Document:

EX-10.24

 Exhibit 10.24 

FORM OF 
 ENDOCHOICE
HOLDINGS, INC. 
 EMPLOYEE STOCK PURCHASE PLAN 

Effective as of                     , 2015

 ENDOCHOICE HOLDINGS, INC. 

EMPLOYEE STOCK PURCHASE PLAN 

TABLE OF CONTENTS 
  

							
	 ARTICLE I PURPOSE, SCOPE AND ADMINISTRATION OF THE PLAN
		 	4	  
			
	 1.1.
		Purpose and Scope		 	4	  
		
	 ARTICLE II DEFINITIONS
		 	4	  
			
	 2.1.
		“Agent”		 	4	  
	 2.2.
		“Administrator”		 	4	  
	 2.3.
		“Board”		 	4	  
	 2.4.
		“Code”		 	4	  
	 2.5.
		“Committee”		 	4	  
	 2.6.
		“Common Stock”		 	4	  
	 2.7.
		“Company”		 	4	  
	 2.8.
		“Compensation”		 	4	  
	 2.9.
		“Designated Subsidiary”		 	5	  
	 2.10.
		“Effective Date”		 	5	  
	 2.11.
		“Eligible Employee”		 	5	  
	 2.12.
		“Employee”		 	5	  
	 2.13.
		“Enrollment Date”		 	5	  
	 2.14.
		“Exercise Date”		 	6	  
	 2.15.
		“Exchange Act”		 	6	  
	 2.16.
		“Fair Market Value”		 	6	  
	 2.17.
		“Grant Date”		 	6	  
	 2.18.
		“New Exercise Date”		 	6	  
	 2.19.
		“Offering Period”		 	6	  
	 2.20.
		“Option”		 	7	  
	 2.21.
		“Option Price”		 	7	  
	 2.22.
		“Parent”		 	7	  
	 2.23.
		“Participant”		 	7	  
	 2.24.
		“Payday”		 	7	  
	 2.25.
		“Plan”		 	7	  
	 2.26.
		“Plan Account”		 	7	  
	 2.27.
		“Subsidiary”		 	7	  
	 2.28.
		“Trading Day”		 	7	  
	 2.29.
		“Withdrawal Election”		 	7	  
		
	 ARTICLE III PARTICIPATION
		 	7	  
			
	 3.1.
		Eligibility		 	7	  
	 3.2.
		Election to Participate; Payroll Deductions		 	8	  

  
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	 ARTICLE IV PURCHASE OF SHARES
		 	9	  
			
	 4.1.
		Grant of Option		 	9	  
	 4.2.
		Option Price		 	9	  
	 4.3.
		Purchase of Shares		 	10	  
	 4.4.
		Transferability of Rights		 	10	  
		
	 ARTICLE V PROVISIONS RELATING TO COMMON STOCK
		 	11	  
			
	 5.1.
		Common Stock Reserved		 	11	  
	 5.2.
		Adjustments Upon Changes in Capitalization, Dissolution, Liquidation, Corporate Transaction		 	11	  
	 5.3.
		Insufficient Shares		 	12	  
	 5.4.
		Rights as Stockholders		 	12	  
		
	 ARTICLE VI TERMINATION OF PARTICIPATION
		 	12	  
			
	 6.1.
		Cessation of Contributions; Voluntary Withdrawal		 	12	  
	 6.2.
		Termination of Eligibility		 	13	  
		
	 ARTICLE VII GENERAL PROVISIONS
		 	13	  
			
	 7.1.
		Administration		 	13	  
	 7.2.
		Designation of Subsidiary Corporations		 	15	  
	 7.3.
		Reports		 	15	  
	 7.4.
		No Right to Employment		 	15	  
	 7.5.
		Amendment and Termination of the Plan		 	15	  
	 7.6.
		Use of Funds; No Interest Paid		 	16	  
	 7.7.
		Term; Approval by Stockholders		 	16	  
	 7.8.
		Effect Upon Other Plans		 	16	  
	 7.9.
		Conformity to Securities Laws		 	16	  
	 7.10.
		Notice of Disposition of Shares		 	16	  
	 7.11.
		Tax Withholding		 	17	  
	 7.12.
		Governing Law		 	17	  
	 7.13.
		Notices		 	17	  
	 7.14.
		Conditions To Issuance of Shares		 	17	  
	 7.15.
		Equal Rights and Privileges		 	18	  
	 7.16.
		Limitation on Liability		 	18	  
	 7.17.
		Plan Document Controls		 	18	  
	 7.18.
		Severability		 	18	  

  
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 ENDOCHOICE HOLDINGS, INC. 

EMPLOYEE STOCK PURCHASE PLAN 

ARTICLE I 
 PURPOSE, SCOPE AND
ADMINISTRATION OF THE PLAN 
 1.1. Purpose and Scope. The purpose of the EndoChoice Holdings, Inc. Employee Stock Purchase Plan, as
it may be amended from time to time (the “Plan”), is to assist employees of EndoChoice Holdings, Inc., a Delaware corporation (the “Company”), and its Designated Subsidiaries in acquiring a stock ownership interest
in the Company pursuant to a plan which is intended to qualify as an “employee stock purchase plan” under Section 423 of the Code and to help such employees provide for their future security and to encourage them to remain in the
employment of the Company and its Subsidiaries. 
 ARTICLE II 

DEFINITIONS 
 Whenever the
following terms are used in the Plan, they shall have the meaning specified below unless the context clearly indicates to the contrary. The singular pronoun shall include the plural where the context so indicates. 

2.1. “Agent” means the brokerage firm, bank or other financial institution, entity or person(s), if any, engaged, retained,
appointed or authorized to act as the agent of the Company or an Employee with regard to the Plan. 
 2.2. “Administrator”
shall mean the Committee, or such individuals to which authority to provide administrative services under this Plan has been delegated under Section 7.1 hereof. 

2.3. “Board” shall mean the Board of Directors of the Company. 

2.4. “Code” shall mean the Internal Revenue Code of 1986, as amended. 

2.5. “Committee” shall mean the Compensation Committee of the Board. 

2.6. “Common Stock” shall mean the common stock of the Company. 

2.7. “Company” shall have such meaning as set forth in Section 1.1 hereof. 

2.8. “Compensation” of an Employee shall mean the regular straight-time earnings or base salary, bonuses and commissions paid
to the Employee from the Company on each Payday as compensation for services to the Company or any Designated Subsidiary, before deduction for any salary deferral contributions made by the Employee to any tax-qualified or nonqualified deferred
compensation plan, including overtime, shift differentials, vacation pay, salaried production schedule premiums, holiday pay, jury duty pay, funeral leave pay, paid time off, military pay, prior week adjustments and weekly bonus, but excluding
education or tuition reimbursements, imputed income arising under any group insurance or benefit program, travel expenses, business and moving reimbursements, income received in connection with any stock 

  
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options, restricted stock, restricted stock units or other compensatory equity awards and all contributions made by the Company or any Designated Subsidiary for the Employee’s benefit under
any employee benefit plan now or hereafter established. Such Compensation shall be calculated before deduction of any income or employment tax withholdings, but shall be withheld from the Employee’s net income. 

2.9. “Designated Subsidiary” shall mean each Subsidiary that has been designated by the Committee from time to time in its
sole discretion as eligible to participate in the Plan, including any Subsidiary in existence on the Effective Date and any Subsidiary formed or acquired following the Effective Date, in accordance with Section 7.2 hereof. 

2.10. “Effective Date” shall mean the effective date of the Company’s first registration statement relating to its
initial public offering, provided that the Board has adopted and the Company’s stockholders have approved the Plan prior to or on such date. 

2.11. “Eligible Employee” shall mean an Employee who (a) who customarily works at least twenty (20) hours per week
and is customarily employed for more than five (5) months in a calendar year. Notwithstanding the foregoing, the Committee may exclude from participation in the Plan as an Eligible Employee (x) any Employee that is a “highly
compensated employee” of the Company or any Designated Subsidiary (within the meaning of Section 414(q) of the Code), or that is such a “highly compensated employee” (A) with compensation above a specified level,
(B) who is an officer, and/or (C) is subject to the disclosure requirements of Section 16(a) of the Exchange Act, and/or (y) any Employee who is a citizen or resident of a foreign jurisdiction (without regard to whether such
Employee is also a citizen of the United States or a resident alien (within the meaning of Section 7701(b)(1)(A) of the Code)) if either (i) the grant of the Option is prohibited under the laws of the jurisdiction governing such
Employee, or (ii) compliance with the laws of the foreign jurisdiction would cause the Plan or the Option to violate the requirements of Section 423 of the Code; provided that any exclusion in clauses (x) and/or
(y) shall be applied in an identical manner under each Offering Period to all Employees of the Company and all Designated Subsidiaries, in accordance with Treasury Regulation Section 1.423-2(e). 

2.12. “Employee” shall mean any person who renders services to the Company or a Designated Subsidiary as an
“employee” within the meaning of Section 3401(c) of the Code pursuant to an employment relationship with such employer. For purposes of the Plan, the employment relationship shall be treated as continuing intact while the
individual is on military leave, sick leave or other leave of absence approved by the Company or Designated Subsidiary that meets the requirements of Treasury Regulation Section 1.421-1(h)(2). Where the period of leave exceeds three
(3) months, or such other period specified in Treasury Regulation Section 1.421-1(h)(2), and the individual’s right to re-employment is not guaranteed either by statute or by contract, the employment relationship shall be deemed to
have terminated on the first day immediately following such three (3)-month period, or such other period specified in Treasury Regulation Section 1.421-1(h)(2). 

2.13. “Enrollment Date” shall mean the first date of each Offering Period. 

