Document:

Exhibit 4.5

 

CERTARA, INC.

 

STOCKHOLDERS AGREEMENT

 

Dated as of December 10, 2020 

 

 

     

     

    

 

TABLE OF CONTENTS

 

Page

 

	ARTICLE I DEFINITIONS	1
	1.1   Certain Matters of Construction	1
	1.2   Definitions	1
	ARTICLE II COVENANTS AND CONDITIONS	7
	2.1   Restrictions on Transfers	7
	2.2   Corporate Governance	8
	2.3   Confidentiality	10
	ARTICLE III INDEMNIFICATION AND REIMBURSEMENT	10
	3.1   Indemnification of Institutional Stockholders	10
	3.2   Reimbursement of Expenses.	12
	ARTICLE IV MISCELLANEOUS	13
	4.1   Remedies	13
	4.2   Entire Agreement; Amendment; Waiver	13
	4.3   Severability	14
	4.4   Notices	14
	4.5   Binding Effect; Assignment	15
	4.6   Governing Law	15
	4.7   Termination	15
	4.8   Recapitalizations, Exchanges, Etc.	15
	4.9   Action Necessary to Effectuate the Agreement	15
	4.10   Purchase for Investment; Legend on Certificate	15
	4.11   Effectiveness of Transfers	16
	4.12   Additional Stockholders	16
	4.13   Other Business Opportunities	16
	4.14   No Waiver	17
	4.15   Costs and Expenses	17
	4.16   Counterpart	17
	4.17   Headings	17
	4.18   Third Party Beneficiaries	17
	4.19   Consent to Jurisdiction	17
	4.20   WAIVER OF JURY TRIAL	18
	4.21   Representations and Warranties	18
	4.22   Consents, Approvals and Actions	18
	4.23   No Third Party Liabilities	19
	4.24   Aggregation of Securities	19
	4.25   Independent Nature of Stockholders’ Obligations and Rights	19
	4.26   Effectiveness	19

 

EXHIBITS AND ANNEXES 

 

	EXHIBIT A	–	STOCKHOLDER LIST
	Annex I	–	Form of Joinder Agreement
	ANNEX II	–	FORM OF SPOUSAL CONSENT

 

    i

     

    

 

STOCKHOLDERS AGREEMENT

 

This Stockholders Agreement (as amended, modified
or supplemented from time to time in accordance with its terms, this “Agreement”) of Certara, Inc. (together
with its successors and permitted assigns, the “Company”), a Delaware corporation f/k/a EQT Avatar Topco, Inc.,
is entered into as of December 10, 2020, by and among (i) the Company, (ii) the EQT Stockholders (as defined below), (iii) the
Arsenal Stockholders (as defined below), (iv) the Other Institutional Stockholders (as defined below), (v) the Director Stockholders
(as defined below), (vi) the Employee Stockholders (as defined below) and (vii) such other Persons, if any, that from time to time
become parties hereto pursuant to Section 4.12.

 

WHEREAS, in accordance with the terms of the
A&R Limited Partnership Agreement (as defined below), all outstanding interests in the Partnership (as defined below), other
than those interests held by the EQT Stockholders in their capacity as Partners (as defined in the A&R Limited Partnership
Agreement), were exchanged for shares of Common Stock (as defined below);

 

WHEREAS, the Company intends to consummate
an initial Public Offering (as defined below) of shares of Common Stock and enter into the Underwriting Agreement (as defined below)
in connection therewith; and

 

WHEREAS, in connection with such events, the
parties hereto desire to provide for certain governance rights and other matters upon the effectiveness of this Agreement.

 

NOW, THEREFORE, in consideration of the mutual
promises, representations, warranties, covenants and conditions set forth in this Agreement, and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree, subject to Section 4.26, as follows:

 

ARTICLE
I

 

DEFINITIONS

 

1.1         
Certain Matters of Construction. In addition to the definitions referred to
or set forth below in this ARTICLE I:

 

(a)            The words “hereof,” “herein,” “hereunder” and words of similar
import shall, unless the context requires otherwise, refer to this Agreement as a whole and not to any particular Section or provision
of this Agreement, and reference to a particular Section of this Agreement shall include all subsections thereof;

 

(b)           References
to Sections and Articles refer to Sections and Articles of this Agreement;

 

(c)           Definitions
shall be equally applicable to both nouns and verbs and the singular and plural forms of the terms defined; and

 

(d)           The
masculine, feminine and neuter genders shall each include the others.

 

1.2         
Definitions. For the purposes of this Agreement, the following terms shall have
the following meanings:

 

    1

     

    

 

“1933 Act” shall mean the
Securities Act of 1933, as amended, or any successor act, and the rules and regulations promulgated thereunder.

 

“1934 Act” shall mean the
Securities Exchange Act of 1934, as amended, or any successor act, and the rules and regulations promulgated thereunder.

 

“A&R Limited Partnership Agreement”
means the Second Amended and Restated Limited Partnership Agreement of the Partnership, dated as of November 1, 2019, as amended,
restated, supplemented or otherwise modified from time to time, by and among EQT Avatar Parent GP LLC, as general partner, and
the additional parties thereto from time to time.

 

“Action” shall have the
meaning as set forth in Section 3.1(a).

 

“Additional Stockholders”
shall mean, in each case only for so long as such Person or Permitted Transferee is a holder of Shares, (i) any Person who is a
party to this Agreement (whether through execution of this Agreement or a Joinder Agreement) other than the Company and its Subsidiaries,
the Institutional Stockholders and the Individual Stockholders and (ii) such Persons’ Permitted Transferees pursuant to the
definition of Permitted Transfer (other than the Company), as evidenced by an executed Joinder Agreement, indicating that such
Permitted Transferee will be an Additional Stockholder.

 

“Affiliate” shall mean,
with respect to any specified Person, any other Person which, directly or indirectly, through one or more intermediaries controls,
or is controlled by, or is under common control with, such specified Person (for the purposes of this definition, “control”
(including, with correlative meanings, the terms “controlling,” “controlled by” and “under
common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power
to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities,
by agreement or otherwise); provided, however, that, for purposes of this Agreement, (i) the Company and its Subsidiaries
shall not be an Affiliate of any Stockholder or such Stockholder’s Affiliates and (ii) none of the EQT Stockholders shall
be considered Affiliates of any portfolio company in which (x) the EQT Stockholders or (y) any investment funds, vehicles and accounts
affiliated with, or advised, managed or sponsored by the EQT Stockholders or their Affiliates have made a debt or equity investment
(and vice versa).

 

“Agreement” shall have
the meaning set forth in the first paragraph of this Agreement.

 

“Applicable Individual”
shall mean (i) with respect to any Individual Stockholder who is a director, employee, consultant or other service provider of
the Company or any of its Subsidiaries, such director, employee, consultant or other service provider and (ii) with respect to
any Individual Stockholder who is not a director, employee, consultant or other service provider of the Company or any of its Subsidiaries,
the director, employee, consultant or other service provider of the Company or any of its Subsidiaries with respect to whom such
Individual Stockholder is a Permitted Transferee.

 

“Arsenal Consent” shall
mean the prior written consent of the Arsenal Stockholders holding a majority of the Shares held by the Arsenal Stockholders.

 

“Arsenal Director Nominee”
shall have the meaning as set forth in Section 2.2(a)(i)(A).

 

“Arsenal
Stockholders” shall mean, in each case only for so long as such Person or Permitted Transferee is a holder of
Shares, (i) those Persons who are listed as Arsenal Stockholders on Exhibit A hereto and (ii) their respective
Permitted Transferees pursuant to the definition of Permitted Transfer (other than the Company), as evidenced by an executed
Joinder Agreement indicating that such Permitted Transferee will be an Arsenal Stockholder.

 

    2

     

    

 

“Board” or “Board
of Directors” shall mean the Board of Directors of the Company as the same shall be constituted from time to time.

 

“Common Stock” shall mean
the Company’s common stock, par value $0.001 per share, and shall also include any common stock of the Company hereafter
authorized and any capital stock of the Company of any other class hereafter authorized which does not have a preference as to
dividends or distribution of assets in liquidation over any other class of capital stock of the Company.

 

“Company” shall have the
meaning set forth in the first paragraph of this Agreement.

 

“Controlled Entity” shall
mean any other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise
controlled by the Company.

 

“Director Stockholders”
shall mean, in each case only for so long as such Person or Permitted Transferee is a holder of Shares, (i) those Persons who are
listed as Director Stockholders on Exhibit A hereto and (ii) their respective Permitted Transferees (other than the Company)
who receive Shares from such Person pursuant to a Permitted Transfer as evidenced by an executed Joinder Agreement indicating that
such Permitted Transferee will be a Director Stockholder.

 

“Employee Stockholders”
shall mean, in each case only for so long as such Person or Permitted Transferee is a holder of Shares, (i) those Persons who are
listed as Employee Stockholders on Exhibit A hereto, (ii) any other Person who acquires Shares pursuant to the exercise
of Options and provides an executed Joinder Agreement, indicating that such Person will be an Employee Stockholder and (iii) their
respective Permitted Transferees (other than the Company) who receive Shares from such Person pursuant to a Permitted Transfer
as evidenced by an executed Joinder Agreement indicating that such Permitted Transferee will be an Employee Stockholder.

 

“EQT Consent” shall mean
the prior written consent of the EQT Stockholders holding a majority of the Shares held by the EQT Stockholders.

 

“EQT Director Nominee”
shall have the meaning as set forth in Section 2.2(a)(i)(B).

 

“EQT Stockholders” shall
mean, in each case only for so long as such Person or Permitted Transferee is a holder of Shares, (i) those Persons who are listed
as EQT Stockholders on Exhibit A hereto and (ii) their respective Permitted Transferees (other than the Company) who receive
Shares from such Person pursuant to a Permitted Transfer as evidenced by an executed Joinder Agreement indicating that such Permitted
Transferee will be an EQT Stockholder.

 

“Incentive Plan” shall
mean the Certara, Inc. 2020 Equity Incentive Plan, as amended from time to time, together with any other compensatory stock plan
adopted by the Company, as amended from time to time.

 

“Indemnification Sources”
shall have the meaning as set forth in Section 3.1(c).

 

“Indemnified Liabilities”
shall have the meaning as set forth in Section 3.1(a).

 

“Indemnitees” shall have
the meaning as set forth in Section 3.1(a).

 

    3

     

    

 

“Individual Stockholders”
shall mean the Director Stockholders and the Employee Stockholders.

 

“Institutional Stockholders”
shall mean the EQT Stockholders, the Arsenal Stockholders and the Other Institutional Stockholders.

 

“Joinder Agreement” means
a joinder agreement substantially in the form of Annex I attached hereto or such other form as may be agreed by the Company.

 

“Jointly Indemnifiable Claims”
shall have the meaning as set forth in Section 3.1(c).

 

“Law” shall have the meaning
as set forth in Section 2.3.

 

“Non-EQT Institutional Stockholders”
shall mean the Institutional Stockholders other than the EQT Stockholders.

 

“Non-Institutional Stockholders”
shall mean the Stockholders other than the Institutional Stockholders.

 

“Options” shall mean the
options granted to certain Individual Stockholders under the Incentive Plan to purchase Shares on the terms set forth therein and
in the certificates and agreements issued pursuant thereto.

 

“Other Institutional Stockholders”
shall mean, in each case only for so long as such Person or Permitted Transferee is a holder of Shares, (i) those Persons who are
listed as Other Institutional Stockholders on Exhibit A hereto and (ii) their respective Permitted Transferees (other than
the Company) who receive Shares from such Person pursuant to a Permitted Transfer as evidenced by an executed Joinder Agreement
indicating that such Permitted Transferee will be an Other Institutional Stockholder.

 

“Partnership” means EQT
Avatar Parent L.P., a Delaware limited partnership, and any successors and assigns thereof.

 

“Permitted Transfer” shall
mean:

 

(i)           a Transfer of Shares by any Stockholder who is a natural person (or a trustee of a trust for
the benefit of a natural person) or any Individual Stockholder to (a) such Stockholder’s (or, in the case of an Individual
Stockholder, such Individual Stockholders’ Applicable Individual’s) spouse, children (including legally adopted children
and stepchildren), spouses of children, grandchildren (including legally adopted children or stepchildren of such Stockholder’s
children), spouses of grandchildren, parents or siblings; (b) a trustee of a trust for the benefit of such Stockholder (or, in
the case of an Individual Stockholder, the Applicable Individual of such Individual Stockholder) and/or any of the Persons described
in clause (a); or (c) a corporation, limited partnership or limited liability company whose sole shareholders, partners or members,
as the case may be, are such Stockholder (or, in the case of an Individual Stockholder, the Applicable Individual of such Individual
Stockholder) and/or any of the Persons described in clause (a) or clause (b).

 

(ii)          a
Transfer of Shares by any Stockholder to the Company (including, without limitation, any pledge of Shares or Options to the Company);

 

    4

     

    

 

(iii)         a
Transfer of Shares by a Stockholder who is a natural person upon death or incapacity to such Stockholder’s estate, executors,
trustees, administrators and personal representatives, and then to such Stockholder’s legal representatives, heirs, beneficiaries
or legatees (whether or not such recipients are a spouse, children, spouses of children, grandchildren, spouses of grandchildren,
parents or siblings of such Stockholder);

 

(iv)         a
Transfer of Shares by any EQT Stockholder to (a) any Affiliate of such EQT Stockholder, (b) any investment fund or alternative
investment vehicle, directly or indirectly, affiliated with, or managed or sponsored by, such EQT Stockholder or (c) any of the
partners, members or Affiliates of such EQT Stockholder or any of the foregoing;

 

(v)          a
Transfer of Shares by any Arsenal Stockholder to (a) any Affiliate of such Arsenal Stockholder, (b) any investment fund or alternative
investment vehicle, directly or indirectly, affiliated with, or managed or sponsored by, such Arsenal Stockholder or (c) any of
the partners, members or Affiliates of such Arsenal Stockholder or any of the foregoing;

 

(vi)         a Transfer of Shares by any Institutional Stockholder (other than the EQT Stockholders and
the Arsenal Stockholders) to any Affiliate of such Institutional Stockholder; and

 

(vii)        a
Transfer of Shares by any Additional Stockholder who is not a natural person to any Affiliate of such Additional Stockholder;

 

provided, however, that, notwithstanding anything
herein to the contrary, Options may only be transferred in accordance with the terms of the Incentive Plan; provided, further,
that no Permitted Transfer shall be effective unless and until the transferee of the Shares so transferred executes and delivers
to the Company a Joinder Agreement and agrees to be bound hereunder in the same manner and to the same extent as the Stockholder
from whom the Shares were transferred as provided for in Section 4.12. On subsequent transfers by a Permitted Transferee,
the determination of whether the transferee is a Permitted Transferee shall be determined by reference to the Stockholder who was
an original party to this Agreement, not by reference to the transferring Permitted Transferee in such subsequent transfer. If
at any time after a Permitted Transfer, a transferee ceases to be a Permitted Transferee of the Stockholder who transferred the
Shares to the transferee, then such transferee must transfer the Shares to such original Stockholder or a Permitted Transferee
of such original Stockholder as promptly as practicable. No Permitted Transfer shall conflict with or result in any violation of
a judgment, order, decree, statute, law, ordinance, rule or regulation.

 

“Permitted Transferee”
shall mean any Person who shall have acquired and who shall hold Shares or Options pursuant to a Permitted Transfer.

 

“Person” shall mean any
individual, partnership, corporation, association, limited liability company, trust, joint venture, unincorporated organization
or entity, or any government, governmental department or agency or political subdivision thereof.

 

“Proprietary Information”
shall have the meaning as set forth in Section 2.3.

 

“Public Offering” shall
mean the completion of a sale of Common Stock pursuant to a registration statement which has become effective under the 1933 Act
(excluding registration statements on Form S-4, S-8 or similar limited purpose forms), in which some or all of the Common Stock
shall be listed and traded on a national exchange or on the NASDAQ National Market System.

 

    5

     

    

 

“register”, “registered”
and “registration” shall mean a registration effected pursuant to a registration statement filed with the SEC
(a “Registration Statement”) in compliance with the 1933 Act.

 

“Registration Rights Agreement”
shall mean the Amended and Restated Registration Rights Agreement of the Company, by and among the Company, the EQT Stockholders,
the Arsenal Stockholders and the other parties thereto, dated as of the date hereof, as amended, restated, supplemented or otherwise
modified from time to time.

 

“Rule 144” means Rule 144
(or any successor provision) under the 1933 Act, as such provision is amended from time to time.

 

“SEC” shall mean the United
States Securities and Exchange Commission.

 

“Shares” shall mean (i)
shares of Common Stock held by Stockholders from time to time, including upon exercise of any Options, (ii) other equity securities
of the Company or its Subsidiaries held by the Stockholders or (iii) securities of the Company or its Subsidiaries issued in exchange
for, upon reclassification of, or as a dividend or distribution in respect of, the foregoing; provided, that, notwithstanding
anything herein to the contrary, for purposes of Sections 2.2, 4.2 and 4.21, the term “Shares” shall
only include (x) shares of Common Stock and (y) shares of Common Stock issuable upon exercise of Options (solely to the extent
such Options, on or prior to the time the determination of Shares is made, are vested and, if such Options may be exercised on
a “net exercise” basis in accordance with their terms, as determined after giving effect to the net exercise thereof
as of such time of determination), in each case, held by the applicable Stockholder.

 

“Spousal Consent” shall
have the meaning as set forth in Section 4.21(d).

 

“Stockholder Nominee” shall
have the meaning as set forth in Section 2.2(a)(i)(B).

 

“Stockholders” shall mean
the Institutional Stockholders, the Individual Stockholders and the Additional Stockholders.

 

“Strungmann Stockholders”
shall mean, in each case only for so long as such Person or Permitted Transferee is a holder of Shares, (i) those Persons who are
listed as Strungmann Stockholders on Exhibit A hereto and (ii) their respective Permitted Transferees pursuant to the definition
of Permitted Transfer (other than the Company), as evidenced by an executed Joinder Agreement indicating that such Permitted Transferee
will be a Strungmann Stockholder.

 

“Subsidiary” with respect
to any entity (the “parent”) shall mean any corporation, limited liability company, company, firm, association
or trust of which such parent, at the time in respect of which such term is used, (i) owns directly or indirectly more than fifty
percent (50%) of the equity, membership interest or beneficial interest, on a consolidated basis, or (ii) owns directly or controls
with power to vote, directly or indirectly through one or more Subsidiaries, shares of the equity, membership interest or beneficial
interest having the power to elect more than fifty percent (50%) of the directors, trustees, managers or other officials having
powers analogous to that of directors of a corporation. Unless otherwise specifically indicated, when used herein the term Subsidiary
shall refer to a direct or indirect Subsidiary of the Company.

 

“Transfer” and
 “Transferred” shall mean to transfer, sell, assign, pledge, hypothecate, give, create a security interest
in or lien on, place in trust (voting or otherwise), assign or in any other way encumber or dispose of, directly or
indirectly, and whether or not by operation of law or for value, any Shares or Options or any legal, economic or beneficial
interest therein; provided, however, that (i) a transfer of limited partnership interests, limited liability
company interests or similar interests in any of the EQT Stockholders, any other private equity fund or any parent entity or
investment holding vehicle with respect to any such EQT Stockholder or private equity fund and (ii) a transfer pursuant to a
pledge, lien or other security interest securing any current, former or future indebtedness incurred by the Company or any of
its Subsidiaries in favor of any lender or other holder of such indebtedness, in each case, shall not constitute a Transfer
for purposes of this Agreement.

 

    6

     

    

 

“Underwriting Agreement”
shall mean an underwriting agreement among the Company, Jefferies LLC, Morgan Stanley & Co. LLC and the other investment banks
party thereto with respect to an underwritten initial Public Offering.

 

ARTICLE
II

COVENANTS AND CONDITIONS

 

Subject to the provisions of Section 4.7
hereof relating to the termination of certain provisions of this Agreement, the following covenants and conditions shall apply.

 

2.1         
Restrictions on Transfers.

 

(a)           
General Transfer Restrictions. Each Stockholder hereby agrees with the Company, severally and not jointly, that until
the twelve (12)-month anniversary of an initial Public Offering (subject to any applicable lock-up periods agreed with the underwriters
with respect thereto), without the prior consent of the Board, no Stockholder (other than any of the EQT Stockholders, Arsenal
Stockholders and Strungmann Stockholders) may Transfer all or any of the Shares owned by such Stockholder to any Person other than
(i) to a Permitted Transferee or (ii) solely in the case of the Employee Stockholders or Director Stockholders, pursuant to any
purchase by the Company or any of its Subsidiaries from an Employee Stockholder or Director Stockholder upon termination of employment
of the Applicable Individual with respect to such Employee Stockholder or the cessation of membership on the Board by such Director
Stockholder, as the case may be, (iii) pursuant to the exercise of registration rights pursuant to and in accordance with the Registration
Rights Agreement or (iv) pursuant to the Underwriting Agreement. Notwithstanding anything herein to the contrary, Options shall
only be transferable according to their terms and the terms of the Incentive Plan. Any attempted Transfer of Shares by a Stockholder
not permitted by this Section 2.1 shall be null and void, and the Company shall not in any way give effect to such impermissible
Transfer. For the avoidance of doubt, each of the EQT Stockholders may Transfer all or any portion of its Shares at any time without
restriction under this Section 2.1. After the twelve (12)-month anniversary of the consummation of an initial Public Offering
(subject to any applicable lock-up periods agreed with the underwriters with respect thereto), there shall be no restrictions on
a Transfer of Shares pursuant to this Agreement.

 

(b)           Transferred
Shares Subject to Transfer Restrictions. Except for Transfers (i) to the Company, (ii) pursuant to an effective
Registration Statement filed with the SEC, (iii) with the prior consent of the Board or (iv) by any of the EQT Stockholders,
Arsenal Stockholders and Strungmann Stockholders, any Shares Transferred by a Stockholder pursuant to this Section 2.1
prior to the twelve (12)-month anniversary of the consummation of an initial Public Offering (subject to any applicable
lock-up periods agreed with the underwriters with respect thereto) shall remain subject to the Transfer restrictions of this
Agreement and each intended transferee pursuant to this Section 2.1 shall execute and deliver to the Company a Joinder
Agreement, which shall evidence such transferee’s agreement that the Shares intended to be transferred shall continue
to be subject to this Agreement and that as to such Shares the transferee shall be bound by the restrictions of this
Agreement as a Stockholder hereunder.

 

    7

     

    

 

2.2         
Corporate Governance.

 

(a)           
Board of Directors. The Company hereby agrees that:

 

(i)           Unless
otherwise agreed in writing by the EQT Stockholders (and, in the case of (x) the right to nominate the Arsenal Director Nominee
pursuant to Section 2.2(a)(i)(A) and (y) Section 2.2(a)(ii) as it relates to the Arsenal Director Nominee, the Arsenal
Stockholders), and subject to applicable law (including laws relating to fiduciary duties) and the rules and regulations of the
applicable stock exchange:

 

(A)           for so long as the Company’s certificate of incorporation shall provide for the division of directors into three (3)
classes, the Company shall nominate to serve on the Board of Directors as a Class II director (or, with the approval of the Board
of Directors, such other class of directors as the Arsenal Stockholders shall designate) one (1) individual designated by the Arsenal
Stockholders holding a majority of the aggregate Shares then held by the Arsenal Stockholders for so long as the Arsenal Stockholders
collectively hold at least five percent (5%) of the Shares as part of any slate that is included in the proxy statement (or consent
solicitation or similar document) of the Company relating to the election of Class II directors; provided, that such individual
shall be an investment professional employed by an Arsenal Stockholder or one of its Affiliates or another individual with EQT
Consent. In the event the Company’s certificate of incorporation shall not provide for the division of directors into three
(3) classes, the Company shall nominate to serve on the Board of Directors one (1) individual designated by the Arsenal Stockholders
holding a majority of the aggregate Shares then held by the Arsenal Stockholders for so long as the Arsenal Stockholders collectively
hold at least five percent (5%) of the Shares as part of any slate that is included in the proxy statement (or consent solicitation
or similar document) of the Company relating to the election of directors; provided, that such individual shall be an investment
professional employed by an Arsenal Stockholder or one of its Affiliates or another individual with EQT Consent (the individual,
if any, nominated pursuant to this Section 2.2(a)(i)(A), the “Arsenal Director Nominee”). For so long
as the directors on the Board of Directors are divided into three (3) classes, the Arsenal Director Nominee shall be a Class II
director; and

 

(B)            the
Company shall nominate to serve on the Board of Directors a number of individuals designated by the EQT Stockholders such that,
upon the election of all such individuals and taking into account any director continuing to serve on the Board of Directors without
need for re-election who was designated by the EQT Stockholders pursuant to this Section 2.2(a)(i)(B), the total number
of directors designated by the EQT Stockholders shall equal (x) the total members of the Board of Directors, multiplied
by (y) the percentage of Shares held from time to time by the EQT Stockholders, which number shall be rounded up to the next highest
whole number of directors (the “EQT Director Nominees” and, together with the Arsenal Director Nominee, the
 “Stockholder Nominees”); provided that in no event shall the number of EQT Director Nominees, together
with the Arsenal Director Nominee, if any, exceed the number of directors permitted by the Company’s certificate of incorporation
or bylaws; and further provided that the right of the EQT Stockholders to designate one or more individuals for nomination
pursuant to this Section 2.2(a)(i)(B) shall terminate
if the EQT Stockholders collectively hold less than five percent (5%) of the Shares. 

 

    8

     

    

 

(ii)             The
Company shall include as part of the slate that is included in the proxy statement (or consent solicitation or similar document)
of the Company relating to the election of directors to the Board of Directors, (x) the Arsenal Director Nominee designated for
nomination pursuant to Section 2.2(a)(i)(A) (if such proxy statement (or consent solicitation or similar document) relates
to the election of Class II directors) and (y) the EQT Director Nominees (if such proxy statement (or consent solicitation or
similar document) relates to the election of directors of the class or classes to which EQT Director Nominees belong pursuant
to Section 2.2(a)(i)(B)) and shall provide the highest level of support for the election of each person nominated pursuant
to Section 2.2(a)(i) as it provides to any other individual standing for election as a director of the Company as part
of such Company slate of directors.

