Document:

Exa Corp 1999 Series G Convertible Preferred Nonqualified Stock Option Plan

 Exhibit 4.13 
 EXA CORPORATION 
 1999 SERIES G CONVERTIBLE PREFERRED 

NONQUALIFIED STOCK OPTION PLAN 
 SECTION 1. PURPOSE 
 This 1999 Series G Convertible Preferred Nonqualified Stock
Option Plan (the “Plan”) of Exa Corporation, a Delaware corporation (the “Company”), is designed to provide additional incentive to executives, key employees and consultants of the Company by affording them an opportunity to
acquire or increase their proprietary interest in the Company through the acquisition of shares of its Series G Convertible Preferred Stock. The Company intends that options issued to employees under the Plan will be nonqualified stock options
(“Nonqualified Stock Options”) under the Internal Revenue Code of 1986, as amended (the “Code”). The terms “parent” and “subsidiary” shall have the respective meanings set forth in Section 425 of the
Code. 
 SECTION 2. ADMINISTRATION 
 2.1 Authority. The Plan shall be administered by the Board of Directors of the Company (the “Board”). The Board may, to the full extent permitted by law, delegate any or all of its powers
under the Plan to a committee of not fewer than three Directors (the “Committee”) appointed by the Board. Action by the Board or the Committee, as the case may be, shall require the affirmative vote of a majority of all members thereof.

 2.2 Powers. Subject to the terms and conditions of the Plan, the Board shall have the power: 

(a) To determine from time to time the persons eligible to receive options and the options to be granted to such persons
under the Plan and to prescribe the terms, conditions, restrictions, if any, and provisions (which need not be identical) of each option granted under the Plan to such persons; 

(b) To construe and interpret the Plan and options granted thereunder and to establish, amend, and revoke rules and
regulations for administration of the Plan. In this connection, the Board may correct any defect, supply any omission, or reconcile any inconsistency in the Plan or in any option agreement in the manner and to the extent it shall deem necessary or
expedient to make the Plan fully effective. All decisions and determinations by the Board in the exercise of this power shall be final and binding upon the Company and optionees; and 

(c) Generally, to exercise such powers and to perform such acts as the Board shall deem necessary or expedient to promote
the best interests of the Company with respect to the Plan. 

 To the extent that any section of the Plan refers to the exercise by the Board of any of the
powers set forth above in this section, reference in that section to the Board shall also constitute a reference to the Committee. 
 SECTION 3.
STOCK 
 3.1 Series G Convertible Preferred Stock. The stock subject to the options granted under the Plan shall be shares
of the Company’s authorized but unissued Series G Convertible Preferred Stock, $.001 par value (the “Series G Stock”). The total number of shares that may be issued pursuant to options granted under the Plan shall not exceed an
aggregate of 1,500,000 shares of Series G Stock; provided, however, that the class and aggregate number of shares that may be subject to options granted under the Plan shall be subject to adjustment as provided in Section 10 hereof. 

3.2 Terminated Options. Whenever any outstanding option under the Plan expires, is cancelled or is otherwise terminated (other
than by exercise), the shares of Series G Stock allocable to the unexercised portion of such option may again be the subject of options under the Plan. 
 SECTION 4. ELIGIBILITY 
 4.1 Eligible Employees. Nonqualified Options may be
granted to officers or other employees of the Company or its parent or subsidiaries, to Directors of the Company or its parent or subsidiaries, and to other individuals providing services to the Company or its parent or subsidiaries. 

SECTION 5. PRICE AND BASIC TERMS OF OPTIONS 
 5.1 Expiration. Notwithstanding any other provision of the Plan or of any option agreement, but subject in each case to Section 5.4 of this Plan, each option shall expire on the date specified
in the relevant option agreement or grant, which date shall not be later than the tenth anniversary of the date on which the option was granted. 
 5.2 Exercise. Each option may be exercised, so long as it is valid and outstanding from time to time, in part or as a whole, subject to any limitations with respect to the number of shares for
which the option may be exercised at a particular time and to such other conditions as the Board in its discretion may specify upon granting the option. 
 5.3 Purchase Price. The purchase price per share under each option shall be determined by the Board. 
 5.4 Termination of Employment or Death of Optionee. 
 (a)
Except as may be otherwise expressly provided herein, options shall terminate on the earlier of 
 (i) the date
of expiration thereof, 

