Document:

ex4_1.htm

EXHIBIT 4.1

 

 

MIDWAY GOLD CORP.

 

2013 STOCK AND INCENTIVE PLAN

 

Section 1.   Purpose

 

The purpose of the Plan is to promote the interests of the Company and its shareholders by aiding the Company in attracting and retaining employees, officers, consultants, advisors and non-employee Directors capable of assuring the future success of the Company, to offer such persons incentives to put forth maximum efforts for the success of the Company’s business and to compensate such persons through various stock-based arrangements and provide them with opportunities for stock ownership in the Company, thereby aligning the interests of such persons with the Company’s shareholders.

 

Section 2.           Definitions

 

As used in the Plan, the following terms shall have the meanings set forth below:

 

(a)           “Affiliate” shall mean any entity that, directly or indirectly through one or more intermediaries, is controlled by the Company.

 

(b)           “Award” shall mean any Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, Performance Award or Dividend Equivalent granted under the Plan.

 

(c)           “Award Agreement” shall mean any written agreement, contract or other instrument or document evidencing an Award granted under the Plan.  An Award Agreement may be in an electronic medium and need not be signed by a representative of the Company or the Participant.  Each Award Agreement shall be subject to the applicable terms and conditions of the Plan and any other terms and conditions (not inconsistent with the Plan) determined by the Committee.

 

(d)           “Board” shall mean the Board of Directors of the Company.

 

(e)           “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, and any regulations promulgated thereunder.

 

(f)           “Committee” shall mean the Compensation Committee of the Board or such other committee designated by the Board to administer the Plan.  The Committee shall be comprised of not less than such number of Directors as shall be required to permit Awards granted under the Plan to qualify under Rule 16b-3, and each member of the Committee shall be a “non-employee director” within the meaning of Rule 16b-3 and an “outside director” within the meaning of Section 162(m).

 

(g)           “Company” shall mean Midway Gold Corp., a Canadian corporation, and any successor corporation.

 

 

  

  

  

(h)           “Conversion Price” shall have the meaning ascribed to that term under Part 26 (titled “Special Rights and Restrictions Attached to Series A Preferred Shares”) of the Company’s Articles of Incorporation.

 

(i)           “Director” shall mean a member of the Board.

 

(j)           “Dividend Equivalent” shall mean any right granted under Section 6(e) of the Plan.

 

(k)           “Eligible Person” shall mean any employee, officer, non-employee Director, consultant, independent contractor or advisor providing services to the Company or any Affiliate.

 

(l)           “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

 

(m)           “Fair Market Value” shall mean, with respect to any property (including, without limitation, any Shares or other securities), the fair market value of such property determined by such methods or procedures as shall be established from time to time by the Committee. Notwithstanding the foregoing, unless otherwise determined by the Committee, the Fair Market Value of a Share as of a given date shall be the closing price of one Share as reported on the Toronto Stock Exchange, the TSX Venture Exchange, the AMEX Stock Exchange, and any successor securities exchange thereof, or any other securities exchange where the Shares are then listed on such date or, if the applicable securities exchange is not open for trading on such date, on the most recent preceding date when such exchange is open for trading.

 

(n)           “Incentive Stock Option” shall mean an option granted under Section 6(a) of the Plan that is intended to meet the requirements of Section 422 of the Code or any successor provision.

 

(o)            “Non-Qualified Stock Option” shall mean an option granted under Section 6(a) of the Plan that is not intended to be an Incentive Stock Option.

 

(p)           “Option” shall mean an Incentive Stock Option or a Non-Qualified Stock Option to purchase shares of the Company.

 

(q)            “Participant” shall mean an Eligible Person designated to be granted an Award under the Plan.

 

(r)           “Performance Award” shall mean any right granted under Section 6(d) of the Plan.

 

(s)           “Performance Goal” shall mean one or more of the following performance goals, either individually, alternatively or in any combination, applied on a corporate, subsidiary, division, business unit or line of business basis:

 

	
  

	
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economic value added (EVA);

	
  

	
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sales or revenue;

	
  

	
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costs or expenses;

	
  

	
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net profit after tax;

 

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gross profit;

	
  

	
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income (including without limitation operating income, pre-tax income and income attributable to the Company);

	
  

	
·

	
cash flow (including without limitation free cash flow and cash flow from operating, investing or financing activities or any combination thereof);

	
  

	
·

	
earnings (including without limitation earnings before or after taxes, earnings before interest and taxes (EBIT), earnings before interest, taxes, depreciation and amortization (EBITDA) and earnings (whether before or after taxes), EBIT or EBITDA as a percentage of net sales;

	
  

	
·

	
earnings per share (EPS) (basic or diluted);

	
  

	
·

	
earnings per share from continuing operations;

	
  

	
·

	
returns (including one or more of return on actual or pro forma assets, net assets, equity, investment, revenue, sales, capital and net capital employed, total shareholder return (TSR) and total business return (TBR));

	
  

	
·

	
margins (including one or more of gross, operating and net income margin);

	
  

	
·

	
ratios (including one or more of price-to-earnings, debt-to-assets, debt-to-net assets and ratios regarding liquidity, solvency, fiscal capacity, productivity or risk);

	
  

	
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budget comparisons;

	
  

	
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unit volume;

	
  

	
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stock price;

	
  

	
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net working capital;

	
  

	
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value creation;

	
  

	
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market share;

	
  

	
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market capitalization;

	
  

	
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workforce satisfaction and diversity goals;

	
  

	
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employee retention;

	
  

	
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production metrics;

	
  

	
·

	
development;

	
  

	
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implementation or completion of key projects;

	
  

	
·

	
strategic plan development and implementation.

Each such Performance Goal may be based (i) solely by reference to absolute results of individual performance or organizational performance at various levels (e.g., the Company’s performance or the performance of a subsidiary, division, business segment or business unit of the Company) or (ii) upon organizational performance relative to the comparable performance of other companies selected by the Committee.  To the extent consistent with Section 162(m), the Committee may, when it establishes performance criteria, also provide for the exclusion of charges related to an event or occurrence which the Committee determines should appropriately be excluded, including (X) asset-write downs, litigation or claim judgments or settlements, reorganizations, the impact of acquisitions and divestitures, restructurings, discontinued operations, extraordinary items, and other unusual or non-recurring charges, (Y) foreign exchange gains and losses or an event either not directly related to the operations of the Company or not within the reasonable control of the Company’s management, or (Z) the cumulative effects of tax or accounting changes in accordance with U.S. generally accepted 

 

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accounting principles (or other accounting principles which may then be in effect).  To the extent that Section 162(m) or applicable tax and/or securities laws change to permit Committee discretion to alter the governing performance measures without disclosing to shareholders and obtaining shareholder approval of such changes and without thereby exposing the Company to potentially adverse tax or other legal consequences, the Committee shall have the sole discretion to make such changes without obtaining shareholder approval.

 

(t)           “Person” shall mean any individual or entity, including a corporation, partnership, limited liability company, association, joint venture or trust.

 

(u)           “Plan” shall mean the Midway Gold Corp. 2013 Stock and Incentive Plan, as amended from time to time.

 

(v)           “Prior Plan” shall mean the Midway Gold Corp. Stock Option Plan, adopted May 6, 2003, as amended from time to time.

 

(w)           “Prior Plan Awards” shall mean have the meaning ascribed to that term in Section 4(a).

 

(x)           “Restricted Stock” shall mean any Share granted under Section 6(c) of the Plan.

 

(y)           “Restricted Stock Unit” shall mean any unit granted under Section 6(c) of the Plan evidencing the right to receive a Share (or a cash payment equal to the Fair Market Value of a Share) at some future date.

 

(z)           “Rule 16b-3” shall mean Rule 16b-3 promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended, or any successor rule or regulation.

 

(aa)           “Section 162(m)” shall mean Section 162(m) of the Code, or any successor provision, and the applicable Treasury Regulations promulgated thereunder.

 

(bb)           “Section 409A” shall mean Section 409A of the Code, or any successor provision, and applicable Treasury Regulations and other applicable guidance thereunder.

 

(cc)           “Securities Act” shall mean the Securities Act of 1933, as amended.

 

(dd)           “Share” or “Shares” shall mean common shares without par value in the capital of the Company (or such other securities or property as may become subject to Awards pursuant to an adjustment made under Section 4(c) of the Plan), provided that such class is listed on a securities exchange.

 

(ee)           “Specified Employee” shall mean a specified employee as defined in Section 409A(a)(2)(B) of the Code or applicable proposed or final regulations under Section 409A, determined in accordance with procedures established by the Company and applied uniformly with respect to all plans maintained by the Company that are subject to Section 409A.

 

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(ff)           “Stock Appreciation Right” shall mean any right granted under Section 6(b) of the Plan.

 

Section 3.                    Administration

 

(a)           Power and Authority of the Committee.  The Plan shall be administered by the Committee.  Subject to the express provisions of the Plan and to applicable law, the Committee shall have full power and authority to:  (i) designate Participants; (ii) determine the type or types of Awards to be granted to each Participant under the Plan; (iii) determine the number of Shares to be covered by (or the method by which payments or other rights are to be calculated in connection with) each Award; (iv) determine the terms and conditions of any Award or Award Agreement, including any terms relating to the forfeiture of any Award and the forfeiture, recapture or disgorgement of any cash, Shares or other amounts payable with respect to any Award; (v) amend the terms and conditions of any Award or Award Agreement; (vi) accelerate the exercisability of any Award or the lapse of any restrictions relating to any Award, (vii) determine whether, to what extent and under what circumstances Awards may be exercised in cash, Shares, other securities, other Awards or other property, or canceled, forfeited or suspended; (viii) determine whether, to what extent and under what circumstances cash, Shares, other securities, other Awards, other property and other amounts payable with respect to an Award under the Plan shall be deferred either automatically or at the election of the holder thereof or the Committee; (ix)  interpret and administer the Plan and any instrument or agreement, including an Award Agreement, relating to the Plan; (x) establish, amend, suspend or waive such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration of the Plan; (xi) make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan; and (xii) adopt such modifications, rules, procedures and subplans as may be necessary or desirable to comply with provisions of the laws of non-U.S. jurisdictions in which the Company or an Affiliate may operate, including, without limitation, establishing any special rules for Affiliates, Eligible Persons or Participants located in any particular country, in order to meet the objectives of the Plan and to ensure the viability of the intended benefits of Awards granted to Participants located in such non-United States jurisdictions.  Unless otherwise expressly provided in the Plan, all designations, determinations, interpretations and other decisions under or with respect to the Plan or any Award or Award Agreement shall be within the sole discretion of the Committee, may be made at any time and shall be final, conclusive and binding upon any Participant, any holder or beneficiary of any Award or Award Agreement, and any employee of the Company or any Affiliate.

 

(b)           Delegation.  The Committee may delegate to one or more officers or Directors of the Company, subject to such terms, conditions and limitations as the Committee may establish in its sole discretion, the authority to grant Awards; provided, however, that the Committee shall not delegate such authority (i) with regard to grants of Awards to be made to officers of the Company or any Affiliate who are subject to Section 16 of the Exchange Act or (ii) in such a manner as would cause the Plan not to comply with the requirements of Section 162(m) or applicable corporate law.

 

(c)           Power and Authority of the Board. Notwithstanding anything to the contrary contained herein, (i) the Board may, at any time and from time to time, without any further 

 

 

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action of the Committee, exercise the powers and duties of the Committee under the Plan, unless the exercise of such powers and duties by the Board would cause the Plan not to comply with the requirements of Rule 16b-3 or Section 162(m); and (ii) only the Committee (or another committee of the Board comprised of directors who qualify as independent directors, to the extent required by applicable law or independence rules of any applicable securities exchange where the Shares are then listed) may grant Awards to Directors who are not also employees of the Company or an Affiliate.

 

Section 4.             Shares Available for Awards

 

(a)           Shares Available.  Subject to adjustment as provided in Section 4(c) of the Plan, the aggregate number of Shares that may be issued under all Awards under the Plan shall be 16,628,914, less the number of Shares subject to all awards under the Prior Plan that are outstanding on June 20, 2013 (“Prior Plan Awards”).  Any Shares subject to Prior Plan Awards that, after June 20, 2013, are not purchased or are forfeited or reacquired by the Company, or otherwise not delivered to the Participant due to termination or cancellation of such award (other than Shares described in Section 4(b)(i)-(iv) below) shall again be available for granting Awards under this Plan (and not the Prior Plan).  Notwithstanding the foregoing, no Shares may be issued pursuant to any Award granted under this Plan for consideration that is less than the Conversion Price applicable to Series A Preferred Shares if such issuance would violate Part 26 (titled “Special Rights and Restrictions Attached to Series A Preferred Shares”) of the Company’s Articles of Incorporation.

 

(b)           Counting Shares.  For purposes of this Section 4, if an Award entitles the holder thereof to receive or purchase Shares, the number of Shares covered by such Award or to which such Award relates shall be counted on the date of grant of such Award against the aggregate number of Shares available for granting Awards under the Plan.  For purposes of determining the number of Shares covered on the date of grant by a Stock Appreciation Right that is to be settled in Shares, the aggregate number of Shares with respect to which the Stock Appreciation Right is to be exercised shall be counted against the number of Shares available for Awards under the Plan (without regard to the number of actual Shares issued upon settlement).  Awards that do not entitle the holder thereof to receive or purchase Shares shall not be counted against the aggregate number of Shares available for Awards under the Plan.

 

If any Shares covered by an Award or to which an Award relates are not purchased or are forfeited or are reacquired by the Company (including shares of Restricted Stock, whether or not dividends have been paid on such shares), or if an Award otherwise terminates or is cancelled without delivery of any Shares, then the number of Shares counted pursuant to Section 4(b) of the Plan against the aggregate number of Shares available under the Plan with respect to such Award, to the extent of any such forfeiture, reacquisition by the Company, termination or cancellation, shall again be available for granting Awards under the Plan. Notwithstanding anything to the contrary in this Section 4, the following Shares will not again become available for issuance under the Plan: (i) any Shares which would have been issued upon any exercise of an Option but for the fact that the exercise price was paid by a “net exercise” pursuant to Section 6(a)(iii)(B) or any Shares tendered in payment of the exercise price of an Option; (ii) any Shares withheld by the Company or Shares tendered to satisfy any tax withholding obligation with respect to an Award; (iii) Shares covered by a Stock Appreciation Right issued under the Plan 

 

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that are not issued in connection with settlement in Shares upon exercise; or (iv) Shares that are repurchased by the Company using Option exercise proceeds.

 

(c)           Adjustments.  In the event that any dividend or other distribution (whether in the form of cash, Shares, other securities or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase or exchange of Shares or other securities of the Company, issuance of warrants or other rights to purchase Shares or other securities of the Company or other similar corporate transaction or event affects the Shares such that an adjustment is necessary in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan, then the Committee shall, in such manner as it may deem equitable, adjust any or all of (i) the number and type of Shares (or other securities or other property) that thereafter may be made the subject of Awards, (ii) the number and type of Shares (or other securities or other property) subject to outstanding Awards, (iii) the purchase price or exercise price with respect to any Award and (iv) the limitations contained in Section 4(d)(i) below; provided, however, that the number of Shares covered by any Award or to which such Award relates shall always be a whole number.  Such adjustment shall be made by the Committee or the Board, whose determination in that respect shall be final, binding and conclusive.

 

(d)           Award Limitations Under the Plan.

 

	
  

	
(i)

	
Individual Limitation for Awards Denominated in Shares.  No Eligible Person may be granted any Award or Awards denominated in Shares, for more than 4,000,000 Shares (subject to adjustment as provided for in Section 4(c) of the Plan), in the aggregate in any calendar year.

 

	
  

	
(ii)

	
Individual Limitation for Performance Awards Denominated in Cash.  The maximum amount payable pursuant to all Performance Awards denominated in cash to any Participant in the aggregate in any taxable year shall be $3,000,000 in value, whether payable in cash, Shares or other property. This limitation contained in this Section 4(d)(ii) does not apply to any Award or Awards subject to the limitation contained in Section 4(d)(i). The limitation contained in this Section 4(d)(ii) shall apply only with respect to any Award or Awards granted under this Plan, and limitations on awards granted under any other shareholder-approved incentive plan maintained by the Company will be governed solely by the terms of such other plan.

 

	
  

	
(iii)

	
TSX-V Limitations.  While the Company’s shares are listed on the TSX-V:

 

	
  

	
(A)

	
No more than 5% of the issued Shares of the Company may be granted to any one Eligible Person in any 12 month period (unless the Company has obtained disinterested shareholder approval);

 

	
  

	
(B)

	
No more than 2% of the issued Shares of the Company may be granted to any one consultant in any 12 month period; and

 

 

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(C)

	
No more than an aggregate of 2% of the issued Shares of the Company may be granted to all employees conducting investor relations activities, in any 12 month period.

 

	
  

	
(iv)

	
TSX Limitations.  While the Company’s shares are listed on the TSX, the number of the Company’s Shares issued to insiders of the Company, within any one-year period, and issuable to insiders of the Company, at any time, under the Plan, or when combined with all of the Company’s other security-based compensation arrangements, shall not exceed 10% of the Company's total issued and outstanding securities, respectively.

 

Section 5.             Eligibility

 

Any Eligible Person shall be eligible to be designated as a Participant.  In determining which Eligible Persons shall receive an Award and the terms of any Award, the Committee may take into account the nature of the services rendered by the respective Eligible Persons, their present and potential contributions to the success of the Company or such other factors as the Committee, in its discretion, shall deem relevant.  Notwithstanding the foregoing, an Incentive Stock Option may only be granted to full-time or part-time employees (which term as used herein includes, without limitation, officers and Directors who are also employees), and an Incentive Stock Option shall not be granted to an employee of an Affiliate unless such Affiliate is also a “subsidiary corporation” of the Company within the meaning of Section 424(f) of the Code or any successor provision.

 

Section 6.             Awards

 

(a)           Options.  The Committee is hereby authorized to grant Options to Eligible Persons with the following terms and conditions and with such additional terms and conditions not inconsistent with the provisions of the Plan as the Committee shall determine:

 

	
  

	
(i)

	
Exercise Price.  The purchase price per Share purchasable under an Option shall be determined by the Committee and shall not be less than 100% of the Fair Market Value of a Share on the date of grant of such Option; provided, however, that the Committee may designate a purchase price below Fair Market Value on the date of grant if the Option is granted in substitution for a stock option previously granted by an entity that is acquired by or merged with the Company or an Affiliate.

