Document:

Deed of Charge

 Exhibit 10.11(f)(2) 

9 November 2011 
 WIRECO WORLDGROUP (CAYMAN) INC. 
 (as Chargor) 

and 

HSBC BANK USA, NATIONAL ASSOCIATION 
 as Agent 
 (as Chargee) 

 
  
 DEED OF CHARGE OVER SHARES 
 in 

WIRECO WORLDGROUP SALES (CAYMAN) LTD. 
  

 

 THIS DEED OF CHARGE OVER SHARES is made on 9th day of November 2011 

BETWEEN: 
  

	(1)	WIRECO WORLDGROUP (Cayman) Inc., an exempted company incorporated under the laws of the Cayman Islands having its registered office at the offices of Walkers
Corporate Services Limited, 87 Mary Street, George Town, Grand Cayman KY1-9005, Cayman Islands (the “Chargor”); and 

  

	(2)	HSBC BANK USA, NATIONAL ASSOCIATION., as Agent under the Agreement (as defined below) (the “Chargee”). 

WHEREAS: 
  

	(A)	Pursuant to the Guarantee Agreement (as defined below), the Chargor has agreed to guarantee the obligations of WireCo WorldGroup Inc. (formerly known as Wire Rope
Corporation of America, Inc.) (the “Borrower”), as successor by merger to Closer Merger Sub Inc., under the Agreement subject to the terms and conditions set out in the Guarantee Agreement. 

 

	(B)	Following the merger of WireCo WorldGroup Limited (“Wireco”) and the Chargor and the vesting of all of the undertaking, properties and liabilities of
Wireco in the Chargor as the surviving company, the Chargor is required by the Chargee to enter into this charge of shares in the Company (as defined below). 

 IT IS AGREED as follows: 
  

	1	DEFINITIONS AND INTERPRETATION 

  

	1.1	In this Charge (except where the context otherwise requires) words and expressions shall have the same meanings assigned to them as defined in the Agreement and the
following words and expressions shall have the following meanings: 

  

			
	 “Agreement”
	  	means the Loan and Security Agreement dated as of 8 February 2007 (as amended by (i) the First Amendment to Loan and Security Agreement dated as of 21 December 2007, (ii)
the Second Amendment to Loan and Security Agreement dated as of 4 April 2008, (iii) the Third Amendment to Loan and Security Agreement dated as of 28 August 2008, and (iv) the Fourth Amendment to Loan and Security Agreement dated as of
3 May 2010, and (v) the Fifth Amendment to Loan and Security Agreement dated as of 20 May 2011) and now between, inter alios, the Chargee, Chargor, the Borrower and certain subsidiaries of the Chargor (as amended, restated, supplemented or
otherwise modified from time to time);
		
	 “Business Day”
	  	means any day which is not a Saturday or Sunday or a public holiday in the place or at which the notice is left or sent;
		
	 “Charged Shares”
	  	means the Initial Shares and all and any other shares, warrants and other securities of any kind (including loan capital) of the Company now or at any time in the future
beneficially owned by the Chargor or in which the Chargor has any interest and all rights, benefits and advantages now or at any time in the future deriving from or incidental to any of the Charged Shares including;
		
		  	 (a)    all dividends, interest and other income paid or payable in relation to any Charged Shares;
and

 
			
		
		  	 (b)    all shares, securities, rights, monies or other property accruing, offered or issued at any time by
way of redemption, conversion, exchange, substitution, preference, option or otherwise in respect of any Charged Shares (including but not limited to proceeds of sale);

		
	“Company”	  	means WireCo WorldGroup Sales (Cayman) Ltd., a company incorporated in the Cayman Islands;
		
	 “Deed of Amendment, Assignment and
 Security”
	  	means the deed of amendment, assignment and security dated 10 June 2011 between WireCo WorldGroup Limited, Canadian Imperial Bank of Commerce (acting through its New York agency)
and Term Loan Collateral Agent;
		
	“Event of Default”	  	has the meaning given to it in the Agreement;
		
	“Guarantee Agreement”	  	means the guarantee agreement dated 8 February 2007 between, inter alia, the Chargee and the Chargor (as amended, restated, supplemented or otherwise modified from time to
time);
		
	“Initial Shares”	  	means the securities listed in Schedule 1 which are all registered in the name of the Chargor;
		
	“Initial Term Loan Deed of Charge”	  	means the deed of charge over shares dated 14 February 2011 originally between WireCo WorldGroup Limited and Canadian Imperial Bank of Commerce (acting through its New York agency)
as collateral agent;
		
	 “Intercreditor
 Agreement”
	  	means the intercreditor agreement dated as of 8 February 2007 as amended and restated as of 10 June 2011 among the Borrower, the Chargor, certain subsidiaries and affiliates of the
Borrower, the Deutsche Bank Trust Company Americas as “Term Loan/Euro RCF Collateral Agent” and the Chargee (as successor in interest to HSBC Business Credit (USA) Inc.) as ABL administrative agent (as amended, supplemented or otherwise
modified from time to time);
		
	 “New Term Loan Deed
 of Charge”
	  	means the deed of charge over shares dated on or about the date hereof between the Chargor as chargor and the Term Loan Collateral Agent as chargee in respect of the Company’s
shares;
		
	“Receiver”	  	has the meaning given to it in Clause 9;
		
	“Register of Members”	  	means the register of members of the Company;
		
	“Secured Obligations”	  	means all and any amounts of any kind now or in the future, actual or contingent, due or payable (or expressed to be due or payable) by the Chargor or the Company to the Chargee in
any currency, actually or contingently, solely and/or jointly and/or severally with another or others as principal or surety on any account whatsoever under the Guarantee Agreement, any Hedging Agreement (as defined in the Agreement) and this Charge
and references to the Secured Obligations include references to any part of them;
		
	“Security Interest”	  	means any mortgage, charge, pledge, lien, encumbrance, right of set off or any security interest, howsoever created or arising;
		
	“Term Loan Collateral Agent”	  	means Deutsche Bank Trust Company Americas in its capacity as collateral agent (together with its successors and assigns in such capacity) under the “Term Loan/Euro RCF
Security Agreements” (as defined in the Intercreditor Agreement);

 
			
		
	“Term Loan Security Interest Documents”	  	 means, together:
  

(a)    the Initial Term Loan Deed of Charge;

 
 (b)    the Deed of
Amendment, Assignment and Security; and
  
 (c)    the New Term Loan Deed of Charge,
  
 each as amended, supplemented or otherwise modified from time to time; and

		
	 “Term Loan Security
 Interests”
	  	 means the Security Interests over the Charged Shares:
  

(a)    as amended, assigned and/or granted in favour of the Term Loan Collateral Agent
pursuant to the Initial Term Loan Deed of Charge and the Deed of Amendment, Assignment and Security; and
  

(b)    granted by the Chargor in favour of the Term Loan Collateral Agent pursuant to the New
Term Loan Deed of Charge.

  

	1.2	In this Charge: 

  

	 	1.2.1	any reference to a Recital, Clause or Schedule is to the relevant Recital, Clause or Schedule of or to this Charge and any reference to a sub-clause or paragraph is to
the relevant sub-clause or paragraph of the Clause or Schedule in which it appears; 

  

	 	1.2.2	the clause headings are included for convenience only and shall not affect the interpretation of this Charge; 

 

	 	1.2.3	use of the singular includes the plural and vice versa; 

  

	 	1.2.4	use of any gender includes the other genders; 

  

	 	1.2.5	any phrase introduced by the terms “including”, “include”, “in particular” or any similar expression shall be construed as illustrative
and shall not limit the sense of the words preceding those terms; and 

  

	 	1.2.6	references to any document or agreement are to be construed as references to such document or agreement as is in force for the time being and as amended, varied
supplemented, substituted or novated from time to time. 

  

	1.3	The Recitals and Schedules form part of this Charge and shall have effect as if set out in full in the body of this Charge and any reference to this Charge includes the
Recitals and Schedules. 

  

	2	COVENANT TO PAY 

 The Chargor covenants
with the Chargee that it will on demand pay and discharge each of the Secured Obligations when due to the Chargee. 
  

	3	CHARGE 

  

	3.1	 Upon the signing of this Charge, the Chargor hereby charges and grants to the Chargee all its right, title, interest and benefit present and future in,
to and under the Charged Shares subject to the provisions for release of this Charge set out below, as and by way of a second fixed and 

	 	
specific charge and security interest (subject only to the security interests in the Charged Shares created by the Term Loan Documents (including, without limitation, the Term Loan Security
Interest Documents)), to and in favour of the Chargee, in the Charged Shares, as a general and continuing collateral security for the payment and discharge of the Secured Obligations until such time as the Secured Obligations are fully and utterly
paid up by the Chargor to the Chargee, in accordance with the provisions of the Agreement. 

  

	3.2	Subject to Clauses 3.3 and 3.4, on the irrevocable and unconditional payment or discharge by or on behalf of the Chargor of the Secured Obligations in full, the Chargee
shall, at the request and cost of the Chargor, release this Charge. 

  

	3.3	Any receipt, release or discharge of any security created by this Charge or the Guarantee Agreement or of any liability arising under this Charge or the Guarantee
Agreement may be given in accordance with the provisions of the Guarantee Agreement and shall not release or discharge the Chargor from any liability to the Chargee for the same or any other monies which may exist independently of this Charge or the
Guarantee Agreement. Where such receipt, release or discharge relates to only part of the Secured Obligations such receipt, release or discharge shall not prejudice or affect any other part thereof nor any of the rights and remedies of the Chargee
hereunder or under any Security Documents nor any of the obligations of the Chargor under this Charge or any Security Documents. 

  

	3.4	Any release, discharge or settlement between the Chargor and the Chargee shall be conditional upon no security, disposition or payment to the Borrower or any other
person being void, set aside or ordered to be refunded pursuant to any enactment or law relating to liquidation, administration or insolvency or for any other reason whatsoever and if such condition is not fulfilled the Chargee shall be entitled to
enforce this Charge as if such release, discharge or settlement had not occurred and any such payment not been made. 

  

	4	COVENANTS BY THE CHARGOR AND THE CHARGEE 

The Chargor covenants that, for so long as any Secured Obligations remain outstanding, but subject to the terms of the Intercreditor Agreement,
including, without limitation the possession of any certificates and other documents of title relating to the Charged Shares by the Term Loan Collateral Agent: 
  

	4.1	and, if at any time such documents are not held by, entitled to be held by nor required to be provided to the Term Loan Collateral Agent under or pursuant to the Term
Loan Security Interest Documents, it shall forthwith and from time to time deliver physical possession and deposit with the Chargee all share certificates (if any) and other documents of title relating to the Charged Shares (or confirmation from the
Company that it does not issue any such certificates). Subject as aforesaid and to the Chargee’s rights set out under clause 7 herein below, these share certificate(s) will remain in the possession of the Chargee until such time as full
repayment of the Secured Obligations by the Chargor to the Chargee is effected, whence the share certificate(s) will be promptly delivered back into the possession of the Chargor. 

 

	4.2	with the exception of the certificate under Clause 4.2.3 which the Chargor must cause the Company to directly deliver to the Chargee, it shall deliver to the Chargee as
security in accordance with the terms of this Charge the following (on the date hereof or as indicated below) in the form (except any non material amendments) set out in the Appendices to this Charge: 

 

	 	4.2.1	and, if at any time such documents are not held by, entitled to be held by or required to be provided to the Term Loan Collateral Agent under or pursuant to the Term
Loan Security Interest Documents, the original share certificate(s) (if any) in respect of the Initial Shares (or confirmation from the Company that it does not issue any such certificates); 

 

	 	4.2.2	a certified copy of the Register of Members of the Company showing that the Chargor is the registered holder of the Charged Shares; 

	 	4.2.3	a certificate issued by the Company to the Chargee verifying to the latter that the Charged Shares now carry a charge for the benefit of the Chargee, as per the
provisions of this Charge, and that this has been duly noted in respect of the corresponding entry for the Charged Shares in the Register of Members of the Company; 

 

	 	4.2.4	a blank, signed and undated instrument of transfer in respect of the Initial Shares; 

 

	 	4.2.5	an executed and undated letter of resignation and related letter of authorisation from each director of the Company; 

 

	 	4.2.6	a memorandum signed by a director of the Company concerning the endorsement of a note of this Charge on the Register of Members of the Company and a draft Register of
Members showing the intended endorsement; 

  

	 	4.2.7	a notice of charge addressed by the Chargor to the Company; and 

  

	 	4.2.8	a shareholder proxy in favour of the Chargee. 

