Document:

REGISTRATION RIGHTS AGREEMENT

 Exhibit 4.8 
  

REGISTRATION RIGHTS AGREEMENT 
  
 This Registration Rights Agreement (the “Agreement”) dated as of April 26, 2004 is entered into by and between Icagen, Inc., a Delaware
corporation (the “Company”), and Abbott Laboratories, an Illinois corporation (“Abbott”). 
  
 WHEREAS, the Company and Abbott entered into a Series E Convertible Preferred Stock Purchase Agreement, dated November 14, 1997 and a Series E-1
Convertible Preferred Stock Purchase Agreement, dated January 18, 2001 (together, the “Purchase Agreements”); and 
  
 WHEREAS, the Company and Abbott wish to provide for certain arrangements with respect to the registration of shares of capital stock of the Company,
issued pursuant to the Purchase Agreements, under the Securities Act of 1933, as amended (the “Securities Act”). 
  
 NOW, THEREFORE, in consideration of the mutual promises and covenants contained in this Agreement, the parties hereto agree as follows: 
  
 1. Registration Rights. 
  
 (a) Incidental Registration. 
  
 (i) Whenever the Company proposes to register any of its
securities under the Securities Act for a public offering for cash, whether as a primary or secondary offering or pursuant to registration rights granted to holders of other securities of the Company (other than a registration relating to employee
benefit plans or to a transaction under Rule 145 of the Securities Act), the Company shall, each such time, give Abbott advance written notice thereof. Upon the written request of Abbott within twenty (20) days after Abbott’s receipt of such
notice, the Company shall cause to be included in such registration all of Abbott’s shares of Common Stock issuable upon conversion of the Series E Convertible Preferred Stock (the “Series E Preferred”) and the Series E-1 Convertible
Preferred Stock (the “Series E-1 Preferred”) (collectively, the “Registrable Securities”) which Abbott requests to be registered; provided, however, that Abbott agrees to sell such Registrable Securities in the same manner and on
the same terms and conditions (including underwriting, indemnification and lock-up provisions) as the other holders of securities which the Company proposes to register. 
  
 (ii) Underwriting. If the registration of which the Company gives notice is for a registered public
offering involving an underwriting, the Company shall so advise Abbott as a part of the written notice given pursuant to Section 1(a). In such event the right of Abbott to registration shall be conditioned upon the participation by such holder in
such underwriting and the inclusion of the Registrable Securities of such holder in the underwriting to the extent provided herein. Abbott shall (together with the Company and the other holders distributing their securities through such
underwriting) enter into an underwriting agreement in customary form with the managing underwriter selected for such underwriting by the Company. Notwithstanding any other provision of this Section 1, if the managing underwriter determines that
marketing factors require a limitation of the number of shares to be underwritten, the 

  

 
managing underwriter may limit the Registrable Securities to be included in such registration. The Company shall so advise Abbott and the other holders
distributing their securities through such underwriting (other than holders participating as a result of demand registration rights), and the number of shares of Registrable Securities and such other securities that may be included in the
registration and underwriting shall be allocated among Abbott and such other holders thereof in proportion, as nearly as practicable, to the respective number of Registrable Securities or other securities entitled to inclusion in such registration
held by Abbott and such other selling stockholders participating in such underwriting. The Company shall not be required to include any Registrable Securities in such registration unless Abbott accepts the terms of the underwriting as agreed upon
between the Company and the underwriters selected by it (provided that such terms must be consistent with this Agreement and are applicable to other stockholders offering their shares in such registration). If Abbott disapproves of the terms of any
such underwriting, it may elect to withdraw therefrom by written notice to the Company and the managing underwriter. 
  
 (b) S-3 Registration. At any time after the Company becomes eligible to file a Registration Statement on Form S-3 (or any successor
form relating to secondary offerings), Abbott may request the Company, in writing, to effect the registration on Form S-3 (or such successor form), of Registrable Securities having an aggregate offering price of at least $500,000 (based on the then
current public market price). If the underwriter (if any) managing the offering determines that, because of marketing factors, all of the shares requested to be registered by Abbott and other stockholders may not be included in the offering, then
Abbott and the other stockholders who have requested registration shall participate in the registration pro rata in the same manner described in Section 1(a)(ii) above. Thereupon, the Company shall, as expeditiously as possible, use its best efforts
to effect the registration on Form S-3 (or such successor form) of all Registrable Securities which the Company has been requested to so register; provided, however, that Abbott agrees to sell such Registrable Securities in the same manner and on
the same terms and conditions (including underwriting, indemnification and lock-up provisions) as the other holders of securities which the Company proposes to register. The right to request registration on Form S-3 pursuant to this Section 1(b) may
not be exercised more than four (4) times by Abbott with respect to any Common Stock issuable upon conversion of the Series E Preferred and may not be exercised more than four (4) times by Abbott with respect to any Common Stock issuable upon
conversion of the Series E-1 Preferred. The Company shall not be required to include any Registrable Securities in such registration unless Abbott accepts the terms of the underwriting as agreed upon between the Company and the underwriters selected
by it (provided that such terms must be consistent with this Agreement and are applicable to other stockholders offering their shares in such registration). 
  
