Document:

Exhibit

Employment Agreement
This Employment Agreement (the "Agreement") is made and entered into as of August 19, 2016, by and between Michael D. Burger (the "Executive") and Electro Scientific Industries, Inc., an Oregon corporation (the "Company").
WHEREAS, the Company desires to employ the Executive on the terms and conditions set forth herein; and
WHEREAS, the Executive desires to be employed by the Company on such terms and conditions.
NOW, THEREFORE, in consideration of the mutual covenants, promises, and obligations set forth herein, the parties agree as follows:
1.Term. The Executive's employment hereunder shall be effective as of October 3, 2016 (the "Effective Date").  The period during which the Executive is employed by the Company hereunder is hereinafter referred to as the "Employment Term."

2.Position and Duties.

2.1Position. During the Employment Term, the Executive shall serve as the President and Chief Executive Officer of the Company, reporting to the Board of Directors (the "Board"). In such position, the Executive shall have such duties, authority, and responsibility as shall be determined from time to time by the Board, which duties, authority, and responsibility are consistent with the Executive's position.  The Executive shall also serve as a member of the Board for no additional compensation.

2.2Duties. During the Employment Term, the Executive shall devote substantially all of his business time and attention to the performance of the Executive's duties hereunder and will not engage in any other business, profession, or occupation for compensation or otherwise which would conflict or interfere with the performance of such services either directly or indirectly without the prior written consent of the Board. Notwithstanding the foregoing, the Executive will be permitted to (a) with the prior written consent of the Board (which consent will not be unreasonably withheld or delayed) act or serve as a director, trustee, committee member, or principal of any type of business, civic, or charitable organization as long as such activities are disclosed in writing to the Company's Chief Financial Officer and do not violate the Company's Code of Conduct and the Executive does not serve on the board of directors of more than one public company (in addition to the Company), and (b) purchase or own less than five percent (5%) of the publicly traded securities of any corporation; provided that, such ownership represents a passive investment and that the Executive is not a controlling person of, or a member of a group that controls, such corporation; provided further that, the activities described in clauses (a) and (b) do not interfere with the performance of the Executive's duties and responsibilities to the Company as provided hereunder, including, but not limited to, the obligations set forth in Section 2 hereof.

3.Place of Performance. The principal place of Executive's employment shall be the Company's principal executive office currently located in Portland, Oregon; provided that, the Executive may be required to travel on Company business during the Employment Term.

4.Compensation.

4.1Base Salary. The Company shall pay the Executive an annual rate of base salary of $575,000 in periodic installments in accordance with the Company's customary payroll practices and applicable wage payment laws, but no less frequently than monthly. The Executive's base salary shall be reviewed at least annually by the Board and the Board may, but shall not be required to, increase the base salary during the Employment Term.  The Executive's annual base salary, as in effect from time to time, is hereinafter referred to as "Base Salary".

4.2Annual Bonus.  

i.For each complete fiscal year of the Employment Term, the Executive shall be eligible to receive an annual bonus under the Company's Management Incentive Plan (the "Annual Bonus"). As of the Effective Date, the Executive's annual target bonus opportunity shall be equal to 100% of Base Salary (the "Target Bonus"), based on the achievement of performance goals established by the Compensation Committee of the Board (the "Compensation Committee") (which, in the case of fiscal 2017, were established in May 2016 and have been provided to Executive); provided that, depending on results, the Executive's actual bonus may be higher or lower than the Target Bonus, as determined by the Compensation Committee when it established the performance goals. If the Company achieves superior performance goals established by the Compensation Committee, then the Executive shall be eligible to receive an Annual Bonus not to exceed 200% of Base Salary. If threshold performance goals are not achieved, then the Executive shall not receive an Annual Bonus for such fiscal year. For the period beginning on the Effective Date and ending on the last day of the applicable fiscal year, the Executive shall be eligible to receive a bonus equal to the greater of (i) $287,500 or (ii) a prorated Annual Bonus (calculated as the Annual Bonus that would have been paid for the entire fiscal year multiplied by 0.5).

ii.The Annual Bonus, if any, is expected to be paid within two and a half (2 1/2) months after the end of the applicable fiscal year and in accordance with the Company’s policies for making payments under the Management Incentive Plan, but in any event will be paid by the end of the calendar year in which ends the fiscal year with respect to which the Annual Bonus is earned.

iii.Except as otherwise provided in this Section 4.2 and Section 5, the Annual Bonus will be subject to the terms of the Company's Variable Pay Plan (a copy of which has been provided to Executive).  The Annual Bonus will be paid to the Executive if he is employed by the Company on the last day of the applicable fiscal year.

iv.Notwithstanding any provision of this Section 4.2 to the contrary, the Board and the Compensation Committee have the discretion to (i) reduce the amount payable under or cancel the Management Incentive Plan at any time, and (ii) modify the Management Incentive Plan, including to reduce the percentage of Executive's salary representing the target bonus, with respect to future fiscal years.

4.3Equity Awards. 

i.In consideration of the Executive entering into this Agreement and as an inducement to join the Company, on the Effective Date, the Company will grant the following equity awards to the Executive pursuant to the Company's 2004 Stock Incentive Plan (the "Plan") or, in whole or in part, as inducement grants outside of the Plan but on substantially equivalent terms as grants under the Plan, as determined by the Compensation Committee: (i) a number of time-based restricted stock units ("TRSUs") equal to $1,200,000 divided by the closing price of the Company's Common Stock on the trading day immediately prior to the day Executive's hire is publically announced (the "Announcement Day Price"), rounded down to the nearest whole share, which shall vest 25% on each of the first four anniversaries of the Effective Date, and (ii) a number of performance-based restricted stock units ("PRSUs"), at target, equal to $1,300,000 divided by the Announcement Day Price, rounded down to the nearest whole share, which shall vest based on the total shareholder return of the Company's Common Stock as compared to the Russell 2000 Index over the three-year period following the Effective Date, and otherwise on the same terms as the PRSUs awarded to the Company's executives in May 2016 (including a 200% vesting maximum and performance measured annually with vesting and payment at the end of the three-year period and total return for both the Common Stock and the index based on the average closing price for the 20 trading days preceding the applicable measurement date).  All other terms and conditions of such awards shall be governed by the terms and conditions of the Plan (or, if the awards are inducement grants outside of the Plan, terms and conditions substantially similar to the Plan) and the applicable award agreements.  If such awards are inducement grants outside of the Plan, the Company shall register the shares covered by such awards pursuant to a registration statement on Form S-8 such that the Form S-8 is effective before such awards are granted; and

ii.The Executive shall be eligible to receive annual equity awards under the Plan or any successor plan beginning in May 2017.  The Company intends to grant awards in May 2017 to Executive with a value of approximately $1,000,000, with half of the value being in time-based awards and half of the value being in performance-based awards, provided that this ratio may be adjusted slightly to increase the percentage of performance-based awards if the Compensation Committee deems it appropriate in order to improve the Company's compensation score with Institutional Shareholder Services.  The value of these awards will be based on the same valuation method used for other annual grants made at the time.  The Company will not be obligated to make these May 2017 grants if on or before the applicable grant date either (i) the Company has delivered to the Executive the notice described in that last paragraph of Section 5.1(b) finding that Executive has engaged in conduct constituting Cause and the Executive has not cured such acts if reasonably subject to cure or (ii) a Change in Control has occurred or the Company has entered into a definitive agreement which will result in a Change in Control.  If the number of shares subject to the awards to be granted pursuant to this Section 4.3(b) exceeds any grant limit under the Plan, the grant will be reduced to the minimum extent necessary so as not to exceed any applicable limit. 

iii.All award agreements with Executive governing the terms of the TRSUs or PRSUs granted pursuant to Section 4.3(a) will include the provision set forth in Section 1(c)(4) of the form of Executive 2015 TRSU Agreement - Annual Grant (4-year vesting) previously provided to Executive or a provision comparable to such provision in all 

materials respects, except that in the case of the PRSUs if the award is assumed or substituted as described in clauses (i) and (ii)  of such provision then the award will convert into a time-based award based on actual performance of the PRSUs through the closing of the underlying transaction, vesting on the third anniversary of the date of grant.

4.4Employee Benefits. During the Employment Term, the Executive shall be entitled to participate in all employee benefit plans, practices, and programs maintained by the Company, as in effect from time to time (collectively, "Employee Benefit Plans"), to the extent consistent with applicable law and the terms of the applicable Employee Benefit Plans. The Company reserves the right to amend or cancel any Employee Benefit Plans at any time in its sole discretion, subject to the terms of such Employee Benefit Plan and applicable law.

4.5Paid Time-Off. During the Employment Term, the Executive shall be granted 180 paid time-off ("PTO") hours per calendar year (prorated for partial years) in accordance with the Company's PTO policies, as in effect from time to time, up to 80 hours of which may be carried over to the following year.

4.6Business Expenses. The Executive shall be entitled to reimbursement for all reasonable and necessary out-of-pocket business, entertainment, and travel expenses incurred by the Executive in connection with the performance of the Executive's duties hereunder in accordance with the Company's expense reimbursement policies and procedures.

4.7Indemnification.  On or before the Effective Date, the Company and Executive shall enter into an Indemnification Agreement in the form attached as Exhibit A.

4.8Clawback Provisions.  Any amounts payable under this Agreement are subject to any policy (whether in existence as of the Effective Date or later adopted) established by the Company providing for clawback or recovery of amounts that were paid to the Executive. The Company will make any determination for clawback or recovery in its reasonable discretion and in accordance with any applicable law or regulation. 

5.Termination of Employment. The Employment Term and the Executive's employment hereunder may be terminated by either the Company or the Executive at any time and for any reason; provided that, unless otherwise provided herein, either party shall be required to give the other party at least 30 days advance written notice of any termination of the Executive's employment.  Upon termination of the Executive's employment during the Employment Term, the Executive shall be entitled to the compensation and benefits described in this Section 5 and shall have no further rights to any compensation or any other benefits from the Company or any of its affiliates. 

5.1Termination for Cause or Without Good Reason.  
a.The Executive's employment hereunder may be terminated by the Company for Cause or by the Executive without Good Reason. If the Executive's employment is terminated by the Company for Cause or by the Executive without Good Reason, the Executive shall be entitled to receive:

i.any accrued but unpaid Base Salary and accrued but unused vacation which shall be paid on the Termination Date (as defined below); 

ii.any earned but unpaid Annual Bonus with respect to any completed fiscal year immediately preceding the Termination Date, which shall be paid on the otherwise applicable payment date except to the extent payment is otherwise deferred pursuant to any applicable deferred compensation arrangement; provided that, if the Executive's employment is terminated by the Company for Cause, then any such accrued but unpaid Annual Bonus shall be forfeited; 

iii.reimbursement for unreimbursed business expenses properly incurred by the Executive, which shall be subject to and paid in accordance with the Company's expense reimbursement policy; and

iv.such employee benefits (including equity compensation), if any, to which the Executive may be entitled under the Company's employee benefit plans as of the Termination Date; provided that, in no event shall the Executive be entitled to any payments in the nature of severance or termination payments except as specifically provided herein.

Items 5.1(a)(i) through 5.1(a)(iv) are referred to herein collectively as the "Accrued Amounts".
b.For purposes of this Agreement, "Cause" shall mean:

i.the willful and continued failure to perform substantially Executive's reasonably assigned duties with the Company (or its successor) (other than any such failure resulting from incapacity due to physical or mental illness) after a demand for substantial performance is delivered to Executive by the Company (or its successor) which specifically identifies the manner in which the Company (or its successor) believes that Executive has not substantially performed Executive's duties;

ii.the willful engagement in criminal conduct which is materially and demonstrably injurious to the Company (or its successor);

iii.the commission of an act by Executive, or the failure of Executive to act, which constitutes gross negligence or gross misconduct;

iv.prior to a Change in Control, the Executive’s conviction of or plea of guilty or nolo contendere to a crime that constitutes a felony (or state law equivalent) or a crime that constitutes a misdemeanor involving moral turpitude; or

v.prior to a Change in Control, the Executive’s material breach of any material obligation under this Agreement or any other written agreement between the Executive and the Company.

No act, or failure to act, shall be considered "willful" if the Executive reasonably believed that the action or omission was in, or not opposed to, the best interests of the Company (or its successor).  Any act, or failure to act, based upon authority given pursuant to a resolution duly adopted by the Board or upon the advice of counsel for the Company shall be conclusively presumed to be done, or omitted to be done, by the Executive in good faith and in the best interests of the Company.

Termination of the Executive's employment shall not be deemed to be for Cause unless and until the Company delivers to the Executive a copy of a resolution duly adopted by the affirmative vote of not less than a majority of the Board, finding that the Executive has engaged in the conduct described in any of (i)-(vi) above. Except for a failure, breach, or refusal which, by its nature, cannot reasonably be expected to be cured, the Executive shall have twenty (20) business days from the delivery of written notice by the Company within which to cure any acts constituting Cause; provided however, that, if the Company reasonably expects irreparable injury from a delay of twenty (20) business days, the Company may give the Executive notice of such shorter period within which to cure as is reasonable under the circumstances, which may include the termination of the Executive's employment without notice and with immediate effect.  The Company may place the Executive on paid leave for up to 60 days while it is determining whether there is a basis to terminate the Executive’s employment for Cause. Any such action by the Company will not constitute Good Reason.
c.Except as provided in Section 5.3, for purposes of this Agreement, "Good Reason" shall mean the occurrence of any of the following, in each case during the Employment Term without the Executive's written consent:

i.Prior to a Change in Control, a reduction in the Executive’s Base Salary other than a general reduction in Base Salary that affects all executives in substantially the same proportions;

ii.In connection with or following a Change in Control, a reduction in the Executive’s Base Salary;

iii.Prior to a Change in Control, a reduction in the Executive’s Target Bonus opportunity or a substantial reduction in benefits other than a general reduction in Target Bonus opportunity or benefits that affects all executives in substantially the same proportions;

iv.In connection with or following a Change in Control, a reduction in the Executive’s Target Bonus opportunity or a substantial reduction in benefits;

v.failure to grant Executive the equity award contemplated by Section 4.3(b) of this Agreement;

vi.a relocation of the Executive's principal place of employment by more than 50 miles;

vii.any material breach by the Company or its successor of any material provision of this Agreement;

viii.the Company's failure to obtain an agreement from any successor to the Company to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no succession had taken place, except where such assumption occurs by operation of law;

ix.the Company's failure to nominate the Executive for election to the Board and to use its best efforts to have him elected and re-elected, as applicable; or

x.a material, adverse change in the Executive's title, authority, duties, or responsibilities (other than temporarily while the Executive is physically or mentally incapacitated or as required by applicable law).

The Executive cannot terminate his employment for Good Reason unless he has provided written notice to the Company of the existence of the circumstances providing grounds for termination for Good Reason within 60 days of the initial existence of such grounds and the Company has had at least 30 days from the date on which such notice is provided to cure such circumstances. If the Executive does not terminate his employment for Good Reason within 150 days after the first occurrence of the applicable grounds, then the Executive will be deemed to have waived his right to terminate for Good Reason with respect to such grounds.
5.2Termination Without Cause or for Good Reason. The Employment Term and the Executive's employment hereunder may be terminated by the Executive for Good Reason or by the Company without Cause. In the event of such termination, the Executive shall be entitled to receive the Accrued Amounts and subject to the Executive's compliance with Section 6, Section 8, and Section 9 of this Agreement and the Employee Confidentiality Agreement (as defined below) and his execution of a release of claims in favor of the Company, its affiliates and their respective officers and directors in a form provided by the Company that is reasonably acceptable to the Company and Executive (the "Release") and such Release not being revoked and becoming effective within 30 days following the Termination Date (such 30-day period, the "Release Execution Period"), the Executive shall be entitled to receive the following: 

a.a lump sum payment equal to 1.5 times the sum of the Executive's Base Salary in effect at such time, which shall be paid within 15 days following the end of the Release Execution Period; provided that, if the Release Execution Period begins in one taxable year and ends in another taxable year, payment shall not be made until after the beginning of the second taxable year; and

b.the treatment of any outstanding equity awards shall be determined in accordance with the terms of the Plan or any successor plan, as the case may be, and the applicable award agreements.