  

	4.3	it shall promptly pay (and shall indemnify the Chargee on demand against) all calls, instalments and other payments which may be made or become due in respect of the
Charged Shares and so that, in the event of default by the Chargor, the Chargee may do so on behalf of the Chargor; 

  

	4.4	it shall not, except as expressly permitted under the Agreement: 

  

	 	4.4.1	create or permit to exist over all or part of the Charged Shares (or any interest therein) any Security Interest (other than created or expressly permitted to be
created under this Charge, the Term Loan Security Interest Documents or otherwise in connection with the Term Loan Documents) whether ranking prior to, pari passu with or behind the security contained in this Charge; 

 

	 	4.4.2	sell, transfer or otherwise dispose of the Charged Shares or any interest therein or attempt or agree to so dispose (other than under this Charge, pursuant to the Term
Loan Security Interest Documents or otherwise in connection with the Term Loan Documents); 

  

	 	4.4.3	permit any person other than the Chargor or the Chargee or the Chargee’s nominee or nominees to be registered as, or become the holder of, the Charged Shares
(other than in connection with the Term Loan Documents, (including without limitation, pursuant to the Term Loan Security Interest Documents)); or 

  

	 	4.4.4	vote in favour of a resolution to amend, modify or change the memorandum and articles of association of the Company (other than pursuant to the security interest
created under the Term Loan Documents); 

  

	4.5	to the extent that the same is within the control of the Chargor, no further shares in the Company will be issued without the prior consent of the Chargee unless such
shares are issued to the Chargor and the Chargor complies with clause 4.2 of this Charge immediately after the issue of such shares; 

  

	4.6	at any time, subject to the terms of the Intercreditor Agreement, upon the occurrence and continuance of an Event of Default it shall exercise all voting and other
rights and powers which may at any time be exercisable by the holder of the Charged Shares as the Chargee may in its absolute discretion direct; 

	4.7	except as expressly permitted under the Agreement, it shall not take or accept any Security Interest from the Company or, in relation to the Secured Obligations, from
any third party (other than in connection with the Term Loan Documents), without first obtaining the Chargee’s written consent; and 

  

	4.8	unless directed in writing to do so by the Chargee it shall not prove in a liquidation or winding up of the Company until all the Secured Obligations are paid in full
and if directed to prove by the Chargee (or if the Chargor otherwise receives any payment or other benefit in breach of this sub-clause or sub-clause 4.7) the Chargor shall hold all monies received by it on trust for the Chargee to satisfy the
Secured Obligations. 

  

	5	REPRESENTATIONS AND WARRANTIES 

 The
Chargor represents and warrants to the Chargee and undertakes that: 
  

	5.1	the Chargor is the absolute sole legal and beneficial owner of all of the Initial Shares free of all Security Interests, encumbrances, trusts, equities and claims
whatsoever (save those under this Charge, the Term Loan Security Interest Documents or otherwise in connection with the Term Loan Documents) and that all of the Initial Shares are fully paid up; 

 

	5.2	it is duly incorporated and in good standing under the laws of the jurisdiction in which it is incorporated and has and will at all times have the necessary power to
enter into and perform its obligations under this Charge and has duly authorised the execution and delivery of this Charge; 

  

	5.3	this Charge constitutes its legal, valid, binding and enforceable obligation and creates a perfected security interest over the Charged Shares effective in accordance
with its terms (subject only to the security interests in the Charged Shares created by the Term Loan Documents (including, without limitation, the Term Loan Security Interest Documents)); 

 

	5.4	the execution, delivery, observance and performance by the Chargor of this Charge will not require the Chargor to obtain any licences, consents or approvals and will
not result in any violation of any law, statute, ordinance, rule or regulation applicable to it; 

  

	5.5	it has obtained all the necessary authorisations and consents to enable it to enter into this Charge and the necessary authorisations and consents will remain in full
force and effect at all times during the substance of the security constituted by this Charge; and 

  

	5.6	the execution, delivery, observance and performance by the Chargor of the Charge will not constitute an event of default or trigger any enforcement under any Security
Interest in the Chargor’s assets nor will it result in the creation of any Security Interest over or in respect of the present or future assets of the Company. 

 

	6	POWER OF ATTORNEY 

 The Chargor hereby
irrevocably and by way of security for the payment of the Secured Obligations and the performance of its obligations under this Charge appoints the Chargee as its true and lawful attorney (with full power to appoint substitutes and to sub-delegate)
on behalf of the Chargor and in the Chargor’s own name or otherwise, at any time and from time to time, to: 
  

	6.1	sign, seal, deliver and complete all instruments of transfer, renunciations, proxies, mandates, assignments, deeds and documents and do all acts and things which the
Chargee may consider to be necessary or advisable to perfect or improve its security over the Charged Shares; or 

  

	6.2	to give proper effect to the intent and purposes of this Charge; or 

	6.3	to enable or assist in any way in the exercise of any right or the enforcement thereof including any power of sale of the Charged Shares (whether arising under this
Charge or implied by statute or otherwise); 

 provided that the Chargee may only act pursuant to this appointment, subject to the
terms of the Intercreditor Agreement, upon the occurrence and continuance of an Event of Default. 
  

	7	CHARGEE’S RIGHTS AS TO SHARES 

 At
any time, subject to the terms of the Intercreditor Agreement, upon the occurrence and continuance of an Event of Default, the Chargee shall, without prejudice to any other right or remedy available hereunder or under applicable law, forthwith
become entitled: 
  

	7.1	solely and exclusively to exercise all voting rights attaching to the Charged Shares or any thereof and shall exercise such rights in such manner as the Chargee may in
its absolute discretion determine; and/or 

  

	7.2	solely and exclusively to exercise all other rights and/or powers and/or discretions of the Chargor in, to and under the Charged Shares pursuant to the memorandum and
articles of association of the Company; and/or 

  

	7.3	to receive and retain all dividends and other distributions made on or in respect of the Charged Shares or any thereof and any such dividends and other distributions
received by the Chargor after such time shall be held in trust by the Chargor for the Chargee and be paid or transferred to the Chargee on demand to be applied towards the discharge of the Secured Obligations; and/or 

 

	7.4	without notice to, or further consent or concurrence by, the Chargor to sell the Charged Shares or any part thereof by such method, at such place and upon such terms as
the Chargee may in its absolute discretion determine, with power to postpone any such sale and in any such case the Chargee may exercise any and all rights attaching to the Charged Shares as the Chargee in its absolute discretion may determine and
without being answerable for any loss occasioned by such sale or resulting from postponement thereof or the exercise of such rights; and/or 

  

	7.5	to date and deliver the documents delivered to it pursuant to this Charge hereof as it considers appropriate and to take all steps to register the Charged Shares in the
name of the Chargee or its nominee or nominees and to assume control as registered owner of the Charged Shares. 

  

	8	RECEIVER 

 At any time, subject to the
terms of the Intercreditor Agreement, upon the occurrence and continuance of an Event of Default, the Chargee may by writing without notice to the Chargor appoint one or more person or persons as the Chargee thinks fit to be a receiver (the
“Receiver”) in relation to the Charged Shares. Where the Chargee appoints two or more persons as Receiver, the Receivers may act jointly or independently. 
  

	8.1	The Receiver may take such action in relation to the enforcement of this Charge including, without limitation, to sell, charge or otherwise dispose of the Charged
Shares, to exercise any powers, discretion, voting or other rights or entitlements in relation to the Charged Shares and generally to carry out any other action which he may in his sole discretion deems necessary in relation to the enforcement of
this Charge. 

  

	8.2	The Receiver shall have, in addition to the other powers set-out in this Clause, the following powers: 

 

	 	8.2.1	power to take possession of, collect and get in the Charged Shares and, for that purpose, to take such proceedings as may seem to him to be expedient;

	 	8.2.2	power to appoint an attorney or accountant or other professionally qualified person to assist him in the performance of his functions; 

 

	 	8.2.3	power to bring or defend any action or other legal proceedings in the name of and on behalf of the Chargor in respect of the Charged Shares; 

 

	 	8.2.4	power to do all acts and execute in the name and on behalf of the Chargor any document or deed in respect of the Charged Shares; 

 

	 	8.2.5	power to make any payment which is necessary or incidental to the performance of his functions; 

 

	 	8.2.6	power to make any arrangement or compromise on behalf of the Chargor in respect of the Charged Shares; 

 

	 	8.2.7	power to rank and claim in the insolvency or liquidation of the Company and to receive dividends and to accede to agreements for the creditors of the Company;

  

	 	8.2.8	power to present or defend a petition for the winding up of the Company; and 

 

	 	8.2.9	power to do all other things incidental to the exercise of the foregoing powers. 

 

	8.3	The Receiver shall be the agent of the Chargor and the Chargor alone shall be responsible for his acts and defaults and liable on any contracts made, entered into or
adopted by the Receiver. The Chargee shall not be liable for the Receiver’s acts, omissions, negligence or default, nor be liable on contracts entered into or adopted by the Receiver. 

 

	9	APPLICATION OF MONIES 

  

	9.1	The Chargee (and any Receiver) shall, subject to the terms of the Intercreditor Agreement, apply the monies received by it as a result of the enforcement of the
security: 

  

	 	9.1.1	firstly, in payment or satisfaction of the expenses related to enforcement of this security (including without limitation the fees and expenses of the Receiver);

  

	 	9.1.2	secondly, in meeting claims of the Chargee in respect of the Secured Obligations; 

 

	 	9.1.3	thirdly, in payment of the balance (if any) to the Chargor. 

  

	9.2	The Chargee shall not be liable for any loss or damage occasioned by: 

  

	 	9.2.1	any sale or disposal of the Charged Shares or an interest in the Charged Shares; or 

 

	 	9.2.2	arising out of the exercise, or failure to exercise, any of its powers under this Charge; or 

 

	 	9.2.3	any neglect or default to pay any instalment or accept any offer or notify the Chargor of any such neglect or default; or 

 

	 	9.2.4	 any other loss of whatever nature in connection with the Charged Shares. 

	10	PROTECTION OF PURCHASERS 

 No purchaser or
other person dealing with the Chargee or its delegate shall be bound to see or inquire whether the right of the Chargee to exercise any of its powers has arisen or become exercisable or be concerned with notice to the contrary, or be concerned to
see whether the delegation by the Chargee pursuant to the terms of this Charge shall have lapsed for any reason or been revoked. 
  

	11	CONTINUING SECURITY AND NON-MERGER 

  

	11.1	The security constituted by this Charge shall be continuing and shall not be considered as satisfied or discharged by any intermediate payment or settlement of the
whole or any part of the Secured Obligations or any other matter or thing whatsoever and shall be binding until all the Secured Obligations have been unconditionally and irrevocably paid and discharged in full. 

 

	11.2	This Charge is in addition to and shall not merge with or otherwise prejudice or affect any banker’s lien, right to combine and consolidate accounts, right of
set-off or any other contractual or other right or remedy or any guarantee, lien, pledge, bill, note, charge or other security now or hereafter held by or available to the Chargee. 

 

	12	RULING OFF ACCOUNT 

 If the Chargee
receives notice of any subsequent mortgage, pledge, charge, assignment, or other disposition affecting any account opened with the Chargee by the Chargor, or any part thereof or interest therein, the Chargee may open a new account for the Chargor.
If the Chargee does not open a new account then unless the Chargee gives express written notice to the contrary to the Chargor it shall nevertheless be treated as if it had done so at the time when it received such notice and as from that time all
payments made by or on behalf of the Chargor to the Chargee shall be credited or be treated as having been credited to the new account and shall not operate to reduce the amount due from the Chargor to the Chargee at the time when it received
notice. 
  

	13	CURRENCY 

  

	13.1	For the purpose of, or pending the discharge of, any of the Secured Obligations the Chargee may, in its sole discretion, convert any moneys received, recovered or
realised in any currency under this Charge (including the proceeds of any previous conversion under this Clause) from their existing currency of denomination into any other currency at such rate or rates of exchange and at such time as the Chargee
thinks fit. 

  

	13.2	No payment to the Chargee (whether under any judgment or court order or otherwise) shall discharge the Secured Obligations in respect of which it was made unless and
until the Chargee shall have received payment in full in the currency in which such Secured Obligations were incurred and, to the extent that the amount of any such payment shall on actual conversion into such currency fall short of such Secured
Obligations expressed in that currency, the Chargee shall have a further separate cause of action against the Chargor and shall be entitled to enforce this Charge to recover the amount of the shortfall. 

 

	14	COSTS 

 The Chargor shall on demand pay to
the Chargee the amount of all costs and expenses and other liabilities (including stamp duty, and reasonable legal and out of pocket expenses) which the Chargee incurs in connection with: 

 

	14.1	the preparation, negotiation, execution and delivery of this Charge; 

  

	14.2	any actual or proposed amendment or waiver or consent under or in connection with this Charge; 

 

	14.3	any discharge or release of this Charge; or 

	14.4	the preservation or exercise (or attempted preservation or exercise) of any rights under or in connection with and the enforcement (or attempted enforcement) of this
Charge; or 

  

	14.5	dealing with or obtaining advice about any matter or question arising out of or in connection with enforcing the Chargee’s exercise of its rights under this
Charge. 

  

	15	VARIATION AND AMENDMENT 

 This Charge
shall remain in full force and effect notwithstanding any amendments or variations from time to time of the Agreement or the Guarantee Agreement and no variation of this Charge shall be valid unless it is in writing and signed by or on behalf of
each of the parties. 
  

	16	ASSIGNMENT 

  

	16.1	The Chargor shall not be entitled to assign or transfer any of its rights, benefits or obligations hereunder without the prior written consent of the Chargee.

  

	16.2	The Chargee may assign or otherwise transfer the whole or any part of the benefit of this Charge to any person to whom all or any part of its rights, benefits and
obligations as Collateral Agent under the Agreement are assigned or transferred and the expression “the Chargee” wherever used herein shall be deemed to include the assignees and other successors, whether immediate or derivative, of the
Chargee, who shall be entitled to enforce and proceed upon this Charge in the same manner as if named herein. 

