Document:

EX-4.3

 Exhibit 4.3 

Execution Copy 
  

 
  

ARISTA NETWORKS, INC. 

INVESTORS’ RIGHTS AGREEMENT 

January 4, 2011 

June 1, 2011 
  

 
  

 TABLE OF CONTENTS 

 
  

							
	 	 	 	  	Page	 
		
	 Section 1 Definitions
	  	 	1	  
			
	 1.1
	 	Certain Definitions	  	 	1	  
		
	 Section 2 Registration Rights
	  	 	3	  
			
	 2.1
	 	Company Registration	  	 	3	  
	 2.2
	 	Expenses of Registration	  	 	4	  
	 2.3
	 	Indemnification	  	 	4	  
	 2.4
	 	Information by Holder	  	 	6	  
	 2.5
	 	Restrictions on Transfer	  	 	6	  
	 2.6
	 	Rule 144 Reporting:	  	 	7	  
	 2.7
	 	Market Stand-Off Agreement	  	 	8	  
	 2.8
	 	Delay of Registration	  	 	8	  
	 2.9
	 	Transfer or Assignment of Registration Rights	  	 	8	  
	 2.10
	 	Limitations on Subsequent Registration Rights	  	 	8	  
	 2.11
	 	Termination of Registration Rights	  	 	9	  
		
	 Section 3 Information Covenants of the Company
	  	 	9	  
			
	 3.1
	 	Basic Financial Information and Inspection Rights	  	 	9	  
	 3.2
	 	Confidentiality	  	 	9	  
	 3.3
	 	Confidentiality of Investor Information	  	 	10	  
	 3.4
	 	Termination of Covenants	  	 	10	  
		
	 Section 4 Board Observers
	  	 	10	  
			
	 4.1
	 	Observer Right	  	 	10	  
	 4.2
	 	Confidentiality	  	 	11	  
	 4.3
	 	Termination	  	 	11	  
		
	 Section 5 Rights Of Participation and Notification
	  	 	11	  
			
	 5.1
	 	Subsequent Offerings	  	 	11	  
	 5.2
	 	“New Securities”	  	 	12	  
	 5.3
	 	Notice	  	 	13	  
	 5.4
	 	Failure To Exercise	  	 	13	  
	 5.5
	 	Waiver	  	 	13	  
	 5.6
	 	Termination	  	 	13	  
		
	 Section 6 Miscellaneous
	  	 	13	  
			
	 6.1
	 	Amendment	  	 	13	  
	 6.2
	 	Notices	  	 	14	  
	 6.3
	 	Governing Law	  	 	14	  
	 6.4
	 	Successors and Assigns	  	 	14	  
	 6.5
	 	Entire Agreement	  	 	14	  
	 6.6
	 	Delays or Omissions	  	 	14	  
	 6.7
	 	Severability	  	 	15	  
	 6.8
	 	Titles and Subtitles	  	 	15	  
	 6.9
	 	Counterparts	  	 	15	  
	 6.10
	 	Telecopy Execution and Delivery	  	 	15	  

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 6.11
	 	Further Assurances	  	 	15	  
	 6.12
	 	Termination Upon Change of Control	  	 	15	  
	 6.13
	 	Conflict	  	 	15	  
	 6.14
	 	Jury Trial	  	 	15	  

 ARISTA NETWORKS, INC. 

INVESTORS’ RIGHTS AGREEMENT 

This Investors’ Rights Agreement (this “Agreement”) is dated as of January 4, 2011, and is between Arista
Networks, Inc., a Nevada corporation (the “Company”), and the persons and entities listed on Exhibit A (each, an “Investor” and collectively, the “Investors”). 

RECITALS 
 The Investors
are parties to the Note and Common Stock Purchase Agreement of even date herewith, among the Company and the Investors listed on the Schedule of Investors thereto (the “Purchase Agreement”), and it is a condition to the
closing of the sale of the Notes and the Shares to the Investors listed on such Schedule of Investors that the Investors and the Company execute and deliver this Agreement. 

The parties therefore agree as follows: 

SECTION 1 

DEFINITIONS 
 1.1
Certain Definitions. As used in this Agreement, the following terms shall have the meanings set forth below: 
 (a)
“Commission” shall mean the Securities and Exchange Commission or any other federal agency at the time administering the Securities Act. 

(b) “Common Stock” means the Common Stock of the Company. 

(c) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, or any similar successor federal statute
and the rules and regulations thereunder, all as the same shall be in effect from time to time. 
 (d) “Existing Rights
Agreement” shall mean the Investors’ Rights Agreement dated October 16, 2004 by and among the Company and the Investors listed on Schedule A thereto. 

(e) “Holder” shall mean any Investor who holds Registrable Securities and any holder of Registrable Securities to whom
the registration rights conferred by this Agreement have been duly and validly transferred in accordance with Section 2.9 of this Agreement. 

(f) “Indemnified Party” shall have the meaning set forth in Section 2.3(c). 

(g) “Indemnifying Party” shall have the meaning set forth in Section 2.3(c). 

(h) “Initial Public Offering” shall mean the closing of the Company’s first firm commitment underwritten public
offering of the Company’s Common Stock registered under the Securities Act. 
 (i) “Investors” shall mean the
persons and entities listed on Exhibit A. 
 (j) “Major Investor” shall mean a Holder who owns at least
$10,000,000 in principal of Notes or an equivalent number of Shares issued upon conversion of the Notes based on the conversion price of such Notes. 

(k) “Notes” shall mean the Notes issued pursuant to the Purchase Agreement. 

 (l) “Other Selling Shareholders” shall mean persons other than Holders
who, by virtue of agreements with the Company other than the Existing Rights Agreement, are entitled to include their Other Shares in certain registrations hereunder. 

(m) “Other Shares” shall mean shares of Common Stock, other than Registrable Securities (as defined below) or
Registrable Securities (as defined in the Existing Rights Agreement for purposes of this clause only), with respect to which registration rights have been granted. 

(n) “Purchase Agreement” shall have the meaning set forth in the Recitals. 

(o) “Registrable Securities” shall mean (i) shares of Common Stock issued pursuant to the Purchase Agreement,
(ii) shares of Common Stock issued pursuant to the provisions of Section 5 hereof or issuable upon conversion of securities issued pursuant to Section 5 hereof, (iii) shares of Common Stock issued or issuable pursuant to the
conversion of the Notes and (iv) any Common Stock issued as a dividend or other distribution with respect to or in exchange for or in replacement of the shares referenced in (i), (ii) or (iii) above; provided, however,
that Registrable Securities shall not include any shares of Common Stock described in clause (i) – (iv) above which have previously been registered or which have been sold to the public either pursuant to a registration statement or
Rule 144, or which have been sold in a private transaction in which the transferor’s rights under this Agreement are not validly assigned in accordance with this Agreement. 

(p) The terms “register,” “registered” and “registration” shall refer
to a registration effected by preparing and filing a registration statement in compliance with the Securities Act and applicable rules and regulations thereunder, and the declaration or ordering of the effectiveness of such registration statement.

 (q) “Registration Expenses” shall mean all expenses incurred in effecting any registration pursuant to this
Agreement, including, without limitation, all registration, qualification, and filing fees, printing expenses, escrow fees, fees and disbursements of counsel for the Company and one special counsel for the Holders, blue sky fees and expenses, and
expenses of any regular or special audits incident to or required by any such registration, but shall not include Selling Expenses, fees and disbursements of other counsel for the Holders and the compensation of regular employees of the Company,
which shall be paid in any event by the Company. 
 (r) “Restricted Securities” shall mean any Registrable Securities
required to bear the first legend set forth in Section 2.5(c). 
 (s) “Rule 144” shall mean Rule 144
as promulgated by the Commission under the Securities Act, as such Rule may be amended from time to time, or any similar successor rule that may be promulgated by the Commission. 

(t) “Rule 145” shall mean Rule 145 as promulgated by the Commission under the Securities Act, as such Rule
may be amended from time to time, or any similar successor rule that may be promulgated by the Commission. 
 (u)
“Rule 415” shall mean Rule 415 as promulgated by the Commission under the Securities Act, as such Rule may be amended from time to time, or any similar successor rule that may be promulgated by the Commission. 

  
 -2- 

 (v) “Securities Act” shall mean the Securities Act of 1933, as amended,
or any similar successor federal statute and the rules and regulations thereunder, all as the same shall be in effect from time to time. 

(w) “Selling Expenses” shall mean all underwriting discounts, selling commissions and stock transfer taxes applicable
to the sale of Registrable Securities and fees and disbursements of counsel for any Holder (other than the fees and disbursements of one special counsel to the Holders included in Registration Expenses). 

(x) “Shares” shall mean the Company’s Common Stock issued pursuant to the Purchase Agreement or any shares issued
upon conversion of the Notes. 
 SECTION 2 

REGISTRATION RIGHTS 

2.1 Company Registration. 

(a) Company Registration. If the Company shall determine to register any of its securities either for its own account or the
account of a security holder or holders, other than a registration relating solely to employee benefit plans, a registration relating to the offer and sale of debt securities, a registration relating to a corporate reorganization or other Rule 145
transaction, or a registration on any registration form that does not permit secondary sales, the Company will: 
 (i) promptly give written
notice of the proposed registration to all Holders; and 
 (ii) use its reasonable efforts to include in such registration (and any related
qualification under blue sky laws or other compliance), except as set forth in Section 2.1(b) below, and in any underwriting involved therein, all of such Registrable Securities as are specified in a written request or requests made by any
Holder or Holders received by the Company within twenty (20) days after such written notice from the Company is mailed or delivered. Such written request may specify all or a part of a Holder’s Registrable Securities. 