5.3Death or Disability.  

a.The Executive's employment hereunder shall terminate automatically upon the Executive's death during the Employment Term, and the Company may terminate the Executive's employment on account of the Executive's Disability. 

b.If the Executive's employment is terminated during the Employment Term on account of the Executive's death or Disability, the Executive (or the Executive's estate and/or beneficiaries, as the case may be) shall be entitled to receive the Accrued Amounts.

c.For purposes of this Agreement, "Disability" shall mean the Executive's inability, due to physical or mental incapacity, to perform the essential functions of his job, with or without reasonable accommodation, for one hundred eighty (180) days out of any three hundred sixty-five (365) day period or one hundred twenty (120) consecutive days; provided however, in the event that the Company temporarily replaces the Executive, or transfers the Executive's duties or responsibilities to another individual on account of the Executive's inability to perform such duties due to a mental or physical incapacity which is, or is reasonably expected to become, a Disability, 

then the Executive's employment shall not be deemed terminated by the Company and the Executive shall not be able to resign with Good Reason as a result thereof. Any question as to the existence of the Executive's Disability as to which the Executive and the Company cannot agree shall be determined in writing by a qualified independent physician mutually acceptable to the Executive and the Company. If the Executive and the Company cannot agree as to a qualified independent physician, each shall appoint such a physician and those two physicians shall select a third who shall make such determination in writing. The determination of Disability made in writing to the Company and the Executive shall be final and conclusive for all purposes of this Agreement.

5.4Change in Control Termination.  

a.Notwithstanding any other provision of this Section 5, if the Executive's employment hereunder is terminated by the Executive for Good Reason or by the Company without Cause (other than on account of the Executive's death or Disability), in each case in connection with a Change of Control or within twelve (12) months following a Change in Control, the Executive shall be entitled to receive the Accrued Amounts and subject to the Executive's compliance with Section 6, Section 8 and Section 9 of this Agreement and the Employee Confidentiality Agreement (as defined below) and his execution and non-revocation of a Release which becomes effective within 30 days following the Termination Date, the Executive shall be entitled to receive the following: 
i.a lump sum payment equal to two (2) times the sum of the Executive's Base Salary, which shall be paid within 15 days following the end of the Release Execution Period; provided that, if the Release Execution Period begins in one taxable year and ends in another taxable year, payment shall not be made until after the beginning of the second taxable year; and

ii.a lump sum payment equal to the Executive's Target Bonus for the fiscal year in which the Termination Date (as determined in accordance with Section 5.6) occurs (or if greater, the year in which the Change in Control occurs), which shall be paid within fifteen (15) days following the end of the Release Execution Period; provided that, if the Release Execution Period begins in one taxable year and ends in another taxable year, payment shall not be made until after the beginning of the second taxable year.

b.If the Executive timely and properly elects health and dental continuation coverage under COBRA, the Company shall reimburse the Executive for the monthly COBRA premium paid by the Executive for himself and his dependents. Such reimbursement shall be paid to the Executive on the 15th of the month immediately following the month in which the Executive timely remits the premium payment. The Executive shall be eligible to receive such reimbursement until the earliest of: (i) the one year anniversary of the Termination Date; (ii) the date the Executive is no longer eligible to receive COBRA continuation coverage; and (iii) the date on which the Executive becomes eligible to receive substantially similar coverage from another employer or other source. Notwithstanding the foregoing, if the Company's making payments under this Section 5.4(b) would violate the nondiscrimination rules applicable to non-grandfathered plans under the Affordable Care Act (the "ACA"), or result in the imposition of penalties under the ACA, the parties agree to reform this Section 5.4(b) in a manner as is necessary to comply with the ACA while preserving the economics to the Executive (determined on an after-tax basis) of this provision to the maximum extent possible.

c.Notwithstanding the terms of any equity incentive plan or award agreements, as applicable:
i.all outstanding unvested stock options and stock appreciation rights granted to the Executive during the Employment Term shall become fully vested and exercisable; 

ii.all outstanding time-based equity-based compensation awards other than stock options and stock appreciation rights shall become fully vested and payable, and the restrictions thereon shall lapse; provided that, any delays in the settlement or payment of such awards that are set forth in the applicable award agreement and that are required under Section 409A shall remain in effect; and 

iii.all outstanding performance-based equity-based compensation awards shall become fully vested and payable at the greater of actual performance or target;  provided that, any delays in the settlement or payment of such awards that are set forth in the applicable award agreement and that are required under Section 409A shall remain in effect. 

d.For purposes of this Agreement, "Change in Control" shall mean the occurrence of any of the following after the Effective Date:

i.At any time during a period of two consecutive years, individuals who at the beginning of such period constituted the Board ("Incumbent Directors") shall cease for any reason to constitute at least a majority thereof; provided, however, that the term "Incumbent Director" shall also include each new director elected during such two-year period whose nomination or election was approved by two-thirds of the Incumbent Directors then in office;

ii.Any "person" or "group" (within the meaning of Sections 13(d) and 14(d)(2) of the Exchange Act) shall, as a result of a tender or exchange offer, open market purchases or privately negotiated purchases from anyone other than the Company, have become the beneficial owner (within the meaning of Rule 13d-3 under the Exchange Act), directly or indirectly, of more than fifty percent (50%) of the then outstanding Common Stock of the Company;

iii.A consolidation, merger or plan of exchange involving the Company ("Merger") as a result of which the holders of outstanding securities of the Company ordinarily having the right to vote for the election of directors ("Voting Securities") immediately prior to the Merger do not continue to hold at least 50% of the combined voting power of the outstanding Voting Securities of the surviving corporation or a parent corporation of the surviving corporation immediately after the Merger, disregarding any Voting Securities issued to or retained by such holders in their pre-Merger capacity as holders of securities of any other party to the Merger; or

iv.A sale, lease, exchange, or other transfer (in one transaction or a series of related transactions) of all or substantially all of the assets of the Company.

5.5Notice of Termination. Any termination of the Executive's employment hereunder by the Company or by the Executive during the Employment Term (other than termination pursuant to Section 5.3(a) on account of the Executive's death) shall be communicated by written notice of 

termination ("Notice of Termination") to the other party hereto in accordance with Section 26. The Notice of Termination shall specify: 

a.The termination provision of this Agreement relied upon; 

b.To the extent applicable, the facts and circumstances claimed to provide a basis for termination of the Executive's employment under the provision so indicated; and

c.The applicable Termination Date.

5.6Termination Date. The Executive's "Termination Date" shall be: 

a.If the Executive's employment hereunder terminates on account of the Executive's death, the date of the Executive's death;
 
b.If the Executive's employment hereunder is terminated on account of the Executive's Disability, the date that it is determined that the Executive has a Disability;

c.If the Company terminates the Executive's employment hereunder for Cause or without Cause, the date the Notice of Termination is delivered to the Executive; and

d.If the Executive terminates his employment hereunder with or without Good Reason, the date specified in the Executive's Notice of Termination, which shall be no less than 30 days following the date on which the Notice of Termination is delivered; provided that, the Company may waive all or any part of the 30 day notice period for no consideration by giving written notice to the Executive and for all purposes of this Agreement, the Executive's Termination Date shall be the date determined by the Company.

Notwithstanding anything contained in this Section 5.6, the Termination Date shall not occur until the date on which the Executive incurs a "separation from service" within the meaning of Section 409A.
5.7Mitigation. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement, any amounts payable pursuant to this Section 5 shall not be reduced by compensation the Executive earns on account of employment with another employer.

5.8Resignation of All Other Positions. Upon termination of the Executive's employment hereunder for any reason, the Executive shall be deemed to have resigned from all positions that the Executive holds as an officer or member of the Board (or a committee thereof) of the Company or any of its affiliates.  Executive agrees to execute any resignations, effective on the Termination Date, requested by the Company.

5.9Section 280G.  

a.If any of the payments or benefits received or to be received by the Executive (including, without limitation, any payment or benefits received in connection with a Change in Control or the Executive's termination of employment, whether pursuant to the terms of this Agreement or any other plan, arrangement or agreement, or otherwise) (all such payments 

collectively referred to herein as the "280G Payments") constitute "parachute payments" within the meaning of Section 280G of the Code and would, but for this Section 5.9, be subject to the excise tax imposed under Section 4999 of the Code (the "Excise Tax"), then prior to making the 280G Payments, a calculation shall be made comparing (i) the Net Benefit (as defined below) to the Executive of the 280G Payments after payment of the Excise Tax to (ii) the Net Benefit to the Executive if the 280G Payments are limited to the extent necessary to avoid being subject to the Excise Tax. If and only if the amount calculated under (i) above is less than the amount under (ii) above the 280G Payments will be reduced to the minimum extent necessary to ensure that no portion of the 280G Payments is subject to the Excise Tax. "Net Benefit" shall mean the present value of the 280G Payments net of all federal, state, local, foreign income, employment, and excise taxes. Any reduction made pursuant to this Section 5.9 shall be made in a manner determined by the Company that is consistent with the requirements of Section 409A and has the least economic cost to the Executive on a present value basis, and where more than one 280G Payment has the same economic cost to the Executive and such payments are payable at different times, such payments will be reduced on a pro-rata basis.

b.All calculations and determinations under this Section 5.9 shall be made by an independent accounting firm or independent tax counsel appointed by the Company (the "Tax Counsel") whose determinations shall be conclusive and binding on the Company and the Executive for all purposes. For purposes of making the calculations and determinations required by this Section 5.9, the Tax Counsel may rely on reasonable, good faith assumptions and approximations concerning the application of Section 280G and Section 4999 of the Code. The Company and the Executive shall furnish the Tax Counsel with such information and documents as the Tax Counsel may reasonably request in order to make its determinations under this Section 5.9. The Company shall bear all costs the Tax Counsel may reasonably incur in connection with its services. 

6.Cooperation. The parties agree that certain matters in which the Executive will be involved during the Employment Term may necessitate the Executive's cooperation in the future. Accordingly, following the termination of the Executive's employment for any reason, to the extent reasonably requested by the Board, the Executive shall cooperate with the Company in connection with matters arising out of the Executive's service to the Company; provided that, the Company shall make reasonable efforts to minimize disruption of the Executive's other activities. The Company shall reimburse the Executive for reasonable expenses incurred in connection with such cooperation and, to the extent that the Executive is required to spend substantial time on such matters, the Company shall compensate the Executive at an hourly rate based on the Executive's Base Salary on the Termination Date.

7.Employee Confidentiality, Restrictive Covenant and Assignment Agreement. As a condition of Executive's employment, Executive shall execute and deliver an Employee Confidentiality, Restrictive Covenant and Assignment Agreement in substantially the form attached as Exhibit B (the "Employee Confidentiality Agreement").

8.Restrictive Covenants.

8.1Acknowledgment. The Executive understands that the nature of the Executive's position gives him access to and knowledge of confidential information of the Company and places him in a position of trust and confidence with the Company. 

The Executive further understands and acknowledges that the Company's ability to reserve these for the exclusive knowledge and use of the Company is of great competitive importance and commercial value to the Company, and that improper use or disclosure by the Executive is likely to result in unfair or unlawful competitive activity.
8.2Non-Competition. Because of the Company's legitimate business interest as described herein and the good and valuable consideration offered to the Executive, during the Employment Term and for the 18 months, to run consecutively, beginning on the last day of the Executive's employment with the Company, for any reason or no reason and whether employment is terminated at the option of the Executive or the Company, the Executive agrees and covenants not to engage in Prohibited Activity anywhere in the world.

For purposes of this Section 8, "Prohibited Activity" is activity in which the Executive contributes his knowledge, directly or indirectly, in whole or in part, as an employee, employer, owner, operator, manager, advisor, consultant, agent, employee, partner, director, stockholder, officer, volunteer or intern to an entity engaged in any of the same businesses as the Company is engaged in at the time of Executive's termination, including those engaged in the business of laser microfabrication or high-capacity test and inspection equipment for the production of multilayer ceramic capacitors.  Prohibited Activity also includes activity that may require or inevitably requires disclosure of trade secrets, proprietary information or Confidential Information.

Nothing herein shall prohibit the Executive from purchasing or owning less than five percent (5%) of the publicly traded securities of any corporation, provided that such ownership represents a passive investment and that the Executive is not a controlling person of, or a member of a group that controls, such corporation.

This Section 8 does not, in any way, restrict or impede the Executive from exercising protected rights to the extent that such rights cannot be waived by agreement or from complying with any applicable law or regulation or a valid order of a court of competent jurisdiction or an authorized government agency, provided that such compliance does not exceed that required by the law, regulation, or order. The Executive shall promptly provide written notice of any such order to the Chief Financial Officer of the Company.

8.3Non-Solicitation of Employees. The Executive agrees and covenants not to directly or indirectly solicit, recruit, attempt to hire or recruit, or induce the termination of employment of any employee of the Company during 24 months, to run consecutively, beginning on the last day of the Executive's employment with the Company.

8.4Non-Solicitation of Customers. The Executive understands and acknowledges that because of the Executive's experience with and relationship to the Company, he will have access to and learn about much or all of the Company's customer information. "Customer Information" includes, but is not limited to, names, phone numbers, addresses, e-mail addresses, order history, order preferences, chain of command, pricing information, and other information identifying facts and circumstances specific to the customer and relevant to sales. 

The Executive understands and acknowledges that loss of this customer relationship and/or goodwill will cause significant and irreparable harm. 

The Executive agrees and covenants, during 18 months, to run consecutively, beginning on the last day of the Executive's employment with the Company, not to directly or indirectly solicit, contact (including but not limited to e-mail, regular mail, express mail, telephone, fax, and instant message), attempt to contact, or meet with the Company's current, former or prospective customers for purposes of offering or accepting goods or services competitive with those offered by the Company at the time of Executive's termination. 

9.Non-Disparagement. The Executive agrees and covenants that he will not at any time make, publish or communicate to any person or entity or in any public forum any defamatory or disparaging remarks, comments, or statements concerning the Company or its businesses, or any of its employees, officers, directors or customers. 

This Section 9 does not, in any way, restrict or impede the Executive from exercising protected rights to the extent that such rights cannot be waived by agreement or from complying with any applicable law or regulation or a valid order of a court of competent jurisdiction or an authorized government agency, provided that such compliance does not exceed that required by the law, regulation, or order. The Executive shall promptly provide written notice of any such order to the Chief Financial Officer of the Company.
10.Acknowledgment. The Executive acknowledges and agrees that the services to be rendered by him to the Company are of a special and unique character; that the Executive will obtain knowledge and skill relevant to the Company's industry, methods of doing business and marketing strategies by virtue of the Executive's employment; and that the restrictive covenants and other terms and conditions of this Agreement are reasonable and reasonably necessary to protect the legitimate business interest of the Company. 

The Executive further acknowledges that the amount of his compensation reflects, in part, his obligations and the Company's rights under Section 8 and Section 9 of this Agreement; that he has no expectation of any additional compensation, royalties or other payment of any kind not otherwise referenced herein in connection herewith; and that he will not be subject to undue hardship by reason of his full compliance with the terms and conditions of Section 8 and Section 9 of this Agreement or the Company's enforcement thereof.
11.Remedies. In the event of a breach or threatened breach by the Executive of Section 8 or Section 9 of this Agreement, the Executive hereby consents and agrees that the Company shall be entitled to seek, in addition to other available remedies, a temporary or permanent injunction or other equitable relief against such breach or threatened breach from any court of competent jurisdiction, without the necessity of showing any actual damages or that money damages would not afford an adequate remedy, and without the necessity of posting any bond or other security. The aforementioned equitable relief shall be in addition to, not in lieu of, legal remedies, monetary damages, or other available forms of relief.

12.Arbitration. Any dispute, controversy or claim arising out of or related to this Agreement or any breach of this Agreement shall be submitted to and decided by binding arbitration. Arbitration shall be administered exclusively by the Arbitration Service of Portland and shall be conducted consistent with the rules, regulations, and requirements thereof as well as any requirements imposed by state law. Any arbitral award determination shall be final and binding upon the parties.

13.Security.

13.1Security and Access. The Executive agrees and covenants (a) to comply with all Company security policies and procedures as in force from time to time, including without limitation 

those regarding computer equipment, telephone systems, voicemail systems, facilities access, key cards, access codes, Company intranet,  internet, social media and instant messaging systems, computer systems, e-mail systems, computer networks, document storage systems, data security, passwords and any and all other Company facilities, IT resources and communication technologies ("Facilities and Information Technology Resources"); (b) not to access or use any Facilities and Information Technology Resources except as authorized by the Company; and (iii) not to access or use any Facilities and Information Technology Resources in any manner after the termination of the Executive's employment by the Company, whether termination is voluntary or involuntary. The Executive agrees to notify the Company promptly in the event he learns of any violation of the foregoing by others, or of any other misappropriation or unauthorized access, use, reproduction, or reverse engineering of, or tampering with any Facilities and Information Technology Resources or other Company property or materials by others. 