  

	17	ENTIRE AGREEMENT AND INCONSISTENCY 

  

	17.1	This Charge, the Guarantee Agreement, the Intercreditor Agreement and the Agreement constitute the entire agreement and understanding of the parties and supersede any
previous agreement between the parties relating to the subject matter of this Charge. 

  

	17.2	To the extent that any applicable provision of this Charge involving the rights of the Chargee with respect to the Charged Shares or the exercise of remedies against
the Charged Shares conflict with or are inconsistent with the terms of the Agreement or affects the rights and remedies of the Chargee with respect to the Charged Shares, the provisions of the Agreement shall prevail. 

 

	18	FURTHER ASSURANCE 

 The Chargor shall
promptly execute all documents and do all things that the Chargee may specify for the purpose of (a) securing and perfecting its security over or title to all or any of the Charged Shares, or (b) at any time, subject to the terms of the
Intercreditor Agreement, upon the occurrence and continuance of an Event of Default, enabling the Chargee to vest all or part of the Charged Shares in its name or in the names of its nominee(s), agent or any purchaser. 

 

	19	NOTICES 

 Without prejudice to any other
method of service of notices and communications provided by law, a demand or notice under this Charge shall be in writing and given as provided in Section 14.21 of the Agreement provided that written notices to the Chargor and the Company shall
be delivered to the Chargor and the Company respectively at the following addresses: 
 For the Chargor: 

WireCo WorldGroup (Cayman) Inc. 
 c/o Walkers
Corporate Services Limited 
 87 Mary Street 

 George Town 
 Grand Cayman KY1-9005 
 Cayman Islands 
 with a copy to: 
 c/o WireCo WorldGroup Inc. 

12200 NW Ambassador Drive 
 Kansas City, Missouri
64163-1244 
 Attention: Chief Financial Officer 
 For the Company: 
 c/o Walkers Corporate Services Limited 

87 Mary Street 
 George Town 

Grand Cayman KY1-9005 
 Cayman Islands

 with a copy to: 
 c/o WireCo
WorldGroup Inc. 
 12200 NW Ambassador Drive 
 Kansas City, Missouri 64163-1244 

	Attention:	Chief Financial Officer 

  

	20	MISCELLANEOUS 

  

	20.1	All sums payable by the Chargor under this Charge shall be paid without any set-off, counterclaim, withholding or deduction whatsoever unless required by law in which
event the Chargor will simultaneously with making the relevant payment under this Charge pay to the Chargee such additional amount as will result in the receipt by the Chargee of the full amount which would otherwise have been receivable and will
supply the Chargee promptly with evidence satisfactory to the Chargee that the Chargor has accounted to the relevant authority for the sum withheld or deducted. 

 

	20.2	No delay or omission on the part of the Chargee in exercising any right or remedy under this Charge shall impair that right or remedy or operate as or be taken to be a
waiver of it nor shall any single, partial or defective exercise of any such right or remedy preclude any other or further exercise under this Charge of that or any other right or remedy. 

 

	20.3	The Chargee’s rights powers and remedies under this Charge are cumulative and are not, nor are they to be construed as, exclusive of any rights, powers or remedies
provided by law or otherwise and may be exercised from time to time and as often as the Chargee deems expedient. 

  

	20.4	Any waiver by the Chargee of any terms of this Charge or any consent or approval given by the Chargee under it shall be effective only if given in writing and then only
for the purpose and upon the terms and conditions (if any) on which it is given. 

  

	20.5	If at any time any one or more of the provisions of this Charge is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction neither
the legality, validity or enforceability of the remaining provisions of this Charge nor the legality, validity or enforceability of such provision under the law of any other jurisdiction shall be in any way affected or impaired as a result.

	20.6	Any statement, certificate or determination of the Chargee as to the Secured Obligations or (without limitation) any other matter provided for in this Charge shall, in
the absence of manifest error, be conclusive and binding on the Chargor. 

  

	21	LAW AND JURISDICTION 

  

	21.1	This Charge, and any non-contractual obligations arising in connection with it, are governed by, and shall be construed in accordance with, the law of the Cayman
Islands. 

  

	21.2	The Chargor irrevocably agrees for the exclusive benefit of the Chargee that the courts of the Cayman Islands shall have jurisdiction to hear and determine any suit,
action or proceeding and to settle any dispute which may arise out of or in connection with this Charge and for such purposes irrevocably submits to the jurisdiction of such courts. 

 

	22	COUNTERPARTS 

 This Charge may be executed
in any number of counterparts each of which when executed and delivered shall constitute an original but all such counterparts taken together shall be deemed to constitute one and the same instrument. 

 EXECUTION PAGE TO THE DEED OF CHARGE OVER SHARES IN WIRECO WORLDGROUP SALES

 (CAYMAN) LTD. 
 IN WITNESS WHEREOF this Charge has been executed and delivered as a Deed the day and year first above written. 
  

					
	 EXECUTED as a DEED 
 by
a director
	 	 )
 )
	 	
	for and on behalf of	 	)	 	/s/ Ira Glazer
	 WireCo WorldGroup (Cayman) Inc. 
 in the presence of:
	 	 )
 )
	 	 By: Ira Glazer
 Title:
Director

 Witness: 

Signature: 
 Name of Witness: 

Address of Witness: 
  

					
	 EXECUTED as a DEED 
 by
a vice president
 for and on behalf of

HSBC Bank USA, National

Association as Agent
	 	 )
 )

)
 )

)
	 	
	in the presence of:	 	)	 	/s/ Kysha A. Pierre-Louis
		 		 	 By: Kysha A. Pierre-Louis

Title: Vice President

 Witness: 

Signature: /s/ Doreen Driscoll 
 Name of
Witness: Doreen Driscoll 
  

	Address	of Witness: 452 Fifth Ave 

         New York, NY 10018 

 SCHEDULE 

 

			
	Amount or number of	  	Description of
		
	 Initial Shares
	  	 Shares

		
	1,000	  	Ordinary shares of US$1.00 par value in WireCo WorldGroup Sales (Cayman) Ltd., a Cayman Islands company, whose registered office is at the offices of Walkers Corporate Services
Limited, Walker House, 87 Mary Street, George Town, Grand Cayman KY1-9005, Cayman Islands.

 APPENDIX 
 SHARE TRANSFER 
 The Undersigned, WireCo WorldGroup (Cayman) Inc., (the
“Transferor”), for value received does hereby transfer to                 (the “Transferee”), the 1,000 ordinary shares standing in its
name in the undertaking called WireCo WorldGroup Sales (Cayman) Ltd. to hold the same unto the Transferee. 
 Signed by the Transferor

 in the presence of: 
  

 
 Witness 

 
  
 WireCo WorldGroup (Cayman) Inc. 
 Signed by the Transferee 

in the presence of: 
  

 
 Witness 

 
  
 Dated this         day of                  

 LETTER OF RESIGNATION 

 

	To:	The Secretary 

WireCo WorldGroup Sales (Cayman) Ltd. 

Walker House 
 87 Mary Street 
 George Town 

Grand Cayman KY1-9005 
 Cayman Islands 

                    200 

Dear Sirs 
 Letter of Resignation

 I hereby resign as a director of WireCo WorldGroup Sales (Cayman) Ltd. (the “Company”) and confirm that I have no
claims against the Company for loss of office, arrears of pay or otherwise howsoever. 
 This resignation is to be effective as at the date
hereof. You are hereby authorised to complete and date this letter by dating the same at any time, subject to the terms of the Intercreditor Agreement (as defined in the Share Charge), upon the occurrence and continuance of an Event of Default (as
defined in the Share Charge between WireCo WorldGroup (Cayman) Inc. and HSBC Bank USA, National Association dated              day of October 2011 in respect of the Company’s shares
(the “Share Charge”)) on first written request of HSBC Bank USA, National Association. 
 Yours faithfully 

 
  
 Director 

 DIRECTORS’ MEMORANDUM AND CERTIFICATE OF CHARGE 

WireCo WorldGroup Sales (Cayman) Ltd. (the “Company”) 
 Walker House 
 87 Mary Street 
 George Town 
 Grand Cayman KY1-9005 
 Cayman Islands 
  

	To:	HSBC Bank USA, National Association 

         October 2011 
 Dear Sirs 
 Re: Share Charge 

I confirm that we have been instructed by WireCo WorldGroup (Cayman) Inc. to make and have accordingly made an annotation of the existence of the Share
Charge dated on or about the date hereof between WireCo WorldGroup (Cayman) Inc. and HSBC Bank USA, National Association in respect of shares in the Company (the “Share Charge”) noting the existence of the security interests created
in favour of HSBC Bank USA, National Association, by the Share Charge in the Register of Members of WireCo WorldGroup Sales (Cayman) Ltd. 

This Memorandum and Certificate is given in accordance to both the laws of the Cayman Islands and Cypriot law. 

Yours sincerely 
  

 
 Director 

 NOTICE OF CHARGE 

[On Shareholder’s Notepaper] 
  

	To:	WireCo WorldGroup Sales (Cayman) Ltd. (the “Company”) 

          October 2011 
 Dear Sirs 

Re: Share Charge 
 We hereby
notify you that pursuant to a Share Charge dated              day of October 2011 between WireCo WorldGroup (Cayman) Inc. and HSBC Bank USA, National Association in respect of shares in the
Company (the “Share Charge”), the Chargor has granted a security interest over the 1000 shares standing in its name in WireCo WorldGroup Sales (Cayman) Ltd. and at any time, subject to the terms of the Intercreditor Agreement (as
defined in the Share Charge), upon the occurrence and continuance of an Event of Default (as defined in the Share Charge) has occurred you may at the request of HSBC Bank USA, National Association take such steps to register HSBC Bank USA, National
Association as the registered holder of the shares pursuant to the Share Charge. 
 Yours faithfully 

for and on behalf of 
 WireCo WorldGroup
(Cayman) Inc. 

 IRREVOCABLE PROXY 

WireCo WorldGroup Sales (Cayman) Ltd. 
 The undersigned, WireCo WorldGroup (Cayman) Inc., being the legal owner of 1,000 issued shares (the “Shares”) in the share capital of WireCo WorldGroup Sales (Cayman) Ltd. (the
“Company”), a company incorporated in the Cayman Islands, hereby makes, constitutes and appoints HSBC Bank USA, National Association (the “Attorney”) as the true and lawful attorney and proxy of the undersigned with
full power to appoint a nominee or nominees to act hereunder from time to time and to vote the Shares represented by the Share Certificate(s) of the Company at all general meetings of shareholders or stockholders of the Company with the same force
and effect as the undersigned might or could do and to requisition and convene a meeting or meetings of the shareholders of the Company for the purpose of appointing or confirming the appointment of new directors of the Company and/or such other
matters as may in the opinion of the Attorney be necessary or desirable for the purpose of implementing the Share Charge referred to below and the undersigned hereby ratifies and confirms all that the said attorney or its nominee or nominees shall
do or cause to be done by virtue hereof. 
 The Shares have been charged to the Attorney pursuant to a Share Charge
dated         October 2011 between WireCo WorldGroup (Cayman) Inc. and HSBC Bank USA, National Association (the “Share Charge”) 
 This power and proxy is given to secure a proprietary interest of the donee of the power and is irrevocable and shall remain irrevocable as long as the Share Charge is in force. 

Actions may only be taken under this power and proxy, subject to the terms of the Intercreditor Agreement, upon the occurrence and continuance of an
Event of Default (as defined in the Share Charge). 
 IN WITNESS whereof this instrument has been duly executed and delivered this
        October 2011 as a deed. 
  

