Document:

EXHIBIT 10.1

 

INDEMNIFICATION AGREEMENT

This Agreement,
made and entered into as of the 3rd day of February 2015 (“Agreement”), by and between Propel Media, Inc., a Delaware
corporation (“Corporation”), and __________ (“Indemnitee”):

WHEREAS, highly
competent persons recently have become more reluctant to serve as directors, officers, or in other capacities of publicly held
corporations and other corporations that have non-employee investors among their stockholders or conduct operations in regulated
industries unless they are provided with better protection from the risk of claims and actions against them arising out of their
services to and activities on behalf of such corporation; and

WHEREAS, the Corporation
has determined that the inability to attract and retain such persons is detrimental to the best interests of the Corporation’s
stockholders and that such persons should be assured that they will have better protection in the future; and

WHEREAS, it is reasonable,
prudent and necessary for the Corporation to obligate itself contractually to indemnify such persons to the fullest extent permitted
by applicable law so that such persons will serve or continue to serve the Corporation free from undue concern that they will not
be adequately indemnified; and

WHEREAS, this Agreement
is a supplement to and in furtherance of the Certificate of Incorporation and Bylaws of the Corporation, and any resolutions adopted
pursuant thereto and shall neither be deemed to be a substitute therefor nor diminish or abrogate any rights of Indemnitee thereunder;
and

WHEREAS, Indemnitee
is willing to continue to serve and to take on additional service for or on behalf of the Corporation on the condition that he
or she be indemnified according to the terms of this Agreement;

NOW, THEREFORE,
in consideration of the premises and the covenants contained herein, the Corporation and Indemnitee do hereby covenant and agree
as follows:

1.                 
Definitions. For purposes of this Agreement:

1.1             
“Change in Control” means a change in control of the Corporation occurring after the date hereof of a nature
that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar
item on any similar schedule or form) promulgated under the Securities Exchange Act of 1934, as amended (“Act”), whether
or not the Corporation is then subject to such reporting requirement provided, however, that, without limitation, such a Change
in Control shall be deemed to have occurred if after the date hereof (i) any “person” (as such term is used in Sections
13(d) and 14(d) of the Act), other than a person who is an officer or director of the Corporation on February 29, 2012 (and any
of such person’s affiliates), is or becomes “beneficial owner” (as defined in Rule 13d-3 under the Act) directly
or indirectly, of securities of the Corporation representing 50% or more of the combined voting power of the then outstanding
securities of the Corporation without the prior approval of at least two-thirds of the members of the Board in office immediately
prior to such person attaining such percentage interest; (ii) the Corporation is a party to a merger, consolidation, sale of assets
or other reorganization, or a proxy contest, as a consequence of which members of the Board of Directors (“Board”)
in office immediately prior to such transaction or event constitute less than a majority of the Board thereafter; or (iii) during
any period of two consecutive years, individuals who at the beginning of such period constituted the Board (including for this
purpose any new director whose election or nomination for election by the Corporation’s stockholders was approved by a vote
of at least two-thirds of the directors then still in office who were directors at the beginning of such period) cease for any
reason to constitute at least a majority of the Board.

    	 

    	 

    

1.2             
“Corporate Status” means the status of a person who is or was a director, officer, employee, agent or fiduciary
of the Corporation or of any subsidiary of the Corporation or any other corporation, partnership, joint venture, trust, employee
benefit plan or other enterprise which such person is or was serving at the request of the Corporation or as a deemed fiduciary
thereto.

1.3             
“Disinterested Director” means a director of the Corporation who is not and was not a party to the Proceeding
in respect of which indemnification is sought by Indemnitee.

1.4             
“Expenses” means all reasonable attorneys’ fees, retainers, court costs (including trial and appeals),
transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges,
postage, delivery service fees, and all other disbursements or expenses of the types customarily incurred in connection with prosecuting,
defending, preparing to prosecute or defend, appealing, preparing to appeal, investigating, or being or preparing to be a witness
in a Proceeding.

1.5             
“Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation
law and neither presently is, nor in the past five years has been, retained to represent: (i) the Corporation or Indemnitee in
any other matter material to either such party, or (ii) any other party to the Proceeding giving rise to a claim for indemnification
hereunder. Notwithstanding the foregoing, the term “Independent Counsel” does not include any person who, under the
applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Corporation
or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. Except as provided in the first sentence
of Section 9.3 hereof, Independent Counsel shall be selected by (a) the Disinterested Directors or (b) a committee of the Board
consisting of two or more Disinterested Directors or if (a) and (b) above are not possible, then by a majority of the full Board.

1.6             
“Proceeding” means any action, suit, arbitration, alternate dispute resolution mechanism, investigation, administrative
hearing or any other proceeding, whether civil, criminal, administrative or investigative (whether formal or informal), except
one initiated by an Indemnitee pursuant to Section 11 of this Agreement to enforce his rights under this Agreement.

2.                 
Services by Indemnitee.

Indemnitee agrees
to continue to serve as a director, officer or employee of the Corporation or one or more of its subsidiaries. Indemnitee may at
any time and for any reason resign from such position (subject to any other contractual obligation or any obligation imposed by
operation of law).

3.                 
Indemnification - General.

The Corporation
shall indemnify, and advance Expenses to, Indemnitee as provided in this Agreement to the fullest extent permitted by applicable
law in effect on the date hereof and to such greater extent as applicable law may thereafter from time to time permit. The rights
of Indemnitee provided under the preceding sentence shall include, but not be limited to, the rights set forth in the other Sections
of this Agreement.

4.                 
Proceedings Other Than Proceedings by or in the Right of the Corporation.

Indemnitee shall
be entitled to the rights of indemnification provided in this Section if, by reason of his Corporate Status, he was or is threatened
to be made, a party to any threatened, pending or completed Proceeding, other than a Proceeding by or in the right of the Corporation.
Pursuant to this Section, Indemnitee shall be indemnified against Expenses, judgments, penalties, fines and amounts paid in settlement
actually and reasonably incurred by him or on his behalf in connection with any such Proceeding or any claim, issue or matter therein,
if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Corporation,
and, with respect to any criminal Proceeding, had no reasonable cause to believe his conduct was unlawful.

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5.                 
Proceedings by or in the Right of the Corporation.

Indemnitee shall
be entitled to the rights of indemnification provided in this Section if, by reason of his Corporate Status, he is, was or is threatened
to be made, a party to any threatened, pending or completed Proceeding brought by or in the right of the Corporation to procure
a judgment in its favor. Pursuant to this Section, Indemnitee shall be indemnified against Expenses and amounts paid in settlement
(such settlement amounts not to exceed, in the judgment of the Board, the estimated expense of litigating the Proceeding to conclusion)
actually and reasonably incurred by him or on his behalf in connection with any such Proceeding if he or she acted in good faith
and in a manner he reasonably believed to be in or not opposed to the best interests of the Corporation. Notwithstanding the foregoing,
no indemnification against such Expenses or amounts paid in settlement shall be made in respect of any claim, issue or matter in
any such Proceeding as to which Indemnitee has been adjudged to be liable to the Corporation if applicable law prohibits such indemnification
unless the court in which such Proceeding shall have been brought, was brought or is pending, shall determine that indemnification
against Expenses or amounts paid in settlement may nevertheless be made by the Corporation.

6.                 
Indemnification for Expenses of Party Who is Wholly or Partly Successful.

Notwithstanding
any other provision of this Agreement, to the extent that Indemnitee is, by reason of his Corporate Status, a party to and is successful,
on the merits or otherwise, in any Proceeding, he or she shall be indemnified against all Expenses (and, when eligible hereunder,
amounts paid in settlement) actually and reasonably incurred by him or on his behalf in connection therewith. If Indemnitee is
not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims,
issues or matters in such Proceeding, the Corporation shall indemnify Indemnitee against all Expenses (and, when eligible hereunder,
amounts paid in settlement) actually and reasonably incurred by him or on his behalf in connection with each successfully resolved
claim, issue or matter. For purposes of this Section, the term “successful, on the merits or otherwise,” includes,
but is not limited to, (i) any termination, withdrawal, or dismissal (with or without prejudice) of any Proceeding against the
Indemnitee without any express finding of liability or guilt against him, and (ii) the expiration of 90 days after the making of
any claim or threat of a Proceeding without the institution of the same and without any promise or payment made to induce a settlement.

7.                 
Indemnification for Expenses as a Witness.

Notwithstanding
any other provision of this Agreement, to the extent that Indemnitee is, by reason of his Corporate Status, a witness in any Proceeding,
he shall be indemnified against all Expenses actually and reasonably incurred by him on his behalf in connection therewith.

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8.                 
Advancement of Expenses and Other Amounts.