13.2Exit Obligations. Upon (a) voluntary or involuntary termination of the Executive's employment or (b) the Company's request at any time during the Executive's employment, the Executive shall (i) provide or return to the Company any and all Company property, including keys, key cards, access cards, identification cards, security devices, employer credit cards, network access devices, computers, cell phones, smartphones, equipment, files, disks, thumb drives or other removable information storage devices, hard drives, and data and all Company documents and materials belonging to the Company and stored in any fashion, that are in the possession or control of the Executive, whether they were provided to the Executive by the Company or any of its business associates or created by the Executive in connection with his employment by the Company; and (ii) delete or destroy all copies of any such documents and materials not returned to the Company that remain in the Executive's possession or control, including those stored on any non-Company devices, networks, storage locations, and media in the Executive's possession or control.

14.Publicity. The Executive hereby irrevocably consents to any and all uses and displays, by the Company and its agents, representatives and licensees, of the Executive's name, voice, likeness, image, appearance, and biographical information in, on or in connection with any pictures, photographs, audio and video recordings, digital images, websites, television programs and advertising, other advertising and publicity, sales and marketing brochures, books, magazines, other publications, CDs, DVDs, tapes, and all other printed and electronic forms and media throughout the world, at any time during or after the period of his employment by the Company, for all legitimate commercial and business purposes of the Company ("Permitted Uses") without further consent from or royalty, payment, or other compensation to the Executive. The Executive hereby forever waives and releases the Company and its directors, officers, employees, and agents from any and all claims, actions, damages, losses, costs, expenses, and liability of any kind, arising under any legal or equitable theory whatsoever at any time during or after the period of his employment by the Company, arising directly or indirectly from the Company's and its agents', representatives', and licensees' exercise of their rights in connection with any Permitted Uses.

15.Governing Law: Jurisdiction and Venue. This Agreement, for all purposes, shall be construed in accordance with the laws of Oregon without regard to conflicts of law principles. Any action or proceeding by either of the parties to enforce this Agreement shall be brought only in a state or federal court located in the state of Oregon, county of Multnomah. The parties hereby irrevocably submit to the exclusive jurisdiction of such courts and waive the defense of inconvenient forum to the maintenance of any such action or proceeding in such venue.

16.Stock Ownership Requirements. During the Employment Term, the Executive shall be expected to maintain ownership of Company common stock (which, for this purpose, includes unvested 

TRSUs) having a value equal to approximately three times his Base Salary in accordance with guidelines established by the Board from time to time. The Executive will be required to meet this ownership requirement within five years after the Effective Date.

17.Entire Agreement. Unless specifically provided herein, this Agreement contains all of the understandings and representations between the Executive and the Company pertaining to the subject matter hereof and supersedes all prior and contemporaneous understandings, agreements, representations and warranties, both written and oral, with respect to such subject matter. The parties mutually agree that the Agreement can be specifically enforced in court and can be cited as evidence in legal proceedings alleging breach of the Agreement. 

18.Modification and Waiver. No provision of this Agreement may be amended or modified unless such amendment or modification is agreed to in writing and signed by the Executive and by Chairman of the Board of the Company. No waiver by either of the parties of any breach by the other party hereto of any condition or provision of this Agreement to be performed by the other party hereto shall be deemed a waiver of any similar or dissimilar provision or condition at the same or any prior or subsequent time, nor shall the failure of or delay by either of the parties in exercising any right, power, or privilege hereunder operate as a waiver thereof to preclude any other or further exercise thereof or the exercise of any other such right, power, or privilege.

19.Severability. Should any provision of this Agreement be held by a court of competent jurisdiction to be enforceable only if modified, or if any portion of this Agreement shall be held as unenforceable and thus stricken, such holding shall not affect the validity of the remainder of this Agreement, the balance of which shall continue to be binding upon the parties with any such modification to become a part hereof and treated as though originally set forth in this Agreement. 

The parties further agree that any such court is expressly authorized to modify any such unenforceable provision of this Agreement in lieu of severing such unenforceable provision from this Agreement in its entirety, whether by rewriting the offending provision, deleting any or all of the offending provision, adding additional language to this Agreement, or by making such other modifications as it deems warranted to carry out the intent and agreement of the parties as embodied herein to the maximum extent permitted by law. 
The parties expressly agree that this Agreement as so modified by the court shall be binding upon and enforceable against each of them. In any event, should one or more of the provisions of this Agreement be held to be invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provisions hereof, and if such provision or provisions are not modified as provided above, this Agreement shall be construed as if such invalid, illegal, or unenforceable provisions had not been set forth herein.
20.Captions. Captions and headings of the sections and paragraphs of this Agreement are intended solely for convenience and no provision of this Agreement is to be construed by reference to the caption or heading of any section or paragraph.

21.Counterparts. This Agreement may be executed in separate counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument.

22.Tolling. Should the Executive violate any of the terms of the restrictive covenant obligations articulated herein, the obligation at issue will run from the first date on which the Executive ceases to be in violation of such obligation.

23.Section 409A.

23.1General Compliance. This Agreement is intended to comply with Section 409A or an exemption thereunder and shall be construed and administered in accordance with Section 409A. Notwithstanding any other provision of this Agreement, payments provided under this Agreement may only be made upon an event and in a manner that complies with this Section 23 and with Section 409A or an applicable exemption. Any payments under this Agreement that may be excluded from Section 409A either as separation pay due to an involuntary separation from service or as a short-term deferral shall be excluded from Section 409A to the maximum extent possible. For purposes of Section 409A, each installment payment provided under this Agreement shall be treated as a separate payment. Any payments to be made under this Agreement upon a termination of employment shall only be made upon a "separation from service" under Section 409A.  Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement comply with Section 409A, and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest, or other expenses that may be incurred by the Executive on account of non-compliance of such payments and benefits with Section 409A, provided that such payments and benefits are made and administered in accordance with the terms of this Agreement.

23.2Specified Employees. If any payment or benefit provided to the Executive in connection with his termination of employment is determined to constitute "nonqualified deferred compensation" within the meaning of Section 409A and the Executive is determined to be a "specified employee" as defined in Section 409A(a)(2)(b)(i), then such payment or benefit shall not be paid until the first payroll date to occur following the six-month anniversary of the Termination Date or, if earlier, on the Executive's death (the "Specified Employee Payment Date"). The aggregate amount of any payments that would otherwise have been paid before the Specified Employee Payment Date shall be paid to the Executive in a lump sum on the Specified Employee Payment Date (without interest) and thereafter, any remaining payments shall be paid without delay in accordance with their original schedule.

23.3Reimbursements. To the extent required by Section 409A, each reimbursement or in-kind benefit provided under this Agreement shall be provided in accordance with the following:

a.the amount of expenses eligible for reimbursement, or in-kind benefits provided, during each calendar year cannot affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year;

b.any reimbursement of an eligible expense shall be paid to the Executive on or before the last day of the calendar year following the calendar year in which the expense was incurred; and

c.any right to reimbursements or in-kind benefits under this Agreement shall not be subject to liquidation or exchange for another benefit.

24.Notification to Subsequent Employer. When the Executive's employment with the Company terminates, the Executive agrees to notify any subsequent employer of the restrictive covenants sections 

contained in this Agreement. The Executive will also deliver a copy of such notice to the Company before the Executive commences employment with any subsequent employer. In addition, the Executive authorizes the Company to provide a copy of the restrictive covenants sections of this Agreement to third parties, including but not limited to, the Executive's subsequent, anticipated, or possible future employer.

25.Successors and Assigns. This Agreement is personal to the Executive and shall not be assigned by the Executive. Any purported assignment by the Executive shall be null and void from the initial date of the purported assignment. The Company may assign this Agreement to any successor or assign (whether direct or indirect, by purchase, merger, consolidation, or otherwise) to all or substantially all of the business or assets of the Company. This Agreement shall inure to the benefit of the Company and permitted successors and assigns.

26.Notice. Notices and all other communications provided for in this Agreement shall be in writing and shall be delivered personally or sent by registered or certified mail, return receipt requested, or by overnight carrier to the parties at the addresses set forth below (or such other addresses as specified by the parties by like notice):

If to the Company:
Electro Scientific Industries, Inc. 
13900 NW Science Park Drive 
Portland, OR 97229-5497
Facsimile:  (503) 574-2457
Attention:  Chief Financial Officer
If to the Executive:
Michael D. Burger
_____________
_______________

27.Representations of the Executive. The Executive represents and warrants to the Company that:
The Executive's acceptance of employment with the Company and the performance of his duties hereunder will not conflict with or result in a violation of, a breach of, or a default under any contract, agreement, or understanding to which he is a party or is otherwise bound.
The Executive's acceptance of employment with the Company and the performance of his duties hereunder will not violate any non-solicitation, non-competition, or other similar covenant or agreement of a prior employer.

28.Withholding. The Company shall have the right to withhold from any amount payable hereunder any Federal, state, and local taxes in order for the Company to satisfy any withholding tax obligation it may have under any applicable law or regulation.

29.Survival. Upon the expiration or other termination of this Agreement, the respective rights and obligations of the parties hereto shall survive such expiration or other termination to the extent necessary to carry out the intentions of the parties under this Agreement.

30.Acknowledgment of Full Understanding. THE EXECUTIVE ACKNOWLEDGES AND AGREES THAT HE HAS FULLY READ, UNDERSTANDS AND VOLUNTARILY ENTERS INTO THIS AGREEMENT. THE EXECUTIVE ACKNOWLEDGES AND AGREES THAT HE HAS HAD AN OPPORTUNITY TO ASK QUESTIONS AND CONSULT WITH AN ATTORNEY OF HIS CHOICE BEFORE SIGNING THIS AGREEMENT. 
[SIGNATURE PAGE FOLLOWS]

Signature Page to Employment Agreement - Michael D. Burger
Execution Version
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.
	
		
	 
	ELECTRO SCIENTIFIC INDUSTRIES, INC.

	 
	By_____________________
Name: Richard A. Wills
Title: Chairman of the Board

 
	
		
	 
	EXECUTIVE

	 
	Signature: _____________________
Print Name: Michael D. Burger

 

EXHIBIT A
Form of Indemnification Agreement

(see attached)

EXHIBIT B
Form of Employee Confidentiality and Assignment Agreement

(see attached)EX-4.2

 Exhibit 4.2 

FOURTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

This Fourth Amended and Restated Investor Rights Agreement (this “Agreement”) of Thar Pharmaceuticals, Inc., a Delaware
corporation (the “Company”) is made effective as of November 14, 2012, by and among the Company and each holder of Series A Preferred Stock and Series A-1 Preferred Stock whose name is listed in Schedule A hereto (each,
an “Investor” and collectively, the “Investors”). 
 RECITALS: 

WHEREAS, the Company and certain of its stockholders are party to a Third Amended and Restated Investor Rights Agreement dated as of
October 26, 2011 (the “Original Agreement”); and 
 WHEREAS, in accordance with Section 6.2 of the Original
Agreement, the parties that are signatories to this Agreement have the requisite power and authority to amend and restate the Investor Rights Agreement. 

NOW, THEREFORE, in consideration of the foregoing recitals and the mutual promises and covenants hereinafter set forth and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
  

	1.	Covenants of the Company. 

 1.1 Information and Inspection Rights. 

(a) “Major Investor” means, in Section 1.1 and Section 1.2, any Investor who owns not less than 37,000 shares of
Series A Convertible Preferred Stock, par value $.001 per share (“Series A Preferred Stock”) and 8,561 shares of Series A-1 Preferred Stock (“Series A-1 Preferred Stock”) (or, in each case, shares of the
Company’s Common Stock, par value $.001 per share (“Common Stock”) issued upon conversion thereof) (as adjusted for stock splits, stock dividends, reverse stock splits, stock combinations and other similar capitalization
changes). The Ventry Group (as defined in Section 6.13) shall be deemed to be one Investor for purposes of this definition and all shares of Series A-1 Preferred Stock owned by the members of the Ventry Group shall be aggregated in determining
whether the Ventry Group qualifies as a “Major Investor” under Section 1.1 and Section 2. 
 (b) The Company shall
furnish to each Major Investor: 
 (i) within 45 days after the end of the first three fiscal quarters of each fiscal year, an unaudited
balance sheet of the Company and its subsidiaries as at the end of such quarter and unaudited statements of income and cash flows of the Company for such quarter; 

(ii) within 30 days after the end of each month, an unaudited balance sheet of the Company as at the end of such month and unaudited
statements of income and cash flows of the Company for such month; and 

 (iii) at least once in each calendar year and not later than 30 days prior to the start of the
next calendar year, a twelve month forecast of revenues, expenses, and cash flow, along with a business plan and notes describing the sources and uses of funds, and promptly after preparation, any material revision to the forecast prepared by the
Company during such twelve months. 
 (c) Within 150 days after the end of each fiscal year, the Company shall furnish to each Investor a
balance sheet of the Company as at the end of such year and statements of income and cash flows for such year, prepared in accordance with generally accepted accounting principles consistently applied; provided, however, that following the closing
of the sale of Series B Convertible Preferred Stock of the Company to one or more institutional or professional investors (“Series B Investors”) the Company will provide to the Investors, in lieu of the foregoing, the audited
financial statements that are provided to the Series B Investors. 
 1.2 Inspection Rights. The Company shall permit each Major
Investor to visit and inspect the properties of the Company, to examine its corporate and financial records and make copies thereof and to discuss its affairs, finances and accounts with its executive officers, at such reasonable times and upon such
reasonable notice as it may reasonably request. The rights set forth in this Section 1.2 shall be exercised solely in furtherance of the interests of such Major Investor as an investor in the Company, and any Major Investor exercising its
rights of inspection hereunder agrees to maintain the confidentiality of all financial and other confidential information of the Company disclosed to it. At the request of the Company, each Major Investor shall, as a condition of the exercise of its
rights of inspection hereunder, execute a confidentiality agreement with the Company in form and substance reasonably satisfactory to the Company. 

1.3 Purchase Right. 
 (a)
Definitions. 
 (i) “Common Stock issued and outstanding on a fully diluted basis” means, as of any date, the total
number of shares of Common Stock which are issued and outstanding, plus the total number of shares of Common Stock which would be issued upon conversion, exercise and/or exchange of all outstanding Common Equivalents. 

(ii) “Equity Securities” means (A) shares of Common Stock and (B) any other security, option, warrant,
indebtedness, instrument or other right directly or indirectly convertible into, or exercisable or exchangeable for, Common Stock (the securities in this clause (B), “Common Equivalents”). 

(iii) “Excluded Securities” means (A) Equity Securities issued upon the conversion of shares of Series A Preferred
Stock, Series A-1 Preferred Stock or as a dividend or other distribution on Series A Preferred Stockor Series A-1 Preferred Stock; (B) Equity Securities issued pursuant to an acquisition approved by the Board of

  
 2 

 
Directors of the Company of another corporation by merger, consolidation, purchase of substantially all of the assets or equity securities or other reorganization; (C) Equity Securities
issued to directors or employees of, or consultants to, the Company in a manner determined by the Board of Directors of the Company; (D) Equity Securities issued pursuant to a bona fide, firm commitment public offering; (E) Equity
Securities issued in connection with arm’s length equipment lease financing arrangements or bank financing transactions, approved by the Board of Directors of the Company provided that Equity Securities are not the sole component of any such
financing; (F) Equity Securities issued in connection with arm’s length transactions involving research or development funding, technology licensing or joint marketing or manufacturing arrangements approved by the Board of Directors of the
Company so long as such issuance is primarily for purposes other than equity financing; (G) Equity Securities issued upon the conversion, exercise or exchange of Common Equivalents outstanding on the date of this Agreement; (H) Equity
Securities issued in a stock split or stock dividend by the Company; (I) Series A-1 Preferred Stock issued following the date of this Agreement and (J) Equity Securities issued pursuant to the Purchase Agreement. 

(iv) “Major Investor” means, in this Section 1.3 and Section 4.3 and 4.4, any Investor who owns not less than
37,000 shares of Series A Convertible Preferred Stock or 21,404 shares of Series A-1 Preferred Stock (or, in each case, shares of the Company’s Common Stock issued upon conversion thereof) (as adjusted for stock splits, stock dividends, reverse
stock splits, stock combinations and other similar capitalization changes). The Ventry Group (as defined in Section 6.13) shall be deemed to be one Investor for purposes of this definition and all shares of Series A-1 Preferred Stock owned by
the members of the Ventry Group shall be aggregated in determining whether the Ventry Group qualifies as a “Major Investor” under Section 1.3 and Section 4.3 and 4.4. 