					
	EXECUTED as a DEED 	 	)	 	
	 By WireCo WorldGroup (Cayman) Inc.
 In the presence of:
	 	 )

)
	 	 
		 		 	Director

 Witness: 

Signature: 
 Name of Witness: 

Address of Witness:Third Amended and Restated Investors' Rights Agreement

 Exhibit 4.3 
 SYNACOR, INC. 
 THIRD AMENDED AND RESTATED INVESTORS’ RIGHTS
AGREEMENT 
 OCTOBER 19, 2006 

 TABLE OF CONTENTS 

 

									
	 	 	 	 	 	  	Page	 
			
	 1.
	 	 Registration Rights
	  	 	2	  
		 	 1.1
	 	 Definitions
	  	 	2	  
		 	 1.2
	 	 Request for Registration
	  	 	3	  
		 	 1.3
	 	 Company Registration
	  	 	5	  
		 	 1.4
	 	 Form S-3 Registration
	  	 	6	  
		 	 1.5
	 	 Obligations of the Company
	  	 	7	  
		 	 1.6
	 	 Information from Holder
	  	 	9	  
		 	 1.7
	 	 Expenses of Registration
	  	 	9	  
		 	 1.8
	 	 Delay of Registration
	  	 	10	  
		 	 1.9
	 	 Indemnification
	  	 	10	  
		 	 1.10
	 	 Reports Under the 1934 Act
	  	 	12	  
		 	 1.11
	 	 Assignment of Registration Rights
	  	 	12	  
		 	 1.12
	 	 Limitations on Subsequent Registration Rights
	  	 	13	  
		 	 1.13
	 	 “Market Stand-Off” Agreement
	  	 	13	  
		 	 1.14
	 	 Termination of Registration Rights
	  	 	14	  
			
	 2.
	 	 Covenants of the Company
	  	 	14	  
		 	 2.1
	 	 Delivery of Financial Statements
	  	 	14	  
		 	 2.2
	 	 Inspection
	  	 	15	  
		 	 2.3
	 	 Termination of Information and Inspection Covenants
	  	 	15	  
		 	 2.4
	 	 Right of First Offer
	  	 	15	  
		 	 2.5
	 	 Key-Man Insurance
	  	 	17	  
		 	 2.6
	 	 Directors and Officers Insurance
	  	 	17	  
		 	 2.7
	 	 Meetings of the Board of Directors
	  	 	17	  
		 	 2.8
	 	 Composition of Board Committees
	  	 	17	  
		 	 2.9
	 	 Confidentiality Agreement
	  	 	17	  
		 	 2.10
	 	 Termination of Certain Covenants
	  	 	17	  
		 	 2.11
	 	 New Issuance and Liquidation Event
	  	 	18	  
			
	 3.
	 	 Miscellaneous
	  	 	18	  
		 	 3.1
	 	 Successors and Assigns
	  	 	18	  
		 	 3.2
	 	 Governing Law
	  	 	18	  
		 	 3.3
	 	 Counterparts
	  	 	18	  
		 	 3.4
	 	 Titles and Subtitles
	  	 	18	  
		 	 3.5
	 	 Notices
	  	 	18	  
		 	 3.6
	 	 Expenses
	  	 	19	  
		 	 3.7
	 	 Entire Agreement; Amendments and Waivers
	  	 	19	  
		 	 3.8
	 	 Severability
	  	 	19	  
		 	 3.9
	 	 Aggregation of Stock
	  	 	19	  
		 	 3.10
	 	 Binding Effect
	  	 	19	  
		 	 3.11
	 	 Additional Investors
	  	 	20	  
		 	 3.12
	 	 Arbitration
	  	 	20	  
		 	 3.13
	 	 Termination of Prior Agreement
	  	 	20	  

  
 i 

									
		 	 3.14
	 	 Waiver of Right of First Refusal
	  	 	20	  
		 	 3.15
	 	 Consent of Intel Capital
	  	 	20	  

  
 ii 

 THIRD AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

THIS THIRD AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT (the “Agreement”) is made as of the 19th day of October, 2006, by and
among Synacor, Inc., a Delaware corporation (the “Company”), the holders of Series C Preferred Stock of the Company (the “Series C Preferred Stock”) listed on the Schedule of Series C Investors attached as
Schedule A hereto (the “Series C Investors”), the holders of Series B Preferred Stock of the Company (the “Series B Preferred Stock”) listed on the Schedule of Series B Investors attached as Schedule
B hereto (the “Series B Investors”), the holders of Series A-1 Preferred Stock of the Company (the “Series A-1 Preferred Stock”) listed on the Schedule of Series A-1 Investors attached as Schedule C
hereto (the “Series A-1 Investors”), the holders of Series A Preferred Stock of the Company (the “Series A Preferred Stock” and, together with the Series C Preferred Stock, the Series B Preferred Stock and the
Series A-1 Preferred Stock, the “Preferred Stock”) listed on the Schedule of Series A Investors attached as Schedule D hereto (the “Series A Investors” and, together with the Series C Investors, the Series B
Investors and the Series A-1 Investors, the “Investors”), the holders of Common Stock listed on Schedule E hereto, each of which is herein referred to as a “Common Holder” and the lenders of the Company
listed on Schedule F hereto, each of which is herein referred to as a “Lender.” The Company, the Investors, the Common Holders and the Lenders are individually each referred to herein as a “Party” and are
collectively referred to herein as the “Parties.” 
 RECITALS 

WHEREAS, the Company and the Series C Investors have entered into that certain Series C Preferred Stock Purchase Agreement of even
date herewith (the “Series C Agreement”) which provides for, among other things, the purchase by the Series C Investors of shares of Series C Preferred Stock; 
 WHEREAS, in order to induce the Series C Investors to purchase Series C Preferred Stock and invest funds in the Company pursuant to the Series C Agreement, the Investors, the Common Holders, the
Lenders and the Company hereby agree that this Agreement shall govern the rights of the Investors, the Common Holders and the Lenders to cause the Company to register shares of Common Stock issued or issuable to them and certain other matters as set
forth herein; 
 WHEREAS, the Company, certain of the Investors, the Common Holders and the Lenders are parties to that
certain Second Amended and Restated Investors’ Rights Agreement dated as of October 1, 2004 (the “Prior Agreement”); 
 WHEREAS, Section 3.7 of the Prior Agreement provides (i) generally that the Prior Agreement may be amended, and any provision therein waived, with the consent of the Company and the
holders of a majority of the Registrable Securities (as such term is defined in the Prior Agreement), provided that such majority shall include Intel Capital (as defined therein); (ii) that the Prior Agreement may be amended, and any provision
therein waived, with the written consent of the holders of a majority in interest of the Common Holders and Lenders if such amendment or waiver adversely affects the obligations and/or rights of the Common

  
 1 

 
Holders and/or Lenders; (iii) that the provisions of Section 2.1 and 2.3 of the Prior Agreement may be waived only with the written consent of the Company and the holders of a majority
of the Registrable Securities that are held by the qualifying Investors and Lenders and (iv) that the provisions of Section 2.4 of the Prior Agreement may be amended or waived only with the written consent of the Company and the holders of
a majority of the Registrable Securities held by the Major Investors; 
 WHEREAS, the parties to the Prior Agreement
necessary to amend the Prior Agreement have resolved to do so, and such parties hereby agree that this Agreement shall amend and restate the Prior Agreement in its entirety and to accept the rights created pursuant hereto in lieu of the rights
created under the Prior Agreement; 
 NOW, THEREFORE, in consideration of the mutual promises and covenants set forth
herein, the Parties hereby agree that the Prior Agreement shall be superseded and replaced in its entirety by this Agreement, and the Parties hereto further agree as follows: 
 1. Registration Rights. The Company covenants and agrees as follows: 
 1.1
Definitions. For purposes of this Section 1: 
 (a) The term “Act” means the Securities Act of
1933, as amended. 
 (b) The term “Form S-3” means such form under the Act as in effect on the date hereof or
any registration form under the Act subsequently adopted by the SEC that permits inclusion or incorporation of substantial information by reference to other documents filed by the Company with the SEC. 

(c) The term “Holder” means any person owning or having the right to acquire Registrable Securities or any assignee
thereof in accordance with Section 1.11 hereof; provided, however, that the Common Holders and Lenders shall not be deemed to be Holders for purposes of Sections 1.2, 1.4, 1.12 (except to the extent that Section 1.12 relates
to a registration under Section 1.3 hereof) and 3.7. 
 (d) The term “Initial Offering” means the
Company’s first firm commitment underwritten public offering of its Common Stock under the Act. 
 (e) The term
“1934 Act” means the Securities Exchange Act of 1934, as amended. 
 (f) The terms
“register,” “registered,” and “registration” refer to a registration effected by preparing and filing a registration statement or similar document in compliance with the Act, and the declaration or
ordering of effectiveness of such registration statement or document. 
 (g) The term “Registrable Securities”
means (i) the shares of Common Stock issuable or issued upon conversion of the Preferred Stock, (ii) the shares of Common Stock issued to the Common Holders or Investors; provided, however, that such shares

  
 2 

 
of Common Stock shall not be deemed Registrable Securities for the purposes of Sections 1.2, 1.4, 1.12 (except to the extent that Section 1.12 relates to a registration under
Section 1.3 hereof) and 3.7, (iii) the shares of Common Stock issued to the Lenders upon the exercise of warrants (the “Lender Warrants”) issued pursuant to that certain Note and Warrant Purchase Agreement, dated as of
November 18, 2002, by and among the Company and the Lenders (the “Lenders Agreement”); provided, however, that such shares of Common Stock shall not be deemed Registrable Securities for the purposes of Sections
1.2, 1.4, 1.12 (except to the extent that Section 1.12 relates to a registration under Section 1.3 hereof) and 3.7 and (iv) any Common Stock of the Company issued as (or issuable upon the conversion or exercise of any warrant, right
or other security that is issued as) a dividend or other distribution with respect to, or in exchange for, or in replacement of, the shares referenced in (i), (ii) and (iii) above, excluding in all cases, however, any Registrable
Securities sold by a person in a transaction in which his rights under this Section 1 are not assigned. 
 (h) The number
of shares of “Registrable Securities” outstanding shall be determined by the number of shares of Common Stock outstanding that are, and the number of shares of Common Stock issuable pursuant to then exercisable or convertible
securities that are, Registrable Securities. 
 (i) The term “Rule 144” shall mean Rule 144 under the Act.

 (j) The term “Rule 144(k)” shall mean subsection (k) of Rule 144 under the Act. 

(k) The term “SEC” shall mean the Securities and Exchange Commission. 

1.2 Request for Registration. 
 (a) Subject to the conditions of this Section 1.2, if the Company shall receive at any time after the earlier of (i) January 31, 2009 or (ii) six (6) months after the effective
date of the Initial Offering, a written request from the Holders of thirty-five percent (35%) or more of the Registrable Securities then outstanding (for purposes of this Section 1.2, the “Initiating Holders”) that the
Company file a registration statement under the Act covering the registration of Registrable Securities with an anticipated aggregate offering price of at least $10,000,000, then the Company shall, within twenty (20) days of the receipt
thereof, give written notice of such request to all Holders, and subject to the limitations of this Section 1.2, use all commercially reasonable efforts to effect, as soon as practicable, the registration under the Act of all Registrable
Securities that the Holders request to be registered in a written request received by the Company within twenty (20) days of the mailing of the Company’s notice pursuant to this Section 1.2(a). 

(b) If the Initiating Holders intend to distribute the Registrable Securities covered by their request by means of an underwriting, they
shall so advise the Company as a part of their request made pursuant to this Section 1.2 and the Company shall include such information in the written notice referred to in Section 1.2(a). In such event the right of any Holder to include
its Registrable Securities in such registration shall be conditioned 

  
 3 

 
upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting (unless otherwise mutually agreed by a majority in
interest of the Initiating Holders and such Holder) to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall enter into an underwriting agreement in customary form with the underwriter or
underwriters selected for such underwriting by the Company (which underwriter or underwriters shall be reasonably acceptable to a majority in interest of the Initiating Holders). Notwithstanding any other provision of this Section 1.2, if the
underwriter advises the Company that marketing factors require a limitation on the number of securities underwritten (including Registrable Securities), then the Company shall so advise all Holders of Registrable Securities that would otherwise be
underwritten pursuant hereto, and the number of shares that may be included in the underwriting shall be allocated to the Holders of such Registrable Securities on a pro rata basis based on the number of Registrable Securities held by all such
Holders (including the Initiating Holders). In no event shall any Registrable Securities be excluded from such underwriting unless all other securities are first excluded. Any Registrable Securities excluded or withdrawn from such underwriting shall
be withdrawn from the registration. 
 (c) The Company shall not be required to effect a registration pursuant to this
Section 1.2: 
 (i) in any particular jurisdiction in which the Company would be required to execute a general consent to
service of process in effecting such registration, unless the Company is already subject to service in such jurisdiction and except as may be required under the Act; or 
 (ii) after the Company has effected two (2) registrations pursuant to this Section 1.2, and such registrations have been declared or ordered effective; or 

(iii) during the period starting with the date sixty (60) days prior to the Company’s good faith estimate of the date of the
filing of, and ending on a date one hundred eighty (180) days following the effective date of, a Company-initiated registration subject to Section 1.3 below, provided that the Company is actively employing in good faith all commercially
reasonable efforts to cause such registration statement to become effective; or 
 (iv) if the Initiating Holders propose to
dispose of Registrable Securities that may be registered on Form S-3 pursuant to Section 1.4 hereof; or 
 (v) if the
Company shall furnish to Holders requesting a registration statement pursuant to this Section 1.2, a certificate signed by the Company’s Chief Executive Officer or Chairman of the Board stating that in the good faith judgment of the Board
of Directors of the Company (the “Board”), it would be seriously detrimental to the Company and its stockholders for such registration statement to be effected at such time, in which event the Company shall have the right to defer
such filing for a period of not more than one hundred twenty (120) days after receipt of the request of the Initiating Holders, provided that such right shall be exercised by the Company not more than once in any twelve (12)-month period.