 

(iii)         In
the event that a Stockholder Nominee shall cease to serve as a director for any reason (other than the failure of the stockholders
of the Company to elect such individual as a director), the Persons entitled to designate such Stockholder Nominee pursuant to
Section 2.2(a)(i)(A) or (B) shall have the right to designate a replacement Stockholder Nominee and the Company
agrees to appoint any such replacement Stockholder Nominee to fill the vacancy resulting therefrom. For the avoidance of doubt,
it is understood that the failure of the stockholders of the Company to elect any Stockholder Nominee shall not affect the right
of the Persons entitled to designate such Stockholder Nominee pursuant to Section 2.2(a)(i)(A) or (B) to designate
a Stockholder Nominee for election pursuant to Section 2.2(a)(i)(A) or (B) in connection with any future election
of directors of the Company.

 

(iv)        Upon the classification of the Board of Directors into three (3) classes, the initial Arsenal Director Nominee shall be
Stephen M. McLean and the initial EQT Director Nominees shall be Eric C. Liu, Ethan Waxman and Sherilyn S. McCoy. Upon the classification
of the Board of Directors into three (3) classes, the initial Class I directors shall consist of Mason P. Slaine, James E. Cashman
III and Ethan Waxman, the initial Class II directors shall consist of Sherilyn S. McCoy, Eric C. Liu and Matthew Walsh, and the
initial Class III directors shall consist of Stephen M. McLean and William F. Feehery.

 

(b)           Each Stockholder hereby agrees with the Company, severally and not jointly, that for so long as any Stockholder is entitled
to designate a Stockholder Nominee pursuant to Section 2.2(a)(i), such Stockholder shall vote all of its Shares in favor
of each individual standing for election as a director of the Company as part of the Company’s slate of directors that is
included in the proxy statement (or consent solicitation or similar document) of the Company relating to the election of directors
to the Board of Directors and whose election the Board of Directors has recommended.

 

(c)            The
right to nominate the Arsenal Director Nominee pursuant to Section 2.2(a)(i)(A) may not be assigned or otherwise conveyed
by any Arsenal Stockholder other than (i) to its Permitted Transferees or (ii) with EQT Consent.

 

    9

     

    

 

2.3          Confidentiality. Each Stockholder shall maintain the confidentiality of any
confidential and proprietary information of the Company and its Subsidiaries (“Proprietary Information”) using
the same standard of care, but in no event less than reasonable care, as it applies to its own confidential information, except
(i) for any Proprietary Information which is publicly available (other than as a result of dissemination by such Stockholder in
breach of this Agreement) or a matter of public knowledge generally, (ii) if the release of such Proprietary Information is ordered
pursuant to a subpoena or other order from a court of competent jurisdiction or other applicable law, rule, regulation, legal
or judicial process or audit or inquiries by a regulator, bank examiner or self-regulatory organization (collectively, “Law”),
following delivery of prior written notice to the Company (to the extent reasonably practicable and permitted under applicable
Law), (iii) for Proprietary Information that was known to such Stockholder on a non-confidential basis, without, to such Stockholders’
knowledge, breach of any confidentiality obligations to the Company or its Affiliates in respect thereof, prior to its disclosure
by the Company or its Affiliates or (iv) as concerns the EQT Stockholders, for disclosure to EQT Partners AB (and its subsidiaries),
any EQT branded funds and their respective directors, officers and employees.

 

ARTICLE
III

 

INDEMNIFICATION AND REIMBURSEMENT

 

3.1         
Indemnification of Institutional Stockholders.

 

(a)            The
Company will, and will cause its Subsidiaries to, jointly and severally, indemnify, exonerate and hold the Institutional Stockholders
and each of their respective partners, stockholders, members, Affiliates, directors, officers, fiduciaries, managers, controlling
Persons, employees and agents and each of the partners, stockholders, members, Affiliates, directors, officers, fiduciaries, managers,
controlling Persons, employees and agents of each of the foregoing (collectively, the “Indemnitees”) free and
harmless from and against any and all liabilities, losses, damages and costs and out-of-pocket expenses in connection therewith
(including reasonable attorneys’ fees and expenses) incurred by the Indemnitees or any of them before or after the date
of this Agreement (collectively, the “Indemnified Liabilities”), arising out of any action, cause of action,
suit, litigation, investigation, inquiry, arbitration or claim (each, an “Action”) arising directly or indirectly
out of, or in any way relating to, (i) such Institutional Stockholder’s or its Affiliates’ ownership of Shares or
such Institutional Stockholder’s or its Affiliates’ control or ability to influence the Company or any of its Subsidiaries
(other than any such Indemnified Liabilities (x) to the extent such Indemnified Liabilities arise out of any breach of this Agreement,
any other agreement by such Indemnitee or its Affiliates or other related Persons or the breach of any fiduciary or other duty
or obligation of such Indemnitee to its direct or indirect equity holders, creditors or Affiliates or (y) to the extent such control
or the ability to control the Company or any of its Subsidiaries derives from such Stockholder’s or its Affiliates’
capacity as an officer or director of the Company or any of its Subsidiaries) or (ii) the business, operations, properties, assets
or other rights or liabilities of the Company or any of its Subsidiaries; provided, however, that, if and to the
extent that the foregoing undertaking may be unavailable or unenforceable for any reason, the Company will, and will cause its
Subsidiaries to, jointly and severally make the maximum contribution to the payment and satisfaction of each of the Indemnified
Liabilities that is permissible under applicable law. For the purposes of this Section 3.1, none of the circumstances described
in the limitations contained in the immediately preceding sentence shall be deemed to apply absent a final non-appealable judgment
of a court of competent jurisdiction to such effect, in which case to the extent any such limitation is so determined to apply
to any Indemnitee as to any previously advanced indemnity payments made by the Company, then such payments shall be promptly repaid
by such Indemnitee to the Company.

 

    10

     

    

 

(b)           The Company will, and will cause its Subsidiaries to, jointly and severally, reimburse any Indemnitee for all reasonable
costs and expenses (including reasonable attorneys’ fees and expenses and any other litigation-related expenses) as they
are incurred in connection with investigating, preparing, pursuing, defending or assisting in the defense of any Action for which
the Indemnitee would be entitled to indemnification under the terms of this ARTICLE III, or any action or proceeding arising
therefrom, whether or not such Indemnitee is a party thereto. The Company and its Subsidiaries, in the defense of any Action for
which an Indemnitee would be entitled to indemnification under the terms of this ARTICLE III, may, without the consent of
such Indemnitee, consent to entry of any judgment or enter into any settlement if and only if it (i) includes as a term thereof
the giving by the claimant or plaintiff therein to such Indemnitee of an unconditional release from all liability with respect
to such Action, (ii) does not impose any limitations (equitable or otherwise) on such Indemnitee and (iii) does not include
a statement as to or an admission of fault, culpability or a failure to act by or on behalf of such Indemnitee, and provided that
the only penalty imposed in connection with such settlement is a monetary payment that will be paid in full by the Company or its
Subsidiaries.

 

(c)           The
Company acknowledges and agrees that it shall, and to the extent applicable shall cause the Controlled Entities to, be fully
and primarily responsible for the payment to the Indemnitee in respect of Indemnified Liabilities in connection with any
Jointly Indemnifiable Claims (as defined below), pursuant to and in accordance with (as applicable) the terms of (i) the
Delaware General Corporation Law, as amended, (ii) the certificate of incorporation or similar organizational documents, as
amended, of the Company, (iii) the bylaws or similar organizational documents, as amended, of the Company, (iv) any director
or officer indemnification agreement, (v) this Agreement, (vi) any other agreement between the Company or any Controlled
Entity and the Indemnitee pursuant to which the Indemnitee is indemnified, (vii) the laws of the jurisdiction of
incorporation or organization of any Controlled Entity and/or (viii) the certificate of incorporation, certificate of
organization, bylaws, partnership agreement, operating agreement, certificate of formation, certificate of limited
partnership or other organizational or governing documents of any Controlled Entity (clauses (i) through (viii),
collectively, the “Indemnification Sources”), irrespective of any right of recovery the Indemnitee may
have from any corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other
enterprise (other than the Company, any Controlled Entity or the insurer under and pursuant to an insurance policy of the
Company or any Controlled Entity) from whom an Indemnitee may be entitled to indemnification with respect to which, in whole
or in part, the Company or any Controlled Entity may also have an indemnification obligation (collectively, the
 “Indemnitee-Related Entities”). Under no circumstance shall the Company or any Controlled Entity be
entitled to any right of subrogation or contribution by the Indemnitee-Related Entities and no right of advancement or
recovery the Indemnitee may have from the Indemnitee-Related Entities shall reduce or otherwise alter the rights of the
Indemnitee or the obligations of the Company or any Controlled Entity under the Indemnification Sources. In the event that
any of the Indemnitee-Related Entities shall make any payment to the Indemnitee in respect of indemnification with respect to
any Jointly Indemnifiable Claim, (x) the Company shall, and to the extent applicable shall cause the Controlled Entities to,
reimburse the Indemnitee-Related Entity making such payment to the extent of such payment promptly upon written demand from
such Indemnitee-Related Entity, (y) to the extent not previously and fully reimbursed by the Company and/or any Controlled
Entity pursuant to clause (x), the Indemnitee-Related Entity making such payment shall be subrogated to the extent of the
outstanding balance of such payment to all of the rights of recovery of the Indemnitee against the Company and/or any
Controlled Entity, as applicable, and (z) Indemnitee shall execute all papers reasonably required and shall do all things
that may be reasonably necessary to secure such rights, including the execution of such documents as may be necessary to
enable the Indemnitee-Related Entities effectively to bring suit to enforce such rights. The Company and Indemnitees agree
that each of the Indemnitee-Related Entities shall be third-party beneficiaries with respect to this Section 3.1(c),
entitled to enforce this Section 3.1(c) as though each such Indemnitee-Related Entity were a party to this Agreement.
The Company shall cause each of the Controlled Entities to perform the terms and obligations of this Section 3.1(c) as
though each such Controlled Entity was a party to this Agreement. For purposes of this Section 3.1(c), the term
 “Jointly Indemnifiable Claims” shall be broadly construed and shall include, without limitation, any
Indemnified Liabilities for which the Indemnitee shall be entitled to indemnification from both (1) the Company and/or any
Controlled Entity pursuant to the Indemnification Sources, on the one hand, and (2) any Indemnitee-Related Entity pursuant to
any other agreement between any Indemnitee-Related Entity and the Indemnitee pursuant to which the Indemnitee is indemnified,
the laws of the jurisdiction of incorporation or organization of any Indemnitee-Related Entity and/or the certificate of
incorporation, certificate of organization, bylaws, partnership agreement, operating agreement, certificate of formation,
certificate of limited partnership or other organizational or governing documents of any Indemnitee-Related Entity, on the
other hand.

 

    11

     

    

 

(d)           The rights of any Indemnitee to indemnification pursuant to this Section 3.1 will be in addition to any other rights
any such Person may have under any other Section of this Agreement or any other agreement or instrument to which such Indemnitee
is or becomes a party or is or otherwise becomes a beneficiary or under law or regulation or under the certificate of incorporation
or bylaws of the Company, any newly formed direct or indirect parent or any direct or indirect Subsidiary or investment holding
vehicle with respect to any of the foregoing.

 

(e)           The
Company shall obtain and maintain in effect at all times directors’ and officers’ liability insurance that, for so
long as the EQT Stockholders are entitled to designate any EQT Director Nominee pursuant to Section 2.2(a)(i)(B), is reasonably
satisfactory to the EQT Stockholders.

 

3.2         
Reimbursement of Expenses.

 

(a)            The Company will pay directly or reimburse, or cause to be paid directly or reimbursed, the actual and reasonable out-of-pocket
costs and expenses incurred by the EQT Stockholders and their respective Affiliates in connection with the monitoring and/or overseeing
of their investment in the Company, including (i) reasonable out-of-pocket expenses incurred by the EQT Director Nominees in connection
with such EQT Director Nominees’ board service (including travel), (ii) fees and actual and reasonable out-of-pocket disbursements
of any independent professionals and organizations, including independent accountants, outside legal counsel or consultants retained
by such EQT Stockholders or any of their Affiliates, (iii) reasonable costs of any outside services or independent contractors
such as financial printers, couriers, business publications, on-line financial services or similar services, retained or used by
such EQT Stockholders or any of their respective Affiliates and (iv) transportation, word processing expenses or any similar expense
not associated with their or their Affiliates’ ordinary operations; provided, that, with respect to clauses (ii) through
(iv) above, any such costs or expenses shall not exceed $120,000 in the aggregate in any single fiscal year (exclusive of any costs
or expenses paid pursuant to clause (i) above) and further provided, that the right of the EQT Stockholders to reimbursement
pursuant to clauses (ii) though (iv) above shall terminate if the EQT Stockholders collectively hold less than five percent (5%)
of the Shares.

 

(b)            The
Company will pay directly or reimburse, or cause to be paid directly or reimbursed, the actual and reasonable out-of-pocket
costs and expenses incurred by the Arsenal Director Nominees hereunder in connection with such Arsenal Director
Nominees’ board service (including travel).

 

    12

     

    

 

(c)           All payments or reimbursement for such costs and expenses pursuant to this Section 3.2 will be made by wire transfer
in same-day funds to the bank account designated by such EQT Stockholder or its relevant Affiliate or such Arsenal Director Nominee
promptly upon or as soon as practicable following request for reimbursement; provided, however, that such
EQT Stockholder, relevant Affiliate or Arsenal Director Nominee, as applicable, has provided the Company with such supporting documentation
reasonably requested by the Company.

 

ARTICLE
IV

 

MISCELLANEOUS

 

4.1          Remedies.
The parties to this Agreement acknowledge and agree that the covenants of the Company and the Stockholders set forth in this Agreement
may be enforced in equity by a decree requiring specific performance. In the event of a breach of any material provision of this
Agreement, the aggrieved party will be entitled to institute and prosecute a proceeding to enforce specific performance of such
provision, as well as to obtain damages for breach of this Agreement. Without limiting the foregoing, if any dispute arises concerning
the Transfer of any of the Shares subject to this Agreement or concerning any other provisions hereof or the obligations of the
parties hereunder, the parties to this Agreement agree that an injunction may be issued in connection therewith (including, without
limitation, restraining the Transfer of such Shares or rescinding any such Transfer). Such remedies shall be cumulative and non-exclusive
and shall be in addition to any other rights and remedies the parties may have under this Agreement or otherwise.

 

4.2          Entire
Agreement; Amendment; Waiver. This Agreement, together with the Exhibits, Annexes and
Schedules hereto and the Registration Rights Agreement, sets forth the entire understanding of the parties, and as of the
date hereof supersedes all prior agreements and all other arrangements and communications, whether oral or written, with
respect to the subject matter hereof and thereof. The applicable Exhibits, Annexes and/or Schedules hereto may be amended to
reflect changes in the composition of the Stockholders as a result of Permitted Transfers, Transfers permitted under ARTICLE
II, exercise of Options, or additional Stockholders due to issuances of additional securities by the Company or its
Subsidiaries. Amendments to the applicable Exhibits, Annexes and/or Schedules hereto reflecting Permitted Transfers or
Transfers permitted under ARTICLE II or to reflect additional Stockholders due to issuances of additional securities
by the Company pursuant to Section 4.12 or the exercise of Options shall become effective when a Joinder Agreement as
executed by any new transferee or recipient of newly issued securities of the Company or its Subsidiaries is filed with the
Company as provided for in Section 4.12. This Agreement may be amended, modified, supplemented, restated, waived or
terminated only upon EQT Consent; provided, that any such amendment, modification, supplement, restatement, waiver or
termination which would have a material and disproportionate adverse effect on the Non-EQT Institutional Stockholders and the
Individual Stockholders as compared to the effect on the EQT Stockholders shall also require the written consent of the
Non-EQT Institutional Stockholders and the Individual Stockholders holding a majority of the Shares held by the Non-EQT
Institutional Stockholders and the Individual Stockholders; provided, further, that, in the event the EQT
Stockholders no longer hold any Shares, this Agreement may be amended, modified, supplemented, restated, waived or terminated
with the written consent of (a) the Company and (b) the Stockholders holding a majority of the Shares held by the
Stockholders. Without limiting the generality of the foregoing, without Arsenal Consent, no material and adverse amendment
may be made to the provisions of Section 2.2(a)(i)(A) which expressly grant rights to any Arsenal Stockholder.
Notwithstanding any provisions to the contrary contained herein, any party may waive any rights with respect to which such party
is entitled to benefits under this Agreement. No waiver of or consent to any departure from any provision of this Agreement
shall be effective unless signed in writing by the party entitled to the benefit thereof.

 

    13

     

    

 

4.3              
Severability. It is the desire and intent of the parties that the provisions
of this Agreement be enforced to the fullest extent permissible under the laws and public policies applied in each jurisdiction
in which enforcement is sought. Accordingly, the invalidity or unenforceability of any particular provision of this Agreement shall
not affect the other provisions hereof, and this Agreement shall be construed in all respects as if the invalid or unenforceable
provision were omitted. Notwithstanding the foregoing, if such provision could be more narrowly drawn so as not to be invalid or
unenforceable in such jurisdiction, it shall, as to such jurisdiction, be so more narrowly drawn, without invalidating the remaining
provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction.

 

4.4              
Notices. Unless otherwise specified herein, all notices, consents, approvals,
reports, designations, requests, waivers, elections and other communications authorized or required to be given pursuant to this
Agreement shall be in writing and shall be deemed to have been given (a) when personally delivered, (b) when transmitted via facsimile
to the number set out below or on Exhibit A, as applicable, if the sender receives confirmation of delivery or if the sender
on the same or following business day sends a confirming copy of such notice by a recognized delivery service (charges prepaid),
(c) the day following the day (except if not a business day then the next business day) on which the same has been delivered prepaid
to a reputable national overnight air courier service, (d) when transmitted via email (including via attached pdf document) to
the email address set out below or on Exhibit A if the sender on the same day sends a confirming copy of such notice by
a recognized delivery service (charges prepaid) or (e) the third business day following the day on which the same is sent by certified
or registered mail, postage prepaid, in each case, to the respective parties, as applicable, at the address, facsimile number or
email address set forth below or on Exhibit A hereto, as applicable (or such other address, facsimile number or email address
as any Stockholder may specify by notice to the Company in accordance with this Section 4.5):

 

(a)         
For notices and communications to the Company, to:

 

Certara, Inc.

100 Overlook Center, Suite 101

Princeton, NJ 08540

Attention:     [           ]

Email:             [           ]

 

with a copy to (which shall not constitute actual
or constructive notice):

 

EQT Partners Inc.

1114 Avenue of the Americas

45th Floor

New York, NY 10036

Fax:               [            ]

Attention:    [            ]

Email:            [            ]

 

and a further copy to (which shall not constitute
actual or constructive notice):

 

Simpson Thacher & Bartlett LLP

2475 Hanover Street

Palo Alto, CA 94304

Fax:               [            ]

Attention:    [            ]

Email:            [            ]

 

(b)          
for notices and communications to the EQT Stockholders, to their respective addresses set forth in Exhibit A, with
a copy to (which shall not constitute actual or constructive notice):

 

Simpson Thacher & Bartlett LLP

2475 Hanover Street

Palo Alto, CA 94304

Fax:               [            ]

Attention:    [            ]

Email:            [            ]

 

(c)          
for notices and communications to the Arsenal Stockholders, the Other Institutional Stockholders, the Director Stockholders,
the Employee Stockholders or the Additional Stockholders, to their respective addresses set forth in Exhibit A.

 

By notice complying with the foregoing provisions of this Section
4.4, each party shall have the right to change the mailing address or facsimile number for future notices and communications
to such party.

 

    14

     

    

 

4.5              
Binding Effect; Assignment. This Agreement shall be binding upon and inure to
the benefit of the parties hereto and to their respective transferees, successors and assigns; provided, however,
that no right or obligation under this Agreement may be assigned except as expressly provided herein (including in connection with
a Transfer of Shares in accordance herewith), it being understood that (i) the Company’s rights hereunder may be assigned
by the Company to any corporation which is the surviving entity in a merger, consolidation or like event involving the Company
and (ii) the rights of the Stockholders shall be automatically assigned with respect to any Share that is Transferred to a Permitted
Transferee thereof; provided, that such Permitted Transferee executes a counterpart to this Agreement and becomes bound
to the provisions hereof.

 

4.6              
Governing Law. All matters relating to the interpretation, construction, validity
and enforcement of this Agreement, including all claims (whether in contract or tort) that may be based upon, arise out of or relate
to this Agreement or the negotiation, execution or performance of this Agreement, shall be governed by and construed in accordance
with the domestic laws of the State of Delaware without giving effect to any choice or conflict of law provision or rule (whether
of the State of Delaware or any other jurisdiction) that would cause the application of laws of any jurisdiction other than the
State of Delaware.

 

4.7              
Termination. Without affecting any other provision of this Agreement requiring
termination of any rights in favor of any Stockholder or any transferee of Shares, the provisions of ARTICLE II (other than
Section 2.1, 2.2(a) and Section 2.3) shall terminate as to such Stockholder or transferee, when, pursuant
to and in accordance with this Agreement, such Stockholder or transferee, as the case may be, no longer owns any Shares; provided,
that termination pursuant to this Section 4.7 shall only occur in respect of a Stockholder after all Permitted Transferees
in respect thereof also no longer own any Shares. In addition, this Agreement shall automatically terminate at such time as no
Institutional Stockholder owns more than 5% of the Shares.

 

4.8              
 Recapitalizations, Exchanges, Etc. The provisions of this Agreement shall apply,
to the full extent set forth herein with respect to Shares, to any and all shares of capital stock of the Company or any successor
or assign of the Company (whether by merger, consolidation, sale of assets or otherwise) which may be issued in respect of, in
exchange for, or in substitution of the Shares, by reason of a stock dividend, stock split, stock issuance, reverse stock split,
combination, recapitalization, reclassification, merger, consolidation or otherwise.

 

4.9              
Action Necessary to Effectuate the Agreement. The parties hereto agree to take
or cause to be taken all such corporate and other action as may be reasonably necessary to effect the intent and purposes of this
Agreement.

 

4.10          
Purchase for Investment; Legend on Certificate. Each of the Stockholders acknowledges
that all of the Shares held by such Stockholder are being (or have been) acquired for investment and not with a view to the distribution
thereof and that no transfer, hypothecation or assignment of such Shares may be made except in compliance with applicable federal
and state securities laws. 

 

(a)               
Unless Section 4.10(b) applies, each certificate (or book entry share) evidencing Shares owned by a Stockholder and
which are subject to the terms of this Agreement shall bear the following legend, either as an endorsement or stamped or printed,
thereon, or in a notice to the Stockholder or transferee:

 

“The securities represented by this Certificate have
not been registered under the Securities Act of 1933, as amended, and may not be sold, offered for sale, pledged or hypothecated
in the absence of an effective registration statement as to the securities under said Act or an opinion of counsel reasonably satisfactory
to the Company and its counsel that such registration is not required.”

 

“The securities represented by this Certificate are
subject to the terms and conditions, including certain restrictions on transfer, of a Stockholders Agreement, dated as of December
10, 2020, as amended and/or restated from time to time, and none of such securities, or any interest therein, shall be transferred,
pledged, encumbered or otherwise disposed of except as provided in that Stockholders Agreement. A copy of the Stockholders Agreement
is on file with the Secretary of the Company and will be mailed to any properly interested person without charge within five (5)
business days after receipt of a written request.”

 

(b)               
Each certificate (or book entry share) evidencing Shares owned by a Stockholder issued in a transaction registered under
the 1933 Act and which are subject to the terms of this Agreement shall bear the following legend, either as an endorsement or
stamped or printed, thereon, or in a notice to the Stockholder or transferee:

 

“The securities represented by this Certificate
are subject to the terms and conditions, including certain restrictions on transfer, of a Stockholders Agreement, dated as of
December 10, 2020, as amended and/or restated from time to time, and none of such securities, or any interest therein, shall be
transferred, pledged, encumbered or otherwise disposed of except as provided in that Stockholders Agreement. A copy of the Stockholders
Agreement is on file with the Secretary of the Company and will be mailed to any properly interested person without charge
within five (5) business days after receipt of a written request.”

 

    15

     

    

 

All shares shall also bear all legends required
by federal and state securities laws. The legends set forth in this Section 4.10 shall be removed at the expense of the
Company at the request of a Stockholder at any time when they have ceased to be applicable (it being understood that the restriction
referred to in the second paragraph of Section 4.10(a) and in the legend in Section 4.10(b) shall cease and terminate
only when the provisions of ARTICLE II hereof cease to be applicable to any such Shares).

 

4.11          
Effectiveness of Transfers. All Shares Transferred by a Stockholder (other than
pursuant to an effective registration statement under the 1933 Act, pursuant to a Rule 144 transaction or pursuant to any distribution
of Shares by an EQT Stockholder to its partners, members or other investors after an initial Public Offering) shall, except as
otherwise expressly stated herein, be held by the transferee thereof subject to this Agreement. Such transferee shall, except as
otherwise expressly stated herein, have all the rights and be subject to all of the obligations of the transferor Stockholder under
this Agreement (as though such party had so agreed pursuant to Section 4.12) automatically and without requiring any further
act by such transferee or by any parties to this Agreement. Without affecting the preceding sentence, if such transferee is not
a Stockholder on the date of such Transfer, then such transferee, as a condition to such Transfer, shall confirm such transferee’s
obligations hereunder in accordance with Section 4.12. No Transfer of Shares by a Stockholder shall be registered on the
Company’s books and records, and such Transfer of Shares shall be null and void and not otherwise effective, unless any such
Transfer is made in accordance with the terms and conditions of this Agreement, and the Company is hereby authorized by all of
the Stockholders to enter appropriate stop transfer notations on its transfer records to give effect to this Agreement. 