The Corporation
shall advance all Expenses, judgments, penalties, fines and, when eligible hereunder, amounts paid in settlement, incurred by or
on behalf of Indemnitee in connection with any Proceeding within thirty (30) days after the receipt by the Corporation of a statement
or statements from Indemnitee requesting such advance or advances from time to time, whether prior to or after final disposition
of such Proceeding. Such statement or statements shall reasonably evidence the Expenses, judgments, penalties, fines and amounts
paid in settlement, incurred by Indemnitee. Advances shall include
any and all reasonable Expenses incurred pursuing a Proceeding to enforce this right of advancement, including Expenses incurred
preparing and forwarding statements to the Corporation to support the advances claimed. Indemnitee shall have the right to advancement
by the Corporation prior to the final adjudication of any Indemnifiable Claim of any and all Expenses relating to, arising out
of or resulting from any Indemnifiable Claim paid or incurred by Indemnitee or which Indemnitee determines are reasonably likely
to be paid or incurred by Indemnitee. The right to advances under this section shall in all events continue until final disposition
of any Proceeding, including any appeal therein. Advances shall be unsecured and interest free. Advances shall be made without
regard to Indemnitee’s ability to repay. Advances shall be made without regard to Indemnitee’s ultimate entitlement
to be indemnified, held harmless or exonerated under the other provisions of this Agreement. The Indemnitee shall qualify for advances
upon the execution and delivery to the Corporation of this Agreement, which shall constitute an undertaking providing that the
Indemnitee undertakes to the fullest extent permitted by law to repay the advance (without interest) if and to the extent that
it is ultimately determined by a court of competent jurisdiction in a final judgment, not subject to appeal, that Indemnitee is
not entitled to be indemnified by the Corporation. No other form of undertaking shall be required other than the execution of this
Agreement.

9.                 
Procedure for Determination of Entitlement to Indemnification.

9.1             
To obtain indemnification under this Agreement in connection with any Proceeding, and for the duration thereof, Indemnitee
shall submit to the Corporation a written request, including therein or therewith such documentation and information as is reasonably
available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification.
The Secretary of the Corporation shall, promptly upon receipt of any such request for indemnification, advise the Board in writing
that Indemnitee has requested indemnification.

9.2             
Upon written request by Indemnitee for indemnification pursuant to Section 9.1 hereof, a determination, if required by applicable
law, with respect to Indemnitee’s entitlement thereto shall be made in such case: (i) if a Change in Control shall have occurred,
by Independent Counsel (unless Indemnitee shall request that such determination be made by the Board or the stockholders, in which
case in the manner provided for in clauses (ii) or (iii) of this Section 9.2) in a written opinion to the Board, a copy of which
shall be delivered to Indemnitee; (ii) if a Change of Control shall not have occurred, (A) by the Board by a majority vote of a
quorum consisting of Disinterested Directors, or (B) if a quorum of the Board consisting of Disinterested Directors is not obtainable,
by a majority of a committee of the Board consisting of two or more Disinterested Directors, or (C) by Independent Counsel in a
written opinion to the Board, a copy of which shall be delivered to Indemnitee, or (D) by the stockholders of the Corporation,
by a majority vote of a quorum consisting of stockholders who are not parties to the proceeding, or if no such quorum is obtainable,
by a majority vote of stockholders who are not parties to such proceeding; or (iii) as provided in Section 10.2 of this Agreement.
If it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten (10) days
after such determination. Indemnitee shall cooperate with the person, persons or entity making such determination with respect
to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance
request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably
available to Indemnitee and reasonably necessary to such determination. Any costs or expenses (including attorneys’ fees
and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall
be borne by the Corporation (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the
Corporation hereby indemnifies and agrees to hold Indemnitee harmless therefrom.

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9.3             
If a Change of Control shall have occurred, Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall
request that such selection be made by the Board), and Indemnitee shall give written notice to the Corporation advising it of the
identity of Independent Counsel so selected. In either event, Indemnitee or the Corporation, as the case may be, may, within seven
days after such written notice of selection shall have been given, deliver to the Corporation or to Indemnitee, as the case may
be, a written objection to such selection. Such objection may be asserted only on the ground that Independent Counsel so selected
does not meet the requirements of “Independent Counsel” as defined in Section 1 of this Agreement, and the objection
shall set forth with particularity the factual basis of such assertion. If such written objection is made, Independent Counsel
so selected may not serve as Independent Counsel unless and until a court has determined that such objection is without merit.
If, within 20 days after submission by Indemnitee of a written request for indemnification pursuant to Section 9.1 hereof, no Independent
Counsel shall have been selected and not objected to, either the Corporation or Indemnitee may petition the Court of Chancery of
the State of Delaware or other court of competent jurisdiction, for resolution of any objection which has been made by the Corporation
or Indemnitee to the other’s selection of Independent Counsel and/or for the appointment as Independent Counsel of a person
selected by such court or by such other person as such court shall designate, and the person with respect to whom an objection
is so resolved or the person so appointed shall act as Independent Counsel under Section 9.2 hereof. The Corporation shall pay
any and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection with its actions
pursuant to this Agreement, and the Corporation shall pay all reasonable fees and expenses incident to the procedures of this Section
9.3, regardless of the manner in which such Independent Counsel was selected or appointed. Upon the due commencement date of any
judicial proceeding pursuant to Section 11.1(iii) of this Agreement, Independent Counsel shall be discharged and relieved of any
further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing).

10.             
Presumptions and Effects of Certain Proceedings.

10.1         
In making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making
such determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted
a request for indemnification in accordance with Section 9.1 of this Agreement, and the Corporation shall have the burden of proof
to overcome that presumption by clear and convincing evidence in connection with the making by any person, persons or entity of
any determination contrary to that presumption.

10.2         
If the person, persons or entity empowered or selected under Section 9 of this Agreement to determine whether Indemnitee
is entitled to indemnification shall not have made a determination within thirty (30) days after receipt by the Corporation of
the request therefor, the requisite determination of entitlement to indemnification shall be deemed to have been made and Indemnitee
shall be entitled to such indemnification, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material
fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification,
or (ii) prohibition of such indemnification under applicable law as determined in a final adjudication not subject to further
appeal; provided, however, that such 30-day period may be extended for a reasonable time, not to exceed an additional thirty (30)
days, if the person, persons or entity making the determination with respect to entitlement to indemnification in good faith require(s)
such additional time for the obtaining or evaluating of documentation and/or information relating thereto; and provided, further,
however, that the foregoing provisions of this Section 10.2 shall not apply (i) if the determination of entitlement to indemnification
is to be made by the stockholders pursuant to Section 9.2 of this Agreement and if (A) within 15 days after receipt by the Corporation
of the request for such determination the Board has resolved to submit such determination to the stockholders for their consideration
at an annual meeting thereof to be held within 75 days after such receipt and such determination is made thereat, or (B) a special
meeting of stockholders is called within 15 days after such receipt for the purpose of making such determination, such meeting
is held for such purpose within 60 days after having been so called and such determination is made thereat, or (ii) if the determination
of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 9.2 of this Agreement. In connection
with each meeting at which a stockholder determination will be made, the Corporation shall solicit proxies that expressly include
a proposal to indemnify or reimburse the Indemnitee. The Corporation shall afford the Indemnitee ample opportunity to present
evidence of the facts upon which the Indemnitee relies for indemnification in any Corporation proxy statement relating to such
shareholder determination. Subject to the fiduciary duties of its members under applicable law, the Board will not recommend against
indemnification or reimbursement in any proxy statement relating to the proposal to indemnify or reimburse the Indemnitee.

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10.3         
The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction,
or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself
adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and
in a manner which he or she reasonably believed to be in or not opposed to the best interests of the Corporation or, with respect
to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his conduct was unlawful.

10.4         
Reliance as Safe Harbor. For purposes of this Agreement, the Indemnitee shall be deemed to have acted in good faith
and in a manner he reasonably believed to be in or not opposed to the best interests of the Corporation, or, with respect to any
criminal Proceeding, to have had no reasonable cause to believe his conduct was unlawful, if his action is based on (i) the records
or books of account of the Corporation, or another enterprise, including financial statements, (ii) information supplied to him
by the officers of the Corporation or another enterprise in the course of their duties, (iii) the advice of legal counsel for the
Corporation or another enterprise, or of an independent certified public accountant or an appraiser or other expert selected with
reasonable care by the Corporation or another enterprise. The term “another enterprise” as used in this Section shall
mean any other corporation or any partnership, joint venture, trust, employee benefit plan or other enterprise of which the Indemnitee
is or was serving at the request of the Corporation as a director, officer, partner, trustee, employee or agent. The provisions
of this Section shall not be deemed to be exclusive or to limit in any way the other circumstances in which the Indemnitee may
be deemed to have met the applicable standard of conduct set forth herein. Whether or not the foregoing provisions of this Section
10.4 are satisfied, it shall in any event be presumed that Indemnitee has at all times acted in good faith and in a manner he reasonably
believed to be in or not opposed to the best interests of the Corporation, or, with respect to any criminal Proceeding, to have
had no reasonable cause to believe Indemnitee’s conduct was unlawful. Anyone seeking to overcome this presumption shall have
the burden of proof and the burden of persuasion by clear and convincing evidence.

11.             
Remedies of Indemnitee.

11.1         
In the event that (i) a determination is made pursuant to Section 9 of this Agreement that Indemnitee is not entitled to
indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 8 of this Agreement,
(iii) the determination of indemnification is to be made by Independent Counsel pursuant to Section 9.2 of this Agreement and such
determination shall not have been made and delivered in a written opinion within 30 days after receipt by the Corporation of the
request for indemnification, (iv) payment of indemnification is not made pursuant to Section 7 of this Agreement within thirty
(30) days after receipt by the Corporation of a written request therefor, or (v) payment of indemnification is not made within
thirty (30) days after a determination has been made that Indemnitee is entitled to indemnification or such determination is deemed
to have been made pursuant to Section 9 or 10 of this Agreement, Indemnitee shall be entitled to an adjudication in an appropriate
court of the State of Delaware, or in any other court of competent jurisdiction, of his entitlement to such indemnification or
advancement of Expenses, judgments, penalties, fines or, when eligible hereunder, amounts paid in settlement. The Corporation shall
not oppose Indemnitee’s right to seek any such adjudication.