(b) Underwriting. If the registration of which the Company gives notice is for a registered public offering involving an
underwriting, the Company shall so advise the Holders as a part of the written notice given pursuant to Section 2.1(a)(i). In such event, the right of any Holder to registration pursuant to this Section 2.1 shall be conditioned upon such
Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall
(together with the Company and the Other Selling Shareholders other holders of securities of the Company with registration rights to participate therein distributing their securities through such underwriting) enter into an underwriting agreement in
customary form with the representative of the underwriter or underwriters selected by the Company. 
 Notwithstanding any other provision of
this Section 2.1, if the underwriters advise the Company in writing that marketing factors require a limitation on the number of shares to be underwritten, the underwriters may (subject to the limitations set forth below) exclude all
Registrable Securities from, or limit the number of Registrable Securities to be included in, the registration and underwriting. The Company shall so advise all holders of securities requesting registration, and the number of shares of securities
that are entitled to be included in the registration and underwriting shall be allocated, as follows: (i) first, to the Company for securities being sold for its own account, (ii) second, to the Holders requesting to include Registrable
Securities in such registration statement based on the pro rata percentage of Registrable 

  
 -3- 

 
Securities held by such Holders (which for purposes of this clause only shall also include Holders requesting to include Registrable Securities in such registration statement under the Existing
Rights Agreement (with the terms “Holders” and “Registrable Securities” having the meanings ascribed to such terms in the Existing Rights Agreement for purposes of this parenthetical)); (iii) third, to the Other Selling
Shareholders requesting to include Other Shares in such registration statement based on the pro rata percentage of Other Shares held by such Other Selling Shareholders, assuming conversion. Notwithstanding the forgoing, in no event shall the
amount of securities of such Holders included in the offering (which for purposes of this clause only shall also include Holders under the Existing Rights Agreement (with the term “Holders” having the meaning ascribed to such term in the
Existing Rights Agreement for purposes of this parenthetical)) be reduced below thirty percent (30%) of the total amount of the securities included in such offering, unless such offering is the Initial Public Offering, in which case the selling
Holders may be excluded altogether. 
 If a person who has requested inclusion in such registration as provided above does not agree to the
terms of any such underwriting, such person shall also be excluded therefrom by written notice from the Company or the underwriter. The Registrable Securities or other securities so excluded shall also be withdrawn from such registration. Any
Registrable Securities or other securities excluded or withdrawn from such underwriting shall be withdrawn from such registration. 
 (c)
Right to Terminate Registration. The Company shall have the right to terminate or withdraw any registration initiated by it under this Section 2.1 prior to the effectiveness of such registration whether or not any Holder has
elected to include securities in such registration. 
 2.2 Expenses of Registration. The Company shall bear and pay all
expenses (other than underwriting discounts and commissions) incurred in connection with any registration, filing or qualification of Registrable Securities for each Holder, including, without limitation, all registration, filing, and qualification
fees, printers’ and accounting fees relating or apportionable thereto and the reasonable fees and disbursements of one special counsel for the selling Holder (not to exceed $75,000). All Selling Expenses relating to securities registered on
behalf of the Holders shall be borne by the holders of securities included in such registration pro rata among each other on the basis of the number of Registrable Securities so registered. 

2.3 Indemnification. (a) To the extent permitted by law, the Company will indemnify and hold harmless each Holder, each of its
officers, directors and partners, legal counsel and accountants and each person controlling such Holder within the meaning of Section 15 of the Securities Act, with respect to which registration, qualification or compliance has been effected
pursuant to this Section 2, and each underwriter, if any, and each person who controls within the meaning of Section 15 of the Securities Act any underwriter, against all expenses, claims, losses, damages and liabilities (or actions,
proceedings or settlements in respect thereof) arising out of or based on: (i) any untrue statement (or alleged untrue statement) of a material fact contained or incorporated by reference in any registration statement, any prospectus included
in the registration statement, any issuer free writing prospectus (as defined in Rule 433 of the Securities Act), any issuer information (as defined in Rule 433 of the Securities Act) filed or required to be filed pursuant to
Rule 433(d) under the Securities Act or any other document incident to any such registration, qualification or compliance prepared by or on behalf of the Company or used or referred to by the Company, (ii) any 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 Securities Act, any state securities laws
or any rule or regulation thereunder applicable to the Company and relating to action or inaction required of the Company in connection with any offering covered by such registration, qualification or compliance, and the Company will reimburse each
such Holder, each of its officers, directors, partners, legal counsel and accountants and each person controlling such Holder, each such underwriter and each person who controls any such underwriter, for any legal and any other expenses reasonably
incurred in connection with investigating and defending or settling any such claim, loss, damage, liability or action; provided that the Company will not be liable in any such case to the extent that any such

  
 -4- 

 
claim, loss, damage, liability, or action arises out of or is based on any untrue statement or omission based upon written information furnished to the Company by such Holder, any of such
Holder’s officers, directors, partners, legal counsel or accountants, any person controlling such Holder, such underwriter or any person who controls any such underwriter, and stated to be specifically for use therein; and provided,
further that, the indemnity agreement contained in this Section 2.3(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). 
 (b) To the extent permitted by law, each Holder will, if Registrable Securities held
by such Holder are included in the securities as to which such registration, qualification or compliance is being effected, indemnify and hold harmless the Company, each of its directors, officers, partners, legal counsel and accountants and each
underwriter, if any, of the Company’s securities covered by such a registration statement, each person who controls the Company or such underwriter within the meaning of Section 15 of the Securities Act, each other such Holder, and each of
their officers, directors and partners, and each person controlling each other such Holder, against all claims, losses, damages and liabilities (or actions in respect thereof) arising out of or based on: (i) any untrue statement (or alleged
untrue statement) of a material fact contained or incorporated by reference in any prospectus, offering circular or other document (including any related registration statement, notification, or the like) incident to any such registration,
qualification or compliance, or (ii) any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse the Company and such Holders,
directors, officers, partners, legal counsel and accountants, persons, underwriters, or control persons for any legal or any other expenses reasonably incurred in connection with investigating or defending any such claim, loss, damage, liability or
action, in each case to the extent, but only to the extent, that such untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in such registration statement, prospectus, offering circular or other document in
reliance upon and in conformity with written information furnished to the Company by such Holder and stated to be specifically for use therein; provided, however, that the obligations of such Holder hereunder shall not apply to amounts
paid in settlement of any such claims, losses, damages or liabilities (or actions in respect thereof) if such settlement is effected without the consent of such Holder (which consent shall not be unreasonably withheld); and provided that in
no event shall any indemnity under this Section 2.3 exceed the net proceeds from the offering received by such Holder, except in the case of fraud or willful misconduct by such Holder. 

(c) Each party entitled to indemnification under this Section 2.3 (the “Indemnified Party”) shall give notice to
the party required to provide indemnification (the “Indemnifying Party”) promptly after such Indemnified Party has actual knowledge of any claim as to which indemnity may be sought, and shall permit the Indemnifying Party to
assume the defense of such claim or any litigation resulting therefrom; provided that counsel for the Indemnifying Party, who shall conduct the defense of such claim or any litigation resulting therefrom, shall be approved by the Indemnified
Party (whose approval shall not be unreasonably withheld), and the Indemnified Party may participate in such defense at such party’s expense; provided, however, that the Indemnified Party shall have the right to retain its own counsel,
with the fees and expenses thereof to be paid by the Indemnifying Party, if representation by the counsel retained by the Indemnifying Party would be inappropriate due to actual or potential differing interests between the Indemnified Party and any
other party represented by such counsel in such proceeding; and provided further that the failure of any Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its obligations under this
Section 2.3, to the extent such failure is not prejudicial. No Indemnifying Party, in the defense of any such claim or litigation, shall, except with the consent of each Indemnified Party, consent to entry of any judgment or enter into any
settlement that does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in respect to such claim or litigation. Each Indemnified Party shall furnish such
information regarding itself or the claim in question as an Indemnifying Party may reasonably request in writing and as shall be reasonably required in connection with defense of such claim and litigation resulting therefrom. 

  
 -5- 

 (d) If the indemnification provided for in this Section 2.3 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 herein, then the Indemnifying Party, in lieu of 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. No person or entity will be required under this Section 2.3(d) to contribute any amount in excess
of the net proceeds from the offering received by such person or entity, except in the case of fraud or willful misconduct by such person or entity. No person or entity guilty of fraudulent misrepresentation (within the meaning of Section 11(f)
of the Securities Act) will be entitled to contribution from any person or entity who was not guilty of such fraudulent misrepresentation. 

(e) The obligations of the Company and the Holders under this Section 2.3 shall survive the completion of any offering of Registrable
Securities in a registration statement under this Section 2, and otherwise. 
 2.4 Information by Holder. Each
Holder of Registrable Securities shall furnish to the Company such information regarding such Holder and the distribution proposed by such Holder as the Company may reasonably request in writing and as shall be reasonably required in connection with
any registration, qualification, or compliance referred to in this Section 2. 
 2.5 Restrictions on Transfer. (a) Each
Holder agrees not to make any sale, assignment, transfer, pledge or other disposition of all or any portion of the Restricted Securities and the Notes, or any beneficial interest therein, unless and until: 

(i) There is then in effect a registration statement under the Securities Act covering such proposed disposition and the disposition is made
in accordance with the registration statement; or 
 (ii) The transferee thereof has agreed in writing for the benefit of the Company to
take and hold such Restricted Securities subject to, and to be bound by, the terms and conditions set forth in this Agreement, including, without limitation, this Section2.5 and Section 2.7, the Holder shall have given prior written notice to
the Company of the Holder’s intention to make such disposition and shall have furnished the Company with a detailed description of the manner and circumstances of the proposed disposition, and, if reasonably requested by the Company, the Holder
shall have furnished the Company, at the Holder’s expense, with (i) an opinion of counsel reasonably satisfactory to the Company to the effect that such disposition will not require registration of such Restricted Securities under the
Securities Act or (ii) a “no action” letter from the Commission to the effect that the transfer of such securities without registration will not result in a recommendation by the staff of the Commission that action be taken with
respect thereto, whereupon the holder of such Restricted Securities or the Notes, as the case may be, shall be entitled to transfer such Restricted Securities, or the Notes, as the case may be, in accordance with the terms of the notice delivered by
the Holder to the Company. It is agreed that the Company will not require opinions of counsel for transactions made pursuant to Rule 144 except in unusual circumstances. 

