Document:

EX-4.1

 Exhibit 4.1 

Execution Version 

EXCHANGE AND TERMINATION AGREEMENT 

This EXCHANGE AND TERMINATION AGREEMENT (this “Agreement”) dated as of July 23, 2018, is by and among Aerie
Pharmaceuticals, Inc., a Delaware corporation (the “Borrower”), Deerfield Private Design Fund III, L.P. (“DPD III”), Deerfield Partners, L.P. (“DP”) and Deerfield Special Situations Fund, L.P.
(“DSS” and, together with DPD III and DP, the “Purchasers”). The Purchasers and the Borrower are referred to herein collectively as the “Parties.” Capitalized terms used herein which are defined in
the Purchase Agreement (as defined below), unless otherwise defined herein, shall have the meanings ascribed to them in the Purchase Agreement. 

RECITALS: 
 A. The
Borrower and the Purchasers have entered into that certain Note Purchase Agreement, dated as of September 8, 2014, as amended by the First Amendment to Note Purchase Agreement, dated as of December 28, 2016 (as amended, the
“Purchase Agreement”), pursuant to which the Borrower issued and sold to the Purchasers or their predecessors in interest $125,000,000 aggregate principal amount of Notes. 

B. As of the date of this Agreement, (i) there are outstanding $125,000,000 aggregate principal amount of Notes, which are held by the
Purchasers as set forth in Schedule I; and (ii) the aggregate amount of accrued and unpaid Interest on the Notes to the date of this Agreement is $ $137,842.47 (the “Interest Amount”). The Notes mature, subject to the
terms thereof and the terms of the Purchase Agreement, on September 30, 2021 (the “Maturity Date”). 
 C. As of the
date of this Agreement, the Notes are convertible, at the election of the holder thereof, into an aggregate of 5,040,323 shares of Common Stock (the “Final Conversion Shares”) at any time prior to the Maturity Date. 

D. Pursuant to this Agreement (and subject to the terms and conditions hereof), the Borrower and the Purchasers have agreed that (i) the
Purchasers shall convert the entire outstanding principal amount of their Notes into the Final Conversion Shares in accordance with the terms of the Notes, (ii) in exchange for the Purchasers’ tender of their Notes for conversion on the
date hereof pursuant to this Agreement, the Borrower will issue to the Purchasers an additional aggregate of 329,124 shares of Common Stock (the “Additional Shares” and together with the Final Conversion Shares, the
“Exchange Shares”), (iii) the Borrower shall pay the Interest Amount to the Purchasers in cash, and (iv) upon the issuance of the Exchange Shares by the Borrower to the Purchasers and the payment of the Interest Amount by the
Borrower to the Purchasers, the Purchase Agreement, the Notes and the other Note Documents shall be terminated and cancelled, as applicable; provided that, notwithstanding the foregoing, at the Effective Time (as defined below), the security
interests and other liens granted to or held by the Purchasers in the Collateral shall be terminated, released and discharged. 
 E.
Contemporaneously herewith, the Parties are executing and delivering a Registration Rights Agreement (the “Registration Rights Agreement”). 

 NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements
contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, agree as follows: 

ARTICLE I. 
 PAYMENT
OF INTEREST AMOUNT AND EXCHANGE 
 Section 1.01. Payment of Interest Amount. Substantially concurrently with the
execution and delivery of this Agreement by the Parties, the Borrower shall pay to each Purchaser, in cash, by wire transfer of immediately available funds to an account or accounts designated by such Purchaser via electronic mail at least
forty-eight (48) hours in advance, the amount set forth opposite such Purchaser’s name on Schedule I hereto, representing such Purchaser’s Pro Rata Share (as defined below) of the Interest Amount. “Pro Rata
Share” means, with respect to each Purchaser, the percentage set forth opposite such Purchaser’s name on Schedule I hereto. 

Section 1.02. Exchange Shares. Subject to the terms and conditions hereof, (i) each Purchaser hereby agrees to convert the
entire outstanding principal amount of its Notes into the number of Final Conversion Shares set forth opposite such Purchaser’s name on Schedule I hereto in accordance with the terms of the Notes (but without giving effect to the 9.985%
Cap (as defined in the Notes)), and (ii) the Borrower hereby agrees to issue to each Purchaser the number of (a) Final Conversion Shares set forth opposite such Purchaser’s name on Schedule I hereto, in satisfaction of the
Borrower’s conversion obligation under the Notes and (b) Additional Shares set forth opposite such Purchaser’s name on Schedule I hereto. 

Section 1.03. Exchange; Effectiveness; Delivery of Shares. The conversion of the Notes into the Final Conversion Shares and the
issuance of the Additional Shares shall be conducted in the manner set forth in this Section 1.03 in lieu of Section 2(c) of the Notes (and without giving effect to the 9.985% Cap). The payment of the Interest Amount and the issuance of
the Exchange Shares shall be effectuated by the exchange of the Notes therefor (such payment, issuance and exchange being collectively referred to herein as the “Exchange”). The Exchange shall be deemed effective and consummated
immediately upon the execution and delivery of this Agreement by the Parties on the date hereof (the “Effective Time”). No later than one (1) Business Day after the date hereof, the Borrower shall cause the transfer agent for
the Common Stock (including any successor thereto, the “Transfer Agent”) to (i) credit the aggregate number of Final Conversion Shares to which each Purchaser is entitled pursuant to the Notes to such Purchaser’s or its
designee’s balance account with The Depository Trust Company (“DTC”) through its Deposit/Withdrawal At Custodian (“DWAC”) system per the account information provided by such Purchaser via electronic mail at
least forty-eight (48) hours in advance and (ii) to issue and deliver to each Purchaser a certificate representing the aggregate number of Additional Shares to which such Purchaser is entitled pursuant to Section 1.02, which
certificate shall bear the Restrictive Legend (as defined below). For the avoidance of doubt, (a) as of the Effective Time, each Purchaser shall be deemed for all corporate purposes to have become the legal and record holder of its Exchange
Shares without any further action by any party and, in the case of the Final Conversion Shares, without the need for a separate Conversion Notice (as defined in the Notes) and (b) all of the Exchange Shares shall, for all purposes, be deemed to

  
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have been issued simultaneously as part of a single transaction occurring at the Effective Time, and no Party shall make any assertion to the contrary. In the event that any Exchange Shares are
not delivered on a timely basis in accordance herewith, the Purchasers shall have the right to rescind and terminate any or all of this Agreement and the transactions contemplated hereby, to exercise any of the remedies available under the Notes in
the event of any failure to timely deliver Conversion Shares (as defined in the Notes), as if the Exchange Shares were Conversion Shares, and/or to exercise any and all other rights and remedies available at law or in equity. The Borrower shall
promptly deliver to the Transfer Agent any documentation necessary to effect the issuance of the Final Conversion Shares and the Additional Shares in accordance herewith. 

ARTICLE II. 

TERMINATION OF PURCHASE AGREMENT AND NOTES 

Section 2.01. Termination of Purchase Agreement. Subject to the terms and conditions hereof, effective upon receipt by the
Purchasers of the Exchange Shares and the Interest Amount, (a) the Purchase Agreement, the Notes and the other Note Documents shall, automatically and without further action by any Person, terminate and shall have no further force or effect
(and the Notes shall be deemed cancelled), provided that such termination shall not affect the meaning of terms defined therein for purposes of this Agreement or the Registration Rights Agreement, provided further that, notwithstanding the
foregoing, at the Effective Time, all security interests and other liens granted to or held by the Purchasers in the Collateral shall, automatically and without further action by any Person, be terminated, released and discharged; and (b) all
principal and Interest payable under the Notes and the Purchase Agreement shall be deemed repaid and satisfied in full and discharged, and promptly following such receipt, each Purchaser shall deliver, or cause to be delivered, its Notes to the
Borrower. 
 Section 2.02. Release of Liens. Each Purchaser agrees to take all steps reasonably requested by the Borrower as may
be necessary to release all security interests and other liens granted to or held by such Purchaser in the Collateral and hereby authorizes the Borrower to file any necessary UCC-3 termination statements or
other documents that may be necessary or appropriate to effectuate, evidence or reflect the termination, release and discharge of the security interests and liens created by the Purchase Agreement, the Notes and the other Note Documents. 

ARTICLE III. 

REPRESENTATIONS AND WARRANTIES 

Section 3.01. Representations and Warranties of the Purchasers. Each Purchaser hereby represents and warrants to the Borrower as
of the date of this Agreement as follows: 
 (a) Organization and Good Standing. Such Purchaser is an entity duly incorporated or
otherwise organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization, with the requisite power and authority to own and use its properties and assets and to carry on its business as
currently conducted. 

  
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 (b) Authority. Such Purchaser has the requisite corporate power and authority to enter
into and to consummate the transactions contemplated by this Agreement and the Registration Rights Agreement and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of this Agreement and the Registration
Rights Agreement by such Purchaser and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of such Purchaser and no further action is required in connection
herewith or therewith. 
 (c) Valid and Binding Agreement. Each of this Agreement and the Registration Rights Agreement has been duly
executed and delivered by such Purchaser and constitutes the valid and binding obligation of such Purchaser, enforceable against such Purchaser in accordance with its terms, except as limited by general equitable principles and applicable
bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally. 

(d) Non-Contravention. The execution and delivery of this Agreement and the Registration Rights
Agreement by such Purchaser and the consummation by such Purchaser of the transactions contemplated hereby and thereby do not and will not (i) violate any provision of such Purchaser’s partnership agreement or other organizational or
charter documents, or (ii) result in a violation of any law, rule, regulation, order, judgment or decree of any court or governmental authority to which such Purchaser is subject, or by which any of such Purchaser’s Notes is bound or
affected. 
 (e) Offering of Exchange Shares; Securities Laws Obligations. 