(v) “Pro Rata Share” means, with respect to each Major Investor, a fraction, the numerator of which is the sum of
(x) the number of shares of Common Stock issuable upon conversion of Series A Preferred Stock and/or Series A-1 Preferred Stock owned by such Major Investor on the Notice Date (as defined below) and (y) the number of shares of Common Stock
owned by such Major Investor on the Notice Date which were acquired upon conversion of Series A Preferred Stock and/or Series A-1 Preferred Stock, and the denominator of which is the total number of shares of Common Stock issued and outstanding on a
fully diluted basis on the Notice Date. 
 (b) Subject to the terms and conditions of this Section 1.3, the Company hereby grants to
each Major Investor a right of first offer to purchase up to its Pro Rata Share of all Equity Securities (other than Excluded Securities) that the Company may, from time to time, propose to sell and issue after the date of this Agreement. 

(c) If the Company proposes to issue any Equity Securities (other than Excluded Securities), it shall offer to sell to each Major Investor its
Pro Rata Share of such Equity Securities in accordance with the procedure set forth below; provided, however, that notwithstanding the foregoing, the Company shall not be required to offer or sell Equity Securities to any Major
Investor if the offer or sale of Equity Securities to 

  
 3 

 
such Major Investor would cause the Company to be in violation of applicable securities laws: 

(i) The Company shall give each Major Investor a written notice (the “Offer Notice”). The date on which the Company gives
the Offer Notice is hereinafter referred to as the “Notice Date.” The Offer Notice shall describe (A) the number of Equity Securities the Company proposes to offer, (B) the price and a summary of the terms and conditions
upon which the Company proposes to offer the Equity Securities, and (C) with respect to each Major Investor, such Major Investor’s Pro Rata Share of the Equity Securities. 

(ii) For a period of 10 business days following the Notice Date (the “Acceptance Period”), each Major Investor shall have
the right to purchase (the “Purchase Right”), at the price and on the terms and conditions stated in the Offer Notice, up to such Major Investor’s Pro Rata Share of the Equity Securities. In order to exercise the Purchase
Right, a Major Investor must give written notice (the “Acceptance Notice”) to the Company within the Acceptance Period. Failure by a Major Investor to give the Acceptance Notice within the Acceptance Period shall be deemed, without
any further action by the Company or the Major Investor, the irrevocable waiver of such Major Investor’s Purchase Right with respect to the Equity Securities set forth in the Offer Notice and any other securities issuable, directly or
indirectly, upon conversion, exercise or exchange of such Equity Securities. The Acceptance Notice shall be signed by an authorized officer of the Major Investor and shall state that such Major Investor desires to exercise such Major Investor’s
Purchase Right together with the number of Equity Securities that such Major Investor elects to purchase upon exercise of such Purchase Right. The closing of the sale and purchase of such Equity Securities shall take place at the principal offices
of the Company on the date of closing of the purchase and sale of the Equity Securities set forth in the Offer Notice to one or more third parties. At the closing, the Company shall deliver a certificate or other instrument representing the Equity
Securities purchased by each Major Investor against payment of the purchase price therefor by wire transfer of immediately available funds to an account designated by the Company. 

(d) The Company shall be entitled, during the period of 90 days following the expiration of the Acceptance Period (the “Unrestricted
Period”), to offer and sell up to the full amount of the Equity Securities set forth in the Offer Notice, less the number of Equity Securities, if any, which the Major Investors have elected to purchase upon exercise of their Purchase
Rights in accordance with Section 1.3(c) (the “Remainder Securities”). The sale of such Remainder Securities shall be at the price and upon terms and conditions materially no more favorable to the proposed purchaser(s) than
those described in the Offer Notice. If the Company does not sell all of the Remainder Securities within the Unrestricted Period (the “Unsold Remainder Securities”), the Company shall not thereafter issue or sell the Unsold
Remainder Securities or any other Equity Securities, without first complying with the Right of First Offer in the manner provided above. 

  
 4 

 (e) The Right of First Offer set forth in this Section 1.3 may not be assigned or
transferred (other than a transfer of Shares in accordance with Section 4 provided the transferee is an accredited investor) without the prior written consent of the Company. 

1.4 Additional Covenants. 

(a) Except with the consent of the Series A Director, the Company shall not permit any subsidiary to issue any shares of such subsidiary’s
capital stock to any person unless, after such issuance, all the outstanding shares of such subsidiary’s capital stock are owned by the Company (either directly or indirectly through another wholly-owned subsidiary of the Company).
“Series A Director” shall mean the director nominated and elected by the holders of shares of Series A Preferred Stock pursuant to Article IV B 5 of the Company’s Amended and Restated Certificate of Incorporation. 

(b) Except with the consent of the Series A Director, the Company shall not enter into or be a party to any transaction with any director,
officer, or affiliate of the Company (as defined in Rule 501 promulgated under the Securities Act), except (i) compensation and benefit arrangements of officers approved by a majority of the directors then in office, and (ii) transactions
that are on terms no less favorable to the Company than could be obtained on an arm’s length basis with an independent third party as determined by a majority of the directors then in office (in each case, excluding any interested director).

 (c) Except with the unanimous consent of the Board of Directors, the number of shares authorized to be issued under any of the
Company’s equity incentive or similar compensation plan shall not exceed 340,000 shares of the Company’s Common Stock in the aggregate, including any shares or other securities or instruments that are exercisable for or exchangeable or
convertible into Common Stock. 
 (d) The Company agrees that it will not issue any shares of Series A-1 Preferred Stock to any person that
does not become a party to this Agreement or does not execute an agreement that requires such purchaser to vote in favor of the nomination and election of the Ventry Nominee as the director whom the holders of Series A-1 Preferred Stock are entitled
to nominate and elect pursuant to Article IV B Section 5 of the Company’s Certificate of Incorporation. 
  

	2.	Registration Rights. 

 2.1 Definitions. As used in this Section 2, the
following terms shall have the following respective meanings: 
 (a) “Exchange Act” shall mean the Securities Exchange Act
of 1934, as amended. 
 (b) “Form S-3” means such form under the Securities Act as in effect on the date hereof or any
successor registration form under the Securities Act subsequently adopted by the SEC which permits inclusion or incorporation of substantial information by reference to other documents filed by the Company with the SEC. 

  
 5 

 (c) “Holder” means any person owning of record Registrable Securities or any
assignee of record of such Registrable Securities. 
 (d) “Initial Public Offering” means the closing of the Company’s
first firm commitment underwritten public offering of its Common Stock registered under the Securities Act. 
 (e)
“Register,” “registered,” and “registration” refer to a registration effected by preparing and filing a registration statement in compliance with the Securities Act, and the declaration or ordering
of effectiveness of such registration statement or document. 
 (f) “Registrable Securities” means the shares of Common
Stock issued or issuable upon conversion of Series A Preferred Stock or Series A-1 Preferred Stock and any Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right or other security which is issued as) a
dividend or other distribution with respect to, such Common Stock. Notwithstanding the foregoing, Registrable Securities shall not include (i) any securities sold by a person to the public either pursuant to a registration statement or
Rule 144 under the Securities Act, (ii) any securities sold in a private transaction in which the transferor’s rights under this Section 2 are not assigned, or (iii) with respect to each Holder, any shares of Common Stock
described in the first sentence of this subparagraph (f), if all such shares of Common Stock owned by such Holder could be sold under Rule 144 under the Securities Act, including Rule 144(k), during any 90-day period. 

(g) “Registrable Securities then outstanding” shall be the number of shares of Common Stock determined by calculating the
total number of shares of Common Stock that are Registrable Securities and which are either (i) then issued and outstanding or (ii) issuable pursuant to the conversion of Series A Preferred Stock and Series A-1 Preferred Stock. 

(h) “Registration Expenses” shall mean all registration and filing fees, printing expenses, fees and disbursements of counsel
for the Company, blue sky fees and expenses and the expense of any special audits incident to or required by any such registration. 
 (i)
“SEC” or “Commission” means the Securities and Exchange Commission. 
 (j) “Securities
Act” shall mean the Securities Act of 1933, as amended. 
 (k) “Selling Expenses” shall mean all underwriting
discounts and selling commissions applicable to the sale of Registrable Securities. 

  
 6 

 (l) “Special Registration Statement” shall mean a registration statement
relating to any employee benefit plan or with respect to any corporate reorganization or other transaction under Rule 145 under the Securities Act. 

2.2 Company Registration. 

(a) If, at any time following the Company’s Initial Public Offering, the Company files a registration statement under the Securities Act
for purposes of a public offering of securities of the Company for its own account (excluding Special Registration Statements), it shall notify all Holders of Registrable Securities in writing (the “Company Notice”). Each Holder
shall have the right (the “Piggyback Right”), subject to the limitations set forth in Section 2.2(b), to include in any such registration statement all or any portion of the Registrable Securities then held by such Holder. In
order to exercise the Piggyback Right, a Holder shall give written notice to the Company (the “Piggyback Notice”) no later than 10 business days following the date on which the Company gives the Company Notice. The Piggyback Notice
shall set forth the number of Registrable Securities that such Holder desires to include in the registration statement. 
 (b) If the
registration statement under which the Company gives notice under this Section 2.2 is for an underwritten offering, the Company shall so advise the Holders of Registrable Securities in the Company Notice. In such event, the right of any such
Holder to be included in a registration pursuant to this Section 2.2 shall be conditioned upon such Holder’s participation in such underwritten offering and the inclusion of such Holder’s Registrable Securities in the underwritten
offering to the extent provided herein. All Holders proposing to distribute their Registrable Securities by means of such underwritten offering shall enter into an underwriting agreement in customary form with the underwriter or underwriters
selected for such underwriting by the Company. Notwithstanding any other provision of the Agreement, if the underwriter determines in good faith that marketing factors require a limitation of the number of shares to be underwritten, the number of
shares that may be included in the underwriting shall be allocated, first, to the Company; second, to the Holders on a pro rata basis based on the total number of Registrable Securities requested to be included in such registration by the Holders;
and third, to any stockholder of the Company (other than a Holder) on a pro rata basis. No such reduction shall reduce the securities being offered by the Company for its own account to be included in the registration and underwriting. If any Holder
disapproves of the terms of any such underwriting, such Holder may elect to withdraw therefrom by written notice to the Company and the underwriter, delivered at least 30 days prior to the effective date of the registration statement. 

(c) The Company shall have the right to terminate or withdraw any registration initiated by it under this Section 2.2 prior to the
effectiveness of such registration whether or not any Holder has elected to include securities in such registration. The Registration Expenses of such withdrawn registration shall be borne by the Company in accordance with Section 2.3 hereof.

  
 7 

 2.3 Form S-3 Registration. 

(a) Any Holder or Holders of not less than 46,000 Registrable Securities (the “Form S-3 Initiating Holder(s)”) may request in
writing that the Company effect a registration on Form S-3 (“Form S-3 Registration Statement”) with respect to all or a part of the Registrable Securities owned by such Holder or Holders (“Form S-3 Request”).
The Form S-3 Request shall set forth the number of Registrable Securities owned by the Form S-3 Initiating Holders to be included in the Form S-3 Registration Statement. In such event, the Company will: 

(i) promptly give written notice of the proposed registration (the “Form S-3 Notice”) to all other Holders of Registrable
Securities; and 
 (ii) as soon as reasonably practicable, file, and use its commercially reasonable efforts to cause to be declared
effective, a registration statement covering the Registrable Securities specified by the Form S-3 Initiating Holder(s) in the Form S-3 Request, together with the Registrable Securities of any other Holder or Holders joining in such request as are
specified in a written request received by the Company within 10 days after the Company has given the Form S-3 Notice. 
 (b) The Company
shall not be obligated to effect any registration pursuant to Section 2.4(a): 
 (i) if Form S-3 is not available for such
offering by the Holder or Holders; 
 (ii) if the Holder or 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 of less than $10,000,000; 

(iii) if the Company shall furnish to the Form S-3 Initiating Holder(s) a certificate signed by the Chief Executive Officer of the Company
that it intends to engage in a registered public offering pursuant to Section 2.2 within 90 days following receipt of the Form S-3 Request; provided, however, that the Company may not utilize this right more than once in any 12
month period; or 
 (iv) if the Company shall furnish to the Form S-3 Initiating Holder(s) a certificate signed by the Chief Executive
Officer of the Company stating that in the good faith judgment of the Company, it would be detrimental to the Company for such Form S-3 registration to be effected at such time; in which event the Company shall have the right to defer the
filing of the Form S-3 registration statement for a period of not more than 180 days after receipt of the Form S-3 Request from the Holder or Holders under this Section 2.3; or 

(v) if the Company has already effected three registrations on Form S-3 pursuant to this Section 2.4; or 

  
 8 

 (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. 
 (c) If the Form S-3 Initiating Holder(s)
intend to distribute the Registrable Securities covered by the Form S-3 Request by means of an underwritten offering, they shall so advise the Company in the Form S-3 Request, and the Company shall include such information in the Form S-3 Notice. In
such event, the right of any Holder to include its Registrable Securities in such registration shall be conditioned upon such Holder’s participation in such underwritten offering and the inclusion of such Holder’s Registrable Securities in
the underwritten offering to the extent provided herein. All Holders proposing to distribute their securities by means of such underwritten offering shall enter into an underwriting agreement in customary form with an underwriter or underwriters
selected for such underwriting by the Form S-3 Initiating Holder(s) and acceptable to the Company. Notwithstanding any other provision of this Section 2.3, if the underwriter advises the Company that marketing factors require a limitation of
the number of securities to be underwritten (including Registrable Securities), then the Company shall so advise all Holders of Registrable Securities which would otherwise be underwritten pursuant hereto, and the number of securities 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; provided, however, that the number of Registrable
Securities to be included in such underwriting and registration shall not be reduced unless all other securities of the Company are first entirely excluded from the underwriting and registration. Any Registrable Securities excluded or withdrawn from
such underwriting shall be withdrawn from the registration. 
 (d) Notwithstanding the foregoing, the Company shall have the right, upon
giving written notice to the Holders of the exercise of such right (“Black-Out Notice”), to suspend the effectiveness of a Form S-3 Registration Statement and to require each Holder not to sell any Registrable Securities pursuant to
such Form S-3 Registration Statement for a reasonable period (as determined in good faith by the Company) from the date on which such Black-Out Notice is given (a “Black-Out Period”), if (i)(A) the Company is engaged in or proposes
to engage in discussions or negotiations with respect to, or has proposed or taken a substantial step to commence, or there otherwise is pending, any merger, acquisition, other form of business combination, divestiture, tender offer, financing or
other transaction, or there is an event or state of facts relating to the Company, in each case which is material to the Company (any such negotiation, step, event or state of facts being herein called a “Material Activity”),
(B) in the good faith judgment of the Company, disclosure of such Material Activity would be necessary under applicable securities laws, and (C) such disclosure would, in the good faith judgment of the Company, be adverse to the interests
of the Company, or (ii) the Company, in its good faith judgment, deems it necessary to file a post-effective amendment to the Form S-3 Registration Statement or to prepare a supplement to, or otherwise amend, the form of prospectus contained
therein. The Black-Out Notice shall not contain any material, nonpublic information. 

