relating to Capitalization Adjustments,
the aggregate maximum number of shares of Common Stock that may be issued pursuant to the exercise of Incentive Stock Options will be Eleven Million Three Hundred Thousand (11,300,000) shares of Common Stock. 

(d) Source of Shares. The stock issuable under the Plan will be shares of authorized but unissued or reacquired Common Stock,
including shares repurchased by the Company on the open market or otherwise. 

  
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	4.	 ELIGIBILITY. 

(a) Eligibility for Stock Awards. Incentive Stock Options may be granted only to employees of the Company or a “parent
corporation” or “subsidiary corporation” of the Company (as these terms are defined in Sections 424(e) and 424(f) of the Code). Stock Awards other than Incentive Stock Options may be granted to Employees, Directors and Consultants;
provided, however, that Stock Awards may not be granted to Employees, Directors and Consultants who are providing Continuous Service only to any “parent” of the Company, as this term is defined in Rule 405, unless
(i) the stock underlying the Stock Awards is treated as “service recipient stock” under Section 409A of the Code (for example, because the Stock Awards are granted in connection with a corporate transaction such as a spin off
transaction), or 
 (ii) the Company, in consultation with its legal counsel, has determined that the Stock Awards are otherwise exempt from or alternatively
comply with the distribution requirements of Section 409A of the Code. 
 (b) Ten Percent Stockholders. A Ten Percent Stockholder
will not be granted an Incentive Stock Option unless the exercise price of the Option is at least 110% of the Fair Market Value on the date of grant and the Option is not exercisable after the expiration of five years from the date of grant.

 (c) Consultants. A Consultant will not be eligible for the grant of a Stock Award if, at the time of grant, either the offer
or sale of the Company’s securities to the Consultant is not exempt under Rule 701 because of the nature of the services that the Consultant is providing to the Company, because the Consultant is not a natural person, or because of any other
provision of Rule 701, unless the Company determines that the grant need not comply with the requirements of Rule 701 and will satisfy another exemption under the Securities Act as well as comply with the securities laws of all other relevant
jurisdictions. 
  

	5.	 OPTIONS AND STOCK APPRECIATION
RIGHTS. 

 The Board will determine the form and the terms and conditions of each Option or SAR. All
Options will be separately designated Incentive Stock Options or Nonstatutory Stock Options at the time of grant, and, if certificates are issued, a separate certificate or certificates will be issued for shares of Common Stock purchased upon the
exercise of each type of Option. If an Option is not specifically designated as an Incentive Stock Option, or if an Option is designated as an Incentive Stock Option but some portion or all of the Option fails to qualify as an Incentive Stock Option
under the applicable rules, then the Option, or portion of the Option, will be a Nonstatutory Stock Option. The terms of separate Options or SARs need not be identical; provided, however, that each Stock Award Agreement will conform to
(through incorporation of provisions of the Plan by reference in the applicable Stock Award Agreement or otherwise) the substance of each of the following terms: 

(a) Term. Subject to Section 4(b) regarding Ten Percent Stockholders, no Option or SAR will be exercisable after the
expiration of ten years from the date of its grant or a shorter period specified in the Stock Award Agreement. 
 (b) Exercise Price.
Subject to 4(b) regarding Ten Percent Stockholders, the exercise or strike price of each Option or SAR will be not less than 100% of the Fair Market Value on the date of grant. Notwithstanding the foregoing, an Option or SAR may be
granted with an exercise or strike price lower than 100% of the Fair Market Value if the Stock Award is granted pursuant 

  
 5. 

 to an assumption of or substitution for another option or stock appreciation right in connection with a
Corporate Transaction and in a manner consistent with the provisions of Section 409A of the Code and, if applicable, Section 424(a) of the Code. Each SAR will be denominated in shares of Common Stock equivalents. 

(c) Exercise Price for Options. The exercise price of Common Stock acquired upon the exercise of an Option may be paid, to the
extent permitted by applicable law and as determined by the Board in its sole discretion, by any combination of the following methods of payment. The Board will have the authority to grant Options that permit any one or more of the following methods
of payment (or to restrict the ability to use any particular method or methods) and to grant Options that require the Company’s consent to use a particular method of payment. The permitted methods of payment are: 

(i) by cash, check, bank draft or money order payable to the Company; 

(ii) pursuant to a program developed under Regulation T as promulgated by the Federal Reserve Board that, prior to the issuance of the
Common Stock, results in the Company’s receipt of cash or check or the receipt of irrevocable instructions to pay the aggregate purchase price to the Company from the sales proceeds; 

(iii) delivery to the Company (either by actual delivery or attestation) of shares 

of Common Stock; 
 (iv) if an Option is a
Nonstatutory Stock Option, a “net exercise” arrangement pursuant to which the Company will reduce the number of shares of Common Stock issuable upon exercise by the largest whole number of shares with a Fair Market Value that does not
exceed the aggregate exercise price; provided, however, that the Company will accept cash or another method payment from the Participant to the extent of any remaining balance of the aggregate exercise price not satisfied by a reduction in
the number of whole shares to be issued. Shares of Common Stock will no longer be subject to an Option and will not be exercisable after a “net exercise” to the extent that (A) shares issuable upon the exercise are used to pay the
exercise price pursuant to the “net exercise,” (B) shares are delivered to the Participant as a result of the exercise, and (C) shares are withheld to satisfy tax withholding obligations; or 

(v) according to a deferred payment or similar arrangement with the Optionholder; provided, however, that interest will compound
at least annually and will be charged at the minimum rate of interest necessary to avoid (A) the imputation of interest income to the Company and compensation income to the Optionholder under any applicable provisions of the Code, and
(B) the classification of the Option as a liability for financial accounting purposes; or 
 (vi) in any other form of legal
consideration that the Board determines acceptable and specifies in the applicable Stock Award Agreement. 
  

  
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 (d) Exercise and Payment of a SAR. To exercise any outstanding SAR, the
Participant must provide written notice of exercise to the Company in compliance with the terms of the Stock Appreciation Right Agreement evidencing the SAR. The appreciation distribution payable on the exercise of a SAR will be not greater than
an amount equal to the excess of (A) the aggregate Fair Market Value (on the date of the exercise of the SAR) of a number of shares of Common Stock equal to the number of Common Stock equivalents in which the Participant is vested under the
SAR, and with respect to which the Participant is exercising the SAR on the applicable exercise date, over (B) the strike price. The appreciation distribution may be paid in Common Stock, in cash, in any combination of the two, or in any other
form of consideration, as the Board determines and describes in the applicable Stock Appreciation Right Agreement. 
 (e) Transferability
of Options and SARs. The Board may, in its sole discretion, impose limitations on the transferability of Options and SARs as the Board determines. In the absence of a determination by the Board to the contrary, the following restrictions
on the transferability of Options and SARs will apply: 
 (i) Restrictions on Transfer. An Option or SAR will not be transferable
except by will or by the laws of descent and distribution (and pursuant to Sections 5(e)(ii) and 5(e)(iii)), and will be exercisable during the lifetime of the Participant only by the Participant. The Board may permit a transfer of the Option or
SAR in a manner that is permissible under applicable tax and securities laws. Except as explicitly provided in the Plan, neither an Option nor a SAR may be transferred for consideration. 

(ii) Domestic Relations Orders. Subject to the approval of the Board or a duly authorized Officer, an Option or SAR may be
transferred pursuant to the terms of a domestic relations order, official marital settlement agreement or other divorce or separation instrument as permitted by Treasury Regulations Section 1.421-1(b)(2).
If an Option is an Incentive Stock Option, the Option may be deemed to be a Nonstatutory Stock Option as a result of a transfer. 
 (iii)
Beneficiary Designation. Subject to the approval of the Board or a duly authorized Officer, a Participant may, by delivering written notice to the Company, in a form approved by the Company (or its designated broker), designate a third
party who, on the Participant’s death, will thereafter be entitled to exercise the Option or SAR and receive the Common Stock or other consideration resulting from the exercise. In the absence of a designation, the executor or administrator of
the Participant’s estate will be entitled to exercise the Option or SAR and receive the Common Stock or other consideration resulting from the exercise. However, the Company may prohibit designation of a beneficiary at any time, including due
to any conclusion by the Company that a designation would be inconsistent with applicable law. 
 (f) Vesting Generally. The total
number of shares of Common Stock subject to an Option or SAR may vest and therefore become exercisable in periodic installments that may or may not be equal. The Board will determine whether the Option or SAR is subject to other terms and
conditions on the time or times when the Stock Award may or may not be exercised, which may be based on the satisfaction of performance goals or other criteria. The vesting terms of individual Options or SARs may vary. This Section 5(f) is
subject to any term in an Option or SAR specifying the minimum number of shares of Common Stock as to which the Option or SAR may be exercised. 

  
 7. 

 (g) Termination of Continuous Service. Except as otherwise provided in the
applicable Stock Award Agreement or other agreement between the Participant and the Company or an Affiliate, if a Participant’s Continuous Service terminates (other than for Cause and other than upon the Participant’s death or
Disability), the Participant may exercise his or her Option or SAR (to the extent that the Participant was entitled to exercise the Stock Award as of the date of termination of Continuous Service) within the period of time ending on the earlier of
(i) the date three months following the termination of the Participant’s Continuous Service (or such longer or shorter period specified in the applicable Stock Award Agreement, which period will not be less than 30 days if necessary to comply
with applicable law unless the Participant’s termination is for Cause); and (ii) the expiration of the term of the Option or SAR as set forth in the applicable Stock Award Agreement. If, after termination of Continuous Service, the
Participant does not exercise his or her Option or SAR within the designated time frame, the Option or SAR will terminate. 
 (h)
Extension of Termination Date. Except as otherwise provided in the applicable Stock Award Agreement or other agreement between the Participant and the Company or an Affiliate, if the exercise of an Option or SAR following the termination
of the Participant’s Continuous Service (other than for Cause and other than upon the Participant’s death or Disability) would be prohibited at any time solely because the issuance of shares of Common Stock would violate the registration
requirements under the Securities Act, then the Option or SAR will terminate on the earlier of (i) the expiration of a total period of three months (which need not be consecutive) after the termination of the Participant’s Continuous
Service during which the exercise of the Option or SAR would not be in violation of the Securities Act’s registration requirements, or (ii) the expiration of the term of the Option or SAR as set forth in the applicable Stock Award
Agreement. In addition, unless otherwise provided in a Participant’s Stock Award Agreement, if the sale of any Common Stock received upon exercise of an Option or SAR following the termination of the Participant’s Continuous Service (other
than for Cause) would violate the Company’s insider trading policy, then the Option or SAR will terminate on the earlier of (i) the expiration of a period of months (which need not be consecutive) equal to the applicable post-termination
exercise period after the termination of the Participant’s Continuous Service during which the sale of the Common Stock received upon exercise of the Option or SAR would not be in violation of the Company’s insider trading policy, or
(ii) the expiration of the term of the Option or SAR as set forth in the applicable Stock Award Agreement. 
 (i) Disability of
Participant. Except as otherwise provided in the applicable Stock Award Agreement or other agreement between the Participant and the Company or an Affiliate, if a Participant’s Continuous Service terminates as a result of the
Participant’s Disability, the Participant may exercise his or her Option or SAR (to the extent that the Participant was entitled to exercise the Option or SAR as of the date of termination of Continuous Service), but only within the period of
time ending on the earlier of (i) the date 12 months following the termination of the Participant’s Continuous Service (or such longer or shorter period specified in 

