Document:

EX-10.5

 Exhibit 10.5 

[***] = Certain information contained in this document, marked by brackets, has been omitted because it is both not material and would be competitively
harmful if publicly disclosed. 
 AMENDED AND RESTATED PATENT LICENSE AGREEMENT 

This AMENDED AND RESTATED PATENT LICENSE AGREEMENT (this “Agreement”) is made effective as of June 26, 2015 (the
“Effective Date”) by and between Nalu Medical, Inc., a Delaware corporation (“Nalu”) and AcceleMed, LLC, a Delaware limited liability company (“AcceleMed”). AcceleMed and Nalu are each
referred to herein as such or, individually, as a “Party” or, collectively, as the “Parties.” 

BACKGROUND 
  

	 	A.	 AcceleMed owns or has rights to AcceleMed Assigned Patents (as defined below); and AcceleMed desires to assign
such AcceleMed Assigned Patents to Nalu; and 

  

	 	B.	 AcceleMed also desires to grant to Nalu an exclusive license under certain AcceleMed Licensed Patents, and Nalu
desires to obtain such exclusive license, all on the terms and conditions set forth herein; and Nalu desires to grant to AcceleMed an exclusive license under certain Nalu Improvement Patents, and AcceleMed desires to obtain such exclusive license,
all on the terms and conditions set forth herein; and 

  

	 	C.	 The Parties entered into that certain Patent License Agreement dated November 7, 2014 (the
“Original License Agreement”) and the Parties now desire to amend and replace the Original License Agreement in its entirety with this Agreement. 

NOW, THEREFORE, in consideration of the mutual covenants and agreements provided herein below and other consideration, the receipt and
sufficiency of which is hereby acknowledged, AcceleMed and Nalu hereby agree as follows: 
 ARTICLE 1 

DEFINITIONS 
 The
following capitalized terms shall have the following meanings as used in this Agreement: 
 1.1 “AcceleMed Assigned Patents”
shall mean the patents and patent applications listed in Exhibit A hereto and all Patents claiming priority thereto or common priority therewith (the “Listed Assigned Patents”), together with any AcceleMed Improvement Patents owned
by AcceleMed. 
 1.2 “AcceleMed Field” shall mean all uses and applications other than Nalu Field. 

1.3 “AcceleMed Improvement Patents” shall mean any and all Patents Controlled by AcceleMed that claim Improvements that are
conceived and reduced to practice, or otherwise acquired during the Capture Period. 
 1.4 “AcceleMed Licensed Patents”
shall mean all AcceleMed Improvement Patents other than the AcceleMed Assigned Patents and the Stanford Patents. 

  
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 1.5 “AcceleMed Licensed Product” shall mean any product, the manufacture,
sale, offer for sale, use or importation of which would, but for the licenses granted to AcceleMed herein, infringe any claim within the Nalu Improvement Patents or the AcceleMed Assigned Patents. 

1.6 “Affiliate” shall mean with respect to either Party, any Person controlling, controlled by or under common control with
such Party, for so long as such control exists. For purposes of this Section 1.6, “control” shall mean (i) direct or indirect ownership of more than 50% (or, if 50% or less, the maximum ownership interest permitted by applicable
law) of the stock or shares having the right to vote for the election of directors of such corporate entity or (ii) the possession, directly or indirectly, of the power to direct, or cause the direction of, the management or policies of such
entity, whether through the ownership of voting securities, by contract or otherwise. Notwithstanding the foregoing, for purposes of this Agreement, neither Party nor any of its Affiliates shall be deemed an Affiliate of the other Party. 

1.7 “Capture Period” shall mean the period commencing on the Effective Date and continuing until the earliest of (i) a
Change of Control of Nalu, (ii) the termination of this Agreement, or (iii) the expiration of this Agreement. 
 1.8
“Change of Control” means, with respect to a Party, either: (i) the acquisition of such Party by a Third Party by means of any transaction or series of related transactions (including, without limitation, any reorganization,
merger or consolidation or stock transfer, but excluding any such transaction effected primarily for the purpose of changing the domicile of such Party and excluding any sale of stock for capital raising purposes), unless the holders of the voting
power of such Party immediately prior to such transaction or series of related transactions hold, immediately after such transaction or series of related transactions, at least 50% of the voting power of the surviving or resulting entity (or if the
Party or such other surviving or resulting entity is a wholly-owned subsidiary immediately following such acquisition, its parent); or (ii) a sale, lease or other disposition of all or substantially all of the assets of such Party to a Third
Party by means of any transaction or series of related transactions, except where such sale, lease or other disposition is to a wholly-owned subsidiary of such Party. Notwithstanding the foregoing, in no event shall a sale by such Party of capital
stock (whether voting or otherwise) in any offering made pursuant to an effective registration statement filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended, covering the offer and sale of such capital
stock, or any foreign equivalent thereof, constitute a Change of Control of such Party. 
 1.9 “Control” shall mean, with
respect to any Patent or Know-How, possession of the ability (other than pursuant to this Agreement), whether arising by ownership, license, or other authorization, to grant a license or sublicense without
violating the terms of any agreement or other arrangement with any Third Party; provided that, with respect to any Patent or Know-How first licensed or acquired from a Third Party after the Effective Date, if
the grant or exercise of the right(s) and license(s) granted hereunder under such Patent or Know-How requires any amount to be paid or become payable to a Third Party, such Patent or Know-How shall be deemed to be Controlled only to the extent that the Party obtaining such right or license agrees to reimburse the other party for such amounts and be bound by any other terms and/or conditions
required by the agreement pursuant to which the other Party first licensed or acquired such 

  
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particular Patent or Know-How. “Controlled” and “Controlling” shall have their correlative meanings. 

1.10 “Improvement” shall mean any invention comprising or otherwise relating to (a) any invention described in the
Listed Assigned Patents (the “Inventions”), (b) any method or process of using or making an Invention, including without limitation any clinical, therapeutic, diagnostic or preventative use, (c) any apparatus or device attached
to an Invention or intended for use with an Invention, (d) any system that includes an Invention as a component, or (e) any method or process of using or making an apparatus, device or system described in (c) or (d), respectively.

 1.11 “In-License Agreement” means (a) any written agreement between Nalu or
its Affiliate and a Third Party pursuant to which Nalu or such Affiliate acquired or acquires Control of any Nalu Improvement Patents or (b) any written agreement between AcceleMed or its Affiliate and a Third Party pursuant to which AcceleMed
or such Affiliate acquired or acquires Control of any AcceleMed Licensed Patents. 
 1.12 “Nalu Licensed Product” shall
mean any product, the manufacture, sale, offer for sale, use or importation of which would, but for the licenses granted to Nalu herein, infringe any claim within the AcceleMed Licensed Patents. 

1.13 “Nalu Field” shall mean the treatment or management of (a) neuropathic pain, including but not limited to spinal
cord stimulation for pain, peripheral neuropathic pain, diabetic neuropathy, occipital pain and pelvic pain and (b) disease of the bladder and urinary tract, including but not limited to, overactive bladder and treatment of peripheral nerves
for the treatment of urinary incontinence disorders and all other known bladder diseases, (c) fecal incontinence and erectile dysfunction. The license specifically excludes treatments to the vagus nerve and vagus nerve bundle for any
indication. 
 1.14 “Nalu Improvement Patents” shall mean any and all Patents Controlled by Nalu that claim Improvements
that are conceived and reduced to practice, or otherwise acquired during the Capture Period. 
 1.15 “Patent” shall mean
any of the following, whether existing now or in the future anywhere in the world: (i) any issued patent, including any inventor’s certificate, utility model, substitution, extension, confirmation, reissue,
re-examination, renewal or any like governmental grant for protection of inventions; and (ii) any pending application for any of the foregoing, including any continuation, divisional, substitution,
addition, continuation-in-part, provisional and converted provisional application. 

1.16 “Person” shall mean any individual, corporation, partnership, association, joint-stock company, trust, unincorporated
organization or government or political subdivision thereof. 
 1.17 “Prosecution and Maintenance” shall mean, with respect
to a Patent, the preparing, filing, prosecuting and maintenance of applications therefor, as well as re-examinations, reissues, requests for term extensions and the like with respect to such Patent, together
with the conduct of interferences, the defense of oppositions and other similar proceedings with respect to such Patent. 

  
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 1.18 “Qualified Financing” shall mean a transaction or series of
transactions in which a company receives gross proceeds of $2,000,000 through the sale of its securities or incurrence of any debt, with the principal purpose of raising capital. 

1.19 “Stanford Patents” shall mean all Patents licensed to AcceleMed by The Board of Trustees of the Leland Stanford Junior
University pursuant to that certain Exclusive (Equity) Agreement dated June 26, 2015 and sublicensed by AcceleMed to Nalu pursuant to that certain Sublicense Agreement dated June 26, 2015. 

1.20 “Third Party” shall mean any Person other than Nalu or AcceleMed, or their respective Affiliates. 

1.21 “Transmitter” shall mean any wireless technology for communication with implanted medical devices. 

ARTICLE 2 
 ASSIGNMENT
AND LICENSES 
 2.1 Assignment of AcceleMed Assigned Patents. Subject to the terms and conditions of this Agreement,
including the rights and licenses granted to AcceleMed herein, and in lieu of license origination fees or royalties, AcceleMed agrees to assign and hereby assigns to Nalu all of its right, title and interest in and to the AcceleMed Assigned Patents.
Accordingly, AcceleMed agrees to disclose to Nalu each AcceleMed Assigned Patent, and each AcceleMed Improvement Patent, within sixty (60) days of the disclosure thereof on the applicable disclosure form to the applicable internal individual at
Nalu responsible for administering internal inventions. AcceleMed will sign, execute and acknowledge (and/or cause to be signed, executed and acknowledged), without cost but at the expense of Nalu, any and all documents, and to perform such acts, as
may be necessary, useful or convenient for the purposes of perfecting the foregoing assignment of such AcceleMed Assigned Patents and to obtain, enforce and/or defend intellectual property rights, including copyright and patent rights, in any and
all countries with respect to such AcceleMed Assigned Patents. 
 2.2 Licenses to Nalu. 

(a) Subject to the terms and conditions of this Agreement (including Section 2.4), AcceleMed agrees to grant and hereby grants to Nalu a
perpetual, irrevocable, exclusive, worldwide, fully paid-up, royalty-free license under the AcceleMed Licensed Patents to: (i) make, have made, use, sell, offer for sale and import Nalu Licensed Products,
(ii) practice any method, process or procedure in connection with its exercise of the activities described in clause (i), and (iii) otherwise exploit the AcceleMed Licensed Patents, in each case solely in the Nalu Field. 

(b) Subject to Section 2.4, Nalu may grant and authorize sublicenses within the scope of the license granted to it under
Section 2.2(a). Any such sublicenses granted pursuant to this Section 2.2(b) shall be subordinate to the terms and conditions of this Agreement. Nalu shall promptly provide AcceleMed a copy of all sublicense agreements executed by Nalu.

 2.3 Licenses to AcceleMed. 

  
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 (a) Subject to the terms and conditions of this Agreement (including Section 2.4), Nalu
hereby grants to AcceleMed a perpetual, irrevocable, exclusive, worldwide, fully paid-up, royalty-free license under the Nalu Improvement Patents and the AcceleMed Assigned Patents to: (i) make, have
made, use, sell, offer for sale and import AcceleMed Licensed Products, (ii) practice any method, process or procedure in connection with its exercise of the activities described in clause (i), and (iii) otherwise exploit the Nalu
Improvement Patents and the AcceleMed Assigned Patents, in each case solely in the AcceleMed Field. 
 (b) Subject to Section 2.4,
AcceleMed may grant and authorize sublicenses within the scope of the license granted to it under Section 2.3(a). Any such sublicenses granted pursuant to this Section 2.3(b) shall be subordinate to the terms and conditions of this
Agreement. AcceleMed shall promptly provide Nalu a copy of all sublicense agreements executed by AcceleMed. 
 2.4 In-License Agreements. 
 (a) General. The Parties hereby acknowledge that the AcceleMed
Licensed Patents and the Nalu Improvement Patents may include Patents to which the Party granting the license pursuant to Sections 2.2 or 2.3, as applicable, (such Party, the “Licensor”) to the other Party
(“Licensee”) has obtained Control to such Patent pursuant to an In-License Agreement (any such Patent, an “In-Licensed Patent”).
Notwithstanding anything herein to the contrary, the license granted to Licensee in Section 2.2 with respect to any In-Licensed Patents within the AcceleMed Licensed Patents and in Section 2.3 with
respect to any In-Licensed Patents within the Nalu Improvement Patents shall be subject to (i) Licensee’s election in writing to include such In-Licensed
Patents within such license and (ii) Licensee’s agreement to be subject to any and all applicable terms and conditions (including restrictions and limitations) of the applicable In-License Agreement,
including without limitation the pass through to Licensee of any royalties and additional payments resulting from the Licensee’s exercise of such license; provided that any such license fees shall be shared pro rata by the Parties and any
additional sublicensees under such In-License Agreements. 
 (b) Disclosure of New In-Licensed Patents. For each In-License Agreement pursuant to which a Licensor acquires Control of any Patent, Licensor shall provide to Licensee a written disclosure
describing in reasonable detail the Patents that are the subject thereof and all material terms and conditions of such In-License Agreement (including financial obligations) to the extent not previously
disclosed by Licensor to Licensee. Licensor shall provide such written disclosures to Licensee (i) no later than thirty (30) days after the execution In-License Agreement with respect to In-License Agreements executed after the Effective Date, and (ii) no later than thirty (30) days after the Effective Date with respect to In-License Agreements
executed prior to the Effective Date. All such disclosures shall be deemed to be the Confidential Information of Licensor. 
 (c)
Election to Obtain Sublicense. Within thirty (30) days of any disclosure given by Licensor pursuant to Section 2.4(b), Licensee shall elect whether or not to include such In-Licensed Patent in
the license granted pursuant to Section 2.2 or pursuant to Section 2.3, as applicable, by providing Licensor with written notice of its election. If no such notice is provided by Licensee pursuant to this Section 2.4(c) during such
thirty (30) day period, Licensee 

