Document:

EX-10.13

 Exhibit 10.13 

 
  

SECOND AMENDED AND RESTATED STOCKHOLDERS AGREEMENT 

among 
 SPINAL ELEMENTS HOLDINGS,
INC., 
 and 
 THE STOCKHOLDERS
PARTY HERETO 
 Dated as of [•], 2020 
  

 

 TABLE OF CONTENTS 

 

					
	 1. EFFECTIVENESS; DEFINITIONS
	  	 	2	 
		
	 1.1. Closing
	  	 	2	 
		
	 1.2. Definitions
	  	 	2	 
		
	 2. COVENANTS
	  	 	2	 
		
	 2.1. Confidentiality
	  	 	2	 
		
	 2.2. Lock-up Agreements
	  	 	3	 
		
	 3. REMEDIES
	  	 	3	 
		
	 3.1. Generally
	  	 	3	 
		
	 4. LEGENDS
	  	 	3	 
		
	 4.1. Restrictive Legend
	  	 	3	 
		
	 4.3. Securities Act Legends
	  	 	4	 
		
	 4.4. Stop Transfer Instruction
	  	 	4	 
		
	 4.5. Termination of Securities Act Legend
	  	 	4	 
		
	 5. AMENDMENT, TERMINATION, ETC.
	  	 	4	 
		
	 5.1. Oral Modifications
	  	 	4	 
		
	 5.2. Written Modifications
	  	 	4	 
		
	 5.3. Effect of Termination
	  	 	5	 
		
	 6. DEFINITIONS
	  	 	5	 
		
	 6.1. Certain Matters of Construction
	  	 	5	 
		
	 6.2. Definitions
	  	 	5	 
		
	 7. MISCELLANEOUS
	  	 	8	 
		
	 7.1. Authority; Effect
	  	 	8	 
		
	 7.2. Notices
	  	 	9	 
		
	 7.3. Binding Effect, Etc.
	  	 	10	 
		
	 7.4. Descriptive Heading
	  	 	10	 
		
	 7.5. Counterparts
	  	 	10	 
		
	 7.6. Severability
	  	 	10	 
		
	 7.7. No Recourse
	  	 	11	 
		
	 7.8. Aggregation of Shares
	  	 	11	 
		
	 8. GOVERNING LAW
	  	 	11	 
		
	 8.1. Governing Law
	  	 	11	 
		
	 8.2. Consent to Jurisdiction
	  	 	11	 
		
	 8.3. Waiver of Jury Trial
	  	 	12	 
		
	 8.4. Exercise of Rights and Remedies
	  	 	12	 

 SECOND AMENDED AND RESTATED 

STOCKHOLDERS AGREEMENT 

This Second Amended and Restated Stockholders Agreement (the “Agreement”) is made as of [•], 2020 by and among: 

 

	 	(i)	 Spinal Elements Holdings, Inc., a Delaware corporation (together with its successors and permitted assigns, the
“Company”); 

  

	 	(ii)	 each Person executing this Agreement and listed as an Investor on the signature pages hereto (collectively with
their Permitted Transferees, the “Investors”); 

  

	 	(iii)	 each Person executing this Agreement and listed as an Other Investor on the signature pages hereto
(collectively with their Permitted Transferees, the “Other Investors”); 

  

	 	(iv)	 each Person executing this Agreement and listed as a manager on the signature pages hereto (collectively with
their Permitted Transferees, the “Managers”); 

  

	 	(v)	 such other Persons, if any, that from time to time become party hereto pursuant to Section 5.2
(collectively, together with the Investors, the Other Investors and the Managers, the “Stockholders”) in accordance with the terms hereof. 

RECITALS 
 WHEREAS, on
April 29, 2016, the Stockholders as of such date entered into a Stockholders Agreement of the Company, which agreement was amended and restated on April 13, 2017 (as so amended and restated, the “Original Agreement”) for
the purpose of regulating certain relationships of the Stockholders with regard to the Company and certain restrictions on the Common Stock and other equity securities owned by the Stockholders; 

WHEREAS, the Company is contemplating an underwritten public offering and sale of its Common Stock for cash registered on Form S-1 under the Securities Act (the “IPO”), which IPO will constitute an Initial Public Offering (as such term is defined in the Original Agreement); 

WHEREAS, the Company, the Investors, the Other Investors, the Managers and the other Stockholders desire to amend and restate the Original
Agreement to eliminate those provisions of the Original Agreement that are terminating as a result of the IPO and to set forth their agreements regarding certain matters including lock-up provisions with
respect to public offerings of the Common Stock of the Company following the IPO; and 
 WHEREAS, such amendment and restatement can be
effected pursuant to Section 10.2 of the Original Agreement with the consent of the Company and the Majority Kohlberg Investors. 

 NOW, THEREFORE, in consideration of the mutual promises, representations, warranties,
covenants and conditions set forth in herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows: 

AGREEMENT 
  

	1.	 EFFECTIVENESS; DEFINITIONS. 

1.1. Closing. This Agreement shall become effective immediately prior to the consummation of the
closing of the IPO (the “Closing”). 
 1.2. Definitions. Capitalized terms used in
this Agreement are defined in Section 6 hereof. 
  

	2.	 COVENANTS. 

2.1. Confidentiality. Except as otherwise agreed to by the Company, each Stockholder agrees that it
will keep confidential and will not disclose, divulge or use for any purpose other than to monitor its investment in the Company and its subsidiaries (and, with respect to a Stockholder who is an employee of the Company or its subsidiaries, in the
ordinary course of such Stockholder’s employment in compliance with the terms of such Stockholders employment agreement (if any) and any applicable policies of the Company and its subsidiaries relating to disclosure of confidential
information), any confidential information obtained from the Company pursuant to the terms of this Agreement, unless such confidential information (i) is known or becomes known to the public in general (other than as a result of a breach of
this Section 2.1 by such Stockholder or its Affiliates), (ii) is or has been independently developed or conceived by such Stockholder without use of the Company’s confidential information or (iii) is or has been made known or
disclosed to such Stockholder by a third party (other than an Affiliate of such Stockholder) without, to such Stockholder’s knowledge, a breach of any obligation of confidentiality such third party may have to the Company; provided,
however, that a Stockholder may disclose confidential information (A) to its attorneys, accountants, tax or financial advisors and investment bankers to the extent necessary to obtain their services in connection with monitoring its
investment in the Company provided that such attorneys, accountants, tax or financial advisors and investment bankers are notified of the confidentiality obligation set forth in this Section 2.1, (B) to any prospective purchaser of any
Shares from such Stockholder provided that such prospective purchaser agrees to be bound by the provisions of this Section 2.1, (C) to any Affiliate, partner or member of such Stockholder in the ordinary course of business, (D) upon
the routine request of any governmental or regulatory body having authority to regulate any such Stockholder, or (E) as may otherwise be required by law, provided, that, such Stockholder takes reasonable steps to minimize the extent of
any such required disclosure; and provided, further, however, that the acts and omissions of any Person to whom such Stockholder may disclose confidential information pursuant to clauses (A) through (C) of the preceding
proviso shall be attributable to such Stockholder for purposes of determining such Stockholder’s compliance with this Section 2.1. Each of the parties hereto acknowledges that the Investors may review the business plans and related
proprietary information of many enterprises, including enterprises which may have products or services which compete directly or indirectly with those of the Company. Nothing in this Section 2.1 shall preclude or in any way restrict the
Investors or their Affiliates from investing or participating in any particular enterprise, or trading in the securities thereof, whether or not such enterprise has products or services that compete with those of the Company. 

  
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 2.2. Lock-up
Agreements. In connection with each Public Offering, including the IPO, each Stockholder agrees, if requested, to become bound by and to execute and deliver a lock-up agreement with the underwriter(s) of
such Public Offering in customary form that, among other things, restricts such Stockholder’s right to (a) Transfer, directly or indirectly, any equity securities of the Company held by such Stockholder or (b) enter into any swap or
other arrangement that transfers to another any of the economic consequences of ownership of such securities during the period commencing on the date of the final prospectus relating to the Public Offering and ending on the date specified by the
underwriters (such period not to exceed one-hundred and eighty (180) days in the case of the IPO or ninety (90) days in the case of any other Public Offering). 

 

	3.	 REMEDIES. 

3.1. Generally. The parties shall have all remedies available at law, in equity or otherwise in the
event of any breach or violation of this Agreement or any default hereunder. The parties acknowledge and agree that in the event of any breach of this Agreement, in addition to any other remedies which may be available, each of the parties hereto
shall be entitled to specific performance of the obligations of the other parties hereto and, in addition, to such other equitable remedies (including preliminary or temporary relief) as may be appropriate in the circumstances. 

 

	4.	 LEGENDS. 

4.1. Restrictive Legend. Each certificate representing Shares shall have the following legend endorsed
conspicuously thereupon: 
 “THE SALE, ENCUMBRANCE OR OTHER DISPOSITION OF THE SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE ARE
SUBJECT TO THE PROVISIONS OF A STOCKHOLDERS AGREEMENT TO WHICH THE ISSUER AND CERTAIN OF ITS STOCKHOLDERS ARE A PARTY. A COPY OF THE STOCKHOLDERS AGREEMENT MAY BE INSPECTED AT THE PRINCIPAL OFFICE OF THE ISSUER OR OBTAINED FROM THE ISSUER WITHOUT
CHARGE.” 
 4.2. Any Person who acquires Shares which are not subject to all or part of the terms of this Agreement shall have the
right to have such legend (or the applicable portion thereof) removed from certificates representing such Shares. 

  
 3 

 4.3. Securities Act Legends. Each certificate
representing Shares shall have the following legend endorsed conspicuously thereupon: 
 “THE SECURITIES REPRESENTED BY THIS
CERTIFICATE WERE ISSUED IN A PRIVATE PLACEMENT, WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND MAY NOT BE SOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION UNDER THE ACT COVERING THE TRANSFER OR AT THE ISSUER’S OPTION AN OPINION OF COUNSEL, REASONABLY SATISFACTORY TO THE ISSUER, THAT REGISTRATION UNDER THE ACT IS NOT REQUIRED.” 

4.4. Stop Transfer Instruction. The Company will instruct any transfer agent not to register the
Transfer of any Shares until the conditions specified in the foregoing legends and this Agreement are satisfied. 
 
4.5. Termination of Securities Act Legend. The requirement imposed by Section 4.1 hereof shall cease and terminate as to any particular Shares (i) when, in the opinion of counsel reasonably acceptable to the Company, such legend
is no longer required in order to assure compliance by the Company with the Securities Act, or (ii) when such Shares have been effectively registered under the Securities Act and sold pursuant to such effective registration statement or have
been sold pursuant to Rule 144. Wherever (i) such requirement shall cease and terminate as to any Shares, or (ii) such Shares shall be transferable under Rule 144(b)(1) without volume limitation or other restrictions on transfer (including
without application of paragraphs (c), (e), (f) and (h) of Rule 144), the holder thereof shall be entitled to receive from the Company, without expense, new certificates (or book-entry notations) not bearing the legend set forth in
Section 4.1 hereof. 
  

	5.	 AMENDMENT, TERMINATION, ETC. 

5.1. Oral Modifications. This Agreement may not be orally amended, modified, extended or terminated,
nor shall any oral waiver of any of its terms be effective. 
 5.2. Written Modifications. This
Agreement may be amended, modified, extended or terminated (each, an “Amendment”), and the provisions hereof may be waived, only by an agreement in writing signed by the Company and the Majority Kohlberg Investors; provided,
however, that (i) the consent of the Majority Other Investors shall be required for any amendment, modification, extension, termination or waiver that has a disproportionate (as to any other stockholder or class or group of stockholders)
and adverse effect on the rights of the Other Investors in their capacity as such under this Agreement and (ii) the consent of the Majority Managers shall be required for any amendment, modification, extension, termination or waiver that has a
disproportionate (as to any other stockholder or class or group of stockholders) and adverse effect on the rights of the Managers in their capacity as such under this Agreement; provided, further, that any amendment, modification, supplement or
waiver of (x) 2.1 (Confidentiality), 5.1 (Oral Modifications) or 5.2 (Written Modifications) or (y) any defined terms as used in any of the foregoing Sections referenced in the foregoing clause (x), in each case, that adversely affects the
rights or obligations of a Designated Investor, shall not be made or given without the prior written resolution of the Designated Investor so affected. Each such Amendment shall be binding upon each party hereto and each Stockholder subject hereto.
In addition, each party hereto and each Stockholder subject hereto may waive any right hereunder by an instrument 

  
 4 

 
in writing signed by such party or holder. Notwithstanding anything to the contrary in this Section 5.2, this Agreement may be amended by the Company solely with the consent of the Majority
Kohlberg Investors (i) to join as a party to this Agreement any officer, director or employee of, or consultant or advisor to, the Company or any Affiliate of the Company who holds or will hold Common Stock or Options as a
“Manager,” (ii) to join as a party to this Agreement any Permitted Transferee of a Manager as a “Manager,” (iii) to join as a party to this Agreement any Permitted Transferee of any Investor as an
“Investor” and (iv) to join as a party to this Agreement any Permitted Transferee of any Other Investor as an “Other Investor”. 

5.3. Effect of Termination. No termination under this Agreement shall relieve any Person of liability
for breach prior to termination. 
  

	6.	 DEFINITIONS. For purposes of this Agreement: 

6.1. Certain Matters of Construction. In addition to the definitions referred to or set forth below in
this Section 6: 
 (i) The words “hereof,” “herein,” “hereunder” and words of similar
import shall refer to this Agreement as a whole and not to any particular Section or provision of this Agreement, and reference to a particular Section of this Agreement shall include all subsections thereof; 

(ii) The word “including” shall mean including, without limitation; 

(iii) Definitions shall be equally applicable to both nouns and verbs and the singular and plural forms of the terms defined;
and 
 (iv) The masculine, feminine and neuter genders shall each include the other. 