  
 4 

 1.3 Company Registration. 

(a) If (but without any obligation to do so) the Company proposes to register (including for this purpose a registration effected by the
Company pursuant to Sections 1.2 or 1.4 hereof or for stockholders other than the Holders) any of its stock or other securities under the Act in connection with the public offering of such securities (other than a registration relating solely to the
sale of securities of participants in a Company stock plan, a registration relating to a corporate reorganization or transaction under Rule 145 of the Act, a registration on any form that does not include substantially the same information as would
be required to be included in a registration statement covering the sale of the Registrable Securities, or a registration in which the only Common Stock being registered is Common Stock issuable upon conversion of debt securities that are also being
registered), the Company shall, at such time, promptly give each Holder written notice of such registration. Upon the written request of each Holder given within twenty (20) days after mailing of such notice by the Company in accordance with
Section 3.5 hereof, the Company shall, subject to the provisions of Section 1.3(c), use all commercially reasonable efforts to cause to be registered under the Act all of the Registrable Securities that each such Holder has requested to be
registered. 
 (b) Right to Terminate Registration. The Company shall have the right to terminate or withdraw any
registration initiated by it under this Section 1.3 prior to the effectiveness of such registration whether or not any Holder has elected to include securities in such registration. The expenses of such withdrawn registration shall be borne by
the Company in accordance with Section 1.7 hereof. 
 (c) Underwriting Requirements. In connection with any
offering involving an underwriting of shares of the Company’s capital stock, the Company shall not be required under this Section 1.3 to include any of the Holders’ securities in such underwriting unless they accept the terms of the
underwriting as agreed upon between the Company and the underwriters selected by it (or by other persons entitled to select the underwriters) and enter into an underwriting agreement in customary form with such underwriters, and then only in such
quantity as the underwriters determine in their sole discretion will not jeopardize the success of the offering by the Company. If the total amount of securities, including Registrable Securities, requested by stockholders to be included in such
offering exceeds the amount of securities sold other than by the Company that the underwriters determine in their sole discretion is compatible with the success of the offering, then the Company shall be required to include in the offering only that
number of such securities, including Registrable Securities, that the underwriters determine in their sole discretion will not jeopardize the success of the offering. In no event shall any shares of Common Stock issuable or issued upon conversion of
the Preferred Stock be excluded from such offering unless all other stockholders’ securities are first excluded. In the event that the underwriters determine that less than all of the Registrable Securities requested to be registered can be
included in such offering, then the Registrable Securities that are included in such offering shall be apportioned pro rata among the selling Holders based on the number of Registrable Securities held by all selling Holders or in such other
proportions as shall mutually be agreed to by all such selling Holders. Notwithstanding the foregoing, in no event shall (i) the amount of securities of the selling Holders included in the offering be reduced below twenty-five percent
(25%) of the total amount of securities included in such offering, unless such offering is the initial public offering of the 

  
 5 

 
Company’s securities, in which case the selling Holders may be excluded if the underwriters make the determination described above and no other stockholder’s securities are included or
(ii) any securities held by a Common Holder or a Lender be included in such offering if any Registrable Securities held by any Investor (and that such Investor has requested to be registered) are excluded from such offering. For purposes of the
preceding sentence concerning apportionment, for any selling stockholder that is a Holder of Registrable Securities and that is a venture capital fund, partnership or corporation, the Affiliated venture capital funds, partners, retired partners and
stockholders of such Holder, or the estates and family members of any such partners and retired partners and any trusts for the benefit of any of the foregoing persons shall be deemed to be a single “selling Holder,” and any pro rata
reduction with respect to such “selling Holder” shall be based upon the aggregate amount of Registrable Securities owned by all such related entities and individuals. 

1.4 Form S-3 Registration. In case the Company shall receive from the Holders of at least five percent (5%) of the
Registrable Securities (for purposes of this Section 1.4, the “Initiating Holders”) a written request or requests that the Company effect a registration on Form S-3 and any related qualification or compliance with respect to
all or a part of the Registrable Securities owned by such Holder or Holders, the Company shall: 
 (a) within ten
(10) days of the receipt thereof, give written notice of the proposed registration, and any related qualification or compliance, to all other Holders; and 
 (b) use all commercially reasonable efforts to effect, as soon as practicable, such registration and all such qualifications and compliances as may be so requested and as would permit or facilitate the
sale and distribution of all or such portion of such Holders’ Registrable Securities as are specified in such request, together with all or such portion of the Registrable Securities of any other Holders joining in such request as are specified
in a written request given within fifteen (15) days after receipt of such written notice from the Company, provided, however, that the Company shall not be obligated to effect any such registration, qualification or compliance, pursuant to this
section 1.4: 
 (i) if Form S-3 is not available for such offering by the Holders; 

(ii) if the Holders, together with the holders of any other securities of the Company entitled to inclusion in such registration,
propose to sell Registrable Securities and such other securities (if any) at an aggregate price to the public (net of any underwriters’ discounts or commissions) of less than $5,000,000; 

(iii) if the Company shall furnish to Holders requesting a registration statement pursuant to this Section 1.4, a certificate
signed by the Company’s Chief Executive Officer or Chairman of the Board stating that in the good faith judgment of the Board, it would be seriously detrimental to the Company and its stockholders for such registration statement to be effected
at such time, in which event the Company shall have the right to defer such filing for a period of not more than one hundred twenty (120) days after receipt of the 

  
 6 

 
request of the Initiating Holders, provided that such right shall be exercised by the Company not more than once in any twelve (12)-month period; 

(iv) during the period beginning sixty (60) days prior to the Company’s good faith estimate of the date of the filing of, and
ending on a date one hundred eighty (180) days following the effective date of, a Company-initiated registration statement, provided that the Company is actively employing in good faith all commercially reasonable efforts to cause such
registration statement to become effective; 
 (v) if the Company has, within the six (6) month period preceding the date
of such request, already effected the Initial Offering or one (1) registration on Form S-3 for the Holders pursuant to this Section 1.4; or 
 (vi) in any particular jurisdiction in which the Company would be required to qualify to do business or to execute a general consent to service of process in effecting such registration, qualification or
compliance. 
 (c) If the Initiating Holders intend to distribute the Registrable Securities covered by their request by means
of an underwriting, they shall so advise the Company as a part of their request made pursuant to this Section 1.4 and the Company shall include such information in the written notice referred to in Section 1.4(a). The provisions of
Section 1.2(b) shall be applicable to such request (with the substitution of Section 1.4 for references to Section 1.2). 
 (d) Subject to the foregoing, the Company shall file a registration statement covering the Registrable Securities and other securities so requested to be registered as soon as practicable after receipt of
the request or requests of the Initiating Holders. Registrations effected pursuant to this Section 1.4 shall not be counted as requests for registration effected pursuant to Sections 1.2. 

1.5 Obligations of the Company. Whenever required under this Section 1 to effect the registration of any Registrable
Securities, the Company shall, as expeditiously as reasonably possible: 
 (a) prepare and file with the SEC a registration
statement with respect to such Registrable Securities and use all commercially reasonable efforts to cause such registration statement to become effective, and, upon the request of the Holders of a majority of the Registrable Securities registered
thereunder, keep such registration statement effective for a period of up to ninety (90) days or, if earlier, until the distribution contemplated in the Registration Statement has been completed; 

(b) prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection
with such registration statement as may be necessary to comply with the provisions of the Act with respect to the disposition of all securities covered by such registration statement; 

(c) furnish to the Holders such numbers of copies of a prospectus, including a preliminary prospectus, in conformity with the
requirements of the Act, 

  
 7 

 
and such other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by them; 

(d) use all commercially reasonable efforts to register and qualify the securities covered by such registration statement under such
other securities or Blue Sky laws of such jurisdictions as shall be reasonably requested by the Holders, provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general
consent to service of process in any such states or jurisdictions; 
 (e) in the event of any underwritten public offering,
enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing underwriter of such offering; 
 (f) notify each Holder of Registrable Securities covered by such registration statement at any time when a prospectus relating thereto is required to be delivered under the Act of the happening of any
event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements
therein not misleading in the light of the circumstances then existing; 
 (g) cause all such Registrable Securities registered
pursuant to this Section 1 to be listed on a national exchange or trading system and on each securities exchange and trading system on which similar securities issued by the Company are then listed; 

(h) provide a transfer agent and registrar for all Registrable Securities registered pursuant hereunder and a CUSIP number for all such
Registrable Securities, in each case not later than the effective date of such registration; 
 (i) enter into such customary
agreements, including but not limited to an underwriting agreement, in usual and customary form, and take all such other actions as the holders of a majority of the Registrable Securities being sold or the underwriters, if any, reasonably request in
order to expedite or facilitate the disposition of such Registrable Securities, including, but not limited to, effecting a stock split or a combination of shares; and 
 (j) make available for inspection by any Holder of Registrable Securities or any underwriter in the event of any underwritten public offering, and any attorney, accountant or other agent retained by such
Holder or underwriter, in each case upon receipt of a confidentiality agreement in a form acceptable to the Company, all financial and other records, corporate documents and properties of the Company, and shall use all commercially reasonable
efforts to cause the Company’s directors, officers, employees and independent accountants to supply all such information reasonably requested by any Holder, underwriter, attorney, accountant or agent in connection with the registration
statement. 
 Notwithstanding the provisions of this Section 1, the Company shall be entitled to postpone or suspend, for a
reasonable period of time, the filing, effectiveness or use of, or trading under, any registration statement if the Company shall determine that any such filing or the sale of any securities pursuant to such registration statement would: 

  
 8 

 (i) in the good faith judgment of the Board, materially impede, delay or interfere with any
material pending or proposed financing, acquisition, corporate reorganization or other similar transaction involving the Company for which the Board has authorized negotiations; 

(ii) in the good faith judgment of the Board, materially adversely impair the consummation of any pending or proposed material offering
or sale of any class of securities by the Company; or 
 (iii) in the good faith judgment of the Board, require disclosure of
material nonpublic information that, if disclosed at such time, would be materially harmful to the interests of the Company and its stockholders; provided, however, that during any such period all executive officers and directors of
the Company are also prohibited from selling securities of the Company (or any security of any of the Company’s subsidiaries or Affiliates). 
 In the event of the suspension of effectiveness of any registration statement pursuant to this Section 1.5, the applicable time period during which such registration statement is to remain effective
shall be extended by that number of days equal to the number of days during which the effectiveness of such registration statement was suspended. 
 1.6 Information from Holder. It shall be a condition precedent to the obligations of the Company to take any action pursuant to this Section 1 with respect to the Registrable Securities of any
selling Holder that such Holder shall furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities as shall be reasonably required to effect the
registration of such Holder’s Registrable Securities. 
 1.7 Expenses of Registration. All expenses other than
underwriting discounts and commissions incurred in connection with registrations, filings or qualifications pursuant to Sections 1.2, 1.3 and 1.4, including (without limitation) all registration, filing and qualification fees, printers’ and
accounting fees, fees and disbursements of counsel for the Company and the reasonable fees and disbursements of (i) one counsel for the selling Holders other than Intel Capital Corporation (“Intel Capital”) and its Affiliates
(not to exceed $10,000) and (ii) if Intel Capital is a selling Holder, one counsel for Intel Capital (not to exceed $10,000), shall be borne by the Company. Notwithstanding the foregoing, the Company shall not be required to pay for any
expenses of any registration proceeding begun pursuant to Section 1.2 or Section 1.4 if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered (in which
case all participating Holders shall bear such expenses pro rata based upon the number of Registrable Securities that were to be included in the withdrawn registration), unless, in the case of a registration requested under Section 1.2 and 1.4,
the Holders of a majority of the Registrable Securities agree to forfeit their right to one demand registration pursuant to Section 1.2 and 1.4 and provided, however, that if at the time of such withdrawal, the Holders have learned of a
material adverse change in the condition, business, or prospects of the Company from that known to the Holders at the time of their request and have withdrawn the request with reasonable promptness following disclosure by the Company of such
material adverse change, then the Holders shall not be required to pay any of such expenses and shall retain their rights pursuant to Section 1.2 or 1.4. Notwithstanding 

  
 9 

 
the foregoing, if the Company has already affected more than four (4) registrations pursuant to Section 1.4, then all expenses incurred in connection with any additional registrations
requested pursuant to Section 1.4, including (without limitation) all registration, filing, qualification, printer’s and accounting fees and the reasonable fees and disbursements of counsel for the selling Holder or Holders and counsel for
the Company, shall be borne pro rata by the Holder or Holders participating in the Form S-3 Registration. 
 1.8 Delay of
Registration. No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any such registration as the result of any controversy that might arise with respect to the interpretation or implementation of this
Section 1. 
 1.9 Indemnification. In the event any Registrable Securities are included in a registration statement
under this Section 1: 
 (a) To the extent permitted by law, the Company will indemnify and hold harmless each Holder, the
partners, officers, directors and stockholders of each Holder, legal counsel and accountants for each Holder, any underwriter (as defined in the Act) for such Holder and each person, if any, who controls such Holder or underwriter within the meaning
of the Act or the 1934 Act, against any losses, claims, damages or liabilities (joint or several) to which they may become subject under the Act, the 1934 Act, any state securities laws or any rule or regulation promulgated under the Act, insofar as
such losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively a “Violation”): (i) any untrue statement or
alleged untrue statement of a material fact contained in such registration statement, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto, (ii) the omission or alleged omission to
state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading, or (iii) any violation or alleged violation by the Company of the Act, the 1934 Act, any state securities laws or any rule
or regulation promulgated under the Act; the 1934 Act or any state securities laws, and the Company will reimburse each such Holder, underwriter, controlling person or other aforementioned person for any legal or other expenses reasonably incurred
by them in connection with investigating or defending any such loss, claim, damage, liability or action as such expenses are incurred; provided, however, that the indemnity agreement contained in this subsection l.9(a) shall not apply to amounts
paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld), nor shall the Company be liable in any such case for any
such loss, claim, damage, liability or action to the extent that it arises out of or is based upon a Violation that occurs in reliance upon and in conformity with written information furnished expressly for use in connection with such registration
by any such Holder, underwriter, controlling person or other aforementioned person; provided further, however, that the foregoing indemnity agreement with respect to any preliminary prospectus shall not inure to the benefit of any Holder or
underwriter or other aforementioned person, or any person controlling such Holder or underwriter, from whom the person asserting any such losses, claims, damages or liabilities purchased shares in the offering, if a copy of the most current
prospectus was not sent or given by or on behalf of such Holder or underwriter or other aforementioned person to such person, if required by law so to have been delivered, at or prior to the written confirmation of the sale of

  
 10 

 
the shares to such person, and if the prospectus (as so amended or supplemented) would have cured the defect giving rise to such loss, claim, damage or liability. 