(i) Such Purchaser has held such Purchaser’s Notes of record and beneficially for a period of at least one (1) year
for purposes of Rule 144 under the Securities Act and is not, and during the three-month period prior to the date hereof has not been, an “affiliate” (as defined in Rule 144 under the Securities Act) of the Borrower. 

(ii) Such Purchaser understands that the Exchange Shares are being offered, sold, issued and delivered to it in reliance upon
specific exemptions from registration or qualification under federal and applicable state securities laws and that the Borrower is relying in part upon the truth and accuracy of, and such Purchasers’ compliance with, the representations,
warranties, agreements, acknowledgments and understandings of such Purchaser set forth herein in order to determine the availability of such exemptions and the eligibility of such Purchaser to acquire the Exchange Shares. 

(iii) The Additional Shares to be received by such Purchaser hereunder will be acquired for such Purchaser’s own account,
and not with a view to the resale or distribution of any part thereof in violation of the Securities Act, except pursuant to sales registered or exempted under the Securities Act, and such Purchaser has no agreement or understanding, directly or
indirectly, or present intention of selling, granting any participation in, or otherwise distributing the Additional Shares in violation of applicable federal and state securities laws. Nothing contained herein shall be deemed a representation or
warranty by such Purchaser to hold the Exchange Shares for any period of time and such Purchaser reserves the right to dispose of the Exchange Shares at any time in accordance with all applicable federal and state securities laws. 

  
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 (iv) Such Purchaser can bear the economic risk and complete loss of its
investment in the Exchange Shares and has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of the investment contemplated hereby. 

(v) Such Purchaser understands that the Additional Shares constitute “restricted securities” (as defined in Rule 144
under the Securities Act) under the U.S. federal securities laws inasmuch as they are being acquired from the Borrower in a transaction not involving a public offering and that under such laws and applicable regulations such securities may be resold
without registration under the Securities Act only in certain limited circumstances. 
 (vi) Such Purchaser did not learn of
the investment in the Exchange Shares as a result of any general solicitation or general advertising. 
 (vii) Such Purchaser
is an “accredited investor” as such term is defined in Regulation D promulgated under the Securities Act. 
 (viii)
Since the date of the Expense Reimbursement Agreement (as defined below) through the date hereof, no Purchaser has traded in Common Stock. 

(f) Ownership of the Notes. Such Purchaser is the record and beneficial owner of, and has good and valid title to, such Purchaser’s
Notes, free and clear of all Liens, and has full power to dispose thereof and to exercise all rights thereunder (other than as restricted by the Note Documents), without the consent or approval of, or any other action on the part of, any other
Person. Other than the transactions contemplated by this Agreement, there is no outstanding contract, vote, plan, pending proposal or other right of any Person to acquire such Purchaser’s Notes or any portion thereof. 

Section 3.02. Representations and Warranties of the Borrower. The Borrower hereby represents and warrants to the Purchasers as of
the date of this Agreement as follows: 
 (a) Organization and Good Standing. The Borrower is an entity duly incorporated, validly
existing and in good standing under the laws of the state of Delaware, with the requisite power and authority to own and use its properties and assets and to carry on its business as currently conducted. 

(b) Authority. The Borrower has the requisite corporate power and authority to enter into and to consummate the transactions
contemplated by this Agreement and the Registration Rights Agreement and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of this Agreement and the Registration Rights Agreement by the Borrower and the
consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary corporate action on the part of the Borrower, and no further corporate action of the Borrower, its board of directors or stockholders
is required in connection herewith. 

  
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 (c) Consents. The Borrower is not required to obtain any consent from, authorization or
order of, or make any filing or registration with any Governmental Authority in order for it to execute, deliver or consummate the transactions contemplated by this Agreement and the Registration Rights Agreement in accordance with the terms hereof
and thereof, except (i) any filings required by applicable state securities laws, (ii) any filing of a Notice of Sale of Securities on Form D with the Commission under Regulation D of the Securities Act, (iii) filings contemplated by
the Security Agreement, (iv) filings contemplated by the Registration Rights Agreement, and (v) those that have been made or obtained prior to or as of the date of this Agreement. The Borrower has submitted any requisite notice to the
Principal Trading Market for the issuance of the Exchange Shares. 
 (d) Valid and Binding Agreement. Each of this Agreement and the
Registration Rights Agreement has been duly executed and delivered by the Borrower and constitutes the valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its respective terms, except as limited by
general equitable principles and applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally. 

(e) Non-Contravention. The execution and delivery of this Agreement and the Registration Rights
Agreement by the Borrower and the consummation by the Borrower of the transactions contemplated hereby and thereby do not and will not (i) violate any provision of the Borrower’s certificate of incorporation or bylaws, (ii) result in
a violation of any law, rule, regulation, order, judgment or decree of any court or governmental authority to which the Borrower is subject, or by which any asset of the Borrower is bound or affected, or (iii) violate, conflict with, result in
a breach of, or constitute a default under, or result in the creation or imposition of any Lien (other than Permitted Liens) on any assets of the Borrower pursuant to, any agreement to which the Borrower is a party or by which the Borrower is bound
or to which any of the assets of the Borrower is subject, except in the case of clauses (ii) and (iii) above, for any such violation, conflict or breach that would not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect (it being agreed that for purposes of the definition of “Material Adverse Effect” this Agreement and the Registration Rights Agreement shall constitute “Note Documents”). 

(f) Issuance of Shares. The Exchange Shares are duly authorized and, when issued in accordance with this Agreement, will be validly
issued, fully paid and nonassessable, free and clear of all Liens imposed by the Borrower, and will not be issued in violation of, or subject to, any preemptive or similar rights of any Person. 

(g) SEC Reports; Principal Trading Market. The Borrower has filed all reports, schedules, forms, statements and other documents required
to be filed by it under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, since January 1, 2018 (the foregoing materials, including the exhibits thereto and documents incorporated by reference
therein, being collectively referred to herein as the “SEC Reports”). None of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or
necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. The Borrower has no knowledge of any facts or circumstances which could reasonably lead to delisting or suspension of
trading of the Common Stock on the Principal Trading Market. 

  
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 (h) Not a Shell Company. The Borrower is not, and has not been at any time previously, an
issuer identified in Rule 144(i) under the Securities Act. 
 (i) Certain Fees. The Purchasers shall have no obligation with respect
to any fees or with respect to any claims made by or on behalf of other Persons for any brokerage or finder’s fees or commissions that may be due in connection with the transactions contemplated hereby. 

(j) Exemption from Registration. Assuming the accuracy of the representations and warranties of the Purchasers set forth in
Section 3.01, no registration under the Securities Act or any state securities laws is required for the offer and issuance of the Exchange Shares by the Borrower to the Purchasers as contemplated hereby. The issuance of the Exchange Shares will
not contravene, or require stockholder approval pursuant to, the rules and regulations of the Principal Trading Market. Assuming the accuracy of the representations and warranties of the Purchasers set forth in Section 3.01, the Final
Conversion Shares will be freely tradeable by each Purchaser without restriction or limitation (including any volume limitation) or any current public information requirement, pursuant to Rule 144 under the Securities Act, and the Final Conversion
Shares will not contain or be subject to any legend or stop transfer instructions, in each case, restricting the sale or transferability thereof. 

(k) No Integrated Offering. Assuming the accuracy of the representations and warranties of the Purchasers set forth in
Section 3.01, none of the Borrower, nor, to the Borrower’s knowledge, any of its Affiliates or any Person acting on its or their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy
any security, under circumstances that would cause the offering and issuance of the Exchange Shares to be integrated with prior offerings by the Borrower (i) for purposes of the Securities Act and which would require the registration of any
such securities under the Securities Act, or (ii) for purposes of any applicable stockholder approval provisions of the Principal Trading Market and which would require stockholder approval for the issuance of any Exchange Shares. 

ARTICLE IV. 

COVENANTS 

Section 4.01. Legends. 
 (a)
Restrictive Legend. Each Purchaser understands that until such time as the resale of the Additional Shares has been registered under the Securities Act as contemplated by the Registration Rights Agreement or the Additional Shares otherwise
may be sold pursuant to Rule 144 under the Securities Act or an exemption from registration under the Securities Act without any restriction as to the number of securities as of a particular date that can then be immediately sold, the Additional
Shares may bear a restrictive legend in substantially the following form (the “Restrictive Legend”): 
 “THE SECURITIES
REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THESE SECURITIES MAY NOT BE 