6.2. Definitions. The following terms shall have the following meanings: 

“Affiliate” shall mean, with respect to any specified Person, (i) any other Person which directly or indirectly through
one or more intermediaries controls, or is controlled by, or is under common control with, such specified Person (for the purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,”
“controlled by” and “under common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person,
whether through the ownership of voting securities, by agreement or otherwise); provided, however, that neither the Company nor any of its subsidiaries shall be deemed an Affiliate of any of the Stockholders (and vice versa), (ii) if
such specified Person is an investment fund, in addition to the Persons identified in clause (i), any other investment fund the primary investment advisor to which is the primary investment advisor to such specified Person or an Affiliate thereof
and (iii) if such specified Person is a natural Person, in addition to the Persons identified in clause (i), any Family Member of such natural Person. 

  
 5 

 “Affiliated Fund” shall mean, with respect to any specified Person, an
investment fund that is an Affiliate of such Person or an entity that is directly or indirectly wholly-owned by such Person or one or more of such funds (other than a portfolio company of any such fund). 

“Agreement” shall have the meaning set forth in the Preamble. 

“Amendment” shall have the meaning set forth in Section 5.2. 

“Business Day” shall mean any day that is not a Saturday, a Sunday or any other day on which banks are required or authorized
by law to be closed in the City of New York. 
 “Closing” shall have the meaning set forth in Section 1.1. 

“Common Stock” shall mean the common stock of the Company, par value $0.001 per share. 

“Company” shall have the meaning set forth in the Preamble. 

“Convertible Securities” shall mean any evidence of indebtedness, shares of stock (other than Stock) or other securities
(other than Options and Warrants) which are directly or indirectly convertible into or exchangeable or exercisable for shares of Stock. 

“Designated Investors” means Antares Holdings LP and MetLife Private Equity Holdings, LLC. 

“Equivalent Shares” shall mean, at any date of determination, (i) as to any outstanding shares of Common Stock issued to
or held by any Stockholder other than a Manager, such number of shares of Common Stock and (ii) as to any outstanding Options, Warrants or Convertible Securities which constitute Shares, the maximum number of shares of Common Stock for which or
into which such Options, Warrants or Convertible Securities may at the time be exercised, converted or exchanged (or which will become exercisable, convertible or exchangeable on or prior to, or by reason of, the transaction or circumstance in
connection with which the number of Equivalent Shares is to be determined) and (iv) as to any outstanding shares of Common Stock issued to or held by a Manager, such portion of such shares as are Purchased Shares. 

“Family Member” shall mean, with respect to any natural Person, (i) any spouse or former spouse of such Person,
(ii) any lineal descendant or ancestor or sibling (by birth or adoption) of such natural Person, (iii) any spouse or former spouse of any of the foregoing, (iv) any legal representative or estate of any of the foregoing, (v) any
trust maintained for the benefit of any one or more of the foregoing and (vi) any partnership or limited liability company in which any one or more of the foregoing are the only partners or members. 

“IPO” shall have the meaning set forth in the Recitals. 

“Investors” shall have the meaning set forth in the Preamble. 

  
 6 

 “Kohlberg Investors” shall mean, as of any date, Kohlberg Investors VII,
L.P., Kohlberg Investors VII-B, L.P., Kohlberg Investors VII-C, L.P., Kohlberg TE Investors VII, L.P., Kohlberg TE Investors
VII-B, L.P., Kohlberg Partners VII, L.P., KOCO Investors VII, L.P. and their respective Permitted Transferees, in each case only if such Person then holds Shares. 

“Kohlberg Management” shall mean one or more designees of Kohlberg Management VII, L.P. 

“Majority Kohlberg Investors” shall mean, as of any date, the holders of a Majority in Interest of the Shares held by the
Kohlberg Investors. 
 “Majority in Interest” shall mean, (i) with respect to a set of Shares of a single class, a
majority of such Shares, and (ii) with respect to a set of Shares of more than one class, a majority of the voting power of such Shares. 

“Majority Managers” shall mean, as of any date, the holders of a Majority in Interest of the Shares that are Purchased Shares
held by the Managers. 
 “Majority Other Investors” shall mean, as of any date, the holders of a Majority in Interest of
the Shares held by the Other Investors; provided, however, that in the event that any given Other Investor shall, together with all Shares held by its Affiliates, hold a Majority in Interest of the Shares held by all Other Investors,
then “Majority Other Investors” shall mean such Other Investor and at least one additional unaffiliated Other Investor. 

“Manager” shall have the meaning set forth in the Preamble. 

“Options” shall mean any options to subscribe for, purchase or otherwise directly acquire Stock, other than any such option
held by the Company or any right to purchase shares pursuant to this Agreement. 
 “Other Investors” shall have the meaning
set forth in the Preamble. 
 “Permitted Affiliate Transferee” means any Affiliate of such Investor or Other Investor, as
applicable, or any entity advised and/or managed by or under common advisement and/or management with such Investor or Other Investor, as applicable, or its Affiliates. 

“Permitted Holders” means (i) Kohlberg Management, Kohlberg Investors VII, L.P., Kohlberg Investors VII-B, L.P., Kohlberg Investors VII-C, L.P., Kohlberg TE Investors VII, L.P., Kohlberg TE Investors VII-B, L.P., Kohlberg Partners VII,
L.P., KOCO Investors VII, L.P. and their Affiliates (but excluding any portfolio companies of the foregoing), and (ii) any members of the management of the Company immediately following the Closing. 

“Permitted Transferee” shall mean (i) in respect of any Investor or Other Investor, any Affiliated Fund or Permitted
Affiliate Transferee of such Investor or Other Investor, as applicable, (ii) solely in respect of a Designated Investor, any financing source of such Designated Investor who is secured by, or is enforcing a direct or indirect pledge of such
Shares or any Person to whom any Designated Investor transfers any debt instruments issued by the Company or any of its subsidiaries, or (iii) in respect of any Manager, (A) any Family Member of such Manager, and (B)

  
 7 

 
another Stockholder within thirty (30) days of the date hereof, to the extent approved in writing by the Majority Kohlberg Investors, in an aggregate amount not to exceed 5% of the Shares
outstanding on April 13, 2017. In addition, any Stockholder shall be a Permitted Transferee of the Permitted Transferees of itself and, to the extent approved in writing by the Majority Kohlberg Investors, the Company shall be a Permitted
Transferee with respect to Shares Transferred to the Company. 
 “Person” shall mean any individual, partnership,
corporation, company, association, trust, joint venture, limited liability company, unincorporated organization, entity or division, or any government, governmental department or agency or political subdivision thereof. 

“Public Offering” shall mean a public offering and sale of Common Stock for cash pursuant to an effective registration
statement under the Securities Act. 
 “Purchased Shares” shall mean all shares of Common Stock held by a Manager that were
purchased by the original holder thereof, whether upon exercise of an Option or otherwise. 
 “Rule 144” shall mean Rule
144 under the Securities Act (or any successor Rule). 
 “Securities Act” shall mean the Securities Act of 1933, as
amended. 
 “Shares” shall mean (i) all shares of Stock held by a Stockholder, whenever issued, including all shares
of Stock issued upon the exercise, conversion or exchange of any Options, Warrants or Convertible Securities, and (ii) all Options, Warrants and Convertible Securities held by a Stockholder (treating such Options, Warrants and Convertible
Securities as a number of Shares equal to the number of Equivalent Shares represented by such Options, Warrants and Convertible Securities for all purposes of this Agreement except as otherwise specifically set forth herein). Any securities issued
in exchange for, as a dividend for or otherwise in respect of Shares shall be Shares under this Agreement and shall be subject to the terms of this Agreement as Shares. 

“Stock” shall mean the Common Stock. 

“Stockholders” shall have the meaning set forth in the Preamble. 

“Transfer” shall mean any sale, pledge, assignment, encumbrance or other transfer or disposition of any Shares to any other
Person, whether directly, indirectly, voluntarily, involuntarily, by operation of law, pursuant to judicial process or otherwise. 

“Warrants” shall mean any warrants to subscribe for, purchase or otherwise directly acquire Stock. 

 

	7.	 MISCELLANEOUS. 

7.1. Authority; Effect. Each party hereto represents and warrants to and agrees with each other party
that the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby have been duly authorized on behalf of such party and do not violate any agreement or other instrument applicable to such party or by
which its assets are bound. This Agreement does not, and shall not be construed to, give rise to the creation of a partnership among any of the parties hereto, or to constitute any of such parties as members of a joint venture or other association.

  
 8 

 7.2. Notices. All notices, requests, demands,
claims and other communications required or permitted to be delivered, given or otherwise provided under this Agreement must be in writing and must be delivered, given or otherwise provided: 

(a) by hand (in which case, it will be effective upon delivery); 

(b) by facsimile or e-mail (in which case, it will be effective upon receipt of
confirmation of good transmission); or 
 (c) by overnight delivery by a nationally recognized courier service (in which
case, it will be effective on the Business Day after being deposited with such courier service); 
 in each case, to the address (or
facsimile number) listed below: 
 If to the Company: 

Spinal Elements Holdings, Inc. 

3115 Melrose Drive, Suite 200 

Carlsbad, California 92010 

Attention:         Yang Pak 

Facsimile:         (760) 607-0125 

E-mail:             
ypak@spinalelements.com 
 with copies to: 

Ropes & Gray LLP 

Prudential Tower 
 800 Boylston
Street 
 Boston, Massachusetts 02199 

Attention:         Craig Marcus 

Facsimile:         (617) 235-0514 

E-mail:            
craig.marcus@ropesgray.com 
 If to a Kohlberg Investor: 

Kohlberg & Co. LLC 

111 Radio Circle 
 Mt. Kisco, NY
10549 
 Attention:         Christopher Anderson 

Facsimile:         (914) 241-7476 

Email:              anderson@kohlberg.com 

  
 9 

 with copies to: 

Ropes & Gray LLP 

Prudential Tower 
 800 Boylston
Street 
 Boston, Massachusetts 02199 

Attention:         Craig Marcus 

Facsimile:         (617) 235-0514 

E-mail:            
craig.marcus@ropesgray.com 
 If to any other Stockholder, to it at the address set forth on its signature page hereto (or to the
Original Agreement). 
 Notice to the holder of record of any shares of capital stock shall be deemed to be notice to the holder of such
shares for all purposes hereof. Each of the parties to this Agreement may specify a different address or facsimile number by giving notice in accordance with this Section 7.2 to each of the other parties hereto; provided, however,
that any such notice of change of address shall be effective only upon receipt. 
 7.3. Binding Effect,
Etc. This Agreement constitutes the entire agreement of the parties with respect to its subject matter, other than certain agreements entered into with lenders to the Company and its subsidiaries simultaneously herewith, supersedes all prior or
contemporaneous oral or written agreements or discussions with respect to such subject matter, and shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, representatives, successors and permitted assigns.
Except as otherwise expressly provided herein, no holder party hereto may assign any of its respective rights or delegate any of its respective obligations under this Agreement without the prior written consent of the other parties hereto, and any
attempted assignment or delegation in violation of the foregoing shall be null and void. 
 7.4.
Descriptive Heading. The descriptive headings of this Agreement are for convenience of reference only, are not to be considered a part hereof and shall not be construed to define or limit any of the terms or provisions hereof. 

7.5. Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be
deemed an original, but all of which taken together shall constitute one instrument. Counterparts delivered in .PDF by electronic mail or other electronic means shall be treated as originals for all purposes. 

7.6. Severability. In the event that any provision hereof would, under applicable law, be invalid or
unenforceable in any respect, such provision shall be construed by modifying or limiting it so as to be valid and enforceable to the maximum extent compatible with, and possible under, applicable law. The provisions hereof are severable, and in the
event any provision hereof should be held invalid or unenforceable in any respect, it shall not invalidate, render unenforceable or otherwise affect any other provision hereof. 

  
 10 

 7.7. No Recourse. Notwithstanding anything that may
be expressed or implied in this Agreement, the Company and each Stockholder covenants, agrees and acknowledges that no recourse under this Agreement shall be had against any current or future director, officer, employee, agent, general or limited
partner or member of the Company or any Stockholder or of any Affiliate or assignee thereof, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable law, it
being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any current or future director, officer, employee, agent, partner or member of the Company or any Stockholder or
of any Affiliate or assignee thereof for any obligation to or of any Stockholder under this Agreement for any claim based on, in respect of or by reason of such obligations or their creation; provided, however, that nothing in this
Section 7.7 shall relieve any of the Company or any Stockholder of its obligations hereunder. 
 7.8. Aggregation of Shares.
Within the group of a Stockholder and its Affiliates and Affiliated Funds, such Stockholders may allocate the ability to exercise any rights under this Agreement in any manner that such group (by a Majority in Interest of the Shares held by such
group) sees fit. Whenever any Stockholder becomes the record or beneficial owner of additional Shares, such Shares shall (unless otherwise provided herein) be subject to all of the terms and conditions of this Agreement. 