  
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 (ii) ninety (90) days after termination of the employment relationship
or consulting relationship between the Company and the optionee for cause as determined by the Company, 
 (iii)
ninety (90) days after termination of the employment or consulting relationship between the Company and the optionee by the Company without cause, or 
 (iv) ninety (90) days after termination of the employment relationship or consulting relationship between the Company and the optionee at the volition of the employee, other than by reason of death,
permanent disability or retirement in good standing from the employ of the Company for reasons of age or disability under the then established rules of the Company. 
 An employment relationship or consulting relationship, as the case may be, between the Company and the optionee shall be deemed to exist during any period in which the optionee is employed by or providing
services to, as the case may be, the Company or its parent or any subsidiary. Whether a particular authorized leave of absence or absence on military or government service shall constitute termination of the employment or consulting relationship
between the Company and the optionee shall be determined by the Board at the time thereof. As used herein, “cause” shall be determined by the Company. 
 (b) In the event of the death or permanent disability of an optionee while in the employ of the Company (as an employee or consultant) and before the date of expiration of such optionee’s options,
such option shall terminate on the earlier of such date of expiration or 180 days following the date of such death or permanent disability. After the death or permanent disability of the optionee, the optionee’s executors, administrators or any
person or persons to whom the optionee’s option may be transferred by will or by the laws of descent and distribution, shall have the right, at any time prior to such termination, to exercise the option to the extent the optionee was entitled
to exercise such option immediately prior to the optionee’s death or permanent disability. 
 (c) If, before
the date of expiration of the option, the optionee shall be retired in good standing from the employ of the Company for reasons of age or disability under the then established rules of the Company, the option shall terminate on the earlier of such
date of expiration or ninety (90) days after the date of such retirement. In the event of such retirement, the optionee shall have the right prior to the termination of such option to exercise the option to the extent to which the optionee was
entitled to exercise such option immediately prior to such retirement. 
 5.5 Transferability of Options. Options and the
rights and privileges conferred thereby shall not be assigned, pledged, hypothecated or otherwise transferred in any manner other than by will or under the laws of descent and distribution, and shall not be subject to execution, attachment or
similar process. Options shall be exercisable, during the optionee’s lifetime, only by the optionee. 
 5.6 Rights of
Optionees. No optionee shall be deemed for any purpose to be the owner of any shares of Series G Stock subject to any option unless and until the option shall have been exercised pursuant to the terms thereof and the Company shall have issued
and delivered certificates representing the shares to the optionee. 

  
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 SECTION 6. OPTION AGREEMENTS; AMENDMENTS 

Each option granted hereunder shall be embodied in a written option agreement which shall be subject to the terms and conditions of the
Plan and shall contain such terms, conditions, restrictions, if any, and provisions as the Board shall deem advisable at the time of grant; provided that such additional provisions, or such amendments as may be agreed to by the Company and
the Optionee, shall not be inconsistent with any other term or condition of the Plan. Option agreements need not be identical, but each option agreement by appropriate language shall include the substance of all of the provisions of Section 5
of the Plan. Each option agreement shall be signed by the President or the Treasurer or, if authorized by the Board, by any Vice President of the Company for and in the name and on behalf of the Company. 

SECTION 7. REPURCHASE RIGHTS AND RIGHTS OF FIRST REFUSAL 
 The Board may in its discretion provide upon the grant of any option hereunder that the Company shall have an option to repurchase, upon such terms and conditions as are determined by the Board, all or
any number of shares purchased upon exercise of such option. The repurchase price per share payable by the Company shall be such amount or be determined by such formula as is fixed by the Board at the time the option for the shares subject to
repurchase is granted. The Board may also provide that the Company shall have the right of first refusal with respect to the transfer or proposed transfer after exercise of shares purchased under an option granted hereunder. In the event the Board
shall grant options subject to the Company’s repurchase option or rights of first refusal, the certificates representing the shares purchased pursuant to such option shall carry a legend satisfactory to counsel for the Company referring to the
Company’s repurchase option or right of first refusal. 
 SECTION 8. “LOCKUP” AGREEMENT 

The Board of Directors may in its discretion specify upon granting an option that as a condition to exercise of the option, the optionee
shall agree in writing that for a period of time (not to exceed 180 days) from the effective date of any registration of securities of the Company (upon request of the Company or the underwriters managing any underwritten offering of the
Company’s securities), the optionee will not sell, make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any shares issued pursuant to the exercise of such option, without the prior written consent of the
Company or such underwriters, as the case may be. 
 SECTION 9. METHOD OF EXERCISE; PAYMENT OF PURCHASE PRICE 

9.1 Notice of Exercise. Any option granted under the Plan may be exercised by the optionee by delivering to the Company on any
business day a written notice specifying the number of shares of Series G Stock the optionee then desires to purchase and specifying the address to which the certificates for such shares are to be mailed (the “Notice”), accompanied by
payment for such shares and any documents required under Section 11 or any other provision of the Plan. 

  
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 9.2 Delivery of Payment. Payment for the shares of Series G Stock purchased pursuant
to the exercise of an option shall be made either by (i) cash, personal check, certified check, bank draft or postal or express money order equal to the option price for the number of shares specified in the Notice, or (ii) with the
consent of the Board, shares of Series G Stock of the Company having a fair market value equal to the option price of such shares, or (iii) with the consent of the Board, a combination of (i) and (ii). For the purpose of the preceding
sentence, the fair market value per share of Series G Stock so delivered to the Company shall be determined by the Board. As promptly as practicable after receipt of the Notice, the accompanying payment and any documents required by Section 11
hereof or any other provision of the Plan, the Company shall deliver to the optionee certificates for the number of shares with respect to which such option has been so exercised, issued in the optionee’s name; provided, however, that such
delivery shall be deemed effected for all purposes when the Company or a stock transfer agent of the Company shall have deposited such certificates in the United States mail, addressed to the optionee, at the address specified in the Notice.