  
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SOLD, TRANSFERRED, ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER SAID ACT, OR PURSUANT TO AN EXEMPTION
FROM REGISTRATION UNDER SAID ACT INCLUDING, WITHOUT LIMITATION, PURSUANT TO RULE 144 UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT
SECURED BY THE SECURITIES.” 
 (b) Removal of Restrictive Legends. The certificates evidencing the Additional Shares shall not
contain any legend restricting the transfer thereof (including the legend set forth above in Subsection 4.01(a)): (A) while a registration statement (including a Registration Statement, as defined in the Registration Rights Agreement) covering the
resale of such Additional Shares by the Purchaser is effective under the Securities Act, or (B) following any sale of such Additional Shares pursuant to Rule 144, or (C) if such Additional Shares are eligible for sale under rule 144(b)(1),
or (D) at any time on or after the date hereof that a Purchaser certifies that it is not an “affiliate” (as defined in Rule 144 under the Securities Act) and that such Purchaser’s holding period for purposes of Rule 144 under the
Securities Act and subsection (d)(3)(iii) thereof with respect to such Additional Shares is at least six (6) months, or (E) if such legend is not required under applicable requirements of the Securities Act (including judicial
interpretations and pronouncements issued by the staff of the SEC) (collectively, the “Unrestricted Conditions”). Each Purchaser agrees that the removal of the restrictive legend from the Additional Shares in accordance with the
immediately preceding sentence is predicated upon the Borrower’s reliance that (i) such Purchaser will dispose of such Additional Shares pursuant to either the registration requirements of the Securities Act, including any applicable
prospectus delivery requirements, or an exemption therefrom, and that if such Additional Shares are sold pursuant to a registration statement, they will be sold in compliance with the plan of distribution set forth therein. Promptly following the
Registration Effective Date (as defined below) or such other time as any of the Unrestricted Conditions have been satisfied, the Borrower agrees to effect the removal of the legend thereunder. The Borrower agrees that, following the Registration
Effective Date or such other time as any of the Unrestricted Conditions are met or such legend is otherwise no longer required under this Section 4.01(b), it will, no later than two (2) Trading Days following the delivery by the Purchaser
to the Borrower or the Transfer Agent of any certificate representing Additional Shares, as applicable, issued with a restrictive legend (such second Trading Day, the “Legend Removal Date”), deliver or cause to be delivered to such
Additional Shares to such Purchaser’s or its designee’s balance account with DTC through its DWAC system, free from all restrictive and other legends and stop transfer instructions. For purposes hereof, “Registration Effective
Date” shall mean the date that the first Registration Statement that the Borrower is required to file pursuant to the Registration Rights Agreement has been declared effective by the SEC.  

Section 4.02. Disclosure; Confidentiality. On or before 9:00 a.m., New York time, on the date hereof (the “8-K Filing Deadline”), the Borrower shall file a Current Report on Form 8-K describing all the material terms of this Agreement and the Registration Rights Agreement
and 

  
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disclosing any other presently material non-public information (if any) provided or made available to any Purchaser (or any Purchaser’s agents or
representatives) on or prior to the date hereof (the “8-K Filing”) and including as an exhibit to the 8-K Filing this Agreement and the Registration
Rights Agreement. From and after the 8-K Filing Deadline, the Borrower shall have disclosed all material, non-public information (if any) provided or made available to
any Purchaser (or any Purchaser’s agents or representatives) by Borrower or any of its respective officers, directors, employees, Affiliates or agents in connection with the transactions contemplated by this Agreement or otherwise on or prior
to the date hereof. Notwithstanding anything contained in this Agreement to the contrary and without implication that the contrary would otherwise be true, after giving effect to the 8-K Filing, the Borrower
expressly acknowledges and agrees that no Purchaser shall have (unless expressly agreed to by a particular Purchaser after the date hereof in a written definitive and binding agreement executed by the Borrower and such particular Purchaser or
customary oral (confirmed by e-mail) “wall-cross” agreement (it being understood and agreed that no Purchaser may bind any other Purchaser with respect thereto)), any duty of trust or confidence with
respect, or a duty not to trade on the basis of, any information regarding the Borrower. 
 Section 4.03. Taxes. The Borrower
shall be responsible for paying all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from the issuance of Exchange Shares under this Agreement. 

ARTICLE V. 

MISCELLANEOUS 

Section 5.01. Entire Agreement. This Agreement and the Registration Rights Agreement constitute the entire agreement, and
supersede all other prior and contemporaneous agreements and understandings, both oral and written, among the Purchasers and the Borrower with respect to the subject matter hereof and thereof (other than that certain Expense Reimbursement Agreement,
dated June 15, 2018 (the “Expense Reimbursement Agreement”), by and between the Borrower and Deerfield Management Company, L.P., which remains in effect). The Parties hereby agree that nothing in this Agreement or in the
execution or performance thereof shall constitute a breach, violation or default of any provision contained in the Note Purchase Agreement, the Notes or any other Note Document. 

Section 5.02. Amendments and Waivers. No provision of this Agreement may be waived or amended except in a written instrument
signed by all of the parties hereto. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any
other provision, condition or requirement hereof, nor shall any delay or omission of either party to exercise any right hereunder in any manner impair the exercise of any such right. 

Section 5.03. Successors and Assigns. All of the covenants and provisions of this Agreement by or for the benefit of the
Purchasers or the Borrower shall bind and inure to the benefit of their respective successors and permitted assigns. No party hereunder may assign its rights or obligations hereunder without the prior written consent of the other parties hereto;
provided, that each Purchaser (and each successor or assign of a Purchaser) shall be entitled to assign its rights hereunder to one or more Affiliates of such Purchaser without the consent of the Borrower. 

  
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 Section 5.04. Notices. Any notice to be given by any party to this Agreement shall be
given in writing and be effected as provided in Section 6.1 of the Purchase Agreement. 
 Section 5.05. Applicable Law; Consent
to Jurisdiction. 
 (a) This Agreement and all questions concerning the construction, validity, enforcement and interpretation of this
Agreement shall be governed by the laws of the State of New York without regard to its choice or conflicts of laws principles. 
 (b) The
parties hereto agree that all claims, controversies and disputes of any kind or nature relating in any way to the enforcement or interpretation of this Agreement or the Registration Rights Agreement or to the parties’ dealings, rights or
obligations in connection herewith, shall be brought exclusively in the state and federal courts sitting in The City of New York, borough of Manhattan. With respect to any such claims, controversies or disputes, each of the Parties hereby
irrevocably: 
 (i) submits itself and its property, generally and unconditionally, to the personal jurisdiction of the
aforesaid courts and agrees that it will not bring any action in any court or tribunal other than the aforesaid courts; 

(ii) waives, and agrees not to assert in any suit, action or proceeding, (a) any claim that it is not personally, or the
subject matter of such claim is not, subject to the jurisdiction of any such court, (b) that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding or (c) any claim that it or its property is exempt or
immune from jurisdiction of any such court or from any legal process commenced in such courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise); and 

(iii) WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY DISPUTE ARISING OUT OF OR RELATING TO THIS AGREEMENT OR
THE REGISTRATION RIGHTS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT OR THE REGISTRATION RIGHTS AGREEMENT. EACH PARTY TO THIS AGREEMENT CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT SEEK TO ENFORCE THE FOREGOING WAIVER IN THE EVENT OF A LEGAL ACTION, (II) SUCH PARTY HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (III) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY AND
(IV) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 5.05. 

  
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 Notwithstanding the foregoing in this Section 5.05, a party may commence any action or proceeding in a court
other than the above-named courts solely for the purpose of enforcing an order or judgment issued by one of the above-named courts. 

Section 5.06. Counterparts; Effectiveness. This Agreement and any amendment hereto may be executed and delivered in any number
counterparts, and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement. In the event that any signature
to this Agreement or any amendment hereto is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the
party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original thereof. No party hereto shall raise the use of a facsimile machine or e-mail delivery of a “.pdf” format data file to deliver a signature to this Agreement or any amendment hereto or the fact that such signature was transmitted or communicated through the use of a facsimile
machine or e-mail delivery of a “.pdf” format data file as a defense to the formation or enforceability of a contract, and each party hereto forever waives any such defense. 

Section 5.07. No Third Party Beneficiaries. Except as provided in Section 5.09, nothing in this Agreement, express or
implied, is intended to or shall confer upon any Person (other than the parties to this Agreement) any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. 

Section 5.08. Specific Performance. The Parties agree that irreparable damage would occur and that the parties to this Agreement
would not have any adequate remedy at law in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the Parties shall be entitled to
an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement, in each case without the necessity of posting bond or other security or showing actual damages, and this being
in addition to any other remedy to which they are entitled at law or in equity. 
 Section 5.09. Indemnification. The Borrower
hereby agrees to indemnify, defend, hold harmless and reimburse each of the Purchasers and their respective managers, directors, officers, employees, agents, advisors and Affiliates and its and their respective successors, heirs and assigns (each of
whom shall be deemed an express third party beneficiary of this Section 5.09), from and against any losses, costs, claims, damages, liabilities or expenses (including reasonable attorneys’ and professional fees and other expenses of
litigation) arising out of claims, suits, actions or demands, or settlements or judgments arising therefrom as a result, or arising out of, any breach by the Borrower of a representation, warranty, covenant or agreement of the Borrower contained in
this Agreement. 
 Section 5.10. Effect of Headings. The section and subsection headings herein are for convenience only and not
part of this Agreement and shall not affect the interpretation hereof. 

  
 11 

 Section 5.11. Severability. If any provision of this Agreement shall be invalid,
illegal or unenforceable in any respect under any law, the validity, legality and enforceability of the remaining provisions hereof or thereof shall not in any way be affected or impaired thereby. 

Section 5.12. Further Assurances. The Borrower hereby agrees, from time to time, as and when requested by any Purchaser, to
execute and deliver or cause to be executed and delivered, all such documents, instruments and agreements, and to take or cause to be taken such further or other action, as are necessary to carry out the intent and purposes of this Agreement. 

Section 5.13. No Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties
to express their mutual intent, and no rule of strict construction will be applied against any party. 
 Section 5.14.
Interpretative Matters. Unless otherwise indicated or the context otherwise requires, (i) all references to Articles, Sections or Schedules are to Articles, Sections, or Schedules contained in or attached to this Agreement,
(ii) words in the singular or plural include the singular and plural, and pronouns stated in either the masculine, the feminine or neuter gender shall include the masculine, feminine and neuter, (iii) the words “hereof,”
“herein” and words of similar effect shall reference this Agreement in its entirety, and (iv) the use of the word “including” in this Agreement shall be by way of example rather than limitation. 

