Document:

Amendment to Amended and Restated Investors' Rights Agreement

 Exhibit 4.3 
 AMENDMENT TO 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT

 This Amendment to Amended and Restated Investors’ Rights Agreement (this “Amendment”) is made as of
December 20, 2012 by and among NanoString Technologies, Inc., a Delaware corporation (the “Company”) and the undersigned Requisite Investors (as defined below). The Amendment amends the terms of the Amended and Restated
Investors’ Rights Agreement dated November 29, 2012 (the “Investors’ Rights Agreement”) by and among the Company, the Investors (as defined Investors’ Rights Agreement) and certain other persons. All capitalized
terms used but not defined in this Amendment shall have the meanings assigned to such terms in the Investors’ Rights Agreement. 
 RECITALS 
 WHEREAS: The Investors’ Rights
Agreement provides, among other things, that if the Company proposes to register the sale of shares of its common stock under the Securities Act of 1933, as amended (the “Securities Act”) in connection with the public offering of
such securities solely for cash, then the Company shall give each Holder written notice of such registration at least 10 days prior to the public filing of such registration statement (the “Notice Requirement”). 

WHEREAS: The Investors’ Rights Agreement provides that any term of the Investors’ Rights Agreement may be amended
or waived with the written consent of (i) the Company and (ii) Investors holding at least 65% of the then outstanding shares of the Preferred Stock (voting together as a single class with each holder of Preferred Stock entitled to one vote
per share of Preferred Stock then held by such holder) (the “Requisite Investors”), subject to certain exceptions. 
 WHEREAS: The Company and the Requisite Investors desire to enter into this Amendment to, among other things, remove the Notice Requirement with respect to any registration statement filed in
connection the initial public offering of the Company’s shares of common stock (the “IPO”). 

AGREEMENT 
 In consideration of the mutual promises, covenants and conditions hereinafter set forth, the parties hereto mutually agree as follows: 

1. Amendment to Section 2.3(a). Section 2.3(a) of the Investors’ Rights Agreement is hereby amended and
restated in its entirety to read as follows: 
 “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 under the Securities Act in connection with the public offering of such securities solely for cash
(other than (i) a registration statement relating to the sale of securities to employees of the Company pursuant to a stock option, stock purchase or similar plan, (ii) a registration statement relating directly or indirectly to a SEC Rule
145 transaction, (iii) a registration in which the only stock being registered is Common Stock issuable upon conversion of debt securities which are also being registered, (iv) any 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, (v) a registration statement filed pursuant to Section 2.2 or Section 2.4, or
(vi) a registration statement relating to the initial public offering of the Company’s shares of common stock), the Company shall give each Holder written notice of such registration at least 10 days prior to the public filing of such
registration statement. Upon the written request of each Holder given within 

 
15 days after mailing of such notice by the Company, the Company shall, subject to the provisions of Section 2.8, cause to be registered under the Securities Act all of the Registrable
Securities that each such Holder has requested to be registered. 
 2. Effect of Amendment. Except as set forth in
this Amendment, the provisions of the Investors’ Rights Agreement shall remain unchanged and shall continue in full force and effect. 
 3. Entire Agreement. This Amendment and the Investors’ Rights Agreement constitute the entire agreement between the parties hereto pertaining to the subject matter hereof, and any and
all other written or oral agreements relating to the subject matter hereof existing between the parties hereto are expressly cancelled. 
 4. Counterparts. This Amendment may be executed in any number of counterparts each of which shall be considered an original and all of which together shall constitute one and the same
instrument. 
 5. Governing Law. This Amendment shall be governed by and construed in accordance with the laws of
the State of Delaware, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State
of Delaware. 
 [Signature Page Follows] 

  
 2 

 The parties have executed this Amendment to Amended and Restated Investors’ Rights
Agreement as of the date first above written. 
  

			
	 COMPANY:
  

NANOSTRING TECHNOLOGIES, INC.
  

		
	By:	 	/s/ R. Bradley Gray
	Name:	 	R. Bradley Gray
	Title:	 	Chief Executive Officer
		 	

 
			
	Address:	 	 530 Fairview Ave N.