(b) To the extent permitted by law, each selling Holder will indemnify and hold harmless the Company, each of its directors, each of its
officers who has signed the registration statement, each person, if any, who controls the Company within the meaning of the Act, legal counsel and accountants for the Company, any underwriter, any other Holder selling securities in such registration
statement and any controlling person of any such underwriter or other Holder, against any losses, claims, damages or liabilities (joint or several) to which any of the foregoing persons may become subject, under the Act, the 1934 Act, any state
securities laws or any rule or regulation promulgated under the Act, the 1934 Act or any state securities laws, insofar as such losses, claims, damages or liabilities (or actions in respect thereto) arise out of or are based upon any Violation, in
each case to the extent (and only to the extent) that such Violation occurs in reliance upon and in conformity with written information furnished by such Holder expressly for use in connection with such registration; and each such Holder will
reimburse any person intended to be indemnified pursuant to this subsection l.9(b) for any legal or other expenses reasonably incurred by such person in connection with investigating or defending any such loss, claim, damage, liability or action as
such expenses are incurred; provided, however, that the indemnity agreement contained in this subsection l.9(b) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without
the consent of the Holder (which consent shall not be unreasonably withheld), and provided that in no event shall any indemnity under this subsection l.9(b) exceed the net proceeds from the offering received by such Holder. 

(c) Promptly after receipt by an indemnified party under this Section 1.9 of notice of the commencement of any action (including
any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 1.9, deliver to the indemnifying party a written notice of the commencement thereof and the
indemnifying party shall have the right to participate in and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the
parties; provided, however, that an indemnified party (together with all other indemnified parties that may be represented without conflict by one counsel) shall have the right to retain one separate counsel, with the fees and expenses to be paid by
the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party
represented by such counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action, if materially prejudicial to its ability to defend such action, shall
relieve such indemnifying party of liability to the indemnified party under this Section 1.9 to the extent of such prejudice, but the omission so to deliver written notice to the indemnifying party will not relieve it of any liability that it
may have to any indemnified party otherwise than under this Section 1.9. 
 (d) If the indemnification provided for in
this Section 1.9 is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim, damage or expense referred to herein, then the indemnifying party, in lieu of indemnifying such
indemnified party hereunder, shall contribute to the amount paid or 

  
 11 

 
payable by such indemnified party as a result of such loss, liability, claim, damage or expense in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the
one hand and of the indemnified party on the other in connection with the statements or omissions that resulted in such loss, liability, claim, damage or expense, as well as any other relevant equitable considerations; provided, however, that no
contribution by any Holder, when combined with any amounts paid by such Holder pursuant to Section 1.9(b), shall exceed the net proceeds from the offering received by such Holder. The relative fault of the indemnifying party and of the
indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the
indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission. 
 (e) Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered into in connection with the underwritten public
offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 
 (f) The
obligations of the Company and Holders under this Section 1.9 shall survive the completion of any offering of Registrable Securities in a registration statement under this Section 1, and otherwise. 

1.10 Reports Under the 1934 Act. With a view to making available to the Holders the benefits of Rule 144 and any other rule or
regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form S-3, the Company agrees to: 

(a) make and keep public information available, as those terms are understood and defined in Rule 144, at all times after the effective
date of the Initial Offering; 
 (b) file with the SEC in a timely manner all reports and other documents required of the
Company under the Act and the 1934 Act; and 
 (c) furnish to any Holder, so long as the Holder owns any Registrable
Securities, forthwith upon request (i) a written statement by the Company that it has complied with the reporting requirements of Rule 144 (at any time after ninety (90) days after the effective date of the first registration statement
filed by the Company), the Act and the 1934 Act (at any time after it has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form S-3 (at any time after it so qualifies),
(ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company, and (iii) such other information as may be reasonably requested in availing any Holder of any rule or
regulation of the SEC that permits the selling of any such securities without registration or pursuant to such form. 
 1.11
Assignment of Registration Rights. The rights to cause the Company to register Registrable Securities pursuant to this Section 1 may be assigned (but only 

  
 12 

 
with all related obligations) by a Holder to a transferee or assignee of such securities that (i) is a subsidiary, parent, partner, limited partner, retired partner, member, stockholder or
Affiliate of a Holder, (ii) is a Holder’s family member or trust for the benefit of an individual Holder, or (iii) after such assignment or transfer, holds at least 200,000 shares of Registrable Securities (subject to appropriate
adjustment for stock splits, stock dividends, combinations and other recapitalizations), provided: (a) the Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee or
assignee and the securities with respect to which such registration rights are being assigned; (b) such transferee or assignee agrees in writing to be bound by and subject to the terms and conditions of this Agreement, including, without
limitation, the provisions of Section 1.13 below; and (c) such assignment shall be effective only if immediately following such transfer the further disposition of such securities by the transferee or assignee is restricted under the Act.

 1.12 Limitations on Subsequent Registration Rights. From and after the date of this Agreement, the Company shall not,
without the prior written consent of the Holders of a majority of the Registrable Securities, enter into any agreement with any holder or prospective holder of any securities of the Company that would allow such holder or prospective holder
(a) to include such securities in any registration filed under Section 1.2, Section 1.3 or Section 1.4 hereof, unless under the terms of such agreement, such holder or prospective holder may include such securities in any such
registration only to the extent that the inclusion of such securities will not reduce the amount of the Registrable Securities of the Holders that are included or (b) to demand registration of their securities. 

1.13 “Market Stand-Off” Agreement. Each Holder hereby agrees that it will not, without the prior written consent of the
managing underwriter, during the period commencing on the date of the final prospectus relating to the Company’s Initial Offering and ending on the date specified by the Company and the managing underwriter (such period not to exceed one
hundred eighty (l80) days) (i) lend, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of,
directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock held immediately prior to the effectiveness of the Registration Statement for such offering, or (ii) enter
into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Common Stock, whether any such transaction described in clause (i) or (ii) above is to be settled by
delivery of Common Stock or such other securities, in cash or otherwise. The foregoing provisions of this Section 1.13 shall apply only to the Company’s initial public offering of equity securities, shall not apply to the sale of any
shares to an underwriter pursuant to an underwriting agreement, and shall only be applicable to the Holders if all officers and directors and greater than one percent (1%) stockholders of the Company enter into similar agreements. The
underwriters in connection with the Company’s Initial Offering are intended third party beneficiaries of this Section 1.13 and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto.
Each Holder further agrees to execute such agreements as may be reasonably requested by the underwriters in the Company’s Initial Offering that are consistent with this Section 1.13 or that are necessary to give further effect thereto. Any
discretionary waiver or termination of the restrictions of any or all of such agreements by the Company or the underwriters shall apply to 

  
 13 

 
all Holders subject to such agreements pro rata based on the number of shares subject to such agreements. 
 In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to the Registrable Securities of each Holder (and the shares or securities of every other person
subject to the foregoing restriction) until the end of such period. 
 1.14 Termination of Registration Rights. No
Holder shall be entitled to exercise any right provided for in this Section 1 (i) after four (4) years following the consummation of the Initial Offering or (ii) as to any Holder, such earlier time after the Initial Offering at
which such Holder (A) can sell all shares held by it in compliance with Rule 144(k) or (B) all Registrable Securities held by such Holder (together with any Affiliate of the Holder with whom such Holder must aggregate its sales under Rule
144) can be sold in any one (1)-month period without registration in compliance with Rule 144. 
 2. Covenants of the
Company. 
 2.1 Delivery of Financial Statements. The Company shall deliver to (i) each Investor (or transferee
of an Investor) for so long as there are at least 1,000,000 shares of Preferred Stock issued and outstanding and (ii) to each individual Lender for so long as either the notes or warrants issued to such Lender pursuant to the Lenders Agreement
remain outstanding: 
 (a) as soon as practicable, but in any event within one hundred twenty (120) days after the end of
each fiscal year of the Company, an income statement for such fiscal year, a balance sheet of the Company and statement of stockholders’ equity as of the end of such year, and a statement of cash flows for such year, such year-end financial
reports to be in reasonable detail, prepared in accordance with generally accepted accounting principles, and audited and certified by independent public accountants of nationally recognized standing selected by the Company; 

(b) within thirty (30) days of the end of each month, an unaudited income statement and statement of cash flows and balance sheet
for and as of the end of such month, in reasonable detail; 
 (c) as soon as practicable, but in any event at least thirty
(30) days prior to the end of each fiscal year, a budget and business plan for the next fiscal year, prepared on a monthly basis, including balance sheets, income statements and statements of cash flows for such months and, as soon as prepared,
any other budgets or revised budgets prepared by the Company; 
 (d) such information, financial data and reports required by
the Small Business Administration or the New York State Certified Capital Program (“CAPCO”) in order for any Lender or Investor to comply with applicable Small Business Investment Company or CAPCO regulations, as applicable;

 (e) copies of all material filings with governmental agencies and press releases promptly after such filings or press
releases are made; and 

  
 14 

 (f) such other information relating to the financial condition, business or corporate
affairs of the Company as any Lender or Investor may from time to time request, provided, however, that the Company shall not be obligated under this subsection (f) or any other subsection of Section 2.1 to provide information that it
deems in good faith to be a trade secret or similar confidential information, unless such Lender or Investor is already a party to a binding non-disclosure agreement with the Company. 

2.2 Inspection. The Company shall permit each Investor, and each Lender whose note or notes issued pursuant to the Lenders
Agreement remain outstanding (each, a “Note Lender”), at such party’s expense, to visit and inspect the Company’s properties, to examine its books of account and records and to discuss the Company’s affairs, finances
and accounts with its officers, all at such reasonable times as may be requested by the Investor or Lender; provided, however, that the Company shall not be obligated pursuant to this Section 2.2 to provide access to any
information that it reasonably considers to be a trade secret or similar confidential information, unless such Lender or Investor is already a party to a binding non-disclosure agreement with the Company. 

2.3 Termination of Information and Inspection Covenants. The covenants set forth in Sections 2.1 and 2.2 shall terminate and be
of no further force or effect when the sale of securities pursuant to a registration statement filed by the Company under the Act in connection with the firm commitment underwritten offering of its securities to the general public is consummated or
when the Company first becomes subject to the periodic reporting requirements of Sections 12(g) or 15(d) of the 1934 Act, whichever event shall first occur. 
 2.4 Right of First Offer. Subject to the terms and conditions specified in this Section 2.4, the Company hereby grants to each (i) Investor who holds at least 250,000 shares of Preferred
Stock, (ii) Note Lender who holds Lender Warrants exercisable for at least 250,000 shares of Common Stock and (iii) Common Holder who holds at least 250,000 shares of Common Stock (each a “Major Investor”) a right of first
offer with respect to future sales by the Company of its Shares (as hereinafter defined). For purposes of this Section 2.4, the term “Major Investor” includes any general partners and Affiliates of a Major Investor. A Major
Investor shall be entitled to apportion the right of first offer hereby granted it among itself and its partners and Affiliates in such proportions as it deems appropriate. 
 Each time the Company proposes to offer any shares of, or securities of any type whatsoever (including without limitation, options, warrants and convertible debt) that are or may become convertible into
or exchangeable or exercisable for any shares of, any class of its capital stock whether common or preferred (“Shares”), the Company shall first make an offering of such Shares to each Major Investor in accordance with the following
provisions: 
 (a) The Company shall deliver a notice in accordance with Section 3.5 (“Notice”) to the
Major Investors stating (i) its bona fide intention to offer such Shares, (ii) the number of such Shares to be offered, and (iii) the price and terms upon which it proposes to offer such Shares. 