 

	
  

	
(ii)

	
Option Term.  The term of each Option shall be fixed by the Committee at the date of grant, but shall not be longer than 10 years from the date of grant.  Notwithstanding the foregoing, if an Eligible Person’s service with the Company and all Affiliates terminates for any reason during the term, then the Eligible Person’s Option shall expire on the earlier of the following dates:

 

	
  

	
(A)

	
the Option’s term expiry date fixed by the Committee at the date of grant; or

 

 

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(B)

	
the date three months after the termination of the Eligible Person’s service (twelve months, if termination was due to the Eligible Person’s death), or such earlier date as the Committee may determine and specify at the date of grant.  However, if the Option is set to expire under this paragraph (B) during a period of time during which, pursuant to the policies of the Company, trading in Shares or Options is prohibited or restricted, the Option shall expire on the earlier of the date under (A) above or the third trading date following the end of such blackout period.

 

	
  

	
(iii)

	
Time and Method of Exercise.  The Committee shall determine the time or times at which an Option may be exercised in whole or in part and the method or methods by which, and the form or forms, including, but not limited to, cash, Shares (actually or by attestation), other securities, other Awards or other property, or any combination thereof, having a Fair Market Value on the exercise date equal to the applicable exercise price, in which, payment of the exercise price with respect thereto may be made or deemed to have been made.

 

	
  

	
(A)

	
Promissory Notes.  Notwithstanding the foregoing, the Committee may not accept a promissory note as consideration.

 

	
  

	
(B)

	
Net Exercises.  The Committee may, in its discretion, permit an Option to be exercised by delivering to the Participant a number of Shares having an aggregate Fair Market Value (determined as of the date of exercise) equal to the excess, if positive, of the Fair Market Value of the Shares underlying the Option being exercised on the date of exercise, over the exercise price of the Option for such Shares.

 

	
  

	
(iv)

	
Incentive Stock Options.  Notwithstanding anything in the Plan to the contrary, the following additional provisions shall apply to the grant of stock options which are intended to qualify as Incentive Stock Options:

 

	
  

	
(A)

	
The Committee will not grant Incentive Stock Options in which the aggregate Fair Market Value (determined as of the time the Option is granted) of the Shares with respect to which Incentive Stock Options are exercisable for the first time by any Participant during any calendar year (under this Plan and all other plans of the Company and its Affiliates) shall exceed $100,000.

 

	
  

	
(B)

	
All Incentive Stock Options must be granted within ten years from the earlier of the date on which this Plan was adopted by the Board or the date this Plan was approved by the shareholders of the Company.

 

 

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(C)

	
Unless sooner exercised, all Incentive Stock Options shall expire and no longer be exercisable no later than 10 years after the date of grant; provided, however, that in the case of a grant of an Incentive Stock Option to a Participant who, at the time such Option is granted, owns (within the meaning of Section 422 of the Code) stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or of its Affiliates, such Incentive Stock Option shall expire and no longer be exercisable no later than five years from the date of grant.

 

	
  

	
(D)

	
The purchase price per Share for an Incentive Stock Option shall be not less than 100% of the Fair Market Value of a Share on the date of grant of the Incentive Stock Option; provided, however, that, in the case of the grant of an Incentive Stock Option to a Participant who, at the time such Option is granted, owns (within the meaning of Section 422 of the Code) stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or of its Affiliates, the purchase price per Share purchasable under an Incentive Stock Option shall be not less than 110% of the Fair Market Value of a Share on the date of grant of the Incentive Stock Option.

 

	
  

	
(E)

	
Any Incentive Stock Option authorized under the Plan shall contain such other provisions as the Committee shall deem advisable, but shall in all events be consistent with and contain all provisions required in order to qualify the Option as an Incentive Stock Option.

 

(b)           Stock Appreciation Rights.  The Committee is hereby authorized to grant Stock Appreciation Rights to Eligible Persons subject to the terms of the Plan and any applicable Award Agreement.  A Stock Appreciation Right granted under the Plan shall confer on the holder thereof a right to receive upon exercise thereof the excess of (i) the Fair Market Value of one Share on the date of exercise (or, if the Committee shall so determine, at any time during a specified period before or after the date of exercise) over (ii) the grant price of the Stock Appreciation Right as specified by the Committee, which price shall not be less than 100% of the Fair Market Value of one Share on the date of grant of the Stock Appreciation Right; provided, however, that the Committee may designate a grant price below Fair Market Value on the date of grant if the Stock Appreciation Right is granted in substitution for a stock appreciation right previously granted by an entity that is acquired by or merged with the Company or an Affiliate.  Subject to the terms of the Plan and any applicable Award Agreement, the grant price, term, methods of exercise, dates of exercise, methods of settlement and any other terms and conditions of any Stock Appreciation Right shall be as determined by the Committee (except that the term of each Stock Appreciation Right shall be subject to the limitations in Section 6(a)(ii) above applicable to Options).  The Committee may impose such conditions or restrictions on the exercise of any Stock Appreciation Right as it may deem appropriate.

 

 

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(c)           Restricted Stock and Restricted Stock Units.  The Committee is hereby authorized to grant an Award of Restricted Stock and Restricted Stock Units to Eligible Persons with the following terms and conditions and with such additional terms and conditions not inconsistent with the provisions of the Plan as the Committee shall determine:

 

	
  

	
(i)

	
Restrictions.  Shares of Restricted Stock and Restricted Stock Units shall be subject to such restrictions as the Committee may impose (including, without limitation, any limitation on the right to vote a Share of Restricted Stock or the right to receive any dividend or other right or property with respect thereto), which restrictions may lapse separately or in combination at such time or times, in such installments or otherwise as the Committee may deem appropriate.

 

	
  

	
(ii)

	
Issuance and Delivery of Shares.  Any Restricted Stock granted under the Plan shall be issued at the time such Awards are granted and may be evidenced in such manner as the Committee may deem appropriate, including book-entry registration or issuance of a stock certificate or certificates, which certificate or certificates shall be held by the Company or held in nominee name by the stock transfer agent or brokerage service selected by the Company to provide such services for the Plan.  Such certificate or certificates shall be registered in the name of the Participant and shall bear an appropriate legend referring to the restrictions applicable to such Restricted Stock.  Shares representing Restricted Stock that are no longer subject to restrictions shall be delivered (including by updating the book-entry registration) to the Participant promptly after the applicable restrictions lapse or are waived.  In the case of Restricted Stock Units, no Shares shall be issued at the time such Awards are granted.  Upon the lapse or waiver of restrictions and the restricted period relating to Restricted Stock Units evidencing the right to receive Shares, such Shares shall be issued and delivered to the holder of the Restricted Stock Units.

 

	
  

	
(iii)

	
Forfeiture.  Except as otherwise determined by the Committee, upon a Participant’s termination of employment or resignation or removal as a Director (in either case, as determined under criteria established by the Committee) during the applicable restriction period, all Shares of Restricted Stock and all Restricted Stock Units held by such Participant at such time shall be forfeited and reacquired by the Company; provided, however, that the Committee may waive in whole or in part any or all remaining restrictions with respect to Shares of Restricted Stock or Restricted Stock Units (e.g., in the event of the Participant’s death, disability or retirement).

 

(d)           Performance Awards.  The Committee is hereby authorized to grant to Eligible Persons Performance Awards that are intended to be “qualified performance-based compensation” within the meaning of Section 162(m).  A Performance Award granted under the Plan (i) may be denominated or payable in cash, Shares (including, without limitation, Restricted Stock and Restricted Stock Units), other securities, other Awards or other property 

 

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and (ii) shall confer on the holder thereof the right to receive payments, in whole or in part, upon the achievement of one or more objective Performance Goals during such performance periods as the Committee shall establish.  Subject to the terms of the Plan, the Performance Goals to be achieved during any performance period, the length of any performance period, the amount of any Performance Award granted, the amount of any payment or transfer to be made pursuant to any Performance Award and any other terms and conditions of any Performance Award shall be determined by the Committee.  Performance Awards shall be conditioned solely on the achievement of one or more objective Performance Goals established by the Committee within the time prescribed by Section 162(m), and shall otherwise comply with the requirements of Section 162(m), as described below.

 

	
  

	
(i)

	
Timing of Designations; Duration of Performance Periods.  For each Performance Award, the Committee shall, not later than 90 days after the beginning of each performance period, (i) designate all Participants for such performance period and (ii) establish the objective performance factors for each Participant for that performance period on the basis of one or more of the Performance Goals, the outcome of which is substantially uncertain at the time the Committee actually establishes the Performance Goal.  The Committee shall have sole discretion to determine the applicable performance period, provided that in the case of a performance period less than 12 months, in no event shall a performance goal be considered to be pre-established if it is established after 25 percent of the performance period (as scheduled in good faith at the time the Performance Goal is established) has elapsed.

 

	
  

	
(ii)

	
Certification.  Following the close of each performance period and prior to payment of any amount to a Participant with respect to a Performance Award, the Committee shall certify in writing as to the attainment of all factors (including the performance factors for a Participant) upon which any payments to a Participant for that performance period are to be based.

 

	
  

	
(iii)

	
Payment of Performance Awards.  Certified Awards shall be paid no later than two and one-half months following the conclusion of the applicable performance period; provided, however, that the Committee may establish procedures that allow for the payment of Awards on a deferred basis, subject to the requirements of Section 409A. The Committee may, in its discretion, reduce the amount of a payout achieved and otherwise to be paid in connection with a Performance Award, but may not exercise discretion to increase such amount.

 

(e)           Dividend Equivalents.  The Committee is hereby authorized to grant Dividend Equivalents to Eligible Persons under which the Participant shall be entitled to receive payments (in cash, Shares, other securities, other Awards or other property as determined in the discretion of the Committee) equivalent to the amount of cash dividends paid by the Company to holders of Shares with respect to a number of Shares determined by the Committee.  Subject to the terms of the Plan and any applicable Award Agreement, such Dividend Equivalents may have such terms and conditions as the Committee shall determine.  Notwithstanding the 

 

  

-12-

 

 

 

foregoing, (i) the Committee may not grant Dividend Equivalents to Eligible Persons in connection with grants of Options or Stock Appreciation Rights to such Eligible Persons, and (ii) no Dividend Equivalent payments shall be made to a Participant with respect to any Award prior to the date on which all conditions or restrictions relating to such Award (or portion thereof to which the Dividend Equivalent relates) have been satisfied, waived or lapsed.

 

(f)           General.

 

	
  

	
(i)

	
Consideration for Awards.  Awards may be granted for no cash consideration or for any cash or other consideration as may be determined by the Committee or required by applicable law.

 

	
  

	
(ii)

	
Awards May Be Granted Separately or Together.  Awards may, in the discretion of the Committee, be granted either alone or in addition to, in tandem with or in substitution for any other Award or any award granted under any other plan of the Company or any Affiliate.  Awards granted in addition to or in tandem with other Awards or in addition to or in tandem with awards granted under any other plan of the Company or any Affiliate may be granted either at the same time as or at a different time from the grant of such other Awards or awards.

 

	
  

	
(iii)

	
Forms of Payment under Awards.  Subject to the terms of the Plan and of any applicable Award Agreement, payments or transfers to be made by the Company or an Affiliate upon the grant, exercise or payment of an Award may be made in such form or forms as the Committee shall determine (including, without limitation, cash, Shares, other securities (but excluding promissory notes), other Awards or other property or any combination thereof), and may be made in a single payment or transfer, in installments or on a deferred basis, in each case in accordance with rules and procedures established by the Committee.  Such rules and procedures may include, without limitation, provisions for the payment or crediting of reasonable interest on installment or deferred payments or the grant or crediting of Dividend Equivalents with respect to installment or deferred payments.

 

	
  

	
(iv)

	
Limits on Transfer of Awards.  No Award and no right under any such Award shall be transferable by a Participant other than by will or by the laws of descent and distribution, other than fully vested and unrestricted Shares issued pursuant to any Award.

 

	
  

	
(v)

	
Restrictions; Securities Exchange Listing.  All Shares or other securities delivered under the Plan pursuant to any Award or the exercise thereof shall be subject to such restrictions as the Committee may deem advisable under the Plan, applicable federal or state securities laws and regulatory requirements, and the Committee may cause appropriate entries to be made with respect to, or legends to be placed on the certificates for, such Shares or other securities to reflect such restrictions.  The Company shall

 

 

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not be required to deliver any Shares or other securities covered by an Award unless and until the requirements of any federal or state securities or other laws, rules or regulations (including the rules of any securities exchange) as may be determined by the Company to be applicable are satisfied.

 

	
  

	
(vi)

	
Prohibition on Option and Stock Appreciation Right Repricing. Except as provided in Section 4(c) hereof, the Committee may not, without prior approval of the Company’s disinterested shareholders, seek to effect any re-pricing of any previously granted, “underwater” Option by:  (i) amending or modifying the terms of the Option to lower the exercise price; (ii) canceling the underwater Option and granting either (A) replacement Options or Stock Appreciation Rights having a lower exercise price; or (B) Restricted Stock, Restricted Stock Units or Performance Award in exchange; or (iii) repurchasing the underwater Options.  An Option will be deemed to be “underwater” at any time when the Fair Market Value of the Shares covered by such Option is less than the exercise price of the Option.

 

	
  

	
(vii)

	
Section 409A Provisions.  Notwithstanding anything in the Plan or any Award Agreement to the contrary, to the extent that any amount or benefit that constitutes “deferred compensation” to a Participant under Section 409A and applicable guidance thereunder is otherwise payable or distributable to a Participant under the Plan or any Award Agreement solely by reason of the occurrence of a change in control or due to the Participant’s disability or “separation from service” (as such term is defined under Section 409A), such amount or benefit will not be payable or distributable to the Participant by reason of such circumstance unless the Committee determines in good faith that (i) the circumstances giving rise to such change in control, disability or separation from service meet the definition of a change in ownership or effective control, disability, or separation from service, as the case may be, in Section 409A(a)(2)(A) of the Code and applicable proposed or final regulations, or (ii) the payment or distribution of such amount or benefit would be exempt from the application of Section 409A by reason of the short-term deferral exemption or otherwise. Any payment or distribution that otherwise would be made to a Participant who is a Specified Employee (as determined by the Committee in good faith) on account of separation from service may not be made before the date which is six months after the date of the Specified Employee’s separation from service (or if earlier, upon the Specified Employee’s death) unless the payment or distribution is exempt from the application of Section 409A by reason of the short-term deferral exemption or otherwise.

 

-14-

  

  

  

 

Section 7.             Amendment and Termination; Corrections

 

(a)           Amendments to the Plan and Awards. The Board may from time to time amend, suspend or terminate this Plan, and the Committee may amend the terms of any previously granted Award, provided that no amendment to the terms of any previously granted Award may, except as expressly provided in the Plan, or with the written consent of the Participant or holder thereof, adversely alter or impair the terms or conditions of the Award previously granted to a Participant under this Plan.  Any amendment to this Plan, or to the terms of any Award previously granted, is subject to compliance with all applicable laws, rules, regulations and policies of any applicable governmental entity or securities exchange, including receipt of any required approval from the governmental entity or stock exchange.  For greater certainty and without limiting the foregoing, the Board may amend, suspend, terminate or discontinue the Plan, and the Committee may amend or alter any previously granted Award, as applicable, without obtaining the approval of shareholders of the Company in order to:

 

	
  

	
(i)

	
amend the eligibility for, and limitations or conditions imposed upon, participation in the Plan;

 

	
  

	
(ii)

	
amend any terms relating to the granting or exercise of Awards, including but not limited to terms relating to the amount and payment of the exercise price, or the vesting, expiry, assignment or adjustment of Awards, or otherwise waive any conditions of or rights of the Company under any outstanding Award, prospectively or retroactively;

 

	
  

	
(iii)

	
add or amend any terms relating to the provision of financial assistance to Participants or resulting in Participants receiving securities of the Company while no cash consideration is received by the Company;

 

	
  

	
(iv)

	
make changes that are necessary or desirable to comply with applicable laws, rules, regulations and policies of any applicable governmental entity or stock exchange (including amendments to Awards necessary or desirable to avoid any adverse tax results under Section 409A, and no action taken to comply with Section 409A shall be deemed to impair or otherwise adversely alter or impair the rights of any holder of an Award or beneficiary thereof); or

 

	
  

	
(v)

	
amend any terms relating to the administration of the Plan, including the terms of any administrative guidelines or other rules related to the Plan.

 

For greater certainty and without limiting the foregoing, prior approval of the shareholders of the Company shall be required for any amendment to the Plan or an Award that would:

 

	
  

	
(vi)

	
require shareholder approval under the rules or regulations of the Securities and Exchange Commission, the AMEX Stock Exchange, the Toronto Stock Exchange, the TSX Venture Exchange or any other securities exchange that is applicable to the Company;

 

 

-15-

  

  

  

 

	
  

	
(vii)

	
increase the number of shares authorized under the Plan as specified in Section 4(a) of the Plan;

 

	
  

	
(viii)

	
modify the limitations contained in Section 4(d) of the Plan;

 

	
  

	
(ix)

	
permit repricing of Options or Stock Appreciation Rights, which is currently prohibited by Section 6(f)(vii) of the Plan;

 

	
  

	
(x)

	
permit the award of Options or Stock Appreciation Rights at a price less than 100% of the Fair Market Value of a Share on the date of grant of such Option or Stock Appreciation Right, contrary to the provisions of Section 6(a)(i) and Section 6(b) of the Plan; or

 

	
  

	
(xi)

	
cause the Company to be unable to grant Incentive Stock Options under the Plan, or would cause Section 162(m) to become unavailable with respect to the Plan.