  
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shall be deemed to have elected not to include such In-Licensed Patent within the scope of the license granted to it pursuant to Section 2.2 or 2.3,
as applicable. 
 (d) Modification, Waiver or Amendment. Licensor shall promptly notify Licensee of any proposed modification, waiver
or amendment of or to any provision of any In-License Agreement to which Licensor is a party, and shall consider in good faith any comments provided by Licensee relating thereto; provided, however, Licensor
shall not modify, waive or amend any provision of any In-License Agreement that materially restricts the licenses and rights granted to Licensee herein without Licensee’s prior consent, which consent
shall not be unreasonably withheld, conditioned or delayed. 
 (e) Licensor Obligations. With respect to each In-License Agreement from which In-Licensed Patents are included in the Nalu Improvement Patents or AcceleMed Licensed Patents, as applicable, Licensor shall have the right to
terminate such In-License Agreement without the prior consent of Licensee provided that the sublicense granted to Licensee thereunder survives such termination. Otherwise Licensor may terminate such In-License Agreement only with Licensee’s prior written consent, not to be unreasonably withheld, conditioned or delayed. In the event of any assignment of any In-License
Agreement, such assignment shall be subject to the rights and licenses granted to Licensee herein. Licensor will promptly notify Licensee of any notice of breach given or received under any In-License
Agreement, or of any dispute likely to give rise to such a notice, and shall cooperate with and afford Licensee the reasonable opportunity to cure such breach on behalf of Licensor, if so requested by Licensee. 

2.5 Know-How Transfer. 

(a) Promptly after the execution of this Agreement, AcceleMed will transfer to Nalu any technical information, materials, methods and/or other
know-how (collectively, “Know-How”) Controlled by AcceleMed that are necessary or useful for the practice of the AcceleMed Assigned Patents or the
AcceleMed Licensed Patents in the Nalu Field. During the Capture Period, AcceleMed agrees to promptly disclose to Nalu in reasonable detail any AcceleMed Improvement Patents, and transfer to Nalu any Know-How
Controlled by AcceleMed that is necessary or useful for the practice of any AcceleMed Improvement Patents in the Nalu Field. Nalu and its sublicensees shall have the right to use Know-How described in this
Section 2.5(a) in connection with the practice of AcceleMed Licensed Patents and AcceleMed Improvement Patents solely in the Nalu Field. 

(b) Promptly after the execution of this Agreement, Nalu will transfer to AcceleMed any Know-How
Controlled by Nalu that are necessary or useful in the practice of the AcceleMed Assigned Patents or the AcceleMed Licensed Patents in the AcceleMed Field. During the Capture Period, Nalu shall promptly disclose and transfer to AcceleMed any Know-How Controlled by Nalu that is necessary or useful for the practice of any Nalu Improvement Patents or AcceleMed Assigned Patents in the AcceleMed Field. AcceleMed and its sublicensees shall have the right to
use Know-How described in this Section 2.5(b) in connection with the practice of AcceleMed Licensed Patents and Nalu Improvement Patents solely in the AcceleMed Field. 

2.6 Retention of Rights. AcceleMed shall retain all rights in and to the AcceleMed Licensed Patents and AcceleMed Improvement Patents
for all uses in the AcceleMed Field. No 

  
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rights are granted to Nalu by this Agreement, except as expressly provided herein 

ARTICLE 3 

CONSIDERATION 
 3.1
License Fee. In consideration of the rights and licenses granted by AcceleMed hereunder, Nalu shall issue shares of Nalu common stock as follows: 

[***]  

3.2 Payments. All payments due under this Agreement to AcceleMed shall be made by bank wire transfer in immediately available funds to
an account designated by AcceleMed. All payments hereunder shall be made in the legal currency of the United States of America, and all references to “$” or “dollars” shall refer to United States dollars. 

ARTICLE 4 
 DILIGENCE

 Nalu shall use commercially reasonable efforts to develop and sell Nalu Licensed Products. Additionally, after the first commercial sale of Nalu
Licensed Products hereunder, Nalu shall use its commercially reasonable efforts to meet the market demand for such Nalu Licensed Products; provided, however, that the foregoing shall not be construed to constrain or otherwise limit Nalu’s
pricing or product strategy for Nalu Licensed Products, which shall be in Nalu’s sole discretion. 
 ARTICLE 5 

PROSECUTION AND ENFORCEMENT 

5.1 Prosecution by Nalu. As between the Parties, Nalu shall be responsible for and control the Prosecution and Maintenance of the
AcceleMed Assigned Patents, AcceleMed Licensed Patents and Nalu Improvement Patents at its own expense; provided that the foregoing shall be subject to the terms and conditions of an applicable In-License
Agreements. In addition, upon AcceleMed’s request, Nalu shall be obligated to Prosecute and Maintain at AcceleMed’s expense continuations of the AcceleMed Assigned Patents, AcceleMed Licensed Patents and Nalu Improvement Patents with
claims limited to the AcceleMed Field (“AcceleMed Continuations”); provided, however, that if Nalu declines to Prosecute and Maintain any AcceleMed Continuation following AcceleMed’s request, AcceleMed shall have the right to
Prosecute and Maintain such AcceleMed Continuation itself. AcceleMed shall cooperate with and assist Nalu in connection with the Prosecution and Maintenance of the AcceleMed Assigned Patents, AcceleMed Licensed Patents and Nalu Improvement Patents.
Nalu shall keep AcceleMed reasonably informed as to the status of the AcceleMed Assigned Patents, AcceleMed Licensed Patents and Nalu Improvement Patents, and shall consult with AcceleMed in a timely manner, provide AcceleMed reasonable opportunity
to review and comment, and consider in good faith any comments provided by AcceleMed concerning (i) the scope and content of patent applications within the AcceleMed Assigned Patents, AcceleMed Licensed Patents and Nalu Improvement
Patents prior to filing such patent applications, and (ii) the content of and proposed responses to official actions of the United States Patent and Trademark Office and foreign patent offices during prosecution of such patent
applications. Additionally, in the event Nalu decides to abandon any Patent within the AcceleMed Assigned Patents, AcceleMed Licensed Patents or 

  
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Nalu Improvement Patents (each, a “Proposed Abandoned Patent”), Nalu shall notify AcceleMed thereof at least ninety (90) days in advance of any required action related to
the Prosecution and Maintenance of such Patent and AcceleMed shall have the right, but not the obligation, to undertake Prosecution and Maintenance of such Proposed Abandoned Patent(s). 

5.2 Reimbursement of Patent Expenses. Nalu shall be solely responsible for Prosecution and Maintenance expenses for the AcceleMed
Assigned Patents, AcceleMed Licensed Patents and AcceleMed Improvement Patents, provided AcceleMed agrees to reimburse Nalu for the expenses incurred by Nalu with respect to Prosecution and Maintenance of AcceleMed Continuations, solely to the
extent such Prosecution and Maintenance has been requested by AcceleMed. 
 5.3 Enforcement Rights. 

(a) Notification of Infringement. If either Party learns of any infringement or threatened infringement of (i) any Patent within the
AcceleMed Assigned Patents, AcceleMed Licensed Patents and AcceleMed Improvement Patents by the manufacture, use, development or commercialization of a product or service by a Third Party solely in the Nalu Field (each, a “Nalu Infringement
Claim”), (ii) any Patent within the AcceleMed Assigned Patents, AcceleMed Licensed Patents and AcceleMed Improvement Patents by the manufacture, use, development or commercialization of a product or service by a Third Party solely in the
AcceleMed Field (each, a “AcceleMed Infringement Claim”), or (iii) any Patent within the AcceleMed Assigned Patents, AcceleMed Licensed Patents and AcceleMed Improvement Patents by the manufacture, use, development or
commercialization of a product or service by a Third Party in both Nalu Field and AcceleMed Field (each, a “General Infringement Claim”), such Party shall promptly notify the other Party describing such infringement. Subject to this
Section 5.3, the Parties shall discuss such infringement and appropriate steps to be taken with regard to such infringement and shall share available evidence thereof. As between the Parties, the right to enforce such Patent with respect to such
infringement, or to defend any declaratory judgment action with respect thereto (each, an “Enforcement Action”) shall be as set forth in Section 5.3(b). 

(b) Enforcement. 
 (1)
Nalu Infringement Claim. Except to the extent otherwise agreed by the Parties, as between the Parties, Nalu (or its designee) shall have the first right, but not the obligation, to institute, prosecute and control any Enforcement Action with
respect to each Nalu Infringement Claim, at its sole expense. If Nalu (or its designee) fails to initiate an Enforcement Action with respect to a Nalu Infringement Claim within 120 days after a request by AcceleMed to do so, then AcceleMed shall
have the right, upon notice to Nalu, to institute, prosecute and control such Enforcement Action, at its sole expense (subject to reimbursement as set forth below). 

(2) AcceleMed Infringement Claim. Except to the extent otherwise agreed by the Parties, as between the Parties, AcceleMed (or its
designee) shall have the sole right, but not the obligation, to institute, prosecute and control any Enforcement Action with respect to each AcceleMed Infringement Claim, at its sole expense. If AcceleMed (or its designee) fails to initiate an
Enforcement Action with respect to such AcceleMed Infringement Claim within 120 days after a request by Nalu to do so, then Nalu shall have the right, upon notice to AcceleMed, 

  
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to institute, prosecute and control such Enforcement Action, at its sole expense (subject to reimbursement as set forth below). 

(3) General Infringement Claim. In the event there is any General Infringement Claim, the Parties shall discuss the appropriate steps
to be taken with regard to such infringement, including the appropriate Enforcement Action to be taken, the control of such Enforcement Action, and the allocation of damages or other monetary awards received therefrom. 

(c) Cooperation; Recoveries. 

(1) If a Party (the “Controlling Party”) brings any Enforcement Action pursuant to Section 5.3(b), then the other Party
(the “Cooperating Party”) shall cooperate as reasonably requested, at such Controlling Party’s expense, in the pursuit of such Enforcement Action, including by joining as a party to any such Enforcement Action if it is a
necessary or indispensable party or taking such other actions as are necessary for standing or for the Controlling Party to otherwise maintain or pursue the Enforcement Action. The Controlling Party for an Enforcement Action shall: (i) have the
right to use counsel of its choice in such Enforcement Action, (provided that the Cooperating Party shall have the right, even if not required to be joined, to participate in such Enforcement Action with its own counsel, at its own expense), (ii)
keep the Cooperating Party reasonably informed with respect to the progress or disposition of such Enforcement Action, including reasonable consultation regarding any settlements, and (iii) use reasonable efforts to avoid and minimize any
potential adverse impact on the Cooperating Party’s rights and interests. Neither Party shall have the right to make any admission or settle any Enforcement Action under this Section 5.3 in a manner that admits the invalidity or
unenforceability of the other Party’s Patents without the prior written consent of the other Party, which shall not be unreasonably withheld. The Controlling Party for an Enforcement Action shall also have the right to control the settlement of
such Enforcement Action; provided, however, no settlement shall be entered into without the consent of the Cooperating Party if such settlement would materially and adversely affect the interests of the Cooperating Party. 