  
 -6- 

 (b) Notwithstanding the provisions of Section 2.5(a), no such registration statement or
opinion of counsel or “no action” letter shall be necessary for (i) a transfer not involving a change in beneficial ownership, or (ii) transactions involving the distribution without consideration of Restricted Securities by any
Holder to a parent, subsidiary or other affiliate of the Holder, if the Holder is a corporation, provided, that the Holder shall give written notice to the Company of the Holder’s intention to effect such disposition and shall have
furnished the Company with a detailed description of the manner and circumstances of the proposed disposition. 
 (c) Each certificate
representing Registrable Securities shall (unless otherwise permitted by the provisions of this Agreement) be stamped or otherwise imprinted with a legend substantially similar to the following (in addition to any legend required under applicable
state securities laws): 
 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”), OR UNDER THE SECURITIES LAWS OF CERTAIN STATES. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS PURSUANT TO
REGISTRATION OR AN EXEMPTION THEREFROM. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE ISSUER THAT SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION OTHERWISE COMPLIES WITH THE ACT AND ANY
APPLICABLE STATE SECURITIES LAWS. 
 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE,
INCLUDING A LOCK-UP PERIOD IN THE EVENT OF A PUBLIC OFFERING, AS SET FORTH IN AN INVESTORS’ RIGHTS AGREEMENT A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE COMPANY. 

The Holders consent to the Company making a notation on its records and giving instructions to any transfer agent of the Restricted Securities
in order to implement the restrictions on transfer established in this Section 2.5. 
 (d) The first legend referring to federal and
state securities laws identified in Section 2.5(c) stamped on a certificate evidencing the Restricted Securities and the stock transfer instructions and record notations with respect to the Restricted Securities shall be removed and the Company
shall issue a certificate without such legend to the holder of Restricted Securities if (i) those securities are registered under the Securities Act, or (ii) the holder provides the Company with an opinion of counsel reasonably acceptable
to the Company to the effect that a sale or transfer of those securities may be made without registration or qualification. 
 2.6
Rule 144 Reporting. With a view to making available the benefits of certain rules and regulations of the Commission that may permit the sale of the Restricted Securities to the public without registration, the Company agrees
to use its commercially reasonable efforts to: 
 (a) Make and keep adequate current public information with respect to the Company available
in accordance with Rule 144 under the Securities Act, at all times from and after ninety (90) days following the effective date of the first registration under the Securities Act filed by the Company for an offering of its securities to
the general public; 

  
 -7- 

 (b) File with the Commission in a timely manner all reports and other documents required of the
Company under the Securities Act and the Exchange Act at any time after it has become subject to such reporting requirements; and 
 (c) So
long as a Holder owns any Restricted Securities, furnish to the Holder forthwith upon written request a written statement by the Company as to its compliance with the reporting requirements of Rule 144 (at any time from and after ninety
(90) days following the effective date of the first registration statement filed by the Company for an offering of its securities to the general public), and of the Securities Act and the Exchange Act (at any time after it has become subject to
such reporting requirements), a copy of the most recent annual or quarterly report of the Company, and such other reports and documents so filed as a Holder may reasonably request in availing itself of any rule or regulation of the Commission
allowing a Holder to sell any such securities without registration. 
 2.7 Market Stand-Off Agreement. Each Holder shall
not sell or otherwise transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, of any Common Stock (or other securities) of the Company held by
such Holder (other than those included in the registration) during the one hundred eighty (180) day period following the effective date of the registration statement for the Company’s Initial Public Offering filed under the Securities Act
(or such other period as may be requested by the Company or an underwriter to accommodate regulatory restrictions on (i) the publication or other distribution of research reports and (ii) analyst recommendations and opinions, including,
but not limited to, the restrictions contained in NASD Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto), provided that: all officers and directors of the Company and holders of at least one percent
(1%) of the Company’s voting securities are bound by and have entered into similar agreements. The Company may impose stop-transfer instructions and may stamp each such certificate with the second legend set forth in Section 2.5(c) with
respect to the shares of Common Stock (or other securities) subject to the foregoing restriction until the end of such one hundred eighty (180) day (or other) period. Each Holder agrees to execute a market standoff agreement with said
underwriters in customary form consistent with the provisions of this Section 2.7. 
 2.8 Delay of Registration. No Holder shall
have any right to take any action to restrain, enjoin, or otherwise delay any registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 2. 

2.9 Transfer or Assignment of Registration Rights. The rights to cause the Company to register securities granted to a Holder by
the Company under this Section 2 may be transferred or assigned (but only with all related obligations) by a Holder only with the prior consent of the Company (except in cases of transfers by any Holder to a parent, subsidiary or other
affiliate of the Holder, if the Holder is a corporation); and provided that such transfer or assignment of Registrable Securities is effected in accordance with the terms of Section 2.5, and applicable securities laws, and the transferee
or assignee of such rights assumes in writing the obligations of such Holder under this Agreement, including without limitation the obligations set forth in Section 2.7. 

2.10 Limitations on Subsequent Registration Rights. From and after the date of this Agreement, the Company shall not, without the
prior written consent of Holders holding a majority of the Registrable Securities (excluding any of such shares held by any Holders whose rights to request registration or inclusion in any registration pursuant to this Section 2 have terminated
in accordance with Section 2.11), enter into any agreement with any holder or prospective holder of any securities of the Company giving such holder or prospective holder any registration rights the terms of which are pari passu with or more
favorable than the terms of the registration rights granted to the Holders hereunder. 

  
 -8- 

 2.11 Termination of Registration Rights. The right of any Holder to request
registration or inclusion in any registration pursuant to Section 2.1 shall terminate on the earlier of (i) such date, on or after the closing of the Company’s first registered public offering of Common Stock, on which all shares of
Registrable Securities held or entitled to be held upon conversion by such Holder may immediately be sold under Rule 144 during any ninety (90) day period, and (ii) three (3) years after the closing of the Company’s Initial
Public Offering. 
 SECTION 3 

INFORMATION COVENANTS OF THE COMPANY 

The Company hereby covenants and agrees, as follows: 

3.1 Basic Financial Information and Inspection Rights. 

(a) Basic Financial Information. The Company will furnish the following reports to each Holder: 

(i) As soon as practicable after the end of each fiscal year of the Company, and in any event within ninety (90) days after the end of
each fiscal year of the Company (except for the fiscal year ending December 31, 2010, which shall be within one hundred eighty (180) days), a consolidated balance sheet of the Company and its subsidiaries, if any, as at the end of such
fiscal year, and consolidated statements of income and cash flows of the Company and its subsidiaries, if any, for such year, prepared in accordance with U.S. generally accepted accounting principles consistently applied, certified by independent
public accountants of recognized national standing selected by the Company. 
 (ii) As soon as practicable after the end of each quarterly
accounting period (including, for the avoidance of doubt, after the end of the fourth quarterly accounting period) in each fiscal year of the Company, and in any event within thirty (30) days after the end of each quarterly accounting period in
each fiscal year of the Company, an unaudited consolidated balance sheet of the Company and its subsidiaries, if any, as of the end of each such quarterly period, and unaudited consolidated statements of income and cash flows of the Company and its
subsidiaries, if any, for such period, prepared in accordance with U.S. generally accepted accounting principles consistently applied, subject to changes resulting from normal year-end audit adjustments. 

3.2 Confidentiality. Anything in this Agreement to the contrary notwithstanding, no Holder by reason of this Agreement shall have
access to any trade secrets of the Company. The Company shall not be required to comply with any information rights of Section 3 in respect of any Holder whom the Company reasonably determines to be a competitor or an officer, employee,
director or holder of more than ten percent (10%) of a competitor. Each Holder acknowledges that the information received by them pursuant to this Agreement may be confidential and for its use only, and it will not use such confidential
information in violation of the Exchange Act or reproduce, disclose or disseminate such information to any other person (other than its employees or agents having a need to know the contents of such information, and its attorneys), except in
connection with the exercise of rights under this Agreement. Such confidential information shall not include any information that Holder can demonstrate (i) was publicly known or made generally available without a duty of confidentiality prior
to the time of disclosure by the Company to the Holder; (ii) becomes publicly known or made generally available without a duty of confidentiality after disclosure by the Company to the Holder through no wrongful action or inaction of the
Holder; (iii) is in the rightful possession of the Holder without confidentiality obligations at the time of disclosure by the Company to the Holder; (iv) is obtained by the Holder from a third party without an accompanying duty of
confidentiality without a breach of such third party’s obligations of confidentiality to the Company; or (v) is independently developed by the Holder without use of or reference to the Company’s confidential information. 