 

	8.	 GOVERNING LAW. 

8.1. Governing Law. This Agreement and all claims arising out of or based upon this Agreement or relating to the subject matter hereof
shall be governed by and construed in accordance with the domestic substantive laws of the State of Delaware without giving effect to any choice or conflict of laws provision or rule that would cause the application of the domestic substantive laws
of any other jurisdiction. 
 8.2. Consent to Jurisdiction. Each party to this Agreement, by its execution hereof, (i) hereby
irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the State of Delaware for the purpose of any action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation
arising out of or based upon this Agreement or relating to the subject matter hereof, (ii) hereby waives to the extent not prohibited by applicable law, and agrees not to assert, and agrees not to allow any of its subsidiaries to assert, by way
of motion, as a defense or otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that any such proceeding brought
in one of the above-named courts is improper, or that this Agreement or the subject matter hereof or thereof may not be enforced in or by such court and (iii) hereby agrees not to commence or maintain any action, claim, cause of action or suit
(in contract, tort or otherwise), inquiry, proceeding or investigation arising out of or based upon this Agreement or relating to the subject matter hereof or thereof other than before one of the above-named courts nor to make any motion or take any
other action seeking or intending to cause the transfer or removal of any such action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation to any court other than one of the above-named courts
whether on the grounds of inconvenient forum or otherwise. Notwithstanding the foregoing, to the extent that any party hereto is or becomes a party in any litigation in connection with which it may assert indemnification rights set forth in this
Agreement, the court in which such litigation is being heard shall be deemed to be included in clause (i) above. Notwithstanding the foregoing, any party to this Agreement may commence and maintain an action to enforce a judgment of any of the
above-

  
 11 

 
named courts in any court of competent jurisdiction. Each party hereto hereby consents to service of process in any such proceeding in any manner permitted by Delaware law, and agrees that
service of process by registered or certified mail, return receipt requested, at its address specified pursuant to Section 7.2 hereof is reasonably calculated to give actual notice. 

8.3. WAIVER OF JURY TRIAL. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HERETO HEREBY WAIVES AND COVENANTS THAT IT WILL NOT
ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE OR ACTION, CLAIM, CAUSE OF ACTION OR SUIT (IN CONTRACT, TORT OR OTHERWISE), INQUIRY, PROCEEDING OR INVESTIGATION ARISING OUT OF OR
BASED UPON THIS AGREEMENT OR THE SUBJECT MATTER HEREOF OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE TRANSACTIONS CONTEMPLATED HEREBY, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING. EACH PARTY HERETO ACKNOWLEDGES THAT IT HAS
BEEN INFORMED BY THE OTHER PARTIES HERETO THAT THIS SECTION 8.3 CONSTITUTES A MATERIAL INDUCEMENT UPON WHICH THEY ARE RELYING AND WILL RELY IN ENTERING INTO THIS AGREEMENT. ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION
8.3 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. 
 8.4. Exercise of
Rights and Remedies. No delay of or omission in the exercise of any right, power or remedy accruing to any party as a result of any breach or default by any other party under this Agreement shall impair any such right, power or remedy, nor shall
it be construed as a waiver of or acquiescence in any such breach or default, or of any similar breach or default occurring later; nor shall any such delay, omission nor waiver of any single breach or default be deemed a waiver of any other breach
or default occurring before or after that waiver. 
 [Remainder of Page Intentionally Left Blank; Signature Pages Follow] 

  
 12 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of
the date first above written. 
  

									
	COMPANY:	 		 	SPINAL ELEMENTS HOLDINGS, INC.
					
		 		 		 	By:	 	 
		 		 		 		 	Name:
		 		 		 		 	Title:

 [Signature Page to Second Amended and Restated Stockholders Agreement] 

							
	THE MAJORITY KOHLBERG INVESTORS:	 		 	KOHLBERG INVESTORS VII, L.P.
			
		 		 	By: Kohlberg Management VII, L.P.,
		 		 	its General Partner
			
		 		 	By: Kohlberg GP Management VII, L.L.C.,
		 		 	its General Partner
				
		 		 	By:	 	 
		 		 	Name:	 	Christopher Anderson
		 		 	Title:	 	Vice President
			
		 		 	KOHLBERG INVESTORS VII-B, L.P.
			
		 		 	By: Kohlberg Management VII, L.P.,
		 		 	its General Partner
			
		 		 	By: Kohlberg GP Management VII, L.L.C.,
		 		 	its General Partner
				
		 		 	By:	 	 
		 		 	Name:	 	Christopher Anderson
		 		 	Title:	 	Vice President
			
		 		 	KOHLBERG INVESTORS VII-C, L.P.
			
		 		 	By: Kohlberg Management VII, L.P.,
		 		 	its General Partner
			
		 		 	By: Kohlberg GP Management VII, L.L.C.,
		 		 	its General Partner
				
		 		 	By:	 	 
		 		 	Name:	 	Christopher Anderson
		 		 	Title:	 	Vice President

 [Signature Page to Second Amended and Restated Stockholders Agreement] 

 
			
	KOHLBERG TE INVESTORS VII, L.P.
	
	 By: Kohlberg Management VII, L.P.,

its General Partner

	
	 By: Kohlberg GP Management VII, L.L.C.

its General Partner

 
			
		
	By:	 	 

 
			
	Name: Christopher Anderson
	Title: Vice President

  

			
	KOHLBERG TE INVESTORS VII-B, L.P.
	
	 By: Kohlberg Management VII, L.P.,

its General Partner

	
	 By: Kohlberg GP Management VII, L.L.C.,

its General Partner

 
			
		
	By:	 	 

 
			
	Name: Christopher Anderson
	Title: Vice President

  

			
	KOHLBERG PARTNERS VII, L.P.
	
	 By: Kohlberg Management VII, L.P.,

its General Partner

	
	 By: Kohlberg GP Management VII, L.L.C.,

its General Partner

 
			
		
	By:	 	 

 
			
	Name: Christopher Anderson
	Title: Vice President

  
 [Signature Page to
Second Amended and Restated Stockholders Agreement] 

 
			
	KOCO INVESTORS VII, L.P.
	
	 By: Kohlberg Management VII, L.P.,

its General Partner

	
	 By: Kohlberg GP Management VII, L.L.C.,

its General Partner

 
			
		
	By:	 	 

 
			
	Name: Christopher Anderson
	Title: Vice President

  
 [Signature Page to
Second Amended and Restated Stockholders Agreement]EX-10.14

 Exhibit 10.14 

 
  

REGISTRATION RIGHTS AGREEMENT 

BY AND AMONG 
 SPINAL
ELEMENTS HOLDINGS, INC. 
 AND 

CERTAIN STOCKHOLDERS 

DATED AS OF [•], 2020 
  

 
  

 TABLE OF CONTENTS 

 

											
	 ARTICLE I EFFECTIVENESS
	  	 	1	 
				
		  	 	Section 1.1.	 	  	Effectiveness	  	 	1	 
		
	 ARTICLE II DEFINITIONS
	  	 	1	 
				
		  	 	Section 2.1.	 	  	Definitions	  	 	1	 
				
		  	 	Section 2.2.	 	  	Other Interpretive Provisions	  	 	5	 
		
	 ARTICLE III REGISTRATION RIGHTS
	  	 	6	 
				
		  	 	Section 3.1.	 	  	Demand Registration	  	 	6	 
				
		  	 	Section 3.2.	 	  	Shelf Registration	  	 	8	 
				
		  	 	Section 3.3.	 	  	Piggyback Registration	  	 	11	 
				
		  	 	Section 3.4.	 	  	Lock-Up Agreements	  	 	12	 
				
		  	 	Section 3.5.	 	  	Registration Procedures	  	 	13	 
				
		  	 	Section 3.6.	 	  	Underwritten Offerings	  	 	19	 
				
		  	 	Section 3.7.		  	No Inconsistent Agreements; Additional Rights	  	 	20	 
				
		  	 	Section 3.8.	 	  	Registration Expenses	  	 	20	 
				
		  	 	Section 3.9.	 	  	Indemnification	  	 	21	 
				
		  	 	Section 3.10.	 	  	Rules 144 and 144A and Regulation S	  	 	24	 
				
		  	 	Section 3.11.	 	  	Existing Registration Statements	  	 	24	 
		
	 ARTICLE IV MISCELLANEOUS
	  	 	25	 
				
		  	 	Section 4.1.	 	  	Authority; Effect	  	 	25	 
				
		  	 	Section 4.2.	 	  	Notices	  	 	25	 
				
		  	 	Section 4.3.	 	  	Termination and Effect of Termination	  	 	26	 
				
		  	 	Section 4.4.	 	  	Permitted Transferees	  	 	26	 
				
		  	 	Section 4.5.	 	  	Remedies	  	 	27	 
				
		  	 	Section 4.6.	 	  	Amendments	  	 	27	 
				
		  	 	Section 4.7.	 	  	Governing Law	  	 	27	 
				
		  	 	Section 4.8.	 	  	Consent to Jurisdiction	  	 	27	 
				
		  	 	Section 4.9.	 	  	Waiver of Jury Trial	  	 	28	 
				
		  	 	Section 4.10.	 	  	Merger; Binding Effect, Etc.	  	 	28	 
				
		  	 	Section 4.11.	 	  	Counterparts	  	 	28	 
				
		  	 	Section 4.12	 	  	Severability	  	 	29	 
				
		  	 	Section 4.13.	 	  	No Recourse	  	 	29	 

  
 - i - 

 This REGISTRATION RIGHTS AGREEMENT (as it may be amended from time to time in accordance
with the terms hereof, the “Agreement”), dated as of [•], 2020, is made by and among: 
 i. Spinal Elements Holdings,
Inc., a Delaware corporation (the “Company”); 
 ii. each Person executing this Agreement and listed as an
“Investor” on the signature pages hereto (collectively, together with their Permitted Transferees that become party hereto, the “Investors”); and 

iii. each Person executing this Agreement and listed as a “Manager” on the signature pages hereto (collectively, together with their
Permitted Transferees that become party hereto, the “Managers”). 
 RECITALS 

WHEREAS, the Company is contemplating an underwritten public offering and sale of its Common Stock for cash registered on Form S-1 under the Securities Act (the “IPO”); and 
 WHEREAS, the parties believe that it is
in the best interests of the Company and the other parties hereto to set forth their agreements regarding registration rights. 
 NOW,
THEREFORE, in consideration of the foregoing and the mutual promises, covenants and agreements of the parties hereto, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto
agree as follows: 
 ARTICLE I 

EFFECTIVENESS 

Section 1.1. Effectiveness. This Agreement shall become effective immediately prior to the consummation of the closing of the IPO.

 ARTICLE II 

DEFINITIONS 

Section 2.1. Definitions. As used in this Agreement, the following terms shall have the following meanings: 

“Adverse Disclosure” means public disclosure of material non-public information that,
in the good faith judgment of the board of directors of the Company: (i) would be required to be made in any Registration Statement filed with the SEC by the Company so that such Registration Statement, from and after its effective date, does
not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; (ii) would not be required to be made at such time but for the filing,
effectiveness or continued use of such Registration Statement; and (iii) the Company has a bona fide business purpose for not disclosing publicly. 

 “Affiliate” means, with respect to any specified Person, (a) any
Person that directly or indirectly through one or more intermediaries controls, or is controlled by, or is under common control with, such specified Person or (b) in the event that the specified Person is a natural Person, a Member of the
Immediate Family of such Person; provided that the Company and each of its subsidiaries shall be deemed not to be Affiliates of any Investor. As used in this definition, the term “control” means the possession, directly or
indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. 

“Agreement” shall have the meaning set forth in the preamble. 

“Business Day” means any day that is not a Saturday, a Sunday or other day on which banks are required or authorized by law
to be closed in the City of New York. 
 “Common Stock” means the common stock of the Company, par value $0.001 per share.

 “Company Indemnitees” shall have the meaning set forth in Section 3.9.5. 

“Demand Notice” shall have the meaning set forth in Section 3.1.3. 

“Demand Registration” shall have the meaning set forth in Section 3.1.1(a). 

“Demand Registration Request” shall have the meaning set forth in Section 3.1.1(a). 

“Demand Registration Statement” shall have the meaning set forth in Section 3.1.1(c). 

“Demand Suspension” shall have the meaning set forth in Section 3.1.6. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and any successor thereto, and any rules and
regulations promulgated thereunder, all as the same shall be in effect from time to time. 
 “FINRA” means the Financial
Industry Regulatory Authority. 
 “Holders” means Investors and the Managers who then hold Registrable Securities under
this Agreement. 
 “Investor” shall have the meaning set forth in the preamble. 

“IPO” means the Company’s first underwritten public offering of its Common Stock registered under the Securities Act.

 “Issuer Free Writing Prospectus” means an issuer free writing prospectus, as defined in Rule 433 under the
Securities Act, relating to an offer of the Registrable Securities. 
 “Kohlberg Investors” means Kohlberg Investors VII,
L.P., Kohlberg Investors VII-B, L.P., Kohlberg Investors VII-C, L.P., Kohlberg TE Investors VII, L.P., Kohlberg TE Investors
VII-B, L.P., Kohlberg Partners VII, L.P., KOCO Investors VII, L.P. and their respective Permitted Transferees, in each case only if such Person then holds Registrable Securities. 

  
 - 2 - 

 “Loss” shall have the meaning set forth in Section 3.9.1. 

“Managers” shall have the meaning set forth in the preamble. 

“Member of the Immediate Family” means, with respect to any Person who is an individual, (a) each parent, spouse (but
not including a former spouse or a spouse from whom such Person is legally separated) or child (including those adopted) of such individual and (b) each trustee, solely in his or her capacity as trustee, for a trust naming only one or more of
the Persons listed in sub-clause (a) as beneficiaries. 
 “Participation
Conditions” shall have the meaning set forth in Section 3.2.5(b). 
 “Permitted Transferee” means
(i) any Affiliate of an Investor and (ii) such other Persons designated with Requisite Investor Approval. 

“Person” means any individual, partnership, corporation, company, association, trust, joint venture, limited liability
company, unincorporated organization, entity or division, or any government, governmental department or agency or political subdivision thereof. 

“Piggyback Notice” shall have the meaning set forth in Section 3.3.1. 

“Piggyback Registration” shall have the meaning set forth in Section 3.3.1. 