(2) Any damages or other monetary awards recovered from the settlement of or judgment from an Enforcement Action shall be allocated first to
reimburse the Controlling Party for the costs and expenses incurred by it in connection with such Enforcement Action (including any expenses or costs incurred by the Controlling Party to reimburse the Cooperating Party pursuant to
Section 5.3(c)(1)), and then to reimburse the Cooperating Party for the costs and expenses incurred by it in connection with such Enforcement Action to the extent not previously reimbursed. Any amounts remaining shall be shared seventy-five
percent (75%) to the Controlling Party and twenty-five percent (25%) to the Cooperating Party. 
 ARTICLE 6 

CONFIDENTIALITY 

6.1 Confidentiality; Exceptions. Except to the extent expressly authorized by this Agreement or otherwise agreed in writing, the
Parties agree that a Party receiving (the “Receiving Party”) any confidential or proprietary information and materials furnished to it by the other Party (the “Disclosing Party”) pursuant to this Agreement
(collectively, “Confidential Information”) shall keep confidential and shall not publish or otherwise disclose or use for any 

  
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purpose other than as provided for in this Agreement, except to the extent that it can be established by written documentation by the Receiving Party that such Confidential Information: 

(a) was already known to the Receiving Party, other than under an obligation of confidentiality, at the time of disclosure; 

(b) was generally available to the public or otherwise part of the public domain at the time of its disclosure to the Receiving Party; 

(c) became generally available to the public or otherwise part of the public domain after its disclosure and other than through any act or
omission of the Receiving Party in breach of this Agreement; 
 (d) was independently developed by the Receiving Party as demonstrated by
documented evidence prepared contemporaneously with such independent development; or 
 (e) was disclosed to the Receiving Party, other than
under an obligation of confidentiality, by a Third Party who had no obligation to the disclosing Party not to disclose such information to others. 

6.2 Authorized Disclosure. Except as expressly provided otherwise in this Agreement, the Receiving Party may use and disclose
Confidential Information of the Disclosing Party as follows: (i) under appropriate confidentiality provisions substantially equivalent to those in this Agreement, in connection with the performance of its obligations or exercise of
rights granted or reserved in this Agreement (including the right grant licenses and sublicenses hereunder); (ii) to the extent such disclosure is reasonably necessary in filing or prosecuting Patent, copyright and trademark applications, complying
with the terms of agreements with third parties in existence as of the Effective Date or thereafter pursuant to which the Receiving Party first obtains rights to Patents licensed hereunder, prosecuting or defending litigation, complying with
applicable governmental regulations, obtaining regulatory approvals, marketing products, or otherwise required by law, provided, however, that if a Receiving Party is required by law to make any such disclosure of a Disclosing Party’s
Confidential Information it will, except where impracticable for exigent disclosures (for example, in the event of medical emergency), give reasonable advance notice to the Disclosing Party of such disclosure requirement and, except to the extent
inappropriate in the case of patent applications, will use its reasonable efforts to secure confidential treatment of such Confidential Information required to be disclosed; (iii) in communication with existing and potential investors,
acquirers, consultants, advisors (including attorneys and accountants) or others on a need to know basis, in each case under appropriate confidentiality provisions substantially equivalent to those of this Agreement; or (iv) to the
extent mutually agreed to by the Parties. 
 6.3 Confidential Terms. Each of the Parties agrees not to disclose to any Third Party
the terms and conditions of this Agreement without the prior approval of the other Party, except: (i) to potential investors, acquirers, consultants, advisors (including attorneys and accountants) or others on a need to know basis, in each
case under circumstances that reasonably ensure the confidentiality thereof; or (ii) under circumstances that reasonably ensure the confidentiality of the information, to the extent necessary (A) to comply with the terms of
agreements with third parties or (B) in connection with the performance of its obligations or exercise of rights granted or reserved in this Agreement (including the right to grant licenses and sublicenses hereunder);

  
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or (iii) to the extent required by applicable law, provided, however, that if a Party is required by law to make any such disclosure of the terms or conditions of this Agreement, it will
give reasonable advance notice to the other Party of such disclosure requirement and will use its reasonable efforts to seek confidential treatment of such terms and conditions. 

ARTICLE 7 

REPRESENTATIONS AND WARRANTIES 

7.1 Mutual Representations. Each Party hereby represents and warrants to the other Party that: (i) it has the legal power,
authority and right to enter into this Agreement and to perform all of its obligations hereunder; (ii) it has the right and power to grant the rights and licenses granted by it hereunder; (iii) it has not previously granted,
and will not grant, any rights which are in conflict with the rights and licenses granted to the other Party herein; (iv) as of the Effective Date, the intellectual property rights assigned or licensed by it to the other Party herein are
free and clear of any lien, charges, encumbrances and security interests; and (v) to the best of its knowledge as of the Effective Date, there are no threatened or pending actions, suits, investigations, claims or proceedings in any way
relating to the intellectual property rights assigned or licensed by it to the other Party herein. AcceleMed represents and warrants to Nalu that, as of the Effective Date, it holds the entire right, title and interest in and to the Patents listed
on Exhibit A free and clear of all liens. 
 7.2 Disclaimer. EXCEPT AS PROVIDED IN THIS ARTICLE 7, NEITHER PARTY MAKES ANY
REPRESENTATIONS, WARRANTIES OR CONDITIONS (EXPRESS, IMPLIED, STATUTORY OR OTHERWISE) WITH RESPECT TO THE SUBJECT MATTER HEREOF, AND EACH PARTY SPECIFICALLY DISCLAIMS ANY AND ALL IMPLIED WARRANTIES OR CONDITIONS OF MERCHANTABILITY, FITNESS FOR A
PARTICULAR PURPOSE, AND NON-INFRINGEMENT.  
 ARTICLE 8 

INDEMNIFICATION 

8.1 Indemnification of AcceleMed. Subject to Section 8.3, Nalu shall indemnify, defend and hold AcceleMed and its
respective directors, officers, employees, agents (collectively, the “AcceleMed Indemnitees”) harmless from and against any and all liabilities, losses, costs, damages, fees or expenses (including reasonable legal expenses and
attorneys’ fees) payable to a Third Party (collectively, “Losses”) incurred by any AcceleMed Indemnitee as a result of any claim, demand, action or suit brought by a Third Party against an AcceleMed Indemnitee to the extent
arising out of or related to: (i) the exercise or the practice by or under authority of Nalu of the rights or licenses granted to Nalu hereunder, including product liability claims; or (ii) Nalu’s breach of Nalu’s
express representations and warranties set forth herein. Notwithstanding the foregoing, Nalu’s obligation to indemnify under this Section 8.1 shall not extend to Losses for which AcceleMed is obligated to indemnify Nalu pursuant to
Section 8.2 below. 
 8.2 Indemnification of Nalu. Subject to Section 8.3, AcceleMed shall indemnify, defend
and hold Nalu and its respective directors, officers, employees, agents (collectively, the “Nalu Indemnitees”) harmless from and against any and all Losses incurred by any Nalu 

  
 11 

 
Indemnitee as a result of any claim, demand, action or suit brought by a Third Party against a Nalu Indemnitee to the extent arising out of or related to: (i) the exercise or the practice by
or under authority of AcceleMed of the rights or licenses granted to AcceleMed hereunder, including product liability claims; or (ii) AcceleMed’s breach of AcceleMed’s express representations and warranties set forth herein.
Notwithstanding the foregoing, AcceleMed’s obligation to indemnify under this Section 8.2 shall not extend to Losses for which Nalu is obligated to indemnity AcceleMed pursuant to Section 8.1 above. 

8.3 Claim for Indemnification. Whenever any claim shall arise for indemnification under this Article 8, the Party entitled to
indemnification hereunder (the “Indemnified Party”) shall promptly notify the Party from which it is seeking indemnification (the “Indemnifying Party”) of the claim and, when known, the facts constituting the basis
for the claim. The Indemnifying Party may, upon notice to the Indemnified Party, assume defense thereof at its own expense. The Indemnified Party shall not settle or compromise any claim for which it is entitled to indemnification without the prior
consent of the Indemnifying Party, which consent shall not be unreasonably withheld, conditioned or delayed. In no event shall Indemnifying Party settle any claim without the prior consent of the Indemnified Party if such settlement does not include
a release from liability on such claim or if such settlement would involve undertaking an obligation other than the payment of money that would bind or impair the Indemnified Party. 

ARTICLE 9 
 TERM AND
TERMINATION 
 9.1 Term. Unless earlier terminated pursuant to a provision of this Article 9, this Agreement shall be deemed
effective as of the Effective Date and shall continue in full force and effect until the expiration, revocation, invalidation of the last patent or the abandonment of the last patent application within the AcceleMed Licensed Patents, whichever is
later. 
 9.2 In the Event of Breach. In the event of a material breach by either Party of a material provision hereof, which breach
is not cured within sixty (60) days after written notice thereof by the other Party (“Cure Period”), then the Parties agree to resolve any damages through the use of arbitration in accordance with Section 10.2. The Cure
Period may be extended by written mutual agreement of AcceleMed and Nalu. 
 9.3 General Effects of Expiration or Termination.
Expiration or termination of this Agreement for any reason shall not release either Party hereto from any liability that at the time of such termination or expiration has already accrued to the other Party. Upon the expiration or any termination of
this Agreement, (i) the provisions of Articles 1-10 shall survive, and (ii) any sublicenses granted by a Party in accordance with this Agreement shall survive, provided that the applicable
sublicensee agrees in writing to be bound by the applicable terms of this Agreement. Except as otherwise expressly provided in this Article 9, all other terms and conditions of this Agreement shall terminate upon expiration or termination of this
Agreement. 
 ARTICLE 10 

GENERAL 
 10.1
Governing Law. This agreement shall be governed by, and construed and interpreted in accordance with, the laws of the State of California, United States of America, without reference to principles of conflicts of law. 

  
 12 

 10.2 Arbitration. The Parties agree that any dispute or controversy arising out of,
in relation to, or in connection with this Agreement, or the making, interpretation, construction, performance or breach hereof, shall be finally settled by binding arbitration in San Francisco, California under the then current rules of the
Judicial Arbitration and Mediation Services (JAMS) by one (1) arbitrator appointed in accordance with such rules. The arbitrator may grant injunctive or other relief in such dispute or controversy. The decision of the arbitrator shall be final,
conclusive and binding on the Parties to the arbitration. Judgment may be entered on the arbitrator’s decision in any court of competent jurisdiction. The Parties agree that, any provision of applicable law notwithstanding, they will not
request and the arbitrator shall have no authority to award, punitive or exemplary damages against either Party. The costs of the arbitration, including administrative and arbitrator’s fees, shall be shared equally by the Parties. Each Party
shall bear the cost of its own attorneys’ fees and expert witness fees. Nothing in this Section 10.2 shall preclude either Party from seeking interim or provisional relief in the form of a temporary restraining order, preliminary
injunction, or other interim relief concerning a dispute prior to or during an arbitration pursuant to this Section 10.2 necessary to protect the interests of such Party. 

10.3 Assignment. This Agreement may not be assigned by either Party without the prior written consent of the other Party.
Notwithstanding the foregoing, either Party may, without such consent, assign this Agreement and its rights, obligations and interests, in whole or in part, to any of its Affiliates or to a Third Party that succeeds to all or substantially all of
its business or assets relating to this Agreement whether by sale, merger, operation of law or otherwise. For clarity, each Party may exercise its rights and/or perform its obligations under this Agreement through one or more of its Affiliates. 

10.4 Consequences of Bankruptcy. The Parties acknowledge and agree that all rights and licenses now or hereafter granted under or
pursuant to any Section of this Agreement are rights to “intellectual property” as defined in Section 101(35A) of Title 11 of the United States Code. Each Party may elect to retain and may fully exercise all of its rights and
elections under Section 365(n) of Title 11 of the United States Code. 
 10.5 Force Majeure. In the event either Party hereto is
prevented from or delayed in the performance of any of its obligations hereunder by reason of acts of God, war, strikes, riots, storms, fires, earthquake, power shortage or failure, failure of the transportation system, or any other cause whatsoever
beyond the reasonable control of the Party (“Force Majeure Event”), the Party so prevented or delayed shall be excused from the performance of any such obligation during a period that is reasonable in light of the Force Majeure
Event, but no less than the duration of the Force Majeure Event itself. 
 10.6 Notices. Any notice, request, delivery, approval or
consent required or permitted to be given under this Agreement shall be in writing and shall be deemed to have been sufficiently given if delivered in person, transmitted by facsimile (receipt verified) or by express courier service (signature
required) or five days after it was sent by registered letter, return receipt requested (or its equivalent), provided that no postal strike or other disruption is then in effect or comes into effect within two days after such mailing, to the Party
to which it is directed at its address or facsimile number shown below or such other address or facsimile number as such Party will have last given by notice to the other Party. 

  
 13 

 If to AcceleMed: [***] 

If to Nalu: [***] 
 10.7 No Waiver. A
waiver, express or implied, by either AcceleMed or Nalu of any right under this Agreement or of any failure to perform or breach hereof by the other Party hereto shall not constitute or be deemed to be a waiver of any other right hereunder or of any
other failure to perform or breach hereof by such other Party, whether of a similar or dissimilar nature thereto. 
 10.8 Limitation of
Liability. NEITHER PARTY SHALL BE LIABLE TO THE OTHER PARTY FOR ANY SPECIAL, CONSEQUENTIAL, EXEMPLARY, INCIDENTAL, STATUTORY OR PUNITIVE DAMAGES (INCLUDING LOST OR ANTICIPATED REVENUES OR PROFITS RELATING TO THE SAME), ARISING FROM ANY CLAIM
RELATING TO THIS AGREEMENT, OR THE SUBJECT MATTER HEREOF, WHETHER SUCH CLAIM IS BASED ON CONTRACT, TORT (INCLUDING NEGLIGENCE) OR OTHERWISE, EVEN IF ADVISED OF THE POSSIBILITY OR LIKELIHOOD OF SAME. 