  
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 2.14. “Exercise Date” shall mean the last Trading Day of each Offering Period,
except as provided in Section 5.2 hereof. 
 2.15. “Exchange Act” shall mean the Securities Exchange Act of 1934, as
amended. 
 2.16. “Fair Market Value” shall mean, as of any date, the value of Common Stock determined as follows: 

(a) If the Common Stock is (i) listed on any established securities exchange (such as the New York Stock Exchange, the
NASDAQ Global Market and the NASDAQ Global Select Market), (ii) listed on any national market system or (iii) listed, quoted or traded on any automated quotation system, its Fair Market Value shall be the closing sales price for a share of
Common Stock as quoted on such exchange or system for such date or, if there is no closing sales price for a share of Common Stock on the date in question, the closing sales price for a share of Stock on the last preceding date for which such
quotation exists, as reported in The Wall Street Journal or such other source as the Administrator deems reliable; 

(b) If the Common Stock is not listed on an established securities exchange, national market system or automated quotation
system, but the Common Stock is regularly quoted by a recognized securities dealer, its Fair Market Value shall be the mean of the high bid and low asked prices for such date or, if there are no high bid and low asked prices for a share of Common
Stock on such date, the high bid and low asked prices for a share of Common Stock on the last preceding date for which such information exists, as reported in The Wall Street Journal or such other source as the Administrator deems
reliable; or 
 (c) If the Common Stock is neither listed on an established securities exchange, national market system or
automated quotation system nor regularly quoted by a recognized securities dealer, its Fair Market Value shall be established by the Administrator in good faith. 

(d) For purposes of the first Enrollment Date of the first Offering Period under the Plan, the Fair Market Value will be the
initial price to the public set forth in the final prospectus included within the registration statement on Form S-1 filed with the U.S. Securities and Exchange Commission for the initial public offering of the Common Stock (the
“Registration Statement”). 
 2.17. “Grant Date” shall mean the first Trading Day of an Offering Period.

 2.18. “New Exercise Date” shall have such meaning as set forth in Section 5.2(b) hereof. 

2.19. “Offering Period” shall mean such period of time commencing on such date(s) as determined by the Administrator, in its
sole discretion, and with respect to which Options shall be granted to Participants. The duration and timing of Offering Periods may be established or changed by the Administrator at any time, in its sole discretion; provided, that unless otherwise
determined by the Administrator, each Offering Period shall be a calendar quarter in duration 

  
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and the first day of each such Offering Period shall be the first Trading Day of such calendar quarter; provided, however, the first Offering Period under the Plan will not commence before the
Company’s Registration Statement is declared effective by the U.S. Securities and Exchange Commission. Notwithstanding the foregoing, in no event may an Offering Period exceed twenty-seven (27) months. 

2.20. “Option” shall mean the right to purchase shares of Common Stock pursuant to the Plan during each Offering Period. 

2.21. “Option Price” shall mean the purchase price of a share of Common Stock hereunder as provided in Section 4.2 hereof. 

2.22. “Parent” means any entity that is a parent corporation of the Company within the meaning of Section 424 of the
Code and the regulations promulgated thereunder. 
 2.23. “Participant” shall mean any Eligible Employee who elects to
participate in the Plan. 
 2.24. “Payday” shall mean the regular and recurring established day for payment of Compensation
to an Employee of the Company or any Designated Subsidiary. 
 2.25. “Plan” shall have such meaning as set forth in
Section 1.1 hereof. 
 2.26. “Plan Account” shall mean a bookkeeping account established and maintained by the Company
in the name of each Participant. 
 2.27. “Subsidiary” shall mean any entity that is a subsidiary corporation of the
Company within the meaning of Section 424 of the Code and the regulations promulgated thereunder. In addition, with respect to any sub-plans adopted under Section 7.1(d) hereof which are designed to be outside the scope of
Section 423 of the Code, Subsidiary shall include any corporate or noncorporate entity in which the Company has a direct or indirect equity interest or significant business relationship. 

2.28. “Trading Day” shall mean a day on which the principal securities exchange on which the Common Stock is listed is open
for trading or, if the Common Stock is not listed on a securities exchange, shall mean a business day, as determined by the Administrator in good faith. 

2.29. “Withdrawal Election” shall have such meaning as set forth in Section 6.1(a) hereof. 

ARTICLE III 
 PARTICIPATION

 3.1. Eligibility. 

(a) Any Eligible Employee who shall be employed by the Company or a Designated Subsidiary on a given Enrollment Date for an
Offering Period shall be eligible to participate in the Plan during such Offering Period, subject to the requirements of Articles IV and V hereof, and the limitations imposed by Section 423(b) of the Code and the regulations promulgated
thereunder. 

  
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 (b) Notwithstanding any provision of the Plan to the contrary, no Eligible
Employee shall be granted an Option under the Plan (i) to the extent that, immediately after the grant of the Option, such Eligible Employee (or any other person whose stock would be attributed to such Eligible Employee pursuant to
Section 424(d) of the Code) would own capital stock of the Company or any Parent or Subsidiary and/or hold outstanding options to purchase stock possessing 5% or more of the total combined voting power or value of all classes of the capital
stock of the Company or any Parent or any Subsidiary, or (ii) to the extent that his or her rights to purchase stock under all employee stock purchase plans (within the meaning of Section 423 of the Code) of the Company or any Parent or
Subsidiary accrues (within the meaning of Section 423(b)(8) of the Code) at a rate that exceeds $25,000 of the Fair Market Value of such stock (determined at the time the option is granted) for each calendar year in which such Option is
outstanding at any time, as determined in accordance with Section 423 of the Code and the regulations promulgated thereunder. 
 3.2.
Election to Participate; Payroll Deductions. 
 (a) An Eligible Employee may become a Participant in the Plan only by
means of payroll deduction. Each individual who is an Eligible Employee as of an Offering Period’s Enrollment Date may elect to participate in such Offering Period and the Plan by properly competing a payroll deduction authorization and
submitting it to the Company, in accordance with the enrollment procedures established by the Administrator, in its sole discretion. 

(b) Subject to Section 3.1(b) hereof, by submitting a payroll deduction authorization, the Eligible Employee
authorizes payroll deductions in an amount (i) equal to at least one percent (1%) of the Participant’s Compensation as of each Payday of the Offering Period following the Enrollment Date, but not more than the lesser of
(x) fifteen percent (15%) of the Participant’s Compensation as of each Payday of the Offering Period following the Enrollment Date or (y) $25,000 per Offering Period; and (ii) that shall be expressed as a whole number
percentage. Amounts deducted from a Participant’s Compensation with respect to an Offering Period pursuant to this Section 3.2 shall be deducted each Payday through payroll deduction and credited to the Participant’s Plan
Account. 
 (c) During an Offering Period, a Participant may decrease (to as low as zero) the amount deducted from such
Participant’s Compensation only once. To make such a change, the Participant must submit a new payroll deduction authorization authorizing the new rate of payroll deductions at least ten (10) calendar days before the Exercise Date for such
Offering Period. A Participant may not increase the amount deducted from such Participant’s Compensation during an Offering Period.

  
 8 

 (d) Notwithstanding the foregoing, upon the termination of an Offering Period,
each Participant in such Offering Period shall automatically participate in the immediately following Offering Period at the same payroll deduction percentage as in effect at the termination of the prior Offering Period, unless such Participant
delivers to the Company a different election with respect to the successive Offering Period in accordance with Section 3.1(a) hereof, or unless such Participant becomes ineligible for participation in the Plan. 

(e) No payroll deduction authorization shall become binding upon the Company until it has been accepted by the Administrator.
Only the Administrator is authorized to accept payroll deduction authorizations and the actions of any person other than the Administrator (subject to the Committee’s right to delegate pursuant to Section 7.1(a) hereof) shall be of no
effect. The Administrator shall have the right, in its sole discretion, to reject any payroll deduction authorization that (i) does not comply with the requirements of this Plan or the deadlines, forms or procedures developed by the
Administrator or (ii) is submitted by a person who is not an Eligible Employee or whose status as Eligible Employee is suspended or revoked. Such rejection may be effected by not making payroll deductions under this Plan or, if such deductions
have been made, by returning, without interest, such amounts to the person for whose benefit such deductions were made. The rejection of a payroll deduction authorization for one or more Offering Periods shall not affect the ability or right of the
Administrator to accept or reject a payroll deduction authorization for any subsequent Offering Period. 
 ARTICLE IV 

PURCHASE OF SHARES 
 4.1.
Grant of Option. Each Participant shall be granted an Option with respect to an Offering Period on the applicable Grant Date. Subject to adjustment in accordance with Sections 5.2 and 5.3 hereof and the limitations of Section 3.1(b)
hereof, the number of shares of Common Stock subject to a Participant’s Option shall be determined by dividing (a) such Participant’s payroll deductions accumulated prior to such Exercise Date and retained in the Participant’s
Plan Account on such Exercise Date by (b) the applicable Option Price; provided that in no event shall a Participant be permitted to purchase during each Offering Period more than 5,000 shares of Common Stock. The Committee may, for
future Offering Periods, increase or decrease, in its absolute discretion, the maximum number of shares of Common Stock that a Participant may purchase during such future Offering Periods. Each Option shall expire on the Exercise Date for the
applicable Offering Period immediately after the automatic exercise of the Option in accordance with Section 4.3 hereof, unless such Option terminates earlier in accordance with Article 6 hereof. 

4.2. Option Price. The “Option Price” per share of Common Stock to be paid by a Participant upon exercise of the
Participant’s Option on the applicable Exercise Date for an Offering Period shall be equal to eighty five percent (85%) of the lesser of the Fair Market Value of a share of Common Stock on (a) the applicable Grant Date and
(b) the applicable Exercise Date; provided that in no event shall the Option Price per share of Common Stock be less than the par value per share of the Common Stock. 

