Document:

EX-10.1

 Exhibit 10.1 

FIRST AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

This First Amended and Restated Investor Rights Agreement (the “Agreement”) is made and entered into as of August 22, 2003
among Vaccinex, Inc., a Delaware corporation (the “Company”), and those persons listed on Schedule A hereto. 
 RECITALS

 The Company and certain Investors entered into an Investor Rights Agreement dated as of November 18, 2002 (the “Original
Agreement”) and the Company and such certain Investors desire to amend and restate such Original Agreement in its entirety. 
 This
Agreement is entered into in connection with certain Investors’ purchase of shares of the Company’s Series B Convertible Preferred Stock. The amendment and restatement and the execution and delivery of this Agreement are conditions
precedent to such certain Investors’ obligations to purchase such shares. 
 The parties to the Subscription Agreement dated
May 21, 2001 among the Company, Maurice Zauderer, Zauderer Family Trust, Louis Zauderer, Deepak M. Sahasrabudhe, Vaccinex (Ontario), L.P., and Trust fbo Pan Atlantic Bank & Trust Ltd and other Investors desire to terminate
Section 3(c) thereof. 
 NOW, THEREFORE, the parties to this Agreement hereby agree as follows: 

ARTICLE I 

DEFINITIONS 
 The
following terms shall have the meanings set forth in this Article I: 
 “Agreement” has the meaning given such term in the
paragraph first above. 
 “Board” means the Company’s board of directors and any duly designated committees thereof,
as may be appropriate. 
 “Commission” means the U.S. Securities and Exchange Commission or any successor governmental
agency that administers the Securities Act and the Exchange Act. 
 “Commission Form S-3” has the meaning specified in
Section 2.1(b). 
 “Common Stock” means the Common Stock, par value $.0001 per share, of the Company, as constituted on the
date hereof, any shares of the Company’s capital stock into which such Common Stock shall be changed, and any shares of the Company’s capital stock resulting from any reclassification of such Common Stock or recapitalization of the
Company. 

  
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 “Company Securities” means without limitation, Common Stock, Series A Preferred
Stock, Series B Preferred Stock and any other preferred stock or capital stock of the Company and options, warrants or other rights to subscribe for or purchase Common Stock, Series A Preferred Stock, Series B Preferred Stock or any other preferred
stock or capital stock of the Company and notes or other obligations that are directly or indirectly, exercisable for, convertible into or exchangeable for Common Stock, Series A Preferred Stock, Series B Preferred Stock or any other preferred stock
or capital stock of the Company. 
 “Conversion Stock” means Common Stock issued or issuable upon the conversion of shares
of the Company’s Series A Preferred Stock and the Company’s Series B Preferred Stock. 
 “Exchange Act” means the
Securities Exchange Act of 1934, as amended, or any successor statute thereto, and the rules and regulations of the Commission promulgated from time to time thereunder, all as the same shall be in effect at the time. 

“Family Member” means, as applied to any individual, such individual’s spouse, children (including stepchildren or
adopted children), grandchildren, parents or siblings thereof, and any trust or other estate planning vehicle created for the primary benefit of any one or more of them. 

“Founders” means, collectively, Dr. Maurice Zauderer and Dr. Deepak Sahasrabudhe and a “Founder” means
either one of them. 
 “Founder Stock” means the Common Stock held by each of the Founders, Vaccinex (Ontario), L.P. and
the Zauderer Family Trust. 
 “Fully Diluted Basis” means at any time the sum of (x) the number of issued and
outstanding shares of Common Stock at such time, whether or not vested, plus (y) the total number of shares of Common Stock, whether or not vested, issuable upon the exercise, exchange or conversion of all Company Securities issued and
outstanding at such time whether or not such Company Securities are exercisable, convertible or exchangeable at such time. 

“Holders” means, collectively, the Investors, the Series A Holders, the Founders and any common stockholder identified in
Schedule A, and “Holder” means any one of them. 
 “Incidental Registration” has the meaning specified in
Section 2.2. 
 “Incidental Registration Cutback” has the meaning specified in Section 2.2(b) of this Agreement. 

“Indemnified Parties” has the meaning specified in Section 5.1 of this Agreement. 

“Indemnifying Party” has the meaning specified in Section 5.1 of this Agreement. 

“Investors” means (i) the Persons designated as such on Schedule A hereto and (ii) any other Person holding
Registrable Securities to whom any such Person so designated assigns the registration rights contemplated hereby pursuant to Article VII of this Agreement and in the case of (i) or (ii) provided such Person signs a counterpart to this
Agreement. 

  
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 “Majority Preferred Stock Holders” means at any time the holders of a majority
of the Series A Registrable Securities and Series B Registrable Securities determined on a Fully Diluted Basis. 
 “Majority
Investors” means at any time the holders of a majority of the Registrable Securities held by all of the Investors determined on a Fully Diluted Basis. 

“New Securities” means all Company Securities issued after the date of this Agreement, except for: (i) Company
Securities offered pursuant to a Qualified Public Offering; (ii) Company Securities issued to non-affiliates of the Company in consideration of the acquisition of another Person or business by the Company by merger, consolidation, amalgamation,
exchange of shares, the purchase of substantially all of the assets or otherwise; (iii) Company Securities issued to any members of the Board or employees of the Company or other providers of services to the Company pursuant to any incentive
stock plan or other form of incentive compensation approved by the Board and Company Securities issued upon the exercise of any such Company Securities, provided that the per share exercise price or per share purchase price, as the case may be, of
such Company Securities is not less than the fair market value of a share of such Company Securities at the time of grant or issue of such Company Securities, as the case may be, as determined by the Board in its sole discretion; (iv) Company
Securities issued to the Company’s stockholders upon any stock split, stock dividend, combination or other similar event with respect to the Common Stock; (v) Company Securities issued as so-called equity kickers as part of an offering of
debt securities by the Company, provided that, in the good faith judgment of the Board, such Company Securities are not the principal pricing feature of such debt offering; (vi) Company Securities issued pursuant to any Subscription Agreement
and Company Securities issued upon conversion of such Company Securities; (vii) shares of Company Securities issued to non-affiliates of the Company in conjunction with joint ventures, strategic partnerships or licenses; (viii) Company
Securities issuable upon conversion or exercise of any Company Securities outstanding as of the date of this Agreement; and (ix) Company Securities issued subsequent to the date of this Agreement in compliance with Article VII of this
Agreement. 
 “Person” shall mean an individual, partnership, corporation, limited liability company, association, trust,
joint venture, unincorporated organization and any government, governmental department or agency or political subdivision thereof. 

“Preferred Stock Holders” means Holders who hold Series A Registrable Securities or Series B Registrable Securities, and
“Preferred Stock Holder” means any one of them. 
 “Qualified Holder” means an Preferred Stock Holder, as the
case may be, that can establish to the Company’s satisfaction that such Preferred Stock Holder, as the case may be, is at the time of both the offer and issuance of New Securities an “accredited investor” within the meaning of Rule
501 of the Securities Act and otherwise possesses qualifications such that the Company may offer and issue New Securities to such Preferred Stock Holder, as the case may be, in compliance with an available exemption from the registration
requirements pertaining thereto under the Securities Act and other federal, state and foreign securities laws and regulations. 

  
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 “Qualified Public Offering” means an underwritten offering by the Company of its
Common Stock to the public pursuant to an effective registration statement under the Securities Act or any comparable statement under any similar federal statute then in force, (other than an offering of shares being issued as consideration in a
business acquisition or combination or an offering in connection with an employee benefit plan) (A) resulting in at least $15,000,000 of proceeds to the Company, before underwriting discounts and commissions and offering expenses,
(B) reflecting a gross offering price per share of Common Stock (as equitably adjusted to reflect any stock split, stock dividend, combination, reorganization, recapitalization, reclassification or other similar event involving Common Stock) of
not less than an amount equal to the then current Series B Conversion Price (as defined in the Company’s Certificate of Incorporation) multiplied by two (2), and (C) after giving effect to which the Company’s Common Stock is listed on
a U.S. national securities exchange or admitted for quotation on the Nasdaq National Market or a successor thereto. 
 “Registrable
Securities” means the following (in each case as adjusted for stock splits, recapitalizations and other similar events): (i) the Conversion Stock; (ii) any Common Stock or other securities issued or issuable with respect to the
Conversion Stock pursuant to any stock split, stock dividend, recapitalization, or similar event; (iii) any Common Stock held by the Preferred Stock Holders; (iv) any Founder Stock; (v) securities issued in replacement or exchange of
any of the securities issued in clauses (i), (ii), (iii) or (iv) above; provided, however, that any and all shares described in clauses (i)-(v) above shall cease to be Registrable Securities upon any sale pursuant to a
registration statement under the Securities Act, Section 4(1) of the Securities Act or Rule 144 promulgated under the Securities Act, or any sale, transfer or assignment in any manner to any Person who is not entitled to the rights provided by
this Agreement, provided, however, Registrable Securities shall cease to be Registrable Securities with respect to a Holder, when such Holder is eligible to sell or transfer free of restrictive legends all of such Holder’s Registrable
Securities pursuant to Rule 144(k) promulgated under the Securities Act in any three month period taking into account any applicable aggregation rules pursuant to Rule 144(e). 

“Registration Expenses” means all expenses incident to the Company’s performance of or compliance with this Agreement in
connection with each Requested Registration or Incidental Registration, including, without limitation, all registration, filing, listing and National Association of Securities Dealers, Inc. (“NASD”) fees, all fees and expenses of complying
with securities or blue sky laws, all word processing, duplicating and printing expenses, all messenger and delivery expenses, any transfer taxes, the fees and expenses of the Company’s legal counsel and independent public accountants, the
reasonable fees and disbursements of one counsel for all Holders participating in each such registration, and any fees and disbursements of underwriters customarily paid by issuers or sellers of securities; provided, however, that
Registration Expenses shall not include underwriting discounts and commissions. 
 “Requested Registration” has the meaning
specified in Section 2.1(b) of this Agreement. 
 “Requested Registration Cutback” has the meaning specified in
Section 2.1(c) of this Agreement. 

  
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 “S-1 Registration” has the meaning specified in Section 2.1(a) of this
Agreement. 
 “S-1 Registration Notice” has the meaning specified in Section 2.1(a) of this Agreement. 

“S-1 Registration Request” has the meaning specified in Section 2.1(a) of this Agreement. 

“S-3 Registration” has the meaning specified in Section 2.1(b) of this Agreement. 

“S-3 Registration Notice” has the meaning specified in Section 2.1(b) of this Agreement. 

“S-3 Registration Request” has the meaning specified in Section 2.1(b) of this Agreement. 

“Securities Act” means the Securities Act of 1933, as amended, or any successor statute thereto, and the rules and
regulations of the Commission promulgated from time to time thereunder, all as the same shall be in effect at the time. 
 “Series A
Holders” means the holders of Series A Registrable Securities. 
 “Series A Preferred Stock” means the
Company’s Series A Convertible Preferred Stock, par value $.001 per share. 
 “Series A Registrable Securities” the
following (in each case as adjusted for stock splits, recapitalizations and other similar events): (i) the Conversion Stock received by the Preferred Stock Holders upon conversion of the Series A Preferred Stock held by such Preferred Stock
Holders; (ii) any Common Stock or other securities issued or issuable with respect to such Conversion Stock pursuant to any stock split, stock dividend, recapitalization, or similar event; (iii) securities issued in replacement or exchange
of any of the securities issued in clauses (i) or (ii) above; provided, however, that any and all shares described in clauses (i)-(iii) above shall cease to be Series A Registrable Securities upon any sale pursuant to a
registration statement under the Securities Act, Section 4(1) of the Securities Act or Rule 144 promulgated under the Securities Act, or any sale, transfer or assignment in any manner to any Person who is not entitled to the rights provided by
this Agreement, provided, however, Series A Registrable Securities shall cease to be Series A Registrable Securities with respect to a Preferred Stock Holder, when such Preferred Stock Holder is eligible to sell or transfer free of
restrictive legends all of such Preferred Stock Holder’s Series A Registrable Securities pursuant to Rule 144(k) promulgated under the Securities Act in any three month period taking into account any applicable aggregation rules pursuant to
Rule 144(e). 
 “Series B Preferred Stock” means the Company’s Series B Convertible Preferred Stock, par value $.001
per share. 
 “Series B Registrable Securities” the following (in each case as adjusted for stock splits, recapitalizations
and other similar events): (i) the Conversion Stock received by the Preferred Stock Holders upon conversion of the Series B Preferred Stock held by such Preferred Stock Holders; (ii) any Common Stock or other securities issued or issuable
with respect to such Conversion Stock pursuant to any stock split, stock dividend, recapitalization, or similar event; and (iii) securities issued in replacement or exchange of any of the securities issued in clauses (i) or
(ii) above; provided, however, that any and all shares described in clauses (i)-(iii) above shall cease to be Series B Registrable Securities upon any sale pursuant to a registration statement under the Securities Act,
Section 4(1) of the Securities Act or Rule 144 promulgated under the Securities Act, or any sale, transfer or assignment in any manner to any Person who is not entitled to the rights provided by this Agreement, provided, however, Series
B Registrable Securities shall cease to be Series B Registrable Securities with respect to a Preferred Stock Holder, when such Preferred Stock Holder is eligible to sell or transfer free of restrictive legends all of such Preferred Stock
Holder’s Series B Registrable Securities pursuant to Rule 144(k) promulgated under the Securities Act in any three month period taking into account any applicable aggregation rules pursuant to Rule 144(e). 

  
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 “Subscription Agreement” means any subscription agreement executed and delivered
to the Company by an Investor and accepted and executed by the Company in connection with (a) the Company’s Confidential Private Placement Memorandum dated August 31, 2002 (as may be amended, restated or supplemented from time to time
by the Company), (b) the Company’s Confidential Private Placement Memorandum dated March 28, 2003 (as may be amended, restated or supplemented from time to time by the Company) or (c) any other similar Company confidential
private placement memoranda distributed by the Company in connection with the sale and issuance of Series B Preferred Stock for a per share purchase price of $2.15. 

“Underwriter’s Maximum Number” has the meaning specified in Section 2.1(c) of this Agreement. 

In addition, all references to “dollars” and “$” shall be deemed to refer to the lawful currency of the United States of
America. 
 ARTICLE II 

REGISTRATIONS 
 SECTION
2.1    Requested Registrations. 
 (a) Registrations on Form S-1. 

(i) Request for S-1 Registration. Subject to Section 2.1(a)(ii), if at any time after one hundred eighty (180) days
following the effective date of the Company’s initial public offering of equity securities, the Company shall receive a written request from the Majority Preferred Stock Holders (a “S-1 Registration Request”) that the Company effect
the registration under the Securities Act of all or any portion of the Registrable Securities (an “S-1 Registration”), then the Company shall (x) promptly, and in any event within ten (10) days, give written notice of the
proposed registration to all other Preferred Stock Holders (“S-1 Registration Notice”), and (y) use its best efforts to effect the registration under the Securities Act of the Registrable Securities that the Company has been so
requested to register on behalf of the Majority Preferred Stock Holder(s) and any Preferred Stock Holder joining in such request (as is specified in a written request by each such Preferred Stock Holder received by the Company within twenty
(20) days after delivery of the S-1 Registration Notice) in accordance herewith within sixty (60) days after the receipt of the S-1 Registration Request. Subject to Section 2.1(c), the Company may include in such S-1 Registration
other securities of the Company for sale, for the Company’s account or for the account of any other person. 