 

(b)           Corporate Transactions.  In the event of any reorganization, merger, consolidation, split-up, spin-off, combination, plan of arrangement, take-over bid or tender offer, repurchase or exchange of Shares or other securities of the Company or any other similar corporate transaction or event involving the Company (or the Company shall enter into a written agreement to undergo such a transaction or event), the Committee or the Board may, in its sole discretion, provide for any of the following to be effective upon the consummation of the event (or effective immediately prior to the consummation of the event, provided that the consummation of the event subsequently occurs), and no action taken under this Section 7(b) shall be deemed to impair or otherwise adversely alter or impair the rights of any holder of an Award or beneficiary thereof:

 

	
  

	
(i)

	
either (A) termination of any such Award, whether or not vested, in exchange for an amount of cash and/or other property, if any, equal to the amount that would have been attained upon the exercise of such Award or realization of the Participant’s rights (and, for the avoidance of doubt, if, as of the date of the occurrence of the transaction or event described in this Section 7(b)(i)(A), the Committee or the Board determines in good faith that no amount would have been attained upon the exercise of such Award or realization of the Participant’s rights, then such Award may be terminated by the Company without any payment) or (B) the replacement of such Award with other rights or property selected by the Committee or the Board, in its sole discretion;

 

	
  

	
(ii)

	
that such Award be assumed by the successor or survivor corporation, or a parent or subsidiary thereof, or shall be substituted for by similar options, rights or awards covering the stock of the successor or survivor corporation, or a parent or subsidiary thereof, with appropriate adjustments as to the number and kind of shares and prices; or

 

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(iii)

	
that such Award shall be exercisable or payable or fully vested with respect to all Shares covered thereby, notwithstanding anything to the contrary in the applicable Award Agreement.

 

(c)           Correction of Defects, Omissions and Inconsistencies.  The Committee may, without prior approval of the shareholders of the Company,  correct any defect, supply any omission or reconcile any inconsistency in the Plan or in any Award or Award Agreement in the manner and to the extent it shall deem desirable to implement or maintain the effectiveness of the Plan.

 

Section 8.               Income Tax Withholding

 

In order to comply with all applicable federal, state, local or foreign income tax laws or regulations, the Company may take such action as it deems appropriate to ensure that all applicable federal, state, local or foreign payroll, withholding, income or other taxes, which are the sole and absolute responsibility of a Participant, are withheld or collected from such Participant.  In order to assist a Participant in paying all or a portion of the applicable taxes to be withheld or collected upon exercise or receipt of (or the lapse of restrictions relating to) an Award, the Committee, in its discretion and subject to such additional terms and conditions as it may adopt, may permit the Participant to satisfy such tax obligation by (a) electing to have the Company withhold a portion of the Shares otherwise to be delivered upon exercise or receipt of (or the lapse of restrictions relating to) such Award with a Fair Market Value equal to the amount of such taxes (but only to the extent necessary to satisfy minimum statutory withholding requirements) or (b) delivering to the Company Shares other than Shares issuable upon exercise or receipt of (or the lapse of restrictions relating to) such Award with a Fair Market Value equal to the amount of such taxes.  The election, if any, must be made on or before the date that the amount of tax to be withheld is determined.

 

Section 9.               General Provisions

 

(a)           No Rights to Awards.  No Eligible Person, Participant or other Person shall have any claim to be granted any Award under the Plan, and there is no obligation for uniformity of treatment of Eligible Persons, Participants or holders or beneficiaries of Awards under the Plan.  The terms and conditions of Awards need not be the same with respect to any Participant or with respect to different Participants.

 

(b)           Award Agreements.  No Participant shall have rights under an Award granted to such Participant unless and until an Award Agreement shall have been signed by the Participant (if requested by the Company), or until such Award Agreement is delivered and accepted through an electronic medium in accordance with procedures established by the Company.  An Award Agreement need not be signed by a representative of the Company unless required by the Committee.  Each Award Agreement shall be subject to the applicable terms and conditions of the Plan and any other terms and conditions (not inconsistent with the Plan) determined by the Committee.

 

 

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(c)           Plan Provisions Control.  In the event that any provision of an Award Agreement conflicts with or is inconsistent in any respect with the terms of the Plan as set forth herein or subsequently amended, the terms of the Plan shall control.

 

(d)           No Rights of Shareholders.  Except with respect to Restricted Stock Awards (and subject to such conditions as the Committee may impose on such Awards pursuant to Section 6(c)(i) or Section 6(f)), neither a Participant nor the Participant’s legal representative shall be, or have any of the rights and privileges of, a shareholder of the Company with respect to any Shares issuable upon the exercise or payment of any Award, in whole or in part, unless and until such Shares have been issued.

 

(e)           No Limit on Other Compensation Arrangements.  Nothing contained in the Plan shall prevent the Company or any Affiliate from adopting or continuing in effect other or additional compensation plans or arrangements, and such plans or arrangements may be either generally applicable or applicable only in specific cases.

 

(f)           No Right to Employment.  The grant of an Award shall not be construed as giving a Participant the right to be retained as an employee of the Company or any Affiliate, nor will it affect in any way the right of the Company or an Affiliate to terminate a Participant’s employment at any time, with or without cause, in accordance with applicable law.  In addition, the Company or an Affiliate may at any time dismiss a Participant from employment free from any liability or any claim under the Plan or any Award, unless otherwise expressly provided in the Plan or in any Award Agreement.  Nothing in this Plan shall confer on any person any legal or equitable right against the Company or any Affiliate, directly or indirectly, or give rise to any cause of action at law or in equity against the Company or an Affiliate.  Under no circumstances shall any person ceasing to be an employee of the Company or any Affiliate be entitled to any compensation for any loss of any right or benefit under the Plan which such employee might otherwise have enjoyed but for termination of employment, whether such compensation is claimed by way of damages for wrongful or unfair dismissal, breach of contract or otherwise.  By participating in the Plan, each Participant shall be deemed to have accepted all the conditions of the Plan and the terms and conditions of any rules and regulations adopted by the Committee and shall be fully bound thereby.

 

(g)           Governing Law.  The internal law, and not the law of conflicts, of the State of Colorado shall govern all questions concerning the validity, construction and effect of the Plan or any Award, and any rules and regulations relating to the Plan or any Award.

 

(h)           Severability.  If any provision of the Plan or any Award is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to applicable laws, or if it cannot be so construed or deemed amended without, in the determination of the Committee, materially altering the purpose or intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction or Award, and the remainder of the Plan or any such Award shall remain in full force and effect.

 

 

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(i)           No Trust or Fund Created.  Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company or any Affiliate and a Participant or any other Person.  To the extent that any Person acquires a right to receive payments from the Company or any Affiliate pursuant to an Award, such right shall be no greater than the right of any unsecured general creditor of the Company or any Affiliate.

 

(j)           Other Benefits.  No compensation or benefit awarded to or realized by any Participant under the Plan shall be included for the purpose of computing such Participant’s compensation or benefits under any pension, retirement, savings, profit sharing, group insurance, disability, severance, termination pay, welfare or other benefit plan of the Company, unless required by law or otherwise provided by such other plan.

 

(k)           No Fractional Shares.  No fractional Shares shall be issued or delivered pursuant to the Plan or any Award, and the Committee shall determine whether cash shall be paid in lieu of any fractional Share or whether such fractional Share or any rights thereto shall be canceled, terminated or otherwise eliminated.

 

(l)           Headings.  Headings are given to the sections and subsections of the Plan solely as a convenience to facilitate reference.  Such headings shall not be deemed in any way material or relevant to the construction or interpretation of the Plan or any provision thereof.

 

Section 10.      Clawback or Recoupment

 

           All Awards under this Plan shall be subject to forfeiture or other penalties pursuant to any Company clawback policy, as amended from time to time, and such forfeiture and/or penalty conditions or provisions as determined by the Committee and set forth in the applicable Award Agreement.

 

Section 11.                   Effective Date of the Plan

 

The Plan was adopted by the Board on April 18, 2013.  The Plan shall be subject to approval by the shareholders of the Company at the annual meeting of shareholders of the Company to be held on June 20, 2013, and the Plan shall be effective as of the date of such shareholder approval.  On and after shareholder approval of the Plan, no awards shall be granted under the Prior Plan, but all outstanding awards previously granted under the Prior Plan shall remain outstanding and subject to the terms of the Prior Plan.

 

Section 12.                   Term of the Plan

 

No Award shall be granted under the Plan, and the Plan shall terminate, on June 20, 2018 or any earlier date of discontinuation or termination established pursuant to Section 7(a) of the Plan.  In all events, no Performance Award shall be granted under the Plan after the fifth year following the year in which shareholders approved the Performance Goals unless and until the Performance Goals are re-approved by the shareholders.  Unless otherwise expressly provided in the Plan or in an applicable Award Agreement, any Award theretofore granted may extend beyond such dates, and the authority of the Committee provided for hereunder with respect to the 

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Plan and any Awards, and the authority of the Board to amend the Plan, shall extend beyond the termination of the Plan.

 

 

 

 

 

-20-EX-4.2

 Exhibit 4.2 
 Execution Version 
 FOURTH AMENDED AND RESTATED 

INVESTORS’ RIGHTS AGREEMENT 
 This Fourth Amended and Restated Investors’ Rights Agreement dated as of November 7, 2011 (this “Agreement”), is made by and among BIND Biosciences, Inc., a Delaware corporation
(the “Company”); the persons and entities listed on Schedule A (each a “Purchaser,” and collectively, the “Purchasers”); the persons and entities listed on Schedule B (collectively,
the “Licensor Stockholders”); the entities listed on Schedule C (the “Founder Trusts”) and Omid Farokhzad, Paul Goldenheim and Robert S. Langer, Jr. (each individually a “Founder,” collectively the
“Founders,” and together with the Licensor Stockholders and the Founder Trusts, the “Initial Stockholders”). 
 WHEREAS, the Company, certain of the Purchasers (the “Prior Purchasers”) and the Initial Stockholders are parties to a Third Amended and Restated Investors’ Rights Agreement dated as
of June 14, 2010 (the “Former Investors’ Rights Agreement”); 
 WHEREAS, the Company and certain of
the Purchasers (the “D Investors”) are parties to the Series D Preferred Stock Investment Agreement and Series BRN Preferred Stock Investment Agreement dated as of October 27, 2011 (the “Purchase Agreement”)
pursuant to which the D Investors have agreed to purchase shares of the Company’s Series D Convertible Preferred Stock, par value $0.0001 per share (the “Series D Preferred Stock”) and shares of the Company’s Series BRN
Convertible Preferred Stock, par value $0.0001 per share (the “Series BRN Preferred Stock”); 
 WHEREAS, such
Purchasers have made it a condition precedent to their purchase of shares of Series D Preferred Stock and Series BRN Preferred Stock pursuant to the Purchase Agreement that the Former Investors’ Rights Agreement be amended and restated in its
entirety as set forth herein; and 
 WHEREAS, the Company and the undersigned Prior Purchasers and Initial Stockholders have the
power to amend and restate the Former Investors’ Rights Agreement as set forth herein pursuant to Section 6.5 thereof, such amendment and restatement to be binding on all parties to the Former Investors’ Rights Agreement. 

NOW, THEREFORE, in consideration of the premises and the mutual covenants set forth herein, the Former Investors’ Rights Agreement
is hereby amended and restated in its entirety as set forth herein. 
 1. Covenants of the Company. The Company covenants and agrees that
so long as (i) at least 3,100,000 shares of Preferred Stock (as defined below) are outstanding (subject to equitable adjustment for stock splits, stock dividends and similar events) or (ii) the Purchasers hold of record and beneficially
not less than four percent (4%) of the Company’s common stock, $0.0001 par value per share (the “Common Stock”) (treating each share of Preferred Stock on an as-converted to Common Stock basis), it will perform and observe
the covenants and provisions set forth in this Section 1 below. For purposes of this Agreement, “Preferred Stock” means collectively the Company’s Series A Convertible Preferred Stock, $0.0001 par value per share

 
(the “Series A Preferred Stock”), the Company’s Series B Convertible Preferred Stock, $0.0001 par value per share (the “Series B Preferred Stock”), the
Company’s Series C Convertible Preferred Stock, $0.0001 par value per share (the “Series C Preferred Stock”), the Company’s Series C-1 Convertible Preferred Stock, $0.0001 par value per share (the “Series C-1
Preferred Stock”), and the Series D Preferred Stock. 
 1.1 Financial Statements. The Company will maintain
true and accurate books of account in accordance with generally accepted accounting principles applied on a consistent basis (except that the Company will not be required to record the annual valuation and adjustments for its share-based
compensation expense under Statement of Financial Accounting Standards No. 123R, recording gains/losses on exchange rates, revenue and deferred revenue and other such valuation analysis tied to year-end until the time it delivers audited
financial statements pursuant to Section 1.1(a) below), keep full and complete financial records, and furnish the following reports to (i) each Purchaser who holds at least 305,060 shares of Preferred Stock (subject to equitable
adjustment for stock splits, stock dividends and similar events) (each a “Major Stockholder”), and (ii) The Brigham and Women’s Hospital, Inc. (“Brigham”) for so long as it holds at least 10,000 shares of
Common Stock (subject to equitable adjustment for stock splits, stock dividends and similar events): 
 (a) as soon as
practicable, but in any event within one hundred ninety (190) days after the end of each fiscal year of the Company, an income statement for such fiscal year, a balance sheet of the Company and statement of stockholders’ equity as of the
end of such year, and a schedule as to the sources and applications of funds for such year, such year-end financial reports to be in reasonable detail, prepared in accordance with generally accepted accounting principles (“GAAP”)
applied on a consistent basis, and audited and certified by such independent public accountants of nationally recognized standing selected by the Company and approved by the holders of shares representing a majority of the voting power of the
Preferred Stock held by the Purchasers; 
 (b) as soon as practicable, but in any event within thirty (30) days after the
end of each month other than the last month of any quarter, an unaudited profit and loss statement and a cash flow statement and the balance sheet as of the end of such month; 
 (c) as soon as practicable, but in any event within forty-five (45) days after the end of each fiscal quarter, an unaudited profit and loss statement and a cash flow statement and the balance sheet
as of the end of such fiscal quarter; and 
 (d) such other financial information of the Company as the Major Stockholders may
reasonably request, including certificates of the principal financial officer of the Company concerning compliance with the covenants of the Company prescribed under this Section 1. (The Major Stockholders agree that they will endeavor
to develop a common set of financial reporting requirements with the Audit Committee of the Board of Directors of the Company in order to minimize the need for customized reports under this Section 1.1(d), which shall not affect
Section 1.12 hereof.) 
 1.2 Operating Plan; Other Reporting. The Company will prepare and deliver to each
Major Stockholder, on or before the first day of each fiscal year, an annual operating plan (that 

  
 2 

 
will include a budget) prepared on a monthly basis and, promptly after preparation, any revisions to such operating plan. In addition, the Company will promptly provide to each Major Stockholder
other customary information and materials, including reports of adverse developments, management letters, communications with stockholders or directors, press releases, and registration statements. 

1.3 Inspection. The Company shall, upon reasonable prior notice to the Company, permit authorized representatives of the Major
Stockholders to visit and inspect any of the properties of the Company including its books of account (and to make copies thereof and take extracts therefrom), and to discuss the affairs, prospects, finances, and accounts of the Company with its
officers, administrative employees, and independent accountants, all at the expense of the Major Stockholders and at such reasonable times and as often as may be reasonably requested. The Company shall, upon reasonable prior notice to the Company,
permit authorized representatives of the Major Stockholders to visit and inspect any of the properties of BIND (RUS) LLC, a Russian limited liability company and subsidiary of the Company (the “Project Company”) including its books
of account and any document or agreement to which the Project Company is a party (but not to make copies thereof), provided that the Project Company is permitted to disclose such document or agreement to such representatives during such visit, and
to discuss the affairs, prospects, finances, and accounts of the Project Company with its general director, all at the expense of the Major Stockholders and at such reasonable times as may be reasonably requested; provided that such visits and
inspections will be limited to (i) two (2) times per calendar year for a duration of no more than two (2) consecutive business days each and (ii) two (2) times per calendar year for a duration of no more than one-half
(1/2) business day each. For the avoidance of doubt, the rights afforded to RUSNANO, an open joint stock company organized and existing under the laws of the Russian Federation (“RUSNANO”), under this Section 1.3
shall be in addition to, and not lieu of, any audit rights RUSNANO may have pursuant to Section 5.3. 
 1.4
Employee Agreements. The Company shall require all its employees and consultants to enter into the Company’s standard confidentiality and assignment agreement containing provisions governing, among other things, the protection of
confidential information, assignment of intellectual property, competition with the Company, and solicitation of the Company’s employees. 
 1.5 Reservation of Shares. The Company will at all times reserve and keep available, solely for issuance and delivery upon the conversion of the Preferred Stock and Series BRN Preferred Stock, all
Common Stock issuable from time to time upon such conversion. 
 1.6 Board Meetings. The Company (a) shall use
reasonable efforts to hold a meeting of its board of directors (“Board of Directors”) at least quarterly and, in any event, will hold at least four meetings of its Board of Directors per year or (b) shall use such other
schedule for board meetings as is agreed by the Board of Directors. 
 1.7 Approval. The Company shall not without the
approval of at least a majority of disinterested members of the Board of Directors (if any) authorize or enter into any transactions with any director or officer, or any member of such director’s or officer’s immediate family, other than
standard employment or consulting arrangements. 

  
 3 

 1.8 Committees of the Board. In the event that the Board of Directors constitutes any
committee of the Board of Directors, or any subcommittee thereof, directors designated by the holders of Preferred Stock (each a “Preferred Director”) shall comprise a majority of the members of such committee or subcommittee
thereof. The Board of Directors shall designate the Preferred Directors to be appointed to any such committee or subcommittee. 

1.9 Directors’ Liability and Indemnification. The Company’s Certificate of Incorporation, as in effect from time to time
(the “Company Charter”), and the Company’s Bylaws, as in effect from time to time, shall provide (a) for elimination of the liability of directors to the maximum extent permitted by law and (b) for indemnification of
directors for acts on behalf of the Company and its subsidiaries to the maximum extent permitted by law. In addition, the Company shall enter into and maintain usual and customary indemnification agreements with each of its directors to indemnify
such directors to the maximum extent permissible under applicable law. The Company shall maintain in effect a usual and customary directors and officers insurance policy with coverage limits in amounts to be determined from time to time by the Board
of Directors. 
 1.10 US Tax Filings. Within seventy-five (75) days of the establishment of the Project Company, if
required by applicable law, the Company shall file a US IRS tax form 8832 on behalf of the Project Company. 
 1.11
Termination of Information Rights. The provisions of this Section 1 shall terminate at the earlier to occur of such time as the Company shall become subject to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as
amended. 
 1.12 Project Company Reporting Requirements. The Company shall provide informational reports regarding the
Project Company to RUSNANO, as set forth on Exhibit A hereto. 
 1.13 Notice of BRN Optional Conversion Event. The
Company shall provide RUSNANO with notice of a BRN Optional Conversion Event (as defined in the Company Charter) no later than seven (7) business days after the occurrence of such event. The Company shall use commercially reasonable efforts to
provide RUSNANO with notice of any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Corporation (including without limitation any Deemed Liquidation Event, as defined in the Company Charter) no later than sixty
(60) days prior to the occurrence of such event (or, if neither the Board of Directors nor the Company’s Chief Executive Officer have knowledge of such event at that time, promptly at any time thereafter when the Board of Directors or the
Company’s Chief Executive Officer has knowledge of such event); provided that under no circumstances shall the Company have any liability whatsoever for any failure to use such efforts or provide such notice. Notwithstanding anything to the
contrary herein, each notice to RUSNANO to be provided hereunder shall be deemed effectively provided at the time any member of the Board of Directors designated by RUSNANO shall receive such notice. 