  
 -9- 

 3.3 Confidentiality of Investor Information. The Company shall not disclose directly
or indirectly any information concerning any Investor or such Investor’s stockholders, members, directors, partners, affiliates or employees, including, without limitation, any such person’s identity or identifying information, such as
address or telephone number, to any other person or entity (other than its employees having a need to know the contents of such information, and its attorneys) (“Investor Information”), without the prior written consent of such Investor.
Notwithstanding the foregoing, in the event that the Company is requested pursuant to, or required by, applicable law or regulation (including, without limitation, any rule, regulation or policy statement of any national securities exchange, market
or automated quotation system on which any of the Company’s securities are listed or quoted) or by judicial order of a court of competent jurisdiction to disclose publicly or to any person any such Investor Information, the Company shall
promptly (and in any event within 24 hours) notify the Investor of such request or requirement in order to enable the Investor (i) to seek an appropriate protective order or other remedy with respect thereto, (ii) to consult with the
Company with respect to taking steps to resist or narrow the scope of such request or requirement, or (iii) to waive compliance, in whole or in part. In the event that such protective order or other remedy is not obtained, or the Investor
waives compliance, in whole or in part, the Company shall use its commercially reasonable efforts (A) to disclose only that portion of such Investor Information which is legally required to be disclosed, and (B) to provide that all
Investor Information that is so disclosed will be accorded confidential treatment to fullest extent available under applicable laws, regulations and judicial orders. The Company shall fully cooperate with the Investor so as to enable investor to
secure an appropriate protective order or other remedy such that disclosure does not continue to be so requested or required or, if continued to be requested or required, is restricted or narrowed to the extent possible. In the event
that the Company shall have complied fully with the provisions of this paragraph, the Company shall have no liability hereunder for the disclosure of that Investor Information which it is legally required to be so disclosed. 

3.4 Termination of Covenants. The covenants set forth in this Section 3 shall terminate and be of no further force and effect
after the closing of the Company’s Initial Public Offering. 
 SECTION 4 

BOARD OBSERVERS 
 4.1
Observer Right. As long as Newfound Investment Partners LLC (“Newfound”) and its affiliates own not less than 500,000 shares of Common Stock, in the aggregate (as adjusted for any stock dividends, combinations, stock splits,
recapitalizations and the like), purchased pursuant to the Purchase Agreement, the Company shall invite a representative of Newfound to attend all meetings of its Board of Directors and all committees thereof (whether in person, telephonic or other)
in a nonvoting observer capacity and, in this respect, shall give such representative copies of all notices, minutes, consents, and other materials that it provides to its directors concurrently with providing such notice, minutes, consents or other
materials to its directors; provided however, that the Company reserves the right to withhold any information and to exclude such representative from any meeting or portion thereof if (a) access to such information or attendance at such meeting
could adversely affect the attorney-client privilege between the Company and its counsel; (b) access to such information or attendance at such meeting would reasonably be expected to result in disclosure of trade secrets to Newfound or its
representative; (c) access to such information or attendance at such meeting would reasonably be expected to result in a conflict of interest between Newfound or its representative and the Company or its counsel. The Company acknowledges that
Newfound will likely have, from time to time, information that may be of interest to the Company (“Information”) regarding a wide variety of matters including, by way of example only, (1) Newfound’s and its
affiliate’s technologies, products and services, and plans and strategies relating thereto, (2) current and future investments Newfound 

  
 -10- 

 
or its affiliates have made, may make, may consider or may become aware of with respect to other companies and other technologies, products and services, including, without limitation,
technologies, products and services that may be competitive with the Company’s, and (3) developments with respect to the technologies, products and services, and plans and strategies relating thereto, of other companies, including, without
limitation, companies that may be competitive with the Company. The Company recognizes that a portion of such Information may be of interest to the Company. Such Information may or may not be known by Newfound’s representative. The Company, as
a material part of the consideration for this Agreement, agrees that Newfound and its representative shall have no duty to disclose any Information to the Company or permit the Company to participate in any projects or investments based on any
Information, or to otherwise take advantage of any opportunity that may be of interest to the Company if it were aware of such Information, and hereby waives, to the extent permitted by law, any claim based on the corporate opportunity doctrine or
otherwise that could limit Newfound’s or its affiliates’ ability to pursue opportunities based on such Information or that would require Newfound, or its representative, to disclose any such Information to the Company or offer any
opportunity relating thereto to the Company. 
 4.2 Confidentiality. Newfound acknowledges, and any representative of Newfound
will acknowledge, that any confidential information received by them pursuant to this provision is for the use of it and its affiliates only, and none of Newfound, its affiliates, nor any representative of Newfound will use such confidential
information in violation of the Exchange Act or reproduce, disclose or disseminate such information to any other person (other than its employees or agents having a need to know the contents of such information, and its attorneys). Such confidential
information shall not include any information that Newfound can demonstrate (i) was publicly known or made generally available without a duty of confidentiality prior to the time of disclosure by the Company to Newfound; (ii) becomes
publicly known or made generally available without a duty of confidentiality after disclosure by the Company to Newfound through no wrongful action or inaction of Newfound; (iii) is in the rightful possession of Newfound or its affiliates
without confidentiality obligations at the time of disclosure by the Company to Newfound; (iv) is obtained by Newfound or its affiliates from a third party without an accompanying duty of confidentiality without a breach of such third
party’s obligations of confidentiality to the Company; or (v) is independently developed by Newfound or its affiliates without use of or reference to the Company’s confidential information. 

4.3 Termination. The rights described in this Section 4 shall terminate and be of no further force or effect upon the earlier
of the date of: (a) the closing of the sale of the Company securities pursuant to a registration statement filed by the Company under the Securities Act of 1933, as amended, in connection with the firm commitment underwritten offering of its
securities to the general public; (b) when the Company first becomes subject to the periodic reporting requirement of Sections 12(g) or 15(d) of the Securities Exchange Act of 1934, as amended, as a result of the registration of any class of
equity securities; or (c) the closing of a Change of Control (as defined below); provided, however, notwithstanding the foregoing, the confidentiality provision hereof will survive any such termination. 

SECTION 5 
 RIGHTS
OF PARTICIPATION AND NOTIFICATION 
 5.1 Subsequent Offerings. Subject to the terms set forth in this Section 5 of this
Agreement, the Company hereby grants to each Major Investor the right to purchase its Pro Rata Amount (as defined below) of any New Securities (as defined in Section 5.2) that the Company may, from time to time, propose to sell and issue. The
Company may, at its election, sell such Major Investor its Pro Rata Amount of New Securities at the initial closing of the sale of New Securities or at a subsequent closing of which shall take place within ninety (90) days of the initial
closing. A Major Investor’s Pro Rata Amount shall be the ratio of (i) the number of issued and outstanding shares (on an as-converted basis) of Common Stock held by such Major 

  
 -11- 

 
Investor, including all shares of Common Stock issuable upon conversion of the Notes assuming a conversion price therefore as provided below, to (ii) the total number of shares of Common
Stock of the Company outstanding (on an as-converted basis), including all outstanding securities convertible into, exchangeable for or exercisable for Common Stock on an as-converted or exercised basis (including, but not limited to, the Preferred
Stock and outstanding options exercisable for Common Stock), including all shares of Common Stock issuable upon conversion of the Notes assuming a conversion price therefore as provided below. The conversion price for the Notes utilized to determine
a Major Investor’s Pro Rata Amount for purposes of this Section 5 shall be (i) where the New Securities are convertible into Common Stock, the price at which the New Securities are convertible into shares of Common Stock, and
(ii) where the New Securities are not convertible into Common Stock, (a) the conversion price of the series of preferred stock of the Company (other than Series A Preferred Stock) first issued by the Company subsequent to the Initial
Closing (as defined in the Purchase Agreement) or (b) if no such shares shall have been issued, the fair market value of the Common Stock at the date of issuance of the New Securities, as determined in good faith by the Board of Directors of
the Company (the “Board”) (such determination of the fair market value of the Common Stock shall be not be based on any valuation report prepared for purposes of valuing Common Stock as provided under Section 409A of the
Internal Revenue Code of 1986, as amended, and the regulations and guidance thereunder; furthermore, any such valuation shall be based on a methodology for determination of the fair market value of the Common Stock which assumes that the number of
shares of Common Stock outstanding includes the conversion of all outstanding securities convertible into or exchangeable for Common Stock on an as-converted (including, but not limited to, the Preferred Stock and any convertible debt instruments of
the Company)); provided, however, that if the Major Investor disputes the Board’s determination of the then fair market value of the Common Stock, the Major Investor shall be entitled to have the fair market value determined by an
independent appraiser selected by the Major Investor and reasonably acceptable to the Company. All costs of any appraisal under this Section 5.1 shall be shared equally by the Company and the Major Investor. 

5.2 “New Securities” shall mean any capital stock of the Company, whether or not now authorized and securities of any type
whatsoever that are, or may become, convertible into capital stock; provided that the term “New Securities” does not include (i) the Notes and the Shares; (ii) securities issuable upon exercise or conversion of securities
outstanding as of the date of this Agreement; (iii) the Common Stock issuable upon conversion of the Notes; (iv) securities issued pursuant to an underwritten public offering pursuant to an effective Registration Statement;
(v) securities issued or issuable pursuant to the Company’s acquisition of another corporation by merger, purchase of substantially all assets or other reorganization approved by the Board of Directors; (vi) shares of Common Stock (as
adjusted for any stock dividends, combinations, stock splits, recapitalizations and the like) issued or issuable to employees, officers, directors or consultants of the Company pursuant to employee benefit plans and arrangements approved by the
Board of Directors, including options granted or shares outstanding as a result of option exercises as of the date of this Agreement; (vii) securities issued or issuable pursuant to a corporate strategic partner transaction involving the
license of technology, establishment of a joint venture, research and development agreement, OEM, product development or marketing agreement, or other similar arrangement approved by the Board of Directors; (viii) securities issued or issuable
in connection with any stock split, stock dividend or recapitalization of the Company; (ix) (a) securities issued or issuable to banks, equipment lessors, real property lessors, financial institutions or other persons engaged in the
business of making loans pursuant to a debt financing, commercial leasing or real property leasing transaction approved by the board of directors of the Company or (b) securities issued to suppliers or third party service providers in
connection with the provision of goods or services pursuant to transactions approved by the board of directors of the Company, to the extent the securities described in this subsection (ix) do not exceed, in the aggregate, one percent
(1%) of the outstanding capital stock of the Company (as adjusted for any stock dividends, combinations, stock splits, recapitalizations and the like) as of the date of this Agreement (with all Preferred Stock being treated on an as-converted
to Common Stock basis); and (x) any right, option or warrant to acquire any security convertible into the securities excluded from the definition of New Securities pursuant to subsections (i) through (ix) above. 