 SECTION 10. CHANGES IN COMPANY’S CAPITAL STRUCTURE 
 10.1 Rights of Company. The existence of outstanding options shall not affect in any way the right or power of the Company or its stockholders to make or authorize, without limitation, any or all
adjustments, recapitalizations, reorganizations or other changes in the Company’s capital structure or its business, or any merger or consolidation of the Company, or any issue of Series G Stock, or any issue of bonds, debentures, preferred or
prior preference stock or other capital stock ahead of or affecting the Series G Stock or the rights thereof, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any other
corporate act or proceeding, whether of a similar character or otherwise. 
 10.2 Recapitalization, Stock Splits and
Dividends. If the Company shall effect a subdivision or consolidation of shares or other capital readjustment, the payment of a stock dividend, or other increase or reduction of the number of shares of the Series G Stock outstanding, in any such
case without receiving compensation therefor in money, services or property, then (i) the number, class, and price per share of shares of stock subject to outstanding options hereunder shall be appropriately adjusted in such a manner as to
entitle an optionee to receive upon exercise of an option, for the same aggregate cash consideration, the same total number and class of shares as the optionee would have received as a result of the event requiring the adjustment had the optionee
exercised such option in full immediately prior to such event; and (ii) the number and class of shares with respect to which options may be granted under the Plan shall be adjusted by substituting for the total number of shares of Series G
Stock then reserved for issuance under the Plan that number and class of shares of stock that the owner of an equal number of outstanding shares of Series G Stock would own as the result of the event requiring the adjustment. 

10.3 Merger without Change of Control. After a merger or consolidation of the Company and one or more corporations in which the
stockholders of the Company immediately prior to such merger or consolidation own after such merger or consolidation shares representing at least fifty percent (50%) of the voting power of the Company or the surviving or resulting corporation,
as the case may be, each holder of an outstanding option shall, at no additional cost, be entitled upon exercise of such option to receive, in lieu of shares of Series G Stock, the shares 

  
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of stock or other securities or property (including, without limitation, shares of stock or other securities of another corporation) to which such holder would have been entitled pursuant to the
terms of the merger or consolidation if, immediately prior to such merger or consolidation, such holder had been the holder of record of a number of shares of Series G Stock equal to the number of shares for which such holder wishes to exercise the
option. 
 10.4 Sale or Merger with Change of Control. If the Company is merged or consolidated with another corporation
under circumstances in which the stockholders of the Company immediately prior to such merger or consolidation do not own after such merger or consolidation shares representing at least fifty percent (50%) of the voting power of the Company or
the surviving or resulting corporation, as the case may be, or if the Company is liquidated, or sells or otherwise disposes of substantially all of its assets, in any such case while unexercised options remain outstanding under the Plan,
(i) subject to the provisions of clauses (ii) and (iii) below, after the effective date of such merger, consolidation, liquidation, sale or disposition, as the case may be, each holder of an outstanding option shall be entitled, upon
exercise of such option, to receive, in lieu of shares of Series G Stock, the shares of stock or other securities, cash or property (including, without limitation, shares of stock or other securities of another corporation) to which such holder
would have been entitled pursuant to the terms of the merger, consolidation, liquidation, sale or disposition if, immediately prior to such event, such holder had been the holder of record of a number of shares of Series G Stock equal to the number
for which such holder wishes to exercise the option; (ii) the Board may accelerate the time for exercise of all unexercised and unexpired options to a date prior to the effective date of such merger, consolidation, liquidation, sale or
disposition, as the case may be, specified by the Board; or (iii) all outstanding options may be cancelled by the Board as of the effective date of such merger, consolidation, liquidation, sale or disposition provided that (x) notice of
such cancellation shall be given to each holder of an option and (y) each holder of an option shall have the right to exercise such option to the extent that the same is then exercisable or, if the Board shall have accelerated the time for
exercise of all unexercised and unexpired options, in full during the 30-day period preceding the effective date of such merger, consolidation, liquidation, sale or disposition. 

10.5 Adjustments to Series G Stock Subject to Options. Except as hereinbefore expressly provided, the issuance by the Company of
shares of stock of any class, or securities convertible into shares of stock of any class, for cash or property, or for labor or services, either upon direct sale or upon the exercise of rights or warrants to subscribe therefor, or upon conversion
of shares or obligations of the Company convertible into such shares or other securities shall not affect, and no adjustment by reason thereof shall be made with respect to, the number or price of shares of Series G Stock then subject to outstanding
options. 
 10.6 Miscellaneous. Adjustments under this Section 10 shall be determined by the Board and such
determinations shall be conclusive. No fractional shares of Series G Stock shall be issued under the Plan on account of any adjustment specified above. 