  
 8. 

 the Stock Award Agreement, which period will not be less than six months if necessary to comply with
applicable law), and (ii) the expiration of the term of the Option or SAR as set forth in the Stock Award Agreement. If, after termination of Continuous Service, the Participant does not exercise his or her Option or SAR within the applicable
time frame, the Option or SAR (as applicable) will terminate. 
 (j) Death of Participant. Except as otherwise provided in the
applicable Stock Award Agreement or other agreement between the Participant and the Company, if (i) a Participant’s Continuous Service terminates as a result of the Participant’s death, or (ii) the Participant dies within
the period, if any, specified in the Stock Award Agreement for exercisability after the termination of the Participant’s Continuous Service (for a reason other than death), then the Option or SAR may be exercised (to the extent the Participant
was entitled to exercise the Option or SAR as of the date of death) by the Participant’s estate, by a person who acquired the right to exercise the Option or SAR by bequest or inheritance, or by a person designated to exercise the Option or SAR
upon the Participant’s death, but only within the period ending on the earlier of (A) the date 18 months following the date of the Participant’s death (or such longer or shorter period specified in the Stock Award Agreement, which
period will not be less than six months if necessary to comply with applicable laws), and (B) the expiration of the term of the Option or SAR as set forth in the Stock Award Agreement. If, after the Participant’s death, the Option or SAR
is not exercised within the applicable time frame, the Option or SAR will terminate. 
 (k) Termination for Cause. Except as otherwise
provided in the applicable Stock Award Agreement or other agreement between the Participant and the Company, if a Participant’s Continuous Service is terminated for Cause, the Option or SAR will terminate immediately upon the
Participant’s termination of Continuous Service and the Participant will be prohibited from exercising the Option or SAR from and after the time of the Participant’s termination of Continuous Service. 

(l) Non-Exempt Employees. If an Option or SAR is granted to an Employee who is a non-exempt employee for purposes of the Fair Labor Standards Act of 1938, as amended, the Option or SAR will not be first exercisable for any shares of Common Stock until at least six months following the date of
grant (although the Stock Award may vest prior to that date). Consistent with the provisions of the Worker Economic Opportunity Act, (i) if a non-exempt Employee dies or suffers a Disability;
(ii) upon a Corporate Transaction in which the Option or SAR is not assumed, continued, or substituted; (iii) upon a Change in Control; or (iv) upon the Participant’s retirement (as that term may be defined in the applicable
Stock Award Agreement in another agreement between the Participant and the Company or an Affiliate, or, if no definition exists, in accordance with the Company’s then-current employment policies and guidelines), the vested portion of any Option
and SAR held by the Employee may be exercised earlier than six months following the date of grant. This Section 5(l) is intended to operate so that any income derived by a non-exempt employee in
connection with the exercise, vesting or issuance of any shares under an Option or SAR will be exempt from the employee’s regular rate of pay. To the extent permitted or required for compliance with the Worker Economic Opportunity Act, to
ensure that any income derived by a non-exempt employee in connection with the exercise, vesting or issuance of any shares under any other Stock Award will be exempt from the employee’s regular rate of
pay, this Section 5(l) will apply to all Stock Awards and is incorporated by reference into the applicable Stock Award Agreements. 

  
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 (m) Early Exercise of Options. An Option may, but need not, include a term that
allows the Optionholder to elect, at any time before the Optionholder’s Continuous Service terminates, to exercise the Option as to all or any part of the shares of Common Stock subject to the Option prior to the full vesting of the Option.
Subject to the “Repurchase Limitation” in Section 8(m), any unvested shares of Common Stock so purchased may be subject to a repurchase right in favor of the Company or to any other restriction the Board determines appropriate.
Provided that the “Repurchase Limitation” in Section 8(m) is not violated, the Company’s repurchase right will extend, and the Company will not otherwise be required to exercise its repurchase right, until at least six months (or
such longer or shorter period of time required to avoid classification of the Option as a liability for financial accounting purposes) have elapsed following the Participant’s exercise of the Option, unless the Board otherwise provides in the
Option Agreement. 
 (n) Right of Repurchase. Subject to the “Repurchase Limitation” in Section 8(m), the Option
or SAR may include a term whereby the Company may elect to repurchase all or any part of the vested shares of Common Stock acquired by the Participant pursuant to the exercise of the Option or SAR. 

(o) Right of First Refusal. Subject to the “Repurchase Limitation” in Section 8(m), the Option or SAR may include
a term whereby the Company may elect to exercise a right of first refusal following receipt of notice from the Participant of the intent to transfer all or any part of the shares of Common Stock received upon the exercise of the Option or SAR.
Except as otherwise provided in this Section 5(o) or in the applicable Stock Award Agreement, a right of first refusal will comply with the Company’s bylaws. 
  

	6.	 STOCK AWARDS OTHER THAN OPTIONS
AND SARS. 

 (a) Restricted Stock Awards. The Board will determine the form and
terms and conditions of each Restricted Stock Agreement. To the extent consistent with the Company’s bylaws, at the Board’s election, shares of Common Stock may be (i) held in book entry form subject to the Company’s
instructions until any restrictions relating to the Restricted Stock Award lapse; or (ii) evidenced by a certificate, which certificate will be held in the form and manner the Board determines. The terms and conditions of Restricted Stock
Agreements may change from time to time, and the terms and conditions of separate Restricted Stock Agreements need not be identical. Each Restricted Stock Agreement will conform to (through incorporation of the provisions hereof by reference in the
agreement or otherwise) the substance of each of the following terms: 
 (i) Consideration. A Restricted Stock Award may be granted
in consideration for (A) cash, check, bank draft or money order payable to the Company; (B) past services to the Company or an Affiliate; or (C) any other form of legal consideration (including future services) that may be
acceptable to the Board, in its sole discretion, and permissible under applicable law. 

  
 10. 

 (ii) Vesting. Subject to the “Repurchase Limitation” in Section 8(m),
shares of Common Stock granted under the Restricted Stock Agreement may be subject to forfeiture to the Company in accordance with a vesting schedule determined by the Board. 

(iii) Termination of Participant’s Continuous Service. If a Participant’s Continuous Service terminates, the Company
may receive, through a forfeiture condition or a repurchase right, any or all of the shares of Common Stock held by the Participant that have not vested as of the date of termination of Continuous Service under the terms of the Restricted Stock
Agreement. 
 (iv) Transferability. Shares of Common Stock granted to a Participant under a Restricted Stock Agreement will be
transferable by the Participant only upon the terms and conditions as the Board will determine, in its sole discretion, and describes in the Restricted Stock Agreement, so long as the shares of Common Stock granted under the Restricted Stock
Agreement remain subject to the terms of the Restricted Stock Agreement. 
 (v) Dividends. A Restricted Stock Agreement may provide
that any dividends paid on shares of Common Stock granted under a Restricted Stock Award will be subject to the same vesting and forfeiture restrictions as apply to the shares of Common Stock subject to the Restricted Stock Award to which
they relate. 
 (b) Restricted Stock Unit Awards. The Board will determine the form and terms and conditions of each Restricted
Stock Unit Agreement. The terms and conditions of Restricted Stock Unit Agreements may change from time to time, and the terms and conditions of separate Restricted Stock Unit Agreements need not be identical. Each Restricted Stock Unit Agreement
will conform to (through incorporation of the provisions hereof by reference in the Agreement or otherwise) the substance of each of the following terms: 

(i) Consideration. At the time of grant of a Restricted Stock Unit Award, the Board will determine the consideration, if any, to
be paid by the Participant upon delivery of each share of Common Stock underlying the Restricted Stock Unit Award. The consideration to be paid, if any, by the Participant for each share of Common Stock underlying a Restricted Stock Unit Award may
be paid in any form of legal consideration that may be acceptable to the Board in its discretion and permissible under applicable law. 

(ii) Vesting. The Board, in its discretion, may impose restrictions on or conditions to the vesting of a Restricted Stock Unit
Award at the time the Board grants the Restricted Stock Unit Award. 
 (iii) Payment. The Company may settle a Restricted Stock Unit
Award by the delivery of shares of Common Stock, their cash equivalent, any combination thereof or in any other form of consideration the Board determines and describes in the Restricted Stock Unit Agreement. 

 

  
 11. 

 (iv) Additional Restrictions. The Board, in its discretion, may impose
restrictions or conditions that delay the delivery of the shares of Common Stock (or their cash equivalent or other property) subject to a Restricted Stock Award to a time after the vesting of such Restricted Stock Unit Award. 

(v) Dividend Equivalents. Dividend equivalents may be credited in respect of shares of Common Stock underlying a Restricted Stock
Unit Award, as the Board determines and describes in the applicable Restricted Stock Unit Agreement. At the sole discretion of the Board, the dividend equivalents may be converted into additional shares of Common Stock covered by the Restricted
Stock Unit Award in a manner determined by the Board. Any additional shares of Common Stock credited by reason of the dividend equivalents will be subject to all of the same terms and conditions of the underlying Restricted Stock Unit Agreement to
which they relate. 
 (vi) Termination of Participant’s Continuous Service. Except as otherwise provided in the applicable
Restricted Stock Unit Agreement, the Participant will forfeit any portion of the Restricted Stock Unit Award that has not vested upon the Participant’s termination of Continuous Service. 

(vii) Compliance with Section 409A of the Code. Notwithstanding anything to the contrary in the Plan, any
Restricted Stock Unit Award granted under the Plan that is not exempt from the requirements of Section 409A of the Code will contain terms so that the Restricted Stock Unit Award will comply with the requirements of Section 409A of the
Code. The Board will determine any restrictions and describe the restrictions in the Restricted Stock Unit Agreement evidencing the Restricted Stock Unit Award. For example, the restrictions may include, without limitation, a requirement that any
Common Stock that is to be issued in a year following the year in which the Restricted Stock Unit Award vests must be issued in accordance with a fixed pre-determined schedule. 

(c) Other Stock Awards. Other forms of Stock Awards valued in whole or in part by reference to, or otherwise based on, the Common
Stock, including the appreciation in value of the Common Stock (e.g., options or stock appreciation rights with an exercise or strike price less than 100% of the Fair Market Value at the time of grant) may be granted either alone or in
addition to other Stock Awards granted under Section 5 and this Section 6. Subject to the terms of the Plan, the Board will have sole and complete authority to determine the persons to whom and the time or times at which Other Stock
Awards will be granted, the number of shares of Common Stock (or the cash equivalent thereof) to be granted pursuant to Other Stock Awards, and all other terms and conditions of Other Stock Awards. 

 

	7.	 COVENANTS OF THE COMPANY.

 (a) Availability of Shares. The Company will keep available at all times the number of shares of
Common Stock reasonably required to satisfy then-outstanding Stock Awards. 

  
 12. 