  
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 (ii) Limitations on S-1 Registrations. 

(1) Offering Price Limitation. The Company shall not be obligated to effect an S-1 Registration pursuant to this
Section 2.1(a) unless the anticipated aggregate offering price of the Registrable Securities to be sold pursuant thereto is at least $10,000,000; 

(2) Limitation on the Number of S-1 Registrations. The Company shall not be obligated to effect more than one
(1) S-1 Registration hereunder, provided each such registration has been declared or ordered and kept effective for the time period indicated in Article III(a)(iii) below, and provided further that no S-I Registration shall count against the
limit set forth in this Section 2(a)(ii)(2) unless, following the Requested Registration Cutback (as defined in Section 2.1(c)), the Preferred Stock Holders submitting the S-1 Registration Request and joining in the S-1 Registration
Request are able to register at least fifty percent (50%) of the aggregate number of Registrable Securities included in the S-1 Registration Request and the subsequent requests by Preferred Stock Holders to join such S-1 Registration Request.

 (3) Alternative S-3 Registration. The Company shall, if permitted by law, effect any registration requested under
Section 2.1(a) by the filing of a registration statement on Commission Form S-3 pursuant to Section 2.1(b). 
 (4)
Recent Registration Limitation. If the Company has effected a Requested Registration within the preceding one hundred eighty (180) days and such registration has been declared or ordered effective, the Company shall have the right to
defer such Requested Registration for a period of not more than ninety (90) days after receipt of the request of the Preferred Stock Holders, provided that such right to delay a Requested Registration shall be exercised by the Company not more
than once in any twelve (12) month period. 
 (5) Delay Limitation. If the Company shall furnish to the Majority
Preferred Stock Holders requesting the S-1 Registration, a certificate signed by the Company’s Chief Executive Officer or Chairman of the Board stating that in the good faith judgment of the Board such registration at the time requested would
be detrimental to the Company and its stockholders, the Company shall have the right to defer such requested registration for a period of not more than ninety (90) days after receipt of the request of the Majority Preferred Stock Holders,
provided that such right to delay a request shall be exercised by the Company not more than once in any twelve (12) month period. 

  
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 (6) Simultaneous Company Registration Limitation. During the period
starting with the date of the filing of, and ending on a date one hundred eighty (180) days following the effective date of, a Company-initiated registration on Form S-1 pertaining to the initial Qualified Public Offering of securities of the
Company, the Company shall not be obligated to effect a registration under this Section 2.1 unless otherwise consented to by the underwriter of such offering and only if the Company is actively employing in good faith all reasonable efforts to
cause such registration statement to become and remain effective. 
 (7) Termination. The right to request an S-1
Registration shall terminate on the third anniversary of the Company’s initial Qualified Public Offering. 
 (b) Registrations on
Form S-3. 
 (i) Request for S-3 Registration. Subject to Section 2.2(b)(ii), if at any time after the Company is a
registrant entitled to file a registration statement on Form S-3 or any successor or similar short-form registration statement promulgated by the Commission (collectively, “Commission Form S-3”), the Company shall receive a written request
from the Majority Preferred Stock Holders (an “S-3 Registration Request”) that the Company effect the registration under the Securities Act of all or part of the Registrable Securities (an “S-3 Registration”, and together with
S-1 Registration, a “Requested Registration”), then the Company shall (x) promptly, and in any event within ten (10) days, give written notice of the proposed registration to all other Preferred Stock Holders (an “S-3
Registration Notice”), and (y) use its best efforts to effect the registration under the Securities Act of the Registrable Securities that the Company has been so requested to register on behalf of the requesting Majority Preferred Stock
Holder(s) and any Preferred Stock Holder joining in such request (as is specified in a written request by each such Preferred Stock Holder received by the Company within fifteen (15) days after delivery of the S-3 Registration Notice) in
accordance herewith within thirty (30) days after receipt of the S-3 Registration Request. Subject to Section 2.1(c), the Company may include in such S-3 Registration other securities of the Company for sale, for the Company’s account
or for the account of any other person. 
 As an alternative to filing a series of registration statements on Commission Form S-3, the
Company may fulfill its obligations under this Section 2.1(b) by filing and causing to be declared effective under Rule 415 one registration statement on Form S-3 covering all of the Registrable Securities. 

(ii) Limitations on S-3 Registrations. 

(1) Offering Price Limitation. The Company shall not be obligated to effect an S-3 Registration pursuant to this
Section 2.1(b) unless the anticipated aggregate offering price of the Registrable Securities to be sold pursuant thereto is at least $5,000,000. 

(2) Limitation on the Number of S-3 Registrations. The Company must effect an unlimited number of S-3 Registrations
pursuant to this Section 2.1(b). 

  
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 (3) Multiple Simultaneous S-3 Limitation. The Company shall not be
obligated to keep effective at any one time more than three Commission Form 5-3 registration statements in accordance with this Section 2.1(b), and if the Company is requested to effect an additional S-3 Registration at a time when it is
keeping three such registration statements effective, it may delay effecting such S-3 Registration until it is no longer required in accordance with Article III(a)(iii) to keep effective one (or more) of the then effective Commission Form S-3
registration statements. 
 (4) Recent Registration Limitation. The Company shall not be obligated to effect an S-3
Registration pursuant to this Section 2.1(b) if the Company has effected a Requested Registration within the preceding one hundred eighty (180) days, and such registration has been declared or ordered effective. 

(5) Delay Limitation. If the Company shall furnish to the Majority Preferred Stock Holders requesting the S-3
Registration a certificate signed by the Company’s Chief Executive Officer or Chairman of the Board stating that in the good faith judgment of the Board such registration at the time requested would be detrimental to the Company and its
stockholders for such S-3 Registration to be effected at such time, the Company shall have the right to defer such filing for a period of not more than ninety (90) days after receipt of the request of the Majority Preferred Stock Holders,
provided that such right to delay a request shall be exercised by the Company not more than once in any twelve (12)-month period. 

(6) Termination. The rights to request a S-3 Registration shall terminate on the third anniversary of the Company’s
initial Qualified Public Offering. 
 (c) Priority in Registration. If a Requested Registration is an underwritten offering, and the
managing underwriters shall give written advice to the Majority Preferred Stock Holders and the Company that, in their opinion, market conditions dictate that no more than a specified maximum number of securities (the “Underwriter’s
Maximum Number”) could successfully be included in such registration within a price range acceptable to the Majority Preferred Stock Holders initiating the Requested Registration, then the Company shall be required to include in such
registration only such number of securities as is equal to the Underwriter’s Maximum Number (“Requested Registration Cutback”) and the Company and the Preferred Stock Holders will participate in such offering in the following order of
priority: 
 (i) First, there shall be included in such registration that number of Series B Registrable Securities that the Preferred
Stock Holders shall have requested to be included in such offering and that does not exceed the Underwriter’s Maximum Number; 
 (ii)
Second, there shall be included in such registration that number of Series A Registrable Securities that the Preferred Stock Holders shall have requested to be included in such offering and that does not exceed the Underwriter’s Maximum Number;

 (iii) Third, the Company shall be entitled to include in such registration that number of securities that it proposes to offer and sell
for its own account to the full extent of the remaining portion of the Underwriter’s Maximum Number; and 

  
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 (iv) Fourth, to the extent not inconsistent with any registration rights hereafter granted by
the Company to holders of Company securities, the Preferred Stock Holders shall be entitled to include in such registration that number of shares of other Registrable Securities that the Preferred Stock Holders shall have requested to be included in
such registration to the full extent of the remaining portion of the Underwriter’s Maximum Number. 
 In the event that a Requested Registration
Cutback results in less than all of the securities of a particular category (e.g., Series B Registrable Securities of Preferred Stock Holders or securities of the Company) that are requested to be included in such registration actually being
included in such registration, then the number of securities of such category that will be included in such registration shall be shared pro rata among all of the holders of securities of such category that were requested to be included in such
registration based on the number of shares of Common Stock held by each such holder of securities of such category, calculated on an as-converted to Common Stock basis. 

SECTION 2.2    Incidental Registrations. 

(a) Incidental Registration. Except with respect to a Company-initiated registration to effect its initial Qualified Public Offering,
if the Company for itself or any of its security holders shall at any time or times after the date hereof undertake to register (including a Requested Registration pursuant to Section 2.1) under the Securities Act any shares of its capital
stock or other securities (other than (i) the registration of an offer, sale or other disposition of securities solely to employees of, or other persons providing services to, the Company, or any subsidiary pursuant to an employee or similar
benefit plan or (ii) relating to a merger, acquisition or other transaction of the type described in Rule 145 under the Securities Act or a comparable or successor rule, registered on Form S-4 or similar or successor forms promulgated by the
Commission), on each such occasion the Company will notify each Holder of such determination or request at least thirty (30) days prior to the filing of such registration statement, and upon the request of any Holder given in writing within
twenty (20) days after the receipt of such notice, subject to Section 2.2(b), the Company shall use its best efforts as soon as practicable thereafter to cause any of the Registrable Securities specified by any such Holder to be included
in such registration statement to the extent such registration is permissible under the Securities Act and subject to the conditions of the Securities Act (an “Incidental Registration”). If a Holder decides not to include all of its
Registrable Securities in any Incidental Registration filed by the Company, such Holder shall nevertheless continue to have the right to include any Registrable Securities in any subsequent Incidental Registration as may be filed by the Company with
respect to offerings of its securities, all upon the terms and conditions set forth herein. The Company shall have the right to terminate or withdraw any Incidental Registration initiated by it under this Section 2.2 prior to the effectiveness
of such registration whether or not any Holder has elected to include securities in such registration. The Expenses of such withdrawn registration shall be borne by the Company in accordance with Section 2.3. 

(b) Priority in Registration. If an Incidental Registration is an underwritten offering, and the managing underwriters shall give
written advice to the Holders and the Company that, in their opinion, market conditions dictate that no more than the Underwriter’s Maximum Number could successfully be included in such registration, then the Company shall be required to
include in such registration only such number of securities as is equal to the Underwriter’s Maximum Number (“Incidental Registration Cutback”) and the Company and the Holders will participate in such offering in the following order
of priority: 

  
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 (i) First, the Company shall be entitled to include in such registration that number of
securities that the Company proposes to offer and sell for its own account in such registration and that does not exceed the Underwriter’s Maximum Number; and 

(ii) Second, the Company will be obligated and required to include in such registration that number of Registrable Securities that the
Holders shall have requested to be included in such offering to the full extent of the remaining portion of the Underwriter’s Maximum Number. 
 In the
event that an Incidental Registration Cutback results in less than all of the securities of a particular category (e.g., securities of the Company or Registrable Securities of the Holders) that are requested to be included in such registration to
actually be included in such registration, then the number of securities of such category that will be included in such registration shall be shared pro rata among all of the holders of securities of such category that were requested to be included
in such registration based on the number of shares of Common Stock held by each such holder of securities of such category, calculated on an as converted to Common Stock basis. 

SECTION 2.3    Registration Expenses.    The Company shall pay all Registration
Expenses incurred in connection with all Incidental Registrations and all Requested Registrations effected in accordance with this Article II. Notwithstanding the foregoing, the Company shall not be required to pay for any Registration Expenses of
any registration proceeding begun pursuant to Section 2.1 if a registration request initiated by the Majority Preferred Stock Holders under Section 2.1(a) or 2.1(b) is subsequently withdrawn at the request of the Preferred Stock Holders of
a majority of the Registrable Securities to be registered (in which case all participating Preferred Stock Holders shall bear such expenses pro rata based upon the number of Registrable Securities that were to be registered in the withdrawn
registration) unless the Preferred Stock Holders of a majority of the Registrable Securities to be registered elect in writing to treat such withdrawn registration as an effective registration for purposes of the limitation on the number of
permissible Requested Registrations, provided, however, that if at the time of such withdrawal, the Preferred Stock Holders have learned of a material adverse change in the condition, business or prospects of the Company from
that known to the Preferred Stock Holders at the time of their request and they have withdrawn the request with reasonable promptness following the Preferred Stock Holders having learned of such material adverse change, then the Preferred Stock
Holders shall not be required to pay any of such Registration Expenses and such withdrawn registration shall not be considered to have become effective for purposes of any limitation on the number of permissible Requested Registrations. 

SECTION 2.4    Effective Registration Statement.    A Requested Registration or
an Incidental Registration effected pursuant to Section 2.1 or Section 2.2, respectively, shall not be deemed to have been effected unless the registration statement filed with respect thereto in accordance with the Securities Act has
become effective with the Commission and kept effective in accordance with the provisions of Article III(a)(iii) below. Notwithstanding the foregoing, a registration statement will not be deemed to have become effective if (a) after it has
become effective with the Commission, such registration is made subject to any stop order, injunction, or other order or requirement of the Commission or other governmental agency or any court proceeding for any reason other than a misrepresentation
or omission by any Holder (in their respective capacities as “Holders” hereunder and not in any capacity as an officer or director of the Company), or (b) the conditions to closing specified in the purchase agreement or underwriting
agreement entered into in connection with such registration are not satisfied, other than solely by reason of some act or omission by any Holder their respective capacities as “Holders” hereunder and not in any capacity as an officer or
director of the Company). 

  
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 SECTION 2.5    Jurisdictional
Limitations.    Notwithstanding anything in this Agreement to the contrary, the Company shall not be obligated to take any action to effect registration, qualification or compliance with respect to its Registrable
Securities: 
 (a) In any particular jurisdiction in which the Company would be required to execute a general consent to service of
process unless the Company is already subject to service in such jurisdiction and except as required by the Securities Act; 
 (b) That
would require it to qualify generally to do business in any jurisdiction in which it is not already so qualified or obligated to qualify; or 

(c) That would subject it to taxation in a jurisdiction in which it is not already subject generally to taxation. 