  
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 SECTION 11. GENERAL RESTRICTIONS 
 11.1 Investment Representations. The Company may require any person to whom an option is granted, as a condition of exercising such option, to give written assurances in substance and form
satisfactory to the Company to the effect that such person is acquiring the Series G Stock subject to the option for the person’s own account for investment and not for, with a view to or in connection with any resale or distribution thereof,
and to such other effects as the Company deems necessary or appropriate in order to comply with federal and applicable state securities laws. 
 11.2 Compliance with Securities Laws. The Company shall not be required to sell or issue any shares under any option if the issuance of such shares shall constitute a violation by the optionee or
by the Company of any provision of any law or regulation of any governmental authority. In addition, in connection with the Securities Act of 1933, as now in effect or hereafter amended (the “Act”), upon exercise of any option, the Company
shall not be required to issue such shares unless the Board has received evidence satisfactory to it to the effect that the holder of such option will not transfer such shares except pursuant to a registration statement in effect under the Act or
unless an opinion of counsel satisfactory to the Company has been received by the Company to the effect that such registration is not required. Any determination in this connection by the Board or the Committee, as the case may be, shall be final,
binding and conclusive. In the event the shares issuable on exercise of an option are not registered under the Act, the Company may imprint upon any certificate representing shares so issued the following legend or any other legend which counsel for
the Company considers necessary or advisable to comply with the Act and with applicable state securities laws: 
 The shares of
stock represented by this certificate have not been registered under the Securities Act of 1933 or under the securities laws of any State and may not be pledged, hypothecated, sold or otherwise transferred unless the registration requirements of
such Act and all such laws have been complied with or unless the Corporation has received an opinion of counsel satisfactory to the Corporation, in form and substance satisfactory to the Corporation, that such registration is not required for such
transfer. 
 The Company may, but shall in no event be obligated to, register any securities covered by the Plan pursuant to the
Act; and in the event any shares are so registered the Company may remove any legend on certificates representing such shares. The Company shall not be obligated to take any affirmative action in order to cause the exercise of an option or the
issuance of shares pursuant thereto to comply with any law or regulation of any governmental authority. 
 SECTION 12. NO EMPLOYMENT OBLIGATION

 The granting of any option shall not impose upon the Company any obligation to employ or continue to employ any optionee as an
employee or consultant; and the right of the Company to terminate the employment of any officer or other employee or consultant shall not be diminished or affected by reason of the fact that an option has been granted to such officer, employee or
consultant. 

  
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 SECTION 13. AMENDMENT OR TERMINATION OF THE PLAN 

The Board of Directors may modify, revise or terminate the Plan at any time and from time to time. Except as provided in Section 10
hereof, rights and obligations under any option granted before any amendment of the Plan shall not be altered or impaired by such amendment without the consent of the optionee. 
 SECTION 14. NONEXCLUSIVITY OF THE PLAN 
 The adoption of the Plan by the Board of
Directors shall not be construed as creating any limitations on the power of the Board of Directors to adopt such other incentive arrangements as it may deem desirable, including, without limitation, the granting of stock options otherwise than
under the Plan, and such arrangements may be either applicable generally or only in specific cases. 
 SECTION 15. EFFECTIVE DATE AND DURATION
OF PLAN 
 The Plan shall become effective upon its adoption by the Board of Directors. The Plan shall terminate (i) when
the total amount of Series G Stock with respect to which options may be granted shall have been issued upon the exercise of options or (ii) by action of the Board of Directors pursuant to Section 13 hereof, whichever shall first occur.

 SECTION 16. GOVERNING LAW 
 The Plan and all options issued under it shall be governed by, and construed and enforced in accordance with, the substantive laws of The Commonwealth of Massachusetts. 

* * * * * * * * 

  
 - 8 -Form of Nonqualified Stock Option Agreement for use under the Exa Corporation

 Exhibit 4.14 
 AGREEMENT CONCERNING 
 NONQUALIFIED STOCK OPTION GRANTED 

BY 
 EXA
CORPORATION 
 (HEREINAFTER CALLED THE “COMPANY”) 

UNDER THE 
 1999
SERIES G CONVERTIBLE PREFERRED 
 NONQUALIFIED STOCK OPTION PLAN 

This Agreement is made as of the date specified in Schedule A attached hereto and hereby incorporated herein between the Company and the
Holder named in Schedule A. For valuable consideration, the receipt of which is hereby acknowledged, the Company hereby grants to the Holder the following Nonqualified Stock Option (the “Option”): 

FIRST: Subject to the terms and conditions hereinafter set forth, the Holder is hereby given the right and option to
purchase from the Company shares of the Company’s Series G Convertible Preferred Stock, $.001 par value (the “Series G Stock”). Schedule A sets forth, with respect to this Option, (i) its expiration date, (ii) its exercise
price per share, (iii) the maximum number of shares that the Holder may purchase upon exercise hereof, (iv) the vesting schedule and (v) the minimum number of shares which must be exercised at any time. It also sets forth applicable
conditions precedent to exercise of this Option, as well as any additional terms and conditions that the Company may wish to incorporate herein. 
 Purchase of any shares hereunder shall be made by (a) cash, personal check, certified check, bank draft or postal or express money order payable to the order of the Company for an amount equal to the
option price of such shares, or (b) with the consent of the Company, shares of Series G Stock of the Company having a fair market value equal to the option price of such shares, or (c) with the consent of the Company, a combination of
(a) and (b). For the purpose of the preceding sentence, the fair market value of the shares of Series G Stock so delivered to the Company shall be determined in accordance with procedures adopted by the Board of Directors of the Company (the
“Board”). 