  
 9 

 2.4 Registration Expenses. 

(a) Subject to Section 2.4(b), all Registration Expenses incurred in connection with any registration of Registrable Securities pursuant
to Section 2.2 or 2.3 shall be borne by the Company. All Selling Expenses incurred in connection with such registration of Registrable Securities shall be borne by the Holders pro rata based on the number of Registrable Securities registered on
behalf of each such Holder. 
 (b) The Company shall not be required to pay for expenses of any registration proceeding begun pursuant to
Section 2.3, the request of which has been subsequently withdrawn by the Initiating Holders or the Form S-3 Initiating Holders, as the case may be, unless (i) the withdrawal is based upon material adverse information concerning the Company
which was not available to the Initiating Holders or Form S-3 Initiating Holders at the time of such request or (ii) the Holders of a majority of Registrable Securities agree to forfeit their right to one requested registration pursuant to
Section 2.3, as applicable (in which event such right shall be forfeited by all Holders). If the Holders are required to pay the Registration Expenses, such expenses shall be borne by the holders of securities (including Registrable Securities)
requesting such registration in proportion to the number of securities for which registration was requested. If the Company is required to pay the Registration Expenses of a withdrawn offering pursuant to clause (i) above, then the Holders
shall not forfeit their rights to a registration pursuant to Section 2.3. 
 2.5 Obligations of the Company. Whenever required
to effect the registration of any Registrable Securities, the Company shall, as soon as reasonably practicable: 
 (a) prepare and file with
the SEC a registration statement with respect to such Registrable Securities and use its reasonable commercial 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 up to 90 days or, if earlier, until the Holder or Holders have completed the distribution related thereto; provided, however, that: 

(i) such 90 day period shall be extended for a period of time equal to the period the Holder refrains from selling any securities included in
such registration at the request of the Company or an underwriter of Common Stock of the Company; and 
 (ii) in the case of any
registration of Registrable Securities on Form S-3 which are intended to be offered on a continuous or delayed basis, such 90 day period shall be extended, if necessary, to keep the Form S-3 Registration Statement effective until all such
Registrable Securities are sold but not longer than an additional 90 days, provided that Rule 415, or any successor rule under the Securities Act, permits an offering on a continuous or delayed basis, and provided further
that applicable rules under the Securities Act governing the obligation to file a post-effective amendment permit, in lieu of filing a post-effective amendment which (I) includes any prospectus required by Section 10(a)(3) of the
Securities Act or (II) reflects facts or events 

  
 10 

 
representing a material or fundamental change in the information set forth in the registration statement, the incorporation by reference in the registration statement of information required to
be included in (I) and (II) above from periodic reports filed pursuant to Section 13 or 15(d) of the Exchange Act. 
 (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 Securities Act with respect to the
disposition of all securities covered by such registration statement for the period set forth in paragraph (a) above. 
 (c) furnish to
the Holders such number of copies of a prospectus, including a preliminary prospectus, in conformity with the requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of
Registrable Securities owned by them. 
 (d) use its 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 (i) any request by the SEC or any other federal or state governmental authority during the period of effectiveness of a registration statement for amendments or supplements to the registration statement or related prospectus or for
additional information, (ii) the issuance by the Commission or any other federal or state governmental authority of any stop order suspending the effectiveness of the registration statement or the initiation of any proceedings for that purpose,
(iii) the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any
proceeding for such purpose, or (iv) any event or circumstance which, upon the advice of the Company’s counsel, necessitates the making of any change in the registration statement or prospectus, or any document incorporated or deemed to be
incorporated therein by reference, so that the registration statement and the prospectus will not contain any untrue statement of a material fact or any omission to state a material fact required to be stated therein or necessary to make the
statements therein (in the case of the prospectus in light of the circumstances under which they were made) not misleading, the Company shall deliver a written notice to each Holder of Registrable Securities included in such registration statement
(the “Suspension Notice”) to the effect of the foregoing; provided that such Suspension Notice shall not contain any material, nonpublic information; provided further, in any such event, the Company shall use
its reasonable commercial efforts to (x) prevent the issuance of any stop order or to obtain the withdrawal of any stop order as soon as practicable if any stop order should be issued and (y) cause the use of any prospectus so suspended to
be resumed as soon as reasonably practicable after the delivery of a Suspension Notice pursuant to this Section 2.5(e). 

  
 11 

 Notwithstanding the foregoing, the Company shall have no obligation with respect to any
registration requested pursuant to Section 2.2 or Section 2.3 if, due to the operation of Section 2.2(b) or Section 2.3(c), the number of shares or the anticipated aggregate offering price of the Registrable Securities to be
included in the registration does not equal or exceed the number of shares or the anticipated aggregate offering price required to originally trigger the Company’s obligation to initiate such registration as specified in Section 2.3. 

2.6 Termination of Registration Rights. All registration rights granted under this Section 2 shall terminate and be of no further
force and effect three years after the date of the Company’s Initial Public Offering. In addition, a Holder’s registration rights shall expire, and the Registrable Securities then owned by or issuable to such Holder shall no longer be
deemed “Registrable Securities,” if all Registrable Securities held by and issuable to such Holder could be sold under Rule 144 under the Securities Act, including Rule 144(k), during any 90-day period. 

2.7 Obligations of Holders. Each selling Holder pursuant to a registration effected pursuant to this Agreement shall: 

(a) provide all such information and material and take all actions as may be reasonably requested by the Company in order to enable the
Company to comply with all applicable requirements of the SEC. 
 (b) not take any action that would prevent the distribution of Registrable
Securities included in any such registration statement from being made in accordance with the plan of distribution set forth in such registration statement and with all applicable rules and regulations of the SEC. 

(c) not deliver any form of prospectus in connection with the sale of any Registrable Securities as to which the Company has advised the
selling Holders in writing that it is preparing an amendment or supplement. 
 (d) upon receipt of a Suspension Notice or a Black-Out
Notice, refrain from selling any Registrable Securities pursuant to a registration statement until (i) such Holder’s receipt of copies of a supplemented or amended prospectus prepared and filed by the Company, or (B) such Holder has
been advised in writing by the Company that the current prospectus may be used. 
 (e) notify the Company promptly in writing upon the sale
by the Holder of any Registrable Securities covered by the registration statement. 
 2.8 Indemnification. In the event any
Registrable Securities are included in a registration statement under Sections 2.2 or 2.3: 
 (a) To the extent permitted by law, the
Company will indemnify and hold harmless each Holder, the partners, officers and directors of each Holder, any underwriter (as defined in the Securities Act) for such Holder and each person, if any, who controls such Holder or underwriter within the
meaning of the 

  
 12 

 
Securities Act or the Exchange Act, against any losses, claims, damages, or liabilities (joint or several) to which they may become subject under the Securities Act, the Exchange Act or other
federal or state law, 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”) by
the Company: (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 by the Company of the Securities Act, the
Exchange Act, any state securities law or any rule or regulation promulgated under the Securities Act, the Exchange Act or any state securities law in connection with the offering covered by such registration statement. The indemnification agreement
contained in this Section 2.8(a) shall not apply to any Holder (i) to the extent that any such Violation arises out of or is based on any untrue statement (or alleged untrue statement) or omission (or alleged omission) made in reliance
upon and in conformity with written information furnished to the Company by such Holder or controlling person, and stated to be specifically for use therein, (ii) if such untrue statement (or alleged untrue statement) or omission (or alleged
omission) was contained in a preliminary prospectus and corrected in a final or amended prospectus or supplement thereto, copies of which were delivered to such Holder on a timely basis, and such Holder failed to deliver a copy of the final or
amended prospectus at or prior to the confirmation for the sale of the Registrable Securities to the persons asserting any such loss, claim, damage, or liability in any case where such delivery is required by the Securities Act, or (iii) to the
extent that the loss, claim, damage or liability as to which indemnification is sought is in connection with an offer or sale made by such Holder in breach of the terms of this Agreement (a “Breach”). 

(b) To the extent permitted by law, each Holder, severally and not jointly, will, if Registrable Securities held by such Holder are included
in the securities which are being registered, indemnify and hold harmless the Company, each of its directors, its officers, employees and each person, if any, who controls the Company within the meaning of the Securities Act, any underwriter and any
other Holder selling securities under such registration statement or any of such other Holder’s partners, directors, officers or employees or any person who controls such Holder, against any losses, claims, damages or liabilities (joint or
several) to which the Company or any such director, officer, employee, controlling person, underwriter or other such Holder, or partner, director, officer or controlling person of such other Holder may become subject under the Securities Act, the
Exchange Act or other federal or state law, insofar as such losses, claims, damages or liabilities (or actions in respect thereto) arise out of or are based upon (i) any Breach by such Holder, or (ii) any Violation to the extent (and only
to the extent) that such Violation occurs in reliance upon and in conformity with information furnished by such Holder in writing expressly for use in connection with such registration; provided such Holder’s obligations hereunder shall be
limited to the net proceeds to such Holder in such transaction. 

  
 13 

 (c) Promptly after receipt by an indemnified party under this Section 2.8 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 2.8, 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 and control the defense
thereof with counsel of its choice. The failure to deliver prompt written notice to the indemnifying party of any such action, if materially prejudicial to its ability to defend such action, shall relieve such indemnifying party of any liability to
the indemnified party under this Section 2.8, 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 2.8.

 (d) If the indemnification provided for in this Section 2.8 is held by a court of competent jurisdiction to be unavailable to an
indemnified party with respect to any losses, claims, damages or liabilities referred to herein, the indemnifying party, in lieu of indemnifying such indemnified party thereunder, shall to the extent permitted by applicable law contribute to the
amount paid or payable by such indemnified party as a result of such loss, claim, damage or liability 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 Violation(s) that resulted in such loss, claim, damage or liability, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined
by a court of law 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; provided that no person determined to have made a fraudulent misrepresentation shall be entitled to
contribution. In no event shall any contribution by a Holder under this Section 2.8(d), when combined with any amounts paid by such Holder pursuant to Section 2.8(b), exceed the net proceeds from the sale of Registrable Securities in the
offering received by such Holder. 
 (e) In no event shall any indemnifying party be liable in respect of any amounts paid in settlement of
any claim or action unless the terms of such settlement were approved in advance in writing by the indemnifying party (whose approval shall not unreasonably be withheld). No indemnifying party shall, without the prior written consent of the
indemnified party (whose consent shall not unreasonably be withheld), effect any settlement or any other compromise of any pending or threatened action, unless such settlement or compromise includes an unconditional release of such indemnified party
from all liability in respect of all claims that are the subject matter of such action. 
 2.9 Assignment of Registration Rights.
Subject to the terms of any stock transfer restriction agreement to which the Holder is a party or by which it is bound, the rights to cause the Company to register Registrable Securities pursuant to this Section 2

  
 14 

 
may be assigned by a Holder to a transferee or assignee of Registrable Securities which (a) is a subsidiary, parent, general partner, limited partner, retired partner, member or retired
member of a Holder, (b) is a Holder’s family member or trust for the benefit of an individual Holder, or (c) acquires at least 10,000 shares (or all of the transferring Holder’s shares) of Registrable Securities (as adjusted for
stock splits, stock dividends, reverse stock splits, stock combinations or other similar capitalization change); provided, however, that as a condition of any such assignment, (i) the transferor shall, no later than 10 days
prior to such transfer, furnish to the Company 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 and (ii) such transferee shall, no later
than the date of such transfer, furnish to the Company its agreement in writing to be subject to all obligations of a Holder set forth in this Agreement. 

2.10 “Market Stand-Off” Agreement; Agreement to Furnish Information. Each Holder hereby agrees that such Holder shall
not sell or enter into any hedging or similar transaction with the same economic effect as a sale, transfer, make any short sale, or grant any option for the purchase, of any Common Stock (or other securities) of the Company held by such Holder
(other than those, if any, included in the registration) for a period specified by the Company or representative of the underwriters of Common Stock (or other securities) of the Company not to exceed 180 days following the effective date of a
registration statement of the Company filed under the Securities Act. Each Holder agrees to execute and deliver such other agreements as may be reasonably requested by the Company or the underwriter which are consistent with the foregoing or which
are necessary to give further effect thereto. In addition, if requested by the Company or the representative of the underwriters of Common Stock (or other securities) of the Company, each Holder shall provide, within 10 days of such request, such
information as may be required by the Company or such representative in connection with the completion of any public offering of the Company’s securities pursuant to a registration statement filed under the Securities Act. The obligations
described in this Section 2.10 shall not apply to a Special Registration Statement. The Company may impose stop-transfer instructions with respect to the shares of Common Stock (or other securities) subject to the foregoing restriction until
the end of said 180 day period. Each Holder agrees that any transferee of any shares of Registrable Securities shall be bound by this Section 2.10. Notwithstanding the foregoing, if the Company or the underwriters shall release any Registrable
Securities or any other securities (the “Released Securities”) owned by any Holder from the requirements of this Section 2.10 before the end of the period set by the Company or the underwriters or shall reduce the lock-up period
applicable to the Registrable Securities or other securities owned by any Holder to less than 180 days, then the Registrable Securities and other securities of each Holder shall be released from the provisions of this Section 2.10 in the same
proportion as the Released Securities bear to the total number of securities held by such Holder which were subject to this Section 2.10 or the lock-up period applicable to the Registrable Securities and other securities owned by all other
Holders shall be reduced to the same extent. 
 2.11 Reports Under the Exchange 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 

  
 15 

 
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 Public Offering; 
 (b) file with the SEC in a timely manner all reports and other documents required of the
Company under the Securities Act and the Exchange 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 as to its compliance with the reporting requirements of Rule 144 (at any time after the effective date of the first registration statement filed by the Company), the
Securities Act and the Exchange 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 to
avail 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. 
  

	3.	Sale of the Company. 

 3.1 Approved Sale. In the event of an Approved Sale (as
defined below), each Investor agrees (a) to vote all shares of Series A Preferred Stock and/or Series A-1 Preferred Stock and Common Stock issued upon conversion thereof then owned by such Investor (“Shares”) at any regular or
special meeting of stockholders (or consent pursuant to a written consent in lieu of such meeting) in favor of such Approved Sale, and to raise no objections against the Approved Sale or the process pursuant to which the Approved Sale was arranged,
(b) to waive any and all dissenters’, appraisal or similar rights with respect to such Approved Sale, and (c) if the Approved Sale is structured as a sale of equity securities by the stockholders of the Company, to sell the Shares
then owned by such Investor on the terms and conditions of such Approved Sale. “Approved Sale” means (i) a transaction or series of transactions with a third party on an arm’s length basis (including by way of merger,
consolidation or sale of equity securities to a third party by one or more stockholders), the result of which is that the holders of the Company’s voting securities immediately prior to such transaction or series of transactions own less than a
majority of the combined voting power of the outstanding voting securities of the Company or the surviving or resulting entity, as the case may be, following the transaction or series of transactions, and (ii) a sale of all or substantially all
of the Company’s assets (each of the transactions in clauses (i) and (ii), a “Sale Transaction”), which, in each case, has been approved by (x) the Board of Directors of the Company and (y) the holders of at
least a majority of the issued and outstanding shares of the Company’s capital stock on an as-converted to Common Stock basis (the “Approving Stockholders”). Each Investor will take all necessary and desirable actions in
connection with the consummation of the Sale Transaction, including, without limitation, entering 

  
 16 

 
into an agreement reflecting the terms of the Approved Sale, surrendering stock certificates, giving customary and reasonable representations and warranties, and executing and delivering
customary certificates or other documents. 
 3.2 Proxy; Attorney-in-Fact. As security for the performance of each Investor’s
obligations pursuant to Section 3.1, each Investor hereby grants to the Board of Directors of the Company, with full power of substitution and resubstitution, an irrevocable proxy to vote all Shares, at all meetings of the stockholders of the
Company held or taken after the date of this Agreement with respect to an Approved Sale, or to execute any written consent in lieu thereof, and hereby irrevocably appoints the Board of Directors, with full power of substitution and resubstitution,
as the Investor’s attorney-in-fact with authority to sign any documents with respect to any such vote or any actions by written consent of the shareholders taken after the date of this Agreement. This proxy shall be deemed to be coupled with an
interest and shall be irrevocable. This proxy shall terminate upon the consummation of a firm commitment underwritten public offering pursuant to a registration statement filed with, and declared effective by, the Securities and Exchange Commission
under the Securities Act. 
 3.3 Procedure. In the event of an Approved Sale, the Company shall give written notice to each Investor
(other than any Investor who is an Approving Stockholder) (the “Approved Sale Notice”). The Approved Sale Notice shall set forth (i) the name and address of the proposed acquirer in the Approved Sale (the “Proposed
Acquirer”), (ii) the terms and conditions of the Approved Sale, including the price and consideration to be paid by the Proposed Acquirer and the terms and conditions of payment, (iii) any other material facts relating to the
Approved Sale, and (iv) the date and location of the closing of the Approved Sale. The Company shall enclose with the Approved Sale Notice a copy of any term sheet, letter of intent or other written document with respect to the Approved Sale.
Subject to the conditions and limitations set forth in Section 3.4, each Investor will take all actions deemed necessary or appropriate by the Board of Directors and the Approving Stockholders in connection with the Approved Sale. 