 

4.12          
Additional Stockholders. Subject to the restrictions on Transfers of Shares
contained herein, any Person who is not already a Stockholder acquiring Shares from a Stockholder (other than pursuant to an effective
registration statement under the 1933 Act, pursuant to a Rule 144 transaction or pursuant to any distribution of Shares by an EQT
Stockholder to its partners, members or other investors after an initial Public Offering), shall, on or before the Transfer of
such Shares, sign a Joinder Agreement and deliver such agreement to the Company, and shall thereby become a party to this Agreement
to be bound hereunder as (i) an EQT Stockholder if a Permitted Transferee (other than the Company, or an Arsenal Stockholder, Other
Institutional Stockholder, Director Stockholder or Employee Stockholder) of an EQT Stockholder, (ii) an Arsenal Stockholder if
a Permitted Transferee (other than the Company, or an EQT Stockholder, Other Institutional Stockholder, Director Stockholder or
Employee Stockholder) of an Arsenal Stockholder, (iii) an Other Institutional Stockholder if a Permitted Transferee (other than
the Company, or an EQT Stockholder, Arsenal Stockholder, Director Stockholder or Employee Stockholder) of an Other Institutional
Stockholder, (iv) a Director Stockholder if a Permitted Transferee (other than the Company, or an EQT Stockholder, Arsenal Stockholder,
Other Institutional Stockholder or Employee Stockholder) of a Director Stockholder, (v) an Employee Stockholder if a Permitted
Transferee (other than the Company, or an EQT Stockholder, Arsenal Stockholder, Other Institutional Stockholder or Director Stockholder)
of an Employee Stockholder or (vi) an Additional Stockholder if such Person (other than the Company, or an EQT Stockholder, Arsenal
Stockholder, Other Institutional Stockholder, Director Stockholder or Employee Stockholder) does not fall within clause (i), (ii),
(iii), (iv) or (v) above. Each such additional Stockholder shall be listed on Exhibit A, as amended from time to time. 

 

4.13          
Other Business Opportunities. 

 

(a)                Except
as otherwise provided in the Company’s certificate of incorporation or bylaws, the parties expressly acknowledge and
agree that to the fullest extent permitted by applicable law: (i) each of the Institutional Stockholders (in each case,
including (A) their respective Affiliates, (B) any portfolio company in which they or any of their respective affiliated
investment funds or Affiliates have made a debt or equity investment (and vice versa) and (C) their respective limited
partners, non-managing members or other similar direct or indirect investors) and each Stockholder Nominee has the right to,
and shall have no duty (fiduciary, contractual or otherwise) not to, directly or indirectly engage in and possess interests
in other business ventures of every type and description, including those engaged in the same or similar business activities
or lines of business as the Company or any of its Subsidiaries or deemed to be competing with the Company or any of its
Subsidiaries, on its own account, or in partnership with, or as an employee, officer, director or shareholder of any other
Person, with no obligation to offer to the Company or any of its Subsidiaries or any Non-Institutional Stockholder (or its
respective Affiliates) the right to participate therein; (ii) each of the Institutional Stockholders (in each case, including
(A) their respective Affiliates, (B) any portfolio company in which they or any of their respective affiliated investment
funds or Affiliates have made a debt or equity investment (and vice versa) and (C) their respective limited partners,
non-managing members or other similar direct or indirect investors) and each Stockholder Nominee may invest in, or provide
services to, any Person that directly or indirectly competes with the Company or any of its Subsidiaries; and (iii) in the
event that any of the Institutional Stockholders (in each case, including (A) their respective Affiliates, (B) any portfolio
company in which they or any of their respective affiliated investment funds or Affiliates have made a debt or equity
investment (and vice versa) and (C) their respective limited partners, non-managing members or other similar direct or
indirect investors) or any Stockholder Nominee acquires knowledge of a potential transaction or matter that may be a
corporate or other business opportunity for the Company or any of its Subsidiaries, such Person shall have no duty
(fiduciary, contractual or otherwise) to communicate or present such corporate opportunity to the Company or any of its
Subsidiaries or any Non-Institutional Stockholder (or its respective Affiliates), as the case may be, and, notwithstanding
any provision of this Agreement to the contrary, shall not be liable to the Company or any of its Subsidiaries or any
Non-Institutional Stockholder (or its respective Affiliates) for breach of any duty (fiduciary, contractual or otherwise) by
reason of the fact that such Person, directly or indirectly, pursues or acquires such opportunity for itself, directs such
opportunity to another Person or does not present such opportunity to the Company or any of its Subsidiaries or any
Non-Institutional Stockholder (or its respective Affiliates). For the avoidance of doubt, the parties acknowledge that this
paragraph is intended to disclaim and renounce, to the fullest extent permitted by applicable law, any right of the Company
or any of its Subsidiaries with respect to the matters set forth herein, and this paragraph shall be construed to effect such
disclaimer and renunciation to the fullest extent permitted by law.

 

    16

     

    

 

(b)               
The Company, each of its Subsidiaries and each Non-Institutional Stockholder hereby, to the fullest extent permitted by
applicable law:

 

(i)                
confirms that no Institutional Stockholder nor any of its Affiliates has any duty to the Company
or any of its Subsidiaries or any Non-Institutional Stockholder other than the specific covenants and agreements set forth in this
Agreement;

 

(ii)              acknowledges
and agrees that (A) in the event of any conflict of interest between the Company or any of its Subsidiaries, on the one hand,
and any Institutional Stockholder or any of its Affiliates, on the other hand, such Institutional Stockholder or any of its
Affiliates (and any Stockholder Nominee) may act in its best interest and (B) none of the Institutional Stockholders nor any
of their respective Affiliates (or any Stockholder Nominee), shall be obligated (1) to reveal to the Company or any of its
Subsidiaries confidential information belonging to or relating to the business of such Person or any of its Affiliates or (2)
to recommend or take any action in its capacity as a Stockholder or director, as the case may be, that prefers the interest
of the Company or its Subsidiaries over the interest of such Person; and

 

(iii)           
waives any claim or cause of action against any of the Institutional Stockholders, any Stockholder
Nominee and any officer, employee, agent or Affiliate of any such Person that may from time to time arise in respect of a breach
by any such person of any duty or obligation disclaimed under Section 4.13(b)(i) or Section 4.13(b)(ii).

 

(c)               
Each of the parties hereto agrees that the waivers, limitations, acknowledgments and agreements set forth in this Section
4.13 shall not apply to any alleged claim or cause of action against any Institutional Stockholder based upon the breach or
nonperformance by such Institutional Stockholder of this Agreement or any other agreement to which such Person is a party.

 

(d)               
The provisions of this Section 4.13, to the extent that they restrict the duties and liabilities of any of the Institutional
Stockholders or any Stockholder Nominee otherwise existing at law or in equity, are agreed by the parties hereto to replace such
other duties and liabilities of the Institutional Stockholders or any such Stockholder Nominee to the fullest extent permitted
by applicable law.

 

4.14          
No Waiver. No course of dealing and no delay on the part of any party hereto
in exercising any right, power or remedy conferred by this Agreement shall operate as waiver thereof or otherwise prejudice such
party’s rights, powers and remedies. No single or partial exercise of any rights, powers or remedies conferred by this Agreement
shall preclude any other or further exercise thereof or the exercise of any other right, power or remedy.

 

4.15          
Costs and Expenses. Except as provided in Section 3.2, each party shall
pay its own costs and expenses incurred in connection with this Agreement, and any and all other documents furnished pursuant hereto
or in connection herewith.

 

4.16          
Counterpart. This Agreement may be executed in two or more counterparts each
of which shall be deemed an original but all of which together shall constitute one and the same instrument, and all signatures
need not appear on any one counterpart.

 

4.17          
Headings. All headings and captions in this Agreement are for purposes of reference
only and shall not be construed to limit or affect the substance of this Agreement.

 

4.18          
Third Party Beneficiaries. Except as provided in Section 4.13 and Section
3.1, nothing in this Agreement is intended or shall be construed to entitle any Person other than the Company and the Stockholders
to any claim, cause of action, right or remedy of any kind.

 

4.19           Consent
to Jurisdiction. The Company and each of the Stockholders, by its, his or her execution
hereof, (i) hereby irrevocably submit to the exclusive jurisdiction of the state and federal courts in the State of Delaware
for the purposes of any claim or action arising out of or based upon this Agreement or relating to the subject matter hereof,
(ii) hereby waive, to the extent not prohibited by applicable law, and agree not to assert by way of motion, as a defense or
otherwise, in any such claim or action, any claim that it or he is not subject personally to the jurisdiction of the
above-named courts, that its, his or her property is exempt or immune from attachment or execution, that any such proceeding
brought in the above-named court is improper or that this Agreement or the subject matter hereof may not be enforced in or by
such court and (iii) hereby agree not to commence any claim or action arising out of or based upon this Agreement or relating
to the subject matter hereof other than before the above-named courts nor to make any motion or take any other action seeking
or intending to cause the transfer or removal of any such claim or action to any court other than the above-named courts
whether on the grounds of inconvenient forum or otherwise. The Company and each of the Stockholders hereby consent, to the
fullest extent permitted by law, to service of process in any such proceeding, and agree that service of process by
registered or certified mail, return receipt requested, at its address specified pursuant to Section 4.4 is reasonably
calculated to give actual notice.

 

    17

     

    

 

4.20          
WAIVER OF JURY TRIAL. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT
BE WAIVED, EACH PARTY HERETO HEREBY WAIVES AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE)
ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE OR ACTION, CLAIM, CAUSE OF ACTION OR SUIT (IN CONTRACT, TORT OR
OTHERWISE), INQUIRY, PROCEEDING OR INVESTIGATION ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE SUBJECT MATTER HEREOF OR IN
ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE TRANSACTIONS CONTEMPLATED HEREBY, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER
ARISING. EACH PARTY HERETO ACKNOWLEDGES THAT IT HAS BEEN INFORMED BY THE OTHER PARTIES HERETO THAT THIS SECTION 4.20 CONSTITUTES
A MATERIAL INDUCEMENT UPON WHICH THEY ARE RELYING AND WILL RELY IN ENTERING INTO THIS AGREEMENT. ANY PARTY HERETO MAY FILE AN ORIGINAL
COUNTERPART OR A COPY OF THIS SECTION 4.20 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER
OF ITS RIGHT TO TRIAL BY JURY.

 

4.21          
Representations and Warranties. Each of the Stockholders executing this Agreement
hereby represents and warrants severally and not jointly to each of the other Stockholders and to the Company on the date hereof
(and in respect of Persons who become a party to this Agreement after the date hereof, such Stockholder hereby represents and warrants
to each of the other Stockholders and the Company on the date of its execution of a Joinder Agreement) as follows:

 

(a)               
Such Stockholder, to the extent applicable, is duly organized or incorporated, validly existing and in good standing under
the laws of the jurisdiction of its organization or incorporation and has all requisite power and authority to conduct its business
as it is now being conducted and is proposed to be conducted. Such Stockholder has the full power, authority and legal right to
execute, deliver and perform this Agreement. The execution, delivery and performance of this Agreement have been duly authorized
by all necessary action, corporate or otherwise, of such Stockholder. This Agreement has been duly executed and delivered by such
Stockholder and constitutes its, his or her legal, valid and binding obligation, enforceable against it, him or her in accordance
with its terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally.

 

(b)               
The execution and delivery by such Stockholder of this Agreement, the performance by such Stockholder of its, his or her
obligations hereunder by such Stockholder does not and will not violate (i) in the case of parties who are not individuals, any
provision of its organizational or constituent documents, (ii) any provision of any material agreement to which it, he or she is
a party or by which it, he or she is bound or (iii) any law, rule, regulation, judgment, order or decree to which it, he or she
is subject. No notice, consent, waiver, approval, authorization, exemption, registration, license or declaration is required to
be made or obtained by such Stockholder in connection with the execution, delivery or enforceability of this Agreement.

 

(c)               
 Such Stockholder is not currently in violation of any law, rule, regulation, judgment, order or decree, which violation
could reasonably be expected at any time to have a material adverse effect upon such Stockholder’s ability to enter into
this Agreement or to perform its, his or her obligations hereunder. There is no pending legal action, suit or proceeding that would
materially and adversely affect the ability of such Stockholder to enter into this Agreement or to perform its, his or her obligations
hereunder.

 

(d)               
If such Stockholder is an individual and married, he or she has delivered to the Company a duly executed copy of a Spousal
Consent in the form attached hereto as Annex II (a “Spousal Consent”).

 

4.22          
Consents, Approvals and Actions.

 

(a)               
If any consent, approval or action of the EQT Stockholders is required at any time pursuant to this Agreement, such consent,
approval or action shall be deemed given if the holders of a majority of the Shares held by the EQT Stockholders at such time provide
such consent, approval or action in writing at such time.

 

(b)               
If any consent, approval or action of the Arsenal Stockholders is required at any time pursuant to this Agreement, such
consent, approval or action shall be deemed given if the holders of a majority of the Shares held by the Arsenal Stockholders at
such time provide such consent, approval or action in writing at such time.

 

(c)               
If any consent, approval or action of the Other Institutional Stockholders is required at any time pursuant to this Agreement,
such consent, approval or action shall be deemed given if the holders of a majority of the Shares held by the Other Institutional
Stockholders at such time provide such consent, approval or action in writing at such time.

 

(d)               
If any consent, approval or action of the Director Stockholders is required at any time pursuant to this Agreement, such
consent, approval or action shall be deemed given if the holders of a majority of the Shares held by the Director Stockholders
at such time provide such consent, approval or action in writing at such time.

 

(e)               
If any consent, approval or action of the Employee Stockholders is required at any time pursuant to this Agreement, such
consent, approval or action shall be deemed given if the holders of a majority of the Shares held by the Employee Stockholders
at such time provide such consent, approval or action in writing at such time.

 

    18

     

    

 

(f)                
For purposes of clarity, the operation of this Section 4.22 shall not deprive any of the EQT Stockholders and/or
the Arsenal Stockholders, as applicable, of their respective rights to nominate directors pursuant to Section 2.2(a).

 

4.23           No
Third Party Liabilities. This Agreement may only be enforced against the named parties
hereto. All claims or causes of action (whether in contract or tort) that may be based upon, arise out of or relate to any of
this Agreement, or the negotiation, execution or performance of this Agreement (including any representation or warranty made
in or in connection with this Agreement or as an inducement to enter into this Agreement), may be made only against the
entities that are expressly identified as parties hereto, as applicable; and no past, present or future director, officer,
employee, incorporator, member, partner, stockholder, Affiliate, portfolio company in which any such party or any of its
investment fund Affiliates have made a debt or equity investment (and vice versa), agent, attorney or representative of any
party hereto (including any Person negotiating or executing this Agreement on behalf of a party hereto), unless a party to
this Agreement, shall have any liability or obligation with respect to this Agreement or with respect any claim or cause of
action (whether in contract or tort) that may arise out of or relate to this Agreement, or the negotiation, execution or
performance of this Agreement (including a representation or warranty made in or in connection with this Agreement or as an
inducement to enter into this Agreement).

 

4.24          
Aggregation of Securities. All securities held by the EQT Stockholders and the
Arsenal Stockholders, respectively, shall be aggregated together for purposes of determining the rights or obligations of any member
of the EQT Stockholders or the Arsenal Stockholders, respectively, or the application of any restrictions to any member of the
EQT Stockholders or the Arsenal Stockholders, respectively, under this Agreement in which such right, obligation or restriction
is determined by any ownership threshold. The EQT Stockholders and the Arsenal Stockholders, in each case, may allocate the ability
to exercise any rights of the EQT Stockholders or the Arsenal Stockholders, respectively, under this Agreement in any manner among
the EQT Stockholders or the Arsenal Stockholders, respectively, that the EQT Stockholders or the Arsenal Stockholders, respectively,
see fit. 

 

4.25          
Independent Nature of Stockholders’ Obligations and Rights. Each Stockholder
and the Company agrees that the arrangements contemplated by this Agreement are not intended to constitute the formation of a “group”
(as defined in section 13(d)(3) of the 1934 Act). Each Stockholder agrees that, for purposes of determining beneficial ownership
of such Stockholder, it shall disclaim any beneficial ownership by virtue of this Agreement of the Shares owned by the other Stockholders
(other than, in the case of the EQT Stockholders, as amongst the Stockholders within such defined group), and the Company agrees
to recognize such disclaimer in its 1934 Act and 1933 Act reports. The obligations of each Stockholder under this Agreement are
several and not joint with the obligations of any other Stockholder, and no Stockholder shall be responsible in any way for the
performance of the obligations of any other Stockholder under this Agreement. Nothing contained herein, and no action taken by
any Stockholder pursuant hereto, shall be deemed to constitute the Stockholders as, and the Company acknowledges that the Stockholders
do not so constitute, a partnership, an association, a joint venture or any other kind of group or entity, or create a presumption
that the Stockholders are in any way acting in concert or as a group or entity with respect to such obligations or the transactions
contemplated by this Agreement and the Company acknowledges that the Stockholders are not acting in concert or as a group, and
the Company shall not assert any such claim, in each case, with respect to such obligations or the transactions contemplated by
this Agreement. The decision of each Stockholder to enter into this Agreement has been made by such Stockholder independently of
any other Stockholder. Each Stockholder acknowledges that no other Stockholder has acted as agent for such Stockholder in connection
with such Stockholder making its investment in the Company and that no other Stockholder will be acting as agent of such Stockholder
in connection with monitoring such Stockholder’s investment in the Shares or enforcing its rights under this Agreement. The
Company and each Stockholder confirms that each Stockholder has had the opportunity to independently participate with the Company
and its subsidiaries in the negotiation of the transaction contemplated hereby with the advice of its own counsel and advisors.
Each Stockholder shall be entitled to independently protect and enforce its rights, including, without limitation, the rights arising
out of this Agreement, and it shall not be necessary for any other Stockholder to be joined as an additional party in any proceeding
for such purpose. The use of a single agreement to effectuate the rights and obligations contemplated hereby was solely in the
control of the Company, not the action or decision of any Stockholder, and was done solely for the convenience of the Company and
its subsidiaries and not because the Company was required to do so by any Stockholder. It is expressly understood and agreed that
each provision contained in this Agreement is between the Company and a Stockholder, solely, and not between the Company and the
Stockholders collectively and not between and among the Stockholders.

 

4.26          
 Effectiveness. This Agreement shall become effective on the day immediately
preceding the date on which a registration statement on Form 8-A, or any successor form thereto, with respect to the Common Stock
first becomes effective under the 1934 Act. This Agreement shall automatically terminate if the Underwriting Agreement is terminated
prior to the completion of the initial public offering referenced therein for any reason or the initial Public Offering contemplated
by the Underwriting Agreement is not consummated on or before the tenth (10th) business day following the date of this
Agreement.

 

[Remainder
of page intentionally left blank]

 

    19

     

    

 

IN WITNESS WHEREOF, each of the parties hereto
has duly executed this Agreement (or caused this Agreement to be executed on its behalf by its officer or representative thereunto
duly authorized) as of the date first above written.

 

 

	 	THE COMPANY:
	 	 
	 	CERTARA, INC.
	 	(formerly known as EQT Avatar Topco, Inc.)
	 	 
	 	By:	/s/ William F. Feehery
	 	Name:    William F. Feehery
	 	Title:      Chief Executive Officer

 

[Signature Page to Stockholders Agreement]

 

     

     

    

 

	 	EQT STOCKHOLDERS:
	 	 
	 	EQT AVATAR PARENT L.P.
	 	 
	 	By: EQT Avatar Parent GP LLC, its general partner
	 	 
	 	By:	/s/ Ethan Waxman
	 	Name:     Ethan Waxman
	 	Title:       Vice President

 

[Signature Page to Stockholders Agreement]

 

     

     

    

 

	 	ARSENAL STOCKHOLDERS:
	 	 
	 	ARSENAL CAPITAL PARTNERS III LP
	 	 
	 	By:	Arsenal Capital Investment III LP, its general partner
	 	 
	 	By:	Arsenal Group LLC, its general partner
	 	 
	 	By:	/s/ Frank D. Scrudato
	 	Name:   Frank D. Scrudato
	 	Title:     Chief Financial Officer & Chief Compliance Officer
	 	 
	 	 
	 	ARSENAL CAPITAL PARTNERS III-B LP
	 	 
	 	By:	Arsenal Capital Investment III LP, its general partner
	 	 
	 	By:	Arsenal Group LLC, its general partner
	 	 
	 	By:	/s/ Frank D. Scrudato
	 	Name:    Frank D. Scrudato
	 	Title:      Chief Financial Officer & Chief Compliance Officer

 

[Signature Page to Stockholders Agreement]

 

     

     

    

 

	 	STRUNGMANN STOCKHOLDERS
	 	 
	 	SANTO HOLDING (DEUTSCHLAND) GMBH
	 	 
	 	By:	/s/ Dr. Michael Riemenschneider 	/s/ Stephan Sperber
	 	Name:    Dr. Michael Riemenschneider	Stephan Sperber
	 	Title:      Managing Director 	Authorized Representative

 

[Signature Page to Stockholders Agreement]

 

     

     

    

 

	 	OTHER INSTITUTIONAL STOCKHOLDERS
	 	 
	 	SAMPENSION PRIVATE EQUITY K/S
	 	 
	 	By:	/s/ Henrik Olejasz Larsen	/s/ Majken Hauge Johansen
	 	Name:    Henrik Olejasz Larsen	Majken Hauge Johansen
	 	Title:      Chief Investment Officer	Head of Alternatives

 

	 	KIRKBI INVEST A/S
	 	 
	 	By:	/s/ Søren Thorup Sørensen	/s/ Sidsel Marie Kristensen
	 	Name:    Søren Thorup Sørensen	Sidsel Marie Kristensen
	 	Title:      CEO	head of legal, SVP
	 	 
	 	MONTE ROSA OPPORTUNITIES, SICAV-SIF, in relation to its segregated compartment Monte Rosa Co-Investments III
	 	 
	 	By:	/s/ Fabien LETT  	 /s/ Christophe Vasselin
	 	Name:    Fabien LETT	Christophe Vasselin
	 	Title:      Officer	Assistant Vice-President
	 	 
	 	 
	 	PICTET PRIVATE EQUITY INVESTORS SA, as nominee on behalf of clients
	 	 
	 	By:	/s/ Bilge Terzi	/s/ Lauren Stroller
	 	Name:   Bilge Terzi  	Lauren Stroller
	 	Title:     Attorney 	Attorney
	 	 
	 	 
	 	HOWARD HUGHES MEDICAL INSTITUTE
	 	 
	 	By:	/s/ Gregory J. DeNinno
	 	Name:   Gregory J. DeNinno
	 	Title:     Managing Director – Private Investments

 

[Signature Page
to Stockholders Agreement] 

 

     

     

    

 

	 	DIRECTOR STOCKHOLDERS: 
	 	 
	 	By:	/s/ Mason P. Slaine
	 	Name: Mason P. Slaine
	 	 
	 	By:	/s/ James E. Cashman III
	 	Name: James E. Cashman III
	 	 
	 	By:	 /s/ Sherilyn S. McCoy
	 	Name: Sherilyn S. McCoy
	 	 
	 	By:	/s/ Matthew Walsh
	 	Name: Matthew Walsh
	 	 
	 	EDMUNDO MUNIZ
	 	 
	 	By:	EQT Avatar Parent GP LLC, as Attorney-in-Fact
	 	 
	 	By:	/s/ Ethan Waxman
	 	Name:   Ethan Waxman
	 	Title:     Vice President
	 	 
	 	WILLIAM KLITGAARD
	 	 
	 	By:	EQT Avatar Parent GP LLC, as Attorney-in-Fact
	 	 
	 	By:	/s/Ethan Waxman
	 	Name:   Ethan Waxman
	 	Title:     Vice President
	 	 
	 	By:	/s/ William F. Feehery
	 	Name: William F. Feehery

 

[Signature Page
to Stockholders Agreement] 

 

     

     

    

 

	 	EMPLOYEE STOCKHOLDERS:
	 	 
	 	 
	 	By:	/s/ Bo Jesper Hansen
	 	Name: Bo Jesper Hansen
	 	 
	 	M. ANDREW SCHEMICK
	 	 
	 	By:	EQT Avatar Parent GP LLC, as Attorney-in-Fact
	 	 
	 	By:	 /s/ Ethan Waxman
	 	Name:   Ethan Waxman
	 	Title:     Vice President
	 	 
	 	JUSTIN EDGE
	 	 
	 	By:	EQT Avatar Parent GP LLC, as Attorney-in-Fact
	 	 
	 	By:	/s/ Ethan Waxman
	 	Name:   Ethan Waxman
	 	Title:     Vice President
	 	 
	 	CRAIG R. RAYNER
	 	 
	 	By:	EQT Avatar Parent GP LLC, as Attorney-in-Fact
	 	 
	 	By:	 /s/ Ethan Waxman
	 	Name:   Ethan Waxman
	 	Title:     Vice President
	 	 
	 	THOMAS KERBUSCH
	 	 
	 	By:	EQT Avatar Parent GP LLC, as Attorney-in-Fact
	 	 
	 	By:	/s/ Ethan Waxman
	 	Name:   Ethan Waxman
	 	Title:     Vice President
	 	 
	 	LEIF E. PEDERSEN
	 	 
	 	By:	EQT Avatar Parent GP LLC, as Attorney-in-Fact
	 	 
	 	By:	/s/ Ethan Waxman
	 	Name:   Ethan Waxman
	 	Title:     Vice President

 

[Signature Page to Stockholders Agreement]

 

     

     

    

 

	 	ROBERT ASPBURY
	 	 
	 	By: 	EQT Avatar Parent GP LLC, as Attorney-in-Fact
	 	 
	 	By:	/s/ Ethan Waxman
	 	Name:    Ethan Waxman
	 	Title:      Vice President
	 	 
	 	RICHARD M. TRAYNOR
	 	 
	 	By:	EQT Avatar Parent GP LLC, as Attorney-in-Fact
	 	 
	 	By:	/s/ Ethan Waxman
	 	Name:   Ethan Waxman
	 	Title:     Vice President
	 	 
	 	JIEUN W. CHOE
	 	 
	 	By:	EQT Avatar Parent GP LLC, as Attorney-in-Fact
	 	 
	 	By:	/s/ Ethan Waxman
	 	Name:   Ethan Waxman
	 	Title:     Vice President
	 	 
	 	MARK HOVDE
	 	 
	 	By:	EQT Avatar Parent GP LLC, as Attorney-in-Fact
	 	 
	 	By:	/s/ Ethan Waxman
	 	Name:   Ethan Waxman
	 	Title:     Vice President
	 	 
	 	ELLEN LEINFUSS
	 	 
	 	By:	EQT Avatar Parent GP LLC, as Attorney-in-Fact
	 	 
	 	By:	/s/ Ethan Waxman
	 	Name:   Ethan Waxman
	 	Title:     Vice President
	 	 
	 	JAAP MANDEMA
	 	 
	 	By:	EQT Avatar Parent GP LLC, as Attorney-in-Fact
	 	 
	 	By:	/s/ Ethan Waxman
	 	Name:   Ethan Waxman
	 	Title:     Vice President

 