  
 9 

 4.3. Purchase of Shares. 

(a) On the applicable Exercise Date for an Offering Period, each Participant shall automatically and without any action on such
Participant’s part be deemed to have exercised his or her Option to purchase at the applicable per share Option Price the largest number of whole shares of Common Stock which can be purchased with the amount in the Participant’s Plan
Account. Any balance less than the per share Option Price that is remaining in the Participant’s Plan Account (after exercise of such Participant’s Option) as of the Exercise Date shall be carried forward to the next Offering Period,
unless the Participant has elected to withdraw from the Plan pursuant to Section 6.1 hereof or, pursuant to Section 6.2 hereof, such Participant has ceased to be an Eligible Employee. Any balance not carried forward to the next Offering
Period in accordance with the prior sentence promptly shall be refunded to the applicable Participant. For the avoidance of doubt, in no event shall an amount greater than or equal to the per share Option Price as of an Exercise Date be carried
forward to the next Offering Period. 
 (b) As soon as practicable following the applicable Exercise Date, the number of
shares of Common Stock purchased by such Participant pursuant to Section 4.3(a) hereof shall be delivered (either in share certificate or book entry form), in the Company’s sole discretion, to either (i) the Participant or
(ii) an account established in the Participant’s name at a stock brokerage or other financial services firm designated by the Company. If the Company is required to obtain from any commission or agency authority to issue any such
shares of Common Stock, the Company shall seek to obtain such authority. Inability of the Company to obtain from any such commission or agency authority which counsel for the Company deems necessary for the lawful issuance of any such shares
shall relieve the Company from liability to any Participant except to refund to the Participant such Participant’s Plan Account balance, without interest thereon. 

(c) If the Company is prevented by applicable securities laws from selling stock as of any date, no purchase shall be made on
such date and Options shall remain in effect unless withdrawn and the purchases shall occur as soon as practicable after the Administrator determines that restrictions preventing the sale of stock have been removed or otherwise cease to exist;
provided, that such Options shall expire and may not be exercised after the expiration of the twenty-seven (27) month period starting on the Grant Date applicable to such Options. 

4.4. Transferability of Rights. An Option granted under the Plan shall not be transferable, other than by will or the applicable laws
of descent and distribution, and is exercisable during the Participant’s lifetime only by the Participant. No option or interest or right to the Option shall be available to pay off any debts, contracts or engagements of the Participant or
his or her successors in interest or shall be subject to disposition by pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any
other legal or equitable proceedings (including bankruptcy), and any attempt at disposition of the option shall have no effect. 

  
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 ARTICLE V 

PROVISIONS RELATING TO COMMON STOCK 

5.1. Common Stock Reserved. Subject to adjustment as provided in Section 5.2 hereof, a total of
[                ] shares of Common Stock shall be made available for sale under the Plan. Shares of Common Stock made available for sale under the Plan may be
authorized but unissued shares, treasury shares of Common Stock, or reacquired shares reserved for issuance under the Plan. 
 5.2.
Adjustments Upon Changes in Capitalization, Dissolution, Liquidation, Corporate Transaction. 
 (a) Changes in
Capitalization. In the event that any dividend or other distribution (whether in the form of cash, Common Stock, or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off,
combination, repurchase, or exchange of Common Stock or other securities of the Company, or other change in the Company’s structure affecting the Common Stock occurs, then in order to prevent dilution or enlargement of the benefits or potential
benefits intended to be made available under the Plan, the Committee will, in such manner as it deems equitable, adjust the number of shares and class of Common Stock that may be delivered under the Plan, the Purchase Price per share and the number
of shares of Common Stock covered by each outstanding option under the Plan, and the numerical limits of Sections 4.1 and 5.1 hereof. 

(b) Dissolution or Liquidation. In the event of the proposed dissolution or liquidation of the Company, the Offering
Period then in progress shall be shortened by setting a new Exercise Date (the “New Exercise Date”), and shall terminate immediately prior to the consummation of such proposed dissolution or liquidation, unless provided otherwise by
the Committee. The New Exercise Date shall be before the date of the Company’s proposed dissolution or liquidation. The Administrator shall notify each Participant in writing, at least ten (10) business days prior to the New
Exercise Date, that the Exercise Date for the Participant’s Option has been changed to the New Exercise Date and that the Participant’s Option shall be exercised automatically on the New Exercise Date, unless prior to such date the
Participant has elected to withdraw from the Plan pursuant to Section 6.1 hereof or, pursuant to Section 6.2 hereof, such Participant has ceased to be an Eligible Employee. 

(c) Corporate Transaction. In the event of the occurrence of a merger, consolidation, acquisition of property or stock,
separation, reorganization or other corporate event described in Section 424 of the Code with respect to the Company, each outstanding Option shall be assumed or an equivalent option substituted by the successor corporation or a Parent or
Subsidiary of the successor corporation. In the event that the successor corporation refuses to assume or substitute for the Option, any Offering Periods then in progress shall be shortened by setting a New Exercise Date and any Offering
Periods then in progress shall end on the New Exercise Date. The New Exercise Date shall be before the date of the Company’s proposed sale or merger. The Administrator shall notify each Participant in writing, at least ten
(10) business days prior to the New Exercise Date, that the Exercise Date for the Participant’s Option has been changed to the New Exercise Date and that the Participant’s Option shall be exercised automatically on the New Exercise
Date, unless prior to such date the Participant has elected to withdraw from the Plan pursuant to Section 6.1 hereof or, pursuant to Section 6.2 hereof, such Participant has ceased to be an Eligible Employee. 

  
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 5.3. Insufficient Shares. If the Administrator determines that, on a given Exercise Date,
the number of shares of Common Stock with respect to which Options are to be exercised would exceed the number of shares of Common Stock remaining available for sale under the Plan on such Exercise Date, the Administrator shall make a pro rata
allocation of the shares of Common Stock available for issuance on such Exercise Date in as uniform a manner as shall be practicable and as the Administrator shall determine in its sole discretion to be equitable among all Participants exercising
Options to purchase Common Stock on such Exercise Date, and unless additional shares are authorized for issuance under the Plan, no further Offering Periods shall take place and the Plan shall terminate pursuant to Section 7.5 hereof. If
an Offering Period is so terminated, then the balance of the amount credited to the Participant’s Plan Account which has not been applied to the purchase of shares of Common Stock shall be paid to such Participant in one lump sum in cash within
thirty (30) days after such Exercise Date, without any interest thereon. 
 5.4. Rights as Stockholders. With respect to shares
of Common Stock subject to an Option, a Participant shall not be deemed to be a stockholder of the Company and shall not have any of the rights or privileges of a stockholder. A Participant shall have the rights and privileges of a stockholder
of the Company when, but not until, shares of Common Stock have been deposited in the designated brokerage account following exercise of his or her Option. 

ARTICLE VI 
 TERMINATION OF
PARTICIPATION 
 6.1. Cessation of Contributions; Voluntary Withdrawal. 

(a) A Participant may elect to withdraw from the Plan by delivering written notice of such election to the Company in such form
and at such time prior to the Exercise Date for the then-current Offering Period as may be established by the Administrator (a “Withdrawal Election”). A Participant electing to withdraw from the Plan may elect to either
(i) withdraw all, but not less than all, of the funds then credited to the Participant’s Plan Account as of the date on which the Withdrawal Election is received by the Company (or its designee), in which case amounts credited to such Plan
Account shall be returned to the Participant in one (1) lump-sum payment in cash within thirty (30) days after such election is received by the Company (or its designee), without any interest thereon, and the Participant shall cease to
participate in the Plan and the Participant’s Option for such Offering Period shall automatically terminate. Upon receipt of a Withdrawal Election, the Participant’s payroll deduction authorization and his or her Option to purchase under
the Plan shall terminate. If a Participant withdraws from the Offering Period, payroll deductions will not resume at the beginning of the succeeding Offering Period, unless the Participant re-enrolls in the Plan in accordance with the provisions of
Article 3. 
 (b) A participant’s withdrawal from the Plan shall not have any effect upon his or her eligibility to
participate in any similar plan which may hereafter be adopted by the Company or in succeeding Offering Periods which commence after the termination of the Offering Period from which the Participant withdraws. 

  
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 (c) A Participant who ceases contributions to the Plan during any Offering Period
shall not be permitted to resume contributions to the Plan during that Offering Period. 
 6.2. Termination of Eligibility. Upon a
Participant’s ceasing to be an Eligible Employee, for any reason, such Participant’s Option for the applicable Offering Period shall automatically terminate, he or she shall be deemed to have elected to withdraw from the Plan, and
such Participant’s Plan Account shall be paid to such Participant or, in the case of his or her death, to the person or persons entitled thereto pursuant to applicable law, within thirty (30) days after such cessation of being an Eligible
Employee, without any interest thereon. 
 ARTICLE VII 

GENERAL PROVISIONS 
 7.1.
Administration. 
 (a) The Plan shall be administered by the Committee, which shall be composed of members of the
Board. The Committee may delegate administrative tasks under the Plan to the Administrator to assist in the administration of the Plan, including establishing and maintaining an individual securities account under the Plan for each Participant.
Any person to whom the duty to perform an administrative function is delegated shall act on behalf of and shall be responsible to the Committee for such function. 

(b) It shall be the duty of the Administrator to conduct the general administration of the Plan in accordance with the
provisions of the Plan. The Administrator shall have the power, subject to, and within the limitations of, the express provisions of the Plan: 

(i) To establish Offering Periods; 

(ii) To determine when and how Options shall be granted and the provisions and terms of each Offering Period (which need not be
identical); 
 (iii) To select Designated Subsidiaries in accordance with Section 7.2 hereof; 

(iv) To develop such forms and procedures as the Administrator in its discretion deems necessary or helpful to the orderly
administration of this Plan; and 
 (v) To construe and interpret the Plan, the terms of any Offering Period and the terms of
the Options and to adopt such rules for the administration, interpretation, and application of the Plan as are consistent therewith and to 

  
 13 

 
interpret, amend or revoke any such rules. The Administrator, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan, any Offering Period or any Option, in a
manner and to the extent it shall deem necessary or expedient to make the Plan fully effect, subject to Section 423 of the Code and the regulations promulgated thereunder. 