1.14 Confidentiality. Each Purchaser agrees that such Purchaser will keep confidential and will not disclose, divulge, or use for
any purpose (other than to monitor such Purchaser’s investment in the Company) any confidential information obtained from the Company or the 

  
 4 

 
Project Company or any other affiliate of the Company or any representative of the Company, the Project Company or any affiliate of the Company (including notice of the Company’s intention
to file a registration statement), unless such confidential information (a) is known or becomes known to the public in general (other than as a result of a breach of this Section 1.14 by such Purchaser), (b) is or has been
independently developed or conceived by such Purchaser without use of the confidential information of the Company, the Project Company or any affiliate of the Company, or (c) is or has been made known or disclosed to such Purchaser by a third
party without a breach of any obligation of confidentiality such third party may have to the Company, the Project Company or any affiliate of the Company; provided, however, that a Purchaser may disclose confidential information (i) to its
attorneys, accountants, consultants, and other professionals to the extent necessary to obtain their services in connection with monitoring such Purchaser’s investment in the Company; (ii) to any prospective transferee of such Purchaser
permitted under Section 4.1, if such prospective transferee agrees to be bound by the provisions of this Section 1.14; (iii) to any Affiliate (as defined in Section 4.1) in the ordinary course of business,
provided that such Purchaser informs such Affiliate that such information is confidential and directs such Affiliate to maintain the confidentiality of such information; or (iv) as may otherwise be required by law, provided that the Purchaser
promptly notifies the Company of such disclosure and takes reasonable steps to minimize the extent of any such required disclosure. 
 2.
Participation Rights. 
 2.1 Definitions. As used in this Section 2, the following terms shall have
the following meanings: 
 (a) “New Securities” means (i) any capital stock of the Company whether or not
currently authorized, (ii) all rights, options, or warrants to purchase capital stock, and (iii) all securities of any type whatsoever that are, or may become, convertible into capital stock; provided, however, that the term “New
Securities” shall not include (1) the Series D Preferred Stock and Series BRN Preferred Stock issued or to be issued pursuant to the Purchase Agreement or the shares of Common Stock issuable upon the conversion of the Preferred Stock or
Series BRN Preferred Stock; or (2) any securities the issuance of which would not constitute an issuance (or deemed issuance) of Additional Shares of Common Stock, as such term is defined in the Company Charter. 

(b) For the purposes of this Section 2 only, “Purchaser” shall include each Licensor Shareholder. 

2.2 Participation Right. 
 (a) So long as at least 2,300,000 shares of Preferred Stock are outstanding (subject to equitable adjustments for stock splits, stock dividends and similar events), each Purchaser shall be entitled to
purchase, on a pro rata basis, all or any part of New Securities which the Company may, from time to time, propose to sell and issue, subject to the terms and conditions set forth below. Each Purchaser’s pro rata share shall equal a fraction of
the New Securities being issued, the numerator of which is the number of shares of Common Stock held or Common Stock issuable upon conversion or exchange of the Preferred Stock or other 

  
 5 

 
convertible securities (other than the Series BRN Preferred Stock), or exercise of then outstanding options, rights or warrants, then held by such Purchaser, and the denominator of which is the
total number of shares of Common Stock then outstanding plus the number of shares of Common Stock issuable upon conversion or exchange of then outstanding Preferred Stock or other convertible securities (other than the Series BRN Preferred Stock) or
exercise of then outstanding options, rights or warrants. 
 (b) For the purposes of this Section 2, a Purchaser may
apportion its pro rata share among itself and any of its general partners, officers, and other affiliates in such proportions as it deems appropriate. 
 2.3 Exercise of Right. In the event the Company intends to issue New Securities, it shall give each Purchaser written notice of such intention, describing the type of New Securities to be issued,
the price thereof, and the general terms upon which the Company proposes to effect such issuance (the “Sale Notice”). Each Purchaser shall have twenty (20) days from the date of the delivery of any Sale Notice to agree to
purchase all or part of its pro rata share of such New Securities for the price and upon the general terms and conditions specified in the Sale Notice by giving written notice to the Company stating the quantity of New Securities to be so purchased
(“Exercise Notice”); provided, however, that in the event that the transaction described in a Sale Notice involves in whole or in part the payment of non-cash consideration, or the payment of consideration over time, the Purchasers
shall have the right to elect, upon exercise of their rights set forth in this Section 2, to pay to the Company in full consideration for the New Securities the present cash value of the consideration described in the Sale Notice as
determined by the Board of Directors of the Company in good faith. 
 2.4 Overallotment. In the event any Purchaser fails
to exercise its right to purchase its pro rata share of New Securities, each Purchaser who delivered an Exercise Notice for such Purchaser’s total pro rata share of New Securities (an “Overallotment Purchaser”) shall have a
right to purchase such Overallotment Purchaser’s pro rata share of the New Securities with respect to which Purchasers have failed to exercise their rights hereunder (“Remaining New Securities”). In such case, within
twenty-five (25) days after the delivery of the Sale Notice, the Company shall provide written notice (“Overallotment Notice”) to each Overallotment Purchaser, which shall state the total amount of Remaining New Securities, and
the pro rata portion of such Remaining New Securities which each Overallotment Purchaser is entitled to purchase. Each Overallotment Purchaser wishing to purchase any Remaining New Securities shall amend such Overallotment Purchaser’s Exercise
Notice in writing within five (5) days from the date of delivery of the Overallotment Notice. For the purpose of this Section 2.4, an Overallotment Purchaser’s pro rata share of the Remaining New Securities shall be calculated
as provided in Section 2.2, except that the denominator of the fraction shall be the total number of shares of Common Stock issued or issuable upon conversion of shares of Preferred Stock held by all of the Overallotment Purchasers.

 2.5 Closing. The closing of the purchase of New Securities by the Purchasers exercising their
rights hereunder (“Participating Purchasers”) shall take place at the offices of the Company, or such other location as the Company and the Participating Purchasers (and any other party purchasing such New Securities) shall agree,
on a date not later than the later of (a) the fortieth (40th) day following the delivery of the Sale Notice, or (b) the tenth
(10th) day following

  
 6 

 
the delivery of the Overallotment Notice, or such later date and time as the Company and the Participating Purchasers (and any other party purchasing such New Securities) shall agree. At the
closing, the Company shall deliver to the Participating Purchasers certificates representing all of the New Securities purchased and such other agreements executed by the Company which grant any rights or privileges to the Participating Purchasers
as are being granted to the other purchasers in such issuance, and in any event, at the request of the Participating Purchasers, a duly executed certificate reasonably satisfactory to the Participating Purchasers containing a representation and
warranty that, upon issuance or transfer of such securities to the Participating Purchasers, the Participating Purchasers will be the legal and beneficial owners of such securities with good title thereto, free and clear of all mortgages, liens,
charges, security interests, adverse claims, pledges, encumbrances and demands whatsoever, and that the Company has the absolute right to issue or transfer such securities to the Participating Purchasers without the consent or approval of any other
person. At the closing, the Participating Purchasers shall deliver to the Company payment for the New Securities and such agreements executed by the other purchasers in such issuance which include representations by such purchasers to the Company or
restrict such purchaser’s rights with respect to the New Securities, and, at the request of the Company, a duly executed certificate reasonably satisfactory to the Company containing such representations and warranties of the Participating
Purchasers with respect to federal and state securities laws. The certificates representing the equity securities may contain a legend stating that they are issued subject to the registration requirements of the Securities Act of 1933, as amended,
and applicable state securities laws. 
 2.6 Failure to Exercise Right. In the event the Purchasers fail to fully
exercise the foregoing participation right with respect to any New Securities within the periods specified by Sections 2.3 and 2.4 above, the Company may within one hundred twenty (120) days after the delivery of the Sale Notice
sell any or all of such New Securities not agreed to be purchased by the Purchasers, at a price and upon general terms no more favorable to the purchasers thereof than specified in the Sale Notice. In the event the Company has not closed the sale of
such New Securities within such 120-day period, the Company shall not thereafter issue or sell any New Securities without first offering such New Securities to the Purchasers in the manner provided in Section 2.3. 

2.7 Waiver and Termination of Participation Rights. The participation rights established in this Section 2 may be
waived in writing (which waiver shall apply to all Purchasers, it being agreed that a waiver of the provisions of this Section 2 with respect to a particular transaction shall be deemed to apply to all Purchasers if such waiver does so
by its terms, notwithstanding the fact that certain Purchasers may nonetheless, by agreement with the Company, purchase securities in such transaction) with and only with the written consent of the Purchasers holding (i) at least 66 2/3% of the
then outstanding shares of the Company’s Series A Preferred Stock held by all Purchasers, (ii) at least 66 2/3% of the then outstanding shares of the Company’s Series B Preferred Stock held by all Purchasers, (iii) at least 50%
of the then outstanding shares of the Company’s Series C Preferred Stock held by all Purchasers; provided, however, that such participation rights may not be so waived with respect to DHK without the written consent of DHK if, after
giving effect to the issuance of New Securities to which such waiver relates, DHK would hold less than 6% of the total number of shares of Common Stock then outstanding plus the number of shares of Common Stock issuable upon conversion or exchange
of then outstanding Preferred Stock or other convertible securities or exercise of then 

  
 7 

 
outstanding options, rights or warrants (but not including any shares issued in the circumstances specified in Article Fourth, Section 3.3(d)(i)(4)(A)-(E) of the Company Charter) on an
as-converted-to-Common Stock basis (the “DHK Minimum Percentage”), (iv) at least 50% of the then outstanding shares of Series C-l Preferred Stock held by all Purchasers and (v) at least 66 2/3% of the then outstanding
shares of Series D Preferred Stock held by all Purchasers. The provisions of this Section 2 shall terminate immediately prior to the earlier to occur of, and shall not apply to, (i) a firm commitment underwritten public offering
pursuant to an effective registration statement under the Act (as defined below) covering the offer and sale of the Company’s Common Stock to the public, for the account of the Company, and having an aggregate offering price to the public of
not less than $30,000,000 (a “Qualified Public Offering”), and (ii) a transaction regarded as a liquidation, dissolution or winding up of the affairs of the Company under Section 3.2 of Article FOURTH of the Company
Charter. For purposes of the proviso to the first sentence of this Section 2.7 only, notwithstanding anything herein to the contrary, “Preferred Stock” shall have the meaning ascribed thereto in the Former Investor’s
Rights Agreement, and “Company Charter” shall have the meaning ascribed thereto in the Former Investors’ Rights Agreement. 
 3.
Registration Rights. The Company covenants and agrees as follows: 
 3.1 Definitions. As used in
Section 2 and this Section 3, the following terms shall have the following meanings: 
 (a)
“1934 Act” shall mean the Securities Exchange Act of 1934, as amended. 
 (b) “Act” means the
Securities Act of 1933, as amended. 
 (c) “Form S-1” means such form under the Act as in effect on the date
hereof, or any registration form under the Act subsequently adopted by the SEC which permits the registration of securities under the Act for which no other form is authorized or prescribed. 

(d) “Form S-3” means such form under the Act as in effect on the date hereof or any registration form under the Act
subsequently adopted by the SEC which permits inclusion or incorporation of substantial information by reference to other documents filed by the Company with the SEC. 
 (e) “Preferred Stock Holder” means (i) a Purchaser and any persons or entities to whom the rights granted under this Section 3 are transferred by the Purchaser and
(ii) their successors or assigns as permitted under Section 4 below. 
 (f) “Holders” means
(i) the Preferred Stock Holders, (ii) the Founders, and (iii) Brigham (and any transferee to which the rights of any such Holder are validly assigned hereunder). 

(g) “Permitted Transferee” means, with respect to the Founders (i) any member or members of such Founder’s
immediate family to whom Registrable Securities are transferred; and (ii) any trust to which Registrable Securities are transferred (1) in respect of which such Founder serves as trustee, provided that the trust instrument governing such
trust shall provide that such Founder, as trustee, shall retain sole and exclusive control over the voting 

  
 8 

 
and disposition of such Registrable Securities until the termination of this Agreement or (2) for the benefit solely of any member or members of such Founder’s immediate family;
provided, that no person or entity shall be a Permitted Transferee unless such transferee delivers a written notice to the Company at the time of such transfer stating the name and address of the transferee and identifying the Registrable Securities
with respect to which such rights are being assigned. 
 (h) The terms “register,”
“registered,” and “registration” refer to a registration effected by preparing and filing a registration statement or similar document in compliance with the Act, and the declaration or ordering of effectiveness of
such registration statement or document. 
 (i) “Registrable Securities” means (i) the Common Stock held
by the Founders and their Permitted Transferees, (ii) the Common Stock issuable or issued upon conversion of the Preferred Stock, and (iii) any Common Stock of the Company issued as (or issuable upon the conversion or exercise of any
warrant, right, or other security which is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of, the shares referenced in (i) or (ii) above, excluding in all cases, however, any Registrable
Securities sold by a person in a transaction in which the rights under this Section 3 are not properly assigned. For the avoidance of doubt, “Registrable Securities” shall not include the Common Stock issuable upon conversion
of the Series BRN Preferred Stock. 
 (j) “Outstanding Registrable Securities” means (i) Registrable
Securities that are issued and outstanding, and (ii) Registrable Securities that are issuable upon conversion, exchange or exercise of outstanding securities convertible into, or exercisable or exchangeable for, Registrable Securities (and
references to any holder of Outstanding Registrable Securities shall include holders of any securities convertible into, or exchangeable or exercisable for Registrable Securities). 

(k) “SEC” means the U.S. Securities and Exchange Commission. 

3.2 Demand Registration. 
 (a) If the Company shall receive, at any time after the earlier to occur of (i) the date one hundred eighty (180) days after the initial public offering of any series or class of the
Company’s securities under the Act (the “IPO”), and (ii) the fourth anniversary of the date hereof, from Preferred Stock Holders holding at least fifty percent (50%) of the Outstanding Registrable Securities then held
by Preferred Stock Holders, a written notice requesting that the Company effect a registration statement under the Act with respect to all or a part of the Outstanding Registrable Securities held by such Preferred Stock Holders, then the Company
shall: 
 (i) within ten (10) days of the receipt thereof, give written notice of such request to all Preferred Stock
Holders; and 
 (ii) effect as soon as practicable, and in any event within ninety (90) days of the receipt of such
request, the registration under the Act of all Registrable Securities which the Preferred Stock Holders request to be registered, by notice to the Company within thirty (30) days of the mailing of the notice sent by the Company in accordance
with Section 3.2(a)(i), subject to the limitations of Section 3.2(b). 

  
 9 

 (b) If the Preferred Stock Holders initiating the registration request hereunder (the
“Initiating Holders”) intend to distribute the Registrable Securities covered by their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to Section 3.2(a) and
the Company shall include such information in the written notice referred to in Section 3.2(a)(i). The underwriter will be selected by the Company and shall be reasonably acceptable to a majority in interest of the Initiating Holders. In
such event, the right of any Preferred Stock Holder to include Registrable Securities in such registration shall be conditioned upon such Preferred Stock Holder’s participation in such underwriting and the inclusion of such Preferred Stock
Holder’s Registrable Securities in the underwriting (unless otherwise mutually agreed by a majority in interest of the Initiating Holders and such Preferred Stock Holder) to the extent provided herein. All Preferred Stock Holders proposing to
distribute their securities through such underwriting shall (together with the Company as provided in Section 3.5(e)) enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such
underwriting. Notwithstanding any other provision of this Section 3.2, if the underwriter advises the Initiating Holders in writing that marketing factors require a limitation of the number of shares to be underwritten, then the
Initiating Holders shall so advise all Preferred Stock Holders of Registrable Securities which would otherwise be underwritten pursuant hereto, and the number of shares of Registrable Securities that may be included in the underwriting shall be
allocated among all Preferred Stock Holders thereof, including the Initiating Holders, in proportion (as nearly as practicable) to the amount of Registrable Securities of the Company owned by each Preferred Stock Holder; provided, however, that the
number of shares of Registrable Securities to be included in such underwriting shall not be reduced unless all other securities are first entirely excluded from the underwriting. 

(c) Notwithstanding the foregoing, if the Company shall furnish to Preferred Stock Holders requesting registration pursuant to this
Section 3.2 a certificate signed by the President of the Company stating that in the good faith judgment of the Board of Directors of the Company it would be seriously detrimental to the Company and its stockholders for a registration
statement to be filed and it is therefore essential to defer the filing of such registration statement, then the Company shall have the right to defer taking action with respect to such filing for a period of not more than one hundred twenty
(120) days after receipt of the request of the Initiating Holders. 
 (d) In addition, the Company shall not be obligated
to effect, or to take any action to effect, any registration pursuant to this Section 3.2 after the Company has effected two (2) registrations on Form S-l pursuant to this Section 3.2 and such registration statements
have been declared or ordered effective and the sales of Registrable Securities under such registration statements have closed. 

(e) No incidental right under this Section 3.2 shall be construed to limit any registration required under
Section 3.3 or Section 3.4 herein. 

  
 10 

 3.3 “Piggy-Back” Registration. 

(a) If (but without any obligation to do so) the Company proposes to register (including for this purpose a registration effected by the
Company for stockholders other than the Holders) any of its stock or other securities under the Act in connection with the public offering of such securities solely for cash, other than (i) the initial registration of any series or class of the
Company’s securities, (ii) a registration relating solely to the sale of securities to participants in a stock plan, (iii) a registration on any form which does not include substantially the same information as would be required to be
included in a registration statement covering the sale of the Registrable Securities, or (iv) a registration on Form S-4 (or any successor form) relating solely to a transaction pursuant to the SEC’s Rule 145, the Company shall, at such
time, promptly give each Holder written notice of such registration. Upon the written request by a Holder given to the Company within twenty (20) days after such notice by the Company provided in accordance with Section 6.4, the
Company shall, subject to the provisions of Section 3.3(b), cause to be registered under the Act all of the Registrable Securities that each such Holder has requested to be registered. 