     

     

    

 

	 	AMIN ROSTAMI
	 	 
	 	By: EQT Avatar Parent GP LLC, as Attorney-in-Fact
	 	 
	 	By:	/s/ Ethan Waxman
	 	Name:   Ethan Waxman
	 	Title:     Vice President
	 	 
	 	ANDREW GORMLEY
	 	 
	 	By: EQT Avatar Parent GP LLC, as Attorney-in-Fact
	 	 
	 	By:	/s/ Ethan Waxman
	 	Name:   Ethan Waxman
	 	Title:     Vice President
	 	 
	 	FAIZ MOHAMMED
	 	 
	 	By: EQT Avatar Parent GP LLC, as Attorney-in-Fact
	 	 
	 	By:	/s/ Ethan Waxman
	 	Name:   Ethan Waxman
	 	Title:     Vice President
	 	 
	 	DEMETRIUS CARTER
	 	 
	 	By: EQT Avatar Parent GP LLC, as Attorney-in-Fact
	 	 
	 	By:	 /s/ Ethan Waxman
	 	Name:    Ethan Waxman
	 	Title:      Vice President
	 	 
	 	JUDITH DICKINSON
	 	 
	 	By: EQT Avatar Parent GP LLC, as Attorney-in-Fact
	 	 
	 	By:	/s/ Ethan Waxman
	 	Name:    Ethan Waxman
	 	Title:      Vice President
	 	 
	 	MICHAEL ECKSTUT
	 	 
	 	By: EQT Avatar Parent GP LLC, as Attorney-in-Fact
	 	 
	 	By:	/s/ Ethan Waxman
	 	Name:   Ethan Waxman
	 	Title:     Vice President

 

     

     

    

	 	 
	 	STEVEN TOON
	 	 
	 	By: EQT Avatar Parent GP LLC, as Attorney-in-Fact
	 	 
	 	By:	/s/ Ethan Waxman
	 	Name:   Ethan Waxman
	 	Title:     Vice President
	 	 
	 	MASOUD JAMEI
	 	 
	 	By: EQT Avatar Parent GP LLC, as Attorney-in-Fact
	 	 
	 	By:	/s/ Ethan Waxman
	 	Name:   Ethan Waxman
	 	Title:     Vice President
	 	 
	 	PATRICK SMITH
	 	 
	 	By: EQT Avatar Parent GP LLC, as Attorney-in-Fact
	 	 
	 	By:	 /s/ Ethan Waxman
	 	Name:   Ethan Waxman
	 	Title:     Vice President
	 	 
	 	PIETER VAN DER GRAAF
	 	 
	 	By: EQT Avatar Parent GP LLC, as Attorney-in-Fact
	 	 
	 	By:	/s/ Ethan Waxman
	 	Name:   Ethan Waxman
	 	Title:     Vice President
	 	 
	 	ROMAN CASCIANO
	 	 
	 	By: EQT Avatar Parent GP LLC, as Attorney-in-Fact
	 	 
	 	By:	/s/ Ethan Waxman
	 	Name:   Ethan Waxman
	 	Title:     Vice President
	 	 
	 	ANDRZEJ KIERZEK
	 	 
	 	By: EQT Avatar Parent GP LLC, as Attorney-in-Fact
	 	 
	 	By:	/s/ Ethan Waxman
	 	Name:   Ethan Waxman
	 	Title:     Vice President

 

     

     

    

 

	 	FRANCES
    BROWN
	 	 
	 	By:
    EQT Avatar Parent GP LLC, as Attorney-in-Fact
	 	 
	 	By:	/s/
    Ethan Waxman
	 	Name:
      Ethan Waxman
	 	Title:
        Vice President
	 	 
	 	IAIN
    GARDNER
	 	 
	 	By:
    EQT Avatar Parent GP LLC, as Attorney-in-Fact
	 	 
	 	By:	/s/
    Ethan Waxman
	 	Name:
      Ethan Waxman
	 	Title:
        Vice President
	 	 
	 	JF
    MARIER
	 	 
	 	By:
    EQT Avatar Parent GP LLC, as Attorney-in-Fact
	 	 
	 	By:	/s/
    Ethan Waxman
	 	Name:  
    Ethan Waxman
	 	Title:
        Vice President
	 	 
	 	RIK
    DE GREEF
	 	 
	 	By:
    EQT Avatar Parent GP LLC, as Attorney-in-Fact
	 	 
	 	By:	/s/
    Ethan Waxman
	 	Name:
      Ethan Waxman
	 	Title:
        Vice President
	 	 
	 	STEVEN
    MARCINIAK
	 	 
	 	By:
    EQT Avatar Parent GP LLC, as Attorney-in-Fact
	 	 
	 	By:	/s/
    Ethan Waxman
	 	Name:
      Ethan Waxman
	 	Title:
        Vice President
	 	 
	 	HANNAH
    JONES
	 	 
	 	By:
    EQT Avatar Parent GP LLC, as Attorney-in-Fact
	 	 
	 	By:	/s/
    Ethan Waxman
	 	Name:
      Ethan Waxman
	 	Title:
        Vice President

 

     

     

    

 

	 	MATTHEW JAFFE
	 	 
	 	By: EQT Avatar Parent GP LLC, as Attorney-in-Fact
	 	 
	 	By: 	/s/ Ethan Waxman
	 	Name:   Ethan Waxman
	 	Title:     Vice President
	 	 
	 	KAREN ROWLAND-YEO
	 	 
	 	By: EQT Avatar Parent GP LLC, as Attorney-in-Fact
	 	 
	 	By: 	/s/ Ethan Waxman
	 	Name:   Ethan Waxman
	 	Title:     Vice President
	 	 
	 	WILLIAM REDFERN
	 	 
	 	By: EQT Avatar Parent GP LLC, as Attorney-in-Fact
	 	 
	 	By:	/s/ Ethan Waxman
	 	Name:   Ethan Waxman
	 	Title:     Vice President
	 	 
	 	SEBASTIAN POLAK
	 	 
	 	By: EQT Avatar Parent GP LLC, as Attorney-in-Fact
	 	 
	 	By:	 /s/ Ethan Waxman
	 	Name:   Ethan Waxman
	 	Title:     Vice President
	 	 
	 	HUGO GEERTS
	 	 
	 	By: EQT Avatar Parent GP LLC, as Attorney-in-Fact
	 	 
	 	By: 	/s/ Ethan Waxman
	 	Name:   Ethan Waxman
	 	Title:     Vice President
	 	 
	 	MARK HOLBROOK
	 	 
	 	By: EQT Avatar Parent GP LLC, as Attorney-in-Fact
	 	 
	 	By:	 /s/ Ethan Waxman
	 	Name:   Ethan Waxman
	 	Title:     Vice President
	 	 
	 	STEVEN SIBLEY
	 	 
	 	By: EQT Avatar Parent GP LLC, as Attorney-in-Fact
	 	 
	 	By:	 /s/ Ethan Waxman
	 	Name:   Ethan Waxman
	 	Title:     Vice President

 

     

     

    

 

	 	STEPHANIE O’KEEFE
	 	 
	 	By: EQT Avatar Parent GP LLC, as Attorney-in-Fact
	 	 
	 	By:	 /s/ Ethan Waxman
	 	Name:   Ethan Waxman
	 	Title:     Vice President
	 	 
	 	STEVEN STURM
	 	 
	 	By: EQT Avatar Parent GP LLC, as Attorney-in-Fact
	 	 
	 	By:	 /s/ Ethan Waxman
	 	Name:   Ethan Waxman
	 	Title:     Vice President
	 	 
	 	ADEBAYO OLOWOYEYE
	 	 
	 	By: EQT Avatar Parent GP LLC, as Attorney-in-Fact
	 	 
	 	By: 	/s/ Ethan Waxman
	 	Name:   Ethan Waxman
	 	Title:     Vice President
	 	 
	 	GARY GRAY
	 	 
	 	By: EQT Avatar Parent GP LLC, as Attorney-in-Fact
	 	 
	 	By:	 /s/ Ethan Waxman
	 	Name:   Ethan Waxman
	 	Title:     Vice President
	 	 
	 	JUSTIN SAVESKY
	 	 
	 	By: EQT Avatar Parent GP LLC, as Attorney-in-Fact
	 	 
	 	By: 	/s/ Ethan Waxman
	 	Name:   Ethan Waxman
	 	Title:     Vice President
	 	 
	 	KORI LAMBERT
	 	 
	 	By: EQT Avatar Parent GP LLC, as Attorney-in-Fact
	 	 
	 	By:	 /s/ Ethan Waxman
	 	Name:   Ethan Waxman
	 	Title:     Vice President

 

     

     

    

 

	 	KYUNG PAK
	 	 
	 	By: EQT Avatar Parent GP LLC, as Attorney-in-Fact
	 	 
	 	By: 	/s/ Ethan Waxman
	 	Name:   Ethan Waxman
	 	Title:     Vice President
	 	 
	 	MARYANN GRAZIANO
	 	 
	 	By: EQT Avatar Parent GP LLC, as Attorney-in-Fact
	 	 
	 	By: 	/s/ Ethan Waxman
	 	Name:   Ethan Waxman
	 	Title:     Vice President
	 	 
	 	RICHARD WILSON
	 	 
	 	By: EQT Avatar Parent GP LLC, as Attorney-in-Fact
	 	 
	 	By:	 /s/ Ethan Waxman
	 	Name:   Ethan Waxman
	 	Title:     Vice President
	 	 
	 	VICTORIA MCMULLEN
	 	 
	 	By: EQT Avatar Parent GP LLC, as Attorney-in-Fact
	 	 
	 	By:	 /s/ Ethan Waxman
	 	Name:   Ethan Waxman
	 	Title:     Vice President
	 	 
	 	DAVID LOWIS
	 	 
	 	By: EQT Avatar Parent GP LLC, as Attorney-in-Fact
	 	 
	 	By:	 /s/ Ethan Waxman
	 	Name:   Ethan Waxman
	 	Title:     Vice President
	 	 
	 	KEVIN TRIMM
	 	 
	 	By: EQT Avatar Parent GP LLC, as Attorney-in-Fact
	 	 
	 	By:	 /s/ Ethan Waxman
	 	Name:   Ethan Waxman
	 	Title:     Vice President

 

     

     

    

 

	 	SHILPA RAMACHANDRA
	 	 
	 	By: EQT Avatar Parent GP LLC, as Attorney-in-Fact
	 	 
	 	By: 	/s/ Ethan Waxman
	 	Name:   Ethan Waxman
	 	Title:     Vice President
	 	 
	 	JEFF NICHOLS
	 	 
	 	By: EQT Avatar Parent GP LLC, as Attorney-in-Fact
	 	 
	 	By: 	/s/ Ethan Waxman
	 	Name:   Ethan Waxman
	 	Title:     Vice President
	 	 
	 	JULIE BULLOCK
	 	 
	 	By: EQT Avatar Parent GP LLC, as Attorney-in-Fact
	 	 
	 	By:	 /s/ Ethan Waxman
	 	Name:   Ethan Waxman
	 	Title:     Vice President
	 	 
	 	SERENA FILSON
	 	 
	 	By: EQT Avatar Parent GP LLC, as Attorney-in-Fact
	 	 
	 	By: 	/s/ Ethan Waxman
	 	Name:   Ethan Waxman
	 	Title:     Vice President
	 	 
	 	MARK LOVERN
	 	 
	 	By: EQT Avatar Parent GP LLC, as Attorney-in-Fact
	 	 
	 	By:	 /s/ Ethan Waxman
	 	Name:   Ethan Waxman
	 	Title:     Vice President
	 	 
	 	SANDRA ALLERHEILIGEN
	 	 
	 	By: EQT Avatar Parent GP LLC, as Attorney-in-Fact
	 	 
	 	By:	 /s/ Ethan Waxman
	 	Name:   Ethan Waxman
	 	Title:     Vice President
	 	 
	 	By: 	/s/
    Robert Connelly
	 	Name: Robert Connelly

 

     

     

    

 

	 	By:	 /s/
    James Rothman
	 	Name: James Rothman
	 	 
	 	By:	/s/
    Kelley Henderson-Kendle
	 	Name: Kelley Henderson-Kendle
	 	 
	 	By:	 /s/
    Alan Lefkowitz
	 	Name: Alan Lefkowitz
	 	 
	 	By:	 /s/
    Frank J. Garafalo
	 	Name: Frank J. Garafalo
	 	 
	 	By: 	/s/
    Tatyana Wanderer
	 	Name: Tatyana Wanderer
	 	 
	 	By:	 /s/
    David Munro
	 	Name: David Munro
	 	 
	 	By: 	/s/
    Tristen Herrstrom
	 	Name: Tristen Herrstrom
	 	 
	 	By: 	/s/
    Richard Pilnik
	 	Name: Richard Pilnik
	 	 
	 	By:	 /s/
    Ryan Carpentier
	 	Name: Ryan Carpentier
	 	 
	 	By:	 /s/
    James Hopkins
	 	Name: James Hopkins
	 	 
	 	By:	 /s/
    Leigh Farrell
	 	Name: Leigh Farrell
	 	 
	 	By:	 /s/
    Lauren Sobocinski
	 	Name: Lauren Sobocinski
	 	 
	 	PER PETERSON
	 	 
	 	By: EQT Avatar Parent GP LLC, as Attorney-in-Fact
	 	 
	 	By: 	/s/ Ethan Waxman
	 	Name:   Ethan Waxman
	 	Title:     Vice President

 

     

     

    

 

Exhibit A

 

STOCKHOLDER
LIST

 

	STOCKHOLDERS	ADDRESS
	EQT STOCKHOLDERS
	EQT Avatar Parent L.P.	
        1114 Avenue of the Americas

        45th Floor

        New York, NY 10036

        Attention: [                       ]

        Fax: [                        ]

        Email: [                        ]

	ARSENAL STOCKHOLDERS
	Arsenal Capital Partners III LP	
        c/o Arsenal Capital Management LP

        100 Park Avenue, 31st Floor

        New York, New York 10017

        Attention: [                        ]

        Fax: [                       ]

        Email: [                        ]

	Arsenal Capital Partners III-B LP	
        Arsenal Capital Partners III-B LP

        c/o Arsenal Capital Management LP

        100 Park Avenue, 31st Floor

        New York, New York 10017

        Attention: [                       ]

        Fax: [                        ]

        Email: [                        ]

	STRUNGMANN STOCKHOLDERS
	Santo Holding (Deutschland) GmbH	
        c/o ATHOS KG

        Bergfeldstrasse 9

        83607 Holzkirchen Germany

        Attention: [                        ]

        Email: [                        ]

	OTHER INSTITUTIONAL STOCKHOLDERS
	Sampension Private Equity K/S	
        Tuborg Havnevej 14

        2900 Hellerup

        Denmark

	Kirkbi Invest A/S	
        Koldingvej 2

        DK-7190 Billund

        Denmark

 

     

     

    

 

	STOCKHOLDERS	ADDRESS
	Monte Rosa Opportunities, SICAV-SIF, in relation to its segregated compartment Monte Rosa Co-Investments III	
        c/o FundPartner Solutions (Europe) SA

        15, Avenue J.F. Kennedy

        L-1855 Luxembourg

         

        Email addresses to be copied for each notice sent to Monte Rosa
        Opportunities, SICAV-SIF, in relation to its segregated compartment Monte Rosa Co-Investments III:

        [                      
]

	Pictet Private Equity Investors SA, as nominee on behalf of clients	
        MMG Tower, 23rd Floor

        Ave. Paseo del Mar, Costa del Este

        Panama City, Republic of Panama

         

        For correspondence purposes:

        c/o Banque Pictet & Cie SA

        60, route des Acacias

        1227 Carouge, 1211 Geneva 73

        Switzerland

        Attention: PAS Private Equity Funds Operations

         

        Email addresses to be copied for each notice sent to Pictet
        Private Equity Investors SA, as nominee on behalf of clients:

        [                      
]

	Howard Hughes Medical Institute	
        Howard Hughes Medical Institute

        4000 Jones Bridge Road

        Chevy Chase, MD 20815-6789

        Attention: [                        ]

        Fax: [                        ]

        Email: [                       
]

	DIRECTOR STOCKHOLDERS
	Mason P. Slaine	
        c/o Certara, Inc.

        100 Overlook Center, Suite 101

        Princeton, NJ 08540

	James E. Cashman III	
        c/o Certara, Inc.

        100 Overlook Center, Suite 101

        Princeton, NJ 08540

	Sherilyn S. McCoy	
        c/o Certara, Inc.

        100 Overlook Center, Suite 101

        Princeton, NJ 08540

	Matthew Walsh	
        c/o Certara, Inc.

        100 Overlook Center, Suite 101

        Princeton, NJ 08540

	Edmundo Muniz	[                            ]

 

     

     

    

 

	STOCKHOLDERS	ADDRESS
	William Klitgaard	[                            ]
	William F. Feehery	
        c/o Certara, Inc.

        100 Overlook Center, Suite 101

        Princeton, NJ 08540

	EMPLOYEE STOCKHOLDERS
	Bo Jesper Hansen	[                            ]
	M. Andrew Schemick	
        c/o Certara, Inc.

        100 Overlook Center, Suite 101

        Princeton, NJ 08540

	Justin Edge	
        c/o Certara, Inc.

        100 Overlook Center, Suite 101

        Princeton, NJ 08540

	Craig R. Rayner	
        c/o Certara, Inc.

        100 Overlook Center, Suite 101

        Princeton, NJ 08540

	Thomas Kerbusch	[                            ]
	Leif E. Pedersen	
        c/o Certara, Inc.

        100 Overlook Center, Suite 101

        Princeton, NJ 08540

	Robert Aspbury 	
        c/o Certara, Inc.

        100 Overlook Center, Suite 101

        Princeton, NJ 08540

	Richard M. Traynor	
        c/o Certara, Inc.

        100 Overlook Center, Suite 101

        Princeton, NJ 08540

	Jieun W. Choe	
        c/o Certara, Inc.

        100 Overlook Center, Suite 101

        Princeton, NJ 08540

	Mark Hovde	[                            ]
	Ellen Leinfuss	[                            ]
	Jaap Mandema	[                            ]
	Amin Rostami	[                            ]
	Andrew Gormley	[                            ]
	Faiz Mohammed	[                            ]
	Demetrius Carter	[                            ]
	Judith Dickinson	
        c/o Certara, Inc.

        100 Overlook Center, Suite 101

        Princeton, NJ 08540

	Michael Eckstut	[                            ]

 

     

     

    

 

	STOCKHOLDERS	ADDRESS
	Steven
    Toon	[                            ]
	Masoud
    Jamei	[                            ]
	Patrick
    Smith	[                            ]
	Pieter
    van der Graaf	[                            ]
	Roman
    Casciano	[                            ]
	Andrzej
    Kierzek	[                            ]
	Frances
    Brown	[                            ]
	Iain
    Gardner	[                            ]
	JF
    Marier	[                            ]
	Rik
    de Greef	[                            ]
	Steven
    Marciniak	[                            ]
	Hannah
    Jones	[                            ]
	Matthew
    Jaffe	[                            ]
	Karen
    Rowland-Yeo	[                            ]
	William
    Redfern	[                            ]
	Sebastian
    Polak	[                            ]
	Hugo
    Geerts	[                            ]
	Mark
    Holbrook	[                            ]
	Steven
    Sibley	[                            ]
	Stephanie
    O'Keefe	[                            ]
	Steven
    Sturm	[                            ]
	Adebayo
    Olowoyeye	[                            ]
	Gary
    Gray	[                            ]
	Justin
    Savesky	[                            ]
	Kori
    Lambert	[                            ]
	Kyung
    Pak	[                            ]
	Maryann
    Graziano	[                            ]
	Richard
    Wilson	[                            ]
	Victoria
    McMullen	[                            ]
	David
    Lowis	[                            ]
	Kevin
    Trimm	[                            ]
	Shilpa
    Ramachandra	[                            ]
	Jeff
    Nichols	[                            ]
	Julie
    Bullock	[                            ]
	Serena
    Filson	[                            ]
	Mark
    Lovern	[                            ]

 

     

     

    

 

	STOCKHOLDERS	ADDRESS
	Sandra Allerheiligen	[                            ]
	Robert Connelly	[                            ]
	James Rothman	[                            ]
	Kelley Henderson-Kendle
	[                            ]
	Alan Lefkowitz	[                            ]
	Frank J. Garafalo	[                            ]
	Tatyana Wanderer	[                            ]
	David Munro	[                            ]
	Tristen Herrstrom	[                            ]
	Richard Pilnik	[                            ]
	Ryan Carpentier	[                            ]
	James Hopkins	[                            ]
	Leigh Farrell	[                            ]
	Lauren Sobocinski	[                            ]
	Per Peterson	[                            ]

 

     

     

    

 

Annex I

 

FORM OF

JOINDER AGREEMENT

 

The undersigned is executing and delivering
this Joinder Agreement pursuant to that certain Stockholders Agreement of Certara, Inc., dated as of December 10, 2020 (as amended,
restated, supplemented or otherwise modified in accordance with the terms thereof, the “Stockholders Agreement”)
by and among Certara, Inc. (the “Company”), the EQT Stockholders, the Arsenal Stockholders and the other parties
thereto. Capitalized terms used but not defined in this Joinder Agreement shall have the respective meanings ascribed to such terms
in the Stockholders Agreement.

 

By executing and delivering this Joinder Agreement
to the Stockholders Agreement, the undersigned hereby adopts and approves the Stockholders Agreement and agrees, effective commencing
on the date hereof and as a condition to the undersigned’s becoming the transferee of Shares, to become a party to, and to
be bound by and comply with the provisions of, the Stockholders Agreement applicable to a Stockholder and [an EQT Stockholder][an
Arsenal Stockholder][an Other Institutional Stockholder][a Director Stockholder][an Employee Stockholder][an Additional Stockholder],
respectively, in the same manner as if the undersigned were an original signatory to the Stockholders Agreement.

 

The undersigned hereby represents and warrants
that, pursuant to this Joinder Agreement and the Stockholders Agreement, it is a Permitted Transferee of [an EQT Stockholder][an
Arsenal Stockholder][an Other Institutional Stockholder][a Director Stockholder][an Employee Stockholder][an Additional Stockholder]
and will be the lawful record owner of ___________ shares of Common Stock of the Company as of the date hereof. The undersigned
hereby covenants and agrees that it will take all such actions as required of a Permitted Transferee as set forth in the Stockholders
Agreement, including but not limited to conveying its record and beneficial ownership of any Shares and all rights, title and obligations
thereunder back to the initial transferor Stockholder or to another Permitted Transferee of the original transferor Stockholder,
as the case may be, immediately prior to such time that the undersigned no longer meets the qualifications of a Permitted Transferee
as set forth in the Stockholders Agreement.

 

The undersigned acknowledges and agrees that
Sections 4.1, 4.6, 4.19 and 4.20 of the Stockholders Agreement are incorporated herein by reference,
mutatis mutandis.

 

[Remainder of page intentionally left blank]

 

     

     

    

 

Accordingly, the undersigned has executed
and delivered this Joinder Agreement as of the __ day of __, 20[●].

 

	 	 
	 	Signature
	 	 
	 	 
	 	Print Name
	 	 
	 	 
	 	Address:	 
	 	 	 
	 	 	 
	 	 
	 	Telephone:	 
	 	Facsimile:	 
	 	Email:	 

 

     

     

    

 

	AGREED AND ACCEPTED	 
	as of the ____ day of ____________, _____.	 
	 	 
	CERTARA, INC.	 
	 	 
	By:		 
	 	Name:	           	 
	 	Title:	 	 

 

     

     

    

 

Annex II

 

FORM OF

SPOUSAL CONSENT

 

In consideration of the execution of that
certain Stockholders Agreement of Certara, Inc., dated as of December 10, 2020 (as amended, restated, supplemented or otherwise
modified in accordance with the terms thereof, the “Stockholders Agreement”) by and among Certara, Inc. (the
 “Company”), the EQT Stockholders, the Arsenal Stockholders and the other parties thereto, I, ______________________________,
the spouse of ___________________________, who is a party to the Stockholders Agreement, do hereby join with my spouse in executing
the foregoing Stockholders Agreement and do hereby agree to be bound by all of the terms and provisions thereof, in consideration
of the issuance, acquisition or receipt of Shares and all other interests I may have in the shares and securities subject thereto,
whether the interest may be pursuant to community property laws or similar laws relating to marital property in effect in the state
or province of my or our residence as of the date of signing this consent. Capitalized terms used but not defined herein shall
have the meaning ascribed to such terms in the Stockholders Agreement.

  

	Dated as of _______ __, ____	 
	 	(Signature of Spouse)
	 	 
	 	 
	 	(Print Name of Spouse)EX-10.1

 Exhibit 10.1 

LOAN AND SECURITY AGREEMENT 

THIS LOAN AND SECURITY AGREEMENT (this “Agreement”) dated as of December 11, 2020 (the “Effective
Date”) between SILICON VALLEY BANK, a California corporation (“Bank”), and FREQUENCY THERAPEUTICS, INC., a Delaware corporation (“Borrower”), provides the terms on which Bank shall lend to
Borrower and Borrower shall repay Bank. The parties agree as follows: 
 1. ACCOUNTING AND OTHER TERMS 

Accounting terms not defined in this Agreement shall be construed following GAAP. Calculations and determinations must be made following GAAP.
Notwithstanding the foregoing, all financial covenant (if any) and other financial calculations shall be computed with respect to Borrower only, and not on a consolidated basis. Capitalized terms not otherwise defined in this Agreement shall have
the meanings set forth in Section 13. All other terms contained in this Agreement, unless otherwise indicated, shall have the meaning provided by the Code to the extent such terms are defined therein. 

2. LOAN AND TERMS OF PAYMENT 

2.1 Promise to Pay. Borrower hereby unconditionally promises to pay Bank the outstanding principal amount of all Credit
Extensions and accrued and unpaid interest thereon as and when due in accordance with this Agreement. 
 2.1.1 Term Loan Advance. 