(c) The Administrator may adopt rules or procedures relating to the operation and administration of the Plan to
accommodate the specific requirements of local laws and procedures. Without limiting the generality of the foregoing, the Administrator is specifically authorized to adopt rules and procedures regarding handling of participation elections,
payroll deductions, payment of interest, conversion of local currency, payroll tax, withholding procedures and handling of stock certificates which vary with local requirements. In its absolute discretion, the Board may at any time and from
time to time exercise any and all rights and duties of the Committee or the Administrator under the Plan. 
 (d) The
Committee may adopt sub-plans applicable to particular Designated Subsidiaries or locations, which sub-plans may be designed to be outside the scope of Section 423 of the Code. The rules of such sub-plans may take precedence over
other provisions of this Plan, with the exception of Section 5.1 hereof, but unless otherwise superseded by the terms of such sub-plan, the provisions of this Plan shall govern the operation of such sub-plan. 

(e) All expenses and liabilities incurred by the Administrator in connection with the administration of the Plan shall be borne
by the Company. The Administrator may, with the approval of the Committee, employ attorneys, consultants, accountants, appraisers, brokers or other persons. The Committee, the Administrator, the Company and its officers and directors shall
be entitled to rely upon the advice, opinions or valuations of any such persons. All actions taken and all interpretations and determinations made by the Administrator in good faith shall be final and binding upon all Participants, the Company
and all other interested persons. No member of the Board, the Committee or the Administrator shall be personally liable for any action, determination or interpretation made in good faith with respect to the Plan or the options, and all members
of the Board, the Committee and the Administrator shall be fully protected by the Company in respect to any such action, determination, or interpretation. 

(f) All communications from an Eligible Employee to the Administrator under, or in connection with, this Plan shall be deemed
to have been filed with the Administrator when actually received in the form specified by the Administrator at the location, or by the person, designated by the Administrator for the receipt of such communications. The Administrator, in its sole
discretion, may accept or reject communications not complying with the forms and procedures developed by the Administrator. 

(g) In the event that payroll deductions are made or shares of stock are purchased in error, the Administrator shall take such
action as the Administrator in its absolute discretion deems necessary or appropriate to correct such error as soon as practicable after the Administrator has knowledge of the error. 

  
 14 

 7.2. Designation of Subsidiary Corporations. The Board or Committee shall designate from
among the Subsidiaries, as determined from time to time, the Subsidiary or Subsidiaries that shall constitute Designated Subsidiaries. The Board or Committee may designate a Subsidiary, or terminate the designation of a Subsidiary, without the
approval of the stockholders of the Company. 
 7.3. Reports. Individual accounts shall be maintained by the Administrator for each
Participant in the Plan. Statements of Plan Accounts shall be given by the Administrator to Participants at least annually, which statements shall set forth the amounts of payroll deductions, the Option Price, the number of shares purchased and the
remaining cash balance, if any. 
 7.4. No Right to Employment. Nothing in the Plan shall be construed to give any person (including
any Participant) the right to remain in the employ of the Company, a Parent or a Subsidiary or to affect the right of the Company, any Parent or any Subsidiary to terminate the employment of any person (including any Participant) at any time, with
or without cause, which right is expressly reserved. 
 7.5. Amendment and Termination of the Plan. 

(a) The Board may, in its sole discretion, amend, suspend or terminate the Plan at any time and for any
reason; provided, however, that without approval of the Company’s stockholders given within twelve (12) months before or after action by the Board, the Plan may not be amended to increase the maximum number of shares of Common
Stock subject to the Plan or change the designation or class of Eligible Employees; and provided, further that without approval of the Company’s stockholders, the Plan may not be amended in any manner that would cause the Plan to
no longer be an “employee stock purchase plan” within the meaning of Section 423(b) of the Code. 
 (b)
In the event the Administrator determines that the ongoing operation of the Plan may result in unfavorable financial accounting consequences, the Administrator may, to the extent permitted under Section 423 of the Code, in its discretion and,
to the extent necessary or desirable, modify or amend the Plan to reduce or eliminate such accounting consequence including, but not limited to: 

(i) altering the Option Price for any Offering Period including an Offering Period underway at the time of the change in Option
Price; 
 (ii) shortening any Offering Period so that the Offering Period ends on a new Exercise Date, including an Offering
Period underway at the time of the Administrator action; and 
 (iii) allocating shares of Common Stock. 

Such modifications or amendments shall not require stockholder approval or the consent of any Participant. 

  
 15 

 (c) If the Plan is terminated, the Administrator may elect to terminate all
outstanding Offering Periods either immediately or once shares of Common Stock have been purchased on the next Exercise Date (which may, in the discretion of the Administrator, be accelerated). If any Offering Period is terminated before its
scheduled expiration, all amounts that have not been used to purchase shares of Common Stock will be returned to Participants (without interest, except as otherwise required by law) as soon as administratively practicable. 

7.6. Use of Funds; No Interest Paid. All funds received by the Company by reason of purchase of Common Stock under the Plan shall be
included in the general funds of the Company free of any trust or other restriction and may be used for any corporate purpose to the extent permitted by applicable law. No interest shall be paid to any Participant or credited under the Plan.

 7.7. Term; Approval by Stockholders. No Option may be granted during any period of suspension of the Plan or after termination of
the Plan. The Plan shall be submitted for the approval of the Company’s stockholders within twelve (12) months before or after the date of the Board’s adoption of the Plan. Options may be granted prior to such stockholder approval;
provided, however, that such Options shall not be exercisable prior to the time when the Plan is approved by the stockholders; provided, further that if such approval has not been obtained by the end of said twelve (12)-month period, all Options
previously granted under the Plan shall thereupon terminate and be canceled and become null and void without being exercised. 
 7.8.
Effect Upon Other Plans. The adoption of the Plan shall not affect any other compensation or incentive plans in effect for the Company, any Parent or any Subsidiary. Nothing in the Plan shall be construed to limit the right of the Company,
any Parent or any Subsidiary (a) to establish any other forms of incentives or compensation for Employees of the Company or any Parent or any Subsidiary, or (b) to grant or assume Options otherwise than under the Plan in connection with any proper
corporate purpose, including, but not by way of limitation, the grant or assumption of options in connection with the acquisition, by purchase, lease, merger, consolidation or otherwise, of the business, stock or assets of any corporation, firm or
association. 
 7.9. Conformity to Securities Laws. Notwithstanding any other provision of the Plan, the Plan and the participation
in the Plan by any individual who is then subject to Section 16 of the Exchange Act shall be subject to any additional limitations set forth in any applicable exemption rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3
of the Exchange Act) that are requirements for the application of such exemptive rule. To the extent permitted by applicable law, the Plan shall be deemed amended to the extent necessary to conform to such applicable exemptive rule. 

7.10. Notice of Disposition of Shares. Each Participant shall give the Company prompt written notice of any disposition or other
transfer of any shares of Common Stock, acquired pursuant to the exercise of an Option, if such disposition or transfer is made (a) within two (2) years after the applicable Grant Date or (b) within one (1) year after the transfer of such shares of
Common Stock to such Participant upon exercise of such Option. The Company may direct that any certificates evidencing shares acquired pursuant to the Plan refer to such requirement. 

  
 16 

 7.11. Tax Withholding. The Company or any Parent or any Subsidiary shall be entitled to
require payment in cash or deduction from other compensation payable to each Participant of any sums required by federal, state or local tax law to be withheld with respect to any purchase of shares of Common Stock under the Plan or any sale of such
shares. 
 7.12. Governing Law. The Plan and all rights and obligations thereunder shall be construed and enforced in accordance with
the laws of the State of Delaware. 
 7.13. Notices. All notices or other communications by a participant to the Company under or in
connection with the Plan shall be deemed to have been duly given when received in the form specified by the Company at the location, or by the person, designated by the Company for the receipt thereof. 

7.14. Conditions To Issuance of Shares. 

(a) Notwithstanding anything herein to the contrary, the Company shall not be required to issue or deliver any certificates or
make any book entries evidencing shares of Common Stock pursuant to the exercise of an Option by a Participant, unless and until the Board or the Administrator has determined, with advice of counsel, that the issuance of such shares of Common Stock
is in compliance with all applicable laws, regulations of governmental authorities and, if applicable, the requirements of any securities exchange or automated quotation system on which the shares of Common Stock are listed or traded, and the shares
of Common Stock are covered by an effective registration statement or applicable exemption from registration. In addition to the terms and conditions provided herein, the Board or the Administrator may require that a Participant make such
reasonable covenants, agreements, and representations as the Board or the Administrator, in its discretion, deems advisable in order to comply with any such laws, regulations, or requirements. 

(b) All certificates for shares of Common Stock delivered pursuant to the Plan and all shares of Common Stock issued pursuant
to book entry procedures are subject to any stop-transfer orders and other restrictions as the Administrator deems necessary or advisable to comply with federal, state, or foreign securities or other laws, rules and regulations and the rules of any
securities exchange or automated quotation system on which the shares of Common Stock are listed, quoted, or traded. The Administrator may place legends on any certificate or book entry evidencing shares of Common Stock to reference restrictions
applicable to the shares of Common Stock. 
 (c) The Administrator shall have the right to require any Participant to comply
with any timing or other restrictions with respect to the settlement, distribution or exercise of any Option, including a window-period limitation, as may be imposed in the sole discretion of the Administrator. 