11.2         
In the event that a determination shall have been made pursuant to Section 9 of this Agreement that Indemnitee is not entitled
to indemnification, any judicial proceeding commenced pursuant to this Section shall be conducted in all respects as a de novo
trial on the merits and Indemnitee shall not be prejudiced by reason of that adverse determination.

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11.3         
If a determination shall have been made or deemed to have been made pursuant to Section 9 or 10 of this Agreement that Indemnitee
is entitled to indemnification, the Corporation shall be bound by such determination in any judicial proceeding commenced pursuant
to this Section, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make
Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) prohibition
of such indemnification under applicable law.

11.4         
The Corporation shall be precluded from asserting in any judicial proceeding commenced pursuant to this Section that the
procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court that
the Corporation is bound by all the provisions of this Agreement.

11.5         
In the event that Indemnitee, pursuant to this Section, seeks a judicial adjudication of his or her rights under, or to
recover damages for breach of, this Agreement, Indemnitee shall be entitled to recover from the Corporation, and shall be indemnified
by the Corporation against, any and all expenses (of the kinds described in the definition of Expenses) actually and reasonably
incurred by him or her in such judicial adjudication,  unless as
a part of such action the court determines that each of Indemnitee’s assertions in such action were made in bad faith or
were frivolous.

12.             
Procedure Regarding Indemnification.

With respect to
any Proceedings, the Indemnitee, prior to taking any action with respect to such Proceeding, shall consult with the Corporation
as to the procedure to be followed in defending, settling, or compromising the Proceeding and may not consent to any settlement
or compromise of the Proceeding without the written consent of the Corporation (which consent may not be unreasonably withheld
or delayed). The Corporation shall be entitled to participate in defending, settling or compromising any Proceeding and to assume
the defense of such Proceeding with counsel of its choice and shall assume such defense if requested by the Indemnitee. Notwithstanding
the election by, or obligation of, the Corporation to assume the defense of a Proceeding, the Indemnitee shall have the right to
participate in the defense of such Proceeding and to employ counsel of Indemnitee’s choice, but the fees and expenses of
such counsel shall be at the expense of the Indemnitee unless (i) the employment of such counsel has been authorized in writing
by the Corporation, or (ii) the Indemnitee has reasonably concluded that there may be defenses available to him or her which are
different from or additional to those available to the Corporation (in which latter case the Corporation shall not have the right
to direct the defense of such Proceeding on behalf of the Indemnitee), in either of which events the fees and expenses of not more
than one additional firm of attorneys selected by the Indemnitee shall be borne by the Corporation. If the Corporation assumes
the defense of a Proceeding, then counsel for the Corporation and Indemnitee shall keep Indemnitee reasonably informed of the status
of the Proceeding and promptly send to Indemnitee copies of all documents filed or produced in the Proceeding, and the Corporation
shall not compromise or settle any such Proceeding without the written consent of the Indemnitee (which consent may not be unreasonably
withheld or delayed) if the relief provided shall be other than monetary damages and shall promptly notify the Indemnitee of any
settlement and the amount thereof.

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		13.	Non-Exclusivity; Survival of Rights; Insurance; Subrogation; Contribution.

13.1         
The rights of indemnification and to receive advancement of Expenses as provided by this Agreement shall not be deemed exclusive
of any other rights to which Indemnitee may at any time be entitled under applicable law, the certificate of incorporation or by-laws
of the Corporation, any agreement, a vote of stockholders or a resolution of directors, or otherwise. No amendment, alteration
or repeal of this Agreement or any provision hereof shall be effective as to any Indemnitee with respect to any action taken or
omitted by such Indemnitee in his Corporate Status prior to such amendment, alteration or repeal.

13.2         
To the extent that the Corporation maintains an insurance policy or policies providing liability insurance for directors,
officers, employees, agents or fiduciaries of the Corporation or of any other corporation, partnership, joint venture, trust, employee
benefit plan or other enterprise which such person serves at the request of the Corporation, Indemnitee shall be covered by such
policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any such director,
officer, employee, agent or fiduciary under such policy or policies.

13.3         
In the event of any payment under this Agreement, the Corporation shall be subrogated to the extent of such payment to all
of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights,
including execution of such documents as are reasonably necessary to enable the Corporation to bring suit to enforce such rights.

The Corporation shall not be liable under this Agreement to make
any payment of amounts otherwise indemnifiable hereunder if and to the extent that Indemnitee has otherwise actually received such
payment under any insurance policy, contract, agreement or otherwise.

13.4         
(a)If a determination is made that Indemnitee is not entitled to indemnification, after Indemnitee submits a written
request therefor, under this Agreement, then in respect of any threatened, pending or completed Proceeding in which the Corporation
is jointly liability with the Indemnitee (or would be if joined in such Proceeding), the Corporation shall contribute to the amount
of Expenses, judgments, fines and amounts paid in settlement by the Indemnitee in such proportion as is appropriate to reflect
(i) the relative benefits received by the Corporation on the one hand and the Indemnitee on the other hand from the transaction
from which Proceeding arose, and (ii) the relative fault of the Corporation on the one hand and of the Indemnitee on the other
hand in connection with the events that resulted in such Expenses, judgments, fines or amounts paid in settlement, as well as
any other relevant equitable considerations. The relative fault of the Corporation on the one hand and of the Indemnitee on the
other hand shall be determined by reference to, among other things, the parties’ relative intent, knowledge, access to information
and opportunity to correct or prevent the circumstances resulting in such Expenses, judgments, fines or amounts paid in settlement.
The Corporation agrees that it would not be just and equitable if contribution pursuant to this Section were determined by pro
rata allocation or any other method of allocation that does not take into account the foregoing equitable considerations.

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(b)The determination
as to the amount of the contribution, if any, shall be made by:

(i)                
a court of competent jurisdiction upon the applicable of both the Indemnitee and the Corporation (if the Proceeding had
been brought in, and final determination had been rendered by such court);

(ii)              
the Board by a majority vote of a quorum consisting of Disinterested Directors; or

(iii)            
Independent Counsel, if a quorum is not obtainable for purpose of (ii) above, or, even if obtainable, a quorum of Disinterested
Directors so directs.

14.             
Duration of Agreement.

This Agreement
shall continue until and terminate upon the later of: (a) the date on which the Indemnitee is no longer a director, officer, employee
or other agent of the Company (or is or was serving at the request of the Company as a director, officer, employee or other agent
of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise) and is no longer subject
to any possible proceeding, claim or threatened, pending or completed action, suit or proceeding, whether civil, criminal, arbitrational,
administrative or investigative, by reason of the fact that Indemnitee was serving in the capacity referred to herein, or (b) the
final termination of all pending Proceedings in respect of which Indemnitee is granted rights of indemnification or advancement
of Expenses, judgments, penalties, fines or amounts paid in settlement hereunder and or any proceeding commenced by Indemnitee
pursuant to Section 11 of this Agreement. This Agreement shall be binding upon the Corporation and its successors and assigns and
shall inure to the benefit of Indemnitee and his spouse, heirs, executors, personal representatives and administrators. The Company
shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially
all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory
to Indemnitee, expressly to (i) assume and agree to perform this Agreement in the same manner and to the same extent that
the Company would be required to perform if no such succession had taken place and (ii) agree to indemnify Indemnitee to the
maximum extent provided by the laws of the jurisdiction of organization of such successor, to the extent that such laws would provide
indemnification rights that are, in any respect, greater, or more beneficial to Indemnitee, than the rights to indemnification
provided pursuant to this Agreement.

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15.             
Severability.

If any provision
or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity,
legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any Section
of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal
or unenforceable) shall not in any way be affected or impaired thereby; and (b) to the fullest extent possible, the provisions
of this Agreement (including, without limitation, each portion of any Section of this Agreement containing any such provision held
to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give
effect to the intent manifested by the provision held invalid, illegal or unenforceable.

16.             
Entire Agreement.

This Agreement
constitutes the entire agreement between the Corporation and the Indemnitee with respect to the subject matter hereof and supercedes
all prior agreements, understanding, negotiations and discussion, both written and oral, between the parties hereto with respect
to such subject matter (the “Prior Agreements”); provided, however, that if this Agreement shall ever be held void
or unenforceable for any reasons whatsoever, and is not reformed pursuant to Section 15 hereof, then (i) this Agreement shall not
be deemed to have superceded any Prior Agreements; (ii) all of such Prior Agreements shall be deemed to be in full force and effect
notwithstanding the execution of this Agreement; and (iii) the Indemnitee shall be entitled to maximum indemnification benefits
provided under any Prior Agreements, as well as those provided under applicable law, the certificate of incorporation or by-laws
of the Corporation, a vote of stockholders or resolution of directors.