ARTICLE III 

REGISTRATION PROCEDURES 

(a) Company Obligations. If and whenever the Company is required to use its best efforts to effect the registration of any Registrable
Securities under the Securities Act as provided in Article II, the Company, as expeditiously as possible and subject to the terms and conditions of Article II, will do the following: 

(i) Prepare and file with the Commission the requisite registration statement to effect such registration and use its diligent efforts to
cause such registration statement to become and remain effective for the period set forth in Article III(a)(iii) below; 
 (ii) Permit any
Holder of Registrable Securities to be sold under such registration statement who, in the reasonable judgment of the Company’s counsel, might be deemed to be an underwriter or a controlling person of the Company, to participate in the
preparation of such registration statement (including making available for inspection by any such Person and any attorney, accountant or other agent retained by such Person, all financial and other records, pertinent corporate documents and all
other information reasonably requested in connection therewith) and give to the Holders of Registrable Securities to be sold under such registration statement, the underwriters, if any, and their respective counsel and accountants, advance draft
copies of such registration statement, each prospectus included therein or filed with the Commission at least five (5) business days prior to the filing thereof with the Commission, and any amendments and supplements thereto promptly as they
become available, and will give each of them such access to its books and records and such opportunities to discuss the business of the Company with its officers and the independent public accountants who have certified its financial statements as
shall be necessary, in the opinion of such Holders and such underwriters’ respective counsel, to conduct a reasonable investigation within the meaning of the Securities Act; 

  
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 (iii) Prepare and file with the Commission such amendments and supplements to such registration
statement and the prospectus used in connection therewith as may be necessary to keep such registration statement effective and to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such
registration statement until the earlier of such time as all of such securities have been disposed of in accordance with the intended methods of disposition by the seller or sellers thereof set forth in such registration statement or the expiration
of one hundred eighty (180) days after such registration statement becomes effective (such period of one hundred eighty (180) days to be extended one day for each day or portion thereof during such period that such registration statement
shall be subject to any stop order suspending the effectiveness of the registration statement, or of any order suspending or preventing the use of any related prospectus or suspending the qualification of any Registrable Securities included in such
registration statement for sale in any jurisdiction); 
 (iv) Furnish to the Holders of Registrable Securities to be sold under such
registration statement without charge to the Holders, such number of conformed copies of such registration statement and of each such amendment and supplement thereto (in each case including all exhibits), such number of copies of the prospectus
contained in such registration statement (including each preliminary prospectus and any summary prospectus) and any other prospectus filed under Rule 424 under the Securities Act, in conformity with the requirements of the Securities Act, and such
other documents, as the purchaser or any Holder of Registrable Securities to be sold under such registration statement may reasonably request; 

(v) Use its best efforts to register or qualify all Registrable Securities covered by such registration statement under such other United
States state securities or blue sky laws of such jurisdictions as any Holder of Registrable Securities to be sold under such registration statement shall reasonably request, to keep such registration or qualification in effect for the time period
set forth in Article III(a)(iii) hereof, and take any other action that may be reasonably necessary or advisable to enable the Holders of Registrable Securities to be sold under such registration statement to sell Registrable Securities in such
jurisdictions; 
 (vi) Use its best efforts to cause all Registrable Securities covered by such registration statement to be registered
with or approved by such other United States state governmental agencies or authorities as may be necessary to enable the Holders of Registrable Securities to be sold under such registration statement to sell Registrable Securities as intended by
such registration statement; 
 (vii) In the event of the issuance of any stop order suspending the effectiveness of the registration
statement, or of any order suspending or preventing the use of any related prospectus or suspending the qualification of any Registrable Securities included in such registration statement for sale in any jurisdiction, the Company shall use its best
efforts promptly to obtain the withdrawal of such order; 

  
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 (viii) Use its best efforts to furnish to the Holders of Registrable Securities included in such
registration statement: 
 (1) An opinion, dated the effective date of the registration statement, of the independent
counsel representing the Company for the purposes of such registration, addressed to the underwriters, if any, and to the Holders of Registrable Securities included in such registration statement making such request, stating that such registration
statement has become effective under the Securities Act and that: 
  

	 	(A)	        To the knowledge of such counsel, no stop order suspending the effectiveness thereof has been issued and no proceedings for that purpose have been instituted or are
pending or contemplated under the Securities Act; 

  

	 	(B)	        The registration statement, the related prospectus, and each amendment or supplement thereto, comply as to form in all material respects with the requirements of the
Securities Act and the applicable rules and regulations of the Commission thereunder (except that such counsel need express no opinion as to financial statements and related schedules contained therein); 

 

	 	(C)	        To the knowledge of such counsel, as of the effective date, neither the registration statement, the prospectus, nor any amendment or supplement thereto (other than the
financial statements and related schedules therein), contains any untrue statement of a material fact or omits a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading;

  

	 	(D)	        The descriptions in the registration statement or the prospectus, or any amendment or supplement thereto, of the securities to be registered, insofar as such description
purports to constitute a summary of the terms of the securities to be registered, and the description of the underwriting, insofar as such description purports to describe the provisions of the laws and documents, which have been provided to
counsel, directly pertaining to the underwriting are accurate and fairly present the information required to be shown; and 

  

	 	(E)	        Except as disclosed in the registration statement or other public filing made by the Company with the Commission, such counsel does not know of any pending legal or
governmental proceedings to which the Company is a party or of which any property of the Company is the subject that, if determined adversely to the Company, would individually or in the aggregate have a material adverse effect on the then-correct
or future consolidated financial position, stockholders’ equity or results of operation of the Company, nor of any contracts or documents or instruments of a character required to be described in the registration statement or prospectus, or any
amendment or supplement thereto or to be filed as exhibits to the registration statement that are not described and filed as required (such opinion of counsel shall additionally cover such legal matters with respect to the registration in respect of
which such opinion is being given as the majority of the Holders of Registrable Securities included in such registration statement may reasonably request and may contain such qualifications and limitations as are customarily included in opinions of
such sort); and 

  
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 (2) A letter, dated the effective date of the registration statement, from the
independent certified public accountants of the Company, addressed to the underwriters, if any, and to the Holders of Registrable Securities included in such registration statement making such request, stating that they are independent certified
public accountants within the meaning of the Securities Act and that in the opinion of such accountants, the financial statements and other financial data of the Company included in the registration statement or the prospectus, or any amendment or
supplement thereto, comply as to form in all material respects with the applicable accounting requirements of the Securities Act (such letter from the independent certified public accountants shall additionally cover such other financial matters
(including information as to the period ending not more than five business days prior to the date of such letter) with respect to the registration in respect of which such letter is being given as the Investors may reasonably request); 

(ix) Immediately notify the Holders of Registrable Securities included in such registration statement at any time when a prospectus relating
thereto is required to be delivered under the Securities Act, of its becoming aware of any event as result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of material fact or omits to
state any material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances under which they were made, and at the request of such Holders promptly prepare and furnish to such
Holders a reasonable number of copies of a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the purchasers of such securities, such prospectus shall not include an untrue statement of a
material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances under which they were made; 

(x) Otherwise use its best efforts to comply with all applicable rules and regulations of the Commission, and make available to its security
holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve months, but not more than eighteen months, beginning with the first full calendar month after the effective date of such registration statement,
which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder; 

  
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 (xi) Provide a transfer agent and registrar for all Registrable Securities covered by such
registration statement not later than the effective date of such registration statement; and 
 (xii) Use its best efforts to list all
Registrable Securities covered by such registration statement on any securities exchange on which the same class of securities issued by the Company are then listed. 

(b) Holder Obligations. 

(i) The Company may require each Holder of Registrable Securities to be sold under such registration statement to furnish the Company with
such information as it may reasonably request in writing (I) regarding such Holder’s proposed distribution of such securities and (2) as required in connection with any registration (including an amendment to a registration statement
or prospectus), qualification or compliance referred to in this Article III. 
 (ii) Each Holder, by execution of this Agreement, agrees
(1) that upon receipt of any notice from the Company, or upon such Holder’s otherwise becoming aware, of the happening of any event of the kind described in subdivision (a)(ix) of this Article III, such Holder will forthwith discontinue
its disposition of Registrable Securities pursuant to the registration statement relating to such Registrable Securities until the receipt by such Holder of the copies of the supplemented or amended prospectus contemplated by subdivision (a)(ix) of
this Article III and, if so directed by the Company, will deliver to the Company all copies other than permanent file copies, then in possession of the Holders of the prospectus relating to such Registrable Securities current at the time of receipt
of such notice and (2) that it will immediately notify the Company, at any time when a prospectus relating to the registration of such Registrable Securities is required to be delivered under the Securities Act, of the happening of any event as
a result of which information previously furnished in writing by such Holder to the Company specifically for inclusion in such prospectus contains an untrue statement of a material fact or omits to state any material fact required to be stated
therein or necessary to make the statements therein not misleading in the light of the circumstances under which they were made. In the event the Company or any such Holder shall give any such notice, the period referred to in subdivision (a)(iii)
of this Article III shall be extended by a number of days equal to the number of days during the period from and including the giving of notice pursuant to subdivision (a)(ix) of this Article III to and including the date when such Holder shall have
received the copies of the supplemented or amended prospectus contemplated by subdivision (a)(ix) of this Article III. 
 ARTICLE IV

 UNDERWRITTEN OFFERINGS 

SECTION 4.1    Underwritten Offerings. 

(a) Underwritten Offering. In connection with any underwritten offering pursuant to a registration requested under Section 2.1,
the Company will enter into an underwriting agreement (and any other customary agreements) with the underwriters for such offering, such agreement to be in form and substance reasonably satisfactory to the Majority Preferred Stock Holders and such
underwriters in their reasonable judgment and to contain such representations and warranties by the Company and such other terms as are customarily contained in agreements of that type, including, without limitation, indemnities to the effect and to
the extent provided in Section 5.1. Each Preferred Stock Holder participating in such underwritten offering shall be a party to such underwriting agreement and may, at such Preferred Stock Holder’s option, require that any or all of the
representations and warranties by, and the other agreements on the part of, the Company to and for the benefit of such underwriters shall also be made to and for the benefit of each such Preferred Stock Holder and that any or all of the conditions
precedent to the obligations of such underwriters under such underwriting agreement be conditions precedent to the obligations of such Preferred Stock Holder. No Preferred Stock Holder participating in any such underwritten offering shall be
required by the provisions hereof to make any representations or warranties to or agreements with the Company or the underwriters other than representations, warranties or agreements regarding such Preferred Stock Holder and its intended method of
distribution and any other representation required by law. 

  
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 (b) Selection of Underwriters. If a Requested Registration pursuant to Section 2.1
involves an underwritten offering, then the Company shall select the underwriter from underwriting firms of national reputation, subject to the reasonable approval of the Majority Preferred Stock Holders. 

SECTION 4.2    Holdback Agreements. 

(a) Each Holder agrees, if so requested by the managing underwriter in each underwritten registration of the Company’s capital stock or
other securities described in Article II in a writing referencing this Section 4.2(a), not to effect (except as part of such underwritten registration in accordance with the provisions hereof or pursuant to a transaction exempt from
registration (other than under Rule 144 or Rule 145 of the Securities Act)) any sale, distribution, short sale, loan, grant of options for the purchase of, or otherwise dispose of, any Registrable Securities for such period as such managing
underwriter requests, such period in no event to commence earlier than seven (7) days prior to, or to end more than 180 days after, the effective date of such registration. In addition, each Holder agrees to execute and deliver to any managing
underwriter (or, in the case of any offering that is not underwritten, an investment banker) in connection with a registration of Registrable Securities under the Securities Act in which such Holder participates (pursuant to Article II hereof) any
lock-up letter reasonably requested of such Holder by such managing underwriter. Each Holder further agrees that the Company may instruct its transfer agent to place stop transfer notations in its records to enforce the provisions of this
Section 4.2(a). The foregoing restrictions shall be conditioned on each officer, director of the Company and holder of one percent or more of the Company’s Common Stock or securities convertible or exchangeable for one percent or more of
its Common Stock (determined in all instances on a fully diluted basis) being bound by substantially the same restrictions (and, in any event, no less onerous) as are set forth above. 

ARTICLE V 

INDEMNIFICATION AND CONTRIBUTION 

SECTION 5.1    Indemnification. 

  
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 (a) Indemnification by the Company. In the event of any registration under the Securities
Act pursuant to Article II of any Registrable Securities covered by such registration, the Company will, to the extent permitted by law, and hereby does, indemnify and hold harmless each Holder of Registrable Securities to be sold under such
registration statement, each such Holder’s legal counsel and independent accountants, each other person who participates as an underwriter in the offering or sale of such securities (if so required by such underwriter as a condition to
including the Registrable Securities of the Holders in such registration) and each other person, if any, who controls any such Holder or any such underwriter within the meaning of the Securities Act (collectively, the “Indemnified
Parties”), against any losses, claims, damages or liabilities, joint or several, to which the Holders of Registrable Securities to be sold under such registration statement or underwriter or controlling person may become subject under the
Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of
any material fact contained in any registration statement under which such securities were registered under the Securities Act, any preliminary prospectus, final prospectus or summary prospectus contained therein or any document incorporated therein
by reference, or any amendment or supplement thereto, or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein in light of the circumstances in which they were
made not misleading, or arise out of any violation by the Company of any rule or regulation promulgated under the Securities Act or state securities law applicable to the Company and relating to action or inaction required of the Company in
connection with any such registration, and the Company will reimburse the Indemnified Parties for any legal or any other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, liability, action or
proceeding; provided, however, that the indemnity agreement contained in this Section 5.1(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the
consent of the Company (which consent shall not be unreasonably withheld); and provided, further, however that the Company shall not be liable to any Indemnified Party in any such case to the extent that any such loss, claim, damage,
liability (or action or proceeding in respect thereof) or expense arises out of or is based upon any untrue statement or alleged untrue statement or omission or alleged omission made in such registration statement, any such preliminary prospectus,
final prospectus, summary prospectus, amendment or supplement in reliance upon and in conformity with information furnished to the Company in writing by any Indemnified Party specifically for use therein. 

(b) Indemnification by the Holders. As a condition to including any Registrable Securities of any person or entity in any registration
statement filed pursuant to Article II, each Holder, to the extent permitted by law, hereby agrees to indemnify and hold harmless (in the same manner and to the same extent as set forth in subdivision (a) of this Section 5.1) the Company,
each director of the Company, each officer of the Company and each other person, if any, who controls the Company within the meaning of the Securities Act, with respect to any statement or alleged statement in or omission or alleged omission from
such registration statement, any preliminary prospectus, final prospectus or summary prospectus contained therein, or any amendment or supplement thereto, if, and only if, such statement or alleged statement or omission or alleged omission was made
in reliance upon and in conformity with information furnished specifically for use therein to the Company directly by such person or entity specifically for use therein; provided, however, that the obligation of any Holder hereunder shall be
limited to an amount equal to the gross proceeds received by such Holder upon the sale of Registrable Securities sold in the offering covered by such registration. 

  
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 (c) Notices of Claims, etc. Promptly after receipt by an Indemnified Party of notice of
the commencement of any action or proceeding involving a claim referred to in the preceding subdivisions of this Section 5.1, such Indemnified Party will, if a claim in respect thereof is to be made against a party required to provide
indemnification (an “Indemnifying Party”), give written notice to the latter of the commencement of such action, provided, however, that the failure of any Indemnified Party to give notice as provided herein shall not relieve the
Indemnifying Party of its obligation under the preceding subdivisions of this Section 5.1, except to the extent that the Indemnifying Party is actually prejudiced by such failure to give notice. In case any such action is brought against an
Indemnified Party, unless in such Indemnified Party’s reasonable judgment a conflict of interest between such Indemnified and indemnifying parties may exist in respect of such claim, the Indemnifying Party shall be entitled to participate in
and to assume the defense thereof, jointly with any other Indemnifying Party similarly notified to the extent that it may wish, with counsel reasonably satisfactory to such Indemnified Party, and after notice from the Indemnifying Party to such
Indemnified Party of its election so to assume the defense thereof, the Indemnifying Party shall not be liable to such Indemnified Party for any legal or other expenses subsequently incurred by the latter in connection with the defense thereof other
than reasonable costs of investigation. No Indemnifying Party shall consent to entry of any judgment or enter into any settlement without the consent of the Indemnified Party which does not include as an unconditional term thereof the giving by the
claimant or plaintiff to such Indemnified Party of a release from all liability in respect to such claim or litigation. 
 (d) Other
Indemnification. Indemnification similar to that specified in the preceding subdivisions of this Section 5.1 (with appropriate modifications) shall be given by the Company and each holder of Registrable Securities included in any
registration statement to each other and any underwriter, as applicable, with respect to any required registration or other qualification of securities under any Federal or state law or regulation of any governmental authority, other than the
Securities Act. 
 (e) Indemnification Payment. The indemnification required by this Section 5.1 shall be made by periodic
payments of the amount thereof during the course of the investigation or defense, as and when bills are received or expense, loss, damage or liability is incurred. 