 (b) Securities Law Compliance. The Company will seek to obtain from each
regulatory commission or agency having jurisdiction over the Plan the authority as may be required to grant Stock Awards and to issue and sell shares of Common Stock upon exercise of the Stock Awards; provided, however, that this
undertaking will not require the Company to register under the Securities Act the Plan, any Stock Award or any Common Stock issued or issuable pursuant to any Stock Award. If, after reasonable efforts and at a reasonable cost, the Company is unable
to obtain from any regulatory commission or agency the authority that counsel for the Company determines necessary for the lawful issuance and sale of Common Stock under the Plan, the Company will be relieved from any liability for failure to issue
and sell Common Stock upon exercise of Stock Awards unless and until such authority is obtained. A Participant will not be eligible to receive a grant of a Stock Award or be issued cash or shares of Common Stock pursuant to the Stock Award if the
grant or issuance would be in violation of any applicable securities law. 
 (c) No Obligation to Notify or Minimize Taxes. The
Company will have no duty or obligation to any Participant to advise the Participant as to the time or manner of exercising any Stock Award. Further, the Company will have no duty or obligation to warn or otherwise advise the Participant of a
pending termination or expiration of a Stock Award or a possible period in which the Stock Award may not be exercised. The Company has no duty or obligation to minimize the tax consequences of a Stock Award to any Participant. 

 

	8.	 MISCELLANEOUS. 

(a) Use of Proceeds from Sales of Common Stock. Proceeds from the sale of shares of Common Stock pursuant to Stock Awards will
constitute general funds of the Company. 
 (b) Corporate Action Constituting Grant of Stock Awards. Corporate action
constituting a grant by the Company of a Stock Award to any Participant will be deemed completed as of the date of the corporate action, unless otherwise determined by the Board, regardless of when the instrument, certificate, or letter
evidencing the Stock Award is communicated to, or actually received or accepted by, the Participant. In the event that the corporate records (e.g., Board consents, resolutions or minutes) documenting the corporate action constituting the
grant contain terms (e.g., exercise price, vesting schedule or number of shares) that are inconsistent with those in the Stock Award Agreement as a result of a clerical error in the papering of the Stock Award Agreement, the corporate records
will control and the Participant will have no legally binding right to the incorrect term in the Stock Award Agreement. 
 (c) Stockholder
Rights. No Participant will be deemed to be the holder of, or to have any of the rights of a holder with respect to, any shares of Common Stock subject to a Stock Award unless and until (i) the Participant has satisfied all
requirements for exercise of, or the issuance of shares of Common Stock under, the Stock Award pursuant to its terms, and (ii) the issuance of the Common Stock subject to the Stock Award has been entered into the books and records of the
Company. 
  

  
 13. 

 (d) No Employment or Other Service Rights. Nothing in the Plan, any Stock
Award Agreement or any other instrument executed thereunder or in connection with any Stock Award granted pursuant thereto will confer upon any Participant any right to continue to serve the Company or an Affiliate in the capacity in effect at
the time the Stock Award was granted or will affect the right of the Company or an Affiliate to terminate (i) the employment of an Employee with or without notice and with or without cause, (ii) the service of a Consultant pursuant to the
terms of such Consultant’s agreement with the Company or an Affiliate, or (iii) the service of a Director pursuant to the bylaws of the Company, and any applicable provisions of the corporate law of the state in which the Company is
incorporated, as the case may be. 
 (e) Change in Time Commitment. If a Participant’s regular level of time commitment in
the performance of his or her services for the Company and any Affiliates is reduced (for example, and without limitation, if the Participant is an Employee of the Company and the Employee has a change in status from a full-time Employee to a
part-time Employee) after the date of grant of any Stock Award to the Participant, the Board has the right in its sole discretion to (i) make a corresponding reduction in the number of shares subject to any portion of the Stock Award that is
scheduled to vest or become payable after the date of the Participant’s change in time commitment, and (ii) in lieu of or in combination with a reduction, extend the vesting or payment schedule applicable to the Stock Award. In the event
of any reduction or modification of the vesting or payment schedule, the Participant will have no right with respect to any portion of the Stock Award that is reduced or modified. 

(f) Incentive Stock Option Limitations. To the extent that the aggregate Fair Market Value (determined at the time of grant) of
Common Stock with respect to which Incentive Stock Options are exercisable for the first time by any Optionholder during any calendar year (under all plans of the Company and any Affiliates) exceeds $100,000 (or another limit established in the
Code) or otherwise does not comply with the rules governing Incentive Stock Options, the Options or portions of the Options that exceed the limit (according to the order in which they were granted) or otherwise do not comply with the rules will be
treated as Nonstatutory Stock Options, notwithstanding any contrary term of the applicable Option Agreement. 
 (g) Investment Assurances.
The Company may require a Participant, as a condition of exercising or acquiring Common Stock under any Stock Award, (i) to give written assurances satisfactory to the Company as to the Participant’s knowledge and experience in
financial and business matters or to employ a purchaser representative reasonably satisfactory to the Company who is knowledgeable and experienced in financial and business matters and that he or she is capable of evaluating, alone or together with
the purchaser representative, the merits and risks of exercising the Stock Award; and (ii) to give written assurances satisfactory to the Company stating that the Participant is acquiring the Common Stock subject to the Stock Award for the
Participant’s own account and not with any present intention of selling or otherwise distributing the Common Stock. The foregoing requirements, and any assurances given pursuant to the requirements, will be inoperative if (A) the issuance
of the shares upon the exercise or acquisition of Common Stock under the Stock Award has been registered under a then currently 
  

  
 14. 

 effective registration statement under the Securities Act, or (B) as to any particular requirement,
counsel for the Company determines that the requirement need not be met in the particular circumstances under then applicable securities laws. The Company may, upon advice of Company counsel, place legends on stock certificates issued under the Plan
as Company counsel determines necessary or appropriate to comply with applicable securities laws, including, without limitations, legends restricting the transfer of the Common Stock. 

(h) Withholding Obligations. Unless prohibited by the terms of a Stock Award Agreement, the Company may, in its sole discretion,
satisfy any federal, state or local tax withholding obligation relating to a Stock Award by any of the following means (in addition to the Company’s right to withhold from any compensation the Company paid to the Participant) or by a
combination of the following means: (i) causing the Participant to tender a cash payment; (ii) withholding shares of Common Stock from the shares of Common Stock issued or otherwise issuable to the Participant in connection with the Stock
Award; provided, however, that the Company may not withhold shares of Common Stock with a value exceeding the minimum amount of tax required to be withheld by law (or any lesser amount as may be necessary to avoid classification of the Stock
Award as a liability for financial accounting purposes); (iii) withholding cash from a Stock Award settled in cash; (iv) withholding payment from any amounts otherwise payable to the Participant; or (v) by any other method as may be
described in the Stock Award Agreement. 
 (i) Electronic Delivery. Any reference in the Plan to a “written” agreement or
document will include any agreement or document delivered electronically or posted on the Company’s intranet (or other shared electronic medium that the Company controls and to which the Participant has access). 

(j) Deferrals. To the extent permitted by applicable law, the Board, in its sole discretion, may determine that the delivery of
Common Stock or the payment of cash upon the exercise, vesting or settlement of all or a portion of a Stock Award may be deferred and may establish programs and procedures for Participants to make deferral elections. Deferrals by Participants will
be made in accordance with Section 409A of the Code. Consistent with Section 409A of the Code, the Board may provide for distributions while a Participant is still an employee or otherwise providing services to the Company. The Board is
authorized to make deferrals of Stock Awards and determine when, and in what annual percentages, Participants may receive payments (including lump sum payments) following the Participant’s termination of Continuous Service, and implement any
other terms and conditions consistent with the terms of the Plan and in accordance with applicable law. 
 (k) Compliance with
Section 409A. To the extent that the Board determines that any Stock Award is subject to Section 409A of the Code, the Stock Award Agreement evidencing the Stock Award will incorporate the terms and conditions
necessary to avoid the consequences specified in Section 409A(a)(1) of the Code. To the extent applicable, the Plan and Stock Award Agreements will be interpreted in accordance with Section 409A of the Code. 

 

  
 15. 

 (l) Compliance with the Exemption Provided by Rule
12h-1(f). If at the end of the Company’s most recently completed fiscal year: (i) the aggregate of the number of persons who hold outstanding compensatory employee stock options to
purchase shares of Common Stock granted under the Plan or otherwise (these persons, the “Holders of Options”) equals or exceeds 500, and (ii) the Company’s assets exceed $10 million, then the following
restrictions will apply during any period during which the Company does not have a class of its securities registered under Section 12 of the Exchange Act and is not required to file reports under Section 15(d) of the Exchange Act:
(A) the Options and, prior to exercise, the shares of Common Stock to be issued on exercise of the Options may not be transferred until the Company is no longer relying on the exemption provided by Rule
12h-1(f) promulgated under the Exchange Act (“Rule 12h-1(f)”), except: (1) as permitted by Rule 701(c) promulgated under the
Securities Act, (2) to a guardian upon the disability of the Holder of Options, or (3) to an executor upon the death of the Holder of Options (collectively, the “Permitted Transferees”); provided,
however, that the following transfers are permitted: (i) transfers by the Holders of Options to the Company; and (ii) transfers in connection with a change in control or other acquisition involving the Company, if following the transaction,
the Options no longer remain outstanding and the Company is no longer relying on the exemption provided by Rule 12h-1(f); provided further, that any Permitted Transferees may not further transfer the
Options; (B) except as otherwise provided in (A) above, the Options and shares of Common Stock issuable on exercise of the Options are restricted as to any pledge, hypothecation, or other transfer, including any short position, any
“put equivalent position” as defined by Rule 16a-1(h) promulgated under the Exchange Act, or any “call equivalent position” as defined by Rule
16a-1(b) promulgated under the Exchange Act by the Holders of Options prior to exercise of an Option until the Company is no longer relying on the exemption provided by Rule
12h-1(f); and (C) at any time that the Company is relying on the exemption provided by Rule 12h-1(f), the Company will deliver to the Holders of Options (whether by
physical or electronic delivery or written notice of the availability of the information on an internet or intranet site) the information required by Rule 701(e)(3), 701(e)(4), and 701(e)(5) promulgated under the Securities Act every 6 months,
including financial statements that are not more than 180 days old; provided, however, that the Company may condition the delivery of the information upon the Holder of Options’ agreement to maintain its confidentiality. 

(m) Repurchase Limitation. The terms of any repurchase right will be specified in the Stock Award Agreement. The repurchase price
for vested shares of Common Stock will be the Fair Market Value of the shares of Common Stock on the date of repurchase. The repurchase price for unvested shares of Common Stock will be the lower of (i) the Fair Market Value of the shares of
Common Stock on the date of repurchase or (ii) their original purchase price. However, the Company will not exercise its repurchase right until at least six months (or such longer or shorter period of time necessary to avoid classification of
the Stock Award as a liability for financial accounting purposes) have elapsed following delivery of shares of Common Stock subject to the Stock Award, unless the Board specifically provides otherwise. 

  
 16. 