 SECOND: As a condition precedent to any exercise of this Option, the Holder
(or if any other individual or individuals are exercising this Option, such individual or individuals) shall deliver to the Company an investment letter expressing the Holder’s desire to exercise this Option (the “Investment Letter”)
in form and substance satisfactory to the Company and its counsel which shall contain, among other things, a statement in writing that the Option is then being exercised for the account of the Holder and only with a view to investment in, and not
for, in connection with or with a view to the disposition of, the shares with respect to which the Option is then being exercised; that the Holder has been advised that Rule 144 of the Securities and Exchange Commission (the “Commission”),
which permits the resale, subject to various terms and conditions, of small amounts of restricted securities (as therein defined) after they have been held for one year, does not now apply to the Company because the Company is not now required to
file, and does not file, current reports under the Securities Exchange Act of 1934 (the “Exchange Act”), nor is there publicly available information concerning the Company substantially equivalent to that which would be available if the
Company were required to file such reports; that the Holder understands that there is no assurance that the Company will ever become a reporting company under the Exchange Act and that the Company has no obligation to the Holder to do so; that the
Holder and the Holder’s representatives have fully investigated the Company and the business and financial conditions concerning it and have knowledge of the Company’s then current corporate activities and financial condition; and that the
Holder believes that the nature and amount of the shares being purchased are consistent with the Holder’s investment objectives, abilities and resources. The restriction imposed by this Paragraph and any investment representation made pursuant
to this Paragraph shall be inoperative upon the registration with the Commission of the stock subject to this Option or acquired through the exercise of this Option. 
 THIRD: All certificates evidencing any of the shares of Series G Stock purchased pursuant to the exercise of this Option shall bear a legend substantially as follows during the term of this
Agreement: 
 “These shares are subject to restrictions on transfer and may not be sold, exchanged, transferred, pledged,
hypothecated or otherwise disposed of except in accordance with and subject to all the terms and conditions of a certain Stock Option Agreement dated as of
                    ,             , a copy of which the
Corporation will furnish to the holder of this certificate upon request and without charge.” 
 FOURTH:
Within a reasonable time following the receipt by the Company of the Investment Letter and payment in accord with the provisions of Paragraph FIRST of the Option, the Company will deliver or cause to be delivered to the Holder (or if any other
individual or individuals are exercising this Option, to such individual or individuals) at the office of the Company a certificate or certificates for the number of shares with respect to which the Option is then being exercised, registered in the
name of the Holder (or the name or names of the individual or individuals exercising the Option, either alone or jointly with another person or persons with rights of survivorship, as the individual or individuals exercising the Option shall
prescribe in writing to the Company); provided, however, that if any law, regulation or order of the Commission or other body having jurisdiction in the premises shall require the Company or the Holder (or the individual or individuals exercising
this Option) to take any action in connection with the sale of the shares then being purchased, then, subject to the other provisions of this Paragraph, the date on which such sale shall be deemed to have occurred and the date for

  
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the delivery of the certificates for such shares shall be extended for the period necessary to take and complete such action. Said certificate shall include appropriate securities and other
legends referencing stock transfer restrictions imposed by this Option or the Plan. Delivery by the Company of the certificates for such shares shall be deemed effected for all purposes when the Company or a stock transfer agent of the Company shall
have deposited such certificates in the United States mail, addressed to Holder, at the address specified in the Investment Letter. 
 FIFTH: The existence of outstanding options shall not affect in any way the right or power of the Company or its stockholders to make or authorize, without limitation, any or all
adjustments, recapitalizations, reorganizations or other changes in the Company’s capital structure or its business, or any merger or consolidation of the Company, or any issue of Series G Stock, or any issue of bonds, debentures, preferred or
prior preference stock or other capital stock ahead of or affecting the Series G Stock or the rights thereof, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any other
corporate act or proceeding, whether of a similar character or otherwise. 
 (a) Recapitalization, Stock Splits, and
Dividends. If the Company shall effect a subdivision or consolidation of shares or other capital readjustment, the payment of a stock dividend, or other increase or reduction of the number of shares of the Series G Stock outstanding, in any such
case without receiving compensation therefor in money, services or property, then (i) the number, class, and price per share of shares of stock subject to outstanding Options hereunder shall be appropriately adjusted in such a manner as to
entitle a Holder to receive upon exercise of an Option, for the same aggregate cash consideration, the same total number and class of shares as such Holder would have received as a result of the event requiring the adjustment had such Holder
exercised such Option in full immediately prior to such event; and (ii) the number and class of shares with respect to which Options may be granted under the Plan shall be adjusted by substituting for the total number of shares of Series G
Stock then reserved that number and class of shares of stock that would have been received by the owner of an equal number of outstanding shares of Series G Stock as the result of the event requiring the adjustment. 