(f) Survival of Obligations. The obligations of the Company and of the Holders under this Section 5.1 and Section 5.2 shall
survive the completion of any offering of Registrable Securities under this Agreement. 
 SECTION
5.2    Contribution.    If the indemnification provided for in Section 5.1 is unavailable or insufficient to hold harmless an Indemnified Party, then each Indemnifying Party shall contribute
to the amount paid or payable to such Indemnified Party as a result of the losses, claims, damages or liabilities referred to in Section 5.1 an amount or additional amount, as the case may be, in such proportion as is appropriate to reflect the
relative fault of the Indemnifying Party or parties, on the one hand, and the Indemnified Party, on the other, in connection with the statements or omissions which resulted in such losses, claims, demands or liabilities as well as any other relevant
equitable considerations. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to
information supplied by the Indemnifying Party or parties, on the one hand, or the Indemnified Party, on the other, and the parties’ relative, intent, knowledge, access to information and opportunity to correct or prevent such untrue statement
or omission. The amount paid to an Indemnified Party as a result of the losses, claims, damages or liabilities referred to in the first sentence of this Section 5.2 shall be deemed to include any legal or other expenses reasonably incurred by
such Indemnified Party in connection with investigating or defending any action or claim which is the subject of this Article V. No person guilty of fraudulent misrepresentation within the meaning of Section 11(f) of the Securities Act shall be
entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 

  
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 ARTICLE VI 

COMPANY COVENANTS 

SECTION 6.1    Covenants Relating to Rule 144; Reports Under The Exchange
Act.    With a view to (a) making available the benefits of certain rules and regulations of the Commission which may at any time permit the sale of securities of the Company to the public without registration after
such time as a public market exists for the Common Stock of the Company or (b) causing the Company to be and remain eligible to file a registration on Commission Form S-3, the Company agrees to do the following: 

(a) To make and keep public information available in accordance with Rule 144 under the Securities Act at all times after the effective date
of the first registration under the Securities Act filed by the Company for an offering of its securities to the general public; 
 (b) To
take such action, including the voluntary registration of its Common Stock under Section 12 of the Exchange Act, as is necessary to enable the Holders to utilize Commission Form S-3 for the sale of their Registrable Securities, such action to
be taken as soon as practicable after the end of the fiscal year in which the first registration statement filed by the Company for the offering of its securities to the general public is declared effective; 

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

  
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 (e) The Company shall use its best efforts to take any action necessary to maintain its
eligibility to utilize Commission Form S-3 to permit resales as requested by the Holders with respect to “Transactions Involving Secondary Offerings” as described in General Instruction I.B.3 of Commission Form S-3. 

SECTION 6.2    Other Registration Rights.    The Company represents and warrants
that it has not granted any registration rights to any Person other than established by this Agreement. 
 SECTION
6.3    Public Offerings in Canada. 
 (a) As used in this Section 6.3, (i) “Canadian
IPO” means the initial offering pursuant to which Registrable Securities are distributed by prospectus under the laws of any Canadian province or any other transaction following which the Company or any successor becomes a reporting issuer in
any Canadian province; and (ii) “Canadian Law” means the Securities Act (Ontario) and the regulations, rules, orders and policies promulgated thereunder and the similar legislation, regulations, rules, orders and policies of
any other Canadian province or territory applicable to the Company. 
 (b) At any time and from time to time after the closing of a Canadian
IPO, in lieu of or in conjunction with any registration under the Securities Act as provided in Article II, the Company shall, upon and in the manner and to the extent requested in writing by a Holder, to the extent that the Holder in good faith
determines that the sale of its Registrable Securities by any other method would not be permitted by Canadian Law then in effect other than on a prospectus exempt or a control block notice (being notice under Subsection 2.8 (4) of Multilateral
Instrument 45-102—Resale of Securities or its equivalent) basis, file a preliminary prospectus with one or more Canadian securities regulatory authorities and use its best efforts to obtain a receipt for a (final) prospectus from such Canadian
securities regulatory authorities to qualify for distribution in any province of Canada (a “Canadian Offering”) Registrable Securities for which registration has been or could have been requested by Holders under Article II (had the
Canadian IPO constituted an initial public offering for the purposes of such Article), in which case such Canadian Offering shall count together with the concurrent registration under the Securities Act (if any) as one registration for purposes of
Article II. 
 (c) If at any time after the closing of a Canadian IPO the Company proposes or is required to effect (i) a Canadian
Offering of its equity securities; or (ii) a distribution of securities which are exercisable into or exchangeable for equity securities, then each Holder shall be entitled, subject to applicable Canadian Law, to participate in such Canadian
Offering or distribution to the same extent and on the same terms and conditions as it would have been entitled to participate in a registration pursuant to Section 2.2 hereof. 

(d) With respect to the Holders’ participation in any Canadian Offering or distribution pursuant to this Section 6.3, the provisions
of Article II and other terms of this Agreement respectively applicable thereto shall apply, mutatis mutandis, to such Canadian Offering or distribution (for example, and without limitation, the same relative priorities under Sections 2.1(c)
and 2.2 (b) shall apply to the Canadian Offering or distribution as to the corresponding registration in the United States, and the Holders shall not participate to any greater proportionate extent in the Canadian Offering or distribution than
its participation in the corresponding registration in the United States), except that the Company need only file a preliminary prospectus within sixty (60) days of a S-1 Registration Notice, and the Company will comply with any other Canadian
requirements customarily complied with in respect of such distributions in Canada. 

  
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 ARTICLE VII  

PREEMPTIVE RIGHTS 
 SECTION
7.1    Preemptive Rights.    The Company shall only issue New Securities in accordance with the following terms: 

(a) The Company shall not issue any New Securities unless it first delivers to each Preferred Stock Holder who is a Qualified Holder then
having rights under this Section (each such Person being referred to in this Article VII as a “Purchaser”) a written notice (the “Notice of Proposed Issuance”) specifying the type and total number of such New Securities that the
Company then intends to issue (the “Offered New Shares”), all of the material terms, including the price upon which the Company proposes to issue the Offered New Shares and stating that the Purchasers shall have the right to purchase the
Offered New Shares in the manner specified in this Article VII for the same price per share and in accordance with the same terms and conditions specified in such Notice of Proposed Issuance. 

(b) During the ten (10) consecutive business day period commencing on the date the Company delivers to all of the Purchasers the Notice
of Proposed Issuance (the “Ten Day Period”) in accordance with Article VII hereof, the Purchasers shall have the option to purchase Offered New Shares at the same price per share and upon the same terms and conditions specified in the
Notice of Proposed Issuance. Each Purchaser electing to purchase Offered New Shares must give written notice of its election to the Company prior to the expiration of the Ten Day Period and if a Purchaser has not given written notice within the Ten
Day Period, such Purchaser shall be deemed to have rejected his, her or its right to purchase the Offered New Shares. If the Offered New Shares are being offered as a part of an investment unit together with debt or other instruments, any election
by a Purchaser to purchase Offered New Shares shall also constitute an election to purchase a like portion of such debt or other instruments. Each Purchaser shall have the right to condition his, her or its purchase of the Offered New Shares upon
the closing of the sale of the balance of the Offered New Shares. 
 (c) Each Purchaser shall have the right to purchase that number of the
Offered New Shares as shall be equal to the number of the Offered New Shares multiplied by a fraction, the numerator of which shall be the number of shares of Common Stock represented by the Company Securities then owned by such Purchaser on a Fully
Diluted Basis and the denominator of which shall be the aggregate number of shares of Common Stock represented by the Company Securities then owned by all of the Holders on a Fully Diluted Basis. The amount of such Offered New Shares that each
Purchaser is entitled to purchase under this Article VII shall be referred to as its “Proportionate Share.” 
 (d) No Purchaser
shall have any right of oversubscription. 

  
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 (e) If some or all of the Offered New Shares have not been purchased by the Purchasers pursuant
to paragraphs (a)-(d) hereof, then the Company shall have the right, until the expiration of one hundred eighty (180) days commencing on the first day immediately following the expiration of the Ten Day Period, to issue such remaining
Offered New Shares to one or more third parties at not less than, and on terms on the whole no more favorable in any material respect to the purchasers thereof than, the price and terms specified in the Notice of Proposed Issuance. If for any reason
the Offered New Shares are not issued within such period and at such price and on such terms, the right to issue in accordance with the Notice of Proposed Issuance shall expire and the provisions of this Agreement shall continue to be applicable to
the Offered New Shares. 
 (f) The Notice of Proposed Issuance will specify the place, time and date of the consummation of the purchase of
the Offered New Shares. 
 (g) The Purchasers not exercising their rights under this Article VII who hold a majority of the Common Stock
held by all of the Purchasers not exercising their rights under this Article VII (calculated on a Fully Diluted Basis) may waive, either prospectively or retrospectively, any and all rights arising under this Article VII with respect to the issuance
of any New Securities to any Person, and any such waiver shall be effective as to all Purchasers not exercising their rights under this Article VII. 

(h) The Company may proceed with the issuance of New Securities without first following procedures in Article VII(a)-(f) above,
provided that (i) the purchaser of such New Securities agrees in writing to take such New Securities subject to the provisions of this Article VII(h), and (ii) within ten (10) days following the issuance of such New Securities,
the Company or the purchaser of the New Securities undertakes steps substantially similar to those in Article VII(a)-(f) above to offer to all Purchasers the right to purchase from the Company or from the purchaser of such New Securities a
pro rata portion of such New Securities, or additional New Securities, or securities equivalent to the New Securities in all material respects at the same price and on the same terms applicable to the purchaser’s purchase thereof, to the
extent necessary to provide the Purchasers with substantially the same dilution protection offered by this Article VII as if the procedures set forth in Article VII(a)-(f) had been followed prior to the issuance of such New Securities.

 (i) Notwithstanding the foregoing, no Preferred Stock Holder shall have any rights under this Article VII if such Preferred Stock
Holder has sold more than seventy-five percent (75%) of the Company Securities held by such Preferred Stock Holder (together with holdings of any affiliates of such Preferred Stock Holder) on the date hereof. 

(j) The rights set forth in this Article VII shall terminate upon a Qualified Public Offering. 

ARTICLE VIII 
 SECTION
8.1    Investor Information Requirements.    The Company hereby agrees that so long as an Investor holds more than fifty percent (50%) of the Company Securities held by such Investor
(including those Company Securities to be issued to such Investor pursuant to such Investor’s Subscription Agreement) as of the date of this Agreement (each a “Qualified Investor”), the Company shall comply with the following
provisions: 

  
 - 23 - 

 (a) Annual Statements. Within one-hundred twenty (120) days after the close of each
fiscal year of the Company, commencing with the fiscal year ending on December 31, 2002, the Company will deliver to each Qualified Investor audited consolidated and consolidating balance sheets and statements of income and retained earnings
and of cash flows of the Company, which annual financial statements shall show the financial condition of the Company as of the close of such fiscal year and the results of the Company’s operations during such fiscal year. Each of the financial
statements delivered in accordance with this Section 7.1 shall be certified without qualification by the accounting firm auditing the same to have been prepared in accordance with GAAP except as specifically disclosed therein. The Company shall
also deliver to each Qualified Investor simultaneously with the delivery of such annual financial statements a copy of the so called “management letter” issued by the auditors in connection with such annual financial statements. 

(b) Quarterly Statements. Within thirty (30) days after the end of each of the first three quarters of the fiscal quarter,
commencing with the quarter ending March 31, 2003, the Company will deliver to each Qualified Investor financial statements, including an unaudited profit and loss statement and an unaudited balance sheet as of the end of such fiscal quarter,
prepared in accordance with GAAP. 
 (c) The rights set forth in this Article VIII shall terminate upon a Qualified Public Offering. 

ARTICLE IX 

ASSIGNABILITY 
 This
Agreement and all of the provisions hereof may (subject to the next following sentence) be assigned by any Investor or Series A Holder to, and, upon such assignment, shall inure to the benefit of, any purchaser, transferee or assignee, and any such
purchaser, transferee or assignee shall take such shares of Company securities subject to, and shall be bound by, the terms of this Agreement; provided in each instance that the transferee or assignee of such rights assumes in writing the
obligations of such Investor or Series A Holder in respect of such shares under this Agreement. No such assignment may be made of less than 11,625 shares of Company Securities (as adjusted for stock splits, recapitalizations and other similar
events) without the prior written consent of the Company. However, in any case, the Company shall not be required to recognize any such purchaser, transferee or assignee as an “Investor” or “Series A Holder”, as the case may be,
under this Agreement unless and until either (i) such person becomes the holder of record of the Company Securities so assigned or (ii) the Company receives written notice of such assignment and (iii) such person executes and delivers
to the Company a counter-part signature page to this Agreement. A Founder may assign any of such Founder’s rights hereunder (a) with the prior written consent of the Majority Investors or (b) in connection with such Founder’s
transfer of Company Securities to such Founder’s Family Members for bona fide estate planning purposes or in connection with a court-approved divorce decree provided that (i) the transferee shall hold such Company Securities
subject to the same restrictions applicable to its transferor hereunder and shall agree in writing to be bound by the terms of the Agreement, and (ii) the Founder retains voting control over all of the Company Securities subject to such
transfer. 

  
 - 24 - 

 ARTICLE X 

MISCELLANEOUS 
 SECTION
10.1    Waivers; Amendments; Additional Parties. 
 (a) Except as otherwise set forth herein, the rights
and obligations of the Company and all other parties hereto under this Agreement may be waived (either generally or in a particular instance, either retroactively or prospectively, and either for a specified period of time or indefinitely) or
amended if and only if such waiver or amendment is consented to in writing by the Company and by the Holders holding a majority of the Registrable Securities determined on a Fully Diluted Basis; provided, however, that if any amendment would
materially and adversely modify the rights of one or more Holders (the “Adversely Affected Holder”) in a way that is different from its effect on other Holders, such amendment shall not be effective as to any Adversely Affected Holder
unless consented to by a majority in interest of the Adversely Affected Holders determined on a Fully Diluted Basis. Each Holder shall be bound by any amendment or waiver effected in accordance with this Section, whether or not such Holder has
consented to such amendment or waiver. Upon the effectuation of each such waiver or amendment, the Company shall promptly give written notice thereof to the Holders who have not previously consented thereto in writing. 