10.9 Severability. If any provision of this Agreement shall be found by a court to be void, invalid or unenforceable, the same shall be
reformed to comply with applicable law or stricken if not so conformable, so as not to affect the validity or enforceability of the remainder of this Agreement, and the remainder of the Agreement shall remain in full force and effect. 

10.10 Interpretation. All headings are inserted for convenience of reference only and shall not affect its meaning or interpretation.

 10.11 Entire Agreement. This Agreement constitutes the entire understanding and agreement between the Parties with respect to the
subject matter hereof and supersedes any and all prior and contemporaneous negotiations, representations, agreements, and understandings, written or oral, that the Parties may have reached with respect to the subject matter hereof, including the
Original License Agreement. No agreements altering or supplementing the terms hereof may be made except by means of a written document signed by the duly authorized representatives of each of the Parties hereto. 

10.12 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but both of which
together shall constitute one and the same instrument. This Agreement may be executed through electronic (including .pdf) or facsimile transmitted signature. 

  
 14 

 IN WITNESS WHEREOF, the Parties have executed this Agreement in duplicate originals by their
duly authorized representatives as of the Effective Date. 
  

									
	ACCELEMED, LLC	 		 	NALU MEDICAL, INC.
					
	By:	 	/s/ Michael Partsch	 		 	By:	 	/s/ Keegan Harper
					
	Name:	 	Michael Partsch	 		 	Name:	 	Keegan Harper
					
	Title:	 	Managing Member	 		 	Title:	 	President and Chief Executive Officer
					
	Date:	 	 	 		 	Date:	 	 

  
 15 

 Exhibit A 

Licensed Patents 
  

									
	Serial #	  	Patent #	  	Publication #	  	Title	  	Inventors
	 61/953,702
	  		  		  	 METHOD AND APPARATUS FOR VERSATILE MINIMALLY INVASIVE NEUROMODULATORS
	  	 <TBD>

					
	 PCT/US2015/02080
	  		  	Filed March 16, 2015	  	 METHOD AND APPARATUS FOR VERSATILE MINIMALLY INVASIVE NEUROMODULATORS
	  	 <TBD>

					
	 62/015,392
	  		  		  	 METHOD AND APPARATUS FOR NEUROMODULATION TREATMENTS OF PAIN AND OTHER CONDITIONS
	  	 <TBD>

					
	 62/530,085
	  		  		  	 METHOD AND APPARATUS FOR OPERATION WITH MINIMALLY INVASIVE NEUROMODULATORS
	  	 <TBD>

					
	 62/077,181
	  		  		  	 METHOD AND APPARATUS FOR IMPLANTABLE NEUROMODULATION SYSTEMS
	  	 <TBD>

					
	 62/112,858
	  		  		  	 MEDICAL APPARATUS INCLUDING AN IMPLANTABLE SYSTEM AND AN EXTERNAL SYSTEM
	  	 <TBD>

					
	 61/836,536
	  		  		  	 FOR MINIMALLY INVASIVE IMPLANTABLE MODULATORS
	  	 <TBD>

					
	 61/836,544
	  		  		  	 METHOD AND APPARATUS FOR MINIMALLY INVASIVE IMPLANTABLE MODULATORS
	  	 <TBD>

					
	 PCT/US2014/043023
	  		  	WO2014205129	  	 METHOD AND APPARATUS FOR MINIMALLY INVASIVE IMPLANTABLE MODULATORS
	  	 [***]

  
 16EX-10.6

 Exhibit 10.6 

[***] = Certain information contained in this document, marked by brackets, has been omitted because it is both not material and would be competitively
harmful if publicly disclosed. 
 SUBLICENSE AGREEMENT 

This Sublicense Agreement (this “Agreement”) between Nalu Medical, Inc., a Delaware corporation having a principal place of business at 690 Lynwood
Drive, Encinitas, CA 92024 (“Nalu”) and AcceleMed LLC, a Delaware limited liability company having a principal place of business at 690 Lynwood Drive, Encinitas, CA 92024 (“AcceleMed”), is effective on the 26th day of June, 2015
(“Effective Date”). AcceleMed and Nalu are each referred to herein as such or, individually, as a “party” or, collectively, as the “parties.” 
  

	1	 BACKGROUND 

WHEREAS, AcceleMed has rights to certain Licensed Patents (as defined below). 

WHEREAS, Nalu desires to obtain a license under the Licensed Patents in the Territory in the Nalu Field (as defined below), and AcceleMed desires to grant
such license, all on the terms and conditions herein. 
 NOW, THEREFORE, in consideration of the mutual premises and covenants herein contained and for
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto intending to be legally bound do hereby agree as follows: 

 

	2	 DEFINITIONS 

  

	2.1	 “Affiliate” means, with respect to any person, another person that, directly or indirectly, through
one or more intermediaries, Controls, is Controlled by, or is under common Control with such person. “Control” means, as to any Person, beneficial ownership, direct or indirect, of at least fifty percent (50%) of the equity securities of
the subject entity entitled to vote in the election of directors (or, in the case of an entity that is not a corporation, for the election of the corresponding managing authority), and the terms “Controlled by”, “under common Control
with” and “Controlling” shall have correlative meanings. 

  

	2.2	 “Co-Exclusive” means that (a) Stanford has granted one
licensee other than AcceleMed a license under such Licensed Patent in the Licensed Field of Use (as defined in the Stanford License) in the Licensed Territory (each such license, a “Co-Exclusive
License”), (b) subject to Articles 3 and 5 of the Stanford License, Stanford covenanted to AcceleMed that it would not grant any further license under the relevant Licensed Patent in the Licensed Field of Use in the Licensed Territory and
(c) AcceleMed will not grant any further license under the relevant Licensed Patents in the Nalu Field In the Licensed Territory. 

  

	2.3	 “Exclusive” means that, subject to Articles 3 and 5, AcceleMed will not grant further licenses under
the exclusively Licensed Patents in the Nalu Field in the Licensed Territory. 

  

	2.4	 “Fully Diluted Basis” means the total number of shares of a corporate entity’s issued and
outstanding common stock, assuming: 

  
 Page 1 of 3 

	 	(A)	 the conversion of all issued and outstanding securities convertible into common stock; 

 

	 	(B)	 the exercise of all issued and outstanding warrants or options, regardless of whether then exercisable; and

  

	 	(C)	 the issuance, grant, and exercise of all securities reserved for issuance pursuant to any stock or stock option
plan then in effect. 

  

	2.5	 “Licensed Patent” means Stanford’s U.S. Patent Application, Serial Numbers 12/485,641 (of docket
S09-058A; filed 6/16/2009) (Patent number 8,634,928), 12/485,654 (of docket S09-058B, filed 6/16/2009) (Patent number 8,504,138); 13/734,772 (of docket S11-469; filed on 1/4/2012) (provisional application 61/582,980), 13/591,188 (of docket S12-112; filed 8/21/2012), 61/720,827 (of docket
S12-360 filed on 10/31/2012) (PCT/US2013/067882), any foreign patent application corresponding or claiming priority thereto, and any divisional, continuation, or reexamination application, extension,
and each patent that issues or reissues from any of these patent applications. Any claim of an unexpired Licensed Patent is presumed to be valid unless it has been held to be invalid by a final judgment of a court of competent jurisdiction from
which no appeal can be or is taken. “Licensed Patent” includes any continuation-in-part (CIP) patent application filed within three years from the License
Effective Date and any patent that issues therefrom. 

  

	2.6	 “Licensed Product” means a product or part of a product in the Nalu Field: 

 

	 	(A)	 the making, using, importing or selling of which, absent this license, infringes, induces infringement, or
contributes to infringement of a Licensed Patent. 

  

	2.7	 “Licensed Territory” means worldwide. 

 

	2.8	 “Nalu Field” shall mean the treatment or management of (a) neuropathic pain, including but not
limited to spinal cord stimulation for pain, peripheral neuropathic pain, diabetic neuropathy, occipital pain and pelvic pain and (b) disease of the bladder and urinary tract, including but not limited to, overactive bladder and treatment of
peripheral nerves for the treatment of urinary incontinence disorders and all other known bladder diseases, (c) fecal incontinence and erectile dysfunction. The license specifically excludes treatments to the vagus nerve and vagus nerve bundle
for any indication. 

  

	2.9	 “Net Sales” means all gross revenue derived by Nalu and its sublicensees and affiliates (other than
AcceleMed and other entities controlled by AcceleMed) from sales, transfers or other dispositions of Licensed Product. Net Sales excludes the following items (but only as they pertain to the making, using, importing or selling of Licensed Products,
are included in gross revenue, and are separately accounted for): 

  

	 	(A)	 import, export, excise, value-added and sales taxes, and custom duties; 

 

	 	(B)	 trade, quantity or cash discounts and customary rebates and chargebacks; 

  
 Page 2 of 3 

	 	(C)	 costs of insurance, packing, and transportation from the place of manufacture to the customer’s premises
or point of installation; 

  

	 	(D)	 costs of installation at the place of use; and 

 

	 	(E)	 credit for returns, allowances, or trades. 

In the event that a Licensed Product is sold in combination with another product, component or service for which no royalty would be due
hereunder if sold separately, Net Sales from such combination sales for purposes of calculating the amounts due under Section 7.8 shall be calculated by multiplying Net Sales of the combination product by the fraction A/(A+B), where A is the
average gross selling price during the previous calendar quarter of the Licensed Product sold separately and B is the average gross selling price during the previous calendar quarter of the other product(s), component(s) and/or service(s)
incorporated in such combination product. In the event that a substantial number of such separate sales were not made during the previous calendar quarter then AcceleMed and Nalu will discuss in good faith an equitable adjustment to the Net Sales
for such combination product to fairly reflect the proportion of the value of such combination product reasonably attributable to the Licensed Product component. 
  

	2.10	 “Nonroyalty Sublicensing Consideration” means any consideration received by Nalu from a sublicensee
hereunder in consideration of the grant of rights under the Licensed Patent pursuant to a Sublicense but excluding any consideration for: 

  

	 	(A)	 royalties on products sales (royalties on product sales by sublicensees will be treated as if AcceleMed or Nalu
made the sale of such product); 

  

	 	(B)	 investments in Nalu stock; 

 

	 	(C)	 research and development expenses calculated on a fully burdened basis; 

 

	 	(D)	 debt; 

  

	 	(E)	 reimbursement of out-of pocket patent prosecution and maintenance
expenses for Licensed Patents; 

  

	 	(F)	 management and consulting fees paid to Nalu; and information and
know-how sharing between entities; and 

  

	 	(G)	 amounts received for the sale of all or substantially all of the business or assets of Nalu or its assignee(s),
whether by merger, sale of stock or assets or otherwise. 

  

	2.11	 “Pivotal Study” means a pivotal clinical trial of a Licensed Product intended to support a premarket
approval application to the FDA submitted pursuant to 21 C.F.R. Part 814 or a 510(k) premarket notification requiring clinical data for clearance. 

  

	2.12	 “Qualified Financing” shall mean a transaction or series of transactions in which a company receives
gross proceeds of $2,000,000 through the sale of its securities or incurrence of any debt, with the principal purpose of raising capital. 

  

	2.13	 “Stanford” means the Board of Trustees of the Leland Stanford Junior University.

  
 Page 3 of 3 

	2.14	 “Stanford Indemnitees” means Stanford and Stanford Hospitals and Clinics, and their respective
trustees, officers, employees, students, and agents. 

  

	2.15	 “Stanford License” means the Exclusive (Equity) Agreement between AcceleMed and Stanford relating to
the Licensed Patents, dated as of the date hereof (the “License Effective Date”), a copy of which is attached hereto as Exhibit 1. 

  

	2.16	 “Sublicense” means any agreement between Nalu and a third party that contains a grant to
Stanford’s Licensed Patents regardless of the name given to the agreement by the parties; however, an agreement to make, have made, use or sell Licensed Products on behalf of Nalu is not considered a Sublicense. 

 

	3	 GRANT 

  

	3.1	 Grant. Subject to the terms and conditions of this Agreement, AcceleMed grants Nalu a sublicense under
the Licensed Patent to make, have made, use, import, offer to sell and sell Licensed Products, or otherwise use or practice the Licensed Patent, in each case, in the Nalu Field in the Licensed Territory, which includes: 

 

	 	(A)	 an Exclusive sublicense under patent application 13/734,772 of docket
S11-469 (provisional application 61/582,980); patent application 13/591,188 of docket S12-112; and patent application 12/485,654 of docket
S09-058B (Patent number 8,504,138); 

  

	 	(B)	 a Co-Exclusive sublicense under patent application 12/485,641 of docket
S09-058A (Patent number 8,634,928); and 

  

	 	(C)	 a Co-Exclusive sublicense under patent application 61/720,827 of docket
S12-360 (PCT/US2013/067882). 