  
 -12- 

 5.3 Notice. In the event the Company issues New Securities, it shall give each Investor
written notice before such issuance or within ten (10) days thereafter, describing the type of New Securities, the price and number of shares and the general terms upon which the Company issued the same. Each such Investor shall have twenty
(20) business days from the date of receipt of any such notice to agree to purchase up to the amount of New Securities equal to the Investor’s Pro Rata Amount of such New Securities for the price and upon the general terms specified in the
notice by giving written notice to the Company of such Investor’s intention to purchase such New Securities at the initial closing of the sale of New Securities or, at the Company’s election, at a subsequent closing within ninety
(90) days of the initial closing. 
 5.4 Failure To Exercise. In the event an Investor fails to exercise in full its right of
participation within said twenty (20) business day period as set forth in Section 5.3 above, the Company shall have ninety (90) days thereafter to sell additional amounts of New Securities in respect of which the Investor’s
option was not exercised, at the price and upon the terms specified in the Company’s notice. The Company shall not issue or sell any additional amounts of New Securities after the expiration of such ninety (90) day period without first
offering such securities to the Investors in the manner provided above. 
 5.5 Waiver. The right of participation set forth in this
Section 5, including the notice provisions relating thereto, may be waived by the holders of more than two-thirds (2/3) of the then-outstanding Registrable Securities (calculated on an as-converted basis). 

5.6 Termination. All covenants of the Company contained in this Section 5 of this Agreement shall expire and terminate as to each
Investor on the effective date of the registration statement relating to the Initial Public Offering. 
 SECTION 6 

MISCELLANEOUS 
 6.1
Amendment. Except as expressly provided herein, neither this Agreement nor any term hereof may be amended, waived, discharged or terminated other than by a written instrument referencing this Agreement and signed by the Company and the
Holders holding a majority of the Registrable Securities (excluding any of such shares that have been sold to the public or pursuant to Rule 144, and excluding, with respect to Section 2 (other than Sections 2.5, 2.6 and 2.7), any of
such shares held by any Holders whose rights to request registration or inclusion in any registration pursuant to Section 2 have terminated in accordance with Section 2.11); provided, however, that Investors purchasing Notes and the Shares in a
Closing after the Initial Closing (each as defined in the Purchase Agreement) may become parties to this Agreement, by executing a counterpart of this Agreement without any amendment of this Agreement pursuant to this paragraph or any consent or
approval of any other Holder. Any such amendment, waiver, discharge or termination effected in accordance with this paragraph shall be binding upon each Holder and each future holder of all such securities of Holder. Each Holder acknowledges that by
the operation of this paragraph, the holders of a majority of the Registrable Securities (excluding any of such shares that have been sold to the public or pursuant to Rule 144, and excluding, with respect to Section 2 (other than
Sections 2.5, 2.6 and 2.7), any of such shares held by any Holders whose rights to request registration or inclusion in any registration pursuant to Section 2 have terminated in accordance with Section 2.11) will have the right and power
to diminish or eliminate all rights of such Holder under this Agreement. Notwithstanding the foregoing, the consent of Newfound shall be required for amendments or waivers of its rights under Section 4 above. 

  
 -13- 

 6.2 Notices. All notices and other communications required or permitted hereunder
shall be in writing and shall be mailed by registered or certified mail, postage prepaid, sent by facsimile or electronic mail (if to an Investor or any other holder of Company securities) or otherwise delivered by hand, messenger or courier service
addressed: 
 (a) if to an Investor, to the Investor’s address, facsimile number or electronic mail address as shown in the
Company’s records, as may be updated in accordance with the provisions hereof; 
 (b) if to the Company, to the attention of the Chief
Executive Officer or Chief Financial Officer of the Company at 275 Middlefield Road, Suite 250, Menlo Park, California 94025, or at such other current address as the Company shall have furnished to the Investors, with a copy (which shall not
constitute notice) to Larry W. Sonsini, Wilson Sonsini Goodrich & Rosati, P.C., 650 Page Mill Road, Palo Alto, California 94304. 

Each such notice or other communication shall for all purposes of this Agreement be treated as effective or having been given (i) if
delivered by hand, messenger or courier service, when delivered (or if sent via a nationally-recognized overnight courier service, freight prepaid, specifying next-business-day delivery, one business day after deposit with the courier), or
(ii) if sent via mail, at the earlier of its receipt or five days after the same has been deposited in a regularly-maintained receptacle for the deposit of the United States mail, addressed and mailed as aforesaid, or (iii) if sent via
facsimile, upon confirmation of facsimile transfer or, if sent via electronic mail, when directed to the relevant electronic mail address, if sent during normal business hours of the recipient, or if not sent during normal business hours of the
recipient, then on the recipient’s next business day. 
 6.3 Governing Law. This Agreement shall be governed in all
respects by the internal laws of the State of New York, without regard to principles of conflicts of law. 
 6.4 Successors and
Assigns. This Agreement, and any and all rights, duties and obligations hereunder, shall not be assigned, transferred, delegated or sublicensed by any Investor without the prior written consent of the Company. Any attempt by an Investor
without such permission to assign, transfer, delegate or sublicense any rights, duties or obligations that arise under this Agreement shall be void. Subject to the foregoing and except as otherwise provided herein, the provisions of this Agreement
shall inure to the benefit of, and be binding upon, the successors, assigns, heirs, executors and administrators of the parties hereto. 

6.5 Entire Agreement. This Agreement, including the exhibits attached hereto, constitute the full and entire understanding and
agreement between the parties with regard to the subjects hereof and thereof. No party shall be liable or bound to any other party in any manner with regard to the subjects hereof or thereof by any warranties, representations or covenants except as
specifically set forth herein or therein. 
 6.6 Delays or Omissions. Except as expressly provided herein, no delay or omission
to exercise any right, power or remedy accruing to any party to this Agreement upon any breach or default of any other party under this Agreement shall impair any such right, power or remedy of such non-defaulting party, nor shall it be construed to
be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring, nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore
or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any party of any breach or default under this Agreement, or any waiver on the part of any party of any provisions or conditions of this
Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any party to this Agreement, shall be cumulative and not
alternative. 

  
 -14- 

 6.7 Severability. If any provision of this Agreement becomes or is declared by a
court of competent jurisdiction to be illegal, unenforceable or void, portions of such provision, or such provision in its entirety, to the extent necessary, shall be severed from this Agreement, and such court will replace such illegal, void or
unenforceable provision of this Agreement with a valid and enforceable provision that will achieve, to the extent possible, the same economic, business and other purposes of the illegal, void or unenforceable provision. The balance of this Agreement
shall be enforceable in accordance with its terms. 
 6.8 Titles and Subtitles. The titles and subtitles used in this Agreement
are used for convenience only and are not to be considered in construing or interpreting this Agreement. All references in this Agreement to sections, paragraphs and exhibits shall, unless otherwise provided, refer to sections and paragraphs hereof
and exhibits attached hereto. 
 6.9 Counterparts. This Agreement may be executed in any number of counterparts, each of which
shall be enforceable against the parties that execute such counterparts, and all of which together shall constitute one instrument. 
 6.10
Telecopy Execution and Delivery. A facsimile, telecopy or other reproduction of this Agreement may be executed by one or more parties hereto and delivered by such party by facsimile or any similar electronic transmission device pursuant
to which the signature of or on behalf of such party can be seen. Such execution and delivery shall be considered valid, binding and effective for all purposes. At the request of any party hereto, all parties hereto agree to execute and deliver an
original of this Agreement as well as any facsimile, telecopy or other reproduction hereof. 
 6.11 Further Assurances. Each
party hereto agrees to execute and deliver, by the proper exercise of its corporate, limited liability company, partnership or other powers, all such other and additional instruments and documents and do all such other acts and things as may be
necessary to more fully effectuate this Agreement. 
 6.12 Termination Upon Change of Control. Notwithstanding anything to the
contrary herein, this Agreement (excluding any then-existing obligations) shall terminate upon the closing of a Change of Control. 

6.13 Conflict. In the event of any conflict between the terms of this Agreement and the Company’s articles of incorporation
or its bylaws, the terms of the Company’s articles of incorporation or its bylaws, as the case may be, will control. 
 6.14
Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING (WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR
RELATED TO THIS AGREEMENT. 
 (signature page follows) 

  
 -15- 

 The parties are signing this Investors’ Rights Agreement as of the date stated in the
introductory clause. 
  

			
	ARISTA NETWORKS, INC.
	a Nevada corporation
		
	By:	 	 /s/ Jayshree Ullal

	
	Name: Jayshree V. Ullal
	
	Title: President & CEO

 (Signature page to the Investors’ Rights Agreement) 

 The parties are signing this Investors’ Rights Agreement as of the date stated in the
introductory clause. 
  

			
	INVESTOR
	
	NEWFOUND INVESTMENT PARTNERS
		
	By:	 	 /s/ C. Matthew Olton

	
	Name: C. Matthew Olton
	
	Title: Vice President

 (Signature page to the Investors’ Rights Agreement)

 The parties are signing this Investors’ Rights Agreement as of the date stated in the
introductory clause. 
  

			
	INVESTOR
	
	2010 DAVID R. CHERITON IRREVOCABLE TRUST
		
	By:	 	 /s/ Jeanice Caselli

	
	Name: Jeanice Caselli
	
	Title: Vice President & Trust Officer

 (Signature page to the Investors’ Rights Agreement)

 The parties are signing this Investors’ Rights Agreement as of the date stated in the
introductory clause. 
  