(b) In connection with any offering involving an underwriting of shares of the Company’s capital stock, the Company shall not be
required under this Section 3.3 to include any of the Holders’ securities in such underwriting unless such Holders accept the terms of the underwriting as agreed upon between the Company and the underwriters selected by it (or by
other persons entitled to select the underwriters), and then only in such quantity as the underwriters determine in their sole discretion will not jeopardize the success of the offering by the Company. If the total amount of securities, including
Registrable Securities, requested by stockholders to be included in such offering exceeds the amount of securities to be sold (other than by the Company) that the underwriters determine in their sole discretion is compatible with the success of the
offering, then the Company shall be required to include in the offering only that number of such securities, including Registrable Securities, which the underwriters determine in their sole discretion will not jeopardize the success of the offering;
provided, however, there shall first be excluded from such registration statement all shares of Common Stock sought to be included therein by (i) any director, consultant, officer, or employee of the Company or any subsidiary thereof, other
than the Founders and their Permitted Transferees, and (ii) stockholders exercising any contractual or incidental registration rights subordinate and junior to the rights of the Preferred Stock Holders. If after such shares are excluded, the
underwriters shall determine in their sole discretion that the number of securities which remain to be included in the offering exceeds the amount of securities to be sold that the underwriters determine is compatible with the success of the
offering, then the Registrable Securities to be included, if any, shall be apportioned pro rata among the Holders providing notice of their desire to participate in the offering according to the total amount of securities entitled to be included
therein owned by each selling Holder or in such other proportions as shall mutually be agreed to by such Holders. For purposes of the preceding sentence concerning apportionment, for any selling Holder which is a partnership or corporation, the
partners, retired partners, and stockholders of such Holder, or the estates and family members of any such partners and retired partners and any trusts for the benefit of any of the foregoing persons shall be deemed to be a single “selling
Holder,” and any pro rata reduction with respect to such “selling Holder” shall be based upon the aggregate amount of shares carrying registration rights owned by all entities and individuals included in such “selling
Holder,” as defined in this sentence. 

  
 11 

 (c) No incidental right under this Section 3.3 shall be construed to limit any
registration required under Section 3.2 or Section 3.4 herein. 
 (d) Notwithstanding anything herein to
the contrary, Brigham’s rights as a Holder under this Agreement (including without limitation its registration rights under Section 3.3 hereof with respect to its shares of Common Stock issued pursuant to that certain Exclusive
Patent License Agreement by and between the Company and the Massachusetts Institute of Technology dated as of June 30, 2007) shall be subordinate and junior to the rights of the Preferred Stock Holders and the Founders in all respects.

 3.4 Form S-3 Registration. In case the Company shall receive from Preferred Stock Holders holding at least fifty
percent (50%) of the Outstanding Registrable Securities then held by Preferred Stock Holders a written request that the Company effect a registration on Form S-3 and any related qualification or compliance with respect to all or a part of the
Registrable Securities owned by such Preferred Stock Holder or Preferred Stock Holders, the Company agrees: 
 (a) to promptly
give written notice of the proposed registration, and any related qualification or compliance, to all other Holders; and 
 (b)
as soon as practicable after receiving such a request, to effect such registration and all such qualifications and compliances as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such
Preferred Stock Holders’ Registrable Securities as are specified in such request, together with all or such portion of the Registrable Securities of any other Holders joining in such request as are specified in a written request given within
fifteen (15) days after receipt of such written notice from the Company; provided, however, that the Company shall not be obligated to effect any such registration, qualification, or compliance pursuant to this Section 3.4 if
(i) Form S-3 is not available for such offering by the Holders; (ii) the Holders, together with the holders of any other securities of the Company entitled to inclusion in such registration, propose to sell Registrable Securities and such
other securities (if any) at an aggregate price to the public of less than $1,000,000; (iii) the Company furnishes to the Holders a certificate signed by the President of the Company stating that, in the good faith judgment of the Board of
Directors of the Company, it would be seriously detrimental to the Company and its stockholders for such Form S-3 registration to be effected at such time, in which event the Company shall have the right to defer the filing of the Form S-3
registration statement for a period of not more than sixty (60) days after receipt of the request of the Preferred Stock Holders under this Section 3.4, provided, however, that the Company shall not utilize this right more than once
in any eighteen (18) month period; or (iv) the Company has effected two (2) registrations on Form S-3 (or its then equivalent) pursuant to this Section 3.4 during such calendar year and such registrations have been
declared or ordered effective and the sales of Registrable Securities under such registration statement have closed. 
 (c)
Registrations effected pursuant to this Section 3.4 shall not be counted as demands for registration effected pursuant to Section 3.2. 

  
 12 

 3.5 Obligations of the Company. Whenever required under this Section 3 to
effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible (but subject to providing counsel to the Holders with a reasonable opportunity to review and comment on all documents): 

(a) Prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its best efforts to cause
such registration statement to become effective, and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective for a period of up to one hundred twenty
(120) days or, if earlier, until the distribution contemplated in the Registration Statement has been completed; provided, however, that (i) such 120-day period shall be extended for a period of time equal to the period the Holder refrains
from selling any securities included in such registration at the request of an underwriter of Common Stock (or other securities) of the Company and (ii) in the case of any registration of Registrable Securities on Form S-3 which are intended to
be offered on a continuous or delayed basis, such 120-day period shall be extended, if necessary, to keep the registration statement effective until all such Registrable Securities are sold; provided, that SEC Rule 415, or any successor rule under
the Act, permits an offering on a continuous or delayed basis; and provided further that applicable rules under the Act governing the obligation to file a post-effective amendment permit, in lieu of filing a post-effective amendment which
(i) includes any prospectus required by Section 10(a)(3) of the Act or (ii) reflects facts or events representing a material or fundamental change in the information set forth in the registration statement, the incorporation by
reference of information required to be included in (i) and (ii) above to be contained in periodic reports filed pursuant to Section 13 or 15(d) of the 1934 Act in the registration statement. 

(b) Prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection
with such registration statement as may be necessary to comply with the provisions of the Act with respect to the disposition of all securities covered by such registration statement in accordance with each Holder’s intended method of
disposition. 
 (c) Furnish to the Holders such numbers of copies of a prospectus, including a preliminary prospectus, in
conformity with the requirements of the Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by the Holders. 

(d) Use its best efforts to register and qualify the securities covered by such registration statement under such other securities or
Blue Sky laws of such jurisdictions as shall be reasonably requested by the Holders and any managing underwriter; provided, that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file
a general consent to service of process in any such states or jurisdictions, unless the Company is already subject to service in such jurisdiction and except as may be required by the Act. 

(e) In the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual
and customary form, with the managing underwriter of such offering. Each Holder participating in such underwriting shall also enter into and perform its obligations under such an agreement. 

  
 13 

 (f) Promptly notify each Holder of Registrable Securities covered by such registration
statement at any time when a prospectus relating thereto is required to be delivered under the Act as a result of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an
untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing. 

(g) Cause all such Registrable Securities registered pursuant hereunder to be listed on each securities exchange on which similar
securities issued by the Company are then listed. 
 (h) Provide a transfer agent and registrar for all Registrable Securities
registered pursuant hereunder and a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration. 
 (i) Furnish, at the request of any Holder requesting registration of Registrable Securities pursuant to this Section 3, on the date that such Registrable Securities are delivered to the
underwriters for sale in connection with a registration pursuant to this Section 3, if such securities are being sold through underwriters, copies of (i) the opinion, dated as of such date, of the counsel representing the Company
for the purposes of such registration given to the underwriters in such underwritten public offering, which opinion shall be in such form as is reasonably satisfactory to counsel to the underwriters, and (ii) the letter dated as of such date,
from the independent certified public accountants of the Company, to the underwriters in such underwritten public offering, addressed to the underwriters, which letter shall be in such form as is reasonably satisfactory to counsel to the
underwriters. 
 3.6 Furnish Information. It shall be a condition precedent to the obligations of the Company to take any
action pursuant to this Section 3 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended
method of disposition of such securities as shall be required to effect the registration of such Holder’s Registrable Securities. 
 3.7 Expenses of Demand and S-3 Registrations. The Company shall pay all expenses other than underwriting discounts and commissions incurred in connection with registrations, filings, or
qualifications pursuant to Sections 3.2 and 3.4, including (a) all registration, filing, and qualification fees (including filing fees with the SEC, fees due to the Financial Industry Regulatory Authority
(“FINRA”) and fees due for listing on any stock exchange); (b) printers and accounting fees; (c) fees and disbursements of counsel for the Company; and (d) the reasonable fees and disbursements of one counsel for the
selling Holders; provided, however, that the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Section 3.2 or 3.4 if the registration request is subsequently withdrawn at the
request of the holders of at least sixty-five percent (65%) of the Outstanding Registrable Securities then held by Preferred Stock Holders to be registered (in which case all Preferred Stock Holders participating in the aborted registration
shall bear such expenses), unless the 

  
 14 

 
holders of at least sixty-five percent (65%) of the Outstanding Registrable Securities then held by Preferred Stock Holders agree to forfeit their rights to a registration under
Section 3.2; provided further, however, that if at the time of such withdrawal, the Preferred Stock Holders have either (i) learned of a material adverse change in the condition, business, or prospects of the Company from that known
to the Preferred Stock Holders at the time of their request or (ii) been informed by the underwriters of such registration that more than twenty percent (20%) of the Registrable Securities requested for registration shall not be includable
therein due to market factors, and in either such case the Preferred Stock Holders have withdrawn the request with reasonable promptness following such disclosure, then the Preferred Stock Holders shall not be required to pay such expenses and shall
retain their rights pursuant to Sections 3.2 and 3.4. 
 3.8 Expenses of “Piggy-Back”
Registration. The Company shall pay all expenses incurred in connection with any registration, filing, or qualification of Registrable Securities with respect to the registrations pursuant to Section 3.3 for each Holder, including
all registration, filing, and qualification fees, printers and accounting fees relating or apportionable thereto, and the fees and disbursements of one counsel for the selling Holders selected by them, but excluding underwriting discounts and
commissions relating to the Registrable Securities. 
 3.9 Delay of Registration. No Holder shall have any right to
obtain or seek an injunction restraining or otherwise delaying any such registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 3. 

3.10 Indemnification. In the event any Registrable Securities are included in a registration statement under this
Section 3: 
 (a) To the extent permitted by law, the Company will indemnify and hold harmless each Holder, any
underwriter (as defined in the Act) for such Holder, and each person (if any) who controls such Holder (a “Controlling Person”) or underwriter within the meaning of the Act or the 1934 Act, against any losses, claims, damages, or
liabilities joint or several) to which they may become subject under the Act, the 1934 Act, or other federal or state law, insofar as such losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based upon any of
the following statements, omissions, or violations (collectively a “Violation”) (i) any untrue statement or alleged untrue statement of a material fact contained in such registration statement, including any preliminary
prospectus or final prospectus contained therein or any amendments or supplements thereto, (ii) the omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not
misleading, or (iii) any violation or alleged violation by the Company of the Act, the 1934 Act, any state securities law, or any rule or regulation promulgated under the Act, the 1934 Act, or any state securities law; and the Company will pay
to each such Holder, underwriter, or Controlling Person, as incurred, any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability, or action; provided, however, that
the indemnity agreement contained in this Section 3.10(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability, or action if such settlement is effected without the consent of the Company (which
consent shall not be unreasonably withheld), nor shall the Company be liable in any such case for any such loss, claim, damage, liability, or action to the extent that it arises out of or is based upon a Violation which occurs in reliance upon and
in conformity with written information furnished expressly for use in connection with such registration by any such Holder, underwriter, or Controlling Person. 

  
 15 

 (b) To the extent permitted by law, each selling Holder severally and not jointly will
indemnify and hold harmless the Company, each of its directors, each of its officers who has signed the registration statement, each person (if any) who controls the Company within the meaning of the Act, any underwriter, any other Holder selling
securities in such registration statement, and any controlling person of any such underwriter or other Holder, against any losses, claims, damages, or liabilities (joint or several) to which any of the foregoing persons may become subject under the
Act, the 1934 Act or other federal or state law, insofar as such losses, claims, damages, or liabilities (or actions in respect thereto) arise out of or are based upon (i) any Violation, in each case to the extent (and only to the extent) that
such Violation occurs in reliance upon and in conformity with written information furnished by such Holder expressly for use in connection with such registration or (ii) any violation or alleged violation by such Holder of the Act, the 1934
Act, any state securities law, or any rule or regulation promulgated under the Act, the 1934 Act, or any state securities law; and each such Holder will pay, as incurred, any legal or other expenses reasonably incurred by any person intended to be
indemnified pursuant to this Section 3.10(b), in connection with investigating or defending any such loss, claim, damage, liability, or action; provided, however, that the indemnity agreement contained in this Section 3.10(b)
shall not apply to amounts paid in settlement of any such loss, claim, damage, liability, or action if such settlement is effected without the consent of such indemnifying Holder, which consent shall not be unreasonably withheld; and further
provided that in no event shall any indemnity under this Section 3.10(b) exceed the net proceeds from the offering received by such indemnifying Holder. 
 (c) Promptly after receipt by an indemnified party under this Section 3.10 of notice of the commencement of any action (including any governmental action), such indemnified party will, if a
claim in respect thereof is to be made against any indemnifying party under this Section 3.10, deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying party shall have the right to participate
in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party
(together with all other indemnified parties which may be represented without conflict by one counsel) shall have the right to retain one separate counsel and participate in the defense, with the fees and expenses to be paid by the indemnifying
party if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such counsel
in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action, if prejudicial to its ability to defend such action, shall relieve such indemnifying party of any
liability to the indemnified party under this Section 3.10, but the omission so to deliver written notice to the indemnifying party will not relieve the indemnifying party of any liability that it may have to any indemnified party
otherwise than under this Section 3.10. 
 (d) If the indemnification provided for in this Section 3.10
is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim, damage, or expense referred to therein, then the indemnifying party, in lieu of

  
 16 

 
indemnifying such indemnified party hereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such loss, liability, claim, damage, or expense in such
proportion as is appropriate to reflect the relative fault of the indemnifying party, on the one hand, and of the indemnified party, on the other, in connection with the statements or omissions that resulted in such loss, liability, claim, damage,
or expense as well as any other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a
material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or
prevent such statement or omission. 
 (e) Notwithstanding the foregoing, to the extent that the provisions on indemnification
and contribution contained in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 

(f) The obligations of the Company and Holders under this Section 3.10 shall survive the completion of any offering of
Registrable Securities in a registration statement under this Section 3, and otherwise. 
 3.11 Reports Under
Securities Exchange Act of 1934. With a view to making available to the Holders the benefits of SEC Rule 144 and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without
registration or pursuant to a registration on Form S-3, from and after the IPO, the Company agrees to use its best efforts: 
 (a) to make and keep public information available, as those terms are understood and defined in SEC Rule 144, at all times from and after the ninetieth (90th) day following the effective date of the first registration
statement filed by the Company for the offering of its securities to the general public; 
 (b) to take such action, including
the voluntary registration of the Common Stock under Section 12 of the 1934 Act, as is necessary to enable the Holders to utilize Form S-3 for the sale of their Registrable Securities, such action to be taken as soon as practicable after the
end of the fiscal year in which the first registration statement filed by the Company for the offering of its securities to the general public is declared effective; 
 (c) to file with the SEC in a timely manner all reports and other documents required of the Company under the Act and the 1934 Act; and 

(d) to furnish to any Holder, so long as the Holder holds any Outstanding Registrable Securities, forthwith upon
request (i) a written statement by the Company that it has complied with the reporting requirements of SEC Rule 144 (at any time on or after the ninetieth (90th) day following the effective date of the first registration statement filed by the Company), the Act and the 1934
Act (at any time after it has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form 

  
 17 

 
S-3 (at any time after it so qualifies), (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company, and
(iii) such other information as may be reasonably requested in availing any Holder of any rule or regulation of the SEC which permits the selling of any such securities without registration or pursuant to such form. 

3.12 “Market Stand-Off’ Agreement”. Each Holder hereby agrees that, during the period of duration (not to exceed
one hundred eighty (180) days, which period may be extended upon the request of the managing underwriter, to the extent required by any FINRA rules, for an additional period of up to fifteen (15) days if the Company issues or proposes to
issue an earnings or other public release within fifteen (15) days of the expiration of the 180-day lockup period) specified by the Company and an underwriter of Common Stock or other securities of the Company, following the effective date of a
registration statement of the Company filed under the Act, such Holder shall not, to the extent requested by the Company and such underwriter, directly or indirectly sell, offer to sell, contract to sell (including any short sale), grant any option
to purchase, or otherwise transfer or dispose of (other than to donees who agree to be similarly bound) any securities of the Company held by it at any time during such period except Common Stock included in such registration; provided, however,
that all officers and directors of the Company enter into similar agreements. 
 In order to enforce the foregoing covenant, the
Company may impose stop-transfer instructions with respect to the Registrable Securities of a Holder (and the shares or securities of every other person subject to the foregoing restriction) until the end of such period. 

Notwithstanding the foregoing, the obligations described in this Section 3.12 shall not apply to a registration relating
solely to employee benefit plans on Form S-1 or Form S-8 or similar forms which may be promulgated in the future, or a registration relating solely to a SEC Rule 145 transaction on Form S-4 or similar forms which may be promulgated in the future.

 3.13 Termination of Registration Rights. No Holder shall be entitled to exercise any right provided for in this
Section 3 after the earlier of (i) five (5) years following the consummation of the sale of securities pursuant to a registration statement filed by the Company under the Act in connection with the initial firm commitment
underwritten offering of its securities to the general public, or (ii) when the Registrable Securities held by such Holder (together with any Affiliate of such Holder with whom such Holder must aggregate its sales under SEC Rule 144) could be
sold without restriction under SEC Rule 144(b)(1) within a ninety (90) day period. 
 4. Transfers of Certain Rights. 