  

	3.2	 Exclusivity. Nalu acknowledges that the Stanford License is exclusive for 7 years on the Exclusively and
Co- Exclusively Licensed Patent in Section 3.1, which will be extended until the last such Licensed Patent expires if AcceleMed (itself or through a sublicensee) has completed all of the milestones in
section 6.1 of the Stanford License and is developing Licensed Product under each of the Licensed Patents or provides a plan (to be approved by Stanford, such approval not to be unreasonably withheld ) to develop Licensed Product under each of the
Licensed Patents. Accordingly, the exclusivity granted to Nalu under Section 3.1 above is limited to the interest in the Licensed Patent conveyed to AcceleMed under the Stanford License. 

 

	3.3	 Co-Exclusivity. Nalu acknowledges that at such time as any Co-Exclusive License expires or is terminated, (a) AcceleMed shall be the exclusive licensee under the relevant Licensed Patent(s), (b) AcceleMed shall promptly notify Nalu of such expiration or termination of
such Co-Exclusive License and (c) AcceleMed’s license with respect to the relevant Co-Exclusively licensed Licensed Patent(s) in Section 3.1(B) or 3.1(C)
of the Stanford License, as applicable, shall be deemed Exclusive. Accordingly, at such time as any Co-Exclusive License expires or is terminated, the applicable sublicense in Section 3.1(B) or 3.1(C)
above shall be deemed Exclusive. 

  
 Page 4 of 4 

	3.4	 Nonexclusivity. Nalu acknowledges that under the Stanford License, after the Exclusive term, if
AcceleMed’s exclusivity is not extended per section 3.2 of the Stanford License with respect to any Licensed Patent, AcceleMed’s license will be nonexclusive with respect to any such Licensed Patent until the last such Licensed Patent
expires and accordingly, that the Nalu’s sublicense under Section 3.1 will be nonexclusive until the last such Licensed Patent expires. 

  

	3.5	 Retained Rights. Nalu acknowledges that Stanford retained the right, on behalf of itself and all other non-profit research institutions, to practice and use the Licensed Patent for any non-profit purpose, including sponsored research and collaborations. Nalu acknowledges that,
notwithstanding any other provision of this Agreement, it has no right to enforce the Licensed Patent against any such institution. Nalu further acknowledges that Stanford and any such other institution have the right to publish any information
included in any Licensed Patent. 

  

	3.6	 Specific Exclusion. AcceleMed does not: 

 

	 	(A)	 grant to Nalu any other licenses, implied or otherwise, to any patents or other rights of AcceleMed other than
those rights granted under Licensed Patent, regardless of whether the patents or other rights are dominant or subordinate to any Licensed Patent, or are required to exploit any Licensed Patent; or 

 

	 	(B)	 agree to furnish to Nalu any technology or technological information other than the Licensed Patent or to
provide Nalu with any assistance. 

  

	3.7	 Maintenance of the Stanford License. AcceleMed shall comply with all of its obligations under the
Stanford License and will not terminate the Stanford License or amend the Stanford License in any manner which diminishes the rights of Nalu or increases any obligations of Nalu with respect to the Licensed Rights (“Detriment”) without the
consent of Nalu. In the event that AcceleMed amends the Stanford License to obtain more favorable terms from Stanford (e.g., negotiates a lower royalty rate or a higher third party royalty offset) AcceleMed will extend such benefits to Nalu and this
Agreement shall be amended to reflect such more favorable terms. In addition, AcceleMed will notify Nalu promptly, if AcceleMed and/or any of its Affiliates receives notice, whether or not there is a cure period, from Stanford that AcceleMed and/or
any of its Affiliates is in material breach of the Stanford License, and/or notice from Stanford which purports to terminate the Stanford License or modify the Stanford License in a manner that would cause a Detriment. AcceleMed will and will cause
its Affiliates to take prompt and commercially reasonable steps to cure any such breach. AcceleMed acknowledges that any breach of the Stanford License by AcceleMed and/or its Affiliates may result in irreparable damage to Nalu and will entitle Nalu
to seek, in addition to any other right or remedy it may be entitled to, specific performance or other equitable remedies without the posting of any bond or other security. 

 

	4	 SUBLICENSING 

  
 Page 5 of 5 

	4.1	 Permitted Sublicensing. Nalu may grant Sublicenses in the Nalu Field only during the Exclusive term.
Nalu is allowed to grant a sublicense only if Nalu is developing or selling Licensed Products at the time of the sublicensing grant. Sublicenses with any exclusivity must include diligence requirements commensurate with the diligence requirements of
Appendix A. 

  

	4.2	 Sublicense Requirements. Any Sublicense: 

 

	 	(A)	 is subject to this Agreement; 

 

	 	(B)	 will reflect that any sublicensee will not further Sublicense; 

 

	 	(C)	 will prohibit sublicensee from paying royalties to an escrow or other similar account; 

 

	 	(D)	 will expressly include the provisions of Articles 9 and 10 for the benefit of Stanford and provisions that
allow AcceleMed to comply with its obligations to Stanford under Article 8 of the Stanford License; 

  

	 	(E)	 will include the provisions of Section 4.3; and 

 

	 	(F)	 will survive the termination of this Agreement, such that all the sublicensee’s obligations to Nalu under
such Sublicense, including the payment of royalties specified in the Sublicense, will run directly to AcceleMed or its designee if this Agreement is terminated, in which event, such sublicensee will be deemed a direct licensee of AcceleMed.

  

	4.3	 Litigation by Sublicensee. Any Sublicense must include the following clauses: 

 

	 	(A)	 In the event sublicensee brings an action seeking to invalidate any Licensed Patent: 

 

	 	(1)	 sublicensee will double the royalty payment owed to AcceleMed on Net Sales of Licensed Products covered by the
challenged Licensed Patent sold by Sublicensee during the pendency of such action. Moreover, should the outcome of such action determine that any claim of a patent challenged by the sublicensee is both valid and infringed by a Licensed Product,
sublicensee will pay triple times the royalty payment owed to AcceleMed on Net Sales of Licensed Products covered by the challenged Licensed Patent sold by Sublicensee after such determination, and sublicensee will have no right to recoup any
royalties paid before or during the period challenge; 

  

	 	(2)	 any dispute regarding the validity of any Licensed Patent shall be litigated in the courts located in Santa
Clara County, and the parties agree not to challenge personal jurisdiction in that forum; 

  

	 	(3)	 sublicensee shall not pay royalties into any escrow or other similar account. 

 

	 	(B)	 Sublicensee will provide written notice to Nalu and Stanford at least three months prior to bringing an action
seeking to invalidate a Licensed Patent. 

  
 Page 6 of 6 

	 	
Sublicensee will include with such written notice an identification of all prior art it believes invalidates any claim of the Licensed Patent. 

 

	4.4	 Copy of Sublicenses and Sublicensee Royalty Reports. Nalu will submit to AcceleMed a copy of each
Sublicense, any subsequent amendments and all copies of sublicensees’ royalty reports. Beginning with the first Sublicense, the Chief Financial Officer or equivalent will certify annually regarding the name and number of sublicensees.

  

	4.5	 Sharing of Sublicensing Income. Nalu will pay to Stanford a portion of all Nonroyalty Sublicensing
Consideration it receives for the sublicense of Licensed Patents, as provided below, based on the timing of the sublicensing: 

  

	 	(A)	 [***] if done within the first 18 months of License Effective Date; 

 

	 	(B)	 [***] if done after 18 months from License Effective Date and before any clinical trial on Licensed Product;

  

	 	(C)	 [***] if done while the Licensed Product is in clinical trials; and 

 

	 	(D)	 [***] if done after the Licensed Product has received FDA approval. 

 

	4.6	 Royalty-Free Sublicenses. If Nalu pays all royalties due AcceleMed from a sublicensee’s Net Sales,
Nalu may grant that sublicensee a royalty-free or non-cash: 

  

	 	(A)	 Sublicense or 

  

	 	(B)	 cross-license. 

  

	4.7	 AcceleMed will provide Nalu with prompt written notice of any required sublicenses granted under the Licensed
Patents pursuant to the Stanford License. 

  

	5	 GOVERNMENT RIGHTS 

This Agreement is subject to Title 35 Sections 200-204 of the United States Code. Among other things, these provisions
provide the United States Government with nonexclusive rights in the Licensed Patent. They also impose the obligation that Licensed Product sold or produced in the United States be “manufactured substantially in the United States” (subject
to waivers available under applicable laws). Nalu will ensure all obligations of these provisions are met. 
  

	6	 DILIGENCE 

  

	6.1	 Milestones. Nalu will, itself or through one or more sublicensees, diligently develop, manufacture, and
sell Licensed Product and diligently develop markets for Licensed Product. In addition, Nalu will, itself or through one or more sublicensees, meet the milestones shown in Appendix A, and notify AcceleMed in writing as each milestone is met.
AcceleMed agrees to grant reasonable extensions to the target dates of any applicable milestone and the subsequent milestones (without payment) if Nalu’s or its sublicensee(s)’s failure to meet the applicable milestones is due to delays
which are out of the reasonable control of Nalu (e.g., changes to the regulatory pathways, delays in regulatory review, adverse events during clinical trials and the like), provided that AcceleMed shall

  
 Page 7 of 7 

	 	
not be obligated to grant such extension for more than 2 years in aggregate and any additional request for extension will be subject to discussion by the parties. Without limiting the foregoing,
Nalu shall have a one-time right to a single six-month extension of the target date of a diligence milestone, upon payment of an extension fee in the amount of [***]
([***]) for such extension. If Nalu triggers this one extension, the due date for all subsequent milestones will also be extended by 6 months. 

  

	6.2	 Progress Report. By February 1 of each year, Nalu will submit a written annual report to AcceleMed
covering the preceding calendar year. The report will include information sufficient to enable AcceleMed to satisfy its reporting requirements under the Stanford License and for AcceleMed to ascertain progress by Nalu toward meeting this
Agreement’s diligence requirements. Each report will describe, where relevant: Nalu’s progress toward commercialization of Licensed Product, including work completed, key scientific discoveries, summary of work-in-progress, current schedule of anticipated events or milestones, market plans for introduction of Licensed Product, and significant corporate transactions involving Licensed Product.

  

	6.3	 Clinical Trial Notice. Nalu will notify AcceleMed prior to commencing any clinical trials at Stanford.

  

	7	 ROYALTIES 

  

	7.1	 Issue Royalty. Nalu will pay to AcceleMed a noncreditable, nonrefundable license issue royalty of [***]
made in 2 payments: 

  

	 	A.	 [***] upon signing this Agreement. 

 

	 	B.	 [***] due at least thirty (30) days prior to the first anniversary of the License Effective Date.

  

	7.2	 Equity Interest. As further consideration, Nalu will grant to Stanford sufficient shares of common stock
in Nalu, which, when issued, those shares will represent [***] of the common stock in Nalu on a Fully Diluted Basis. Nalu agrees to provide Stanford with the capitalization table upon which the above calculation is made. Nalu will issue [***] of all
shares granted to Stanford pursuant to this Section 7.2 and Section 7.3 directly to and in the name of the inventors to be listed with individual allocations to be provided by Stanford. 

 

	7.3	 Anti-Dilution Protection. Nalu will issue Stanford, without further consideration, any additional shares
of stock of the class issued pursuant to Section 7.2 necessary to ensure that the number of shares issued Stanford pursuant to Section 7.2 and this Section 7.3 does not represent less than the percentage shares listed under
Section 7.2 which are issued and outstanding on a Fully-Diluted Basis at any time through the completion of issuance of all shares to be issued in connection with the cumulative equity investment in Nalu from a single or group of investors
which totals [***] and at a pre-money valuation of no less than [***]. 

  

	7.4	 Section 7.4 is set forth in Appendix E of this Agreement. 

  
 Page 8 of 8 

	7.5	 Section 7.5 is set forth in Appendix E of this Agreement. 

 

	7.6	 License Maintenance Fee. Nalu will pay AcceleMed a yearly license maintenance fee as follows:

  

	 	A.	 [***]; 

  

	 	B.	 [***]. 

Yearly maintenance payments are nonrefundable, but they are creditable each year as described in Section 7.10. 

 

	7.7	 Milestone Payments. Nalu will pay AcceleMed the following milestone payments: 

 

	 	A.	 [***]; 

  

	 	B.	 [***]; 

  

	 	C.	 [***]; 

  

	 	D.	 [***]; 

  

	 	E.	 [***]; 

  

	 	F.	 [***]. 

  

	7.8	 Earned Royalty. Nalu will pay AcceleMed earned royalties (“Y percent” or “Y%”) on
Net Sales as follows: 

 Nalu will pay AcceleMed earned royalties of [***] of Net Sales. If Nalu must pay earned royalties
on Licensed Product to third parties that total more than [***] of Net Sales, the earned royalty payable to AcceleMed will be reduced by [***] for each [***] payable to third parties. For example, if Nalu is obligated to pay a total of [***] of
earned royalties on Licensed Product to third parties, the earned royalty payable to AcceleMed will be reduced by [***] of [***] or [***]. In no event will Nalu reduce earned royalties to AcceleMed to below [***]. 