“Potential Takedown Participant” shall have the meaning set forth in Section 3.2.5(b). 

“Pro Rata Portion” means, with respect to each Holder requesting that its shares be registered or sold in an Underwritten
Public Offering, a number of such shares equal to the aggregate number of Registrable Securities to be registered or sold (excluding any shares to be registered or sold for the account of the Company) multiplied by a fraction, the numerator of which
is the aggregate number of Registrable Securities held by such Holder, and the denominator of which is the aggregate number of Registrable Securities held by all Holders requesting that their Registrable Securities be registered or sold. 

“Prospectus” means (i) the prospectus included in any Registration Statement, all amendments and supplements to such
prospectus, including post-effective amendments and supplements, and all other material incorporated by reference in such prospectus, and (ii) any Issuer Free Writing Prospectus. 

“Public Offering” means the offer and sale of Registrable Securities for cash pursuant to an effective Registration Statement
under the Securities Act (other than a Registration Statement on Form S-4 or Form S-8 or any successor form). 

“Registrable Securities” means (i) all shares of Common Stock that are not then subject to forfeiture to the Company,
(ii) all shares of Common Stock issuable upon exercise, conversion or exchange of any option, warrant or convertible security not then subject to vesting or forfeiture to the Company and (iii) all shares of Common Stock directly or
indirectly issued or then issuable with respect to the securities referred to in clauses (i) or (ii) above by way of a stock dividend or stock split, or in connection with a combination of shares, recapitalization,

  
 - 3 - 

 
merger, consolidation or other reorganization. As to any particular Registrable Securities, such securities shall cease to be Registrable Securities when (i) a Registration Statement with
respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have been disposed of in accordance with such Registration Statement, (ii) such securities shall have been Transferred
pursuant to Rule 144, (iii) such holder is able to immediately sell such securities under Rule 144 without any restrictions on transfer (including without application of paragraphs (c), (d), (e), (f) and (h) of Rule 144) (it being understood
that a written opinion of the Company’s outside legal counsel to the effect that such securities may be so offered and sold and that any restrictive legends on the securities may be removed shall be conclusive evidence this clause
(iii) has been satisfied), or (iv) such securities shall have ceased to be outstanding. 
 “Registration” means
registration under the Securities Act of the offer and sale to the public of any Registrable Securities under a Registration Statement. The terms “register”, “registered” and “registering” shall
have correlative meanings. 
 “Registration Expenses” shall have the meaning set forth in Section 3.8. 

“Registration Statement” means any registration statement of the Company filed with, or to be filed with, the SEC under the
Securities Act, including the related Prospectus, amendments and supplements to such registration statement, including pre- and post-effective amendments, and all exhibits and all material incorporated by
reference in such registration statement other than a registration statement (and related Prospectus) filed on Form S-4 or Form S-8 or any successor form thereto. 

“Representatives” means, with respect to any Person, any of such Person’s officers, directors, employees, agents,
attorneys, accountants, actuaries, consultants, equity financing partners or financial advisors or other Person associated with, or acting on behalf of, such Person. 

“Requisite Investor Approval” means the prior written consent of the Requisite Investors. 

“Requisite Investors” means the holders of a majority of the Registrable Securities then held by the Investors.  
 “Rule 144” means Rule 144 under the Securities Act (or any successor
rule). 
 “SEC” means the Securities and Exchange Commission or any successor agency having jurisdiction under the
Securities Act. 
 “Securities Act” means the Securities Act of 1933, as amended, and any successor thereto, and any rules
and regulations promulgated thereunder, all as the same shall be in effect from time to time. 
 “Shelf Period” shall have
the meaning set forth in Section 3.2.3. 
 “Shelf Registration” shall have the meaning set forth in
Section 3.2.1(a). 

  
 - 4 - 

 “Shelf Registration Notice” shall have the meaning set forth in
Section 3.2.2. 
 “Shelf Registration Request” shall have the meaning set forth in Section 3.2.1(a). 

“Shelf Registration Statement” shall have the meaning set forth in Section 3.2.1(a). 

“Shelf Suspension” shall have the meaning set forth in Section 3.2.4. 

“Shelf Takedown Notice” shall have the meaning set forth in Section 3.2.5(b). 

“Shelf Takedown Request” shall have the meaning set forth in Section 3.2.5(a). 

“Transfer” means, with respect to any Registrable Security, any interest therein, or any other securities or equity interests
relating thereto, a direct or indirect transfer, sale, exchange, assignment, pledge, hypothecation or other encumbrance or other disposition thereof, including the grant of an option or other right, whether directly or indirectly, whether
voluntarily, involuntarily, by operation of law, pursuant to judicial process or otherwise. “Transferred” shall have a correlative meaning. 

“Underwritten Public Offering” means an underwritten Public Offering, including any bought deal or block sale to a financial
institution conducted as an underwritten Public Offering. 
 “Underwritten Shelf Takedown” means an Underwritten Public
Offering pursuant to an effective Shelf Registration Statement. 
 “WKSI” means any Securities Act registrant that is a
well-known seasoned issuer as defined in Rule 405 under the Securities Act at the most recent eligibility determination date specified in paragraph (2) of that definition. 

Section 2.2. Other Interpretive Provisions. (a) The meanings of defined terms are equally applicable to the singular and plural
forms of the defined terms. 
 (b) The words “hereof”, “herein”, “hereunder” and similar words refer to this
Agreement as a whole and not to any particular provision of this Agreement; and any subsection and section references are to this Agreement unless otherwise specified. 

(c) The term “including” is not limiting and means “including without limitation.” 

(d) The captions and headings of this Agreement are for convenience of reference only and shall not affect the interpretation of this
Agreement. 
 (e) Whenever the context requires, any pronouns used herein shall include the corresponding masculine, feminine or neuter
forms. 

  
 - 5 - 

 ARTICLE III 

REGISTRATION RIGHTS 
 The
Company will perform and comply, and cause each of its subsidiaries to perform and comply, with such of the following provisions as are applicable to it. Each Holder will perform and comply with such of the following provisions as are applicable to
such Holder. 
 Section 3.1. Demand Registration. 

Section 3.1.1. Request for Demand Registration. 

 

	 	(a)	 At any time after the consummation of the IPO, the Requisite Investors shall have the right to make a written
request from time to time (a “Demand Registration Request”) to the Company for Registration of all or part of the Registrable Securities held by such Investors. Any such Registration pursuant to a Demand Registration Request shall
hereinafter be referred to as a “Demand Registration.” 

  

	 	(b)	 Each Demand Registration Request shall specify (x) the kind and aggregate amount of Registrable Securities
to be registered, and (y) the intended method or methods of disposition thereof. 

  

	 	(c)	 Upon receipt of a Demand Registration Request, the Company shall as promptly as practicable file a Registration
Statement (a “Demand Registration Statement”) relating to such Demand Registration, and use its reasonable best efforts to cause such Demand Registration Statement to be promptly declared effective under the Securities Act.

 Section 3.1.2. Limitation on Demand Registrations. The Company shall not be obligated
to take any action to effect any Demand Registration if (i) a Demand Registration or Piggyback Registration was declared effective or an Underwritten Shelf Takedown was consummated within the preceding ninety (90) days (unless otherwise
consented to by the Company) or (ii) the value of the Registrable Securities proposed to be sold is less than five million dollars ($5,000,000). The aggregate number of Demand Registrations that might be requested shall not exceed three
(3) in any twelve (12)-month period. 
 Section 3.1.3. Demand Notice. Promptly upon receipt of a Demand
Registration Request pursuant to Section 3.1.1 (but in no event more than five (5) Business Days thereafter), the Company shall deliver a written notice (a “Demand Notice”) of any such Demand Registration Request to all
other Holders and the Demand Notice shall offer each such Holder the opportunity to include in the Demand Registration that number of Registrable Securities as each such Holder may request in writing. Subject to Section 3.1.7, the Company shall
include in the Demand Registration all such Registrable Securities with respect to which the Company has received written requests for inclusion therein within three (3) Business Days after the date that the Demand Notice was delivered. 

  
 - 6 - 

 Section 3.1.4. Demand Withdrawal. The Requisite Investors that
have requested its Registrable Securities be included in a Demand Registration pursuant to Section 3.1.3 may withdraw all or any portion of its Registrable Securities included in a Demand Registration from such Demand Registration at any time
prior to the effectiveness of the applicable Demand Registration Statement. Upon receipt of a notice to such effect with respect to all of the Registrable Securities included in such Demand Registration, the Company shall cease all efforts to secure
effectiveness of the applicable Demand Registration Statement. 
 Section 3.1.5. Effective Registration.
The Company shall use reasonable best efforts to cause the Demand Registration Statement to become effective and remain effective for not less than one hundred eighty (180) days (or such shorter period as will terminate when all Registrable
Securities covered by such Demand Registration Statement have been sold or withdrawn), or, if such Demand Registration Statement relates to an Underwritten Public Offering, such longer period as in the opinion of counsel for the underwriter or
underwriters a Prospectus is required by law to be delivered in connection with sales of Registrable Securities by an underwriter or dealer. 

Section 3.1.6. Delay in Filing; Suspension of Registration. If the filing, initial effectiveness or
continued use of a Demand Registration Statement at any time would require the Company to make an Adverse Disclosure, the Company may, upon giving prompt written notice of such action to the Holders, delay the filing or initial effectiveness of, or
suspend use of, the Demand Registration Statement (a “Demand Suspension”); provided, however, that the Company shall not be permitted to exercise a Demand Suspension more than once during any twelve (12)-month period
for a period not to exceed sixty (60) days. In the case of a Demand Suspension, the Holders agree to suspend use of the applicable Prospectus in connection with any sale or purchase, or offer to sell or purchase, Registrable Securities, upon
receipt of the notice referred to above. The Company shall immediately notify the Holders in writing upon the termination of any Demand Suspension, amend or supplement the Prospectus, if necessary, so it does not contain any untrue statement or
omission and furnish to the Holders such numbers of copies of the Prospectus as so amended or supplemented as the Holders may reasonably request. The Company shall, if necessary, supplement or amend the Demand Registration Statement, if required by
the registration form used by the Company for the Demand Registration or by the instructions applicable to such registration form or by the Securities Act or the rules or regulations promulgated thereunder or as may reasonably be requested by the
Holders of a majority of Registrable Securities that are included in such Demand Registration Statement. 

Section 3.1.7. Priority of Securities Registered Pursuant to Demand Registrations. If the managing
underwriter or underwriters of a proposed Underwritten Public Offering of the Registrable Securities included in a Demand Registration advise the Company in writing that, in its or their opinion, the number of securities requested to be included in
such Demand Registration exceeds the number that can be sold in such offering without being likely to have an adverse effect on the price, timing or distribution of the securities offered or the market for the securities offered, then the securities
to be included in such Registration shall be, in the case of any Demand Registration, (x) first, 

  
 - 7 - 

 
allocated to each Holder that has requested to participate in such Demand Registration an amount equal to the lesser of (i) the number of such Registrable Securities requested to be
registered or sold by such Holder, and (ii) a number of such shares equal to such Holder’s Pro Rata Portion, and (y) second, and only if all the securities referred to in clause (x) have been included, the number of other
securities that, in the opinion of such managing underwriter or underwriters, can be sold without having such adverse effect. 

Section 3.2. Shelf Registration. 

Section 3.2.1. Request for Shelf Registration. 

 

	 	(a)	 Upon the written request of the Requisite Investors from time to time (a “Shelf Registration
Request”), the Company shall promptly file with the SEC a shelf Registration Statement pursuant to Rule 415 under the Securities Act (“Shelf Registration Statement”) relating to the offer and sale of Registrable Securities
by any Holders thereof from time to time in accordance with the methods of distribution elected by such Holders, and the Company shall use its reasonable best efforts to cause such Shelf Registration Statement to promptly become effective under the
Securities Act. Any such Registration pursuant to a Shelf Registration Request shall hereinafter be referred to as a “Shelf Registration.” 

  

	 	(b)	 If on the date of the Shelf Registration Request the Company is a WKSI, then the Shelf Registration Request may
request Registration of an unspecified amount of Registrable Securities to be sold by unspecified Holders. If on the date of the Shelf Registration Request the Company is not a WKSI, then the Shelf Registration Request shall specify the aggregate
amount of Registrable Securities to be registered. The Company shall provide to the Investors the information necessary to determine the Company’s status as a WKSI upon request. 

Section 3.2.2. Shelf Registration Notice. Promptly upon receipt of a Shelf Registration Request (but in no event
more than two (2) Business Days thereafter (or such shorter period as may be reasonably requested in connection with an underwritten “block trade”)), the Company shall deliver a written notice (a “Shelf Registration
Notice”) of any such request to all other Holders, which notice shall specify, if applicable, the amount of Registrable Securities to be registered, and the Shelf Registration Notice shall offer each such Holder the opportunity to include
in the Shelf Registration that number of Registrable Securities as each such Holder may request in writing. The Company shall include in such Shelf Registration all such Registrable Securities with respect to which the Company has received written
requests for inclusion therein within three (3) Business Days (or such shorter period as may be reasonably requested in connection with an underwritten “block trade”) after the date that the Shelf Registration Notice has been
delivered. 

  
 - 8 - 

 Section 3.2.3. Continued Effectiveness. The Company shall use
its reasonable best efforts to keep such Shelf Registration Statement continuously effective under the Securities Act in order to permit the Prospectus forming part of the Shelf Registration Statement to be usable by Holders until the earlier of:
(i) the date as of which all Registrable Securities have been sold pursuant to the Shelf Registration Statement or another Registration Statement filed under the Securities Act (but in no event prior to the applicable period referred to in
Section 4(a)(3) of the Securities Act and Rule 174 thereunder); and (ii) the date as of which no Holder holds Registrable Securities (such period of effectiveness, the “Shelf Period”). Subject to Section 3.2.4,
the Company shall be deemed not to have used its reasonable best efforts to keep the Shelf Registration Statement effective during the Shelf Period if the Company voluntarily takes any action or omits to take any action that would result in Holders
of the Registrable Securities covered thereby not being able to offer and sell any Registrable Securities pursuant to such Shelf Registration Statement during the Shelf Period, unless such action or omission is required by applicable law. 