			
	INVESTOR
	
	THE BECHTOLSHEIM FAMILY TRUST
		
	By:	 	 /s/ Andreas Bechtolsheim

	
	Name: ANDREAS BECHTOLSHEIM
	
	Title: TRUSTEE

 (Signature page to the Investors’ Rights Agreement)

 The parties are signing this Investors’ Rights Agreement as of the date stated in the
introductory clause. 
  

			
	
	SINGEL INNOV8 PTE. LTD.
		
	By:	 	 /s/ Yvonne Kwek

 
			
		
	Name:	 	 Yvonne Kwek

 
			
		
	Title:	 	 CEO

 (Signature Page to Investors’ Rights Agreement)

 EXHIBIT A 

INVESTORS 
 Newfound
Investment Partners LLC 
 2010 David R. Cheriton Irrevocable Trust 

The Bechtolsheim Family Trust 

SingTel Innov8 Pte. Ltd.EX-10.2

 Exhibit 10.2 

ARISTA NETWORKS, INC. 

2004 EQUITY INCENTIVE PLAN 

1. Purposes of the Plan. The purposes of this 2004 Equity Incentive Plan are to attract and retain the best available personnel for
positions of substantial responsibility, to provide additional incentive to Employees and Consultants of the Company, its Parent and its Subsidiaries (if any) and to promote the success of the Company’s business. Options granted under the Plan
may be incentive stock options (as defined under Section 422 of the Code) or nonstatutory stock options, as determined by the Administrator at the time of grant of an option and subject to the applicable provisions of Section 422 of the
Code and the regulations promulgated there under. Stock purchase rights and stock bonus awards may also be granted under the Plan. As appropriate, this Plan is intended to comply with Rule 701 of the Securities Act of 1933, as amended (“Rule
701”) and Section 25102(o) of the California Corporations Code and its applicable regulations; and shall be interpreted consistently therewith. However, rights may be granted and stock may be issued under this Plan in reliance upon
other federal and state securities law exemptions subject to such terms and conditions as the Administrator may determine. 
 2.
Definitions. As used herein, the following definitions shall apply: 
 (a) “Administrator” means the Board or any of
its Committees appointed pursuant to Section 4 of the Plan. 
 (b) “Applicable Laws” means the requirements
relating to the administration of stock option plans under U.S. state corporate laws, U.S. federal and state securities laws (including the California Securities Act of 1968 and its applicable regulations), the Code, any stock exchange or quotation
system on which the Common Stock is listed or quoted and the applicable laws of any other country or jurisdiction where Options or Stock Purchase Rights are granted, received and/or exercised under the Plan. 

(c) “Board” means the Board of Directors of the Company. 

(d) “Code” means the Internal Revenue Code of 1986, as amended. 

(e) “Committee” means the Committee, if any, appointed by the Board in accordance with paragraph (a) of
Section 4 of the Plan. 
 (f) “Common Stock” means the Common Stock of the Company. 

(g) “Company” means Arista Networks, Inc., a Nevada corporation. 

(h) “Consultant” means any person, including an advisor, who is engaged by the Company or any Parent or Subsidiary to render
advisory or consulting services and is compensated for such services, and any director of the Company whether compensated for such services or not; provided that if and in the event the Company registers any class of any equity security pursuant to
the Exchange Act, the term Consultant shall thereafter not include directors who are not compensated for their services or are paid only a director’s fee by the Company. 

 (i) “Continuous Status as an Employee” means the absence of any interruption or
termination of the employment relationship by the Company or any Subsidiary. Continuous Status as an Employee shall not be considered interrupted in the case of: (i) sick leave, military leave or any other leave of absence approved by the
Board, provided that such leave is for a period of not more than 90 days, unless reemployment upon the expiration of such leave is guaranteed by contract or statute, or unless provided otherwise pursuant to Company policy adopted from time to time;
or (ii) in the case of transfers between locations of the Company or between the Company, its Subsidiaries or its successor. 
 (j)
“Employee” means any person, including officers and directors, employed by the Company or any Parent or Subsidiary. The payment of a director’s fee by the Company shall not be sufficient to constitute “employment” by
the Company. 
 (k) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

(l) “Fair Market Value” means, as of any date, the value of a share of Common Stock determined as follows: 

(i) If the shares were traded over-the-counter on the date in question but were not traded on the Nasdaq Stock Market or the
Nasdaq National Market System, then the Fair Market Value shall be equal to the mean between the last reported representative bid and asked prices quoted for such date by the principal automated inter-dealer quotation system on which the shares are
quoted or, if the shares are not quoted on any such system, by the “Pink Sheets” published by the National Quotation Bureau, Inc.; 

(ii) If the shares were traded over-the-counter on the date in question and were traded on the Nasdaq Stock Market or the
Nasdaq National Market System, then the Fair Market Value shall be equal to the last-transaction price quoted for such date by the Nasdaq Stock Market or the Nasdaq National Market; 

(iii) If the shares were traded on a stock exchange on the date in question, then the Fair Market Value shall be equal to the
closing price reported by the applicable composite transactions report for such date; and 
 (iv) If none of the foregoing
provisions is applicable, then the Fair Market Value shall be determined by the Board in good faith on such basis as it deems appropriate. 

In all cases, the determination of Fair Market Value by the Board shall be conclusive and binding on all persons. 

(m) “Incentive Stock Option” means an Option intended to qualify as an incentive stock option within the meaning of
Section 422 of the Code. 

 (n) “Nonstatutory Stock Option” means an Option not intended to qualify as an
Incentive Stock Option. 
 (o) “Option” or “Option Agreement” means a written stock option granted pursuant
to the Plan, including a notice of grant, terms and conditions and any other such documents as the Board shall approve for purposes of documenting the grant. 

(p) “Optioned Stock” means the Common Stock subject to an Option. 

(q) “Optionee” means an Employee or Consultant who receives an Option. 

(r) “Parent” means a “parent corporation,” whether now or hereafter existing, as defined in Section 424(e) of
the Code. 
 (s) “Plan” means this 2004 Equity Incentive Plan, as amended from time to time. 

(t) “Purchaser” means an Employee or Consultant who purchases Restricted Stock pursuant to exercise of a Right under the Plan.

 (u) “Restricted Stock” means shares of Common Stock acquired pursuant to a grant of a Right hereunder. 

(v) “Right” means an Option, Stock Purchase Right or Stock Bonus Award issued under the Plan. A “Rights
Holder” means an Optionee, Purchaser or holder of a Stock Bonus Award, as applicable. 
 (w) “Share” means a share
of the Common Stock, as adjusted in accordance with Section 12 of the Plan. 
 (x) “Stock Purchase Right” means
the right to purchase Restricted Stock granted pursuant to Section 11 of the Plan. 
 (y) “Stock Bonus Award”
means a fully vested award of Restricted Stock granted pursuant to Section 11 of the Plan. 
 (z) “Subsidiary”
means a “subsidiary corporation,” whether now or hereafter existing, as defined in Section 424(f) of the Code. 
 (aa)
“Termination Date” means, for purposes of Rights granted under the Plan, the date on which an Employee or Consultant is deemed by the Administrator to have ceased to render employment or consulting services (as the case may be) to
the Company, in accordance with Company policy in effect as of such date provided, however, that such determination shall in all cases be consistent with the terms of any written agreement between the Company and the Employee or Consultant that
specifically sets forth a termination date. 

 3. Stock Subject to the Plan. Subject to the provisions of Section 12 of the
Plan, the maximum aggregate number of shares which may be optioned and sold under the Plan is 4,000,000 Shares of Common Stock. The Shares may be authorized, but unissued, or reacquired Common Stock. If a Right should expire or become unexercisable
for any reason without having been exercised in full, the unpurchased Shares which were subject thereto shall, unless the Plan shall have been terminated, become available for future grant under the Plan. However, Shares that have actually been
issued under the Plan, upon exercise of either an Option or Stock Purchase Right, or upon transfer of a Stock Bonus Award, shall not be returned to the Plan and shall not become available for future distribution under the Plan, except that if Shares
of Restricted Stock are repurchased by the Company pursuant to the Company’s right to repurchase unvested stock at its original purchase price, such Shares shall become available for future grant under the Plan. 

4. Administration of the Plan. 

(a) Procedure. The Administrator shall be the Board or a Committee designated by the Board to administer the Plan. Once appointed, any
such Committee shall continue to serve in its designated capacity until otherwise directed by the Board. From time to time the Board may increase the size of the Committee and appoint additional members thereof, remove members (with or without
cause) and appoint new members in substitution therefor, fill vacancies, however caused, and remove all members of the Committee and thereafter directly administer the Plan, all in accordance with the legal requirements relating to the
administration of Incentive Stock Option plans, if any, under the Applicable Laws. Every Right granted under this Plan shall be documented by a written agreement in a form(s) approved by the Administrator. 