	9.	 ADJUSTMENTS UPON CHANGES IN
COMMON STOCK; OTHER CORPORATE EVENTS. 

(a) Capitalization Adjustments. In the event of a Capitalization Adjustment, the Board will appropriately and proportionately
adjust: (i) the classes and maximum number of securities subject to the Plan under Section 3(a), (ii) the classes and maximum number of securities that may be issued pursuant to the exercise of Incentive Stock Options under
Section 3(c), and (iii) the classes and number of securities and price per share of Common Stock subject to outstanding Stock Awards. The Board will make such adjustments, and its determination will be final, binding and conclusive. 

(b) Dissolution or Liquidation. Except as otherwise provided in the Stock Award Agreement, in the event of a dissolution or
liquidation of the Company, all outstanding Stock Awards (other than Stock Awards consisting of vested and outstanding shares of Common Stock not subject to a forfeiture condition or the Company’s right of repurchase) will terminate immediately
prior to the completion of the dissolution or liquidation, and the shares of Common Stock subject to the Company’s repurchase right or subject to a forfeiture condition may be repurchased or reacquired by the Company notwithstanding the fact
that the Participant is providing Continuous Service,. 
 (c) Corporate Transaction. The following terms will apply to Stock Awards in
the event of a Corporate Transaction unless otherwise provided in the Stock Award Agreement or any other written agreement between the Company or any Affiliate and the Participant or unless the Board expressly provides otherwise at the time
of grant of a Stock Award. In the event of a Corporate Transaction, then, notwithstanding any other term of the Plan, the Board may take one or more of the following actions with respect to Stock Awards, contingent upon the closing or completion of
the Corporate Transaction: 
 (i) arrange for the surviving corporation or acquiring corporation (or the surviving or acquiring
corporation’s parent company) to assume or continue the Stock Award or to substitute a similar stock award for the Stock Award (including, without limitation, an award to acquire the same consideration paid to the stockholders of the Company in
connection with the Corporate Transaction); 
 (ii) arrange for the assignment of any reacquisition or repurchase rights held by the
Company in respect of Common Stock issued pursuant to the Stock Award to the surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s parent company); 

(iii) accelerate the vesting, in whole or in part, of the Stock Award (and, if applicable, the time at which the Stock Award may be
exercised) to a date prior to the effective time of the Corporate Transaction as the Board determines, with the Stock Award terminating if not exercised (if applicable) at or prior to the effective time of the Corporate Transaction; provided,
however, that the Board may require the Participants to complete and deliver to the Company a notice of exercise before the effective date of a Corporate Transaction, which exercise is contingent upon the effectiveness of the Corporate
Transaction; 
 (iv) arrange for the lapse, in whole or in part, of any reacquisition or repurchase rights held by the Company with
respect to the Stock Award; 
  

  
 17. 

 (v) cancel or arrange for the cancellation of the Stock Award, to the extent not
vested or not exercised prior to the effective time of the Corporate Transaction, in exchange for the cash consideration, if any, as the Board, in its sole discretion, determines appropriate; and 

(vi) make a payment, in the form determined by the Board equal to the excess, if any, of (A) the value of the property the
Participant would have received upon the exercise of the Stock Award immediately prior to the effective time of the Corporate Transaction, over (B) any exercise price payable by the Participant in connection with any exercise. For clarity, this
payment may be zero ($0) if the value of the property is equal to or less than the exercise price. Payments under this 9(c)(vi) may be delayed to the same extent that payment of consideration to the holders of the Common Stock in connection with the
Corporate Transaction is delayed as a result of escrows, earn outs, holdbacks or any other contingencies. 
 The Board need not take the same action or
actions with respect to all Stock Awards or portions of Stock Awards or with respect to all Participants. The Board may take different actions with respect to the vested and unvested portions of a Stock Award. 

(d) Change in Control. A Stock Award may be subject to additional acceleration of vesting and exercisability upon or after a
Change in Control as may be provided in the Stock Award Agreement for the Stock Award or as may be provided in any other written agreement between the Company or any Affiliate and the Participant, but in the absence of such a provision, no such
acceleration will occur. 
  

	10.	 PLAN TERM; EARLIER TERMINATION OR
SUSPENSION OF THE PLAN. 

 (a) Plan Term. The Board
may suspend or terminate the Plan at any time. Unless terminated sooner by the Board, the Plan will automatically terminate on the day before the tenth anniversary of the earlier of (i) the date the Board adopts the Plan, or
(ii) the date the stockholders of the Company approve the Plan. No Stock Awards may be granted under the Plan while the Plan is suspended or after it is terminated. 

(b) No Impairment of Rights. Suspension or termination of the Plan will not impair rights and obligations under any Stock Award
granted while the Plan is in effect except with the written consent of the effected Participant or as otherwise permitted in the Plan. 
  

	11.	 EFFECTIVE DATE OF PLAN.

 This Plan will become effective on the Effective Date. 

 

	12.	 CHOICE OF LAW. 

The law of the State of Delaware will govern all questions concerning the construction, validity and interpretation of the Plan, without regard
to that state’s conflict of laws rules. 
  

	13.	 DEFINITIONS. As used in the Plan, the following definitions will apply to the capitalized
terms indicated below: 

  
 18. 

 (a) “Affiliate” means, at the time of determination, any
“parent” or “majority-owned subsidiary” of the Company, as these terms are defined in Rule 405. The Board will have the authority to determine the time or times at which “parent” or “majority-owned subsidiary”
status is determined within the foregoing definition. 
 (b) “Board” means the Board of Directors of the
Company. 
 (c) “Capitalization Adjustment” means any change that is made in, or other events that occur with
respect to, the Common Stock subject to the Plan or subject to any Stock Award after the Effective Date without the receipt of consideration by the Company through merger, consolidation, reorganization, recapitalization, reincorporation, stock
dividend, dividend in property other than cash, large nonrecurring cash dividend, stock split, reverse stock split, liquidating dividend, combination of shares, exchange of shares, change in corporate structure, or any similar equity restructuring
transaction, as that term is used in Statement of Financial Accounting Standards Board Accounting Standards Codification Topic 718 (or any successor thereto). Notwithstanding the foregoing, the conversion of any convertible securities of the Company
will not be treated as a Capitalization Adjustment. 
 (d) “Cause” will have the meaning ascribed to the term
in any written agreement between the Participant and the Company or an Affiliate defining the term and, in the absence of such an agreement, the term means, with respect to a Participant, the occurrence of any of the following events: (i) the
Participant’s commission of any felony or any crime involving fraud, dishonesty or moral turpitude under the laws of the United States or any state thereof; (ii) such Participant’s attempted commission of, or participation in, a fraud
or act of dishonesty against the Company; (iii) such Participant’s intentional, material violation of any contract or agreement between the Participant and the Company or of any statutory duty owed to the Company; (iv) such
Participant’s unauthorized use or disclosure of the Company’s confidential information or trade secrets; or (v) such Participant’s gross misconduct. The determination that a termination of the Participant’s Continuous
Service is either for Cause or without Cause will be made by the Company, in its sole discretion. Any determination by the Company that the Continuous Service of a Participant was terminated with or without Cause for the purposes of outstanding
Stock Awards held by such Participant will have no effect upon any determination of the rights or obligations of the Company or such Participant for any other purpose. 

(e) “Change in Control” means the occurrence, in a single transaction or in a series of related transactions, of
any one or more of the following events: 
 (i) any Exchange Act Person becomes the Owner, directly or indirectly, of securities of
the Company representing more than 50% of the combined voting power of the Company’s then outstanding securities other than by virtue of a merger, consolidation or similar transaction. Notwithstanding the foregoing, a Change in Control will not
be deemed to occur 
 (A) on account of the acquisition of securities of the Company directly from the Company, (B) on account of the acquisition of
securities of the Company by an investor, any affiliate thereof or any other Exchange Act Person that acquires the Company’s securities in a transaction or series of related transactions the primary purpose of which is to obtain financing for
the Company through the issuance of equity securities, or (C) solely because the level of Ownership held by 
  

  
 19. 

 any Exchange Act Person (the “Subject Person”) exceeds the designated percentage
threshold of the outstanding voting securities as a result of a repurchase or other acquisition of voting securities by the Company reducing the number of shares outstanding, provided that if a Change in Control would occur (but for the operation of
this sentence) as a result of the acquisition of voting securities by the Company, and after such share acquisition, the Subject Person becomes the Owner of any additional voting securities that, assuming the repurchase or other acquisition had not
occurred, increases the percentage of the then outstanding voting securities Owned by the Subject Person over the designated percentage threshold, then a Change in Control will be deemed to occur; 

(ii) there is consummated a merger, consolidation or similar transaction involving (directly or indirectly) the Company and, immediately
after the consummation of such merger, consolidation or similar transaction, the stockholders of the Company immediately prior thereto do not Own, directly or indirectly, either (A) outstanding voting securities representing more than 50% of
the combined outstanding voting power of the surviving Entity in such merger, consolidation or similar transaction or (B) more than 50% of the combined outstanding voting power of the parent of the surviving Entity in such merger, consolidation
or similar transaction, in each case in substantially the same proportions as their Ownership of the outstanding voting securities of the Company immediately prior to such transaction; or 

(iii) there is consummated a sale, lease, exclusive license or other disposition of all or substantially all of the consolidated assets
of the Company and its Subsidiaries, other than a sale, lease, license or other disposition of all or substantially all of the consolidated assets of the Company and its Subsidiaries to an Entity, more than 50% of the combined voting power of the
voting securities of which are Owned by stockholders of the Company in substantially the same proportions as their Ownership of the outstanding voting securities of the Company immediately prior to such sale, lease, license or other disposition.

 Notwithstanding the foregoing definition or any other term of the Plan, (A) the term Change in Control will not include a sale of assets, merger or
other transaction effected exclusively for the purpose of changing the domicile of the Company, and (B) the definition of Change in Control (or any analogous term) in an individual written agreement between the Company or any Affiliate and the
Participant will supersede the foregoing definition with respect to Stock Awards subject to the agreement; provided, however, that if no definition of Change in Control or any analogous term is set forth in such an individual written
agreement, the foregoing definition will apply. 
 (f) “Code” means the Internal Revenue Code of 1986, as
amended, including any applicable regulations and guidance thereunder. 
 (g) “Committee” means a committee of
one or more Directors to whom the Board has delegated authority in accordance with Section 2(c). 
 (h) “Common
Stock” means the common stock of the Company. 
 (i) “Company” means Avedro, Inc., a Delaware
corporation. 
  

  
 20. 

 (j) “Consultant” means any person, including an advisor, who
is (i) engaged by the Company or an Affiliate to render consulting or advisory services and is compensated for those services, or (ii) serving as a member of the board of directors of an Affiliate and is compensated for those services.
However, service solely as a Director, or payment of a fee for such service, will not cause a Director to be considered a “Consultant” for purposes of the Plan. 