Accordingly, in the foregoing scenario, the earned royalty payable to AcceleMed will be reduced to 2.0%. 

 

	7.9	 Earned Royalty if Nalu Challenges the Patent. Notwithstanding the above, should Nalu bring an action
seeking to invalidate any Licensed Patent, such a plaintiff will pay royalties to AcceleMed at the rate of [***] percent ([***]) of the Net Sales of all Licensed Products sold during the pendency of such action. Moreover, should the outcome of such
action determine that any claim of a patent challenged by the plaintiff is both valid and infringed by a Licensed Product, the plaintiff will pay royalties at the rate of [***] percent ([***]) of the Net Sales of all Licensed Products sold.

  

	7.10	 Creditable Payments. The license maintenance fee for a year may be offset against earned royalty
payments due on Net Sales occurring in that year. 

 For example: 

 

	 	(A)	 if Nalu pays AcceleMed a $10 maintenance payment for year Y, and according to Section 7.8 $15 in earned
royalties are due AcceleMed for 

  
 Page 9 of 9 

	 	
Net Sales in year Y, Nalu will only need to pay AcceleMed an additional $5 for that year’s earned royalties. 

 

	 	(B)	 if Nalu pays AcceleMed a $10 maintenance payment for year Y, and according to Section 7.8 $3 in earned
royalties are due AcceleMed for Net Sales in year Y, Nalu will not need to pay AcceleMed any earned royalty payment for that year. 

  

	7.11	 Obligation to Pay Royalties. During the term of this Agreement, a royalty is due AcceleMed under this
Agreement for Net Sales with respect to a Licensed Product on a country-by-country basis for Licensed Products sold which, without this Agreement, would infringe
Licensed Patent by the manufacture, use, import, offer for sale, or sale of Licensed Products in such countries. For convenience’s sake, the amount of that royalty is calculated using Net Sales. Nonetheless, if certain Licensed Products are
made, used, imported, or offered for sale before the date this Agreement terminates, and those Licensed Products are sold after the termination date, Nalu will pay AcceleMed an earned royalty for its exercise of rights based on the Net Sales of
those Licensed Products. 

  

	7.12	 Funded Sublicensees. If AcceleMed has granted one or more sublicenses under the Licensed Patents to any
third party(ies), then from and after such time as any third party sublicensee under the Licensed Patents has completed a Qualified Financing (each a “Funded Sublicensee”), AcceleMed shall reasonably consider apportioning the expenses
under the Stanford License between or among Nalu and such Funded Sublicensee(s). 

  

	7.13	 No Escrow. Nalu shall not pay royalties into any escrow or other similar account. 

 

	7.14	 Currency. Nalu will calculate the royalty on sales in currencies other than U.S. Dollars using the
appropriate foreign exchange rate quoted by the Bank of America (San Francisco) foreign exchange desk, on the close of business on the last banking day of each calendar quarter. Nalu will make royalty payments to AcceleMed in U.S. Dollars.

  

	7.15	 Non-U.S. Taxes. Nalu will pay all
non-U.S. taxes related to royalty payments. These payments are not deductible from any payments due to AcceleMed. 

  

	7.16	 Interest. Any payments not made when due will bear interest at the lower of (a) the Prime Rate
published in the Wall Street Journal plus 200 basis points or (b) the maximum rate permitted by law. 

  

	7.17	 Payment to Stanford. Upon AcceleMed’s written request, Nalu will make any payments owed to
AcceleMed under this Agreement directly to Stanford, on AcceleMed’s behalf. 

  

	8	 ROYALTY REPORTS, PAYMENTS, AND ACCOUNTING 

 

	8.1	 Quarterly Earned Royalty Payment and Report. Beginning with the first sale of a Licensed Product by Nalu
or a sublicensee, Nalu will submit to AcceleMed a written report (even if there are no sales) and an earned royalty payment within 20 days after the end of each calendar quarter. This report will be in the form of Appendix B and will state the
number, description, and aggregate Net Sales of 

  
 Page 10 of 10 

	 	
Licensed Product during the completed calendar quarter. The report will include an overview of the process and documents relied upon to permit AcceleMed to understand how the earned royalties are
calculated. With each report Nalu will include any earned royalty payment due AcceleMed for the completed calendar quarter (as calculated under Section 7.8). Upon AcceleMed’s written request, Nalu will provide such reports directly to
Stanford on AcceleMed’s behalf. 

  

	8.2	 No Refund. In the event that a validity or non-infringement
challenge of a Licensed Patent brought by Nalu is successful, Nalu will have no right to recoup any royalties paid before or during the period challenge. 

  

	8.3	 Termination Report. Nalu will pay to AcceleMed all applicable royalties and submit to AcceleMed a
written report within 60 days after the license terminates. Nalu will continue to submit earned royalty payments and reports to AcceleMed after the license terminates, until all Licensed Products made or imported under the license have been sold.
Upon AcceleMed’s written request, Nalu will provide such reports directly to Stanford on AcceleMed’s behalf. 

  

	8.4	 Accounting. Nalu will maintain records showing manufacture, importation, sale, and use of a Licensed
Product for 7 years from the date of sale of that Licensed Product. Records will include general-ledger records showing cash receipts and expenses, and records that include: production records, customers, invoices, serial numbers, and related
information in sufficient detail to enable AcceleMed to determine the royalties payable under this Agreement. 

  

	8.5	 Audit by AcceleMed. Subject to reasonable advance notice and during normal business hours, Nalu will
allow AcceleMed and Stanford or their respective designee(s) to examine the records maintained pursuant to Section 8.4 for a period not to exceed the three (3) years prior to the audit request to verify payments made by Nalu under this
Agreement, no more than once per each 12-month period. 

  

	8.6	 Paying for Audit. AcceleMed will pay for any audit done under Section 8.5. But if the audit reveals
an underreporting of earned royalties due AcceleMed of 5% or more for the period being audited, the audited party will pay the out-of-pocket audit costs reasonably
incurred by AcceleMed. 

  

	8.7	 Self-audit. Nalu will conduct an independent audit of sales and royalties at least every 2 years if
annual sales of Licensed Product are over $15,000,000 during each of the two preceding years. The audit will address, at a minimum, the amount of gross sales by or on behalf of Nalu during the audit period, the amount of funds owed to AcceleMed
under this Agreement, and whether the amount owed has been paid to AcceleMed and is reflected in the records of Nalu. Nalu will submit the auditor’s report promptly to AcceleMed upon completion. Nalu will pay for the entire cost of the audit.

  

	9	 REPRESENTATIONS AND WARRANTIES 

 

	9.1	 Negation of Warranties. Nalu acknowledges that AcceleMed was granted the rights under the Stanford
License AS IS and WITH ALL FAULTS. Neither AcceleMed nor Stanford makes any representations nor extends any warranties of 

  
 Page 11 of 11 

	 	
any kind, either express or implied. Among other things, AcceleMed and Stanford disclaim any express or implied warranty: 

 

	 	(A)	 of merchantability, of fitness for a particular purpose, 

 

	 	(B)	 of non-infringement or 

 

	 	(C)	 arising out of any course of dealing. 

 

	9.2	 No Representation of Licensed Patent. Nalu also acknowledges that neither AcceleMed nor Stanford
represents or warrants: 

  

	 	(A)	 the validity or scope of any Licensed Patent, or 

 

	 	(B)	 that the exploitation of Licensed Patent will be successful. 

 

	10	 INDEMNITY 

  

	10.1	 Indemnification. Nalu will indemnify, hold harmless, and defend all Stanford Indemnitees against any
third-party claim of any kind arising out of or related to the exercise of any rights granted Nalu under this Agreement or the breach of this Agreement by Nalu; provided that: 

 

	 	(A)	 Nalu receives prompt written notice of such claim from Stanford; 

 

	 	(B)	 Nalu shall have the first right to defend or settle any such claim and, if Nalu elects to exercise such first
right, the exclusive right to control the defense or settlement thereof. 

  

	10.2	 No Indirect Liability. NEITHER PARTY SHALL BE LIABLE TO THE OTHER PARTY FOR ANY SPECIAL, CONSEQUENTIAL,
EXEMPLARY, INCIDENTAL, STATUTORY OR PUNITIVE DAMAGES (INCLUDING LOST OR ANTICIPATED REVENUES OR PROFITS RELATING TO THE SAME), ARISING FROM ANY CLAIM RELATING TO THIS AGREEMENT, OR THE SUBJECT MATTER HEREOF, WHETHER SUCH CLAIM IS BASED ON CONTRACT,
TORT (INCLUDING NEGLIGENCE) OR OTHERWISE, EVEN IF ADVISED OF THE POSSIBILITY OR LIKELIHOOD OF SAME.    In addition, Nalu agrees that Stanford shall not be liable for any special, consequential, lost profit, expectation, punitive
or other indirect damages in connection with any claim arising out of or related to this Agreement, whether grounded in tort (including negligence), strict liability, contract, or otherwise, arising from this Agreement. 

 

	10.3	 Workers’ Compensation. Nalu will comply with all statutory workers’ compensation and
employers’ liability requirements for activities that it performs under this Agreement. 

  

	10.4	 Insurance. During the term of this Agreement, Nalu will maintain Comprehensive General Liability
Insurance, including Product Liability Insurance, with a reputable and financially secure insurance carrier to cover its obligations hereunder. The insurance will provide minimum limits of liability of [***] for Nalu. All such insurance will include
all Stanford Indemnitees as additional insureds. Insurance must cover claims incurred, discovered, 

  
 Page 12 of 12 

	 	
manifested, or made during or after the expiration of this Agreement and must be placed with carriers with ratings of at least A- as rated by A.M. Best.
Within 30 days of the Effective Date of this Agreement, Nalu will furnish to AcceleMed and Stanford a Certificate of Insurance evidencing primary coverage and additional insured requirements. Nalu will provide to AcceleMed and Stanford 30 days prior
written notice of cancellation or material change to this insurance coverage. Nalu will advise AcceleMed and Stanford in writing that it maintains excess liability coverage (following form) over primary insurance for at least the minimum limits set
forth above. All insurance of Nalu will be primary coverage with respect to Nalu’s obligations hereunder; insurance of Stanford and Stanford Hospitals and Clinics will be excess and noncontributory. 

 

	11	 EXPORT 

Nalu shall, and shall obligate its sublicensees hereunder to, comply with all United States laws and regulations controlling the export of licensed commodities
and technical data. (For the purpose of this paragraph, “licensed commodities” means any article, material or supply but does not include information; and “technical data” means tangible or intangible technical information that
is subject to US export regulations, including blueprints, plans, diagrams, models, formulae, tables, engineering designs and specifications, manuals and instructions.) These laws and regulations may include, but are not limited to, the Export
Administration Regulations (15 CFR 730-774), the International Traffic in Arms Regulations (22 CFR 120-130) and the various economic sanctions regulations administered
by the US Department of the Treasury (31 CFR 500600). 
 Among other things, these laws and regulations prohibit or require a license for the export or
retransfer of certain commodities and technical data to specified countries, entities and persons. Nalu hereby gives written assurance that it will comply with all United States export control laws and regulations. 

 

	12	 MARKING 

Before any Licensed Patent issues, Nalu will mark its Licensed Products with the words “Patent Pending.” Otherwise, Nalu will mark its Licensed
Products with the number of any issued Licensed Patent, to the extent required by the applicable patent marking laws. 
  

	13	 STANFORD NAMES AND MARKS 

 

	13.1	 Nalu will not use (i) Stanford’s name or other trademarks, (ii) the name or trademarks of any
organization related to Stanford, or (iii) the name of any Stanford faculty member, employee, student or volunteer without the prior written consent of Stanford. Permission may be withheld at Stanford’s sole discretion. This prohibition
includes, but is not limited to, use in press releases, advertising, marketing materials, other promotional materials, presentations, case studies, reports, websites, application or software interfaces, and other electronic media.

  

	14	 PROSECUTION AND PROTECTION OF PATENTS 

  
 Page 13 of 13 

	14.1	 Patent Prosecution. Following the Effective Date and subject to Stanford’s approval, AcceleMed or
its designee will be responsible for preparing, filing, and prosecuting broad and extensive patent claims (including any interference or reexamination actions) for Stanford’s benefit in the Licensed Territory and for maintaining all exclusively
Licensed Patents. AcceleMed or its designee (a) shall keep Nalu reasonably informed as to the status of the Licensed Patents, (b) shall consult with Nalu in a timely manner concerning (i) the scope and content of patent applications
within the Licensed Patents prior to filing such patent applications, and (ii) the content of and proposed responses to official actions of the United States Patent and Trademark Office and foreign patent offices during prosecution of such
patent applications and (c) shall follow Nalu’s reasonable requests regarding patent claims in or covering the Nalu Field; provided that Stanford will have final approval on how to proceed with any substantive actions in prosecuting the
Licensed Patents.    At AcceleMed or Stanford’s request, Nalu will provide information and assistance to AcceleMed and Stanford, as applicable, to ensure that the exclusively Licensed Patent is as extensive as possible. Nalu
agrees that Stanford is the client of record for the attorney prosecuting the exclusively Licensed Patents and agree to have Appendix C fully executed by the appropriate parties upon execution of this Agreement. 