(b) Merger of the Company with No Change of Control. After a merger or consolidation of one or more corporations and the Company
in which the stockholders of the Company immediately prior to such merger or consolidation own after such merger or consolidation shares representing at least fifty percent (50%) of the voting power of the Company or the surviving or resulting
corporation, as the case may be, each Holder of an outstanding Option shall, at no additional cost, be entitled upon exercise of such Option to receive in lieu of shares of Series G Stock shares of stock or other securities or property to which such
Holder would have been entitled pursuant to the terms of the agreement of merger or consolidation if, immediately prior to such merger or consolidation, such Holder had been the holder of record of a number of shares of Series G Stock equal to the
number of shares for which such Holder wishes to exercise the Option. 
 (c) Sale or Merger of Company with Change of
Control. If the Company is merged into or consolidated with another corporation under circumstances in which the Stockholders of the Company immediately prior to such merger or consolidation do not own after such merger or consolidation shares
representing at least fifty percent (50%) of the voting power of the 

  
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Company or the surviving or resulting corporation, as the case may be, or if the Company is liquidated, or sells or otherwise disposes of substantially all of its assets, in any such case while
unexercised Options remain outstanding under the Plan, (i) subject to the provisions of clauses (ii) and (iii) below, after the effective date of such merger, consolidation, liquidation, sale or disposition, as the case may be, each
Holder of an outstanding Option shall be entitled, upon exercise of such Option, to receive, in lieu of shares of Series G Stock, shares of stock or other securities, cash or property (including, without limitation, shares of stock or other
securities of another corporation) to which such Holder would have been entitled pursuant to the terms of the merger, consolidation, liquidation, sale or disposition if, immediately prior to such event, such Holder had been the holder of record of a
number of shares of Series G Stock equal to the number for which such Holder wishes to exercise the Option; (ii) the Board may accelerate the time for exercise of all unexercised and unexpired Options to a date prior to the effective date of
such merger, consolidation, liquidation, sale or disposition, as the case may be, specified by the Board; or (iii) all outstanding Options may be cancelled by the Board as of the effective date of any such merger, consolidation, liquidation,
sale or disposition provided that (x) notice of such cancellation shall be given to each Holder of an Option and (y) each Holder of an Option shall have the right to exercise such Option to the extent that the same is then exercisable or,
if the Board shall have accelerated the time for exercise of all unexercised and unexpired Options, in full during the 30-day period preceding the effective date of such merger, consolidation, liquidation, sale or disposition. 

(d) Changes to Series G Stock Subject to Options. Except as hereinbefore expressly provided, the issuance by the Company of shares
of any class, or securities convertible into shares of stock of any class, for cash or property, or for labor or services either upon direct sale or upon the exercise of rights or warrants to subscribe therefor, or upon conversion of shares or
obligations of the Company convertible into such shares or other securities, shall not affect, and no adjustment by reason thereof shall be made with respect to, the number or price of shares of Series G Stock then subject to outstanding Options.

 SIXTH: No person shall, by virtue of the granting of this Option to the Holder, be deemed to be a holder of any
shares purchasable under this Option or to be entitled to the rights or privileges of a holder of such shares unless and until this Option has been exercised with respect to such shares and they have been issued pursuant to that exercise of this
Option. The Company shall, at all times while any portion of this Option is outstanding, reserve and keep available, out of shares of its authorized and unissued stock or reacquired shares, a sufficient number of shares of its Series G Stock to
satisfy the requirements of this Option; shall comply with the terms of this Option promptly upon exercise of the option rights; and shall pay all fees or expenses necessarily incurred by the Company in connection with the issuance and delivery of
shares pursuant to the exercise of this Option. 
 SEVENTH: Options and the rights and privileges conferred
thereby shall not be assigned, pledged, hypothecated or otherwise transferred in any manner other than by will or under the laws of descent and distribution, and shall not be subject to execution, attachment or similar process. Options shall be
exercisable, during the Holder’s lifetime, only by the Holder. 

  
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 (a) Time of Termination. Except as may be otherwise expressly provided herein,
Options shall terminate on the earlier of (i) the date of expiration thereof, (ii) ninety (90) days after termination of the employment relationship or consulting relationship between the Company and the Holder for cause as determined
by the Company, (iii) ninety (90) days after termination of the employment or consulting relationship between the Company and the Holder by the Company without cause, or (iv) ninety (90) days after termination of the employment
relationship or consulting relationship between the Company and the Holder at the volition of the Holder, other than death, permanent disability or retirement in good standing from the employ of the Company for reasons of age or disability under the
then established rules of the Company. 
 An employment relationship or consulting relationship, as the case may be, between the
Company and the Holder shall be deemed to exist during any period in which the Holder is employed by or providing services to, as the case may be, the Company or its parent or any subsidiary. Whether a particular authorized leave of absence or
absence on military or government service shall constitute termination of the employment or consulting relationship between the Company and the Holder shall be determined by the Board at the time thereof. As used herein, “cause” shall be
determined by the Company. 
 (b) Termination upon Death or Disability. In the event of the death or permanent disability
of a Holder while in the employ of the Company (as an employee or consultant) and before the date of expiration of such Holder’s Options, such Option shall terminate on the earlier of such date of expiration or 180 days following the date of
such death or permanent disability. After the death or permanent disability of the Holder, the Holder’s executors, administrators or any person or persons to whom the Holder’s Option may be transferred by will or by the laws of descent and
distribution, shall have the right, at any time prior to such termination, to exercise the Option to the extent the Holder was entitled to exercise such Option immediately prior to the Holder’s death or permanent disability. 