(k) “Continuous Service” means that the Participant’s service with the Company or an Affiliate, whether as
an Employee, Director or Consultant, is not interrupted or terminated. A change in the capacity in which the Participant renders service to the Company or an Affiliate as an Employee, Consultant or Director or a change in the Entity for which the
Participant renders service, provided that there is no interruption or termination of the Participant’s service with the Company or an Affiliate, will not terminate a Participant’s Continuous Service; provided, however, that
if the Entity for which a Participant is rendering services ceases to qualify as an Affiliate, as determined by the Board in its sole discretion, the Participant’s Continuous Service will be considered to have terminated on the date the
Entity ceases to qualify as an Affiliate. For example, a change in status from an Employee of the Company to a Consultant of an Affiliate or to a Director will not constitute an interruption of Continuous Service. To the extent permitted by law, the
Board or the chief executive officer of the Company, in that party’s sole discretion, may determine whether Continuous Service will be considered interrupted in the case of (i) any leave of absence approved by the Board or chief executive
officer, including sick leave, military leave or any other personal leave; or (ii) transfers between the Company, an Affiliate, or their successors. Notwithstanding the foregoing, a leave of absence will be treated as Continuous Service for
purposes of vesting in a Stock Award only to such extent as may be provided in the Company’s leave of absence policy, in the written terms of any leave of absence agreement or policy applicable to the Participant, or as otherwise required by
law. 
 (l) “Corporate Transaction” means the consummation, in a single transaction or in a series of related
transactions, of any one or more of the following events: 
 (i) a sale or other disposition of all or substantially all, as
determined by the Board in its sole discretion, of the consolidated assets of the Company and its Subsidiaries; 
 (ii) a sale or
other disposition of at least 50% of the outstanding securities of the Company; 
 (iii) a merger, consolidation or similar
transaction following which the Company is not the surviving corporation; or 
 (iv) a merger, consolidation or similar transaction
following which the Company is the surviving corporation but the shares of Common Stock outstanding immediately preceding the merger, consolidation or similar transaction are converted or exchanged by virtue of the merger, consolidation or similar
transaction into other property, whether in the form of securities, cash or otherwise. 
 (m) “Director” means
a member of the Board. 

  
 21. 

 (n) “Disability” means, with respect to a Participant, the
inability of the Participant to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or that has lasted or can be expected to last for a continuous
period of not less than 12 months as provided in Sections 22(e)(3) and 409A(a)(2)(c)(i) of the Code, and will be determined by the Board on the basis of any medical evidence the Board determines warranted under the circumstances. 

(o) “Effective Date” means the effective date of this Plan, which is the earlier of 

(i) the date the Company’s stockholders fir approve the Plan, and (ii) the date the Board adopts the Plan. 

(p) “Employee” means any person employed by the Company or an Affiliate. However, service solely as a Director,
or payment of a fee for such services, will not cause a Director to be considered an “Employee” for purposes of the Plan. 
 (q)
“Entity” means a corporation, partnership, limited liability company or other 
 entity. 

(r) “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder. 
 (s) “Exchange Act Person” means any natural person, Entity or “group”
(within the meaning of Section 13(d) or 14(d) of the Exchange Act), except that “Exchange Act Person” will not include (i) the Company or any Subsidiary of the Company; (ii) any employee benefit plan of the Company or any
Subsidiary of the Company or any trustee or other fiduciary holding securities under an employee benefit plan of the Company or any Subsidiary of the Company; (iii) an underwriter temporarily holding securities pursuant to an offering of the
securities; (iv) an Entity Owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their Ownership of stock of the Company; or (v) any natural person, Entity or “group” (within
the meaning of Section 13(d) or 14(d) of the Exchange Act) that, as of the Effective Date, is the Owner, directly or indirectly, of securities of the Company representing more than 50% of the combined voting power of the Company’s then
outstanding securities. 
 (t) “Fair Market Value” means, as of any date, the value of the Common Stock
determined by the Board in compliance with Section 409A of the Code or, in the case of an Incentive Stock Option, in compliance with Section 422 of the Code. 

(u) “Incentive Stock Option” means an option granted pursuant to Section 5 of the Plan that is intended to
be, and that qualifies as, an “incentive stock option” within the meaning of Section 422 of the Code. 
 (v)
“Nonstatutory Stock Option” means any option granted pursuant to Section 5 of the Plan that does not qualify as an Incentive Stock Option. 

(w) “Officer” means any person the Company designates as an officer. 

  
 22. 

 (x) “Option” means an Incentive Stock Option or a
Nonstatutory Stock Option to purchase shares of Common Stock granted under the Plan. 
 (y) “Option Agreement”
means a written agreement between the Company and an Optionholder evidencing the terms and conditions of an Option. Each Option Agreement will be subject to the terms and conditions of the Plan. 

(z) “Optionholder” means a person to whom an Option is granted pursuant to the Plan or, if applicable, any other
person who holds an outstanding Option. 
 (aa) “Other Stock Award” means an award based in whole or in part
by reference to the Common Stock that is granted pursuant to the terms and conditions of Section 6(c). 
 (bb) “Other
Stock Award Agreement” means a written agreement between the Company and a holder of an Other Stock Award evidencing the terms and conditions of an Other Stock Award grant. Each Other Stock Award Agreement will be subject to the terms
and conditions of the Plan. 
 (cc) “Own,” “Owned,” “Owner,”
“Ownership” A person or Entity will be deemed to “Own,” to have “Owned,” to be the “Owner” of, or to have acquired “Ownership” of securities if the person or Entity, directly or
indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares voting power, which includes the power to vote or to direct the voting, with respect to the securities. 

(dd) “Participant” means a person to whom a Stock Award is granted under the Plan or, if applicable, any other
person who holds an outstanding Stock Award. 
 (ee) “Plan” means this Avedro, Inc. 2012 Equity Incentive
Plan. 
 (ff) “Restricted Stock Award” means an award of shares of Common Stock that is granted pursuant to
the terms and conditions of Section 6(a). 
 (gg) “Restricted Stock Agreement” means a written agreement
between the Company and a holder of a Restricted Stock Award evidencing the terms and conditions of a Restricted Stock Award. Each Restricted Stock Agreement will be subject to the terms and conditions of the Plan. 

(hh) “Restricted Stock Unit Award” means a right to receive shares of Common Stock that is granted pursuant to
the terms and conditions of Section 6(b). 
 (ii) “Restricted Stock Unit Agreement” means a written
agreement between the Company and a holder of a Restricted Stock Unit Award evidencing the terms and conditions of a Restricted Stock Unit Award. Each Restricted Stock Unit Agreement will be subject to the terms and conditions of the Plan. 

(jj) “Rule 405” means Rule 405 promulgated under the Securities Act. 

 

  
 23. 

 (kk) “Rule 701” means Rule 701 promulgated under the
Securities Act. 
 (ll) “Securities Act” means the Securities Act of 1933, as amended. 

(mm) “Stock Appreciation Right” or “SAR” means a right to receive the appreciation on
Common Stock that is granted pursuant to the terms and conditions of Section 5. 
 (nn) “Stock Appreciation Right
Agreement” means a written agreement between the Company and a holder of a Stock Appreciation Right evidencing the terms and conditions of a Stock Appreciation Right. Each Stock Appreciation Right Agreement will be subject to the terms
and conditions of the Plan. 
 (oo) “Stock Award” means any right to receive Common Stock granted under the
Plan, including an Incentive Stock Option, a Nonstatutory Stock Option, a Restricted Stock Award, a Restricted Stock Unit Award, a Stock Appreciation Right or any Other Stock Award. 

(pp) “Stock Award Agreement” means a written agreement between the Company and a Participant evidencing the
terms and conditions of a Stock Award grant. Each Stock Award Agreement will be subject to the terms and conditions of the Plan. 
 (qq)
“Subsidiary” means, with respect to the Company, (i) any corporation of which more than 50% of the outstanding capital stock having ordinary voting power to elect a majority of the board of directors of such
corporation (irrespective of whether, at the time, stock of any other class or classes of such corporation will have or might have voting power by reason of the happening of any contingency) is at the time, directly or indirectly, Owned by the
Company; and (ii) any partnership, limited liability company or other entity in which the Company has a direct or indirect interest (whether in the form of voting or participation in profits or capital contribution) of more than 50% . 

(rr) “Ten Percent Stockholder” means a person who Owns (or is deemed to Own pursuant to Section 424(d) of
the Code) stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or any Affiliate. 
 ***

  
 24. 

 THIRD AMENDMENT TO 

AVEDRO, INC. 
 2012
EQUITY INCENTIVE PLAN 
 November 13, 2015 

WHEREAS, the Board of Directors (the “Board”) of Avedro, Inc. (the
“Company”) previously approved and adopted the 2012 Equity Incentive Plan, as amended (the “Plan”) of the Company; and 

WHEREAS, the Board and the stockholders of the Company have determined that it is in the best
interest of the Company to amend the Plan as set forth in this Third Amendment to the Plan. 
 NOW,
THEREFORE, the Plan is amended as follows: 
 1. Section 3(a) of the Plan is hereby amended by
replacing such section in its entirety with the following: 
 Share Reserve. Subject to Section 9(a) relating to Capitalization
Adjustments, the aggregate number of shares of Common Stock that may be issued pursuant to Stock Awards after the Effective Date will not exceed 10,461,292 shares (the “Share Reserve”). For clarity, the Share Reserve
is a limitation on the number of shares of Common Stock that may be issued pursuant to the Plan. Accordingly, this Section 3(a) does not limit the granting of Stock Awards except as provided in Section 7(a). 

2. Section 3(c) of the Plan is hereby amended by replacing such section in its entirety with the following: 

Incentive Stock Option Limit. Subject to this Section 3 and Section 9(a) relating to Capitalization Adjustments, the aggregate
maximum number of shares of Common Stock that may be issued pursuant to the exercise of Incentive Stock Options will be 10,461,292 shares of Common Stock. 

3. All other terms and conditions of the Plan shall remain in full force and effect. 

4. Capitalized terms used herein and not otherwise defined herein shall have the meanings set forth in the Plan. 

DATE APPROVED BY THE BOARD OF DIRECTORS:
        November 13, 2015 
 DATE APPROVED BY THE
STOCKHOLDERS:                     November 13, 2015 

 FOURTH AMENDMENT TO 

AVEDRO, INC. 
 2012
EQUITY INCENTIVE PLAN 
 WHEREAS, the Board of Directors (the “Board”) of
Avedro, Inc. (the “Company”) previously approved and adopted the 2012 Equity Incentive Plan, as amended (the “Plan”) of the Company; and 

WHEREAS, the Board and the stockholders of the Company have determined that it is in the best
interest of the Company to amend the Plan as set forth in this Fourth Amendment to the Plan. 
 NOW,
THEREFORE, the Plan is amended as follows: 
 1. Section 3(a) of the Plan is hereby amended by
replacing such section in its entirety with the following: 
 Share Reserve. Subject to Section 9(a) relating to Capitalization
Adjustments, the aggregate number of shares of Common Stock that may be issued pursuant to Stock Awards after the Effective Date will not exceed 13,736,292 shares (the “Share Reserve”). For clarity, the Share Reserve
is a limitation on the number of shares of Common Stock that may be issued pursuant to the Plan. Accordingly, this Section 3(a) does not limit the granting of Stock Awards except as provided in Section 7(a). 

2. Section 3(c) of the Plan is hereby amended by replacing such section in its entirety with the following: 

Incentive Stock Option Limit. Subject to this Section 3 and Section 9(a) relating to Capitalization Adjustments, the
aggregate maximum number of shares of Common Stock that may be issued pursuant to the exercise of Incentive Stock Options will be 13,736,292 shares of Common Stock. 