  
 17 

 (d) Notwithstanding any other provision of the Plan, unless otherwise determined
by the Administrator or required by any applicable law, rule or regulation, the Company may, in lieu of delivering to any Participant certificates evidencing shares of Common Stock issued in connection with any Option, record the issuance of shares
of Common Stock in the books of the Company (or, as applicable, its transfer agent or stock plan administrator). 
 7.15. Equal Rights
and Privileges. Except with respect to sub-plans designed to be outside the scope of Section 423 of the Code, all Eligible Employees of the Company (or of any Designated Subsidiary) shall have equal rights and privileges under this Plan to
the extent required under Section 423 of the Code or the regulations promulgated thereunder so that this Plan qualifies as an “employee stock purchase plan” within the meaning of Section 423 of the Code or the regulations
promulgated thereunder. Any provision of this Plan that is inconsistent with Section 423 of the Code or the regulations promulgated thereunder shall, without further act or amendment by the Company or the Board, be reformed to comply with the
equal rights and privileges requirement of Section 423 of the Code or the regulations promulgated thereunder. 
 7.16. Limitation on
Liability. Neither the Company nor any affiliate or anyone acting on the behalf of the Company or an affiliate shall be responsible in whole or in part for any act done in good faith or any good faith omission to act. Without limiting the first
sentence, such entities shall not be responsible for any prices at which shares of Stock are purchased or sold, the time at which any purchase or sale is made under this Plan, or the change in value of any class of stock of the Company. 

7.17. Plan Document Controls. In the event of any conflict between the provisions of this Plan and any other document or communication,
this Plan shall control, and the conflicting provisions of such other document or communication shall be null and void ab initio. 
 7.18.
Severability. In the event any provision of this Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of this Plan, and this Plan shall be construed and enforced as if the
illegal or invalid provision had not been included. 
 * * * * * * 

I hereby certify that the foregoing EndoChoice Holdings, Inc. Employee Stock Purchase Plan was duly approved by the Board of Directors of
EndoChoice Holdings, Inc. on             , 2015. 
 I hereby certify that the
foregoing EndoChoice Holdings, Inc. Employee Stock Purchase Plan was duly approved by the stockholders of EndoChoice Holdings, Inc. on
                    , 2015. 
 Executed on this
    day of         , 2015. 
  

	
	  

	[Name, Title]

  
 18EX-10.25

 EXHIBIT 10.25 

THIRD AMENDED AND RESTATED 

EMPLOYMENT AGREEMENT 

THIS THIRD AMENDED AND RESTATED EMPLOYMENT
AGREEMENT (this “Agreement”) is made by and amongst ECPM Holdings, LLC (together with its subsidiaries and affiliates, the
“Company”), having its principal offices at 11810 Wills Road, Alpharetta, GA 30005 USA, and Mark G. Gilreath (the “Executive”), effective as of
May 1, 2015 and amends and restates the prior Second Amended and Restated Employment Agreement between the Company and the Executive dated September 25, 2012. 

WHEREAS, the Company desires to continue to employ the Executive in the position of President and Chief Executive
Officer for the Company; 
 WHEREAS, the Executive desires to be employed by the Company as its President and Chief
Executive Officer; and 
 WHEREAS, the Company and the Executive desire to amend and restate the terms of the prior
employment agreement to reflect agreed upon changes in the terms of Executive’s compensation and employment. 
 NOW
THEREFORE, in consideration of the premises and the mutual covenants herein contained, the Company and the Executive hereby agree as follows: 

1. Definitions. For purposes of this Agreement, the following terms shall have the meanings set forth below: 

(a) “Annual Base Salary” shall mean the Executive’s annual rate of regular base
annual compensation prior to any reduction under (i) a salary reduction agreement pursuant to Section 401(k) or Section 125 of the Code or (ii) any plan or arrangement deferring any base salary. 

(b) “Board” shall mean the Board of Directors of the Company. The Board may delegate
its authority to a committee of the Board (the “Committee”), including without limitation a compensation committee, which shall consist of outside directors as defined under Section 162(m) the Code, and related Treasury
regulations, and “non-employee directors” as defined under Rule 16b-3 under the Securities Exchange Act of 1934 (the “Exchange Act”). Unless otherwise specified in the Agreement, the term “Board” shall
include any Committee (or sub-committee) to which the Board’s authority has been delegated. 

 (c) “Cause” any of the following
(i) conviction of the Executive by a court of competent jurisdiction of any felony or a crime involving dishonesty; (ii) the Executive’s grossly negligent or willful and material breach of the Executive’s duties and
responsibilities; (iii) the Executive’s willful and material misconduct in the performance of Executive’s duties (iv) the 

(d) Executive’s willful failure to comply with any lawful instruction or directive of the Board or (v) the Executive’s
willful and material breach of the Employment Covenants Agreement. An event described in (ii) - (v) above shall not be treated as “Cause” until after the Executive has been given written notice of such event, failure or conduct and
the Executive fails to cure such event, failure, conduct or breach, if curable, within thirty (30) days from such written notice. In any event, the Executive shall not be deemed to have been terminated for Cause unless the Company shall have
given a reasonable opportunity to Executive to appear before the Board to request reconsideration. Failure of the Company to meet financial or performance targets or goals shall not be deemed to be a breach pursuant to subsections (ii),
(iii) or (iv) above.  
 (e) “Change in Control” shall mean the
occurrence of one (1) or more of the following events: 
 (i) The date that any Person (other than a trustee or
other fiduciary holding securities under an employee benefit plan of the Company, or a company owned directly or indirectly by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company), or more
than one such Person acting as a group (as determined under Treasury Regulations Section 1.409A-3(i)(5)(v)(B)), acquires ownership of the stock of the Company representing more than thirty-five percent (35%) of the total combined voting
power of the Company’s then-outstanding stock; 
 (ii) The date that any Person (other than a trustee or other fiduciary holding
securities under an employee benefit plan of the Company, or a company owned directly or indirectly by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company), or more than one such Person
acting as a group (as determined under Treasury Regulations Section 1.409A-3(i)(5)(v)(B)), acquires assets from the Company that have a total gross fair market value equal to or more than 40% of the total gross fair market value of all
of the assets of the Company immediately before such acquisition (with “gross fair market value” determined without regard to any liabilities associated with such assets); or 

(iii) The date that the majority of members of the Board are replaced during any twelve (12)-month period by directors whose
appointment or election is not endorsed by a majority of the members of the Board prior to the date of such appointment or election. 

Notwithstanding the foregoing, in no event shall a Change in Control be deemed to have occurred if, with respect to the Executive, the
Executive is part of a purchasing group which consummates the Change in Control transaction. The Executive shall be deemed “part of 

 
the purchasing group” for purposes of the preceding sentence if the Executive is an equity participant or has agreed to become an equity participant in the purchasing company or group
(except for (a) passive ownership of less than five percent (5%) of the voting securities of the purchasing company; or (b) ownership of equity participation in the purchasing company or group which is not more than ten percent (10%),
as determined prior to the Change in Control by a majority of the non-employee continuing directors of the Board). 
 Notwithstanding any
provision herein to the contrary, the Company’s initial public offering shall not be a Change in Control for purposes of this Agreement. 

(f) “COBRA” shall mean the Consolidated Omnibus Budget Reconciliation Act of 1985,
as amended, as well as any applicable state law of similar effect.  
 (g)
“Code” shall mean the Internal Revenue Code of 1986, as amended, and, as applicable, Treasury Regulations promulgated thereunder. 

(h) “Company” shall mean EndoChoice Holdings, Inc. and any successor to its business
and/or assets which assumes (either expressly, by operation of law or otherwise) and/or agrees to perform this Agreement by operation of law or otherwise (except in determining, under subsection (d) hereof, whether or not any Change in Control
of the Company has occurred in connection with such succession). 
 (i) “Date of
Termination” shall mean with respect to any purported termination of the Executive’s employment, the effective date of the Executive’s Separation from Service. 

(j) “Disability” shall mean the Executive’s inability for medical reasons to
perform the essential duties of the Executive’s position for either ninety (90) consecutive calendar days or one hundred twenty (120) business days in a twelve (12) month period by reason of any medically determined physical or
mental impairment as determined by a medical doctor selected by written agreement of the Company and the Executive upon the request of either party by notice to the other. 

(k) “Employment Covenants Agreement” shall mean the Employment Covenants Agreement
between the Executive and the Company dated January 29, 2013. 
 (l) “Good
Reason” shall mean (i) a material change in the character or scope of the Executive’s position, duties, Annual Base Salary, responsibilities, reporting or authority, including without limitation any requirement that the
Executive report to a Person other than the Board; (ii) any material reduction in the Executive’s Target Bonus opportunity; (iii) the Company requires Executive to change the Executive’s principal location of work to a location
that is greater than fifty (50) miles from the location thereof as of the effective date of this Agreement  

 
without the Executive’s written consent; (iv) failure of the Company to have any successor entity assume and perform this Agreement pursuant to Section 7(d); or (v) the
material breach of this Agreement by the Company or any successor thereto, including without limitation a failure to nominate the Executive to serve as a member of the Board during the Term. A condition described in (i) – (v) above
shall not be treated as “Good Reason” until after the Executive has given written notice to the Company of the existence of the condition not less than thirty (30) days after the initial existence of the condition and the Company
fails to cure such condition within thirty (30) days from such written notice. 
 (m) “Person” shall have
the meaning ascribed thereto in Section 3(a)(9) of the Exchange Act, as modified, applied and used in Sections 13(d) and 14(d) thereof; provided, however, a Person shall not include (i) the Company or any of its respective subsidiaries,
(ii) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its respective subsidiaries (in its capacity as such), or (iii) an underwriter temporarily holding securities pursuant to an
offering of such securities. 
 (n) “Release” shall mean a general mutual release of the Company and the
Executive containing a mutual non-disparagement clause in substantially the form attached hereto as Exhibit A. The Release must be signed by the Executive and become irrevocable and effective in accordance with its terms not later than sixty
(60) days following the Date of Termination, unless a longer period for execution and effectiveness is expressly required by applicable law. 

(o) “Separation from Service” shall mean the date after which (i) no further
services are reasonably expected to be performed by the Executive or (ii) the level of bona fide services that the Executive would perform (whether as an employee or as an independent contractor) would permanently decrease to no more than 20%
of the average level of bona fide services performed (whether as an employee or as an independent contractor) over the preceding 36-month period. The determination of such date shall be made in good faith by the Board based on the applicable facts
and circumstances and in accordance with the requirements of Treasury Regulation Section 1.409A-1(h).  