 (c) Expenses of Registration. All expenses incurred in connection with a registration pursuant to this Section 1 (excluding
underwriting commissions and discounts and fees and expenses of counsel for Abbott), including without limitation all registration and qualification fees, printing and accounting fees and reasonable fees and disbursements of counsel for the Company,
shall be borne by the Company. 
  
 (d)
Termination. All of the Company’s obligations to register Registrable Securities under this Section 1 shall terminate on December 31, 2006, with respect to the 

  

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Common Stock issuable upon conversion of the Series E Preferred and January 2, 2007, with respect to the Common Stock issuable upon conversion of the Series
E-1 Preferred. Shares of Common Stock which are Registrable Securities shall cease to be Registrable Securities upon any sale pursuant to a registration statement filed by the Company with the Securities and Exchange Commission for a public offering
(a “Registration Statement”) or pursuant to Rule 144 under the Securities Act of 1933, as amended. 
  
 (e) “Stand-Off” Agreement. Abbott, if requested by the Company and the managing underwriter of an offering by the Company
of Common Stock or other securities of the Company pursuant to a Registration Statement, shall agree not to sell publicly or otherwise transfer or dispose of any Registrable Securities or other securities of the Company held by Abbott for a
specified period of time (not to exceed 180 days) following the effective date of such Registration Statement; provided, that: 
  
 (i) such agreement shall only apply to the first Registration Statement covering Common Stock to be sold on Abbott’s behalf to the
public in an underwritten offering; and 
  
 (ii)
all stockholders holding not less than the number of shares of Common Stock held by Abbott (including the shares of Common Stock issuable upon conversion of the Series E Preferred and Series E-1 Preferred, or other convertible securities, or upon
the exercise of options, warrant or rights) and all officers and directors of the Company enter into similar agreements. 
  
 2. General. 
  
 (a) Successors and Assigns. This Agreement, and the rights and obligations of Abbott hereunder, may be assigned by Abbott to any
person or entity to which the shares of Series E Preferred, Series E-1 Preferred or Registrable Securities (collectively, the “Abbott Shares”) are transferred by Abbott, and such transferees shall thereafter be entitled to the rights and
assume the obligations of Abbott for purposes of this Agreement with respect to the Abbott Shares so transferred, provided that such transferee provides written notice of such assignment to the Company. 
  
 (b) Notices. All notices, requests, consents, and
other communications under this Agreement shall be in writing and shall be delivered by hand or mailed by first class certified or registered mail, return receipt requested, postage prepaid: 
  
 If to the Company at Suite 460, 4222 Emperor Boulevard, Durham, North
Carolina 27703, Attention: P. Kay Wagoner, Ph.D., President, or at such other address or addresses as may have been furnished in writing by the Company to Abbott, with a copy to Fred D. Hutchison, Esquire, Hutchison & Mason PLLC, 3110 Edwards
Mill Road, Suite 100, Raleigh, North Carolina 27612; or 
  
 If to
Abbott, at 200 Abbott Park Road, Dept R50A, Building AP34, Abbott Park, Illinois, 60064-6187, Attention: Vice President, Global Licensing, New Business Development, or at 

  

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such other address or addresses as may have been furnished to the Company in writing by Abbott, with a copy to 100 Abbott Park Road, Dept 364, Building AP6D,
Abbott Park, Illinois 60064-6020, Attention: General Counsel. 
  
 Notices provided in accordance with this Section 2(a) shall be deemed delivered upon personal delivery or two business days after deposit in the mail. 
  

(c) Entire Agreement. This Agreement embodies the entire agreement and understanding between the parties hereto with respect to
the subject matter hereof and supersedes all prior agreements and understandings relating to such subject matter as of the execution by the parties hereto of this Agreement. 
  
 (d) Amendments and Waivers. Except as otherwise expressly set forth in this Agreement, any term of
this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively), with the written consent of the Company (acting through its Board
of Directors), and the holders of at least seventy percent (70%) of the shares of Common Stock issued or issuable upon conversion of the shares of Series E Preferred and Series E-1 Preferred. Any amendment or waiver effected in accordance with this
Section 2(c) shall be binding upon each holder of any Registrable Securities, including the shares of Common Stock issuable upon conversion of the Series E Preferred and Series E-1 Preferred, each future holder of all such securities and the
Company. No waivers of or exceptions to any term, condition or provision of this Agreement, in any one or more instances, shall be deemed to be, or construed as, a further or continuing waiver of any such term, condition or provision. 
  
 (e) Counterparts. This Agreement may be executed in
one or more counterparts, each of which shall be deemed to be an original, but all of which shall be one and the same document. 
  
 (f) Section Headings. The section headings are for the convenience of the parties and in no way alter, modify, amend, limit, or
restrict the contractual obligations of the parties. 
  
 (g) Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement. 
  