(a) Availability. Subject to the terms and conditions of this Agreement, upon Borrower’s request, Bank shall make one (1) term
loan advance (the “Term Loan Advance”) to Borrower, on or about the Effective Date, in an original principal amount of Fifteen Million Dollars ($15,000,000.00). After repayment, the Term Loan Advance (or any portion thereof) may not
be reborrowed. 
 (b) Interest Period. Commencing on the first (1st) Payment Date
of the month following the month in which the Funding Date of the Term Loan Advance occurs, and continuing on each Payment Date thereafter, Borrower shall make monthly payments of interest on the principal amount of the Term Loan Advance at the rate
set forth in Section 2.2(a). 
 (c) Repayment. Commencing on December 1, 2022, and continuing on each Payment Date
thereafter, Borrower shall repay the Term Loan Advance in (i) eighteen (18) consecutive equal monthly installments of principal, plus (ii) monthly payments of accrued interest at the rate set forth in Section 2.2(a). All outstanding
principal and accrued and unpaid interest with respect to the Term Loan Advance, and all other outstanding Obligations with respect to the Term Loan Advance, are due and payable in full on the Term Loan Maturity Date. 

(d) Mandatory Prepayment Upon an Acceleration. If the Term Loan Advance is accelerated following the occurrence of an Event of Default,
Borrower shall immediately pay to Bank an amount equal to the sum of: (i) all outstanding principal plus accrued and unpaid interest, plus (ii) the Prepayment Premium, (iii) the Final Payment, and (iv) all other sums, if any,
that shall have become due and payable, including interest at the Default Rate with respect to any past due amounts. 
 (e) Permitted
Prepayment of Term Loan Advance. Borrower shall have the option to prepay all, but not less than all, of the Term Loan Advance advanced by Bank under this Agreement, provided Borrower (i) provides written notice to Bank of its election to
prepay the Term Loan Advance at least five (5) Business Days prior to such prepayment, and (ii) pays, on the date of such prepayment (A) all outstanding principal plus accrued and unpaid interest, (B) the Prepayment Premium,
(C) the Final Payment, and (D) all other sums, if any, that shall have become due and payable, including interest at the Default Rate with respect to any past due amounts. 

2.2 Payment of Interest on the Credit Extensions. 

(a) Interest Rate. Subject to Section 2.2(b), the principal amount outstanding under the Term Loan Advance shall accrue interest at
a floating per annum rate equal to the greater of (i) the Prime Rate plus one and one-half of one percent (1.50%) and (ii) four and three-quarters of one percent (4.75%), which interest, in each
case, shall be payable monthly in accordance with Section 2.2(d) below. 

 (b) Default Rate. Immediately upon the occurrence and during the continuance of an
Event of Default, Obligations shall bear interest at a rate per annum which is four percent (4.0%) above the rate that is otherwise applicable thereto (the “Default Rate”) unless Bank otherwise elects to impose a smaller increase.
Fees and expenses which are required to be paid by Borrower pursuant to the Loan Documents (including, without limitation, Bank Expenses) but are not paid when due shall bear interest until paid at a rate equal to the highest rate applicable to the
Obligations. Payment or acceptance of the increased interest rate provided in this Section 2.2(b) is not a permitted alternative to timely payment and shall not constitute a waiver of any Event of Default or otherwise prejudice or limit any
rights or remedies of Bank. 
 (c) Adjustment to Interest Rate. Changes to the interest rate of any Credit Extension based on changes
to the Prime Rate shall be effective on the effective date of any change to the Prime Rate and to the extent of any such change. 
 (d)
Payment; Interest Computation. Interest is payable monthly on the Payment Date and shall be computed on the basis of a 360-day year for the actual number of days elapsed. In computing interest,
(i) all payments received after 1:00 p.m. Eastern time on any day shall be deemed received at the opening of business on the next Business Day, and (ii) the date of the making of any Credit Extension shall be included and the date of
payment shall be excluded; provided, however, that if any Credit Extension is repaid on the same day on which it is made, such day shall be included in computing interest on such Credit Extension. 

2.3 Fees. Borrower shall pay to Bank: 

(a) Prepayment Premium. The Prepayment Premium, if and when due hereunder; 

(b) Final Payment. The Final Payment, when due hereunder; and 

(c) Bank Expenses. All Bank Expenses (including reasonable and documented attorneys’ fees and expenses for documentation and
negotiation of this Agreement) incurred through and after the Effective Date, when due (or, if no stated due date, upon demand by Bank). 

Unless otherwise provided in this Agreement or in a separate writing by Bank, Borrower shall not be entitled to any credit, rebate, or
repayment of any fees earned by Bank pursuant to this Agreement notwithstanding any termination of this Agreement or the suspension or termination of Bank’s obligation to make loans and advances hereunder. Bank may deduct amounts owing by
Borrower under the clauses of this Section 2.3 pursuant to the terms of Section 2.4(c). Bank shall provide Borrower written notice of deductions made from the Designated Deposit Account pursuant to the terms of the clauses of this
Section 2.3. 
 2.4 Payments; Application of Payments; Debit of Accounts. 

(a) All payments to be made by Borrower under any Loan Document shall be made in immediately available funds in Dollars, without setoff or
counterclaim, before 1:00 p.m. Eastern time on the date when due. Payments of principal and/or interest received after 1:00 p.m. Eastern time are considered received at the opening of business on the next Business Day. When a payment is due on a day
that is not a Business Day, the payment shall be due the next Business Day, and additional fees or interest, as applicable, shall continue to accrue until paid. 

(b) Prior to the occurrence of an Event of Default, payments shall be applied as directed by Borrower. Upon the occurrence and during the
continuance of an Event of Default, Bank has the exclusive right to determine the order and manner in which all payments with respect to the Obligations may be applied. Borrower shall have no right to specify the order or the accounts to which Bank
shall allocate or apply any payments required to be made by Borrower to Bank or otherwise received by Bank under this Agreement when any such allocation or application is not specified elsewhere in this Agreement. 

(c) Bank shall debit the Designated Deposit Account (or if funds in the Designated Deposit Account are insufficient or if an Event of Default
has occurred and is continuing, any other account of Borrower maintained with Bank), for principal and interest payments or any other amounts Borrower owes Bank when due. These debits shall not constitute a
set-off. 

  
 -2- 

 2.5 Withholding. Payments received by Bank from Borrower under this Agreement
will be made free and clear of and without deduction for any and all present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges imposed by any Governmental Authority (including any interest,
additions to tax or penalties applicable thereto). Specifically, however, if at any time any Governmental Authority, applicable law, regulation or international agreement requires Borrower to make any withholding or deduction from any such payment
or other sum payable hereunder to Bank, Borrower hereby covenants and agrees that the amount due from Borrower with respect to such payment or other sum payable hereunder will be increased to the extent necessary to ensure that, after the making of
such required withholding or deduction, Bank receives a net sum equal to the sum which it would have received had no withholding or deduction been required, and Borrower shall pay the full amount withheld or deducted to the relevant Governmental
Authority. Borrower will, upon request, furnish Bank with proof reasonably satisfactory to Bank indicating that Borrower has made such withholding payment; provided, however, that Borrower need not make any withholding payment if the amount or
validity of such withholding payment is contested in good faith by appropriate and timely proceedings and as to which payment in full is bonded or reserved against by Borrower. The agreements and obligations of Borrower contained in this
Section 2.5 shall survive the termination of this Agreement. 
 3. CONDITIONS OF LOANS 

3.1 Conditions Precedent to Initial Credit Extension. Bank’s obligation to make the initial Credit Extension is subject to
the condition precedent that Bank shall have received, in form and substance satisfactory to Bank, such documents, and completion of such other matters, as Bank may reasonably deem necessary or appropriate, including, without limitation: 

(a) duly executed signatures to the Loan Documents; 

(b) duly executed signatures to the Control Agreement (if any); 

(c) the Operating Documents and long-form good standing certificates of Borrower certified by the Secretary of State of Delaware and each other
jurisdiction in which Borrower is qualified to conduct business, each as of a date no earlier than thirty (30) days prior to the Effective Date; 

(d) a secretary’s corporate borrowing certificate of Borrower with respect to Borrower’s Operating Documents, incumbency, and
resolutions authorizing the execution and delivery of this Agreement and the other Loan Documents; 
 (e) duly executed signatures to the
completed Borrowing Resolutions for Borrower; 
 (f) certified copies, dated as of a recent date, of financing statement searches, as Bank
may request, accompanied by written evidence (including any UCC termination statements) that the Liens indicated in any such financing statements either constitute Permitted Liens or have been or, in connection with the initial Credit Extension,
will be terminated or released; 
 (g) the Perfection Certificate of Borrower, together with the duly executed signature thereto; 

(h) duly executed signatures to the Stock Pledge Agreement; 

(i) stock power form (1 original) executed by Borrower with respect to its capital stock of Securities Corporation and delivery of original
stock certificates evidencing such ownership interest in Securities Corporation; 
 (j) evidence satisfactory to Bank that the insurance
policies and endorsements required by Section 6.5 hereof are in full force and effect, together with appropriate evidence showing additional insured clauses or endorsements in favor of Bank; and 

(k) payment of the fees and Bank Expenses then due as specified in Section 2.3 hereof. 

3.2 Conditions Precedent to all Credit Extensions. Bank’s obligations to make each Credit Extension, including the initial
Credit Extension, is subject to the following conditions precedent: 
 (a) except as otherwise provided in Section 3.4, timely receipt
of an executed Payment/Advance Form; 
 (b) the representations and warranties in this Agreement shall be true, accurate, and complete in all
material respects on the date of the Payment/Advance Form and on the Funding Date of each Credit Extension; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified
or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date, and no Event of
Default shall have occurred and be continuing or result from the Credit Extension. Each Credit Extension is Borrower’s representation and warranty on that date that the representations and warranties in this Agreement remain true, accurate, and
complete in all material respects; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that
those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date; and 

  
 -3- 

 (c) Bank determines to its reasonable satisfaction that there has not been a Material
Adverse Change. 
 3.3 Covenant to Deliver. Borrower agrees to deliver to Bank each item required to be delivered to Bank under
this Agreement as a condition precedent to any Credit Extension. Borrower expressly agrees that a Credit Extension made prior to the receipt by Bank of any such item shall not constitute a waiver by Bank of Borrower’s obligation to deliver such
item, and the making of any Credit Extension in the absence of a required item shall be in Bank’s sole discretion. 
 3.4
Procedures for Borrowing. Subject to the prior satisfaction of all other applicable conditions to the making of a Credit Extension set forth in this Agreement, to obtain a Credit Extension, Borrower shall notify Bank (which notice shall be
irrevocable) by electronic mail, facsimile, or telephone by 1:00 p.m. Eastern time at least two (2) Business Days prior to the proposed Funding Date of such Credit Extension. Together with any such electronic or facsimile notification, Borrower
shall deliver to Bank by electronic mail or facsimile a completed Payment/Advance Form executed by an Authorized Signer. Bank shall credit the Credit Extensions to the Designated Deposit Account. Bank may make Credit Extensions under this Agreement
based on instructions from an Authorized Signer or without instructions if the Credit Extensions are necessary to meet Obligations which have become due. 

4. CREATION OF SECURITY INTEREST 

4.1 Grant of Security Interest. Borrower hereby grants Bank, to secure the payment and performance in full of all of the
Obligations, a continuing security interest in, and pledges to Bank, the Collateral, wherever located, whether now owned or hereafter acquired or arising, and all proceeds and products thereof. 

Borrower acknowledges that it previously has entered, and/or may in the future enter, into Bank Services Agreements with Bank. Regardless of
the terms of any Bank Services Agreement, Borrower agrees that any amounts Borrower owes Bank thereunder shall be deemed to be Obligations hereunder and that it is the intent of Borrower and Bank to have all such Obligations secured by the first
priority perfected security interest in the Collateral granted herein (subject only to Permitted Liens that are permitted pursuant to the terms of this Agreement to have superior priority to Bank’s Lien in this Agreement). 

If this Agreement is terminated, Bank’s Lien in the Collateral shall continue until the Obligations (other than inchoate indemnity
obligations) are repaid in full in cash. Upon payment in full in cash of the Obligations (other than inchoate indemnity obligations) and at such time as Bank’s obligation to make Credit Extensions has terminated, Bank shall, at the sole cost
and expense of Borrower, terminate its security interest in, and release its Liens on the Collateral and all rights therein shall revert to Borrower. In the event (x) all Obligations (other than inchoate indemnity obligations), except for Bank
Services, are satisfied in full, and (y) this Agreement is terminated, Bank shall terminate the security interest granted herein upon Borrower providing cash collateral acceptable to Bank in its good faith business judgment for Bank
Services, if any. In the event such Bank Services consist of outstanding Letters of Credit, Borrower shall provide to Bank cash collateral in an amount equal to (x) if such Letters of Credit are denominated in Dollars, then at least one hundred
five percent (105.0%); and (y) if such Letters of Credit are denominated in a Foreign Currency, then at least one hundred ten percent (110.0%), of the Dollar Equivalent of the face amount of all such Letters of Credit plus, in each case, all
interest, fees, and costs due or to become due in connection therewith (as estimated by Bank in its good faith business judgment), to secure all of the Obligations relating to such Letters of Credit. 

4.2 Priority of Security Interest. Borrower represents, warrants, and covenants that the security interest granted herein is and
shall at all times continue to be a first priority perfected security interest in the Collateral (subject only to Permitted Liens that are permitted pursuant to the terms of this Agreement to have superior priority to Bank’s Lien under this
Agreement). If Borrower shall acquire a commercial tort claim in an amount in excess of Two Hundred Fifty Thousand Dollars ($250,000.00), Borrower shall promptly notify Bank in a writing signed by Borrower of the general details thereof and grant to
Bank in such writing a security interest therein and in the proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and substance reasonably satisfactory to Bank. 

  
 -4- 

 4.3 Authorization to File Financing Statements. Borrower hereby authorizes
Bank to file financing statements, without notice to Borrower, with all appropriate jurisdictions to perfect or protect Bank’s interest or rights hereunder. 

5. REPRESENTATIONS AND WARRANTIES 

Borrower represents and warrants as follows: 

5.1 Due Organization, Authorization; Power and Authority. Borrower is duly existing and in good standing as a Registered
Organization in its jurisdiction of formation and is qualified and licensed to do business and is in good standing in any jurisdiction in which the conduct of its business or its ownership of property requires that it be qualified except where the
failure to do so could not reasonably be expected to have a material adverse effect on Borrower’s business. In connection with this Agreement, Borrower has delivered to Bank a completed certificate signed by Borrower, entitled “Perfection
Certificate” (the “Perfection Certificate”). Borrower represents and warrants to Bank that (a) Borrower’s exact legal name is that indicated on the Perfection Certificate and on the signature page hereof;
(b) Borrower is an organization of the type and is organized in the jurisdiction set forth in the Perfection Certificate; (c) the Perfection Certificate accurately sets forth Borrower’s organizational identification number or
accurately states that Borrower has none; (d) the Perfection Certificate accurately sets forth Borrower’s place of business, or, if more than one, its chief executive office as well as Borrower’s mailing address (if different than its
chief executive office); (e) Borrower (and each of its predecessors) has not, in the past five (5) years, changed its jurisdiction of formation, organizational structure or type, or any organizational number assigned by its jurisdiction;
and (f) all other information set forth on the Perfection Certificate pertaining to Borrower and each of its Subsidiaries is accurate and complete (it being understood and agreed that Borrower may from time to time update certain information in
the Perfection Certificate after the Effective Date to the extent permitted by one or more specific provisions in this Agreement). If Borrower is not now a Registered Organization but later becomes one, Borrower shall promptly notify Bank of such
occurrence and provide Bank with Borrower’s organizational identification number. 
 The execution, delivery and performance by Borrower
of the Loan Documents to which it is a party have been duly authorized, and do not (i) conflict with any of Borrower’s organizational documents, (ii) contravene, conflict with, constitute a default under or violate any material
Requirement of Law, (iii) contravene, conflict or violate any applicable order, writ, judgment, injunction, decree, determination or award of any Governmental Authority by which Borrower or any of its Subsidiaries or any of their property or
assets may be bound or affected, (iv) require any action by, filing, registration, or qualification with, or Governmental Approval from, any Governmental Authority (except such Governmental Approvals which have already been obtained and are in
full force and effect (or are being obtained pursuant to Section 6.1(b))), except as could not reasonably be expected to have a material adverse effect on Borrower’s business, or (v) conflict with, contravene, constitute a default or
breach under, or result in or permit the termination or acceleration of, any material agreement by which Borrower is bound. Borrower is not in default under any agreement to which it is a party or by which it is bound in which the default could
reasonably be expected to have a material adverse effect on Borrower’s business. 
 5.2 Collateral. Borrower has good
title to, rights in, and the power to transfer each item of the Collateral upon which it purports to grant a Lien hereunder, free and clear of any and all Liens except Permitted Liens. Borrower has no Collateral Accounts at or with any bank or
financial institution other than Bank or Bank’s Affiliates except for the Collateral Accounts described in the Perfection Certificate delivered to Bank in connection herewith and which Borrower has taken such actions as are necessary to give
Bank a perfected security interest therein, in each case pursuant to the terms of Section 6.6(b). The Accounts are bona fide, existing obligations of the Account Debtors. 

The Collateral is not in the possession of any third party bailee (such as a warehouse) except as otherwise provided in the Perfection
Certificate or as permitted pursuant to Section 7.2. None of the components of the Collateral shall be maintained at locations other than as provided in the Perfection Certificate or as permitted pursuant to Section 7.2. 

All Inventory is in all material respects of good and marketable quality, free from material defects. 

Borrower is the sole owner of the Intellectual Property (other than Intellectual Property which is immaterial to Borrower’s business)
which it owns or purports to own except for (a) licenses permitted hereunder, (b) over-the-counter software that is commercially available to the public, and
(c) material Intellectual Property licensed to Borrower and noted on the Perfection Certificate or by giving notice in accordance with this Agreement. Each Patent which it owns or purports to own and which is material to Borrower’s
business is valid and enforceable, and no part of the Intellectual Property which Borrower owns or purports to own and which is material to Borrower’s business has been judged invalid or unenforceable, in whole or in part. To the best of
Borrower’s knowledge, no claim has been made that any part of the Intellectual Property violates the rights of any third party except to the extent such claim would not reasonably be expected to have a material adverse effect on Borrower’s
business. 

  
 -5- 

 Except as noted on the Perfection Certificate or as Borrower has provided written notice to
Bank pursuant to Section 6.7(b), Borrower is not a party to, nor is it bound by, any Restricted License. 
 5.3
Litigation. Other than those of which Borrower has notified Bank in writing pursuant to Section 6.2(g), there are no actions or proceedings pending or, to the knowledge of any Responsible Officer, threatened in writing by or against
Borrower or any of its Subsidiaries involving more than, individually or in the aggregate, Two Hundred Fifty Thousand Dollars ($250,000.00). 

5.4 Financial Statements; Financial Condition. All consolidated financial statements for Borrower and any of its Subsidiaries
delivered to Bank by submission to the Financial Statement Repository fairly present in all material respects Borrower’s consolidated financial condition and Borrower’s consolidated results of operations. There has not been any material
deterioration in Borrower’s consolidated financial condition since the date of the most recent financial statements submitted to the Financial Statement Repository or otherwise submitted to Bank. 

5.5 Solvency. The fair salable value of Borrower’s consolidated assets (including goodwill minus disposition costs) exceeds
the fair value of Borrower’s liabilities; Borrower is not left with unreasonably small capital after the transactions in this Agreement; and Borrower is able to pay its debts (including trade debts) as they mature. 

5.6 Regulatory Compliance. Borrower is not an “investment company” or a company “controlled” by an
“investment company” under the Investment Company Act of 1940, as amended. Borrower is not engaged as one of its important activities in extending credit for margin stock (under Regulations X, T and U of the Federal Reserve Board of
Governors). Borrower (a) has complied in all material respects with all Requirements of Law, and (b) has not violated any Requirements of Law the violation of which could reasonably be expected to have a material adverse effect on its
business. None of Borrower’s or any of its Subsidiaries’ properties or assets has been used by Borrower or any Subsidiary or, to the best of Borrower’s knowledge, by previous Persons, in disposing, producing, storing, treating, or
transporting any hazardous substance other than legally. Borrower and each of its Subsidiaries have obtained all consents, approvals and authorizations of, made all declarations or filings with, and given all notices to, all Governmental Authorities
that are necessary to continue their respective businesses as currently conducted, except to the extent failure to do so would not reasonably be expected to have a material adverse effect on Borrower’s business. 

5.7 Subsidiaries; Investments. Borrower does not own any stock, partnership, or other ownership interest or other equity
securities except for Permitted Investments. 
 5.8 Tax Returns and Payments; Pension Contributions. Borrower has timely filed
all required foreign, federal, state and local tax returns and reports, and Borrower has timely paid all foreign, federal, state and local taxes, assessments, deposits and contributions owed by Borrower except, in each case, (a) to the extent
such taxes are being contested in good faith by appropriate proceedings promptly instituted and diligently conducted, so long as such reserve or other appropriate provision, if any, as shall be required in conformity with GAAP shall have been made
therefor, or (b) if such taxes, assessments, deposits and contributions do not, individually or in the aggregate, exceed One Hundred Thousand Dollars ($100,000.00). 

To the extent Borrower defers payment of any contested taxes, Borrower shall (i) notify Bank in writing of the commencement of, and any
material development in, the proceedings, and (ii) post bonds or take any other steps required to prevent the Governmental Authority levying such contested taxes from obtaining a Lien upon any of the Collateral that is other than a Permitted
Lien. Borrower is unaware of any claims or adjustments proposed for any of Borrower’s prior tax years which could result in additional taxes becoming due and payable by Borrower in excess of One Hundred Thousand Dollars ($100,000.00). Borrower
has paid all amounts necessary to fund all present pension, profit sharing and deferred compensation plans in accordance with their terms, and Borrower has not withdrawn from participation in, and has not permitted partial or complete termination
of, or permitted the occurrence of any other event with respect to, any such plan which could reasonably be expected to result in any liability of Borrower, including any liability to the Pension Benefit Guaranty Corporation or its successors or any
other governmental agency. 

  
 -6- 

 5.9 Use of Proceeds. Borrower shall use the proceeds of the Credit Extensions
as working capital and to fund its general business requirements and not for personal, family, household or agricultural purposes. 

5.10 Full Disclosure. No written representation, warranty or other statement of Borrower in any report, certificate or written
statement submitted to the Financial Statement Repository, as of the date such representation, warranty, or other statement was made, taken together with all such written reports, written certificates and written statements submitted to the
Financial Statement Repository, contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements contained in the reports, certificates, or written statements not misleading (it being recognized by
Bank that the projections and forecasts provided by Borrower in good faith and based upon reasonable assumptions are not viewed as facts and that actual results during the period or periods covered by such projections and forecasts may differ from
the projected or forecasted results). 
 5.11 Definition of “Knowledge.” For purposes of the Loan Documents,
whenever a representation or warranty is made to Borrower’s knowledge or awareness, to the “best of” Borrower’s knowledge, or with a similar qualification, knowledge or awareness means the actual knowledge, after reasonable
investigation, of any Responsible Officer. 
 6. AFFIRMATIVE COVENANTS 

Borrower shall do all of the following: 

6.1 Government Compliance. 

(a) Except as otherwise permitted pursuant to Section 7.3, maintain its and all its Subsidiaries’ legal existence and good standing
in their respective jurisdictions of formation and maintain qualification in each jurisdiction in which the failure to so qualify would reasonably be expected to have a material adverse effect on Borrower’s business or operations. Borrower
shall comply, and have each Subsidiary comply, in all material respects, with all laws, ordinances and regulations to which it is subject. 

(b) Obtain all of the Governmental Approvals necessary for the performance by Borrower of its obligations under the Loan Documents to which it
is a party and the grant of a security interest to Bank in all of its property. Borrower shall promptly provide copies of any such obtained Governmental Approvals to Bank. 

6.2 Financial Statements, Reports. Provide Bank with the following by submitting to the Financial Statement Repository: 

(a) Quarterly Financial Statements. As soon as available, and in any event within forty-five (45) days after the end of the
first three (3) fiscal quarters of each fiscal year of Borrower, a company prepared consolidated balance sheet and income statement covering Borrower’s consolidated operations for such quarter, consistent with such quarterly financial
statements submitted to the SEC, in a form acceptable to Bank (the “Quarterly Financial Statements”); provided that within ninety (90) days after the end of each fiscal year of Borrower, Borrower shall deliver annual audited
consolidated financial statements prepared in accordance with GAAP, consistently applied, together with an unqualified opinion (other than a “going concern” or like qualification or exception solely as a result of the Term Loan Maturity
Date being scheduled to occur within twelve (12) months from the date of such opinion), on the financial statements from an independent certified public accounting firm reasonably acceptable to Bank for each such fiscal year of Borrower; 

(b) Quarterly Compliance Certificate. As soon as available, and in any event within forty-five (45) days after the last day of
the first three (3) fiscal quarters of each fiscal year of Borrower and together with the Quarterly Financial Statements, a completed Compliance Statement, in the form attached as Exhibit B, confirming that, as of the end of such quarter,
Borrower was in full compliance with all of the terms and conditions of this Agreement (except as noted therein); provided, however, Borrower shall deliver the Compliance Statement for the fiscal year end of Borrower within ninety (90) days
after the end of such fiscal year; 
 (c) Board-Approved Projections. At least annually, but no later than thirty (30) days after
the last day of each fiscal year of Borrower, and contemporaneously with any updates or changes thereto, annual Board-approved operating budgets and financial projections (if required by Board), in a form of presentation acceptable to Bank; 

(d) Other Statements. Within five (5) days of delivery, copies of all statements, reports and notices made available to
Borrower’s security holders or to any holders of Subordinated Debt; 

  
 -7- 

 (e) SEC Filings. Within five (5) days of filing, copies of all periodic and
other reports, proxy statements and other materials filed by Borrower with the SEC, any Governmental Authority succeeding to any or all of the functions of the SEC or with any national securities exchange, or distributed to its shareholders, as the
case may be. Documents required to be delivered pursuant to the terms hereof (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been
delivered on the date on which Borrower posts such documents, or provides a link thereto, on Borrower’s website on the internet at Borrower’s website address. 