(b) If approved by the Board, any Person who purchases shares of Series B Preferred Stock may, by executing a Series B Investor Signature Page
in the form attached hereto, become an “Investor” (and shall be entitled to all of the rights and subject to all of the obligations of an Investor hereunder) (each such Person, a “New Investor”) without the consent of any party
hereto other than the Company. Promptly following the execution of a Series B Investor Signature Page by any New Investor, the Company shall cause Schedule A to be revised to reflect the addition of such New Investor as an Investor. The Company
shall provide each Investor written notice of the addition of such New Investor as an Investor, which notice shall include a copy of Schedule A as revised. 

SECTION 10.2    Successors and Assigns.    Except as otherwise expressly provided
herein, the provisions hereof shall inure to the benefit of, and be binding upon, the successors, assigns, heirs, executors and administrators of the parties hereto. 

SECTION 10.3    Entire Agreement.    This Agreement constitutes the full and
entire understanding and agreement of the parties with regard to the subjects hereof and supersedes in their entirety all other or prior agreements, whether oral or written, with respect thereto, including without limitation Section 3(c) of the
Subscription Agreement dated May 21, 2001 among the Company, Maurice Zauderer, Zauderer Family Trust, Louis Zauderer, Deepak M. Sahasrabudhe, Vaccinex (Ontario), L.P., and Trust fbo Pan Atlantic Bank & Trust Ltd and other Investors
which Section 3(c) is hereby terminated in its entirety. 

  
 - 25 - 

 SECTION 10.4    Notices.    All demands,
notices, requests, consents and other communications required or permitted under this Agreement shall be in writing and shall be personally delivered or sent by facsimile machine (with a confirmation copy sent by one of the other methods authorized
in this Section), reputable commercial overnight delivery service (including Federal Express and U.S. Postal Service overnight delivery service) or, deposited with the U.S. Postal Service mailed first class, registered or certified mail, postage
prepaid, as set forth below: 
 If to the Company, addressed to: 

Vaccinex, Inc. 
 1895 Mt. Hope
Avenue 
 Rochester, New York 14620 

USA 
 Attn: President 

Fax: 1-585-271-2765 
 with a copy
to: 
 Edwards & Angell, LLP 

101 Federal Street 
 Boston,
Massachusetts 
 02110 USA 

Attn: Albert L. Sokol, Esq. 
 If
to any Holder, to it at its address specified on Schedule A. 
 Notices shall be deemed given upon the earlier to occur of (i) receipt by the
party to whom such notice is directed; (ii) if sent by facsimile machine, on the day (other than a Saturday, Sunday or legal holiday in the jurisdiction to which such notice is directed) such notice is sent if sent (as evidenced by the
facsimile confirmed receipt) prior to 5:00 p.m. Eastern Time and, if sent after 5:00 p.m. Eastern Time, on the day (other than a Saturday, Sunday or legal holiday in the jurisdiction to which such notice is directed) after which such notice is sent;
(iii) on the first business day (other than a Saturday, Sunday or legal holiday in the jurisdiction to which such notice is directed) following the day the same is deposited with the commercial courier if sent by commercial overnight delivery
service; or (iv) the fifth day (other than a Saturday, Sunday or legal holiday in the jurisdiction to which such notice is directed) following deposit thereof with the U.S. Postal Service as aforesaid. Each party, by notice duly given in
accordance therewith may specify a different address for the giving of any notice hereunder. 
 SECTION
10.5    Governing Law.    This Agreement shall be construed and enforced in accordance with and governed by the laws of the State of New York (without giving effect to any conflicts or choice of
laws provisions thereof that would cause the application of the domestic substantive laws of any other jurisdiction). 
 SECTION
10.6    Consent To Jurisdiction. 

  
 - 26 - 

 (a) SUBJECT TO THE PROVISIONS OF SECTION 10.9, EACH OF THE PARTIES HERETO HEREBY CONSENTS TO
THE EXCLUSIVE JURISDICTION OF ALL STATE AND FEDERAL COURTS LOCATED IN ROCHESTER, NEW YORK, AS WELL AS TO THE JURISDICTION OF ALL COURTS TO WHICH AN APPEAL MAY BE TAKEN FROM SUCH COURTS, FOR THE PURPOSE OF ANY SUIT, ACTION OR OTHER PROCEEDING ARISING
OUT OF, OR IN CONNECTION WITH, THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY, INCLUDING, WITHOUT LIMITATION, ANY PROCEEDING RELATING TO ANCILLARY MEASURES IN AID OF ARBITRATION, PROVISIONAL REMEDIES AND INTERIM RELIEF, OR ANY
PROCEEDING TO ENFORCE ANY ARBITRAL DECISION OR AWARD. EACH PARTY HEREBY EXPRESSLY WAIVES ANY AND ALL RIGHTS TO BRING ANY SUIT, ACTION OR OTHER PROCEEDING IN OR BEFORE ANY COURT OR TRIBUNAL OTHER THAN THE COURTS DESCRIBED ABOVE AND COVENANTS THAT IT
SHALL NOT SEEK IN ANY MANNER TO RESOLVE ANY DISPUTE OTHER THAN AS SET FORTH IN THIS SECTION 10.6 OR TO CHALLENGE OR SET ASIDE ANY DECISION, AWARD OR JUDGMENT OBTAINED IN ACCORDANCE WITH THE PROVISIONS HEREOF. 

(b) EACH OF THE PARTIES HERETO HEREBY EXPRESSLY WAIVES ANY AND ALL OBJECTIONS IT MAY HAVE TO VENUE, INCLUDING, WITHOUT LIMITATION, THE
INCONVENIENCE OF SUCH FORUM, IN ANY OF SUCH COURTS. IN ADDITION, EACH OF THE PARTIES CONSENTS TO THE SERVICE OF PROCESS BY PERSONAL SERVICE OR ANY MANNER IN WHICH NOTICES MAY BE DELIVERED HEREUNDER IN ACCORDANCE WITH SECTION 10.4 OF THIS AGREEMENT.

 SECTION 10.7    Equitable Remedies.    The parties hereto agree that
irreparable harm would occur in the event that any of the agreements and provisions this Agreement were not performed fully by the parties hereto in accordance with their specific terms or conditions or were otherwise breached, and that money
damages are an inadequate remedy for breach of this Agreement because of the difficulty of ascertaining and quantifying the amount of damage that will be suffered by the parties hereto in the event that this Agreement is not performed in accordance
with its terms or conditions or is otherwise breached. It is accordingly hereby agreed that the parties hereto shall be entitled to an injunction or injunctions to restrain, enjoin and prevent breaches of this Agreement by the other parties and to
enforce specifically such terms and provisions of this Agreement, such remedy being in addition to and not in lieu of, any other rights and remedies to which the other parties are entitled to at law or in equity. 

SECTION 10.8    WAIVER OF JURY TRIAL.    WITHOUT LIMITING THE PROVISIONS OF
SECTION 10.9 RELATING TO ARBITRATION EACH OF THE PARTIES HERETO HEREBY VOLUNTARILY AND IRREVOCABLY WAIVES TRIAL BY JURY IN ANY ACTION OR OTHER PROCEEDING BROUGHT IN CONNECTION WITH THIS AGREEMENT, ANY OF THE RELATED AGREEMENTS, DOCUMENTS OR ANY OF
THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 

  
 - 27 - 

 SECTION 10.9    Alternative Dispute
Resolution.    Any controversy, dispute or claim arising out of or in connection with or relating to this Agreement, or the breach, termination or validity hereof or any transaction contemplated hereby (any such
controversy, dispute or claim being referred to as a “Dispute”) shall be finally settled by arbitration conducted expeditiously in accordance with the Commercial Arbitration Rules then in force (the “AAA Rules”) of the American
Arbitration Association (the “AAA”). There shall be a panel of three arbitrators who shall be appointed pursuant to AAA procedures, in each case, within fifteen (15) business days following receipt by the respondent(s) of a demand for
arbitration in any such proceeding. Each of the arbitrators shall be an attorney with no less than fifteen (15) years’ experience in the practice of business law (preferably with experience in the acquisition and financing of businesses
such as those engaged in by the Company and the Subsidiaries at the time such dispute arises) who shall not have performed any services for any of the parties or person controlled by any of the parties for a period of five years prior to the date
the demand for arbitration is received by the respondent(s). Any arbitration pursuant to this Section shall take place in Rochester, New York. A final award shall be rendered as soon as reasonably possible and, in any event, within ninety
(90) days of the appointment of the panel of arbitrators; 
 provided, however, that if the arbitrators determine by majority vote that fairness
so requires, such ninety (90) day period may be extended by no more than sixty (60) additional days. The parties agree that the arbitrators shall have the right and power to shorten the length of any notice periods or other time periods
provided in the AAA Rules and to implement Expedited Procedures under the AAA Rules in order to ensure that the arbitration process is completed within the time frames provided herein. The arbitration decision or award shall be reasoned and in
writing. Judgment on the decision or award rendered by the arbitrators may be entered and specifically enforced in any court having jurisdiction thereof. Notwithstanding the provisions of Section 10.5, any arbitration held pursuant to the
provisions of the Section shall be governed by the Federal Arbitration Act. All arbitrations commenced pursuant to this Agreement while any other arbitration hereunder shall be in progress shall be consolidated and heard by the initially constituted
panel of arbitrators. 
 SECTION 10.10    No Third Party Beneficiary.    There
are no third party beneficiaries of this Agreement. 
 SECTION
10.11    Expenses.    Following the date of this Agreement, except for the payment of the Registration Expenses set forth in Section 2.3, the parties to this Agreement hereby agree that each
party shall pay all fees, costs and expenses incurred by such party or on such party’s behalf in connection with this Agreement. 

SECTION 10.12    Severability.    Titles and Subtitles: Gender; Singular and Plural;
Counterparts; Facsimile. 
 (a) In case any provision of this Agreement shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions of this Agreement shall not in any way be affected or impaired thereby. 
 (b) The titles of
the sections and subsections of this Agreement are for convenience of reference only and are not to be considered in construing this Agreement. 

  
 - 28 - 

 (c) The use of any gender in this Agreement shall be deemed to include the other genders, and the
use of the singular in this Agreement shall be deemed to include the plural (and vice versa), wherever appropriate. 
 (d) This Agreement
may be executed in any number of counterparts, each of which shall be an original, but all of which together constitute one instrument. 

(e) Counterparts of this Agreement (or applicable signature pages hereof) that are manually signed and delivered by facsimile transmission
shall be deemed to constitute signed original counterparts hereof and shall bind the parties signing and delivering in such manner. 

  
 - 29 - 

 IN WITNESS WHEREOF, this Agreement has been executed as of the date set forth first above. 

 

							
		 		 	 COMPANY:
  

VACCINEX, INC.

				
		 		 	By:	 	/s/ Maurice Zauderer
		 		 		 	Name: Maurice Zauderer
		 		 		 	Title: President and CEO

  
 - 30 - 

 Schedule A 

List of Holders 
 Names
and Addresses of Investors 
  

			
	 Monte Bricker
 [Address]
	 	 John E. Mooney Defined Benefit Plan

[Address]

		
	 Jeffrey Cerini
 [Address]
	 	 Tulkin-Kapchan Revocable Trust UDT

[Address]

		
	 Marilyn J. Eichelberger
 [Address]
	 	 Pan Atlantic Bank and Trust Limited
 Musson
Building, 3rd Floor
 Hincks Street, P.O. Box 982
 Bridgetown,
Barbados, West Indies
 Attn: Mr. Anscele Payne

		
	 Paul Feldman
 [Address]
	 	 Vaccinex 2002 L.P.
 BCE Place, 181 Bay
Street, Suite 250
 Toronto, Ontario
 Canada M5J
2T3

	
	Names and Addresses of Series A Investors
		
	 Deepak M. Sahasrabudhe
 [Address]
	 	 Pan Atlantic Bank and Trust Limited
 Musson
Building, 3rd Floor
 Hincks Street, P.O. Box 982
 Bridgetown,
Barbados, West Indies
 Attn: Mr. Anscele Payne

		
	 Louis Zauderer
 [Address]
	 	
	
	Name and Addresses of Founders
	 Maurice Zauderer
 [Address]
	 	 Deepak M. Sahasrabudhe

[Address]

	
	Name and Addresses of Common Stock Holders
	 Zauderer Family Trust
 [Address]
	 	 Vaccinex (Ontario), L.P.
 BCE Place, 181 Bay
Street, Suite 250
 Toronto, Ontario
 Canada M5J
2T3

 Schedule A 

Updated List of Holders as of September 4, 2003 
  

					
	Names and Addresses of Investors
	 Monte Bricker
 [Address]
	  	 Paul Feldman
 [Address]
	  	 Tulkin-Kapchan Revocable Trust UDT

[Address]

			
	 Jeffrey Cerini
 [Address]
	  	 William Hoffman
 [Address]
	  	 John E. Mooney Defined Benefit Plan

[Address]

			
	 Marilyn J. Eichelberger
 [Address]
	  	 Kathleen Mooney
 [Address]
	  	 Vaccinex 2002 L.P.
 BCE Place, 181 Bay
Street, Suite 250
 Toronto, Ontario
 Canada M5J
2T3

			
	 Jeremy Fineberg
 [Address]
	  		  	 Pan Atlantic Bank and Trust Limited
 Musson
Building, 3rd Floor
 Hincks Street, P.O. Box 982
 Bridgetown,
Barbados, West Indies
 Attn: Mr. Anscele Payne

	
	Names and Addresses of Series A Investors
		
	 Deepak M. Sahasrabudhe

[Address]
	  	 Pan Atlantic Bank and Trust Limited
 Musson
Building, 3rd Floor
 Hincks Street, P.O. Box 982
 Bridgetown,
Barbados, West Indies
 Attn: Mr. Anscele Payne

			
	 Louis Zauderer
 [Address]
	  		  	
	
	Name and Addresses of Founders
	 Maurice Zauderer
 [Address]
	  	 Deepak M. Sahasrabudhe

[Address]

	
	Name and Addresses of Common Stock Holders
	 Zauderer Family Trust

[Address]
	  	 Vaccinex (Ontario), L.P.
 BCE Place, 181 Bay
Street, Suite 250
 Toronto, Ontario
 Canada M5J
2T3

 Series B Investor Signature Page 

FIRST AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

By executing this page in the space provided, the undersigned Person hereby agrees that (i) such Person is an “Investor” as
defined in the First Amended and Restated Investor Rights Agreement dated as of the date set forth in the introductory paragraph on the first page thereto among Vaccinex, Inc. and the persons listed on Schedule A thereto, (ii) such
Person is a party to the First Amended and Restated Investor Rights Agreement for all purposes, and (iii) such Person is bound by all terms and conditions of the First Amended and Restated Investor Rights Agreement. 