17.             
Exception to Right of Indemnification or Advancement of Expenses.

Except as provided
in Section 11.5, Indemnitee shall not be entitled to indemnification or advancement of Expenses under this Agreement with respect
to any Proceeding, or any claim therein, brought or made by him against the Corporation.

18.             
Covenant Not to Sue; Limitation of Actions; Release of Claims.

No legal action
shall be brought and no cause of action shall be asserted by or on behalf of the Corporation (or any of its subsidiaries) against
the Indemnitee, his spouse, heirs, executors, personal representatives or administrators after the expiration of two (2) years
from the date of accrual of such cause of action and any claim or cause of action of the Corporation (or any of its subsidiaries)
shall be extinguished and deemed released unless asserted by the filing of a legal action within such two (2) year period; provided,
however, that if any shorter period of limitation is otherwise applicable to any such cause of action, such shorter period shall
govern.

    	10

    	 

    

19.             
Identical Counterparts.

This Agreement
may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which
together shall constitute one and the same Agreement.

20.             
Headings.

The headings of
the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement
or to affect the construction thereof.

21.             
Modification and Waiver.

No supplement,
modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver
of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether
or not similar) nor shall such waiver constitute a continuing waiver.

22.             
Notice by Indemnitee.

Indemnitee agrees
promptly to notify the Corporation in writing upon being served with any summons, citation, subpoena, complaint, indictment, information
or other document relating any Proceeding or matter which may be subject to indemnification or advancement of Expenses, judgments,
penalties, fines or amounts paid in settlement covered hereunder.

23.             
Notices.

All notices, requests,
demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if (i) delivered by
hand and receipted for by the party to whom such notice or other communication shall have been directed, or (ii) mailed by certified
or registered mail with postage prepaid, on the third business day after the date on which it is so mailed:

If to Indemnitee,
to:

 

at the address
on file with the Corporation

 

If to the Corporation, to:

 

     Propel Media, Inc.

2010 Main Street, Suite 900

Irvine, CA 92614

Attention: Chief Executive Officer

or to such other address or such
other person as Indemnitee or the Corporation shall designate in writing in accordance with this Section, except that notices
regarding changes in notices shall be effective only upon receipt.

24.             
Governing Law.

The parties agree
that this Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware applicable
to contracts made and performed in that state without giving effect to the principles of conflicts of laws.

25.             
Miscellaneous.

Use of the masculine
pronoun shall be deemed to include usage of the feminine pronoun where appropriate.

    	11

    	 

    

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement as of the day and year first above written.

 

PROPEL
MEDIA, INC.

 

 

By:_____________________________________

Name:

Title:

 

 

 

INDEMNITEE

 

 

________________________________________

 

 

12Exhibit 4.2

 

STEADYMED LTD.

 

FOURTH AMENDED INVESTORS RIGHTS AGREEMENT

 

This Fourth Amended Investors Rights Agreement (the “Agreement”) is made as of February 24th, 2014, by and among (i) SteadyMed Ltd., an Israeli company (the “Company”), (ii) the persons and entities identified in Schedule 1 hereto (individually or collectively) referred to herein as “Preferred E Holder(s)” (iii) the persons and entities identified in Schedule 1 hereto (individually or collectively ) referred to herein as “Preferred D Holder(s)” (iv) the persons and entities identified in Schedule 1 hereto (individually or collectively referred to herein as “Preferred C Holder(s)” (v) the persons and entities identified in Schedule 1 hereto (individually or collectively referred to herein as the “Preferred B Holder(s)”, (the Preferred E Holders, the Preferred D Holders, the Preferred C Holders and the Preferred B Holders shall be also referred to herein collectively as “Investor(s)” as the context requires) (vi) the holders of Series A2 Preferred Shares of the Company identified in Schedule 2 attached hereto (“Preferred A2 Holders”), and (vii) the holders of Series Al Preferred Shares of the Company identified in Schedule 3 attached hereto (“Preferred Al Holders”), The Investors, the Preferred Al Holders and the Preferred A2 Holders shall each be referred to as a “Preferred Shareholder” and collectively, as the “Preferred Shareholders”, as the context requires. Capitalized Terms used herein and not otherwise defined shall have the meanings ascribed in the Company’s Eighth Amended and Restated Articles of Association, as amended from time to time (the “Articles”).

 

WHEREAS the Preferred A1 Holders are the holders of all of the issued and outstanding Series A1 Preferred Shares of the Company (the “Preferred Al Shares”); and

 

WHEREAS, the Preferred A2 Holders are the holders of all of the issued and outstanding Series A2 Preferred Shares of the Company (the “Preferred A2 Shares”); and

 

WHEREAS, pursuant to that certain Series B Preferred Share Purchase Agreement dated August 2nd, 2010, including the Addendum thereto dated July 25th, 2011, and the Second Addendum thereto dated December 11th, 2011 (the “Series B Share Purchase Agreement”) among the Founders, the Preferred B Holders and the Company, the Preferred B Holders are the holders of all of the issued and outstanding Preferred B Shares of the Company (the “Preferred B Shares”); and

 

WHEREAS, pursuant to that certain Series C Preferred Share Purchase Agreement dated February 21st, 2012 (the “Series C Share Purchase Agreement”) among the Founders, the Preferred C Holders and the Company, the Preferred C Holders are the holders of all of the issued and outstanding Preferred C Shares of the Company (the “Preferred C Shares”);

 

WHEREAS, pursuant to that certain Series D Preferred Share Purchase Agreement dated July 19th, 2012 and any joinder agreements thereto (the “Series D Share Purchase Agreement”) among the Preferred D Holders and the Company, the Preferred D Holders are the holders of all of the issued and outstanding Preferred D Shares of the Company (the “Preferred D Shares”);

 

WHEREAS, pursuant to that certain Series E Preferred Share Purchase Agreement dated February 17th, 2014 and any joinder agreements thereto (the “Series E Share Purchase Agreement”) among the Preferred E Holders and the Company, the Preferred E Holders are the holders of all of the issued and outstanding Preferred E Shares of the Company (the “Preferred E Shares”);

 

WHEREAS, the Preferred Shareholders and the Company desire to set forth certain matters regarding the ownership of the shares of the Company and hereby agree to enter into this

 

 

Agreement, to govern the rights of the Preferred Shareholders to cause the Company to register the Company’s Ordinary Shares issued or issuable to them and certain other matters as set forth herein.

 

NOW, THEREFORE, in consideration of these premises and the mutual covenants and agreements contained herein, the parties hereto agree as follows:

 

1.                                      Financial And Management Information

 

1.1          Financial Information.

 

Until the Company’s Qualified IPO (as defined in the Articles), the Company will furnish the following reports to the Preferred Shareholders, provided that such Preferred Shareholder then holds Preferred Shares or Ordinary Shares issued on conversion of Preferred Shares:

 

(i)          As soon as practicable after the end of each fiscal year, and in any event within ninety (90) days thereafter, a consolidated balance sheet of the Company as of the end of such year, and statements of income and statements of cash flow of the Company for such year, setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail, United States Dollar-denominated, prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) (adjusted in a separate note to IFRS), and per the request of the Board, such financial statements shall be audited by a firm of Independent Certified Public Accountants in the State of Israel, a member of the Israeli Institute of Certified Public Accountants and is independent with respect to the Preferred Shareholders (the “CPA”) and accompanied by an opinion of such firm which opinion shall state that such balance sheet and statements of income and cash flow have been prepared in accordance with U.S. GAAP applied on a basis consistent with that of the preceding fiscal year, and present fairly and accurately the financial position of the Company as of their date, and that the audit by such accountants in connection with such financial statements has been made in accordance with generally accepted auditing standards. For clarification purposes, subject to the provisions of applicable law, the Company shall provide the Preferred Shareholders with unaudited annual financial statements, unless the Board determines otherwise; and in such event the Company shall be required to deliver the audited annual financial statements within up to 180 days after the end of each fiscal year.

 

(ii)           As soon as practicable, but in any event within forty five (45) days after the end of each quarter of each fiscal year of the Company, an unaudited consolidated balance sheet of the Company as at the end of each such period and unaudited consolidated statements of (i) income and (ii) cash flow of the Company for such period and, in the case of the first, second and third quarterly periods, for the period from the beginning of the current fiscal year to the end of such quarterly period, setting forth in each case in comparative form the figures for the corresponding period of the previous fiscal year, all in reasonable detail, United States dollar-denominated and certified by the chief financial officer (or if none, by the Chief Executive Officer) of the Company that such financial statements were prepared in accordance with Israeli generally accepted accounting principles applied on a basis consistent with that of preceding periods (adjusted to IFRS) and, except as otherwise stated therein, fairly present the financial position of the Company as of their date subject to changes resulting from year-end audit adjustments, and all reviewed by the CPA, it being understood and agreed that the Company may provide such interim financial statements in accordance with U.S. GAAP if the costs thereof are reasonable.

 

(iii)          At least thirty (30) days prior to the beginning of each fiscal year, the Company shall furnish the Preferred Shareholders with the Annual Plan (as defined below).

 

 

(iv)          As soon as practicable, but in any event within fifteen (15) days after the end of each quarter of each fiscal year of the Company, a quarterly report, in a format to be agreed by the Company’s Chief Executive Officer and the Board of Directors of the Company.