		 	 Suite 2000

		 	 Seattle, WA 98109

  

			
	 INVESTORS:
  

MORGAN STANLEY EXPANSION CAPITAL LP

 

		
	By:	 	/s/ Melissa Daniels
		
	Name:	 	Melissa Daniels
		
	Title:	 	Managing Principal
		 	
		
	Address:	 	 
	
	  

  

			
	 MS EXPANSION CAPITAL CO-INVESTMENT VEHICLE LP
  

		
	By:	 	/s/ Melissa Daniels
		
	Name:	 	Melissa Daniels
		
	Title:	 	Managing Principal
		 	
		
	Address:	 	 
	
	  

 NANOSTRING TECHNOLOGIES, INC. 

AMENDMENT TO AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 The parties have executed this Amendment to Amended and Restated Investors’ Rights Agreement as of the
date first above written. 
  

			
	 INVESTOR:
  

AMERICAN GENERAL LIFE AND
 ACCIDENT
INSURANCE COMPANY
  

		
	By:	 	AllianceBernstein L.P.
		
	Its:	 	Authorized agent
		
	By:	 	/s/ Troy Fukumoto
		 	Troy Fukumoto, Vice President
		 	

 
			
		
	Address:	 	 Attention: Troy Fukumoto
 1999 Ave of the Stars, 21st Floor
 Los Angeles, CA 90067

(310) 407-0084

  

			
	 TROY FUKUMOTO

 

	
	/s/ Troy Fukumoto
		
	Address:	 	 1999 Ave of the Stars, 21st Floor
 Los Angeles, CA 90067
 (310)
407-0084

 NANOSTRING TECHNOLOGIES, INC. 

AMENDMENT TO AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 The parties have executed this Amendment to Amended and Restated Investors’ Rights
Agreement as of the date first above written. 
  

			
	 INVESTORS:

 

 
			
	 CLARUS LIFESCIENCES II, L.P.

 

	
	 By its General Partner, Clarus Ventures II GP, LP
 By its General Partner, Clarus Ventures II, LLC
  

		
	By:	 	/s/ Nicholas Galakatos
	Name:	 	Nicholas Galakatos
	Title:	 	Managing Director
		 	

 
			
	Address:	 	 101 Main Street Suite 1210
 Cambridge, MA 02142

 NANOSTRING TECHNOLOGIES, INC. 
 AMENDMENT TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 The parties have executed this Amendment to Amended and Restated Investors’ Rights Agreement as of the
date first above written. 
  

			
	 INVESTORS:
  

OVP VENTURE PARTNERS VI, L.P.
  

	
	 By: OVMC VI, L.L.C., as General Partner

 

		
	By:	 	/s/ Chad Waite
	Name:	 	Chad Waite
	Title:	 	Managing Member
		 	

 
			
		
	Address:	 	 1010 Market Street
 Kirkland, WA 98033

  

			
	 OVP VI ENTREPRENEURS FUND, L.P.

 

	
	 By: OVMC VI, L.L.C., as General Partner

 

		
	By:	 	/s/ Chad Waite
	Name:	 	Chad Waite
	Title:	 	Managing Member
		 	

 
			
		
	Address:	 	 1010 Market Street
 Kirkland, WA 98033

 NANOSTRING TECHNOLOGIES, INC. 
 AMENDMENT TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 The parties have executed this Amendment to Amended and Restated Investors’ Rights
Agreement as of the date first above written. 
  

			
	 INVESTORS:
  

OVP VENTURE PARTNERS VII, L.P.
  

	
	 By: OVMC VII, L.L.C., as General Partner

 

		
	By:	 	/s/ Chad Waite
		
	Name:	 	Chad Waite
	Title:	 	Managing Member
		 	

 
			
		
	Address:	 	 1010 Market Street
 Kirkland, WA 98033

  

			
	 OVP VII ENTREPRENEURS FUND, L.P.