(f) Beneficial Ownership Information. Prompt written notice of any changes to the beneficial ownership information set out in
Section 14 of the Perfection Certificate. Borrower understands and acknowledges that Bank relies on such true, accurate and up-to-date beneficial ownership
information to meet Bank’s regulatory obligations to obtain, verify and record information about the beneficial owners of its legal entity customers; 

(g) Legal Action Notice. A prompt report of any legal actions pending or threatened in writing against Borrower or any of its
Subsidiaries that could result in damages or costs to Borrower or any of its Subsidiaries of, individually or in the aggregate, Two Hundred Fifty Thousand Dollars ($250,000.00) or more; 

(h) Government Notices. Within five (5) days after the same are sent or received, copies of all correspondence, reports, documents
and other filings with any Governmental Authority regarding compliance with or maintenance of Governmental Approvals or Requirements of Law or that could reasonably be expected to have a material effect on any of the Governmental Approvals or
otherwise on the operations of Borrower or any of its Subsidiaries; and 
 (i) Other Financial Information. Other financial
information reasonably requested by Bank. 
 Any submission by Borrower of a Compliance Statement or any other financial statement submitted to the Financial
Statement Repository pursuant to this Section 6.2 shall be deemed to be a representation by Borrower that (a) as of the date of such Compliance Statement or other financial statement, the information and calculations set forth therein are
true, accurate and correct, (b) as of the end of the compliance period set forth in such submission, Borrower is in complete compliance with all required covenants except as noted in such Compliance Statement or other financial statement, as
applicable; (c) as of the date of such submission, no Events of Default have occurred or are continuing; (d) all representations and warranties other than any representations or warranties that are made as of a specific date in
Section 5 remain true and correct in all material respects as of the date of such submission except as noted in such Compliance Statement or other financial statement, as applicable; (e) as of the date of such submission, Borrower and each
of its Subsidiaries has timely filed all required tax returns and reports, and Borrower has timely paid all foreign, federal, state and local taxes, assessments, deposits and contributions owed by Borrower except as otherwise permitted pursuant to
the terms of Section 5.8; and (f) as of the date of such submission, no Liens have been levied or claims made against Borrower or any of its Subsidiaries relating to unpaid employee payroll or benefits of which Borrower has not previously
provided written notification to Bank. 
 6.3 Inventory; Returns. Keep all Inventory in good and marketable condition, free
from material defects. Returns and allowances between Borrower and its Account Debtors shall follow Borrower’s customary practices as they exist at the Effective Date. Borrower must promptly notify Bank of all returns, recoveries, disputes and
claims that involve more than Two Hundred Fifty Thousand Dollars ($250,000.00). 
 6.4 Taxes; Pensions. Timely file, and
require each of its Subsidiaries to timely file, all required tax returns and reports and timely pay, and require each of its Subsidiaries to timely pay, all foreign, federal, state and local taxes, assessments, deposits and contributions owed by
Borrower and each of its Subsidiaries, except, in each case, for deferred payment of any taxes contested pursuant to the terms of Section 5.8 hereof, and taxes with respect to which the amount does not exceed the amount (either individually or
in the aggregate) set forth in Section 5.8 hereof, and shall deliver to Bank, on demand, appropriate certificates attesting to such payments, and pay all amounts necessary to fund all present pension, profit sharing and deferred compensation
plans in accordance with their terms. 
 6.5 Insurance.  

(a) Keep its business and the Collateral insured for risks and in amounts standard for companies in Borrower’s industry and location and
as Bank may reasonably request. Insurance policies shall be in a form, with financially sound and reputable insurance companies that are not Affiliates of Borrower, and in amounts that are reasonably satisfactory to Bank. All property policies shall
have a lender’s loss payable endorsement showing Bank as lender loss payee. All liability policies shall show, or have endorsements showing, Bank as an additional insured. Bank shall be named as lender loss payee and/or additional insured with
respect to any such insurance providing coverage in respect of any Collateral. 

  
 -8- 

 (b) Ensure that proceeds payable under any property policy are, at Bank’s option,
payable to Bank on account of the Obligations. 
 (c) At Bank’s request, Borrower shall deliver certified copies of insurance policies
and evidence of all premium payments. Each provider of any such insurance required under this Section 6.5 shall agree, by endorsement upon the policy or policies issued by it or by independent instruments furnished to Bank that it will give
Bank thirty (30) days prior written notice before any such policy or policies shall be canceled (ten (10) days for nonpayment of premium). If Borrower fails to obtain insurance as required under this Section 6.5 or to pay any amount
or furnish any required proof of payment to third persons and Bank, Bank may make all or part of such payment or obtain such insurance policies required in this Section 6.5, and take any action under the policies Bank deems prudent. 

6.6 Operating Accounts. 

(a) Maintain all of its and all of its Subsidiaries’ (excluding Securities Corporation) operating accounts with Bank and excess cash with
Bank and Bank’s Affiliates, which shall be in accounts in the name of Borrower and shall represent at least fifty percent (50.0%) of the Dollar value of Borrower’s and such Subsidiaries’ excess cash at all financial institutions;
provided that (i) Japanese Subsidiary shall be permitted to maintain accounts with financial institutions other than Bank and Bank’s Affiliates provided that the aggregate balance in such accounts (for all such accounts together) shall not
exceed One Million Dollars ($1,000,000.00) at any time (the “Japanese Subsidiary Accounts”), (ii) Australian Subsidiary shall be permitted to maintain its existing account with Westpac Business One provided that the aggregate
balance in such account shall not exceed One Million Dollars ($1,000,000.00) at any time (the “Australian Subsidiary Account”), (iii) a cash collateral account at First Republic Bank solely to secure Borrower’s existing letter
of credit issued by First Republic Bank, provided that the aggregate balance in such account shall not exceed One Million Six Hundred Ninety-Eight Thousand Seven Hundred Fourteen Dollars ($1,698,714.00) at any time (the “First Republic
Account”), and (iv) an operating account and a cash collateral account at Cambridge Trust Company solely to secure Borrower’s existing letter of credit issued by Cambridge Trust Company, provided that the aggregate balance in such
accounts shall not exceed One Hundred Fifteen Thousand Dollars ($115,000.00) at any time (collectively, the “Cambridge Trust Accounts” together with the Japanese Subsidiary Accounts, the Australian Subsidiary Account, and the First
Republic Account, collectively, the “Permitted Accounts”). In addition to the foregoing, Borrower shall at all times maintain unrestricted cash in accounts in the name of Borrower with Bank, in an amount equal to the lesser of
(i) one hundred percent (100.0%) of the Dollar value of Borrower’s consolidated cash, including any Subsidiaries’ cash, in the aggregate, at all financial institutions, and (ii) one hundred ten percent (110.0%) of the sum of the
then-outstanding Obligations of Borrower to Bank. Bank may restrict withdrawals or transfers by or on behalf of Borrower that would violate this Section 6.6(a), regardless of whether an Event of Default exists at such time. Upon the expiration
of the Transition Period, except with respect to the Permitted Accounts, Borrower shall conduct all of its primary banking with Bank and Bank’s Affiliates, including, without limitation, letters of credit and business credit cards. 

(b) Provide Bank five (5) days prior written notice before establishing any Collateral Account at or with any bank or financial
institution other than Bank or Bank’s Affiliates. For each Collateral Account that Borrower at any time maintains, Borrower shall cause the applicable bank or financial institution (other than Bank) at or with which any Collateral Account is
maintained to execute and deliver a Control Agreement or other appropriate instrument with respect to such Collateral Account to perfect Bank’s Lien in such Collateral Account in accordance with the terms hereunder which Control Agreement may
not be terminated without the prior written consent of Bank. The provisions of the previous sentence shall not apply to (i) the Permitted Accounts, or (ii) deposit accounts exclusively used for payroll, payroll taxes and other employee
wage and benefit payments to or for the benefit of Borrower’s employees and identified to Bank by Borrower as such. 
 6.7 Protection
of Intellectual Property Rights. 
 (a) (i) Protect, defend and maintain the validity and enforceability of its Intellectual Property
that is material to Borrower’s business; (ii) promptly advise Bank in writing of material infringements or any other event that could reasonably be expected to materially and adversely affect the value of its Intellectual Property that is
material to Borrower’s business; and (iii) not allow any Intellectual Property material to Borrower’s business to be abandoned, forfeited or dedicated to the public without Bank’s written consent. 

  
 -9- 

 (b) Provide written notice to Bank within thirty (30) days of entering or becoming
bound by any Restricted License (other than over-the-counter software that is commercially available to the public). Borrower shall take such commercially reasonable
steps as Bank reasonably requests to obtain the consent of, or waiver by, any person whose consent or waiver is necessary for (i) any Restricted License to be deemed Collateral and for Bank to have a security interest in it that might otherwise
be restricted or prohibited by law or by the terms of any such Restricted License, whether now existing or entered into in the future, and (ii) Bank to have the ability in the event of a liquidation of any Collateral to dispose of such
Collateral in accordance with Bank’s rights and remedies under this Agreement and the other Loan Documents. 
 6.8 Litigation
Cooperation. From the date hereof and continuing through the termination of this Agreement, make available to Bank (upon at least three (3) Business Days’ notice; provided no notice is required if an Event of Default has occurred and
is continuing) without expense to Bank, Borrower and its officers, employees and agents and Borrower’s books and records, to the extent that Bank may deem them reasonably necessary to prosecute or defend any third-party suit or proceeding
instituted by or against Bank with respect to any Collateral or relating to Borrower; provided that Borrower shall not be required to provide access materials that constitute a privileged communication. 

6.9 Access to Collateral; Books and Records. Allow Bank, or its agents, at reasonable times, on five (5) Business Days’
notice (provided no notice is required if an Event of Default has occurred and is continuing), to inspect the Collateral and audit and copy Borrower’s Books. The foregoing inspections and audits shall be conducted no more often than once every
twelve (12) months unless an Event of Default has occurred and is continuing in which case such inspections and audits shall occur as often as Bank shall determine is necessary. The foregoing inspections and audits shall be at Borrower’s
expense, and the charge therefor shall be One Thousand Dollars ($1,000.00) per person per day (or such higher amount as shall represent Bank’s then-current standard charge for the same), plus reasonable out-of-pocket expenses. In the event Borrower and Bank schedule an audit more than eight (8) days in advance, and Borrower cancels or seeks to reschedule the audit with less than eight (8) days
written notice to Bank, then (without limiting any of Bank’s rights or remedies), Borrower shall pay Bank a fee of Two Thousand Dollars ($2,000.00) plus any
out-of-pocket expenses incurred by Bank to compensate Bank for the anticipated costs and expenses of the cancellation or rescheduling. 

6.10 Further Assurances. Execute any further instruments and take further action as Bank reasonably requests to perfect or
continue Bank’s Lien in the Collateral or to effect the purposes of this Agreement. 
 6.11 Post-Closing Deliverables.
(a) On or prior to May 31, 2021, deliver to Bank the Acord 28 insurance certificate and lender loss payable endorsement required by Section 6.5 hereof, satisfactory to Bank in its sole and absolute discretion; and (b) within
sixty (60) days of the Effective Date, deliver to Bank a Control Agreement in favor of Bank from First Republic Bank. 
 6.12
Formation or Acquisition of Subsidiaries. Notwithstanding and without limiting the negative covenants contained in Sections 7.3 and 7.7 hereof, at the time that Borrower forms any direct or indirect Subsidiary or acquires any direct or
indirect Subsidiary after the Effective Date (including, without limitation, pursuant to a Division), Borrower shall (a) cause such new Subsidiary to provide to Bank a joinder to this Agreement to become a
co-borrower hereunder, together with such appropriate financing statements and/or Control Agreements, all in form and substance satisfactory to Bank (including being sufficient to grant Bank a first priority
Lien (subject to Permitted Liens) in and to the assets of such newly formed or acquired Subsidiary), provided that any Foreign Subsidiary shall not be required to become a co-borrower or secured guarantor
hereunder, (b) provide to Bank appropriate certificates and powers and financing statements, pledging all of the direct or beneficial ownership interest in such new Subsidiary, in form and substance satisfactory to Bank, provided that, with
respect to stock, units, or other evidence of ownership held by Borrower in such Subsidiary that is a Foreign Subsidiary, Borrower shall not be required to grant or pledge a security interest to Bank in more than sixty-five percent (65.0%) of such
stock, units, or other evidence of ownership held by Borrower in such Foreign Subsidiary, and (c) provide to Bank all other documentation in form and substance satisfactory to Bank, including one or more opinions of counsel satisfactory to
Bank, which in its opinion is appropriate with respect to the execution and delivery of the applicable documentation referred to above. Any document, agreement, or instrument executed or issued pursuant to this Section 6.12 shall be a Loan
Document. 

  
 -10- 

 7. NEGATIVE COVENANTS 

Borrower shall not do any of the following without Bank’s prior written consent: 

7.1 Dispositions. Convey, sell, lease, transfer, assign, or otherwise dispose of (including, without limitation, pursuant to a
Division) (collectively, “Transfer”), or permit any of its Subsidiaries to Transfer, all or any part of its business or property, except for Transfers (a) of Inventory in the ordinary course of business; (b) of worn-out or obsolete Equipment that is, in the reasonable judgment of Borrower, no longer economically practicable to maintain or useful in the ordinary course of business of Borrower; (c) consisting of
Permitted Licenses, Permitted Liens, Permitted Indebtedness, and Permitted Investments; (d) consisting of the sale or issuance of any stock of Borrower permitted under Section 7.2 of this Agreement; (e) consisting of Borrower’s
use or transfer of money or Cash Equivalents in a manner that is not prohibited by the terms of this Agreement or the other Loan Documents; (f) to any Borrower from any of its Subsidiaries; (g) consisting of the abandonment, forfeiture or
dedication to the public of any Intellectual Property immaterial to Borrower’s business; or (h) of other property with a value not to exceed Two Hundred Fifty Thousand Dollars ($250,000.00) in the aggregate in any twelve (12) month
period. 
 7.2 Changes in Business, Management, Control, or Business Locations. (a) Engage in or permit any of its Subsidiaries
to engage in any business other than the businesses currently engaged in by Borrower and such Subsidiary, as applicable, or reasonably related thereto; (b) liquidate or dissolve; (c) fail to provide notice to Bank of any Key Person
departing from or ceasing to be employed by Borrower within ten (10) Business Days after such Key Person’s departure from Borrower; or (d) permit or suffer any Change in Control. 

Borrower shall not, without at least ten (10) days prior written notice to Bank: (1) add any new offices or business locations,
including warehouses (unless such new offices or business locations contain less than Two Hundred Fifty Thousand Dollars ($250,000.00) in Borrower’s assets or property) or deliver any portion of the Collateral valued, individually or in the
aggregate, in excess of Two Hundred Fifty Thousand Dollars ($250,000.00) to a bailee at a location other than to a bailee and at a location already disclosed in the Perfection Certificate, (2) change its jurisdiction of organization,
(3) change its organizational structure or type, (4) change its legal name, or (5) change any organizational number (if any) assigned by its jurisdiction of organization. If Borrower intends to add any new offices or business
locations, including warehouses, containing in excess of Two Hundred Fifty Thousand Dollars ($250,000.00) of Borrower’s assets or property, then Borrower will first receive the written consent of Bank, and the landlord of any such new offices
or business locations, including warehouses, shall execute and deliver a landlord consent in form and substance satisfactory to Bank. If Borrower intends to deliver any portion of the Collateral valued, individually or in the aggregate, in excess of
Two Hundred Fifty Thousand Dollars ($250,000.00) to a bailee, and Bank and such bailee are not already parties to a bailee agreement governing both the Collateral and the location to which Borrower intends to deliver the Collateral, then Borrower
will use commercially reasonable efforts to obtain a bailee agreement executed by the bailee in form and substance satisfactory to Bank in its reasonable discretion. 

7.3 Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other
Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person (including, without limitation, by the formation of any Subsidiary or pursuant to a Division). A Subsidiary
may merge or consolidate into another Subsidiary or into Borrower. 
 7.4 Indebtedness. Create, incur, assume, or be liable for
any Indebtedness, or permit any Subsidiary to do so, other than Permitted Indebtedness. 
 7.5 Encumbrance. Create, incur,
allow, or suffer any Lien on any of its property, or assign or convey any right to receive income, including the sale of any Accounts, or permit any of its Subsidiaries to do so, except for Permitted Liens, permit any Collateral not to be subject to
the first priority security interest granted herein, or enter into any agreement, document, instrument or other arrangement (except with or in favor of Bank) with any Person which directly or indirectly prohibits or has the effect of prohibiting
Borrower or any Subsidiary from assigning, mortgaging, pledging, granting a security interest in or upon, or encumbering any of Borrower’s or any Subsidiary’s Intellectual Property, except as is otherwise permitted in Section 7.1
hereof and the definition of Permitted Liens herein. 
 7.6 Maintenance of Collateral Accounts. Maintain any Collateral Account
except pursuant to the terms of Section 6.6(b) hereof. 

  
 -11- 

 7.7 Distributions; Investments. (a) Pay any dividends or make any
distribution or payment or redeem, retire or purchase any capital stock, provided that Borrower may (i) convert any of its convertible securities into other securities pursuant to the terms of such convertible securities or otherwise in
exchange thereof, (ii) pay dividends solely in common stock; and (iii) repurchase the stock of former employees, consultants, directors, or officers pursuant to stock repurchase agreements so long as an Event of Default does not exist at
the time of any such repurchase and would not exist after giving effect to any such repurchase, provided that the aggregate amount of all such repurchases does not exceed Two Hundred Fifty Thousand Dollars ($250,000.00) per fiscal year,
(iv) make purchases of capital stock in connection with the exercise of stock options or stock appreciation by way of cashless exercise, (v) make purchases of fractional shares of capital stock arising out of stock dividends, splits or
combinations or business combinations, provided that the aggregate amount of all such purchases does not exceed One Hundred Thousand Dollars ($100,000.00), and (vi) make distributions to any Borrower and receive distributions from any
Subsidiary; or (b) directly or indirectly make any Investment (including, without limitation, by the formation of any Subsidiary) other than Permitted Investments, or permit any of its Subsidiaries to do so. 

7.8 Transactions with Affiliates. Directly or indirectly enter into or permit to exist any material transaction with any
Affiliate of Borrower, except for (a) transactions that are in the ordinary course of Borrower’s business, upon fair and reasonable terms that are no less favorable to Borrower than would be obtained in an arm’s length transaction
with a non-affiliated Person, (b) Subordinated Debt or equity financings with investors in Borrower or capital raising purposes, (c) reasonable and customary compensation-related transactions as
approved by the Board or by Bank, and (d) distributions of the type described in and permitted under Section 7.7 of this Agreement. 

7.9 Subordinated Debt. (a) Make or permit any payment on any Subordinated Debt, except under the terms of the subordination,
intercreditor, or other similar agreement to which such Subordinated Debt is subject, or (b) amend any provision in any document relating to the Subordinated Debt which would increase the amount thereof, provide for earlier or greater
principal, interest, or other payments thereon, or adversely affect the subordination thereof to Obligations owed to Bank. 
 7.10
Compliance. Become an “investment company” or a company controlled by an “investment company”, under the Investment Company Act of 1940, as amended, or undertake as one of its important activities extending credit to
purchase or carry margin stock (as defined in Regulation U of the Board of Governors of the Federal Reserve System), or use the proceeds of any Credit Extension for that purpose; fail to (a) meet the minimum funding requirements of ERISA,
(b) prevent a Reportable Event or Prohibited Transaction, as defined in ERISA, from occurring, or (c) comply with the Federal Fair Labor Standards Act, the failure of any of the conditions described in clauses (a) through (c) which
could reasonably be expected to have a material adverse effect on Borrower’s business; or violate any other law or regulation, if the violation could reasonably be expected to have a material adverse effect on Borrower’s business, or
permit any of its Subsidiaries to do so; withdraw or permit any Subsidiary to withdraw from participation in, permit partial or complete termination of, or permit the occurrence of any other event with respect to, any present pension, profit sharing
and deferred compensation plan which could reasonably be expected to result in any liability of Borrower, including any liability to the Pension Benefit Guaranty Corporation or its successors or any other governmental agency. 

8. EVENTS OF DEFAULT 

Any one of the following shall constitute an event of default (an “Event of Default”) under this Agreement: 

8.1 Payment Default. Borrower fails to (a) make any payment of principal or interest on any Credit Extension when due, or
(b) pay any other Obligations within three (3) Business Days after such Obligations are due and payable (which three (3) Business Day cure period shall not apply to payments due on the Term Loan Maturity Date). During the cure period,
the failure to make or pay any payment specified under clause (b) hereunder is not an Event of Default (but no Credit Extension will be made during the cure period); 

8.2 Covenant Default. 
 (a)
Borrower fails or neglects to perform any obligation in Sections 6.2, 6.4, 6.5, 6.6, 6.7(b), 6.9, 6.11, or 6.12 or violates any covenant in Section 7; or 

(b) Borrower fails or neglects to perform, keep, or observe any other term, provision, condition, covenant or agreement contained in this
Agreement or any Loan Documents, and as to any default (other than those specified in this Section 8) under such other term, provision, condition, covenant or agreement that can be cured, has failed to cure the default within ten (10) days
after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten (10) day period, and such default is
likely to be cured within a reasonable time, then Borrower shall have an additional period (which shall not in any case exceed thirty (30) days) to attempt to cure such default, and within such reasonable time period the failure to cure the
default shall not be deemed an Event of Default (but no Credit Extensions shall be made during such cure period). Cure periods provided under this Section shall not apply, among other things, to financial covenants or any other covenants set forth
in clause (a) above; 

  
 -12- 

 8.3 Material Adverse Change. A Material Adverse Change occurs; 

8.4 Attachment; Levy; Restraint on Business. 

(a) (i) The service of process seeking to attach, by trustee or similar process, any funds of Borrower or of any entity under the control of
Borrower (including a Subsidiary), or (ii) a notice of lien or levy is filed against any of Borrower’s assets by any Governmental Authority, and the same under subclauses (i) and (ii) hereof are not, within ten (10) days after
the occurrence thereof, discharged or stayed (whether through the posting of a bond or otherwise); provided, however, no Credit Extensions shall be made during any ten (10) day cure period; or 

(b) (i) any material portion of Borrower’s assets is attached, seized, levied on, or comes into possession of a trustee or receiver, or
(ii) any court order enjoins, restrains, or prevents Borrower from conducting all or any material part of its business; 
 8.5
Insolvency. (a) Borrower is unable to pay its debts (including trade debts) as they become due or otherwise becomes insolvent; (b) Borrower begins an Insolvency Proceeding; or (c) an Insolvency Proceeding is begun against
Borrower and is not dismissed or stayed within thirty (30) days (but no Credit Extensions shall be made while any of the conditions described in clause (a) exist and/or until any Insolvency Proceeding is dismissed); 

8.6 Other Agreements. There is, under any agreement to which Borrower is a party with a third party or parties, (a) any
default resulting in a right by such third party or parties, whether or not exercised, to accelerate the maturity of any Indebtedness in an amount individually or in the aggregate in excess of Two Hundred Fifty Thousand Dollars ($250,000.00); or
(b) any breach or default by Borrower, the result of which could have a material adverse effect on Borrower’s business; 

8.7 Judgments; Penalties. One or more fines, penalties or final judgments, orders or decrees for the payment of money in an
amount, individually or in the aggregate, of at least Two Hundred Fifty Thousand Dollars ($250,000.00) (not covered by independent third-party insurance as to which liability has been accepted by such insurance carrier) shall be rendered against
Borrower by any Governmental Authority, and the same are not, within ten (10) days after the entry, assessment or issuance thereof, discharged, satisfied, or paid, or after execution thereof, stayed or bonded pending appeal, or such judgments
are not discharged prior to the expiration of any such stay (provided that no Credit Extensions will be made prior to the satisfaction, payment, discharge, stay, or bonding of such fine, penalty, judgment, order or decree); 

8.8 Misrepresentations. Borrower or any Person acting for Borrower makes any representation, warranty, or other statement now or
later in this Agreement, any Loan Document or in any writing delivered to Bank or to induce Bank to enter this Agreement or any Loan Document, and such representation, warranty, or other statement is incorrect in any material respect when made; 

8.9 Subordinated Debt. Any document, instrument, or agreement evidencing any Subordinated Debt shall for any reason be revoked or
invalidated or otherwise cease to be in full force and effect (other than in accordance with its terms), any Person (other than Bank) shall be in breach thereof or contest in any manner the validity or enforceability thereof or deny that it has any
further liability or obligation thereunder, or the Obligations shall for any reason be subordinated or shall not have the priority contemplated by this Agreement; or 

8.10 Governmental Approvals. Any Governmental Approval shall have been (a) revoked, rescinded, suspended, modified in an
adverse manner or not renewed in the ordinary course for a full term or (b) subject to any decision by a Governmental Authority that designates a hearing with respect to any applications for renewal of any of such Governmental Approval or that
could result in the Governmental Authority taking any of the actions described in clause (a) above, and such decision or such revocation, rescission, suspension, modification or non-renewal
(i) causes, or could reasonably be expected to cause, a Material Adverse Change, or (ii) adversely affects the legal qualifications of Borrower or any of its Subsidiaries to hold such Governmental Approval in any applicable jurisdiction
and such revocation, rescission, suspension, modification or non-renewal could reasonably be expected to affect the status of or legal qualifications of Borrower or any of its Subsidiaries to hold any
Governmental Approval in any other jurisdiction, as such revocation, rescission, suspension, modification or non-renewal could reasonably be expected to materially and adversely affect the status of or legal
qualifications of Borrower or any of its Subsidiaries to hold any Governmental Approval in any other material jurisdiction. 