Section 3.2.4. Suspension of Registration. If the continued use of such Shelf Registration Statement at any
time would require the Company to make an Adverse Disclosure, the Company may, upon giving prompt written notice of such action to the Holders, suspend use of the Shelf Registration Statement (a “Shelf Suspension”); provided,
however, that the Company shall not be permitted to exercise a Shelf Suspension more than one time during any twelve (12)-month period for a period not to exceed sixty (60) days. In the case of a Shelf Suspension, the Holders agree to
suspend use of the applicable Prospectus in connection with any sale or purchase of, or offer to sell or purchase, Registrable Securities, upon receipt of the notice referred to above. The Company shall immediately notify the Holders in writing upon
the termination of any Shelf Suspension, amend or supplement the Prospectus, if necessary, so it does not contain any untrue statement or omission and furnish to the Holders such numbers of copies of the Prospectus as so amended or supplemented as
the Holders may reasonably request. The Company shall, if necessary, supplement or amend the Shelf Registration Statement, if required by the registration form used by the Company for the Shelf Registration Statement or by the instructions
applicable to such registration form or by the Securities Act or the rules or regulations promulgated thereunder or as may reasonably be requested by the Holders of a majority of Registrable Securities that are included in such Shelf Registration
Statement. 
 Section 3.2.5. Shelf Takedown. 

 

	 	(a)	 At any time the Company has an effective Shelf Registration Statement with respect to the Holder’s
Registrable Securities, by notice to the Company specifying the intended method or methods of disposition thereof, the Requisite Investors may make a written request (a “Shelf Takedown Request”) to the Company to effect a Public
Offering, including an Underwritten Shelf Takedown, of all or a portion of such Holder’s Registrable Securities that may be registered under such Shelf Registration Statement, and as soon as practicable the Company shall amend or supplement the
Shelf Registration Statement as necessary for such purpose. 

  
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	 	(b)	 Promptly upon receipt of a Shelf Takedown Request (but in no event more than two (2) Business Days
thereafter (or such shorter period as may be reasonably requested in connection with an underwritten “block trade”)) for any Underwritten Shelf Takedown, the Company shall deliver a notice (a “Shelf Takedown Notice”) to
each other Holder with Registrable Securities covered by the applicable Registration Statement, or to all other Holders if such Registration Statement is undesignated (each a “Potential Takedown Participant”). The Shelf Takedown
Notice shall offer each such Potential Takedown Participant the opportunity to include in any Underwritten Shelf Takedown such number of Registrable Securities as each such Potential Takedown Participant may request in writing. The Company
shall include in the Underwritten Shelf Takedown all such Registrable Securities with respect to which the Company has received written requests for inclusion therein within three (3) Business Days (or such shorter period as may be reasonably
requested in connection with an underwritten “block trade”) after the date that the Shelf Takedown Notice has been delivered. Any Potential Takedown Participant’s request to participate in an Underwritten Shelf Takedown shall be
binding on the Potential Takedown Participant; provided that each such Potential Takedown Participant that elects to participate may condition its participation on the Underwritten Shelf Takedown being completed within fifteen
(15) Business Days of its acceptance at a price per share (after giving effect to any underwriters’ discounts or commissions) to such Potential Takedown Participant of not less than ninety percent (90%) (or such lesser percentage specified
by such Potential Takedown Participant) of the closing price for the shares on their principal trading market on the Business Day immediately prior to such Potential Takedown Participant’s election to participate (the “Participation
Conditions”). Notwithstanding the delivery of any Shelf Takedown Notice, but subject to the Participation Conditions (to the extent applicable), all determinations as to whether to complete any Underwritten Shelf Takedown and as to the
timing, manner, price and other terms of any Underwritten Shelf Takedown contemplated by this Section 3.2.5 shall be determined by the participating Requisite Investors. 

 

	 	(c)	 The Company shall not be obligated to take any action to effect any Underwritten Shelf Takedown if a Demand
Registration or Piggyback Registration was declared effective or an Underwritten Shelf Takedown was consummated within the preceding ninety (90) days (unless otherwise consented to by the Company). 

Section 3.2.6. Priority of Securities Sold Pursuant to Shelf Takedowns. If the managing underwriter or underwriters
of a proposed Underwritten Shelf Takedown pursuant to Section 3.2.5 advise the Company in writing that, in its or their opinion, the number of securities requested to be included in the proposed Underwritten Shelf Takedown exceeds the number
that can be sold in such Underwritten Shelf Takedown without being likely to have an adverse effect on the price, timing or distribution of the 

  
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securities offered or the market for the securities offered, the number of Registrable Securities to be included in such offering shall be (x) first, allocated to each Holder that has
requested to participate in such Underwritten Shelf Takedown an amount equal to the lesser of (i) the number of such Registrable Securities requested to be registered or sold by such Holder, and (ii) a number of such shares equal to such
Holder’s Pro Rata Portion, and (y) second, and only if all the securities referred to in clause (x) have been included, the number of other securities that, in the opinion of such managing underwriter or underwriters can be sold
without having such adverse effect. 
 Section 3.3. Piggyback Registration. 

Section 3.3.1. Participation. If the Company at any time proposes to file a Registration Statement under the
Securities Act or to conduct a Public Offering with respect to any offering of its equity securities for its own account or for the account of any other Persons (other than (i) a Registration under Sections 3.1 or 3.2, (ii) a Registration
on Form S-4 or Form S-8 or any successor form to such forms or (iii) a Registration of securities solely relating to an offering and sale to employees or directors
of the Company or its subsidiaries pursuant to any employee stock plan or other employee benefit plan arrangement), then, as soon as practicable (but in no event less than ten (10) Business Days prior to the proposed date of filing of such
Registration Statement or, in the case of a Public Offering under a Shelf Registration Statement, the anticipated pricing or trade date), the Company shall give written notice (a “Piggyback Notice”) of such proposed filing or Public
Offering to all Holders, and such Piggyback Notice shall offer the Holders the opportunity to register under such Registration Statement, or to sell in such Public Offering, such number of Registrable Securities as each such Holder may request in
writing (a “Piggyback Registration”). Subject to Section 3.3.2, the Company shall include in such Registration Statement or in such Public Offering as applicable, all such Registrable Securities that are requested to be
included therein within five (5) Business Days after the receipt by such Holder of any such notice; provided, however, that if at any time after giving written notice of its intention to register or sell any securities and prior
to the effective date of the Registration Statement filed in connection with such Registration, or the pricing or trade date of a Public Offering under a Shelf Registration Statement, the Company determines for any reason not to register or sell or
to delay the Registration or sale of such securities, the Company shall give written notice of such determination to each Holder and, thereupon, (i) in the case of a determination not to register or sell, shall be relieved of its obligation to
register or sell any Registrable Securities in connection with such Registration or Public Offering (but not from its obligation to pay the Registration Expenses in connection therewith), without prejudice, however, to the rights of any Holders
entitled to request that such Registration or sale be effected as a Demand Registration under Section 3.1 or an Underwritten Shelf Takedown under Section 3.2, as the case may be, and (ii) in the case of a determination to delay
Registration or sale, in the absence of a request for a Demand Registration or an Underwritten Shelf Takedown, as the case may be, shall be permitted to delay registering or selling any Registrable Securities, for the same period as the delay in
registering or selling such other securities. Any Holder shall have the right to withdraw all or part of its request for inclusion of its Registrable Securities in a Piggyback Registration by giving written notice to the Company of its request to
withdraw. 

  
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 Section 3.3.2. Priority of Piggyback Registration. If the
managing underwriter or underwriters of any proposed offering of Registrable Securities included in a Piggyback Registration informs the Company and the participating Holders in writing that, in its or their opinion, the number of securities that
such Holders and any other Persons intend to include in such offering exceeds the number that can be sold in such offering without being likely to have a significant adverse effect on the price, timing or distribution of the securities offered or
the market for the securities offered, then the securities to be included in such Registration shall be (i) first, one hundred percent (100%) of the securities that the Company proposes to sell, and (ii) second, and only if all the
securities referred to in clause (i) have been included, the number of Registrable Securities that, in the opinion of such managing underwriter or underwriters, can be sold without having such adverse effect, with such number to be allocated
among the Holders that have requested to participate in such Registration based on an amount equal to the lesser of (x) the number of such Registrable Securities requested to be sold by such Holder, and (y) a number of such shares equal to
such Holder’s Pro Rata Portion, and (iii) third, and only if all of the Registrable Securities referred to in clause (ii) have been included in such Registration, any other securities eligible for inclusion in such Registration. 

Section 3.3.3. No Effect on Other Registrations. No Registration of Registrable Securities effected pursuant to a
request under this Section 3.3 shall be deemed to have been effected pursuant to Sections 3.1 and 3.2 or shall relieve the Company of its obligations under Sections 3.1 and 3.2. 

Section 3.4. Lock-Up Agreements. In connection with each Registration or sale of
Registrable Securities pursuant to Section 3.1, 3.2 or 3.3 conducted as an Underwritten Public Offering, including the IPO, each Holder agrees, if requested, to become bound by and to execute and deliver a
lock-up agreement with the underwriter(s) of such Underwritten Public Offering in customary form that, among other things, restricts such Holder’s right to (a) Transfer, directly or indirectly, any
equity securities of the Company held by such Holder or (b) enter into any swap or other arrangement that transfers to another any of the economic consequences of ownership of such securities during the period commencing on the date of the
final Prospectus relating to the Underwritten Public Offering and ending on the date specified by the underwriters (such period not to exceed (x) one hundred eighty (180) days in the case of the IPO or (y) ninety (90) days in the case
of any registration or sale other than the IPO). The terms of such lock-up agreements shall be negotiated among the Requisite Investors, the Company and the underwriters and shall include customary carve-outs
from the restrictions on Transfer set forth therein. 

  
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 Section 3.5. Registration Procedures. 

Section 3.5.1. Requirements. In connection with the Company’s obligations under Sections 3.1 – 3.4, the
Company shall use its reasonable best efforts to effect such Registration and to permit the sale of such Registrable Securities in accordance with the intended method or methods of distribution thereof as expeditiously as reasonably practicable, and
in connection therewith the Company shall: 
  

	 	(a)	 As promptly as practicable prepare the required Registration Statement, including all exhibits and financial
statements required under the Securities Act to be filed therewith and Prospectus, and, before filing a Registration Statement or Prospectus or any amendments or supplements thereto, (x) furnish to the underwriters, if any, and to the Holders
of the Registrable Securities covered by such Registration Statement, copies of all documents prepared to be filed, which documents shall be subject to the review of such underwriters and such Holders and their respective counsel, (y) make such
changes in such documents concerning the Holders prior to the filing thereof as such Holders, or their counsel, may reasonably request and (z) except in the case of a Registration under Section 3.3 not file any Registration Statement or
Prospectus or amendments or supplements thereto to which the Holders, in such capacity, or the underwriters, if any, shall reasonably object; 

  

	 	(b)	 prepare and file with the SEC such amendments and post-effective amendments to such Registration Statement and
supplements to the Prospectus as may be (x) reasonably requested by any Holder with Registrable Securities covered by such Registration Statement, (y) reasonably requested by any participating Holder (to the extent such request relates to
information relating to such Holder), or (z) necessary to keep such Registration Statement effective for the period of time required by this Agreement, and comply with provisions of the applicable securities laws with respect to the sale or
other disposition of all securities covered by such Registration Statement during such period in accordance with the intended method or methods of disposition by the sellers thereof set forth in such Registration Statement; 

 

	 	(c)	 notify the participating Holders and the managing underwriter or underwriters, if any, and (if requested)
confirm such notice in writing and provide copies of the relevant documents, as soon as reasonably practicable after notice thereof is received by the Company (a) when the applicable Registration Statement or any amendment thereto has been
filed or becomes effective, and when the applicable Prospectus or any amendment or supplement thereto has been filed, (b) of any written comments by the SEC, or any request by the SEC or other federal or state governmental authority for
amendments or supplements to such Registration Statement or such Prospectus, or for additional information (whether before or after the effective date of the Registration Statement) or any other correspondence with the SEC relating to, or which may
affect, the Registration, (c) of the issuance by the SEC of any stop order suspending the effectiveness of such Registration Statement or any order by the SEC or any other regulatory authority preventing or suspending the use of any preliminary
or final Prospectus or the initiation or threatening 

  
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of any proceedings for such purposes, (d) if, at any time, the representations and warranties of the Company in any applicable underwriting agreement cease to be true and correct in all
material respects and (e) of the receipt by the Company of any notification with respect to the suspension of the qualification of the Registrable Securities for offering or sale in any jurisdiction or the initiation or threatening of any
proceeding for such purpose; 

  

	 	(d)	 promptly notify each selling Holder and the managing underwriter or underwriters, if any, when the Company
becomes aware of the happening of any event as a result of which the applicable Registration Statement or the Prospectus included in such Registration Statement (as then in effect) contains any untrue statement of a material fact or omits to state a
material fact necessary to make the statements therein (in the case of such Prospectus or any preliminary Prospectus, in light of the circumstances under which they were made) not misleading, when any Issuer Free Writing Prospectus includes
information that may conflict with the information contained in the Registration Statement, or, if for any other reason it shall be necessary during such time period to amend or supplement such Registration Statement or Prospectus in order to comply
with the Securities Act and, as promptly as reasonably practicable thereafter, prepare and file with the SEC, and furnish without charge to the selling Holders and the managing underwriter or underwriters, if any, an amendment or supplement to such
Registration Statement or Prospectus, which shall correct such misstatement or omission or effect such compliance; 