 

	
	 By: OVMC VII, L.L.C., as General Partner

 

		
	By:	 	/s/ Chad Waite
		
	Name:	 	Chad Waite
	Title:	 	Managing Member
		 	

 
			
		
	Address:	 	 1010 Market Street
 Kirkland, WA 98033

 NANOSTRING TECHNOLOGIES, INC. 
 AMENDMENT TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 The parties have executed this Amendment to Amended and Restated Investors’ Rights
Agreement as of the date first above written. 
  

			
	 INVESTORS:
  

DRAPER FISHER JURVETSON FUND VII, L.P.

 

		
	By:	 	/s/ John Fisher
	Name:	 	John Fisher
	Title:	 	Managing Director
		 	

 
			
		
	Address:	 	 2882 Sand Hill Road
 Suite 150
 Menlo Park, CA
94025

  

			
	 DRAPER FISHER JURVETSON PARTNERS VII, LLC

 

		
	By:	 	/s/ John Fisher
	Name:	 	John Fisher
	Title:	 	Managing Member
		 	

 
			
		
	Address:	 	 2882 Sand Hill Road
 Suite 150
 Menlo Park, CA
94025

  

			
	 DRAPER ASSOCIATES RISKMASTERS FUND, LLC

 

		
	By:	 	/s/ Timothy C. Draper
	Name:	 	Timothy C. Draper
	Title:	 	Managing Member
		 	

 
			
		
	Address:	 	 2882 Sand Hill Road
 Suite 150
 Menlo Park, CA
94025

  

			
	 DRAPER ASSOCIATES RISKMASTERS FUND II, LLC

 

		
	By:	 	/s/ Timothy C. Draper
	Name:	 	Timothy C. Draper
	Title:	 	Managing Member
		 	
		
	Address:	 	 2882 Sand Hill Road
 Suite 150
 Menlo Park, CA
94025

 NANOSTRING TECHNOLOGIES, INC. 

AMENDMENT TO AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 The parties have executed this Amendment to Amended and Restated Investors’ Rights Agreement as of the
date first above written. 
  

			
	 INVESTORS:
  

DRAPER ASSOCIATES, L.P.

 

		
	By:	 	/s/ Timothy C. Draper
	Name:	 	Timothy C. Draper
	Title:	 	General Partner
		 	

 
			
		
	Address:	 	 2882 Sand Hill Road
 Suite 150
 Menlo Park, CA
94025

 NANOSTRING TECHNOLOGIES, INC. 

AMENDMENT TO AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENTWarrant to purchase Series B Preferred Stock

 Exhibit 4.4 
 THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS, AND MAY NOT BE SOLD,
PLEDGED OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS, OR PURSUANT TO RULE 144 OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND ANY APPLICABLE STATE
SECURITIES LAWS. 
 WARRANT TO PURCHASE STOCK 
  

			
	Corporation:	  	NANOSTRING TECHNOLOGIES, INC., a Delaware corporation
	Number of Shares:	  	48,095 (subject to Section 1.5)
	Class of Stock:	  	Series B Preferred Stock
	Initial Exercise Price:	  	$0.5458 per share
	Issue Date:	  	October 1, 2007
	Expiration Date:	  	October 1, 2014 (Subject to Section 4.1)

 THIS WARRANT TO PURCHASE STOCK (“WARRANT’) CERTIFIES THAT, for good and valuable consideration,
the receipt of which is hereby acknowledged, COMERICA BANK, a Michigan banking corporation, or its assignee (“Holder”), is entitled to purchase the number of fully paid and nonassessable shares of the class of securities (the
“Shares”) of NANOSTRING TECHNOLOGIES, INC. (the “Company”) at the initial exercise price per Share (the “Warrant Price”) all as set forth above and as adjusted pursuant to this Warrant, subject to the provisions and
upon the terms and conditions set forth in this Warrant. 
 ARTICLE 1 

EXERCISE 

1.1 Method of Exercise. Holder may exercise this Warrant by delivering this Warrant and a duly executed Notice of Exercise in
substantially the form attached as Appendix 1 to the principal office of the Company. Holder shall also deliver to the Company a check or wire for the aggregate Warrant Price for the Shares being purchased. 