(b) By written notification received by the Company within twenty (20) calendar days after receipt of the Notice, each Major
Investor may elect to purchase 

  
 15 

 
or obtain, at the price and on the terms specified in the Notice, up to that portion of such Shares that equals the proportion that the number of shares of Registrable Securities issued and held
by such Major Investor (assuming full conversion and exercise of all convertible and exercisable Registrable Securities then outstanding) bears to the total number of shares of Common Stock of the Company then outstanding (assuming full conversion
and exercise of all convertible and exercisable Registrable Securities then outstanding). 
 (c) If all Shares that Major
Investors are entitled to obtain pursuant to subsection 2.4(b) are not elected to be obtained as provided in subsection 2.4(b) hereof, the Company may, during the ninety (90) day period following the expiration of the period provided in
subsection 2.4(b) hereof, offer the remaining unsubscribed portion of such Shares to any person or persons at a price not less than that, and upon terms no more favorable to the offeree than those, specified in the Notice. If the Company does not
enter into an agreement for the sale of the Shares within such period, or if such agreement is not consummated within sixty (60) days of the execution thereof, the right provided hereunder shall be deemed to be revived and such Shares shall not
be offered unless first reoffered to the Major Investors in accordance herewith. 
 (d) The right of first offer in this
Section 2.4 shall not be applicable to (i) the issuance or sale of shares of Common Stock (or options therefor) to employees, directors, consultants and other service providers for the primary purpose of soliciting or retaining their
services pursuant to stock plans or agreements approved by the Board; (ii) the issuance of securities pursuant to a bona fide, firmly underwritten public offering of shares of Common Stock, registered under the Act, (iii) the issuance of
securities pursuant to the conversion or exercise of convertible or exercisable securities including, without limitation, the conversion of interest pursuant to that certain Note and Warrant Purchase Agreement dated November 18, 2002 and those
certain promissory notes issued in connection therewith, (iv) the issuance of securities in connection with a bona fide business acquisition of the Company that constitutes a Liquidation Event (as defined in the Company’s Fourth Amended
and Restated Certificate of Incorporation, as amended (a “Liquidation Event”)), whether by merger, consolidation, sale of assets, sale or exchange of stock or otherwise, or the issuance of securities to sellers as purchase price in
connection with acquisitions of other entities, (v) the issuance and sale of Series C Preferred Stock pursuant to the Series C Agreement, (vi) the issuance of stock, warrants or other securities or rights to persons or entities with which
the Company has business relationships, provided such issuances are for other than primarily equity financing purposes and are approved by a majority of the Board or (vii) the issuance of securities that, with unanimous approval of the Board,
are not offered to any existing stockholder of the Company. In addition to the foregoing, the right of first offer in this Section 2.4 shall not be applicable with respect to any Major Investor and any subsequent offering of Shares if
(i) at the time of such offering, the Major Investor is not an “accredited investor,” as that term is then defined in Rule 501(a) of the Act and (ii) such offering of Shares is otherwise being offered only to accredited
investors. 
 (e) The rights provided in this Section 2.4 may not be assigned or transferred by any Major Investor;
provided, however, that a Major Investor that is a venture capital fund may assign or transfer such rights to an Affiliated venture capital fund. 

  
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 (f) The covenants set forth in this Section 2.4 shall terminate and be of no further
force or effect upon the consummation of the sale of securities pursuant to a bona fide, firmly underwritten public offering of shares of common stock registered under the Act. 

2.5 Key-Man Insurance. The Company shall maintain term life insurance on the lives of certain key employees of the Company, as
determined by the Board, in the amount of $1,000,000 each. Such policies shall name the Company as loss payee and shall not be cancelable by the Company without prior approval of the Board. 

2.6 Directors and Officers Insurance. The Company shall maintain in full force and effect from financially sound and reputable
insurers directors and officers commission and liability insurance with coverage amounts determined by the Board of Directors. Such coverage amounts shall not be allowed to lapse or be reduced without the prior approval of a majority of the
directors elected by the holders of Preferred Stock. 
 2.7 Meetings of the Board of Directors. The Company will ensure
that meetings of its Board are held at least eight (8) times each year. The Company shall reimburse each director for reasonable travel expenses incurred in connection with attending meetings or other functions of the Board. 

2.8 Composition of Board Committees. The Company agrees to cause the Board to establish or maintain a Compensation Committee and
an Audit Committee. The Compensation Committee shall consist of four (4) individuals and the Audit Committee shall consist of three (3) individuals. Each of Crystal Internet Ventures, including Crystal Internet Venture Fund II (BVI), L.P.
and Crystal Internet Venture Fund II (BVI), Crystal Vision, L.P. (collectively, “Crystal”), Advantage Capital New York Partners I, L.P. (“Advantage”) and Pacven Walden Ventures IV, L.P. (“Walden”)
shall be entitled to nominate at least one (1) representative to each such committee. North Atlantic Venture Fund III and North Atlantic SBIC IV, L.P. (collectively, “North Atlantic”) shall be entitled to nominate at least one
(1) representative to the Compensation Committee. The right of Crystal, Advantage and Walden, respectively, to nominate designees to the Compensation and Audit Committees and the right of North Atlantic to nominate a designee to the
Compensation Committee shall terminate upon the earlier of (i) the date on which Crystal, Advantage, Walden or North Atlantic, as applicable, does not hold at least fifteen percent (15%) of the shares of Common Stock initially issued to
such Investor (including those shares of Common Stock issued or issuable upon conversion of the Preferred Stock) or (ii) approval by the Board of a transaction constituting a Liquidation Event. 

2.9 Confidentiality Agreement. The Company shall require all employees and consultants with access to confidential information to
execute and deliver a Confidentiality Agreement in substantially the form approved by the Board. 
 2.10 Termination of
Certain Covenants. The covenants set forth in Sections 2.5, 2.6, 2.7 and 2.8 shall terminate and be of no further force or effect upon the consummation of the sale of securities pursuant to a bona fide, firmly underwritten public offering of
shares of common stock registered under the Act. 

  
 17 

 2.11 New Issuance and Liquidation Event. Without the prior written consent of Intel
Capital, the Company (i) shall not authorize or issue, or obligate itself to issue, or reclassify any equity security (including any other security convertible into or exercisable for any such equity security) having a preference over, or being
on a parity with, the Company’s Series B Preferred Stock, as designated in the Company’s Fourth Amended and Restated Certificate of Incorporation, with respect to rights, preferences, privileges or restrictions, other than the good faith
issuance of any authorized but unissued shares of Preferred Stock (including any security convertible into or exercisable for such shares of Preferred Stock) (for the avoidance of doubt, the shares issuable pursuant to that certain Note and Warrant
Purchase Agreement dated November 18, 2002 shall not require Intel Capital’s consent pursuant to this Section 2.11) and (ii) shall not consummate a Liquidation Event. Notwithstanding the prior sentence, the sale of shares of the
Company’s Preferred Stock in a bona fide financing transaction shall not be deemed a “Liquidation Event.” The covenants set forth in this Section 2.11 shall terminate and be of no further force or effect upon the earlier to occur
of (i) the transfer by Intel Capital of its Shares to a transferee that is not a partner or Affiliate of Intel Capital or (ii) the consummation of the sale of securities pursuant to an Initial Offering. 

3. Miscellaneous. 
 3.1 Successors and Assigns. Except as otherwise provided herein, the terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns
of the parties (including transferees of any shares of Registrable Securities). Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights,
remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 

3.2 Governing Law. This Agreement shall be governed by and construed under the laws of the State of New York as applied to
agreements among New York residents entered into and to be performed entirely within New York. 
 3.3 Counterparts. This
Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 3.4 Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement. 

3.5 Notices. All notices and other communications given or made pursuant hereto shall be in writing and shall be deemed
effectively given: (i) upon personal delivery to the party to be notified, (ii) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient; if not, then on the next business day,
(iii) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (iv) one (1) day after deposit with a nationally recognized overnight courier, specifying next day
delivery, with written verification of receipt. All communications shall be 

  
 18 

 
sent to the respective parties at the addresses set forth on the signature pages attached hereto (or at such other addresses as shall be specified by notice given in accordance with this
Section 3.5). 
 3.6 Expenses. If any action at law or in equity is necessary to enforce or interpret the terms of
this Agreement, the prevailing party shall be entitled to reasonable attorneys’ fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled. 

3.7 Entire Agreement; Amendments and Waivers. This Agreement (including the Exhibits hereto, if any) constitutes the full and
entire understanding and agreement among the parties with regard to the subjects hereof and thereof. Any term of this Agreement (other than Section 2.1, Section 2.2, Section 2.3 and Section 2.4) may be amended and the observance
of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of the Company and the holders of a majority of the Registrable Securities;
provided that such majority shall include the consent of Intel Capital until such time that Intel Capital transfers its Shares to a transferee that is not a partner or Affiliate of Intel Capital; provided further, however, that
in the event that such amendment or waiver adversely affects the obligations and/or rights of the Common Holders or Lenders in a different manner than the other Holders, such amendment or waiver shall also require the written consent of the holders
of a majority in interest of the Common Holders or Lenders (as applicable). The provisions of Section 2.1 and Section 2.3 may be amended or waived (either generally or in a particular instance and either retroactively or prospectively)
only with the written consent of the Company and the holders of a majority of the Registrable Securities that are held by the qualifying Investors and Lenders. The provisions of Section 2.2 and Section 2.3 may be amended or waived (either
generally or in a particular instance and either retroactively or prospectively) only with the written consent of the Company and the holders of a majority of the Registrable Securities that are held by Investors and Note Lenders. The provisions of
Section 2.4 may be amended or waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of the Company and the holders of a majority of the Registrable Securities held by Major
Investors. Any amendment or waiver effected in accordance with this paragraph shall be binding upon each holder of any Registrable Securities, each future holder of all such Registrable Securities, and the Company. 

3.8 Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law, such
provision(s) shall be excluded from this Agreement and the balance of the Agreement shall be interpreted as if such provision(s) were so excluded and shall be enforceable in accordance with its terms. 

3.9 Aggregation of Stock. All shares of Registrable Securities held or acquired by Affiliated Persons (including Affiliated
venture capital funds) shall be aggregated together for the purpose of determining the availability of any rights under this Agreement. The terms “Affiliate” and “Affiliated” shall have the meanings set forth in the
Series C Agreement. 
 3.10 Binding Effect. In addition to any restriction or transfer that may be imposed by any other
agreement by which any Party hereto may be bound, this Agreement shall be binding upon the Parties, their respective heirs, successors, transferees and assigns. 

  
 19 

 3.11 Additional Investors. Notwithstanding Section 3.7, no consent or amendment
shall be necessary to add additional Investors as signatories to this Agreement, provided that such Investors have purchased Series C Preferred Stock pursuant to the Series C Agreement. Schedule A to this Agreement shall be updated to reflect
such additional Investors. 
 3.12 Arbitration. Any controversy between the parties hereto involving any claim arising
out of or relating to the termination of this Agreement, will be submitted to and be settled by final and binding arbitration in New York, New York, in accordance with the then current Commercial Arbitration Rules of the American Arbitration
Association (the “AAA”), and judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof; provided, however, that (i) this Section 3.12 shall not apply to Intel
Capital and its Affiliates and (ii) this Section 3.12 shall apply to any transferee of Shares that is not a partner or Affiliate of Intel Capital. Such arbitration shall be conducted by three (3) arbitrators chosen by the Company and
the Holders, or failing such agreement, an arbitrator experienced in the sale of similarly sized companies appointed by the AAA. There shall be limited discovery prior to the arbitration hearing as follows: (a) exchange of witness lists and
copies of documentary evidence and documents relating to or arising out of the issues to be arbitrated, (b) depositions of all party witnesses, and (c) such other depositions as may be allowed by the arbitrators upon a showing of good
cause. Depositions shall be conducted in accordance with the New York Code of Civil Procedure, the arbitrator(s) shall be required to provide in writing to the parties the basis for the award or order of such arbitrator(s), and a court reporter
shall record all hearings, with such record constituting the official transcript of such proceedings. 
 3.13 Termination of
Prior Agreement. Upon the effectiveness of this Agreement, the Prior Agreement shall terminate and be of no further force and effect, and shall be superseded and replaced in its entirety by this Agreement. 

3.14 Waiver of Right of First Refusal. In connection with the issuance and sale by the Company of up to 2,740,407 shares of its
Series C Preferred Stock pursuant to the Series C Agreement (the “Series C Financing”), the undersigned holders of a majority of the Registrable Securities held by Major Investors of the Company (as such terms are defined in the
Prior Agreement), on behalf of themselves and all Major Investors, hereby unconditionally waive all rights of first offer and notice set forth in Section 2.4 of the Prior Agreement with respect to the Series C Financing. 

3.15 Consent of Intel Capital. By executing this Agreement, Intel Capital hereby consents to the Series C Financing (including
without limitation the authorization and issuance of the Series C Preferred Stock) pursuant to Section 2.11 of the Prior Agreement. 
 (Remainder of page intentionally left blank) 

  
 20 

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

									
	 	 	 	 	 	 	COMPANY:
				
		 		 		 	SYNACOR, INC.
					
		 		 		 	By	 	  

		 		 		 		 	Ron Frankel
		 		 		 		 	President
				
		 	Address:	 		 	 40 La Riviere Drive, Suite 300
 Buffalo, NY 14202

				
		 		 		 	INVESTORS:
				
		 		 		 	INTEL CAPITAL CORPORATION
					
		 		 		 	By	 	  

		 		 		 	Name:	 	
		 		 		 	Title:	 	
				
		 	Address:	 		 	 c/o Intel Corporation
 Attn: Intel Capital Portfolio Manager
 2200 Mission College Blvd., M/S RN6-46

Santa Clara, CA 95052
 Facsimile: (408)
765-6038

				
		 		 		 	With a copy by e-mail to:
		 		 		 	portfolio.manager@intel.com
				
		 		 		 	SIGNATURE PAGE TO THE THIRD AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT BY AND AMONG SYNACOR, INC. AND THE INVESTORS LISTED ON THE SIGNATURE PAGES
HERETO.