 (h) Governing Law. This Agreement shall be governed
by and construed in accordance with the laws of the State of Delaware. 
  

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 Executed as of the date first written above. 
  

			
	 ICAGEN, INC.

		
	 By:
	 	/s/    P. KAY WAGONER        
	 	 	

	 Name:
	 	P. Kay Wagoner
	 Title:
	 	Chief Executive Officer
	
	 ABBOTT LABORATORIES

		
	 By:
	 	/s/    THOMAS C. FREYMAN        
	 	 	

	 Name:
	 	Thomas C. Freyman
	 Title:
	 	Executive Vice President, Finance and
Chief Financial Officer

  

 52004 STOCK INCENTIVE PLAN

 Exhibit 10.2 
 ICAGEN, INC. 
  
 2004
STOCK INCENTIVE PLAN 
  

	1.	Purpose 

  
 The purpose of this 2004 Stock Incentive Plan (the “Plan”) of Icagen, Inc., a Delaware corporation (the “Company”), is to advance the
interests of the Company’s stockholders by enhancing the Company’s ability to attract, retain and motivate persons who make (or are expected to make) important contributions to the Company by providing such persons with equity ownership
opportunities and performance-based incentives and thereby better aligning the interests of such persons with those of the Company’s stockholders. Except where the context otherwise requires, the term “Company” shall include any of
the Company’s present or future parent or subsidiary corporations as defined in Sections 424(e) or (f) of the Internal Revenue Code of 1986, as amended, and any regulations promulgated thereunder (the “Code”) and any other business
venture (including, without limitation, joint venture or limited liability company) in which the Company has a controlling interest, as determined by the Board of Directors of the Company (the “Board”). 
  

	2.	Eligibility 

  
 All of the Company’s employees, officers, directors, consultants and advisors (and any individuals who have accepted an offer for employment) are
eligible to be granted options, restricted stock awards, or other stock-based awards (each, an “Award”) under the Plan. Each person who has been granted an Award under the Plan shall be deemed a “Participant.” 
  

	3.	Administration and Delegation 

  
 (a) Administration by Board of Directors. The Plan will be administered by the Board. The Board shall have authority to grant Awards and to adopt,
amend and repeal such administrative rules, guidelines and practices relating to the Plan as it shall deem advisable. The Board may correct any defect, supply any omission or reconcile any inconsistency in the Plan or any Award in the manner and to
the extent it shall deem expedient to carry the Plan into effect and it shall be the sole and final judge of such expediency. All decisions by the Board shall be made in the Board’s sole discretion and shall be final and binding on all persons
having or claiming any interest in the Plan or in any Award. No director or person acting pursuant to the authority delegated by the Board shall be liable for any action or determination relating to or under the Plan made in good faith. 

 
 (b) Appointment of Committees. To the extent permitted by
applicable law, the Board may delegate any or all of its powers under the Plan to one or more committees or subcommittees of the Board (a “Committee”). All references in the Plan to the “Board” shall mean the Board or a Committee
of the Board or the executive officers referred to in Section 3(c), to the extent that the Board’s powers or authority under the Plan have been delegated to such Committee or executive officers. 
  
 (c) Delegation to Executive Officers. To the extent permitted by
applicable law, the Board may delegate to one or more executive officers of the Company the power to grant 

 Awards to employees or officers of the Company or any of its present or future subsidiary corporations and to exercise
such other powers under the Plan as the Board may determine; provided that the Board shall fix the terms of the Awards to be granted by such executive officers (including the exercise price of such Awards, which may include a formula by which the
exercise price will be determined) and the maximum number of shares subject to Awards that the executive officers may grant; provided further, however, that no executive officer shall be authorized to grant Awards to any “executive
officer” of the Company (as defined by Rule 3b-7 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)). 
  

	4.	Stock Available for Awards 

  
 (a) Number of Shares. Subject to adjustment under Section 8, Awards may be made under the Plan for up to the number of shares of common stock,
$0.001 par value per share, of the Company (the “Common Stock”) that is equal to the sum of: 
  

	 	(1)	2,500,000 shares of Common Stock; plus 

  

	 	(2)	such additional number of shares of Common Stock (up to 650,000 shares) as is equal to the sum of (x) the number of shares of Common Stock reserved for issuance under the
Company’s Equity Compensation Plan, as amended (the “Existing Plan”) that remain available for grant under the Existing Plan immediately prior to the closing of the Company’s initial public offering and (y) the number of shares
of Common Stock subject to awards granted under the Existing Plan which awards expire, terminate or are otherwise surrendered, canceled, forfeited or repurchased by the Company at their original issuance price pursuant to a contractual repurchase
right (subject, however, in the case of Incentive Stock Options (as hereinafter defined) to any limitations of the Code); plus 

  

	 	(3)	an annual increase to be added on the first day of each of the Company’s fiscal years during the period beginning in fiscal year 2006 and ending on the second day of fiscal
year 2014 equal to the lesser of (i) 1,000,000 shares of Common Stock, (ii) 5% of the outstanding shares on such date, or (iii) an amount determined by the Board. 