(b) Powers of the Administrator. Subject to the provisions of the Plan and in the case of a Committee, the specific duties delegated by
the Board to such Committee, the Administrator shall have the authority, in its discretion: 
 (i) to determine the Fair
Market Value of the Common Stock, in accordance with Section 2 of the Plan; 
 (ii) to select the Consultants and
Employees to whom Rights may from time to time be granted hereunder; 
 (iii) to determine whether and to what extent Rights
or any combination thereof, are granted hereunder; 
 (iv) to determine the number of shares of Common Stock to be covered by
each Right granted hereunder; 
 (v) to approve forms of agreement for use under the Plan, including Option exercise
agreements and Restricted Stock agreements; 
 (vi) to determine the terms and conditions, not inconsistent with the terms of
the Plan, of any Right granted hereunder (including, but not limited to the share price and any restriction or limitation, based in each case on such factors as the Administrator shall determine, in its sole discretion); 

(vii) to determine the terms and restrictions applicable to all Rights and to the underlying Restricted Stock purchased by
exercising or accepting such Rights; 

 (viii) to prescribe, amend and rescind rules and regulations relating to the
Plan, including rules and regulations relating to sub-plans established for the purpose of qualifying for preferred tax treatment under foreign tax laws; 

(ix) to allow Optionees to satisfy withholding tax obligations by electing to have the Company withhold from the Shares to be
issued upon exercise of an Option or Stock Purchase Right or transfer of a Stock Bonus Award that number of Shares having a Fair Market Value equal to the amount required to be withheld. The Fair Market Value of the Shares to be withheld shall be
determined on the date that the amount of tax to be withheld is to be determined. All elections by Optionees to have Shares withheld for this purpose shall be made in such form and under such conditions as the Administrator may deem necessary or
advisable; 
 (x) to provide, in accordance with any policies of the Company, for suspension or modification of vesting upon
changes to an Optionee’s status as an Employee or Consultant, including changes (without limitation) in status from Employee to Consultant or visa versa and changes in status from full-time to part-time Employee; and 

(xi) to make any other such determinations with respect to Rights under the Plan as it shall deem appropriate, including
(without limitation) determinations with respect to vesting, exercisability, Termination Date and price adjustments. 
 (c) Effect of
Administrator’s Decision. All decisions, determinations and interpretations of the Administrator shall be final and binding on all Rights Holders. 

5. Eligibility for Options. 

(a) Nonstatutory Stock Options may be granted to Employees and Consultants. Incentive Stock Options may be granted only to Employees. An
Employee or Consultant who has been granted an Option may, if he is otherwise eligible, be granted an additional Option or Options. 
 (b)
For tax purposes only, each Option shall be designated in the written Option Agreement as either an Incentive Stock Option or a Nonstatutory Stock Option. However, notwithstanding such designations, if an Optionee holds Options designated as
Incentive Stock Options that: 
 (i) become exercisable for the first time (“first exercisable”) during any
one calendar year, and 
 (ii) have an aggregate Fair Market Value (under all plans of the Company or any Parent or
Subsidiary) in excess of $100,000 with respect to those Options that have become first exercisable in such calendar year, then, the portion of the Options that are first exercisable for up to an aggregate of $100,000 shall be treated as Incentive
Stock Options and the remaining Options first exercisable in that year shall be treated as Nonstatutory Stock Options. The treatment of an Incentive Stock Option as a Nonstatutory Stock Option pursuant to this Section 5(b) shall have no
substantive effect on the Option Agreement other than for purposes of tax recharacterization, and shall have no effect on Options that become first exercisable in subsequent calendar years. 

 (c) For purposes of Section 5(b), Incentive Stock Options shall be taken into account
in the order in which they were granted, and the Fair Market Value of the Shares shall be determined as of the time the Option with respect to such Shares is granted. 

(d) The Plan shall not confer upon any Optionee any right with respect to continuation of employment or consulting relationship with the
Company, nor shall it interfere in any way with his right or the Company’s right to terminate his employment or consulting relationship at any time, with or without cause. 

6. Term of Plan. The Plan shall become effective upon the earlier to occur of its adoption by the Board of Directors or its approval by
the shareholders of the Company as described in Section 18 of the Plan. It shall continue in effect for a term of 10 years unless sooner terminated under Section 14 of the Plan. 

7. Term of Option. The term of each Option shall be the term stated in the Option Agreement; provided, however, that no Option shall
have a term which ends more than 10 years from the date of its grant. In the case of an Incentive Stock Option granted to an Optionee who, at the time the Option is granted, owns stock representing more than 10% of the voting power of all classes of
stock of the Company or Parent or any Subsidiary, the term of such Incentive Stock Option shall end no more than five years from the date of its grant. An Option shall become exercisable at the rate of at least 20% of the Shares per year over five
years from the date the option is granted; provided, however, that an Option granted to an Employee who is an officer of the Company or to a Consultant or to an affiliate of the Company may become fully exercisable at any time or during any period
established by the Administrator in accordance with Section 260.140.41(f) of the Rules of the California Corporations Commissioner. 

8. Option Exercise Price and Consideration. 

(a) The per Share exercise price for the Shares to be issued pursuant to exercise of an Option shall be such price as is determined by the
Board, but shall be subject to the following: 
 (i) In the case of an Incentive Stock Option granted to any Employee: 

(A) who, at the time of the grant of such Incentive Stock Option, owns stock representing more than 10% of the voting power of
all classes of stock of the Company or any Parent or Subsidiary, the per Share exercise price shall be no less than 110% of the Fair Market Value per Share on the date of grant. 

(B) who is not subject to Section 8(a)(i)(A), the per Share exercise price shall be no less than 100% of the Fair Market
Value per Share on the date of grant. 

 (ii) In the case of a Nonstatutory Stock Option granted to any individual: 

(A) who, at the time of the grant of such Option, owns stock representing more than 10% of the voting power of all classes of
stock of the Company or any Parent or Subsidiary, the per Share exercise price shall be no less than 110% of the Fair Market Value per Share on the date of the grant. 

(B) who is not subject to Section 8(a)(ii)(A) the per Share exercise price shall be no less than 85% of the Fair Market
Value per Share on the date of grant. 
 (b) The consideration to be paid for the Shares to be issued upon exercise of an Option, including
the method of payment, shall be determined by the Administrator (and, in the case of an Incentive Stock Option, shall be determined at the time of grant) and may consist entirely of (i) cash, (ii) check, (iii)other Shares which (x) in
the case of Shares acquired upon exercise of an Option either have been owned by the Optionee for more than six months on the date of surrender or were not acquired, directly or indirectly, from the Company, and (y) have a Fair Market Value on
the date of surrender equal to the aggregate exercise price of the Shares as to which said Option shall be exercised, (iv) authorization for the Company to retain from the total number of Shares as to which the Option is exercised that number
of Shares having a Fair Market Value on the date of exercise equal to the exercise price for the total number of Shares as to which the Option is exercised, (v) delivery of a properly executed exercise notice together with irrevocable
instructions to a broker to promptly deliver to the Company the amount of sale or loan proceeds required to pay the exercise price, (vi) delivery of an irrevocable subscription agreement for the Shares which irrevocably obligates the option
holder to take and pay forthe Shares not more than 12 months after the date of delivery of the subscription agreement, (vii) any combination of the foregoing methods of payment. Other forms of consideration and methods of payment for the
issuance of Shares may be used to the extent permitted under Applicable Laws; provided that, in making its determination as to the type of consideration to accept in addition to or in lieu of those listed in this Section 8(b), the Board
shall consider if acceptance of such consideration may be reasonably expected to benefit the Company. 
 9. Exercise of Option. 

(a) Procedure for Exercise; Rights as a Shareholder. Any Option granted hereunder shall be exercisable at such times and under such
conditions as determined by the Administrator, including performance criteria with respect to the Company and/or the Optionee, and as shall be permissible under the terms of the Plan. 

(i) An Option may not be exercised for a fraction of a Share. An Option shall be deemed to be exercised when written notice of
such exercise has been given to the Company in accordance with the terms of the Option by the person entitled to exercise the Option and the Administrator has determined that payment for the Shares with respect to which the Option is exercised has
been received by the Company. Full payment may, as authorized by the Administrator, consist of any consideration and method of payment allowable under Section 8(b) of the Plan. Exercise of an Option in any manner shall result in a
decrease in the number of Shares which thereafter may be available, both for purposes of the Plan and for sale under the Option, by the number of Shares as to which the Option is exercised. 

 (ii) Until the issuance or constructive issuance (as evidenced by the appropriate
entry on the books of the Company or of a duly authorized transfer agent of the Company) of the stock certificate evidencing such Shares, no right to vote or receive dividends or any other rights as a shareholder shall exist with respect to the
Optioned Stock, notwithstanding the exercise of the Option. The Company shall issue (or cause to be issued) such stock certificate as soon as practicable after exercise of the Option. No adjustment will be made for a dividend or other right for
which the record date is prior to the date the stock certificate is issued, except as provided in Section 12 of the Plan. 
 (b)
Termination of Employment. In the event of termination of an Optionee’s consulting relationship with or Continuous Status as an Employee of the Company (as the case may be), such Optionee may, but within no less than 30 days after the
Termination Date (or such other longer period as is set out by the Administrator in the Option Agreement, but in no event later than the expiration date of the term of such Option as set forth in the Option Agreement), exercise the Option to the
extent that Optionee was entitled to exercise it at the Termination Date. To the extent that Optionee was not entitled to exercise the Option at the Termination Date, or if Optionee does not exercise such Option to the extent so entitled within the
time specified herein, the Option shall terminate. Notwithstanding anything to the contrary contained herein, in the event that the Optionee’s employment has terminated for cause (as determined by the Administrator in accordance with the
policies of the Company) , the Option shall terminate immediately on the Termination Date. 
 (c) Disability of Optionee.
Notwithstanding the provisions of Section 9(b) above, in the event of termination of an Optionee’s consulting relationship or Continuous Status as an Employee as a result of his disability (as determined by the Administrator in
accordance with the policies of the Company), Optionee may, but within no less than six months from the Termination Date (or such other longer period as is set out by the Administrator in the Option Agreement, but in no event later than the
expiration date of the term of such Option as set forth in the Option Agreement), exercise the Option to the extent otherwise entitled to exercise it at the Termination Date. To the extent that Optionee was not entitled to exercise the Option at the
Termination Date, or if Optionee does not exercise such Option to the extent so entitled within the time specified herein, the Option shall terminate. 