1.2 Delivery of Certificate and New Warrant. Within 45 days after Holder exercises this Warrant, the Company shall deliver to
Holder certificates for the Shares acquired and, if this Warrant has not been fully exercised and has not expired, a new warrant representing the Shares not so acquired. 
 1.3 Replacement of Warrants. In the case of loss, theft or destruction of this Warrant, on delivery of an indemnity agreement reasonably satisfactory in form and amount to the Company or, in the
case of mutilation, on surrender and cancellation of this Warrant, the Company at its expense shall execute and deliver, in lieu of this Warrant, a new warrant of like tenor. 
 1.4 Acquisition of the Company. 
 1.4.1 “Acquisition.” For
the purpose of this Warrant, “Acquisition” means (a) any sale, license, or other disposition of all or substantially all of the assets (including intellectual 

  
 1. 

 
property) of the Company, or (b) any reorganization, consolidation, merger or sale of the voting securities of the Company or any other transaction where the holders of the Company’s
securities before the transaction beneficially own less than 50% of the outstanding voting securities of the surviving entity after the transaction. 
 (a) Treatment of Warrant in the Event of an Acquisition. The Company shall give Holder written notice at least 20 days prior to the closing of any proposed Acquisition. The Company will use
its best efforts to cause the acquirer of the Company under the Acquisition (the “Acquirer”) to assume this Warrant as a part of the Acquisition. 
 (i) If the Acquirer assumes this Warrant, then this Warrant shall be exercisable for the same securities, cash, and property as would be payable for the Shares issuable upon exercise of the
unexercised portion of this Warrant as if such Shares were outstanding on the record date for the Acquisition and subsequent closing. The Warrant Price shall be adjusted accordingly, and the Warrant Price and number and class of Shares shall
continue to be subject to adjustment from time to time in accordance with the provisions hereof. 
 (ii) If the Acquirer
refuses to assume this Warrant in connection with the Acquisition and Holder has not otherwise exercised this warrant in full, then Holder shall have the option either to (a) exercise this warrant and thereafter Holder shall participate in the
Acquisition on the same terms as other holders of the same class of securities of the Company (the “Acquisition Consideration”); or (b) require the Company to purchase this Warrant for cash upon the closing of the Acquisition for an
amount per Share equal to the Acquisition Consideration per Share minus the Warrant Price. 
 1.5 Increase in Shares. The
number of Shares for which this Warrant shall be exercisable automatically shall be increased by a number of Shares equal to the quotient derived by dividing (a) one and three quarters of one percent (1.75%) of the maximum outstanding
balance under the Loan and Security Agreement between the Company and Holder dated as of the Issue Date (the “Loan Agreement”) between the Closing Date and the Revolving Maturity Date (each as defined in the Loan Agreement) by (b) the
Warrant Price. The adjustment set forth in this Section 1.5 shall be in addition to any adjustments hereto pursuant to Article 2, below. 
 ARTICLE 2 
 ADJUSTMENTS TO THE SHARES 

2.1 Stock Dividends, Splits, Etc. If the Company declares or pays a dividend on its common stock payable in common stock, or other
securities, or subdivides the outstanding common stock into a greater amount of common stock, then upon exercise of this Warrant, for each Share acquired, Holder shall receive, without cost to Holder, the total number and kind of securities to which
Holder would have been entitled had Holder owned the Shares of record as of the date the dividend or subdivision occurred. 

2.2 Reclassification, Exchange or Substitution. Upon any reclassification, exchange, substitution, or other event that results in
a change of the number and/or class of the securities issuable upon exercise or conversion of this Warrant, Holder shall be entitled to receive, upon exercise or conversion of this Warrant, the number and kind of securities and property that Holder
would have received for the Shares if this Warrant had been exercised immediately before such 

  
 2. 