3. All other terms and conditions of the Plan shall remain in full force and effect. 

4. Capitalized terms used herein and not otherwise defined herein shall have the meanings set forth in the Plan. 

DATE APPROVED BY THE BOARD OF DIRECTORS:
        June 21, 2018 
 DATE APPROVED BY THE
STOCKHOLDERS:                     July 18, 2018EX-10.9

 Exhibit 10.9 

EMPLOYMENT AGREEMENT 

This EMPLOYMENT AGREEMENT (the
“Agreement”) is entered into effective September 23, 2016 (the “Effective Date”), by and between Avedro, Inc. (the “Company”) and Reza
Zadno, Ph.D. (the “Employee”). 
 Between July 11, 2016 and September 23, 2016, Employee
was employed as interim Chief Executive Officer (“CEO”) of the Company, pursuant to the terms of the July 11, 2016 offer letter; 

On September 23, 2016 the Company’s Board of Directors (“Board’’)
voted to change the Employee’s status from Interim CEO to permanent CEO; 
 Effective as of January 1, 2017, the Board
voted to increase Employee’s Base Salary as described in Section 2.1 herein; 
 The Company desires to continue to employ the
Employee in the capacity of full-time CEO pursuant to the terms of this Agreement and, in connection therewith, to compensate the Employee for Employee’s personal services to the Company; and 

The Employee wishes to be employed by the Company and provide personal services to the Company in return for certain compensation. 

Accordingly, in consideration of the mutual promises and covenants contained herein, the parties agree to the following: 

1.    EMPLOYMENT BY THE COMPANY.

 1.1    At-Will Employment. Employee shall be
employed by the Company on an “at-will” basis, meaning either the Company or Employee may terminate Employee’s employment at any time, with or without cause or advanced notice. Any contrary
representations that may have been made to Employee shall be superseded by this Agreement. This Agreement shall constitute the full and complete agreement between Employee and the Company on the “at-will” nature of Employee’s
employment with the Company, which may be changed only in an express written agreement signed by Employee and a duly authorized officer of the Company. Employee’s rights to any compensation following a termination shall be only as set forth in
Section 6. 
 1.2    Position. Subject to the terms set forth herein, the Company agrees
to employ Employee, initially in the position of CEO and Employee hereby accepts such employment. During the term of Employee’s employment with the Company, Employee will devote Employee’s best efforts and substantially all of
Employee’s business time and attention to the business of the Company. 
 1.3    Duties.
Employee will report to the Board and/or such other Board officers, company executives and/or committees designated by the Board, performing such duties as are normally associated with his then current position and such duties as are assigned to

 him from time to time, subject to the oversight and direction of the Board. Employee shall further serve as
a Director of the Board during the term of his employment. Employee shall perform his duties under this Agreement principally out of the Company’s corporate headquarters in Massachusetts or such other location as assigned. In addition, the
Employee shall make such business trips to such places as may be necessary or advisable for the efficient operations of the Company. 

1.4    Company Policies and Benefits. The employment relationship between the parties shall
also be subject to the Company’s personnel policies and procedures as they may be interpreted, adopted, revised or deleted from time to time in the Company’s sole discretion. The Employee will be eligible to participate on the same basis
as similarly situated employees in the Company’s benefit plans in effect from time to time during his employment. All matters of eligibility for coverage or benefits under any benefit plan shall be determined in accordance with the provisions
of such plan. The Company reserves the right to change, alter, or terminate any benefit plan in its sole discretion. Notwithstanding the foregoing, in the event that the terms of this Agreement differ from or are in conflict with the Company’s
general employment policies or practices, this Agreement shall control. 
 1.5    Paid Time Off.
The Employee will be eligible to accrue up to 15 days of paid vacation per calendar year, which accrues each bi-monthly pay period. In addition, the Employee will be eligible to take up to 6 sick days per
calendar year. Employee’s paid time off will be prorated based upon the Effective Date of this Agreement. 

2.    COMPENSATION. 

2.1    Salary. For the period of September 23, 2016 through December 31, 2016,
Employee shall receive for Employee’s services to be rendered hereunder an initial annualized base salary of $350,000 which shall be increased to $400,000 as of January 1, 2017 (“Base Salary”). The Base Salary is
subject to review and adjustment from time to time by the Company in its sole discretion, payable subject to standard federal and state payroll withholding requirements in accordance with Company’s standard payroll practices. 

2.2    Bonus. 

(a)    During Employment. Employee shall be eligible to earn an annual performance bonus of up to 50% of
his Base Salary (‘’Annual Bonus’’). The Annual Bonus will be based upon the Board’s assessment of the Employee’s performance and the Company’s attainment of targeted goals
as set by the Board in its sole discretion. The Annual Bonus, if any, will be subject to applicable payroll deductions and withholdings. Following the close of each calendar year, the Board will determine whether the Employee has earned the Annual
Bonus, and the amount of any Annual Bonus, based on the set criteria. No amount of the Annual Bonus is guaranteed, and the Employee must be an employee in good standing on the Annual Bonus payment date to be eligible to receive an Annual Bonus; no
partial or prorated bonuses will be provided. The Annual Bonus, if earned, will be paid no later than March 15 of the calendar year immediately following the applicable calendar year for which the Annual Bonus is being measured. The
Employee’s eligibility for an Annual Bonus is subject to change in the discretion of the Board (or any authorized committee thereof). 

  
 2 

 (b)    Upon Termination. Subject to the prov1s1ons
of Section 6.1(b)(iii), in the event Employee leaves the employ of the Company for any reason prior to payment of any bonus, he is not eligible for such bonus, prorated or otherwise. 

2.3    Stock Option. 

(a)    Option Grant. On September 23, 2016, the Board issued the Employee options to purchase an
aggregate of 2,339,385 shares of the Company’s common stock pursuant. subject to the Company’s 2012 Equity Incentive Plan (“Plan”) and the Company’s standard form of Stock Option Agreement (“Stock
Agreement”) between the Employee and the Company. The option is an incentive stock option to the extent permissible under Section 422 of the Internal Revenue Code and has an exercise price per share of $0.40. 

(b)    Vesting. The Option is comprised of two separate grants: an option to purchase 236,500 shares
of the Company’s common stock (the “Interim CEO Grant”) and an option to purchase 2,105,885 shares of the Company’s common stock (the “CEO Grant” and together with the Interim CEO Grant. the
“Options”). 
 (i)    The Interim CEO Grant vests monthly in five equal installments over a
five month period beginning on August 12, 2016 (i.e., with August 12, 2016 being the first vesting date) (the “Vesting Commencement Date’’), subject to Employee’s continuous
services as of each such vesting date. 
 (ii)    The CEO Grant vests monthly in forty-eight (48) equal
installments over a four-year period for each month of continuous service beginning on the Vesting Commencement Date (i.e., with August 12, 2016 being the first vesting date), subject to Employee’s continuous service as of each such
vesting date. 
 (c)    Acceleration. In addition to the acceleration provided for in
Section 6.5(a)(y), in the event the Company consummates a Change in Control (as such term in defined in the Plan) (as defined, a “Change in Control”), then any then-unvested Options shall vest
immediately prior to, but subject to, the consummation of such Change in Control. 
 2.4    Expense
Reimbursement. The Company will reimburse Employee for all reasonable, documented business expenses incurred in connection with his services hereunder, in accordance with the Company’s business expense reimbursement policies and
procedures as may be in effect from time to time. 
 2.5    Home Travel Reimbursement. The
Company will reimburse Employee, subject to applicable taxes and withholdings, for reasonable travel expenses incurred in connection with Employee’s weekly travel from his home in California to the Company’s office in Massachusetts. The
Company has covered the cost of a corporate apartment for Employee’s use while at the Company’s offices in Massachusetts. Employee acknowledges that all reimbursements and/or benefits under this Section 2.5 will be taxable to
Employee. The reimbursement amount payable by the Company to the Employee pursuant to this Section 2.5 shall be “grossed up” so that on an after-tax basis the

  
 3 

 
Company has paid to Employee, and the Employee retains, the amount otherwise payable pursuant to this Section 2.5 (i.e., the amount payable by the Company to the Employee shall equal
x divided by (y minus z) where (i) x is the amount of the reimbursement payment described above, (ii) y is equal to one and (iii) z is the federal and state blended tax rate applicable to such payment). 

3.    PROPRIETARY INFORMATION, INVENTIONS, NON-COMPETITION AND NON-SOLICITATION OBLIGATIONS.
The parties hereto have entered into a Proprietary Information, Inventions, Non-Competition and Non-Solicitation Agreement (the “Proprietary
Information Agreement”), which may be amended by the parties from time to time without regard to this Agreement. The Proprietary Information Agreement contains provisions that are intended by the parties to
survive and do survive termination or expiration of this Agreement. 
 4.    OUTSIDE
ACTIVITIES. Except with the prior written consent of the Company’s Board, Employee will not, while employed by the Company, undertake or engage in any other employment,
occupation or business enterprise that would interfere with Employee’s responsibilities and the performance of Employee’s duties hereunder except for (i) reasonable time devoted to volunteer services for or on behalf of such
religious, educational, non-profit and/or other charitable organization as Employee may wish to serve; (ii) reasonable time devoted to activities in the non-profit
and business communities consistent with Employee’s duties; and (iii) such other activities as may be specifically approved by the Board. This restriction shall not, however, preclude the Employee from owning less than one percent (1%) of the
total outstanding shares of a publicly traded company. 
 5.    NO CONFLICT
WITH EXISTING OBLIGATIONS. Employee represents that Employee’s performance of all the terms of this Agreement and as an Employee of the Company do
not and will not breach any agreement or obligation of any kind made prior to Employee’s employment by the Company, including agreements or obligations Employee may have with prior employers or entities for which Employee has provided services.
Employee has not entered into, and Employee agrees that Employee will not enter into, any agreement or obligation, either written or oral, in conflict herewith. 

6.    TERMINATION OF
EMPLOYMENT. The parties acknowledge that Employee’s employment relationship with the Company is at-will. Either Employee or the Company
may terminate the employment relationship at any time, with or without Cause. The provisions in this Section govern the amount of compensation, if any, to be provided to Employee upon termination of employment and do not alter this at-will status. 
 6.1    Termination by the Company Without Cause. 

(a)    The Company shall have the right to terminate Employee’s employment with the Company pursuant to this
Section 6.1 at any time without “Cause” (as defined in Section 6.2(a) below) by giving notice as described in Section 6.8 of this Agreement. A termination pursuant to Section 6.4 or 6.6 below is not a termination
without “Cause” for purposes of receiving the benefits described in this Section 6.1. 