(d) Death of Optionee. In the event of the death of an Optionee, the Option may be exercised, at any time within 12 months following the
date of death (but in no event later than the expiration date of the term of such Option as set forth in the Option Agreement), by the Optionee’s estate or by a person who acquired the right to exercise the Option by bequest or inheritance, but
only to the extent the Optionee was entitled to exercise the Option at the date of death. To the extent that Optionee was not entitled to exercise the Option at the date of death, or if Optionee does not exercise such Option to the extent so
entitled within the time specified herein, the Option shall terminate. 

 10. Non-Transferability of Options. An Option may not be sold, pledged, assigned,
hypothecated, transferred or disposed of in any manner other than by will, by the laws of descent or distribution or as permitted by Rule 701. 

11. Stock Purchase Rights; Stock Bonus Awards. 

(a) Rights to Purchase Restricted Stock. Stock Purchase Rights may be issued to Employees and Consultants either alone, in addition to,
or in tandem with other awards granted under the Plan and/or cash awards made outside of the Plan. After the Administrator determines that it will offer Stock Purchase Rights under the Plan, it shall advise the offeree in writing of the terms,
conditions and restrictions related to the offer, including the number of Shares that such person shall be entitled to purchase, the price to be paid, and the time within which such person must accept such offer, which shall in no event exceed 120
days from the date of grant of the Stock Purchase Right. The price to be paid by any individual for a Stock Purchase Right shall be (i) no less than 85% of Fair Market Value on the date of grant of the Stock Purchase Right, and (ii) no
less than 100% of the Fair Market Value on the date of grant if the grantee is a greater than 10% shareholder on the date of grant. The offer shall be accepted by execution of a Restricted Stock agreement in the form determined by the Administrator.

 (b) Repurchase Option. Unless the Administrator determines otherwise, the Restricted Stock agreement shall grant the Company a
repurchase option exercisable upon the voluntary or involuntary termination of the Purchaser’s employment with the Company for any reason (including death or disability). The purchase price for Shares repurchased pursuant to the Restricted
Stock agreement shall be the original price paid by the Purchaser and may be paid by cancellation of any indebtedness of the purchaser to the Company. The repurchase option with respect to the Restricted Stock shall lapse at such rate as the
Administrator may determine, but in no event as to less than 20% of the total shares granted annually; provided, however, that the Company’s repurchase option with respect to Restricted Stock purchased by an Employee who is an officer of the
Company or to a Consultant may lapse at such rate as the Administrator shall determine. 
 (c) Other Provisions. The Restricted Stock
agreement shall contain such other terms, provisions and conditions not inconsistent with the Plan as may be determined by the Administrator in its sole discretion. In addition, the provisions of Restricted Stock agreements need not be the same with
respect to each purchaser. 
 (d) Stock Bonus Awards. Stock Bonus Awards for Restricted Stock may be granted from time to time at the
discretion of the Administrator; provided, however, that any such grants shall be made only in compliance with Section 25102(f) of the California Corporations Code and its applicable regulations. 

(e) Rights as a Shareholder. Until the issuance or constructive issuance (as evidenced by the appropriate entry on the books of the
Company or of a duly authorized transfer agent of the Company) of the stock certificate evidencing such Shares, no right to vote or receive dividends or any other rights as a shareholder shall exist with respect to the Restricted Stock,
notwithstanding the exercise of the Stock Purchase Right or acceptance of a Stock Bonus Award. The Company shall issue (or cause to be issued) such stock certificate promptly upon exercise of the Stock Purchase Right or acceptance of a Stock Bonus
Award. No adjustment will be made for a dividend or other right for which the record date is prior to the date the stock certificate is issued, except as provided in Section 12 of the Plan. 

 12. Adjustments Upon Changes in Capitalization or Merger. 

(a) Changes in Capitalization. Subject to any required action by the shareholders of the Company, the number of shares of Common Stock
covered by each outstanding Right, and the number of shares of Common Stock which have been authorized for issuance under the Plan but as to which no Rights have yet been granted or which have been returned to the Plan upon cancellation or
expiration of a Right, as well as the price per share of Common Stock covered by each such outstanding Right, shall be proportionately adjusted for any increase or decrease in the number of issued shares of Common Stock resulting from a stock split,
reverse stock split, stock dividend, combination or reclassification of the Common Stock, or any other increase or decrease in the number of issued shares of Common Stock effected without receipt of consideration by the Company; provided, however,
that conversion of any convertible securities of the Company shall not be deemed to have been “effected without receipt of consideration.” Such adjustment shall be made by the Board, whose determination in that respect shall be final,
binding and conclusive. Except as expressly provided herein, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made
with respect to, the number or price of shares of Common Stock subject to a Right. 
 (b) Dissolution or Liquidation. In the event of
the proposed dissolution or liquidation of the Company, the Administrator shall notify each Rights holder as soon as practicable prior to the effective date of such proposed transaction. The Administrator in its discretion may provide for a Rights
holder to have the right to exercise his or her Right until 15 days prior to such transaction as to all of the Optioned Stock or Restricted Stock, as applicable, covered thereby, including Shares as to which the Right would not otherwise be
exercisable. In addition, the Administrator may provide that any Company repurchase option applicable to any Shares purchased upon exercise of a Right shall lapse as to all such Shares, provided the proposed dissolution or liquidation takes place at
the time and in the manner contemplated. To the extent it has not been previously exercised, a Right will terminate immediately prior to the consummation of such proposed action. 

(c) Merger or Asset Sale. In the event of a merger of the Company with or into another corporation after which the shareholders of the
Company own less than 51% of the outstanding shares of the survivor corporation, or the sale of all or substantially all of the assets of the Company, each outstanding Right shall be assumed or an equivalent option or right substituted by the
survivor corporation or a Parent or Subsidiary of the survivor corporation, and the Rights Holder shall be required to accept any such assumed or substituted Right in exchange for any outstanding (equivalent) Right. In the event that the survivor
corporation refuses to assume or substitute for the Right, the Administrator in its discretion may provide for a Rights Holder to have the right to exercise his or her Right until 15 days prior to such transaction as to all of the Optioned Stock or
Restricted Stock, as applicable, covered thereby (including, at the Administrator’s discretion, Shares as to which the Right would not otherwise be exercisable or vested) and to the extent not otherwise exercised or vested, the Right shall
terminate at the expiration of such 

 
pre-transaction exercise period. For the purposes of this paragraph, a Right shall be considered assumed if, following the merger or sale of assets, the option or right confers the right to
purchase or receive, for each Share of Optioned Stock or Restricted Stock subject to the Right immediately prior to the merger or sale of assets, the consideration (whether stock, cash or other securities or property) received in the merger or sale
of assets by holders of Common Stock for each Share held on the effective date of the transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares);
provided, however, that if such consideration received in the merger or sale of assets is not solely common stock of the survivor corporation or its Parent, the Administrator may, with the consent of the survivor corporation, provide for the
consideration to be received upon the exercise of the Right, for each Share of Optioned Stock or Restricted Stock subject to the Option or Right, to be solely common stock of the survivor corporation or its Parent equal in fair market value to the
per share consideration received by holders of Common Stock in the merger or sale of assets. 
 13. Time of Granting Options. The
date of grant of an Option shall, for all purposes, be the date on which the Administrator makes the determination granting such Option, or such other date as is determined by the Board. Notice of the determination shall be given to each Employee or
Consultant to whom an Option is so granted within a reasonable time after the date of such grant. 
 14. Amendment and Termination of the
Plan. 
 (a) Amendment and Termination. The Board may at any time amend, alter, suspend or discontinue the Plan, but no amendment,
alteration, suspension or discontinuation shall be made which would impair the rights of any Rights Holder under any grant theretofore made, without his or her consent. In addition, to the extent necessary and desirable to comply with Applicable
Laws, the Company shall obtain shareholder approval of any Plan amendment in such a manner and to such a degree as required. 
 (b) Effect
of Amendment or Termination. Any such amendment or termination of the Plan shall not affect Rights already granted and such Rights shall remain in full force and effect as if this Plan had not been amended or terminated, unless mutually agreed
otherwise between the Rights Holder and the Board, which agreement must be in writing and signed by the Rights Holder and the Company. 

15. Conditions Upon Issuance of Shares. Shares shall not be issued pursuant to the exercise of an Right unless the exercise or
acceptance of such Right and the issuance and delivery of such Shares pursuant thereto shall comply with all relevant provisions of law, including, without limitation, the Securities Act of 1933, as amended, the Exchange Act, the rules and
regulations promulgated thereunder, and the requirements of any stock exchange upon which the Shares may then be listed, and shall be further subject to the approval of counsel for the Company with respect to such compliance. As a condition to the
exercise or acceptance of any Right, the Company may require the person exercising or accepting such Right to represent and warrant at the time of any such exercise that the Shares are being purchased only for investment and without any present
intention to sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation is required by any of the aforementioned relevant provisions of law. 

 16. Reservation of Shares. The Company, during the term of this Plan, will at all times
reserve and keep available such number of Shares as shall be sufficient to satisfy the requirements of the Plan. The inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the
Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, shall relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority shall not have
been obtained. 
 17. Agreements. Rights shall be evidenced by written agreements in such form as the Administrator shall approve
from time to time. Notwithstanding anything to the contrary, no Right shall be exercisable under this Plan unless it is evidenced in writing on a form approved pursuant to the Plan. 

18. Shareholder Approval. Continuance of the Plan shall be subject to approval by the shareholders of the Company within 12 months
before or after the date the Plan is adopted. Such shareholder approval shall be obtained in the degree and manner required under applicable state and federal law. 

19. Information to Rights Holders. The Company shall provide to each Rights Holder, during the period for which such Rights Holder has
one or more Rights outstanding, annual financial statements of the Company. The Company shall not be required to provide such information if the issuance of Rights under the Plan is limited to key employees whose duties in connection with the
Company assure their access to equivalent information.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00228-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00228-of-00352.parquet"}]]