 
reclassification, exchange, substitution, or other event. Such an event shall include any automatic conversion of the outstanding or issuable securities of the Company of the same class or series
as the Shares to common stock pursuant to the terms of the Company’s Certificate of Incorporation upon the closing of a registered public offering of the Company’s common stock. The Company or its successor shall promptly issue to Holder a
new warrant for such new securities or other property. The new warrant shall provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article 2 including, without limitation,
adjustments to the Warrant Price and to the number of securities or property issuable upon exercise of the new warrant. The provisions of this Section 2.2 shall similarly apply to successive reclassifications, exchanges, substitutions, or other
events. 
 2.3 Adjustments for Combinations, Etc. If the outstanding Shares are combined or consolidated, by
reclassification, reverse split or otherwise, into a lesser Number of Shares, the Warrant Price shall be proportionately increased. If the outstanding Shares are split or multiplied, by reclassification or otherwise, into a greater Number of Shares,
the Warrant Price shall be proportionately decreased. 
 2.4 Adjustments for Diluting Issuances. The Warrant Price and
the Number of Shares issuable upon exercise of this Warrant shall be subject to adjustment, from time to time, in the manner set forth on Exhibit A, if attached, in the event of Diluting Issuances (as defined on Exhibit A).

 2.5 No Impairment. The Company shall not, by amendment of its Articles or Certificate of Incorporation or through a
reorganization, transfer of assets, consolidation, merger, dissolution, issue, or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed under this
Warrant by the Company, but shall at all times in good faith assist in carrying out all the provisions of this Article 2 and in taking all such action as may be necessary or appropriate to protect Holder’s rights under this Article 2 against
impairment. 
 2.6 Certificate as to Adjustments. Upon each adjustment of the Warrant Price, the Company at its expense
shall promptly compute such adjustment, and furnish Holder with a certificate signed by its Chief Financial Officer setting forth such adjustment and the facts upon which such adjustment is based. The Company shall, upon written request, furnish
Holder a certificate setting forth the Warrant Price in effect upon the date thereof and the series of adjustments leading to such Warrant Price. 
 2.7 Fractional Shares. No fractional Shares shall be issuable upon exercise of this Warrant and the Number of Shares to be issued shall be rounded down to the nearest whole Share. If a fractional
share interest arises upon any exercise of the Warrant, the Company shall eliminate such fractional share interest by paying Holder an amount computed by multiplying the fractional interest by the fair market value, as determined by the
Company’s Board of Directors, of a full Share. 

  
 3. 

 ARTICLE 3 
 REPRESENTATIONS AND COVENANTS OF THE COMPANY 
 3.1 Representations and
Warranties. The Company hereby represents and warrants to, and agrees with, the Holder as follows: 
 3.1.1
The initial Warrant Price referenced on the first page of this Warrant is the same as the price paid by the investors in the Company’s Series B Preferred Stock financing. 

3.1.2 All Shares which may be issued upon the exercise of the purchase right represented by this Warrant, and all
securities, if any, issuable upon conversion of the Shares, shall, upon issuance and payment of the Warrant Price, be duly authorized, validly issued, fully paid and nonassessable, and free of any liens and encumbrances except for restrictions on
transfer provided for herein or under applicable federal and state securities laws. 
 3.2 Notice of Certain Events. If
the Company proposes at any time (a) to declare any dividend or distribution upon its stock, whether in cash, property, stock, or other securities and whether or not a regular cash dividend; (b) to offer for subscription pro rata to the
holders of any class or series of its stock any additional shares of stock of any class or series or other rights; (c) to effect any reclassification or recapitalization of stock; or (d) to merge or consolidate with or into any other
corporation, or sell, lease, license, or convey all or substantially all of its assets, or to liquidate, dissolve or wind up, then, in connection with each such event, the Company shall give Holder (1) at least 20 days prior written notice of
the date on which a record will be taken for such dividend, distribution, or subscription rights (and specifying the date on which the holders of stock will be entitled thereto) or for determining rights to vote, if any, in respect of the matters
referred to in (a) and (b) above; and (2) in the case of the matters referred to in (c) and (d) above at least 20 days prior written notice of the date when the same will take place (and specifying the date on which the
holders of stock will be entitled to exchange their stock for securities or other property deliverable upon the occurrence of such event). 
 3.3 Information Rights. So long as the Holder holds this Warrant, the Company shall deliver to the Holder (a) promptly after mailing, copies of all communiqués to the shareholders of
the Company, (b) within one hundred fifty (150) days after the end of each fiscal year of the Company, the annual audited financial statements of the Company certified by independent public accountants of recognized standing and
(c) within forty-five (45) days after the end of each of the first three quarters of each fiscal year, the Company’s quarterly, unaudited financial statements. 
 3.4 Registration Under Securities Act of 1933, as amended. The Company agrees that the Shares or, if the Shares are convertible into common stock of the Company, such common stock, shall be subject
to the registration rights set forth on Exhibit B. 