  
 Signature
page to Synacor, Inc. 
 Third Amended and Restated Investors’ Rights Agreement 

									
		 		 		 	INVESTORS:
				
		 		 		 	NORTH ATLANTIC VENTURE FUND III,
		 		 		 	a Limited Partnership
					
		 		 		 	By:	 	 North Atlantic Investors III, LLC,
 its General Partner

					
		 		 		 	By:	 	  

		 		 		 	Name:	 	
		 		 		 	Title:	 	
				
		 	Address:	 		 	  

		 		 		 	  

				
		 		 		 	NORTH ATLANTIC SBIC IV, L.P.
					
		 		 		 	By:	 	 North Atlantic Investors SBIC IV, LLC,
 its General Partner

					
		 		 		 	By:	 	  

		 		 		 	Name:	 	
		 		 		 	Title:	 	
				
		 	Address:	 		 	  

		 		 		 	  

  
 Signature
page to Synacor, Inc. 
 Third Amended and Restated Investors’ Rights Agreement 

									
		 		 		 	INVESTORS:
				
		 		 		 	MITSUI INCUBASE CORPORATION
					
		 		 		 	By:	 	  

		 		 		 	Name:	 	
		 		 		 	Title:	 	
				
		 	Address:	 		 	  

		 		 		 	  

  
 Signature
page to Synacor, Inc. 
 Third Amended and Restated Investors’ Rights Agreement 

									
		 		 		 	INVESTORS:
				
		 		 		 	ADVANTAGE CAPITAL NEW YORK
		 		 		 	PARTNERS I, L.P.
				
		 		 		 	 By: Advantage Capital New York GP-I, LLC, Its
 General Partner

					
		 		 		 	By	 	  

		 		 		 		 	M. Scott Murphy
		 		 		 		 	Vice President
				
		 	Address:	 		 	5 Warren Street, Suite 204
		 		 		 	Glens Falls, NY 12801
				
		 		 		 	ADVANTAGE CAPITAL NEW YORK
		 		 		 	PARTNERS II, L.P.
				
		 		 		 	 By: Advantage Capital New York GP-II, LLC, Its
 General Partner

					
		 		 		 	By	 	  

		 		 		 		 	M. Scott Murphy
		 		 		 		 	Vice President
				
		 	Address:	 		 	5 Warren Street, Suite 204
		 		 		 	Glens Falls, NY 12801

  
 Signature
page to Synacor, Inc. 
 Third Amended and Restated Investors’ Rights Agreement 

									
		 		 		 	INVESTORS:
				
		 		 		 	ACCESS TECHNOLOGY CAPITAL, LLC
					
		 		 		 	By	 	  

		 		 		 	Name:	 	Peter Thoren
		 		 		 	Title:	 	Vice President
				
		 	Address:	 		 	730 Fifth Avenue, 20th Floor
		 		 		 	New York, NY 10019

  
 Signature
page to Synacor, Inc. 
 Third Amended and Restated Investors’ Rights Agreement 

									
		 		 		 	INVESTORS AND LENDERS:
				
		 		 		 	RAND CAPITAL SBIC, L.P.
					
		 		 		 	By:	 	 Rand Capital Management, LLC,

its General Partner

					
		 		 		 	By	 	  

		 		 		 	Name:	 	
		 		 		 	Title:	 	
				
		 	Address:	 		 	2200 Rand Building
		 		 		 	Buffalo, NY 14203
				
		 		 		 	BUFFALO AND ERIE COUNTY INDUSTRIAL
		 		 		 	LAND DEVELOPMENT CORPORATION
					
		 		 		 	By	 	  

		 		 		 	Name:	 	
		 		 		 	Title:	 	
				
		 	Address:	 		 	275 Oak Street
		 		 		 	Buffalo, NY 14203

  
 Signature
page to Synacor, Inc. 
 Third Amended and Restated Investors’ Rights Agreement 

							
		 		 	INVESTORS AND COMMON HOLDERS:
			
		 		 	 CRYSTAL INTERNET VENTURE FUND II
 (BVI), L.P.

			
		 		 	 CRYSTAL INTERNET VENTURE FUND II
 (BVI), CRYSTAL VISION, L.P.

				
		 		 	By:	 	Crystal Venture II, Ltd.
		 		 	Their:	 	General Partner
				
		 		 	By	 	  

		 		 	Name:	 	
		 		 	Title:	 	
			
	Address:	 		 	1120 Chester Avenue, Suite 418
		 		 	Cleveland, OH 44114

  
 Signature
page to Synacor, Inc. 
 Third Amended and Restated Investors’ Rights Agreement 

					
		 		 	INVESTORS AND COMMON HOLDERS:
			
		 		 	  

		 		 	Jeremy M. Jacobs, Jr.
			
	Address:	 		 	c/o Delaware North Co.
		 		 	40 Fountain Plaza
		 		 	Buffalo, NY 14202
		 		 	Attn: Mike Gallagher
			
		 		 	  

		 		 	JoRon Management LLC
			
	Address:	 		 	50 Fountain Plaza
		 		 	Suite 1320
		 		 	Buffalo, NY 14202

  
 Signature
page to Synacor, Inc. 
 Third Amended and Restated Investors’ Rights Agreement 

									
		 		 		 	INVESTORS AND COMMON HOLDERS:
				
		 		 		 	PACVEN WALDEN VENTURES IV
		 		 		 	ASSOCIATES FUND, L.P.
					
		 		 		 	By	 	  

		 		 		 	Name:	 	Lip-Bu Tan
		 		 		 	Title:	 	Director
				
		 		 		 	 of Pacven Walden Management Co., Ltd.
 as General Partner of Pacven Walden Management II, L.P.
 as General Partner of Pacven Walden
Ventures IV

		 		 		 	  Associates Fund, L.P.
				
		 		 		 	PACVEN WALDEN VENTURES IV, L.P.
					
		 		 		 	 By
	 	  

		 		 		 	 Name:
	 	Lip-Bu Tan
		 		 		 	 Title:
	 	Director
				
		 		 		 	 of Pacven Walden Management Co., Ltd.
 as General Partner of Pacven Walden Management II, L.P.
 as General Partner of Pacven Walden
Ventures IV, L.P.

				
		 		 		 	WIIG-TDF PARTNERS LLC
					
		 		 		 	By	 	  

					
		 		 		 	Name:	 	Lip-Bu Tan
		 		 		 	Title:	 	Director
				
		 		 		 	 of WIIG Management Co., Ltd.
 for and on behalf of the Fund Managers

				
		 		 		 	 WALDEN EDB PARTNERS II, L.P.

					
		 		 		 	 By
	 	  

		 		 		 	 Name:
	 	Lip-Bu Tan
		 		 		 	 Title:
	 	Director
					
		 	Address:	 		 		 	One California Street, Suite 2800
		 		 		 		 	San Francisco, CA 94111

  
 Signature
page to Synacor, Inc. 
 Third Amended and Restated Investors’ Rights Agreement 

 
	
	COMMON HOLDERS:
	
	  

 
					
	Print name:	 	  
	 	
	
	  

	Print name:	 	  
	 	
	
	  

	Print name:	 	  
	 	

  
 Signature
page to Synacor, Inc. 
 Second Amended and Restated Investors’ Rights Agreement 

 SCHEDULE A 

LIST OF SERIES C INVESTORS 

Access Technology Capital, LLC 
 Advantage
Capital New York Partners I, L.P. 
 Advantage Capital New York Partners II, L.P. 
 Crystal Internet Venture Fund II (BVI), L.P. 
 Crystal Internet Venture Fund II (BVI), Crystal
Vision, L.P. 
 Intel Capital Corporation 
 JoRon Management LLC 
 Jeremy M. Jacobs, Jr. 

Mitsui Incubase Corporation 
 North Atlantic SBIC
IV, L.P. 
 North Atlantic Venture Fund III 
 Rand Capital SBIC, L.P. 
 Pacven Walden Ventures IV Associates Fund, L.P. 

Pacven Walden Ventures IV, L.P. 
 Walden EDB
Partners II, L.P. 
 WIIG-TDF Partners LLC 

 SCHEDULE B 

LIST OF SERIES B INVESTORS 

Access Technology Capital, LLC 
 Advantage
Capital New York Partners I, L.P. 
 Crystal Internet Venture Fund II (BVI), L.P. 
 Crystal Internet Venture Fund II (BVI), Crystal Vision, L.P. 
 Intel Capital Corporation

 Jeremy M. Jacobs, Jr. 
 JoRon
Management LLC 
 Rand Capital SBIC, L.P. 
 Pacven Walden Ventures IV Associates Fund, L.P. 
 Pacven Walden Ventures IV, L.P. 

 SCHEDULE C 

LIST OF SERIES A-1 INVESTORS 

Advantage Capital New York Partners I, L.P. 

 SCHEDULE D 

LIST OF SERIES A INVESTORS 

Crystal Internet Venture Fund II (BVI), Ltd. 

Crystal Internet Venture Fund II (BVI), Crystal Vision, L.P. 
 JoRon Management LLC 
 Jeremy M. Jacobs, Jr. 

Joseph J. Castiglia 
 Robert G. Weber 

Fors Family Limited Partnership 
 Paul J. Harder

 Stephen A. Nappo 
 Steven R. Kieffer

 David M. Carroll 
 John Lally

 Kevin Cornacchio 
 Charles Kelkenberg

 David T. Hore 
 Robert Santa Maria

 Herbert J. Heimerl, Jr. 
 Guy
Berberich 
 Thomas F. Hanlon III 
 Paul
Wiepert 
 Scott M. McCarthy 
 Samuel
LaNasa 
 Chek Ventures LLC 
 Chek
Ventures II LLC 
 Chek Ventures III LLC 

Intel Capital Corporation 
 Pacven Walden
Ventures IV Associates Fund, L.P. 
 Pacven Walden Ventures IV, L.P. 
 WIIG-TDF Partners LLC 
 Walden EDB Partners II, L.P. 

Access Technology Capital, LLC 
 Mike Nappo

 Don Wehrung 
 Sean Hus Var

 Richard Lally 
 Kenneth Lally

 Rand Capital SBIC, L.P. 
 Buffalo and
Erie County Industrial Land Development Corporation 

 SCHEDULE E 

LIST OF COMMON HOLDERS 
 @Visory
LLC 
 Charles A. Anken & Sandra S. Olivieri 
 Gabriel Adiv 
 Darren Ascone 
 Frederick G. Attea 
 Dennis Ball 
 Ed Bujanowski 
 Malcolm Burnett 
 Ronald B. Cadby 
 Angelo J. Cammilleri 
 Rebecca Cammilleri 
 Michael Campanella 
 Barak Carmon 
 Blake Carver 
 George G. Chamoun 
 Chek Ventures LLC 
 Chek Ventures II LLC 
 Henry Cole 
 Kari Cole 
 Mike Collins 
 Crystal Internet Venture Fund II (BVI), Crystal Vision, L.P. 
 Crystal Internet Venture Fund II
(BVI), Ltd. 
 Larry Decker 
 Deeridge
Investment Partnership 
 Anthony Diina 

Tracy Fernandez 
 First Albany Corporation

 Douglas Fish 
 Garage.com Investments
I, L.P. 
 Garage Securities, Inc. 

Michael Garofalo 
 Keith Gizzi 

Drew Graham 
 Leota Knapp Hair 

George Harris 
 Jesper Henriksen 

Sean Hus Var 
 ICE Family Partnership 

Janet Ingalsbe 
 Innovasia Venture Partners I
Limited (BVI) 
 Jeremy M. Jacobs, Sr. 

Jeremy M. Jacobs, Jr. 

 Craig W. Johnson 
 JoRon Management LLC 
 Rick Keisic 
 Rachel K. King 
 Kyle Kokanovich 
 Kandice Kraus 
 Ted Leiser 
 Brian Lipke 
 Brad Loftin 
 Mary K. Mahley 
 Randolph Marks 
 Kenneth McCreadie 
 John F. McMahon 
 Mary G. McMahon 
 Daniel J. Neaverth, Jr. 
 David Michael Neaverth 
 Darren Anthony Neaverth 

Dean James Neaverth 
 Rory B. O’Connor

 Pacven Walden Ventures IV Associates Fund, L.P. 
 Pacven Walden Ventures IV, L.P. 
 Sunita S. Pandit 

Virginia R. Piotrowski 
 Ron Poole 

Michael Prince 
 Brad Pritchard 

ProSeed Capital Holdings CVA 
 Santi Rao

 Redwood Management III LP 
 Redwood
Ventures III LP 
 Danielle Restaino 

Aimee Richardson 
 Howard Schomer 

Cindy Schwartz 
 Phil Seibel 

Francine Seifert 
 Gur Shomron 

The Sidne J. Long Trust u/a/d 4-26-84 
 SMB
Investment Partnership 
 Mike Snusz 

Sarah Sorensen 
 Joseph Spychalski 

Tom Stanton 
 David Stempkowski 

The Sternheim Trust 
 Dave Tucker 

 Patti Strauss 
 VLG Investments 1998 
 Walden EDB Partners II LP 

Linda Wancyzk 
 Robert Weiner 

Alison Wentker 
 WIIG-TDF Partners LLC

 Raymond Young 
 Gregory Zaepfel

 SCHEDULE F 

LIST OF LENDERS 
 Rand Capital
SBIC, L.P. 
 Buffalo and Erie County Industrial Land Development Corporation

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