  

	 	(e)	 to the extent the Company is eligible under the relevant provisions of Rule 430B under the Securities Act, if
the Company files any Shelf Registration Statement, the Company shall include in such Shelf Registration Statement such disclosures as may be required by Rule 430B under the Securities Act (referring to the unnamed selling security holders in a
generic manner by identifying the initial offering of the securities to the Holders) in order to ensure that the Holders may be added to such Shelf Registration Statement at a later time through the filing of a Prospectus supplement rather than a
post-effective amendment; 

  

	 	(f)	 use its reasonable best efforts to prevent, or obtain the withdrawal of, any stop order or other order or
notice preventing or suspending the use of any preliminary or final Prospectus; 

  

	 	(g)	 promptly incorporate in a Prospectus supplement, Issuer Free Writing Prospectus or post-effective amendment
such information as the managing underwriter or underwriters and the Requisite Investors agree should be included therein relating to the plan of distribution with respect to such Registrable Securities; and make all required filings of such
Prospectus supplement, Issuer Free Writing Prospectus or post-effective amendment as soon as reasonably practicable after being notified of the matters to be incorporated in such Prospectus supplement, Issuer Free Writing Prospectus or
post-effective amendment; 

  
 - 14 - 

	 	(h)	 furnish to each selling Holder and each underwriter, if any, without charge, as many conformed copies as such
Holder or underwriter may reasonably request of the applicable Registration Statement and any amendment or post-effective amendment or supplement thereto, including financial statements and schedules, all documents incorporated therein by reference
and all exhibits (including those incorporated by reference); 

  

	 	(i)	 deliver to each selling Holder and each underwriter, if any, without charge, as many copies of the applicable
Prospectus (including each preliminary Prospectus) and any amendment or supplement thereto and such other documents as such Holder or underwriter may reasonably request in order to facilitate the disposition of the Registrable Securities by such
Holder or underwriter (it being understood that the Company shall consent to the use of such Prospectus or any amendment or supplement thereto by each of the selling Holders and the underwriters, if any, in connection with the offering and sale of
the Registrable Securities covered by such Prospectus or any amendment or supplement thereto); 

  

	 	(j)	 on or prior to the date on which the applicable Registration Statement becomes effective, use its reasonable
best efforts to register or qualify, and cooperate with the selling Holders, the managing underwriter or underwriters, if any, and their respective counsel, in connection with the Registration or qualification of such Registrable Securities for
offer and sale under the securities or “Blue Sky” laws of each state and other jurisdiction as any such selling Holder or managing underwriter or underwriters, if any, or their respective counsel reasonably request in writing and do any
and all other acts or things reasonably necessary or advisable to keep such Registration or qualification in effect for such period as required by Section 3.1 or Section 3.2, as applicable, provided that the Company shall not be
required to qualify generally to do business in any jurisdiction where it is not then so qualified or to take any action which would subject it to taxation or general service of process in any such jurisdiction where it is not then so subject;

  

	 	(k)	 cooperate with the selling Holders and the managing underwriter or underwriters, if any, to facilitate the
timely preparation and delivery of certificates representing Registrable Securities to be sold and not bearing any restrictive legends and enable such Registrable Securities to be in such denominations and registered in such names as the managing
underwriters may request prior to any sale of Registrable Securities to the underwriters; 

  

	 	(l)	 use its reasonable best efforts to cause the Registrable Securities covered by the applicable Registration
Statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the seller or sellers thereof or the underwriter or underwriters, if any, to consummate the disposition of such Registrable
Securities; 

  
 - 15 - 

	 	(m)	 make such representations and warranties to the Holders being registered, and the underwriters or agents, if
any, in form, substance and scope as are customarily made by issuers in public offerings similar to the Public Offering then being undertaken; 

  

	 	(n)	 enter into such customary agreements (including underwriting and indemnification agreements) and take all such
other actions as the Holders of a majority of Registrable Securities being sold, or the managing underwriter or underwriters, if any, reasonably request in order to expedite or facilitate the Registration and disposition of such Registrable
Securities; 

  

	 	(o)	 obtain for delivery to the Holders being registered and to the underwriter or underwriters, if any, an opinion
or opinions from counsel for the Company dated the most recent effective date of the Registration Statement or, in the event of an Underwritten Public Offering, the date of the closing under the underwriting agreement, in customary form, scope and
substance, which opinions shall be reasonably satisfactory to such Holders or underwriters, as the case may be, and their respective counsel; 

  

	 	(p)	 in the case of an Underwritten Public Offering, obtain for delivery to the Company and the managing underwriter
or underwriters, with copies to the Holders included in such Registration or sale, a comfort letter from the Company’s independent certified public accountants or independent auditors (and, if necessary, any other independent certified public
accountants or independent auditors of any subsidiary of the Company or any business acquired by the Company for which financial statements and financial data are, or are required to be, included in the Registration Statement) in customary form and
covering such matters of the type customarily covered by comfort letters as the managing underwriter or underwriters reasonably request, dated the date of execution of the underwriting agreement and brought down to the closing under the underwriting
agreement; 

  

	 	(q)	 cooperate with each seller of Registrable Securities and each underwriter, if any, participating in the
disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with FINRA; 

  

	 	(r)	 use its reasonable best efforts to comply with all applicable securities laws and, if a Registration Statement
was filed, make available to its security holders, as soon as reasonably practicable, an earnings statement satisfying the provisions of Section 11(a) of the Securities Act and the rules and regulations promulgated thereunder;

  
 - 16 - 

	 	(s)	 provide and cause to be maintained a transfer agent and registrar for all Registrable Securities covered by the
applicable Registration Statement; 

  

	 	(t)	 use its reasonable best efforts to cause all Registrable Securities covered by the applicable Registration
Statement to be listed on each securities exchange on which any of the Company’s equity securities are then listed or quoted and on each inter-dealer quotation system on which any of the Company’s equity securities are then quoted;

  

	 	(u)	 make available upon reasonable notice at reasonable times and for reasonable periods for inspection by a
representative appointed by the Holders of a majority of Registrable Securities being sold, by any underwriter participating in any disposition to be effected pursuant to such Registration Statement and by any attorney, accountant or other agent
retained by such Holders or any such underwriter, all pertinent financial and other records and pertinent corporate documents and properties of the Company, and cause all of the Company’s officers, directors and employees and the independent
public accountants who have certified its financial statements to make themselves available to discuss the business of the Company and to supply all information reasonably requested by any such Person in connection with such Registration Statement;
provided, however, that any such Person gaining access to information regarding the Company pursuant to this Section 3.5.1(u) shall agree to hold in strict confidence and shall not make any disclosure or use any information
regarding the Company that the Company determines in good faith to be confidential, and of which determination such Person is notified, unless (a) the release of such information is requested or required (by deposition, interrogatory, requests
for information or documents by a governmental entity, subpoena or similar process), (b) disclosure of such information, in the opinion of counsel to such Person, is otherwise required by law (including in connection with the sale of Registrable
Securities), (c) such information is or becomes publicly known other than through a breach of this or any other agreement of which such Person has knowledge, (d) such information is or becomes available to such Person on a non-confidential basis from a source other than the Company or (e) such information is independently developed by such Person; 

 

	 	(v)	 in the case of an Underwritten Public Offering, cause the senior executive officers of the Company to
participate in the customary “road show” presentations that may be reasonably requested by the managing underwriter or underwriters in any such offering and otherwise to facilitate, cooperate with, and participate in each proposed offering
contemplated herein and customary selling efforts related thereto; 

  

	 	(w)	 take no direct or indirect action prohibited by Regulation M under the Exchange Act; 

  
 - 17 - 

	 	(x)	 take all reasonable action to ensure that any Issuer Free Writing Prospectus utilized in connection with any
Registration complies in all material respects with the Securities Act, is filed in accordance with the Securities Act to the extent required thereby, is retained in accordance with the Securities Act to the extent required thereby and, when taken
together with the related Prospectus, will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; and

  

	 	(y)	 take all such other commercially reasonable actions as are necessary or advisable in order to expedite or
facilitate the disposition of such Registrable Securities in accordance with the terms of this Agreement. 

Section 3.5.2. Company Information Requests. The Company may require each seller of Registrable Securities as to
which any Registration or sale is being effected to furnish to the Company such information regarding the distribution of such securities and such other information relating to such Holder and its ownership of Registrable Securities as the Company
may from time to time reasonably request in writing and the Company may exclude from such Registration or sale the Registrable Securities of any such Holder who unreasonably fails to furnish such information within a reasonable time after receiving
such request. Each Holder agrees to furnish such information to the Company and to cooperate with the Company as reasonably necessary to enable the Company to comply with the provisions of this Agreement. 

Section 3.5.3. Discontinuing Registration. Each Holder agrees that, upon receipt of any notice from the Company of
the happening of any event of the kind described in Section 3.5.1(d), such Holder will discontinue disposition of Registrable Securities pursuant to such Registration Statement until such Holder’s receipt of the copies of the supplemented
or amended Prospectus contemplated by Section 3.5.1(d), or until such Holder is advised in writing by the Company that the use of the Prospectus may be resumed, and has received copies of any additional or supplemental filings that are
incorporated by reference in the Prospectus, or any amendments or supplements thereto, and if so directed by the Company, such Holder shall deliver to the Company (at the Company’s expense) all copies, other than permanent file copies then in
such Holder’s possession, of the Prospectus covering such Registrable Securities current at the time of receipt of such notice. In the event the Company shall give any such notice, the period during which the applicable Registration Statement
is required to be maintained effective shall be extended by the number of days during the period from and including the date of the giving of such notice to and including the date when each seller of Registrable Securities covered by such
Registration Statement either receives the copies of the supplemented or amended Prospectus contemplated by Section 3.5.1(d) or is advised in writing by the Company that the use of the Prospectus may be resumed. 

  
 - 18 - 

 Section 3.6. Underwritten Offerings. 

Section 3.6.1. Shelf and Demand Registrations. If requested by the underwriters for any Underwritten Public
Offering, pursuant to a Registration or sale under Sections 3.1 or 3.2, the Company shall enter into an underwriting agreement with such underwriters, such agreement to be reasonably satisfactory in substance and form to each of the Company, the
Requisite Investors and the underwriters, and to contain such representations and warranties by the Company and such other terms as are generally prevailing in agreements of that type, including indemnities no less favorable to the recipient thereof
than those provided in Section 3.9 of this Agreement. The Holders of the Registrable Securities proposed to be distributed by such underwriters shall cooperate with the Company in the negotiation of the underwriting agreement and shall give
consideration to the reasonable suggestions of the Company regarding the form thereof, and such Holders shall complete and execute all questionnaires, powers of attorney and other documents reasonably requested by the underwriters and required under
the terms of such underwriting arrangements. Any such Holder shall not be required to make any representations or warranties to or agreements with the Company or the underwriters other than representations, warranties or agreements regarding such
Holder, such Holder’s title to the Registrable Securities, such Holder’s intended method of distribution and any other representations to be made by the Holder as are generally prevailing in agreements of that type, and the aggregate
amount of the liability of such Holder under such agreement shall not exceed such Holder’s proceeds from the sale of its Registrable Securities in the offering, net of underwriting discounts and commissions but before expenses. 

Section 3.6.2. Piggyback Registrations. If the Company proposes to register or sell any of its securities under the
Securities Act as contemplated by Section 3.3 and such securities are to be distributed through one or more underwriters, the Company shall, if requested by any Holder pursuant to Section 3.3 and, subject to the provisions of
Section 3.3.2, use its reasonable best efforts to arrange for such underwriters to include on the same terms and conditions that apply to the other sellers in such Registration or sale all the Registrable Securities to be offered and sold by
such Holder among the securities of the Company to be distributed by such underwriters in such Registration or sale. The Holders of Registrable Securities to be distributed by such underwriters shall be parties to the underwriting agreement between
the Company and such underwriters and shall complete and execute all questionnaires, powers of attorney and other documents reasonably requested by the underwriters and required under the terms of such underwriting arrangements. Any such Holder
shall not be required to make any representations or warranties to or agreements with the Company or the underwriters other than representations, warranties or agreements regarding such Holder, such Holder’s title to the Registrable Securities,
such Holder’s intended method of distribution and any other representations to be made by the Holder as are generally prevailing in agreements of that type, and the aggregate amount of the liability of such Holder shall not exceed such
Holder’s proceeds from the sale of its Registrable Securities in the offering, net of underwriting discounts and commissions but before expenses. 