[The remainder of the page is intentionally left blank] 

 

  
 12 

 IN WITNESS WHEREOF, each party hereto has caused this Agreement to be duly executed as of
the date first written above. 
  

			
	 THE BORROWER:

	
	 AERIE PHARMACEUTICALS,
INC.

 
			
		
	By:	 	 /s/ Richard J. Rubino

	Name: Richard J. Rubino
	Title: Chief Financial Officer

 [Signature page to Exchange and Termination Agreement] 

 
			
	
	THE PURCHASERS:
	
	DEERFIELD PRIVATE DESIGN FUND III, L.P.
	
	By: Deerfield Mgmt III, L.P., its General Partner
	By: J.E. Flynn Capital III, LLC, its General Partner
		
	By:	 	 /s/ David Clark

	Name: David Clark
	Title: Authorized Signatory
	
	DEERFIELD PARTNERS, L.P.
	
	By: Deerfield Mgmt, L.P., its General Partner
	By: J.E. Flynn Capital, LLC, its General Partner
		
	By:	 	 /s/ David Clark

	Name: David Clark
	Title: Authorized Signatory
	
	DEERFIELD SPECIAL SITUATIONS FUND, L.P.
	
	By: Deerfield Mgmt, L.P., its General Partner
	By: J.E. Flynn Capital, LLC, its General Partner
		
	By:	 	 /s/ David Clark

	Name: David Clark
	Title: Authorized Signatory

 [Signature page to Exchange and Termination Agreement] 

 Schedule I 
  

																					
	 	  	Outstanding
Principal	 	  	Pro Rata
Share	 	 	Final
Conversion
Shares	 	  	Total
Exchange
Shares	 	  	Interest
Amount	 
	 Deerfield Private Design Fund III, L.P.
	  	$	90,000,000	 	  	 	72.00	% 	 	 	3,629,032	 	  	 	3,866,001	 	  	$	99,246.58	 
	 Deerfield Partners, L.P.
	  	$	25,000,000	 	  	 	20.00	% 	 	 	1,008,065	 	  	 	1,073,890	 	  	$	27,568.49	 
	 Deerfield Special Situations Fund, L.P.
	  	$	10,00,000	 	  	 	8.00	% 	 	 	403,226	 	  	 	429,556	 	  	$	11,027.40	 
		  				  				 				  				  	  
	  
	 
		  	  
	  
	 	  	  
	  
	 	 	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Total
	  	$	125,000,000	 	  	 	100.00	% 	 	 	5,040,323	 	  	 	5,369,447	 	  	$	137,842.47EX-4.2

 Exhibit 4.2 

Execution Version 

REGISTRATION RIGHTS AGREEMENT 

REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of July 23, 2018, by and among Aerie Pharmaceuticals, Inc., a Delaware
corporation (the “Company”), Deerfield Private Design Fund III, L.P. (“DPD III”), Deerfield Partners, L.P. (“DP”) and Deerfield Special Situations Fund, L.P. (“DSS” and, together
with DPD III and DP, the “Purchasers”). The Purchasers and the Company are referred to herein collectively as the “Parties.” Capitalized terms used herein which are defined in the Exchange Agreement (as defined
below), unless otherwise defined herein, shall have the meanings ascribed to them in the Exchange Agreement. 
 WHEREAS: 

A. In connection with the Exchange and Termination Agreement, of even date herewith, by and among the Parties (the “Exchange Agreement”), the
Company has agreed, upon the terms and subject to the conditions contained therein, to issue to the Purchasers an aggregate of 329,124 shares of Common Stock that constitute Additional Shares (the “Shares”); and 

B. To induce the Purchasers to execute and deliver the Exchange Agreement, the Company has agreed to provide certain registration rights under the Securities
Act of 1933, as amended, and the rules and regulations thereunder, or any similar successor statute (collectively, the “Securities Act”). 

NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, Parties hereby agree as follows: 
 1. DEFINITIONS. 

a. As used in this Agreement, the following terms shall have the following meanings: 

(i) “Additional Filing Deadline” means, with respect to any Additional Registration Statement that may be required to be filed pursuant to
Section 2(a)(ii), (A) the tenth (10th) day following the first date on which the applicable Registrable Securities may then be included in a Registration Statement if such Registration
Statement is required to be filed because the SEC shall have notified the Company in writing that any Registrable Securities were not eligible for inclusion in a previously filed Registration Statement, or (B) if such Additional Registration
Statement is required for a reason other than as described in (A) above, the tenth (10th) day following the date on which the Company becomes aware that such Additional Registration Statement
is required; provided, however, that if the Company is not eligible at such time to use Form S-3 or any similar successor short-form registration statement to effect a shelf offering, the Additional Filing
Deadline for such Additional Registration Statement shall be the thirtieth (30th) day following, in the case of clause (A) above, the first date on which such Registrable Securities may be
included in a Registration Statement or, in the case of clause (B) above, the date on which the Company becomes aware that such Additional Registration Statement is required. 

 (ii) “Additional Registration Deadline” means, with respect to any Additional Registration
Statement that may be required to be filed pursuant to Section 2(a)(ii), the thirtieth (30th) day following the Additional Filing Deadline with respect to such Additional Registration
Statement. 
 (iii) “Exchange Act” means the Securities Exchange Act of 1934, as amended, together with the rules and regulations
promulgated thereunder, and any successor statute. 
 (iv) “Filing Deadline” for the Registration Statement required pursuant to
Section 2(a)(i), shall mean August 22, 2018, and, for each Additional Registration Statement required pursuant to Section 2(a)(ii), shall mean the applicable Additional Filing Deadline. 

(v) “FINRA” means the Financial Industry Regulatory Authority (or successor thereto). 

(vi) “Investor” means any Purchaser and any transferee or assignee who agrees in writing to be bound by the provisions of this Agreement in
accordance with Section 9 hereof. 
 (vii) “Person” means and includes any natural person, partnership, joint venture, corporation,
trust, limited liability company, limited company, joint stock company, unincorporated organization, government entity or any political subdivision or agency thereof, or any other entity. 

(viii) “Prospectus” means, with respect to any offering of any portion of the Registrable Securities covered by a Registration Statement,
(i) any prospectus (preliminary or final) included in the Registration Statement, as may be amended or supplemented by any prospectus supplement with respect to the terms of such offering and by all other amendments and supplements to such
prospectus, including post-effective amendments, and all material incorporated by reference in such prospectus, and (ii) any “free writing prospectus,” as defined in Rule 405 under the Securities Act, relating to such offering of
Registrable Securities. 
 (ix) “Register,” “Registered,” and “Registration” refer to a registration
effected by preparing and filing a Registration Statement in compliance with the Securities Act, and the declaration or ordering of effectiveness, to the extent required in order to make such Registration Statement effective, of such Registration
Statement by the SEC. 
 (x) “Registrable Securities” means the Shares and any securities issued upon any stock split, dividend or other
distribution, recapitalization or similar event with respect to the Shares. 
 (xi) “Registration Deadline” shall mean, for purposes of the
Registration Statement required pursuant to Section 2(a)(i), October 21, 2018 and, with respect to any Additional Registration Statement required pursuant to Section 2(a)(ii), the Additional Registration Deadline. 

(xii) “Registration Statement(s)” means any registration statement(s) of the Company filed under the Securities Act covering the resale by the
Investors of any of the Registrable Securities pursuant to the provisions of this Agreement, all amendments and supplements to such registration statement(s), including post-effective amendments, and all exhibits to, and all material incorporated by
reference in, such registration statement(s). For the avoidance of doubt, any “Additional Registration Statement” as defined herein shall constitute a Registration Statement for purposes of this Agreement. 

  
 2 

 (xiii) “Rule 415” means Rule 415 under the Securities Act or any successor rule providing for
the offering of securities on a continuous basis. 
 (xiv) “SEC” means the United States Securities and Exchange Commission, or any
successor thereto. 
 2. REGISTRATION. 
 a. MANDATORY
REGISTRATION. (i) The Company shall prepare, and, on or prior to the Filing Deadline, file with the SEC a Registration Statement (the “Mandatory Registration Statement”) on Form S-3
covering the resale of all of the Registrable Securities. If at the time of the Filing Deadline the Company is a “well-known seasoned issuer” (as defined in Rule 405 under the Securities Act), such Mandatory Registration Statement shall be
an automatic shelf registration, and the Registration of Registrable Securities pursuant thereto may, in the sole discretion of the Company, be made by the filing of a new automatic shelf registration statement or by the post-effective amendment of,
or filing of a prospectus supplement with respect to, an existing automatic shelf registration statement of the Company. Any such Mandatory Registration Statement, to the extent permitted under the Securities Act and the rules and regulations
promulgated thereunder (including Rule 416), shall state that such Registration Statement also covers such indeterminate number of additional shares of Common Stock as may become issuable in respect of the Shares to prevent dilution resulting from
stock splits, stock dividends, stock issuances or similar transactions. In the event that, at the time of the Filing Deadline the Company is not eligible to use Form S-3, the Company shall prepare such
Mandatory Registration Statement on such form as is then available to effect a registration of the Registrable Securities. 
 (ii) If for any reason, despite
the Company’s use of its commercially reasonable efforts to include all of the Registrable Securities in the Registration Statement filed pursuant to Section 2(a)(i) above, the SEC does not permit all of the Registrable Securities to be
included in, or for any other reason any Registrable Securities are not then included in, such Registration Statement, then the Company shall prepare, and, as soon as practicable but in no event later than the Additional Filing Deadline, file with
the SEC an additional Registration Statement (each such Registration Statement, an “Additional Registration Statement”) covering the resale of all Registrable Securities not already covered by an existing and effective Registration
Statement. 
 b. PIGGY-BACK REGISTRATIONS. If at any time prior to the expiration of the Registration Period (as hereinafter defined) the Company
shall determine to file with the SEC a Registration Statement relating to an offering of its Common Stock for its own account or the account of any other holder of its securities (other than debt securities, securities to be issued in an exchange
offer, or securities being registered on Form S-4 or Form S-8 or any applicable successor form relating to equity securities to be issued solely in connection with any
acquisition of any entity or business or equity securities issuable in connection with any stock option or other employee benefit plans), then, subject to Section 2(d), the Company shall, not less than fifteen (15) days