 

	14.2	 Patent Costs. Within 30 days after receiving a statement from AcceleMed, Nalu will pay to AcceleMed:

  

	 	(A)	 $[***] at 6 months after the License Effective Date, to offset Exclusively and
Co-exclusively Licensed Patent’s patenting expenses, including any interference or reexamination matters, incurred by Stanford before the License Effective Date. The remaining balance of approximately
$[***] incurred before the License Effective Date is to be reimbursed 2 years from the License Effective Date; 

  

	 	(B)	 for all Exclusively and Co-Exclusively Licensed Patent’s patenting
expenses, including any interference or reexamination matters, incurred by AcceleMed or its designee after the License Effective Date unless such expenses are paid directly to Stanford by or on behalf of Nalu. 

 

	 	(C)	 For non-exclusive licenses, there will be no patent costs paid by Nalu.

 Nalu may elect to stop paying prosecution or maintenance expenses related to any Licensed Patent by providing AcceleMed
with sixty (60) days prior written notice of such election. Upon the expiration of such sixty (60) day period, Nalu’s payment obligations with respect to such Licensed Patent, as well as Nalu’s license under such Licensed Patent,
shall terminate. Notwithstanding the foregoing, in the event that AcceleMed grants a sublicense under the Licensed Patents to an Affiliate or third party, AcceleMed shall provide Nalu with prompt written notice thereof, and AcceleMed will use
reasonable efforts to allocate the prosecution and maintenance expenses related to such Licensed Patents on a pro rata basis between Nalu and such additional sublicensee(s). 
  

	14.3	 Patent Enforcement. 

  
 Page 14 of 14 

	 	(A)	 If either party, directly or through an Affiliate or sublicensee (or in the case of AcceleMed, through
Stanford), learns of any actual or possible, direct or indirect, infringement of the Licensed Patents by another person or entity by the manufacture, sale, import, use or other exploitation of a product or service in the Nalu Field (a
“Competing Product Infringement”), it shall promptly provide written notice to the other party of such Competing Product Infringement and shall promptly supply such other party with all evidence it possesses pertaining to such Competing
Product Infringement. 

  

	 	(B)	 As between Nalu and AcceleMed, Nalu (directly or through its designee) shall have the first right, but not the
obligation, to seek to abate any Competing Product Infringement or to file suit against an infringing person or entity with respect to such Competing Product Infringement (each, an “Competing Product Infringement Action”). In the event
Nalu exercises it right to initiate a Competing Product Infringement Action, it will so notify AcceleMed and AcceleMed will in turn notify Stanford in writing of its appointment of Nalu (or Nalu’s specified designee) as AcceleMed’s
designee in connection with such action. Nalu shall keep AcceleMed reasonably informed of the progress of any such Competing Product Infringement Action. AcceleMed shall cooperate fully with Nalu, including, either as required by law or at the
request of Nalu, by joining as a nominal party, cooperating with Stanford to enable Nalu (and its designee(s)) to exercise such rights) and executing such documents as may reasonably be required for such Competing Product Infringement Action, all at
the expense of Nalu. In the event that Nalu desires or is required to join Stanford as a party in a Competing Product Infringement Action, such joinder will be in accordance with the terms and conditions described in Section 14.4 of the
Stanford License. 

  

	 	(C)	 If Nalu does not initiate a Competing Product Infringement Action within 120 days of a request by Stanford to
do so (which request may be made directly to Nalu or relayed through AcceleMed), it is understood that Stanford may institute and prosecute a Competing Product Infringement Action so long as it conforms with the requirements of Section 14.6 of
the Stanford License. 

  

	 	(D)	 Any recovery (whether by settlement or otherwise) obtained as a result of a Competing Product Infringement
Action shall be shared as follows: 

 (1) AcceleMed, if joined or cooperating in such action, shall first
be entitled to recover its out-of-pocket costs and expenses (including reasonable attorneys’ fees) incurred in connection with such action; and 

(2) any remainder of recovery shall be retained by Nalu. 

 

	 	(E)	 The non-controlling party shall, at the reasonable request and expense
of the party controlling any enforcement or declaratory action under this Section 14.3, fully cooperate with the controlling party, including making available relevant records, papers, information, samples, specimens, and

  
 Page 15 of 15 

	 	
the like. The party controlling the enforcement shall keep the non-controlling party reasonably informed of the progress of such action, and the non-controlling party shall have the right to participate in such enforcement or declaratory action with counsel of its own choice at its own expense. 

 

	14.4	 Subordination to Stanford License. The obligations of AcceleMed and the rights of Nalu under Sections
14.1 and 14.3 shall be subject to and limited by terms of Article 14 of the Stanford License. To the extent AcceleMed has the right to do so under the terms of Article 14 of the Stanford License, AcceleMed shall cooperate with Nalu to prosecute and
enforce such Licensed Patents in the same manner as set forth in Sections 14.1 and 14.3 above. Without limiting the foregoing, AcceleMed agrees to take such steps as are reasonably requested by Nalu to extend to Nalu the rights and benefits provided
to AcceleMed under Article 14 of the Stanford License, including by taking reasonable measures to ensure that Stanford will diligently pursue any action initiated by Stanford and keeping Nalu reasonably apprised of all developments in the suit,
seeking Nalu’s input and approval on any substantive submissions or positions taken in the litigation regarding the scope, validity and enforceability of a Licensed Patent, ensuring that Stanford does not prosecute, settle or otherwise
compromise any such suit in a manner that adversely affects Nalu’s interests without Nalu’s prior written consent, and otherwise enabling Nalu to exercise AcceleMed’s rights under Article 14 of the Stanford License for the benefit of
Nalu hereunder. 

  

	15	 TERMINATION 

  

	15.1	 Termination by Nalu. Nalu may terminate this Agreement by giving AcceleMed written notice at least 30
days in advance of the effective date of termination selected by Nalu. 

  

	15.2	 Termination by AcceleMed. 

 

	 	(A)	 AcceleMed may also terminate this Agreement if Nalu: 

 

	 	(1)	 misses a milestone described in Appendix A, subject to Nalu’s right to extend the target timeline pursuant
to Section 6.1; 

  

	 	(2)	 is materially delinquent on any report or payment; 

 

	 	(3)	 is not using commercially reasonable efforts in diligently developing and commercializing Licensed Product;

  

	 	(4)	 is in material breach of any provision; or 

 

	 	(5)	 provides any materially false report. 

 

	 	(6)	 Termination under this Section 15.2 will take effect 60 days after written notice by AcceleMed unless Nalu
remedies the problem in that 60-day period. 

  

	 	(B)	 Notwithstanding the foregoing, in the event that any of the circumstances listed in clauses (A)(2)-(5) above is
due to the actions or inactions of an individual sublicensee, (1) AcceleMed shall not have the right to terminate 

  
 Page 16 of 16 

	 	
this Agreement if Nalu promptly terminates the Sublicense with such sublicensee and (2) in the event that Nalu is unable or unwilling to terminate such Sublicense, AcceleMed shall have the
right to terminate this Agreement solely with respect to the field of use granted to the sublicensee that caused the default, and such termination of a field of exclusive or nonexclusive Licensed Patent is not converted into a nonexclusive license
as described in Section 3.4. 

  

	 	(C)	 If Nalu disputes in good faith an alleged material breach within the
60-day cure period specified in this Section 15.2, this Agreement shall not terminate unless an arbitrator determines that this Agreement was materially breached, and Nalu fails to cure such breach within
60 days after such determination. 

  

	15.3	 Surviving Provisions. Surviving any termination or expiration are: 

 

	 	(A)	 Nalu’s obligation to pay royalties accrued; 

 

	 	(B)	 any claim of Nalu or AcceleMed, accrued or to accrue, because of any breach or default by the other party;

  

	 	(C)	 the provisions of Articles 8.2, 8.3, 8.4, 9, 10, 13, 15.3, 17 and 19 are intended to survive; and

  

	 	(D)	 any sublicenses granted hereunder (in the manner provided in Section 4.3(F)). 

 

	16	 ASSIGNMENT 

  

	16.1	 Assignment. This Agreement may not be assigned by either party without the prior written consent of the
other party. Notwithstanding the foregoing, either party may, without such consent, assign this Agreement and its rights, obligations and interests, in whole or in part, to any of its affiliates or to a third party that succeeds to all or
substantially all of its business or assets relating to this Agreement whether by sale, merger, operation of law or otherwise. For clarity, each party may exercise its rights and/or perform its obligations under this Agreement through one or more of
its affiliates. 

  

	16.2	 Any Other Assignment. Any other attempt to assign this Agreement by a party without the prior written
consent of the other party is null and void. 

  

	16.3	 After the Assignment. Upon a permitted assignment of this Agreement pursuant to Article 16, the
assigning party will be released of liability under this Agreement and the any reference to the assigning party (“AcceleMed” or “Nalu”, as applicable) in this Agreement will mean the assignee. 

 

	17	 DISPUTE RESOLUTION 

 

	17.1	 Dispute Resolution by Arbitration. Subject to Section 17.2, the parties agree that any dispute or
controversy arising out of, in relation to, or in connection with this Agreement, or the making, interpretation, construction, performance or breach hereof, shall be finally settled by binding arbitration in San Francisco,

  
 Page 17 of 17 

	 	
California under the then current rules of the Judicial Arbitration and Mediation Services (JAMS) by one (1) arbitrator appointed in accordance with such rules. The arbitrator may grant
injunctive or other relief in such dispute or controversy. The decision of the arbitrator shall be final, conclusive and binding on the parties to the arbitration. Judgment may be entered on the arbitrator’s decision in any court of competent
jurisdiction. The parties agree that, any provision of applicable law notwithstanding, they will not request and the arbitrator shall have no authority to award, punitive or exemplary damages against either party. The costs of the arbitration,
including administrative and arbitrator’s fees, shall be shared equally by the parties. Each party shall bear the cost of its own attorneys’ fees and expert witness fees. Nothing in this Section 17.1 shall preclude either party from
seeking interim or provisional relief in the form of a temporary restraining order, preliminary injunction, or other interim relief concerning a dispute prior to or during an arbitration pursuant to this Section 17.1 necessary to protect the
interests of such Party. 

  

	17.2	 Patent Validity. Any dispute regarding the validity of any Licensed Patent shall be litigated in the
courts located in Santa Clara County, California, and the parties agree not to challenge personal jurisdiction in that forum. 

  

	18	 NOTICES 

  

	18.1	 Legal Action. Nalu will provide written notice to AcceleMed and Stanford at least three months prior to
bringing an action seeking to invalidate any Licensed Patent or a declaration of non-infringement. Nalu will include with such written notice an identification of all prior art it believes invalidates any
claim of the Licensed Patent. 

  

	18.2	 All Notices. Any notice, request, delivery, approval or consent required or permitted to be given under
this Agreement shall be in writing and shall be deemed to have been sufficiently given if delivered in person, transmitted by facsimile (receipt verified) or by express courier service (signature required) or five days after it was sent by
registered letter, return receipt requested (or its equivalent), provided that no postal strike or other disruption is then in effect or comes into effect within two days after such mailing, to the party to which it is directed at its address or
facsimile number shown below or such other address or facsimile number as such party will have last given by notice to the other party. 

All general notices to Nalu are mailed or emailed to: 

Name:         Keegan Harper 

Address:     [***] 

                   [***] 

Email:        [***] 

  
 Page 18 of 18 

 All financial invoices to Nalu (i.e., accounting contact) are
e-mailed to: 
 Name:        [***] 

Email:        [***] 

All progress report invoices to Nalu (i.e., technical contact) are e-mailed to: 

Name:        [***] 

Email:        [***] 

All general notices to AcceleMed are mailed or emailed to: 

Name:        [***] 

Address:     [***] 

                   [***] 

Email:        [***] 

All payments to AcceleMed are mailed to: 

Name:        [***] 

Email:        [***] 

All progress reports to AcceleMed are e-mailed to: 

Name:        [***] 

Email:        [***] 

All general notices to Stanford are e-mailed or mailed to: 

[***] 
 [***] 

[***] 
 [***] 

[***] 
 All payments to Stanford are mailed to:

 [***] 
 [***] 

[***] 
 [***] 

[***] 

  
 Page 19 of 19 

 All progress reports to Stanford are e-mailed or mailed to: 

[***] 
 [***] 

[***] 
 [***] 

[***] 
  

	19	 MISCELLANEOUS 

 

	19.1	 Confidentiality. AcceleMed shall maintain the terms of this Agreement as well as the reports and any
information provided by Nalu to AcceleMed hereunder, including information provided pursuant to Sections 4.4, 6.2, 7.6, 8.1, 8.3, 8.5 and 8.7 of this Agreement, in confidence and not disclose such information or reports to any third party, except as
required by law. AcceleMed’s obligation of confidentiality hereunder shall be fulfilled by using at least the same degree of care with Nalu’s confidential information as AcceleMed uses to protect its own confidential information.