4.1 Permitted Transferees. 
 (a) The rights granted to the Purchasers (other than RUSNANO) under this Agreement may be transferred to (i) any other Purchaser or any general or limited partner, affiliated fund or member thereof,
officer or other affiliate of any Purchaser or any entity or person that controls, or is controlled by, or is under common control with such Purchaser (“Affiliates”) or (ii) any other person or entity that acquires at least 246,160
shares of Preferred 

  
 18 

 
Stock or Common Stock; provided, however, that the Company is given written notice by the transferee at the time of such transfer stating the name and address of the transferee and identifying
the securities with respect to which such rights are being assigned. 
 (b) All, but not less than all, of the rights granted to
RUSNANO under this Agreement may be transferred to any entity that is controlled by RUSNANO, an open joint stock company organized and existing under the laws of the Russian Federation, in connection with the transfer all of the shares of capital
stock of the Company held by RUSNANO to such transferee; provided, however, that the Company is given written notice by the transferee at the time of such transfer stating the name and address of the transferee and identifying the securities with
respect to which such rights are being assigned. 
 4.2 Subsequent Transfers. A transferee to whom rights are transferred
pursuant to this Section 4 may not again transfer such rights to any other person or entity, other than as provided in Section 4.1 above. 
 4.3 Legends. Each certificate representing the shares of Preferred Stock or Series BRN Preferred Stock shall bear a legend indicating that any holder of such stock shall be subject to this
Agreement. 
 4.4 Aggregation of Stock. All shares held or acquired by Affiliates shall be aggregated together for the
purpose of determining the availability of any rights under this Agreement. 
 5. Negative Covenants of the Company. 

5.1 Without limiting any other covenants and provisions hereof, the Company covenants and agrees that, until the closing of a Qualified
Public Offering, it will not, without the vote or written consent of the Board of Directors, including, in all cases, the affirmative vote or consent of a majority of Preferred Directors, and with respect to Section 5.1(ii) below, the
affirmative vote or consent of the director appointed by RUSNANO: 
 (i) incur any indebtedness for borrowed money, in a single
or related series of transactions, in an amount in excess of $250,000; 
 (ii) create or authorize the creation of any debt
security or incur any indebtedness for borrowed money with a final maturity date after the eighth (8th) anniversary of the date hereof, other than equipment leases or other trade credit incurred in the ordinary course of business; 

(iii) incur or make, in any fiscal year, any expenditures on capital assets in excess of $250,000 above the amount contained in the
annual operating plan (referenced in Section 1.2) for such fiscal year; or 
 (iv) enter into any transactions with
directors, officers, employees, consultants or five percent (5%) stockholders of the Company or their affiliates other than employment and consulting agreements in the ordinary course of business. 

  
 19 

 5.2 Negative Covenants of the Company Regarding the Project Company. 

(a) Without limiting any other covenants and provisions hereof, the Company covenants and agrees that, until the closing of a Qualified
Public Offering, it will not, directly or indirectly, without the vote or written consent of RUSNANO: 
 (i) amend or restate
the charter or other applicable organizational document of the Project Company in effect from time to time (the “Project Company Charter”), or increase or decrease the amount of charter capital of the Project Company; 

(ii) subject to Section 1.6 of that certain Fourth Amended and Restated Voting Agreement, dated as of the date hereof, by and among
the Company and the other parties named therein (as may be amended from time to time), (x) terminate the powers of any member of the board of directors of the Project Company designated by RUSNANO prior to the expiration of such member’s
term or (y) make or authorize any changes in the scope of authority and decision-making and related procedures of the board of directors of the Project Company (including any increase or decrease in the size of the board of directors of the
Project Company); 
 (iii) effect a restructuring, reorganization or similar change in the equity, debt or assets of the
Project Company; 
 (iv) effect the reorganization, liquidation or bankruptcy of the Project Company (including
(1) transactions aimed at prevention of bankruptcy after notification by the sole executive body of the Project Company to the Company pursuant to applicable law and (2) financial rehabilitation), except when bankruptcy is mandatorily
required by Russian law to be initiated by the sole executive body of the Project Company; 
 (v) appoint a liquidating
commission for the Project Company, or approve the liquidation balance sheets of the Project Company; 
 (vi) approve or enter
into major transactions proposed by the Project Company concerning the purchase, disposal or possible disposal by the Project Company, directly or indirectly, of its assets with the value exceeding twenty-five percent (25%) of the total value
of the assets of the Project Company determined based on its accounting statements prepared in accordance with Russian accounting principles and practices, as required under Russian law or regulation, as in effect from time to time and applied
consistently throughout the periods involved for the last reporting period (month) preceding the date of the decision on approval of such transactions; 
 (vii) approve or enter into any transaction relating to directly or indirectly disposing or encumbering intellectual property assets of the Project Company, subject to Section 3.4 of that certain
Intellectual Property License Agreement, dated as of the date hereof, by and between the Company and the Project Company (the “License Agreement”); 
 (viii) cause or permit the Project Company to approve or enter into the termination or assignment of, or amendment to, the License Agreement; or 

  
 20 

 (ix) approve the cash valuation of any assets contributed as payment for participatory
interests in the charter capital of the Project Company. 
 (b) Notwithstanding the foregoing, this Section 5.2
shall not apply to any transactions regarding the assignment or licensing of intellectual property by and between the Company and the Project Company, subject to Sections 3.4 and 4.1 of the License Agreement. 

(c) Notwithstanding anything to the contrary herein, this Section 5.2 shall terminate and be of no further force and effect
on the earliest date on which RUSNANO (or a controlled affiliate that is a permitted transferee pursuant to Section 4.1(b)) no longer holds and has sole beneficial ownership of all of the shares of Series BRN Preferred Stock that it
purchases under the Purchase Agreement, whether as a result of any transfer, sale, conversion or redemption or otherwise. 
 5.3
Affirmative Covenants of the Company Regarding the Project Company. 
 (a) Each of the Company and RUSNANO covenant and
agree until the closing of a Qualified Public Offering: 
 (i) RUSNANO shall have the right to require one (1) independent
audit of the financial statements of the Project Company per year, provided that such audit is conducted at RUSNANO’s sole expense. 
 (ii) In the event there is a Deadlock (as defined below) with respect to any resolution or decision to be made by the board of directors of the Project Company in accordance with the Project Company
Charter which cannot be resolved within fifteen (15) business days of occurrence of any Deadlock Event (as defined below), RUSNANO or the Company may serve notice (a “First Level Notice”) in writing on the other party requiring
the Deadlock to be referred to the chief executive officers of RUSNANO and the Company. Each of RUSNANO and the Company shall cause its respective chief executive officer to meet with the other chief executive officer within fifteen
(15) business days of service of the First Level Notice for the purpose of resolving the Deadlock. If such chief executive officers have not met or are unable to resolve the Deadlock within fifteen (15) business days of service of the
First Level Notice, either party may serve notice in writing on the other party (a “Second Level Notice”) requiring that the Deadlock be referred to a panel of third party independent experts (the “Independent Expert
Panel”). Each of RUSNANO and the Company agree that the Independent Expert Panel shall consist of one (1) nominee appointed by each party. Each of RUSNANO and the Company shall use its best efforts to appoint a suitable nominee (being
an experienced global pharmaceutical executive with qualifications consistent with those of other directors of the Company) and procure that the Independent Expert Panel considers the Deadlock and delivers its determination (the “Expert
Solution”) of how to resolve the Deadlock within twenty (20) business days of service of the Second Level Notice. RUSNANO and the Company shall, acting in good faith, within ten (10) business days of receipt of the Expert
Solution, consult with each other and use reasonable efforts to agree to a resolution to the Deadlock based in all material respects on the Expert Solution. In the event that the Company and RUSNANO agree on such a resolution, they shall use
reasonable efforts to procure that such resolution is implemented as soon as reasonably practicable. For the purpose of this Section 5.3(a)(ii), a “Deadlock” shall be

  
 21 

 
deemed to have occurred when (A) a resolution is proposed by the Company, in its capacity as a participant in the Project Company in accordance with the Project Company Charter and in
respect of any of the matters indicated in Section 5.2 or 5.3 hereof, and such resolution is not approved by RUSNANO, as a holder of Series BRN Preferred Stock during at least two (2) successive duly called meetings of the
board of directors of the Project Company; (B) a resolution of the Board of Directors of the Project Company is proposed by a director nominated by the Company and is not adopted by a unanimous vote in accordance with the Project Company
Charter with respect to the decisions requiring a unanimous vote pursuant to Section 22 of the Project Company Charter during at least two (2) successive duly called meetings of the board of directors of the Project Company; or (C) a
quorum is not present at two (2) successive duly called board meetings of the Project Company for the purpose of considering any resolution referred to in subsection (B) hereof due to the absence of a nominated director from the relevant
board meeting (each of the events set forth in (A) through (C) of this subsection 5.3(a)(ii), a “Deadlock Event”). 
 (b) Notwithstanding anything to the contrary herein, Section 5.3(a) shall terminate and be of no further force and effect on the earliest date on which RUSNANO (or a controlled affiliate that
is a permitted transferee pursuant to Section 4.1(b)) no longer holds and has sole beneficial ownership of all of the shares of Series BRN Preferred Stock that it purchases under the Purchase Agreement, whether as a result of any
transfer, sale, conversion or redemption or otherwise. 
 6. General. 

6.1 Severability. The provisions of this Agreement are severable, so that the invalidity or unenforceability of any provision of
this Agreement shall not affect the validity or enforceability of any other term or provision of this Agreement, which shall remain in full force and effect. 
 6.2 Specific Performance. In addition to any and all other remedies that may be available at law in the event of any breach of this Agreement, each Holder shall be entitled to specific performance
of the agreements and obligations of any other Holder hereunder and to such other injunctive or other equitable relief as may be granted by a court of competent jurisdiction. 
 6.3 Governing Law. This Agreement shall be governed by, and construed and enforced in accordance with the internal laws of the State of New York, without regard to conflict of law principles that
would result in the application of any law other than the law of the State of New York. 

  
 22 

 6.4 Notices. All notices, requests, consents, and other communications under this
Agreement shall be in writing and shall be deemed delivered (a) for notices sent by the Company to addressees within the United States, two (2) business days after being sent by registered or certified mail, return receipt requested,
postage prepaid, (b) three (3) business days after being sent via a reputable international courier service with expedited delivery, in each case to the intended recipient as set forth below, or (c) immediately upon being sent by
facsimile, provided that the sender receives electronic confirmation of delivery, or electronic mail: 
  

	 	(i)	If to the Company: 

 BIND
Biosciences, Inc. 
 64 Sidney Street 
 Cambridge, Massachusetts 02139 
 Attn: President 

Fax: 617-491-0351 
 E-mail: scottminick@bindbio.com 
 with a copy to: 

Peter N. Handrinos, Esquire 
 Latham & Watkins LLP 
 John Hancock Tower 

200 Clarendon Street, 20th Floor 
 Boston, Massachusetts 02116 
 Fax: 617-948-6001 

E-mail: peter.handrinos@lw.com 
  

	 	(ii)	If to a Purchaser, at its address set forth in Schedule A hereto, or at such other address as may have been furnished to the other parties hereto in writing by
such Purchaser; 

  

	 	(iii)	If to a Licensor Shareholder, at its address set forth in Schedule B hereto, or at such other address as may have been furnished to the other parties hereto in
writing by such Licensor Shareholder; and 

  

	 	(iv)	If to a Founder, at the Company or at such other address or addresses as may have been furnished to the other parties hereto in writing by such Founder.

 Any party may give any notice, request, consent or other communication under this Agreement using any other
means (including, without limitation, personal delivery, messenger service, first class mail or electronic mail), but no such notice, request, consent or other communication shall be deemed to have been duly given unless and until it is actually
received by the party for whom it is intended. Any party may change the address to which notices, requests, consents or other communications hereunder are to be delivered by giving the other parties notice in the manner set forth in this
Section 6.4. 
 6.5 Complete Agreement; Amendments. This Agreement constitutes the entire agreement and
understanding of the parties hereto with respect to the subject matter hereof, and supersedes all prior agreements and understandings relating to such subject matter, including the Former Investors’ Rights Agreement. No amendment, modification
or termination of, or, except as otherwise provided in Section 2.7, waiver under, any provision of this Agreement shall be valid unless in writing and signed by (i) the Company, (ii) the Founders holding a majority of the
shares of Common Stock then held by Founders and (iii) Purchasers holding at least 65% of the 

  
 23 

 
Outstanding Registrable Securities then held by Purchasers, and any such amendment, modification, termination or waiver shall be binding on all parties hereto; provided, however,
that no amendment, modification or waiver under this Agreement shall be made to the proviso of the first sentence of Section 2.7 without the written consent of DHK, unless DHK ceases to hold at least the DHK Minimum Percentage (other
than by reason of the Company’s failure to comply with such proviso), in which case such consent shall not be required; provided further, that any such waiver or amendment which materially and adversely affects the rights, privileges, duties or
obligations of a Purchaser in a manner materially different than those of all other Purchasers shall not be effective against such affected Purchaser without the written consent of such affected Purchaser. Notwithstanding anything to the contrary
herein, neither Section 5.2 nor Section 5.3 may be amended without the prior written consent of RUSNANO for so long as RUSNANO holds and has sole beneficial ownership of all of the shares of Series BRN Preferred Stock
purchased by it under the Purchase Agreement. No amendment, modification or termination of, or waiver under, Section 2 of this Agreement shall be valid unless in writing and signed by (i) the Company and (ii) Purchasers
entitled to waive the participation rights set forth therein in accordance with Section 2.7, and any such amendment, modification, termination or waiver shall be binding on all parties hereto. Notwithstanding anything to the contrary
herein, this Agreement may be amended by the Company without the consent of any of the other parties hereto to add as a party hereto and include information regarding and otherwise accommodate an additional purchaser of shares of Series D Preferred
Stock or Series BRN Preferred Stock (including a Co-Investor (as defined in the Purchase Agreement)) pursuant to the Purchase Agreement, as may be amended from time to time; provided that any such amendment does not materially and adversely affect
the rights of any Purchaser under this Agreement (it being agreed that the issuance of additional shares of capital stock in accordance with the Purchase Agreement, as may be amended or modified from time to time in accordance with its terms, and
the other Financing Agreements (as such term is defined in the Purchase Agreement), each as may be modified from time to time in accordance with its respective terms, shall not be deemed to affect the Purchasers under this Agreement). 

6.6 Additional Purchasers. Notwithstanding Section 6.5, any person or entity that purchases Series BRN Preferred Stock
as a Co-Investor (as defined in the Purchase Agreement) under the Purchase Agreement shall become a party to this Agreement by executing and delivering to the Company a counterpart signature page to this Agreement, and thereupon shall be deemed a
“Purchaser” for all purposes of this Agreement, and the Company shall amend Schedule A hereto to add the name and address of such Purchaser. No such accession instrument shall be effective unless and until accepted in writing
by the Company. No action or consent by the Purchasers or Initial Stockholders shall be required for such joinder to this Agreement by such Co-Investor or any aforesaid amendment of Schedule A, so long as such Co-Investor has agreed in
writing to be bound by all of the obligations as a “Purchaser” hereunder. 
 6.7 Construction. A reference to a
Section or Schedule shall mean a Section in or Schedule to this Agreement unless otherwise expressly stated. The titles and headings herein are for reference purposes only and shall not in any manner limit the construction of this Agreement which
shall be considered as a whole. The words “include,” “includes” and “including” when used herein shall be deemed in each case to be followed by the words “without limitation.” Whenever the context may require,
any pronouns used herein shall include the corresponding masculine, feminine or neuter forms, and the singular form of names and pronouns shall include the plural and vice-versa. 

  
 24 

 6.8 Counterparts; Facsimile Signatures. This Agreement may be executed in any number
of counterparts, each of which shall be deemed to be an original, and all of which together shall constitute one and the same document. This Agreement may be executed by facsimile signatures. 

6.9 Waiver of Participation Rights. Pursuant to Section 2.7 of the Former Investors’ Rights Agreement, by executing this
Agreement, the undersigned Prior Purchasers, holding greater than (i) 66 2/3% of the outstanding shares of the Series A Preferred Stock, (ii) 66 2/3% of the outstanding shares of the Series B Preferred Stock, (iii) 50% of the
outstanding shares of the Series C Preferred Stock, and (iv) 50% of the outstanding shares of the Series C-1 Preferred Stock held by all Purchasers (as defined in the Former Investors’ Rights Agreement), hereby waive, and DHK, pursuant to
that certain letter to the Company dated as of October 27, 2011, waived, on behalf of all Purchasers (as defined in the Former Investors’ Rights Agreement) under Section 2 of the Former Investors’ Rights Agreement, any and all
preemptive rights related to the sale of shares of Series D Preferred Stock and Series BRN Preferred Stock pursuant to the Purchase Agreement, including, without limitation, the participation rights specified in Section 2.2 of the Former
Investors’ Rights Agreement and the notice requirements set forth in Section 2.3 of the Former Investors’ Rights Agreement. 
 6.10 Amended and Restated Agreement. The Former Investors’ Rights Agreement is hereby amended in its entirety and restated herein. All provisions of, rights granted and covenants made in the
Former Investors’ Rights Agreement are hereby superseded in their entirety and shall have no further force or effect, including, without limitation, all participation rights and any notice period associated therewith otherwise applicable to the
transactions contemplated by the Purchase Agreement. Each of such Founders and Prior Purchasers acknowledge and agree that the execution and delivery by the Company of this Agreement, the Purchase Agreement and the additional Financing Agreements
and the performance by the Company of its obligations thereunder do not constitute a default under the provisions of the Former Investors’ Rights Agreement. 
 6.11 Acknowledgment. The Company acknowledges that certain of the Purchasers are in the business of venture capital investing and therefore review the business plans and related proprietary
information of many enterprises. Nothing in this Agreement shall preclude or in any way restrict such Purchasers from investing or participating in any particular enterprise. 

  
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 6.12 Dispute Resolution. Any dispute, controversy or claim arising out of or relating
to this Agreement, including its existence, validity, interpretation, performance, non-performance, breach or termination (collectively, the “Dispute”) shall be finally settled under the Rules of Arbitration of the International
Chamber of Commerce (the “ICC Rules”), except as they may be modified herein or by mutual agreement of the parties. The Dispute shall be resolved by three (3) arbitrators appointed in the following manner: each party shall
nominate an arbitrator for confirmation as provided in the ICC Rules and following their confirmation, the third arbitrator shall be appointed by the International Court of Arbitration of the International Chamber of Commerce; provided, however,
that at least one (1) of such arbitrators shall have substantive expertise in the pharmaceutical industry. The place of arbitration shall be New York, New York. The language of the arbitration shall be English. The tribunal shall
determine the proportion of the costs of the arbitration which each party shall bear. The award shall be final, conclusive and binding upon the parties hereto. Judgment upon the award may be entered by any court having jurisdiction thereof
or having jurisdiction over the relevant party or its assets. 
 [Remainder of page intentionally left blank.] 