 

This Section 1.1 shall not be in limitation of any rights which the Preferred Shareholders or the directors designated by the Preferred Shareholders, as applicable, may have under applicable law.

 

1.2          Until the Company’s Qualified IPO, and subject to a customary confidential undertaking, the Company will permit the authorized representatives reasonably acceptable to the Company of the Preferred Shareholders, access, at reasonable times, and upon reasonable notice, and without unduly interfering with the operations of the Company, to review and inspect all books and records of the Company, to review the Company’s annual budget and to discuss its affairs, finances and accounts with the Company’s officers, employees and independent accountants and agents, provided, however, that the provisions of this section shall not apply to any Preferred Shareholder reasonably deemed to be a competitor of the Company. Such access shall be provided at no cost to the Preferred Shareholders, provided that the Company shall be reimbursed by any such Preferred Shareholders for expenses incurred in connection with making copies of any records and/or files at the request of any of the Preferred Shareholders or their authorized representatives. In addition, the Company will provide the Investors, with reasonable promptness, such other information and data with respect to the Company, as the Investors may from time to time reasonably request. This Section 1.2 shall not be in limitation of any rights which the directors designated by the Investors may have under applicable law.

 

1.3          Accounting. The Company will maintain and cause each of its subsidiaries to maintain a system of accounting established and administered in accordance with U.S. GAAP consistently applied (or Israeli GAAP for interim financial statements, as set forth in section 1.1 above), and will set aside on its books and cause each of its operating subsidiaries to set aside on its books all such proper reserves as shall be required by U.S. GAAP (or Israeli GAAP for interim financial statements, as set forth in section 1.1 above). For purposes of this Section 1.3, “subsidiary” means any corporation or entity at least a majority of whose voting securities are at the time owned by the Company, or by one or more subsidiaries, or by the Company and one or more subsidiaries.

 

1.4          Proprietary Information and Non-Competition Agreements. Each employee, consultant, founder and/or officer of the Company and any person who will have access to confidential information with respect to the Company and its operations has signed or will sign a non-disclosure and proprietary rights agreement protecting the Company’s rights, in the customary form utilized by the Company, acceptable to Company’s Chief Executive Officer; any material deviation from the customary form of Company’s non-disclosure and proprietary rights agreement be approved by the Board of Directors.

 

1.5          Annual Plan. The management of the Company shall establish annually an operating plan and budget for the Company (the “Annual Plan”), in consultation with the Board of Directors. The Annual Plan for the following year shall be submitted to the Board of Directors for its approval and shall be delivered to the Preferred Shareholders pursuant to section 1.1 (iii).

 

1.6          The foregoing financial and management information rights shall not apply to a Preferred Shareholder that is a competitor of the Company, which shall mean, for purposes hereof, a person or entity that engages in any activities that compete with the Company in the field of delivering injectable therapeutic drugs by disposable pumps.

 

 

2.                                      Registration Rights; Compliance with Securities Act; Restrictions on Transferability

 

2.1          Definitions. As used in this Agreement, the following terms shall have the following respective meanings:

 

“Commission” means the U.S. Securities and Exchange Commission or any other U.S. federal agency at the time administering the Securities Act;

 

“Ordinary Shares” means the Company’s Ordinary Shares NIS 0.01 par value each;

 

“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended;

 

“Form F-3” means Form F-3 (or Form S-3, as the case may be) under the Securities Act, as in effect on the date hereof or any successor registration form under the Securities Act subsequently adopted by the Securities and Exchange Commission (“SEC”) which permits inclusion or incorporation of substantial information by reference to other documents filed by the Company with the SEC;

 

“Holder” means any person holding Preferred Registrable Securities or any assignee thereof in accordance with Section 2.12 of this Agreement, and for purposes of Sections 2.6, 2.7, 2.8, 2.9, 2.11 and 2.13, includes an Eligible Holder (as defined in Section 2.3(i)(a));

 

“Preferred Shares” shall mean (i) Series E Preferred Shares, 0.01 par value each of the Company, issued to the Preferred E Holders and any additional shares of Series E Preferred Shares issued to them from time to time, including upon Recapitalizations (the “Preferred E Shares” or “Series E Preferred Shares”) (ii) Series D Preferred Shares, 0.01 par value each of the Company, issued to the Preferred D Holders and any additional shares of Series D Preferred Shares issued to them from time to time, including upon Recapitalizations (the “Preferred D Shares” or “Series D Preferred Shares”) (iii) Series C Preferred Shares, 0.01 par value each of the Company, issued to the Preferred C Holders and any additional shares of Series C Preferred Shares issued to them from time to time, including upon Recapitalizations (the “Preferred C Shares” or “Series C Preferred Shares”) (iv) Series B Preferred Shares, NIS 0.01 par value each of the Company, issued to the Preferred B Holders and any additional shares of Series B Preferred Shares issued to them from time to time, including upon Recapitalizations (the “Preferred B Shares” or “Series B Preferred Shares”); (v) Series A2 Preferred Shares, NIS 0.01 par value each of the Company, issued to the Preferred A2 Holders and any additional shares of Series A2 Preferred Shares issued to them from time to time, including upon Recapitalizations (the “Preferred A2 Shares”; and (v) Series Al Preferred Shares, NIS 0.01 par value each of the Company, issued to the Preferred Al Holders and any additional shares of Series Al Preferred Shares issued to them from time to time, including upon Recapitalizations (the “Preferred Al Shares”) (Preferred Al Shares and Preferred A2 Shares shall be referred to together as “Series A Preferred Shares”);

 

“Recapitalizations” means stock splits, stock dividends, recapitalizations and the like;

 

“Registrable Securities” or “Preferred Registrable Securities” means, collectively, all Ordinary Shares issuable upon conversion of the Preferred Shares, and all Ordinary Shares issued by the Company in respect of such shares and all Ordinary Shares that any holder of Preferred Shares may hereafter purchase pursuant to its preemptive rights, rights of first refusal or otherwise, or Ordinary Shares issued on conversion or exercise of other securities so purchased;

 

 

The terms “register,” “registered” and “registration” refer to a registration effected by preparing and filing a registration statement in compliance with the Securities Act (or equivalent law of another jurisdiction) and the declaration or ordering of the effectiveness of such registration statement;

 

“Securities Act” shall mean the U.S. Securities Act of 1933, as amended, or any similar federal statute and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time.

 

2.2          Demand Registration.

 

(i)            Request for Registration. At any time after the latter of: (i) with respect to Series A Preferred Shares — six months shall have elapsed from the effective date of the Initial Public Offering; (i) with respect to Preferred B Shares, the date that is three (3) years from the closing of the Series B Share Purchase Agreement or six months shall have elapsed from the effective date of the Initial Public Offering; (ii) with respect to Preferred C Shares, the date that is three (3) years from the first closing of the Series C Share Purchase Agreement or six months shall have elapsed from the effective date of the Initial Public Offering; (iii) with respect to Preferred D Shares, the date that is three (3) years from the First Closing Date as defined in the Series D Share Purchase Agreement or six months shall have elapsed from the effective date of the Initial Public Offering; (iv) with respect to Preferred E Shares, the date that is three (3) years from the First Closing Date as defined in the Series E Share Purchase Agreement or six months shall have elapsed from the effective date of the Initial Public Offering; the holders of Preferred Registrable Securities (the “Initiating Holders”) shall have the right to make several separate written demands (but the Company shall not be obligated to effect more than two (2) demands), that the Company file a registration statement under the Securities Act covering the public sale of all or part of the Registrable Securities owned by such Initiating Holders (a “Demand”), provided, however, that any such Demand must include the registration of Registrable Securities with an aggregate offering price of at least US$5,000,000. Upon the occurrence of such Demand, the Company will:

 

(a)           promptly give written notice of the proposed registration to all other Holders; and

 

(b)           as soon as practicable, use commercially reasonable efforts to effect such registration, (including, without limitation, appropriate qualification under applicable blue sky or other state securities laws and appropriate compliance with applicable regulations issued under the Securities Act and any other governmental requirements or regulations) as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Registrable Securities as are specified in such Demand, together with all or such portion of the Registrable Securities of the Holder or Holders joining in such request as are specified in a written request received by the Company within twenty (20) days after receipt of such written notice from the Company; provided, however, that Company shall not be obligated to take any action to effect any such registration, qualification or compliance pursuant to this Section 2.2 as follows:

 

(1)        If at the time of the request from the Initiating Holders the Company gives notice, within thirty (30) days of such request, that it is engaged in preparation of a registration statement for a firmly underwritten registered public offering (for which the registration statement will be filed within ninety (90) days of such Company’s notice) in which the Holders may include Registrable Securities pursuant to Section 2.3 below, in which event the Demand shall not count as such under this Section 2.2(i);

 

 

(2)           After the Company has effected two (2) such registrations pursuant to this subparagraph 2.2(i), and such registrations have been declared or ordered effective and have remained effective as required under the terms of this Agreement; or

 

(3)           If the Company shall furnish to the Holders a certificate signed by the Chief Executive Officer of the Company stating that in the good faith judgment of the Board of Directors of the Company it would be seriously detrimental to the Company or its shareholders for a registration statement to be filed in the near future, then the Company’s obligation to use commercially reasonable efforts to register, qualify or comply under this Section 2.2 shall be deferred for a period not to exceed ninety (90) days in any twelve (12) months period from the date of receipt of written request from the Initiating Holders; provided that the Company may not exercise this deferral right more than once per twelve (12) month period, and provided further that a Demand so deferred may be withdrawn and not be counted as such under this Section 2.2(i).