  
 Notwithstanding clause (3) above, in no event shall the number of shares available under this Plan be increased as set forth
in clause (3) to the extent such increase, in addition to any other increases proposed by the Board in the number of shares available for issuance under all other employee or director stock plans, would result in the total number of shares then
available for issuance under all employee and director stock plans exceeding 25% of the outstanding shares of the Company on the first day of the applicable fiscal year. 
  
 If any Award expires or is terminated, surrendered or canceled without having been fully exercised or is forfeited in whole
or in part (including as the result of shares of Common Stock subject to such Award being repurchased by the Company at the original issuance price pursuant to a contractual repurchase right) or results in any Common Stock not being issued, the
unused Common Stock covered by such Award shall again be available for the grant of Awards under 
  

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 the Plan, subject, however, in the case of Incentive Stock Options, to any limitations under the Code. Shares issued
under the Plan may consist in whole or in part of authorized but unissued shares or treasury shares. 
  
 (b) Per-Participant Limit. Subject to adjustment under Section 8, for Awards granted after the Common Stock is registered under the Securities
Exchange Act of 1934 (the “Exchange Act”), the maximum number of shares of Common Stock with respect to which Awards may be granted to any Participant under the Plan shall be 500,000 shares per calendar year. The per-Participant limit
described in this Section 4(b) shall be construed and applied consistently with Section 162(m) of the Code (“Section 162(m)”). 
  

	5.	Stock Options 

  
 (a) General. The Board may grant options to purchase Common Stock (each, an “Option”) and determine the number of shares of Common Stock
to be covered by each Option, the exercise price of each Option and the conditions and limitations applicable to the exercise of each Option, including conditions relating to applicable federal or state securities laws, as it considers necessary or
advisable. An Option which is not intended to be an Incentive Stock Option (as hereinafter defined) shall be designated a “Nonstatutory Stock Option.” 
  

(b) Incentive Stock Options. An Option that the Board intends to be an “incentive stock option” as defined in Section 422 of the Code
(an “Incentive Stock Option”) shall only be granted to employees of the Company or any of its present or future parent or subsidiary corporations as defined in Section 424(e) or (f) of the Code, and any other entities the employees of
which are entitled to receive Incentive Stock Options under the Code, and shall be subject to and shall be construed consistently with the requirements of Section 422 of the Code. The Company shall have no liability to a Participant, or any other
party, if an Option (or any part thereof) that is intended to be an Incentive Stock Option is not an Incentive Stock Option. 
  
 (c) Exercise Price. The Board shall establish the exercise price at the time each Option is granted and specify it in the applicable option
agreement. 
  
 (d) Duration of Options. Each Option shall
be exercisable at such times and subject to such terms and conditions as the Board may specify in the applicable option agreement. 
  
 (e) Exercise of Option. Options may be exercised by delivery to the Company of a written notice of exercise signed by the proper person or by any
other form of notice (including electronic notice) approved by the Board together with payment in full as specified in Section 5(f) for the number of shares for which the Option is exercised. 
  
 (f) Payment Upon Exercise. Common Stock purchased upon the exercise of
an Option granted under the Plan shall be paid for as follows: 
  
 (1) in cash or by check, payable to the order of the Company; 
  
 (2) except as the Board may, in its sole discretion, otherwise provide in an option agreement, by (i) delivery of an irrevocable and unconditional undertaking by a creditworthy broker to deliver promptly to the Company sufficient funds to
pay the exercise 
  

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 price and any required tax withholding or (ii) delivery by the Participant to the Company of a copy of irrevocable and
unconditional instructions to a creditworthy broker to deliver promptly to the Company cash or a check sufficient to pay the exercise price and any required tax withholding; 
  
 (3) when the Common Stock is registered under the Exchange Act, by delivery of shares of Common Stock owned by the
Participant valued at their fair market value as determined by (or in a manner approved by) the Board in good faith (“Fair Market Value”), provided (i) such method of payment is then permitted under applicable law and (ii) such Common
Stock, if acquired directly from the Company, was owned by the Participant at least six months prior to such delivery; 
  
 (4) to the extent permitted by applicable law and by the Board, in its sole discretion by (i) delivery of a promissory note of the Participant to the
Company on terms determined by the Board, or (ii) payment of such other lawful consideration as the Board may determine; or 
  
 (5) by any combination of the above permitted forms of payment. 
  

(g) Substitute Options. In connection with a merger or consolidation of an entity with the Company or the acquisition by the Company of property
or stock of an entity, the Board may grant Options in substitution for any options or other stock or stock-based awards granted by such entity or an affiliate thereof. Substitute Options may be granted on such terms as the Board deems appropriate in
the circumstances, notwithstanding any limitations on Options contained in the other sections of this Section 5 or in Section 2. 
  