  
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 IN WITNESS’ WHEREOF, the parties hereto have executed this Fourth Amended and Restated
Investors’ Rights Agreement as an instrument under seal as of the date first above written. 
  

							
	COMPANY:	 		 	BIND BIOSCIENCES, INC.
				
		 		 	By:	 	 /s/ Scott Minick

		 		 		 	Scott Minick
		 		 		 	President and Chief Executive Officer
			
	FOUNDERS:	 		 	 /s/ Omid Farokhzad

		 		 	Omid Farokhzad
			
		 		 	  
 Paul
Goldenheim

			
		 		 	 /s/ Robert S. Langer, Jr.

		 		 	Robert S. Langer, Jr.

  
 Signature
Page to Fourth Amended and Restated Investors’ Rights Agreement 

									
	PURCHASERS:	 		 	POLARIS VENTURE PARTNERS V, L.P.
				
		 		 	By:	 	POLARIS VENTURE MANAGEMENT CO. V, L.L.C., its General Partner
					
		 		 		 	By:	 	 /s/ William E. Bilodeau

		 		 		 		 	William E. Bilodeau
		 		 		 		 	Attorney-in-fact
			
		 		 	POLARIS VENTURE PARTNERS ENTREPRENEURS’ FUND V, L.P.
				
		 		 	By:	 	POLARIS VENTURE MANAGEMENT CO. V, L.L.C., its General Partner
					
		 		 		 	By:	 	 /s/ William E. Bilodeau

		 		 		 		 	William E. Bilodeau
		 		 		 		 	Attorney-in-fact
			
		 		 	POLARIS VENTURE PARTNERS FOUNDERS’ FUND V, L.P.
				
		 		 	By:	 	POLARIS VENTURE MANAGEMENT CO. V, L.L.C., its General Partner
					
		 		 		 	By:	 	 /s/ William E. Bilodeau

		 		 		 		 	William E. Bilodeau
		 		 		 		 	Attorney-in-fact
			
		 		 	POLARIS VENTURE PARTNERS SPECIAL FOUNDERS’ FUND V, L.P.
				
		 		 	By:	 	POLARIS VENTURE MANAGEMENT CO. V, L.L.C., its General Partner
					
		 		 		 	By:	 	 /s/ William E. Bilodeau

		 		 		 		 	William E. Bilodeau
		 		 		 		 	Attorney-in-fact

  
 Signature
Page to Fourth Amended and Restated Investors’ Rights Agreement 

									
	PURCHASER:	 		 	FLAGSHIP VENTURES FUND 2004, L.P.
				
		 		 	By:	 	FLAGSHIP VENTURES GENERAL PARTNER LLC, its General Partner
					
		 		 		 	By:	 	 /s/ Noubar Afeyan

		 		 		 		 	Noubar Afeyan
		 		 		 		 	Managing Partner and CEO

  
 Signature
Page to Fourth Amended and Restated Investors’ Rights Agreement 

							
	PURCHASER:	 		 	ARCH VENTURE FUND VII, L.P.
				
		 		 	By:	 	ARCH VENTURE PARTNERS VII, L.P.
		 		 	Its:	 	General Partner
				
		 		 	By:	 	ARCH VENTURE PARTNERS VII, LLC
		 		 	Its:	 	General Partner
				
		 		 	By:	 	 /s/ Keith L. Crandell

		 		 	Its:	 	Managing Director

  
 Signature
Page to Fourth Amended and Restated Investors’ Rights Agreement 

									
	PURCHASER:	 		 	NANODIMENSION, L.P.
				
		 		 	By:	 	NanoDimension Management Limited, its General Partner
					
		 		 		 	By:	 	 /s/ Jonathan Nicholson

		 		 		 		 	Jonathan Nicholson, Director

  
 Signature
Page to Fourth Amended and Restated Investors’ Rights Agreement 

							
	PURCHASER:	 		 	DHK INVESTMENTS, LLC
				
		 		 	By:	 	 /s/ David H. Koch

		 		 		 	David H. Koch
		 		 		 	Manager

  
 Signature
Page to Fourth Amended and Restated Investors’ Rights Agreement 

					
	PURCHASER:	 		 	
			
		 		 	 /s/ Peter W. Doelger

		 		 	Peter W. Doelger

  
 Signature
Page to Fourth Amended and Restated Investors’ Rights Agreement 

							
	PURCHASER:	 		 	 DOELGER FAMILY 2006 TRUST
 FBO EMILY M. DOELGER

				
		 		 	By:	 	 /s/ Bruce A Haverberg

		 		 		 	Bruce A. Haverberg, Trustee
			
		 		 	 DOELGER FAMILY 2006 TRUST
 FBO MATTHEW DOELGER

				
		 		 	By:	 	 /s/ Bruce A Haverberg

		 		 		 	Bruce A. Haverberg, Trustee
			
		 		 	HEE-JEAN KIM 2007 TRUST
				
		 		 	By:	 	 /s/ Bruce A Haverberg

		 		 		 	Bruce A. Haverberg, Trustee

  
 Signature
Page to Fourth Amended and Restated Investors’ Rights Agreement 

					
	PURCHASER:	 		 	
			
		 		 	 /s/ Dimitris Bertsimas

		 		 	Dimitris Bertsimas

  
 Signature
Page to Fourth Amended and Restated Investors’ Rights Agreement 

							
	PURCHASER:	 		 	ENDEAVOUR II L.P.
				
		 		 	By:	 	ENDEAVOUR PARTNERS GP LIMITED
		 		 		 	its General Partner
				
		 		 	By:	 	 /s/ Pascal Mathieux

		 		 	Name:	 	Pascal Mathieux
		 		 	Title:	 	Director

  
 Signature
Page to Fourth Amended and Restated Investors’ Rights Agreement 

					
	PURCHASER:	 		 	
			
		 		 	 /s/ Gerald W. Blakeley, Jr.

		 		 	Gerald W. Blakeley, Jr.

  
 Signature
Page to Fourth Amended and Restated Investors’ Rights Agreement 

							
	PURCHASER:	 		 		 	
				
		 		 		 	 /s/ Gerald W. Blakeley, III

		 		 		 	Gerald W. Blakeley, III

  
 Signature
Page to Fourth Amended and Restated Investors’ Rights Agreement 

							
	PURCHASER:	 		 	D2 INVESTMENT LLC
				
		 		 	By:	 	 /s/ Chris Kryder

		 		 		 	Chris Kryder
		 		 		 	Manager

  
 Signature
Page to Fourth Amended and Restated Investors’ Rights Agreement 

							
	PURCHASER:	 		 		 	
				
		 		 		 	 /s/ Peter T. Scardino

		 		 		 	Peter T. Scardino

  
 Signature
Page to Fourth Amended and Restated Investors’ Rights Agreement 

							
	PURCHASER:	 		 		 	
				
		 		 		 	 /s/ Edward Darracott Vaughan, Jr.

		 		 		 	Edward Darracott Vaughan, Jr.

  
 Signature
Page to Fourth Amended and Restated Investors’ Rights Agreement 

							
	PURCHASER:	 		 		 	JOHN T. CONNOR JR. AND SUSAN SCHOLLE CONNOR, tenants by the entirety
				
		 		 		 	 /s/ John T Connor Jr.

		 		 		 	John T Connor Jr.
				
		 		 		 	 /s/ Susan Scholle Connor

		 		 		 	Susan Scholle Connor

  
 Signature
Page to Fourth Amended and Restated Investors’ Rights Agreement 

							
	PURCHASER:	 		 		 	
				
		 		 		 	 /s/ Jeffrey B. Larson

		 		 		 	Jeffrey B. Larson

  
 Signature
Page to Fourth Amended and Restated Investors’ Rights Agreement 

							
	PURCHASER:	 		 		 	
				
		 		 		 	 /s/ Megan Kelleher

		 		 		 	Megan Kelleher

  
 Signature
Page to Fourth Amended and Restated Investors’ Rights Agreement 

							
	PURCHASER:	 		 	RUSNANO
		 		 	an open joint stock company organized and existing under the laws of the Russian Federation
				
		 		 	By:	 	 /s/ Audrey Malyshev

		 		 	Name:	 	Andrey Malyshev
		 		 	Title:	 	Deputy Chairman of the Management Board

  
 Signature
Page to Fourth Amended and Restated Investors’ Rights Agreement 

 SCHEDULE A  
 Names and Addresses of Purchasers 
  

			
	 Polaris Venture Partners V, L.P.

1000 Winter Street, Suite 3350
 Waltham, MA
02451
 Attn: Amir H. Nashat
 Fax:
781.290.0880
  
 Polaris Venture Partners

Entrepreneurs’ Fund V, L.P.
 1000 Winter Street, Suite 3350
 Waltham, MA 02451

Attn: Amir H. Nashat
 Fax:
781.290.0880
  
 Polaris Venture Partners

Founders’ Fund V, L.P.

1000 Winter Street, Suite 3350
 Waltham, MA
02451
 Attn: Amir H. Nashat
 Fax:
781.290.0880
  
 Polaris Venture Partners

Special Founders’ Fund V, L.P.
 1000 Winter Street, Suite 3350
 Waltham, MA 02451

Attn: Amir H. Nashat
 Fax:
781.290.0880
  
 Flagship Ventures Fund 2004, L.P.

One Memorial Drive, 7th Floor
 Cambridge, MA
02142
 Fax: 617.868.1115
  

ARCH Venture Fund VII, L.P.
 c/o ARCH Venture
Partners
 8725 W. Higgins Road, Suite 290
 Chicago, IL 60631
 Fax: ++ 1 773-380-6606

 
 Alexandria Equities, LLC
 385 E. Colorado Boulevard, Suite 299
 Pasadena, CA 91101
	 	 Attn: Joel S. Marcus, CEO

investments@labspace.com
  
 NanoDimension L.P.
 Attention Jonathan Nicholson

Governor’s Square, Unit 3-213-6
 P.O. Box
526 WB
 23, Lime Tree Bay Ave
 Grand
Cayman, KYI-1302
 Cayman Islands
 Fax:
345 946 5558
  
 DHK Investments, LLC

c/o Koch Family Management
 4111 East 37th Street North
 Wichita, KS 67220
 Fax: 816.828.8602

 
 Copies to (which does not constitute notice):

 
 Koch Companies Public Sector, LLC

4111 East 37th Street North
 Wichita, KS 67220
 Attention: Raffaele G. Fazio

Fax: 816.828.8602
  

and
  

Jones Day

3161 Michelson Drive, Suite 800
 Irvine, CA 92612
 Attention: Craig S. Mordock

Fax: 949.553.7539
  

Peter W. Doelger
 144 Beacon Street, Apt.
3
 Boston, MA 02116-1449
  

Doelger Family 2006 Trust
 FBO Emily M.
Doelger
 c/o Bruce A. Haverberg, Trustee

10 Tremont Street, Suite 200
 Boston, MA
02108

			
	 Doelger Family 2006 Trust
 FBO
Matthew Doelger
 c/o Bruce A. Haverberg, Trustee
 10 Tremont Street, Suite 200
 Boston, MA 02108

 
 Hee-Jean Kim 2007 Trust
 c/o Bruce A. Haverberg, Trustee
 10 Tremont Street, Suite 200

Boston, MA 02108
  
 Dimitris Bertsimas
 43 Lantern Rd
 Belmont, MA 02478-1706
  
 In
each case, with a copy to (which does not constitute notice):
  
 Paul G. Roberts
 300 First Avenue

Needham, MA. 02494
 Fax: (781) 707-2551
  

Endeavour II L.P.
 PO Box 255 Trafalgar
Court
 Les Banques
 St Peter Port,
Guernsey GY1 3QL
 Channel Islands
  

Copy (which does not constitute notice) to:
  

Endeavour Vision SA
 6 rue de la Croix d’Or
 1204 Geneva, Switzerland

 
 Gerald W. Blakeley, Jr.
 Blakeley Investment Company
 60 State Street - Suite 3400

Boston, MA 02109
  
 Gerald W. Blakeley, III
 Oyster Harbors 2057

250 Windswept Way
 Osterville, MA
02655
	 	 In each case, with a copy to (which does not constitute notice):

 
 William S. Abbott, Esq.

50 Congress Street, Suite 925
 Boston, MA 02109
  
 D2
Investment LLC
 72 Pine Ridge Rd

Newton, MA 02468
  
 Peter T. Scardino
 345 E 68th Street
 New York, NY 10065
 Fax: (646) 422-1095

 
 Edwin Darracott Vaughan, Jr.
 89 Hollow Creek Road
 Sheridan, WY 82801
 Tel: (307) 671-0429
  

John T. Connor Jr. and Susan Scholle

Connor
 PO Box 1916

Cotuit, MA 02635
 Tel:
(508) 428-2050
  
 Jeffrey B. Larson

6 Arlington Street, Unit 5
 Boston, MA
02116
 Fax: 617-849-5910
  

Megan Kelleher
 444 Far Reach Road

Westwood, MA 02090
 Fax:
617-849-5910

 RUSNANO 
 10A prospect 60-letiya Oktyabrya 
 Moscow, Russia 117036 

Attn: Dmitriy Lisenkov 
 Fax: +74959885388

 Attn: Leysan Shaydullina 
 Fax:
+7495988538 

 SCHEDULE B  
 Names and Addresses of Licensor Stockholders 
 Massachusetts Institute of Technology

 Treasurer’s Office 
 238 Main
Street 
 Cambridge, MA 02142 

Attention: Philip Rotner 
 Fax: 617.258.6676

 The Brigham and Women’s Hospital, Inc. 
 75 Francis Street 
 Boston, MA 02115 
 Gwangju Institute of Science & Technology 
 1 Oryong-dong, Buk-gu 

Gwangju 500-712 
 Republic of Korea 

 SCHEDULE C  
 Founder Trusts 
 The OCF Irrevocable Trust 2006 

c/o Shadi K. Aryanpour, Trustee 
 490 Beacon
Street 
 Chestnut Hill, MA 02476 
 The
SAF Irrevocable Trust 2006 
 c/o Shadi K. Aryanpour, Trustee 
 490 Beacon Street 
 Chestnut Hill, MA 02476 

Michael D. Langer Trust u/d/t 12/14/95 
 c/o
Stephanie K. Meilman, Trustee 
 Law Office of Meilman & Costa, P.C. 
 70 Wells Avenue, Suite 
 200 Newton, MA 02459 

Susan K. Langer Trust u/d/t 12/14/95 
 c/o
Stephanie K. Meilman, Trustee 
 Law Office of Meilman & Costa, P.C. 
 70 Wells Avenue, Suite 200 
 Newton, MA 02459 

Samuel A. Langer Trust u/d/t 12/14/95 
 c/o
Stephanie K. Meilman, Trustee 
 Law Office of Meilman & Costa, P.C. 
 70 Wells Avenue, Suite 200 
 Newton, MA 02459 

 EXHIBIT A 
 PROJECT COMPANY REPORTING REQUIREMENTS 
  

			
	 Document
	  	 Deadline for submitting

		
	 Balance Sheet (Form No 1, approved by the Order of the Ministry of Finance of the Russian Federation No 67n «On the forms of accounting of
organizations» (onward - «Order No 67n»))
	  	 Quarterly, no later than 30 (thirty) days after the end of the reporting quarter

		
	 Income statement (Form No 2 approved by Order No 67n)
	  	 Quarterly, no later than 30 (thirty) days after the end of the reporting quarter

		
	 Statement of changes in the equity (form No 3, approved by Order No 67n)
	  	 Annually, no later than 90 (ninety) days after the end of the reporting year

		
	 Statement of cash flows (Form No 4, approved by Order No 67n)
	  	 Annually, no later than 90 (ninety) days after the end of the reporting year

		
	 Annex to the balance sheet (Form No 5, approved by Order No 67n)
	  	 Annually, no later than 90 (ninety) days after the end of the reporting year

		
	 Audit report
	  	 Annually, no later than 20 (twenty) business days from the date of approval at the annual shareholders’ meeting of the Russian
Entity.

		
	 Tax returns for income tax, VAT and property tax
	  	 Annually, no later than 90 (ninety) days after the end of the reporting year

		
	 Statistical reports (forms of The State Committee of Statistics)

 

•      Information about the presence and movement of fixed assets (funds) and
other non-financial assets 7/10/2009 No 132
  
 •      The main data of the activity of the organization 7/28/2009 No 153
  

•      Information about the shipment of goods, works and services related to
nanotechnologies 2/8/2010 No 83
  

•      Data on production output by (Russian) National Classification of
Products by Economic Activities (NCPEA) 1/28/2010 No 76
	  	 Annually, no later than 90 (ninety) days after the end of the reporting
year

			
	  

•      Information about creation and use of advanced manufacturing
technologies 10/30/2009 No 237
  

•      Information about the innovation activity of the organization
10/30/2009 No 237
  

•      Information about commercial technology exchange with foreign countries
(partners) 8/20/2008 No 199
  

•      Information about investments in non-financial assets 7/10/2009 No
132
  

•      Information about investment activity 8/14/2008 No 189

 

•      Information on the number and wages of workers 8/26/2009 No
184
  

•      Information about the financial status of the organization 7/16/2009 No
139
  

•      Information on financial investments 7/16/2009 No 139
	  	
		
	 Appendix No 4 to form number P-1 approved by the Order of the (Russian) Federal State Statistics Service 2/8/2010 No 83
	  	 Quarterly, no later than the 20th (twentieth) day of the month following the reporting period

		
	 Statement of cash flows (using form mutually agreeable to the Project Company and Rusnano)
	  	 Monthly, no later than 5th (fifth) business day of the month following the reporting month

		
	 Income statement (using form mutually agreeable to the Project Company and Rusnano)
	  	 Quarterly, within 5 (five) business days after the date of submission of the Russian Entity’s financial statements for the corresponding
period

		
	 Balance sheet (using form mutually agreeable to the Project Company and Rusnano)
	  	 Quarterly, within 5 (five) business days after the date of submission of the Russian Entity’s financial statements for the corresponding
period

		
	 Certificate of Incorporation (original / certified copy) on the last working day of the reporting period
	  	 Annually no later than 5 (five) business days after the end of the reporting year and after applying the changes

		
	 Protocols of meetings of Russian Entity’s Board of Directors and participant(s) with all exhibits
	  	 Within 5 (five) business days after conducting the meeting

		
	 Statement of claim, court/arbitrage ruling determining the action with respect to the Russian Entity bankruptcy proceedings and/or the initiation
of bankruptcy proceedings
	  	 Within 5 (five) business days after receipt of the statement of claim or ruling by the Russian Entity

		
	 Statement of claim, charges against the Russian Entity, settlement of which may materially affect the financial condition or business activities of
Russian Entity (a substantial impact is a claim on more than 10% of Russian Entity’s current book value)
	  	 Within 5 (five) working days after receipt of the statement of claim by the Russian Entity

		
	 Information on enterprises (organizations) engaged in production activities in the field of nanoindustry
	  	 Within a month after the beginning of the development of products, related to
nanotechnologies.