  
 3 

 
prior to the intended public filing date of such Registration Statement, send to each Investor written notice of such determination; and if, within seven (7) days after the date of such
notice, any Investor shall so request in writing, the Company shall use its commercially reasonable efforts to include in such Registration Statement all or any part of such Investor’s Registrable Securities that the Investor requests to be
registered; 
 provided, however, that, in the case of a Registration Statement filed with respect to a proposed underwritten offering of the
Company’s Common Stock, if the managing underwriter(s) thereof shall advise the Company that, in its view, the number of securities requested to be included in such underwritten offering by the Investors, the Company, or any other Person
exercising contractual demand registration rights exceeds the largest number of shares of Common Stock that can be sold in an orderly manner pursuant to such underwritten offering within a price range acceptable to the Company or such other Person,
as applicable (the “Maximum Offering Size”), the Company shall use its commercially reasonable efforts to include in such underwritten offering: 
  

	 	(i)	first, all equity securities that the Company proposes to register or sell for its own account (if applicable); 

  

	 	(ii)	second, to the extent that the number of equity securities to be included pursuant to clause (i) above is less than the Maximum Offering Size, all equity securities requested to be included by Persons exercising
contractual demand registration rights with respect thereto; 

  

	 	(iii)	third, to the extent that the number of equity securities to be included pursuant to clauses (i) and (ii) above is less than the Maximum Offering Size, all Registrable Securities requested to be included by the
Investors and all other equity securities requested to be included by Persons entitled by contract to inclusion of such securities in an underwritten offering on a pro rata basis with the Registrable Securities; and 

 

	 	(iv)	thereafter, to the extent that the number of equity securities to be included pursuant to clauses (i) through (iii) above is less than the Maximum Offering Size, any other equity securities of the Company as the
Company shall in its discretion elect to include; 

 provided, further, however, that, after giving effect to the immediately
preceding proviso, any exclusion of Registrable Securities pursuant to clause (iii) thereof shall be made pro rata with holders of other securities having the contractual right to include such securities in such underwritten offering other than
holders of securities entitled to inclusion of their securities in such underwritten offering by reason of demand registration rights. 
 If an
Investor’s Registrable Securities are included in a Registration Statement relating to an underwritten offering pursuant to this Section 2(b), then such Investor shall offer and sell such Registrable Securities in such underwritten
offering on the same terms and conditions as other shares of Common Stock included in such underwritten offering. Notwithstanding anything to the contrary set forth herein, the rights of the Investors pursuant to this Section 2(b) shall only be
available in the event the Company fails to timely file, obtain effectiveness or maintain effectiveness of any Registration Statement to be filed pursuant to Section 2(a) or Section 3(b) in accordance with the terms of this Agreement. 

  
 4 

 c. NOTICES. Each Investor acknowledges and agrees that, in the event the Company would be required by the
terms of this Section 2 to provide notice to such Investor of the filing of any Registration Statement (including for purposes of an underwritten offering pursuant to Section 2(b) hereof) in which any Registrable Securities of any Investor
are eligible to be included, the Company shall provide such notice only to counsel to such Investor (which shall be Katten Muchin Rosenman LLP (Attn: Mark D. Wood) or such other counsel as shall have been designated by such Investor), unless such
Investor has given prior written instructions to the contrary to the Company. 
 3. OBLIGATIONS OF THE COMPANY. In connection with any registration of
Registrable Securities hereunder, the Company shall have the following obligations: 
 a. The Company shall prepare promptly, and file with the SEC as soon
as practicable after such registration obligation arises hereunder (but in no event later than the applicable Filing Deadline), a Registration Statement with respect to the number of Registrable Securities provided in Section 2(a), and
thereafter use its commercially reasonable efforts to cause such Registration Statement to become effective (i) as soon as possible after such filing and (ii) in any event no later than the applicable Registration Deadline, and shall
thereafter use its commercially reasonable efforts to keep such Registration Statement current and effective pursuant to Rule 415 at all times until such date as is the earlier of (i) the date on which all of the Registrable Securities included
in such Registration Statement shall have been sold and (ii) the date on which all Registrable Securities may be immediately sold to the public without registration or restriction (including without limitation as to volume by each holder
thereof), and without compliance with any “current public information” requirement, pursuant to Rule 144 under the Securities Act (the “Registration Period”). Any such Registration Statement (including any amendments or
supplements thereto and prospectuses contained therein) shall include a “plan of distribution” approved by Legal Counsel (as defined below) and shall not contain any untrue statement of a material fact or omit to state a material fact
required to be stated therein, or necessary to make the statements therein not misleading; provided that the Company shall not be liable to any Investor for any misstatement or omission made in reliance on information provided in writing by such
Investor with respect to itself or its securities pursuant to Section 4(a). If the Company is a “well-known seasoned issuer” (as defined in Rule 405 under the Securities Act) at the time the Company is requested or required hereunder
to file a Registration Statement or amendment to a Registration Statement hereunder (including pursuant to Section 3(b)), the Company shall use its commercially reasonable efforts to file such Registration Statement or amendment as an
“automatic shelf registration statement” (as defined in Rule 405 under the Securities Act). 
 b. The Company shall use its commercially reasonable
efforts to prepare and file with the SEC such amendments (including post-effective amendments) and supplements to each Registration Statement and any prospectus used in connection with an offering of Registrable Securities pursuant to any such
Registration Statement as may be necessary to keep such Registration Statement current and effective at all times during the Registration Period, and, during the 

  
 5 

 
Registration Period, shall comply with the provisions of the Securities Act with respect to the disposition of all Registrable Securities covered by each Registration Statement until such time as
all of such Registrable Securities have been disposed of in accordance with the intended methods of disposition by the seller or sellers thereof as set forth in such Registration Statement.     

c. The Company will promptly notify each of the Investors by electronic mail of the effectiveness of each Registration Statement or any post-effective
amendment to a Registration Statement. The Company will use its commercially reasonable efforts to respond promptly to any comments received from the SEC with respect to any Registration Statement filed pursuant to this Agreement, with a view
towards causing each such Registration Statement or any amendment thereto to be declared effective by the SEC (to the extent applicable) as soon as practicable, but in no event later than five (5) business days, following the resolution or
clearance of all SEC comments or, if applicable, following notification by the SEC that any such Registration Statement or any amendment thereto will not be subject to review; and shall file a request for acceleration of effectiveness of such
Registration Statement (to the extent applicable) to a time and date not later than two (2) business days after the submission of such request. The Company shall file any final prospectus required in connection with any effective Registration
Statement within the time period required by Rule 424 (or successor thereto) under the Securities Act. 
 d. The Company shall use its commercially
reasonable efforts to (i) register and qualify, in any jurisdiction where registration and/or qualification is required, the Registrable Securities covered by the Registration Statements under such other securities or “blue sky” laws
of such jurisdictions in the United States as the Investors shall reasonably request, (ii) prepare and file in those jurisdictions such amendments (including post-effective amendments) and supplements to such registrations and qualifications as
may be reasonably necessary to maintain the effectiveness thereof during the Registration Period, (iii) take such other actions as may be necessary to maintain such registrations and qualifications in effect at all times during the Registration
Period, and (iv) take all other actions reasonably necessary or advisable to qualify the Registrable Securities for sale in such jurisdictions; except that in no event shall the Company be required to qualify to do business as a foreign
corporation in any jurisdiction where it would not, but for the requirements of this paragraph (d), be required to be so qualified, to subject itself to taxation in any such jurisdiction or to consent to general service of process in any such
jurisdiction. 
 e. The Company shall furnish to each Investor such number of copies of any prospectus, including any preliminary prospectus, included in a
Registration Statement filed hereunder with respect to such Investor’s Registrable Securities, and all amendments and supplements thereto as such Investor may reasonably request in order to facilitate the disposition of the Registrable
Securities owned by such Investor. 
 f. As promptly as practicable after becoming aware of such event, the Company shall notify each Investor that holds
Registrable Securities of the happening or existence of any event or circumstance (but without providing any material nonpublic information related thereto), of which the Company has knowledge, as a result of which the prospectus included in any
Registration Statement, as then in effect, includes an untrue statement of a material fact or omits 

  
 6 

 
to state a material fact required to be stated therein or necessary to make the statements therein not misleading, and, unless an Allowable Grace Period exists, promptly prepare and deliver to
each Investor that holds Registrable Securities a prospectus supplemented or amended so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus shall not include an untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;. 