  
 - 19 - 

 Section 3.6.3. Selection of Underwriters; Selection of Counsel.
In the case of an Underwritten Public Offering under Sections 3.1 or 3.2, the managing underwriter or underwriters to administer the offering shall be determined by the Requisite Investors; provided that such underwriter or underwriters shall
be reasonably acceptable to the Company. In the case of an Underwritten Public Offering under Section 3.3, the managing underwriter or underwriters to administer the offering shall be determined by the Company; provided that such
underwriter or underwriters shall be reasonably acceptable to the Requisite Investors. In the case of an Underwritten Public Offering under Sections 3.1, 3.2 or 3.3, counsel to the Holders shall be Ropes & Gray LLP unless otherwise agreed
by the Company and the Requisite Investors. 
 Section 3.7. No Inconsistent Agreements; Additional Rights. Neither the Company
nor any of its subsidiaries shall hereafter enter into, and neither the Company nor any of its subsidiaries is currently a party to, any agreement with respect to its securities that is inconsistent with the rights granted to the Holders by this
Agreement. Without Requisite Investor Approval, neither the Company nor any of its subsidiaries shall enter into any agreement granting registration or similar rights to any Person, and the Company hereby represents and warrants that, as of the date
hereof, no registration or similar rights have been granted to any other Person other than pursuant to this Agreement. 
 Section 3.8.
Registration Expenses. All expenses incident to the Company’s performance of or compliance with this Agreement shall be paid by the Company, including (i) all registration and filing fees, and any other fees and expenses associated
with filings required to be made with the SEC or FINRA, (ii) all fees and expenses in connection with compliance with any securities or “Blue Sky” laws (including reasonable fees and disbursements of counsel for the underwriters in
connection with blue sky qualifications of the Registrable Securities), (iii) all printing, duplicating, word processing, messenger, telephone, facsimile and delivery expenses (including expenses of printing certificates for the Registrable
Securities in a form eligible for deposit with The Depository Trust Company and of printing Prospectuses), (iv) all fees and disbursements of counsel for the Company and of all independent certified public accountants or independent auditors of
the Company and any subsidiaries of the Company (including the expenses of any special audit and comfort letters required by or incident to such performance), (v) Securities Act liability insurance or similar insurance if the Company so desires
or the underwriters so require in accordance with then-customary underwriting practice, (vi) all fees and expenses incurred in connection with the listing of the Registrable Securities on any securities exchange or quotation of the Registrable
Securities on any inter-dealer quotation system, (viii) all reasonable fees and disbursements of one legal counsel for the selling Holders, (ix) any reasonable fees and disbursements of underwriters customarily paid by issuers or sellers
of securities, (x) all fees and expenses incurred in connection with the distribution or Transfer of Registrable Securities to or by a Holder or its Permitted Transferees in connection with a Public Offering, (xi) all fees and expenses of
any special experts or other Persons retained by the Company in connection with any Registration or sale, (xii) all of the Company’s internal expenses (including all salaries and expenses of its officers and employees performing legal or
accounting duties) and (xiii) all expenses related to the “road show” for any Underwritten Public Offering, including the reasonable out-of-pocket
expenses of the Holders and underwriters, if so requested. All such expenses are referred to herein as “Registration Expenses”. The Company shall not be required to pay any fees and disbursements to underwriters not customarily paid
by the issuers of securities in an offering similar to the applicable offering, including underwriting discounts and commissions and transfer taxes, if any, attributable to the sale of Registrable Securities. 

  
 - 20 - 

 Section 3.9. Indemnification. 

Section 3.9.1. Indemnification by the Company. The Company shall indemnify and hold harmless, to the full
extent permitted by law, each Holder, each shareholder, member, limited or general partner of such Holder, each shareholder, member, limited or general partner of each such shareholder, member, limited or general partner, each of their respective
Affiliates, officers, directors, shareholders, employees, advisors, and agents and each Person who controls (within the meaning of the Securities Act or the Exchange Act) such Persons and each of their respective Representatives from and against any
and all losses, penalties, judgments, suits, costs, claims, damages, liabilities and expenses, joint or several (including reasonable costs of investigation and legal expenses and any indemnity and contribution payments made to underwriters ) (each,
a “Loss” and collectively “Losses”) arising out of or based upon (i) any untrue or alleged untrue statement of a material fact contained in any Registration Statement under which such Registrable Securities are
registered or sold under the Securities Act (including any final, preliminary or summary Prospectus contained therein or any amendment thereof or supplement thereto or any documents incorporated by reference therein) or any other disclosure document
produced by or on behalf of the Company or any of its subsidiaries including any report and other document filed under the Exchange Act, (ii) any omission or alleged omission to state therein a material fact required to be stated therein or
necessary to make the statements therein (in the case of a Prospectus or preliminary Prospectus, in light of the circumstances under which they were made) not misleading or (iii) any violation or alleged violation by the Company or any of its
subsidiaries of any federal, state, foreign or common law rule or regulation applicable to the Company or any of its subsidiaries and relating to action or inaction in connection with any such registration, disclosure document or other document or
report; provided, that no selling Holder shall be entitled to indemnification pursuant to this Section 3.9.1 in respect of any untrue statement or omission contained in any information relating to such seller Holder furnished in writing
by such selling Holder to the Company specifically for inclusion in a Registration Statement and used by the Company in conformity therewith (such information “Selling Stockholder Information”). This indemnity shall be in addition
to any liability the Company may otherwise have. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Holder or any indemnified party and shall survive the Transfer of such securities by
such Holder and regardless of any indemnity agreed to in the underwriting agreement that is less favorable to the Holders. The Company shall also indemnify underwriters, selling brokers, dealer managers and similar securities industry professionals
participating in the distribution, their officers and directors and each Person who controls such Persons (within the meaning of the Securities Act and the Exchange Act) to the same extent as provided above (with appropriate modification) with
respect to the indemnification of the indemnified parties. 
 Section 3.9.2. Indemnification by the Selling
Holders. Each selling Holder agrees (severally and not jointly) to indemnify and hold harmless, to the fullest extent permitted by law, the Company, its directors and officers and each Person who controls the Company (within the meaning of the
Securities Act or the Exchange Act) from and against any Losses resulting from (i) any untrue statement of a material fact in any 

  
 - 21 - 

 
Registration Statement under which such Registrable Securities were registered or sold under the Securities Act (including any final, preliminary or summary Prospectus contained therein or any
amendment thereof or supplement thereto or any documents incorporated by reference therein) or (ii) any omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of a
Prospectus or preliminary Prospectus, in light of the circumstances under which they were made) not misleading, in each case to the extent, but only to the extent, that such untrue statement or omission is contained in such selling Holder’s
Selling Stockholder Information. In no event shall the liability of any selling Holder hereunder be greater in amount than the dollar amount of the proceeds from the sale of its Registrable Securities in the offering giving rise to such
indemnification obligation, net of underwriting discounts and commissions but before expenses, less any amounts paid by such Holder pursuant to Section 3.9.4 and any amounts paid by such Holder as a result of liabilities incurred under the
underwriting agreement, if any, related to such sale. 
 Section 3.9.3. Conduct of Indemnification Proceedings.
Any Person entitled to indemnification hereunder shall (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that any delay or failure to so notify the indemnifying
party shall relieve the indemnifying party of its obligations hereunder only to the extent, if at all, that it is actually and materially prejudiced by reason of such delay or failure) and (ii) permit such indemnifying party to assume the
defense of such claim with counsel reasonably satisfactory to the indemnified party; provided, however, that any Person entitled to indemnification hereunder shall have the right to select and employ separate counsel and to participate
in the defense of such claim, but the fees and expenses of such counsel shall be at the expense of such Person unless (i) the indemnifying party has agreed in writing to pay such fees or expenses, (ii) the indemnifying party shall have
failed to assume the defense of such claim within a reasonable time after receipt of notice of such claim from the Person entitled to indemnification hereunder and employ counsel reasonably satisfactory to such Person, (iii) the indemnified
party has reasonably concluded (based upon advice of its counsel) that there may be legal defenses available to it or other indemnified parties that are different from or in addition to those available to the indemnifying party, or (iv) in the
reasonable judgment of any such Person (based upon advice of its counsel) a conflict of interest may exist between such Person and the indemnifying party with respect to such claims (in which case, if the Person notifies the indemnifying party in
writing that such Person elects to employ separate counsel at the expense of the indemnifying party, the indemnifying party shall not have the right to assume the defense of such claim on behalf of such Person). If the indemnifying party assumes the
defense, the indemnifying party shall not have the right to settle such action without the consent of the indemnified party. No indemnifying party shall consent to entry of any judgment or enter into any settlement which does not include as an
unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of an unconditional release from all liability in respect to such claim or litigation without the prior written consent of such indemnified party. If such
defense is not assumed by the indemnifying party, the indemnifying party will not be subject to any liability for any settlement made without its prior written consent, but such consent may not be unreasonably withheld. It is understood that the
indemnifying party or parties shall not, except as specifically set forth in this Section 3.9.3, in 

  
 - 22 - 

 
connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements or other charges of more than one separate firm admitted to
practice in such jurisdiction at any one time unless (x) the employment of more than one counsel has been authorized in writing by the indemnifying party or parties, (y) an indemnified party has reasonably concluded (based on the advice of
counsel) that there may be legal defenses available to it that are different from or in addition to those available to the other indemnified parties or (z) a conflict or potential conflict exists or may exist (based upon advice of counsel to an
indemnified party) between such indemnified party and the other indemnified parties, in each of which cases the indemnifying party shall be obligated to pay the reasonable fees and expenses of such additional counsel or counsels. 

Section 3.9.4. Contribution. If for any reason the indemnification provided for in Section 3.9.1 and
Section 3.9.2 is unavailable to an indemnified party or insufficient in respect of any Losses referred to therein (other than as a result of exceptions or limitations on indemnification contained in Section 3.9.1 and Section 3.9.2),
then the indemnifying party shall contribute to the amount paid or payable by the indemnified party as a result of such Loss in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and the
indemnified party or parties on the other hand in connection with the acts, statements or omissions that resulted in such Losses, as well as any other relevant equitable considerations. In connection with any Registration Statement filed with the
SEC by the Company, the relative fault of the indemnifying party on the one hand and the indemnified party on the other hand shall be determined by reference to, among other things, whether any untrue or alleged untrue statement of a material fact
or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission. The parties hereto agree that it would not be just or equitable if contribution pursuant to this Section 3.9.4 were determined by pro rata allocation or by any other method of allocation that
does not take account of the equitable considerations referred to in this Section 3.9.4. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any Person who was not guilty of such fraudulent misrepresentation. The amount paid or payable by an indemnified party as a result of the Losses referred to in Sections 3.9.1 and 3.9.2 shall be deemed to include, subject to the
limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 3.9.4, in connection
with any Registration Statement filed by the Company, a selling Holder shall not be required to contribute any amount in excess of the dollar amount of the proceeds from the sale of its Registrable Securities in the offering giving rise to such
indemnification obligation, net of underwriting discounts and commissions but before expenses, less any amounts paid by such Holder pursuant to Section 3.9.2 and any amounts paid by such Holder as a result of liabilities incurred under the
underwriting agreement, if any, related to such sale. If indemnification is available under this Section 3.9, the indemnifying parties shall indemnify each indemnified party to the full extent provided in Sections 3.9.1 and 3.9.2 hereof
without regard to the provisions of this Section 3.9.4. The remedies provided for in this Section 3.9 are not exclusive and shall not limit any rights or remedies which may otherwise be available to any indemnified party at law or in
equity. 

  
 - 23 - 

 Section 3.9.5. Indemnification Priority. The Company hereby
acknowledges and agrees that any of the Persons entitled to indemnification pursuant to Section 3.9.1 (each, a “Company Indemnitee” and collectively, the “Company Indemnitees”) may have certain rights to
indemnification, advancement of expenses and/or insurance provided by other sources. The Company hereby acknowledges and agrees (i) that it is the indemnitor of first resort (i.e., its obligations to a Company Indemnitee are primary and any
obligation of such other sources to advance expenses or to provide indemnification for the same expenses or liabilities incurred by such Company Indemnitee are secondary) and (ii) that it shall be required to advance the full amount of expenses
incurred by a Company Indemnitee and shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and as required by the terms of this Agreement without regard to any
rights a Company Indemnitee may have against such other sources. The Company further agrees that no advancement or payment by such other sources on behalf of a Company Indemnitee with respect to any claim for which such Company Indemnitee has sought
indemnification, advancement of expenses or insurance from the Company shall affect the foregoing, and that such other sources shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights
of recovery of such Company Indemnitee against the Company. 
 Section 3.10. Rules 144 and 144A and
Regulation S. The Company shall file the reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder (or, if the Company is not required to file
such reports, it will, upon the request of any Holder, make publicly available such necessary information for so long as necessary to permit sales that would otherwise be permitted by this Agreement pursuant to Rule 144, Rule 144A or Regulation S
under the Securities Act, as such rules may be amended from time to time or any similar rule or regulation hereafter adopted by the SEC), and it will take such further action as any Holder may reasonably request, all to the extent required from time
to time to enable such Holder to sell Registrable Securities without Registration under the Securities Act in transactions that would otherwise be permitted by this Agreement and within the limitation of the exemptions provided by (i) Rule 144,
Rule 144A or Regulation S under the Securities Act, as such rules may be amended from time to time, or (ii) any similar rule or regulation hereafter adopted by the SEC. Upon the request of any Holder, the Company will deliver to such Holder a
written statement as to whether it has complied with such requirements and, if not, the specifics thereof. 
 Section 3.11. Existing
Registration Statements. Notwithstanding anything herein to the contrary and subject to applicable law and regulation, the Company may satisfy any obligation hereunder to file a Registration Statement or to have a Registration Statement
become effective by a specified date by designating, by notice to the Holders, a Registration Statement that previously has been filed with the SEC or become effective, as the case may be, as the relevant Registration Statement for purposes of
satisfying such obligation, and all references to any such obligation shall be construed accordingly; provided that such previously filed Registration Statement may be, and is, amended or, subject to applicable securities laws, supplemented
to add 

  
 - 24 - 

 
the number of Registrable Securities, and, to the extent necessary, to identify as selling stockholders those Holders demanding the filing of a Registration Statement pursuant to the terms of
this Agreement. To the extent this Agreement refers to the filing or effectiveness of other Registration Statements, by or at a specified time and the Company has, in lieu of then filing such Registration Statements or having such Registration
Statements become effective, designated a previously filed or effective Registration Statement as the relevant Registration Statement for such purposes, in accordance with the preceding sentence, such references shall be construed to refer to such
designated Registration Statement, as amended or supplemented in the manner contemplated by the immediately preceding sentence. 
 ARTICLE
IV 
 MISCELLANEOUS 

Section 4.1. Authority; Effect. Each party hereto represents and warrants to and agrees with each other party that the execution
and delivery of this Agreement and the consummation of the transactions contemplated hereby have been duly authorized on behalf of such party and do not violate any agreement or other instrument applicable to such party or by which its assets are
bound. This Agreement does not, and shall not be construed to, give rise to the creation of a partnership among any of the parties hereto, or to constitute any of such parties members of a joint venture or other association. The Company and its
subsidiaries shall be jointly and severally liable for all obligations of each such party pursuant to this Agreement. 
 Section 4.2.
Notices. Any notices, requests, demands and other communications required or permitted in this Agreement shall be effective if in writing and (i) delivered personally, (ii) sent by facsimile or
e-mail, or (iii) sent by overnight courier, in each case, addressed as follows: 
 If to the Company to:

 Spinal Elements Holdings, Inc. 