  
 4 

 (b)    In the event Employee’s employment is terminated without
Cause, then provided that the Employee executes and does not revoke a separation agreement that includes a general release substantially in the form attached hereto as Exhibit A (the “Release”), and subject to
Section 6.1(c) (the date that the Release becomes effective and may no longer be revoked by the Employee is referred to as the “Release Date”), then: 

(i)    the Company shall pay to Employee an amount equal to twelve (12) months’ of
Employee’s then current Base Salary, less applicable withholdings and deductions (the “Severance Payment”), in installments in accordance with the Company’s ordinary payroll practices commencing on the
Company’s first regular payroll date that is more than sixty (60) days following the Separation Date (as defined below), and shall be for any accrued Base Salary for the sixty (60) day period plus the period from the sixtieth (60th)
day until the regular payroll date, if applicable, and all salary continuation payments thereafter, if any, shall be made on the Company’s regular payroll dates; 

(ii)    the vesting and exercisability of all outstanding stock options and other stock awards that are held by Employee
as of immediately prior to the effective date of the Separation Date, to the extent such awards are subject to time-based vesting requirements, shall be accelerated such that 50% of the then-unvested shares shall be deemed fully vested and
exercisable as of the Separation Date; 
 (iii)    the Company shall pay to Employee a lump sum cash amount equivalent
to Employee’s Annual Bonus for the year in which the Separation Date occurs, prorated based on the number of days that Employee was employed during such performance year, divided by the total number of days in such performance year (the
“Bonus Severance Payment”). Employee’s Base Salary as in effect on the Separation Date, ignoring any decrease that forms the basis of Employee’s resignation for Good Reason, if applicable, shall be used for
calculating the Bonus Severance Payment. The Bonus Severance Payment will be paid within sixty (60) days of the effective date of the Release (namely, the date it can no longer be revoked) but in no event later than March 15 of the year
following the year in which the Separation Date occurs; and 
 (iv)    if the Employee timely elects continued coverage
under COBRA for himself and his covered dependents under the Company’s group health plans following such termination, then the Employee will be entitled to the following COBRA benefits (the “COBRA Benefits,” together
with the Severance Payment, the Bonus Severance Payment and the accelerated vesting described in Section 6.l(b)(ii), the “Severance Benefits’’): the Company shall pay the COBRA premiums necessary to continue the
Employee’s and his covered dependents’ health insurance coverage in effect for himself (and his covered dependents) on the termination date until the earliest of (x) twelve (12) months following the termination date (the
“COBRA Severance Period’’); (y) the date when the Employee becomes eligible for health insurance coverage in connection with new employment or self-employment; or (iii) the date the
Employee ceases to be eligible for COBRA continuation coverage for any reason, including plan termination (such period from the termination date through the earlier of (i)-(iii), the “COBRA Payment 

  
 5 

 
Period”). Notwithstanding the foregoing, if at any time the Company determines that its payment of COBRA premiums on the Employee’s behalf would result in a violation of
applicable law (including but not limited to the 2010 Patient Protection and Affordable Care Act, as amended by the 2010 Health Care and Education Reconciliation Act), then in lieu of paying COBRA premiums pursuant to this Section, the Company shall
pay the Employee on the last day of each remaining month of the COBRA Payment Period, a fully taxable cash payment equal to the COBRA premium for such month, subject to applicable tax withholding (such amount, the “Special Severance
Payment”), such Special Severance Payment to be made without regard to the Employee’s payment of COBRA premiums and without regard to the expiration of the COBRA period prior to the end of the COBRA Payment Period. Nothing in this
Agreement shall deprive the Employee of his rights under COBRA or ERISA for benefits under plans and policies arising under his employment by the Company. 

(c)    Employee shall not receive the Severance Benefits pursuant to Section 6.1(b) unless he executes the Release
within the consideration period specified therein, which shall in no event be more than sixty (60) days, and until the Release becomes effective and can no longer be revoked by Employee under its terms. Employee’s ability to receive
benefits pursuant to Section 6.I(b) is further conditioned upon his: returning all Company property; complying with his post-termination obligations under this Agreement and the Proprietary Information Agreement; and complying with the Release
including without limitation any non-disparagement and confidentiality provisions contained therein. 
 (d)    The
benefits provided to Employee pursuant to this Section 6.1 are in lieu of, and not in addition to, any benefits to which Employee may otherwise be entitled under any Company severance plan, policy or program. 

(e)    The damages caused by the termination of Employee’s employment without Cause would be difficult to ascertain;
therefore, the severance for which Employee is eligible pursuant to Section 6.1(b) above in exchange for the Release is agreed to by the parties as liquidated damages, to serve as full compensation, and not a penalty. 

6.2    Termination by the Company for Cause. 

Subject to Section 6.2(b) below, the Company shall have the right to terminate Employee’s employment with the Company at any time for
Cause by giving notice as described in Section 6.8 of this Agreement 
 (a)    “Cause”
means (i) any material breach of this Agreement, the Proprietary Information Agreement between the Employee and the Company, or any other written agreement between Employee and the Company, if such breach causes material harm to the
Company or reasonably threatens to cause such harm; (ii) any material failure to comply with the Company’s written policies or rules, as they may be in effect from time to time during Employee’s employment, if such failure causes
material harm to the Company, and to the extent it is curable by Employee, is not cured within thirty (30) days after written notice thereof is given to Employee by the Company; (iii) commission, conviction of, or a plea of
“guilty” or “no contest” to, a felony under the laws of the United States or any State; (iv) any willful, intentional or grossly negligent act having the effect of materially injuring (whether financially or

  
 6 

 
otherwise) the business or reputation of the Company, which to the extent it is curable by Employee, is not cured within thirty (30) days after written notice thereof is given to Employee by
the Company; or (v) willful misconduct with respect to any of Employee’s material duties or obligations under this Agreement, including, without limitation, willful insubordination with respect to reasonable directions from the Board
which, to the extent it is curable is not cured within thirty (30) days aft.er written notice thereof is given to Employee by the Company. 

(b)    In the event Employee’s employment is terminated at any time for Cause, Employee will not receive the
Severance Benefits described in Section 6.1(b), or any other severance compensation or benefit, except that, pursuant to the Company’s standard payroll policies, the Company shall pay to Employee the accrued but unpaid salary of Employee
through the date of termination, together with all compensation and benefits payable to Employee based on his participation in any compensation or benefit plan, program or arrangement through the date of termination. 

6.3    Resignation by the Employee With Good Reason. 

(a)    Employee may resign from Employee’s employment with the Company for Good Reason by giving notice following the
end of the Cure Period (as defined in this Section). For purposes of this Agreement, “Good Reason” for the Employee to terminate his employment hereunder shall mean the occurrence of any of the following events without the
Employee’s consent: (i) a material reduction in the Employee’s Base Salary (other than an across-the-board decrease in base salary applicable to all
executive officers of the Company); (ii) a material breach of this Agreement by the Company; (iii) a material reduction in the Employee’s duties, authority and responsibilities relative to the Employee’s duties, authority, and
responsibilities in effect immediately prior to such reduction; or (iv) the relocation of the Employee’s then-principal place of employment, without the Employee’s consent, in a manner that lengthens his
one-way commute distance by fifty (50) or more miles from his then-current principal place of employment immediately prior to such relocation; provided, however, that, any such termination by the
Employee shall only be deemed for Good Reason pursuant to this definition if: (1) the Employee gives the Company written notice of his intent to terminate for Good Reason within thirty (30) days following the first occurrence of the
condition(s) that he believes constitute(s) Good Reason, which notice shall describe such condition(s); (2) the Company fails to remedy such condition(s) within thirty (30) days following receipt of the written notice (the “Cure
Period”); and (3) the Employee voluntarily terminates his employment within thirty (30) days following the end of the Cure Period. 

(b)    In the event Employee resigns from employment for Good Reason, then provided that the Employee executes and does
not revoke the Release and subject to Section 6.1(c), then the Company shall pay to Employee the Severance Benefits described in Section 6.1(b). 

  
 7 

 6.4    Resignation by the Employee Without Good Reason.

 (a)    Employee may resign from Employee’s employment with the Company at any time by giving notice as described
in Section 6.8. 
 (b)    In the event Employee resigns from Employee’s employment with the Company,
Employee will not receive the Severance Benefits, or any other severance compensation or benefit, except that, pursuant to the Company’s standard payroll policies, the Company shall pay to Employee the accrued but unpaid salary of Employee
through the date of resignation, together with all compensation and benefits payable to Employee through the date of resignation under any compensation or benefit plan, program or arrangement during such period and Employee shall be eligible for any
benefit continuation or conversion rights provided by the provisions of a benefit plan or by law. 

6.5    Termination Without Cause or for Good Reason Following a Change in Control. 

(a)    If Employee’s employment by the Company is terminated by the Company (or its successor or parent) without
Cause (and not due to Disability or death) or by Employee for Good Reason immediately before or within twelve (12) months immediately following a Change in Control (as defined in the Plan), that constitutes a change in control event described
in Treasury Regulation Sections 1.409A-3(i)(5), then: (x) the Company shall pay or provide Employee with the Severance Benefits described in Section 6.1(b) except that the Severance Payment described
in Section 6.1(b)(i) shall be paid to Employee in a lump sum, on the first payroll date of the Company that is at least sixty (60) days following the Separation Date; and (y) the vesting and exercisability of all outstanding stock
options and other stock awards that are held by Employee as of immediately prior to the Separation Date, to the extent such awards are subject to time-based vesting requirements, shall be accelerated (and lapse, in the case of reacquisition or
repurchase rights) in full, provided that Employee executes and does not revoke the Release. 

6.6    Termination by Virtue of Death or Disability of the Employee. 

(a)    In the event of Employee’s death while employed pursuant to this Agreement, all obligations of the parties
hereunder shall terminate immediately, and the Company shall, pursuant to the Company’s standard payroll policies, pay to the Employee’s legal representatives Employee’s accrued but unpaid salary through the date of death together
with all compensation and benefits payable to Employee based on his participation in any compensation or benefit plan, program or arrangement through the date of termination. 

(b)    Subject to applicable state and federal law, the Company shall at all times have the right, upon written notice to
the Employee, to terminate this Agreement based on the Employee’s Disability (as defined below). Termination by the Company of the Employee’s employment based on “Disability” shall mean termination because the
Employee is unable due to a physical or mental condition to perform the essential functions of his position with or without reasonable accommodation for six (6) months in the aggregate during any twelve (12) month period or based on the
written certification by two licensed physicians of the likely continuation of such condition for such period. This 

  
 8 

 
definition shall be interpreted and applied consistent with the Americans with Disabilities Act, the Family and Medical Leave Act, and other applicable law. In the event Employee’s
employment is terminated based on the Employee’s Disability, Employee will not receive the Severance Benefits, or any other severance compensation or benefit, except that, pursuant to the Company’s standard payroll policies, the Company
shall pay to Employee the accrued but unpaid salary of Employee through the date of termination, together with all compensation and benefits payable to Employee based on his participation in any compensation or benefit plan, program or arrangement
through the date of termination. 
 6.7    Termination Due to Discontinuance of Business.
Anything in this Agreement to the contrary notwithstanding, in the event the Company’s business is discontinued because rendered impracticable by substantial financial losses, lack of funding, legal decisions, administrative rulings,
declaration of war, dissolution, national or local economic depression or crisis or any reasons beyond the control of the Company, then this Agreement shall terminate as of the day the Company determines to cease operation with the same force and
effect as if such day of the month were originally set as the termination date hereof. In the event this Agreement is terminated pursuant to this Section 6.7, Employee will not receive the Severance Benefits, or any other severance compensation
or benefit, except that, pursuant to the Company’s standard payroll policies, the Company shall pay to Employee the accrued but unpaid salary of Employee through the date of termination, together with all compensation and benefits payable to
Employee based on his participation in any compensation or benefit plan, program or arrangement through the date of termination. 