 (h) Repricing of Options. The Board shall have the authority, at any time and from time to time, with the consent of the affected Participants, to
amend any or all outstanding Options granted under the Plan to provide an Option exercise price per share which may be lower or higher than the original Option exercise price, and/or cancel any such Options and grant in substitution therefore other
Awards, including new Options, covering the same or different numbers of shares of Common Stock having an Option exercise price per share which may be lower or higher than the exercise price of the canceled Options. 
  

	6.	Restricted Stock 

  
 (a) Grants. The Board may grant Awards entitling recipients to acquire shares of Common Stock, subject to the right of the Company to repurchase
all or part of such shares at their issue price or other stated or formula price (or to require forfeiture of such shares if issued at no cost) from the recipient in the event that conditions specified by the Board in the applicable Award are not
satisfied prior to the end of the applicable restriction period or periods established by the Board for such Award (each, a “Restricted Stock Award”). 
  

(b) Terms and Conditions. The Board shall determine the terms and conditions of any such Restricted Stock Award, including the conditions for
repurchase (or forfeiture) and the issue price, if any. 
  

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 (c) Stock Certificates. Any stock certificates issued in respect of a Restricted Stock Award shall
be registered in the name of the Participant and, unless otherwise determined by the Board, deposited by the Participant, together with a stock power endorsed in blank, with the Company (or its designee). At the expiration of the applicable
restriction periods, the Company (or such designee) shall deliver the certificates no longer subject to such restrictions to the Participant or if the Participant has died, to the beneficiary designated, in a manner determined by the Board, by a
Participant to receive amounts due or exercise rights of the Participant in the event of the Participant’s death (the “Designated Beneficiary”). In the absence of an effective designation by a Participant, Designated Beneficiary shall
mean the Participant’s estate. 
  

	7.	Other Stock-Based Awards 

  
 The Board shall have the right to grant other Awards based upon the Common Stock having such terms and conditions as the Board may determine, including
the grant of shares based upon certain conditions, the grant of securities convertible into Common Stock and the grant of stock appreciation rights. 
  

	8.	Adjustments for Changes in Common Stock and Certain Other Events 

  
 (a) Changes in Capitalization. In the event of any stock split, reverse stock split, stock dividend, recapitalization, combination of shares,
reclassification of shares, spin-off or other similar change in capitalization or event, or any distribution to holders of Common Stock other than an ordinary cash dividend, (i) the number and class of securities available under this Plan, (ii) the
per-Participant limit set forth in Section 4(b), (iii) the number and class of securities and exercise price per share subject to each outstanding Option, (iv) the repurchase price per share subject to each outstanding Restricted Stock Award, and
(v) the terms of each other outstanding Award shall be appropriately adjusted by the Company (or substituted Awards may be made, if applicable) to the extent the Board shall determine, in good faith, that such an adjustment (or substitution) is
necessary and appropriate. If this Section 8(a) applies and Section 8(c) also applies to any event, Section 8(c) shall be applicable to such event, and this Section 8(a) shall not be applicable. 
  
 (b) Liquidation or Dissolution. In the event of a proposed liquidation
or dissolution of the Company, the Board shall upon written notice to the Participants provide that all then unexercised Options will (i) become exercisable in full as of a specified time at least 10 business days prior to the effective date of such
liquidation or dissolution and (ii) terminate effective upon such liquidation or dissolution, except to the extent exercised before such effective date. The Board may specify the effect of a liquidation or dissolution on any Restricted Stock Award
or other Award granted under the Plan at the time of the grant of such Award. 
  

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	(c)	Reorganization and Change in Control Events 

  
 (1) Definitions 
  
 (a) A “Reorganization Event” shall mean: 
  
 (i) any merger or consolidation of the Company with or into another entity as a result of which all of the Common Stock of the Company is converted into
or exchanged for the right to receive cash, securities or other property; or 
  
 (ii) any exchange of all of the Common Stock of the Company for cash, securities or other property pursuant to a share exchange transaction. 
  
 (b) A “Change in Control Event” shall mean: 
  
 (i) the acquisition by an individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange
Act) (a “Person”) of beneficial ownership of any capital stock of the Company if, after such acquisition, such Person beneficially owns (within the meaning of Rule 13d-3 promulgated under the Exchange Act) 30% or more of either (x) the
then-outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (y) the combined voting power of the then-outstanding securities of the Company entitled to vote generally in the election of directors (the
“Outstanding Company Voting Securities”); provided, however, that for purposes of this subsection (i), the following acquisitions shall not constitute a Change in Control Event: (A) any acquisition directly from the Company
(excluding an acquisition pursuant to the exercise, conversion or exchange of any security exercisable for, convertible into or exchangeable for common stock or voting securities of the Company, unless the Person exercising, converting or exchanging
such security acquired such security directly from the Company or an underwriter or agent of the Company), (B) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by
the Company, or (C) any acquisition by any corporation pursuant to a Business Combination (as defined below) which complies with clauses (x) and (y) of subsection (iii) of this definition; or 
  
  