(p) “Severance Commencement Date” shall mean the date on or following the Date of
Termination and on which the Release becomes effective and irrevocable in accordance with its terms; provided, however, that if the Date of Termination occurs within sixty (60) days prior to the end of a
calendar year, the Severance Commencement Date will be the later of (i) the date on which the Release becomes effective and irrevocable in accordance with its terms, or (ii) the first day of the calendar year immediately following the Date
of Termination. 
 2. Term of this Agreement. The term of this Agreement, as amended, shall commence upon the date of
this Agreement set forth above and shall continue until terminated in accordance with Section 4 (the “Term”). 

 3. Duties; Scope of Employment; Compensation and Benefits. 

(a) Position and Duties. The Company shall employ the Executive in the position of President and Chief Executive Officer of the Company,
reporting to the Board. The Executive shall be nominated to serve as a member of the Board during the Term. During the Term, the Executive will devote substantially all of the Executive’s business efforts and time to the Company. The Executive
agrees not to actively engage in any other employment, occupation or consulting activity for any direct or indirect remuneration without the prior approval of the Board, provided, however, that the Executive may engage in the
following as long as such activities do not materially interfere with the Executive’s duties and responsibilities with the Company: (i) serve on the board of one (1) unaffiliated corporation; (ii) serve on the boards of trade
associations or charitable organizations or otherwise engage in charitable activities and community affairs; or (iii) manage the Executive’s personal investments and affairs; provided, however, that Executive may serve
on the Board of more than one unaffiliated corporation subject to the reasonable prior approval of the Board, which shall not be unreasonably withheld or delayed. 

(b) Annual Base Salary. The Executive’s Annual Base Salary shall equal Four Hundred Eighteen Thousand and Four Hundred Dollars
($418,400). The Annual Base Salary amount shall be reviewed not less frequently than annually by the Board and, in the sole discretion of the Board, may be adjusted upward. Notwithstanding the preceding sentence, the Executive’s annual salary
may be reduced if such reduction is pro rata among substantially all of the Company’s senior level executives as a group. 

(c) Bonus. The Executive’s target bonus opportunity shall be not less than fifty percent (50%) of
the Executive’s Annual Base Salary (the “Target Bonus”). This target percentage shall be reviewed not less frequently than annually by the Board and, in its sole discretion, may be
adjusted upward. The Executive’s actual bonus earned shall be determined based on the Executive’s performance and achievement of target objectives and such other terms agreed to in good faith by the Company and the Executive.

 (d) Pension and Welfare Plans. During the Term, the Executive and the Executive’s dependents, if applicable, shall be
entitled to participate in all incentive, savings and retirement plans, health and welfare benefit plans, practices, policies and programs (including, without limitation, medical, prescription, dental, disability, employee life, group life,
accidental death and travel accident insurance plans and programs) sponsored by the Company or its affiliates on the same terms and conditions generally applicable to executives of the Company; provided, however, the Executive
shall not be eligible to participate in the EndoChoice Holdings, Inc. Officer Severance Benefit Plan or any other severance arrangement that may be maintained by the Company from time to time (other than the severance provided in this Agreement)
unless such arrangement specifically designates the Executive as eligible to participate therein. 

 (e) Equity Plans. The Executive shall be entitled to participate in any stock option,
restricted stock, stock appreciation rights, or any other equity compensation plan or program sponsored by the Company or its affiliates on the same terms and conditions generally applicable to executives of the Company. Notwithstanding the
foregoing, except as expressly otherwise provided herein, the Executive shall not have a guaranteed right to awards under such plans at any time or in any particular amount. Any equity interests or rights to purchase equity interests in the Company
held by the Executive and issued pursuant to the EndoChoice Holdings, Inc. 2015 Omnibus Equity Incentive Plan or any successor plan (the “Equity Plan”) shall be administered and subject to the terms of the
Equity Plan and any amendments thereto, including, without limitation, the Equity Plan’s provisions relevant to a Change in Control. 

(f) Designation as Qualified Performance-Based Compensation. The Company may determine that any bonus or equity awards issued under
Sections 3(c) or 3(e) of this Agreement (“Awards”) shall be considered “qualified performance-based compensation” under Section 162(m) of the Code. In such event, any such Awards shall be
administered by the Committee in accordance with Section 162(m) of the Code. 
 (g) Fringe Benefits and Prerequisites. The
Executive shall be entitled to fringe benefits and prerequisites available to executives in accordance with the plans, practices, programs and policies of the Company from time to time. 

(h) Expenses. The Executive shall be entitled to receive prompt reimbursement for all reasonable business expenses incurred by the
Executive in accordance with the applicable policy of the Company and its affiliated companies as in effect from time to time. 

(i) Paid Time Off. The Executive shall be entitled to five (5) weeks of paid time off in accordance with the general policy of the
Company applicable to executives as in effect from time to time. 
 (j) Indemnification/D&O Coverage/Other Benefits. The
Executive shall be a party to any indemnification or similar agreement into which the Company and any other senior executives enter, on terms no less favorable than any such other senior executives. The Executive will also be indemnified to the
fullest extent permitted by law, from and against any and all liability, loss, damages or expenses incurred as a result of, arising out of, or in any way related to, Executive’s lawful service as an employee, officer, director or agent of the
Company or a Company affiliate, in accordance with the Company’s Certificate of Incorporation and bylaws. The Company shall maintain a directors and officers liability insurance policy (including commercially reasonable tail coverage) covering
the Executive in his capacity as an officer and director of the Company and any Company affiliate. The Company’s obligation to indemnify the Executive shall survive termination of this Agreement. The Executive shall be entitled to prompt
reimbursement of (i) dues for membership in the Young Presidents’  

 
Organization – YPO/World Presidents’ Organization – WPO, including reasonable expenses for travel and participation in such organizations’ events, and (ii) the full cost
of one annual executive physical examination, to the extent not covered by the Company’s group health plan and in accordance with the requirements of Treasury Regulation Section 1.105-11(g). 

4. Termination. The Term and Executive’s employment shall terminate upon the occurrence of any of the following events: 

(a) Termination Without Cause; Resignation for Good Reason; Death; Disability. 

(i) General. The Company may remove the Executive at any time without Cause from the position in which the Executive is
employed hereunder upon not less than thirty (30) days’ prior written notice of termination to the Executive; provided, however, that, in the event that such notice is given, the Executive shall be allowed reasonable time away from
the office to seek other employment. In addition, the Executive may initiate termination of employment by resigning under this Section 4(a) for Good Reason. The Executive shall give the Company not less than thirty (30) days’ prior
written notice of termination of such resignation for Good Reason.  
 (ii) Death, Disability, or Not in Connection with a Change
in Control. Upon any removal without Cause or resignation for Good Reason described in Section 4(a)(i) above (other than such a removal or resignation that occurs during the period commencing on the date the Company enters into a written
agreement which, if consummated, would and does result in a Change in Control and ending twenty-four (24) months following the effective date of a Change in Control) or in the event of Executive’s death or termination of employment as a
result of Disability, the Executive shall be entitled to receive, subject to the effectiveness and irrevocability of the Release, cash severance equal to: (a) the sum of (A) one hundred fifty percent (150%) the Executive’s Annual
Base Salary at the rate in effect immediately prior to the Date of Termination (the “Cash Severance”), plus (B) one hundred percent (100%) of the Executive’s full annual target bonus for the year
in which the Date of Termination occurs (the “Severance Bonus”); (b) an annual bonus for the year in which the Executive terminates employment (the “Pro Rata Bonus”),
in an amount based on actual performance for the year in which Executive terminates employment and pro-rated based on a fraction, the numerator of which is the number of days the Executive is employed during such year of termination and the
denominator of which is 365; and (c) if Executive timely elects continuation health care coverage pursuant to COBRA for himself and/or his eligible dependents, the Company shall pay the applicable COBRA premiums for such coverage commencing as
of the date of Executive’s termination of employment and for up to eighteen (18) months, or such earlier time as the Executive (i) ceases to be eligible for such continuation coverage for any reason, or (ii) becomes eligible for
coverage under another employer’s group health plan, regardless of whether such coverage is actually elected. In addition, Executive’s equity awards  

 
will accelerate vesting in full and shall remain exercisable until the earlier of twenty four (24) months or the expiration of their original term (as determined without regard to the
Executive’s termination of employment). For purposes of determining the number of shares that will vest pursuant to the foregoing provision with respect to any performance based vesting equity award that has multiple vesting levels depending
upon the level of performance, vesting acceleration shall occur with respect to the number of shares subject to the equity award as if the applicable performance criteria had been attained at a 100% level. Subject to any delay in payment required by
Section 4(c), the Company will pay (a) the Cash Severance, less the Severance Bonus and Pro Rata Bonus, in substantially equal installments on the Company’s regular payroll schedule and subject to standard deductions and withholdings
over the eighteen (18) month period immediately following the Date of Termination, and (b) the Severance Bonus and Pro Rata Bonus in a lump sum on the date that the Company would otherwise pay the annual bonus for that year to other
executives whose employment has not terminated (but in no event later than March 15 of the year following the year in which the annual bonus would have otherwise been earned). However, no payments of the Cash Severance will be made prior to the
Severance Commencement Date. On the first payroll pay day following the Severance Commencement Date, the Company will pay the Executive in a lump sum the Cash Severance the Executive would otherwise have received on or prior to such date but for the
delay in payment related to the effectiveness and irrevocability of the Release, with the balance of the Cash Severance being paid as originally scheduled. 

(iii) In Connection with a Change in Control.  