  
 -13- 

 9. BANK’S RIGHTS AND REMEDIES 

9.1 Rights and Remedies. Upon the occurrence and during the continuance of an Event of Default, Bank may, without notice or
demand, do any or all of the following to the extent not prohibited by applicable law: 
 (a) declare all Obligations immediately due and
payable (but if an Event of Default described in Section 8.5 occurs all Obligations are immediately due and payable without any action by Bank); 

(b) stop advancing money or extending credit for Borrower’s benefit under this Agreement or under any other agreement between Borrower and
Bank; 
 (c) demand that Borrower (i) deposit cash with Bank in an amount equal to at least (x) one hundred five percent (105.0%)
of the Dollar Equivalent of the aggregate face amount of all Letters of Credit denominated in Dollars remaining undrawn, and (y) one hundred ten percent (110.0%) of the Dollar Equivalent of the aggregate face amount of all Letters of Credit
denominated in a Foreign Currency remaining undrawn (plus, in each case, all interest, fees, and costs due or to become due in connection therewith (as estimated by Bank in its good faith business judgment)), to secure all of the Obligations
relating to such Letters of Credit, as collateral security for the repayment of any future drawings under such Letters of Credit, and Borrower shall forthwith deposit and pay such amounts, and (ii) pay in advance all letter of credit fees
scheduled to be paid or payable over the remaining term of any Letters of Credit; 
 (d) terminate any FX Contracts; 

(e) verify the amount of, demand payment of and performance under, and collect any Accounts and General Intangibles, settle or adjust disputes
and claims directly with Account Debtors for amounts on terms and in any order that Bank considers advisable, and notify any Person owing Borrower money of Bank’s security interest in such funds; 

(f) make any payments and do any acts it considers necessary or reasonable to protect the Collateral and/or its security interest in the
Collateral. Borrower shall assemble the Collateral if Bank requests and make it available as Bank designates. Bank may enter premises where the Collateral is located, take and maintain possession of any part of the Collateral, and pay, purchase,
contest, or compromise any Lien which appears to be prior or superior to its security interest and pay all expenses incurred. Borrower grants Bank a license to enter and occupy any of its premises, without charge, to exercise any of Bank’s
rights or remedies; 
 (g) apply to the Obligations (i) any balances and deposits of Borrower it holds, or (ii) any amount held by
Bank owing to or for the credit or the account of Borrower; 
 (h) ship, reclaim, recover, store, finish, maintain, repair, prepare for sale,
advertise for sale, and sell the Collateral. Solely upon the occurrence and continuation of an Event of Default, Bank shall be granted a non-exclusive, royalty-free license or other right to use, without
charge, Borrower’s labels, Patents, Copyrights, mask works, rights of use of any name, trade secrets, trade names, Trademarks, and advertising matter, or any similar property as it pertains to the Collateral, in completing production of,
advertising for sale, and selling any Collateral and, in connection with Bank’s exercise of its rights under this Section, Borrower’s rights under all licenses and all franchise agreements inure to Bank’s benefit; 

(i) place a “hold” on any account maintained with Bank and/or deliver a notice of exclusive control, any entitlement order, or other
directions or instructions pursuant to any Control Agreement or similar agreements providing control of any Collateral; 
 (j) demand and
receive possession of Borrower’s Books; and 
 (k) exercise all rights and remedies available to Bank under the Loan Documents or at law
or equity, including all remedies provided under the Code (including disposal of the Collateral pursuant to the terms thereof). 

  
 -14- 

 9.2 Power of Attorney. Borrower hereby irrevocably appoints Bank as its lawful
attorney-in-fact, exercisable upon the occurrence and during the continuance of an Event of Default, to: (a) endorse Borrower’s name on any checks or other
forms of payment or security; (b) sign Borrower’s name on any invoice or bill of lading for any Account or drafts against Account Debtors; (c) settle and adjust disputes and claims about the Accounts directly with Account Debtors, for
amounts and on terms Bank determines reasonable; (d) make, settle, and adjust all claims under Borrower’s insurance policies; (e) pay, contest or settle any Lien, charge, encumbrance, security interest, and adverse claim in or to the
Collateral, or any judgment based thereon, or otherwise take any action to terminate or discharge the same; and (f) transfer the Collateral into the name of Bank or a third party as the Code permits. Borrower hereby appoints Bank as its lawful attorney-in-fact to sign Borrower’s name on any documents necessary to perfect or continue the perfection of Bank’s security interest in the Collateral regardless of
whether an Event of Default has occurred until all Obligations (other than inchoate indemnity obligations) have been satisfied in full and Bank is under no further obligation to make Credit Extensions hereunder. Bank’s foregoing appointment as
Borrower’s attorney in fact, and all of Bank’s rights and powers, coupled with an interest, are irrevocable until all Obligations (other than inchoate indemnity obligations) have been fully repaid and performed and Bank’s obligation
to provide Credit Extensions terminates. 
 9.3 Protective Payments. If Borrower fails to obtain the insurance called for by
Section 6.5 or fails to pay any premium thereon or fails to pay any other amount which Borrower is obligated to pay under this Agreement or any other Loan Document or which may be required to preserve the Collateral, Bank may obtain such
insurance or make such payment, and all amounts so paid by Bank are Bank Expenses and immediately due and payable, bearing interest at the then highest rate applicable to the Obligations, and secured by the Collateral. Bank will make reasonable
efforts to provide Borrower with notice of Bank obtaining such insurance at the time it is obtained or within a reasonable time thereafter. No payments by Bank are deemed an agreement to make similar payments in the future or Bank’s waiver of
any Event of Default. 
 9.4 Application of Payments and Proceeds Upon Default. If an Event of Default has occurred and is
continuing, Bank shall have the right to apply in any order any funds in its possession, whether from Borrower account balances, payments, proceeds realized as the result of any collection of Accounts or other disposition of the Collateral, or
otherwise, to the Obligations. Bank shall pay any surplus to Borrower by credit to the Designated Deposit Account or to other Persons legally entitled thereto; Borrower shall remain liable to Bank for any deficiency. If Bank, directly or indirectly,
enters into a deferred payment or other credit transaction with any purchaser at any sale of Collateral, Bank shall have the option, exercisable at any time, of either reducing the Obligations by the principal amount of the purchase price or
deferring the reduction of the Obligations until the actual receipt by Bank of cash therefor. 
 9.5 Bank’s Liability for
Collateral. So long as Bank complies with reasonable banking practices regarding the safekeeping of the Collateral in the possession or under the control of Bank, Bank shall not be liable or responsible for: (a) the safekeeping of the
Collateral; (b) any loss or damage to the Collateral; (c) any diminution in the value of the Collateral; or (d) any act or default of any carrier, warehouseman, bailee, or other Person. Borrower bears all risk of loss, damage or
destruction of the Collateral. 
 9.6 No Waiver; Remedies Cumulative. Bank’s failure, at any time or times, to require
strict performance by Borrower of any provision of this Agreement or any other Loan Document shall not waive, affect, or diminish any right of Bank thereafter to demand strict performance and compliance herewith or therewith. No waiver hereunder
shall be effective unless signed by the party granting the waiver and then is only effective for the specific instance and purpose for which it is given. Bank’s rights and remedies under this Agreement and the other Loan Documents are
cumulative. Bank has all rights and remedies provided under the Code, by law, or in equity. Bank’s exercise of one right or remedy is not an election and shall not preclude Bank from exercising any other remedy under this Agreement or other
remedy available at law or in equity, and Bank’s waiver of any Event of Default is not a continuing waiver. Bank’s delay in exercising any remedy is not a waiver, election, or acquiescence. 

9.7 Demand Waiver. Borrower waives demand, notice of default or dishonor, notice of payment and nonpayment, notice of any
default, nonpayment at maturity, release, compromise, settlement, extension, or renewal of accounts, documents, instruments, chattel paper, and guarantees held by Bank on which Borrower is liable. 

10. NOTICES 
 All
notices, consents, requests, approvals, demands, or other communication by any party to this Agreement or any other Loan Document must be in writing and shall be deemed to have been validly served, given, or delivered: (a) upon the earlier of
actual receipt and three (3) Business Days after deposit in the U.S. mail, first class, registered or certified mail return receipt requested, with proper postage prepaid; (b) upon transmission, when sent by electronic mail or facsimile
transmission; (c) one (1) Business Day after deposit with a reputable overnight courier with all charges prepaid; or (d) when delivered, if hand-delivered by messenger, all of which shall be addressed to the party to be notified and sent
to the address, facsimile number, or email address indicated below. Bank or Borrower may change its mailing or electronic mail address or facsimile number by giving the other party written notice thereof in accordance with the terms of this
Section 10. 

  
 -15- 

					
		 	If to Borrower:	  	Frequency Therapeutics, Inc.
		 		  	19 Presidential Way
		 		  	Woburn, Massachusetts 01801
		 		  	Attn: Michael Bookman
		 		  	Email: MBookman@frequencytx.com
			
		 	If to Bank:	  	Silicon Valley Bank
		 		  	275 Grove Street, Suite 2-200
		 		  	Newton, Massachusetts 02466
		 		  	Attn: Lauren Cole
		 		  	Email: LCole@svb.com
			
		 	with a copy to:	  	Morrison & Foerster LLP
		 		  	200 Clarendon Street
		 		  	Boston, Massachusetts 02116
		 		  	Attn:       David A. Ephraim, Esquire
		 		  	Email:     DEphraim@mofo.com

 11. CHOICE OF LAW, VENUE AND JURY TRIAL WAIVER 

Except as otherwise expressly provided in any of the Loan Documents, New York law governs the Loan Documents without regard to principles of
conflicts of law. Borrower and Bank each submit to the exclusive jurisdiction of the State and Federal courts in New York, New York, Borough of Manhattan; provided, however, that nothing in this Agreement shall be deemed to operate to preclude Bank
from bringing suit or taking other legal action in any other jurisdiction to realize on the Collateral or any other security for the Obligations, or to enforce a judgment or other court order in favor of Bank. Borrower expressly submits and consents
in advance to such jurisdiction in any action or suit commenced in any such court, and Borrower hereby waives any objection that it may have based upon lack of personal jurisdiction, improper venue, or forum non conveniens and hereby consents to the
granting of such legal or equitable relief as is deemed appropriate by such court. Borrower hereby waives personal service of the summons, complaints, and other process issued in such action or suit and agrees that service of such summons,
complaints, and other process may be made by registered or certified mail addressed to Borrower at the address set forth in, or subsequently provided by Borrower in accordance with, Section 10 of this Agreement and that service so made shall be
deemed completed upon the earlier to occur of Borrower’s actual receipt thereof or three (3) days after deposit in the U.S. mails, proper postage prepaid. 

TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, BORROWER AND BANK EACH WAIVE THEIR RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION
ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE LOAN DOCUMENTS OR ANY CONTEMPLATED TRANSACTION, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR BOTH PARTIES TO ENTER INTO THIS AGREEMENT. EACH
PARTY HAS REVIEWED THIS WAIVER WITH ITS COUNSEL. 
 This Section 11 shall survive the termination of this Agreement. 

12. GENERAL PROVISIONS 

12.1 Termination Prior to Term Loan Maturity Date; Survival. All covenants, representations and warranties made in this Agreement
shall continue in full force until this Agreement has terminated pursuant to its terms and all Obligations have been satisfied. So long as Borrower has satisfied the Obligations (other than inchoate indemnity obligations and, any other obligations
which, by their terms, are to survive the termination of this Agreement, and any Obligations under Bank Services Agreements that are cash collateralized in accordance with Section 4.1 of this Agreement), this Agreement may be terminated prior
to the Term Loan Maturity Date by Borrower, effective three (3) Business Days after written notice of termination is given to Bank. Those obligations that are expressly specified in this Agreement as surviving this Agreement’s termination
shall continue to survive notwithstanding this Agreement’s termination. 

  
 -16- 

 12.2 Successors and Assigns. This Agreement binds and is for the benefit of
the successors and permitted assigns of each party. Borrower may not assign this Agreement or any rights or obligations under it without Bank’s prior written consent (which may be granted or withheld in Bank’s discretion). Bank has the
right, without the consent of or notice to Borrower, to sell, transfer, assign, negotiate, or grant participation in all or any part of, or any interest in, Bank’s obligations, rights, and benefits under this Agreement and the other Loan
Documents. Notwithstanding the foregoing, so long as no Event of Default shall have occurred and is continuing, Bank shall not assign its interest in the Loan Documents to any Person who in the reasonable estimation of Bank is (a) a direct
competitor of Borrower, or (b) a vulture fund or distressed debt fund. 
 12.3 Indemnification. Borrower agrees to
indemnify, defend and hold Bank and its directors, officers, employees, agents, attorneys, or any other Person affiliated with or representing Bank (each, an “Indemnified Person”) harmless against: (i) all obligations, demands,
claims, and liabilities (collectively, “Claims”) claimed or asserted by any other party in connection with the transactions contemplated by the Loan Documents; and (ii) all documented losses or expenses (including Bank
Expenses) in any way suffered, incurred, or paid by such Indemnified Person as a result of, following from, consequential to, or arising from transactions between Bank and Borrower (including reasonable and documented attorneys’ fees and
expenses), except for Claims and/or losses directly caused by such Indemnified Person’s gross negligence or willful misconduct. 
 This
Section 12.3 shall survive until all statutes of limitation with respect to the Claims, and documented losses, and expenses for which indemnity is given shall have run. 

12.4 Time of Essence. Time is of the essence for the performance of all Obligations in this Agreement. 

12.5 Severability of Provisions. Each provision of this Agreement is severable from every other provision in determining the
enforceability of any provision. 
 12.6 Correction of Loan Documents. Bank may correct patent errors and fill in any blanks in
the Loan Documents consistent with the agreement of the parties, so long as Bank provides Borrower with written notice of such correction and allows Borrower at least ten (10) days to object to such correction. In the event of such objection,
such correction shall not be made except by an amendment signed by both Bank and Borrower. 
 12.7 Amendments in Writing; Waiver;
Integration. No purported amendment or modification of any Loan Document, or waiver, discharge or termination of any obligation under any Loan Document, shall be enforceable or admissible unless, and only to the extent, expressly set forth in a
writing signed by the party against which enforcement or admission is sought. Without limiting the generality of the foregoing, no oral promise or statement, nor any action, inaction, delay, failure to require performance or course of conduct shall
operate as, or evidence, an amendment, supplement or waiver or have any other effect on any Loan Document. Any waiver granted shall be limited to the specific circumstance expressly described in it, and shall not apply to any subsequent or other
circumstance, whether similar or dissimilar, or give rise to, or evidence, any obligation or commitment to grant any further waiver. The Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations or
agreements. All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of the Loan Documents merge into the Loan Documents. 

12.8 Counterparts. This Agreement may be executed in any number of counterparts and by different parties on separate
counterparts, each of which, when executed and delivered, is an original, and all taken together, constitute one Agreement. 
 12.9
Confidentiality. In handling any confidential information, Bank shall exercise the same degree of care that it exercises for its own proprietary information, but disclosure of information may be made: (a) to Bank’s Subsidiaries or
Affiliates (such Subsidiaries and Affiliates, together with Bank, collectively, “Bank Entities”) provided that such Bank Entities are bound by the provisions of this Section 12.9; (b) to prospective transferees or purchasers of
any interest in the Credit Extensions (provided, however, that any prospective transferee or purchaser shall have entered into an agreement containing provisions substantially the same as those in this Section 12.9); (c) as required by
law, regulation, subpoena, or other order; (d) to Bank’s regulators or as otherwise required in connection with Bank’s examination or audit; (e) as Bank considers appropriate in exercising remedies under the Loan Documents; and
(f) to third-party service providers of Bank so long as such service providers have executed a confidentiality agreement with Bank with terms no less restrictive than those contained herein. Confidential information does not include information
that is either: (i) in the public domain or in Bank’s possession when disclosed to Bank, or becomes part of the public domain (other than as a result of its disclosure by Bank in violation of this Agreement) after disclosure to Bank; or
(ii) disclosed to Bank by a third party, if Bank does not know that the third party is prohibited from disclosing the information. 

  
 -17- 

 Bank Entities may use anonymous forms of confidential information for aggregate datasets,
for analyses or reporting, and for any other uses not expressly prohibited in writing by Borrower. The provisions of the immediately preceding sentence shall survive termination of this Agreement. 

12.10 Right of Set Off. Borrower hereby grants to Bank, a lien, security interest and right of set off as security for all
Obligations to Bank, whether now existing or hereafter arising upon and against all deposits, credits, collateral and property, now or hereafter in the possession, custody, safekeeping or control of Bank or any entity under the control of Bank
(including a Bank subsidiary) or in transit to any of them. At any time after the occurrence and during the continuance of an Event of Default, without demand or notice, Bank may set off the same or any part thereof and apply the same to any
liability or obligation of Borrower even though unmatured and regardless of the adequacy of any other collateral securing the Obligations. ANY AND ALL RIGHTS TO REQUIRE BANK TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL
WHICH SECURES THE OBLIGATIONS, PRIOR TO EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF BORROWER ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED. 

12.11 Electronic Execution of Documents. The words “execution,” “signed,” “signature” and words of
like import in any Loan Document shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity and enforceability as a manually executed signature or the use
of a paper-based recordkeeping systems, as the case may be, to the extent and as provided for in any applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act. 

12.12 Captions. The headings used in this Agreement are for convenience only and shall not affect the interpretation of this
Agreement. 
 12.13 Construction of Agreement. The parties mutually acknowledge that they and their attorneys have participated
in the preparation and negotiation of this Agreement. In cases of uncertainty this Agreement shall be construed without regard to which of the parties caused the uncertainty to exist. 

12.14 Relationship. The relationship of the parties to this Agreement is determined solely by the provisions of this Agreement.
The parties do not intend to create any agency, partnership, joint venture, trust, fiduciary or other relationship with duties or incidents different from those of parties to an arm’s-length contract.

 12.15 Third Parties. Nothing in this Agreement, whether express or implied, is intended to: (a) confer any benefits,
rights or remedies under or by reason of this Agreement on any persons other than the express parties to it and their respective permitted successors and assigns; (b) relieve or discharge the obligation or liability of any person not an express
party to this Agreement; or (c) give any person not an express party to this Agreement any right of subrogation or action against any party to this Agreement. 

13. DEFINITIONS 

13.1 Definitions. As used in the Loan Documents, the word “shall” is mandatory, the word “may” is permissive,
the word “or” is not exclusive, the words “includes” and “including” are not limiting, the singular includes the plural, and numbers denoting amounts that are set off in brackets are negative. As used in this Agreement,
the following capitalized terms have the following meanings: 
 “Account” is any “account” as defined in the Code
with such additions to such term as may hereafter be made, and includes, without limitation, all accounts receivable and other sums owing to Borrower. 

“Account Debtor” is any “account debtor” as defined in the Code with such additions to such term as may hereafter
be made. 
 “Affiliate” is, with respect to any Person, each other Person that owns or controls directly or indirectly the
Person, any Person that controls or is controlled by or is under common control with the Person, and each of that Person’s senior executive officers, directors, partners and, for any Person that is a limited liability company, that
Person’s managers and members. 
 “Agreement” is defined in the preamble hereof. 

  
 -18- 

 “Australian Subsidiary” is Frequency Therapeutics Pty Ltd, an entity
organized under the laws of Australia and a Subsidiary of Borrower. 
 “Australian Subsidiary Account” is defined in
Section 6.2(a). 
 “Authorized Signer” is any individual listed in Borrower’s Borrowing Resolutions who is
authorized to execute the Loan Documents, including any Credit Extension request, on behalf of Borrower. 
 “Bank” is
defined in the preamble hereof. 
 “Bank Entities” is defined in Section 12.9. 

“Bank Expenses” are all documented audit fees and expenses, costs, and expenses (including reasonable and documented
attorneys’ fees and expenses) for preparing, amending, negotiating, administering, defending and enforcing the Loan Documents (including, without limitation, those incurred in connection with appeals or Insolvency Proceedings) or otherwise
incurred with respect to Borrower. 
 “Bank Services” are any products, credit services, and/or financial
accommodations previously, now, or hereafter provided to Borrower or any of its Subsidiaries by Bank or any Bank Affiliate, including, without limitation, any letters of credit, cash management services (including, without limitation, merchant
services, direct deposit of payroll, business credit cards, and check cashing services), interest rate swap arrangements, and foreign exchange services as any such products or services may be identified in Bank’s various agreements related
thereto (each, a “Bank Services Agreement”). 
 “Bank Services Agreement” is defined in the definition of
Bank Services. 
 “Board” means Borrower’s board of directors. 

“Borrower” is defined in the preamble hereof. 

“Borrower’s Books” are all Borrower’s books and records including ledgers, federal and state tax returns, records
regarding Borrower’s assets or liabilities, the Collateral, business operations or financial condition, and all computer programs or storage or any equipment containing such information. 

“Borrowing Resolutions” are, with respect to any Person, those resolutions adopted by such Person’s board of directors
(and, if required under the terms of such Person’s Operating Documents, stockholders) and delivered by such Person to Bank approving the Loan Documents to which such Person is a party and the transactions contemplated thereby, together with a
certificate executed by its secretary on behalf of such Person certifying (a) such Person has the authority to execute, deliver, and perform its obligations under each of the Loan Documents to which it is a party, (b) that set forth as a
part of or attached as an exhibit to such certificate is a true, correct, and complete copy of the resolutions then in full force and effect authorizing and ratifying the execution, delivery, and performance by such Person of the Loan Documents to
which it is a party, (c) the name(s) of the Person(s) authorized to execute the Loan Documents, including any Credit Extension request, on behalf of such Person, together with a sample of the true signature(s) of such Person(s), and
(d) that Bank may conclusively rely on such certificate unless and until such Person shall have delivered to Bank a further certificate canceling or amending such prior certificate. 

“Business Day” is any day that is not a Saturday, Sunday or a day on which Bank is closed, except that if any determination
of a “Business Day” shall relate to an FX Contract, the term “Business Day” shall mean a day on which dealings are carried on in the country of settlement of the Foreign Currency. 

“Cambridge Trust Accounts” is defined in Section 6.2(a). 

“Cash Equivalents” means (a) marketable direct obligations issued or unconditionally guaranteed by the United States or
any agency or any State thereof having maturities of not more than one (1) year from the date of acquisition; (b) commercial paper maturing no more than one (1) year after its creation and having the highest rating from either
Standard & Poor’s Ratings Group or Moody’s Investors Service, Inc.; (c) Bank’s certificates of deposit issued maturing no more than one (1) year after issue, and (d) money market funds at least ninety-five percent
(95.0%) of the assets of which constitute Cash Equivalents of the kinds described in clauses (a) through (c) of this definition. 

  
 -19- 

 “Change in Control” means (a) at any time, any “person” or
“group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act) shall become, or obtain rights (whether by means of warrants, options or otherwise) to become, the “beneficial owner” (as defined in Rules 13(d)-3 and 13(d)-5 under the Exchange Act), directly or indirectly, of forty-nine percent (49.0%) or more of the ordinary voting power for the election of directors of
Borrower (determined on a fully diluted basis) other than by the sale of Borrower’s equity securities in a public offering or to venture capital or private equity investors so long as Borrower identifies to Bank the venture capital or private
equity investors at least seven (7) Business Days prior to the closing of the transaction and provides to Bank a description of the material terms of the transaction; (b) except for a change in the members of Borrower’s Board
resulting from the sale of Borrower’s equity securities in a public offering or to venture capital or private equity investors so long as Borrower identifies to Bank the venture capital or private equity investors at least seven
(7) Business Days prior to the closing of the transaction and provides to Bank a description of the material terms of the transaction, during any period of twelve (12) consecutive months, a majority of the members of the board of directors
or other equivalent governing body of Borrower cease to be composed of individuals (i) who were members of that board or equivalent governing body on the first day of such period, (ii) whose election or nomination to that board or
equivalent governing body was approved by individuals referred to in clause (i) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body or (iii) whose election or
nomination to that board or other equivalent governing body was approved by individuals referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing
body; or (c) at any time, Borrower shall cease to own and control, of record and beneficially, directly or indirectly, one hundred percent (100.0%) of each class of outstanding capital stock of each Subsidiary of Borrower (unless such
Subsidiary is dissolved, merged, consolidated or liquidated into Borrower) free and clear of all Liens (except Liens created by this Agreement). 

“Claims” is defined in Section 12.3. 

“Code” is the Uniform Commercial Code, as the same may, from time to time, be enacted and in effect in the State of New York;
provided, that, to the extent that the Code is used to define any term herein or in any Loan Document and such term is defined differently in different Articles or Divisions of the Code, the definition of such term contained in Article or Division 9
shall govern; provided further, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection, or priority of, or remedies with respect to, Bank’s Lien on any Collateral is governed by the Uniform
Commercial Code in effect in a jurisdiction other than the State of New York, the term “Code” shall mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction solely for purposes of the provisions thereof
relating to such attachment, perfection, priority, or remedies and for purposes of definitions relating to such provisions. 

“Collateral” is any and all properties, rights and assets of Borrower described on Exhibit A. 

“Collateral Account” is any Deposit Account, Securities Account, or Commodity Account. 

“Commodity Account” is any “commodity account” as defined in the Code with such additions to such term as may
hereafter be made. 
 “Compliance Statement” is that certain statement in the form attached hereto as
Exhibit B. 
 “Contingent Obligation” is, for any Person, any direct or indirect liability,
contingent or not, of that Person for (a) any indebtedness, lease, dividend, letter of credit or other obligation of another such as an obligation, in each case, directly or indirectly guaranteed, endorsed,
co-made, discounted or sold with recourse by that Person, or for which that Person is directly or indirectly liable; (b) any obligations for undrawn letters of credit for the account of that Person; and
(c) all obligations from any interest rate, currency or commodity swap agreement, interest rate cap or collar agreement, or other agreement or arrangement designated to protect a Person against fluctuation in interest rates, currency exchange
rates or commodity prices; but “Contingent Obligation” does not include endorsements in the ordinary course of business. The amount of a Contingent Obligation is the stated or determined amount of the primary obligation for which the
Contingent Obligation is made or, if not determinable, the maximum reasonably anticipated liability for it determined by the Person in good faith; but the amount may not exceed the maximum of the obligations under any guarantee or other support
arrangement. 
 “Control Agreement” is any control agreement entered into among the depository institution at which
Borrower maintains a Deposit Account or the securities intermediary or commodity intermediary at which Borrower maintains a Securities Account or a Commodity Account, Borrower, and Bank pursuant to which Bank obtains control (within the meaning of
the Code) over such Deposit Account, Securities Account, or Commodity Account. 
 “Copyrights” are any and all copyright
rights, copyright applications, copyright registrations and like protections in each work of authorship and derivative work thereof, whether published or unpublished and whether or not the same also constitutes a trade secret. 

  
 -20- 

 “Credit Extension” is the Term Loan Advance or any other extension of
credit by Bank for Borrower’s benefit. 
 “Default Rate” is defined in Section 2.2(b). 

“Deposit Account” is any “deposit account” as defined in the Code with such additions to such term as may hereafter
be made. 
 “Designated Deposit Account” is the account number ending 070 (last three digits) maintained by Borrower with
Bank. 
 “Division” means, in reference to any Person which is an entity, the division of such Person into two (2) or
more separate Persons, with the dividing Person either continuing or terminating its existence as part of such division, including, without limitation, as contemplated under Section 18-217 of the Delaware
Limited Liability Company Act for limited liability companies formed under Delaware law, or any analogous action taken pursuant to any other applicable law with respect to any corporation, limited liability company, partnership or other entity. 