g. The Company shall use its commercially reasonable efforts (i) to prevent the issuance of any stop order or other suspension of effectiveness of any
Registration Statement, and (ii) if such an order is issued, to obtain the withdrawal of such order as promptly as reasonably practicable, and to notify each Investor that holds Registrable Securities covered by such Registration Statement of
the issuance of any such order and the resolution thereof, in each case as promptly as reasonably practicable. 
 h. The Company shall permit a single firm
of counsel designated by the Investors (which shall be Katten Muchin Rosenman LLP, unless otherwise designated by the Investors) (“Legal Counsel”) to review any Registration Statement to be filed hereunder and any amendment or
supplement thereto, as well as any requests for acceleration or effectiveness thereof and each item of correspondence to or from the SEC relating to such Registration Statement (provided that the Company shall not be required to so provide any
portion of such correspondence that, in the reasonable judgment of the Company, consists of commercially sensitive and confidential business information and, without the prior written consent of the Investors, the Company shall not provide to any
Investor any portion of any correspondence that contains material non-public information in the context of U.S. securities laws) a reasonable period of time prior to the filing of such materials with the
SEC, and shall not file any documents in a form to which Legal Counsel reasonably objects, and will not request acceleration of such Registration Statement without prior notice to Legal Counsel; provided that, notwithstanding the foregoing, in no
event shall the Company be (i) required to file any document with the SEC which in the view of the Company or its counsel contains any untrue statement of a material fact or omits to state a material fact required to be stated therein or
necessary to make any statement therein not misleading or (ii) prohibited from filing any document with the SEC which the Company or its counsel reasonably believes to be required by law to be so filed. 

i. The Company shall hold in confidence and not make any disclosure of information concerning an Investor provided to the Company unless (i) disclosure of
such information is necessary to comply with federal or state securities laws, (ii) the disclosure of such information is necessary to avoid or correct a misstatement or omission in any Registration Statement, (iii) the release of such
information is ordered pursuant to a subpoena or other order from a court or governmental body of competent jurisdiction, or (iv) such information has been made generally available to the public other than by disclosure in violation of this or
any other agreement. The Company agrees that it shall, upon learning that disclosure of such information concerning any Investor is sought in or by a court or governmental body of competent jurisdiction or through other means, give prompt notice to
such Investor prior to making such disclosure, and allow such Investor, at its expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order for, such information; provided that, notwithstanding the foregoing, in
no event shall the 

  
 7 

 
Company be (i) required to file any document with the SEC which in the view of the Company or its counsel contains any untrue statement of a material fact or omits to state a material fact
required to be stated therein or necessary to make any statement therein not misleading or (ii) prohibited from filing any document with the SEC which the Company or its counsel reasonably believes to be required by law to be so filed. 

j. The Company shall use its commercially reasonable efforts to cause all the Registrable Securities covered by each Registration Statement to be listed on the
principal securities exchange on which securities of the same class or series issued by the Company are then listed, if the listing of such Registrable Securities is then permitted under the rules of such exchange. 

k. At all times during the Registration Period, (i) the Company shall provide a transfer agent and registrar, which may be a single entity, for the
Registrable Securities, and (ii) the Common Stock shall be eligible for clearing through The Depository Trust Company (“DTC”), through its Deposit/Withdrawal At Custodian (“DWAC”) or applicable successor
system. 
 l. The Company shall cooperate with each Investor that holds Registrable Securities being offered to facilitate the timely (i) preparation
and delivery of certificates (not bearing any restrictive legends) representing Registrable Securities to be offered pursuant to such Registration Statement, and enable such certificates to be registered in such names and in such denominations or
amounts, as the case may be, or (ii) crediting of the Registrable Securities to be offered pursuant to a Registration Statement to the applicable account (or accounts) with DTC through its DWAC system, in any such case as such Investor may
reasonably request. Within two (2) business days after a Registration Statement which includes Registrable Securities becomes effective, the Company shall deliver, and, if required by the transfer agent, cause legal counsel selected by the
Company to deliver, to the transfer agent for the Registrable Securities (with copies to each Investor) an appropriate instruction and an opinion of such counsel in the form required by the transfer agent in order to transfer such Registrable
Securities free of restrictive legends. 
 m. At the reasonable request of an Investor, the Company shall prepare and file with the SEC such amendments
(including post-effective amendments) and supplements to a Registration Statement and any prospectus used in connection with the Registration Statement as may be necessary in order to change the plan of distribution set forth in such Registration
Statement, in each case as promptly as is reasonably practicable. 
 n. The Company shall not, and shall not agree to, allow the holders of any Common Stock
of the Company to include any of their securities (other than Registrable Securities) in any Registration Statement filed pursuant to Section 2(a) hereof or any amendment or supplement thereto, without the consent of Investors holding a majority-in-interest of the then outstanding Registrable Securities. In addition, the Company shall not include any securities for its own account in any Registration
Statement filed pursuant to Section 2(a), or any amendment or supplement thereto, without the consent of Investors holding a majority-in-interest of the then
outstanding Registrable Securities. 
 o. The Company shall take all other commercially reasonable actions necessary to expedite and facilitate disposition
by the Investors of the Registrable Securities pursuant to a Registration Statement. 

  
 8 

 p. If required by the FINRA Corporate Financing Department, the Company shall promptly effect a filing with FINRA
pursuant to FINRA Rule 5110 (or successor thereto) with respect to the public offering contemplated by resales of securities under the Registration Statement (an “Issuer Filing”), and pay the filing fee required by such Issuer
Filing. The Company shall use its commercially reasonable efforts to pursue the Issuer Filing until FINRA issues a letter confirming that it does not object to the terms of the offering contemplated by the Registration Statement. 

q. Notwithstanding anything to the contrary in Section 3(f), at any time after the effective date of any Registration Statement filed hereunder, the
Company may suspend the use of any prospectus forming a part of such Registration Statement if, in the good faith opinion of the Board of Directors of the Company, determines that any registration or offering of Registrable Securities should not be
made or continued because it would materially and adversely interfere with any existing or potential material financing, acquisition, corporate reorganization, merger, share exchange or other transaction or event involving the Company or any of its
subsidiaries or because the Company does not het have appropriate financial statement of any acquired or to-be-acquired entities available for filing (in each case, a
“Valid Business Reason”) (a “Grace Period”); provided that the Company shall (i) promptly notify the Investors in writing of the existence of a Valid Business Reason giving rise to a Grace Period (provided that
in each notice the Company shall not disclose the content of any material non-public information to any Investor, unless otherwise requested in writing by such Investor) and the date on which the Grace Period
will begin, and (ii) as soon as such date may be determined, promptly notify the Investors in writing of the date on which the Grace Period ends; and, provided, further, that (A) no Grace Period shall exceed forty-five
(45) consecutive days, (B) during any three hundred sixty-five (365) day period, such Grace Periods shall not exceed an aggregate of sixty (90) days, and (C) the first day of any Grace Period must be at least thirty
(30) days after the last day of any prior Grace Period, (each Grace Period that satisfies all of the requirements of this Section 3(s) being referred to as an “Allowable Grace Period”). For purposes of
determining the length of a Grace Period above, the Grace Period shall begin on and include the date the Investors receive the notice referred to in clause (i) and shall end on and include the later of the date the Investors receive the notice
referred to in clause (ii) and the date referred to in such notice. The provisions of Section 3(f) hereof shall not be applicable during the period of any Allowable Grace Period. Upon expiration of the Grace Period, the Company shall again
be bound by the first sentence of Section 3(f) with respect to the information giving rise thereto unless such material non-public information is no longer applicable. 

r. No Investor shall be described or referred to in any Registration Statement as an “underwriter” within the meaning of Section 2(11) of the
Securities Act without the prior written consent of such Investor (which consent may be given or withheld in the sole and absolute discretion of such Investor). 

4. OBLIGATIONS OF THE INVESTOR. In connection with the registration of the Registrable Securities, each Investor shall have the following obligations:

  
 9 

 a. It shall be a condition precedent to the obligations of the Company to complete the registration pursuant to
this Agreement with respect to the Registrable Securities of an Investor that such Investor shall furnish to the Company such information regarding itself, the Registrable Securities held by it and the intended method of disposition of the
Registrable Securities held by it as shall be reasonably required to effect the registration of such Registrable Securities and shall execute such documents in connection with such registration as the Company may reasonably request. At least five
(5) business days prior to the first anticipated filing date of a Registration Statement, the Company shall notify each Investor of the information the Company requires from such Investor. Any such information shall not contain any untrue
statement of a material fact or omit to state a material fact required to be stated therein, or necessary to make the statements therein not misleading. 

b. Each Investor, by such Investor’s acceptance of the Registrable Securities, agrees to cooperate with the Company as reasonably requested by the Company
in connection with the preparation and filing of a Registration Statement hereunder, unless such Investor has notified the Company in writing of such Investor’s election to exclude all of the Investor’s Registrable Securities from such
Registration Statement. 
 c. Each Investor agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in
Section 3(f) or 3(g), such Investor will immediately discontinue disposition of Registrable Securities pursuant to the Registration Statement covering such Registrable Securities until such Investor’s receipt of the copies of the
supplemented or amended prospectus contemplated by Section 3(f) or 3(g). 
 5. EXPENSES OF REGISTRATION. All reasonable expenses, other than
underwriting discounts and commissions, incurred in connection with registrations, filings or qualifications pursuant to Sections 2 and 3, including, without limitation, all registration, listing and qualification fees, printers and accounting fees,
and the fees and disbursements of counsel for the Company shall be borne by the Company. The Company shall also reimburse the Investors for the reasonable fees and disbursements of Legal Counsel in the aggregate amount up to $25,000 per registration
in connection with registrations pursuant to Section 2 or 3 of this Agreement. 
 6. INDEMNIFICATION. In the event any Registrable Securities are
included in a Registration Statement under this Agreement: 
 a. The Company will indemnify, hold harmless and defend (i) each Investor, (ii) the
directors, officers, partners, managers, members, employees and agents of each Investor, and each Person who controls any Investor within the meaning of the Securities Act or the Exchange Act, if any, (iii) any underwriter (as defined in the
Securities Act) in connection with an underwritten offering pursuant to Section 2(b) hereof, and (iv) the directors, officers, partners, employees and each Person who controls any such underwriter within the meaning of the Securities Act
or the Exchange Act, if any (each, an “Indemnified Person”), against any joint or several losses, claims, damages, liabilities or expenses (collectively, together with actions, proceedings or inquiries by any regulatory or
self-regulatory organization, whether commenced or threatened, in respect thereof, “Claims”) to which any of them may become subject insofar as such Claims 