  

	19.2	 Cooperation With Respect to Stanford License. AcceleMed agrees to cooperate with Nalu as reasonably
requested in writing by Nalu, to extend and make available to Nalu any rights and/or benefits available under the Stanford License, to the extent applicable to the rights granted to Nalu hereunder. Without limiting the foregoing, AcceleMed shall
keep Nalu informed as to AcceleMed’ communications with Stanford that may affect Nalu’s rights or obligations hereunder, and to the extent that Nalu obtains Stanford’s agreement to modify, amend, or otherwise alter or waive any
performance, obligation, or provision of the Stanford License as it applies to Nalu, AcceleMed agrees to take such actions and execute such documents as Nalu may reasonably request in writing to effect the same. 

 

	19.3	 Choice of Law. This agreement shall be governed by, and construed and interpreted in accordance with,
the laws of the State of California, United States of America, without reference to principles of conflicts of law. 

  

	19.4	 Force Majeure. In the event either Party hereto is prevented from or delayed in the performance of any
of its obligations hereunder by reason of acts of God, war, strikes, riots, storms, fires, earthquake, power shortage or failure, failure of the transportation system, or any other cause whatsoever beyond the reasonable control of the Party
(“Force Majeure Event”), the Party so prevented or delayed shall be excused from the performance of any such obligation during a period that is reasonable in light of the Force Majeure Event, but no less than the duration of the Force
Majeure Event itself. 

  

	19.5	 No Waiver. A waiver, express or implied, by either AcceleMed or Nalu of any right under this Agreement
or of any failure to perform or breach hereof by the other Party hereto shall not constitute or be deemed to be a waiver of any other 

  
 Page 20 of 20 

	 	
right hereunder or of any other failure to perform or breach hereof by such other Party, whether of a similar or dissimilar nature thereto. 

 

	19.6	 Severability. If any provision of this Agreement shall be found by a court to be void, invalid or
unenforceable, the same shall be reformed to comply with applicable law or stricken if not so conformable, so as not to affect the validity or enforceability of the remainder of this Agreement, and the remainder of the Agreement shall remain in full
force and effect. 

  

	19.7	 Interpretation. All headings are inserted for convenience of reference only and shall not affect its
meaning or interpretation. 

  

	19.8	 Entire Agreement. This Agreement constitutes the entire understanding and agreement between the parties
with respect to the subject matter hereof and supersedes any and all prior and contemporaneous negotiations, representations, agreements, and understandings, written or oral, that the parties may have reached with respect to the subject matter
hereof. No agreements altering or supplementing the terms hereof may be made except by means of a written document signed by the duly authorized representatives of each of the parties hereto. 

 

	19.9	 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original,
but both of which together shall constitute one and the same instrument. This Agreement may be executed through electronic (including .pdf) or facsimile transmitted signature. 

  
 Page 21 of 21 

 The parties execute this Agreement in duplicate originals by their duly authorized officers or
representatives. 
  

			
	NALU MEDICAL, INC.
		
	Signature	 	/s/ Keegan Harper
		
	Name	 	Keegan Harper
		
	Title	 	President and Chief Executive Officer
		
	Date	 	 

  

			
	ACCELEMED LLC.
		
	Signature	 	/s/ Michael Partsch
		
	Name	 	Michael Partsch
		
	Title	 	Managing Member
		
	Date	 	 

  
 Page 22 of 22 

 Exhibit 1 — Stanford License 

  
 Page 23 of 23 

 Appendix A — Milestones 

These milestones may be achieved by Nalu solely or together with sublicensees of Nalu: 

1) [***]. 
 2) [***]. 

3) [***]. 
 4) [***]. 

5) [***]. 
 6) [***]. 

7) [***]. 
 8) [***]. 

  
 Page 24 of 24 

 Appendix B — Sample Reporting Form 

Stanford Docket No. S    - 
 This report is
provided pursuant to the sublicense agreement between AcceleMed and Nalu 
 Sublicense Agreement Effective Date: 

Name(s) of Licensed Products being reported: 
  

			
	 Report Covering Period
	  	
	 Yearly Maintenance Fee
	  	$
	 Number of Sublicenses Executed
	  	
	 Gross Revenue
	  	$
	 Net Sales
	  	$
	 Royalty Calculation
	  	
	 Royalty Subtotal
	  	$
	 Credit
	  	$
	 Royalty Due
	  	$

 Comments: 

  
 Page 25 of 25 

 Appendix C — Client and Billing Agreement 

The Board of Trustees of the Leland Stanford Junior University (“STANFORD”); and __________________ a Corporation of the State of
____________ with a principal place of business at ________________, (“NALU”); have agreed to use the law firm of _______________________ (“FIRM”) to prepare, file and prosecute the pending patent applications listed in Exhibit A
attached hereto and maintain the patents that issue thereon (“Patents”). 
 WHEREAS, FIRM desires to perform the legal services related to
obtaining and maintaining the Patents; and 
 WHEREAS, STANFORD remains the client of the FIRM; and 

WHEREAS, NALU is the licensee of STANFORD’s interest in the Patents; 

NOW THEREFORE, in consideration of the premises and the faithful performance of the covenants herein contained, IT IS AGREED: 

1. FIRM can interact directly with NALU on all patent prosecution matters related to the Patents and will copy STANFORD on all correspondence. STANFORD will be
notified by FIRM prior to any substantive actions and will have final approval on proceeding with such actions. In addition, as prosecution proceeds, FIRM will notify STANFORD if there is any change in inventorship from the originally filed
application. 
 2. NALU is responsible for the payment of all charges and fees by FIRM related to the prosecution and maintenance of the Patents. FIRM will
invoice NALU and NALU must pay FIRM directly for all charges. If STANFORD requests, STANFORD will be copied on all invoices and payments. FIRM must inform STANFORD within 90 days if the licensee is delinquent on payment. Otherwise, STANFORD will not
be responsible for those expenses. 
 3. Notices and copies of all correspondence should be sent to the following: 

To NALU: 
 Name, Title 

Nalu Name 
 Address 

To STANFORD: 
 Name 

[***] 
 [***] 

[***] 
 [***] 

  
 Page 26 of 26 

 To FIRM: 

Attorney Name 
 Law Firm Address

 4. The parties to this document agree that a copy of the original signature (including an electronic copy) may be used for any and all purposes for which
the original signature may have been used. The parties further waive any right to challenge the admissibility or authenticity of this document in a court of law based solely on the absence of an original signature. 

 

			
	ACCEPTED AND AGREED TO:
	
	STANFORD
		
	By:	 	 
	Name:	 	Katharine Ku
	Title:	 	Director
	Date:	 	 
	
	Nalu Name
		
	By:	 	 
	Name:	 	
	Title:	 	
	Date:	 	 
	
	Law Firm Name
		
	By:	 	 
	Name:	 	
	Title:	 	
	Date:	 	 

  
 Page 27 of 27 

 Appendix D—Left Blank Intentionally 

  
 Page 28 of 28 

 Appendix E — Equity Purchase Rights 

 

	7.4	 Purchase Right. 

 

	 	(A)	 Stanford shall have the right, but not the obligation, to purchase for cash up to its Share of the securities
issued in any Qualifying Offering on the terms, and subject to the conditions, set forth in this Section 7.4 (the “Purchase Right”). For purposes of this Agreement: 

 

	 	(1)	 “Adjustment Event” means the final closing of the first Threshold Qualifying Offering occurring after
the date of this Agreement. 

  

	 	(2)	 “Qualifying Offering” means a private offering of Nalu’s equity securities (or securities
convertible into or exercisable for Nalu’s equity securities) for cash (or in satisfaction of debt issued for cash) having its final closing on or after the date of this Agreement and which includes investment by one or more venture capital,
professional angel, corporate or other similar institutional investors other than Stanford. 

  

	 	(3)	 “Share” means: 

 

	 	(i)	 [***] with respect to any Qualifying Offering having a closing on or before the date of an Adjustment Event; or

  

	 	(ii)	 with respect to any Qualifying Offering having a closing after an Adjustment Event, but before a Termination
Event, the percentage necessary for Stanford to maintain its pro rata ownership interest in Nalu on a Fully-Diluted Basis. 

  

	 	(4)	 “Threshold Qualifying Offering” means any Qualifying Offering which either (i) is at least [***]
in size or (ii) involves the sale to outside investors of at least [***] of the securities outstanding after such round on a Fully-Diluted Basis. 

  

	 	(B)	 The Purchase Right shall terminate upon the earliest to occur of the following (each a “Termination
Event”): 

  

	 	(1)	 Stanford’s execution of an investor rights agreement or similar agreement (each a “Rights
Agreement”) in connection with a Threshold Qualifying Offering so long the Rights Agreement satisfies the terms of this Section 7.4 and Section 7.5 below; 

 

	 	(2)	 Stanford purchases less than its entire Share of a Qualifying Offering; and 

 

	 	(3)	 Stanford fails to give an election notice within the Notice Period for a Qualifying Offering which has its
final closing within 90 days of the date such notice is received by Stanford and which is closed on terms that are the same or less favorable to the investors as the terms stated in Nalu’s notice to Stanford. 

  
 Page 29 of 29 

	 	(C)	 The Purchase Right shall not apply to the issuance of securities: (i) to employees, current members of
Nalu’s Board of Directors and other service providers pursuant to a plan approved by Nalu’s Board of Directors; or (ii) as additional consideration in lending or leasing transactions; or (iii) to an entity pursuant to an
arrangement that Nalu’s Board of Directors determines in good faith is a strategic partnership or similar arrangement of Nalu (i.e., an arrangement in which the entity’s purchase of securities is not primarily for the purpose of financing
Nalu); or (iv) to shareholders of another corporation in connection with the acquisition of that corporation by Nalu. 

  

	 	(A)	 (D) For the avoidance of doubt: (i) any securities Stanford may acquire or have the right to
acquire under Section 7.2 or 7.3 shall not reduce the number of securities Stanford may purchase under this Section 7.4 or under any applicable Rights Agreement; and (ii) Stanford shall not be obligated to purchase under this
Section 7.4 any Nalu’s securities it has the right to acquire under Section 7.2 or 7.3 above. 

  

	7.5	 Rights Agreements; Information Rights; Notice; Elections. 

 

	 	(A)	 Nalu shall ensure that each Rights Agreement executed by Stanford in connection with a Qualifying Offering will
grant to Stanford the same rights as all other investors who are parties to that Rights Agreement. In particular, Nalu shall ensure that each such Rights Agreement will grant to Stanford the same right to purchase additional securities in future
offerings, the same information rights, and the same registration rights as are granted to other parties thereto, including all such rights granted to any investor designated as a “Major Investor” or other similar designation, even if
Stanford is not so designated. 

  

	 	(B)	 Notwithstanding any terms to the contrary contained in any applicable Rights Agreement: 

 

	 	(1)	 Stanford shall not have any board representation or board meeting attendance rights; 

 

	 	(2)	 In connection with all Qualifying Offerings, Nalu shall give Stanford notice of the terms of the offering,
including: (i) the names of the investors, the allocation of shares among them and the total amounts to be invested by each of them in such offering; (ii) pre- and post- (projected) financing
capitalization table; (iii) investor presentation (if available); (iv) an introduction to the lead investor in such offering for the purpose of discussing the lead investor’s due diligence process; and (v) such other documents and
information as Stanford may reasonably request for the purpose of making an investment decision or verifying the number of shares it is entitled to purchase in such offering; and 

 

	 	(3)	 Stanford may elect to exercise its Purchase Right, in whole or in part, by notice given to Nalu within 15
Stanford business days (i.e., days other 

  
 Page 30 of 30 

	 	
than Saturdays, Sundays, and holidays or other days on which Stanford is officially closed) after receipt of Nalu’s notice (“Notice Period”). 

 

	 	(B)	 (C) If Stanford has no information rights under a Rights Agreement and to the extent that such information has
been prepared by Nalu for other purposes, so long as Stanford holds Nalu’s securities, Nalu shall furnish to Stanford, upon request and as promptly as reasonably practicable, Nalu’s annual consolidated financial statements and annual
operating plan, including an annual report of the holders of Nalu’s units and other securities, and such other information as Stanford may reasonably request from time to time for the purpose of valuing its interest in Nalu.

  

	 	(C)	 (E) Notwithstanding any notice provision in this Agreement to the contrary, any notice given under this
Agreement that refers or relates to any of Section 7.4 above or this Section 7.5 shall be copied concurrently to pvfnotices@stanford.edu; provided, however, that delivery of the copy will not by itself constitute notice for
any purpose under this Agreement. 

  
 Page 31 of 31

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