“Dollars,” “dollars” or use of the sign “$” means only lawful money of the
United States and not any other currency, regardless of whether that currency uses the “$” sign to denote its currency or may be readily converted into lawful money of the United States. 

“Dollar Equivalent” is, at any time, (a) with respect to any amount denominated in Dollars, such amount, and
(b) with respect to any amount denominated in a Foreign Currency, the equivalent amount therefor in Dollars as determined by Bank at such time on the basis of the then-prevailing rate of exchange in San Francisco, California, for sales of the
Foreign Currency for transfer to the country issuing such Foreign Currency. 
 “Domestic Subsidiary” means a Subsidiary
organized under the laws of the United States or any state or territory thereof or the District of Columbia. 
 “Effective
Date” is defined in the preamble hereof. 
 “Equipment” is all “equipment” as defined in the Code with
such additions to such term as may hereafter be made, and includes without limitation all machinery, fixtures, goods, vehicles (including motor vehicles and trailers), and any interest in any of the foregoing. 

“ERISA” is the Employee Retirement Income Security Act of 1974, and its regulations. 

“Event of Default” is defined in Section 8. 

“Exchange Act” is the Securities Exchange Act of 1934, as amended. 

“Final Payment” is a payment (in addition to and not in substitution for the regular monthly payments of principal plus
accrued interest) equal to One Hundred Fifty Thousand Dollars ($150,000.00), due on the earliest to occur of (a) the Term Loan Maturity Date, (b) the payment in full of the Term Loan Advance, (c) as required by Section 2.1.1(d)
or Section 2.1.1(e), or (d) the termination of this Agreement. 
 “Financial Statement Repository” is
NECreditSolutions@svb.com or such other means of collecting information approved and designated by Bank after providing notice thereof to Borrower from time to time. 

“First Republic Account” is defined in Section 6.2(a). 

“Foreign Currency” means lawful money of a country other than the United States. 

“Foreign Subsidiary” means any Subsidiary which is not a Domestic Subsidiary. 

“Funding Date” is any date on which a Credit Extension is made to or for the account of Borrower which shall be a Business
Day. 
 “FX Contract” is any foreign exchange contract by and between Borrower and Bank under which Borrower commits to
purchase from or sell to Bank a specific amount of Foreign Currency on a specified date. 
 “GAAP” is generally accepted
accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such
other statements by such other Person as may be approved by a significant segment of the accounting profession, which are applicable to the circumstances as of the date of determination. 

  
 -21- 

 “General Intangibles” is all “general intangibles” as defined in
the Code in effect on the date hereof with such additions to such term as may hereafter be made, and includes without limitation, all Intellectual Property, claims, income and other tax refunds, security and other deposits, payment intangibles,
contract rights, options to purchase or sell real or personal property, rights in all litigation presently or hereafter pending (whether in contract, tort or otherwise), insurance policies (including without limitation key man, property damage, and
business interruption insurance), payments of insurance and rights to payment of any kind. 
 “Governmental Approval” is
any consent, authorization, approval, order, license, franchise, permit, certificate, accreditation, registration, filing or notice, of, issued by, from or to, or other act by or in respect of, any Governmental Authority. 

“Governmental Authority” is any nation or government, any state or other political subdivision thereof, any agency,
authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government, any securities exchange and any
self-regulatory organization. 
 “Indebtedness” is (a) indebtedness for borrowed money or the deferred price of
property or services, such as reimbursement and other obligations for surety bonds and letters of credit, (b) obligations evidenced by notes, bonds, debentures or similar instruments, (c) capital lease obligations, and (d) Contingent
Obligations. 
 “Indemnified Person” is defined in Section 12.3. 

“Insolvency Proceeding” is any proceeding by or against any Person under the United States Bankruptcy Code, or any other
bankruptcy or insolvency law, including assignments for the benefit of creditors, compositions, extensions generally with its creditors, or proceedings seeking reorganization, arrangement, or other relief. 

“Intellectual Property” means, with respect to any Person, all of such Person’s right, title, and interest in and to the
following: 
 (a) its Copyrights, Trademarks and Patents; 

(b) any and all trade secrets and trade secret rights, including, without limitation, any rights to unpatented inventions, know-how, and operating manuals; 
 (c) any and all source code; 

(d) any and all design rights which may be available to such Person; 

(e) any and all claims for damages by way of past, present and future infringement of any of the foregoing, with the right, but not the
obligation, to sue for and collect such damages for said use or infringement of the Intellectual Property rights identified above; and 
 (f)
all amendments, renewals and extensions of any of the Copyrights, Trademarks or Patents. 
 “Inventory” is all
“inventory” as defined in the Code in effect on the date hereof with such additions to such term as may hereafter be made, and includes without limitation all merchandise, raw materials, parts, supplies, packing and shipping materials,
work in process and finished products, including without limitation such inventory as is temporarily out of Borrower’s custody or possession or in transit and including any returned goods and any documents of title representing any of the
above. 
 “Investment” is any beneficial ownership interest in any Person (including stock, partnership interest or other
securities), and any loan, advance or capital contribution to any Person. 
 “Japanese Subsidiary” is Frequency
Therapeutics Japan K.K., an entity organized under the laws of Japan and a Subsidiary of Borrower. 
 “Japanese Subsidiary
Accounts” is defined in Section 6.2(a). 
 “Key Person” is each of Borrower’s (a) Chief Executive
Officer, who is David L. Lucchino as of the Effective Date, and (b) Vice President, Finance and Operations, who is Richard Mitrano as of the Effective Date. 

  
 -22- 

 “Letter of Credit” is a standby or commercial letter of credit issued by
Bank upon request of Borrower based upon an application, guarantee, indemnity, or similar agreement. 
 “Lien” is a claim,
mortgage, deed of trust, levy, charge, pledge, security interest or other encumbrance of any kind, whether voluntarily incurred or arising by operation of law or otherwise against any property. 

“Loan Documents” are, collectively, this Agreement and any schedules, exhibits, certificates, notices, and any other
documents related to this Agreement, the Perfection Certificate, the Stock Pledge Agreement, any Control Agreement, any Bank Services Agreement, any subordination agreement, any note, or notes or guaranties executed by Borrower, and any other
present or future agreement by Borrower with or for the benefit of Bank in connection with this Agreement or Bank Services, all as amended, restated, or otherwise modified. 

“Material Adverse Change” is (a) a material impairment in the perfection or priority of Bank’s Lien in the
Collateral or in the value of such Collateral; (b) a material adverse change in the business, operations, or financial condition of Borrower; or (c) a material impairment of the prospect of repayment of any portion of the Obligations. 

“Obligations” are Borrower’s obligations to pay when due any debts, principal, interest, fees, Bank Expenses, the
Prepayment Premium, the Final Payment and other amounts Borrower owes Bank now or later, whether under this Agreement, the other Loan Documents, or otherwise, including, without limitation, all obligations relating to Bank Services and any interest
accruing after Insolvency Proceedings begin and debts, liabilities, or obligations of Borrower assigned to Bank, and to perform Borrower’s duties under the Loan Documents. Notwithstanding the foregoing, “Obligations” does not include
any equity investments. 
 “Operating Documents” are, for any Person, such Person’s formation documents, as certified
by the Secretary of State (or equivalent agency) of such Person’s jurisdiction of organization on a date that is no earlier than thirty (30) days prior to the Effective Date, and, (a) if such Person is a corporation, its bylaws in
current form, (b) if such Person is a limited liability company, its limited liability company agreement (or similar agreement), and (c) if such Person is a partnership, its partnership agreement (or similar agreement), each of the
foregoing with all current amendments or modifications thereto. 
 “Patents” means all patents, patent applications and
like protections including without limitation improvements, divisions, continuations, renewals, reissues, extensions and continuations-in-part of the same. 

“Payment/Advance Form” is that certain form attached hereto as Exhibit C. 

“Payment Date” is the first (1st) calendar day of each month. 

“Perfection Certificate” is defined in Section 5.1. 

“Permitted Accounts” is defined in Section 6.6(a). 

“Permitted Indebtedness” is: 

(a) Borrower’s Indebtedness to Bank under this Agreement and the other Loan Documents; 

(b) Indebtedness existing on the Effective Date which is shown on the Perfection Certificate; 

(c) Subordinated Debt; 
 (d)
unsecured Indebtedness to trade creditors incurred in the ordinary course of business; 
 (e) Indebtedness incurred as a result of endorsing
negotiable instruments received in the ordinary course of business; 
 (f) Indebtedness secured by Liens permitted under clauses (a) and
(c) of the definition of Permitted Liens hereunder; 
 (g) other unsecured Indebtedness not otherwise permitted by Section 7.4 not
exceeding Two Hundred Fifty Thousand Dollars ($250,000.00) in the aggregate outstanding at any time; and 
 (h) extensions, refinancings,
modifications, amendments and restatements of any items of Permitted Indebtedness (a) through (g) above, provided that the principal amount thereof is not increased or the terms thereof are not modified to impose more burdensome terms upon
Borrower or its Subsidiary, as the case may be. 

  
 -23- 

 “Permitted Investments” are: 

(a) Investments (including, without limitation, Subsidiaries) existing on the Effective Date which are shown on the Perfection Certificate;

 (b) Investments by Borrower (i) in any Borrower or secured Guarantor, and (ii) in any Subsidiary that is not a Borrower or
secured Guarantor for ordinary, necessary and current operating expenses in an amount not to exceed One Million Dollars ($1,000,000.00) in the aggregate in any twelve (12) month period, so long as an Event of Default does not exist at the time
of any such Investment and would not exist after giving effect to any such Investment; 
 (c) cash Investments by Borrower in Securities
Corporation; provided that (i) no Event of Default has occurred and is continuing or would result from such Investment and (ii) Borrower and its Subsidiaries are, at all times, in compliance with Section 6.6(a); 

(d) Investments consisting of (i) Cash Equivalents, and (ii) any Investments permitted by Borrower’s investment policy, as
amended from time to time, provided that such investment policy (and any such amendment thereto) has been approved in writing by Bank; 
 (e)
Investments consisting of the creation or formation of a Subsidiary provided that such Subsidiary becomes a co-Borrower to the Agreement in accordance with Section 6.12 hereof; and 

(f) Investments consisting of deposit accounts (but only to the extent that Borrower is permitted to maintain such accounts pursuant to
Section 6.6 of this Agreement) in which Bank has a first priority perfected security interest; 
 (g) Investments by Subsidiaries in
Borrowers or in other Subsidiaries; 
 (h) Investments consisting of (i) travel advances and employee relocation loans and other
employee loans and advances in the ordinary course of business, and (ii) loans to employees, officers or directors relating to the purchase of equity securities of Borrower or its Subsidiaries pursuant to employee stock purchase plans or
agreements approved by the Board; 
 (i) Investments (including debt obligations) received in connection with the bankruptcy or
reorganization of customers or suppliers and in settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of business; 

(j) Investments consisting of notes receivable of, or prepaid royalties and other credit extensions, to customers and suppliers who are not
Affiliates, in the ordinary course of business; provided that this paragraph (h) shall not apply to Investments of Borrower in any Subsidiary; 

(k) Investments accepted in connection with Transfers permitted by Section 7.1; and 

(l) other Investments not otherwise permitted by Section 7.7 of this Agreement not exceeding Two Hundred Fifty Thousand Dollars
($250,000.00) in the aggregate outstanding at any time. 
 “Permitted Licenses” are: (i) licenses of over-the-counter software that is commercially available to the public, (ii) non-exclusive licenses for the use of the property of
Borrower or its Subsidiaries in the ordinary course of business and licenses that could not result in a legal transfer of title of the licensed property but that may be exclusive in respects other than territory and that may be exclusive as to
territory only as to discreet geographical areas outside of the United States, (iii) that certain License and Collaboration Agreement, dated as of July 16, 2019, by and between Borrower and Astellas Pharma Inc., a corporation organized and
existing under the laws of Japan, as amended from time to time, and (iv) in-licenses of Intellectual Property of other Persons. 

“Permitted Liens” are: 

(a) Liens existing on the Effective Date which are shown on the Perfection Certificate or arising under this Agreement and the other Loan
Documents; 
 (b) Liens for taxes, fees, assessments or other government charges or levies, either (i) not due and payable or
(ii) being contested in good faith and for which Borrower maintains adequate reserves on its Books, provided that no notice of any such Lien has been filed or recorded under the Internal Revenue Code of 1986, as amended, and the Treasury
Regulations adopted thereunder; 

  
 -24- 

 (c) purchase money Liens or capital leases (i) on Equipment acquired or held by
Borrower incurred for financing the acquisition of the Equipment securing no more than One Million Dollars ($1,000,000.00) in the aggregate amount outstanding, or (ii) existing on Equipment when acquired, if the Lien is confined to the
property and improvements and the proceeds of the Equipment; 
 (d) Liens of carriers, warehousemen, suppliers, or other Persons that are
possessory in nature arising in the ordinary course of business so long as such Liens attach only to Inventory, securing liabilities in the aggregate amount not to exceed One Million Dollars ($1,000,000.00) and which are not delinquent or remain
payable without penalty or which are being contested in good faith and by appropriate proceedings which proceedings have the effect of preventing the forfeiture or sale of the property subject thereto; 

(e) Liens to secure payment of workers’ compensation, employment insurance, old-age pensions,
social security and other like obligations incurred in the ordinary course of business (other than Liens imposed by ERISA); 
 (f) leases or
subleases of real property granted in the ordinary course of Borrower’s business (or, if referring to another Person, in the ordinary course of such Person’s business), and leases, subleases,
non-exclusive licenses or sublicenses of personal property (other than Intellectual Property) granted in the ordinary course of Borrower’s business (or, if referring to another Person, in the ordinary
course of such Person’s business), if the leases, subleases, licenses and sublicenses do not prohibit granting Bank a security interest therein; 

(g) Liens arising from attachments or judgments, orders, or decrees in circumstances not constituting an Event of Default under Sections 8.4
and 8.7; 
 (h) deposits to secure the performance of bids, trade contracts, governmental contracts statutory obligations, surety, stay,
customs and appeal bonds, performance bonds and other obligations of a like nature (including those to secure health, safety and environmental obligations) incurred in the ordinary course of business; 

(i) easements, rights-of-way, restrictions (including zoning
restrictions), encroachments, protrusions and other similar encumbrances and title defects affecting real property that, in the aggregate, do not in any case materially interfere with the ordinary conduct of the business of the Borrower and its
subsidiaries taken as a whole; 
 (j) Permitted Licenses; 

(k) Liens in favor of other financial institutions arising in connection with Borrower’s deposit and/or securities accounts held at such
institutions, provided that (i) Bank has a first priority perfected security interest in the amounts held in such deposit and/or securities accounts (ii) such accounts are permitted to be maintained pursuant to Section 6.6 of this
Agreement; and 
 (l) Liens incurred in the extension, renewal or refinancing of the Indebtedness secured by Liens described in
(a) through (k), but any extension, renewal or replacement Lien must be limited to the property encumbered by the existing Lien and the principal amount of the indebtedness may not increase. 

“Person” is any individual, sole proprietorship, partnership, limited liability company, joint venture, company, trust,
unincorporated organization, association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or government agency. 

“Prepayment Premium” shall be an additional fee, payable to Bank, with respect to the Term Loan Advance, in an amount equal
to: 
 (a) for a prepayment of the Term Loan Advance made on or prior to the first (1st)
anniversary of the Effective Date, two percent (2.0%) of the then outstanding principal amount of the Term Loan Advance immediately prior to the date of such prepayment; 

(b) for a prepayment of the Term Loan Advance made after the first (1st) anniversary of
the Effective Date, but on or prior to the second (2nd) anniversary of the Effective Date, one percent (1.0%) of the then outstanding principal amount of the Term Loan Advance immediately
prior to the date of such prepayment; and 
 (c) for a prepayment of the Term Loan Advance made after the second (2nd) anniversary of the Effective Date, zero percent (0.0%) of the then outstanding principal amount of the Term Loan Advance immediately prior to the date of such prepayment. 

  
 -25- 

 Notwithstanding the foregoing, provided no Event of Default has occurred and is continuing,
the Prepayment Premium shall be waived by Bank, if Bank closes on the refinance and redocumentation of this Agreement (in its sole and absolute discretion) on or prior to the Term Loan Maturity Date. 

“Prime Rate” is the rate of interest per annum from time to time published in the money rates section of The Wall Street
Journal or any successor publication thereto as the “prime rate” then in effect; provided that, in the event such rate of interest is less than zero, such rate shall be deemed to be zero for purposes of this Agreement and provided further
that if such rate of interest, as set forth from time to time in the money rates section of The Wall Street Journal, becomes unavailable for any reason as determined by Bank, the “Prime Rate” shall mean the rate of interest per annum
announced by Bank as its prime rate in effect at its principal office in the State of California (such Bank announced Prime Rate not being intended to be the lowest rate of interest charged by Bank in connection with extensions of credit to
debtors); provided that, in the event such rate of interest is less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 

“Quarterly Financial Statements” is defined in Section 6.2(a). 

“Registered Organization” is any “registered organization” as defined in the Code with such additions to such term
as may hereafter be made. 
 “Requirement of Law” is as to any Person, the organizational or governing documents of such
Person, and any law (statutory or common), treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person
or any of its property is subject. 
 “Responsible Officer” is any of the Chief Executive Officer, President, Chief
Financial Officer and Controller of Borrower. 
 “Restricted License” is any material license or other similar material
agreement with respect to which Borrower is the licensee (a) that prohibits or otherwise restricts Borrower from granting a security interest in Borrower’s interest in such license or agreement or any other property, or (b) for which
a default under or termination of could reasonably be expected to interfere with Bank’s right to sell any Collateral. Off-the-shelf software, open source code,
application programming interfaces (APIs) and/or other trademarks, copyrights or patents of others that are commercially available to the public under shrinkwrap licenses, clickwrap licenses, online terms of service or other terms of use or similar
agreements shall not constitute a Restricted License. 
 “SEC” shall mean the Securities and Exchange Commission, any
successor thereto, and any analogous Governmental Authority. 
 “Securities Account” is any “securities account”
as defined in the Code with such additions to such term as may hereafter be made. 
 “Securities Corporation” is Frequency
Therapeutics Securities Corporation, a corporation organized under the laws of the Commonwealth of Massachusetts and a Subsidiary of Borrower. 

“Stock Pledge Agreement” is that certain stock pledge agreement dated as of the Effective Date, executed by Borrower in favor
of Bank, as amended, modified, supplemented and/or restated from time to time. 
 “Subordinated Debt” is indebtedness
incurred by Borrower subordinated to all of Borrower’s now or hereafter indebtedness to Bank (pursuant to a subordination, intercreditor, or other similar agreement in form and substance satisfactory to Bank entered into between Bank and the
other creditor), on terms acceptable to Bank. 
 “Subsidiary” is, as to any Person, a corporation, partnership, limited
liability company or other entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a
majority of the board of directors or other managers of such corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by
such Person. Unless the context otherwise requires, each reference to a Subsidiary herein shall be a reference to a Subsidiary of Borrower. 

“Term Loan Advance” is defined in Section 2.1.1(a). 

“Term Loan Maturity Date” is May 1, 2024. 

  
 -26- 

 “Trademarks” means any trademark and servicemark rights, whether registered
or not, applications to register and registrations of the same and like protections, and the entire goodwill of the business of Borrower connected with and symbolized by such trademarks. 

“Transition Period” is the period of time commencing upon the Effective Date and continuing through the earlier to occur of
(i) one hundred twenty (120) days after the Effective Date, or (ii) an Event of Default. 
 “Transfer” is
defined in Section 7.1. 
 [Signature page follows.] 

  
 -27- 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as
of the Effective Date. 
  

			
	BORROWER:
	
	FREQUENCY THERAPEUTICS, INC.
		
	By	 	/s/ David L. Lucchino
	Name: David L. Lucchino
	Title: President and Chief Executive Officer
	
	BANK:
	
	SILICON VALLEY BANK
		
	By	 	/s/ Lauren Cole
	Name: Lauren Cole
	Title: Director

 Signature Page to Loan and Security Agreement 

 EXHIBIT A – COLLATERAL DESCRIPTION 

The Collateral consists of all of Borrower’s right, title and interest in and to the following personal property: 

All goods, Accounts (including health-care receivables), Equipment, Inventory, contract rights or rights to payment of money, leases, license
agreements, franchise agreements, General Intangibles (except as provided below), commercial tort claims, documents, instruments (including any promissory notes), chattel paper (whether tangible or electronic), cash, deposit accounts, certificates
of deposit, fixtures, letters of credit rights (whether or not the letter of credit is evidenced by a writing), securities, and all other investment property, supporting obligations, and financial assets, whether now owned or hereafter acquired,
wherever located; and all Borrower’s Books relating to the foregoing, and any and all claims, rights and interests in any of the above and all substitutions for, additions, attachments, accessories, accessions and improvements to and
replacements, products, proceeds and insurance proceeds of any or all of the foregoing. 
 Notwithstanding the foregoing, the Collateral
does not include (a) rights held under a license that are not assignable by their terms without the consent of the licensor thereof (but only to the extent such restriction on assignment is enforceable under applicable law); (b) any interest of
Borrower as a lessee or sublessee under a real property lease or an Equipment lease if Borrower is prohibited by the terms of such lease from granting a security interest in such lease or under which such an assignment or Lien would cause a default
to occur under such lease (but only to the extent that such prohibition is enforceable under all applicable laws including, without limitation, the Code); provided, however, that upon termination of such prohibition, such interest shall immediately
become Collateral without any action by Borrower or Bank; (c) with respect to stock in Foreign Subsidiaries, more than sixty-five percent (65.0%) of the presently existing and hereafter arising issued and outstanding shares of capital stock
owned by Borrower of any Foreign Subsidiary which shares entitle the holder thereof to vote for directors or any other matter, or (d) any Intellectual Property; provided, however, the Collateral shall include all Accounts and all proceeds of
Intellectual Property. 

 EXHIBIT B 

COMPLIANCE STATEMENT 
  

			
	TO:       SILICON VALLEY BANK	  	Date:                             

 FROM: FREQUENCY THERAPEUTICS, INC. 

Under the terms and conditions of the Loan and Security Agreement between Borrower and Bank (the “Agreement”) Borrower is in
complete compliance for the period ending _______________ with all required covenants except as noted below. Attached are the required documents evidencing such compliance, setting forth calculations prepared in accordance with GAAP consistently
applied from one period to the next except as explained in an accompanying letter or footnotes. Capitalized terms used but not otherwise defined herein shall have the meanings given them in the Agreement. 

Please indicate compliance status by circling Yes/No under “Complies” column. 

 

					
	 Reporting Covenants
	  	 Required
	  	 Complies

	Quarterly financial statements	  	Quarterly within 45 days	  	Yes    No
			
	Annual financial statements (CPA Audited)	  	FYE within 90 days	  	Yes    No
			
	Quarterly Compliance Statement	  	Quarterly within 45 days; within 90 days for the quarter ending December 31	  	Yes    No
			
	Board projections	  	FYE within 30 days and contemporaneously with any updates or changes thereto	  	Yes    No
			
	10-Q, 10-K and 8-K	  	Within 5 days after filing with SEC	  	Yes    No

 Other Matters 
  

					
	Have there been any amendments of or other changes to the capitalization table of Borrower and to the Operating Documents of Borrower or any of its Subsidiaries? If yes, provide copies of any such amendments or changes with this
Compliance Statement.	  	Yes	  	No

 The following are the exceptions with respect to the statements above: (If no exceptions exist, state “No
exceptions to note.”) 
  

	
	 
	 

 EXHIBIT C – LOAN PAYMENT/ADVANCE REQUEST FORM 

DEADLINE FOR SAME DAY PROCESSING IS
NOON EASTERN TIME 
  

			
	 Fax To:
	  	Date:                         

  

			
	LOAN PAYMENT:
                                         
   FREQUENCY THERAPEUTICS, INC.
	 	 
	From Account #________________________________	  	To Account #______________________________________________
	                             
   (Deposit Account #)	  	                             
               (Loan Account #)
	 	 
	Principal
$                                         
       	  	and/or Interest
$                                         
                                       
	Authorized
Signature:                                       
     	  	 Phone
Number:                                        
                                

	Print
Name/Title:                                       
             	  	 
	 	  	 
		  	
	LOAN ADVANCE:	  	 
	 
	Complete Outgoing Wire Request section below if all or a portion of the funds from this loan advance are
for an outgoing wire.
	 	 
	From Account #________________________________	  	To Account #______________________________________________
	                             
   (Loan Account #)	  	                             
               (Deposit Account #)
	 	 
	Amount of Credit Extension
$                                        
	  	 
	 
	All Borrower’s representations and warranties in the Loan and Security Agreement are true, correct and
complete in all material respects on the date of the request for a Credit Extension; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by
materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date:
	 	 
	Authorized
Signature:                                       
     	  	 Phone
Number:                                        
                                

	Print
Name/Title:                                       
             	  	 
	 	  	 
		  	
	OUTGOING WIRE REQUEST:	  	 
	Complete only if all or a portion of funds from the loan advance above is to be wired.
	Deadline for same day processing is noon, Eastern Time	  	 
	 	 
	Beneficiary Name:
                                         
       	  	Amount of Wire: $
                                         
                       
	Beneficiary Bank:
                                         
        	  	Account Number:
                                         
                         
	City and State:
                                         
             	  	 
	Beneficiary Bank Transit (ABA) #:                      	  	Beneficiary Bank Code (Swift, Sort, Chip, etc.):                   
	 	  	            (For International Wire Only)
	 	 
	Intermediary Bank:
                                         
       	  	Transit (ABA) #:
                                         
                          
	For Further Credit to:
                                         
                                         
                                         
                                 
	Special Instruction:
                                         
                                         
                                         
                                    
	 
	By signing below, I (we) acknowledge and agree that my (our) funds transfer request shall be processed in
accordance with and subject to the terms and conditions set forth in the agreements(s) covering funds transfer service(s), which agreements(s) were previously received and executed by me (us).
	 	 
	Authorized Signature:
                                    	  	2nd Signature (if required):
                                        

	Print Name/Title:
                                         
  	  	Print Name/Title:
                                         
             
	Telephone #:
                                         
          	  	Telephone #:
                                         
                     

     ny-2017847

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}]]