  
 10 

 
arise out of or are based upon: (i) any untrue statement or alleged untrue statement of a material fact in any Registration Statement, or any amendment as supplement thereto, or any filing
made under state securities laws as required hereby, or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading; (ii) any untrue statement or
alleged untrue statement of a material fact contained in any Prospectus, or any amendment or supplement thereto, or the omission or alleged omission to state therein any material fact necessary to make the statements made therein, in the light of
the circumstances under which the statements therein were made, not misleading; or (iii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any other law, including any state securities law, or any rule
or regulation thereunder applicable to the Company and relating to any action required by or inaction by the Company in connection with the offer or sale of the Registrable Securities (the matters in the foregoing clauses (i) through (iii)
being, collectively, “Violations”). The Company shall reimburse the Indemnified Person, promptly as such expenses are incurred and are due and payable, for any documented and reasonable legal fees and other documented and reasonable
expenses incurred by them in connection with investigating or defending any such Claim. Notwithstanding anything to the contrary contained herein, the indemnification agreement contained in this Section 6(a) shall not apply to a Claim arising
out of or based upon a Violation to the extent that such Violation occurs in reliance upon and in conformity with information furnished in writing to the Company by or on behalf of an Indemnified Person expressly for use in connection with the
preparation of a Registration Statement or related prospectus or any amendment thereof or supplement thereto, or (y) to any amounts paid in settlement of any Claim effected without the prior written consent of the Company, which consent shall
not be unreasonably withheld or delayed. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of the Indemnified Person and shall survive the transfer of the Registrable Securities by any of the
Investors pursuant to Section 9. 
 b. Promptly after receipt by an Indemnified Person under this Section 6 of notice of the commencement of any
action (including any governmental action), such Indemnified Person shall, if a Claim in respect thereof is to be made against the Company under this Section 6, deliver to the Company a written notice of the commencement thereof, and the
Company shall have the right to participate in, and, to the extent the Company so desires, to assume control of the defense thereof with counsel mutually satisfactory to the Company and the Indemnified Person, as the case may be; 

provided, however, that an Indemnified Person shall have the right to retain its own counsel with the reasonable fees and expenses to be paid by
the Company, if, in the opinion of counsel for such Indemnified Person, the representation by such counsel of the Indemnified Person and the Company would be inappropriate due to the existence of actual or potential conflicts of interests between
such Indemnified Person and any other party represented by such counsel in such proceeding. The Company shall pay for only one separate legal counsel for the Indemnified Persons, and such legal counsel shall be selected by the Investors. The failure
to deliver written notice to the Company within a reasonable time of the commencement of any such action shall not relieve the Company of any liability to the Indemnified Person under this Section 6, except to the extent that the Company is
actually prejudiced in its ability to defend such action. The Company shall not, without the prior written consent of the Indemnified Persons, consent to 

  
 11 

 
entry of any judgment or enter into any settlement or other compromise with respect to any Claim in respect of which indemnification or contribution may be or has been sought hereunder (whether
or not any such Indemnified Party is an actual or potential party to such action or claim) which does not include as an unconditional term thereof the giving by the claimant or plaintiff to the Indemnified Persons of a full release from all
liability with respect to such Claim or which includes any admission as to fault or culpability on the part of any Indemnified Person. The indemnification required by this Section 6 shall be made by periodic payments of the amount thereof
during the course of the investigation or defense, as any expense, loss, damage or liability is incurred and is due and payable. 
 c. Each Investor will
indemnify, hold harmless and defend (i) the Company, and (ii) the directors, officers, partners, managers, members, employees and agents of the Company, if any (each, a “Company Indemnified Person”), against any Claims to
which any of them may become subject insofar as such Claims arise out of or are based upon any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any other law, including any state securities law, or any rule or
regulation thereunder relating to the offer or sale of the Registrable Securities, with respect to (i) any untrue statement or alleged untrue statement of any material fact in, or omission or alleged omission of any material fact from, any
Registration Statement, or any amendment or supplement thereto, or any filing made under state securities laws as required hereby, or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to
make the statements therein not misleading; (ii) any untrue statement or alleged untrue statement of a material fact contained in any Prospectus, or any amendment or supplement thereto, or the omission or alleged omission to state there in any
material fact necessary to make the statement made therein, in the light of the circumstances under which the statements therein were made, not mislead in; to the extent such statement or alleged statement or omission or alleged omission was made in
reliance upon information was furnished in writing to the Company by or on behalf of such Investor for the purpose of inclusion in such Registration Statement or Prospectus, as applicable, pursuant to Section 4(a). Notwithstanding anything
herein to the contrary, the indemnity agreement contained in this Section 6(c) shall not apply to amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of the Investors, which consent shall not
be unreasonably withheld or delayed; and provided, further, however, that an Investor shall be liable under this Section 6(c) for only that amount of a Claim as does not exceed the net amount of proceeds received by such Investor as a
result of the sale of Registrable Securities pursuant to such Registration Statement. 
 d. Promptly after receipt by a Company Indemnified Person under this
Section 6 of notice of the commencement of any action (including any governmental action), such Company Indemnified Person shall, if a Claim in respect thereof is to be made against any Investor under this Section 6, deliver to such
Investor a written notice of the commencement thereof, and such Investor shall have the right to participate in, and, to the extent such Investor so desires, to assume control of the defense thereof with counsel mutually satisfactory to such
Investor and such Company Indemnified Person. No Investor shall, without the prior written consent of the Company Indemnified Persons, consent to entry of any judgment or enter into any settlement or other compromise with respect to any Claim in
respect of which indemnification or contribution may be or has been sought by any Company Indemnified Person hereunder (whether or not any such 

  
 12 

 
Company Indemnified Person is an actual or potential party to such action or claim) which does not include as an unconditional term thereof the giving by the claimant or plaintiff to the Company
Indemnified Persons of a full release from all liability with respect to such Claim or which includes any admission as to fault or culpability on the part of any Company Indemnified Person. 

7. CONTRIBUTION. If for any reason the indemnification provided for in Section 6(a) or 6(c) (as applicable) is unavailable to an Indemnified Person
or Company Indemnified Person (as applicable) or insufficient to hold it harmless, other than as expressly specified therein, then the indemnifying party shall contribute to the amount paid or payable by the Indemnified Person or Company Indemnified
Person (as applicable) as a result of the Claim in such proportion as is appropriate to reflect the relative fault of the Indemnified Person or Company Indemnified Person (as applicable) and the indemnifying party (provided that the relative fault
of any Company Indemnified Person shall be deemed to include the fault of all other Company Indemnified Persons), as well as any other relevant equitable considerations. No Person guilty of fraudulent misrepresentation within the meaning of
Section 11(f) of the Securities Act shall be entitled to contribution from any Person not guilty of such fraudulent misrepresentation. In no event shall the contribution obligation of an Investor be greater in amount than the net amount of
proceeds received by such Investor as a result of the sale of Registrable Securities giving rise to such contribution obligation pursuant to the applicable Registration Statement (net of the aggregate amount of any damages or other amounts such
Investor has been required to pay pursuant to Section 6(c) or otherwise) by reason of false or misleading information furnished by such Investor). 

8. REPORTS UNDER THE 1934 ACT. With a view to making available to the Investors the benefits of Rule 144 promulgated under the Securities Act, the
Company agrees to: 
 a. make and keep public information available, as those terms are understood and defined in Rule 144; 

b. file with the SEC in a timely manner all reports and other documents required of the Company under the Exchange Act, for so long as the Company remains
subject to such requirements and the filing of such reports and other documents is required for the applicable provisions of Rule 144; and 
 c. so long
as any of the Investors owns Registrable Securities, promptly upon request, furnish to such Investor (i) a written statement by the Company that it has complied with the reporting requirements of the Exchange Act as required for applicable
provisions of Rule 144 and (ii) such other information as may be reasonably requested to permit such Investor to sell such Registrable Securities pursuant to Rule 144 without registration. 

9. ASSIGNMENT OF REGISTRATION RIGHTS. The rights under this Agreement shall be automatically assignable by each Investor to any transferee of all or any
portion of the Registrable Securities if: (i) such Investor agrees in writing with the transferee or assignee to assign such rights, and a copy of such agreement is furnished to the Company within a reasonable time after such assignment,
(ii) the Company is, within a reasonable time after such transfer or assignment, furnished with written notice of (a) the name and address of such 

  
 13 

 
transferee or assignee, and (b) the Registrable Securities with respect to which such registration rights are being transferred or assigned, and (iii) the transferee or assignee
agrees in writing with the Company to be bound by all of the provisions contained herein as applicable to the Investors. In the event that the Company receives written notice from an Investor that it has transferred all or any portion of its
Registrable Securities pursuant to this Section, the Company shall use its commercially reasonable efforts to file any amendments or supplements necessary to update the information contained in any
then-effective Registration Statement or prospectus to reflect the transfer, including updates to the selling stockholder disclosure contained therein (to the extent such amendment or supplement would be
effective to update such disclosure) promptly (and in any event within ten (10) days) following the receipt of all information required hereunder with respect to such transferee. 