3.4 Conditions and Limitations. The obligations of each Investor under this Section 3 are subject to the following conditions and
limitations: 
 (a) each Investor shall be required to make representations and warranties only with respect to such Investor and the Shares
owned by such Investor as may be set forth in any agreement approved by the Board of Directors of the Company; 
 (b) each Investor shall be
severally but not jointly liable for its proportionate share of any indemnity claim provided that the aggregate liability of each Investor shall be limited to the amount of gross proceeds received by such Investor in the Approved Sale; 

(c) subject to subparagraph (e) below, the Approved Sale must be on the same terms and conditions for each Investor; 

  
 17 

 (d) if the Approving Stockholders are given an option as to the form and amount of consideration
per share to be received in the Approved Sale with respect to the Shares of any class or series owned by the Approving Stockholders, each Investor shall be given the option to accept the same form and amount of consideration per share with respect
to the Shares of such class or series owned by such Investor; and 
 (e) the aggregate consideration receivable by all holders of Series A
Preferred Stock, Series A-1 Preferred Stock and Common Stock shall be allocated among the holders of Series A Preferred Stock, Series A-1 Preferred Stock and Common Stock on the basis of the relative liquidation preferences to which the holders of
Series A Preferred Stock, the holders of Series A-1 Preferred Stock and the holders of Common Stock are entitled in a Liquidation Event in accordance with the Company’s Certificate of Incorporation in effect immediately prior to the Approved
Sale. 
 This Section 3.4 shall not limit in any manner the ability of the Company to enter into an agreement with respect to, or
consummate, a Sale Transaction on terms which do not satisfy the conditions set forth in this Section 3.4; provided, however, in the event of any such Sale Transaction, the Investors shall have no obligation pursuant to this Section 4 to
take any action with respect to such Sale Transaction. 
  

	4.	Transfer Restrictions. 

 4.1 Prohibited Transfers. Other than pursuant to
Section 4.2, 4.3 or 4.4, no Investor shall Transfer any Shares without first complying with the terms of this Agreement. Any Transfer or attempted Transfer in violation of this Agreement shall not be recognized by the Company and shall be void
and of no force or effect whatsoever. “Transfer” shall mean any sale, assignment, encumbrance, hypothecation, pledge, conveyance in trust, gift, transfer pursuant to the laws of descent and distribution, or any other transfer or
disposition of any kind, including, but not limited to, transfers to receivers, levying creditors, trustees or receivers in bankruptcy proceedings or general assignees for the benefit of creditors, whether voluntary or by operation of law. 

4.2 Permitted Transfers. 

(a) The rights of the Company set forth in Sections 4.3 and 4.4 of this Agreement shall not apply to any Permitted Transfer. 

(b) “Permitted Transfer” means any Transfer of Shares by an Investor to (i) the spouse, children, parents or siblings of
such Investor (collectively, “Family Members”), (ii) the estate of such Investor, (iii) any trust solely for the benefit of such Investor and/or any Family Member(s) and of which such Investor and/or any such Family
Member(s) is the trustee or are the trustees (“Family Trust”), (iv) any partnership, corporation or limited liability company which is wholly owned and controlled by such Investor and/or any such Family Member(s)
(“Family Wealth Planning Entity”); provided that any change in the beneficiaries of a Family Trust or the equityholders of a Family Wealth Planning Entity which results in such Family Trust not being solely for the benefit of an
Investor and/or the Family Members of such Investor or the Family Wealth 

  
 18 

 
Planning Entity not being wholly owned and controlled by such Investor and/or the Family Members of such Investor shall be a Transfer of Shares not permitted by this Section 4.2(b);
(v) any affiliate of an Investor that is a corporation or other entity; (vi) the equity holders of an Investor that is a corporation or other entity upon liquidation of such Investor; and (vii) any person approved by a majority of the
directors then in office (excluding any interested director) 
 (c) No Permitted Transfer shall be effective unless, contemporaneously with
such Transfer, the Permitted Transferee executes a counterpart to this Agreement, thereby agreeing to be bound all the terms and conditions of this Agreement, subject to the same restrictions and obligations as an Investor who is an original
signatory hereto. “Permitted Transferee” means any person or entity to whom an Investor transfers Shares pursuant to, and in accordance with, Section 4.2(b). 

(d) Other than Transfers of Shares (i) by a Family Member to the estate of such Family Member, (ii) by a Family Trust to the
beneficiaries of such Family Trust, (iii) by a Family Wealth Planning Entity to the equityholders of such Family Wealth Planning Entity, and (iv) by a Permitted Transferee to an Investor, a Permitted Transferee shall not be permitted,
without the prior written consent of the Company, to Transfer any Shares. 
 4.3 Transfers by a Major Investor.  

(a) Subject to Section 4.2, if a Major Investor desires to Transfer any Shares (the “Transferring Major Investor”), then
the Transferring Major Investor shall promptly give written notice (the “Major Investor Transfer Notice”) of such proposed Transfer simultaneously to the Company. The Transfer Notice shall set forth the number and class of Shares to
be transferred (the “Major Investor Transfer Shares”), the nature of such Transfer, the cash consideration per Share and other terms on which the Transferring Major Investor will propose to sell or transfer such Shares (or, in the
event that the consideration is other than cash, the value of the consideration shall be determined in good faith by the Transferring Major Investor and the Company) (the “Major Investor Purchase Price Per Share”). 

(b) For a period of 30 days following the date (the “Major Investor Transfer Notice Date”) on which the Major Investor
Transfer Notice is given by the Transferring Major Investor (the “Major Investor Company Acceptance Period”), the Company and/or its assignee(s) shall have the right to purchase all, but not less than all, of the Major Investor
Transfer Shares on the same terms and conditions as set forth in the Major Investor Transfer Notice. If the Company and/or its assignee(s) desire to exercise the right to purchase Major Investor Transfer Shares, it shall give written notice (the
“Major Investor Company Notice”) to the Transferring Major Investor no later than the expiration of the Major Investor Company Acceptance Period. The Major Investor Company Notice shall state that the Company and/or its assignee(s)
desire to purchase all the Major Investor Transfer Shares and shall specify a date of closing, which date shall not be earlier than five days and not later than 30 days following the date on which the Major Investor Company Notice is given. At the
closing, the Company and/or its 

  
 19 

 
assignee(s) shall pay the total purchase price of the Major Investor Transfer Shares (which shall be equal to the product of (a) the number of Major Investor Transfer Shares and (b) the
Major Investor Purchase Price Per Share) by wire transfer of immediately available funds to an account designated by the Transferring Major Investor against delivery of a certificate or certificates representing the major Investor Transfer Shares,
each certificate to be properly endorsed for transfer or accompanied by duly executed stock powers. The Company and/or its assignee(s) may request waivers of any liens, evidence of good title to the Major Investor Transfer Shares and such other
documents and agreements as the Company and/or its assignee(s) may reasonably deem necessary in connection with the Transfer. 
 (c) If the
Company and/or its assignee(s) do not offer to purchase all of the Major Investor Transfer Shares as provided in Section 4.3(b), then the Transferring Major Investor may sell or otherwise transfer the Major Investor Transfer Shares to any Major
Investor Transferee at the Major Investor Purchase Price Per Share or at a higher price, provided that (i) the Transferring Major Investor enters into a signed letter of intent with a Major Investor Transferee for the sale or transfer of the
Major Investor Transfer Shares on the terms set forth in the Major Investor Transfer Notice on or prior to the date that is 45 days after the expiration of the Major Investor Company Acceptance Period; (ii) such sale or transfer is consummated
on or prior to the date that is 90 days after the expiration of the Major Investor Company Acceptance Period, (iii) such sale or transfer is effected in accordance with any applicable securities laws and (iv) as a condition of such sale or
transfer, the Major Investor Transferee first executes a Joinder to this Agreement and certifies such third party meets the definition of a “Major Investor Transferee” set forth below, in form and substance reasonably satisfactory
to the Company, agreeing to be bound by all the terms of this Agreement as if such Major Investor Transferee were an Investor that is an original signatory to this Agreement (or Major Investor if such third party meets the definition of a Major
Investor set forth above). If the Major Investor Transfer Shares described in the Major Investor Transfer Notice are not transferred to a Major Investor Transferee within such period, or if the Transferring Major Investor proposes to reduce the
Major Investor Purchase Price Per Share or other terms to make them more favorable to the Major Investor Transferee, a new Major Investor Transfer Notice shall be given to the Company, and the Company and/or its assignee(s) shall again be offered
the right of first offer before any Major Investor Transfer Shares may be sold or otherwise transferred. “Major Investor Transferee” means a third party that satisfies all of the following criteria: (i) such third party is an
accredited investor; (ii) such third party is not in the same line of business as the Company and does not otherwise compete with the Company; and (iii) such third party is not contemplating entering into the same line of business as the
Company or otherwise competing with the Company. 

  
 20 

 4.4 Transfers by an Investor that is not a Major Investor.  

(a) Subject to Section 4.2, if an Investor that is not a Major Investor proposes to Transfer any Shares (the “Transferring
Investor”), then the Transferring Investor shall promptly give written notice (the “Transfer Notice”) of such proposed Transfer simultaneously to the Company. The Transfer Notice shall describe in reasonable detail the
proposed Transfer including, without limitation, the number and class of Shares to be transferred (the “Transfer Shares”), the nature of such Transfer, the cash consideration to be paid per share (or, in the event that the
consideration is other than cash, the value of the consideration shall be determined in good faith by the Transferring Investor and the Company) (the “Purchase Price Per Share”), and the name and address of each prospective
purchaser or transferee (each, a “Proposed Transferee”). The Transferring Investor shall enclose with the Transfer Notice a copy of a written offer, letter of intent or other written document signed by the Proposed Transferee(s)
setting forth the proposed terms and conditions of the Transfer. 
 (b) For a period of 30 days following the date (the “Transfer
Notice Date”) on which the Transfer Notice is given by the Transferring Investor (the “Company Acceptance Period”), the Company and/or its assignee(s) shall have the right to purchase all, but not less than all, of the
Transfer Shares on the same terms and conditions as set forth in the Transfer Notice. If the Company and/or its assignee(s) desire to exercise the right to purchase Transfer Shares, it shall give written notice (the “Company
Notice”) to the Transferring Investor no later than the expiration of the Company Acceptance Period. The Company Notice shall state that the Company and/or its assignee(s) desire to purchase Transfer Shares and shall specify in the Company
Notice the number of Transfer Shares the Company and/or its assignee(s) desire to purchase and a date of closing, which date shall not be earlier than five days and not later than 30 days following the date on which the Company Notice is given. At
the closing, the Company and/or its assignee(s) shall pay the total purchase price of the Transfer Shares (which shall be equal to the product of (a) the number of Transfer Shares and (b) the Purchase Price Per Share) by wire transfer of
immediately available funds to an account designated by the Transferring Investor against delivery of a certificate or certificates representing the Transfer Shares, each certificate to be properly endorsed for transfer or accompanied by duly
executed stock powers. The Company and/or its assignee(s) may request waivers of any liens, evidence of good title to the Transfer Shares and such other documents and agreements as the Company and/or its assignee(s) may reasonably deem necessary in
connection with the Transfer. 
 (c) If the Company and/or its assignee(s) do not purchase all of the Transfer Shares as provided in
Section 4.4(b), then the Transferring Investor may sell or otherwise transfer the Transfer Shares to the Proposed Transferee at the Purchase Price Per Share or at a higher price, provided that (i) such sale or other transfer is consummated
within 90 days after the Transfer Notice Date, (ii) any such sale or other transfer is effected in accordance with any applicable securities laws and (iii) as a condition of such transfer, the Proposed Transferee first executes a Joinder
to this Agreement, in form and substance reasonably satisfactory to the Company, agreeing to be bound by all the terms of this Agreement as if such Proposed Transferee were an Investor that is an original

  
 21 

 
signatory to this Agreement. If the Transfer Shares described in the Transfer Notice are not transferred to the Proposed Transferee within such period, or if the Transferring Investor proposes to
change the price or other terms to make them more favorable to the Proposed Transferee, a new Transfer Notice shall be given to the Company, and the Company and/or its assignee(s) shall again be offered the right of first refusal before any Transfer
Shares may be sold or otherwise transferred. 
  

	5.	Redemption. 

 5.1 Any Investor who owns at least 85,616 shares of Series A-1 Preferred
Stock (“Senior Series A-1 Investor”) shall be entitled to cause the Company to redeem a portion of the shares of Series A-1 Preferred Stock owned by such Investor if all the following conditions are satisfied: 

(a) The Company has completed a Phase II human trial but has not yet completed a Phase III human clinical trial; 

(b) The Company has received a bona fide, arm’s length offer from a third party, which offer is (i) binding by its terms against the
offeror, (ii) is subject to no material contingencies, (iii) for the purchase of all of the outstanding equity or all the assets of the Company and (iv) the gross cash proceeds payable at the closing of such transaction to the holders
of shares of Series A-1 Preferred Stock (the “Series A-1 Proceeds per Share”) would result in a return to such holders of not less than three times (3x) the original issue price of such Series A-1 Preferred Stock (a transaction
that meets the criteria in clauses (i) through (iv), a “Qualifying Offer”); and 
 (c) the Qualifying Offer is not
approved by the requisite corporate action of the Board of Directors and the stockholders of the Company. 
 As used herein, “completed a Phase II
human trial” means the availability of the results of the Company’s clinical evaluation of pharmacokinetic and pharmacodynamic effects of the Company’s oral zoledronic acid product opportunity in at least 30 post-menopausal women.

 As used herein, “completed a Phase III human trial” means the availability of unblinded data of the Company’s clinical evaluation
of the efficacy of the Company’s oral zoledronic acid product opportunity in at least 100 patients. 
 5.2 If all of the conditions set
forth in Section 5.1 (a)–(c) have been satisfied, the Company shall give each Senior Series A-1 Investor written notice thereof within two business days. For a period of 15 days following receipt of such written notice from the Company,
each Senior Series A-1 Investor shall have the right (the “Redemption Right”) to request that the Company redeem from such investor, for an aggregate purchase price equal to such investor’s investment in the shares of Series
A-1 Preferred Stock then owned by such investor (the “Series A-1 Investment Amount”), a number of shares of Series A-1 Preferred Stock that is equal to the quotient of such investor’s Series A-1 Investment Amount divided by the
Series A-1 Proceeds per Share (the “Redemption  

  
 22 

 
Shares”). A Senior Series A-1 Investor may exercise the Redemption Right by giving written notice to the Company no later than the expiration of such 15-day period that such investor
is exercising the Redemption Right (the “Redemption Notice”). The Company shall have a period of 90 days following receipt of the last Redemption Notice received by the Company to purchase all the Redemption Shares with respect to
which it has received a Redemption Notice from Senior Series A-1 Investors and Other Participating Series A-1 Investors (defined below). The closing shall be held at the Company’s principal office as soon as practicable following the
commencement of the 90-day period. At the closing the Company shall pay to each Senior Series A-1 Investor who has exercised the Redemption Right and Other Participating Investors such Investor’s Series A-1 Investment Amount by wire transfer of
immediately available funds against delivery to the Company of a stock certificate representing the Redemption Shares owned by such investor duly endorsed in blank and such other executed agreements and acknowledgments as may reasonably be requested
by the Company To the extent that the Company has funds to purchase a portion but less than all of the Redemption Shares with respect to which it has received a Redemption Notice from Senior Series A-1 Investors and Other Participating Series A-1
Investors at the commencement of the 90-day period, the Company shall purchase such Redemption Shares from such Investors on a pro rata basis as soon as practicable at an initial closing and shall hold a subsequent closing at which it will purchase
the Redemption Shares not purchased at the initial closing as soon as practicable within such 90-day period. 
 5.3 If the Company receives
a Redemption Notice from any Senior Series A-1 Investor within the 15-day period described in Section 5.2, the Company shall give written notice to any other Investor who owns not less than 21,404 shares of Series A-1 Preferred Stock that such
Investor has the right to request that the Company redeem from such Investor, for an aggregate purchase price equal to such Investor’s investment in the shares of Series A-1 Preferred Stock then owned by such Investor on the same terms and
conditions set forth in Section 5.2; provided that the 15-day period within which such Investor must provide the Company a Redemption Notice shall commence on the date on which the Company provides such written notice to such Investor.
Investors that deliver a Redemption Notice to the Company pursuant to this Section 5.3 are referred to herein as “Other Participating Series A-1 Investors”. 

5.4 The Ventry Group (as defined in Section 6.13) shall be deemed a Senior Series A-1 Investor for purposes of this Section 5 but
only if all members of the Ventry Group elect to exercise the Redemption Right collectively. 
  

	6.	Miscellaneous. 

 6.1 Governing Law. This Agreement shall be governed by, and
construed and interpreted in accordance with, the laws of the State of Delaware without giving effect to principles of conflicts of law or choice of law that would cause the laws of any other jurisdiction to apply. 