 

(4)           If marketing factors require a limitation of the number of shares to be registered pursuant to this Section 2.2, then the provisions of Section 2.3 hereunder shall apply, mutatis mutandis, to the allocation of such limited number of Registrable Securities among the participating Holders.

 

(5)           Subject to the foregoing clauses (1) through (4), the Company shall file a registration statement covering the Registrable Securities so requested to be registered as soon as practicable, after receipt of the request or requests of the Initiating Holders and effect the prompt registration under the Securities Act of all the Registrable Securities which the Company has been so requested to register by the Initiating Holders and the other Holders.

 

(ii)           Underwriting.

 

If the Holders intend to distribute the Registrable Securities covered by their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to subsection 2.2(i) and the Company shall include such information in the written notice referred to in paragraph 2.2(i)(a). The underwriter will be selected by a majority in interest of the Initiating Holders, with the approval of the Company, which shall not be unreasonably withheld. In such event, the right of the Holders to include securities in such registration shall be conditioned upon such Holders’ participation in such underwriting and the inclusion of such Holders’ securities in the underwriting (unless otherwise mutually agreed by a majority in interest of the Holders), to the extent provided herein. The Holders proposing to distribute their securities through such underwriting shall (together with the Company), enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting. If the underwriter advises the Holders that marketing factors require a limitation of the number of shares to be underwritten, then the number of shares of Registrable Securities that may be included in the underwriting shall be allocated first among all Investors requesting to include Registrable Securities in such registration statement based on the pro rata percentage of Registrable Securities held by such Investors, assuming conversion, and second among all non-Investor Holders requesting to include Registrable Securities in such registration statement based on the pro rata percentage of Registrable Securities held by such non-Investor Holders, assuming conversion. In any event, all Registrable Securities must be included in any registration initiated pursuant to this Section 2.2, prior to any other securities of the Company, whether held by the Company or by any shareholder that is not deemed as a Holder for the purpose of this Section 2.2. The Company shall not register securities for sale for its own account in any registration requested pursuant to this Section 2.2 unless permitted to do so by the written consent of the Initiating Holders. Notwithstanding the provisions of Section 3.3 below, no holder of the Company’s shares shall be granted registration rights similar to the

 

 

registration rights granted in this Section 2.2 so as to reduce the number of shares includable by the holders of the Registrable Securities in such registration without the consent of at least a majority of the Registrable Securities.

 

2.3          Company Registration

 

(i)            Notice of Registration. If at any time or from time to time the Company shall determine to register any of its securities for its own account, other than a registration relating solely to employee benefit plans and corporate reorganizations and other than in a demand registration under Section 2.2 or Section 2.4, the Company will:

 

(a)           promptly deliver to the Holders (in this Section 2.3 only, the “Eligible Holders”) a written notice thereof; and

 

(b)           include in such registration (and any related qualification under blue sky laws or other compliance), and in any underwriting involved therein, all the Registrable Securities specified in a written request or requests, made within twenty (20) days after receipt of such written notice from the Company, by an Eligible Holder.

 

(ii)           Underwriting. If the registration of which the Company gives notice is for a registered public offering involving an underwriting, the Company shall so advise the Eligible Holders as a part of the written notice given pursuant to Section 2.3(i)(a). In such event the right of the Eligible Holders to registration pursuant to Section 2.3 shall be conditioned upon the Eligible Holders’ participation in such underwriting and the inclusion of Registrable Securities in the underwriting to the extent provided herein. The Eligible Holders proposing to distribute their securities through such underwriting shall (together with the Company and the other Holders distributing their securities through such underwriting) enter into an underwriting agreement in customary form with the managing underwriter selected for such underwriting by the Company. If the total amount of Registrable Securities requested by the Eligible Holders to be included in such offering exceeds the amount of securities sold (other than by the Company) that the underwriters determine in their reasonable discretion could materially and adversely jeopardize the success of the offering, then the Company shall be required to include in the offering only that number of such Registrable Securities that the underwriters determine in their reasonable discretion will not materially and adversely jeopardize the success of the offering of the securities so included. In case of an underwriter’s cutback, the Company shall so advise the Eligible Holders of the amount of the cutback through such underwriting and the allocation among such Eligible Holders and the Company shall be as follows: (a) first, to the Company; (b) second, to the Eligible Holders who requested to include such Registrable Securities in the registration provided that, the allocation between such Eligible Holders shall be in the following order (l)_the Preferred Registrable Securities held by the Preferred E Holders requested to be included in such registration statement (2) the Preferred Registrable Securities held by the Preferred D Holders requested to be included in such registration statement (3) the Preferred Registrable Securities held by the Preferred C Holders requested to be included in such registration statement (4)_the Preferred Registrable Securities held by the Preferred B Holders requested to be included in such registration statement and (5) the Preferred Registrable Securities held by the non-Investor Holders requested to be included in such registration statement; provided however that unless the registration is with respect to the Company’s Initial Public Offering, the number of Preferred Registrable Securities in such registration held by the Preferred C Holders and Preferred B Holders shall be no less than 30% of the shares of each of Series B Preferred Shares and Series C Preferred Shares to be included in such registration, and with respect to Preferred D Holders, the number of Preferred Registrable Securities in such registration held by the Preferred D Holders shall be no less than 40% of the shares of each

 

 

of Series D Preferred Shares to be included in such registration, and with respect to Preferred E Holders, the number of Preferred Registrable Securities in such registration held by the Preferred E Holders shall be no less than 50% of the shares of each of Series E Preferred Shares to be included in such registration . Notwithstanding the provisions of Section 3.3 below, no shareholder of the Company shall be granted registration rights similar to the registration rights granted in this Section 2.3 so as to reduce the number of shares includable by the holders of the Preferred Registrable Securities in such registration without the consent of at least a majority of the Registrable Securities.

 

(iii)          It is hereby clarified that the right of the Holders under this Section 2.3 may be used for an unlimited number of times, but in any event, not more than twice within any 12 months period.

 

2.4          Registration on Form F-3

 

The Holders shall be entitled to unlimited demand registrations on Form F-3. In the event that the Company shall receive from the Holders a written request or requests that the Company shall effect a registration on Form F-3 and any related qualification or compliance with respect to all or a part of the Registrable Securities owned by the Holders, the Company will:

 

(i)            as soon as practicable, effect such registration and all such qualifications and compliances as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Holders Registrable Securities as are specified in such request; provided, however, that the Company shall not be obligated to effect any such registration, qualification or compliance, pursuant to this Section 2.4: (a) if Form F-3 is not available for such offering by the Holder; (b) if the aggregate public offering price of all securities of the Company to be sold by stockholders in such registered offering is less than US$500,000; (c) if the Company shall furnish to the Holders a certificate signed by the Chief Executive Officer of the Company stating that in the good faith judgment of the Board of Directors of the Company, it is not in the best interests of the Company for such Form F-3 Registration to be effected at such time, in which event the Company shall have the right to defer the filing of the Form F-3 registration statement for a period of not more than ninety (90) days after receipt of the request of the Holders under this Section 2.4, provided, however, that the Company shall not utilize this right more than once in any twelve month period and provided further that the F-3 demand so deferred may be withdrawn and not be counted as such under this Section 2.4; (d) if the Company has already effected one registration on Form F-3 during the preceding twelve (12) months which was initiated by Preferred Shareholders; or (e) during the period starting with the date ninety (90) days prior to the Company’s estimated date of filing of, and ending on the date six (6) months immediately following the effective date of, any registration statement pertaining to securities of the Company (other than a registration of securities in a Rule 145 transaction or with respect to an employee benefit plan), provided that the Company is actively employing in good faith reasonable efforts to cause such registration statement to become effective and that the Company’s estimate of the date of filing such registration statement is made in good faith; or (f) in any particular jurisdiction in which the Company would be required to qualify to do business or to execute a general consent to service of process in effecting such registration, qualification or compliance. If marketing factors require a limitation of the number of shares to be registered pursuant to this Section 2.4, then the provisions of Section 2.3 shall apply, mutatis mutandis, to the allocation of such limited number of Registrable Securities among the participating Holders.

 

(ii)           Subject to the foregoing, the Company shall file a registration statement covering the Registrable Securities so requested to be registered as soon as practicable after receipt

 

 

of the request or requests of the Holders. Registrations effected pursuant to this Section 2.4 shall not be counted as registrations effected pursuant to subsections 2.2 or 2.3 above.

 

2.5          Expenses of Registration. All expenses incurred by the Company in complying with Section 2 of this Agreement, including without limitation all registration, qualification and filing fees, printing and accounting expenses, escrow fees, fees and disbursements of counsel for the Company, blue sky fees and expenses and all reasonable fees and disbursements of one special counsel of the Holders (plus applicable V.A.T. and reasonable expenses), but excluding underwriting discounts, commissions and stock transfer taxes relating to Registrable Securities, shall be borne by the Company. All underwriting discounts, selling commissions and stock transfer taxes relating to Registrable Securities shall be borne by the Holders of such securities pro rata to the shares being registered.