			
		
	 List of the affiliated persons of the Russian Entity, which shall include, as relevant: (1) any member of its board of directors, advisory board or
other similar board or body; (2) any member of its executive body; (3) any person having executive authority, acting singly, on behalf of the Russian Entity; (4) persons in the same group of companies with the Russian Entity; (5) person(s) having
control over 20% of the participation interests in the charter capital of the Russian Entity; and (6) person(s) in which the Russian Entity controls over 20% of its voting stock, other ownership interests or participation interests in its charter
capital.
	  	 Annually, no later than 5 (five) business days after the end of the reporting year, and after the application of changes

		
	 Annual report on the progress of the Project (including performance against the Business Plan and R&D Plan) in the form mutually agreeable to
the Project Company and Rusnano
	  	 Annually, no later than 20 (twenty) business days after the end of the reporting year

		
	 Accounting policies of the Russian Entity for the purposes of accounting and taxation
	  	 Annually, no later than 90 (ninety) days after the end of the reporting year

		
	 Is Quarterly report on the progress of the Project (including performance against the Business Plan and R&D Plan) in the form mutually
agreeable to the Project Company and Rusnano
	  	 Quarterly no later than 30 (thirty) days after the end of the reporting quarter

 Execution Version 

AMENDMENT NO. 1 
 TO 
 FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT

 THIS AMENDMENT NO. 1 TO FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT (this
“Amendment”) is made and entered into as of January 23, 2013, by and among BIND Biosciences, Inc., a Delaware corporation (the “Company”), and the undersigned stockholders of the Company. 

WHEREAS, the Company and certain stockholders of the Company entered into that certain Fourth Amended and Restated Investors’
Rights Agreement, dated as of November 7, 2011 (as amended to date, the “Agreement”); 
 WHEREAS,
pursuant to Section 6.5 of the Agreement, the Agreement may be amended by written agreement of (i) the Company, (ii) the Founders holding a majority of the shares of Common Stock then held by Founders and (iii) Purchasers holding
at least sixty-five percent (65%) of the Outstanding Registrable Securities then held by Purchasers (collectively, the “Requisite Parties”); 
 WHEREAS, the Company and the undersigned stockholders of the Company constitute the Requisite Parties; and 
 WHEREAS, the parties hereto desire to amend the Agreement as set forth herein. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto hereby covenant and agree to be bound as follows: 

Section 1. Capitalized Terms. Capitalized terms used herein and not otherwise defined herein shall have the respective
meanings assigned to them in the Agreement. 
 Section 2. Amendments. 

(a) For purposes of the Agreement, notwithstanding anything to the contrary in the Agreement, the defined term “Founder” shall
mean Omid Farokhzad, Paul Goldenheim, Robert S. Langer, Jr., Shoku Ordukhani Kashi and the Founder Trusts. 
 (b) The fifth
sentence of Section 6.5 of the Agreement is hereby amended and restated in its entirety to read as follows: 

“Notwithstanding anything to the contrary herein, this Agreement may be amended by the Company without the consent of any of the
other parties hereto to (A) add as a party hereto and include information regarding and otherwise accommodate an additional purchaser of shares of the Series D Preferred Stock or Series BRN Preferred Stock (including a Co-Investor (as defined
in the Purchase Agreement)) pursuant to the Purchase Agreement, as may be amended from time to time; provided that any such amendment does not materially and adversely affect the rights of any Purchaser under this Agreement (it being agreed that the
issuance of additional shares of capital stock in accordance with the Purchase Agreement, as may be amended or modified from time to time in accordance with its terms, and the other Financing Agreements, each as may be amended or modified from time
to time in accordance with its respective terms, shall not be deemed to affect the Purchasers under this Agreement) and (B) add as a party hereto and include information regarding and otherwise accommodate any purchaser of shares

 
of Series D Preferred Stock pursuant to the Series D Preferred Stock Purchase Agreement dated as of January 23, 2013, among the Company and the purchasers named therein, as may be amended
from time to time (the “Series D Preferred Stock Extension Purchase Agreement”).” 
 (c) Section 6.6
of the Agreement is hereby amended and restated in its entirety to read as follows: 
 “6.6 Additional Purchasers.
Notwithstanding Section 6.5, any person or entity that purchases (i) Series BRN Preferred Stock as a Co-Investor (as defined in the Purchase Agreement) under the Purchase Agreement or (ii) Series D Preferred Stock under the
Series D Preferred Stock Extension Purchase Agreement, unless already a party to this Agreement, shall become a party to this Agreement by executing and delivering to the Company a counterpart signature page to this Agreement, and thereupon shall be
deemed a “Purchaser” for all purposes of this Agreement, and the Company shall amend Schedule A hereto to add the name and address of such Purchaser. No such accession instrument shall be effective unless and until accepted in
writing by the Company. No action or consent by the Purchasers or Initial Stockholders shall be required for such joinder to this Agreement by such Co-Investor or such other purchaser or any aforesaid amendment of Schedule A, so long as such
Co-Investor or such other purchaser has agreed in writing to be bound by all of the obligations as a “Purchaser” hereunder.” 
 (d) A new Section 6.7 of the Agreement is hereby inserted immediately following Section 6.6 of the Agreement to read as follows: 

“6.7 Construction. A reference to a Section or Schedule shall mean a Section in or Schedule to this Agreement unless otherwise
expressly stated. The titles and headings herein are for reference purposes only and shall not in any manner limit the construction of this Agreement which shall be considered as a whole. The words “include,” “includes” and
“including” when used herein shall be deemed in each case to be followed by the words “without limitation.” Whenever the context may require, any pronouns used herein shall include the corresponding masculine, feminine or neuter
forms, and the singular form of names and pronouns shall include the plural and vice-versa.” 
 (e) Schedule C of the
Agreement is hereby amended and restated in its entirety to read as set forth on Schedule C of this Amendment. 

Section 3. No Other Amendments; Conflicts. No term or provision of the Agreement shall be affected by this Amendment, unless
specifically set forth herein and any term or provision not affected by this Amendment shall remain in full force and effect following the date hereof. In the event of a conflict between the terms of the Agreement and the terms of this Amendment,
the terms of this Amendment shall control. 
 Section 4. Governing Law. This Amendment shall be governed by, and
construed and enforced in accordance with, the General Corporation Law of the State of Delaware as to matters within the scope thereof, and as to all other matters shall be governed by, and construed and enforced in accordance with, the internal
laws of the State of New York, without regard to conflict of law principles that would result in the application of any law other than the law of the State of New York. 

 Section 5. Captions; Pronouns. All articles and section headings or captions
contained in this Amendment are inserted only as a matter of convenience and for reference and in no way define, limit, extend or describe the scope of this Amendment or the intent of any provision thereof. 

Section 6. Severability. If any provision of this Amendment or application to any party or circumstance shall be determined
by any court of competent jurisdiction to be invalid or unenforceable to any extent, the remainder of this Amendment or the application of such provision to any other party or circumstances shall not be affected thereby, and each provision shall be
valid and shall be enforced to the fullest extent permitted by law. 
 Section 7. Counterparts. This Amendment may
be executed in multiple counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument. The exchange of copies of this Amendment and of signature pages by facsimile transmission
or other electronic means shall constitute effective execution and delivery of this Amendment as to the parties and may be used in lieu of the original Amendment for all purposes. 

[Signature Page Follows] 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as
of the date first written above. 
  

			
	BIND BIOSCIENCES, INC.
		
	By:	 	 /s/ Scott Minick

	Name:	 	Scott Minick
	Title:	 	President and CEO

  
 Signature
Page to Amendment No. 1 to Fourth Amended and Restated Investors’ Rights Agreement 

							
	FOUNDERS:	 		 	 /s/ Omid Farokhzad

		 		 	Omid Farokhzad
			
		 		 	  

		 		 	Paul Goldenheim
			
		 		 	 /s/ Robert S. Langer, Jr.

		 		 	Robert S. Langer, Jr.
			
		 		 	 /s/ Shoku Ordukhani Kashi

		 		 	Shoku Ordukhani Kashi
			
		 		 	SHADI K. ARYANPOUR AS TRUSTEE OF SAF-BND TRUST
				
		 		 	By:	 	 /s/ Shadi K. Aryanpour

		 		 	Shadi K. Aryanpour, Trustee
			
		 		 	REZA ARYANPOUR AS TRUSTEE OF OCF-BND TRUST
				
		 		 	By:	 	 /s/ Reza Aryanpour

		 		 	Reza Aryanpour, Trustee
			
		 		 	AIMEE HAMILTON AS TRUSTEE OF MICHAEL D. LANGER TRUST U/D/T 12/14/95 SUSAN K. LANGER TRUST U/D/T 12/14/1995, and SAMUEL A. LANGER TRUST U/D/T
12/14/1995
				
		 		 	By:	 	 /s/ Aimee Hamilton

		 		 	Aimee Hamilton,
		 		 	Additional Trustee Amended Trust

  
 Signature
Page to Amendment No. 1 to Fourth Amended and Restated Investors’ Rights Agreement 

									
	PURCHASERS:	 		 	POLARIS VENTURE PARTNERS V, L.P.
		 		 	By:	 	POLARIS VENTURE MANAGEMENT CO. V, L.L.C., its General Partner
					
		 		 		 	        By:	 	 /s/ William E. Bilodeau

		 		 		 	        William E. Bilodeau
		 		 		 	        Attorney-in-fact
			
		 		 	POLARIS VENTURE PARTNERS ENTREPRENEURS’ FUND V, L.P.
				
		 		 	By:	 	POLARIS VENTURE MANAGEMENT CO. V, L.L.C., its General Partner
					
		 		 		 	        By:	 	 /s/ William E. Bilodeau

		 		 		 	        William E. Bilodeau
		 		 		 	        Attorney-in-fact
			
		 		 	POLARIS VENTURE PARTNERS FOUNDERS’ FUND V, L.P.
				
		 		 	By:	 	POLARIS VENTURE MANAGEMENT CO. V, L.L.C., its General Partner
					
		 		 		 	        By:	 	 /s/ William E. Bilodeau

		 		 		 	        William E. Bilodeau
		 		 		 	        Attorney-in-fact
			
		 		 	POLARIS VENTURE PARTNERS SPECIAL FOUNDERS’ FUND V, L.P.
				
		 		 	By:	 	POLARIS VENTURE MANAGEMENT CO. V, L.L.C., its General Partner
					
		 		 		 	        By:	 	 /s/ William E. Bilodeau

		 		 		 	        William E. Bilodeau
		 		 		 	        Attorney-in-fact

  
 Signature
Page to Amendment No. 1 to Fourth Amended and Restated Investors’ Rights Agreement 

							
	PURCHASER:	 	FLAGSHIP VENTURES FUND 2004, L.P.
			
		 	By:	 	FLAGSHIP VENTURES GENERAL PARTNER LLC, its General Partner
				
		 		 	        By:	 	 /s/ Noubar Afeyan

		 		 	        Noubar Afeyan
		 		 	        Managing Partner and CEO

  
 Signature
Page to Amendment No. 1 to Fourth Amended and Restated Investors’ Rights Agreement 

							
	PURCHASER:	 		 	ARCH VENTURE FUND VII, L.P.
				
		 		 	By:	 	ARCH VENTURE PARTNERS VII, L.P.
		 		 	Its:	 	General Partner
				
		 		 	By:	 	ARCH VENTURE PARTNERS VII, LLC
		 		 	Its:	 	General Partner
				
		 		 	By:	 	 /s/ Keith L. Crandell

		 		 	Its:	 	Managing Director

  
 Signature
Page to Amendment No. 1 to Fourth Amended and Restated Investors’ Rights Agreement 

							
	PURCHASER:	 		 	NANODIMENSION, L.P.
				
		 		 	By:	 	NanoDimension Management Limited, its General Partner
				
		 		 	By:	 	 /s/ Jonathan Nicholson

		 		 		 	Jonathan Nicholson, Director

  
 Signature
Page to Amendment No. 1 to Fourth Amended and Restated Investors’ Rights Agreement 

							
	PURCHASER:	 		 	DHK INVESTMENTS, LLC
				
		 		 	By:	 	 /s/ David H. Koch

		 		 		 	David H. Koch
		 		 		 	Manager

  
 Signature
Page to Amendment No. 1 to Fourth Amended and Restated Investors’ Rights Agreement 

							
	PURCHASER:	 		 		 	
				
		 		 		 	 /s/ Peter W. Doelger

		 		 		 	Peter W. Doelger

  
 Signature
Page to Amendment No. 1 to Fourth Amended and Restated Investors’ Rights Agreement 

							
	PURCHASER:	 		 		 	DOELGER FAMILY 2006 TRUST
		 		 		 	FBO EMILY M. DOELGER
				
		 		 		 	 /s/ Bruce A. Haverberg

		 		 		 	Bruce A. Haverberg, Trustee
				
		 		 		 	DOELGER FAMILY 2006 TRUST
		 		 		 	FBO MATTHEW DOELGER
				
		 		 		 	 /s/ Bruce A. Haverberg

		 		 		 	Bruce A. Haverberg, Trustee
				
		 		 		 	HEE-JEAN KIM 2007 TRUST
				
		 		 		 	 /s/ Bruce A. Haverberg

		 		 		 	Bruce A. Haverberg, Trustee

  
 Signature
Page to Amendment No. 1 to Fourth Amended and Restated Investors’ Rights Agreement 

							
	PURCHASER:	 		 		 	
				
		 		 		 	 /s/ Dimitris Bertsimas

		 		 		 	Dimitris Bertsimas

  
 Signature
Page to Amendment No. 1 to Fourth Amended and Restated Investors’ Rights Agreement 

									
	PURCHASER:	 		 	ENDEAVOUR II L.P.
				
		 		 	By:	 	ENDEAVOUR PARTNERS GP LIMITED
		 		 		 	its General Partner
				
		 		 	By:	 	 /s/ John Bridle

		 		 		 	Name:	 	John Bridle
		 		 		 	Title:	 	Director

  
 Signature
Page to Amendment No. 1 to Fourth Amended and Restated Investors’ Rights Agreement 

							
	PURCHASER:	 		 		 	
				
		 		 		 	 /s/ Gerald W. Blakeley, Jr.

		 		 		 	Gerald W. Blakeley, Jr.

  
 Signature
Page to Amendment No. 1 to Fourth Amended and Restated Investors’ Rights Agreement 

							
	PURCHASER:	 		 		 	
				
		 		 		 	 /s/ Gerald W. Blakeley, III

		 		 		 	Gerald W. Blakeley, III

  
 Signature
Page to Amendment No. 1 to Fourth Amended and Restated Investors’ Rights Agreement 

							
	PURCHASER:	 		 	D2 INVESTMENT LLC
				
		 		 	By:	 	 /s/ Chris Kryder

		 		 		 	Chris Kryder
		 		 		 	Manager

  
 Signature
Page to Amendment No. 1 to Fourth Amended and Restated Investors’ Rights Agreement 

							
	PURCHASER:	 		 		 	
				
		 		 		 	 /s/ Peter T. Scardino

		 		 		 	Peter T. Scardino

  
 Signature
Page to Amendment No. 1 to Fourth Amended and Restated Investors’ Rights Agreement 

							
	PURCHASER:	 		 		 	
				
		 		 		 	 /s/ Edwin Darracott Vaughan, Jr.

		 		 		 	Edwin Darracott Vaughan, Jr.

  
 Signature
Page to Amendment No. 1 to Fourth Amended and Restated Investors’ Rights Agreement 

							
	PURCHASER:	 		 		 	JOHN T. CONNOR JR. AND SUSAN SCHOLLE CONNOR, tenants by the entirety
				
		 		 		 	 /s/ John T. Connor Jr.

		 		 		 	John T. Connor Jr.
				
		 		 		 	 /s/ Susan Scholle Connor

		 		 		 	Susan Scholle Connor

  
 Signature
Page to Amendment No. 1 to Fourth Amended and Restated Investors’ Rights Agreement 

							
	PURCHASER:	 		 		 	
				
		 		 		 	 /s/ Jeffrey B. Larson

		 		 		 	Jeffrey B. Larson

  
 Signature
Page to Amendment No. 1 to Fourth Amended and Restated Investors’ Rights Agreement 

							
	PURCHASER:	 		 		 	
				
		 		 		 	 /s/ Megan Kelleher

		 		 		 	Megan Kelleher

  
 Signature
Page to Amendment No. 1 to Fourth Amended and Restated Investors’ Rights Agreement 

							
	PURCHASER:	 		 	RUSNANO
		 		 	an open joint stock company organized and existing under the laws of the Russian Federation
				
		 		 	By:	 	 /s/ Audrey Rappoport

		 		 	Name:	 	Audrey Rappoport
		 		 	 Title:
	 	First Deputy Chairman of the Management

  
 Signature
Page to Amendment No. 1 to Fourth Amended and Restated Investors’ Rights Agreement 

 SCHEDULE C 
 Founder Trusts 
 OCF-BND TRUST 
 c/o Reza Aryanpour, Trustee 
 19 Heron Drive 

Mill Valley, CA 94941 
 SAF-BND TRUST

 c/o Shadi K. Aryanpour, Trustee 

15 Laura Road 
 Waban, MA 02468 

Michael D. Langer Trust u/d/t 12/14/95 

c/o Stephanie K. Meilman, Trustee 
 Law
Office of Meilman & Costa, P.C. 
 70 Wells Avenue, Suite 200 
 Newton, MA 02459 
 Susan K. Langer Trust u/d/t 12/14/95 

c/o Stephanie K. Meilman, Trustee 
 Law Office of
Meilman & Costa, P.C. 
 70 Wells Avenue, Suite 200 
 Newton, MA 02459 
 Samuel A. Langer Trust u/d/t 12/14/95 

c/o Stephanie K. Meilman, Trustee 
 Law
Office of Meilman & Costa, P.C. 
 70 Wells Avenue, Suite
 200 Newton, MA 02459

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