 

							
		 		 	INDIVIDUAL INVESTOR:
			
		 		 	 
		 		 	Name of Investor (Print or Type)
			
		 		 	 
		 		 	Signature of Investor
			
		 		 	ENTITY INVESTOR:
			
		 		 	 Pan Atlantic Bank and Trust Limited

Name of Entity (Print or Type)

				
		 		 	By:	 	/s/ Anscele R.B. Payne
		 		 		 	Signature of Authorized Officer
			
		 		 	 Anscele R.B. Payne, Managing Director

Name and Title of Authorized Officer
 (Print or
Type)

 [Investor Signature Page to Vaccinex, Inc. First Amended and Restated Investor Rights Agreement] 

 Series B Investor Signature Page 

INVESTOR RIGHTS AGREEMENT 

By executing this page in the space provided, the undersigned Person hereby agrees that (i) such Person is an “Investor” as
defined in the Investor Rights Agreement dated as of the date set forth on the Company’s signature page thereto among Vaccinex, Inc. and the persons listed on Schedule A thereto, (ii) such Person is a party to the Investor Rights
Agreement for all purposes, and (iii) such Person is bound by all terms and conditions of the Investor Rights Agreement. 
  

							
		 		 	INDIVIDUAL INVESTOR:
			
		 		 	 William Hoffman

 

		 		 	Name of Investor (Print or Type)
			
		 		 	 /s/ William Hoffman

 

		 		 	Signature of Investor
			
		 		 	ENTITY INVESTOR:
			
		 		 	 
		 		 	Name of Entity (Print or Type)
				
		 		 	By:	 	 
		 		 		 	Signature of Authorized Officer
			
		 		 	 
		 		 	 Name and Title of Authorized Officer

(Print or Type)

 [Investor Signature Page to Vaccinex, Inc. Investor Rights Agreement] 

 Series B Investor Signature Page 

INVESTOR RIGHTS AGREEMENT 

By executing this page in the space provided, the undersigned Person hereby agrees that (i) such Person is an “Investor” as
defined in the Investor Rights Agreement dated as of the date set forth on the Company’s signature page thereto among Vaccinex, Inc. and the persons listed on Schedule A thereto, (ii) such Person is a party to the Investor Rights
Agreement for all purposes, and (iii) such Person is bound by all terms and conditions of the Investor Rights Agreement. 
  

							
		 		 	INDIVIDUAL INVESTOR:
			
		 		 	 Jeremy Fineberg

 

		 		 	Name of Investor (Print or Type)
			
		 		 	 /s/ Jeremy Fineberg

 

		 		 	Signature of Investor
			
		 		 	ENTITY INVESTOR:
			
		 		 	 
		 		 	Name of Entity (Print or Type)
				
		 		 	By:	 	 
		 		 		 	Signature of Authorized Officer
			
		 		 	 
		 		 	 Name and Title of Authorized Officer

(Print or Type)

 [Investor Signature Page to Vaccinex, Inc. Investor Rights Agreement] 

 Series B Investor Signature Page 

FIRST AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

By executing this page in the space provided, the undersigned Person hereby agrees that (i) such Person is an “Investor” as
defined in the First Amended and Restated Investor Rights Agreement dated as of the date set forth in the introductory paragraph on the first page thereto among Vaccinex, Inc. and the persons listed on Schedule A thereto, (ii) such
Person is a party to the First Amended and Restated Investor Rights Agreement for all purposes, and (iii) such Person is bound by all terms and conditions of the First Amended and Restated Investor Rights Agreement. 

 

							
		 		 	INDIVIDUAL INVESTOR:
			
		 		 	 
		 		 	Name of Investor (Print or Type)
			
		 		 	 
		 		 	Signature of Investor
			
		 		 	ENTITY INVESTOR:
			
		 		 	Vaccinex 2002 L.P.
		 		 	 by its General Partner Vaccinex GP Ltd.

 

		 		 	Name of Entity (Print or Type)
				
		 		 	By:	 	/s/ Henry Fenig
		 		 		 	Signature of Authorized Officer
			
		 		 	Henry Fenig, Vice President
		 		 	 Name and Title of Authorized Officer

(Print or Type)

 [Investor Signature Page to Vaccinex, Inc. First Amended and Restated Investor Rights Agreement] 

 Series B Investor Signature Page 

FIRST AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

By executing this page in the space provided, the undersigned Person hereby agrees that (i) such Person is an “Investor” as
defined in the First Amended and Restated Investor Rights Agreement dated as of the date set forth in the introductory paragraph on the first page thereto among Vaccinex, Inc. and the persons listed on Schedule A thereto, (ii) such
Person is a party to the First Amended and Restated Investor Rights Agreement for all purposes, and (iii) such Person is bound by all terms and conditions of the First Amended and Restated Investor Rights Agreement. 

 

							
		 		 	INDIVIDUAL INVESTOR:
			
		 		 	 Kathleen Mooney

 

		 		 	Name of Investor (Print or Type)
			
		 		 	 /s/ Kathleen Mooney

 

		 		 	Signature of Investor
			
		 		 	ENTITY INVESTOR:
			
		 		 	 
		 		 	Name of Entity (Print or Type)
				
		 		 	By:	 	 
		 		 		 	Signature of Authorized Officer
			
		 		 	 
		 		 	 Name and Title of Authorized Officer

(Print or Type)

 [Investor Signature Page to Vaccinex, Inc. First Amended and Restated Investor Rights Agreement] 

 Series A Holder Signature Page 

FIRST AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

By executing this page in the space provided, the undersigned Person hereby agrees that (1) such Person is a “Series A Holder”
as defined in the First Amended and Restated Investor Rights Agreement dated as of the date set forth in the introductory paragraph on the first page thereto among Vaccinex, Inc. and the persons listed on Schedule A thereto, (ii) such
Person is a party to the First Amended and Restated Investor Rights Agreement for all purposes, and (iii) such Person is bound by all terms and conditions of the First Amended and Restated Investor Rights Agreement. 

 

							
		 		 	INDIVIDUAL INVESTOR:
			
		 		 	 Deepak M. Sahasrabudhe

 

		 		 	Name of Investor (Print or Type)
			
		 		 	 /s/ Deepak M. Sahasrabudhe

 

		 		 	Signature of Investor
			
		 		 	ENTITY INVESTOR:
			
		 		 	 
		 		 	Name of Entity (Print or Type)
				
		 		 	By:	 	 
		 		 		 	Signature of Authorized Officer
			
		 		 	 
		 		 	 Name and Title of Authorized Officer

(Print or Type)

 [Series A Holder Signature Page to Vaccinex, Inc. First Amended and Restated Investor Rights Agreement]

 Series A Holder Signature Page 

FIRST AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

By executing this page in the space provided, the undersigned Person hereby agrees that (1) such Person is a “Series A Holder”
as defined in the First Amended and Restated Investor Rights Agreement dated as of the date set forth in the introductory paragraph on the first page thereto among Vaccinex, Inc. and the persons listed on Schedule A thereto, (ii) such
Person is a party to the First Amended and Restated Investor Rights Agreement for all purposes, and (iii) such Person is bound by all terms and conditions of the First Amended and Restated Investor Rights Agreement. 

 

							
		 		 	INDIVIDUAL INVESTOR:
			
		 		 	 
		 		 	Name of Investor (Print or Type)
			
		 		 	 
		 		 	Signature of Investor
			
		 		 	ENTITY INVESTOR:
			
		 		 	 Pan Atlantic Bank and Trust Limited

 

		 		 	Name of Entity (Print or Type)
				
		 		 	By:	 	/s/ Anscele R.B. Payne
		 		 		 	Signature of Authorized Officer
			
		 		 	Anscele R.B. Payne, Managing Director
		 		 	 Name and Title of Authorized Officer

(Print or Type)

 [Series A Holder Signature Page to Vaccinex, Inc. First Amended and Restated Investor Rights Agreement]

 Founder Signature Page 

FIRST AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

By executing this page in the space provided, the undersigned Person hereby agrees that (1) such Person is a “Founder” as
defined in the First Amended and Restated Investor Rights Agreement dated as of the date set forth in the introductory paragraph on the first page thereto among Vaccinex, Inc. and the persons listed on Schedule A thereto, (ii) such
Person is a party to the First Amended and Restated Investor Rights Agreement for all purposes, and (iii) such Person is bound by all terms and conditions of the First Amended and Restated Investor Rights Agreement. 

 

					
		 		 	/s/ Deepak Sahasrabudhe
		 		 	Name: Deepak Sahasrabudhe
		 		 	(Print or Type)

 [Founder Signature Page to Vaccinex, Inc. First Amended and Restated Investor Rights Agreement] 

 Founder Signature Page 

FIRST AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

By executing this page in the space provided, the undersigned Person hereby agrees that (1) such Person is a “Founder” as
defined in the First Amended and Restated Investor Rights Agreement dated as of the date set forth in the introductory paragraph on the first page thereto among Vaccinex, Inc. and the persons listed on Schedule A thereto, (ii) such
Person is a party to the First Amended and Restated Investor Rights Agreement for all purposes, and (iii) such Person is bound by all terms and conditions of the First Amended and Restated Investor Rights Agreement. 

 

					
		 		 	/s/ Maurice Zauderer
		 		 	Name: Maurice Zauderer
		 		 	(Print or Type)

 [Founder Signature Page to Vaccinex, Inc. First Amended and Restated Investor Rights Agreement] 

 Common Stockholder Signature Page 

FIRST AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

By executing this page in the space provided, the undersigned Person hereby agrees that (i) such Person holds Common Stock of the
Vaccinex, Inc., (ii) such Person understands and consents to the provisions of Section 10.3 of the First Amended and Restated Investor Rights Agreement dated as of the date set forth in the introductory paragraph of the first page thereto
among Vaccinex, Inc. and the persons listed on Schedule A thereto, and (iii) such Person is bound by all terms and conditions of the First Amended and Restated Investor Rights Agreement. 

 

							
		 		 	INDIVIDUAL INVESTOR:
			
		 		 	 
		 		 	Name of Investor (Print or Type)
			
		 		 	 
		 		 	Signature of Investor
			
		 		 	ENTITY INVESTOR:
			
		 		 	Vaccinex (Ontario), L.P.
		 		 	 by its General Partner Vaccinex GP Ltd.
  

		 		 	Name of Entity (Print or Type)
				
		 		 	By:	 	/s/ Henry Fenig
		 		 		 	Signature of Authorized Officer
			
		 		 	Henry Fenig, Vice President
		 		 	 Name and Title of Authorized Officer

(Print or Type)

 [Common Stockholder Signature Page to Vaccinex, Inc. First Amended and Restated Investor Rights Agreement]EX-10.2

 Exhibit 10.2 

VACCINEX, INC. 
 2001
EMPLOYEE EQUITY PLAN 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 SECTION 1 PURPOSE
	  	 	1	 
		
	 SECTION 2 DEFINITIONS
	  	 	1	 
			
	     2.1.
	 	 “Affiliate”
	  	 	1	 
	     2.2.
	 	 “Board”
	  	 	1	 
	     2.3.
	 	 “Code”
	  	 	1	 
	     2.4.
	 	 “Committee”
	  	 	1	 
	     2.5.
	 	 “Director”
	  	 	1	 
	     2.6.
	 	 “Fair Market Value”
	  	 	1	 
	     2.7.
	 	 “ISO”
	  	 	1	 
	     2.8.
	 	 “Key Employee”
	  	 	1	 
	     2.9.
	 	 “1933 Act”
	  	 	2	 
	     2.10.
	 	 “NQO”
	  	 	2	 
	     2.11.
	 	 “Option”
	  	 	2	 
	     2.12.
	 	 “Option Agreement”
	  	 	2	 
	     2.13.
	 	 “Option Price”
	  	 	2	 
	     2.14.
	 	 “Parent”
	  	 	2	 
	     2.15.
	 	 “Plan”
	  	 	2	 
	     2.16.
	 	 “SAR Value”
	  	 	2	 
	     2.17.
	 	 “Stock”
	  	 	2	 
	     2.18.
	 	 “Stock Appreciation Right”
	  	 	2	 
	     2.19.
	 	 “Stock Appreciation Right Certificate”
	  	 	2	 
	     2.20.
	 	 “Stock Grant”
	  	 	2	 
	     2.21.
	 	 “Stock Grant Certificate”
	  	 	2	 
	     2.22.
	 	 “Subsidiary”
	  	 	2	 
	     2.23.
	 	 “Ten Percent Shareholder”
	  	 	2	 
	     2.24.
	 	 “Vaccinex”
	  	 	2	 
	 SECTION 3 SHARES RESERVED UNDER PLAN
	  	 	2	 
		
	 SECTION 4 EFFECTIVE DATE
	  	 	3	 
		
	 SECTION 5 ADMINISTRATION
	  	 	3	 
		
	 SECTION 6 ELIGIBILITY AND GRANT CAPS
	  	 	3	 
		
	 SECTION 7 GRANT OF OPTIONS
	  	 	3	 
			
	     7.1.
	 	 Grant
	  	 	3	 
	     7.2.
	 	 $100,000 Limit
	  	 	4	 
	 SECTION 8 OPTION PRICE
	  	 	4	 
		
	 SECTION 9 EXERCISE PERIOD
	  	 	4	 
		
	 SECTION 10 STOCK APPRECIATION RIGHTS
	  	 	5	 
		
	 SECTION 11 STOCK GRANTS
	  	 	6	 
		
	 SECTION 12 NONTRANSFERABILITY
	  	 	7	 

  
 ii 

							
		
	 SECTION 13 SECURITIES REGISTRATION AND RESTRICTIONS
	  	 	8	 
			
	     13.1.
	 	 Investment Representation
	  	 	8	 
	     13.2.
	 	 Registration or Qualification of Shares
	  	 	8	 
	 SECTION 14 LIFE OF PLAN
	  	 	8	 
		
	 SECTION 15 ADJUSTMENT
	  	 	8	 
			
	     15.1.
	 	 Adjustment
	  	 	8	 
	     15.2.
	 	 Fractional Shares
	  	 	9	 
	 SECTION 16 AMENDMENT OR TERMINATION
	  	 	9	 
		
	 SECTION 17 MISCELLANEOUS
	  	 	9	 
			
	     17.1.
	 	 Company Right to Redeem Options
	  	 	9	 
	     17.2.
	 	 Shareholder Rights
	  	 	10	 
	     17.3.
	 	 No Contract of Employment
	  	 	10	 
	     17.4.
	 	 Shareholder Agreement
	  	 	10	 
	     17.5.
	 	 Withholding
	  	 	10	 
	     17.6.
	 	 Information Obligation
	  	 	10	 
	     17.7.
	 	 Application of Proceed
	  	 	10	 
	     17.8.
	 	 Liability of Company
	  	 	10	 
	     17.9.
	 	 Construction
	  	 	11	 
	     17.10.
	 	 Rule 16b-3
	  	 	11	 
	     17.11.
	 	 Loans
	  	 	11	 
	     17.12.
	 	 Provision for Income Taxes
	  	 	11	 

  
 iii 

 SECTION 1  

PURPOSE 
 The purpose of
this Plan is to promote the interests of Vaccinex and its related companies by providing for the grant of Options and Stock Appreciation Rights and for Stock Grants to Key Employees and Directors in order (a) to encourage a sense of
proprietorship on the part of Key Employees and Directors who will be largely responsible for the continued growth of Vaccinex, (b) to furnish such Key Employees and Directors with further incentive to develop and promote the business and
financial success of Vaccinex, and (c) to induce such Key Employees and Directors to continue in the service of Vaccinex, by providing a means by which such selected individuals may purchase stock in Vaccinex. 