 

2.6          Registration Procedures. In the case of each registration, qualification or compliance effected by the Company pursuant to this Section 2, the Company will keep the Holders advised in writing as to the initiation of each registration and as to the completion thereof. At its expense, the Company will:

 

(a)           Prepare and file with the Commission a registration statement, and all requisite supplements and amendments thereto, with respect to such securities and use commercially reasonable efforts to cause such registration statement, as amended, to become and remain effective for at least 12 months or until the distribution described in the registration statement has been completed;

 

(b)           Furnish to the Holders participating in such registration and to the underwriters of the securities being registered such reasonable number of copies of the registration statement, and all supplements and amendments thereto, preliminary prospectus, final prospectus and such other documents as the holder and underwriters may reasonably request to facilitate the public offering of such securities and such other information necessary to allow the Holders participating in such registration to remain reasonably informed about the registration process;

 

(c)           In the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the underwriter of such offering;

 

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

 

(e)           Cause all such Registrable Securities registered under this section 2 to be listed on each securities exchange on which similar securities issued by the Company are then listed; and

 

(f)            Provide a transfer agent and registrar for all Registrable Securities registered pursuant hereunder and a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration.

 

(g)           Furnish, at the request of the Holders requesting registration of Registrable Securities pursuant to this Section 2, on the date that such Registrable Securities are delivered to the

 

 

underwriters for sale in connection with a registration pursuant to this Section 2, if such securities are being sold through underwriters, or, if such securities are not being sold through underwriters, on the date that the registration statement with respect to such securities becomes effective, (i) an opinion, dated such date, of the counsel representing the Company for the purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten public offering, addressed to the underwriters, if any, and to the Holders requesting registration of Registrable Securities, and (ii) a letter dated such date, from the independent certified public accountants of the Company, in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering, addressed to the underwriters, if any, and to the Holders requesting registration of Registrable Securities.

 

2.7          Indemnification

 

(i)            To the extent permitted by law, the Company will indemnify and hold harmless each Holder, each of its officers, directors, partners and stockholders, any underwriter (as defined in the Securities Act) for such Holder and each person or entity, if any, who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against any losses, claims, damages, or liabilities (joint or several) to which they may become subject under the Securities Act, the Exchange Act or other federal or state law, insofar as such losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively a “Violation”): (a) any untrue statement or alleged untrue statement of a material fact contained in such registration statement, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto, (b) the omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein, in the light of the circumstances in which they are made, not misleading, or (c) any Violation or alleged Violation by the Company of the Securities Act, the Exchange Act, any state securities law or any rule or regulation promulgated under the Securities Act, the Exchange Act or any state securities law; and the Company will pay to the Holder, underwriter or controlling person any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability, or action, as such expenses are incurred; provided, however, that the indemnity agreement contained in this subsection 2.7(i) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability, or action if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld), nor shall the Company be liable in any case for any such loss, claim, damage, liability, or action to the extent that it arises out of or is based upon a Violation which occurs in reliance upon and in conformity with written information furnished specifically for use in such registration statement by the Holder, underwriter or controlling person and provided further that this indemnity shall not be deemed to relieve any underwriter of any of its due diligence obligations.

 

(ii)           To the extent permitted by law, each Holder will indemnify and hold harmless the Company, each of its directors, each of its shareholders, each of its officers who has signed the registration statement, each person, if any, who controls the Company within the meaning of the Securities Act, any underwriter, and any controlling person of any such underwriter, severally but not jointly, against any losses, claims, damages, or liabilities (joint or several) to which any of the foregoing persons may become subject, under the Securities Act, the Exchange Act or other federal or state law, insofar as such losses, claims, damages, or liabilities (or actions in respect thereto) directly arise out of or are based upon any Violation, in each case to the extent (and only to the extent) that such Violation occurs in reliance upon and in conformity with written information furnished by such Holder where such written information was specifically provided for use in

 

 

connection with such registration and such written information so states that is has been provided specifically for such use; and such Holder will pay any legal or other expenses reasonably incurred by any person intended to be indemnified pursuant to this subsection 2.7(ii), in connection with investigating or defending any such loss, claim, damage, liability, or action, as such expenses are incurred; provided, however, that the indemnity agreement contained in this subsection 2.7(ii) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld; provided, that, in no event shall any indemnity by any Holder under this subsection 2.7(ii) exceed the net proceeds from the offering received by such Holder.

 

(iii)          Promptly after receipt by an indemnified party under this Section 2.7 of notice of the commencement of any action (including any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 2.7, deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof with one counsel mutually satisfactory to the parties; provided, however, that an indemnified party (together with all other indemnified parties which may be represented without conflict by one counsel) shall have the right to retain one separate counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action shall not relieve such indemnifying party of any liability to the indemnified party under this Section 2.7 unless the failure to deliver notice is materially prejudicial to its ability to defend such action. Any omission to so deliver written notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Section 2.7. In no event shall the liability of a Holder exceed the proceeds from the offering received by such Holder.

 

(iv)          If the indemnification provided for in this Section 2.7 is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim, damage, or expense referred to therein, then the indemnifying party, in lieu of indemnifying such indemnified party hereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such loss, liability, claim, damage, or expense in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the other in connection with the statements or omissions that resulted in such loss, liability, claim, damage, or expense as well as any other relevant equitable considerations; provided that in no event shall any Holder be required to contribute under this subsection an aggregate amount in excess of the net proceeds from the offering received by such Holder less any amounts paid by such Holder pursuant to subsection 2.7(ii). The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission.

 

(v)           The obligations of the Company and the Holders under this Section 2.7 shall survive the completion of any offering of Registrable Securities covered by a registration statement effected under this Section 2.

 

 

2.8          Information by Holders. The Holder or Holders of Registrable Securities included in any registration shall furnish to the Company such information regarding such Holder or Holders, the Registrable Securities held by them and the distribution proposed by such Holder or Holders as the Company may reasonably request in writing and as shall be required in connection with any registration, qualification or compliance referred to in this Section 2.

 

2.9          Standoff Agreement. In connection with any public offering of the Company’s securities, the Holders agrees, upon request of the Company or the underwriters managing any underwritten offering of the Company’s securities, not to sell, make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any Registrable Securities (other than those included in the registration) without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed one hundred eighty (180) days ) from the effective date of an IPO; provided that the officers, the directors and Major Shareholders of the Company also agree and remain subject to such restrictions.

 

2.10        Foreign Offerings. The provisions of Sections 2.1 to 2.13 shall apply, mutatis mutandis, to any registration of the shares of the Company outside of the United States.

 

2.11        Rule 144 Reporting. With a view to making available the benefits of certain rules and regulations of the Commission which may at any time permit the sale of the Restricted Securities to the public without registration, after such time as a public market exists for the Ordinary Shares of the Company, the Company agrees to use commercially reasonable efforts to:

 

(a)           Make and keep public information available, as those terms are understood and defined in Rule 144 under the Securities Act, at all times after the effective date that the Company becomes subject to the reporting requirements of the Securities Act or the Exchange Act;

 

(b)           File with the Commission in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements); and

 

(c)           As long as any Holder owns any Registrable Securities to furnish to such Holder forthwith upon request a written statement by the Company as to its compliance with the reporting requirements of said Rule 144 (at any time after ninety (90) days after the effective date of the first registration statement filed by the Company for an offering of its securities to the general public), and of the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements), a copy of the most recent annual or quarterly report of the Company, and such other reports and documents of the Company and other information in the possession of or reasonably obtainable by the Company as such Holder may reasonably request in availing itself of any rule or regulation of the Commission allowing such Holder to sell any such securities without registration.

 

2.12        Transfer of Registration Rights. None of the rights, privileges, or obligations set forth in, arising under, or created by the provisions of this Section 2 may be assigned or transferred without the prior consent in writing of the Company, with the exception of (a) assignments and transfers from a Holder to a Permitted Transferee (as such term is defined in the Articles), (b) assignments and transfers to any partner or retired partner of any Holder that is a partnership, (c) assignments and transfers to any transferee who acquires at least 50,000 shares of Registrable Securities and (iv) any family member or trust for the benefit of any individual Holder, provided that the Company is given written notice thereof and the transferee agrees to become party to this Agreement.

 

 

2.13        Termination. The registration rights contained in this Section 2 will terminate as to any Holder on the earlier of: (i) five (5) years after the Company’s Initial Public Offering; or (ii) when all of that Holder’s shares can be sold in a three-month period pursuant to Rule 144 without the registration of such shares.

 

3.                                      Board of Directors.

 

The Company hereby agrees that the Company’s indemnity obligation to each and any member of the Board shall be primary and senior to any indemnification obligation which the party or parties appointing such member of the Board (the “Appointing Party”) may have to such member of the Board and the Company shall (i) indemnify and reimburse the Appointing Party for any indemnification payments or advances made by such Appointing Party (or its insurer) directly to such member of the Board, and (ii) expressly waives any right of contribution from such Appointing Party (or its insurer) with respect to any indemnification that the Company may provide to such member of the Board.