6.8    Notice; Effective Date of Termination. 

(a)    Termination of Employee’s employment (the “Separation Date”) pursuant to this
Agreement shall be effective on the earliest of: 
 (i)    immediately after the Company gives notice to Employee of
Employee’s termination, with or without Cause; 
 (ii)    immediately upon the Employee’s death; 

(iii)    ten ( l 0) days after the Company gives notice to Employee of Employee’s termination on account of
Employee’s Disability, unless the Company specifies a later Separation Date, in which case, termination shall be effective as of such later Separation Date,provided that Employee has not returned to the full time performance of
Employee’s duties prior to such date; 
 (iv)    immediately upon written notice by the Employee of his
resignation for Good Reason within thirty (30) days after the Cure Period has ended and the Company has failed to remedy any of the reasons for Good Reason resignation pursuant to Section 6.3(a); or 

(v)    ten (10) days after the Employee gives written notice to the Company of Employee’s resignation,
provided that the Company may set a Separation Date at 

  
 9 

 
any time between the date of notice and the date of resignation, in which case the Employee’s resignation shall be effective as of such other date. Employee will receive compensation through
any required notice period. 
 (b)    In the event notice of a termination under subsections (a)(iii) and (iv) is given
orally, at the other party’s request, the party giving notice must provide written confirmation of such notice within five (5) business days of the request in compliance with the requirement of Section 7.1 below. In the event of a
termination for Cause, written confirmation shall specify the subsection(s) of the definition of Cause relied on to support the decision to terminate. 

6.9    Cooperation With Company Mter Termination of Employment. Following termination of
Employee’s employment for any reason, Employee shall reasonably cooperate with the Company in all matters relating to the winding up of Employee’s pending work including, but not limited to, any litigation in which the Company is involved,
and the orderly transfer of any such pending work to such other employees as may be designated by the Company. 

6.10    Effect of Termination. The Employee agrees that should the Employee’s employment be
terminated for any reason, the Employee shall be deemed to have resigned from any and all positions with the Company and its subsidiaries, including, but not limited, to a position on the Board. 

6.11    Application of Section 409A. Notwithstanding anything
to the contrary set forth herein, any payments and benefits provided under this Agreement that constitute “deferred compensation” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended
(“Code”) and the regulations and other guidance thereunder and any state law of similar effect (collectively, “Section 409A”) shall not commence in connection with Employee’s termination of
employment unless and until Employee has also incurred a “separation from service” (as such term is defined in Treasury Regulation Section l.409A-1(h) (“Separation From Service”),
unless the Company reasonably determines that such amounts may be provided to Employee without causing Employee to incur the additional 20% tax under Section 409A. It is intended that each installment of severance pay provided for in
this Agreement is a separate “payment” for purposes of Treasury Regulation Section 1.409A- 2(b)(2)(i). For the avoidance of doubt, it is intended that severance payments set forth in this Agreement satisfy, to the greatest extent
possible, the exceptions from the application of Section 409A provided under Treasury Regulation Sections l.409A-l(b)(4), l.409A-l(b)(5), and l.409A-l(b)(9). If the Company (or, if applicable, the successor entity thereto) determines that any payments or benefits constitute “deferred compensation” under Section 409A and Employee is, on the
termination of service, a “specified employee” of the Company or any successor entity thereto, as such term is defined in Section 409A(a)(2)(B)(i) of the Code, then, solely to the extent necessary to avoid the incurrence of the
adverse personal tax consequences under Section 409A, the timing of the payments and benefits shall be delayed until the earlier to occur of: (a) the date that is six months and one day after Employee’s Separation From Service, or
(b) the date of Employee’s death (such applicable date, the “Specified Employee Initial Payment Date’’). On the Specified Employee Initial Payment Date, the Company (or the successor
entity thereto, as applicable) shall (i) pay to Employee a lump sum amount equal to the sum of the payments and benefits that Employee would otherwise have received through the Specified Employee Initial

  
 10 

 
Payment Date if the commencement of the payment of such amounts had not been so delayed pursuant to this Section and (ii) commence paying the balance of the payments and benefits in
accordance with the applicable payment schedules set forth in this Agreement. All reimbursements provided under this Agreement shall be subject to the following requirements: (i) the amount of in-kind benefits
provided or reimbursable expenses incurred in one taxable year shall not affect the in-kind benefits to be provided or the expenses eligible for reimbursement in any other taxable year, (ii) all
reimbursements shall be paid as soon as administratively practicable, but in no event shall any reimbursement be paid after the last day of the taxable year following the taxable year in which the expense was incurred, and (iii) the right to
reimbursement or in-kind benefits is not subject to liquidation or exchange for any other benefit. It is intended that all payments and benefits under this Agreement shall either comply with or be exempt from
the requirements of Section 409A, and any ambiguity contained herein shall be interpreted in such manner so as to avoid adverse personal tax consequences under Section 409A. Notwithstanding the foregoing, the Company shall in no event be
obligated to indemnify the Employee for any taxes or interest that may be assessed by the Internal Revenue Service pursuant to Section 409A of the Code to payments made pursuant to this Agreement. 

7.    GENERAL PROVISIONS. 

7.1    Notices. Any notices required hereunder to be in writing shall be deemed effectively
given: (a) upon personal delivery to the party to be notified, (b) when sent by electronic mail, telex or confirmed facsimile if sent during normal business hours of the recipient, and if not, then on the next business day, (c) five
(5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (I) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification
of receipt. All communications shall be sent to the Company at its primary office location and to Employee at Employee’s address as listed on the Company payroll, or at such other address as the Company or the Employee may designate by ten
(JO) days advance written notice to the other. 
 7.2    Severability. Whenever
possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any
applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or any other jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction as if such
invalid, illegal or unenforceable provisions had never been contained herein. 
 7.3    Waiver.
If either party should waive any breach of any provisions of this Agreement, Employee or it shall not thereby be deemed to have waived any preceding or succeeding breach of the same or any other provision of this Agreement. 

7.4    Complete Agreement. This Agreement constitutes the entire agreement between Employee
and the Company with regard to the subject matter hereof. This Agreement is the complete, final, and exclusive embodiment of their agreement with regard to this subject matter and supersedes any prior oral discussions or written communications and
agreements. This Agreement is entered into without reliance on any promise or representation other than those expressly contained herein, and it cannot be modified or amended except in writing signed

  
 11 

 
by Employee and an authorized officer of the Company. The parties have entered into a separate Proprietary Information Agreement and have or may enter into separate agreement related to stock
awards. These separate agreements govern other aspects of the relationship between the parties, have or may have provisions that survive termination of the Employee’s employment under this Agreement, may be amended or superseded by the parties
without regard to this Agreement and are enforceable according to their terms without regard to the enforcement provision of this Agreement. 

7.5    Countemarts. This Agreement may be executed in separate counterparts, any one of which
need not contain signatures of more than one party, but all of which taken together will constitute one and the same Agreement. 

7.6    Headings. The headings of the sections hereof are inserted for convenience only and
shall not be deemed to constitute a part hereof nor to affect the meaning thereof. 
 7.7    Successors and
Assigns. The Company shall assign this Agreement and its rights and obligations hereunder in whole, but not in part, to any Company or other entity with or into which the Company may hereafter merge or consolidate or to which the Company may
transfer all or substantially all of its assets, if in any such case said Company or other entity shall by operation of law or expressly in writing assume all obligations of the Company hereunder as fully as if it had been originally made a party
hereto, but may not otherwise assign this Agreement or its rights and obligations hereunder. The Employee may not assign or transfer this Agreement or any rights or obligations hereunder, other than to his estate upon his death. 

7.8    Choice of Law. All questions concerning the construction, validity and interpretation
of this Agreement will be governed by the law of the Commonwealth of Massachusetts. 

7.9    Indemnification. The Employee shall be entitled to indemnification to the maximum
extent permitted by applicable law and the Company’s Bylaws with terms no less favorable than provided to any other Company executive officer or director and subject to the terms of any separate written indemnification agreement. At all times
during the Employee’s employment, the Company shall maintain in effect a directors and officers liability insurance policy with the Employee as a covered officer. 

7.10    Resolution of Disputes. The parties recognize that litigation in federal or state
courts or before federal or state administrative agencies of disputes arising out of the Employee’s employment with the Company or out of this Agreement, or the Employee’s termination of employment or termination of this Agreement, may not
be in the best interests of either the Employee or the Company, and may result in unnecessary costs, delays, complexities, and uncertainty. The parties agree that any dispute between the parties arising out of or relating to the negotiation,
execution, performance or termination of this Agreement or the Employee’s employment, including, but not limited to, any claim arising out of this Agreement, claims under Title VII of the Civil Rights Act of 1964, as amended, the Civil Rights
Act of 1991, the Age Discrimination in Employment Act of 1967, the Americans with Disabilities Act of 1990, Section 1981 of the Civil Rights Act of 1966, as amended, the Family Medical Leave Act, the

  
 12 

 
Employee Retirement Income Security Act, and any similar federal, state or local law, statute, regulation, or any common law doctrine, whether that dispute arises during or after employment,
shall be settled by binding arbitration conducted before a single arbitrator by Judicial Arbitration and Mediation Services, Inc. (“JAMS”) or its successor, under the then applicable JAMS rules; provided however, that
this dispute resolution provision shall not apply to any separate agreements between the parties that do not themselves specify arbitration as an exclusive remedy. The location for the arbitration shall be the Boston, Massachusetts metropolitan
area. Any award made by such panel shall be final, binding and conclusive on the parties for all purposes, and judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof. The arbitrators’ fees
and expenses and all administrative fees and expenses associated with the filing of the arbitration shall be borne by the Company; provided however, that at the Employee’s option, Employee may voluntarily pay up to one-half the costs and fees. The parties acknowledge and agree that their obligations to arbitrate under this Section survive the termination of this Agreement and continue after the termination of the employment
relationship between Employee and the Company. The parties each further agree that the arbitration provisions of this Agreement shall provide each party with its exclusive remedy, and each party expressly waives any right it might have to
seek redress in any other forum, except as otherwise expressly provided in this Agreement. By electing arbitration as the means for final settlement of all claims, the parties hereby waive their respective rights to, and agree not to, sue each
other in any action in a Federal, State or local court with respect to such claims, but may seek to enforce in court an arbitration award rendered pursuant to this Agreement. The parties specifically agree to waive their respective rights to
a trial by jury, and further agree that no demand, request or motion will be made for trial by jury. 
 IN WITNESS WHEREOF, the
parties have executed this Employment Agreement on the day and year first written above. 
  

			
	AVEDRO, INC.
		
	By:	 	 /s/ Gilbert Kliman

		 	Gilbert H. Kliman, M.D.
		 	Member of the Board
	
	Employee:
	
	 /s/ Reza Zadno

	Reza Zadno, Ph.D.

  
 13

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