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 (ii) such time as the Continuing Directors (as defined below) do not constitute a majority of the Board
(or, if applicable, the Board of Directors of a successor corporation to the Company), where the term “Continuing Director” means at any date a member of the Board (x) who was a member of the Board on the date of the initial adoption of
this Plan by the Board or (y) who was nominated or elected subsequent to such date by at least a majority of the directors who were Continuing Directors at the time of such nomination or election or whose election to the Board was recommended or
endorsed by at least a majority of the directors who were Continuing Directors at the time of such nomination or election; provided, however, that there shall be excluded from this clause (y) any individual whose initial assumption of
office occurred as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents, by or on behalf of a person other than the Board; or

  
 (iii) the consummation of a merger, consolidation,
reorganization, recapitalization or share exchange involving the Company or a sale or other disposition of all or substantially all of the assets of the Company (a “Business Combination”), unless, immediately following such Business
Combination, each of the following two conditions is satisfied: (x) all or substantially all of the individuals and entities who were the beneficial owners of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately
prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the then-outstanding shares of common stock and the combined voting power of the then-outstanding securities entitled to vote generally in the election of
directors, respectively, of the resulting or acquiring corporation in such Business Combination (which shall include, without limitation, a corporation which as a result of such transaction owns the Company or substantially all of the Company’s
assets either directly or through one or more subsidiaries) (such resulting or acquiring corporation is referred to herein as the “Acquiring Corporation”) in substantially the same proportions as their ownership of the Outstanding Company
Common Stock and Outstanding Company Voting Securities, respectively, immediately prior to such Business Combination and (y) no Person (excluding the Acquiring Corporation or any employee benefit plan (or 
  
  

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 related trust) maintained or sponsored by the Company or by the Acquiring Corporation) beneficially owns, directly or
indirectly, 50% or more of the then-outstanding shares of common stock of the Acquiring Corporation, or of the combined voting power of the then-outstanding securities of such corporation entitled to vote generally in the election of directors
(except to the extent that such ownership existed prior to the Business Combination). 
  
 (c) “Good Reason” shall mean a significant diminution in the Participant’s title, authority, or responsibilities from and after such Reorganization Event or Change in Control Event, as the case may be,
or a reduction in the annual cash compensation payable to the Participant from and after such Reorganization Event or Change in Control Event, as the case may be, or the relocation of the place of business at which the Participant is principally
located to a location that is greater than 50 miles from the current site. 
  
 (d) “Cause”, as determined by the Board, shall mean any (i) willful failure by the Participant, which failure is not cured within 30 days of written notice to the Participant from the Company, to perform his
or her material responsibilities to the Company or (ii) willful misconduct by the Participant which affects the business reputation of the Company. 
  

	 	(2)	Effect on Options 

  
 (a) Reorganization Event. Upon the occurrence of a Reorganization Event (regardless of whether such event also constitutes a Change in Control
Event), or the execution by the Company of any agreement with respect to a Reorganization Event (regardless of whether such event will result in a Change in Control Event), the Board shall provide that all outstanding Options shall be assumed, or
equivalent options shall be substituted, by the acquiring or succeeding corporation (or an affiliate thereof); provided that if such Reorganization Event also constitutes a Change in Control Event, except to the extent specifically
provided to the contrary in the instrument evidencing any Option or any other agreement between a Participant and the Company, such assumed or substituted options shall become immediately exercisable in full if, on or prior to the eighteen-month
anniversary of the date of the consummation of the Reorganization Event, the Participant’s employment with the Company or the acquiring or succeeding corporation is terminated for Good Reason by the Participant or is terminated without Cause by
the Company or the acquiring or succeeding corporation. For purposes hereof, an Option shall be considered to be assumed if, following consummation of the 
  
  

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 Reorganization Event, the Option confers the right to purchase, for each share of Common Stock subject to the Option
immediately prior to the consummation of the Reorganization Event, the consideration (whether cash, securities or other property) received as a result of the Reorganization Event by holders of Common Stock for each share of Common Stock held
immediately prior to the consummation of the Reorganization Event (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding shares of Common Stock); provided, however,
that if the consideration received as a result of the Reorganization Event is not solely common stock of the acquiring or succeeding corporation (or an affiliate thereof), the Company may, with the consent of the acquiring or succeeding corporation,
provide for the consideration to be received upon the exercise of Options to consist solely of common stock of the acquiring or succeeding corporation (or an affiliate thereof) equivalent in fair market value to the per share consideration received
by holders of outstanding shares of Common Stock as a result of the Reorganization Event. 
  
 Notwithstanding the foregoing, if the acquiring or succeeding corporation (or an affiliate thereof) does not agree to assume, or substitute for, such Options, then the Board shall, upon written notice to the
Participants, provide that all then unexercised Options will become exercisable in full as of a specified time prior to the Reorganization Event and will terminate immediately prior to the consummation of such Reorganization Event, except to the
extent exercised by the Participants before the consummation of such Reorganization Event; provided, however, in the event of a Reorganization Event under the terms of which holders of Common Stock will receive upon consummation thereof a cash
payment for each share of Common Stock surrendered pursuant to such Reorganization Event (the “Acquisition Price”), then the Board may instead provide that all outstanding Options shall terminate upon consummation of such Reorganization
Event and that each Participant shall receive, in exchange therefor, a cash payment equal to the amount (if any) by which (A) the Acquisition Price multiplied by the number of shares of Common Stock subject to such outstanding Options (whether or
not then exercisable), exceeds (B) the aggregate exercise price of such Options. 
  