(1) Severance. Upon any removal without Cause or resignation for Good Reason described in Section 4(a)(i) above that occurs during
the period commencing on the date the Company enters into a written agreement which, if consummated, would and does result in a Change in Control and ending twenty-four (24) months following the effective date of a Change in Control (a
“Qualifying CIC Termination”) (1) the Executive shall be entitled to receive, subject to the effectiveness and irrevocability of the Release, cash severance equal to the sum of (a) two hundred percent
(200%) of the Executive’s Annual Base Salary at the rate in effect immediately prior to the Date of Termination (the “CIC Severance”), plus (b) two hundred percent (200%) of the
Executive’s full annual target bonus for the year in which the Date of Termination occurs (the “CIC Severance Bonus”), plus an annual bonus for the year in which the Executive terminates employment (the
“CIC Pro Rata Bonus”), in an amount based on actual performance for the year in which Executive terminates employment and pro-rated based on a fraction, the numerator of which is the number of days the Executive
is employed during such year of termination and the denominator of which is 365. Subject to any delay in payment required by Section 4(c), the Company will pay (a) the CIC Severance, less the CIC Severance Bonus, in a lump sum on the
Severance Commencement Date, and (b) the CIC Severance Bonus and CIC Pro Rata Bonus in a lump sum on the date that the Company would otherwise pay the annual bonus for that year to other executives whose employment has not
terminated (but in no event later than March 15 of the year following the year in which the annual bonus would have otherwise been earned). 

 (2) Equity. If the Executive’s employment terminates due to a
Qualifying CIC Termination, then subject to the Executive’s timely provision of an effective and irrevocable Release and effective as of the later of the Severance Commencement Date or the effective date of the Change in Control, the
Executive’s equity awards will accelerate vesting in full and shall remain exercisable until the earlier of twenty four (24) months or the expiration of their original term (as determined without regard to the Executive’s termination
of employment); provided, however, that in order to give effect to the intent of the foregoing provision, to the extent the Severance Commencement Date is later than the effective date of a Change in Control where the Executive’s equity
award is not assumed, substituted or continued by the acquiring or surviving entity, the vesting of the Executive’s equity awards will be contingent upon the Executive’s timely provision of an effective and irrevocable Release, but will be
deemed to have been effective immediately prior to the Change in Control. For purposes of determining the number of shares that will vest pursuant to the foregoing provision with respect to any performance based vesting equity award that has
multiple vesting levels depending upon the level of performance, vesting acceleration shall occur with respect to the number of shares subject to the equity award as if the applicable performance criteria had been attained at the greater of a 100%
level or the level of actual performance as of the date of the Change in Control. 
 (3) COBRA Coverage. If the
Executive’s employment terminates due to a Qualifying CIC Termination, then subject to the Executive’s timely provision of an effective and irrevocable Release, if Executive timely elects continuation health care coverage pursuant to COBRA
for himself and/or his eligible dependents, the Company shall pay the applicable COBRA premiums for such coverage for up to eighteen (18) months, or such earlier time as the Executive (i) ceases to be eligible for such continuation
coverage for any reason, or (ii) becomes eligible for coverage under another employer’s group health plan, regardless of whether such coverage is actually elected.  

(b) Termination for Cause; Voluntary Resignation Without Good Reason. In the event that the Executive voluntarily terminates his
employment for any reason other than Good Reason or in the event that Company terminates the Executive for Cause no further payments shall be due under this Agreement, except that the Executive shall be entitled to any amounts earned, accrued or
owing but not yet paid under Section 3 above and any benefits accrued or earned under the Company’s benefit plans and programs or to which Executive is otherwise entitled under applicable law. 

 (c) Compliance with Section 409A of the Code. 

(i) All payments and benefits provided under the Agreement are intended to satisfy the requirements for an exemption from application
of Section 409A of the Code to the maximum extent that an exemption is available and any ambiguities herein shall be interpreted accordingly. Notwithstanding anything to the contrary set forth herein, any payments and benefits provided under
the Agreement that constitute “deferred compensation” within the meaning of Section 409A of the Code and the regulations and other guidance thereunder shall not commence in connection with the Executive’s termination of
employment unless and until the Executive has also incurred a “separation from service,” as such term is defined in Treasury Regulations Section 1.409A-1(h). 

(ii) It is intended that each installment of the payments provided for in this Section 4 is a separate “payment” for
purposes of Treasury Regulations Section 1.409A2(b)(2)(i). For the avoidance of doubt, it is intended that payments of the amounts set forth in this Section 4 satisfy, to the greatest extent possible, the exemptions from the application of
Section 409A provided under Treasury Regulation 1.409A-1(b)(4) and 1.409A-1(b)(9)(v). 
 (iii)
Any provision of this Agreement to the contrary notwithstanding if at the time of the Executive’s Date of Termination Executive is a “specified employee,” within the meaning of Section 409A of the Code, then to
the extent any payment or benefit that the Executive becomes entitled to under this Agreement on account of his Separation from Service would be considered nonqualified deferred compensation under Section 409A of the Code, such payment or
benefit shall be paid or provided at the date which is the earlier of (i) six (6) months and one day after the Date of Termination and (ii) the date of the Executive’s death (the “Delay
Period”). Upon the expiration of the Delay Period, all payments and benefits delayed pursuant to this Section 4(d) (whether they would have otherwise been payable in a single sum or in
installments in the absence of such delay) shall be paid or provided to the Executive in a lump-sum, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for
them herein. 
 (iv) Any reimbursements provided under this Agreement that constitute deferred compensation within the
meaning of Section 409A of the Code shall be made or provided in accordance with the requirements of Section 409A of the Code, including, without limitation, that (i) in no event shall any fees, expenses or other amounts eligible to
be reimbursed by the Company under this Agreement be paid later than the last day of the calendar year next following the calendar year in which the applicable fees, expenses or other amounts were incurred; (ii) the amount of expenses eligible
for reimbursement in any given calendar year shall not affect the expenses that the Company is obligated to reimburse in any other calendar year, provided that the foregoing clause (ii) shall not be violated with regard to expenses reimbursed
under any arrangement covered by Code Section 105(b) solely because such expenses are subject to a limit related to the period the arrangement is in effect; (iii) the Executive’s right to have the Company pay or provide such
reimbursements may not be liquidated or exchanged for any other benefit; and (iv) in no event shall the Company’s obligations to make such reimbursements apply later than the Executive’s remaining lifetime. 

 5. Non-Disclosure; Proprietary Information and Inventions, etc. The Executive agrees to
continue to be bound and abide by the Employment Covenants Agreement. Executive also acknowledges that nothing in this Agreement relieves the Executive of his obligations under the Employment Covenants Agreement. 

6. Limitation on Payments; Section 280G. In the event the severance and other benefits provided for in this Agreement or otherwise
payable to Executive (i) are “parachute payments” within the meaning of Section 280G of the Code and (ii) but for this Section 6, would be subject to the “golden parachute” excise tax imposed by
Section 4999 of the Code, then Executive’s severance benefits will be either: 
 (a) delivered in full, or 

(b) delivered as to such lesser extent which would result in no portion of such severance benefits being subject to the excise tax under
Section 4999 of the Code, 
 whichever of (a) or (b), taking into account the applicable federal, state and local income taxes and the excise tax
imposed by Section 4999 of the Code, results in the receipt by Executive on an after-tax basis, of the greatest amount of severance benefits. If a reduction in the severance and other benefits constituting “parachute payments” is
necessary so that no portion of such severance benefits is subject to excise tax under Section 4999 of the Code, the reduction shall be made in accordance with Section 409A of the Code and occur in the following order: (1) payments
which do not constitute nonqualified deferred compensation subject to Section 409A of the Code; (2) reduction of the cash severance payments; (3) cancellation of accelerated vesting of equity awards; and (4) reduction of
continued employee benefits. In the event that acceleration of vesting of equity award compensation is to be reduced, such acceleration of vesting shall be cancelled in the reverse order of the date of grant of Executive’s equity awards. Unless
the Company and Executive otherwise agree in writing, any determination required under this Section 6 will be made by the Company’s independent accounting firm, whose determination will be conclusive and binding upon Executive and the
Company for all purposes. 
 7. Miscellaneous. 

(a) Legal Costs. The Company shall reimburse the Executive for reasonable legal fees and expenses incurred if the Executive prevails on
any issue which is the subject of such of a lawsuit or arbitration brought by the Executive or the Company as a result of any dispute with any party (including, but not limited to, the Company and/or any affiliate of the Company) regarding the
provisions of this Agreement. Otherwise, the Executive and the  

 
Company shall be responsible for its own legal fees and expenses in connection with such action. The Company will reimburse the Executive for reasonable legal fees and expenses directly relating
to the negotiation of this Agreement up to a maximum of Ten Thousand Dollars ($10,000). 
 (b) Arbitration. In the event of any
dispute under the provisions of this Agreement, other than a dispute in which the primary relief sought is an equitable remedy such as an injunction, the parties shall be required to have the dispute, controversy or claim settled by arbitration in
Atlanta, Georgia in accordance with the National Rules for the Resolution of Employment Disputes then in effect of the American Arbitration Association, before one arbitrator. Any award entered by the arbitrator shall be final, binding and
nonappealable and judgment may be entered thereon by either party in accordance with applicable law in any court of competent jurisdiction. This arbitration provision shall be specifically enforceable. The arbitrator shall have no authority to
modify any provision of this Agreement or to award a remedy for a dispute involving this Agreement other than a benefit specifically provided under or by virtue of the Agreement. 

(c) No Mitigation. The Company agrees that, if the Executive’s employment is terminated during the Term, the Executive is not
required to seek other employment or to attempt in any way to reduce any amounts payable to the Executive by the Company pursuant to this Agreement. Further, the amount of any payment or benefit provided for in Section 4 of this Agreement shall
not be reduced by any compensation earned by the Executive as the result of employment by another employer, by retirement benefits, or offset against any amount claimed to be owed by the Executive to the Company or any of their respective
subsidiaries. However, the severance benefits provided under this Agreement are intended to satisfy, to the greatest extent possible, any and all statutory obligations that may arise out of the Executive’s termination of employment including,
without limitation, the Worker Adjustment and Retraining Notification Act. 
 (d) Successors. In addition to any obligations
imposed by law upon any successor to the Company, the Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to
expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. 