 

4.                                      Miscellaneous

 

4.1          Governing Law. The internal laws of the State of Israel, without regard to its choice of law rules, shall govern the validity, the construction of its terms and the interpretation of the rights and duties of the parties hereunder. The appropriate courts in Tel Aviv, Israel, shall have exclusive jurisdiction over any dispute or claim in connection with this Agreement.

 

4.2          Successors and Assigns. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the parties (including transferees of any shares of Registrable Securities). Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. Subject to any other provisions of this Agreement to the contrary, the provisions of this Agreement may be freely assigned by any party or its respective transferees, successors and assigns in connection with a due transfer of all or part of their respective shares of the Company, provided that the person(s) and/or entities to whom such security and/or rights granted hereunder are to be transferred shall have executed a counterpart signature page hereto, pursuant to which such person(s) and/or entities become(s) a party to this Agreement and agrees to be bound by all the provisions hereof. Nothing in this Agreement, express or implied, is intended to confer upon any other shareholder who is not a party to this Agreement or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

 

4.3          Entire Agreement; Amendment. This Agreement and the other documents delivered pursuant hereto constitute the full and entire understanding and agreement between the parties with regard to the subjects hereof and thereof. Except as otherwise expressly provided herein, it is specifically stated that any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company, and the consent of the holders of seventy-five percent (75%) of the Preferred Shares. Any amendment or waiver effected in accordance with this paragraph shall be binding upon all the parties hereto, including without limitation, any future holder of Registrable Securities, and the Company.

 

4.4          Notices. All notices and other communications required or permitted hereunder shall be in writing and shall be mailed by registered or certified mail, postage prepaid, or otherwise delivered by hand or by messenger, addressed (a) if to any holder of capital stock, at such address as

 

 

such holder shall have furnished the Company in writing or (b) if to the Company, at the address set forth on the signature page of this Agreement, or at such other address as the Company shall have furnished to the parties hereto, or (c) if to the Preferred Shareholders, at the respective address for each of them set forth on the signature page of this Agreement.

 

Any notice sent in accordance with this Section 4.4 shall be effective (i) if mailed, seven (7) business days after mailing, (ii) if sent by messenger, upon delivery, (iii) if sent via telecopier, upon transmission and electronic confirmation of receipt or (if transmitted and received on a non-business day) on the first business day following transmission and electronic confirmation of receipt (provided, however, that any notice of change of address shall only be valid upon receipt), and (iv) if sent by electronic mail, upon transmission.

 

4.5          Delays or Omissions. Except as expressly provided herein, no delay or omission to exercise any right, power or remedy accruing to any party to this Agreement upon any breach or default of any other party under this Agreement, shall impair any such right, power or remedy of such non-defaulting party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any party of any breach or default under this Agreement, or any waiver on the part of any holder of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any party to this Agreement, shall be cumulative and not alternative.

 

4.6          Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be enforceable against the parties actually executing such counterparts, and all of which together shall constitute one instrument.

 

4.7          Severability. In the event that any provision of this Agreement becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Agreement shall continue in full force and effect without said provision; provided that no such severability shall be effective if it materially changes the economic benefit of this Agreement to any party.

 

4.8          Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not considered in construing or interpreting this Agreement.

 

4.9          Further Action. Each of the parties shall take such actions, including the execution and delivery of further instruments and voting its shares in the Company, as may be necessary to give full effect to the provisions hereof and to the intent of the parties hereto.

 

Signature pages follow

 

 

Schedule 1

 

Preferred B Holders, Preferred C Holders, Preferred D Holders and Preferred E Holders

 

Preferred E Holders

 

	
Name
    	
 
    	
Contact
    
	
SteadyMed Investors LLC
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Samson   Venture Partners I, LLC
    	
 
    	
 
    

 

 

	
Brian Stark
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Brown Bear Holdings LP
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Bruce V. Rainier
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Michael Bernstein
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Iron Capital I LLC
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Beverly Capital, LLC
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Edgar D. Jannotta, Jr. Revocable Trust
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Wilbur H. Gantz III Revocable Trust
    	
 
    	
 
    

 

Preferred D Holders

 

	
Name
    	
 
    	
Contact
    
	
SteadyMed Investors LLC
    	
 
    	
 
    

 

 

	
Samson   Venture Partners I, LLC
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Brian Stark
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Brown Bear Holdings LP
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Randsburg Capital, LLC
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Robert James Barnard
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Yossi Aldar
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Michael Bernstein
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Don Layden
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Bruce Ranner
    	
 
    	
 
    

 

Preferred C Holders

 

	
Name
    	
 
    	
Contact
    
	
Brian Stark
    	
 
    	
 
    

 

Preferred B Holders

 

	
Name
    	
 
    	
Contact
    
	
RAD Biomed Accelerator Ltd.
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
RAD Data Communications Ltd.
    	
 
    	
 
    

 

 

	
Yehuda Zisaepl
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Yossi Aldar
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Amos and Daughter Investments and
    	
 
    	
 
    
	
Properties Ltd.
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Almedco Ltd.
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
M.A. Bronfeld Ltd.
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
SteadyMed Investors LLC
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Samson   Venture Partners I, LLC
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Brian Stark
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Linda Gorens-Levey
    	
 
    	
 
    

 

 

Schedule 2

 

Preferred A-1 Holders and Preferred A-2 Holders

 

Preferred A-1 Shares

 

	
Name
    	
 
    	
Contact
    
	
Yehuda Zisapel
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Almedco Ltd.
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Amos and Daughter Investments and
    	
 
    	
 
    
	
Properties Ltd.
    	
 
    	
 
    

 

Preferred A-2 Holders

 

	
Name
    	
 
    	
Contact
    
	
SteadyMed Investors LLC
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Samson   Venture Partners I, LLC
    	
 
    	
 
    

 

 

Fourth Amended IRA - Signature Page

 

The foregoing Fourth Amended Investors Rights Agreement is hereby executed as of the date first above written.

 

	
For the Company:
    
	
 
    
	
SteadyMed Ltd
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Jonathan M.N. Rigby
    	
 
    
	
Name:
    	
Jonathan M.N. Rigby
    	
 
    
	
Title:
    	
President &CEO
    	
 
    
	
Date:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Address:
    
	
5 Openheimer St.
    
	
7670105   Rehovot, Israel
    
	
Attn.: Jonathan Rigby, CEO
    
	
Tel: 03-6449556
    
	
Fax: 03-6449558
    
	
Email:   jrigby@steadymed.com
    
	
 
    
	
with a   copy to:
    
	
Katzenell Dimant, Law   Offices
    
	
6 Maskit St.
    
	
Herzeliya Business Park,   Blgd. B
    
	
P.O.B. 4026
    
	
Herzeliya Pituah   46140, Israel
    
	
Attn: Einat Katzenell,   Adv.
    
	
Tel: +972-(0)9-9500555
    
	
Fax:+972-(0)9-9518666
    
	
Email: einat@kdlaw.co.il
    

 

[SteadyMed Ltd. —Fourth IRA — Signature Page]

 

 

Fourth Amended IRA - Signature Page -cntd.

 

	
 
    	
 
    	
 
    	
 
    	
 
    
	
Yehuda Zisapel
    	
 
    	
RAD Date Communications Ltd.
    	
 
    	
RAD Biomed Accelerator Ltd.
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Yossi Aldar
    	
 
    	
Amos and Daughter Investments
    	
 
    	
Almedco Ltd.
    
	
 
    	
 
    	
and Properties Ltd.
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
/s/ Ron Ginor
    
	
M.A. Bronfeld Ltd.
    	
 
    	
SteadyMed Investors LLC
    	
 
    	
Samson Venture Partners   I, LLC
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
By: 
    	
/s/ Brian Stark
    	
 
    	
By:
    	
/s/   Brian J. Stark 
    	
 
    	
By:
    	
/s/   Ron Ginor
    
	
 
    	
Brian Stark
    	
 
    	
 
    	
Brian   J. Stark member of its General Patner
    	
 
    	
 
    	
Managing   Director
    
	
 
    	
 
    	
 
    	
By:
    	
/s/   Brian J. Stark 
    	
 
    	
By:
    	
/s/   Michael Bernstein
    
	
 
    	
 
    	
 
    	
 
    	
Managing   Member
    	
 
    	
Michael Bernstein
    
	
 
    	
 
    	
Brown Bear Holdings LP
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
/s/ Linda Gorens-Levey
    	
 
    	
 
    	
 
    	
 
    
	
Linda Gorens-Levey
    	
 
    	
Robert James Barnard
    	
 
    	
Don Layden
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
/s/ Randsburg Capital LLC
    	
 
    	
/s/ Iron Capital I LLC
    	
 
    	
/s/ Edgar D. Jannotta, Jr.
    
	
Randsburg Capital LLC
    	
 
    	
Iron Capital I LLC
    	
 
    	
Edgar D. Jannotta, Jr. Revocable
    
	
 
    	
 
    	
 
    	
 
    	
Trust
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
/s/ Beverly Capital, LLC
    	
 
    	
/s/ Wilbur H. Gantz III
    	
 
    	
/s/ Bruce Rauner
    
	
Beverly Capital, LLC
    	
 
    	
Wilbur H. Gantz III Revocable
    	
 
    	
Bruce Rauner
    
	
 
    	
 
    	
Trust
    	
 
    	
 
    

 

[SteadyMed Ltd. — Fourth IRA — Signature Page]

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