 (b) Change in Control Event that is not a Reorganization Event. Upon the occurrence of a Change in Control Event that does not also constitute a Reorganization Event, except to the extent specifically provided
to the contrary in the instrument evidencing any Option or any other agreement between a Participant and the Company, each then-outstanding Option shall continue to become vested in 
  
  

 9 

 accordance with the original vesting schedule set forth in such Option; provided, however, that each such Option shall
become immediately exercisable in full if, on or prior to the eighteen-month anniversary of the date of the consummation of the Change in Control Event, the Participant’s employment with the Company or the acquiring or succeeding corporation is
terminated for Good Reason by the Participant or is terminated without Cause by the Company or the acquiring or succeeding corporation. 
  

	 	(3)	Effect on Restricted Stock Awards 

  
 (a) Reorganization Event that is not a Change in Control Event. Upon the occurrence of a Reorganization Event that is not a Change in Control
Event, the repurchase and other rights of the Company under each outstanding Restricted Stock Award shall inure to the benefit of the Company’s successor and shall apply to the cash, securities or other property which the Common Stock was
converted into or exchanged for pursuant to such Reorganization Event in the same manner and to the same extent as they applied to the Common Stock subject to such Restricted Stock Award. 
  
 (b) Change in Control Event. Upon the occurrence of a Change in Control Event (regardless of whether such event also
constitutes a Reorganization Event), except to the extent specifically provided to the contrary in the instrument evidencing any Restricted Stock Award or any other agreement between a Participant and the Company, each then-outstanding Restricted
Stock Award shall continue to become free from conditions or restrictions in accordance with the original schedule set forth in such Restricted Stock Award; provided however, that each such Restricted Stock Award shall immediately become free from
all conditions or restrictions if, on or prior to the eighteen-month anniversary of the date of the consummation of the Change in Control Event, the Participant’s employment with the Company or the acquiring or succeeding corporation is
terminated for Good Reason by the Participant or is terminated without Cause by the Company or the acquiring or succeeding corporation. 
  

	 	(4)	Effect on Other Awards 

  
 (a) Reorganization Event that is not a Change in Control Event. The Board shall specify the effect of a Reorganization Event that is not a Change
in Control Event on any other Award granted under the Plan at the time of the grant of such Award. 
  
 (b) Change in Control Event. Upon the occurrence of a Change in Control Event (regardless of whether such event also constitutes a 
  
  

 10 

 Reorganization Event), except to the extent specifically provided to the contrary in the instrument evidencing any other
Award or any other agreement between a Participant and the Company, each such then-outstanding Award shall continue to become exercisable, realizable, vested or free from conditions or restrictions in accordance with the original schedule set forth
in such Award; provided, however, that each such Award shall immediately become fully exercisable, realizable, vested or free from conditions or restrictions if, on or prior to the eighteen-month anniversary of the date of the consummation of the
Change in Control Event, the Participant’s employment with the Company or the acquiring or succeeding corporation is terminated for Good Reason by the Participant or is terminated without Cause by the Company or the acquiring or succeeding
corporation. 
  

	 	9.	General Provisions Applicable to Awards 

  
 (a) Transferability of Awards. Except as the Board may otherwise determine or provide in an Award, Awards shall not be sold, assigned, transferred,
pledged or otherwise encumbered by the person to whom they are granted, either voluntarily or by operation of law, except by will or the laws of descent and distribution, and, during the life of the Participant, shall be exercisable only by the
Participant. References to a Participant, to the extent relevant in the context, shall include references to authorized transferees. 
  
 (b) Documentation. Each Award shall be evidenced in such form (written, electronic or otherwise) as the Board shall determine. Each Award may
contain terms and conditions in addition to those set forth in the Plan. 
  
 (c) Board Discretion. Except as otherwise provided by the Plan, each Award may be made alone or in addition or in relation to any other Award. The terms of each Award need not be identical, and the Board need
not treat Participants uniformly. 
  
 (d) Termination of
Status. The Board shall determine the effect on an Award of the disability, death, retirement, authorized leave of absence or other change in the employment or other status of a Participant and the extent to which, and the period during which,
the Participant, the Participant’s legal representative, conservator, guardian or Designated Beneficiary may exercise rights under the Award. 
  