  
 4. 

 ARTICLE 4 
 MISCELLANEOUS 
 4.1 Term; Exercise Upon Expiration. This Warrant is
exercisable in whole or in part, at any time and from time to time on or before the Expiration Date set forth above; provided, however, that if the Company completes its initial public offering within the one-year period immediately prior to the
Expiration Date, the Expiration Date shall automatically be extended until the first anniversary of the effective date of the Company’s initial public offering. The Company shall give Holder written notice of Holder’s right to exercise
this Warrant not less than 90 days before the Expiration Date. 
 4.2 Legends. This Warrant and the Shares (and the
securities issuable, directly or indirectly, upon conversion of the Shares, if any) shall be imprinted with a legend in substantially the following form: 
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS, AND MAY NOT BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED
WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS, OR PURSUANT TO RULE 144 OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS. 

4.3 Compliance with Securities Laws on Transfer. This Warrant and the Shares issuable upon exercise of this Warrant (and the
securities issuable, directly or indirectly, upon conversion of the Shares, if any) may not be transferred or assigned in whole or in part without compliance with applicable federal and state securities laws by the transferor and the transferee
(including, without limitation, delivery of investment representation letters). 
 4.4 Transfer Procedure. Subject to the
provisions of Section 4.3, Holder may transfer all or part of this Warrant or the Shares issuable upon exercise of this Warrant (or the securities issuable, directly or indirectly, upon conversion of the Shares, if any) by giving the Company
notice of the portion of this Warrant being transferred setting forth the name, address and taxpayer identification number of the transferee and surrendering this Warrant to the Company for reissuance to the transferee(s) (and Holder, if
applicable); provided, however, that Holder may transfer all or part of this Warrant to its affiliates, including, without limitation, Comerica Incorporated, at any time without notice or the delivery of any other instrument to the Company,
and such affiliate shall then be entitled to all the rights of Holder under this Warrant and any related agreements, and the Company shall cooperate fully in ensuring that any stock issued upon exercise of this Warrant is issued in the name of the
affiliate that exercises this Warrant. The terms and conditions of this Warrant shall inure to the benefit of, and be binding upon, the Company and the holders hereof and their respective permitted successors and assigns. Unless the Company is
filing financial information with the SEC pursuant to the Securities Exchange Act of 1934, the Company shall have the right to refuse to transfer any portion of this Warrant to any person who directly competes with the Company. 

  
 5. 

 4.5 Notices. All notices and other communications from the Company to the Holder, or
vice versa, shall be deemed delivered and effective when given personally or mailed by first-class registered or certified mail, postage prepaid, at such address as may have been furnished to the Company or the Holder, as the case may be, in writing
by the Company or such Holder from time to time. All notices to the Holder shall be addressed as follows: 
 Comerica Bank c/o
Comerica Incorporated 
 Attn: Warrant Administrator 

500 Woodward Avenue, 32nd Floor, MC 3379 
 Detroit, MI 48226 
 All notices to the Company shall be addressed as follows:

 NANOSTRING TECHNOLOGIES, INC. 
 Attn: Chief Financial Officer 
 201 Elliot Avenue West, Suite 300 

Seattle, WA 981119 
 4.6 Amendments. This Warrant and any term hereof may be changed, waived, discharged or terminated only by an instrument in writing signed by the party against which enforcement of such change,
waiver, discharge or termination is sought. 
 4.7 Attorneys’ Fees. In the event of any dispute between the parties
concerning the terms and provisions of this Warrant, the party prevailing in such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including reasonable attorneys’ fees. 