6.2 Amendment and Waiver. Any provision of this Agreement may be amended and the observance thereof may be waived (either generally or
in a particular 

  
 23 

 
instance and either retroactively or prospectively), only upon the written consent of the Company and Investors holding at least a majority of the shares of Common Stock issued or issuable upon
conversion of Series A Preferred Stock and Series A-1 Preferred Stock owned by all Investors. Any amendment or waiver effected in accordance with this Section 6.2 shall be binding upon each Investor who did not consent in writing thereto.
Notwithstanding the foregoing, no amendment, modification or waiver shall (a) adversely affect the rights or obligations of any Investor (i) contained in any provision of this Agreement in a manner disproportionately different from any
other Investor or (ii) specifically granted to such Investor but not to all other Investors or (b) change the terms and conditions of Sections 1.4, 2.8 and 6.11, Article III, or this Section 6.2, without each Investor’s prior
written consent. 
 6.3 Entire Agreement. This Agreement constitutes the entire agreement between the parties relative to the
specific subject matter hereof. Any previous agreement among the parties relative to the specific subject matter hereof is superseded by this Agreement. 

6.4 Notices. All notices required or permitted hereunder shall be in writing and shall be deemed effectively given: (a) upon
personal delivery to the party to be notified, including by e-mail or facsimile transmission; (b) five days after having been sent by registered or certified mail, return receipt requested, postage prepaid; (c) the next business day after
deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the Company at the address, e-mail address or facsimile number set forth on its signature
page hereto and to each Investor at the address or facsimile number set forth on Schedule A hereto or at such other address as the Company or each Investor may designate by 10 days’ advance written notice to the other parties hereto. 

6.5 Severability. In the event one or more of the provisions of this Agreement should, for any reason, be held to be invalid, illegal
or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provisions of this Agreement, and this Agreement shall be construed as if such invalid, illegal or unenforceable provision had never been
contained herein. 
 6.6 Additional Investors. Notwithstanding anything to the contrary contained herein, if the Company shall issue
additional shares of its Series A or Series A-1 Preferred Stock, any purchaser of such shares of Series A or Series A-1 Preferred Stock may become a party to this Agreement by executing and delivering an additional counterpart signature page to this
Agreement and shall be deemed an “Investor” hereunder. 
 6.7 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. 
 6.8
Successors and Assigns. The provisions hereof shall inure to the benefit of, and be binding upon, the successors and assigns of the parties hereto; provided that neither this Agreement nor any rights hereunder may be assigned by an Investor
without the prior written consent of the Company. 

  
 24 

 6.9 Specific Performance. The parties hereto hereby declare that it is impossible to
measure in money the damages that will accrue to a party hereto, or to their heirs, personal representatives, successors or assigns, by reason of a failure to perform any of the obligations under this Agreement and agree that the terms of this
Agreement shall be specifically enforceable. If any party hereto, or his heirs, personal representatives, or successors or assigns, institutes any action or proceeding to specifically enforce the provisions hereof, any person against whom such
action or proceeding is brought hereby waives the claim or defense therein that such party or such personal representative has an adequate remedy at law, and such person shall not offer in any such action or proceeding the claim or defense that such
remedy at law exists. 
 6.10 Titles and Subtitles. The titles of the sections and subsections of this Agreement are for convenience
of reference only and are not to be considered in construing this Agreement. 
 6.11 Termination. The Company’s rights and
obligations, and the rights and obligations of each Investor, under Sections 1, 2, 3 and 4 of this Agreement shall terminate upon the earliest of (a) the closing of the sale of Common Stock pursuant to a registration statement filed by the
Company under the Securities Act in connection with a firm commitment underwritten public offering, (b) the consummation of a Change in Control Transaction (as defined below) in which the acquiring person, the surviving corporation or resulting
corporation, as the case may be, is a corporation that has a class of securities that is registered under the Exchange Act and whose shares are publicly traded on a nationally recognized stock exchange; or (c) the date as of which the parties
hereto terminate this Agreement by written consent of the Company and Investors holding a majority of the Shares then outstanding on an as-converted to Common Stock basis provided, however, that the covenants set forth in
Section 1.1 shall terminate and be of no force or effect when the Company first becomes subject to the periodic reporting requirements of the Exchange Act, if such date is earlier than either of the events described in clauses (a), (b) or
(c); provided further that Section 2 shall survive termination of this Agreement pursuant to clause (a) above. As used in this Agreement, “Change in Control Transaction” means any consolidation or merger of
the Company with or into any other corporation or other entity or person, or any other corporate reorganization, in which the stockholders of the Company immediately prior to such consolidation, merger or reorganization, do not hold at least a
majority of the resulting or surviving corporation’s voting power immediately after such consolidation, merger or reorganization, or the sale, lease, or other disposition of all or substantially all of the assets of the Company. 

6.12 Series A Director. Each Investor who owns Series A Preferred Stock hereby agrees that, for so long as Ashaway Limited or its
affiliates own a majority of the outstanding shares of Series A Preferred Stock, such Investor shall nominate and elect Filip Amram as the director whom the holders of Series A Preferred Stock are entitled to nominate and elect pursuant to Article
IV B Section 5 of the Certificate of Incorporation, 

  
 25 

 
to serve in such capacity in accordance with the Certificate of Incorporation and Bylaws of the Company until his successor is duly elected and qualified or his earlier death, resignation or
removal. 
 6.13 Series A-1 Director. Each Investor who owns Series A-1 Preferred Stock hereby agrees that, for so long as the Ventry
Group or its affiliates own not less than 85,616 shares of Series A-1 Preferred Stock, such Investor shall nominate and elect the Ventry Group Nominee as the director whom the holders of Series A-1 Preferred Stock are entitled to nominate and elect
pursuant to Article IV B Section 5 of the Certificate of Incorporation, to serve in such capacity in accordance with the Certificate of Incorporation and Bylaws of the Company until his successor is duly elected and qualified or his earlier
death, resignation or removal. “Ventry Group” means Stephen A. Davis, John H. Davis and Robert Roy. “Ventry Group Nominee” means the person designated by holders of not less than a majority of the shares of Series A-1 Preferred
Stock owned by the Ventry Group. 

  
 26 

 FOURTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

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

 

			
	THAR PHARMACEUTICALS, INC.
		
	By:	 	 /s/ Raymond Houck

		 	Raymond K. Houck
		 	President and Chief Executive Officer
	
	Address:
	
	Thar Pharmaceuticals, Inc.
	150 Gamma Drive
	Pittsburgh, PA 15238

 FOURTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

INVESTOR’S COUNTERPART SIGNATURE PAGE 
  

			
	Individual Investor
		
	Name:	 	Stephen A. Davis
	Signature:	 	 /s/ Stephen A. Davis

		
	Date:	 	12/20/10
		
	Address:	 	One Monarch Place, Suite 1450
	Springfield, MA 01144
	  

	E-mail:	 	akeiser@ventryllc.com
	Facsimile:	 	413-734-8539
	
	Entity Investor
		
	Name:	 	  

		
	By:	 	  

	Name:	 	
	Title:	 	
		
	Date:	 	  

		
	Address:	 	  

	  

	  

	E-mail:	 	  

	Facsimile:	 	  

  

 FOURTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

INVESTOR’S COUNTERPART SIGNATURE PAGE 
  

			
	Individual Investor
		
	Name:	 	John H. Davis
	Signature:	 	 /s/ John H. Davis

		
	Date:	 	12/20/10
		
	Address:	 	One Monarch Place Suite 1450
	Springfield, MA 01144
	  

	E-mail:	 	akeiser@ventryllc.com
	Facsimile:	 	413-734-8539
	
	Entity Investor
		
	Name:	 	  

		
	By:	 	  

	Name:	 	
	Title:	 	
		
	Date:	 	  

		
	Address:	 	  

	  

	  

	E-mail:	 	  

	Facsimile:	 	  

 FOURTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

INVESTOR’S COUNTERPART SIGNATURE PAGE 
  

			
	Individual Investor
		
	Name:	 	Robert Roy
	Signature:	 	 /s/ Robert Roy

		
	Date:	 	 12/20/10

		
	Address:	 	One Monarch Place Suite 1450
	Springfield, MA 01144
	  

	E-mail:	 	rroy@ventryllc.com
	Facsimile:	 	413-734-8539
	
	Entity Investor
		
	Name:	 	  

		
	By:	 	  

	Name:	 	
	Title:	 	
		
	Date:	 	  

		
	Address:	 	  

	  

	  

	E-mail:	 	  

	Facsimile:	 	  

 FOURTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

INVESTOR’S COUNTERPART SIGNATURE PAGE 
  

 
			
	Individual Investor
		
	Name:	 	  

	Signature:	 	  

		
	Date:	 	  

		
	Address:	 	  

	  

	  

	E-mail:	 	  

	Facsimile:	 	  

	
	Entity Investor
		
	Name:	 	ASHAWAY LIMITED
		
	By:	 	 /s/ Buchecker Rainer

	Name:	 	Buchecker Rainer
	Title:	 	Director
		
	Date:	 	 2/4/08

		
	Address:	 	Rue de Centrier 17
	1201 Geneva - CH
	  

	E-mail:	 	info@itmsa.ch
	Facsimile:	 	+4122-317-10-44

 FOURTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

INVESTOR’S COUNTERPART SIGNATURE PAGE 
  

 
			
	Individual Investor
		
	Name:	 	  

	Signature:	 	  

		
	Date:	 	  

		
	Address:	 	  

	  

	  

	E-mail:	 	  

	Facsimile:	 	  

	
	Entity Investor
		
	Name:	 	Sitara Investments
		
	By:	 	 /s/ Lalit Chordia

	Name:	 	Lalit Chordia
	Title:	 	President
		
	Date:	 	 11/29/10

		
	Address:	 	730 William Pitt Way
	Pittsburgh, PA 15238
	  

	E-mail:	 	chordia@thartech.com
	Facsimile:	 	412-826-3215

 FOURTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

INVESTOR’S COUNTERPART SIGNATURE PAGE 
  

			
	Individual Investor
		
	Name:	 	Sunil Wadhwani
	Signature:	 	 /s/ Sunil Wadhwani

		
	Date:	 	 8/18/14

		
	Address:	 	 1000 Commerce Drive, Suite 500

	 Pittsburgh, PA 15275

	  

	E-mail:	 	 swadhwani@igate.com

	Facsimile:	 	  

	
	Entity Investor
		
	Name:	 	  

		
	By:	 	  

	Name:	 	
	Title:	 	
		
	Date:	 	  

		
	Address:	 	  

	  

	  

	E-mail:	 	  

	Facsimile:	 	  

 FOURTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

INVESTOR’S COUNTERPART SIGNATURE PAGE 
  

			
	Individual Investor
		
	Name:	 	Mazen Hanna
	Signature:	 	 /s/ Mazen Hanna

		
	Date:	 	 12/20/10

		
	Address:	 	1451 Kensington Woods Drive
	Lutz, Florida 33549
	  

	E-mail:	 	mhanna@tharpharma.com
	Facsimile:	 	  

	
	Entity Investor
		
	Name:	 	  

		
	By:	 	  

	Name:	 	
	Title:	 	
		
	Date:	 	  

		
	Address:	 	  

	  

	  

	E-mail:	 	  

	Facsimile:	 	  

 FOURTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

INVESTOR’S COUNTERPART SIGNATURE PAGE 
  

 
			
	Individual Investor
		
	Name:	 	Rifat Kamhi
	Signature:	 	 /s/ Rifat Kamhi

		
	Date:	 	 8/19/14

		
	Address:	 	12 Av. Montaigne
	75008 Paris, FRANCE
	  

	E-mail:	 	rifat.kamhi@gmail.com
	Facsimile:	 	  

	
	Entity Investor
		
	Name:	 	  

		
	By:	 	  

	Name:	 	
	Title:	 	
		
	Date:	 	  

		
	Address:	 	  

	  

	  

	E-mail:	 	  

	Facsimile:	 	  

 FOURTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

INVESTOR’S COUNTERPART SIGNATURE PAGE 
  

			
	Individual Investor
		
	Name:	 	  

	Signature:	 	  

		
	Date:	 	  

		
	Address:	 	  

	  

	  

	E-mail:	 	  

	Facsimile:	 	  

	
	Entity Investor
		
	Name:	 	Innovation Works
		
	By:	 	 /s/ Craig Gomulka

	Name:	 	Craig Gomulka
	Title:	 	V.P. & Chief Investment Officer
		
	Date:	 	 12/20/10

		
	Address:	 	2000 Technology Dr., Suite 250
	Pittsburgh, PA 15219
	  

	E-mail:	 	cgomulka@innovationworks.org
	Facsimile:	 	412-681-2625

 FOURTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

INVESTOR’S COUNTERPART SIGNATURE PAGE 
  

			
	Individual Investor
		
	Name:	 	Neeraj Mangla
	Signature:	 	 /s/ Neeraj Mangla

		
	Date:	 	 8/19/14

		
	Address:	 	15 Old Canal Crossing
	Farmington, CT 06032
	  

	E-mail:	 	mangla4@mangla.org
	Facsimile:	 	860-677-7349
	
	Entity Investor
		
	Name:	 	  

		
	By:	 	  

	Name:	 	
	Title:	 	
		
	Date:	 	  

		
	Address:	 	  

	  

	  

	E-mail:	 	  

	Facsimile:	 	  

 FOURTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

INVESTOR’S COUNTERPART SIGNATURE PAGE 
  

			
	Individual Investor
		
	Name:	 	  

	Signature:	 	  

		
	Date:	 	  

		
	Address:	 	  

	  

	  

	E-mail:	 	  

	Facsimile:	 	  

	
	Entity Investor
		
	Name:	 	Empire Advisors LLC
		
	By:	 	 /s/ David J. Richards

	Name:	 	David J. Richards
	Title:	 	President
		
	Date:	 	 8/19/14

		
	Address:	 	17000 Gulf Blvd., Penthouses
	N. Redington Beach, Florida 33708
	  

	E-mail:	 	djr@n8medical.com
	Facsimile:	 	  

 FOURTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

INVESTOR’S COUNTERPART SIGNATURE PAGE 
  

			
	Individual Investor
		
	Name:	 	  

	Signature:	 	  

		
	Date:	 	  

		
	Address:	 	  

	  

	  

	E-mail:	 	  

	Facsimile:	 	  

	
	Entity Investor
		
	Name:	 	DFB Management LLC
		
	By:	 	 /s/ Charles Davidson

	Name:	 	Charles Davidson
	Title:	 	Managing Member
		
	Date:	 	 8/19/14

		
	Address:	 	1340 Gulf Blvd., Unit 3A
	Clearwater, FL 33767
	  

	E-mail:	 	  

	Facsimile:	 	  

 FOURTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

INVESTOR’S COUNTERPART SIGNATURE PAGE 
  

			
	Individual Investor
		
	Name:	 	John Kennedy
	Signature:	 	 /s/ John Kennedy

		
	Date:	 	 8/19/14

		
	Address:	 	7070 Pleasant Colony Circle
	Blacklick, OH 43004
	  

	E-mail:	 	jkennedy@cbjlawyers.com
	Facsimile:	 	  

	
	Entity Investor
		
	Name:	 	  

		
	By:	 	  

	Name:	 	
	Title:	 	
		
	Date:	 	  

		
	Address:	 	  

	  

	  

	E-mail:	 	  

	Facsimile:	 	  

 FOURTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

INVESTOR’S COUNTERPART SIGNATURE PAGE 
  

			
	Individual Investor
		
	Name:	 	  

	Signature:	 	  

		
	Date:	 	  

		
	Address:	 	  

	  

	  

	E-mail:	 	  

	Facsimile:	 	  

	
	Entity Investor
		
	Name:	 	Breedlove Family Limited
	Partership
		
	By:	 	 /s/ Maria Breedlove

	Name:	 	Maria Breedlove
	Title:	 	General Partner
		
	Date:	 	 8/19/14

		
	Address:	 	220 7th Avenue
	Beaver Falls, PA 15010
	  

	E-mail:	 	mbreedlove@keystoneprofiles.com
	Facsimile:	 	724-506-1512

 FOURTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

INVESTOR’S COUNTERPART SIGNATURE PAGE 
  

			
	Individual Investor
		
	Name:	 	Ron Charapp
	Signature:	 	 /s/ Ron Charapp

		
	Date:	 	8/19/14
		
	Address:	 	 164 Rockwell Lane

	 Pittsburgh, PA 15218-1314

	  

	E-mail:	 	roncharapp@aol.com
	Facsimile:	 	  

	
	Entity Investor
		
	Name:	 	  