(c) Termination upon Retirement. If, before the date of expiration of the Option, the Holder shall be retired in good standing
from the employ of the Company (as an employee or consultant) for reasons of age or disability under the then established rules of the Company, the Option shall terminate on the earlier of such date of expiration or ninety (90) days after the
date of such retirement. In the event of such retirement, the Holder shall have the right prior to the termination of such Option to exercise the Option to the extent to which the Holder was entitled to exercise such Option immediately prior to such
retirement. 
 EIGHTH: Any notice to be given to the Company hereunder shall be deemed sufficient if addressed to
the Company and delivered at the office of the Treasurer of the Company at its principal office, or such other address as the Company may hereafter designate, or when deposited in the mail, postage prepaid, addressed to the attention of the
Treasurer of the Company at such office or other address. 
 Any notice to be given to the Holder hereunder shall be deemed
sufficient if addressed to and delivered in person to the Holder at his address furnished to the Company or when deposited in the mail, postage prepaid, addressed to the Holder at such address. 

NINTH: Prior to the effective date of a registration statement under the Securities Act of 1933 covering any shares of the
Company’s Series G Stock or the Common Stock issuable upon conversion of the Series G Stock and until such time as the Company shall have effected a public 

  
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offering of Series G Stock or Common Stock, the Holder may not sell, assign, transfer, exchange, encumber or otherwise dispose of any shares of Series G Stock issued pursuant to exercise of this
Option or Common Stock issuable upon conversion thereof or any interest in such shares now held or hereafter acquired by the Holder (the “Shares”) without first giving written notice thereof to the Company identifying the proposed
transferee, the purchase price, if any, and terms of the proposed transaction, and offering such Shares to the Company for purchase by it at the same price and on the same terms. Such offer shall be in writing and mailed, postage prepaid, or
delivered to the Company at its principal office. 
 The Company shall have 30 days after actual receipt of such offer to notify
the Holder in writing of its intention to purchase all or any part of such Shares. If the Company elects to repurchase all or any part of such Shares, the Holder shall deliver the Shares, free of all encumbrances, within 30 days of the date of
acceptance of the offer to sell, against payment therefor at the same price and according to the same terms as were offered by the proposed transferee. 
 If an offer has not been accepted by the Company as to any or all offered Shares within the time specified in this Paragraph, then the Holder shall have 120 days within which he may transfer the Shares as
to which the offer shall not have been accepted, free of the restrictions imposed by this Paragraph, to the proposed transferee at the same price and according to the same terms as the Holder previously notified the Company. Prior to the sale of
such Shares to the proposed transferee, the proposed transferess shall execute an agreement with the Company pursuant to which it agrees to be subject to the rights of first refusal of the Company set forth in this Paragraph. In no event, shall such
proposed transferee acquire the benefits of the rights set forth in this Paragraph, except to the extent the Company may so agree in writing with the proposed transferee. 
 As long as any Shares are subject to the foregoing restrictions on transfer, the purchaser of such restricted Shares sold on execution or by order of any court shall within 90 days after such sale, and
any executor, administrator, legatees or heirs of the Holder’s estate, or any trustee in bankruptcy, receiver or other officer or legal representative appointed by any court in whom title to any of such restricted Shares shall have vested
either by operation of law or otherwise, shall within 90 days after appointment, offer all of such restricted Shares for sale to the Company at the same price as the Holder would have been required to offer them. 

If any transfer of restricted Shares is made or attempted in violation of the foregoing restrictions, or if restricted Shares are not
offered to the Company as required hereby, the Company shall have the right to purchase such Shares from the owner thereof or his transferee at any time before or after the transfer, as herein provided. In addition to any other legal or equitable
remedies which it may have, the Company may enforce its rights by actions for specific performance (to the extent permitted by law) and may refuse to recognize any transferee as one of its stockholders for any purpose, including without limitation,
for purposes of dividend and voting rights, until all applicable provisions hereof have been complied with. 