4.8 Governing Law. This Warrant shall be governed by and construed in accordance with the laws of the State of California, without
giving effect to its principles regarding conflicts of law. 
 4.9 Confidentiality. The Company hereby agrees to keep the
terms and conditions of this Warrant confidential. Notwithstanding the foregoing confidentiality obligation, the Company may disclose information relating to this Warrant as required by law, rule, regulation, court order or other legal authority,
provided that (i) the Company has given Holder at least ten (10) days’ notice of such required disclosure, and (ii) the Company only discloses information that is required, in the opinion of counsel reasonably satisfactory to
Holder, to be disclosed. 
 4.10 Lockup. Holder hereby agrees that it will be subject to the restrictions and entitled to
the benefits set forth in Sections 1.14(a)-(d) of the Amended and Restated Investors’ Rights Agreement dated as of May 16, 2007 by and among the Company and certain stockholders of the Company, as such sections and/or agreement may be
amended from time to time, provided that all officers, directors and two percent (2%) security holders of the Company shall enter into similar agreements. 

  
 6. 

 
			
	NANOSTRING TECHNOLOGIES, INC.
		
	By:	 	 /s/ Wayne Burns

		
	Name:	 	 Wayne Burns

		
	Title:	 	 CFO

  
 7. 

 APPENDIX 1 
 NOTICE OF EXERCISE 
 1. The undersigned hereby elects to purchase
                 shares of the                  stock of NANOSTRING
TECHNOLOGIES, INC. pursuant to the terms of the attached Warrant, and tenders herewith payment of the purchase price of such shares in full. 
 2. Please issue a certificate or certificates representing said shares in the name of the undersigned or in such other name as is specified below: 

Comerica Bank 

Attn: Warrant Administrator 
 500 Woodward Avenue, 32nd Floor, MC 3379 
 Detroit, MI 48226 

3. The undersigned represents it is acquiring the shares solely for its own account and not as a nominee for any other party and not with
a view toward the resale or distribution thereof except in compliance with applicable securities laws. 
  

	
	COMERICA BANK or Assignee
	
	  

	(Signature)
	
	  

	(Name and Title)
	
	  

	(Date)

  
 Page 1

 EXHIBIT A 
 Anti-Dilution Provisions 
 In the event of the issuance (a “Diluting
Issuance”) by the Company, after the Issue Date of this Warrant, of securities at a price per share less than the Warrant Price, then the number of shares of common stock issuable upon conversion of the Shares shall be adjusted in accordance
with those provisions (the “Provisions”) of the Company’s Certificate of Incorporation which apply to Diluting Issuances (subject to any conditions or exceptions or waivers set forth therein). The Provisions shall not be deemed in any
manner to limit or restrict the applicability of the Provisions to the Shares. Any language in the Provisions that in any manner limits or restricts the applicability of the Provisions to the Shares shall not apply to this Warrant. 

Under no circumstances shall the aggregate Warrant Price payable by the Holder upon exercise of the Warrant increase as a result of any
adjustment arising from a Diluting Issuance. 

  
 Page 1

 EXHIBIT B 
 Registration Rights 
 The Shares (if common stock), or the common stock
issuable upon conversion of the Shares, shall be deemed “registrable securities” for the purposes of “piggy back” registration rights in accordance with the terms of the Amended and Restated Investors’ Rights Agreement dated
as of May 16, 2007 by and among the Company and certain stockholders of the Company (the “Agreement”). 
 The
Company agrees that no amendments will be made to the Agreement which would have an adverse impact on Holder’s registration rights thereunder without the consent of Holder (other than any such amendment that applies to all holders of
registration rights). By execution of a counterpart signature page to the Agreement and acceptance of the Warrant to which this Exhibit B is attached, Holder shall be deemed to be a party to the Agreement solely for the purpose of the
above-mentioned registration rights (and all related obligations and rights set forth therein, including without limitation those set forth in Sections 1.5 through 1.15). 

  
 Page 2

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