 (e) Withholding. Each Participant shall pay to the Company, or make provision satisfactory to the Board for payment of, any taxes required by law
to be withheld in connection with Awards to such Participant no later than the date of the event creating the tax liability. Except as the Board may otherwise provide in an Award, when the Common Stock is registered under the Exchange Act,
Participants may satisfy such tax obligations in whole or in part by delivery of shares of Common Stock, including shares retained from the Award creating the tax obligation, valued at their Fair Market Value; provided, however, that the total tax
withholding where stock is being used to satisfy such tax obligations cannot exceed the Company’s minimum statutory withholding obligations (based on minimum statutory withholding rates for federal and 
  

 11 

 state tax purposes, including payroll taxes, that are applicable to such supplemental taxable income). The Company may,
to the extent permitted by law, deduct any such tax obligations from any payment of any kind otherwise due to a Participant. 
  
 (f) Amendment of Award. The Board may amend, modify or terminate any outstanding Award, including but not limited to, substituting therefor another
Award of the same or a different type, changing the date of exercise or realization, and converting an Incentive Stock Option to a Nonstatutory Stock Option, provided that the Participant’s consent to such action shall be required unless the
Board determines that the action, taking into account any related action, would not materially and adversely affect the Participant. 
  
 (g) Conditions on Delivery of Stock. The Company will not be obligated to deliver any shares of Common Stock pursuant to the Plan or to remove
restrictions from shares previously delivered under the Plan until (i) all conditions of the Award have been met or removed to the satisfaction of the Company, (ii) in the opinion of the Company’s counsel, all other legal matters in connection
with the issuance and delivery of such shares have been satisfied, including any applicable securities laws and any applicable stock exchange or stock market rules and regulations, and (iii) the Participant has executed and delivered to the Company
such representations or agreements as the Company may consider appropriate to satisfy the requirements of any applicable laws, rules or regulations. 
  
 (h) Acceleration. The Board may at any time provide that any Award shall become immediately exercisable in full or in part, free of some or all
restrictions or conditions, or otherwise realizable in full or in part, as the case may be. 
  

	 	10.	Miscellaneous 

  
 (a) No Right To Employment or Other Status. No person shall have any claim or right to be granted an Award, and the grant of an Award shall not be
construed as giving a Participant the right to continued employment or any other relationship with the Company. The Company expressly reserves the right at any time to dismiss or otherwise terminate its relationship with a Participant free from any
liability or claim under the Plan, except as expressly provided in the applicable Award. 
  
 (b) No Rights As Stockholder. Subject to the provisions of the applicable Award, no Participant or Designated Beneficiary shall have any rights as a stockholder with respect to any shares of Common Stock to be
distributed with respect to an Award until becoming the record holder of such shares. Notwithstanding the foregoing, in the event the Company effects a split of the Common Stock by means of a stock dividend and the exercise price of and the number
of shares subject to such Option are adjusted as of the date of the distribution of the dividend (rather than as of the record date for such dividend), then an optionee who exercises an Option between the record date and the distribution date for
such stock dividend shall be entitled to receive, on the distribution date, the stock dividend with respect to the shares of Common Stock acquired upon such Option exercise, notwithstanding the fact that such shares were not outstanding as of the
close of business on the record date for such stock dividend. 
  

 12 

 (c) Effective Date and Term of Plan. The Plan shall become effective on the date on which the
Securities and Exchange Commission declares the registration statement on Form S-1 for the initial public offering of the Company’s Common Stock effective (the “Effective Date”). No Awards shall be granted under the Plan after the
completion of ten years from the earlier of (i) the Effective Date or (ii) the effective date of the approval of the Plan by the Company’s stockholders, but Awards previously granted may extend beyond that date. 
  
 (d) Amendment of Plan. The Board may amend, suspend or terminate the
Plan or any portion thereof at any time, provided that to the extent required by Section 162(m), no Award granted to a Participant that is intended to comply with Section 162(m) after the date of such amendment shall become exercisable, realizable
or vested, as applicable to such Award, unless and until such amendment shall have been approved by the Company’s stockholders as required by Section 162(m) (including the vote required under Section 162(m)). 
  
 (e) Authorization of Sub-Plans. The Board may from time to time
establish one or more sub-plans under the Plan for purposes of satisfying applicable blue sky, securities or tax laws of various jurisdictions. The Board shall establish such sub-plans by adopting supplements to this Plan containing (i) such
limitations on the Board’s discretion under the Plan as the Board deems necessary or desirable or (ii) such additional terms and conditions not otherwise inconsistent with the Plan as the Board shall deem necessary or desirable. All supplements
adopted by the Board shall be deemed to be part of the Plan, but each supplement shall apply only to Participants within the affected jurisdiction and the Company shall not be required to provide copies of any supplement to Participants in any
jurisdiction which is not the subject of such supplement. 
  
 (f)
Governing Law. The provisions of the Plan and all Awards made hereunder shall be governed by and interpreted in accordance with the laws of the State of Delaware, without regard to any applicable conflicts of law. 
  
 Adopted by the Board of Directors on 
 February 29, 2004, to be effective as of the 
 Effective Date (as defined herein) 
  
 Approved by the stockholders on 
 [            ], 2004, to be effective as of the 
 Effective Date (as defined herein) 
  

 13

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