10. AMENDMENT OF REGISTRATION RIGHTS. Provisions of this Agreement may be amended and the observance thereof may be waived (either generally or in a
particular instance and either retroactively or prospectively), only with written consent of the Company and the holders of a majority-in-interest of the then
outstanding Registrable Securities. Any amendment or waiver effected in accordance with this Section 10 shall be binding upon each of the Investors and the Company. 

11. MISCELLANEOUS. 
 a. If Registrable Securities are held
by a nominee for the beneficial owner thereof, the beneficial owner may, at its option, be treated as the Holder of such Registrable Securities for purposes of any request or other action by a Holder or Holders of Registrable Securities pursuant to
this Agreement or any determination of any number or percentage of Registrable Securities held by Holders pursuant to this Agreement; provided, however, that the Company shall have received assurances reasonably satisfactory to it of such beneficial
ownership. 
 b. Any notices required or permitted to be given under the terms hereof shall be sent by certified or registered mail (return receipt
requested) or delivered personally or by courier (including a recognized overnight delivery service) or by electronic mail and shall be effective five days after being placed in the mail, if mailed by regular United States mail, or upon receipt, if
delivered personally or by courier (including a recognized overnight delivery service) or by electronic mail, in each case addressed to a party. The addresses for such communications shall be: 

If to the Company: 
 Aerie Pharmaceuticals, Inc.

 4301 Emperor Boulevard, Suite 400 

Durham, NC 27703 
 Email:
rrubino@aeriepharma.com 
 Attn: Richard J. Rubino 

With copy to: 
 Fried, Frank, Harris,
Shriver & Jacobson LLP 
 One New York Plaza 

  
 14 

 New York, NY 10004 

Email: Andrew.barkan@friedfrank.com 

Attn: Andrew B. Barkan, Esq. 
 If to an Investor:

 c/o Deerfield Mgmt, L.P. 

780 Third Avenue, 37th Floor 

New York, NY 10017 
 Fax: (212) 599-1248 
 Email: dclark@deerfield.com 

Attn: David J. Clark, Esq. 
 With a copy to: 

Katten Muchin Rosenman LLP 
 575
Madison Avenue 
 New York, NY 10022 

Fax: (212) 940-8776 

Email: mark.fisher@kattenlaw.com and mark.wood@kattenlaw.com 

Attn: Mark I. Fisher, Esq. 

         Mark D. Wood, Esq. 

Each party shall provide notice to the other party of any change in address. 

c. Failure of any party to exercise any right or remedy under this Agreement or otherwise, or delay by a party in exercising such right or remedy, shall not
operate as a waiver thereof. 
 d. Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall
be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. The parties hereto agree that all claims, controversies and disputes of any kind
or nature relating in any way to the enforcement or interpretation of this Agreement or to the parties’ dealings, rights or obligations in connection herewith, shall be brought exclusively in the state and federal courts sitting in The City of
New York, borough of Manhattan. With respect to any such claims, controversies or disputes, each of the Parties hereby irrevocably: 

(A) submits itself and its property, generally and unconditionally, to the personal jurisdiction of the aforesaid courts and
agrees that it will not bring any action in any court or tribunal other than the aforesaid courts; 
 (B) waives, and agrees
not to assert in any suit, action or proceeding, (i) any claim that it is not personally, or the subject matter of such claim is not, subject to the jurisdiction of any such court, (ii) that such suit, action or proceeding is improper or
is an inconvenient venue for such proceeding or (iii) any claim that it or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts (whether through service of notice, attachment
prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise); and 

  
 15 

 (C) WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY DISPUTE
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY TO THIS AGREEMENT CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT
SUCH OTHER PARTY WOULD NOT SEEK TO ENFORCE THE FOREGOING WAIVER IN THE EVENT OF A LEGAL ACTION, (II) SUCH PARTY HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (III) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY AND (IV) SUCH PARTY HAS
BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 11(d). 
 Notwithstanding the
foregoing in this Section 11(d), a party may commence any action or proceeding in a court other than the above-named courts solely for the purpose of enforcing an order or judgment issued by one of the above-named courts. 

e. This Agreement and the Exchange Agreement constitute the entire agreement, and supersede all other prior and contemporaneous agreements and understandings,
both oral and written, among the Investors and the Company with respect to the subject matter hereof and thereof (other than that certain Expense Reimbursement Agreement, dated June 15, 2018 (the “Expense Reimbursement
Agreement”), by and between the Company and Deerfield Management Company, L.P., which remains in effect). 
 f. Subject to the requirements of
Section 9 hereof, this Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties, and the provisions of Sections 6 and 7 hereof shall inure to the benefit of, and be enforceable by, each
Indemnified Person and Company Indemnified Person (as applicable). 
 g. The headings in this Agreement are for convenience of reference only and shall not
limit or otherwise affect the meaning hereof. 
 h. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but
all of which shall constitute one and the same agreement. This Agreement, once executed by a party, may be delivered to the other party hereto by electronic transmission of a copy of this Agreement bearing the signature of the party so delivering
this Agreement. 
 i. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all
such other agreements, certificates, instruments and documents, as the other parties may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 j. The parties hereto agree that irreparable harm would occur in the event that any of the provisions of this Agreement were not performed in accordance
with their specific terms or were otherwise breached. Accordingly, each party hereto acknowledges that the remedy at law for 

  
 16 

 
breach of its obligations hereunder will be inadequate and agrees, in the event of a breach or threatened breach by any other party hereto of any of the provisions hereunder, that the non-breaching party shall be entitled, in addition to all other available remedies in law or in equity, to seek an injunction or injunctions to prevent or cure breaches of the provisions of this Agreement and to
enforce specifically the terms and provisions hereof, without the necessity of showing economic loss and without any bond or other security being required. 

k. The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rules of strict
construction will be applied against any party. 
 l. In the event that any provision of this Agreement is invalid or unenforceable under any applicable
statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any provision hereof which may prove invalid or
unenforceable under any law shall not affect the validity or enforceability of any other provision hereof. 
 m. In the event an Investor shall sell or
otherwise transfer any of such holder’s Registrable Securities, each transferee shall be allocated a pro rata portion of the number of Registrable Securities included in a Registration Statement for such transferor. 

n. There shall be no oral modifications or amendments to this Agreement. This Agreement may be modified or amended only in writing. 

o. The Company shall not grant any Person any registration rights with respect to shares of Common Stock or any other securities of the Company, other than
registration rights that will not adversely affect the rights of the Investors hereunder and shall not otherwise enter into any agreement that would adversely affect the rights granted to the Investors hereunder. 

p. The obligations of each Investor hereunder are several and not joint with the obligations of any other Investor, and no provision of this Agreement is
intended to confer any obligations on any Investor vis-à-vis any other Investor. Nothing contained herein, and no action taken by any Investor pursuant hereto,
shall be deemed to constitute the Investors as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Investors are in any way acting in concert or as a group with respect to such obligations or
the transactions contemplated herein. 
 q. Unless the context otherwise requires, (i) all references to Sections, Schedules or Exhibits are to
Sections, Schedules or Exhibits contained in or attached to this Agreement, (ii) words in the singular or plural include the singular and plural, and pronouns stated in either the masculine, the feminine or neuter gender shall include the
masculine, feminine and neuter, and (iii) the use of the word “including” in this Agreement shall be by way of example rather than limitation. 

[Remainder of page left intentionally blank] 

[Signature page follows] 

  
 17 

 IN WITNESS WHEREOF, the undersigned Investors and the Company have caused this Registration
Rights Agreement to be duly executed as of the date first written above. 
  

			
	 COMPANY:
  

AERIE PHARMACEUTICALS, INC.

 
			
		
	By:	 	 /s/ Richard J. Rubino

	Name:	 	Richard J. Rubino
	Title:	 	Chief Financial Officer

 [Signature Page to Registration Rights Agreement] 

 IN WITNESS WHEREOF, the undersigned Investors and the Company have caused this Registration
Rights Agreement to be duly executed as of the date first written above. 
  

			
	 INVESTORS:
  

	DEERFIELD PRIVATE DESIGN FUND III, L.P.
		
	By:	 	Deerfield Mgmt III, L.P., its General Partner
	By:	 	J.E. Flynn Capital III, LLC, its General Partner
		
	By:	 	 /s/ David Clark

	Name:	 	David Clark
	Title:	 	Authorized Signatory
	
	DEERFIELD PARTNERS, L.P.
		
	By:	 	Deerfield Mgmt, L.P., its General Partner
	By:	 	J.E. Flynn Capital, LLC, its General Partner
		
	By:	 	 /s/ David Clark

	Name:	 	David Clark
	Title:	 	Authorized Signatory
	
	DEERFIELD SPECIAL SITUATIONS FUND, L.P.
		
	By:	 	Deerfield Mgmt, L.P., its General Partner
	By:	 	J.E. Flynn Capital, LLC, its General Partner
		
	By:	 	 /s/ David Clark

	Name:	 	David Clark
	Title:	 	Authorized Signatory

 [Signature Page to Registration Rights Agreement]

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