		
	By:	 	  

	Name:	 	
	Title:	 	
		
	Date:	 	  

		
	Address:	 	  

	  

	  

	E-mail:	 	  

	Facsimile:	 	  

 FOURTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

INVESTOR’S COUNTERPART SIGNATURE PAGE 
  

			
	Individual Investor
		
	Name:	 	David V. Richards
	Signature:	 	 /s/ David V. Richards

		
	Date:	 	8/19/14
		
	Address:	 	7158 Wilton Chase St.
	Dublin, OH 43017
	  

	E-mail:	 	dvrichards@empireadvisorsllc.com
	Facsimile:	 	  

	
	Entity Investor
		
	Name:	 	  

		
	By:	 	  

	Name:	 	
	Title:	 	
		
	Date:	 	  

		
	Address:	 	  

	  

	  

	E-mail:	 	  

	Facsimile:	 	  

 FOURTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

INVESTOR’S COUNTERPART SIGNATURE PAGE 
  

			
	Individual Investor
		
	Name:	 	Gerald Leeseberg
	Signature:	 	 /s/ Gerald Leeseberg

		
	Date:	 	8/19/14
		
	Address:	 	175 S. Third St., P.H.One
	Columbus, OH 43215
	  

	E-mail:	 	gsl@leesebergvalentine.com
	Facsimile:	 	614-221-3106
	
	Entity Investor
		
	Name:	 	  

		
	By:	 	  

	Name:	 	
	Title:	 	
		
	Date:	 	  

		
	Address:	 	  

	  

	  

	E-mail:	 	  

	Facsimile:	 	  

 FOURTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

INVESTOR’S COUNTERPART SIGNATURE PAGE 
  

 
			
	Individual Investor
		
	Name:	 	Teddy A. Ward
	Signature:	 	 /s/ Teddy A. Ward

		
	Date:	 	8/19/14
		
	Address:	 	15 South Wind Ct.
	Niceville, FL 32578
	  

	E-mail:	 	award999@aol.com
	Facsimile:	 	  

	
	Entity Investor
		
	Name:	 	  

		
	By:	 	  

	Name:	 	
	Title:	 	
		
	Date:	 	  

		
	Address:	 	  

	  

	  

	E-mail:	 	  

	Facsimile:	 	  

 FOURTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

INVESTOR’S COUNTERPART SIGNATURE PAGE 
  

 
			
	Individual Investor
		
	Name:	 	M. K. Busch
	Signature:	 	 /s/ M. K. Busch

		
	Date:	 	8/19/14
		
	Address:	 	1973 Grand Dr.
	Fairfield, IA 52556
	  

	E-mail:	 	mbusch108@gmail.com
	Facsimile:	 	  

	
	Entity Investor
		
	Name:	 	  

		
	By:	 	  

	Name:	 	
	Title:	 	
		
	Date:	 	  

		
	Address:	 	  

	  

	  

	E-mail:	 	  

	Facsimile:	 	  

 FOURTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

INVESTOR’S COUNTERPART SIGNATURE PAGE 
  

			
	Individual Investor
		
	Name:	 	Myles Harrington
	Signature:	 	 /s/ Myles Harrington

		
	Date:	 	8/13/14
		
	Address:	 	429 Forbes Avenue, Suite 1800
	Pittsburgh, PA 15219
	  

	E-mail:	 	myles@grantstreet.com
	Facsimile:	 	866-387-3159
	
	Entity Investor
		
	Name:	 	  

		
	By:	 	  

	Name:	 	
	Title:	 	
		
	Date:	 	  

		
	Address:	 	  

	  

	  

	E-mail:	 	  

	Facsimile:	 	  

 FOURTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

INVESTOR’S COUNTERPART SIGNATURE PAGE 
  

			
	Individual Investor
		
	Name:	 	Oneil S. Bains
	Signature:	 	 /s/ Oneil S. Bains

		
	Date:	 	8/19/14
		
	Address:	 	8227 Merrimount Drive
	Mercer Island, WA 98040
	  

	E-mail:	 	osbains@yahoo.com
	Facsimile:	 	206-341-0447
	
	Entity Investor
		
	Name:	 	  

		
	By:	 	  

	Name:	 	
	Title:	 	
		
	Date:	 	  

		
	Address:	 	  

	  

	  

	E-mail:	 	  

	Facsimile:	 	  

 FOURTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

INVESTOR’S COUNTERPART SIGNATURE PAGE 
  

 
			
	Individual Investor
		
	Name:	 	Gregory Kaminski
	Signature:	 	 /s/ Gregory Kaminski

		
	Date:	 	12/20/10
		
	Address:	 	526 Cochran Street
	Sewickley, PA 15143
	  

	E-mail:	 	gregkaminski@comcast.net
	Facsimile:	 	  

	
	Entity Investor
		
	Name:	 	  

		
	By:	 	  

	Name:	 	
	Title:	 	
		
	Date:	 	  

		
	Address:	 	  

	  

	  

	E-mail:	 	  

	Facsimile:	 	  

 FOURTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

INVESTOR’S COUNTERPART SIGNATURE PAGE 
  

			
	Individual Investor
		
	Name:	 	Tejay and Vijay Patel
	Signature:	 	 /s/ Tejay Patel

	Signature:	 	/s/ Vijay Patel
		
	Date:	 	 8/19/14

		
	Address:	 	17936 Cachet Isle Dr.
	Tampa, FL 33647
	  

	E-mail:	 	vijtej@yahoo.com
	Facsimile:	 	  

	
	Entity Investor
		
	Name:	 	  

		
	By:	 	  

	Name:	 	
	Title:	 	
		
	Date:	 	  

		
	Address:	 	  

	  

	E-mail:	 	  

	Facsimile:	 	  

 FOURTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

INVESTOR’S COUNTERPART SIGNATURE PAGE 
  

			
	Individual Investor
		
	Name:	 	Todd Palcic
	Signature:	 	 /s/ Todd Palcic

		
	Date:	 	 12/20/10

		
	Address:	 	1315 Arch St.
	Pittsburgh, PA 15212
	  

	E-mail:	 	todd.palcic@gmail.com
	Facsimile:	 	  

	
	Entity Investor
		
	Name:	 	  

		
	By:	 	  

	Name:	 	
	Title:	 	
		
	Date:	 	  

		
	Address:	 	  

	  

	  

	E-mail:	 	  

	Facsimile:	 	  

 FOURTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

INVESTOR’S COUNTERPART SIGNATURE PAGE 
  

			
	Individual Investor
		
	Name:	 	Alex Fisher
	Signature:	 	 /s/ Alex Fisher

		
	Date:	 	 8/19/14

		
	Address:	 	1475 W. 3rd Ave., #403
	Columbus, OH 43212
	  

	E-mail:	 	arf@columbuspartnership.com
	Facsimile:	 	  

	
	Entity Investor
		
	Name:	 	  

		
	By:	 	  

	Name:	 	
	Title:	 	
		
	Date:	 	  

		
	Address:	 	  

	  

	  

	E-mail:	 	  

	Facsimile:	 	  

 FOURTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

INVESTOR’S COUNTERPART SIGNATURE PAGE 
  

			
	Individual Investor
		
	Name:	 	Mike Burgin
	Signature:	 	 /s/ Mike Burgin

		
	Date:	 	 8/19/14

		
	Address:	 	7166 Shetlaud St.
	Columbus, OH 43235-2160
	  

	E-mail:	 	michael.burgin@osumc.edu
	Facsimile:	 	614-366-5111
	
	Entity Investor
		
	Name:	 	  

		
	By:	 	  

	Name:	 	
	Title:	 	
		
	Date:	 	  

		
	Address:	 	  

	  

	  

	E-mail:	 	  

	Facsimile:	 	  

 FOURTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

INVESTOR’S COUNTERPART SIGNATURE PAGE 
  

			
	Individual Investor
		
	Name:	 	Robert Bablak
	Signature:	 	 /s/ Robert Bablak

		
	Date:	 	 8/19/14

		
	Address:	 	14 Pinegrove Blvd.
	Russell, PA 16345
	  

	E-mail:	 	bbablak@nwbcorp.com
	Facsimile:	 	  

	
	Entity Investor
		
	Name:	 	  

		
	By:	 	  

	Name:	 	
	Title:	 	
		
	Date:	 	  

		
	Address:	 	  

	  

	  

	E-mail:	 	  

	Facsimile:	 	  

 FOURTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

INVESTOR’S COUNTERPART SIGNATURE PAGE 
  

			
	Individual Investor
		
	Name:	 	Archana Shah
	Signature:	 	 /s/ Archana Shah

		
	Date:	 	 8/19/14

		
	Address:	 	7863 Lantana Creek Road
	Seminole, FL 33777
	  

	E-mail:	 	archieshah@yahoo.com
	Facsimile:	 	  

	
	Entity Investor
		
	Name:	 	  

		
	By:	 	  

	Name:	 	
	Title:	 	
		
	Date:	 	  

		
	Address:	 	  

	  

	  

	E-mail:	 	  

	Facsimile:	 	  

 FOURTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

INVESTOR’S COUNTERPART SIGNATURE PAGE 
  

			
	Individual Investor
		
	Name:	 	Wayne S. Leeper
	Signature:	 	 /s/ Wayne S. Leeper

		
	Date:	 	 8/19/14

		
	Address:	 	12902 SW Kingsway Cr.
	Lake Suzy, FL 34269
	  

	E-mail:	 	wleeps@gmail.com
	Facsimile:	 	  

	
	Entity Investor
		
	Name:	 	  

		
	By:	 	  

	Name:	 	
	Title:	 	
		
	Date:	 	  

		
	Address:	 	  

	  

	  

	E-mail:	 	  

	Facsimile:	 	  

 SCHEDULE A 

SCHEDULE OF INVESTORS 
 Series A-1
Preferred Stock 
  

					
	 NAME AND ADDRESS
	  	SHARES	 
	 Sitara Investments

730 William Pitt Way

Pittsburgh, PA 15238
	  	 	108,245	  
		
	 Ashaway Limited

C/O ITM SA

17 Rue du Cendrier

P.O. Box 1699

CH-1211 Geneva 1
	  	 	129,884	  
		
	 James L. Waters

80 Deaconess Road, Suite 132

Concord MA 01742
	  	 	74,139	  
		
	 Mazen Hanna

1451 Kensington Woods Drive

Lutz, FL 33544
	  	 	28,987	  
		
	 Stephen A. Davis

C/O Ventry Industries, LLC

1 Monarch PL, Suite 1450

Springfield, MA 01144
	  	 	60,694	  
		
	 John H. Davis

C/O Ventry Industries, LLC

1 Monarch PL, Suite 1450

Springfield, MA 01144
	  	 	60,694	  
		
	 Robert Roy

C/O Ventry Industries, LLC

1 Monarch PL, Suite 1450

Springfield, MA 01144
	  	 	13,488	  
		
	 Audrey’s Kitchen LP

371 Pearce Mill Rd.

Wexford, PA 15090
	  	 	9,305	  
		
	 Gregory Kaminsky

526 Cochran St.

Sewickley, PA 15143
	  	 	8,561	  
		
	 K. Ward Rodgers

796 Latonka Dr.

Mercer, PA 16137
	  	 	2,140	  
		
	 A. Scott Rodgers

3852 Henley Dr.

Pittsburgh, PA 15235
	  	 	2,140	  
		
	 Joseph P. Diggins, Jr.

403 Quaker Rd.

Sewickley, PA 15143
	  	 	4,281	  
		
	 Robert A. and Rosalie J. Bablak

570 Bouquin Circle

Oil City, PA 16301
	  	 	2,141	  

					
	 Patrick T. and Teresa K. Mitchelson

12921 Timmor Ct.

St. Louis, MO 63131
	  	 	10,560	  
		
	 Joseph T. Euliano

1853 Waldorf Dr.

Royal Palm Beach, FL 3341
	  	 	9,030	  
		
	 Adam Brufsky

1798 Tragone Dr.

Pittsburgh, PA 15241
	  	 	3,931	  
		
	 Sanjeev Bahri

4006 Chelstead Way

Murrysville, PA 15668
	  	 	2,443	  
		
	 F. Joseph Daugherty

1111 S. 112th Plaza

Omaha, NE 68114
	  	 	2,570	  
		
	 Innovation Works

2000 Technology Drive, Suite 250

Pittsburgh, PA 15219
	  	 	32,918	  
		
	 Sunil Wadhwani

1110 Meridian Drive

Presto, PA 15142
	  	 	42,808	  
		
	 Denise Springer

416 Avonworth Heights Drive

Pittsburgh, PA 15237
	  	 	2,442	  
		
	 Schofield Family LLC

5180 Watters Road

Lower Burrell,PA 15068
	  	 	8,560	  
		
	 Carolyn Rank

1683 Reissing Road

McDonald, PA 15057
	  	 	3,191	  
		
	 Richard Waters

65 Captain Miles Lane

Concord, MA 01742
	  	 	43,142	  
		
	 Rifat Kamhi

12 Av. Montaigne

75008 Paris, FRANCE
	  	 	19,658	  
		
	 Neeraj Mangla

15 Old Canal Crossing

Farmington, CT 06032
	  	 	19,668	  
		
	 Empire Advisors LLC

17000 Gulf Blvd., Penthouses

N. Redington Beach, Florida 33708
	  	 	14,022	  
		
	 DFB Management LLC

1340 Gulf Blvd., Unit 3A

Clearwater, FL 33767
	  	 	9,817	  
		
	 John Kennedy

7070 Pleasant Colony Circle

Blacklick, OH 43004
	  	 	9,346	  
		
	 Breedlove Family Limited Partnership

220 7th Avenue

Beaver Falls, PA 15010
	  	 	9,339	  
		
	 Ron Charapp

164 Rockwell Lane

Pittsburgh, PA 15218-1314
	  	 	3,233	  

					
	 David Richards

7158 Wilton Chase St.

Dublin, OH 43017
	  	 	4,672	  
		
	 Gerald Leeseberg

175 S. Third St., P.H.One

Columbus, OH 43215
	  	 	4,300	  
		
	 Stephen Roop

43 Mount Vernon St., Apt. 3

Boston, MA 02108
	  	 	8,562	  
		
	 Teddy A. Ward

15 South Wind Ct.

Niceville, FL 32578
	  	 	4,742	  
		
	 M.K. Busch

1973 Grand Dr.

Fairfield, IA 52556
	  	 	4,920	  
		
	 Myles Harrington

429 Forbes Avenue, Suite 1800

Pittsburgh, PA 15219
	  	 	4,920	  
		
	 Oneil S. Bains

8227 Merrimount Drive

Mercer Island, WA 98040
	  	 	4,681	  
		
	 Tejay & Vijay Patel

17936 Cachet Isle Dr.

Tampa, FL 33647
	  	 	4,303	  
		
	 Todd Palcic

1315 Arch St.

Pittsburgh, PA 15212
	  	 	6,421	  
		
	 Alex Fisher

1475 W. 3rd Ave., #403

Columbus, OH 43212
	  	 	2,336	  
		
	 Mike Burgin

7166 Shetlaud St.

Columbus, OH 43235-2160
	  	 	2,150	  
		
	 Robert Bablak

14 Pinegrove Blvd.

Russell, PA 16345
	  	 	1,228	  
		
	 Archana Shah

7863 Lantana Creek Road

Seminole, FL 33777
	  	 	2,454	  
		
	 Wayne Leeper

12902 SW Kingsway Cr.

Lake Suzy, FL 34269
	  	 	1,166	  
		
	 Harbaksh Sidhu

4657 Wellworth Ct.

Allison Park, PA 15101
	  	 	4,280	  

 Series A Preferred Stock 
  

					
	 NAME AND ADDRESS
	  	SHARES	 
	 Ashaway Limited

C/O ITM SA

17 Rue du Cendrier

P.O. Box 1699

CH-1211 Geneva 1
	  	 	123,456	  
		
	 Guru Ramanathan

9013 Audobon Drive

Gibsonia, PA 15044
	  	 	7,482	  
		
	 A. Scott Rodgers

3852 Henley Drive

Pittsburgh, PA 15235
	  	 	3,741	  
		
	 K. Ward Rodgers

796 Latonra Drive

Mercer, PA 16137
	  	 	3,741	  
		
	 Terrence O. Tomey

4842 Mountain Top Road West

New Hope, PA 18938
	  	 	9,259	  
		
	 Lazar Associates

107 Nautilus Avenue

Austin, TX 78738
	  	 	989

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00261-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00261-of-00352.parquet"}]]