(e) Binding Agreement. This Agreement shall inure to the benefit of and be enforceable by the Executive’s personal or legal
representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If the Executive shall die while any amount would still be payable to the Executive hereunder (other than amounts which, by their terms, terminate
upon the death of the Executive) if the Executive had continued to live, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to the executors, personal representatives or
administrators of the Executive’s estate. 

 (f) Notices. For the purpose of this Agreement, notices and all other communications
provided for in this Agreement shall be in writing and shall be deemed to have been duly given when delivered or mailed by United States certified mail, return receipt requested, postage prepaid, addressed to the respective addresses set forth
below, or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notice of change of address shall be effective only upon actual receipt: 

To the Company: 
 EndoChoice 

11810 Wills Road 
 Alpharetta,
GA 30005 
 Attention: Chairman of the Board 

Facsimile: 770-962-6981 
 With
copy to: 
 Keith Townsend 

King & Spalding LLP 

1180 Peachtree Street N.E. 

Atlanta, GA 30309 
 Facsimile:
404-572-5100 
 To the Executive: 

Mr. Mark Gilreath 
 At the
address most recently on file with the Company 
 With copy to: 

Joseph M. Yaffe 
 Skadden, Arps,
Slate, Meagher & Flom LLP 
 525 University Avenue, Suite 1400 

Palo Alto, California 94301 

Facsimile: 650-798-6552 

 (g) Amendments. No provision of this Agreement may be modified, waived or discharged
unless such waiver, modification or discharge is agreed to in writing and signed by the Executive and such officer as may be specifically designated by the Company. No waiver by either party hereto at any time of any breach by the other party hereto
of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. 

(h) Entire Agreement. Except as otherwise provided, this Agreement contains the entire agreement between the parties concerning the
subject matter hereof and supersedes all prior agreements, understandings, discussions, negotiations and undertakings, whether written or oral, express or implied, between the parties with respect thereto. 

(i) Applicable Law. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the
State of Georgia without regard to the principles of conflict of laws thereof. 
 (j) Captions. The captions of this Agreement
are not part of the provisions hereof and shall have no force or effect. 
 (k) Withholding. Any payments provided for
hereunder shall be paid net of any applicable withholding required under federal, state or local law and any additional withholding to which the Executive has agreed. 

(l) Survivorship. The rights and obligations of the Company and the Executive under this Agreement shall survive the expiration of the
Term. 
 (m) Mutual Intent. All parties participated in the drafting of the Agreement, and the language used in this Agreement
is the language chosen by the Executive and the Company to express their mutual intent. The parties agree that in the event that any language, section, clause, phrase or word used in the Agreement is determined to be ambiguous, no presumption shall
arise against or in favor of either party and that no rule of strict construction shall be applied against either party with respect to such ambiguity. 

(n) Validity. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of
any other provision of this Agreement, which shall remain in full force and effect. 
 (o) Counterparts. This Agreement may be
executed in several counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument. 

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

			
	ECPM HOLDINGS, LLC
		
	By:		 /s/ Scott Huennekens

			Scott Huennekens
			Chairman of the Board
	
	EXECUTIVE
		
			 /s/ Mark G. Gilreath

			Mark G. Gilreath

 EXHIBIT A 

MUTUAL RELEASE OF CLAIMS 

(To be signed on or within 21 days after the employment termination date.) 

Pursuant to the terms of the Third Amended and Restated Employment Agreement (the “Agreement”) by and amongst ECPM
HOLDINGS, LLC (the “Company”), and Mark Gilreath (the “Executive”) effective as of             , the Company and the Executive hereby enter into the
following Mutual Release of Claims (the “Release”): 
 1. Executive’s Release of Claims: 

Executive understands that, on the last date of his employment with the Company, the Company will pay him any accrued salary and accrued and
unused vacation to which he is entitled by law, regardless of whether he signs this Release, but he is not entitled to the severance benefits provided in the Agreement unless he signs and returns this Release to the Company and allows it to become
effective. 
 In exchange for payment of benefits set forth in Section 4 of the Agreement, Executive hereby generally and completely
releases the Company and its directors, officers, employees, shareholders, partners, agents, attorneys, predecessors, successors, parent and subsidiary entities, insurers, affiliates, and assigns (collectively the “Released
Parties”) of and from any and all claims, liabilities and obligations, both known and unknown, arising out of or in any way related to events, acts, conduct, or omissions occurring at any time prior to or at the time that Executive
signs this Release (the “Executive Released Claims”). This general release includes, but is not limited to: (1) all claims arising out of or in any way related to Executive’s employment with the Company or the
termination of that employment; (2) all claims related to Executive’s compensation or benefits from the Company, including salary, bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe benefits, stock, stock
options, or any other ownership or equity interests in the Company; (3) all claims for breach of contract, wrongful termination, and breach of the implied covenant of good faith and fair dealing (including claims based on or arising under the
Agreement); (4) all tort claims, including claims for fraud, defamation, emotional distress, and discharge in violation of public policy; and (5) all federal, state, and local statutory claims, including claims for discrimination,
harassment, retaliation, attorneys’ fees, or other claims arising under the federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act of 1990, the federal Age Discrimination in Employment Act (as amended)
(“ADEA”), and the federal Family and Medical Leave Act. 

 Executive understands that notwithstanding the foregoing, the following are not included in the
Executive Released Claims (the “Executive Excluded Claims”): (i) any rights or claims for indemnification Executive may have pursuant to any written indemnification agreement to which he is a party, the charter, bylaws,
or operating agreements of any of the Released Parties, or under applicable law; (ii) any rights or claims pursuant to any directors and officers liability insurance policy of which Executive is a direct or indirect beneficiary; (iii) any
rights or claims to compensation or benefits to which Executive has a vested or non-forfeitable right as of his termination of employment with the Company; (iii) any rights or claims to enforce any provisions of the Agreement or (iv) any
rights which cannot be waived as a matter of law. In addition, Executive understands that nothing in this Release prevents him from filing, cooperating with, or participating in any proceeding before the Equal Employment Opportunity Commission or
the Department of Labor, except that Executive acknowledges and agrees that he shall not recover any monetary benefits in connection with any such claim, charge or proceeding with regard to any claim released herein. Executive hereby represents and
warrants that, other than the Executive Excluded Claims, Executive is not aware of any claims he has or might have against any of the Released Parties that are not included in the Executive Released Claims. 

Executive acknowledges that he is knowingly and voluntarily waiving and releasing any rights he may have under the ADEA, and that the
consideration given for the waiver and release in the preceding paragraph is in addition to anything of value to which he is already entitled. Executive further acknowledges that he has been advised by this writing that: (1) his waiver and
release do not apply to any rights or claims that may arise after the date he signs this Release; (2) he should consult with an attorney prior to signing this Release (although he may choose voluntarily not to do so); (3) he has twenty-one
(21) days to consider this Release (although he may choose voluntarily to sign it earlier); (4) he has seven (7) days following the date he signs this Release to revoke it by providing written notice of revocation to the Chairman of
the Company’s Board of Directors; and (5) this Release will not be effective until the date upon which the revocation period has expired, which will be the eighth calendar day after the date Executive signs it provided that he does not
revoke it and that the Company has signed this Release by such date (the “Effective Date “). 
 Executive hereby
represents that he has been paid all compensation owed and for all hours worked, he has received all the leave and leave benefits and protections for which he is eligible, pursuant to the Family and Medical Leave Act or otherwise, and he has not
suffered any on-the-job injury for which he has not already filed a workers’ compensation claim. 
 2. Company’s Release of Claims: 

The Company hereby generally and completely releases Executive of and from any and all claims, liabilities, and obligations, both known and
unknown, arising out of or in any way related to events, acts, conduct or omissions occurring at any time prior to or at the time the Company signs this Release (the “Company Released Claims”); provided, however, that
this Release shall not extend to: (1) any claims that may arise out of any events, acts, conduct 

 
or omissions occurring after this Release is executed, including without limitation, any claims for breach of the Agreement; (2) any claims arising at any time out of Executive’s
obligations to protect the Company’s proprietary information, including without limitation, any claims arising from Executive’s obligations under his Information and Inventions Agreement and his Patent, Copyright and Nondisclosure
Agreement, or common law claims arising from these obligations; or (3) any claims arising from any actions by Executive which were intentional or amount to gross negligence during his employment with the Company which were outside of his
authority as President and Chief Executive Officer or outside of the course and scope of his employment (the “Company Excluded Claims”). 

The Company hereby represents and warrants that, other than the Company Excluded Claims, it is not aware of any claims it has or might have
against Executive that are not included in the Company Released Claims. 
 3. Additional Agreements: 

The parties hereby further agree as follows: (1) Executive agrees not to disparage the Company, its parent, or its or their officers,
directors, employees, shareholders, affiliates and agents, in any manner likely to be harmful to its or their business, business reputation, or personal reputation, and the Company agrees not to, and agrees to instruct its executives,
representatives and members of its Board of Directors not to, disparage Executive in any manner likely to be harmful to his business reputation or personal reputation (although the parties may respond accurately and fully to any question, inquiry or
request for information as required by legal process); (2) not to voluntarily (except in response to legal compulsion) assist any third party in bringing or pursuing any proposed or pending litigation, arbitration, administrative claim or other
formal proceeding against the other party, or against the Released Parties; and (3) to reasonably cooperate with the other party, by voluntarily (without legal compulsion) providing accurate and complete information, in connection with such
other party’s actual or contemplated defense, prosecution, or investigation of any claims or demands by or against third parties, or other matters, arising from events, acts, or failures to act that occurred during the period of
Executive’s employment by the Company. 
 [Signature Page Follows] 

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

			
	ECPM HOLDINGS, LLC
		
	By:		  

			Name:
			Title:
	
	EXECUTIVE
	
	  

	Mark G. Gilreath

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