3115 Melrose Drive, Suite 200 

Carlsbad, California 92010 

Attention:         Yang Pak 

Facsimile:         (760) 607-0125 

E-mail:            
ypak@spinalelements.com 
 with a copy (which shall not constitute notice) to: 

Ropes & Gray LLP 

Prudential Tower 
 800 Boylston
Street 
 Boston, Massachusetts 02199 

Attention:         Craig Marcus 

Facsimile:         (617) 235-0514 

E-mail:            
craig.marcus@ropesgray.com 

  
 - 25 - 

 If to Kohlberg Investors to: 

Kohlberg & Co. LLC 
 111
Radio Circle 
 Mt. Kisco, NY 10549 

Attention:         Christopher Anderson 

Facsimile:         (914) 241-7476 

E-mail:             anderson@kohlberg.com 

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

Ropes & Gray LLP 

Prudential Tower 
 800 Boylston
Street 
 Boston, Massachusetts 02199 

Attention:         Craig Marcus 

Facsimile:         (617) 235-0514 

E-mail:            
craig.marcus@ropesgray.com 
 If to any other Investor, to it at the address set forth on its signature page hereto. 

If to any Manager, to it at the address set forth on his or her signature page hereto. 

Notice to the holder of record of any Registrable Securities shall be deemed to be notice to the holder of such securities for all purposes
hereof. 
 Unless otherwise specified herein, such notices or other communications shall be deemed effective (i) on the date received,
if personally delivered, (ii) on the date received if delivered by facsimile or e-mail on a Business Day, or if not delivered on a Business Day, on the first Business Day thereafter and (iii) two (2)
Business Days after being sent by overnight courier. Each of the parties hereto shall be entitled to specify a different address by giving notice as aforesaid to each of the other parties hereto. 

Section 4.3. Termination and Effect of Termination. This Agreement shall terminate upon the date on which no Holder holds any
Registrable Securities, except for the provisions of Sections 3.9 and 3.10, which shall survive any such termination. No termination under this Agreement shall relieve any Person of liability for breach or Registration Expenses incurred prior
to termination. In the event this Agreement is terminated, each Person entitled to indemnification rights pursuant to Section 3.9 hereof shall retain such indemnification rights with respect to any matter that (i) may be an indemnified
liability thereunder and (ii) occurred prior to such termination. 
 Section 4.4. Permitted Transferees. The rights of a
Holder hereunder may be assigned (but only with all related obligations as set forth below) in connection with a Transfer of Registrable Securities to a Permitted Transferee of that Holder. Without prejudice to any other or similar conditions
imposed hereunder with respect to any such Transfer, no assignment permitted under the terms of this Section 4.4 will be effective unless the Permitted Transferee to 

  
 - 26 - 

 
which the assignment is being made, if not a Holder, has delivered to the Company a written acknowledgment and agreement in form and substance reasonably satisfactory to the Company that the
Permitted Transferee will be bound by, and will be a party to, this Agreement. A Permitted Transferee to whom rights are transferred pursuant to this Section 4.4 may not again transfer those rights to any other Permitted Transferee, other than
as provided in this Section 4.4. 
 Section 4.5. Remedies. The parties to this Agreement shall have all remedies
available at law, in equity or otherwise in the event of any breach or violation of this Agreement or any default hereunder. The parties acknowledge and agree that in the event of any breach of this Agreement, in addition to any other remedies that
may be available, each of the parties hereto shall be entitled to specific performance of the obligations of the other parties hereto and, in addition, to such other equitable remedies (including preliminary or temporary relief) as may be
appropriate in the circumstances. No delay of or omission in the exercise of any right, power or remedy accruing to any party as a result of any breach or default by any other party under this Agreement shall impair any such right, power or remedy,
nor shall it be construed as a waiver of or acquiescence in any such breach or default, or of any similar breach or default occurring later; nor shall any such delay, omission nor waiver of any single breach or default be deemed a waiver of any
other breach or default occurring before or after that waiver. 
 Section 4.6. Amendments. This Agreement may not be orally
amended, modified, extended or terminated, nor shall any oral waiver of any of its terms be effective. This Agreement may be amended, modified, extended or terminated, and the provisions hereof may be waived, only by an agreement in writing signed
by the Company and the Holders of a majority of the Registrable Securities under this Agreement; provided, however, that any amendment, modification, extension or termination that disproportionately and adversely affects any Holder
shall require the prior written consent of such Holder and any amendment, modification, extension or termination that disproportionately and adversely affects any of the Managers shall require the prior written consent of the chief executive officer
of the Company. Each such amendment, modification, extension or termination shall be binding upon each party hereto. In addition, each party hereto may waive any right hereunder by an instrument in writing signed by such party. 

Section 4.7. Governing Law. This Agreement and all claims arising out of or based upon this Agreement or relating to the subject
matter hereof shall be governed by and construed in accordance with the domestic substantive laws of the State of New York without giving effect to any choice or conflict of laws provision or rule that would cause the application of the domestic
substantive laws of any other jurisdiction. 
 Section 4.8. Consent to Jurisdiction. Each party to this Agreement, by its
execution hereof, (i) hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the State of New York for the purpose of any action, claim, cause of action or suit (in contract, tort or otherwise),
inquiry, proceeding or investigation arising out of or based upon this Agreement or relating to the subject matter hereof, (ii) hereby waives to the extent not prohibited by applicable law, and agrees not to assert, and agrees not to allow any
of its subsidiaries to assert, by way of motion, as a defense or otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or
execution, that any such proceeding brought in one of the above-

  
 - 27 - 

 
named courts is improper, or that this Agreement or the subject matter hereof or thereof may not be enforced in or by such court and (iii) hereby agrees not to commence or maintain any
action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation arising out of or based upon this Agreement or relating to the subject matter hereof or thereof other than before one of the above-named
courts nor to make any motion or take any other action seeking or intending to cause the transfer or removal of any such action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation to any court other
than one of the above-named courts whether on the grounds of inconvenient forum or otherwise. Notwithstanding the foregoing, to the extent that any party hereto is or becomes a party in any litigation in connection with which it may assert
indemnification rights set forth in this Agreement, the court in which such litigation is being heard shall be deemed to be included in clause (i) above. Notwithstanding the foregoing, any party to this Agreement may commence and maintain an
action to enforce a judgment of any of the above-named courts in any court of competent jurisdiction. Each party hereto hereby consents to service of process in any such proceeding in any manner permitted by New York law, and agrees that service of
process by registered or certified mail, return receipt requested, at its address specified pursuant to Section 4.2 hereof is reasonably calculated to give actual notice. 

Section 4.9. WAIVER OF JURY TRIAL. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE WAIVED, EACH PARTY HERETO HEREBY
WAIVES AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE OR ACTION, CLAIM, CAUSE OF ACTION OR SUIT (IN CONTRACT, TORT OR OTHERWISE), INQUIRY,
PROCEEDING OR INVESTIGATION ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE SUBJECT MATTER HEREOF OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE TRANSACTIONS CONTEMPLATED HEREBY, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER
ARISING. EACH PARTY HERETO ACKNOWLEDGES THAT IT HAS BEEN INFORMED BY THE OTHER PARTIES HERETO THAT THIS SECTION 4.9 CONSTITUTES A MATERIAL INDUCEMENT UPON WHICH THEY ARE RELYING AND WILL RELY IN ENTERING INTO THIS AGREEMENT. ANY PARTY HERETO MAY
FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 4.9 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. 

Section 4.10. Merger; Binding Effect, Etc. This Agreement constitutes the entire agreement of the parties with respect to its
subject matter, supersedes all prior or contemporaneous oral or written agreements or discussions with respect to such subject matter, and shall be binding upon and inure to the benefit of the parties hereto and thereto and their respective heirs,
representatives, successors and permitted assigns. Except as otherwise expressly provided herein, no Holder or other party hereto may assign any of its respective rights or delegate any of its respective obligations under this Agreement without the
prior written consent of the other parties hereto, and any attempted assignment or delegation in violation of the foregoing shall be null and void. 

Section 4.11. Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original,
but all of which taken together shall constitute one instrument. 

  
 - 28 - 

 Section 4.12. Severability. In the event that any provision hereof would, under
applicable law, be invalid or unenforceable in any respect, such provision shall be construed by modifying or limiting it so as to be valid and enforceable to the maximum extent compatible with, and possible under, applicable law. The provisions
hereof are severable, and in the event any provision hereof should be held invalid or unenforceable in any respect, it shall not invalidate, render unenforceable or otherwise affect any other provision hereof. 

Section 4.13. No Recourse. Notwithstanding anything that may be expressed or implied in this Agreement, the Company and each
Holder covenant, agree and acknowledge that no recourse under this Agreement or any documents or instruments delivered in connection with this Agreement shall be had against any current or future director, officer, employee, general or limited
partner or member of any Holder or of any Affiliate or assignee thereof, as such, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable law, it being
expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any current or future officer, agent or employee of any Holder or any current or future member of any Holder or any
current or future director, officer, employee, partner or member of any Holder or of any Affiliate or assignee thereof, as such, for any obligation of any Holder under this Agreement or any documents or instruments delivered in connection with this
Agreement for any claim based on, in respect of or by reason of such obligations or their creation. 
 [Signature pages follow] 

  
 - 29 - 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of
the date first above written. 
  

							
	THE COMPANY:	 		 	SPINAL ELEMENTS HOLDINGS, INC.
				
		 		 	By:	 	 
		 		 		 	Name:
		 		 		 	Title:

 [Signature Page to Registration Rights Agreement] 

			
	THE INVESTORS:	  	
                   
 KOHLBERG INVESTORS VII, L.P.

  

			
	By:	 	Kohlberg Management VII, L.P.,
	its General Partner

  

			
	By:	 	Kohlberg GP Management VII, L.L.C.,
	its General Partner

  

			
	By:	 	 

 
			
	Name: Christopher Anderson
	Title: Vice President

  

			
	 KOHLBERG INVESTORS VII-B,
L.P.

		
	By:	 	Kohlberg Management VII, L.P.,
	its General Partner

  

			
	By:	 	Kohlberg GP Management VII, L.L.C.,
	its General Partner

  

			
	By:	 	 

 
			
	Name: Christopher Anderson
	Title: Vice President

  

			
	 KOHLBERG INVESTORS VII-C,
L.P.

		
	By:	 	Kohlberg Management VII, L.P.,
	its General Partner

  

			
	By:	 	Kohlberg GP Management VII, L.L.C.,
	its General Partner

  

			
	By:	 	 

 
			
	Name: Christopher Anderson
	Title: Vice President

  

  
 [Signature Page to
Registration Rights Agreement] 

			
	THE INVESTORS:	  	
                   
 KOHLBERG TE INVESTORS VII, L.P.

  

			
	By:	 	Kohlberg Management VII, L.P.,
	its General Partner

  

			
	By:	 	Kohlberg GP Management VII, L.L.C.
	its General Partner

  

			
	By:	 	 

 
			
	Name: Christopher Anderson
	Title: Vice President

  

			
	 KOHLBERG TE INVESTORS VII-B,
L.P.

		
	By:	 	Kohlberg Management VII, L.P.,
	its General Partner

  

			
	By:	 	Kohlberg GP Management VII, L.L.C.,
	its General Partner

  

			
	By:	 	 

 
			
	Name: Christopher Anderson
	Title: Vice President

  

			
	 KOHLBERG PARTNERS VII, L.P.

		
	By:	 	Kohlberg Management VII, L.P.,
	its General Partner

  

			
	By:	 	Kohlberg GP Management VII, L.L.C.,
	its General Partner

  

			
	By:	 	 

 
			
	Name: Christopher Anderson
	Title: Vice President

  
 [Signature Page to
Registration Rights Agreement] 

			
	THE INVESTORS:	  	
                   
 KOCO INVESTORS VII, L.P.

  

			
	By:	 	Kohlberg Management VII, L.P.,
	its General Partner

  

			
	By:	 	Kohlberg GP Management VII, L.L.C.,
	its General Partner

  

			
	By:	 	 

 
			
	Name: Christopher Anderson
	Title: Vice President

  
 [Signature Page to
Registration Rights Agreement] 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of
the date first above written. 
  

					
	THE INVESTORS:	 		 	
			
		 	By:	 	 

					
		 		 	Name:
		 		 	Title:
		
	NOTICES:	 	Address:
		
		 	Attention:
		
		 	Facsimile:
		
		 	Email:

  
 [Signature Page to
Registration Rights Agreement] 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of
the date first above written. 
  

					
	THE MANAGERS:	 		 	
			
		 	By:	 	 

					
		 		 	Name:
		 		 	Title:
		
	NOTICES:	 	Address:
		
		 	Attention:
		
		 	Facsimile:
		
		 	Email:

  
 [Signature Page to
Registration Rights Agreement]

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