  
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 TENTH: If the Company terminates the Holder’s employment or consulting
relationship for cause, the Company shall have the assignable right to purchase, and the Holder shall, at the election of the Company, be obligated to sell, all or any part of the Shares owned by the Holder on the terms provided below. For purposes
of this Paragraph TENTH, the term “cause” shall mean one or more of the following causes: (i) willful misconduct, malfeasance, misfeasance or gross negligence in connection with the performance of duties; (ii) the conviction of
the Holder of a felony, either in connection with the performance of his duties or which shall adversely affect his ability to perform his duties; (iii) disloyalty, dishonesty or breach of fiduciary duty to the Company; (iv) the commission
of an act of embezzlement, fraud or a deliberate and substantial disregard of the rules or policies of the Company which results in a material loss, damage or injury to the Company; or (v) the unauthorized, intentional disclosure of any
material trade secrets or confidential information of the Company. 
 Once the Company has terminated the employment or the
consulting relationship of the Holder for cause, as defined above, it may exercise its right of repurchase by giving written notice to the Holder (or the Holder’s legal representatives, as the case may be) at any time within 90 days following
(i) the termination of the Holder’s employment or of the consulting relationship with the Company for cause, or (ii) the valid exercise by the Holder of this Option, whichever occurs later, and by specifying the number of Shares to be
sold to the Company at the purchase price set forth below. Within 15 days after receipt of such notice, the Holder (or the Holder’s legal representatives) shall send to the Company the certificate(s), together with duly executed stock powers,
representing the Shares being repurchased by the Company. Within 15 days following receipt of such certificate(s), if the parties have agreed as to the Fair Market Value of the Shares being repurchased, or in the case of the determination of Fair
Market Value according to the procedure below, within 15 days of receipt of written notice of the determination of the Fair Market Value of the Shares, the Company shall send a check to the Holder (or the Holder’s legal representatives) for the
aggregate purchase price for the Shares which the Company has repurchased. However, after the appraisal process described below, the Company may, in its sole discretion, decide not to purchase any of the Shares. Upon the date of such notice from the
Company to the Holder (or the Holder’s legal representatives), the interest of the Holder (and of the Holder’s legal representatives) in the Shares specified in such notice shall automatically terminate, except for the right to receive
payment from the Company for the repurchased Shares. 
 The Fair Market Value per Share of Series G Stock shall be as agreed by
the Company and the Holder, and failing such agreement within 15 days after the date of the Company’s written notice to repurchase such shares, by the following appraisal process: within 5 days of the expiration of such 15 day period, the
Company shall appoint an appraiser, the Holder (or the legal representatives of the Holder, as the case may be) shall appoint a second appraiser and the two appraisers so appointed shall appoint a third appraiser (or, failing action within such
period by any party or the appraisers, any unappointed appraiser(s) shall be appointed by the American Arbitration Association, Boston, Massachusetts, upon application of any party or appraiser). The appraisers shall proceed promptly, and, in any
event, within 15 working days of their appointment hereunder, by majority vote to determine the fair market value of such Shares as of the most recent convenient date selected by them, and such determination shall be final and binding upon all
interested persons. The appraisers shall promptly give written notice to the Company and the Holder (or the legal representative of the Holder, as the case may be) of the appraisers’ final determination of value. The parties shall bear the fees
and expenses of the appraiser appointed by or for each of them, and one-half of the fees and expenses of the third appraiser. 

  
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 ELEVENTH: The Holder agrees for a period of up to 180 days from the effective
date of any registration of securities of the Company (upon request of the Company or the underwriters managing any underwritten offering of the Company’s securities), not to sell, make any short sale of, loan, grant any option for the purchase
of, or otherwise dispose of any shares issued pursuant to the exercise of such Option, without the prior written consent of the Company or such underwriters, as the case may be. 

TWELFTH: This Option is subject to all laws, regulations and orders of any governmental authority which may be applicable
thereto and, notwithstanding any of the provisions hereof, the Holder agrees that he will not exercise the option granted hereby nor will the Company be obligated to issue any shares of stock hereunder if the exercise thereof or the issuance of such
shares, as the case may be, would constitute a violation by the Holder or the Company of any such law, regulation or order or any provision thereof. This Option is and shall be subject in every respect to the provisions of the 1999 Series G
Convertible Preferred Nonqualified Stock Option Plan of the Company, as amended from time to time, which is incorporated herein by reference and made a part hereof. In the event of any conflict or inconsistency between the terms hereof and those of
said Plan the latter shall prevail. 

  
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 IN WITNESS WHEREOF, the Company has caused this instrument to be executed in its name and on
its behalf as of the effective date. 
  

			
	EXA CORPORATION
		
	By:	 	 
		 	President and CEO

 The undersigned Holder acknowledges receipt of the Option and Schedule A hereto and agrees to the
terms of the Option and Plan. 
  

	
	 
	Option Holder’s Signature
	
	 
	Date

  
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 SCHEDULE A 
 EXA CORPORATION 
 Nonqualified Stock Option Granted Under the 

1999 Series G Convertible Preferred Nonqualified Stock Option Plan 

 

	1.	Name of Holder: 

  

	2.	Date of this Agreement: 

  

	3.	Maximum Number of shares for which this Option is exercisable: 

  

	4.	Exercise (purchase) price per share: 

  

	5.	Employment or Consulting Start Date: 

  

	6.	Expiration Date of Option:                     , subject to earlier
termination as provided in Sections 5 and 7 of this agreement. 

  

	7.	Vesting Schedule: This option shall vest 50% on January 1, 2001 and 50% on January 1, 2002. The Board of Directors of the Company may, in its discretion at
any time, accelerate the date on which the Option may be exercised in full or in part. If the Company is merged or consolidated with another corporation under circumstances in which the stockholders of the Company immediately prior to such merger or
consolidation do not own after such merger or consolidation shares representing at least fifty percent (50%) of the voting power of the Company or the surviving or resulting corporation, as the case may be, or if the Company is liquidated, or
sells or otherwise disposes of substantially all of its assets, the vesting of this Option shall fully accelerate and the option shall be exercisable in full. 

 

	8.	The minimum number of shares for which this Option may be exercised is the actual number of vested shares or 100 vested shares, whichever is smaller. In addition, this
Option must be exercised in multiples of one hundred, unless the entire amount of shares remaining is less than one hundred, in which case this Option must be exercised for the entire amount remaining. 

 

	9.	All shares purchased upon exercise of this Option are subject to the rights of the Company to repurchase such shares as set forth in Paragraphs NINTH and TENTH of the
Option, to the lockup agreement set forth in Paragraph ELEVENTH of the Option, and to the other terms of the Option and Plan. 

 * * * 

  
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