SECTION 2 

DEFINITIONS 
 Each term set
forth in this Section 2 has the meaning set forth opposite such term for purposes of this Plan and, for purposes of such definitions, the singular includes the plural and the plural includes the singular. 

2.1. “Affiliate” — means any organization (other than a Subsidiary) that would be treated as under common control
with Vaccinex under § 414(c) of the Code if “50 percent” were substituted for “80 percent” in the income tax regulations under § 414(c) of the Code. 

2.2. “Board” — means the Board of Directors of Vaccinex. 

2.3. “Code” — means the Internal Revenue Code of 1986, as amended. 

2.4. “Committee” — means a committee of the Board (whether an Executive Committee, Compensation Committee, Stock
Option Committee or other committee designated by the Board) appointed to administer this Plan, each member of which shall be appointed by and shall serve at the pleasure of the Board; provided that if Vaccinex becomes subject to Rule 16 of the 1934
Act and a publicly held corporation (as defined in § 162(m) of the Code), such committee thereafter shall have at least 2 members, each of whom shall come within the definition of “non-employee director” under Rule 16b-3 and
“outside director” under § 162(m) of the Code. 
 2.5. “Director” — means any member of the
Board who is not an employee of Vaccinex or a Parent or Subsidiary. 
 2.6. “Fair Market Value” — means
as of any date (a) the price that the Committee acting in good faith determines through any reasonable valuation method that a share of Stock might change hands between a willing buyer and a willing seller, neither being under any compulsion to
buy or to sell and both having reasonable knowledge of the relevant facts; provided, however, if the Stock is publicly traded on such date, “Fair Market Value” means (b) the closing price on such date for a share of Stock as reported
by The Wall Street Journal under the quotation system under which such closing price is reported or, if The Wall Street Journal does not report such closing price, such closing price as reported by a newspaper or trade journal selected
by the Committee or, if no such closing price is available on such date, (c) such closing price as so reported in accordance with Section 2.6(b) for the immediately preceding business day or, if no newspaper or trade journal reports such
closing price or if no such price quotation is available, (d) the price as determined in accordance with Section 2.6(a). 
 2.7.
“ISO” — means an option granted under this Plan to purchase Stock that is intended to satisfy the requirements of § 422 of the Code. 

2.8. “Key Employee” — means an employee of Vaccinex or any Parent, Subsidiary or Affiliate,
or a non-employee consultant or advisor retained by Vaccinex or any Parent, Subsidiary or Affiliate, designated by the Committee who, in the judgment of the Committee acting in its absolute discretion, is a key directly or indirectly to the success
of Vaccinex. 

  
 1 

 2.9. “1933 Act” — means the Securities Act of 1933, as amended. 

2.10. “NQO” — means an option granted under this Plan to purchase Stock that by its terms provides that it will
not be treated as an incentive stock option under § 422 of the Code or that fails to satisfy the requirements of § 422 of the Code. 

2.11. “Option” — means an ISO or a NQO. 

2.12. “Option Agreement” — means the written agreement or instrument that sets forth the terms of an Option
granted to a Key Employee or Director under this Plan. 
 2.13. “Option Price” — means the price payable to
purchase one share of Stock upon the exercise of an Option granted under this Plan. 
 2.14. “Parent” — means
any corporation that is a parent corporation (within the meaning of § 424(e) of the Code) of Vaccinex. 
 2.15.
“Plan” — means this Vaccinex, Inc. 2001 Employee Equity Plan, as amended from time to time. 
 2.16.
“SAR Value” — means the value assigned by the Committee to a share of Stock in connection with the grant of a Stock Appreciation Right under Section 10. 

2.17. “Stock” — means the $ 0.0001 par value Common Stock of Vaccinex. 

2.18. “Stock Appreciation Right” — means a right to receive the appreciation in a share of Stock which is granted
under Section 10. 
 2.19. “Stock Appreciation Right Certificate” — means the written certificate which sets
forth the terms and conditions of a Stock Appreciation Right which is not granted to a Key Employee as part of an Option. 
 2.20.
“Stock Grant” — means Stock granted under Section 11. 
 2.21. “Stock Grant
Certificate” — means the written agreement which sets forth the terms and conditions of a Stock Grant. 
 2.22.
“Subsidiary” — means any corporation that is a subsidiary corporation (within the meaning of § 424(f) of the Code) of Vaccinex. 

2.23. “Ten Percent Shareholder” — means a person who owns (after taking into account the attribution rules of
§ 424(d) of the Code) more than 10% of the total combined voting power of all classes of stock of any of Vaccinex, a Parent or a Subsidiary. 

2.24. “Vaccinex” — means Vaccinex, Inc. a Delaware corporation, and any successor to such corporation. 

SECTION 3 
 SHARES
RESERVED UNDER PLAN 
 There shall (subject to Section 15) be 2 million (2,000,000) shares of Stock reserved for use
under this Plan, and no more than such number of shares shall (subject to Section 15) be issued in connection with the exercise of ISOs. Such shares of Stock shall be reserved to the extent that Vaccinex deems appropriate from authorized but
unissued shares of Stock and from shares of Stock that have been reacquired by Vaccinex. Any shares of Stock subject to an Option or Stock Grant that remain unissued after the cancellation, expiration or exchange of such Option or Stock Grant for
another Option or Stock Grant or which are forfeited after issuance and any shares of Stock subject to issuance under a Stock Appreciation Right which remain unissued after the cancellation or expiration of such Stock Appreciation Right thereafter
shall again become available for issuance under this Plan, but any shares of Stock used to satisfy a withholding obligation shall not again be available for use under this Plan. Finally, if the 

  
 2 

 
Option Price under an Option is paid in whole or in part in shares of Stock or if shares of Stock are tendered to Vaccinex in satisfaction of any condition to a Stock Grant, such shares
thereafter shall become available for issuance under this Plan and shall be treated the same as any other shares available for issuance under this Plan. 

SECTION 4 

EFFECTIVE DATE 
 The
effective date of this Plan shall be the date the Plan is adopted by the Board, provided Vaccinex’s shareholders (acting at a duly called meeting of such shareholders) approve the establishment of this Plan within 12 months before or after such
effective date. Any Option or Stock Appreciation Right granted or Stock Grant made before such shareholder approval automatically shall be granted subject to such approval. If there is no such approval by the shareholders of Vaccinex, the grant of
any Options under this Plan shall be null and void. 
 SECTION 5 

ADMINISTRATION 
 This Plan
shall be administered by the Committee. If at any time the Board shall have not appointed a Committee to administer the Plan, the Board shall administer the Plan (and any reference in the Plan to the Committee shall mean a reference to the Board.)
The Committee, acting in its absolute discretion, shall exercise such powers and take such action as expressly called for under this Plan and, further, the Committee shall have the power to interpret this Plan, and the respective Option Agreements,
Stock Grant Certificates, Stock Appreciation Right Certificates, and other documents entered into under this Plan, and to take such other action in the administration and operation of this Plan as the Committee deems equitable under the
circumstances, which action shall be final and binding on Vaccinex, on each affected Key Employee and Director and on each other person directly or indirectly affected by such action. 

SECTION 6 

ELIGIBILITY AND GRANT CAPS 

Key Employees and Directors shall be eligible for the grant of NQ0s or Stock Appreciation Rights or Stock Grants under this Plan. Only Key
Employees who are current employees of Vaccinex or a Parent or Subsidiary shall be eligible for the grant of ISOs under this Plan. If Vaccinex becomes a publicly held corporation (as defined in § 162(m) of the Code), no Key Employee in any
calendar year thereafter who is a covered employee for purposes of § 162(m) of the Code shall be granted an Option to purchase (subject to § 15) more than 1 million shares of Stock or a Stock Appreciation Right based on the
appreciation with respect to (subject to § 15) more than 1 million shares of Stock. 
 SECTION 7 

GRANT OF OPTIONS 
 7.1.
Grant. The Committee acting in its absolute discretion shall have the right to grant Options to Key Employees and Directors under this Plan from time to time to purchase shares of Stock and, further, shall have the right to grant new Options
in exchange for the cancellation of outstanding Options that have a higher or lower Option Price. Each grant of an Option shall be evidenced by an Option Agreement, and each Option Agreement shall 

 

	 	(a)	specify whether the Option is an ISO or NQO, and 

  

	 	(b)	set forth such other terms and conditions as the Committee acting in its absolute discretion deems consistent with the terms of this Plan, including (without limitation) a limitation on the number of shares subject to
the Option which first become exercisable during any particular period. 

  
 3 

 If the Committee grants an ISO and a NQO to a Key Employee on the same date, the right of the Key
Employee to exercise the ISO shall not be conditioned on his or her failure to exercise the NQO. 
 7.2. $100,000 Limit. No Option
shall be treated as an ISO to the extent that the aggregate Fair Market Value of the shares of Stock subject to the Option (determined as of the date of grant of the Option) and any other incentive stock options granted to a Key Employee under this
Plan and under any other stock option plan adopted by Vaccinex, a Parent or a Subsidiary that first become exercisable in any calendar year exceeds $100,000 or such other dollar limit as is specified by § 422(d) of the Code. The Committee shall
interpret and administer the limitation set forth in this Section 7.2 in accordance with § 422(d) of the Code, and the Committee shall treat this Section 7.2 as in effect only for those periods for which § 422(d) of the Code is
in effect. 
 SECTION 8 

OPTION PRICE 
 The Option
Price for each share of Stock subject to an ISO shall be set by the Committee at the time the Option is granted, but such price shall not be set at less than the Fair Market Value of a share of Stock on the date the ISO is granted or, if the ISO is
granted to a Key Employee who is a Ten Percent Shareholder, the Option Price for each share of Stock subject to such ISO shall be no less than 110% of the Fair Market Value of a share of Stock on the date the ISO is granted. The Option Price for
each share of Stock subject to a NQO may be less than the Fair Market Value of a share of Stock on the date the NQO is granted but shall under no circumstances be less than adequate consideration (as determined by the Committee) for such a share.
The Option Price shall be payable in full upon the exercise of any Option, and an Option Agreement at the discretion of the Committee may provide for the payment of the Option Price either in cash or in Stock held by the Key Employee or Director or
in any combination of cash and such Stock. If an Option Agreement allows the payment of the Option Price in whole or in part in Stock, such payment shall be made in Stock acceptable to the Committee which the Key Employee or Director has held for at
least six months. Any payment made in Stock shall be treated as equal to the Fair Market Value of such Stock as of the date the properly endorsed certificate for such Stock is delivered to the Committee. 

SECTION 9 
 EXERCISE
PERIOD 
 Each Option granted under this Plan shall be exercisable in whole or in part at such time or times as set forth in the related
Option Agreement, but no Option Agreement shall make an Option exercisable on or after the earlier of 
  

	 	(a)	the date that is the fifth anniversary of the date the Option is granted, if the Option is an ISO and the Key Employee is a Ten Percent Shareholder on the date the Option is granted, or 

 

	 	(b)	the date that is the tenth anniversary of the date the Option is granted, if the Option is a NQO or if the Option is an ISO and is granted to a Key Employee who is not a Ten Percent Shareholder on the date the Option is
granted. 

  
 4 

 The Committee may (but shall not be obligated to) provide in an Option Agreement for the
automatic acceleration of the vesting, in whole or in part, of an Option upon the occurrence of certain events, such as a merger or sale of Vaccinex. 

An Option Agreement may provide for the exercise of an Option after the employment of a Key Employee or the service of a Director has
terminated for any reason whatsoever, including death or disability; provided, however, to the extent an ISO remains or becomes exercisable on or after the last day of the three-consecutive-month period that immediately follows the last day of a Key
Employee’s continuous period of employment by Vaccinex, a Parent or a Subsidiary (other than as a result of death or total and permanent disability (within the meaning of § 22(e)(3) of the Code)), the Option after such date no longer will
qualify for any special income tax benefits under § 422 of the Code. If a Key Employee terminates employment due to total and permanent disability, then to the extent an ISO remains or becomes exercisable on or after the last day of the
one-year period that immediately follows the last day of the Key Employee’s continuous period of employment by Vaccinex, a Parent or a Subsidiary, the Option after such date no longer will qualify for any special income tax benefits under
§ 422 of the Code. For purposes of this § 9 in the case of an ISO, an employment relationship will be treated as continuing during the period while a Key Employee is on military duty, sick leave or other bona fide leave of absence (as
determined by the Committee) if the period of such leave does not exceed ninety days, or, if longer, so long as a statute or contract guarantees the Key Employee’s right to re-employment with Vaccinex, a Parent or a Subsidiary. 

SECTION 10 
 STOCK
APPRECIATION RIGHTS 
 The Committee acting in its absolute discretion shall have the right to grant Stock Appreciation Rights to Key
Employees or Directors under this Plan from time to time, and each Stock Appreciation Right grant shall be evidenced by a Stock Appreciation Right Certificate or, if such Stock Appreciation Right is granted as part of an Option, shall be evidenced
by the Option Agreement for the related Option. 
  

	 	(a)	Terms and Conditions. 

 (i) Stock Appreciation Right Certificate. If a Stock
Appreciation Right is evidenced by a Stock Appreciation Right Certificate, such certificate shall set forth the number of shares of Stock on which the Key Employee’s or Director’s right to appreciation shall be based and the SAR Value of
each share of Stock. Such SAR Value shall be no less than the Fair Market Value of a share of Stock on the date that the Stock Appreciation Right is granted. The Stock Appreciation Right Certificate shall set forth such other terms and conditions
for the exercise of the Stock Appreciation Right as the Committee deems appropriate under the circumstances, but no Stock Appreciation Right Certificate shall make a Stock Appreciation Right exercisable on or after the date which is the tenth
anniversary of the date such Stock Appreciation Right is granted. 
 (ii) Option Agreement. If a Stock Appreciation Right is
evidenced by an Option Agreement, the number of shares of Stock on which the Key Employee’s or Director’s right to appreciation shall be based shall be the same as the number of shares of Stock subject to the related Option and the SAR
Value for each such share of Stock shall be no less than the Option Price under the related Option. Each such Option Agreement 

  
 5 

 
shall provide that the exercise of the Stock Appreciation Right with respect to any share of Stock shall cancel the Key Employee’s or Director’s right to exercise his or her Option with
respect to such share and, conversely, that the exercise of the Option with respect to any share of Stock shall cancel the Key Employee’s or Director’s right to exercise his or her Stock Appreciation Right with respect to such share. A
Stock Appreciation Right which is granted as part of an Option shall be exercisable only while the related Option is exercisable. The Option Agreement shall set forth such other terms and conditions for the exercise of the Stock Appreciation Right
as the Committee deems appropriate under the circumstances. 
 (iii) Exercise. A Stock Appreciation Right shall be exercisable only
when the Fair Market Value of a share of Stock on which the right to appreciation is based exceeds the SAR Value for such share, and the payment due on exercise shall be based on such excess with respect to the number of shares of Stock to which the
exercise relates. A Key Employee or Director upon the exercise of his or her Stock Appreciation Right shall receive a payment from Vaccinex in cash or in Stock issued under this Plan, or in a combination of cash and Stock, and the number of shares
of Stock issued shall be based on the Fair Market Value of a share of Stock on the date the Stock Appreciation Right is exercised. The Committee acting in its absolute discretion shall have the right to determine the form and time of any payment
under this Section 10. 
 SECTION 11 

STOCK GRANTS 
 The
Committee acting in its absolute discretion shall have the right to make Stock Grants to Key Employees and to Directors. Each Stock Grant shall be evidenced by a Stock Grant Certificate, and each Stock Grant Certificate shall set forth the
conditions, if any, under which Stock will be issued under the Stock Grant and the conditions under which the Key Employee’s or Director’s interest in any Stock which has been issued will become non-forfeitable. 

 

	 	(a)	Conditions. 

 (i) Conditions to issuance of Stock. The Committee acting in its
absolute discretion may make the issuance of Stock under a Stock Grant subject to the satisfaction of one, or more than one, condition which the Committee deems appropriate under the circumstances for Key Employees or Directors generally or for a
Key Employee or a Director in particular, and the related Stock Grant Certificate shall set forth each such condition and the deadline for satisfying each such condition. Stock subject to a Stock Grant shall be issued in the name of a Key Employee
or Director only after each such condition, if any, has been timely satisfied, and any Stock which is so issued shall be held by Vaccinex pending the satisfaction of the forfeiture conditions, if any, under Section 11(a)(ii) for the related
Stock Grant. 
 (ii) Forfeiture Conditions. The Committee acting in its absolute discretion may make Stock issued in the name of a
Key Employee or Director subject to one, or more than one, objective employment, 

  
 6 

 
performance or other forfeiture condition that the Committee acting in its absolute discretion deems appropriate under the circumstances for Key Employees or Directors generally or for a Key
Employee or a Director in particular, and the related Stock Grant Certificate shall set forth each such forfeiture condition, if any, and the deadline, if any, for satisfying each such forfeiture condition. A Key Employee’s or a Director’s
non-forfeitable interest in the shares of Stock underlying a Stock Grant shall depend on the extent to which he or she timely satisfies each such condition. Each share of Stock underlying a Stock Grant shall be unavailable under Section 3 after
such grant is effective unless such share thereafter is forfeited as a result of a failure to timely satisfy a forfeiture condition, in which event such share of Stock shall again become available under Section 3 as of the date of such
forfeiture. 
 (iii) Dividends and Voting Rights. If a cash dividend is paid on a share of Stock after such Stock has been issued
under a Stock Grant but before the first date that a Key Employee’s or a Director’s interest in such Stock (1) is forfeited completely or (2) becomes completely non-forfeitable, Vaccinex shall pay such cash dividend directly to
such Key Employee or Director. If a Stock dividend is paid on such a share of Stock during such period, such Stock dividend shall be treated as part of the related Stock Grant, and a Key Employee’s or a Director’s interest in such Stock
dividend shall be forfeited or shall become non-forfeitable at the same time as the Stock with respect to which the Stock dividend was paid is forfeited or becomes non-forfeitable. The disposition of each other form of dividend which is declared on
such a share of Stock during such period shall be made in accordance with such rules as the Committee shall adopt with respect to each such dividend. A Key Employee or a Director also shall have the right to vote the Stock issued under his or her
Stock Grant during such period. 
 (iv) Satisfaction of Forfeiture Conditions. A share of Stock shall cease to be subject to a Stock
Grant at such time as a Key Employee’s or a Director’s interest in such Stock becomes non-forfeitable under this Plan, and the certificate representing such share shall be transferred to the Key Employee or Director as soon as practicable
thereafter. 
 SECTION 12 

NONTRANSFERABILITY 
 No
Option, Stock Grant or Stock Appreciation Right shall (absent the Committee’s consent) be transferable by a Key Employee or Director other than by will or by the laws of descent and distribution, and any Option or Stock Appreciation Right shall
(absent the Committee’s consent) be exercisable during the lifetime of a Key Employee or Director only by such Key Employee or Director. The person or persons to whom an Option or Stock Grant or Stock Appreciation Right is transferred by will
or by the laws of descent and distribution (or with the Committee’s consent) thereafter shall be treated as the Key Employee or Director under this Plan. 

  
 7 

 SECTION 13 

SECURITIES REGISTRATION AND RESTRICTIONS 

13.1. Investment Representation. As a condition to the receipt of shares of Stock under this Plan, a Key Employee or a Director shall,
if so requested by Vaccinex, agree to hold such shares of Stock for investment and not with a view of resale or distribution to the public and, if so requested by Vaccinex, shall deliver to Vaccinex a written statement satisfactory to Vaccinex to
that effect. Furthermore, if so requested by Vaccinex, a Key Employee or Director shall make a written representation to Vaccinex that he or she will not sell or offer for sale any of such Stock unless a registration statement shall be in effect
with respect to such Stock under the 1933 Act and any applicable state securities law or he or she shall have furnished to Vaccinex an opinion in form and substance satisfactory to Vaccinex of legal counsel satisfactory to Vaccinex that such
registration is not required. Certificates representing the Stock transferred upon the exercise of an Option or Stock Appreciation Right or upon the lapse of the forfeiture conditions, if any, on any Stock Grant may, at the discretion of Vaccinex,
bear a legend to the effect that the Key Employee or Director agrees to hold such Stock for investment and not with a view to resale or distribution to the public and that such Stock has not been registered under the 1933 Act or any applicable state
securities law and that such Stock cannot be sold or offered for sale in the absence of an effective registration statement as to such Stock under the 1933 Act and any applicable state securities law or an opinion in form and substance satisfactory
to Vaccinex of legal counsel satisfactory to Vaccinex that such registration is not required. 
 13.2. Registration or Qualification of
Shares. If the Committee, in its sole discretion, determines that registration or qualification of shares is necessary or desirable, Vaccinex shall, at its expense, take such action as may be required to effect such registration or
qualification. However, the Committee is under no obligation to effect any such registration or qualification. 
 SECTION 14 

LIFE OF PLAN 
 No Option or
Stock Appreciation Right shall be granted or Stock Grant made under this Plan on or after the earlier of (a) the tenth anniversary of the effective date of this Plan (as determined under Section 4), in which event this Plan shall continue
in effect thereafter until all outstanding Options and Stock Appreciation Rights have been exercised in full or no longer are exercisable and all Stock issued under any Stock Grants under this Plan have been forfeited or have become non-forfeitable,
or (b) the date on which all of the Stock reserved under Section 3 has (as a result of the exercise of Options or Stock Appreciation Rights or the satisfaction of the forfeiture conditions, if any, on Stock Grants) been issued or no longer
is available for use under this Plan, in which event this Plan also shall terminate on such date. 
 SECTION 15 

ADJUSTMENT 
 15.1.
Adjustment. The number, kind or class (or any combination thereof) of shares of Stock reserved under Section 3, the annual grant caps described in Section 6, the number, kind or class (or any combination thereof) of shares of Stock
subject to Options or Stock Appreciation Rights granted under this Plan and the Option Price of such Options and the SAR Value of such Stock Appreciation Rights as well as the number, kind or class (or any combination thereof) of shares of Stock
subject to Stock Grants under this Plan shall be adjusted by the Committee in an equitable manner to reflect any change in the capitalization of Vaccinex resulting from a stock dividend or stock split. The Committee as part of any corporate
transaction described in § 424(a) of the Code, including, without limitation, stock dividends or stock splits, shall have the right to adjust (in any manner which the Committee in its discretion deems consistent with § 424(a) of the Code)
the number, kind or class (or any combination thereof) of shares of Stock reserved 

  
 8 

 
under Section 3 and the annual grant caps described in Section 6. Furthermore, the Committee as part of any such corporate transaction described in § 424(a) of the Code shall have
the right to adjust (in any manner which the Committee in its discretion deems consistent with § 424(a) of the Code) the number, kind or class (or any combination thereof) of shares of Stock subject to any outstanding Stock Grants under this
Plan and any related grant conditions and forfeiture conditions, and the number, kind or class (or any combination thereof) of shares subject to Option and Stock Appreciation Right grants previously made under this Plan and the related Option Price
and SAR Value for each such Option and Stock Appreciation Right, and, further, shall have the right (in any manner which the Committee in its discretion deems consistent with § 424(a) of the Code without regard to the annual grant caps
described in Section 6) to make any Stock Grants and Option and Stock Appreciation Right grants to effect the assumption of, or the substitution for, stock grants and option and stock appreciation right grants previously made by any other
corporation to the extent that such corporate transaction calls for such substitution or assumption of such stock grants and stock option and stock appreciation right grants. 

15.2. Fractional Shares. If any adjustment under this Section 15 would create a fractional share of Stock or a right to acquire a
fractional share of Stock, such fractional share shall be disregarded and the number of shares of Stock reserved under this Plan and the number subject to any Options or Stock Appreciation Right grants and Stock Grants shall be the next lower number
of shares of Stock, rounding all fractions downward. An adjustment made under this Section 15 by the Committee shall be conclusive and binding on all affected persons and, further, shall not constitute an increase in “the number of shares
of Stock reserved under Section 3” within the meaning of Section 16. 
 SECTION 16 

AMENDMENT OR TERMINATION 

This Plan may be amended by the Board from time to time to the extent that the Board deems necessary or appropriate; provided, however, no
amendment shall be made absent the approval of the shareholders of Vaccinex to the extent such approval is required under § 422 of the Code (a) to increase the number of shares of Stock reserved under Section 3 which can be issued
upon the exercise of ISOs or (b) to change the class of employees eligible for Options which are ISOs. The Board also may suspend granting Options or Stock Appreciation Rights or making Stock Grants under this Plan at any time and may terminate
this Plan at any time; provided, however, the Board shall not have the right unilaterally to modify, amend or cancel any Option or Stock Appreciation Right granted or Stock Grant made before such suspension or termination unless (x) the Key
Employee or Director consents in writing to such modification, amendment or cancellation or (y) there is a dissolution or liquidation of Vaccinex or a transaction described in Section 15. 

SECTION 17 

MISCELLANEOUS 
 17.1.
Company Right to Redeem Options. Every vested Option shall be redeemable, in whole or in part, by Vaccinex at any time, in its discretion. The purchase price for any Option redeemed by Vaccinex shall be the Fair Market Value of the shares of
Stock subject to the Option, less the Option Price for the shares of Stock. The purchase price, less any amount of federal and states taxes attributable to the redemption that the Committee, in its discretion, deems necessary or advisable to
withhold, shall be paid to Key Employee or Director in cash, by promissory note or in Stock, or in any combination of the foregoing, as determined in the absolute discretion of the Committee. 

  
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 17.2. Shareholder Rights. No Key Employee or Director shall have any rights as a
shareholder of Vaccinex as a result of the grant of an Option or Stock Appreciation Right to him or to her or his or her exercise of such Option or Stock Appreciation Right pending the actual delivery of the Stock subject to such Option or Stock
Appreciation Right to such Key Employee or Director. Subject to Section 11(a)(iii), a Key Employee’s or a Director’s rights as a shareholder in the shares of Stock underlying a Stock Grant which is effective shall be set forth in the
related Stock Grant Certificate. 
 17.3. No Contract of Employment. The grant of an Option or Stock Appreciation Right or a Stock
Grant to a Key Employee or Director under this Plan shall not constitute a contract of employment or a right to continue to serve on the Board and shall not confer on a Key Employee or Director any rights upon his or her termination of employment or
services as a Director in addition to those rights, if any, expressly set forth in the Option Agreement, Stock Appreciation Right Certificate or Stock Grant Certificate. 

17.4. Shareholder Agreement. Vaccinex shall have the right to require a Key Employee or Director to enter into such employment,
shareholder, buy-sell, right of first refusal or other agreement or agreements that Vaccinex deems appropriate under the circumstances as a condition to the grant or to the exercise of any Option or Stock Appreciation Right or as a condition to a
Stock Grant or the issuance of Stock subject to a Stock Grant. 
 17.5. Withholding. Each Option, Stock Appreciation Right and Stock
Grant shall be made subject to the condition that the Key Employee or Director consents to whatever action the Committee directs to satisfy the federal and state tax withholding requirements, if any, that the Committee in its discretion deems
applicable to the exercise of such Option or Stock Appreciation Right or the satisfaction of any forfeiture conditions with respect to Stock subject to such Stock Grant. The Committee also shall have the right to provide in an Option Agreement,
Stock Appreciation Right Certificate or Stock Grant Certificate that a Key Employee or Director may elect to satisfy federal and state tax withholding requirements through a reduction in the cash or the number of shares of Stock actually transferred
to him or to her under this Plan. 
 17.6. Information Obligation. Prior to the initial public offering of the Stock, to the extent
required by applicable law, Vaccinex shall deliver financial statements at least annually to Key Employees who have received Options. This § 17.6 shall not apply to Key Employees whose duties in connection with Vaccinex assure them access to
equivalent information. 
 17.7. Application of Proceed. The proceeds of the sale of shares of Stock by Vaccinex under this Plan will
constitute general funds of Vaccinex and may be used for any purpose. 
 17.8. Liability of Company. Vaccinex, any Parent or any
Subsidiary, shall not be liable to a Key Employee or Director as to: 
  

	 	(a)	Non-Issuance of Shares. The non-issuance or sale of shares of Stock as to which Vaccinex has been unable to obtain from any regulatory body having jurisdiction the authority deemed by counsel of Vaccinex to be
necessary to the lawful issuance and sale of any shares hereunder. 

  

	 	(b)	Tax Consequences. Any tax consequences expected but not realized by any Key Person or Director due to the exercise of any Option or Stock Appreciation Right or the satisfaction of any forfeiture conditions with
respect to Stock subject to a Stock Grant. 

  
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 17.9. Construction. This Plan shall be construed under the laws of the State of
[Delaware]. The headings in this Plan are for convenience of reference purposes only. All references to sections are to sections of this Plan unless otherwise indicated. 

17.10. Rule 16b-3. The Committee shall have the right to amend any Option, Stock Appreciation Right or Stock Grant to withhold or
otherwise restrict the transfer of any Stock or cash under this Plan to a Key Employee or Director as the Committee deems appropriate in order to satisfy any condition or requirement under Rule 16b-3 to the extent Rule 16 of the 1934 Act might be
applicable to such grant or transfer. 
 17.11. Loans. If approved by the Committee, Vaccinex may lend money to, or guarantee loans
made by a third party to, any Key Employee or Director to finance all or a part of the exercise of any Option granted under this Plan or the purchase of any Stock subject to a Stock Grant under this Plan, and the exercise of an Option or the
purchase of any such Stock with the proceeds of any such loan shall be treated as an exercise or purchase for cash under this Plan. 

17.12. Provision for Income Taxes. The Committee acting in its absolute discretion shall have the power to authorize and direct
Vaccinex to pay a cash bonus (or to provide in the terms of an Option Agreement, Stock Appreciation Right Certificate or Stock Grant Certificate for Vaccinex to make such payment) to a Key Employee or Director to pay all, or any portion of, his or
her federal, state and local income tax liability which the Committee deems attributable to his or her exercise of an Option or Stock Appreciation Right or his or her interest in the shares of Stock issued under his or her Stock Grant becoming
non-forfeitable and, further, to pay any such tax liability attributable to such cash bonus. 

  
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